Loews reveals CNA pension risk transfer to MetLife; $1.045B obligations, ~$370M non-cash charge

LOEWS CORP

CNA subsidiary committed with MetLife to transfer ~$1.045B in pension obligations covering ~7,600 participants (60% of Plan).
Transaction expected to close Oct 10, 2024; benefits unchanged for transferred participants.
Loews expects one-time non-cash pretax settlement charge of ~$370M ($265M after tax and NCI) in Q4 2024.
Charge driven by accelerated actuarial loss recognition from AOCI; no cash impact in Q4 or full year 2024.
Purchase funded entirely by Plan assets; no cash contribution required from CNA.

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