What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-08-04 compared with 2025-05-05 · 334 added, 112 removed, 342 unchanged (57% of the section changed)

9 unchanged sentences

Parent Company

Catastrophes and Related Reinsurance

Critical Accounting Estimates

Accounting Standards Update

Recent Legislation

Forward-Looking Statements

9 unchanged sentences

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 months ended March 31, 2025 and 2024:

Three Months Ended March 31 2025 2024

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In millions, except per share data)

5 unchanged sentences

Basic and diluted net income per share $ 1.87 $ 1.67 $ 3.61 $ 3.72

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.

Net income attributable to Loews Corporation for the three months ended June 30, 2025 was $391 million, or $1.87 per share, compared to net income of $369 million, or $1.67 per share in the comparable 2024 period.

Net income attributable to Loews Corporation for the six months ended June 30, 2025 was $761 million, or $3.61 per share, compared to net income of $826 million, or $3.72 per share in the comparable 2024 period.

The increase in net income attributable to Loews Corporation for the three months ended June 30, 2025 as compared to the comparable 2024 period was primarily driven by higher net income at Boardwalk Pipelines and higher investment income at the parent company, partially offset by lower net income at CNA and Loews Hotels & Co.

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

Parent company investment income improved due to higher investment income from the parent company trading portfolio.

The decrease at CNA is due to unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves and higher investment losses, partially offset by higher net investment income and improved underwriting results in CNA’s commercial property and casualty insurance operations.

The decrease at Loews Hotels & Co is primarily due to lower equity income from joint ventures.

The decrease in net income attributable to Loews Corporation for the six months ended June 30, 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 Boardwalk Pipelines.

The decrease at CNA is primarily due to unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses, partially offset by higher net investment income and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations.

The decrease at Loews Hotels & Co is primarily due to lower equity income from joint ventures.

Parent company investment income decreased due to lower investment income from the parent company trading portfolio.

The 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 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.

The following table summarizes the results of operations for CNA for the three and six months ended June 30, 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 March 31 2025 2024

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In millions)

16 unchanged sentences

Net income attributable to Loews Corporation $ 274 $ 291 $ 526 $ 601

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.

Three Months Ended June 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation decreased year over year due to unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves and higher investment losses, partially offset by higher net investment income and improved underwriting results in CNA’s commercial property and casualty insurance operations.

Six Months Ended June 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation decreased $75 million for the six months ended June 30, 2025 as compared with the comparable 2024 period, primarily due to unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses, partially offset by higher net investment income and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations.

CNA’s Property & Casualty and Other Insurance Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business.

CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.

legacy mass tort reserves.

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

5 unchanged sentences

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.

27 unchanged sentences

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.

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 months ended March 31, 2025 and 2024:

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

The following tables present reconciliations of net income attributable to Loews Corporation to core income (loss), underwriting gain and underlying underwriting gain for t he three and six months ended June 30, 2025 and 2024:

Three Months Ended June 30, 2025 Specialty Commercial International Property & Casualty Other Insurance Operations Total

(In millions)

Net income (loss) attributable to Loews Corporation $ 151 $ 182 $ 49 $ 382 $ (108) $ 274

Investment (gains) losses 1 (1) — 7 7

Investment losses 12 19 31 5 36

Noncontrolling interests 14 17 4 35 (10) 25

4 unchanged sentences

Income tax expense on core income (49) (57) (18) (124)

Underwriting gain (loss) 42 (17) 15 40

Underwriting gain 53 74 23 150

Effect of catastrophe losses 57 5 62

1 unchanged sentence

Underlying underwriting gain $ 53 $ 132 $ 28 $ 213

Three Months Ended March 31, 2024

Three Months Ended June 30, 2024

Net income (loss) attributable to Loews Corporation $ 151 $ 147 $ 41 $ 339 $ (48) $ 291

4 unchanged sentences

Non-insurance warranty revenue 16 16

Other expense, including interest expense (14) (3) (1) (18)

Income tax expense on core income (47) (44) (12) (103)

Underwriting gain 60 39 25 124

Effect of catastrophe losses 76 6 82

Effect of favorable development-related items (3) (3) (6)

Underlying underwriting gain $ 57 $ 115 $ 28 $ 200

Six Months Ended June 30, 2025 Specialty Commercial International Property & Casualty Other Insurance Operations Total

(In millions)

Net income (loss) attributable to Loews Corporation $ 288 $ 297 $ 84 $ 669 $ (143) $ 526

Investment (gains) losses 13 19 (1) 31 12 43

Noncontrolling interests 26 26 7 59 (12) 47

Core income (loss) $ 327 $ 342 $ 90 $ 759 $ (143) $ 616

Net investment income 321 383 72 776

Non-insurance warranty revenue 26 26

Other revenue (expense), including interest expense (25) (7) 11 (21)

2 unchanged sentences

Effect of catastrophe losses 143 16 159

Effect of unfavorable development-related items 10 53 63

Underlying underwriting gain $ 105 $ 253 $ 54 $ 412

Six Months Ended June 30, 2024

Net income (loss) attributable to Loews Corporation $ 304 $ 279 $ 75 $ 658 $ (57) $ 601

Investment (gains) losses 15 21 (1) 35 (9) 26

Noncontrolling interests 27 25 7 59 (5) 54

Core income (loss) $ 346 $ 325 $ 81 $ 752 $ (71) $ 681

Net investment income 304 351 63 718

Non-insurance warranty revenue 29 29

Other expense, including interest expense (28) (7) (3) (38)

Income tax expense on core income (95) (87) (25) (207)

Underwriting gain 136 68 46 250

Effect of catastrophe losses 158 12 170

Effect of favorable development-related items (8) (3) (11)

1 unchanged sentence

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 months e nded March 31, 2025 and 2024.

Three Months Ended March 31, 2025 Specialty

Three Months Ended June 30, 2025 Specialty

International

4 unchanged sentences

Net earned premiums 862 1,402 324 2,588

Underwriting gain (loss) 42 (17) 15 40

Underwriting gain 53 74 23 150

Net investment income 170 206 38 414

6 unchanged sentences

Effect of catastrophe impacts 4.2 1.4 2.4

Underlying combined ratio 93.6 % 90.6 % 91.4 % 91.7 %

Underlying loss ratio 60.1 % 62.9 % 58.5 % 61.5 %

Rate 3 % 5 % (4)% 3 %

Renewal premium change 4 6 (1) 5

Retention 86 81 86 83

New business $ 122 $ 420 $ 103 $ 645

Three Months Ended June 30, 2024

Gross written premiums $ 1,728 $ 1,927 $ 417 $ 4,072

Gross written premiums excluding third-party captives 984 1,802 417 3,203

Net written premiums 857 1,458 359 2,674

Net earned premiums 831 1,247 311 2,389

Underwriting gain 60 39 25 124

Net investment income 154 175 32 361

Core income 169 167 44 380

Other performance metrics:

Loss ratio 59.2 % 68.0 % 59.1 % 63.8 %

Expense ratio 33.2 28.5 32.8 30.7

Dividend ratio 0.3 0.5 0.3

Combined ratio 92.7 % 97.0 % 91.9 % 94.8 %

Effect of catastrophe impacts 6.1 2.0 3.5

Effect of favorable development-related items (0.4) (0.1) (1.0) (0.3)

Underlying combined ratio 93.1 % 91.0 % 90.9 % 91.6 %

Underlying loss ratio 59.6 % 62.0 % 58.1 % 60.6 %

Renewal premium change 1 % 7 2 % 5

Retention 90 84 80 85

New business $ 118 $ 405 $ 72 $ 595

Six Months Ended June 30, 2025 Specialty

International

(In millions, except %)

Gross written premiums $ 3,364 $ 3,918 $ 810 $ 8,092

Gross written premiums excluding third-party captives 1,943 3,742 810 6,495

Net written premiums 1,734 3,061 657 5,452

Net earned premiums 1,692 2,782 634 5,108

Underwriting gain 95 57 38 190

Net investment income 321 383 72 776

Core income 327 342 90 759

Other performance metrics:

Loss ratio 60.7 % 70.0 % 61.0 % 65.8 %

Expense ratio 33.3 27.4 33.0 30.1

Dividend ratio 0.3 0.5 0.4

Combined ratio 94.3 % 97.9 % 94.0 % 96.3 %

Effect of catastrophe impacts 5.2 2.5 3.1

Effect of unfavorable development-related items 0.6 1.9 1.2

5 unchanged sentences

New business $ 234 $ 790 $ 186 $ 1,210

Three Months Ended March 31, 2024

Six Months Ended June 30, 2024

Gross written premiums $ 3,410 $ 3,613 $ 791 $ 7,814

18 unchanged sentences

New business $ 212 $ 772 $ 140 $ 1,124

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.

Three Months Ended June 30, 2025 Compared to the Comparable 2024 Period

Gross written premiums, excluding third-party captives, for Specialty increased $29 million for the three months ended June 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention.

Net written premiums for Specialty increased $35 million for the three months ended June 30, 2025 as compared with the comparable 2024 period.

The increase in net earned premiums for the three months ended June 30, 2025 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $138 million for the three months ended June 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention.

Net written premiums for Commercial increased $105 million for the three months ended June 30, 2025 as compared with the comparable 2024 period.

The increase in net earned premiums for the three months ended June 30, 2025 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International increased $20 million for the three months ended June 30, 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 and retention partially offset by lower rate.

Net written premiums for International increased $32 million for the three months ended June 30, 2025 as compared with the comparable 2024 period.

Excluding the effect of foreign currency exchange rates, net written premiums increased $26 million for the three months ended June 30, 2025 as compared with the comparable 2024 period.

The increase in net earned premiums for the three months ended June 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $68 million for the three months ended June 30, 2025 as compared with the comparable 2024 period, primarily driven by higher net investment income and improved underwriting results.

Catastrophe losses for Property & Casualty Operations were $62 million for the three months ended June 30, 2025 as compared with $82 million for the comparable 2024 period.

For the three months ended June 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $57 million and $76 million and International had catastrophe losses of $5 million and $6 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $4 million and $12 million was recorded for the three months ended June 30, 2025 and 2024.

For the three months ended June 30, 2025 and 2024, Specialty recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $3 million, Commercial recorded favorable net prior year loss reserve development of $4 million and $6 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $3 million.

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 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 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.

Specialty’s combined ratio increased 0.9 points for the three months ended June 30, 2025 as compared with the comparable 2024 period due to a 0.9 point increase in the loss ratio.

The increase in the loss ratio was due to an increase in the underlying loss ratio and no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period.

The expense ratio was consistent with the comparable 2024 period.

Commercial’s combined ratio improved 2.2 points for the three months ended June 30, 2025 as compared with the comparable 2024 period due to a 1.3 point improvement in the expense ratio and a 0.9 point improvement in the loss ratio.

The improvement in the expense ratio was primarily driven by higher net earned premiums and a lower acquisition ratio.

The improvement in the loss ratio was primarily due to lower catastrophes losses, which were 4.2 points of the loss ratio for the three months ended June 30, 2025, as compared with 6.1 points of the loss ratio in the comparable 2024 period, partially offset by an increase in the underlying loss ratio driven by the continuation of elevated loss cost trends in commercial auto.

International’s combined ratio increased 0.9 points for the three months ended June 30, 2025 as compared with the comparable 2024 period largely due to a 0.8 point increase in the loss ratio.

The increase in the loss ratio was primarily driven by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period and an increase in the underlying loss ratio, partially offset by lower catastrophe losses, which were 1.4 points of the loss ratio for the three months ended June 30, 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.

Six Months Ended June 30, 2025 Compared to the Comparable 2024 Period

Gross written premiums, excluding third-party captives, for Specialty increased $79 million for the six months ended June 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, and higher new business, partially offset by lower retention.

Net written premiums for Specialty increased $85 million for the six months ended June 30, 2025 as compared with the comparable 2024 period.

The increase in net earned premiums for the six months ended June 30, 2025 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $305 million for the six months ended June 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention.

Net written premiums for Commercial increased $265 million for the six months ended June 30, 2025 as compared with the comparable 2024 period.

The increase in net earned premiums for the six months ended June 30, 2025 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International increased $19 million for the six months ended June 30, 2025 as compared with the comparable 2024 period.

Excluding the effect of foreign currency exchange rates, gross written premiums increased $28 million driven by higher new business and retention partially offset by lower rate.

Net written premiums for International increased $38 million for the six months ended June 30, 2025 as compared with the comparable 2024 period.

Excluding the effect of foreign currency exchange rates, net written premiums increased $45 million for the six months ended June 30, 2025 as compared with the comparable 2024 period.

The increase in net earned premiums for the six months ended June 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $7 million for the six months ended June 30, 2025 as compared with the comparable 2024 period, primarily driven by higher net investment income and improved underlying underwriting results, partially offset by unfavorable net prior year loss reserve development compared to favorable net prior year loss reserve development in the comparable 2024 period.

Catastrophe losses for Property & Casualty Operations were $159 million for the six months ended June 30, 2025 as compared with $170 million for the comparable 2024 period.

For the six months ended June 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $143 million and $158 million and International had catastrophe losses of $16 million and $12 million.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $57 million and favorable net prior year loss reserve development of $19 million was recorded for the six months ended June 30, 2025 and 2024.

For the six months ended June 30, 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $10 million and favorable net prior year loss reserve development of $8 million, Commercial recorded unfavorable net prior year loss reserve development of $47 million and favorable net prior year loss reserve development of $8 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $3 million.

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 2.6 points for the six months ended June 30, 2025 as compared with the comparable 2024 period primarily due to a 1.8 point increase in the loss ratio and a 0.8 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 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 employee related and acquisition costs partially offset by higher net earned premiums.

Commercial’s combined ratio increased 0.6 points for the six months ended June 30, 2025 as compared with the comparable 2024 period due to a 1.6 point increase in the loss ratio, partially offset by a 1.0 point improvement in the expense ratio.

The increase in the loss ratio was due to unfavorable net prior year loss reserve development and an increase in the underlying loss ratio driven by the continuation of elevated loss cost trends in commercial auto, partially offset by lower catastrophe losses which were 5.2 points of the loss ratio for the six months ended June 30, 2025 as compared with 6.4 points of the loss ratio for the comparable 2024 period.

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

International’s combined ratio increased 1.4 points for the six months ended June 30, 2025 as compared with the comparable 2024 period due to a 1.4 point increase in the loss ratio.

The increase in the loss ratio was primarily driven by higher catastrophe losses, which were 2.5 points of the loss ratio for the six months ended June 30, 2025 as compared with 2.0 points of the loss ratio for the comparable 2024 period, and no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period.

The expense ratio was consistent with the comparable 2024 period.

Other Insurance Operations

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

The following table summarizes the results of CNA’s Other Insurance Operations for the three and six months ended June 30, 2025 and 2024.

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In millions)

2 unchanged sentences

Core loss (113) (54) (143) (71)

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.

Three Months Ended June 30, 2025 Compared to the Comparable 2024 Period

Core results for Other Insurance Operations decreased $59 million for the three months ended June 30, 2025 as compared with the comparable 2024 period.

The decrease was primarily due to an $88 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $28 million after-tax charge in the comparable 2024 period, as a result of CNA’s annual comprehensive review of legacy mass tort exposures undertaken in the second quarter of each year.

The current quarter development charge included certain amounts in anticipation of the agreement in principle with regards to the Diocese of Rochester.

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.

Six Months Ended June 30, 2025 Compared to the Comparable 2024 Period

Core results for Other Insurance Operations decreased $72 million for the six months ended June 30, 2025 as compared with the comparable 2024 period, primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $28 million after-tax charge in the comparable 2024 period.

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

4 unchanged sentences

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.

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.

Current Growth Projects

Boardwalk Pipelines regularly reviews opportunities to expand its existing facilities and footprint to meet growing demand for transportation and storage services.

Recent growth of liquefied natural gas export and power generation demand has led to growth projects for Boardwalk Pipelines.

As of June 30, 2025, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 2.6 billion cubic feet per day (“Bcf/d”) at an aggregate cost of approximately $1.7 billion and are scheduled to be completed through 2029.

These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits.

These projects have lengthy planning and construction periods and, as a result, will not contribute to Boardwalk Pipelines’ earnings and cash flows until they receive the required regulatory approvals and permits and are constructed and placed into service over the next several years.

F or further discussion of capital expenditures and financing, please see Liquidity and Capital Resources:

Subsidiaries of this MD&A.

Boardwalk Pipelines’ cost and timing estimates for these projects are based on a variety of inputs such as contractor indicativ e bids, quotes on materials and internally-developed financial models, metrics and timelines and are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals and the cost thereof, adverse weather conditions during construction, its ability to acquire and cost of obtaining the right to construct and operate on land not owned by Boardwalk Pipelines, delays in obtaining and shortages and price increases for key materials (including pipe, compressor stations and related equipment), tariff implications and shortages and increased costs of qualified labor.

Factors in the estimates include, among other things, those related to pipeline costs based on mileage, size and type of pipe, materials including compressors and related equipment, land, engineering and construction costs and timely receipt of all necessary permits and approvals.

Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates.

In addition, failure to timely meet development milestones may result in, among other things, contractual counterparties having the ability to terminate contracts with Boardwalk Pipelines.

Refer to Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.

The below identifies Boardwalk Pipelines’ more significant growth projects:

The Kosciusko Junction Project (“Kosci project”) is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by 1.2 Bcf/d through the addition of compression facilities, the installation of 110 miles of natural gas pipeline, and other system modifications.

The capacity for this project is supported by precedent agreements with utility customers, including two precedent agreements that were executed in July 2025 .

This project is designed to connect supply from the Haynesville, Utica/Marcellus and Fayetteville basins to markets in the southeast U.S.

that are either tied into Boardwalk Pipelines’ existing pipeline systems or will be served through third-party pipeline interconnects.

This project has an expected in-service date of the first half of 2029 and remains subject to Federal Energy Regulatory Commission (“FERC”) approval, acquisition of land rights, and receipt of environmental permits and authorizations.

Boardwalk Pipelines executed two precedent agreements for the Southeast Compression for Utility Reliability Expansion Project (“SECURE project”), which is expected to increase the capacity of its pipeline system by 0.3 Bcf/d and provide additional transportation from west to east across its pipeline systems.

This project is expected to increase the peak-day transmission capacity by increasing the horsepower at three existing compressor stations and constructing a new compressor station.

This project supports growing energy demands and power generation needs, has an expected in-service date of the first half of 2028, and remains subject to FERC approval and receipt of environmental permits and authorizations.

The Parks Line Upgrade and Sorrento Station Project (“PLUSS project”) is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by approximately 0.2 Bcf/d of incremental capacity and is supported by precedent agreements to serve industrial and power markets in the Mississippi River corridor.

As part of the project, Boardwalk Pipelines intends to add compression facilities, modify its pipelines and perform other system modifications on its pipeline systems.

This project has an expected in-service date of the first half of 2028 and remains subject to FERC approval, acquisition of land rights, and receipt of environmental permits and authorizations.

The Eunice – Iowa project is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by approximately 0.1 Bcf/d of incremental capacity to the Lake Charles, Louisiana area and is supported by three precedent agreements.

The project has an expected in-service date of the first half of 2027 and consists of the addition of compression facilities.

This project was recently approved by FERC but remains subject to acquisition of land rights.

The Northeast Texas Power Plant Project is expected to increase the delivery capacity of Boardwalk Pipelines’ pipeline system by approximately 0.3 Bcf/d in Northeast Texas, through the construction of 16 miles of natural gas pipeline and a delivery meter that will connect to a power plant.

The project is supported by a precedent agreement with a utility customer, is expected to be in-service the second half of 2027 and remains subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations.

The Ohio Power Plant Project is expected to increase the delivery capacity of Boardwalk Pipelines’ pipeline system by approximately 0.3 Bcf/d in Hamilton County, Ohio, through the construction of seven miles of natural gas pipeline and a delivery meter that will connect to a power plant.

The project is supported by a precedent agreement with a utility customer, is expected to be in-service the first half of 2028 and remains subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations.

The Carnation project is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by approximately 0.2 Bcf/d of incremental capacity in Hamilton County, Ohio, through the installation of a compressor unit and auxiliary equipment.

This project is supported by a precedent agreement with a local distribution company and is expected to support regional energy needs.

It has an expected in-service date of the second half of 2027 and remains subject to FERC approval and receipt of environmental permits and authorizations.

In addition to growth projects for which Boardwalk Pipelines has executed precedent agreements, it regularly considers other potential growth projects at earlier stages of development.

Boardwalk Pipelines may from time to time make public disclosures regarding these potential projects, for instance, through announcements of open seasons for potential future capacity.

In addition to the risks and uncertainties described above regarding the growth projects for which Boardwalk Pipelines has executed precedent agreements, these potential growth projects at earlier stages of development are subject to a variety of additional risks and uncertainties as Boardwalk Pipelines has not reached final investment decisions or secured executed precedent agreements for them.

Therefore, these potential growth projects at earlier stages of development are highly speculative and may not be consummated as contemplated in any such public disclosures or at all.

Results of Operations

The following table summarizes the results of operations for Boardwalk Pipelines for the three and six months ended June 30, 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 as EBITDA is a commonly used metric within the midstream industry.

Three Months Ended March 31 2025 2024

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In millions)

11 unchanged sentences

EBITDA $ 274 $ 240 $ 620 $ 547

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.

Three Months Ended June 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation and EBITDA increased $18 million and $34 million for the three months ended June 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below.

Total revenues increased $49 million for the three months ended June 30, 2025 as compared with the comparable 2024 period.

Boardwalk Pipelines’ transportation revenues increased $32 million, primarily due to re-contracting at higher rates and recently completed growth projects;

storage, parking and lending revenues increased $10 million due to favorable market conditions which allowed for contracting at higher rates;

and product sales revenues increased $14 million primarily due to higher ethane pricing in 2025.

Operating and other expenses increased $33 million for the three months ended June 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with higher ethane pricing, higher depreciation and amortization expense and increased property taxes from higher assessments and an increased asset base.

Interest expenses decreased $7 million for the three months ended June 30, 2025 as compared with the comparable 2024 period due to the pre-financing of long-term debt in 2024 .

Six Months Ended June 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation and EBITDA increased $49 million and $73 million for the six months ended June 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below.

Total revenues increased $154 million for the six months ended June 30, 2025 as compared with the comparable 2024 period.

Boardwalk Pipelines’ transportation revenues increased $66 million, primarily due to re-contracting at higher rates and recently completed growth projects;

storage, parking and lending revenues increased $16 million due to favorable market conditions which allowed for contracting at higher rates;

and product sales revenues increased $82 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 .

Operating and other expenses increased $102 million for the six months ended June 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with increased ethane product sales, higher depreciation and amortization expense and increased property taxes from higher assessments and an increased asset base.

Interest expenses decreased $11 million for the six months ended June 30, 2025 as compared with the comparable 2024 period due to the pre-financing of long-term debt in 2024 .

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 months ended March 31, 2025 and 2024:

Three Months Ended March 31 2025 2024

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three and six months ended June 30, 2025 and 2024:

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In millions)

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Depreciation and amortization

120 108 226 214

$ 274 $ 240 $ 620 $ 547

Loews Hotels & Co

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

The following table summarizes the results of operations for Loews Hotels & Co for the three and six months ended June 30, 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 Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In millions)

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Net income attributable to Loews Corporation $ 28 $ 35 $ 28 $ 51

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 .

Net income attributable to Loews Corporation decreased $7 million and $23 million for the three and six months ended June 30, 2025 as compared with the comparable 2024 periods primarily due to the reasons discussed below.

Operating revenues improved by $3 million and $31 million and operating and other expenses increased by $1 million and $19 million for the three and six months ended June 30, 2025 as compared with the comparable 2024 periods.

The increas e in operating revenues during the six month period was primarily driven by growth in overall average daily rate, an increase in the number of occupied room nights and increased food and beverage revenues.

The increase in operating and other expenses was driven by the costs associated with the increased number of occupied room nights and the termination of a contract with a minority owner in the first quarter of 2025.

Equity income from joint ventures decreased $3 million and $24 million for the three and six months ended June 30, 2025 as comp ared with the comparable 2024 periods.

The decrease was primarily driven by an increase in expenses, including depreciation and interest expense, related to the three new hotels at the Universal Orlando Resort which opened in 2025.

In addition, equity income from join t ventures was negatively impacted by the reduction in distributions for one joint venture property due to property improvement costs and an impairment charge recorded at another joint venture hotel that reduced Loews Hotels & Co’s equity income by $9 million in the first quarter of 2025 .

Depreciation and amortization expense increased $3 million for the six months ended June 30, 2025 as compared with the comparable 2024 pe riod mainly due to the Loews Arlington Hotel and Convention Center.

Interest expense increased $4 million and $14 million for the three and six months ended June 30, 2025 as compared with the comparable 2024 perio ds 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 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

The following table summarizes the results of operations for Corporate for the three and six months ended June 30, 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 Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In millions)

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Interest 18 19 36 38

Total 44 42 85 84

Income (loss) before income tax 3 (33) (38) (21)

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Net income (loss) attributable to Loews Corporation $ 1 $ (27) $ (33) $ (17)

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.

Net income attributable to Loews Corporation of $1 million was recorded for the three months ended June 30, 2025 as compared with net loss of $27 million for the comparable 2024 period.

Net loss attributable to Loews Corporation was $33 million for the six months ended June 30, 2025 as compared with net loss of $17 million for the comparable 2024 period.

The change in net loss for the three and six month periods is primarily due to the reason discussed below.

Net investment income for the Parent Company increased $38 million and decreased $16 million for the three and six months ended June 30, 2025 as compared with the comparable 2024 periods, primarily due to results from the trading portfolio.

LIQUIDITY AND CAPITAL RESOURCES

Parent Company

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 .

Parent Company cash and investments, net of receivables and payables, totaled $3.4 billion at June 30, 2025 as compared to $3.3 billion at December 31, 2024.

During the six months ended June 30, 2025 , we received $875 million in cash dividends from our subsidiaries:

$725 million from CNA, including a special cash dividend of $497 million, and distributions of $150 million from Boardwalk Pipelines.

Cash outflows during the six months ended June 30, 2025 included the payment of $651 million to fund treasury stock purchases and $26 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.

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We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.

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.

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.

Depending on market and other conditions, we may purchase shares of our and our subsidiaries outstanding common stock in the open market (including, with respect to our common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise.

During the six months ended June 30, 2025, we purchased 7.4 million shares of Loews Corporation common stock for $627 million .

As of August 1, 2025, we repurchased 0.1 million additional shares of Loews Corporation common stock in

2025 for $9 million.

As of August 1, 2025, there were 207,426,395 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 $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 cash provided by operating activities was $1.2 billion for the six months ended June 30, 2025 as compared with $1.1 billion for the comparable 2024 period.

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

CNA paid cash dividends of $2.92 per share on its common stock, including a special cash dividend of $2.00 per share, during the six months ended June 30, 2025.

On August 1, 2025 , CNA’s Board of Directors declared a quarterly cash dividend of $0.46 per share, payable September 4, 2025 to shareholders of record on August 18, 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.

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

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.

As of June 30, 2025, CCC was in a positive earned surplus position.

CCC paid dividends of $610 million and $490 million during the six months ended June 30, 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.

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 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.

Boardwalk Pipelines’ cash provided by operating activities was $542 million for the six months ended June 30, 2025 as compared with $473 million for the comparable 2024 period.

As described in Boardwalk Pipelines:

Current Growth Projects in this MD&A, Boardwalk Pipelines is currently engaged in growth projects for which it has executed precedent or long-term firm transportation agreements with an expected aggregate cost of approximately $1.7 billion, which is expected to be spent through 2029.

The majority of the capital expenditures for each of these projects is expected to be spent upon receiving FERC approval to begin construction, which is generally 12-18 months prior to the project’s in-service date.

Boardwalk Pipelines expects to finance these growth projects through a combination of operating cash flows and the issuance of long-term debt, including borrowings under its revolving credit facility.

Boardwalk Pipelines’ cost and timing estimates for these projects are subject to a variety of risks and uncertainties and are based on the factors described in Boardwalk Pipelines:

Current Growth Projects in this MD&A.

Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates.

The nature of Boardwalk Pipelines’ existing growth projects will require it to enhance or modify its existing assets to accommodate increased operating pressures or changing flow patterns.

Boardwalk Pipelines considers capital expenditures associated with the modification or enhancement of existing assets in the context of a growth project to be growth capital to the extent that the modification would not have been made in the absence of the growth project without regard to the condition of the existing assets.

For the six months ended June 30, 2025 and 2024, Boardwalk Pipelines’ capital expenditures were $122 million and $196 million, consisting of growth capital expenditures of $51 million and $124 million and maintenance capital expenditures of $71 million and $72 million.

Additionally, as of June 30, 2025, Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $279 million, which are expected to be settled through the end of 2028.

As of June 30, 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, 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.

As of June 30, 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.

Boardwalk Pipelines expects to retire the outstanding $550 million aggregate principal amount of its 6.0% debt in June 2026 at maturity, through borrowings under its revolving credit facility or the issuance of debt securities.

During the six months ended June 30, 2025 , Boardwalk Pipelines paid distributions of $150 million to the Company.

Loews Hotels & Co, through its subsidiaries, has mortgage loans maturing beyond twelve months as of June 30, 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.

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

Three Months Ended March 31 2025 2024

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In millions)

8 unchanged sentences

Limited partnership and common stock return for the period 3.6 % 3.1 % 5.7 % 6.1 %

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.

CNA’s net investment income increased $44 million and $39 million for the three and six months ended June 30, 2025 as compared with the comparable 2024 periods, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates, as well as favorable limited partnership and common stock returns.

Investment Gains (Losses)

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

Three Months Ended March 31 2025 2024

Three Months Ended Six Months Ended

June 30, June 30,

2025 2024 2025 2024

(In millions)

11 unchanged sentences

Investment losses attributable to Loews Corporation $ (34) $ (7) $ (40) $ (23)

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.

CNA’s pretax investment losses increased $36 million for the three months ended June 30, 2025 as compared with the comparable 2024 period, driven by higher net losses on disposals of fixed maturity securities and higher impairment losses, partially offset by the favorable change in fair value of non-redeemable preferred stock.

CNA’s pretax investment losses increased $23 million for the six months ended June 30, 2025 as compared with the comparable 2024 period, driven by higher net losses on disposals of fixed maturity securities and a lower favorable change in the fair value of non-redeemable preferred stock.

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:

March 31, 2025

June 30, 2025

December 31, 2024

11 unchanged sentences

Total $ 42,799 $ (1,876) $ 41,111 $ (2,325)

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.

As of June 30, 2025 and December 31, 2024, 1% of CNA’s fixed maturity portfolio was rated internally.

Additionally, as of June 30, 2025 and December 31, 2024, CNA assigned a AAA rating to $287 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S.

government agency or sponsored enterprise.

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

March 31, 2025

June 30, 2025

Estimated Fair Value

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

March 31, 2025

June 30, 2025

Estimated Fair Value

14 unchanged sentences

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

March 31, 2025

June 30, 2025

December 31, 2024

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A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures about Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.

CATASTROPHES AND RELATED REINSURANCE

Various events can cause catastrophe losses.

These events can be natural or man-made, including hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires, floods, riots, strikes, civil unrest, cyber attacks, pandemics and acts of terrorism that produce unusually large aggregate losses.

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

CNA uses various analyses and methods, including using one of the industry standard natural catastrophe models, to estimate hurricane and earthquake losses at various return periods and to inform underwriting and reinsurance decisions designed to manage its exposure to catastrophic events.

CNA also generally seeks to manage its exposure through the purchase of catastrophe reinsurance and utilizes various reinsurance programs to mitigate catastrophe losses, including excess-of-loss occurrence and aggregate treaties covering property and workers’ compensation, a property quota share treaty and the Terrorism Risk Insurance Program Reauthorization Act of 2019 (“TRIPRA”), as well as individual risk agreements that reinsure from losses from specific classes or lines of business.

CNA regularly reviews its risk and catastrophe reinsurance coverages and from time to time makes changes as it deems appropriate.

In the second quarter of 2025, CNA renewed its excess-of-loss property catastrophe reinsurance as described below:

Group North American Property Treaty

CNA purchased corporate catastrophe excess-of-loss treaty reinsurance covering its U.S.

states and territories and Canadian property exposures underwritten in its North American and European companies.

The treaty has a term of June 1, 2025 to June 1, 2026 and provides coverage for the accumulation of covered losses from catastrophe occurrences above CNA’s per occurrence retention of $275 million up to $1.4 billion for all losses.

Losses stemming from terrorism events are covered unless they are due to a nuclear, biological or chemical attack.

All layers of the treaty provide for one full reinstatement.

Group Workers’ Compensation Treaty

CNA also purchased corporate workers’ compensation catastrophe excess-of-loss treaty reinsurance for the period January 1, 2025 to January 1, 2026 providing $275 million of coverage for the accumulation of covered losses related to natural catastrophes above CNA’s per occurrence retention of $25 million.

The treaty also provides $775 million of coverage for the accumulation of covered losses related to terrorism events above CNA’s per occurrence retention of $25 million.

Of the $775 million in terrorism coverage, $200 million is provided for nuclear, biological, chemical and radiation events.

All layers of the treaty provide for one full reinstatement.

CRITICAL ACCOUNTING ESTIMATES

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For a discussion of accounting standards updates that have been adopted, please read Note 1 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

RECENT LEGISLATION

On July 4, 2025, H.R.

1, “An Act to provide for reconciliation pursuant to title II of H.

14,” commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was enacted.

The OBBBA includes significant federal tax law changes which, among other impacts, modify and make permanent certain business tax provisions originally enacted in the 2017 Tax Cuts and Jobs Act.

The Company is currently evaluating the impact of the OBBBA but does not expect it to have a material impact on the Company’s results of operations or financial condition.

The OBBBA is subject to further clarification from the issuance of future technical guidance by the U.S.

Department of Treasury.

FORWARD-LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this Report as well as in other of our and our subsidiaries’ SEC filings and periodic press releases and certain statements made by us and our subsidiaries and our and their officials in presentations or remarks may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”).

Forward-looking statements include, without limitation, any statement that does not directly relate to any historical or current fact and may project, indicate or imply future results, events, performance or achievements.

achievements.

Such statements may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions.

5 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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis