Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 330

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 330
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ized LossesEstimated Fair ValueGross Unrealized Losses(In millions)U.S. Government, Government agencies and Government-sponsored enterprises$2,567 $373 $2,273 $309 AAA1,800 282 1,524 261 AA4,247 730 3,817 658 A6,330 582 5,652 517 BBB11,548 980 11,523 1,095 Non-investment grade796 92 942 155 Total$27,288 $3,039 $25,731 $2,995 Based on current facts and circumstances, the unrealized losses presented in the December 31, 2024 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded at December 31, 2024.The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $442 million and $435 million as of December 31, 2024 and 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.Year Ended December 31, 2024Corporate and Other Bonds Asset-backedTotal  (In millions)   Allowance for credit losses:   Balance as of January 1, 2024$4 $12 $16 Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded9 18 27 Available-for-sale securities accounted for as PCD assets4 4  Reductions to the allowance for credit losses:Securities sold during the period (realized)3 1 4 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized