Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 146

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 146
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(136)3,010 (217)AA6,883 (438)6,369 (567)A11,162 (121)10,260 (379)BBB16,510 (178)16,757 (729)Non-investment grade1,758 (37)1,779 (64)Total$43,702 $(1,161)$41,111 $(2,325)

As of September 30, 2025 and December 31, 2024, 1% of CNA’s fixed maturity portfolio was rated internally. Additionally, as of September 30, 2025 and December 31, 2024, CNA assigned a AAA rating to $653 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. government agency or sponsored enterprise.

The following table presents CNA’s available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution:

September 30, 2025Estimated Fair ValueGross Unrealized Losses(In millions)     U.S. Government, Government agencies and Government-sponsored enterprises$1,959 $281 AAA1,367 248 AA3,765 633 A5,049 436 BBB7,846 627 Non-investment grade705 70 Total$20,691 $2,295 

65

The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life:

September 30, 2025Estimated Fair ValueGross Unrealized Losses(In millions)     Due in one year or less$799 $14 Due after one year through five years5,977 281 Due after five years through ten years5,478 594 Due after ten years8,437 1,406 Total$20,691 $2,295 

Duration

A primary objective in the management of CNA’s investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. CNA’s views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. CNA also continually monitors exposure to issuers of securities held and broader industry sector exposures and