Company: L
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000060086-25-000166
Chunk: 19

Company: LOEWS CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 19
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, end of period5,930 5,358 Gross reserves, end of period$26,203 $23,974 (a)Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.Net Prior Year DevelopmentChanges in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable.Favorable net prior year loss reserve development of $4 million and $12 million for the three months ended June 30, 2025 and 2024 and unfavorable net prior year loss reserve development of $57 million and favorable net prior year loss reserve development of $19 million for the six months ended June 30, 2025 and 2024 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). Unfavorable net prior year loss reserve development of $112 million and $35 million for the three months ended June 30, 2025 and 2024 and $134 million and $35 million for the six months ended June 30, 2025 and 2024 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”). 

23

The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:Three Months EndedSix Months EndedJune 30,June 30,2025202420252024(In millions)     Medical professional liability$(2)$(2)Other professional liability and management liability$18 17 $18 17 Surety(22)(8)(22)(26)Warranty10 13 Commercial auto21 50 21 General liability62 19 62 19 Workers’ compensation(66)(47)(65)(49)Other property and casualty operations4 (12)4 (12)Total property & casualty operations(4)(12)57 (19)Other insurance operations112 35 134 35 Total pretax (favorable) unfavorable development$108 $23 $191 $16 Three Months2025Unfavorable development in other professional liability and management liability was primarily due to higher than