Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 87

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 87
---
 $234 $76 $509 $1,084 (a)The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.Derivative Financial InstrumentsA summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.March 31, 2025December 31, 2024Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value Asset(Liability) Asset(Liability) (In millions)Without hedge designation:Equity markets:Options – purchased$234 $3 $268 $2 Futures – short167 1 Warrants1 1 1 1 Interest rate swaps300 2 300 4 Currency forwardsCredit default swap index - purchased2,200 2,000 

14

In the fourth quarter of 2024, the Company entered into credit default swap index transactions that potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprise the index. As of March 31, 2025 and December 31, 2024, the notional value of the credit default swap index is $2.2 billion and $2 billion and the fair value is less than $1 million, which is recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position is measured using observable market inputs, including credit spreads. For the three months ended March 31, 2025, Net investment income related to the position was $3 million.Investment Commitments

As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of March 31, 2025, commitments to purchase or fund were approximately $1.6 billion and to sell were approximately $95 million under the terms of these investments. 

3