Company: L
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000060086-25-000166
Chunk: 173

Company: LOEWS CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 2
Chunk 173
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ies depending on the amount of the exposure and the credit rating of the counterparty.

Insurance

CNA maintains a large portfolio of fixed maturity and equity securities, including large amounts of corporate and government issued debt securities, residential and commercial mortgage-backed securities, other asset-backed securities and investments in limited partnerships which pursue a variety of long and short investment strategies across a broad array of asset classes. CNA’s investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an important part of CNA’s overall profitability.

60

Net Investment Income

The significant components of CNA’s net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.

Three Months EndedSix Months EndedJune 30,June 30,2025202420252024(In millions)     Fixed income securities:  Taxable fixed income securities$508 $484 $1,004 $956 Tax-exempt fixed income securities36 36 70 74 Total fixed income securities544 520 1,074 1,030 Limited partnership and common stock investments100 78 154 146 Other, net of investment expense18 20 38 51 Net investment income$662 $618 $1,266 $1,227 

Effective income yield for the fixed income securities portfolio4.9%4.8%4.8%4.8%Limited partnership and common stock return for the period3.6%3.1%5.7%6.1%

CNA’s net investment income increased $44 million and $39 million for the three and six months ended June 30, 2025 as compared with the comparable 2024 periods, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates, as well as favorable limited partnership and common stock returns.

61

Investment Gains (Losses)

The components of CNA’s investment gains (losses) are presented in the following table:

Three Months EndedSix Months EndedJune 30,June 30,2025202420252024(In millions)     Investment gains (losses):  Fixed maturity securities:  Corporate and other bonds$(40)$(4)$(49)$(21)States, municipalities and political subdivisions(2)(1)(2)Asset-backed(8)(6)(7)(21)Total fixed maturity