Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 84

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software 

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project and (2) it is probable that the software will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method or a modified prospective transition method. The Company is currently evaluating the effect the updated guidance will have on its financial statements.

2. Investments

Net investment income is as follows:Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Fixed maturity securities$540 $517 $1,597 $1,530 Limited partnership investments68 67 205 195 Short-term investments19 21 54 70 Equity securities (a)12 21 45 56 Income from trading portfolio (a)99 141 155 210 Other30 33 84 95 Total investment income768 800 2,140 2,156 Investment expenses(25)(24)(75)(72)Net investment income$743 $776 $2,065 $2,084 (a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2025 and 2024 $72 $108 $42 $123 Investment gains (losses) are as follows:Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Fixed maturity securities:Gross gains$15 $11 $33 $38 Gross losses(25)(33)(100)(104)Investment losses on fixed maturity securities(10)(22)(67)(66)Equity securities (a)4 13 10 25 Short-term investments and other(1)(1)(5)(1)Investment losses$(7)