Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 69

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 69
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 Condensed Financial Statements included under Item 1 of this Report.

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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:

September 30, 2025December 31, 2024 Estimated Fair ValueNet Unrealized Gains (Losses)Estimated Fair Value Net Unrealized Gains (Losses)(In millions)         U.S. Government, Government agencies and Government-sponsored enterprises$3,261 $(251)$2,936 $(369)AAA4,128 (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 

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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,