What changed in this filing

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Item 1. Financial Statements

2025-05-05 compared with 2024-11-04 · 164 added, 356 removed, 652 unchanged (44% of the section changed)

2 unchanged sentences

CONSOLIDATED CONDENSED BALANCE SHEETS

September 30, December 31,

March 31, December 31,

(Dollar amounts in millions, except per share data)

45 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31 2025 2024

(In millions, except per share data)

6 unchanged sentences

Insurance claims and policyholders’ benefits (re-measurement loss of $ 8 and $ 15 )

2,019 1,826 5,708 5,258

Amortization of deferred acquisition costs 471 444

9 unchanged sentences

Net income attributable to Loews Corporation $ 370 $ 457

Basic net income per share $ 1.83 $ 1.12 $ 5.55 $ 4.32

Diluted net income per share $ 1.82 $ 1.12 $ 5.54 $ 4.31

Basic and diluted net income per share $ 1.74 $ 2.05

Weighted average shares outstanding:

5 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31 2025 2024

(In millions)

1 unchanged sentence

Other comprehensive income (loss), after tax

Net unrealized losses on investments with an allowance for credit losses ( 3 ) ( 1 ) ( 1 ) ( 10 )

Net unrealized gains (losses) on investments with an allowance for credit losses ( 3 ) 2

Net unrealized gains (losses) on other investments 282 ( 217 )

4 unchanged sentences

Foreign currency translation 37 ( 33 )

Other comprehensive income (loss) 704 ( 283 ) 829 ( 103 )

Comprehensive income (loss) 1,129 ( 7 ) 2,134 965

Other comprehensive income 200 101

Comprehensive income 592 586

Amounts attributable to noncontrolling interests ( 39 ) ( 36 )

7 unchanged sentences

(In millions)

Balance, July 1, 2023

$ 15,470 $ 2 $ 2,728 $ 15,637 $ ( 3,160 ) $ ( 604 ) $ 867

Net income 276 253 23

Other comprehensive loss ( 283 ) ( 252 ) ( 31 )

Dividends paid ($ 0.0625 per share)

( 24 ) ( 14 ) ( 10 )

Purchase of subsidiary stock from noncontrolling interests ( 177 ) 27 ( 61 ) ( 143 )

Purchases of Loews Corporation treasury stock ( 118 ) ( 118 )

Stock-based compensation 11 10 1

Other 3 ( 1 ) 1 3

Balance, September 30, 2023

$ 15,158 $ 2 $ 2,764 $ 15,877 $ ( 3,473 ) $ ( 722 ) $ 710

Balance, July 1, 2024

Balance, January 1, 2024

$ 16,525 $ 2 $ 2,589 $ 15,617 $ ( 2,497 ) $ ( 7 ) $ 821

6 unchanged sentences

Other ( 12 ) ( 9 ) 3 ( 6 )

Balance, September 30, 2024

Balance, March 31, 2024

$ 16,998 $ 2 $ 2,547 $ 16,060 $ ( 2,401 ) $ ( 24 ) $ 814

See accompanying Notes to Consolidated Condensed Financial Statements.

Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY

Loews Corporation Shareholders

Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock

Held in Treasury Noncontrolling Interests

(In millions)

Balance, January 1, 2023, as reported

Balance, December 31, 2024, as reported

$ 17,937 $ 2 $ 2,490 $ 16,459 $ ( 1,867 ) $ ( 18 ) $ 871

Cumulative effect adjustments from changes in

accounting standards ( 277 ) ( 213 ) ( 36 ) ( 28 )

accounting standards (Note 1) 5 5

Balance, January 1, 2025, as adjusted

1 unchanged sentence

Net income 392 370 22

Other comprehensive loss ( 103 ) ( 92 ) ( 11 )

Dividends paid ($ 0.1875 per share)

( 108 ) ( 43 ) ( 65 )

Purchase of subsidiary stock from noncontrolling interests ( 203 ) 27 ( 61 ) ( 169 )

Purchases of Loews Corporation treasury stock ( 711 ) ( 711 )

Stock-based compensation 16 ( 7 ) 23

Other ( 2 ) ( 4 ) 1 1

Balance, September 30, 2023

$ 15,158 $ 2 $ 2,764 $ 15,877 $ ( 3,473 ) $ ( 722 ) $ 710

Balance, January 1, 2024

$ 16,525 $ 2 $ 2,589 $ 15,617 $ ( 2,497 ) $ ( 7 ) $ 821

Net income 1,305 1,227 78

Other comprehensive income 200 183 17

5 unchanged sentences

Other ( 2 ) ( 2 )

Balance, September 30, 2024

Balance, March 31, 2025

$ 18,034 $ 2 $ 2,451 $ 16,821 $ ( 1,685 ) $ ( 398 ) $ 843

2 unchanged sentences

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

Nine Months Ended September 30

Three Months Ended March 31

(In millions)

19 unchanged sentences

Purchases of property, plant and equipment ( 98 ) ( 159 )

Acquisitions ( 348 )

Dispositions 23

22 unchanged sentences

commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92 % owned subsidiary);

transportation and storage of natural gas and natural gas liquids and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary).

Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.

In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2024 and December 31, 2023, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2024 and 2023 and cash flows for the nine months ended September 30, 2024 and 2023, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

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).

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.

In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of March 31, 2025 and December 31, 2024, and its results of operations, comprehensive income (loss), changes in shareholders’ equity and cash flows for the three months ended March 31, 2025 and 2024, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”).

Results for the interim periods are not necessarily indicative of results for the entire year.

3 unchanged sentences

Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

For the three and nine months ended September 30, 2024 and 2023 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.

Recently issued Accounting Standards Updates (“ASUs”) - In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker (“CODM”).

The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024.

Retrospective application is required and early adoption is permitted.

The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the segment measures of profit or loss.

In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

For the three months ended March 31, 2025 and 2024 there were 1.2 million and no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.

Accounting changes - In December of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60):

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.

The guidance was effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years.

The update required a cumulative-effect adjustment to the opening balance at the date of adoption.

The Company adopted the guidance on January 1, 2025 and recorded an increase to Retained earnings of $ 5 million.

Recently issued ASUs - In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740):

Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid.

The guidance is effective for fiscal years beginning after December 15, 2024.

The guidance is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

In November of 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories.

The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses.

The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027.

Prospective application is required, with retrospective application permitted.

1 unchanged sentence

Net investment income is as follows:

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31 2025 2024

(In millions)

4 unchanged sentences

Income from trading portfolio (a) 4 58

Other 33 30 95 78

Total investment income 632 693

1 unchanged sentence

Net investment income $ 608 $ 669

(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2024 and 2023

(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2025 and 2024

$ ( 49 ) $ 48

Investment gains (losses) are as follows:

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31 2025 2024

(In millions)

5 unchanged sentences

Short-term investments and other ( 1 )

Gain on acquisition of a joint venture 46

Investment losses $ ( 9 ) $ ( 22 )

(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2024 and 2023

$ 13 $ 2 $ 24 $ 2

(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2025 and 2024

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table.

The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31 2025 2024

(In millions)

3 unchanged sentences

Impairment losses recognized in earnings $ 7 $ 14

T here were no losses recognized on mortgage loans during the three and nine months ended September 30, 2024.

There were $ 5 million and $ 11 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2023.

T here were no losses recognized on mortgage loans during the three months ended March 31, 2025 or 2024.

The following tables present a summary of fixed maturity securities:

September 30, 2024 Cost or Amortized Cost Gross Unrealized

March 31, 2025 Cost or Amortized Cost Gross Unrealized

Gains Gross Unrealized

35 unchanged sentences

Less than 12 Months 12 Months or Longer Total

September 30, 2024 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses

March 31, 2025 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses

(In millions)

27 unchanged sentences

The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses

7 unchanged sentences

Total $ 25,806 $ 2,767 $ 27,288 $ 3,039

Based on current facts and circumstances, the unrealized losses presented in the September 30, 2024 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates.

Based on current facts and circumstances, the unrealized losses presented in the March 31, 2025 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates.

In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered.

Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost;

accordingly, it was determined that there are no additional impairment losses to be recorded as of September 30, 2024.

accordingly, it was determined that there are no additional impairment losses to be recorded as of March 31, 2025.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets.

Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 451 million, $ 435 million and $ 430 million as of September 30, 2024, December 31, 2023 and September 30, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Three months ended September 30, 2024 Corporate and Other Bonds

Asset-backed Total

(In millions)

Allowance for credit losses:

Balance as of July 1, 2024

$ — $ 17 $ 17

Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded 4 4

Available-for-sale securities accounted for as PCD assets 2 2

Reductions to the allowance for credit losses:

Write-offs charged against the allowance 9 9

Additional increases to the allowance for credit losses

on securities that had an allowance recorded in a previous period

Total allowance for credit losses $ 6 $ 12 $ 18

Three months ended September 30, 2023 Corporate and Other Bonds Asset-backed Total

(In millions)

Allowance for credit losses:

Balance as of July 1, 2023

$ 13 $ 9 $ 22

Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded 5 5

Available-for-sale securities accounted for as PCD assets 2 2

Reductions to the allowance for credit losses:

Write-offs charged against the allowance 15 15

Additional increases to the allowance for credit losses

on securities that had an allowance recorded in a previous period

Total allowance for credit losses $ 5 $ 13 $ 18

Nine months ended September 30, 2024 Corporate and Other Bonds Asset-backed Total

Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 456 million, $ 442 million and $ 437 million as of March 31, 2025, December 31, 2024 and March 31, 2024 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Three months ended March 31, 2025 Corporate and Other Bonds Asset-backed Total

(In millions)

3 unchanged sentences

Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded 4 4

Available-for-sale securities accounted for as PCD assets —

2 unchanged sentences

Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis —

Write-offs charged against the allowance 9 9

Additional increases to the allowance for credit

1 unchanged sentence

Total allowance for credit losses $ 15 $ 32 $ 47

Nine months ended September 30, 2023 Corporate and Other Bonds Asset-backed Total

Three months ended March 31, 2024 Corporate and Other Bonds Asset-backed Total

(In millions)

1 unchanged sentence

Balance as of January 1, 2024

$ 4 $ 12 $ 16

Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded 6 7 13

Available-for-sale securities accounted for as PCD assets —

3 unchanged sentences

security before recovery of its amortized cost basis 1 1

Write-offs charged against the allowance 15 15

Additional increases to the allowance for credit losses

3 unchanged sentences

The following table presents available-for-sale fixed maturity securities by contractual maturity.

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Cost or Amortized Cost Estimated Fair

12 unchanged sentences

Mortgage Loans Amortized Cost Basis by Origination Year (a)

As of September 30, 2024

As of March 31, 2025

(In millions)

15 unchanged sentences

Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.

September 30, 2024 December 31, 2023

March 31, 2025 December 31, 2024

Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value

9 unchanged sentences

Currency forwards

Credit default swap index - purchased 2,200 2,000

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.

As of March 31, 2025 and December 31, 2024, the notional value of the credit default swap index is $ 2.2 billion and $ 2 billion and the fair value is less than $ 1 million, which is recognized in Payable to brokers in the Consolidated Balance Sheets.

The fair value of the position is measured using observable market inputs, including credit spreads.

For the three months ended March 31, 2025, Net investment income related to the position was $ 3 million.

Investment Commitments

1 unchanged sentence

These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities.

As of September 30, 2024, commitments to purchase or fund were approximately $ 1.6 billion and to sell were approximately $ 90 million under the terms of these investments.

As of March 31, 2025, commitments to purchase or fund were approximately $ 1.6 billion and to sell were approximately $ 95 million under the terms of these investments.

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables.

Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

September 30, 2024 Level 1

March 31, 2025 Level 1

Level 3 Total

23 unchanged sentences

Payable to brokers ( 88 ) ( 88 )

The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2024 and 2023:

Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30

Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30

2024 Balance, July 1 Included in Net Income

Included in OCI Purchases Sales

Transfers into

Level 3 Transfers out of Level 3

Balance, September 30

(In millions)

Fixed maturity securities:

Corporate bonds and other $ 1,129 $ 59 $ 83 $ ( 10 ) $ ( 24 ) $ 1,237 $ 57

States, municipalities and political subdivisions 43 2 45 2

Asset-backed 887 $ 1 30 38 ( 23 ) $ ( 18 ) 915 30

Fixed maturities available-for-sale $ 2,059 $ 1 $ 91 $ 121 $ ( 10 ) $ ( 47 ) $ — $ ( 18 ) $ 2,197 $ — $ 89

Equity securities $ 14 $ 14

Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30

2023 Balance, July 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into

Level 3 Transfers out of Level 3 Balance, September 30

(In millions)

Fixed maturity securities:

Corporate bonds and other $ 971 $ ( 36 ) $ 29 $ ( 19 ) $ 945 $ ( 36 )

States, municipalities and political subdivisions 43 ( 2 ) 41 ( 2 )

Asset-backed 883 $ 1 ( 28 ) 61 ( 13 ) $ ( 7 ) 897 ( 28 )

Fixed maturities available-for-sale $ 1,897 $ 1 $ ( 66 ) $ 90 $ — $ ( 32 ) $ — $ ( 7 ) $ 1,883 $ — $ ( 66 )

Equity securities $ 26 $ ( 1 ) $ ( 2 ) $ 23 $ ( 1 )

Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30

Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31

2025 Balance, January 1 Included in Net Income

2 unchanged sentences

Level 3 Transfers out of Level 3

Balance, September 30

Balance, March 31

(In millions)

5 unchanged sentences

Equity securities $ 20 $ 1 $ ( 4 ) $ 17 $ ( 1 )

Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30

2023 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into

Level 3 Transfers out of Level 3 Balance, September 30

(In millions)

Fixed maturity securities:

17 unchanged sentences

The weighted average rate is calculated based on fair value.

September 30, 2024 Estimated

March 31, 2025 Estimated

Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average)

9 unchanged sentences

Carrying Amount Estimated Fair Value

September 30, 2024 Level 1 Level 2 Level 3 Total

March 31, 2025 Level 1 Level 2 Level 3 Total

(In millions)

21 unchanged sentences

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity.

Catastrophe losses, net of reinsurance, of $ 143 million and $ 94 million were recorded for the three months ended September 30, 2024 and 2023 and $ 313 million and $ 214 million were recorded for the nine months ended September 30, 2024 and 2023.

Catastrophe losses for the three and nine months ended September 30, 2024 were primarily related to severe weather related events, including $ 55 million for Hurricane Helene.

Catastrophe losses for the three and nine months ended September 30, 2023 were primarily related to severe weather related events.

Catastrophe losses, net of reinsurance, of $ 97 million and $ 88 million were recorded for the three months ended March 31, 2025 and 2024, driven by severe weather related events, including $ 53 million for the California wildfires in 2025.

Liability for Unpaid Claim and Claim Adjustment Expenses

The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.

Nine Months Ended September 30

Three Months Ended March 31

(In millions)

20 unchanged sentences

These changes can be favorable or unfavorable.

Favorable net prior year loss reserve development of $ 5 million and $ 7 million for the three months ended September 30, 2024 and 2023 and $ 24 million and $ 11 million for the nine months ended September 30, 2024 and 2023 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”).

Unfavorable net prior year loss reserve development of $ 22 million and $ 20 million for the three months ended September 30, 2024 and 2023 and $ 57 million and $ 55 million for the nine months ended September 30, 2024 and 2023 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).

Unfavorable net prior year loss reserve development of $ 61 million and favorable net prior year loss reserve development of $ 7 million for the three months ended March 31, 2025 and 2024 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”).

Unfavorable net prior year loss reserve development of $ 22 million and no net prior year loss reserve development for the three months ended March 31, 2025 and 2024 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).

The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31

(In millions)

Medical professional liability $ ( 2 ) $ 9

Other professional liability and management liability $ 11 $ 17 28 16

Surety $ ( 18 )

1 unchanged sentence

Commercial auto 50

General liability 28 47 70

Workers’ compensation 1 ( 2 )

Other property and casualty operations 1 1 ( 11 ) 22

Other insurance operations 22

Total pretax (favorable) unfavorable development $ 83 $ ( 7 )

Unfavorable development in other professional liability and management liability was primarily due to higher than expected large claim severity in CNA’s directors and officers (“D&O”) business in accident year 2019.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s cyber and professional errors and omissions (“E&O”) businesses in multiple accident years.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses.

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.

Unfavorable development in commercial auto was due to higher than expected claim severity, largely in CNA’s construction business in the most recent accident year.

Unfavorable development in Other insurance operations was associated with legacy mass tort abuse claims.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

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.

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.

Unfavorable development in other property and casualty operations was due to higher than expected large loss emergence in CNA’s professional liability business in accident year 2017.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

Asbestos & Environmental Pollution (“A&EP”) Reserves

8 unchanged sentences

Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT.

In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total

ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT.

The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits in the Consolidated Condensed Statements of Operations.

The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 11 million and $ 15 million for the three months ended September 30, 2024 and 2023 and $ 36 million and $ 38 million for the nine months ended September 30, 2024 and 2023 .

As of September 30, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $ 3.6 billion.

The unrecognized deferred retroactive reinsurance benefit was $ 382 million and $ 417 million as of September 30, 2024 and December 31, 2023 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.

In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT.

The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations.

The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 17 million and $ 12 million for the three months ended March 31, 2025 and 2024 .

As of March 31, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $ 3.7 billion.

The unrecognized deferred

retroactive reinsurance benefit was $ 408 million and $ 425 million as of March 31, 2025 and December 31, 2024 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.

NICO established a collateral trust account as security for its obligations under the LPT.

The fair value of the collateral trust account was $ 2.3 billion as of September 30, 2024.

The fair value of the collateral trust account was $ 2.3 billion as of March 31, 2025.

In addition, Berkshire Hathaway Inc.

5 unchanged sentences

Future Policy Benefits Reserves

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.

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.

Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves:

Future policy benefits on the Consolidated Condensed Balance Sheet.

Future policy benefits on the Consolidated Condensed 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.

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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.

Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience.

This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB.

Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis.

Applicable industry research is also considered.

The cash flow assumption updates for the third quarter of 2024 resulted in a $ 15 million pretax increase in the LFPB.

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 for the third quarter of 2023 resulted in an $ 8 million pretax increase to the LFPB.

Persistency updates were unfavorable due to revisions to lapse rates.

Morbidity updates were favorable driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions.

For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

13 unchanged sentences

Effect of changes in discount rate 38 56

Balance, September 30

Balance, March 31

$ 3,404 $ 3,553

10 unchanged sentences

Effect of changes in discount rate ( 264 ) 78

Balance, September 30

$ 17,672 $ 16,243

Net LFPB, September 30

Balance, March 31

$ 16,708 $ 17,066

(a) As of September 30, 2024 and 2023 , the re-measurement gain (loss) of $( 88 ) million and $( 75 ) million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

The following table presents earned premiums and interest expense associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.

Three Months Ended Nine Months Ended

September 30, September 30,

Net LFPB, March 31

$ 13,304 $ 13,513

(a) As of March 31, 2025 and 2024 , the re-measurement loss of $ 8 million and $ 15 million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.

Three Months Ended March 31 2025 2024

(In millions)

Earned premiums $ 106 $ 110

Interest expense 185 191 554 570

Interest accretion 185 184

The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.

September 30,

(In millions)

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Expected future gross premiums 5,089 5,270

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.8 billion and $ 3.7 billion as of September 30, 2024 and 2023.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of September 30, 2024 and 2023.

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.6 billion and $ 3.7 billion as of March 31, 2025 and 2024.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of March 31, 2025 and 2024.

The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.

September 30, December 31,

March 31, December 31,

2025 2024 2024

1 unchanged sentence

Upper-medium grade fixed income instrument discount rate 5.40 5.20 5.51

For the three and nine months ended September 30, 2024, immediate charges to net income resulting from adverse development that caused the net premium ratio (“NPR”) to exceed 100% for certain cohorts were $ 84 million and $ 128 million.

For the three and nine months ended September 30, 2023, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% were $ 109 million and $ 152 million .

For the three and nine months ended September 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income was $ 20 million and $ 28 million .

For the three and nine months ended September 30, 2023 , the portion of losses recognized in a prior period due to NPR exceeding 100% which, due to favorable development, was reversed through net income was $ 26 million and $ 37 million .

For the three months ended March 31, 2025 and 2024, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $ 14 million and $ 20 million .

For the three months ended March 31, 2025 and 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $ 6 million and $ 2 million .

Shareholders’ Equity

Accumulated other comprehensive income (loss)

The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and nine months ended September 30, 2023 and 2024 :

Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative

rates used to

contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)

(In millions)

Balance, July 1, 2023

$ ( 16 ) $ ( 2,238 ) $ ( 163 ) $ 20 $ ( 609 ) $ ( 154 ) $ ( 3,160 )

Other comprehensive income (loss) before reclassifications, after tax of $ 3 , $ 295 , $( 217 ), $( 2 ), $ 0 and $ 0

( 9 ) ( 1,105 ) 818 ( 1 ) ( 55 ) ( 352 )

Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 6 ), $ 0 , $ 0 , $( 11 ) and $ 0

Other comprehensive income (loss) ( 1 ) ( 1,084 ) 818 ( 1 ) 40 ( 55 ) ( 283 )

Amounts attributable to noncontrolling interests 1 95 ( 69 ) ( 1 ) 5 31

Purchase of CNA shares ( 46 ) ( 1 ) ( 10 ) ( 4 ) ( 61 )

Balance, September 30, 2023

$ ( 16 ) $ ( 3,273 ) $ 585 $ 19 $ ( 580 ) $ ( 208 ) $ ( 3,473 )

Balance, July 1, 2024

$ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 )

Other comprehensive income (loss) before reclassifications, after tax of $ 3 , $( 337 ), $ 165 , $ 3 , $ 0 and $ 0

( 9 ) 1,253 ( 623 ) ( 7 ) 1 64 679

Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 3 ), $ 0 , $ 0 , $( 3 ) and $ 0

Other comprehensive income (loss) ( 3 ) 1,264 ( 623 ) ( 7 ) 9 64 704

Amounts attributable to noncontrolling interests ( 105 ) 52 ( 1 ) ( 5 ) ( 59 )

Balance, September 30, 2024

$ ( 13 ) $ ( 744 ) $ ( 337 ) $ 3 $ ( 517 ) $ ( 130 ) $ ( 1,738 )

Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative

rates used to

contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)

The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three months ended March 31, 2024 and 2025 :

Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative impact of changes in discount rates used to measure long

duration contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)

(In millions)

Balance, January 1, 2023, as reported

$ ( 7 ) $ ( 2,469 ) $ — $ 14 $ ( 622 ) $ ( 200 ) $ ( 3,284 )

Cumulative effect adjustments from changes in accounting standard s, after tax of $ 0 , $ 0 , $ 11 , $ 0 , $ 0 and $ 0

( 36 ) ( 36 )

Balance, January 1, 2023, as adjusted

Balance, January 1, 2024

$ ( 12 ) $ ( 1,483 ) $ ( 329 ) $ 9 $ ( 533 ) $ ( 149 ) $ ( 2,497 )

4 unchanged sentences

Amounts attributable to noncontrolling interests 19 ( 29 ) ( 1 ) 3 ( 8 )

Purchase of CNA shares ( 46 ) ( 1 ) ( 10 ) ( 4 ) ( 61 )

Balance, September 30, 2023

Other 1 5 ( 1 ) ( 2 ) 3

Balance, March 31, 2024

$ ( 9 ) $ ( 1,676 ) $ ( 17 ) $ 10 $ ( 530 ) $ ( 179 ) $ ( 2,401 )

7 unchanged sentences

Other ( 1 ) ( 1 )

Balance, September 30, 2024

Balance, March 31, 2025

$ ( 15 ) $ ( 1,463 ) $ 219 $ 6 $ ( 223 ) $ ( 209 ) $ ( 1,685 )

5 unchanged sentences

Stock Purchases

Loews Corporation repurchased 3.5 million and 11.9 million shares of its common stock at aggregate costs of $ 264 million and $ 711 million during the nine months ended September 30, 2024 and 2023.

In February of 2024 , CNA completed a public offering of $ 500 million aggregate principal amount of its 5.1 % senior notes due February 15, 2034 and in May of 2024, CNA repaid at maturity the outstanding $ 550 million aggregate principal amount of its 4.0 % senior notes.

In February of 2024 , Boardwalk Pipelines completed a public offering of $ 600 million aggregate principal amount of its 5.6 % senior notes due August 1, 2034 .

Boardwalk Pipelines intends to use the net proceeds to retire the outstanding $ 600 million aggregate principal amount of its 5.0 % notes due December 2024 at maturity .

Loews Corporation repurchased 4.5 million and 0.2 million shares of its common stock at aggregate costs of $ 380 million and $ 17 million during the three months ended March 31, 2025 and 2024.

Revenue from Contracts with Customers

1 unchanged sentence

The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 11 :

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31 2025 2024

(In millions)

5 unchanged sentences

Operating revenues and other $ 872 $ 736

Receivables from contracts with customers – As of September 30, 2024 and December 31, 2023, receivables from contracts with customers were approximately $ 200 million and $ 228 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of September 30, 2024 and December 31, 2023, deferred revenue resulting from contracts with customers were approximately $ 4.7 billion and $ 4.8 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets.

Approximately $ 1.1 billion and $ 905 million of revenues recognized during the nine months ended September 30, 2024 and 2023 were included in deferred revenue as of December 31, 2023 and 2022.

Performance obligations – As of September 30, 2024, approximately $ 15.5 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations.

Receivables from contracts with customers – As of March 31, 2025 and December 31, 2024, receivables from contracts with customers were approximately $ 252 million and $ 240 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of March 31, 2025 and December 31, 2024, deferred revenue resulting from contracts with customers were approximately $ 4.6 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets.

Approximately $ 413 million and $ 410 million of revenues recognized during the three months ended March 31, 2025 and 2024 were included in deferred revenue as of December 31, 2024 and 2023.

Performance obligations – As of March 31, 2025, approximately $ 18.7 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations.

The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA.

Approximately $ 0.8 billion will be recognized during the remaining three months of 2024 , $ 2.8 billion in 2025 and the remainder in following years.

Approximately $ 2.3 billion will be recognized during the remaining nine months of 2025 , $ 2.4 billion in 2026 and the remainder in following years.

The actual timing of recognition may vary due to factors outside of the Company’s control.

1 unchanged sentence

The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees.

The following tables present the components of net periodic (benefit) cost for the defined benefit plans:

The following table presents the components of net periodic (benefit) cost for the defined benefit plans:

Pension Benefits

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

(In millions)

Service cost $ 1 $ 1 $ 2 $ 2

Interest cost 23 28 72 84

Expected return on plan assets ( 29 ) ( 32 ) ( 88 ) ( 96 )

Amortization of unrecognized net loss 7 9 22 27

Settlements 4 47 4 48

Net periodic cost $ 6 $ 53 $ 12 $ 65

During the third quarter of 2023, the Company terminated a non-contributory defined benefit plan through lump sum settlement payments to certain participants and the transfer of the remaining liability to a third party insurance company through the purchase of group annuity contracts.

The Company recorded a settlement expense of $ 47 million ($ 37 million after-tax) to recognize unrealized losses which were previously included in AOCI.

Other Postretirement Benefits

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31 2025 2024 2025 2024

(In millions)

Service cost $ 1 $ 1

Interest cost 11 24 $ 1 $ 1

1 unchanged sentence

Amortization of unrecognized net loss 2 7

Net periodic benefit $ — $ — $ — $ —

Net periodic (benefit) cost $ ( 1 ) $ 3 $ — $ —

Legal Proceedings

Loews Hotels & Co

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.

On March 1, 2024, 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.

Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C.

Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively.

The court has not issued a decision on the motion to dismiss in Portillo.

On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal , and granted plaintiff leave to amend the complaint by no later than April 28, 2025.

On April 28, 2025, Segal filed a third amended complaint alleging that Loews Hotels Holdings Corporation and other defendants violated the Sherman Act.

Boardwalk Pipelines Litigation

3 unchanged sentences

On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”).

Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the

Proposed Settlement.

On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement.

15 unchanged sentences

On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court.

Briefing on this appeal was completed in March 2025 and a hearing on this appeal has been scheduled to occur in June 2025.

Other Litigation

The Company is from time to time party to other litigation arising in the ordinary course of business.

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.

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

1 unchanged sentence

CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary.

As of September 30, 2024, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $ 1.4 billion, which will be paid over the lifetime of the annuitants.

As of March 31, 2025, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $ 1.4 billion, which will be paid over the lifetime of the annuitants.

CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

Boardwalk Pipelines

Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received and firm commitments under binding construction service agreements.

As of March 31, 2025, the commitments were approximately $ 237 million, all of which are expected to be settled within the next twelve months.

Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co;

6 unchanged sentences

Statements of Operations by segment are presented in the following tables.

Three Months Ended September 30, 2024 CNA Financial

Boardwalk Pipelines

Corporate Total

(In millions)

Insurance premiums $ 2,593 $ 2,593

Net investment income 626 $ 9 $ 2 $ 139 776

Investment losses ( 10 ) ( 10 )

Non-insurance warranty revenue 401 401

Operating revenues and other 8 474 224 706

Total 3,618 483 226 139 4,466

Insurance claims and policyholders’ benefits 2,019 2,019

Amortization of deferred acquisition costs 457 457

Non-insurance warranty expense 387 387

Operating expenses and other 362 332 218 18 930

Equity method loss 9 9

Interest 32 47 17 18 114

Total 3,257 379 235 45 3,916

Income (loss) before income tax 361 104 ( 9 ) 94 550

Income tax (expense) benefit ( 78 ) ( 27 ) 1 ( 21 ) ( 125 )

Net income (loss) 283 77 ( 8 ) 73 425

Amounts attributable to noncontrolling interests ( 24 ) ( 24 )

Net income (loss) attributable to Loews Corporation $ 259 $ 77 $ ( 8 ) $ 73 $ 401

Three Months Ended September 30, 2023 CNA Financial Boardwalk Pipelines Loews

Hotels & Co Corporate Total

Three Months Ended March 31, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total

(In millions)

5 unchanged sentences

Total 3,627 622 245 $ — 4,494

Insurance claims and policyholders’ benefits 1,826 1,826

Insurance claims and policyholders’ benefits (a) 2,027 2,027

Amortization of deferred acquisition costs 471 471

Non-insurance warranty expense 385 385

Operating expenses and other 338 258 195 69 860

Operating expenses and other (b) 363 381 231 16 991

Equity method (income) loss ( 6 ) 7 1

6 unchanged sentences

Net income (loss) attributable to Loews Corporation $ 252 $ 152 $ — $ ( 34 ) $ 370

Nine Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total

March 31, 2025

Total assets $ 67,288 $ 9,919 $ 2,500 $ 3,435 $ 83,142

(a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 97 million and unfavorable net prior year loss reserve development of $ 83 million.

Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.

(b) Significant segment expenses included in Operating expenses and other:

Three Months Ended March 31, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total

Insurance related administrative expenses $ 321 $ 321

Operating expenses $ 192 $ 153 345

Depreciation and amortization 106 24 $ 1 131

Other (c) 42 83 54 15 194

Operating expenses and other $ 363 $ 381 $ 231 $ 16 $ 991

CNA Financial:

reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.

Boardwalk Pipelines:

general and administrative expenses

Loews Hotels & Co:

general and administrative and reimbursable expenses

general and administrative expenses

Three Months Ended March 31, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total

(In millions)

5 unchanged sentences

Total 3,444 517 216 54 4,231

Insurance claims and policyholders’ benefits 5,708 5,708

Insurance claims and policyholders’ benefits (a) 1,807 1,807

Amortization of deferred acquisition costs 444 444

Non-insurance warranty expense 394 394

Operating expenses and other 1,077 991 652 58 2,778

Operating expenses and other (b) 337 312 209 22 880

Equity method (income) loss ( 27 ) 1 ( 26 )

6 unchanged sentences

Net income attributable to Loews Corporation $ 310 $ 121 $ 16 $ 10 $ 457

Nine Months Ended September 30, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total

(In millions)

Insurance premiums $ 7,001 $ 7,001

Net investment income 1,653 $ 11 $ 4 $ 84 1,752

Investment gains (losses) ( 105 ) 46 ( 59 )

Non-insurance warranty revenue 1,221 1,221

Operating revenues and other 22 1,114 592 1,728

Total 9,792 1,125 642 84 11,643

Insurance claims and policyholders’ benefits 5,258 5,258

Amortization of deferred acquisition costs 1,208 1,208

Non-insurance warranty expense 1,154 1,154

March 31, 2024

Total assets $ 65,038 $ 10,415 $ 2,441 $ 3,012 $ 80,906

(a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 88 million and favorable net prior year loss reserve development of $ 7 million.

Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

(b) Significant segment expenses included in Operating expenses and other:

Three Months Ended March 31, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total

Insurance related administrative expenses $ 287 $ 287

Operating expenses $ 122 $ 138 260

Depreciation and amortization 106 21 127

Other (c) 50 84 50 $ 22 206

Operating expenses and other $ 337 $ 312 $ 209 $ 22 $ 880

Equity method (income) loss ( 98 ) 9 ( 89 )

Interest 93 117 9 61 280

Total 8,734 868 483 175 10,260

Income (loss) before income tax 1,058 257 159 ( 91 ) 1,383

Income tax (expense) benefit ( 220 ) ( 66 ) ( 44 ) 15 ( 315 )

Net income (loss) 838 191 115 ( 76 ) 1,068

Amounts attributable to noncontrolling interests ( 80 ) ( 80 )

Net income (loss) attributable to Loews Corporation $ 758 $ 191 $ 115 $ ( 76 ) $ 988

Subsequent Events

CNA Employee Retirement Plan Trust Settlement Transaction

In October of 2024, a subsidiary of CNA, as a sponsor of the CNA Employee Retirement Plan Trust (the “Plan”), entered into a commitment agreement with Metropolitan Life Insurance Company (the “Insurer”) under which the Plan purchased a nonparticipating single premium group annuity contract that transferred to the Insurer approximately $ 1,045 million of the Plan’s defined benefit pension obligations.

The group annuity contract covers approximately 7,600 Plan participants and beneficiaries (the “Transferred Participants”), representing approximately 60 % of the Plan’s obligations.

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.

The purchase of the group annuity contract was funded directly by assets of the Plan and required no cash or asset contributions from CNA.

As a result of the transaction, the Company will recognize a one-time non-cash pretax pension settlement charge of approximately $ 370 million ($ 265 million after tax and noncontrolling interests) in the fourth quarter of 2024.

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.

This charge will not impact cash flow for the fourth quarter or full year 2024.

Fourth Quarter 2024 Hurricane Milton Estimates

On October 9, 2024, Hurricane Milton made landfall in Florida.

Pretax net catastrophe losses related to Hurricane Milton are currently estimated between approximately $ 25 million to $ 55 million, and are anticipated to be reflected in the Company’s fourth quarter 2024 results.

CNA Financial:

Boardwalk Pipelines:

general and administrative expenses

Loews Hotels & Co:

general and administrative and reimbursable expenses

general and administrative expenses

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.

What changed 10-Q

Item 1. Financial Statements