Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 287

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 287
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ross Case Reserves$6,589 $5,759 Gross IBNR Reserves15,093 14,184 Total Gross Carried Claim and Claim Adjustment Expense Reserves$21,682 $19,943  Net Case Reserves$5,573 $4,978 Net IBNR Reserves12,761 12,235 Total Net Carried Claim and Claim Adjustment Expense Reserves$18,334 $17,213 

The following table summarizes the gross and net carried reserves for other insurance businesses in run-off, including CNA Re and A&EP:

December 3120242023(In millions)     Gross Case Reserves$1,241 $1,353 Gross IBNR Reserves1,431 1,333 Total Gross Carried Claim and Claim Adjustment Expense Reserves$2,672 $2,686  Net Case Reserves$120 $129 Net IBNR Reserves268 239 Total Net Carried Claim and Claim Adjustment Expense Reserves$388 $368 

73

Life & Group Policyholder Reserves

CNA’s Life & Group business includes its run-off long-term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Long-term care policies may provide benefits for nursing homes, assisted living facilities and home health care subject to various daily and lifetime caps. Generally, policyholders must continue to make periodic premium payments to keep the policy in force and CNA has the ability to increase policy premiums, subject to state regulatory approval.

CNA maintains future policy benefit reserves for its long-term care policies. Future policy benefit reserves for long-term care policies relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. In developing the future policy benefit reserves, CNA’s actuaries perform a reserve review on an annual basis. During the annual review, historical policyholder morbidity, persistency, anticipated future premium rate increases and expense experience is reviewed and compared to the current best estimate actuarial assumption set for potential revision. On a quarterly basis, actuaries perform experience studies that monitor the appropriateness of best estimate actuarial assumptions against emerging experience to assess whether any updates to those assumptions are warranted. The determination of these reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policies.