Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 17

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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54 $340 $(24)$(142)$11 $(37)$2,197 $— $49  Equity securities$24 $6 $3 $(19)$14 $2 

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Net investment gains and losses are reported in Net income as follows:Major Category of Assets and LiabilitiesConsolidated Condensed Statements of Operations Line Items  Fixed maturity securities available-for-saleInvestment gains (losses)Fixed maturity securities tradingNet investment incomeEquity securitiesInvestment gains (losses) and Net investment incomeOther invested assetsInvestment gains (losses) and Net investment incomeDerivative financial instruments held in a trading portfolioNet investment incomeDerivative financial instruments, otherInvestment gains (losses) and Operating revenues and otherSignificant Unobservable InputsThe following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.September 30, 2025Estimated Fair ValueValuation TechniquesUnobservable InputsRange (Weighted Average) (In millions)      Fixed maturity securities$1,866 Discounted cash flowCredit spread1%—7%(2%)   December 31, 2024     Fixed maturity securities$1,724 Discounted cash flowCredit spread1%—6%(2%)For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.Financial Assets and Liabilities Not Measured at Fair ValueThe carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.

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Carrying AmountEstimated Fair ValueSeptember 30, 2025Level 1Level 2Level 3Total(In millions)           Assets: