Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 335

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 335
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 significant inputs are observable in active markets.•Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable.Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, securities are priced using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted.Control procedures are performed over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria and (iv) detailed analysis, where an independent analysis of the inputs and assumptions used to price individual securities is performed.Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

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December 31, 2024Level 1 Level 2 Level 3Total (In millions)         Fixed maturity securities:    Corporate bonds and other$223 $24,340 $1,278 $25,841 States, municipalities and political subdivisions6,762 42 6,804 Asset-backed7,540 876 8,416 Fixed maturities available-for-sale223 38,642 2,196 41,061 Fixed maturities trading766 766 Total fixed maturities$989 $38,642 $2,196 $41,827  Equity securities$603 $441 $20 $1,064 Short-term and other4,383 70 4,453 Receivables5 5 Payable to brokers(88)(88)December 31, 2023Fixed maturity securities:Corporate bonds and other$161 $23,926 $1,045 $