2 unchanged sentences
Management’s Report on Internal Control Over Financial Reporting
−Removed: Reports of Independent Registered Public Accounting Firm (PCAOB ID No.
+Added: Report s of Independent Registered Public Accounting Firm (PCAOB ID No.
Consolidated Balance Sheets
5 unchanged sentences
Summary of Significant Accounting Policies
−Removed: Acquisitions, Divestitures, and Deconsolidation
+Added: Acquisitions, Divestitures, and Deconsolidations
Property, Plant and Equipment
Goodwill and Other Intangible Assets
−Removed: Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves
+Added: Claim and Claim Adjustment Expense Reserves
Future Policy Benefits Reserves
5 unchanged sentences
Commitments and Contingencies
−Removed: Supplemental Quarterly Information (Unaudited)
+Added: Subsequent Event
MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
13 unchanged sentences
To the shareholders and the Board of Directors of Loews Corporation
−Removed: Opinion on Internal Control over Financial Reporting
−Removed: We have audited the internal control over financial reporting of Loews Corporation and subsidiaries (the “Company”) as of December 31, 2023 , based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
−Removed: In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023 , based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
−Removed: We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2023 , of the Company and our report dated February 6, 2024, expressed an unqualified opinion on those financial statements and included an explanatory paragraph regarding the Company’s change in its method of accounting for measurement and disclosure of long-duration contracts.
−Removed: Basis for Opinion
−Removed: The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting.
−Removed: Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.
−Removed: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
−Removed: federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audit in accordance with the standards of the PCAOB.
−Removed: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
−Removed: Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.
−Removed: We believe that our audit provides a reasonable basis for our opinion.
−Removed: Definition and Limitations of Internal Control over Financial Reporting
−Removed: A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
−Removed: A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
−Removed: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;
−Removed: and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
−Removed: Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
−Removed: Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
−Removed: /s/ DELOITTE & TOUCHE LLP
−Removed: New York, New York
−Removed: February 6, 2024
−Removed: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
−Removed: To the shareholders and the Board of Directors of Loews Corporation
Opinion on the Financial Statements
2 unchanged sentences
We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2024 , based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 11, 2025 , expressed an unqualified opinion on the Company’s internal control over financial reporting.
−Removed: Change in Accounting Principle
−Removed: As discussed in Note 1 to the financial statements, the Company has changed its method of accounting for measurement and disclosure of long-duration contracts effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021, due to adoption of ASU 2018-12, Financial Services-Insurance (Topic 944):
−Removed: Targeted Improvements to the Accounting For Long-Duration Contracts .
Basis for Opinion
15 unchanged sentences
The estimation of property and casualty claim and claim adjustment expense reserves (“P&C claim and claim adjustment expense reserves”), including those claims that are incurred but not reported, requires significant judgment.
−Removed: P&C claim and claim adjustment expense reserves is subject to a high degree of variability as it involves complex estimates that are generally derived using a variety of actuarial estimation techniques and numerous assumptions and expectations about future events, many of which are highly uncertain.
+Added: Estimating P&C claim and claim adjustment expense reserves is subject to a high degree of variability as it involves complex estimates that are generally derived using a variety of actuarial estimation techniques and numerous assumptions and expectations about future events, many of which are highly uncertain.
Modest changes in judgments and assumptions can materially impact the valuation of these liabilities, particularly for claims with longer-tailed exposures such as workers’ compensation, general liability and professional liability claims and certain shorter-tailed exposures, such as surety.
9 unchanged sentences
Critical Audit Matter Description
−Removed: The estimation of long term care future policy benefit reserves (“LTC future policy benefit reserves”) requires significant judgment in the selection of key assumptions, including morbidity and persistency (inclusive of mortality).
+Added: The estimation of long term care future policy benefit reserves (“LTC future policy benefit reserves”) requires significant judgment in the selection of key assumptions, including morbidity and persistency.
Estimating future experience for long term care policies is subject to significant estimation risk as the required projection period spans several decades.
14 unchanged sentences
We have served as the Company's auditor since 1969.
+Added: REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
+Added: To the shareholders and the Board of Directors of Loews Corporation
+Added: Opinion on Internal Control over Financial Reporting
+Added: We have audited the internal control over financial reporting of Loews Corporation and subsidiaries (the “Company”) as of December 31, 2024 , based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
+Added: In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024 , based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
+Added: We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024 , of the Company and our report dated February 11, 2025, expressed an unqualified opinion on those financial statements.
+Added: Basis for Opinion
+Added: The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting.
+Added: Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit.
+Added: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
+Added: federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
+Added: We conducted our audit in accordance with the standards of the PCAOB.
+Added: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
+Added: Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances.
+Added: We believe that our audit provides a reasonable basis for our opinion.
+Added: Definition and Limitations of Internal Control over Financial Reporting
+Added: A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles.
+Added: A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
+Added: (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company;
+Added: and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
+Added: Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
+Added: Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
+Added: /s/ DELOITTE & TOUCHE LLP
+Added: New York, New York
+Added: February 11, 2025
Loews Corporation and Subsidiaries
59 unchanged sentences
Net investment income 2,780 2,395 1,802
−Removed: Investment gains (losses) (Note 3) ( 53 ) ( 199 ) 660
+Added: Investment losses ( 81 ) ( 53 ) ( 199 )
Non-insurance warranty revenue 1,609 1,624 1,574
48 unchanged sentences
Cumulative effect adjustments from changes in
−Removed: accounting standard (Note 1) ( 2,346 ) ( 5 ) ( 2,097 ) ( 244 )
+Added: accounting standards (Note 1) ( 1,704 ) ( 22 ) ( 1,506 ) ( 176 )
Balance, January 1, 2022, as adjusted
1 unchanged sentence
Net income 891 822 69
−Removed: Other comprehensive income 215 196 19
+Added: Other comprehensive loss ( 2,219 ) ( 2,000 ) ( 219 )
Dividends paid ($ 0.25 per share)
8 unchanged sentences
Net income 1,545 1,434 111
−Removed: Other comprehensive loss ( 2,219 ) ( 2,000 ) ( 219 )
+Added: Other comprehensive income 961 884 77
Dividends paid ($ 0.25 per share)
36 unchanged sentences
operating activities:
−Removed: Investment (gains) losses 53 199 ( 660 )
+Added: Investment losses 81 53 199
Equity method investees ( 66 ) 18 236
22 unchanged sentences
Dispositions 23 16
−Removed: (Investment in) sale of interest in Altium Packaging ( 79 ) 417
Change in short-term investments ( 30 ) ( 80 ) ( 27 )
26 unchanged sentences
commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92 % owned subsidiary);
−Removed: transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary).
−Removed: 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: On April 1, 2021, Loews Corporation sold approximately 47 % of Altium Packaging LLC (“Altium Packaging”), previously an approximately 99 % owned subsidiary.
−Removed: See Note 2 for further discussion.
+Added: transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary).
+Added: Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders.
Accounting estimates and principles of consolidation – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements and the related notes.
23 unchanged sentences
Expected credit loss rates are applied by pool to the outstanding receivable balances.
−Removed: Changes in the allowance for mortgage loans are
−Removed: presented as a component of Investment gains (losses) on the Consolidated Statements of Operations.
+Added: Changes in the allowance for mortgage loans are presented as a component of Investment gains (losses) on the Consolidated Statements of Operations.
Mortgage loans are included in Other invested assets on the Consolidated Balance Sheets.
35 unchanged sentences
Interest received for assets that are on nonaccrual status is recognized as payment is received.
−Removed: The asset is returned to accrual status when the principal and interest amounts contractually due are brought
−Removed: current, and future payments are expected.
+Added: The asset is returned to accrual status when the principal and interest amounts contractually due are brought current, and future payments are expected.
Interest receivables are presented in Receivables on the Consolidated Balance Sheet.
1 unchanged sentence
Loews Hotels & Co uses the equity method of accounting for these investments.
−Removed: In addition, effective April 1, 2021, following Loews Corporation’s sale of approximately 47 % of Altium Packaging, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting.
−Removed: See Note 2 for further discussion.
+Added: The Company also has interests in Altium Packaging LLC (“Altium Packaging”), which is engaged in the manufacture of rigid packaging solutions.
+Added: Loews Corporation shares certain participating rights related to capital allocation and other decisions with the joint venture partner, therefore, the investment in Altium Packaging is accounted for under the equity method of accounting.
The Company’s total investment in entities accounted for under the equity method of accounting, excluding limited partnership investments, was $ 937 million and $ 996 million as of December 31, 2024 and 2023 and is reported in Other assets on the Consolidated Balance Sheets.
28 unchanged sentences
Changes in the allowance are presented as a component of Other operating expenses on the Consolidated Statements of Operations.
−Removed: Amounts are considered past due
−Removed: based on policy payment terms.
+Added: Amounts are considered past due based on policy payment terms.
Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached.
10 unchanged sentences
Adjustments to deferred costs, if necessary, are recorded in the current period results of operations.
−Removed: Boardwalk Pipelines primarily earns revenues by providing transportation and storage services for natural gas and natural gas liquids and other hydrocarbons (referred to together as “NGLs”) on a firm and interruptible basis and providing ethane supply and transportation services for industrial customers in Louisiana and Texas.
+Added: Boardwalk Pipelines primarily earns revenues by providing transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (referred to together as “NGLs”) on a firm and interruptible basis and providing ethane supply and transportation services for industrial customers in Louisiana and Texas.
Boardwalk Pipelines also provides interruptible natural gas parking and lending services.
10 unchanged sentences
In addition, Loews Hotels & Co recognizes revenue for the reimbursement of payroll and other expenses as they are incurred on behalf of the owners of joint venture and managed hotel properties.
−Removed: Altium Packaging is a packaging solutions provider and manufacturer in North America, serving a diverse customer base in the pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/specialty chemicals, water and beverage/juice segments.
−Removed: Altium Packaging recognizes revenue when obligations under the terms of a contract with a customer have been satisfied.
−Removed: This occurs at the time control is transferred to the customer, which generally occurs upon delivery or completion of the manufacturing process.
Claim and claim adjustment expense reserves – Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (“A&EP”) and workers’ compensation lifetime claims, are not discounted and are based on (i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations;
11 unchanged sentences
Structured settlements are agreements to provide fixed periodic payments to claimants.
−Removed: CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and are discounted at a weighted average interest rate of 6.4 % as of December 31, 2023 and 2022.
+Added: CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and are discounted at a weighted average
+Added: interest rate of 6.6 % and 6.4 % as of December 31, 2024 and 2023.
This interest rate is based on the expected yield of the assets that support the reserves and reinvestment assumptions.
13 unchanged sentences
As a result of the modified retrospective adoption of ASU 2018-12, CNA’s NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021.
−Removed: The key cash flow assumptions used to estimate the LFPB are morbidity, persistency (inclusive of mortality), anticipated future premium rate increases and expenses.
+Added: The key cash flow assumptions used to estimate the LFPB are morbidity, persistency, anticipated future premium rate increases and expenses.
Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted.
6 unchanged sentences
A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated.
−Removed: Annually, in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience.
+Added: Annually, in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increase and expense experience.
This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB.
1 unchanged sentence
Applicable industry research is also considered.
+Added: The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in the results of operations within Insurance claims and policyholders’ benefits.
Quarterly, to derive the upper-medium grade fixed income instrument yield discount rate assumption, a published spot rate curve constructed from single-A rated U.S.
2 unchanged sentences
For cash flows that are projected to occur beyond the tenor for which market-observable rates are available, CNA applies judgment to estimate a normative rate which it grades to over 10 years.
+Added: The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss).
Quarterly, the updated NPR is used to derive an updated LFPB as of the beginning of the current quarter measured at the original locked in discount rate.
18 unchanged sentences
The ceding of insurance does not discharge the primary liability of CNA.
−Removed: As of December 31, 2023 and 2022, an allowance for doubtful accounts of $ 22 million has been established for each year for reinsurance receivables, which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future.
+Added: As of December 31, 2024 and 2023, an allowance for doubtful accounts of $ 21 million and $ 22 million have been established for each year for reinsurance receivables, which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future.
For assessing expected credit losses, CNA separates reinsurance receivables into two pools:
15 unchanged sentences
Deferred acquisition costs – Deferrable acquisition costs include commissions, premium taxes and certain underwriting and policy issuance costs which are incremental direct costs of successful contract acquisitions.
−Removed: Acquisition costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned.
+Added: costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned.
Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs.
3 unchanged sentences
Policyholder dividends – Policyholder dividends are paid to participating policyholders within the workers’ compensation and surety lines of business.
−Removed: Net written premiums for participating dividend policies were approximately 2 %, 2 % and 1 % of total net written premiums for each of the years ended December 31, 2023, 2022 and 2021.
+Added: Net written premiums for participating dividend policies were approximately 2 % of total net written premiums for each of the years ended December 31, 2024, 2023 and 2022.
Dividends to policyholders are accrued according to CNA’s best estimate of the amount to be paid in accordance with contractual provisions and applicable state laws.
24 unchanged sentences
Pension and postretirement benefits – The overfunded or underfunded status of defined benefit plans is recognized in Other assets or Other liabilities on the Consolidated Balance Sheets.
−Removed: Changes in funded status related to prior service costs and credits and actuarial gains and losses are recognized in the year in which the changes occur through AOCI.
+Added: Changes in funded status related to prior service costs and credits and actuarial gains and losses are recognized in the year in which the changes occur through Accumulated Other Comprehensive Income (“AOCI”).
Benefit plan assets and obligations are measured at December 31.
Annual service cost, interest cost, expected return on plan assets, amortization of prior service costs and credits and amortization of actuarial gains and losses are recognized in the Consolidated Statements of Operations.
−Removed: Stock-based compensation – Loews Corporation records compensation expense upon issuance, modification or cancellation of all share-based payment awards granted, primarily on a straight-line basis over the requisite service period, generally three years .
+Added: Stock-based compensation – Compensation expense is recorded upon issuance, modification or cancellation of all share-based payment awards granted, primarily on a straight-line basis over the requisite service period, generally three years .
Restricted Stock Units are valued using the grant-date fair value of Loews Corporation’s stock.
5 unchanged sentences
There were foreign currency transaction gains (losses) of $( 7 ) million, $ 8 million and $( 20 ) million for the years ended December 31, 2024, 2023 and 2022 included in the Consolidated Statements of Operations.
−Removed: Regulatory accounting – The majority of Boardwalk Pipelines’ operating subsidiaries are regulated by FERC.
+Added: Regulatory accounting – The majority of Boardwalk Pipelines’ revenues are earned from operating subsidiaries that are regulated by FERC.
Texas Gas Transmission, LLC (“Texas Gas”), a wholly owned subsidiary of Boardwalk Pipelines, applies regulatory accounting to certain assets for GAAP purposes, which records certain assets and liabilities consistent with the economic effect of the manner in which independent third party regulators establish rates.
4 unchanged sentences
Cash payments for federal, foreign, state and local income taxes amounted to $ 403 million, $ 304 million and $ 376 million for the years ended December 31, 2024, 2023 and 2022.
−Removed: Investing activities exclude $ 9 million, $ 33 million, and $ 5 million of accrued capital expenditures for the years ended December 31, 2023, 2022, and 2021.
−Removed: Accounting changes – In August of 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-12, “Financial Services – Insurance (Topic 944):
+Added: Investing activities include $ 37 million of previously accrued capital expenditures for the year ended December 31, 2024 and exclude $ 9 million and $ 33 million of accrued capital expenditures for the years ended December 31, 2023 and 2022.
+Added: Accounting changes – In November of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280):
+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”).
+Added: The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.
+Added: The guidance has been adopted retrospectively, with comparative period segment disclosures adjusted to reflect the change in accounting guidance.
+Added: See Note 20 for additional information.
+Added: In August of 2018, the FASB issued ASU 2018-12, “Financial Services – Insurance (Topic 944):
Targeted Improvements to the Accounting for Long-Duration Contracts” (“ASU 2018-12”).
2 unchanged sentences
The LFPB must also be updated for actual experience at least annually.
−Removed: The LFPB is reflected as Insurance reserves:
−Removed: Future policy benefits on the Consolidated Balance Sheets.
The discount rate assumption used to measure the LFPB must be updated quarterly using an upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted as a single-A rate.
−Removed: The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in results of operations within Insurance claims and policyholders’ benefits.
−Removed: The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss) (“OCI”).
−Removed: In contrast, under legacy accounting guidance, cash flow and discount rate assumptions were locked in unless a premium deficiency emerged.
−Removed: The discount rate assumption under legacy accounting guidance was determined using CNA’s internal investment portfolio yield, which was generally higher than a single-A yield.
−Removed: The new guidance eliminates the need to hold shadow reserves associated with long-term care reserves.
−Removed: Under legacy accounting guidance, to the extent that unrealized gains on fixed maturity securities supporting long-term care reserves would have resulted in a premium deficiency if realized, a related increase to Insurance reserves was recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss) (shadow reserves).
−Removed: The unit of account is the level at which reserves are measured.
−Removed: Under the new guidance, the unit of account used to measure the LFPB is the cohort.
−Removed: Cohorts are comprised of insurance contracts issued no more than one year apart, and must be further disaggregated according to policy benefit and insurance risk characteristics.
−Removed: Under legacy accounting guidance, the LFPB was generally measured at the individual policy level.
−Removed: Under the new guidance, the net premium ratio (“NPR”) is capped at 100%.
−Removed: To the extent that NPR would otherwise exceed 100%, the LFPB is increased, and a loss is recognized immediately in the results of operations.
−Removed: The NPR cap is applied at the cohort level each quarter when the NPR is updated.
−Removed: In contrast, under legacy accounting guidance, premium deficiency testing was performed annually at the product level.
−Removed: See Note 9 to the Consolidated Financial Statements for further explanation of the NPR and LFPB calculations.
−Removed: The new guidance was adopted effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021.
−Removed: CNA’s run-off long-term care business is in scope of the new guidance.
−Removed: All prior periods presented in the financial statements have been adjusted to reflect application of the new guidance.
−Removed: The original locked in discount rate, utilized for purposes of calculating the NPR under the new guidance, was based on the discount rate assumption used to calculate the LFPB immediately prior to the transition date.
−Removed: While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business.
−Removed: In December of 2022, the FASB issued ASU 2022-05, “Financial Services-Insurance (Topic 944):
−Removed: Transition for Sold Contracts” (“ASU 2022-05”).
−Removed: This guidance permits companies to make an election to exclude from the scope of ASU 2018-12 any insurance contracts that have been de-recognized prior to the effective date of ASU 2018-12, assuming that the company has no significant continuing involvement with the de-recognized contracts.
−Removed: In the fourth quarter of 2022, CNA novated its block of legacy annuity business, which was fully-ceded prior to novation.
−Removed: The ASU 2022-05 transition relief was elected and the novated legacy annuity business has been excluded from the scope of ASU 2018-12.
−Removed: Explanation of ASU 2018-12 Transition Impacts:
−Removed: The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021:
−Removed: (In millions)
−Removed: Balance as of December 31, 2020, as reported $ 13,318
−Removed: Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (a)
−Removed: De-recognition of shadow reserves ( 3,293 )
−Removed: Re-measurement using an upper-medium grade fixed income instrument yield discount rate 6,255
−Removed: Other adjustments
−Removed: Balance as of January 1, 2021, as adjusted $ 19,132
−Removed: (a) In conjunction with the adoption of ASU 2018-12 , at January 1, 2023, the long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits.
−Removed: This change was applied retrospectively as of January 1, 2021.
−Removed: Shadow reserves associated with the long-term care business were de-recognized as of the transition date in Accumulated other comprehensive income (“AOCI”).
−Removed: The effect of re-measuring the LFPB at the single-A discount rate as of the transition date was similarly recorded in AOCI.
−Removed: There are no cohorts for which the NPR exceeded 100% at the transition date.
−Removed: CNA’s practice under legacy accounting guidance was to calculate and record premium deficiency reserves at the policy level.
−Removed: Accordingly, an allocation methodology was not required to assign historical premium deficiency reserves to cohorts upon transition to ASU 2018-12.
−Removed: The following table presents after tax adjustments to the opening balance of Shareholders’ equity and Noncontrolling interests resulting from adoption of ASU 2018-12:
−Removed: Accumulated other comprehensive income (loss) Retained earnings Noncontrolling interests
−Removed: (In millions)
−Removed: Balance as of December 31, 2020, as reported $ 581 $ 14,150 $ 1,321
−Removed: De-recognition of shadow reserves 2,331 270
−Removed: Re-measurement of LFPB using an upper-medium grade fixed
−Removed: income instrument yield discount rate ( 4,428 ) ( 513 )
−Removed: Other adjustments ( 5 ) ( 1 )
−Removed: Balance as of January 1, 2021, as adjusted $ ( 1,516 ) $ 14,145 $ 1,077
−Removed: The effects of adoption of ASU 2018-12 on the Consolidated Statement of Operations were as follows:
−Removed: Year Ended December 31, 2022 As Reported Effect of Adoption As Adjusted
−Removed: (In millions)
−Removed: Insurance claims and policyholders’ benefits (a) $ 6,386 $ 267 $ 6,653
−Removed: Income before income tax 1,381 ( 267 ) 1,114
−Removed: Income tax expense ( 278 ) 55 ( 223 )
−Removed: Net income 1,103 ( 212 ) 891
−Removed: Amounts attributable to noncontrolling interests ( 91 ) 22 ( 69 )
−Removed: Net income attributable to Loews Corporation 1,012 ( 190 ) 822
−Removed: Basic net income per share 4.17 ( 0.78 ) 3.39
−Removed: Diluted net income per share 4.16 ( 0.78 ) 3.38
−Removed: (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $( 214 ), which is presented parenthetically on the Consolidated Statement of Operations.
−Removed: Year Ended December 31, 2021 As Reported Effect of Adoption As Adjusted
−Removed: (In millions)
−Removed: Insurance claims and policyholders’ benefits (a) $ 6,349 $ 22 $ 6,371
−Removed: Income before income tax 2,182 ( 22 ) 2,160
−Removed: Income tax expense ( 479 ) 4 ( 475 )
−Removed: Net income 1,703 ( 18 ) 1,685
−Removed: Amounts attributable to noncontrolling interests ( 125 ) 2 ( 123 )
−Removed: Net income attributable to Loews Corporation 1,578 ( 16 ) 1,562
−Removed: Basic net income per share 6.08 ( 0.06 ) 6.02
−Removed: Diluted net income per share 6.07 ( 0.07 ) 6.00
−Removed: (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $( 8 ), which is presented parenthetically on the Consolidated Statement of Operations.
−Removed: The effects of adoption of ASU 2018-12 on the Consolidated Balance Sheet were as follows:
−Removed: December 31, 2022 As Reported Effect of Adoption As Adjusted
−Removed: (In millions)
−Removed: Other assets $ 3,941 $ 73 $ 4,014
−Removed: Total assets 75,494 73 75,567
−Removed: Claim and claim adjustment expenses (a) 25,099 ( 2,979 ) 22,120
−Removed: Future policy benefits (a) 10,151 3,329 13,480
−Removed: Total liabilities 60,016 350 60,366
−Removed: Retained earnings 15,144 ( 213 ) 14,931
−Removed: Accumulated other comprehensive loss ( 3,284 ) ( 36 ) ( 3,320 )
−Removed: Noncontrolling interests 880 ( 28 ) 852
−Removed: Total equity 15,478 ( 277 ) 15,201
−Removed: (a) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits.
−Removed: This change was applied retrospectively as of January 1, 2021.
−Removed: The effects of adoption of ASU 2018-12 on the Consolidated Statement of Comprehensive Income (Loss) were as follows:
−Removed: Year Ended December 31, 2022 As Reported Effect of Adoption As Adjusted
−Removed: (In millions)
−Removed: Net unrealized losses on other investments $ ( 3,777 ) $ ( 2,320 ) $ ( 6,097 )
−Removed: Total unrealized losses on investments ( 3,782 ) ( 2,320 ) ( 6,102 )
−Removed: Impact of changes in discount rates used to measure long-duration
−Removed: contract liabilities 3,959 3,959
−Removed: Other comprehensive loss ( 3,858 ) 1,639 ( 2,219 )
−Removed: Comprehensive loss ( 2,755 ) 1,427 ( 1,328 )
−Removed: Amounts attributable to noncontrolling interests 297 ( 147 ) 150
−Removed: Total comprehensive loss attributable to Loews Corporation ( 2,458 ) 1,280 ( 1,178 )
−Removed: Year Ended December 31, 2021 As Reported Effect of Adoption As Adjusted
−Removed: (In millions)
−Removed: Net unrealized losses on other investments $ ( 706 ) $ ( 281 ) $ ( 987 )
−Removed: Total unrealized losses on investments ( 708 ) ( 281 ) ( 989 )
−Removed: Impact of changes in discount rates used to measure long-duration
−Removed: contract liabilities 941 941
−Removed: Other comprehensive income (loss) ( 445 ) 660 215
−Removed: Comprehensive income 1,258 642 1,900
−Removed: Amounts attributable to noncontrolling interests ( 75 ) ( 67 ) ( 142 )
−Removed: Total comprehensive income attributable to Loews Corporation 1,183 575 1,758
−Removed: The effects of adoption of ASU 2018-12 on the Consolidated Statements of Cash Flows were as follows:
−Removed: Year Ended December 31, 2022 As Reported Effect of Adoption As Adjusted
−Removed: (In millions)
−Removed: Net income $ 1,103 $ ( 212 ) $ 891
−Removed: Provision for deferred income taxes 5 ( 55 ) ( 50 )
−Removed: Insurance reserves 1,791 267 2,058
−Removed: Year Ended December 31, 2021 As Reported Effect of Adoption As Adjusted
−Removed: (In millions)
−Removed: Net income $ 1,703 $ ( 18 ) $ 1,685
−Removed: Provision for deferred income taxes 213 ( 4 ) 209
−Removed: Insurance reserves 2,463 22 2,485
−Removed: The effects of adoption of ASU 2018-12 on segment results of operations of CNA were as follows:
−Removed: Year Ended December 31, 2022 As Reported Effect of Adoption As Adjusted
−Removed: (In millions)
−Removed: Insurance claims and policyholders’ benefits (a) $ 6,386 $ 267 $ 6,653
−Removed: Income before income tax 1,081 ( 267 ) 814
−Removed: Income tax expense ( 188 ) 55 ( 133 )
−Removed: Net income 893 ( 212 ) 681
−Removed: Amounts attributable to noncontrolling interests ( 91 ) 22 ( 69 )
−Removed: Net income attributable to Loews Corporation 802 ( 190 ) 612
−Removed: (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $( 214 ), which is presented parenthetically on the Consolidated Statement of Operations.
−Removed: Year Ended December 31, 2021 As Reported Effect of Adoption As Adjusted
−Removed: (In millions)
−Removed: Insurance claims and policyholders’ benefits (a) $ 6,349 $ 22 $ 6,371
−Removed: Income before income tax 1,484 ( 22 ) 1,462
−Removed: Income tax expense ( 282 ) 4 ( 278 )
−Removed: Net income 1,202 ( 18 ) 1,184
−Removed: Amounts attributable to noncontrolling interests ( 125 ) 2 ( 123 )
−Removed: Net income attributable to Loews Corporation 1,077 ( 16 ) 1,061
−Removed: (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $( 8 ), which is presented parenthetically on the Consolidated Statement of Operations.
−Removed: Recently issued ASUs - In November of 2023, the 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.
−Removed: The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.
−Removed: 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 guidance was adopted effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021.
+Added: CNA’s run-off long-term care business is in scope of the guidance.
+Added: Prior periods presented in the financial statements have been adjusted to reflect application of the guidance.
+Added: While the requirements of the guidance represent a material change from legacy accounting, it does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business.
+Added: Recently issued ASUs - In December of 2023, the FASB issued ASU 2023-08, “Intangibles-Goodwill and Other- Crypto Assets (Subtopic 350-60):
+Added: Accounting for and Disclosure of Crypto Assets.” The updated accounting guidance requires that an entity measure crypto assets at fair value in the statement of financial position each reporting period and recognize changes from remeasurement in net income.
+Added: The guidance is effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years.
+Added: The update requires a cumulative-effect adjustment to the opening balance at the date of adoption.
+Added: At adoption on January 1, 2025, the Company estimates an increase to Retained earnings of $ 5 million.
In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):
3 unchanged sentences
The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
+Added: In November of 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):
+Added: Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories.
+Added: The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses.
+Added: The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027.
+Added: Prospective application is required, with retrospective application permitted.
+Added: The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
Acquisitions, Divestitures and Deconsolidations
Boardwalk Pipelines
−Removed: On September 29, 2023, Boardwalk Pipelines acquired 100 % of the equity interests of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) from Williams Field Services Group, LLC for $ 355 million in cash, including working capital.
−Removed: Bayou Ethane owns an approximately 380-mile pipeline system that transports ethane from Mont Belvieu, Texas, to the Mississippi River corridor in Louisiana and two 15-mile pipelines in the Houston Ship Channel area that carry ammonia and hydrogen chloride.
−Removed: Bayou Ethane provides ethane supply and transportation services for industrial customers in Louisiana and Texas.
−Removed: The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition.
−Removed: The final fair values of the assets acquired and liabilities assumed as of September 29, 2023, were $ 382 million of assets and $ 27 million of liabilities, which included $ 296 million of property, plant and equipment and $ 34 million of finite lived intangible assets.
+Added: On September 29, 2023, Boardwalk Pipelines acquired 100 % of the equity interests of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) from Williams Field Services Group, LLC for $ 355 million in cash.
Loews Hotels & Co
+Added: During 2024, Loews Hotels & Co acquired all the remaining outstanding noncontrolling equity interests of two owned and consolidated hotels for $ 44 million.
+Added: During 2024 , Loews Hotels & Co received proceeds of $ 23 million for the sale of an owned hotel.
During 2023, Loews Hotels & Co paid $ 46 million to acquire an additional equity interest in a previously unconsolidated joint venture property.
1 unchanged sentence
Upon acquisition, $ 232 million in assets and $ 120 million in liabilities were consolidated at fair value .
−Removed: Loews Hotels & Co received aggregate proceeds of $ 77 million in 2021 for the sales of owned hotels and other assets.
−Removed: Altium Packaging
−Removed: On April 1, 2021, Loews Corporation sold approximately 47 % of Altium Packaging to GIC, Singapore’s sovereign wealth fund, for $ 420 million in cash consideration.
−Removed: Loews Corporation shares certain participating rights with GIC related to capital allocation and other decisions by Altium Packaging.
−Removed: Therefore, in accordance with Accounting Standards Codification 810 (“ASC 810”), “Consolidation,” Altium Packaging was deconsolidated from Loews Corporation’s consolidated financial statements.
−Removed: Effective April 1, 2021, Loews Corporation’s investment in Altium Packaging was accounted for under the equity method of accounting, with the investment reported in Other assets on the Consolidated Balance Sheets and Equity method (income) loss reported on the Consolidated Statements of Operations.
−Removed: The transaction resulted in a gain of $ 555 million ($ 438 million after tax) for the year ended December 31, 2021, which was recorded in Investment gains (losses) on the Consolidated Statement of Operations.
−Removed: Loews Corporation’s retained investment in Altium Packaging was recorded at an estimated fair value of $ 473 million.
Net investment income is as follows:
21 unchanged sentences
Gross losses ( 150 ) ( 166 ) ( 261 )
−Removed: Investment gains (losses) on fixed maturity securities ( 91 ) ( 141 ) 96
+Added: Investment losses on fixed maturity securities ( 102 ) ( 91 ) ( 141 )
Equity securities (a) 21 4 ( 116 )
2 unchanged sentences
Gain on acquisition of a joint venture (see Note 2)
−Removed: Altium Packaging (see Note 2)
−Removed: Investment gains (losses) $ ( 53 ) $ ( 199 ) $ 660
+Added: Investment losses $ ( 81 ) $ ( 53 ) $ ( 199 )
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of December 31, 2024, 2023, and 2022
12 unchanged sentences
Impairment losses recognized in earnings $ 63 $ 44 $ 62
−Removed: Losses of $ 11 million, $ 8 million and a gain of $ 10 million were recognized for the years ended December 31, 2023, 2022 and 2021 related to mortgage loans primarily due to changes in expected credit losses.
−Removed: The net change in unrealized gains (losses) on fixed maturity securities, was $ 1.4 billion, $( 7.9 ) billion and $( 1.3 ) billion for the years ended December 31, 2023, 2022 and 2021.
+Added: No losses were recognized on mortgage loans during the year ended December 31, 2024.
+Added: For the years ended December 31, 2023 and 2022, there were $ 11 million and $ 8 million of losses related to mortgage loans primarily due to changes in expected credit losses.
+Added: The net change in unrealized gains (losses) on fixed maturity securities, was $( 352 ) million, $ 1.4 billion and $( 7.9 ) billion for the years ended December 31, 2024, 2023 and 2022.
The amortized cost and fair values of fixed maturity securities are as follows:
32 unchanged sentences
Foreign government 741 6 34 713
−Removed: Redeemable preferred stock 3 3
Fixed maturities available-for-sale $ 42,414 $ 1,022 $ 2,995 $ 16 $ 40,425
43 unchanged sentences
Total $ 27,288 $ 3,039 $ 25,731 $ 2,995
−Removed: Base d on current facts and circumstances, the unrealized losses presented in the December 31, 2023 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: Base d on current facts and circumstances, the unrealized losses presented in the December 31, 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.
8 unchanged sentences
Balance as of January 1, 2024
+Added: $ 4 $ 12 $ 16
Additions to the allowance for credit losses:
6 unchanged sentences
Write-offs charged against the allowance 9 9
−Removed: Additional increases or (decreases) to the allowance for credit
+Added: Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
5 unchanged sentences
Balance as of January 1, 2023
−Removed: $ 11 $ 7 $ 18
Additions to the allowance for credit losses:
3 unchanged sentences
Securities sold during the period (realized) 6 6
+Added: Intent to sell or more likely than not will be required to sell the
+Added: security before recovery of its amortized cost basis
Write-offs charged against the allowance 15 15
−Removed: Additional increases or (decreases) to the allowance for credit
+Added: Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
−Removed: 1 ( 9 ) ( 8 )
Total allowance for credit losses $ 4 $ 12 $ 16
67 unchanged sentences
Currency forwards 13 $ ( 1 )
+Added: Credit default swap index - purchased 2,000
+Added: In the fourth quarter of 2024, the Company entered into credit default swap index transactions that potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprise the index.
+Added: As of December 31, 2024 the notional value of the credit default swap index is $ 2 billion and the fair value is less than $ 1 million which is recognized in Payable to brokers in the Consolidated Balance Sheets.
+Added: The fair value of the position is measured using observable market inputs, including credit spreads.
+Added: For the year ended December 31, 2024 , Net investment income related to the position was less than $ 1 million.
Investment Commitments
3 unchanged sentences
Investments on Deposit
−Removed: Securities with carrying values of approximately $ 3.1 billion and $ 2.8 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2023 and 2022.
−Removed: Cash and securities with carrying values of approximately $ 0.9 billion were deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations with various third parties as of December 31, 2023 and 2022.
+Added: Cash and securities with carrying values of approximately $ 3.1 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2024 and 2023.
+Added: Cash and securities with carrying values of approximately $ 0.7 billion and $ 0.9 billion were deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations with various third parties as of December 31, 2024 and 2023.
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
52 unchanged sentences
Corporate bonds and other $ 1,045 $ ( 1 ) $ ( 15 ) $ 352 $ ( 10 ) $ ( 104 ) $ 11 $ 1,278 $ ( 1 ) $ ( 21 )
−Removed: States, municipalities and political
−Removed: subdivisions 43 1 44 1
+Added: States, municipalities and political subdivisions 44 ( 2 ) 42 ( 2 )
Asset-backed 901 9 ( 12 ) 125 ( 14 ) ( 83 ) $ ( 50 ) 876 ( 12 )
7 unchanged sentences
Corporate bonds and other $ 810 $ 38 $ 219 $ ( 33 ) $ 11 $ 1,045 $ 38
−Removed: States, municipalities and political
−Removed: subdivisions 56 ( 13 ) 43 ( 13 )
+Added: States, municipalities and political subdivisions 43 1 44 1
Asset-backed 788 $ 16 9 248 ( 64 ) 23 $ ( 119 ) 901 9
28 unchanged sentences
Equity options are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy.
−Removed: Over-the-counter derivatives, principally interest rate swaps, currency forwards, total return swaps, commodity swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace.
+Added: Over-the-counter derivatives, principally interest rate swaps, currency forwards, total return swaps, commodity swaps, credit default swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace.
Short-Term and Other Invested Assets
40 unchanged sentences
Accrued investment income 458 446
−Removed: Federal income taxes 21 28
+Added: Income taxes 9 21
Other, primarily customer accounts 284 277
42 unchanged sentences
Other adjustments 1 1
−Removed: Balance, December 31, 2022
−Removed: Other adjustments 1 1
−Removed: Balance, December 31, 2023
−Removed: $ 110 $ 237 $ 347
+Added: Balance, December 31, 2023 and 2024
A summary of the net carrying amount of other intangible assets is as follows:
10 unchanged sentences
Total other intangible assets $ 179 $ 32 $ 181 $ 30
−Removed: Amortization expense for each of the years ended December 31, 2023, 2022 and 2021 of $ 3 million is reported in Operating expenses and other on the Consolidated Statements of Operations.
+Added: Amortization expense for each of the years ended December 31, 2024, 2023 and 2022 of $ 4 million, $ 3 million, and $ 3 million is reported in Operating expenses and other on the Consolidated Statements of Operations.
At December 31, 2024, estimated amortization expense in each of the next five years is approximately $ 4 million.
33 unchanged sentences
Year Ended December 31
−Removed: 2023 2022 (a) 2021 (a)
+Added: 2024 2023 2022
(In millions)
3 unchanged sentences
Net reserves, beginning of year 18,163 16,929 16,300
−Removed: Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer ( 632 )
Net incurred claim and claim adjustment expenses:
2 unchanged sentences
Amortization of discount 39 44 44
−Removed: Total net incurred (b)
+Added: Total net incurred (a)
6,411 5,759 5,193
7 unchanged sentences
Gross reserves, end of year $ 24,976 $ 23,304 $ 22,120
−Removed: (a) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021.
−Removed: For additional information see Note 1.
−Removed: (b) Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, the loss on the excess workers’ compensation loss portfolio transfer and uncollectible reinsurance, which are not reflected in the table above.
+Added: (a) Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting and uncollectible reinsurance, which are not reflected in the table above.
Reserving Methodology
3 unchanged sentences
The analyses generally review losses gross of ceded reinsurance and apply the ceded reinsurance terms to the gross estimates to establish estimates net of reinsurance.
−Removed: Factors considered include, but are not limited to, the historical pattern and volatility of the actuarial indications, the sensitivity of the actuarial indications to changes in paid and incurred loss patterns, the consistency of claims handling processes, the consistency of case reserving practices, changes in CNA’s pricing and underwriting, pricing and underwriting trends in the insurance market and legal, judicial, social and economic trends.
+Added: Factors considered include, but are not limited to, the historical pattern and volatility of the actuarial indications, the sensitivity of the actuarial indications to changes in paid and incurred loss patterns, the consistency of claims handling processes, the consistency of case reserving practices, changes in CNA’s pricing and underwriting, pricing and underwriting trends in the insurance market and legal, judicial, geopolitical, social and economic trends.
In addition to the detailed analyses, CNA reviews actual loss emergence for all products each quarter.
In developing the loss reserve estimates for property and casualty contracts, CNA generally projects ultimate losses using several common actuarial methods as listed below.
−Removed: CNA reviews the indications from the various methods and applies
−Removed: judgment to select an actuarial point estimate.
+Added: CNA reviews the indications from the various methods and applies judgment to select an actuarial point estimate.
The carried reserve may differ from the actuarial point estimate as a result of CNA’s consideration of the factors noted above as well as the potential volatility of the projections associated with the specific product being analyzed and other factors affecting claims costs that may not be quantifiable through traditional actuarial analysis.
30 unchanged sentences
The following tables present the gross and net carried reserves:
−Removed: December 31, 2023 Property and Casualty Operations Other Insurance Operations (a) Total
+Added: December 31, 2024 Property and Casualty Operations Other Insurance Operations Total
(In millions)
12 unchanged sentences
Total Net Carried Claim and Claim Adjustment Expense Reserves $ 17,213 $ 950 $ 18,163
−Removed: (a) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021.
−Removed: For additional information see Note 1.
Net Prior Year Development
33 unchanged sentences
CNA does not establish case reserves for allocated loss adjusted expenses (“ALAE”), therefore ALAE reserves are also included in the estimate of IBNR.
−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”) businesses 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 professional errors and omissions (“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.
+Added: 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 2015.
+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 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.
−Removed: Unfavorable development in general liability was due to higher than expected claim severity in the CNA’s construction and middle market businesses across multiple accident years.
+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.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
7 unchanged sentences
Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims, including the Diocese of Rochester proposed settlement.
−Removed: Unfavorable development in medical professional liability was due to higher than expected large loss activity in recent accident years.
−Removed: Unfavorable development in other professional liability and management liability was due to higher than expected frequency of large losses in multiple accident years and higher than expected claim severity and frequency in CNA’s cyber business in recent accident years.
−Removed: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years.
−Removed: Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s middle market and construction businesses in multiple accident years.
−Removed: Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and umbrella businesses in multiple accident years.
−Removed: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
−Removed: Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.
Property & Casualty Operations – Line of Business Composition
50 unchanged sentences
2021 ( 1 ) ( 2 ) ( 25 ) ( 28 )
−Removed: 2021 ( 1 ) ( 2 ) ( 3 )
Total net development for the accident years presented above 13 11 ( 17 )
Total net development for accident years prior to 2015
−Removed: 2 ( 3 ) ( 4 )
Total unallocated claim adjustment expense development 5 — —
42 unchanged sentences
2022 ( 8 ) ( 28 ) ( 36 )
−Removed: 2022 ( 8 ) ( 8 )
Total net development for the accident years presented above 44 47 41
Total net development for accident years prior to 2015
−Removed: ( 27 ) 5 ( 6 )
Total unallocated claim adjustment expense development — — 5
25 unchanged sentences
2021 5 20 35 42
+Added: 2022 12 35 52
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented $ 460
13 unchanged sentences
2022 3 ( 26 ) ( 23 )
+Added: 2023 ( 6 ) ( 6 )
Total net development for the accident years presented above ( 82 ) ( 54 ) ( 63 )
Total net development for accident years prior to 2015
+Added: ( 1 ) 11 ( 5 )
Total unallocated claim adjustment expense development — — —
93 unchanged sentences
Total net development for accident years prior to 2015
−Removed: — ( 7 ) ( 2 )
Total unallocated claim adjustment expense development — — —
86 unchanged sentences
Net unfavorable prior year development of $ 103 million, $ 86 million and $ 92 million was recognized before consideration of cessions to the LPT for the years ended December 31, 2024, 2023 and 2022.
−Removed: The unfavorable development in 2023, 2022 and 2021 was primarily driven by higher than anticipated defense and indemnity costs on known direct asbestos and environmental accounts and a reduction in estimated reinsurance recoverable.
−Removed: Additionally, in both 2022 and 2021, $ 5 million of the provision for uncollectible third-party reinsurance was released.
−Removed: None of the provision for uncollectible third-party reinsurance was released in 2023.
+Added: The unfavorable development in 2024, 2023 and 2022 was primarily driven by higher than anticipated defense and indemnity costs on known direct asbestos and environmental accounts.
+Added: Additionally, in 2022, $ 5 million of the provision for uncollectible third-party reinsurance was released.
+Added: None of the provision for uncollectible third-party reinsurance was released in 2024 or 2023.
As of December 31, 2024 and 2023, the cumulative amounts ceded under the LPT were $ 3.7 billion and $ 3.6 billion.
14 unchanged sentences
Future Policy Benefits Reserves
−Removed: Future policy benefits reserves are associated with CNA’s run-off long-term care business, which is included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits.
+Added: Future policy benefits reserves are associated with CNA’s run-off long-term care business, included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits.
+Added: Future policy benefits reserves are comprised of the LFPB which is reflected as Insurance reserves:
+Added: Future policy benefits on the Consolidated Balance Sheets.
The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy.
1 unchanged sentence
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.
−Removed: The LFPB is computed using the net level premium method, which incorporates cash flow assumptions and discount rate assumptions.
−Removed: As a result of the modified retrospective adoption of ASU 2018-12, the NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021.
−Removed: The key cash flow assumptions used to estimate the LFPB are morbidity, persistency (inclusive of mortality), anticipated future premium rate increases and expenses.
−Removed: The carried LFPB discount rate is determined using the upper-medium grade fixed income instrument yield curve.
−Removed: CNA has elected to update the NPR and the LFPB for actual experience on a quarterly basis.
−Removed: A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated.
−Removed: Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience, which, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB.
+Added: Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increase 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 completed in 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.
The cash flow assumption updates completed in the third quarter of 2023 resulted in an $ 8 million pretax increase in the LFPB.
1 unchanged sentence
Morbidity updates were favorable, driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions.
−Removed: Adjusted to reflect the application of ASU 2018-12, the cash flow assumption updates completed in the third quarter of 2022 resulted in a $ 186 million pretax increase to the LFPB, primarily driven by the unfavorable impact of increased cost of care inflation offset by favorable premium rate assumptions.
The following table summarizes balances and changes in the LFPB.
42 unchanged sentences
Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.6 billion and $ 3.8 billion as of December 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 December 31, 2023 and 2022 .
+Added: The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of December 31, 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.
1 unchanged sentence
Upper-medium grade fixed income instrument discount rate 5.51 4.94
−Removed: For the years ended December 31, 2023 and 2022 , immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% for certain cohorts were $ 164 million and $ 178 million.
+Added: For the years ended December 31, 2024 and 2023 , immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $ 159 million and $ 164 million.
For the years ended December 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 $ 29 million and $ 42 million.
9 unchanged sentences
Operating lease right of use assets obtained in exchange for lease obligations was $ 73 million, $ 39 million and $ 118 million for the years ended December 31, 2024, 2023 and 2022.
−Removed: In the fourth quarter of 2023 , CNA committed to consolidate some of its offices, which resulted in a $ 24 million charge within Operating expenses and other on the Consolidated Statement of Operations.
−Removed: The charge primarily relates to the abandonment of certain fixed assets and operating lease right of use assets that are no longer in use.
The table below presents the maturities of lease liabilities:
14 unchanged sentences
Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return.
−Removed: For 2021 and 2023, the Company was selected to participate in the phase of CAP reserved for taxpayers whose risk of noncompliance does not support use of IRS resources.
+Added: For 2023, the Company was selected to participate in the phase of CAP reserved for taxpayers whose risk of noncompliance did not support use of IRS resources.
The Company believes that participation in CAP should reduce tax-related uncertainties, if any.
27 unchanged sentences
Foreign related tax differential ( 5 ) 1 ( 15 )
−Removed: Taxes related to domestic affiliate 40
Valuation allowance 1 2 1
1 unchanged sentence
Income tax expense $ 380 $ 451 $ 223
+Added: For the year ended December 31, 2024, income tax expense includes a $ 36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025 resulting from legislation enacted during the fourth quarter of 2024.
As of December 31, 2024, no deferred taxes are required on the undistributed earnings of subsidiaries subject to tax.
22 unchanged sentences
Deferred acquisition costs ( 140 ) ( 126 )
+Added: Policyholder reserves ( 48 )
Property, plant and equipment ( 963 ) ( 938 )
2 unchanged sentences
Total deferred tax liabilities ( 1,877 ) ( 1,764 )
−Removed: Net deferred tax assets (liabilities) (a) $ ( 344 ) $ 31
+Added: Net deferred tax liabilities (a) $ ( 511 ) $ ( 344 )
(a) Includes deferred tax assets reflected in Other assets on the Consolidated Balance Sheets at December 31, 2024 and 2023
−Removed: Net operating loss carryforwards in foreign tax jurisdictions of $ 169 million and foreign tax credit carryforwards of $ 9 million have no expiration.
+Added: As of December 31, 2024, a U.S.
+Added: foreign tax credit carryforward of $ 8 million expires in 2034.
+Added: Net operating loss carryforwards in foreign tax jurisdictions of $ 138 million and tax credit carryforwards in such jurisdictions of $ 10 million have no expiration.
Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized deferred tax assets will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies.
7 unchanged sentences
4.1 % notes due 2043 (effective interest rate of 4.3 %) (authorized, $ 500 )
−Removed: 4.1 % notes due 2043 (effective interest rate of 4.3 %) (authorized, $ 500 )
CNA Financial:
−Removed: 7.3 % debentures due 2023 (effective interest rate of 7.3 %) (authorized, $ 250 )
4.0 % notes due 2024 (effective interest rate of 4.0 %) (authorized, $ 550 )
4 unchanged sentences
5.5 % notes due 2033 (effective interest rate of 5.7 %) (authorized, $ 500 )
+Added: 5.1 % notes due 2034 (effective interest rate of 5.3 %) (authorized, $ 500 )
Boardwalk Pipelines:
7 unchanged sentences
3.6 % notes due 2032 (effective interest rate of 3.7 %) (authorized, $ 500 )
+Added: 5.6 % notes due 2034 (effective interest rate of 5.8 %) (authorized, $ 600 )
Finance lease obligation 4 5
2 unchanged sentences
Less unamortized discount and issuance costs 70 60
+Added: Less intercompany eliminations 51
Debt $ 8,944 $ 9,003
5 unchanged sentences
Loews Hotels & Co 1,011 9 1,002 4 998
+Added: Less intercompany eliminations 51 51 51
Total $ 9,014 $ 70 $ 8,944 $ 5 $ 8,939
At December 31, 2024, the aggregate long-term debt maturing in each of the next five years is approximately as follows:
−Removed: $ 1.7 billion in 2024, $ 0 in 2025, $ 1.8 billion in 2026, $ 1.1 billion in 2027, $ 83 million in 2028 and $ 4.4 billion thereafter.
+Added: $ 5 million in 2025, $ 1.9 billion in 2026, $ 1.1 billion in 2027, $ 56 million in 2028, $ 1.2 billion in 2029 and $ 4.8 billion thereafter.
Long-term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of remaining scheduled payments discounted at the specified treasury rate plus a margin.
7 unchanged sentences
As of December 31, 2024, CNA had no outstanding borrowings under the credit agreement and was in compliance with all covenants.
−Removed: In 2023, CNA issued $ 500 million of 5.5 % senior notes due June 15, 2033 and repaid at maturity the $ 243 million outstanding aggregate principal balance of its 7.3 % debenture.
+Added: In 2024, CNA issued $ 500 million of 5.1 % senior notes due February 15, 2034 and repaid at maturity the $ 550 million outstanding aggregate principal amount of its 4.0 % senior notes.
Boardwalk Pipelines has a revolving credit facility with available borrowing capacity of $ 1 billion through May 27, 2027 and a borrowing capacity of $ 912 million from May 28, 2027 to May 26, 2028.
Interest rates are based on the term Secured Overnight Financing Rate (“SOFR”).
−Removed: As of December 31, 2023, Boardwalk Pipelines had $ 25 million of outstanding borrowings under its revolving credit facility.
+Added: As of December 31, 2024, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility.
As of December 31, 2024, Boardwalk Pipelines was in compliance with its covenants under the credit agreement.
−Removed: Boardwalk Pipelines’ $ 600 million of 5.0 % senior notes due December 15, 2024 has been included as long-term debt as of December 31, 2023.
−Removed: Boardwalk Pipelines has the intent and ability to refinance the notes near or at their maturity through available capital resources, including borrowing under its revolving credit facility or publicly issuing debt securities.
−Removed: In 2023, Loews Corporation retired at maturity with available cash the outstanding $ 500 million aggregate principal amount of its 2.6 % senior notes.
−Removed: Certain of the hotels wholly or partially owned by Loews Hotels & Co are financed by debt facilities, with a number of different lenders.
−Removed: Each of the loan agreements underlying these facilities contains a variety of financial and operational covenants.
−Removed: As of December 31, 2023, Loews Hotels & Co was in compliance with these covenants.
+Added: 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 .
+Added: In December of 2024, Boardwalk Pipelines retired at maturity the $ 600 million outstanding aggregate principal amount of its 5.0 % senior notes.
+Added: Loews Hotels & Co, through its subsidiaries, has debt with various lenders which is generally secured by specific hotel properties.
+Added: These loans include a range of financial and operational covenants.
+Added: As of December 31, 2024, Loews Hotels & Co’s subsidiaries were in compliance with their debt covenants.
Shareholders’ Equity
22 unchanged sentences
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $( 5 ), $( 14 ), $ 0 , $ 0 , $( 18 ) and $ 0
−Removed: ( 5 ) 126 18 139
Other comprehensive income (loss) ( 5 ) 1,125 ( 318 ) ( 5 ) 104 60 961
Amounts attributable to noncontrolling interests ( 93 ) 26 ( 5 ) ( 5 ) ( 77 )
+Added: Purchase of CNA shares ( 46 ) ( 1 ) ( 10 ) ( 4 ) ( 61 )
Balance, December 31, 2023
3 unchanged sentences
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 9 ), $( 13 ), $ 0 , $ 0 , $( 86 ) and $ 0
+Added: 33 47 318 398
Other comprehensive income (loss) ( 1 ) ( 262 ) 712 — 340 ( 102 ) 687
Amounts attributable to noncontrolling interests 22 ( 59 ) ( 28 ) 8 ( 57 )
−Removed: Purchase of CNA shares ( 46 ) ( 1 ) ( 10 ) ( 4 ) ( 61 )
+Added: Other 3 ( 3 ) —
Balance, December 31, 2024
25 unchanged sentences
Lodging and related services – Loews Hotels & Co 906 778 689
−Removed: Rigid plastic packaging and recycled resin – Corporate (a) 280
Total revenues from contracts with customers 2,893 2,360 2,087
1 unchanged sentence
Operating revenues and other $ 2,991 $ 2,455 $ 2,200
−Removed: (a) Revenues presented reflect the consolidated results of Altium Packaging through March 31, 2021.
−Removed: See Note 2 for further discussion.
Receivables from contracts with customers – As of December 31, 2024 and 2023, receivables from contracts with customers were approximately $ 240 million and $ 228 million and are included within Receivables on the Consolidated Balance Sheets.
−Removed: Deferred revenue – As of December 31, 2023 and 2022, deferred revenue resulting from contracts with customers was approximately $ 4.8 billion for each year and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Balance Sheets.
−Removed: Approximately $ 1.4 billion of revenues recognized during each of the years ended December 31, 2023 and 2022 were included in deferred revenue as of January 1, 2023 and 2022.
−Removed: Contract costs – As of each of December 31, 2023 and 2022, the Company had approximately $ 3.7 billion of costs to obtain contracts with customers related to CNA for amounts paid to dealers and other agents to obtain non-insurance warranty contracts, which are reported as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets.
−Removed: For each of the years ended December 31, 2023 and 2022, amortization expense of $ 1.2 billion is reported as Non-insurance warranty expense on the Consolidated Statement of Operations.
+Added: Deferred revenue – As of December 31, 2024 and 2023, deferred revenue resulting from contracts with customers was approximately $ 4.6 billion and $ 4.8 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Balance Sheets.
+Added: The decrease in the deferred revenue balance for the year ended December 31, 2024 was primarily driven by recognized revenue from prior periods outpacing new growth in CNA’s non-insurance warranty business.
+Added: Approximately $ 1.5 billion and $ 1.4 billion of revenues recognized during each of the years ended December 31, 2024 and 2023 were included in deferred revenue as of January 1, 2024 and 2023.
+Added: Contract costs – As of December 31, 2024 and 2023, the Company had approximately $ 3.5 billion and $ 3.7 billion of costs to obtain contracts with customers related to CNA for amounts paid to dealers and other agents to obtain non-insurance warranty contracts, which are reported as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets.
+Added: For the years ended December 31, 2024 and 2023, amortization expense of $ 1.2 billion is reported as Non-insurance warranty expense on the Consolidated Statement of Operations.
There were no adjustments to deferred costs recorded for the years ended December 31, 2024 and 2023.
20 unchanged sentences
The maximum allowable dividend CCC could pay during 2025 that would not be subject to the Department’s prior approval is $ 1.1 billion, less dividends paid during the preceding 12 months measured at that point in time.
−Removed: CCC paid dividends of $ 1.1 billion in 2023 .
+Added: CCC paid dividends of $ 995 million in 2024 .
The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.
2 unchanged sentences
December 31 Year Ended December 31
+Added: 2023 2024(a)(b)
(In millions)
1 unchanged sentence
(a) Information derived from the statutory-basis financial statements to be filed with insurance regulators.
+Added: (b) Includes a $ 293 million after-tax loss from pension settlement transactions.
+Added: Pension settlement transactions are further discussed in Note 16.
CNA’s domestic insurance subsidiaries are subject to risk-based capital (“RBC”) requirements.
3 unchanged sentences
Companies below minimum RBC requirements are classified within certain levels, each of which requires specified corrective action.
−Removed: The statutory capital and surplus presented above for CCC was approximately 225 % and 238 % of company action level RBC at December 31, 2023 and 2022.
−Removed: Company action level RBC is the level of RBC which triggers a heightened level of regulatory supervision.
+Added: The statutory capital and surplus presented above for CCC as of December 31, 2024 and 2023 was significantly above the level at which any RBC regulatory action would occur.
The statutory capital and surplus of CNA’s foreign insurance subsidiaries, which is not significant to the overall statutory capital and surplus, also met or exceeded their respective regulatory and other capital requirements.
50 unchanged sentences
During 2023, the Parent Company completed the termination of a non-contributory defined benefit plan.
−Removed: In total, the plan paid $ 66 million to settle its obligations to retirees and certain participants through the purchase of group annuity contracts from a third party insurance company and $ 34 million in lump sum payments to certain other participants.
+Added: In total, the plan paid $ 66 million for the purchase of group annuity contracts from a third party insurance company to settle its obligations to retirees and certain participants and $ 34 million in lump sum payments to settle its obligations to certain other participants.
The Company recorded a settlement expense of $ 47 million ($ 37 million after-tax) to recognize unrealized losses which were previously included in AOCI.
+Added: In 2024 , a subsidiary of CNA, as a sponsor of the CNA Employee Retirement Plan Trust (the “Plan”), paid $ 1 billion to purchase a nonparticipating single premium group annuity contract with Metropolitan Life Insurance Company (the “Insurer”) that transferred to the Insurer $ 1 billion 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, CNA recognized a pretax pension settlement charge of
+Added: $ 367 million ($ 265 million after tax and noncontrolling interest).
+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.
In 2023, the CNA Retirement Plan paid $ 80 million to settle its obligation to certain retirees through the purchase of a group annuity contract from a third party insurance company, which reduced the plan's projected benefit obligation by $ 86 million.
10 unchanged sentences
Settlements 372 48 5
−Removed: Regulatory asset decrease 3
Net periodic (benefit) cost $ 380 $ 70 $ ( 50 ) $ — $ — $ ( 1 )
42 unchanged sentences
Fair value of plan assets — 83
−Removed: The benefit obligation for all defined benefit pension plans was $ 2.0 billion and $ 2.2 billion at December 31, 2023 and 2022.
−Removed: Changes for the years ended December 31, 2023 and 2022 include actuarial (losses) gains of $( 31 ) million and $ 557 million primarily driven by changes in the discount rate used to determine the benefit obligations.
+Added: The accumulated benefit obligation for all defined benefit pension plans was $ 854 million and $ 2.0 billion at December 31, 2024 and 2023.
+Added: Changes for the year ended December 31, 2024 include the impact of the pension settlement transaction discussed above and an actuarial gain of $ 29 million primarily driven by changes in the discount rate used to determine the benefit obligations.
A total return approach is employed whereby a mix of equity, limited partnerships and fixed maturity securities are used to maximize the long-term return of plan assets for a prudent level of risk and to manage cash flows according to plan requirements.
27 unchanged sentences
Plan assets at net asset value:
−Removed: Equity securities 25
L imited partnerships 304
11 unchanged sentences
Fixed income mutual funds 26 26
−Removed: Other assets (b) 2 12 57 71
+Added: Other assets 11 11
Total plan assets at fair value $ 304 $ 1,346 $ 14 $ 1,664
5 unchanged sentences
The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.
−Removed: (b) In November 2022, a portion of the pension assets was de-risked through the purchase of an annuity contract.
The limited partnership investments held within the plans are recorded at fair value, which represents the plans’ shares of the net asset value of each partnership, as determined by the general partner.
−Removed: Limited partnerships comprising 93 % and 62 % of the carrying value as of December 31, 2023 and 2022 were invested in private debt and equity.
−Removed: Limited partnerships comprising 7 % and 38 % of the carrying value as of December 31, 2023 and 2022 employ hedge fund strategies.
+Added: Limited partnerships comprising more than 99 % and 93 % of the carrying value as of December 31, 2024 and 2023 were invested in private debt and equity.
+Added: Limited partnerships comprising less than 1 % and 7 % of the carrying value as of December 31, 2024 and 2023 employ hedge fund strategies.
Private debt and equity funds cover a broad range of investment strategies including buyout, private credit, growth capital and distressed investing.
Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments.
−Removed: Within hedge fund strategies, approximately 8 % were equity related, 92 % pursued a multi-strategy approach and none were focused on distressed investments at December 31, 2023.
+Added: Within hedge fund strategies, approximately 100 % were equity related, none pursued a multi-strategy approach and none were focused on distressed investments at December 31, 2024.
For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short-term investments, see Note 4.
25 unchanged sentences
Matching contributions are made up to specified percentages of employees’ contributions.
−Removed: In addition, eligible employees also receive a contribution of a percentage of their annual eligible compensation.
+Added: In addition, in certain plans, eligible employees also receive a contribution of a percentage of their annual eligible compensation.
Employer contributions to these plans amounted to $ 110 million, $ 103 million and $ 90 million for the years ended December 31, 2024, 2023 and 2022.
76 unchanged sentences
Legal Proceedings
+Added: Loews Hotels & Co
+Added: On February 20, 2024, Jeanette Portillo filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington.
+Added: On March 1, 2024.
+Added: Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois.
+Added: Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C.
+Added: § 1, and allege that certain hotel chains, including Loews Hotels, engaged in a conspiracy to fix higher prices for hotel rooms.
+Added: Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24,
+Added: 2024, respectively.
+Added: Defendants await decisions in both cases.
+Added: The parties have agreed to stay discovery in both cases pending the courts’ rulings on these motions.
+Added: Boardwalk Pipelines
On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants:
17 unchanged sentences
Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023.
−Removed: A hearing on the remanded issues is scheduled at the Trial Court in April 2024.
+Added: 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.
+Added: Briefing on the appeal is ongoing and is expected to be completed in March 2025.
The Company is from time to time party to other litigation arising in the ordinary course of business.
−Removed: While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the Boardwalk Pipelines matter described above, will materially affect the Company’s results of operations or equity.
+Added: While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the matters described above, will materially affect the Company’s results of operations or equity.
Commitments and Contingencies
3 unchanged sentences
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.
−Removed: Supplemental Quarterly Information (Unaudited)
−Removed: The following table presents the effect of adoption of ASU 2018-12 on selected 2022 financial data.
−Removed: Q1 Q2 Q3 Q4 Full Year
−Removed: (In millions, except per share data)
−Removed: Components of Income (Loss)
−Removed: Net income (loss) attributable to Loews Corporation
−Removed: As reported $ 338 $ 180 $ 130 $ 364 $ 1,012
−Removed: Effect of adoption ( 16 ) ( 13 ) ( 152 ) ( 9 ) ( 190 )
−Removed: As adjusted $ 322 $ 167 $ ( 22 ) $ 355 $ 822
−Removed: Other comprehensive income (loss)
−Removed: As reported $ ( 1,605 ) $ ( 1,405 ) $ ( 1,425 ) $ 577 $ ( 3,858 )
−Removed: Effect of adoption 603 627 586 ( 177 ) 1,639
−Removed: As adjusted $ ( 1,002 ) $ ( 778 ) $ ( 839 ) $ 400 $ ( 2,219 )
−Removed: Diluted Net Income (Loss) Per Share
−Removed: Net income (loss) attributable to Loews Corporation
−Removed: As reported $ 1.36 $ 0.73 $ 0.54 $ 1.53 $ 4.16
−Removed: Effect of adoption ( 0.07 ) ( 0.05 ) ( 0.63 ) ( 0.04 ) ( 0.78 )
−Removed: As adjusted $ 1.29 $ 0.68 $ ( 0.09 ) $ 1.49 $ 3.38
−Removed: The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods.
−Removed: This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period.
−Removed: As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021.
−Removed: Prior period amounts in the financial statements have been adjusted to reflect application of the new standard.
−Removed: For additional information see Note 1.
−Removed: Net income (loss) attributable to Loews Corporation for 2022 decreased from what was previously reported under legacy accounting guidance generally driven by the cumulative effect of assumption differences and differences in reserving methodologies between legacy accounting guidance and ASU 2018-12.
−Removed: Net income (loss) attributable to Loews Corporation for the third quarter of 2022 decreased $ 152 million from what was previously reported under legacy accounting guidance, primarily related to CNA’s third quarter 2022 annual review of cash flow reserving assumptions.
−Removed: Under legacy accounting guidance, the third quarter 2022 gross premium valuation assessment indicated a pretax margin of $ 125 million and no unlocking event occurred.
−Removed: Under ASU 2018-12 favorable changes to the upper-medium grade fixed income instrument discount rate were recorded through AOCI, while the net unfavorable impact of increased cost of care inflation offset by favorable premium rate action assumptions was recorded in income.
−Removed: Other comprehensive income (loss) for 2022 decreased from what was previously reported under legacy accounting guidance driven by increases in the upper-medium grade fixed income instrument yield, which was used as the discount rate to re-measure the LFPB.
Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co;
and the Corporate segment.
−Removed: The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, the consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021.
−Removed: For further information on the deconsolidation of Altium Packaging see Note 2.
−Removed: Each of the operating subsidiaries is
−Removed: headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position.
+Added: The Corporate segment is comprised of Loews Corporation, excluding its consolidated subsidiaries, and includes the equity method of accounting for Altium
+Added: Each of the consolidated operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position.
CNA’s business is the sale of property and casualty insurance products and services, including surety, primarily through a network of independent agents, brokers and managing general underwriters.
5 unchanged sentences
Loews Hotels & Co operates a chain of 25 hotels, 24 of which are in the United States and one of which is in Canada.
+Added: Eleven of these hotels are owned by Loews Hotels & Co, twelve are owned by joint ventures in which Loews Hotels & Co has noncontrolling equity interests and two are managed for unaffiliated owners.
The Corporate segment consists of investment income from the Parent Company’s cash and investments, Parent Company interest expense and other unallocated Parent Company expenses.
−Removed: Corporate also includes the consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021 .
−Removed: See Note 2 for further information.
+Added: Corporate also includes the equity method of accounting for Altium Packaging .
Purchase accounting adjustments have been pushed down to the appropriate subsidiary.
1 unchanged sentence
In the following tables certain financial measures are presented to provide information used by management to monitor the Company’s operating performance.
−Removed: These schedules present the reportable segments of the Company and their contribution to the consolidated financial statements.
+Added: The Company’s CODM is the Chief Executive Officer.
+Added: The CODM uses the trend of net income attributable to Loews Corporation from the most recent years to evaluate the performance of the segments and to make decisions regarding the allocation of capital.
+Added: The following schedules present the reportable segments of the Company and their contribution to the consolidated financial statements.
Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.
7 unchanged sentences
Net investment income 2,497 $ 32 $ 9 $ 242 2,780
−Removed: Investment gains (losses) ( 99 ) 46 ( 53 )
+Added: Investment losses ( 81 ) ( 81 )
Non-insurance warranty revenue 1,609 1,609
1 unchanged sentence
Total 14,270 2,065 933 242 17,510
−Removed: Insurance claims and policyholders’ benefits 7,068 7,068
+Added: Insurance claims and policyholders’ benefits (a) 7,738 7,738
Amortization of deferred acquisition costs 1,798 1,798
Non-insurance warranty expense 1,547 1,547
−Removed: Operating expenses and other 1,398 1,108 767 120 3,393
+Added: Operating expenses and other (b) 1,843 1,377 873 77 4,170
Equity method (income) loss ( 86 ) 28 ( 58 )
1 unchanged sentence
Total 13,059 1,560 838 179 15,636
−Removed: Income (loss) before income tax 1,518 373 200 ( 95 ) 1,996
−Removed: Income tax (expense) benefit ( 313 ) ( 90 ) ( 53 ) 5 ( 451 )
−Removed: Net income (loss) 1,205 283 147 ( 90 ) 1,545
+Added: Income before income tax 1,211 505 95 63 1,874
+Added: Income tax expense ( 252 ) ( 92 ) ( 25 ) ( 11 ) ( 380 )
+Added: Net income 959 413 70 52 1,494
Amounts attributable to noncontrolling interests ( 80 ) ( 80 )
−Removed: Net income (loss) attributable to Loews Corporation $ 1,094 $ 283 $ 147 $ ( 90 ) $ 1,434
+Added: Net income attributable to Loews Corporation $ 879 $ 413 $ 70 $ 52 $ 1,414
December 31, 2024
Total assets $ 66,434 $ 9,853 $ 2,498 $ 3,158 $ 81,943
+Added: (a) Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $ 358 million and unfavorable development of $ 48 million.
+Added: Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
+Added: (b) Significant segment expenses included in Operating expenses and other:
Year Ended December 31, 2024
−Removed: Financial (a) Boardwalk Pipelines Loews Hotels & Co Corporate Total (a)
+Added: Insurance related administrative expenses $ 1,275 $ 1,275
+Added: Operating expenses $ 633 $ 580 1,213
+Added: Depreciation and amortization 429 93 $ 2 524
+Added: Other (c) 568 315 200 75 1,158
+Added: Operating expenses and other $ 1,843 $ 1,377 $ 873 $ 77 $ 4,170
+Added: (c) Other expenses for each reportable segment include:
+Added: CNA Financial:
+Added: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
+Added: For 2024, this also includes a pension settlement charge of $ 367 million;
+Added: see Note 16 for more information.
+Added: Boardwalk Pipelines:
+Added: general and administrative expenses
+Added: Loews Hotels & Co:
+Added: general and administrative, reimbursable and asset impairment expenses
+Added: general and administrative expenses
+Added: Year Ended December 31, 2023
+Added: Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
Insurance premiums $ 9,480 $ 9,480
−Removed: Net investment income (loss) 1,805 $ 3 $ 1 $ ( 7 ) 1,802
−Removed: Investment losses ( 199 ) ( 199 )
+Added: Net investment income 2,264 $ 11 $ 6 $ 114 2,395
+Added: Investment gains (losses) ( 99 ) 46 ( 53 )
Non-insurance warranty revenue 1,624 1,624
1 unchanged sentence
Total 13,299 1,636 852 114 15,901
−Removed: Insurance claims and policyholders’ benefits 6,653 6,653
+Added: Insurance claims and policyholders’ benefits (a) 7,068 7,068
Amortization of deferred acquisition costs 1,644 1,644
Non-insurance warranty expense 1,544 1,544
−Removed: Operating expenses and other 1,339 950 697 91 3,077
+Added: Operating expenses and other (b) 1,398 1,108 767 120 3,393
Equity method (income) loss ( 129 ) 9 ( 120 )
8 unchanged sentences
Total assets $ 64,655 $ 9,785 $ 2,374 $ 2,383 $ 79,197
−Removed: (a) As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021.
−Removed: Prior period amounts in the financial statements have been adjusted to reflect application of the new standard.
−Removed: For additional information see Note 1.
+Added: (a) Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $ 236 million and unfavorable development of $ 48 million.
+Added: Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
+Added: (b) Significant segment expenses included in Operating expenses and other:
Year Ended December 31, 2023
−Removed: Financial (a) Boardwalk Pipelines Loews Hotels & Co Corporate (b) Total (a)
+Added: Insurance related administrative expenses $ 1,251 $ 1,251
+Added: Operating expenses $ 395 $ 485 880
+Added: Depreciation and amortization 412 69 $ 1 482
+Added: Other (c) 147 301 213 119 780
+Added: Operating expenses and other $ 1,398 $ 1,108 $ 767 $ 120 $ 3,393
+Added: (c) Other expenses for each reportable segment include:
+Added: CNA Financial:
+Added: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
+Added: Boardwalk Pipelines:
+Added: general and administrative expenses
+Added: Loews Hotels & Co:
+Added: general and administrative, reimbursable and asset impairment expenses
+Added: general and administrative expenses.
+Added: For 2023, this also includes a pension settlement charge of $ 47 million;
+Added: see Note 16 for additional information.
+Added: Year Ended December 31, 2022
+Added: Financial (a) Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
Insurance premiums $ 8,667 $ 8,667
−Removed: Net investment income 2,159 $ 1 $ 99 2,259
−Removed: Investment gains 120 540 660
+Added: Net investment income (loss) 1,805 $ 3 $ 1 $ ( 7 ) 1,802
+Added: Investment losses ( 199 ) ( 199 )
Non-insurance warranty revenue 1,574 1,574
1 unchanged sentence
Total 11,879 1,446 721 ( 2 ) 14,044
−Removed: Insurance claims and policyholders’ benefits 6,371 6,371
+Added: Insurance claims and policyholders’ benefits (a) 6,653 6,653
Amortization of deferred acquisition costs 1,490 1,490
Non-insurance warranty expense 1,471 1,471
−Removed: Operating expenses and other 1,191 885 503 378 2,957
+Added: Operating expenses and other (b) 1,339 950 697 91 3,077
Equity method (income) loss ( 148 ) 9 ( 139 )
2 unchanged sentences
Income (loss) before income tax 814 330 161 ( 191 ) 1,114
−Removed: Income tax expense ( 278 ) ( 68 ) ( 2 ) ( 127 ) ( 475 )
+Added: Income tax (expense) benefit ( 133 ) ( 83 ) ( 44 ) 37 ( 223 )
Net income (loss) 681 247 117 ( 154 ) 891
1 unchanged sentence
Net income (loss) attributable to Loews Corporation $ 612 $ 247 $ 117 $ ( 154 ) $ 822
−Removed: (a) As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021.
−Removed: Prior period amounts in the financial statements have been adjusted to reflect application of the new standard.
−Removed: For additional information see Note 1.
−Removed: (b) Amounts include the consolidated results of Altium Packaging through March 31, 2021.
−Removed: Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.
+Added: (a) Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $ 247 million and favorable development of $ 32 million.
+Added: Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
+Added: (b) Significant segment expenses included in Operating expenses and other:
+Added: Year Ended December 31, 2022
+Added: Insurance related administrative expenses $ 1,160 $ 1,160
+Added: Operating expenses $ 274 $ 414 688
+Added: Depreciation and amortization 396 64 $ 2 462
+Added: Other (c) 179 280 219 89 767
+Added: Operating expenses and other $ 1,339 $ 950 $ 697 $ 91 $ 3,077
+Added: (c) Other expenses for each reportable segment include:
+Added: CNA Financial:
+Added: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
+Added: Boardwalk Pipelines:
+Added: general and administrative expenses
+Added: Loews Hotels & Co:
+Added: general and administrative, reimbursable and asset impairment expenses
+Added: general and administrative expenses
+Added: Subsequent Event
+Added: First Quarter 2025 California Wildfires Estimates
+Added: Pretax net catastrophe losses related to the California wildfires that occurred in January of 2025 are currently estimated between approximately $ 40 million and $ 70 million, and are anticipated to be reflected in the Company’s first quarter 2025 results.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
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.