2 unchanged sentences
CONSOLIDATED CONDENSED BALANCE SHEETS
−Removed: March 31, December 31,
+Added: June 30, December 31,
(Dollar amounts in millions, except per share data)
45 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
−Removed: Three Months Ended March 31 2025 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2025 2024 2025 2024
(In millions, except per share data)
6 unchanged sentences
Insurance claims and policyholders’ benefits (re-measurement loss of $ 15 , $ 25 , $ 23 and $ 40 )
+Added: 2,085 1,882 4,112 3,689
Amortization of deferred acquisition costs 469 435 940 879
1 unchanged sentence
Operating expenses and other 989 968 1,980 1,848
−Removed: Equity method (income) loss 1 ( 26 )
+Added: Equity method income ( 18 ) ( 27 ) ( 17 ) ( 53 )
Interest 107 114 212 217
13 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
−Removed: Three Months Ended March 31 2025 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2025 2024 2025 2024
(In millions)
19 unchanged sentences
(In millions)
+Added: Balance, April 1, 2024
+Added: $ 16,998 $ 2 $ 2,547 $ 16,060 $ ( 2,401 ) $ ( 24 ) $ 814
+Added: Net income 395 369 26
+Added: Other comprehensive income 24 21 3
+Added: Dividends paid ($ 0.0625 per share)
+Added: ( 23 ) ( 14 ) ( 9 )
+Added: Purchase of subsidiary stock from noncontrolling interests ( 20 ) ( 20 )
+Added: Purchases of Loews Corporation treasury stock ( 182 ) ( 182 )
+Added: Stock-based compensation 11 11
+Added: Other ( 2 ) ( 2 ) ( 3 ) 3
+Added: Balance, June 30, 2024
+Added: $ 17,201 $ 2 $ 2,556 $ 16,415 $ ( 2,383 ) $ ( 206 ) $ 817
+Added: Balance, April 1, 2025
+Added: $ 18,034 $ 2 $ 2,451 $ 16,821 $ ( 1,685 ) $ ( 398 ) $ 843
+Added: Net income 416 391 25
+Added: Other comprehensive income 200 183 17
+Added: Dividends paid ($ 0.0625 per share)
+Added: ( 23 ) ( 13 ) ( 10 )
+Added: Purchases of Loews Corporation treasury stock ( 253 ) ( 253 )
+Added: Stock-based compensation 11 10 1
+Added: Other 4 6 ( 1 ) ( 1 )
+Added: Balance, June 30, 2025
+Added: $ 18,389 $ 2 $ 2,467 $ 17,198 $ ( 1,502 ) $ ( 651 ) $ 875
+Added: See accompanying Notes to Consolidated Condensed Financial Statements.
+Added: Loews Corporation and Subsidiaries
+Added: CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
+Added: Loews Corporation Shareholders
+Added: Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
+Added: Held in Treasury Noncontrolling Interests
+Added: (In millions)
Balance, January 1, 2024
4 unchanged sentences
( 93 ) ( 28 ) ( 65 )
+Added: Purchase of subsidiary stock from noncontrolling interests ( 20 ) ( 20 )
Purchases of Loews Corporation treasury stock ( 199 ) ( 199 )
1 unchanged sentence
Other ( 14 ) ( 11 ) ( 3 )
−Removed: Balance, March 31, 2024
+Added: Balance, June 30, 2024
$ 17,201 $ 2 $ 2,556 $ 16,415 $ ( 2,383 ) $ ( 206 ) $ 817
3 unchanged sentences
accounting standards (Note 1) 5 5
−Removed: Balance, January 1, 2025, as adjusted
+Added: Balance, January 1, 2025
17,942 2 2,490 16,464 ( 1,867 ) ( 18 ) 871
7 unchanged sentences
Other 2 4 ( 1 ) ( 1 )
−Removed: Balance, March 31, 2025
+Added: Balance, June 30, 2025
$ 18,389 $ 2 $ 2,467 $ 17,198 $ ( 1,502 ) $ ( 651 ) $ 875
2 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
−Removed: Three Months Ended March 31
+Added: Six Months Ended June 30
(In millions)
45 unchanged sentences
Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its 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.
−Removed: In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of March 31, 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”).
+Added: In addition, we own approximately 53 % of Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary accounted for under the equity method of accounting, which is engaged in the manufacture of rigid plastic packaging solutions.
+Added: In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of June 30, 2025 and December 31, 2024, its results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2025 and 2024 and its cash flows for the six months ended June 30, 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.
These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
−Removed: The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations.
−Removed: Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period.
+Added: The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Operations.
+Added: Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period.
Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
−Removed: For the three months ended March 31, 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.
+Added: For the three and six months ended June 30, 2025, there were 1.2 million shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares calculations because the effect would have been antidilutive.
+Added: For the three and six months ended June 30, 2024, there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares calculations 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):
13 unchanged sentences
Net investment income is as follows:
−Removed: Three Months Ended March 31 2025 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2025 2024 2025 2024
(In millions)
4 unchanged sentences
Income from trading portfolio (a) 52 11 56 69
+Added: Other 28 34 54 62
Total investment income 740 663 1,372 1,356
1 unchanged sentence
Net investment income $ 714 $ 639 $ 1,322 $ 1,308
−Removed: (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
+Added: (a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of June 30, 2025 and 2024
$ 30 $ ( 21 ) $ ( 10 ) $ 19
Investment gains (losses) are as follows:
−Removed: Three Months Ended March 31 2025 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2025 2024 2025 2024
(In millions)
6 unchanged sentences
Investment losses $ ( 46 ) $ ( 10 ) $ ( 55 ) $ ( 32 )
−Removed: (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2025 and 2024
+Added: (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of June 30, 2025 and 2024
+Added: $ 6 $ 1 $ 4 $ 12
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table.
The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:
−Removed: Three Months Ended March 31 2025 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2025 2024 2025 2024
(In millions)
3 unchanged sentences
Impairment losses recognized in earnings $ 9 $ 6 $ 16 $ 20
−Removed: T here were no losses recognized on mortgage loans during the three months ended March 31, 2025 or 2024.
+Added: There were $ 5 million of impairment losses recognized on mortgage loans during the three and six months ended June 30, 2025 due to changes in expected credit losses.
+Added: T here were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2024.
The following tables present a summary of fixed maturity securities:
−Removed: March 31, 2025 Cost or Amortized Cost Gross Unrealized
+Added: June 30, 2025 Cost or Amortized Cost Gross Unrealized
Gains Gross Unrealized
35 unchanged sentences
Less than 12 Months 12 Months or Longer Total
−Removed: March 31, 2025 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
+Added: June 30, 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.
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
7 unchanged sentences
Total $ 23,987 $ 2,738 $ 27,288 $ 3,039
−Removed: 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.
+Added: Based on current facts and circumstances, the unrealized losses presented in the June 30, 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;
−Removed: accordingly, it was determined that there are no additional impairment losses to be recorded as of March 31, 2025.
+Added: accordingly, it was determined that there are no additional impairment losses to be recorded as of June 30, 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.
−Removed: 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.
−Removed: Three months ended March 31, 2025 Corporate and Other Bonds Asset-backed Total
+Added: Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 451 million, $ 442 million and $ 444 million as of June 30, 2025, December 31, 2024 and June 30, 2024 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.
+Added: Three months ended June 30, 2025 Corporate and Other Bonds
+Added: Asset-backed Total
(In millions)
Allowance for credit losses:
+Added: Balance as of April 1, 2025
+Added: $ 15 $ 32 $ 47
+Added: Additions to the allowance for credit losses:
+Added: Securities for which credit losses were not previously recorded 3 3
+Added: Reductions to the allowance for credit losses:
+Added: Securities disposed during the period (realized) 6 6
+Added: Additional increases to the allowance for credit losses
+Added: on securities that had an allowance recorded in a previous period
+Added: Total allowance for credit losses $ 14 $ 37 $ 51
+Added: Three months ended June 30, 2024 Corporate and Other Bonds Asset-backed Total
+Added: (In millions)
+Added: Allowance for credit losses:
+Added: Balance as of April 1, 2024
+Added: $ 3 $ 17 $ 20
+Added: Reductions to the allowance for credit losses:
+Added: Securities disposed during the period (realized) 3 1 4
+Added: Additional increases to the allowance for credit losses
+Added: on securities that had an allowance recorded in a previous period
+Added: Total allowance for credit losses $ — $ 17 $ 17
+Added: Six months ended June 30, 2025 Corporate and Other Bonds Asset-backed Total
+Added: (In millions)
+Added: Allowance for credit losses:
Balance as of January 1, 2025
1 unchanged sentence
Additions to the allowance for credit losses:
−Removed: Available-for-sale securities accounted for as PCD assets —
+Added: Securities for which credit losses were not previously recorded 3 3
Reductions to the allowance for credit losses:
−Removed: Securities sold during the period (realized) —
−Removed: Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis —
+Added: Securities disposed during the period (realized) 6 6
Additional increases to the allowance for credit
1 unchanged sentence
Total allowance for credit losses $ 14 $ 37 $ 51
−Removed: Three months ended March 31, 2024 Corporate and Other Bonds Asset-backed Total
+Added: Six months ended June 30, 2024 Corporate and Other Bonds Asset-backed Total
(In millions)
2 unchanged sentences
$ 4 $ 12 $ 16
−Removed: Additions to the allowance for credit losses:
−Removed: Available-for-sale securities accounted for as PCD assets —
Reductions to the allowance for credit losses:
−Removed: Securities sold during the period (realized) —
+Added: Securities disposed during the period (realized) 3 1 4
Intent to sell or more likely than not will be required to sell the
5 unchanged sentences
The following table presents available-for-sale fixed maturity securities by contractual maturity.
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Cost or Amortized Cost Estimated Fair
12 unchanged sentences
Mortgage Loans Amortized Cost Basis by Origination Year (a)
−Removed: As of March 31, 2025
+Added: As of June 30, 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.
−Removed: March 31, 2025 December 31, 2024
+Added: June 30, 2025 December 31, 2024
Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value
8 unchanged sentences
Interest rate swaps 478 300 4
−Removed: Currency forwards
Credit default swap index - purchased 2,000
−Removed: 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.
−Removed: 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.
−Removed: The fair value of the position is measured using observable market inputs, including credit spreads.
−Removed: For the three months ended March 31, 2025, Net investment income related to the position was $ 3 million.
+Added: In the fourth quarter of 2024, the Company entered into credit default swap index transactions that would potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprised the index.
+Added: The position was closed during the second quarter of 2025.
+Added: As of December 31, 2024, the notional value of the credit default swap index was $ 2 billion and the fair value was less than $ 1 million, which was recognized in Payable to brokers in the Consolidated Balance Sheets.
+Added: The fair value of the position was measured using observable market inputs, including credit spreads.
+Added: For the three and six months ended June 30, 2025, Net investment income related to the position was $ 16 million and $ 19 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.
−Removed: 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.
+Added: As of June 30, 2025, commitments to purchase or fund were approximately $ 1.8 billion and to sell were approximately $ 80 million under the terms of these investments.
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables.
Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
−Removed: March 31, 2025 Level 1
+Added: June 30, 2025 Level 1
Level 3 Total
23 unchanged sentences
Payable to brokers ( 88 ) ( 88 )
−Removed: The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2025 and 2024:
−Removed: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31
−Removed: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31
+Added: The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2025 and 2024:
+Added: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: 2025 Balance, April 1 Included in Net Income
+Added: Included in OCI Purchases Sales
+Added: Transfers into
+Added: Level 3 Transfers out of Level 3
+Added: Balance, June 30
+Added: (In millions)
+Added: Fixed maturity securities:
+Added: Corporate bonds and other $ 1,351 $ 1 $ 16 $ 44 $ ( 24 ) $ 1,388 $ 16
+Added: States, municipalities and political subdivisions 44 44
+Added: Asset-backed 889 1 ( 4 ) 22 ( 22 ) 886 ( 4 )
+Added: Fixed maturities available-for-sale $ 2,284 $ 2 $ 12 $ 66 $ — $ ( 46 ) $ — $ — $ 2,318 $ — $ 12
+Added: Equity securities $ 17 $ ( 7 ) $ 10 $ ( 1 )
+Added: (In millions)
+Added: Fixed maturity securities:
+Added: Corporate bonds and other $ 1,082 $ ( 8 ) $ 72 $ ( 17 ) $ 1,129 $ ( 8 )
+Added: States, municipalities and political subdivisions 43 43
+Added: Asset-backed 871 $ 2 ( 11 ) 55 $ ( 5 ) ( 25 ) 887 ( 11 )
+Added: Fixed maturities available-for-sale $ 1,996 $ 2 $ ( 19 ) $ 127 $ ( 5 ) $ ( 42 ) $ — $ — $ 2,059 $ — $ ( 19 )
+Added: Equity securities $ 11 $ 3 $ 14
+Added: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
2025 Balance, January 1 Included in Net Income
2 unchanged sentences
Level 3 Transfers out of Level 3
−Removed: Balance, March 31
+Added: Balance, June 30
(In millions)
24 unchanged sentences
The weighted average rate is calculated based on fair value.
−Removed: March 31, 2025 Estimated
+Added: June 30, 2025 Estimated
Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average)
9 unchanged sentences
Carrying Amount Estimated Fair Value
−Removed: March 31, 2025 Level 1 Level 2 Level 3 Total
+Added: June 30, 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.
−Removed: 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.
+Added: Catastrophe losses, net of reinsurance, of $ 62 million and $ 82 million for the three months ended June 30, 2025 and 2024 and $ 159 million and $ 170 million for the six months ended June 30, 2025 and 2024 were recorded, driven by severe weather related events.
Liability for Unpaid Claim and Claim Adjustment Expenses
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
−Removed: Three Months Ended March 31
+Added: Six Months Ended June 30
(In millions)
16 unchanged sentences
Gross reserves, end of period $ 26,203 $ 23,974
−Removed: (a) Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.
+Added: (a) Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.
Net Prior Year Development
1 unchanged sentence
These changes can be favorable or unfavorable.
−Removed: 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”).
−Removed: 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”).
+Added: Favorable net prior year loss reserve development of $ 4 million and $ 12 million for the three months ended June 30, 2025 and 2024 and unfavorable net prior year loss reserve development of $ 57 million and favorable net prior year loss reserve development of $ 19 million for the six months ended June 30, 2025 and 2024 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”).
+Added: Unfavorable net prior year loss reserve development of $ 112 million and $ 35 million for the three months ended June 30, 2025 and 2024 and $ 134 million and $ 35 million for the six months ended June 30, 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:
−Removed: Three Months Ended March 31
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2025 2024 2025 2024
(In millions)
+Added: Medical professional liability $ ( 2 ) $ ( 2 )
+Added: Other professional liability and management liability $ 18 17 $ 18 17
Surety ( 22 ) ( 8 ) ( 22 ) ( 26 )
1 unchanged sentence
Commercial auto 21 50 21
+Added: General liability 62 19 62 19
Workers’ compensation ( 66 ) ( 47 ) ( 65 ) ( 49 )
+Added: Other property and casualty operations 4 ( 12 ) 4 ( 12 )
+Added: Total property & casualty operations ( 4 ) ( 12 ) 57 ( 19 )
Other insurance operations 112 35 134 35
Total pretax (favorable) unfavorable development $ 108 $ 23 $ 191 $ 16
+Added: Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional errors and omissions (“E&O”) business.
+Added: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
+Added: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Following the second quarter annual review of other insurance operations reserves, including legacy mass tort exposures, unfavorable development was recorded largely associated with legacy mass tort abuse claim activity, the ongoing effects of social inflation and the anticipated agreement in principle with regards to the Diocese of Rochester.
+Added: Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses.
+Added: Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
+Added: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.
+Added: Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse reserves.
+Added: Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O business.
+Added: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in 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.
−Removed: Unfavorable development in Other insurance operations was associated with legacy mass tort abuse claims.
+Added: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Unfavorable development in other insurance operations was primarily driven by the second quarter 2025 change discussed above.
+Added: Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.
+Added: Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
+Added: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.
+Added: Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse reserves.
Asbestos & Environmental Pollution (“A&EP”) Reserves
2 unchanged sentences
The $ 1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $ 1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts.
−Removed: The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities.
+Added: The NICO LPT aggregate reinsurance limit
+Added: also covers credit risk on the existing third party reinsurance related to these liabilities.
NICO was paid a reinsurance premium of $ 2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $ 215 million were transferred to NICO, resulting in total consideration of $ 2.2 billion.
5 unchanged sentences
The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations.
−Removed: The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 17 million and $ 12 million for the three months ended March 31, 2025 and 2024 .
−Removed: As of March 31, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $ 3.7 billion.
−Removed: The unrecognized deferred
−Removed: 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.
+Added: The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 8 million and $ 13 million for the three months ended June 30, 2025 and 2024 and $ 25 million for each of the six months ended June 30, 2025 and 2024 .
+Added: As of June 30, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $ 3.7 billion.
+Added: The unrecognized deferred retroactive reinsurance benefit was $ 400 million and $ 425 million as of June 30, 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.
−Removed: The fair value of the collateral trust account was $ 2.3 billion as of March 31, 2025.
+Added: The fair value of the collateral trust account was $ 2.2 billion as of June 30, 2025.
In addition, Berkshire Hathaway Inc.
26 unchanged sentences
Effect of changes in discount rate 50 11
−Removed: Balance, March 31
+Added: Balance, June 30
$ 3,352 $ 3,447
10 unchanged sentences
Effect of changes in discount rate ( 248 ) ( 313 )
−Removed: Balance, March 31
+Added: Balance, June 30
$ 16,681 $ 16,658
−Removed: Net LFPB, March 31
+Added: Net LFPB, June 30
$ 13,329 $ 13,211
−Removed: (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.
+Added: (a) As of June 30, 2025 and 2024 , the re-measurement loss of $ 23 million and $ 40 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.
−Removed: Three Months Ended March 31 2025 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2025 2024 2025 2024
(In millions)
5 unchanged sentences
Expected future gross premiums 4,971 5,149
−Removed: 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.
−Removed: 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.
+Added: Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.5 billion as of June 30, 2025 and 2024.
+Added: The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of June 30, 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.
−Removed: March 31, December 31,
+Added: June 30, December 31,
2025 2024 2024
1 unchanged sentence
Upper-medium grade fixed income instrument discount rate 5.39 5.43 5.51
−Removed: 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 .
−Removed: 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 .
+Added: For the three and six months ended June 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $ 14 million and $ 28 million .
+Added: For the three and six months ended June 30, 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $ 24 million and $ 44 million.
+Added: For the three and six months ended June 30, 2025, 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 $ 5 million and $ 11 million .
+Added: For the three and six months ended June 30, 2024 , the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $ 6 million and $ 8 million .
Shareholders’ Equity
Accumulated other comprehensive income (loss)
−Removed: The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three months ended March 31, 2024 and 2025 :
+Added: The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and six months ended June 30, 2024 and 2025 :
+Added: Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
+Added: rates used to
+Added: contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
+Added: (In millions)
+Added: Balance, April 1, 2024
+Added: $ ( 9 ) $ ( 1,676 ) $ ( 17 ) $ 10 $ ( 530 ) $ ( 179 ) $ ( 2,401 )
+Added: Other comprehensive income (loss) before reclassifications, after tax of $ 1 , $ 67 , $( 72 ), $ 1 , $ 0 and $ 0
+Added: ( 4 ) ( 250 ) 273 ( 1 ) ( 10 ) 8
+Added: Reclassification of losses from accumulated other comprehensive loss, after tax of $( 1 ), $( 1 ), $ 0 , $ 0 , $( 1 ) and $ 0
+Added: Other comprehensive income (loss) — ( 244 ) 273 ( 1 ) 6 ( 10 ) 24
+Added: Amounts attributable to noncontrolling interests 19 ( 22 ) ( 3 )
+Added: Other ( 1 ) ( 2 ) 1 ( 1 ) ( 3 )
+Added: Balance, June 30, 2024
+Added: $ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 )
+Added: Balance, April 1, 2025
+Added: $ ( 15 ) $ ( 1,463 ) $ 219 $ 6 $ ( 223 ) $ ( 209 ) $ ( 1,685 )
+Added: Other comprehensive income (loss) before reclassifications, after tax of $ 2 , $( 12 ), $ 0 , $ 1 , $ 0 and $ 0
+Added: ( 5 ) 44 ( 3 ) ( 3 ) 130 163
+Added: Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 10 ), $ 0 , $ 0 , $( 1 ) and $ 0
+Added: Other comprehensive income (loss) 1 74 ( 3 ) ( 3 ) 1 130 200
+Added: Amounts attributable to noncontrolling interests ( 1 ) ( 6 ) 1 ( 11 ) ( 17 )
+Added: Balance, June 30, 2025
+Added: $ ( 15 ) $ ( 1,395 ) $ 217 $ 3 $ ( 222 ) $ ( 90 ) $ ( 1,502 )
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
9 unchanged sentences
Other 3 ( 3 ) —
−Removed: Balance, March 31, 2024
+Added: Balance, June 30, 2024
$ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 )
7 unchanged sentences
Other ( 1 ) ( 1 )
−Removed: Balance, March 31, 2025
+Added: Balance, June 30, 2025
$ ( 15 ) $ ( 1,395 ) $ 217 $ 3 $ ( 222 ) $ ( 90 ) $ ( 1,502 )
5 unchanged sentences
Stock Purchases
−Removed: 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.
+Added: Loews Corporation repurchased 7.4 million and 2.6 million shares of its common stock at aggregate costs of $ 633 million and $ 199 million during the six months ended June 30, 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 :
−Removed: Three Months Ended March 31 2025 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2025 2024 2025 2024
(In millions)
5 unchanged sentences
Operating revenues and other $ 795 $ 736 $ 1,667 $ 1,472
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA.
−Removed: Approximately $ 2.3 billion will be recognized during the remaining nine months of 2025 , $ 2.4 billion in 2026 and the remainder in following years.
+Added: Receivables from contracts with customers – As of June 30, 2025 and December 31, 2024, receivables from contracts with customers were approximately $ 220 million and $ 240 million and are included within Receivables on the Consolidated Condensed Balance Sheets.
+Added: Deferred revenue – As of June 30, 2025 and December 31, 2024, deferred revenue resulting from contracts with customers were approximately $ 4.5 billion and $ 4.6 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets.
+Added: Approximately $ 681 million and $ 786 million of revenues recognized during the six months ended June 30, 2025 and 2024 were included in deferred revenue as of December 31, 2024 and 2023.
+Added: Performance obligations – As of June 30, 2025, approximately $ 19.0 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations.
+Added: The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA.
+Added: Approximately $ 1.6 billion will be recognized during the remaining six months of 2025 , $ 2.7 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.
Benefit Plans
−Removed: The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees.
−Removed: The following table presents the components of net periodic (benefit) cost for the defined benefit plans:
+Added: Several non-contributory defined benefit plans and postretirement benefit plans cover eligible employees and retirees.
+Added: The following tables present the components of net periodic (benefit) cost for the defined benefit plans:
Pension Benefits
−Removed: Other Postretirement Benefits
−Removed: Three Months Ended March 31 2025 2024 2025 2024
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2025 2024 2025 2024
(In millions)
3 unchanged sentences
Amortization of unrecognized net loss 2 8 4 15
+Added: Settlements 1 1
Net periodic (benefit) cost $ ( 1 ) $ 3 $ ( 2 ) $ 6
+Added: Other Postretirement Benefits
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2025 2024 2025 2024
+Added: (In millions)
+Added: Interest cost $ 1 $ 1
+Added: Expected return on plan assets ( 1 ) ( 1 )
+Added: Net periodic benefit $ — $ — $ — $ —
Legal Proceedings
7 unchanged sentences
On April 28, 2025, Segal filed a third amended complaint alleging that Loews Hotels Holdings Corporation and other defendants violated the Sherman Act.
+Added: Defendants jointly filed a motion to dismiss the third amended complaint in Segal on June 12, 2025.
Boardwalk Pipelines Litigation
21 unchanged sentences
On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court.
−Removed: Briefing on this appeal was completed in March 2025 and a hearing on this appeal has been scheduled to occur in June 2025.
+Added: Briefing on this appeal was completed in March 2025 and a hearing on this appeal occurred in June 2025.
Other Litigation
4 unchanged sentences
CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary.
−Removed: As of 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.
+Added: As of June 30, 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
−Removed: 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.
−Removed: As of March 31, 2025, the commitments were approximately $ 237 million, all of which are expected to be settled within the next twelve months.
+Added: Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received.
+Added: As of June 30, 2025, the commitments totaled approximately $ 279 million, which are expected to be settled through the end of 2028.
Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co;
and the Corporate segment.
−Removed: The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, and the equity method of accounting for Altium Packaging LLC.
+Added: The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, and the equity method of accounting for Altium Packaging.
Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position.
−Removed: For additional disclosures regarding the composition of Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
+Added: For additional disclosures regarding the composition of
+Added: Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations.
1 unchanged sentence
Statements of Operations by segment are presented in the following tables.
−Removed: Three Months Ended March 31, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Three Months Ended June 30, 2025 CNA Financial
+Added: Boardwalk Pipelines
+Added: Corporate Total
(In millions)
12 unchanged sentences
Total 3,337 420 215 44 4,016
+Added: Income before income tax 380 117 39 3 539
+Added: Income tax expense ( 81 ) ( 29 ) ( 11 ) ( 2 ) ( 123 )
+Added: Net income 299 88 28 1 416
+Added: Amounts attributable to noncontrolling interests ( 25 ) ( 25 )
+Added: Net income attributable to Loews Corporation $ 274 $ 88 $ 28 $ 1 $ 391
+Added: (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 62 million and unfavorable net prior year loss reserve development of $ 108 million.
+Added: Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
+Added: (b) Significant segment expenses included in Operating expenses and other:
+Added: Three Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Insurance related administrative expenses $ 337 $ 337
+Added: Operating expenses $ 177 $ 147 324
+Added: Depreciation and amortization 120 24 144
+Added: Other (c) 31 83 55 $ 15 184
+Added: Operating expenses and other $ 368 $ 380 $ 226 $ 15 $ 989
+Added: (c) Other expenses for each reportable segment include:
+Added: CNA Financial:
+Added: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
+Added: Boardwalk Pipelines:
+Added: general and administrative expenses
+Added: Loews Hotels & Co:
+Added: general and administrative and reimbursable expenses
+Added: general and administrative expenses
+Added: Three Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews
+Added: Hotels & Co Corporate Total
+Added: (In millions)
+Added: Insurance premiums $ 2,498 $ 2,498
+Added: Net investment income 618 $ 9 $ 3 $ 9 639
+Added: Investment losses ( 10 ) ( 10 )
+Added: Non-insurance warranty revenue 404 404
+Added: Operating revenues and other 9 479 248 736
+Added: Total 3,519 488 251 9 4,267
+Added: Insurance claims and policyholders’ benefits (a) 1,882 1,882
+Added: Amortization of deferred acquisition costs 435 435
+Added: Non-insurance warranty expense 388 388
+Added: Operating expenses and other (b) 378 347 225 18 968
+Added: Equity method (income) loss ( 32 ) 5 ( 27 )
+Added: Interest 34 47 14 19 114
+Added: Total 3,117 394 207 42 3,760
Income (loss) before income tax 402 94 44 ( 33 ) 507
3 unchanged sentences
Net income (loss) attributable to Loews Corporation $ 291 $ 70 $ 35 $ ( 27 ) $ 369
−Removed: March 31, 2025
+Added: (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 82 million and unfavorable net prior year loss reserve development of $ 23 million.
+Added: Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
+Added: (b) Significant segment expenses included in Operating expenses and other:
+Added: Three Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Insurance related administrative expenses $ 329 $ 329
+Added: Operating expenses $ 165 $ 148 313
+Added: Depreciation and amortization 108 24 $ 1 133
+Added: Other (c) 49 74 53 17 193
+Added: Operating expenses and other $ 378 $ 347 $ 225 $ 18 $ 968
+Added: (c) Other expenses for each reportable segment include:
+Added: CNA Financial:
+Added: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
+Added: Boardwalk Pipelines:
+Added: general and administrative expenses
+Added: Loews Hotels & Co:
+Added: general and administrative and reimbursable expenses
+Added: general and administrative expenses
+Added: Six Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: (In millions)
+Added: Insurance premiums $ 5,320 $ 5,320
+Added: Net investment income 1,266 $ 4 $ 5 $ 47 1,322
+Added: Investment losses ( 55 ) ( 55 )
+Added: Non-insurance warranty revenue 795 795
+Added: Operating revenues and other 18 1,155 494 1,667
+Added: Total 7,344 1,159 499 $ 47 9,049
+Added: Insurance claims and policyholders’ benefits (a) 4,112 4,112
+Added: Amortization of deferred acquisition costs 940 940
+Added: Non-insurance warranty expense 769 769
+Added: Operating expenses and other (b) 731 761 457 31 1,980
+Added: Equity method (income) loss ( 35 ) 18 ( 17 )
+Added: Interest 63 79 34 36 212
+Added: Total 6,615 840 456 85 7,996
+Added: Income (loss) before income tax 729 319 43 ( 38 ) 1,053
+Added: Income tax (expense) benefit ( 156 ) ( 79 ) ( 15 ) 5 ( 245 )
+Added: Net income (loss) 573 240 28 ( 33 ) 808
+Added: Amounts attributable to noncontrolling interests ( 47 ) ( 47 )
+Added: Net income (loss) attributable to Loews Corporation $ 526 $ 240 $ 28 $ ( 33 ) $ 761
+Added: June 30, 2025
Total assets $ 68,891 $ 10,048 $ 2,477 $ 3,252 $ 84,668
2 unchanged sentences
(b) Significant segment expenses included in Operating expenses and other:
−Removed: Three Months Ended March 31, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Six Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 658 $ 658
11 unchanged sentences
general and administrative expenses
−Removed: Three Months Ended March 31, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Six Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
12 unchanged sentences
Total 6,134 749 395 84 7,362
−Removed: Income before income tax 427 162 28 12 629
−Removed: Income tax expense ( 89 ) ( 41 ) ( 12 ) ( 2 ) ( 144 )
−Removed: Net income 338 121 16 10 485
+Added: Income (loss) before income tax 829 256 72 ( 21 ) 1,136
+Added: Income tax (expense) benefit ( 174 ) ( 65 ) ( 21 ) 4 ( 256 )
+Added: Net income (loss) 655 191 51 ( 17 ) 880
Amounts attributable to noncontrolling interests ( 54 ) ( 54 )
−Removed: Net income attributable to Loews Corporation $ 310 $ 121 $ 16 $ 10 $ 457
−Removed: March 31, 2024
+Added: Net income (loss) attributable to Loews Corporation $ 601 $ 191 $ 51 $ ( 17 ) $ 826
+Added: June 30, 2024
Total assets $ 65,149 $ 10,475 $ 2,480 $ 2,953 $ 81,057
−Removed: (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.
+Added: (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 170 million and unfavorable net prior year loss reserve development of $ 16 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:
−Removed: Three Months Ended March 31, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Six Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 616 $ 616
12 unchanged sentences
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.