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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period From ____________ to _____________
Commission File Number 1-06541
LOEWS CORPORATION
(Exact name of registrant as specified in its charter)
| | | | | |
Delaware | 13-2646102 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
9 West 57th Street, New York, NY 10019-2714
(Address of principal executive offices) (Zip Code)
(212) 521-2000
(Registrant’s telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common stock, par value $0.01 per share | L | New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer | ☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| | | | | | | | |
| Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
As of November 1, 2024, there were 217,776,738 shares of the registrant’s common stock outstanding.
INDEX
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September 30, 2024 and December 31, 2023 | |
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Three and nine months ended September 30, 2024 and 2023 | |
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Three and nine months ended September 30, 2024 and 2023 | |
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Three and nine months ended September 30, 2024 and 2023 | |
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Nine months ended September 30, 2024 and 2023 | |
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PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | |
| September 30, | | December 31, |
| 2024 | | 2023 |
(Dollar amounts in millions, except per share data) | | | |
| | | |
Assets: | | | |
| | | |
Investments: | | | |
Fixed maturities, amortized cost of $44,028 and $42,615, less allowance for credit loss of $18 and $16 | $ | 43,055 | | | $ | 40,626 | |
Equity securities, cost of $1,068 and $1,015 | 1,215 | | | 1,050 | |
Limited partnership investments | 2,462 | | | 2,174 | |
Other invested assets, primarily mortgage loans, less allowance for credit loss of $35 and $35 | 1,095 | | | 1,123 | |
Short-term investments | 5,242 | | | 4,396 | |
Total investments | 53,069 | | | 49,369 | |
Cash | 548 | | | 399 | |
Receivables | 10,138 | | | 9,660 | |
Property, plant and equipment | 10,689 | | | 10,718 | |
Goodwill | 349 | | | 347 | |
Deferred non-insurance warranty acquisition expenses | 3,571 | | | 3,661 | |
Deferred acquisition costs of insurance subsidiaries | 943 | | | 896 | |
Other assets | 4,310 | | | 4,147 | |
Total assets | $ | 83,617 | | | $ | 79,197 | |
| | | |
Liabilities and Equity: | | | |
| | | |
Insurance reserves: | | | |
Claim and claim adjustment expense | $ | 24,558 | | | $ | 23,304 | |
Future policy benefits | 14,047 | | | 13,959 | |
Unearned premiums | 7,259 | | | 6,933 | |
Total insurance reserves | 45,864 | | | 44,196 | |
Payable to brokers | 269 | | | 79 | |
Short-term debt | 713 | | | 1,084 | |
Long-term debt | 8,821 | | | 7,919 | |
Deferred income taxes | 697 | | | 398 | |
Deferred non-insurance warranty revenue | 4,594 | | | 4,694 | |
Other liabilities | 4,411 | | | 4,302 | |
Total liabilities | 65,369 | | | 62,672 | |
| | | |
Commitments and contingent liabilities | | | |
| | | |
Preferred stock, $0.10 par value: | | | |
Authorized – 100,000,000 shares | | | |
Common stock, $0.01 par value: | | | |
Authorized – 1,800,000,000 shares | | | |
Issued – 222,511,465 and 222,268,150 shares | 2 | | | 2 | |
Additional paid-in capital | 2,562 | | | 2,589 | |
Retained earnings | 16,802 | | | 15,617 | |
Accumulated other comprehensive loss | (1,738) | | | (2,497) | |
| 17,628 | | | 15,711 | |
Less treasury stock, at cost (3,580,335 and 100,000 shares) | (271) | | | (7) | |
Total shareholders’ equity | 17,357 | | | 15,704 | |
Noncontrolling interests | 891 | | | 821 | |
Total equity | 18,248 | | | 16,525 | |
Total liabilities and equity | $ | 83,617 | | | $ | 79,197 | |
See accompanying Notes to Consolidated Condensed Financial Statements.
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended | | |
| September 30, | September 30, | | |
| 2024 | | 2023 | 2024 | | 2023 | | |
| | | | | | | | |
(In millions, except per share data) | | | | | | | | |
| | | | | | | | |
Revenues: | | | | | | | | |
Insurance premiums | $ | 2,593 | | | $ | 2,406 | | $ | 7,532 | | | $ | 7,001 | | | |
Net investment income | 776 | | | 592 | | 2,084 | | | 1,752 | | | |
Investment losses | (10) | | | (38) | | (42) | | | (59) | | | |
Non-insurance warranty revenue | 401 | | | 407 | | 1,212 | | | 1,221 | | | |
Operating revenues and other | 706 | | | 559 | | 2,178 | | | 1,728 | | | |
Total | 4,466 | | | 3,926 | | 12,964 | | | 11,643 | | | |
| | | | | | | | |
Expenses: | | | | | | | | |
Insurance claims and policyholders’ benefits (re-measurement loss of $(48), $(41), $(88) and $(75)) | 2,019 | | | 1,826 | | 5,708 | | | 5,258 | | | |
Amortization of deferred acquisition costs | 457 | | | 426 | | 1,336 | | | 1,208 | | | |
Non-insurance warranty expense | 387 | | | 386 | | 1,169 | | | 1,154 | | | |
Operating expenses and other | 930 | | | 860 | | 2,778 | | | 2,449 | | | |
Equity method (income) loss | 9 | | | (22) | | (44) | | | (89) | | | |
Interest | 114 | | | 94 | | 331 | | | 280 | | | |
Total | 3,916 | | | 3,570 | | 11,278 | | | 10,260 | | | |
Income before income tax | 550 | | | 356 | | 1,686 | | | 1,383 | | | |
Income tax expense | (125) | | | (80) | | (381) | | | (315) | | | |
Net income | 425 | | | 276 | | 1,305 | | | 1,068 | | | |
Amounts attributable to noncontrolling interests | (24) | | | (23) | | (78) | | | (80) | | | |
Net income attributable to Loews Corporation | $ | 401 | | | $ | 253 | | $ | 1,227 | | | $ | 988 | | | |
| | | | | | | | |
Basic net income per share | $ | 1.83 | | | $ | 1.12 | | $ | 5.55 | | | $ | 4.32 | | | |
Diluted net income per share | $ | 1.82 | | | $ | 1.12 | | $ | 5.54 | | | $ | 4.31 | | | |
| | | | | | | | |
Weighted average shares outstanding: | | | | | | | | |
Shares of common stock | 219.67 | | 225.64 | 221.16 | | 228.85 | | |
Dilutive potential shares of common stock | 0.27 | | 0.35 | 0.27 | | 0.31 | | |
Total weighted average shares outstanding assuming dilution | 219.94 | | 225.99 | 221.43 | | 229.16 | | |
See accompanying Notes to Consolidated Condensed Financial Statements.
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended | | |
| September 30, | September 30, | | |
| 2024 | | 2023 | 2024 | | 2023 | | |
| | | | | | | | |
(In millions) | | | | | | | | |
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Net income | $ | 425 | | | $ | 276 | | $ | 1,305 | | | $ | 1,068 | | | |
| | | | | | | | |
Other comprehensive income (loss), after tax | | | | | | | | |
Changes in: | | | | | | | | |
Net unrealized losses on investments with an allowance for credit losses | (3) | | | (1) | | (1) | | | (10) | | | |
Net unrealized gains (losses) on other investments | 1,264 | | | (1,084) | | 803 | | | (827) | | | |
Total unrealized gains (losses) on investments | 1,261 | | | (1,085) | | 802 | | | (837) | | | |
Impact of changes in discount rates used to measure long-duration contract liabilities | (623) | | | 818 | | (9) | | | 678 | | | |
Unrealized gains (losses) on cash flow hedges | (7) | | | (1) | | (6) | | | 5 | | | |
Pension and postretirement benefits | 9 | | | 40 | | 21 | | | 55 | | | |
Foreign currency translation | 64 | | | (55) | | 21 | | | (4) | | | |
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Other comprehensive income (loss) | 704 | | | (283) | | 829 | | | (103) | | | |
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Comprehensive income (loss) | 1,129 | | | (7) | | 2,134 | | | 965 | | | |
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Amounts attributable to noncontrolling interests | (83) | | | 8 | | (148) | | | (69) | | | |
| | | | | | | | |
Total comprehensive income attributable to Loews Corporation | $ | 1,046 | | | $ | 1 | | $ | 1,986 | | | $ | 896 | | | |
See accompanying Notes to Consolidated Condensed Financial Statements.
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)
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| | | Loews Corporation Shareholders | | | | | |
| Total | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Common Stock Held in Treasury | | Noncontrolling Interests | | | |
(In millions) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Balance, July 1, 2023 | $ | 15,470 | | | $ | 2 | | | $ | 2,728 | | | $ | 15,637 | | | $ | (3,160) | | | $ | (604) | | | $ | 867 | | | | |
Net income | 276 | | | | | | | 253 | | | | | | | 23 | | | | |
Other comprehensive loss | (283) | | | | | | | | | (252) | | | | | (31) | | | | |
Dividends paid ($0.0625 per share) | (24) | | | | | | | (14) | | | | | | | (10) | | | | |
Purchase of subsidiary stock from noncontrolling interests | (177) | | | | | 27 | | | | | (61) | | | | | (143) | | | | |
Purchases of Loews Corporation treasury stock | (118) | | | | | | | | | | | (118) | | | | | | |
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Stock-based compensation | 11 | | | | | 10 | | | | | | | | | 1 | | | | |
Other | 3 | | | | | (1) | | | 1 | | | | | | | 3 | | | | |
Balance, September 30, 2023 | $ | 15,158 | | | $ | 2 | | | $ | 2,764 | | | $ | 15,877 | | | $ | (3,473) | | | $ | (722) | | | $ | 710 | | | | |
| | | | | | | | | | | | | | | | |
Balance, July 1, 2024 | $ | 17,201 | | | $ | 2 | | | $ | 2,556 | | | $ | 16,415 | | | $ | (2,383) | | | $ | (206) | | | $ | 817 | | | | |
Net income | 425 | | | | | | | 401 | | | | | | | 24 | | | | |
Other comprehensive income | 704 | | | | | | | | | 645 | | | | | 59 | | | | |
Dividends paid ($0.0625 per share) | (24) | | | | | | | (14) | | | | | | | (10) | | | | |
| | | | | | | | | | | | | | | | |
Purchases of Loews Corporation treasury stock | (65) | | | | | | | | | | | (65) | | | | | | |
| | | | | | | | | | | | | | | | |
Stock-based compensation | 12 | | | | | 11 | | | | | | | | | 1 | | | | |
Other | (5) | | | | | (5) | | | | | | | | | | | | | | | | |
Balance, September 30, 2024 | $ | 18,248 | | | $ | 2 | | | $ | 2,562 | | | $ | 16,802 | | | $ | (1,738) | | | $ | (271) | | | $ | 891 | | | | |
See accompanying Notes to Consolidated Condensed Financial Statements.
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)
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| | | Loews Corporation Shareholders | | | | | |
| Total | | Common Stock | | Additional Paid-in Capital | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Common Stock Held in Treasury | | Noncontrolling Interests | | | |
(In millions) | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Balance, January 1, 2023, as reported | $ | 15,478 | | | $ | 2 | | | $ | 2,748 | | | $ | 15,144 | | | $ | (3,284) | | | $ | (12) | | | $ | 880 | | | | |
Cumulative effect adjustments from changes in accounting standards | (277) | | | | | | | (213) | | | (36) | | | | | (28) | | | | |
Balance, January 1, 2023, as adjusted | 15,201 | | | 2 | | | 2,748 | | | 14,931 | | | (3,320) | | | (12) | | | 852 | | | | |
Net income | 1,068 | | | | | | | 988 | | | | | | | 80 | | | | |
Other comprehensive loss | (103) | | | | | | | | | (92) | | | | | (11) | | | | |
Dividends paid ($0.1875 per share) | (108) | | | | | | | (43) | | | | | | | (65) | | | | |
Purchase of subsidiary stock from noncontrolling interests | (203) | | | | | 27 | | | | | (61) | | | | | (169) | | | | |
Purchases of Loews Corporation treasury stock | (711) | | | | | | | | | | | (711) | | | | | | |
| | | | | | | | | | | | | | | | |
Stock-based compensation | 16 | | | | | (7) | | | | | | | | | 23 | | | | |
Other | (2) | | | | | (4) | | | 1 | | | | | 1 | | | | | | |
Balance, September 30, 2023 | $ | 15,158 | | | $ | 2 | | | $ | 2,764 | | | $ | 15,877 | | | $ | (3,473) | | | $ | (722) | | | $ | 710 | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
Balance, January 1, 2024 | $ | 16,525 | | | $ | 2 | | | $ | 2,589 | | | $ | 15,617 | | | $ | (2,497) | | | $ | (7) | | | $ | 821 | | | | |
Net income | 1,305 | | | | | | | 1,227 | | | | | | | 78 | | | | |
Other comprehensive income | 829 | | | | | | | | | 759 | | | | | 70 | | | | |
Dividends paid ($0.1875 per share) | (117) | | | | | | | (42) | | | | | | | (75) | | | | |
Purchase of subsidiary stock from noncontrolling interests | (20) | | | | | | | | | | | | | | (20) | | | | |
Purchases of Loews Corporation treasury stock | (264) | | | | | | | | | | | (264) | | | | | | |
| | | | | | | | | | | | | | | | |
Stock-based compensation | 9 | | | | | (11) | | | | | | | | | 20 | | | | |
Other | (19) | | | | | | (16) | | | | | | | | | | | | (3) | | | | |
Balance, September 30, 2024 | $ | 18,248 | | | $ | 2 | | | $ | 2,562 | | | $ | 16,802 | | | $ | (1,738) | | | $ | (271) | | | $ | 891 | | | | |
See accompanying Notes to Consolidated Condensed Financial Statements.
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | |
Nine Months Ended September 30 | 2024 | | 2023 |
(In millions) | | | |
| | | |
Operating Activities: | | | |
| | | |
Net income | $ | 1,305 | | | $ | 1,068 | |
Adjustments to reconcile net income to net cash provided by operating activities, net | 425 | | | 519 | |
| | | |
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Changes in operating assets and liabilities, net: | | | |
Receivables | (390) | | | (71) | |
Deferred acquisition costs | (45) | | | (74) | |
Insurance reserves | 1,559 | | | 1,184 | |
Other assets | (126) | | | (152) | |
Other liabilities | 54 | | | 51 | |
Trading securities | (698) | | | 905 | |
Net cash flow provided by operating activities | 2,084 | | | 3,430 | |
| | | |
Investing Activities: | | | |
| | | |
Purchases of fixed maturities | (4,965) | | | (5,459) | |
Proceeds from sales of fixed maturities | 2,335 | | | 3,284 | |
Proceeds from maturities of fixed maturities | 1,755 | | | 960 | |
Purchases of equity securities | (332) | | | (200) | |
Proceeds from sales of equity securities | 388 | | | 192 | |
Purchases of limited partnership investments | (235) | | | (322) | |
Proceeds from sales of limited partnership investments | 46 | | | 205 | |
Purchases of property, plant and equipment | (458) | | | (463) | |
Acquisitions | | | | (348) | |
Dispositions | 23 | | | | |
| | | |
Change in short-term investments | (583) | | | 60 | |
Other, net | 10 | | | (162) | |
Net cash flow used by investing activities | (2,016) | | | (2,253) | |
| | | |
Financing Activities: | | | |
| | | |
Dividends paid | (42) | | | (43) | |
Dividends paid to noncontrolling interests | (75) | | | (65) | |
Purchases of Loews Corporation treasury stock | (262) | | | (709) | |
Purchases of subsidiary stock from noncontrolling interests | (20) | | | (203) | |
Principal payments on debt | (763) | | | (503) | |
Issuance of debt | 1,284 | | | 593 | |
Other, net | (44) | | | (17) | |
Net cash flow provided by (used by) financing activities | 78 | | | (947) | |
| | | |
Effect of foreign exchange rate on cash | 3 | | | | |
| | | |
Net change in cash | 149 | | | 230 | |
Cash, beginning of period | 399 | | | 532 | |
Cash, end of period | $ | 548 | | | $ | 762 | |
See accompanying Notes to Consolidated Condensed Financial Statements.
Loews Corporation and Subsidiaries
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.
In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2024 and December 31, 2023, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2024 and 2023 and cash flows for the nine months ended September 30, 2024 and 2023, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and nine months ended September 30, 2024 and 2023 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.
Recently issued Accounting Standards Updates (“ASUs”) - In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker (“CODM”). The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the segment measures of profit or loss.
In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
2. Investments
Net investment income is as follows:
| | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended | | |
| September 30, | September 30, | | |
| 2024 | | 2023 | 2024 | | 2023 | | |
| | | | | | | | |
(In millions) | | | | | | | | |
| | | | | | | | |
Fixed maturity securities | $ | 517 | | | $ | 491 | | $ | 1,530 | | | $ | 1,443 | | | |
Limited partnership investments | 67 | | | 29 | | 195 | | | 111 | | | |
Short-term investments | 21 | | | 24 | | 70 | | | 54 | | | |
Equity securities (a) | 21 | | | 9 | | 56 | | | 42 | | | |
Income from trading portfolio (a) | 141 | | | 32 | | 210 | | | 91 | | | |
Other | 33 | | | 30 | | 95 | | | 78 | | | |
Total investment income | 800 | | | 615 | | 2,156 | | | 1,819 | | | |
Investment expenses | (24) | | | (23) | | (72) | | | (67) | | | |
Net investment income | $ | 776 | | | $ | 592 | | $ | 2,084 | | | $ | 1,752 | | | |
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2024 and 2023 | $ | 108 | | | $ | (14) | | $ | 123 | | | $ | 3 | | | |
Investment gains (losses) are as follows:
| | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended | | |
| September 30, | September 30, | | |
| 2024 | | 2023 | 2024 | | 2023 | | |
| | | | | | | | |
(In millions) | | | | | | | | |
| | | | | | | | |
Fixed maturity securities: | | | | | | | | |
Gross gains | $ | 11 | | | $ | 12 | | $ | 38 | | | $ | 55 | | | |
Gross losses | (33) | | | (49) | | (104) | | | (141) | | | |
Investment losses on fixed maturity securities | (22) | | | (37) | | (66) | | | (86) | | | |
Equity securities (a) | 13 | | | 2 | | 25 | | | (9) | | | |
| | | | | | | | |
Short-term investments and other | (1) | | | (3) | | (1) | | | (10) | | | |
| | | | | | | | |
Gain on acquisition of a joint venture | | | | | | 46 | | | |
Investment losses | $ | (10) | | | $ | (38) | | $ | (42) | | | $ | (59) | | | |
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2024 and 2023 | $ | 13 | | | $ | 2 | | $ | 24 | | | $ | 2 | | | |
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:
| | | | | | | | | | | | | | | | | | | | | | |
| Three Months Ended | Nine Months Ended | | |
| September 30, | September 30, | | |
| 2024 | | 2023 | 2024 | | 2023 | | |
| | | | | | | | |
(In millions) | | | | | | | | |
| | | | | | | | |
Fixed maturity securities available-for-sale: | | | | | | | | |
Corporate and other bonds | $ | 8 | | | $ | 8 | | $ | 23 | | | $ | 25 | | | |
Asset-backed | 4 | | | 4 | | 9 | | | 12 | | | |
Impairment losses recognized in earnings | $ | 12 | | | $ | 12 | | $ | 32 | | | $ | 37 | | | |
There were no losses recognized on mortgage loans during the three and nine months ended September 30, 2024. There were $5 million and $11 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2023.
The following tables present a summary of fixed maturity securities:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2024 | Cost or Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Allowance for Credit Losses | | Estimated Fair Value |
(In millions) | | | | | | | | | |
| | | | | | | | | |
Fixed maturity securities: | | | | | | | | | |
Corporate and other bonds | $ | 25,872 | | | $ | 826 | | | $ | 900 | | | $ | 6 | | | $ | 25,792 | |
States, municipalities and political subdivisions | 7,406 | | | 359 | | | 617 | | | | | 7,148 | |
Asset-backed: | | | | | | | | | |
Residential mortgage-backed | 3,684 | | | 32 | | | 362 | | | | | 3,354 | |
Commercial mortgage-backed | 1,816 | | | 14 | | | 141 | | | | | 1,689 | |
Other asset-backed | 3,743 | | | 40 | | | 186 | | | 12 | | | 3,585 | |
Total asset-backed | 9,243 | | | 86 | | | 689 | | | 12 | | | 8,628 | |
U.S. Treasury and obligations of government sponsored enterprises | 224 | | | 2 | | | 4 | | | | | 222 | |
Foreign government | 755 | | | 8 | | | 26 | | | | | 737 | |
| | | | | | | | | |
Fixed maturities available-for-sale | $ | 43,500 | | | $ | 1,281 | | | $ | 2,236 | | | $ | 18 | | | $ | 42,527 | |
Fixed maturities trading | 528 | | | | | | | | | 528 | |
Total fixed maturity securities | $ | 44,028 | | | $ | 1,281 | | | $ | 2,236 | | | $ | 18 | | | $ | 43,055 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2023 | | | | | | | | | |
| | | | | | | | | |
| | | | | | | | | |
Fixed maturity securities: | | | | | | | | | |
Corporate and other bonds | $ | 25,020 | | | $ | 597 | | | $ | 1,345 | | | $ | 4 | | | $ | 24,268 | |
States, municipalities and political subdivisions | 7,713 | | | 382 | | | 703 | | | | | 7,392 | |
Asset-backed: | | | | | | | | | |
Residential mortgage-backed | 3,411 | | | 16 | | | 425 | | | | | 3,002 | |
Commercial mortgage-backed | 1,862 | | | 7 | | | 230 | | | 8 | | | 1,631 | |
Other asset-backed | 3,515 | | | 13 | | | 256 | | | 4 | | | 3,268 | |
Total asset-backed | 8,788 | | | 36 | | | 911 | | | 12 | | | 7,901 | |
U.S. Treasury and obligations of government sponsored enterprises | 152 | | | 1 | | | 2 | | | | | 151 | |
Foreign government | 741 | | | 6 | | | 34 | | | | | 713 | |
| | | | | | | | | |
Fixed maturities available-for-sale | $ | 42,414 | | | $ | 1,022 | | | $ | 2,995 | | | $ | 16 | | | $ | 40,425 | |
Fixed maturities trading | 201 | | | | | | | | | 201 | |
Total fixed maturity securities | $ | 42,615 | | | $ | 1,022 | | | $ | 2,995 | | | $ | 16 | | | $ | 40,626 | |
The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Less than 12 Months | | 12 Months or Longer | | Total |
September 30, 2024 | Estimated Fair Value | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses |
(In millions) | | | | | | | | | | | |
| | | | | | | | | | | |
Fixed maturity securities: | | | | | | | | | | | |
Corporate and other bonds | $ | 1,664 | | | $ | 31 | | | $ | 11,240 | | | $ | 869 | | | $ | 12,904 | | | $ | 900 | |
States, municipalities and political subdivisions | 422 | | | 7 | | | 3,155 | | | 610 | | | 3,577 | | | 617 | |
Asset-backed: | | | | | | | | | | | |
Residential mortgage-backed | 130 | | | 2 | | | 2,162 | | | 360 | | | 2,292 | | | 362 | |
Commercial mortgage-backed | 112 | | | | | 1,134 | | | 141 | | | 1,246 | | | 141 | |
Other asset-backed | 151 | | | 4 | | | 1,638 | | | 182 | | | 1,789 | | | 186 | |
Total asset-backed | 393 | | | 6 | | | 4,934 | | | 683 | | | 5,327 | | | 689 | |
U.S. Treasury and obligations of government-sponsored enterprises | 45 | | | 2 | | | 45 | | | 2 | | | 90 | | | 4 | |
Foreign government | 99 | | | 1 | | | 403 | | | 25 | | | 502 | | | 26 | |
Total fixed maturity securities | $ | 2,623 | | | $ | 47 | | | $ | 19,777 | | | $ | 2,189 | | | $ | 22,400 | | | $ | 2,236 | |
| | | | | | | | | | | |
December 31, 2023 | | | | | | | | | | | |
| | | | | | | | | | | |
Fixed maturity securities: | | | | | | | | | | | |
Corporate and other bonds | $ | 1,943 | | | $ | 37 | | | $ | 13,406 | | | $ | 1,308 | | | $ | 15,349 | | | $ | 1,345 | |
States, municipalities and political subdivisions | 598 | | | 18 | | | 3,104 | | | 685 | | | 3,702 | | | 703 | |
Asset-backed: | | | | | | | | | | | |
Residential mortgage-backed | 233 | | | 4 | | | 2,212 | | | 421 | | | 2,445 | | | 425 | |
Commercial mortgage-backed | 200 | | | 5 | | | 1,184 | | | 225 | | | 1,384 | | | 230 | |
Other asset-backed | 392 | | | 8 | | | 1,869 | | | 248 | | | 2,261 | | | 256 | |
Total asset-backed | 825 | | | 17 | | | 5,265 | | | 894 | | | 6,090 | | | 911 | |
U.S. Treasury and obligations of government-sponsored enterprises | 65 | | | 1 | | | 23 | | | 1 | | | 88 | | | 2 | |
Foreign government | 52 | | | 1 | | | 450 | | | 33 | | | 502 | | | 34 | |
Total fixed maturity securities | $ | 3,483 | | | $ | 74 | | | $ | 22,248 | | | $ | 2,921 | | | $ | 25,731 | | | $ | 2,995 | |
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
| | | | | | | | | | | | | | | | | | | | | | | |
| September 30, 2024 | | December 31, 2023 |
| Estimated Fair Value | | Gross Unrealized Losses | | Estimated Fair Value | | Gross Unrealized Losses |
(In millions) | | | | | | | |
| |