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Item 2. Management’s Discussion and Analysis

2025-05-05 compared with 2024-11-04 · 136 added, 346 removed, 318 unchanged (60% of the section changed)

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and the Corporate segment.

The Corporate segment is primarily comprised of Loews Corporation, excluding its operating subsidiaries, and the equity method of accounting for Altium Packaging LLC (“Altium Packaging”).

Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the terms “Parent Company,” “we,” “our,” “us” or like terms mean 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.

The Corporate segment is primarily comprised of Loews Corporation, excluding its consolidated operating subsidiaries, and the equity method of accounting for Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary.

Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the terms “Parent Company,” “we,” “our,” “us” or like terms mean Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders.

We rely upon our invested cash balances and distributions from our subsidiaries to generate the funds necessary to meet our obligations and to declare and pay any dividends to our shareholders.

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Consolidated Financial Results

The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three and nine months ended September 30, 2024 and 2023:

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)

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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

Net income attributable to Loews Corporation for the three months ended September 30, 2024 was $401 million, or $1.82 per share, compared to net income of $253 million, or $1.12 per share in the comparable 2023 period.

Net income attributable to Loews Corporation for the nine months ended September 30, 2024 was $1,227 million, or $5.54 per share, compared to net income of $988 million, or $4.31 per share in the comparable 2023 period.

Corporate includes a $37 million after-tax charge for the termination of a non-contributory defined benefit pension plan for the three and nine months ended September 30, 2023 .

Loews Hotels & Co includes a $36 million after-tax gain related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property for the nine months ended September 30, 2023.

The increase in net income attributable to Loews Corporation for the three months ended September 30, 2024 as compared to the comparable 2023 period was primarily driven by higher net income at CNA and Boardwalk Pipelines, and higher investment income at the parent company, partially offset by lower results at Loews Hotels & Co.

The increase at CNA is primarily due to higher net investment income, partially offset by higher catastrophe losses, and the increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates and recently completed growth projects.

Higher investment income at the parent company is primarily due to the favorable change in the fair value of equity based investments.

Loews Hotels & Co’s results decreased primarily due to an impairment charge recorded by a joint venture property.

Results drivers for the nine months ended September 30, 2024 as compared to the comparable 2023 period are consistent with the three-month period discussed above.

Basic and diluted net income per share $ 1.74 $ 2.05

Net income attributable to Loews Corporation for the three months ended March 31, 2025 was $370 million, or $1.74 per share, compared to net income of $457 million, or $2.05 per share in the comparable 2024 period.

The decrease in net income attributable to Loews Corporation for the three months ended March 31, 2025 as compared to the comparable 2024 period was primarily driven by lower net income at CNA and Loews Hotels & Co and lower investment income at the parent company, partially offset by higher net income at and Boardwalk Pipelines.

The decrease at CNA is primarily due to lower underwriting income mainly driven by unfavorable net prior year loss reserve development.

The decrease at Loews Hotels & Co is primarily due to lower equity income from joint ventures mainly driven by lower occupancy and average daily rates at Universal Orlando Resort hotels and an impairment charge recorded by a joint venture property.

Lower investment income at the parent company is primarily due to the unfavorable change in the fair value of equity based investments.

T he increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates and recently completed growth projects.

CNA Financial

The following table summarizes the results of operations for CNA for the three and nine months ended September 30, 2024 and 2023 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

The following table summarizes the results of operations for CNA for the three months ended March 31, 2025 and 2024 as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31 2025 2024

(In millions)

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Net income attributable to Loews Corporation $ 252 $ 310

Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation increased $24 million for the three months ended September 30, 2024 as compared with the comparable 2023 period primarily due to higher net investment income, par tially offset by higher catastrophe losses.

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation increased $102 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, the drivers of which are consistent with the three-month period discussed above.

Net income attributable to Loews Corporation decreased $58 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to lower underwriting income mainly driven by unfavorable net prior year loss reserve development.

CNA’s Property & Casualty and Other Insurance Operations

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We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting.

However, for purposes of this discussion and analysis of the results

of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results.

However, for purposes of this discussion and analysis of the results of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results.

In assessing its insurance operations, CNA utilizes the core income (loss) financial measure.

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The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations.

Core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations.

Core income (loss) is deemed to be a non-GAAP

financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations.

Please see the non-GAAP reconciliation of net income (loss) to core income (loss) in this MD&A.

In evaluating the results of Property & Casualty Operations, which is comprised of the Specialty, Commercial and International lines of business, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio.

In evaluating the results of Property & Casualty Operations CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio.

These ratios are calculated using GAAP financial results.

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The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio.

Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance.

The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.

The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums.

The combined ratio is the sum of the loss, expense and dividend ratios.

The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio.

The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio.

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Net prior year loss reserve development does not include the effect of any related acquisition expenses.

Further information on CNA’s reserves is provided in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Further information on CNA’s reserves is provided in Notes 4 and 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

In addition, renewal premium change, rate, retention and new business are also utilized in evaluating operating trends.

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Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.

CNA uses underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations.

Underwriting gain (loss) is deemed to be a non-GAAP measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and other insurance related expenses.

CNA also uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations.

Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and insurance related administrative expenses.

Net income (loss) is the most directly comparable GAAP measure.

Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, which are managed separately from its investing activities.

Underlying underwriting gain (loss) is deemed to be a non-GAAP measure that represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items.

Management believes some investors may find this measure useful to evaluate profitability, before tax, of CNA’s underwriting activities, excluding the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.

The following tables present a reconciliation of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain (loss) for t he three and nine months ended September 30, 2024 and 2023:

Three Months Ended September 30, 2024 Specialty Commercial International Property & Casualty Other Insurance Operations Total

Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items.

Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.

Three Months Ended March 31, 2025 Specialty Commercial International Property & Casualty Other Insurance Operations Total

(In millions)

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Investment (gains) losses 1 (1) — 7 7

Pension settlement losses 3 3

Noncontrolling interests 12 10 3 25 (3) 22

Core income (loss) $ 150 $ 124 $ 37 $ 311 $ (30) $ 281

Adjustments to reconcile core income to underwriting gain (loss):

Net investment income 151 177 34 362

Non-insurance warranty (revenue) expense (14) (14)

Non-insurance warranty revenue 12 12

Other revenue (expense), including interest expense (14) (2) 1 (15)

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Effect of catastrophe losses 86 11 97

Effect of favorable development-related items (2) (2)

Underlying underwriting gain $ 59 $ 124 $ 26 $ 209

Three Months Ended September 30, 2023

Net income (loss) attributable to Loews Corporation $ 150 $ 107 $ 36 $ 293 $ (58) $ 235

Investment losses 13 16 29 2 31

Noncontrolling interests 15 10 4 29 (6) 23

Core income (loss) $ 178 $ 133 $ 40 $ 351 $ (62) $ 289

Adjustments to reconcile core income to underwriting gain:

Net investment income (136) (156) (26) (318)

Non-insurance warranty (revenue) expense (21) (21)

Other (revenue) expense, including interest expense 13 2 7 22

Income tax expense on core income 49 34 14 97

Underwriting gain 83 13 35 131

Effect of catastrophe losses 87 7 94

Effect of favorable development-related items (5) (5)

Effect of unfavorable development-related items 10 53 63

Underlying underwriting gain $ 52 $ 122 $ 26 $ 200

Nine Months Ended September 30, 2024 Specialty Commercial International Property & Casualty Other Insurance Operations Total

(In millions)

Three Months Ended March 31, 2024

Net income (loss) attributable to Loews Corporation $ 153 $ 132 $ 34 $ 319 $ (9) $ 310

Investment (gains) losses 10 14 24 (7) 17

Pension settlement losses 3 3

Noncontrolling interests 14 12 3 29 (1) 28

Core income (loss) $ 177 $ 158 $ 37 $ 372 $ (17) $ 355

Adjustments to reconcile core income to underwriting gain:

Net investment income 150 176 31 357

Non-insurance warranty (revenue) expense (43) (43)

Non-insurance warranty revenue 13 13

Other revenue (expense), including interest expense (14) (4) (2) (20)

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Underlying underwriting gain $ 71 $ 111 $ 27 $ 209

Nine Months Ended September 30, 2023

Net income (loss) attributable to Loews Corporation $ 441 $ 353 $ 93 $ 887 $ (129) $ 758

Investment (gains) losses 39 53 (1) 91 (7) 84

Noncontrolling interests 46 37 10 93 (13) 80

Core income (loss) $ 526 $ 443 $ 102 $ 1,071 $ (149) $ 922

Adjustments to reconcile core income to underwriting gain:

Net investment income (407) (470) (74) (951)

Non-insurance warranty (revenue) expense (67) (67)

Other (revenue) expense, including interest expense 39 5 2 46

Income tax expense on core income 146 118 36 300

Underwriting gain 237 96 66 399

Effect of catastrophe losses 190 24 214

Effect of (favorable) unfavorable development-related items (7) (4) 15 4

Underlying underwriting gain $ 230 $ 282 $ 105 $ 617

Property & Casualty Operations

The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three and nine months e nded September 30, 2024 and 2023.

Three Months Ended September 30, 2024 Specialty

Three Months Ended March 31, 2025 Specialty

International

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Effect of catastrophe impacts 6.3 3.6 3.8

Effect of development-related items 0.1 0.7 0.2

Underlying combined ratio 93.0 % 90.7 % 91.7 % 91.6 %

Underlying loss ratio 60.1 % 62.5 % 58.1 % 61.1 %

Rate 6 % (2) % 3 %

Renewal premium change 2 % 8 1 5

Retention 89 84 82 85

New business $ 129 $ 345 $ 73 $ 547

Three Months Ended September 30, 2023

Gross written premiums $ 1,775 $ 1,343 $ 306 $ 3,424

Gross written premiums excluding third-party captives 949 1,340 306 2,595

Net written premiums 825 1,071 282 2,178

Net earned premiums 829 1,170 296 2,295

Underwriting gain 83 13 35 131

Net investment income 136 156 26 318

Core income 178 133 40 351

Other performance metrics:

Loss ratio 58.0 % 68.9 % 60.2 % 63.9 %

Expense ratio 31.8 29.5 28.1 30.1

Dividend ratio 0.3 0.5 0.3

Combined ratio 90.1 % 98.9 % 88.3 % 94.3 %

Effect of catastrophe impacts (7.4) (2.3) (4.1)

Effect of development-related items 0.6 0.2

Underlying combined ratio 90.7 % 91.5 % 86.0 % 90.4 %

Underlying loss ratio 58.6 % 61.5 % 57.9 % 60.0 %

Rate 1 % 8 % 2 % 5 %

Renewal premium change 2 9 7 6

Retention 87 83 84 84

New business $ 121 $ 292 $ 62 $ 475

Nine Months Ended September 30, 2024 Specialty

International

(In millions, except %)

Gross written premiums $ 5,153 $ 5,160 $ 1,096 $ 11,409

Gross written premiums excluding third-party captives 2,846 5,022 1,096 8,964

Net written premiums 2,511 4,017 896 7,424

Net earned premiums 2,493 3,774 937 7,204

Underwriting gain 195 65 58 318

Net investment income 461 534 95 1,090

Core income 517 464 117 1,098

Other performance metrics:

Loss ratio 59.3 % 69.7 % 60.6 % 64.9 %

Expense ratio 32.5 28.1 33.1 30.3

Dividend ratio 0.3 0.5 0.4

Combined ratio 92.1 % 98.3 % 93.7 % 95.6 %

Effect of catastrophe impacts (7.5) (3.0) (4.3)

Effect of development-related items 0.3 0.5 0.2

Effect of unfavorable development-related items 1.3 3.8 2.5

Underlying combined ratio 93.8 % 91.0 % 91.8 % 92.1 %

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New business $ 112 $ 370 $ 83 $ 565

Nine Months Ended September 30, 2023

Three Months Ended March 31, 2024

Gross written premiums $ 1,682 $ 1,686 $ 374 $ 3,742

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Effect of catastrophe impacts 6.8 2.0 3.8

Effect of development-related items 0.3 0.2 (1.7)

Effect of favorable development-related items (0.6) (0.2)

Underlying combined ratio 91.3 % 90.8 % 91.3 % 91.0 %

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New business $ 94 $ 367 $ 68 $ 529

Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Gross written premiums, excluding third-party captives, for Specialty increased $33 million for the three months ended September 30, 2024 as compared with the comparable 2023 period driven by retention and higher new business.

Net written premiums for Specialty increased $37 million for the three months ended September 30, 2024 as compared with the comparable 2023 period.

The increase in net earned premiums for the three months ended September 30, 2024 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $204 million for the three months ended September 30, 2024 as compared with the comparable 2023 period driven by favorable renewal premium change and higher new business.

Net written premiums for Commercial increased $150 million for the three months ended September 30, 2024 as compared with the comparable 2023 period.

The increase in net earned premiums for the three months ended September 30, 2024 was consistent with the trend in net written premiums for Commercial.

Gross written premiums and gross written premiums excluding the effect of foreign currency exchange rates for International, for the three months ended September 30, 2024, were largely consistent with the comparable 2023 period.

Net written premiums for International decreased $5 million for the three months ended September 30, 2024 as compared with the comparable 2023 period.

Excluding the effects of foreign currency exchange rates, net written premiums decreased $4 million for the three months ended September 30, 2024 as compared with the comparable 2023 period.

The increase in net earned premiums for the three months ended September 30, 2024 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations decreased $5 million for the three months ended September 30, 2024 as compared with the comparable 2023 period primarily driven by the largely offsetting impacts of higher catastrophe losses and higher net investment income.

Catastrophe losses for Property & Casualty Operations were $143 million for the three months ended September 30, 2024 as compared with $94 million for the comparable 2023 period, primarily related to severe weather related events.

Catastrophe losses for the three months ended September 30, 2024 included $55 million for Hurricane Helene.

For the three months ended September 30, 2024 and 2023, Specialty had no catastrophe losses, Commercial had catastrophe losses of $127 million and $87 million and International had catastrophe losses of $16 million and $7 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $5 million and $7 million was recorded for the three months ended September 30, 2024 and 2023.

For the three months ended September 30, 2024 and 2023, Specialty recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $5 million, Commercial recorded favorable net prior year loss reserve development of $3 million and $2 million and International recorded favorable net prior year loss reserve development of $2 million and no net prior year loss reserve development.

Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 2.9 points for the three months ended September 30, 2024 as compared with the comparable 2023 period primarily due to a 2.1 point increase in the loss ratio and a 0.9 point increase in the expense ratio.

The increase in the loss ratio was primarily due to an increase in the underlying loss ratio driven by continued pricing pressure in management liability lines over the last several quarters.

The increase in the expense ratio was primarily driven by higher employee related costs.

Commercial’s combined ratio increased 1.3 points for the three months ended September 30, 2024 as compared with the comparable 2023 period due to a 3.1 point increase in the loss ratio, partially offset by a 1.8 point improvement in the expense ratio.

The increase in the loss ratio was driven by higher catastrophe losses, which were 9.6 points of the loss ratio for the three months ended September 30, 2024 as compared with 7.4 points of the loss ratio in the comparable 2023 period, and an increase in the underlying loss ratio driven by continuation of elevated loss cost trends in commercial auto and mix of business.

The improvement in the expense ratio was primarily driven by higher net earned premiums.

International’s combined ratio increased 7.8 points for the three months ended September 30, 2024 as compared with the comparable 2023 period due to a 5.5 point increase in the expense ratio and a 2.3 point increase in the loss ratio.

The increase in the expense ratio was driven by a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year quarter and higher employee related costs in the current quarter.

The increase in the loss ratio was driven by higher catastrophe losses, which were 5.1 points of the loss ratio for the three months ended September 30, 2024 as compared with 2.3 points of the loss ratio in the comparable 2023 period, partially offset by favorable net prior year loss reserve development.

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Gross written premiums, excluding third-party captives, for Specialty increased $50 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period driven by retention and favorable renewal premium change.

Net written premiums for Specialty increased $73 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

The increase in net earned premiums for the nine months ended September 30, 2024 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $656 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period driven by favorable renewal premium change and higher new business.

Net written premiums for Commercial increased $429 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

The increase in net earned premiums for the nine months ended September 30, 2024 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International decreased $29 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

Excluding the effect of foreign currency exchange rates, gross written premiums decreased $37 million driven by lower new business.

Net written premiums for International decreased $16 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

Excluding the effect of foreign currency exchange rates, net written premiums decreased $20 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

The increase in net earned premiums for the nine months ended September 30, 2024 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $27 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period primarily driven by higher net investment income partially offset by higher catastrophe losses.

Catastrophe losses for Property & Casualty Operations were $313 million for the nine months ended September 30, 2024 as compared with $214 million for the comparable 2023 period, primarily related to severe weather related events.

Catastrophe losses for the nine months ended September 30, 2024 included $55 million for Hurricane Helene.

For the nine months ended September 30, 2024 and 2023, Specialty had no catastrophe losses, Commercial had catastrophe losses of $285 million and $190 million and International had catastrophe losses of $28 million and $24 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $24 million and $11 million was recorded for the nine months ended September 30, 2024 and 2023.

For the nine months ended September 30, 2024 and 2023, Specialty recorded favorable net prior year loss reserve development of $8 million and $9 million, Commercial recorded favorable net prior year loss reserve development of $11 million and $17 million and International recorded favorable net year loss reserve development of $5 million and unfavorable net prior year loss reserve development of $15 million.

Gross written premiums, excluding third-party captives, for Specialty increased $50 million for the three months ended March 31, 2025 as compared with the comparable 2024 period driven by higher new business and favorable renewal premium change, inclusive of rate.

Net written premiums for Specialty increased $50 million for the three months ended

March 31, 2025 as compared with the comparable 2024 period.

The increase in net earned premiums for the three months ended March 31, 2025 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $167 million for the three months ended March 31, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate.

Net written premiums for Commercial increased $160 million for the three months ended March 31, 2025 as compared with the comparable 2024 period.

The increase in net earned premiums for the three months ended March 31, 2025 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International decreased $1 million for the three months ended March 31, 2025 as compared with the comparable 2024 period.

Excluding the effect of foreign currency exchange rates, gross written premiums increased $14 million driven by higher new business.

Net written premiums for International increased $6 million for the three months ended March 31, 2025 as compared with the comparable 2024 period.

Excluding the effect of foreign currency exchange rates, net written premiums increased $19 million for the three months ended March 31, 2025 as compared with the comparable 2024 period.

The decrease in net earned premiums for the three months ended March 31, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations decreased $61 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to lower underwriting results, mainly driven by unfavorable net prior year loss reserve development and higher catastrophe losses.

Catastrophe losses for Property & Casualty Operations were $97 million for the three months ended March 31, 2025 as compared with $88 million for the comparable 2024 period, primarily driven by severe weather-related events, including $53 million for the California wildfires in the 2025 period.

For the three months ended March 31, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $86 million and $82 million and International had catastrophe losses of $11 million and $6 million.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $61 million and favorable net prior year loss reserve development of $7 million was recorded for the three months ended March 31, 2025 and 2024.

For the three months ended March 31, 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $10 million and favorable net prior year loss reserve development of $5 million, Commercial recorded unfavorable net prior year loss reserve development of $51 million and favorable net prior year loss reserve development of $2 million and International recorded no net prior year loss reserve development.

Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 1.8 points for the nine months ended September 30, 2024 as compared with the comparable 2023 period primarily due to a 1.1 point increase in the loss ratio and a 0.6 point increase in the expense ratio.

The increase in the loss ratio was due to an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines over the last several quarters.

The increase in the expense ratio was driven by higher acquisition costs.

Commercial’s combined ratio increased 1.2 points for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to a 2.7 point increase in the loss ratio, partially offset by a 1.5 point improvement in the expense ratio.

The increase in the loss ratio was primarily driven by higher catastrophe losses, which were 7.5 points of the loss ratio for the nine months ended September 30, 2024 as compared with 5.7 points of the loss ratio in the comparable 2023 period.

Specialty’s combined ratio increased 4.4 points for the three months ended March 31, 2025 as compared with the comparable 2024 period primarily due to a 2.8 point increase in the loss ratio and a 1.6 point increase in the expense ratio.

The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in the current year period, driven by auto warranty in accident year 2024, and an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines.

The increase in the expense ratio was primarily driven by higher acquisition and employee related costs.

Commercial’s combined ratio increased 3.5 points for the three months ended March 31, 2025 as compared with the comparable 2024 period due to a 4.2 point increase in the loss ratio, partially offset by a 0.6 point improvement in the expense ratio.

The increase in the loss ratio was due to unfavorable net prior year loss reserve development, driven by commercial auto in accident year 2024 and an increase in the underlying loss ratio driven by the continuation of elevated loss cost trends in commercial auto.

Catastrophe losses were 6.3 points of the loss ratio for the three months ended March 31, 2025 as compared with 6.8 points of the loss ratio in the comparable 2024 period.

The improvement in the expense ratio was primarily driven by higher net earned premiums.

International’s combined ratio increased 1.2 points for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to a 2.8 point increase in the expense ratio partially offset by a 1.6 point improvement in the loss ratio.

The increase in the expense ratio was driven by higher employee related costs and a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year period.

The improvement in the loss ratio was driven by favorable net prior year loss reserve development partially offset by higher catastrophe losses, which were 3.0 points of the loss ratio for the nine months ended September 30, 2024, as compared with 2.7 points of the loss ratio in the comparable 2023 period.

International’s combined ratio increased 2.1 points for the three months ended March 31, 2025 as compared with the comparable 2024 period largely due to a 2.0 point increase in the loss ratio.

The increase in the loss ratio was primarily driven by higher catastrophe losses, which were 3.6 points of the loss ratio for the three months ended March 31, 2025, as compared with 2.0 points of the loss ratio in the comparable 2024 period.

The expense ratio was generally consistent with the comparable 2024 period.

Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

The following table summarizes the results of CNA’s Other Insurance Operations for the three months ended March 31, 2025 and 2024.

Three Months Ended March 31 2025 2024

(In millions)

2 unchanged sentences

Core loss (30) (17)

Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Core results for Other Insurance Operations improved $9 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to higher net investment income, partially offset by $3 million after tax lower amortization of the deferred gain related to the A&EP loss portfolio transfer (“LPT”) and a $3 million after tax charge related to an office consolidation in the 2024 period.

Both periods are inclusive of assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year.

The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2024 and 2023 resulted in a pretax increase in long-term care reserves of $15 million and $8 million.

The annual structured settlement reserve review resulted in a pretax reduction in claim reserves of $9 million and $6 million for the three months ended September 30, 2024 and 2023 .

The current and prior year third quarters include $17 million and $16 million after tax charges related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse claims.

Further information on the A&EP LPT and net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Core results for Other Insurance Operations improved $25 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, the drivers of which are generally consistent with the three month summary above, including a $13 million after tax charge related to an office consolidation in the 2024 period.

Future Policy Benefit Reserves

Annually in the third quarter, an 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 liability for future policyholder benefits (“LFPB”).

For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023.

The table below summarizes the estimated pretax impact on CNA’s results of operations from various hypothetical revisions to its LFPB reserve assumptions.

CNA has assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product.

The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional future premium rate increases.

Although such hypothetical revisions are not currently required or anticipated, CNA believes they could occur based on past variances in experience and its expectations of the ranges of future experience that could reasonably occur.

Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below.

The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.

September 30, 2024

Estimated Reduction to Pretax Income

(In millions)

Hypothetical revisions

2.5% increase in morbidity $ 290

5% increase in morbidity 590

5% decrease in active life mortality and lapse $ 160

10% decrease in active life mortality and lapse 310

Premium rate actions:

25% decrease in anticipated future premium rate increases $ 10

50% decrease in anticipated future premium rate increases 20

The following table summarizes policyholder reserves for CNA’s long-term care operations:

September 30, 2024 Claim and claim adjustment expenses Future policy benefits Total

(In millions)

Long-term care $ 14,047 $ 14,047

Structured settlements and other $ 564 564

Total 564 14,047 14,611

Ceded reserves 86 86

Total gross reserves $ 650 $ 14,047 $ 14,697

December 31, 2023

(In millions)

Long-term care $ 13,959 $ 13,959

Structured settlements and other $ 582 582

Total 582 13,959 14,541

Ceded reserves 93 93

Total gross reserves $ 675 $ 13,959 $ 14,634

As part of the annual reserve reviews, statutory long-term care reserve adequacy is evaluated by premium deficiency testing, by comparing carried statutory reserves with best-estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination.

Statutory margin is the excess of carried reserves over best estimate reserves.

As of September 30, 2024, statutory long-term care margin increased to $1.4 billion from $1.3 billion, primarily driven by a more favorable interest rate environment resulting in a higher yielding investment portfolio.

Core results for Other Insurance Operations decreased $13 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to a $17 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse claims.

CNA’s annual comprehensive review of legacy mass tort exposures is undertaken in the second quarter of each year, consistent with the recent historical timing of such review.

Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Boardwalk Pipelines

A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors.

Boardwalk Pipelines has little to no direct commodity price exposure.

The pricing contained in the purchase and sales agreements associated with Boardwalk Pipelines’ ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee.

As a result, except for possible timing differences that may occur when volumes are purchased in one month and sold in another month, Boardwalk Pipelines’ ethane supply services, like its other businesses, has little to no direct commodity price exposure.

For further information on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

Boardwalk Pipelines’ operations and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, the Pipeline and Hazardous Materials Safety Administration Mega Rule and Boardwalk Pipelines’ efforts to monitor, control and reduce emissions, as further discussed in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

On September 29, 2023, Boardwalk Pipelines acquired Williams Olefins Pipeline Holdco LLC, renamed Boardwalk Ethane Pipeline Holdco, LLC (“Bayou Ethane”) after the acquisition, from Williams Field Services Group, LLC.

Bayou Ethane provides ethane supply and transportation services for industrial customers in Louisiana and Texas.

The following table summarizes the results of operations for Boardwalk Pipelines for the three and nine months ended September 30, 2024 and 2023, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

The following table summarizes the results of operations for Boardwalk Pipelines for the three months ended March 31, 2025 and 2024, as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Boardwalk Pipelines also utilizes a non-GAAP measure, earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) as a financial measure to assess its operating and financial performance and return on invested capital.

Management believes some investors may find this measure useful in evaluating Boardwalk Pipelines’ performance.

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Management believes some investors may find this measure useful in evaluating Boardwalk Pipelines’ performance as EBITDA is a commonly used metric within the midstream industry.

Three Months Ended March 31 2025 2024

(In millions)

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EBITDA $ 346 $ 307

Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation and EBITDA increased $28 million and $47 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to the reasons discussed below.

Total revenues increased $120 million for the three months ended September 30, 2024 as compared with the comparable 2023 period.

Boardwalk Pipelines’ transportation revenues increased $22 million, primarily due to re-contracting at higher rates and recently completed growth projects;

storage, parking and lending revenues increased $8 million due to favorable market conditions;

product sale revenues from the sale of ethylene increased by $10 million;

and the Bayou Ethane acquisition contributed $76 million of operating revenues, primarily resulting from ethane product sales.

Operating costs and expenses increased $70 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily reflecting operations of the Bayou Ethane acquisition.

Depreciation and amortization expenses increased $4 million for the three months ended September 30, 2024 as compared with the comparable 2023 period due to an increased asset base from recently completed growth projects and the Bayou Ethane acquisition.

Interest expenses increased $8 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to pre-financing Boardwalk Pipeline’s $600 million of debt maturing in December 2024.

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation and EBITDA increased $77 million and $127 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to the reasons discussed below.

Total revenues increased $363 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

Net income attributable to Loews Corporation and EBITDA increased $31 million and $39 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below.

Total revenues increased $105 million for the three months ended March 31, 2025 as compared with the comparable 2024 period.

Boardwalk Pipelines’ transportation revenues increased $34 million, primarily due to re-contracting at higher rates and recently completed growth projects;

storage, parking and lending revenues increased $23 million due to favorable market conditions;

product sale revenues from the sale of natural gas, ethylene and propane increased $23 million;

and the Bayou Ethane acquisition contributed $245 million of operating revenues, primarily resulting from ethane product sales.

Operating costs and expenses increased $225 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period primarily reflecting operations of the Bayou Ethane acquisition.

Depreciation and amortization expenses increased $15 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to an increased asset base from recently completed growth projects and the Bayou Ethane acquisition.

Interest expenses increased $20 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to pre-financing Boardwalk Pipeline’s $600 million of debt maturing in December 2024.

storage, parking and lending revenues increased $7 million due to favorable market conditions which allowed for contracting at higher rates;

and product sales revenues increased $68 million primarily from higher volumes from the sale of ethane due to a customer outage in 2024, which impacted 2024 volumes.

Operating costs and expenses increased $69 million for the three months ended March 31, 2025 as compared with the comparable 2024 period primarily from higher product costs associated with increased ethane product sales.

Interest expenses decreased $4 million for the three months ended March 31, 2025 as compared with the comparable 2024 period due to lower average outstanding long-term debt .

Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended

Nine Months Ended

September 30,

2024 2023 2024 2023

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31 2025 2024

(In millions)

1 unchanged sentence

Interest, net

38 33 115 106

Income tax expense

Depreciation and amortization

107 103 321 306

$ 249 $ 202 $ 796 $ 669

Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2024 and 2023, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

The following table summarizes the results of operations for Loews Hotels & Co for the three months ended March 31, 2025 and 2024, as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Three Months Ended March 31 2025 2024

(In millions)

Operating revenue $ 211 $ 183

Gain on acquisition of a joint venture 46

Revenues related to reimbursable expenses 34 33

1 unchanged sentence

Operating and other 173 155

Operating 163 141 487 413

Asset impairments 9

Reimbursable expenses 34 33

3 unchanged sentences

Total 241 188

Income (loss) before income tax (9) 24 63 159

Income tax (expense) benefit 1 (7) (20) (44)

Net income (loss) attributable to Loews Corporation $ (8) $ 17 $ 43 $ 115

Net income (loss) attributable to Loews Corporation decreased $25 million and $72 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods primarily due to the reasons discussed below.

Operating revenues improved by $35 million and $100 million and operating expenses increased by $22 million and $74 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods.

The increas e in operating revenues and operating expenses was primarily driven by the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024.

Operating revenues also improved due to higher occupancy levels at many city center hotels as a result of the continued recovery in group travel in 2024 as compared with the comparable 2023 periods and an increase in food and beverage revenues.

Operating expenses also increased due to increased staffing costs and higher insurance expenses.

Consolidating the results of a property previously accounted for under the equity method also contributed to the improvement in operating revenues and the increase in operating expenses for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

The nine months ended September 30, 2023 includes a gain of $46 million ($36 million after tax) related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property .

Equity income from joint ventures decreased $26 million and $39 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods.

The decrease was primarily driven by an impairment charge recorded at a joint venture property which reduced Loews Hotels & Co’s equity income by $19 million.

Separately, a reduction in overall occupancy levels at many joint venture hotels, particularly at the Universal Orlando Resort, in 2024 compared to 2023 also led to a decrease in equity income from joint ventures in both periods.

In addition, expenses at joint venture properties for the nine months ended September 30, 2024 increased as compared to the comparable 2023 period, largely due to increased staffing costs, as well as higher insurance expenses and property taxes.

The nine months ended September 30, 2023 includes impairment charges of $9 million to reduce the carrying value of certain assets to their estimated fair value.

Depreciation and amortization expense increased $6 million and $18 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 pe riods mainly due to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024.

Consolidating the results of a property previously accounted for

under the equity method also contributed to the increase in depreciation and amortization expense for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

Interest expense increased $14 million and $28 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 perio ds primarily due to placing the Loews Arlington Hotel and Convention Center into service during the first quarter of 2024, after which Loews Hotels & Co no longer capitalized interest on that development project and a decline in the value of interest rate caps.

Income before income tax 4 28

Income tax expense (4) (12)

Net income attributable to Loews Corporation $ — $ 16

Net income attributable to Loews Corporation decreased $16 million for the three months ended March 31, 2025 as compared with the comparable 2024 period primarily due to the reasons discussed below.

Operating revenues improved by $28 million and operating and other expenses increased by $18 million for the three months ended March 31, 2025 as compared with the comparable 2024 period.

The increas e in operating revenues and operating and other expenses was primarily driven by the Loews Arlington Hotel and Convention Center, which opened during the first quarter of 2024, but was operating for the entire first quarter of 2025.

Operating revenues also increased due to improvements in average daily room rates and food and beverage revenues at certain other owned hotels.

Operating and other expenses also increased due to the termination of a contract with a minority owner.

Equity income from joint ventures decreased $21 million for the three months ended March 31, 2025 as compared with the comparable 2024 period.

The decrease was primarily driven by a decline in overall occupancy levels and average daily room rates for joint venture hotels, particularly at the Universal Orlando Resort, due in part to ongoing renovations.

In addition, equity income from joint ventures for the first quarter of 2025 was impacted by the reduction in distributions for one joint venture property due to property improvement costs, and the expenses related to the opening of three new hotels at the Universal Orlando Resort, including pre-opening costs.

Equity income from joint ventures also included an impairment charge recorded at a joint venture hotel that reduced Loews Hotels & Co’s equity income by $9 million in the three months ended March 31, 2025.

Depreciation and amortization expense increased $3 million for the three months ended March 31, 2025 as compared with the comparable 2024 pe riod mainly due to the Loews Arlington Hotel and Convention Center.

Interest expense increased $10 million for the three months ended March 31, 2025 as compared with the comparable 2024 perio d primarily due to the Loews Arlington Hotel and Convention Center, lower capitalized interest on projects under development, and higher interest rates on certain debt refinanced in 2024 .

Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company.

Investment income includes earnings on cash and short-term investments held at the Parent Company to meet current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company.

Investment income includes earnings on cash and short-term investments held at the Parent Company to meet

current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company.

Corporate also includes the equity method of accounting for Altium Packaging.

The following table summarizes the results of operations for Corporate for the three and nine months ended September 30, 2024 and 2023 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

The following table summarizes the results of operations for Corporate for the three months ended March 31, 2025 and 2024 as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:

Three Months Ended March 31 2025 2024

(In millions)

Net investment income $ — $ 54

Total 139 31 202 84

Operating and other 16 22

1 unchanged sentence

Interest 18 19

Total 45 91 129 175

Income (loss) before income tax (41) 12

1 unchanged sentence

Net income (loss) attributable to Loews Corporation $ (34) $ 10

Net income attributable to Loews Corporation increased $121 million and $132 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods primarily due to the reasons discussed below.

Net investment income for the Parent Company increased $108 million and $118 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods, primarily due to the favorable change in the fair value of equity based investments and higher income from short-term investments and fixed maturity securities in the trading portfolio.

Operating and other expenses decreased by $51 million and $47 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods.

These decreases were primarily due to a settlement expense of $47 million in the third quarter of 2023 to recognize unrealized losses, which were included in AOCI, due to the termination of a non-contributory defined benefit pension plan.

For additional information see Note 9 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Interest expense decreased by $5 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to the retirement of the Parent Company’s $500 million aggregate principal amount of its 2.6% senior notes in May of 2023.

Net loss attributable to Loews Corporation of $34 million was recorded for the three months ended March 31, 2025 as compared with net income of $10 million in the comparable 2024 period, primarily due to the reasons discussed below.

Net investment income for the Parent Company decreased $54 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to the unfavorable change in the fair value of equity based investments.

LIQUIDITY AND CAPITAL RESOURCES

Parent Company

Parent Company cash and investments, net of receivables and payables, totaled $3.3 billion at September 30, 2024 as compared to $2.6 billion at December 31, 2023.

During the nine months ended September 30, 2024 , we received $975 million in cash dividends from our subsidiaries, including a special cash dividend of $497 million from CNA and distributions of $150 million from Boardwalk Pipelines.

Cash outflows during the nine months ended September 30, 2024 included the payment of $262 million to fund treasury stock purchases and $42 million of cash dividends to our shareholders .

Parent Company cash and investments, net of receivables and payables, totaled $3.5 billion at March 31, 2025 as compared to $3.3 billion at December 31, 2024.

During the three months ended March 31, 2025 , we received $686 million in cash dividends from our subsidiaries, including a special cash dividend of $497 million from CNA and a $75 million distribution from Boardwalk Pipelines.

Cash outflows during the three months ended March 31, 2025 included the payment of $394 million to fund treasury stock purchases and $13 million of cash dividends to our shareholders .

As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations.

2 unchanged sentences

Depending on market and other conditions, we may purchase shares of our and our subsidiaries outstanding common stock in the open market, in privately negotiated transactions or otherwise.

As of November 1, 2024, we repurchased 4.6 million shares of Loews Corporation common stock in 2024 for a total cost of $353 million.

As of November 1, 2024, there were 217,776,738 shares of Loews Corporation common stock outstanding.

Future uses of our cash may include investing in our subsidiaries, new acquisitions, dividends and/or purchases of our and our subsidiaries’ outstanding common stock.

During the three months ended March 31, 2025, we purchased 4.5 million shares of Loews Corporation common stock for $376 million .

As of May 2, 2025, we repurchased 0.6 million additional shares of Loews Corporation common stock in 2025 for $53 million.

As of May 2, 2025, there were 209,696,528 shares of Loews Corporation common stock outstanding.

Future uses of our cash may include purchases of our and our subsidiaries’ outstanding common stock, dividends, investing in our subsidiaries and/or to make opportunistic investments.

The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition and business needs.

CNA’s cash provided by operating activities was $1.9 billion for the nine months ended September 30, 2024 as compared with $1.8 billion for the comparable 2023 period.

The increase in cash provided by operating activities was driven by an increase in premiums collected and higher earnings from fixed income securities, partially offset by an increase in net claim payments and higher operating expenses.

CNA paid cash dividends of $3.32 per share on its common stock, including a special cash dividend of $2.00 per share, during the nine months ended September 30, 2024.

On November 1, 2024 , CNA’s Board of Directors declared a quarterly cash dividend of $0.44 per share payable December 5, 2024 to shareholders of record on November 18, 2024 .

CNA’s cash provided by operating activities was $638 million for the three months ended March 31, 2025 as compared with $504 million for the comparable 2024 period.

The net cash increase quarter over quarter was primarily a result of

higher ceded reinsurance premium payments CNA paid during the first quarter of 2024, with such similar premium amounts scheduled to occur in the second quarter of 2025.

In addition to the foregoing, the increase quarter over quarter was also attributable to higher cash from underwriting and investment earnings.

CNA paid cash dividends of $2.46 per share on its common stock, including a special cash dividend of $2.00 per share, during the three months ended March 31, 2025.

On May 2, 2025 , CNA’s Board of Directors declared a quarterly cash dividend of $0.46 per share payable June 5, 2025 to shareholders of record on May 19, 2025 .

CNA’s declaration and payment of future dividends is at the discretion of its Board of Directors and will depend on many factors, including CNA’s earnings, financial condition, business needs and regulatory constraints.

3 unchanged sentences

Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus.

As of September 30, 2024, CCC was in a positive earned surplus position.

CCC paid dividends of $635 million and $770 million during the nine months ended September 30, 2024 and 2023.

As of March 31, 2025, CCC was in a positive earned surplus position.

CCC paid dividends of $440 million and $300 million during the three months ended March 31, 2025 and 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.

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.

CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.

Boardwalk Pipelines’ cash provided by operating activities increased $68 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to changes in net income adjusted for depreciation and amortization.

For the nine months ended September 30, 2024 and 2023, Boardwalk Pipelines’ capital expenditures were $292 million and $232 million, consisting of growth capital expenditures of $170 million and $137 million and maintenance capital expenditures of $122 million and $95 million.

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 .

As of September 30, 2024, Boardwalk Pipelines had the full borrowing capacity of $1.0 billion available under its revolving credit facility.

Boardwalk Pipelines’ cash provided by operating activities was $244 million for the three months ended March 31, 2025 as compared with $249 million for the comparable 2024 period.

For the three months ended March 31, 2025 and 2024, Boardwalk Pipelines’ capital expenditures were $52 million and $97 million, consisting of growth capital expenditures of $16 million and $59 million and maintenance capital expenditures of $36 million and $38 million.

As of March 31, 2025, Boardwalk Pipelines had the full borrowing capacity of $1.0 billion available under its revolving credit facility.

The revolving credit facility has a borrowing capacity of $1.0 billion through May 27, 2027, and a borrowing capacity of $912 million from May 28, 2027 to May 26, 2028.

Boardwalk Pipelines anticipates that its existing capital resources, including its cash and cash equivalents, short-term investments, revolving credit facility and cash flows from operating activities, will be adequate to fund its operations and capital expenditures for 2024 and to retire its $600 million of debt that is maturing in December 2024.

As of September 30, 2024, Boardwalk Pipelines also has an effective shelf registration statement on file with the SEC under which it may publicly issue up to $900 million of debt securities, warrants or rights from time to time.

During the nine months ended September 30, 2024 , Boardwalk Pipelines paid distributions of $150 million to the Company.

As of September 30, 2024, Loews Hotels & Co, through its subsidiaries, had a $108 million mortgage loan that matures within twelve months.

Loews Hotels & Co currently intends to refinance the loan prior to maturity.

Boardwalk Pipelines anticipates that its existing capital resources, including its cash and cash equivalents, revolving credit facility and cash flows from operating activities, will be adequate to fund its operations and capital expenditures for 2025.

As of March 31, 2025, Boardwalk Pipelines also has an effective shelf registration statement on file with the SEC under which it may publicly issue up to $900 million of debt securities, warrants or rights from time to time.

During the three months ended March 31, 2025 , Boardwalk Pipelines paid a distribution of $75 million to the Company.

Loews Hotels & Co, through its subsidiaries, has mortgage loans maturing beyond twelve months as of March 31, 2025, which it may refinance before they mature.

Refinancing any indebtedness, including loans of unconsolidated joint venture partnerships, may require Loews Hotels & Co to make principal pay downs, establish restricted cash reserves or provide guaranties of the subsidiary’s debt.

Through the date of this Report, all Loews Hotels & Co’s subsidiaries are in compliance with their debt covenants.

Loews Hotels & Co refinanced $413 million in mortgage loans in 2024 that were due to mature within twelve months.

Loews Hotels & Co acquired all of the remaining outstanding noncontrolling equity interest of an owned and consolidated hotel for $30 million in the second quarter of 2024.

In addition, Loews Hotels & Co received aggregate proceeds of $23 million for the sale of an owned hotel in the first quarter of 2024.

Investment activities of our non-insurance subsidiaries primarily consist of investments in fixed income securities, including short-term investments.

12 unchanged sentences

Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31 2025 2024

(In millions)

8 unchanged sentences

Limited partnership and common stock return for the period 2.0 % 2.9 %

CNA’s net investment income increased $73 million and $200 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods, driven by favorable limited partnership and common stock returns, as well as higher income from fixed income securities as a result of favorable reinvestment rates and a larger invested asset base.

CNA’s net investment income decreased $5 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, reflecting the largely offsetting impacts of lower common stock returns and higher income from fixed income securities.

Investment Gains (Losses)

The components of CNA’s investment gains (losses) are presented in the following table:

Three Months Ended Nine Months Ended

September 30, September 30,

2024 2023 2024 2023

Three Months Ended March 31 2025 2024

(In millions)

11 unchanged sentences

Investment losses attributable to Loews Corporation $ (6) $ (16)

CNA’s pretax investment losses decreased $28 million for the three months ended September 30, 2024 as compared with the comparable 2023 period driven by lower net losses on disposals of fixed maturity securities and the favorable change in fair value of non-redeemable preferred stock.

CNA’s pretax investment losses decreased $63 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, driven by the favorable change in fair value of non-redeemable preferred stock, lower impairment losses and lower net losses on disposals of fixed maturity securities.

CNA’s pretax investment losses decreased $13 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, driven by lower net losses on disposals of fixed maturity securities and lower impairment losses, partially offset by the favorable change in fair value of non-redeemable preferred stock in the prior year quarter.

Further information on CNA’s investment gains and losses is set forth in Note 2 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

1 unchanged sentence

The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution:

September 30, 2024

March 31, 2025

December 31, 2024

11 unchanged sentences

Total $ 41,973 $ (1,971) $ 41,111 $ (2,325)

As of September 30, 2024 and December 31, 2023, 1% of CNA’s fixed maturity portfolio was rated internally.

AAA rated securities included $0.2 billion of pre-funded municipal bonds as of September 30, 2024 and December 31, 2023.

As of March 31, 2025 and December 31, 2024, 1% of CNA’s fixed maturity portfolio was rated internally.

AAA rated securities included $0.2 billion of prefunded municipal bonds as of March 31, 2025 and December 31, 2024.

The following table presents CNA’s available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution:

September 30, 2024

March 31, 2025

Estimated Fair Value

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Securities not due to mature on a single date are allocated based on weighted average life:

September 30, 2024

March 31, 2025

Estimated Fair Value

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Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.

September 30, 2024

March 31, 2025

December 31, 2024

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Accordingly, certain amounts currently recorded or disclosed in the financial statements will likely be adjusted in the future based on new available information and changes in other facts and circumstances.

the Critical Accounting Estimates and the Insurance Reserves sections of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023 for further information.

See the Critical Accounting Estimates and the Insurance Reserves sections of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.

ACCOUNTING STANDARDS UPDATE

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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 2. Management’s Discussion and Analysis