2 unchanged sentences
CONSOLIDATED CONDENSED BALANCE SHEETS
−Removed: June 30, December 31,
+Added: September 30, December 31,
(Dollar amounts in millions, except per share data)
45 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2024 2023 2024 2023
2 unchanged sentences
Net investment income 776 592 2,084 1,752
−Removed: Investment gains (losses) ( 10 ) 14 ( 32 ) ( 21 )
+Added: Investment losses ( 10 ) ( 38 ) ( 42 ) ( 59 )
Non-insurance warranty revenue 401 407 1,212 1,221
1 unchanged sentence
Total 4,466 3,926 12,964 11,643
−Removed: Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $( 25 ), $( 33 ), $( 40 ) and $( 34 ))
+Added: Insurance claims and policyholders’ benefits (re-measurement loss of $( 48 ), $( 41 ), $( 88 ) and $( 75 ))
2,019 1,826 5,708 5,258
2 unchanged sentences
Operating expenses and other 930 860 2,778 2,449
−Removed: Equity method income ( 27 ) ( 39 ) ( 53 ) ( 67 )
+Added: Equity method (income) loss 9 ( 22 ) ( 44 ) ( 89 )
Interest 114 94 331 280
5 unchanged sentences
Net income attributable to Loews Corporation $ 401 $ 253 $ 1,227 $ 988
−Removed: Basic and diluted net income per share $ 1.67 $ 1.58 $ 3.72 $ 3.19
+Added: Basic net income per share $ 1.83 $ 1.12 $ 5.55 $ 4.32
+Added: Diluted net income per share $ 1.82 $ 1.12 $ 5.54 $ 4.31
Weighted average shares outstanding:
5 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2024 2023 2024 2023
2 unchanged sentences
Other comprehensive income (loss), after tax
−Removed: Net unrealized gains (losses) on investments with an allowance for credit losses ( 1 ) 2 ( 9 )
+Added: 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 )
5 unchanged sentences
Other comprehensive income (loss) 704 ( 283 ) 829 ( 103 )
−Removed: Comprehensive income 419 279 1,005 972
+Added: Comprehensive income (loss) 1,129 ( 7 ) 2,134 965
Amounts attributable to noncontrolling interests ( 83 ) 8 ( 148 ) ( 69 )
7 unchanged sentences
(In millions)
−Removed: Balance, April 1, 2023
+Added: Balance, July 1, 2023
$ 15,470 $ 2 $ 2,728 $ 15,637 $ ( 3,160 ) $ ( 604 ) $ 867
7 unchanged sentences
Other 3 ( 1 ) 1 3
−Removed: Balance, June 30, 2023
+Added: Balance, September 30, 2023
$ 15,158 $ 2 $ 2,764 $ 15,877 $ ( 3,473 ) $ ( 722 ) $ 710
−Removed: Balance, April 1, 2024
+Added: Balance, July 1, 2024
$ 17,201 $ 2 $ 2,556 $ 16,415 $ ( 2,383 ) $ ( 206 ) $ 817
3 unchanged sentences
( 24 ) ( 14 ) ( 10 )
−Removed: Purchase of subsidiary stock from noncontrolling interests ( 20 ) ( 20 )
Purchases of Loews Corporation treasury stock ( 65 ) ( 65 )
1 unchanged sentence
Other ( 5 ) ( 5 )
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
$ 18,248 $ 2 $ 2,562 $ 16,802 $ ( 1,738 ) $ ( 271 ) $ 891
13 unchanged sentences
Net income 1,068 988 80
−Removed: Other comprehensive income 180 160 20
+Added: Other comprehensive loss ( 103 ) ( 92 ) ( 11 )
Dividends paid ($ 0.1875 per share)
4 unchanged sentences
Other ( 2 ) ( 4 ) 1 1
−Removed: Balance, June 30, 2023
+Added: Balance, September 30, 2023
$ 15,158 $ 2 $ 2,764 $ 15,877 $ ( 3,473 ) $ ( 722 ) $ 710
9 unchanged sentences
Other ( 19 ) ( 16 ) ( 3 )
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
$ 18,248 $ 2 $ 2,562 $ 16,802 $ ( 1,738 ) $ ( 271 ) $ 891
2 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
−Removed: Six Months Ended June 30
+Added: Nine Months Ended September 30
(In millions)
19 unchanged sentences
Purchases of property, plant and equipment ( 458 ) ( 463 )
+Added: Acquisitions ( 348 )
Dispositions 23
24 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 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”).
+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 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.
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 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.
+Added: 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):
9 unchanged sentences
Net investment income is as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2024 2023 2024 2023
9 unchanged sentences
Net investment income $ 776 $ 592 $ 2,084 $ 1,752
−Removed: (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: (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:
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2024 2023 2024 2023
7 unchanged sentences
Gain on acquisition of a joint venture 46
−Removed: Investment gains (losses) $ ( 10 ) $ 14 $ ( 32 ) $ ( 21 )
−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 June 30, 2024 and 2023
+Added: Investment losses $ ( 10 ) $ ( 38 ) $ ( 42 ) $ ( 59 )
+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 September 30, 2024 and 2023
$ 13 $ 2 $ 24 $ 2
1 unchanged sentence
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 Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2024 2023 2024 2023
4 unchanged sentences
Impairment losses recognized in earnings $ 12 $ 12 $ 32 $ 37
−Removed: T here were no losses recognized on mortgage loans during the three and six months ended June 30, 2024.
−Removed: There were $ 6 million of losses recognized on mortgage loans during the three and six months ended June 30, 2023.
+Added: T here were no losses recognized on mortgage loans during the three and nine months ended September 30, 2024.
+Added: 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:
−Removed: June 30, 2024 Cost or Amortized Cost Gross Unrealized
+Added: September 30, 2024 Cost or Amortized Cost Gross Unrealized
Gains Gross Unrealized
35 unchanged sentences
Less than 12 Months 12 Months or Longer Total
−Removed: June 30, 2024 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
+Added: September 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: June 30, 2024 December 31, 2023
+Added: September 30, 2024 December 31, 2023
Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
7 unchanged sentences
Total $ 22,400 $ 2,236 $ 25,731 $ 2,995
−Removed: 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.
+Added: Based on current facts and circumstances, the unrealized losses presented in the September 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 June 30, 2024.
+Added: accordingly, it was determined that there are no additional impairment losses to be recorded as of September 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 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.
−Removed: Three months ended June 30, 2024 Corporate and Other Bonds
+Added: Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 451 million, $ 435 million and $ 430 million as of September 30, 2024, December 31, 2023 and September 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 September 30, 2024 Corporate and Other Bonds
Asset-backed Total
1 unchanged sentence
Allowance for credit losses:
−Removed: Balance as of April 1, 2024
+Added: Balance as of July 1, 2024
$ — $ 17 $ 17
+Added: Additions to the allowance for credit losses:
+Added: Securities for which credit losses were not previously recorded 4 4
+Added: Available-for-sale securities accounted for as PCD assets 2 2
Reductions to the allowance for credit losses:
−Removed: Securities sold during the period (realized) 3 1 4
+Added: Write-offs charged against the allowance 9 9
Additional increases to the allowance for credit losses
1 unchanged sentence
Total allowance for credit losses $ 6 $ 12 $ 18
−Removed: Three months ended June 30, 2023 Corporate and Other Bonds Asset-backed Total
+Added: Three months ended September 30, 2023 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
−Removed: Balance as of April 1, 2023
+Added: Balance as of July 1, 2023
+Added: $ 13 $ 9 $ 22
Additions to the allowance for credit losses:
1 unchanged sentence
Available-for-sale securities accounted for as PCD assets 2 2
+Added: Reductions to the allowance for credit losses:
+Added: Write-offs charged against the allowance 15 15
Additional increases to the allowance for credit losses
1 unchanged sentence
Total allowance for credit losses $ 5 $ 13 $ 18
−Removed: Six months ended June 30, 2024 Corporate and Other Bonds Asset-backed Total
+Added: Nine months ended September 30, 2024 Corporate and Other Bonds Asset-backed Total
(In millions)
2 unchanged sentences
$ 4 $ 12 $ 16
+Added: Additions to the allowance for credit losses:
+Added: Securities for which credit losses were not previously recorded 4 4
+Added: Available-for-sale securities accounted for as PCD assets 2 2
Reductions to the allowance for credit losses:
1 unchanged sentence
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 1
+Added: Write-offs charged against the allowance 9 9
Additional increases to the allowance for credit
1 unchanged sentence
Total allowance for credit losses $ 6 $ 12 $ 18
−Removed: Six months ended June 30, 2023 Corporate and Other Bonds Asset-backed Total
+Added: Nine months ended September 30, 2023 Corporate and Other Bonds Asset-backed Total
(In millions)
8 unchanged sentences
security before recovery of its amortized cost basis 3 3
+Added: Write-offs charged against the allowance 15 15
Additional increases to the allowance for credit losses
3 unchanged sentences
The following table presents available-for-sale fixed maturity securities by contractual maturity.
−Removed: June 30, 2024 December 31, 2023
+Added: September 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 June 30, 2024
+Added: As of September 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
+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 instruments.
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: June 30, 2024 December 31, 2023
+Added: September 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 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.
+Added: As of September 30, 2024, commitments to purchase or fund were approximately $ 1.6 billion and to sell were approximately $ 90 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: June 30, 2024 Level 1
+Added: September 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 and six months ended June 30, 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 June 30
−Removed: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
−Removed: 2024 Balance, April 1 Included in Net Income
+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 nine months ended September 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 September 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
+Added: 2024 Balance, July 1 Included in Net Income
Included in OCI Purchases Sales
1 unchanged sentence
Level 3 Transfers out of Level 3
−Removed: Balance, June 30
+Added: Balance, September 30
(In millions)
1 unchanged sentence
Corporate bonds and other $ 1,129 $ 59 $ 83 $ ( 10 ) $ ( 24 ) $ 1,237 $ 57
−Removed: States, municipalities and political
−Removed: subdivisions 43 43
+Added: States, municipalities and political subdivisions 43 2 45 2
Asset-backed 887 $ 1 30 38 ( 23 ) $ ( 18 ) 915 30
1 unchanged sentence
Equity securities $ 14 $ 14
−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 June 30
−Removed: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
−Removed: 2023 Balance, April 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into
−Removed: Level 3 Transfers out of Level 3 Balance, June 30
+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 September 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
+Added: 2023 Balance, July 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into
+Added: Level 3 Transfers out of Level 3 Balance, September 30
(In millions)
1 unchanged sentence
Corporate bonds and other $ 971 $ ( 36 ) $ 29 $ ( 19 ) $ 945 $ ( 36 )
−Removed: States, municipalities and political
−Removed: subdivisions 44 ( 1 ) 43 ( 1 )
+Added: States, municipalities and political subdivisions 43 ( 2 ) 41 ( 2 )
Asset-backed 883 $ 1 ( 28 ) 61 ( 13 ) $ ( 7 ) 897 ( 28 )
1 unchanged sentence
Equity securities $ 26 $ ( 1 ) $ ( 2 ) $ 23 $ ( 1 )
−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 June 30
−Removed: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+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 September 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2024 Balance, January 1 Included in Net Income
2 unchanged sentences
Level 3 Transfers out of Level 3
−Removed: Balance, June 30
+Added: Balance, September 30
(In millions)
1 unchanged sentence
Corporate bonds and other $ 1,045 $ 39 $ 229 $ ( 10 ) $ ( 77 ) $ 11 $ 1,237 $ 34
−Removed: States, municipalities and political
−Removed: subdivisions 44 ( 1 ) 43 ( 1 )
+Added: States, municipalities and political subdivisions 44 1 45 1
Asset-backed 901 $ 5 14 111 ( 14 ) ( 65 ) $ ( 37 ) 915 14
1 unchanged sentence
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 June 30
−Removed: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+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 September 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 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, June 30
+Added: Level 3 Transfers out of Level 3 Balance, September 30
(In millions)
1 unchanged sentence
Corporate bonds and other $ 810 $ ( 27 ) $ 178 $ ( 27 ) $ 11 $ 945 $ ( 27 )
−Removed: States, municipalities and political
−Removed: subdivisions 43 43
+Added: States, municipalities and political subdivisions 43 ( 2 ) 41 ( 2 )
Asset-backed 788 $ 10 ( 28 ) 203 ( 39 ) 23 $ ( 60 ) 897 ( 28 )
14 unchanged sentences
The weighted average rate is calculated based on fair value.
−Removed: June 30, 2024 Estimated
+Added: September 30, 2024 Estimated
Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average)
9 unchanged sentences
Carrying Amount Estimated Fair Value
−Removed: June 30, 2024 Level 1 Level 2 Level 3 Total
+Added: September 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: 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.
+Added: Catastrophe losses, net of reinsurance, of $ 143 million and $ 94 million were recorded for the three months ended September 30, 2024 and 2023 and $ 313 million and $ 214 million were recorded for the nine months ended September 30, 2024 and 2023.
+Added: Catastrophe losses for the three and nine months ended September 30, 2024 were primarily related to severe weather related events, including $ 55 million for Hurricane Helene.
+Added: Catastrophe losses for the three and nine months ended September 30, 2023 were 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: Six Months Ended June 30
+Added: Nine Months Ended September 30
(In millions)
20 unchanged sentences
These changes can be favorable or unfavorable.
−Removed: 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”).
−Removed: 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: Favorable net prior year loss reserve development of $ 5 million and $ 7 million for the three months ended September 30, 2024 and 2023 and $ 24 million and $ 11 million for the nine months ended September 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 $ 22 million and $ 20 million for the three months ended September 30, 2024 and 2023 and $ 57 million and $ 55 million for the nine months ended September 30, 2024 and 2023 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).
The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2024 2023 2024 2023
10 unchanged sentences
Total pretax (favorable) unfavorable development $ 17 $ 13 $ 33 $ 44
−Removed: 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 other professional liability and management liability was primarily due to higher than expected large claim severity in CNA’s directors and officers (“D&O”) business in accident year 2019.
+Added: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
−Removed: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.
−Removed: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
−Removed: 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 general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.
Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.
−Removed: Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction business in a recent accident year.
−Removed: 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.
−Removed: 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 professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s cyber and professional errors and omissions (“E&O”) businesses in multiple accident years.
+Added: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.
3 unchanged sentences
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
−Removed: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.
−Removed: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
−Removed: 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 general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.
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 cyber and professional E&O businesses in multiple accident years.
+Added: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
+Added: Favorable development in warranty was due to lower than expected loss emergence in a recent accident year.
Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction business in a recent accident year.
13 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
−Removed: 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 recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total
+Added: 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 $ 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 .
−Removed: As of June 30, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $ 3.6 billion.
−Removed: 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.
+Added: The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 11 million and $ 15 million for the three months ended September 30, 2024 and 2023 and $ 36 million and $ 38 million for the nine months ended September 30, 2024 and 2023 .
+Added: As of September 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 $ 382 million and $ 417 million as of September 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 $ 2.2 billion as of June 30, 2024.
+Added: The fair value of the collateral trust account was $ 2.3 billion as of September 30, 2024.
In addition, Berkshire Hathaway Inc.
11 unchanged sentences
As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations.
+Added: Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience.
+Added: This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB.
+Added: Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis.
+Added: Applicable industry research is also considered.
+Added: The cash flow assumption updates for the third quarter of 2024 resulted in a $ 15 million pretax increase in the LFPB.
+Added: Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and an unfavorable impact from higher cost of care inflation.
+Added: The cash flow assumption updates for the third quarter of 2023 resulted in an $ 8 million pretax increase to the LFPB.
+Added: Persistency updates were unfavorable due to revisions to lapse rates.
+Added: Morbidity updates were favorable driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions.
For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
13 unchanged sentences
Effect of changes in discount rate 147 ( 67 )
−Removed: Balance, June 30
+Added: Balance, September 30
$ 3,625 $ 3,589
10 unchanged sentences
Effect of changes in discount rate 612 ( 873 )
−Removed: Balance, June 30
+Added: Balance, September 30
$ 17,672 $ 16,243
−Removed: Net LFPB, June 30
+Added: Net LFPB, September 30
$ 14,047 $ 12,654
−Removed: (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.
+Added: (a) As of September 30, 2024 and 2023 , the re-measurement gain (loss) of $( 88 ) million and $( 75 ) 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 Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2024 2023 2024 2023
3 unchanged sentences
The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.
+Added: September 30,
(In millions)
1 unchanged sentence
Expected future gross premiums 5,305 5,557
−Removed: 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.
−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 June 30, 2024 and 2023.
+Added: Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.8 billion and $ 3.7 billion as of September 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 September 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: June 30, December 31,
+Added: September 30, December 31,
2024 2023 2023
1 unchanged sentence
Upper-medium grade fixed income instrument discount rate 4.90 5.78 4.94
−Removed: 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.
−Removed: 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 .
−Removed: 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 .
−Removed: 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 .
+Added: For the three and nine months ended September 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 $ 84 million and $ 128 million.
+Added: For the three and nine months ended September 30, 2023, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% were $ 109 million and $ 152 million .
+Added: For the three and nine months ended September 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 was $ 20 million and $ 28 million .
+Added: For the three and nine months ended September 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 $ 26 million and $ 37 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 and six months ended June 30, 2023 and 2024 :
+Added: The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and nine months ended September 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)
−Removed: Balance, April 1, 2023
+Added: Balance, July 1, 2023
$ ( 16 ) $ ( 2,238 ) $ ( 163 ) $ 20 $ ( 609 ) $ ( 154 ) $ ( 3,160 )
4 unchanged sentences
Amounts attributable to noncontrolling interests 1 95 ( 69 ) ( 1 ) 5 31
−Removed: Balance, June 30, 2023
+Added: Purchase of CNA shares ( 46 ) ( 1 ) ( 10 ) ( 4 ) ( 61 )
+Added: Balance, September 30, 2023
$ ( 16 ) $ ( 3,273 ) $ 585 $ 19 $ ( 580 ) $ ( 208 ) $ ( 3,473 )
−Removed: Balance, April 1, 2024
+Added: Balance, July 1, 2024
$ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 )
4 unchanged sentences
Amounts attributable to noncontrolling interests ( 105 ) 52 ( 1 ) ( 5 ) ( 59 )
−Removed: Other ( 1 ) ( 2 ) 1 ( 1 ) ( 3 )
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
$ ( 13 ) $ ( 744 ) $ ( 337 ) $ 3 $ ( 517 ) $ ( 130 ) $ ( 1,738 )
14 unchanged sentences
Amounts attributable to noncontrolling interests 1 69 ( 56 ) ( 3 ) 11
−Removed: Balance, June 30, 2023
+Added: Purchase of CNA shares ( 46 ) ( 1 ) ( 10 ) ( 4 ) ( 61 )
+Added: Balance, September 30, 2023
$ ( 16 ) $ ( 3,273 ) $ 585 $ 19 $ ( 580 ) $ ( 208 ) $ ( 3,473 )
7 unchanged sentences
Other 3 ( 3 ) —
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
$ ( 13 ) $ ( 744 ) $ ( 337 ) $ 3 $ ( 517 ) $ ( 130 ) $ ( 1,738 )
5 unchanged sentences
Stock Purchases
−Removed: 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: Loews Corporation repurchased 3.5 million and 11.9 million shares of its common stock at aggregate costs of $ 264 million and $ 711 million during the nine months ended September 30, 2024 and 2023.
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 .
−Removed: Boardwalk Pipelines intends to use the net proceeds to retire the outstanding $ 600 million aggregate principal amount of its 5.0 % notes due December 2024 .
+Added: Boardwalk Pipelines intends to use the net proceeds to retire the outstanding $ 600 million aggregate principal amount of its 5.0 % notes due December 2024 at maturity .
Revenue from Contracts with Customers
1 unchanged sentence
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 Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2024 2023 2024 2023
6 unchanged sentences
Operating revenues and other $ 706 $ 559 $ 2,178 $ 1,728
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Receivables from contracts with customers – As of September 30, 2024 and December 31, 2023, receivables from contracts with customers were approximately $ 200 million and $ 228 million and are included within Receivables on the Consolidated Condensed Balance Sheets.
+Added: Deferred revenue – As of September 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 $ 1.1 billion and $ 905 million of revenues recognized during the nine months ended September 30, 2024 and 2023 were included in deferred revenue as of December 31, 2023 and 2022.
+Added: Performance obligations – As of September 30, 2024, approximately $ 15.5 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 $ 1.5 billion will be recognized during the remaining six months of 2024 , $ 2.6 billion in 2025 and the remainder in following years.
+Added: Approximately $ 0.8 billion will be recognized during the remaining three months of 2024 , $ 2.8 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.
3 unchanged sentences
Pension Benefits
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2024 2023 2024 2023
6 unchanged sentences
Net periodic cost $ 6 $ 53 $ 12 $ 65
+Added: During the third quarter of 2023, the Company terminated a non-contributory defined benefit plan through lump sum settlement payments to certain participants and the transfer of the remaining liability to a third party insurance company through the purchase of group annuity contracts.
+Added: The Company recorded a settlement expense of $ 47 million ($ 37 million after-tax) to recognize unrealized losses which were previously included in AOCI.
Other Postretirement Benefits
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2024 2023 2024 2023
2 unchanged sentences
Expected return on plan assets $ ( 1 ) $ ( 1 ) ( 2 ) ( 2 )
+Added: Amortization of unrecognized net loss 1 1 1 1
Net periodic benefit $ — $ — $ — $ —
5 unchanged sentences
On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”).
−Removed: Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement.
+Added: Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the
+Added: Proposed Settlement.
On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement.
13 unchanged sentences
A hearing on the remanded issues was held at the Trial Court in April 2024.
+Added: In September 2024, the Trial Court ruled in favor of the Defendants on all of the remanded issues.
+Added: On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court.
Other Litigation
4 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 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.
+Added: As of September 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 June 30, 2024 CNA Financial
+Added: Three Months Ended September 30, 2024 CNA Financial
Boardwalk Pipelines
11 unchanged sentences
Operating expenses and other 362 332 218 18 930
−Removed: Equity method (income) loss ( 32 ) 5 ( 27 )
+Added: Equity method loss 9 9
Interest 32 47 17 18 114
5 unchanged sentences
Net income (loss) attributable to Loews Corporation $ 259 $ 77 $ ( 8 ) $ 73 $ 401
−Removed: Three Months Ended June 30, 2023 CNA Financial Boardwalk Pipelines Loews
+Added: Three Months Ended September 30, 2023 CNA Financial Boardwalk Pipelines Loews
Hotels & Co Corporate Total
2 unchanged sentences
Net investment income 553 $ 6 $ 2 $ 31 592
−Removed: Investment gains (losses) ( 32 ) 46 14
+Added: Investment losses ( 38 ) ( 38 )
Non-insurance warranty revenue 407 407
13 unchanged sentences
Net income (loss) attributable to Loews Corporation $ 235 $ 49 $ 17 $ ( 48 ) $ 253
−Removed: Six Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Nine Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
12 unchanged sentences
Total 9,391 1,128 630 129 11,278
−Removed: Income (loss) before income tax 829 256 72 ( 21 ) 1,136
−Removed: Income tax (expense) benefit ( 174 ) ( 65 ) ( 21 ) 4 ( 256 )
−Removed: Net income (loss) 655 191 51 ( 17 ) 880
+Added: Income before income tax 1,190 360 63 73 1,686
+Added: Income tax expense ( 252 ) ( 92 ) ( 20 ) ( 17 ) ( 381 )
+Added: Net income 938 268 43 56 1,305
Amounts attributable to noncontrolling interests ( 78 ) ( 78 )
−Removed: Net income (loss) attributable to Loews Corporation $ 601 $ 191 $ 51 $ ( 17 ) $ 826
−Removed: Six Months Ended June 30, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Net income attributable to Loews Corporation $ 860 $ 268 $ 43 $ 56 $ 1,227
+Added: Nine Months Ended September 30, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
17 unchanged sentences
Net income (loss) attributable to Loews Corporation $ 758 $ 191 $ 115 $ ( 76 ) $ 988
+Added: Subsequent Events
+Added: CNA Employee Retirement Plan Trust Settlement Transaction
+Added: In October of 2024, a subsidiary of CNA, as a sponsor of the CNA Employee Retirement Plan Trust (the “Plan”), entered into a commitment agreement with Metropolitan Life Insurance Company (the “Insurer”) under which the Plan purchased a nonparticipating single premium group annuity contract that transferred to the Insurer approximately $ 1,045 million of the Plan’s defined benefit pension obligations.
+Added: The group annuity contract covers approximately 7,600 Plan participants and beneficiaries (the “Transferred Participants”), representing approximately 60 % of the Plan’s obligations.
+Added: Under the group annuity contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after January 1, 2025.
+Added: The purchase of the group annuity contract was funded directly by assets of the Plan and required no cash or asset contributions from CNA.
+Added: As a result of the transaction, the Company will recognize a one-time non-cash pretax pension settlement charge of approximately $ 370 million ($ 265 million after tax and noncontrolling interests) in the fourth quarter of 2024.
+Added: This charge is largely driven by the accelerated recognition of the actuarial pension loss from Accumulated other comprehensive income into Net income, which does not impact Shareholders’ equity.
+Added: This charge will not impact cash flow for the fourth quarter or full year 2024.
+Added: Fourth Quarter 2024 Hurricane Milton Estimates
+Added: On October 9, 2024, Hurricane Milton made landfall in Florida.
+Added: Pretax net catastrophe losses related to Hurricane Milton are currently estimated between approximately $ 25 million to $ 55 million, and are anticipated to be reflected in the Company’s fourth quarter 2024 results.
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.