Company: L
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000060086-25-000166
Chunk: 17

Company: LOEWS CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 spread1%—7%(2%)   December 31, 2024     Fixed maturity securities$1,724 Discounted cash flowCredit spread1%—6%(2%)For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.Financial Assets and Liabilities Not Measured at Fair ValueThe carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.

21

Carrying AmountEstimated Fair ValueJune 30, 2025Level 1Level 2Level 3Total(In millions)           Assets:     Other invested assets, primarily mortgage loans$1,040 $1,026 $1,026  Liabilities:Short-term debt1,004 $997 5 1,002 Long-term debt7,940 6,845 964 7,809  December 31, 2024 Assets:Other invested assets, primarily mortgage loans$1,019 $987 $987  Liabilities:Short-term debt4 5 5 Long-term debt8,936 $7,702 966 8,668 

4. Claim and Claim Adjustment Expense Reserves

Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation