2 unchanged sentences
CONSOLIDATED CONDENSED BALANCE SHEETS
−Removed: March 31, December 31,
+Added: June 30, December 31,
(Dollar amounts in millions, except per share data)
37 unchanged sentences
Less treasury stock, at cost ( 2,749,732 and 100,000 shares)
+Added: ( 206 ) ( 7 )
Total shareholders’ equity 16,384 15,704
5 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
−Removed: Three Months Ended March 31 2024 2023
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2024 2023 2024 2023
(In millions, except per share data)
1 unchanged sentence
Net investment income 639 592 1,308 1,161
−Removed: Investment losses ( 22 ) ( 35 )
+Added: Investment gains (losses) ( 10 ) 14 ( 32 ) ( 21 )
Non-insurance warranty revenue 404 407 811 814
2 unchanged sentences
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $( 25 ), $( 33 ), $( 40 ) and $( 34 ))
+Added: 1,882 1,779 3,689 3,432
Amortization of deferred acquisition costs 435 403 879 782
17 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
−Removed: Three Months Ended March 31 2024 2023
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2024 2023 2024 2023
(In millions)
8 unchanged sentences
Foreign currency translation ( 10 ) 35 ( 43 ) 51
−Removed: Other comprehensive income 101 289
+Added: Other comprehensive income (loss) 24 ( 109 ) 125 180
Comprehensive income 419 279 1,005 972
8 unchanged sentences
(In millions)
+Added: Balance, April 1, 2023
+Added: $ 15,314 $ 2 $ 2,716 $ 15,293 $ ( 3,062 ) $ ( 498 ) $ 863
+Added: Net income 388 360 28
+Added: Other comprehensive loss ( 109 ) ( 98 ) ( 11 )
+Added: Dividends paid ($ 0.0625 per share)
+Added: ( 25 ) ( 14 ) ( 11 )
+Added: Purchase of subsidiary stock from noncontrolling interests ( 2 ) ( 2 )
+Added: Purchases of Loews Corporation treasury stock ( 107 ) ( 107 )
+Added: Stock-based compensation 9 9
+Added: Other 2 3 ( 2 ) 1
+Added: Balance, June 30, 2023
+Added: $ 15,470 $ 2 $ 2,728 $ 15,637 $ ( 3,160 ) $ ( 604 ) $ 867
+Added: Balance, April 1, 2024
+Added: $ 16,998 $ 2 $ 2,547 $ 16,060 $ ( 2,401 ) $ ( 24 ) $ 814
+Added: Net income 395 369 26
+Added: Other comprehensive income 24 21 3
+Added: Dividends paid ($ 0.0625 per share)
+Added: ( 23 ) ( 14 ) ( 9 )
+Added: Purchase of subsidiary stock from noncontrolling interests ( 20 ) ( 20 )
+Added: Purchases of Loews Corporation treasury stock ( 182 ) ( 182 )
+Added: Stock-based compensation 11 11
+Added: Other ( 2 ) ( 2 ) ( 3 ) 3
+Added: Balance, June 30, 2024
+Added: $ 17,201 $ 2 $ 2,556 $ 16,415 $ ( 2,383 ) $ ( 206 ) $ 817
+Added: See accompanying Notes to Consolidated Condensed Financial Statements.
+Added: Loews Corporation and Subsidiaries
+Added: CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
+Added: Loews Corporation Shareholders
+Added: Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
+Added: Held in Treasury Noncontrolling Interests
+Added: (In millions)
Balance, January 1, 2023, as reported
12 unchanged sentences
Other ( 5 ) ( 3 ) 1 ( 3 )
−Removed: Balance, March 31, 2023
+Added: Balance, June 30, 2023
$ 15,470 $ 2 $ 2,728 $ 15,637 $ ( 3,160 ) $ ( 604 ) $ 867
5 unchanged sentences
( 93 ) ( 28 ) ( 65 )
+Added: Purchase of subsidiary stock from noncontrolling interests ( 20 ) ( 20 )
Purchases of Loews Corporation treasury stock ( 199 ) ( 199 )
1 unchanged sentence
Other ( 14 ) ( 11 ) ( 3 )
−Removed: Balance, March 31, 2024
+Added: Balance, June 30, 2024
$ 17,201 $ 2 $ 2,556 $ 16,415 $ ( 2,383 ) $ ( 206 ) $ 817
2 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
−Removed: Three Months Ended March 31
+Added: Six Months Ended June 30
(In millions)
45 unchanged sentences
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.
−Removed: 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 March 31, 2024 and December 31, 2023 and results of operations, comprehensive income (loss), changes in shareholders’ equity and cash flows for the three months ended March 31, 2024 and 2023, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”).
+Added: 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 June 30, 2024 and December 31, 2023, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2024 and 2023 and cash flows for the six months ended June 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.
3 unchanged sentences
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.
−Removed: For the three months ended March 31, 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.
+Added: For the three and six months ended June 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):
−Removed: 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.
+Added: 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.
−Removed: The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
+Added: 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):
4 unchanged sentences
Net investment income is as follows:
−Removed: Three Months Ended March 31 2024 2023
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2024 2023 2024 2023
(In millions)
4 unchanged sentences
Income from trading portfolio (a) 11 14 69 59
+Added: Other 34 29 62 49
Total investment income 663 615 1,356 1,205
1 unchanged sentence
Net investment income $ 639 $ 592 $ 1,308 $ 1,161
−Removed: (a) Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2024 and 2023
+Added: (a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of June 30, 2024 and 2023
+Added: $ ( 21 ) $ 15 $ 19 $ 20
Investment gains (losses) are as follows:
−Removed: Three Months Ended March 31 2024 2023
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2024 2023 2024 2023
(In millions)
5 unchanged sentences
Short-term investments and other 1 ( 8 ) ( 7 )
−Removed: Investment losses $ ( 22 ) $ ( 35 )
−Removed: (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2024 and 2023
+Added: Gain on acquisition of a joint venture 46 46
+Added: Investment gains (losses) $ ( 10 ) $ 14 $ ( 32 ) $ ( 21 )
+Added: (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of June 30, 2024 and 2023
+Added: $ 1 $ 3 $ 12 $ —
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:
−Removed: Three Months Ended March 31 2024 2023
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2024 2023 2024 2023
(In millions)
3 unchanged sentences
Impairment losses recognized in earnings $ 6 $ 17 $ 20 $ 25
−Removed: T here were no losses recognized on mortgage loans during the three months ended March 31, 2024 or 2023.
+Added: T here were no losses recognized on mortgage loans during the three and six months ended June 30, 2024.
+Added: There were $ 6 million of losses recognized on mortgage loans during the three and six months ended June 30, 2023.
The following tables present a summary of fixed maturity securities:
−Removed: March 31, 2024 Cost or Amortized Cost Gross Unrealized
+Added: June 30, 2024 Cost or Amortized Cost Gross Unrealized
Gains Gross Unrealized
35 unchanged sentences
Less than 12 Months 12 Months or Longer Total
−Removed: March 31, 2024 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
+Added: June 30, 2024 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
(In millions)
27 unchanged sentences
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.
−Removed: March 31, 2024 December 31, 2023
+Added: June 30, 2024 December 31, 2023
Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
7 unchanged sentences
Total $ 28,091 $ 3,278 $ 25,731 $ 2,995
−Removed: Based on current facts and circumstances, the unrealized losses presented in the March 31, 2024 securities in the gross unrealized loss position table above are not believed to be indicative of the ultimate collectibility of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates.
+Added: Based on current facts and circumstances, the unrealized losses presented in the June 30, 2024 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates.
In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered.
Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost;
−Removed: accordingly, it was determined that there are no additional impairment losses to be recorded as of March 31, 2024.
+Added: accordingly, it was determined that there are no additional impairment losses to be recorded as of June 30, 2024.
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets.
−Removed: Accrued interest receivables on available-for-sale fixed maturity securities totaled $ 437 million, $ 435 million and $ 407 million as of March 31, 2024, December 31, 2023 and March 31, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.
−Removed: Three months ended March 31, 2024 Corporate and Other Bonds Asset-backed Total
+Added: Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 444 million, $ 435 million and $ 413 million as of June 30, 2024, December 31, 2023 and June 30, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.
+Added: Three months ended June 30, 2024 Corporate and Other Bonds
+Added: Asset-backed Total
(In millions)
Allowance for credit losses:
−Removed: Balance as of January 1, 2024
+Added: Balance as of April 1, 2024
$ 3 $ 17 $ 20
+Added: Reductions to the allowance for credit losses:
+Added: Securities sold during the period (realized) 3 1 4
+Added: Additional increases to the allowance for credit losses
+Added: on securities that had an allowance recorded in a previous period
+Added: Total allowance for credit losses $ — $ 17 $ 17
+Added: Three months ended June 30, 2023 Corporate and Other Bonds Asset-backed Total
+Added: (In millions)
+Added: Allowance for credit losses:
+Added: Balance as of April 1, 2023
Additions to the allowance for credit losses:
+Added: Securities for which credit losses were not previously recorded 1 7 8
Available-for-sale securities accounted for as PCD assets 11 11
+Added: Additional increases to the allowance for credit losses
+Added: on securities that had an allowance recorded in a previous period
+Added: Total allowance for credit losses $ 13 $ 9 $ 22
+Added: Six months ended June 30, 2024 Corporate and Other Bonds Asset-backed Total
+Added: (In millions)
+Added: Allowance for credit losses:
+Added: Balance as of January 1, 2024
+Added: $ 4 $ 12 $ 16
Reductions to the allowance for credit losses:
4 unchanged sentences
Total allowance for credit losses $ — $ 17 $ 17
−Removed: Three months ended March 31, 2023 Corporate and Other Bonds Asset-backed Total
+Added: Six months ended June 30, 2023 Corporate and Other Bonds Asset-backed Total
(In millions)
2 unchanged sentences
Additions to the allowance for credit losses:
+Added: Securities for which credit losses were not previously recorded 1 7 8
Available-for-sale securities accounted for as PCD assets 20 20
8 unchanged sentences
The following table presents available-for-sale fixed maturity securities by contractual maturity.
−Removed: March 31, 2024 December 31, 2023
+Added: June 30, 2024 December 31, 2023
Cost or Amortized Cost Estimated Fair
12 unchanged sentences
Mortgage Loans Amortized Cost Basis by Origination Year (a)
−Removed: As of March 31, 2024
+Added: As of June 30, 2024
(In millions)
13 unchanged sentences
A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows.
−Removed: The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments.
+Added: The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these
Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.
−Removed: March 31, 2024 December 31, 2023
+Added: June 30, 2024 December 31, 2023
Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value
12 unchanged sentences
These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities.
−Removed: As of March 31, 2024, commitments to purchase or fund were approximately $ 1.6 billion and to sell were approximately $ 25 million under the terms of these investments.
+Added: As of June 30, 2024, commitments to purchase or fund were approximately $ 1.8 billion and to sell were approximately $ 145 million under the terms of these investments.
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables.
Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
−Removed: March 31, 2024 Level 1
+Added: June 30, 2024 Level 1
Level 3 Total
23 unchanged sentences
Payable to brokers ( 62 ) ( 62 )
−Removed: The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2024 and 2023:
−Removed: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31
−Removed: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31
+Added: The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2024 and 2023:
+Added: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: 2024 Balance, April 1 Included in Net Income
+Added: Included in OCI Purchases Sales
+Added: Transfers into
+Added: Level 3 Transfers out of Level 3
+Added: Balance, June 30
+Added: (In millions)
+Added: Fixed maturity securities:
+Added: Corporate bonds and other $ 1,082 $ ( 8 ) $ 72 $ ( 17 ) $ 1,129 $ ( 8 )
+Added: States, municipalities and political
+Added: subdivisions 43 43
+Added: Asset-backed 871 $ 2 ( 11 ) 55 $ ( 5 ) ( 25 ) 887 ( 11 )
+Added: Fixed maturities available-for-sale $ 1,996 $ 2 $ ( 19 ) $ 127 $ ( 5 ) $ ( 42 ) $ — $ — $ 2,059 $ — $ ( 19 )
+Added: Equity securities $ 11 $ 3 $ 14
+Added: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: 2023 Balance, April 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into
+Added: Level 3 Transfers out of Level 3 Balance, June 30
+Added: (In millions)
+Added: Fixed maturity securities:
+Added: Corporate bonds and other $ 912 $ ( 15 ) $ 68 $ ( 5 ) $ 11 $ 971 $ ( 15 )
+Added: States, municipalities and political
+Added: subdivisions 44 ( 1 ) 43 ( 1 )
+Added: Asset-backed 859 $ 4 ( 7 ) 87 ( 17 ) $ ( 43 ) 883 ( 7 )
+Added: Fixed maturities available-for-sale $ 1,815 $ 4 $ ( 23 ) $ 155 $ — $ ( 22 ) $ 11 $ ( 43 ) $ 1,897 $ — $ ( 23 )
+Added: Equity securities $ 29 $ ( 1 ) $ ( 2 ) $ 26 $ ( 1 )
+Added: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
2024 Balance, January 1 Included in Net Income
2 unchanged sentences
Level 3 Transfers out of Level 3
−Removed: Balance, March 31
+Added: Balance, June 30
(In millions)
6 unchanged sentences
Equity securities $ 24 $ 6 $ 3 $ ( 19 ) $ 14 $ 2
−Removed: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31
−Removed: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31
+Added: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
2023 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into
−Removed: Level 3 Transfers out of Level 3 Balance, March 31
+Added: Level 3 Transfers out of Level 3 Balance, June 30
(In millions)
19 unchanged sentences
The weighted average rate is calculated based on fair value.
−Removed: March 31, 2024 Estimated
+Added: June 30, 2024 Estimated
Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average)
9 unchanged sentences
Carrying Amount Estimated Fair Value
−Removed: March 31, 2024 Level 1 Level 2 Level 3 Total
+Added: June 30, 2024 Level 1 Level 2 Level 3 Total
(In millions)
21 unchanged sentences
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity.
−Removed: The Company reported catastrophe losses, net of reinsurance, of $ 88 million and $ 52 million for the three months ended March 31, 2024 and 2023 primarily related to severe weather related events.
+Added: Catastrophe losses, net of reinsurance, of $ 82 million and $ 68 million for the three months ended June 30, 2024 and 2023 and $ 170 million and $ 120 million for the six months ended June 30, 2024 and 2023 were recorded primarily related to severe weather related events.
Liability for Unpaid Claim and Claim Adjustment Expenses
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
−Removed: Three Months Ended March 31
+Added: Six Months Ended June 30
(In millions)
20 unchanged sentences
These changes can be favorable or unfavorable.
−Removed: CNA’s commercial property and casualty operations (“Property & Casualty Operations”) recorded favorable net prior year loss reserve development of $ 7 million and unfavorable net prior year loss reserve development of $ 13 million for the three months ended March 31, 2024 and 2023.
−Removed: The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations:
−Removed: Three Months Ended March 31
+Added: Favorable net prior year loss reserve development of $ 12 million and $ 17 million for the three months ended June 30, 2024 and 2023 and $ 19 million and $ 4 million for the six months ended June 30, 2024 and 2023 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”).
+Added: Unfavorable net prior year loss reserve development of $ 35 million was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”) for the three and six months ended June 30, 2024 and 2023.
+Added: The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2024 2023 2024 2023
(In millions)
Medical professional liability $ ( 2 ) $ ( 2 ) $ 9
+Added: Other professional liability and management liability 17 $ ( 1 ) 17 ( 1 )
Surety ( 8 ) ( 7 ) ( 26 ) ( 7 )
Warranty 13 ( 9 )
+Added: Commercial auto 21 11 21 11
+Added: General liability 19 70 19 70
Workers’ compensation ( 47 ) ( 96 ) ( 49 ) ( 98 )
Other property and casualty operations ( 12 ) 6 ( 12 ) 21
+Added: Other insurance operations 35 35 35 35
Total pretax (favorable) unfavorable development $ 23 $ 18 $ 16 $ 31
+Added: Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional errors and omissions (“E&O”) and cyber businesses.
+Added: Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
+Added: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.
+Added: Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.
+Added: Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction business in a recent accident year.
+Added: Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and middle market businesses across multiple accident years.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.
+Added: Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.
+Added: Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
+Added: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.
+Added: Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.
+Added: Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction business in a recent accident year.
+Added: Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and middle market businesses across multiple accident years.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Unfavorable development in other property and casualty operations was due to higher than expected large loss emergence in CNA’s professional liability business in accident year 2017.
+Added: Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.
Asbestos & Environmental Pollution (“A&EP”) Reserves
8 unchanged sentences
Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT.
−Removed: In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT.
+Added: In a period in which a change in the estimate of A&EP reserves is
+Added: recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT.
The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits in the Consolidated Condensed Statements of Operations.
−Removed: The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 12 million and $ 8 million for the three months ended March 31, 2024 and 2023 .
−Removed: As of March 31, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $ 3.6 billion.
−Removed: The unrecognized deferred retroactive reinsurance benefit was $ 405 million and $ 417 million as of March 31, 2024 and December 31, 2023 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.
+Added: The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 13 million and $ 15 million for the three months ended June 30, 2024 and 2023 and $ 25 million and $ 23 million for the six months ended June 30, 2024 and 2023 .
+Added: As of June 30, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $ 3.6 billion.
+Added: The unrecognized deferred retroactive reinsurance benefit was $ 392 million and $ 417 million as of June 30, 2024 and December 31, 2023 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.
NICO established a collateral trust account as security for its obligations under the LPT.
−Removed: The fair value of the collateral trust account was $ 2.6 billion as of March 31, 2024.
+Added: The fair value of the collateral trust account was $ 2.2 billion as of June 30, 2024.
In addition, Berkshire Hathaway Inc.
−Removed: guaranteed the payment
−Removed: obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement.
+Added: guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement.
NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims.
24 unchanged sentences
Effect of changes in discount rate 11 78
−Removed: Balance, March 31
+Added: Balance, June 30
$ 3,447 $ 3,790
10 unchanged sentences
Effect of changes in discount rate ( 313 ) 307
−Removed: Balance, March 31
+Added: Balance, June 30
$ 16,658 $ 17,456
−Removed: Net LFPB, March 31
+Added: Net LFPB, June 30
$ 13,211 $ 13,666
−Removed: (a) As of March 31, 2024 and 2023 , the re-measurement gain (loss) of $( 15 ) million and $ 1 million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
+Added: (a) As of June 30, 2024 and 2023 , the re-measurement gain (loss) of $( 40 ) million and $( 34 ) million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest expense associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.
−Removed: Three Months Ended March 31 2024 2023
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2024 2023 2024 2023
(In millions)
5 unchanged sentences
Expected future gross premiums 5,149 5,536
−Removed: Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.7 billion and $ 4.0 billion as of March 31, 2024 and 2023.
−Removed: The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of March 31, 2024 and 2023.
+Added: Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.5 billion and $ 3.9 billion as of June 30, 2024 and 2023.
+Added: The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of June 30, 2024 and 2023.
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
−Removed: March 31, December 31,
+Added: June 30, December 31,
2024 2023 2023
1 unchanged sentence
Upper-medium grade fixed income instrument discount rate 5.43 5.10 4.94
−Removed: For the three months ended March 31, 2024 and 2023, immediate charges to net income resulting from adverse development that caused the net premium ratio (“NPR”) to exceed 100% for certain cohorts were $ 20 million and $ 13 million.
−Removed: For the three months ended March 31, 2024 and 2023, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $ 2 million and $ 11 million.
+Added: For the three and six months ended June 30, 2024, immediate charges to net income resulting from adverse development that caused the net premium ratio (“NPR”) to exceed 100% for certain cohorts were $ 24 million and $ 44 million.
+Added: For the three and six months ended June 30, 2023, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% were $ 29 million and $ 42 million .
+Added: For the three and six months ended June 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $ 6 million and $ 8 million .
+Added: For the three and six months ended June 30, 2023 , the portion of losses recognized in a prior period due to NPR exceeding 100% which, due to favorable development, was reversed through net income was less than $ 1 million and $ 11 million .
Shareholders’ Equity
Accumulated other comprehensive income (loss)
−Removed: The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three months ended March 31, 2023 and 2024 :
+Added: The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and six months ended June 30, 2023 and 2024 :
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
2 unchanged sentences
(In millions)
+Added: Balance, April 1, 2023
+Added: $ ( 14 ) $ ( 1,867 ) $ ( 393 ) $ 12 $ ( 614 ) $ ( 186 ) $ ( 3,062 )
+Added: Other comprehensive income (loss) before reclassifications, after tax of $ 2 , $ 116 , $( 68 ), $ 0 , $ 0 and $ 0
+Added: ( 8 ) ( 427 ) 256 8 35 ( 136 )
+Added: Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 4 ), $ 0 , $ 0 , $( 2 ) and $ 0
+Added: Other comprehensive income (loss) ( 1 ) ( 413 ) 256 8 6 35 ( 109 )
+Added: Amounts attributable to noncontrolling interests ( 1 ) 42 ( 26 ) ( 1 ) ( 3 ) 11
+Added: Balance, June 30, 2023
+Added: $ ( 16 ) $ ( 2,238 ) $ ( 163 ) $ 20 $ ( 609 ) $ ( 154 ) $ ( 3,160 )
+Added: Balance, April 1, 2024
+Added: $ ( 9 ) $ ( 1,676 ) $ ( 17 ) $ 10 $ ( 530 ) $ ( 179 ) $ ( 2,401 )
+Added: Other comprehensive income (loss) before reclassifications, after tax of $ 1 , $ 67 , $( 72 ), $ 1 , $ 0 and $ 0
+Added: ( 4 ) ( 250 ) 273 ( 1 ) ( 10 ) 8
+Added: Reclassification of losses from accumulated other comprehensive loss, after tax of $( 1 ), $( 1 ), $ 0 , $ 0 , $( 1 ) and $ 0
+Added: Other comprehensive income (loss) — ( 244 ) 273 ( 1 ) 6 ( 10 ) 24
+Added: Amounts attributable to noncontrolling interests 19 ( 22 ) ( 3 )
+Added: Other ( 1 ) ( 2 ) 1 ( 1 ) ( 3 )
+Added: Balance, June 30, 2024
+Added: $ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 )
+Added: Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
+Added: rates used to
+Added: contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
+Added: (In millions)
Balance, January 1, 2023, as reported
9 unchanged sentences
Amounts attributable to noncontrolling interests ( 26 ) 13 ( 2 ) ( 5 ) ( 20 )
−Removed: Balance, March 31, 2023
+Added: Balance, June 30, 2023
$ ( 16 ) $ ( 2,238 ) $ ( 163 ) $ 20 $ ( 609 ) $ ( 154 ) $ ( 3,160 )
7 unchanged sentences
Other 3 ( 3 ) —
−Removed: Balance, March 31, 2024
+Added: Balance, June 30, 2024
$ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 )
5 unchanged sentences
Stock Purchases
−Removed: Loews Corporation repurchased 0.2 million and 8.2 million shares of its common stock at aggregate costs of $ 17 million and $ 486 million during the three months ended March 31, 2024 and 2023.
−Removed: In February of 2024 , CNA completed a public offering of $ 500 million aggregate principal amount of its 5.1 % senior notes due February 15, 2034 .
−Removed: CNA intends to use the net proceeds towards retiring the outstanding $ 550 million aggregate principal amount of its 4.0 % senior notes due May 2024.
+Added: Loews Corporation repurchased 2.6 million and 10.0 million shares of its common stock at aggregate costs of $ 199 million and $ 593 million during the six months ended June 30, 2024 and 2023.
+Added: In February of 2024 , CNA completed a public offering of $ 500 million aggregate principal amount of its 5.1 % senior notes due February 15, 2034 and in May of 2024, CNA repaid at maturity the outstanding $ 550 million aggregate principal amount of its 4.0 % senior notes.
In February of 2024 , Boardwalk Pipelines completed a public offering of $ 600 million aggregate principal amount of its 5.6 % senior notes due August 1, 2034 .
3 unchanged sentences
The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 12 :
−Removed: Three Months Ended March 31 2024 2023
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2024 2023 2024 2023
(In millions)
5 unchanged sentences
Operating revenues and other $ 736 $ 574 $ 1,472 $ 1,168
−Removed: Receivables from contracts with customers – As of March 31, 2024 and December 31, 2023, receivables from contracts with customers were approximately $ 201 million and $ 228 million and are included within Receivables on the Consolidated Condensed Balance Sheets.
−Removed: Deferred revenue – As of March 31, 2024 and December 31, 2023, deferred revenue resulting from contracts with customers was approximately $ 4.7 billion and $ 4.8 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets.
−Removed: Approximately $ 410 million and $ 397 million of revenues recognized during the three months ended March 31, 2024 and 2023 were included in deferred revenue as of December 31, 2023 and 2022.
−Removed: Performance obligations – As of March 31, 2024, approximately $ 15.1 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations.
+Added: Receivables from contracts with customers – As of June 30, 2024 and December 31, 2023, receivables from contracts with customers were approximately $ 204 million and $ 228 million and are included within Receivables on the Consolidated Condensed Balance Sheets.
+Added: Deferred revenue – As of June 30, 2024 and December 31, 2023, deferred revenue resulting from contracts with customers were approximately $ 4.7 billion and $ 4.8 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets.
+Added: Approximately $ 786 million and $ 660 million of revenues recognized during the six months ended June 30, 2024 and 2023 were included in deferred revenue as of December 31, 2023 and 2022.
+Added: Performance obligations – As of June 30, 2024, approximately $ 15.1 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations.
The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA.
−Removed: Approximately $ 2.2 billion will be recognized during the remaining nine months of 2024 , $ 2.5 billion in 2025 and the remainder in following years.
+Added: Approximately $ 1.5 billion will be recognized during the remaining six months of 2024 , $ 2.6 billion in 2025 and the remainder in following years.
The actual timing of recognition may vary due to factors outside of the Company’s control.
1 unchanged sentence
The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees.
−Removed: The following table presents the components of net periodic (benefit) cost for the defined benefit plans:
+Added: The following tables present the components of net periodic (benefit) cost for the defined benefit plans:
Pension Benefits
−Removed: Other Postretirement Benefits
−Removed: Three Months Ended March 31 2024 2023 2024 2023
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2024 2023 2024 2023
(In millions)
3 unchanged sentences
Amortization of unrecognized net loss 8 9 15 18
+Added: Settlements 1 1
Net periodic cost $ 3 $ 6 $ 6 $ 12
+Added: Other Postretirement Benefits
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2024 2023 2024 2023
+Added: (In millions)
+Added: Interest cost $ 1 $ 1
+Added: Expected return on plan assets ( 1 ) ( 1 )
+Added: Net periodic benefit $ — $ — $ — $ —
Legal Proceedings
26 unchanged sentences
CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary.
−Removed: As of March 31, 2024, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $ 1.5 billion, which will be paid over the lifetime of the annuitants.
+Added: As of June 30, 2024, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $ 1.4 billion, which will be paid over the lifetime of the annuitants.
CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.
7 unchanged sentences
Statements of Operations by segment are presented in the following tables.
−Removed: Three Months Ended March 31, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Three Months Ended June 30, 2024 CNA Financial
+Added: Boardwalk Pipelines
+Added: Corporate Total
(In millions)
12 unchanged sentences
Total 3,117 394 207 42 3,760
−Removed: Income before income tax 427 162 28 12 629
−Removed: Income tax expense ( 89 ) ( 41 ) ( 12 ) ( 2 ) ( 144 )
−Removed: Net income 338 121 16 10 485
+Added: Income (loss) before income tax 402 94 44 ( 33 ) 507
+Added: Income tax (expense) benefit ( 85 ) ( 24 ) ( 9 ) 6 ( 112 )
+Added: Net income (loss) 317 70 35 ( 27 ) 395
Amounts attributable to noncontrolling interests ( 26 ) ( 26 )
−Removed: Net income attributable to Loews Corporation $ 310 $ 121 $ 16 $ 10 $ 457
−Removed: Three Months Ended March 31, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Net income (loss) attributable to Loews Corporation $ 291 $ 70 $ 35 $ ( 27 ) $ 369
+Added: Three Months Ended June 30, 2023 CNA Financial Boardwalk Pipelines Loews
+Added: Hotels & Co Corporate Total
(In millions)
1 unchanged sentence
Net investment income 575 $ 5 $ 1 $ 11 592
+Added: Investment gains (losses) ( 32 ) 46 14
+Added: Non-insurance warranty revenue 407 407
+Added: Operating revenues and other 7 360 207 574
+Added: Total 3,304 365 254 11 3,934
+Added: Insurance claims and policyholders’ benefits 1,779 1,779
+Added: Amortization of deferred acquisition costs 403 403
+Added: Non-insurance warranty expense 384 384
+Added: Operating expenses and other 346 250 194 18 808
+Added: Equity method (income) loss ( 41 ) 2 ( 39 )
+Added: Interest 31 39 21 91
+Added: Total 2,943 289 153 41 3,426
+Added: Income (loss) before income tax 361 76 101 ( 30 ) 508
+Added: Income tax (expense) benefit ( 78 ) ( 19 ) ( 27 ) 4 ( 120 )
+Added: Net income (loss) 283 57 74 ( 26 ) 388
+Added: Amounts attributable to noncontrolling interests ( 28 ) ( 28 )
+Added: Net income (loss) attributable to Loews Corporation $ 255 $ 57 $ 74 $ ( 26 ) $ 360
+Added: Six Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: (In millions)
+Added: Insurance premiums $ 4,939 $ 4,939
+Added: Net investment income 1,227 $ 13 $ 5 $ 63 1,308
Investment losses ( 32 ) ( 32 )
10 unchanged sentences
Income (loss) before income tax 829 256 72 ( 21 ) 1,136
−Removed: Income tax expense ( 74 ) ( 30 ) ( 10 ) ( 1 ) ( 115 )
+Added: Income tax (expense) benefit ( 174 ) ( 65 ) ( 21 ) 4 ( 256 )
Net income (loss) 655 191 51 ( 17 ) 880
1 unchanged sentence
Net income (loss) attributable to Loews Corporation $ 601 $ 191 $ 51 $ ( 17 ) $ 826
+Added: Six Months Ended June 30, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: (In millions)
+Added: Insurance premiums $ 4,595 $ 4,595
+Added: Net investment income 1,100 $ 6 $ 2 $ 53 1,161
+Added: Investment gains (losses) ( 67 ) 46 ( 21 )
+Added: Non-insurance warranty revenue 814 814
+Added: Operating revenues and other 14 756 398 1,168
+Added: Total 6,456 762 446 53 7,717
+Added: Insurance claims and policyholders’ benefits 3,432 3,432
+Added: Amortization of deferred acquisition costs 782 782
+Added: Non-insurance warranty expense 768 768
+Added: Operating expenses and other 683 492 377 37 1,589
+Added: Equity method (income) loss ( 72 ) 5 ( 67 )
+Added: Interest 59 78 6 43 186
+Added: Total 5,724 570 311 85 6,690
+Added: Income (loss) before income tax 732 192 135 ( 32 ) 1,027
+Added: Income tax (expense) benefit ( 152 ) ( 49 ) ( 37 ) 3 ( 235 )
+Added: Net income (loss) 580 143 98 ( 29 ) 792
+Added: Amounts attributable to noncontrolling interests ( 57 ) ( 57 )
+Added: Net income (loss) attributable to Loews Corporation $ 523 $ 143 $ 98 $ ( 29 ) $ 735
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.