Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 412

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 412
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Effective income yield for the fixed income securities portfolio4.8 %4.7 %Limited partnership and common stock return for the period13.3 %9.4 %

CNA’s net investment income increased $233 million in 2024 as compared with 2023, driven by favorable limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.

Investment Gains (Losses)

The components of CNA’s investment gains (losses) are presented in the following table:

Year Ended December 3120242023(In millions)     Investment gains (losses):  Fixed maturity securities:  Corporate and other bonds$(57)$(57)States, municipalities and political subdivisions1 10 Asset-backed(46)(44)Total fixed maturity securities(102)(91)Non-redeemable preferred stock21 4 Derivatives, short-term and other(12)Total investment losses(81)(99)Income tax benefit17 20 Amounts attributable to noncontrolling interests5 8 Investment losses attributable to Loews Corporation$(59)$(71)

CNA’s pretax investment losses decreased $18 million in 2024 as compared with 2023, driven by the favorable change in fair value of non-redeemable preferred stock and lower net losses on disposals of fixed maturity securities, partially offset by higher impairment losses.

Further information on CNA’s investment gains and losses is set forth in Note 3 of the Notes to Consolidated Financial Statements included under Item 8.

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Portfolio Quality

The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution:

December 31, 2024December 31, 2023 Estimated Fair Value Net Unrealized Gains (Losses)Estimated Fair Value Net Unrealized Gains(Losses)(In millions)         U.S. Government, Government agencies and Government-sponsored enterprises$2,936 $(369)$2,795 $(298)AAA3,010 (217)2,727 (169)AA6,369 (567)6,444 (420)A10,260 (379)9,910 (223)BBB16,757 (729)16,670 (744)Non-investment grade1,779 (64)