Item 1. Financial Statements
Item 1. Financial Statements.
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
June 30, December 31,
2025 2024
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $ 45,283 and $ 44,196 , less allowance for credit loss of $ 51 and $ 45
$ 43,357 $ 41,827
Equity securities, cost of $ 1,221 and $ 969
1,294 1,064
Limited partnership investments 2,754 2,520
Other invested assets, primarily mortgage loans, less allowance for credit loss of $ 40 and $ 35
1,138 1,113
Short-term investments 4,452 4,606
Total investments 52,995 51,130
Cash 447 541
Receivables 11,357 10,522
Property, plant and equipment 10,666 10,738
Goodwill 349 347
Deferred non-insurance warranty acquisition expenses 3,441 3,525
Deferred acquisition costs of insurance subsidiaries 1,021 959
Other assets 4,392 4,181
Total assets $ 84,668 $ 81,943
Liabilities and Equity:
Insurance reserves:
Claim and claim adjustment expense $ 26,203 $ 24,976
Future policy benefits 13,329 13,158
Unearned premiums 7,890 7,346
Total insurance reserves 47,422 45,480
Payable to brokers 374 110
Short-term debt 1,005 5
Long-term debt 7,942 8,939
Deferred income taxes 633 550
Deferred non-insurance warranty revenue 4,421 4,530
Other liabilities 4,482 4,392
Total liabilities 66,279 64,006
Commitments and contingent liabilities
Preferred stock, $ 0.10 par value:
Authorized – 100,000,000 shares
Common stock, $ 0.01 par value:
Authorized – 1,800,000,000 shares
Issued – 215,049,854 and 214,912,595 shares
2 2
Additional paid-in capital 2,467 2,490
Retained earnings 17,198 16,459
Accumulated other comprehensive loss ( 1,502 ) ( 1,867 )
18,165 17,084
Less treasury stock, at cost ( 7,577,782 and 212,251 shares)
( 651 ) ( 18 )
Total shareholders’ equity 17,514 17,066
Noncontrolling interests 875 871
Total equity 18,389 17,937
Total liabilities and equity $ 84,668 $ 81,943
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In millions, except per share data)
Revenues:
Insurance premiums $ 2,694 $ 2,498 $ 5,320 $ 4,939
Net investment income 714 639 1,322 1,308
Investment losses ( 46 ) ( 10 ) ( 55 ) ( 32 )
Non-insurance warranty revenue 398 404 795 811
Operating revenues and other 795 736 1,667 1,472
Total 4,555 4,267 9,049 8,498
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $ 15 , $ 25 , $ 23 and $ 40 )
2,085 1,882 4,112 3,689
Amortization of deferred acquisition costs 469 435 940 879
Non-insurance warranty expense 384 388 769 782
Operating expenses and other 989 968 1,980 1,848
Equity method income ( 18 ) ( 27 ) ( 17 ) ( 53 )
Interest 107 114 212 217
Total 4,016 3,760 7,996 7,362
Income before income tax 539 507 1,053 1,136
Income tax expense ( 123 ) ( 112 ) ( 245 ) ( 256 )
Net income 416 395 808 880
Amounts attributable to noncontrolling interests ( 25 ) ( 26 ) ( 47 ) ( 54 )
Net income attributable to Loews Corporation $ 391 $ 369 $ 761 $ 826
Basic and diluted net income per share $ 1.87 $ 1.67 $ 3.61 $ 3.72
Weighted average shares outstanding:
Shares of common stock 209.24 221.35 210.84 221.91
Dilutive potential shares of common stock 0.12 0.25 0.13 0.27
Total weighted average shares outstanding assuming dilution 209.36 221.60 210.97 222.18
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In millions)
Net income $ 416 $ 395 $ 808 $ 880
Other comprehensive income (loss), after tax
Changes in:
Net unrealized gains (losses) on investments with an allowance for credit losses 1 ( 2 ) 2
Net unrealized gains (losses) on other investments 74 ( 244 ) 356 ( 461 )
Total unrealized gains (losses) on investments 75 ( 244 ) 354 ( 459 )
Impact of changes in discount rates used to measure long-duration contract liabilities ( 3 ) 273 ( 117 ) 614
Unrealized gains (losses) on cash flow hedges ( 3 ) ( 1 ) ( 6 ) 1
Pension and postretirement benefits 1 6 2 12
Foreign currency translation 130 ( 10 ) 167 ( 43 )
Other comprehensive income 200 24 400 125
Comprehensive income 616 419 1,208 1,005
Amounts attributable to noncontrolling interests ( 42 ) ( 29 ) ( 81 ) ( 65 )
Total comprehensive income attributable to Loews Corporation $ 574 $ 390 $ 1,127 $ 940
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)
Loews Corporation Shareholders
Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury Noncontrolling Interests
(In millions)
Balance, April 1, 2024
$ 16,998 $ 2 $ 2,547 $ 16,060 $ ( 2,401 ) $ ( 24 ) $ 814
Net income 395 369 26
Other comprehensive income 24 21 3
Dividends paid ($ 0.0625 per share)
( 23 ) ( 14 ) ( 9 )
Purchase of subsidiary stock from noncontrolling interests ( 20 ) ( 20 )
Purchases of Loews Corporation treasury stock ( 182 ) ( 182 )
Stock-based compensation 11 11
Other ( 2 ) ( 2 ) ( 3 ) 3
Balance, June 30, 2024
$ 17,201 $ 2 $ 2,556 $ 16,415 $ ( 2,383 ) $ ( 206 ) $ 817
Balance, April 1, 2025
$ 18,034 $ 2 $ 2,451 $ 16,821 $ ( 1,685 ) $ ( 398 ) $ 843
Net income 416 391 25
Other comprehensive income 200 183 17
Dividends paid ($ 0.0625 per share)
( 23 ) ( 13 ) ( 10 )
Purchases of Loews Corporation treasury stock ( 253 ) ( 253 )
Stock-based compensation 11 10 1
Other 4 6 ( 1 ) ( 1 )
Balance, June 30, 2025
$ 18,389 $ 2 $ 2,467 $ 17,198 $ ( 1,502 ) $ ( 651 ) $ 875
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)
Loews Corporation Shareholders
Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury Noncontrolling Interests
(In millions)
Balance, January 1, 2024
$ 16,525 $ 2 $ 2,589 $ 15,617 $ ( 2,497 ) $ ( 7 ) $ 821
Net income 880 826 54
Other comprehensive income 125 114 11
Dividends paid ($ 0.125 per share)
( 93 ) ( 28 ) ( 65 )
Purchase of subsidiary stock from noncontrolling interests ( 20 ) ( 20 )
Purchases of Loews Corporation treasury stock ( 199 ) ( 199 )
Stock-based compensation ( 3 ) ( 22 ) 19
Other ( 14 ) ( 11 ) ( 3 )
Balance, June 30, 2024
$ 17,201 $ 2 $ 2,556 $ 16,415 $ ( 2,383 ) $ ( 206 ) $ 817
Balance, December 31, 2024, as reported
$ 17,937 $ 2 $ 2,490 $ 16,459 $ ( 1,867 ) $ ( 18 ) $ 871
Cumulative effect adjustments from changes in
accounting standards (Note 1) 5 5
Balance, January 1, 2025
17,942 2 2,490 16,464 ( 1,867 ) ( 18 ) 871
Net income 808 761 47
Other comprehensive income 400 366 34
Dividends paid ($ 0.125 per share)
( 91 ) ( 26 ) ( 65 )
Purchase of subsidiary stock from noncontrolling interests ( 34 ) ( 3 ) ( 1 ) ( 30 )
Purchases of Loews Corporation treasury stock ( 633 ) ( 633 )
Stock-based compensation ( 5 ) ( 24 ) 19
Other 2 4 ( 1 ) ( 1 )
Balance, June 30, 2025
$ 18,389 $ 2 $ 2,467 $ 17,198 $ ( 1,502 ) $ ( 651 ) $ 875
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30
2025 2024
(In millions)
Operating Activities:
Net income $ 808 $ 880
Adjustments to reconcile net income to net cash provided by operating activities, net 361 250
Changes in operating assets and liabilities, net:
Receivables ( 673 ) ( 599 )
Deferred acquisition costs ( 49 ) ( 55 )
Insurance reserves 1,414 1,255
Other assets ( 146 ) ( 172 )
Other liabilities 8 83
Trading securities 19 ( 492 )
Net cash flow provided by operating activities 1,742 1,150
Investing Activities:
Purchases of fixed maturities ( 3,756 ) ( 3,338 )
Proceeds from sales of fixed maturities 1,497 1,611
Proceeds from maturities of fixed maturities 1,613 1,109
Purchases of equity securities ( 296 ) ( 246 )
Proceeds from sales of equity securities 261 288
Purchases of limited partnership investments ( 280 ) ( 140 )
Proceeds from sales of limited partnership investments 51 30
Purchases of property, plant and equipment ( 232 ) ( 318 )
Dispositions 23
Change in short-term investments 163 ( 338 )
Other, net ( 34 ) 43
Net cash flow used by investing activities ( 1,013 ) ( 1,276 )
Financing Activities:
Dividends paid ( 26 ) ( 28 )
Dividends paid to noncontrolling interests ( 65 ) ( 65 )
Purchases of Loews Corporation treasury stock ( 651 ) ( 203 )
Purchases of subsidiary stock from noncontrolling interests ( 34 ) ( 20 )
Principal payments on debt ( 3 ) ( 762 )
Issuance of debt 1,323
Other, net ( 63 ) ( 45 )
Net cash flow provided by (used by) financing activities ( 842 ) 200
Effect of foreign exchange rate on cash 19 ( 3 )
Net change in cash ( 94 ) 71
Cash, beginning of period 541 399
Cash, end of period $ 447 $ 470
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92 % owned subsidiary); transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders. In 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.
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.
The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Operations. 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. 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. 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): Accounting for and Disclosure of Crypto Assets.” The updated accounting guidance requires that an entity measure crypto assets at fair value in the statement of financial position each reporting period and recognize changes from remeasurement in net income. The guidance was effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The update required a cumulative-effect adjustment to the opening balance at the date of adoption. The Company adopted the guidance on January 1, 2025 and recorded an increase to Retained earnings of $ 5 million.
Recently issued ASUs - In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
In November of 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
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2. Investments
Net investment income is as follows:
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In millions)
Fixed maturity securities $ 536 $ 511 $ 1,057 $ 1,013
Limited partnership investments 81 74 137 128
Short-term investments 16 20 35 49
Equity securities (a) 27 13 33 35
Income from trading portfolio (a) 52 11 56 69
Other 28 34 54 62
Total investment income 740 663 1,372 1,356
Investment expenses ( 26 ) ( 24 ) ( 50 ) ( 48 )
Net investment income $ 714 $ 639 $ 1,322 $ 1,308
(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:
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In millions)
Fixed maturity securities:
Gross gains $ 5 $ 13 $ 18 $ 27
Gross losses ( 53 ) ( 25 ) ( 75 ) ( 71 )
Investment losses on fixed maturity securities ( 48 ) ( 12 ) ( 57 ) ( 44 )
Equity securities (a) 6 1 6 12
Short-term investments and other ( 4 ) 1 ( 4 )
Investment losses $ ( 46 ) $ ( 10 ) $ ( 55 ) $ ( 32 )
(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
$ 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:
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Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds $ 4 $ 6 $ 11 $ 15
Asset-backed 5 5 5
Impairment losses recognized in earnings $ 9 $ 6 $ 16 $ 20
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. T here were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2024.
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The following tables present a summary of fixed maturity securities:
June 30, 2025 Cost or Amortized Cost Gross Unrealized
Gains Gross Unrealized
Losses Allowance
for Credit Losses Estimated
Fair Value
(In millions)
Fixed maturity securities:
Corporate and other bonds $ 26,205 $ 566 $ 1,069 $ 14 $ 25,688
States, municipalities and political
subdivisions 8,044 223 892 7,375
Asset-backed:
Residential mortgage-backed 3,947 25 427 3,545
Commercial mortgage-backed 1,705 17 106 18 1,598
Other asset-backed 3,783 25 213 19 3,576
Total asset-backed 9,435 67 746 37 8,719
U.S. Treasury and obligations of
government sponsored enterprises 231 5 226
Foreign government 744 7 26 725
Fixed maturities available-for-sale $ 44,659 $ 863 $ 2,738 $ 51 $ 42,733
Fixed maturities trading 624 624
Total fixed maturity securities $ 45,283 $ 863 $ 2,738 $ 51 $ 43,357
December 31, 2024
Fixed maturity securities:
Corporate and other bonds $ 25,839 $ 423 $ 1,305 $ 13 $ 24,944
States, municipalities and political
subdivisions 7,396 243 835 6,804
Asset-backed:
Residential mortgage-backed 3,725 7 488 3,244
Commercial mortgage-backed 1,779 11 141 18 1,631
Other asset-backed 3,770 24 239 14 3,541
Total asset-backed 9,274 42 868 32 8,416
U.S. Treasury and obligations of
government sponsored enterprises 220 1 1 220
Foreign government 701 6 30 677
Fixed maturities available-for-sale $ 43,430 $ 715 $ 3,039 $ 45 $ 41,061
Fixed maturities trading 766 766
Total fixed maturity securities $ 44,196 $ 715 $ 3,039 $ 45 $ 41,827
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The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:
Less than 12 Months 12 Months or Longer Total
June 30, 2025 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
(In millions)
Fixed maturity securities:
Corporate and other bonds $ 4,252 $ 135 $ 9,515 $ 934 $ 13,767 $ 1,069
States, municipalities and political
subdivisions 1,424 74 2,938 818 4,362 892
Asset-backed:
Residential mortgage-backed 372 9 1,966 418 2,338 427
Commercial mortgage-backed 49 959 106 1,008 106
Other asset-backed 580 18 1,419 195 1,999 213
Total asset-backed 1,001 27 4,344 719 5,345 746
U.S. Treasury and obligations of
government-sponsored enterprises 55 3 19 2 74 5
Foreign government 145 3 294 23 439 26
Total fixed maturity securities $ 6,877 $ 242 $ 17,110 $ 2,496 $ 23,987 $ 2,738
December 31, 2024
Fixed maturity securities:
Corporate and other bonds $ 5,846 $ 165 $ 10,388 $ 1,140 $ 16,234 $ 1,305
States, municipalities and political
subdivisions 1,247 52 2,967 783 4,214 835
Asset-backed:
Residential mortgage-backed 849 22 2,010 466 2,859 488
Commercial mortgage-backed 180 2 988 139 1,168 141
Other asset-backed 680 21 1,557 218 2,237 239
Total asset-backed 1,709 45 4,555 823 6,264 868
U.S. Treasury and obligations of
government-sponsored enterprises 49 1 41 90 1
Foreign government 118 3 368 27 486 30
Total fixed maturity securities $ 8,969 $ 266 $ 18,319 $ 2,773 $ 27,288 $ 3,039
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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.
June 30, 2025 December 31, 2024
Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises $ 2,086 $ 322 $ 2,567 $ 373
AAA 1,578 280 1,800 282
AA 4,224 735 4,247 730
A 5,891 522 6,330 582
BBB 9,531 787 11,548 980
Non-investment grade 677 92 796 92
Total $ 23,987 $ 2,738 $ 27,288 $ 3,039
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; 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. 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.
Three months ended June 30, 2025 Corporate and Other Bonds
Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of April 1, 2025
$ 15 $ 32 $ 47
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 3 3
Reductions to the allowance for credit losses:
Securities disposed during the period (realized) 6 6
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
2 5 7
Total allowance for credit losses $ 14 $ 37 $ 51
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Three months ended June 30, 2024 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of April 1, 2024
$ 3 $ 17 $ 20
Reductions to the allowance for credit losses:
Securities disposed during the period (realized) 3 1 4
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
1 1
Total allowance for credit losses $ — $ 17 $ 17
Six months ended June 30, 2025 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of January 1, 2025
$ 13 $ 32 $ 45
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 3 3
Reductions to the allowance for credit losses:
Securities disposed during the period (realized) 6 6
Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
4 5 9
Total allowance for credit losses $ 14 $ 37 $ 51
Six months ended June 30, 2024 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of January 1, 2024
$ 4 $ 12 $ 16
Reductions to the allowance for credit losses:
Securities disposed during the period (realized) 3 1 4
Intent to sell or more likely than not will be required to sell the
security before recovery of its amortized cost basis 1 1
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
6 6
Total allowance for credit losses $ — $ 17 $ 17
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Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
June 30, 2025 December 31, 2024
Cost or Amortized Cost Estimated Fair
Value Cost or Amortized Cost Estimated
Fair
Value
(In millions)
Due in one year or less $ 1,627 $ 1,611 $ 1,761 $ 1,753
Due after one year through five years 12,083 11,843 11,678 11,403
Due after five years through ten years 12,814 12,417 13,083 12,365
Due after ten years 18,135 16,862 16,908 15,540
Total $ 44,659 $ 42,733 $ 43,430 $ 41,061
Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
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Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.
Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of June 30, 2025
2025
2024
2023
2022
2021
Prior Total
(In millions)
DSCR ≥1.6x
LTV less than 55% $ 33 $ 6 $ 5 $ 213 $ 257
LTV 55% to 65% $ 12 12 14 6 16 60
LTV greater than 65% 30 12 42
DSCR 1.2x - 1.6x
LTV less than 55% $ 68 28 5 2 130 233
LTV 55% to 65% 13 33 31 21 30 36 164
LTV greater than 65% 46 46
DSCR ≤1.2x
LTV less than 55% 6 21 27
LTV 55% to 65% 37 16 74 20 147
LTV greater than 65% 35 21 48 104
Total $ 62 $ 101 $ 126 $ 231 $ 76 $ 484 $ 1,080
(a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Derivative Financial Instruments
A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.
June 30, 2025 December 31, 2024
Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value
Asset (Liability)
Asset (Liability)
(In millions)
Without hedge designation:
Equity markets:
Options – purchased $ 67 $ 1 $ 268 $ 2
Futures – short 5 167 1
Warrants 1 1 1 1
Interest rate swaps 478 300 4
Credit default swap index - purchased 2,000
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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. The position was closed during the second quarter of 2025. 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. The fair value of the position was measured using observable market inputs, including credit spreads. 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
As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of 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.
3. Fair Value
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.
June 30, 2025 Level 1
Level 2
Level 3 Total
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 229 $ 25,022 $ 1,388 $ 26,639
States, municipalities and political subdivisions 7,331 44 7,375
Asset-backed 7,833 886 8,719
Fixed maturities available-for-sale 229 40,186 2,318 42,733
Fixed maturities trading 559 65 624
Total fixed maturities $ 788 $ 40,251 $ 2,318 $ 43,357
Equity securities $ 815 $ 469 $ 10 $ 1,294
Short-term and other 4,247 45 4,292
Receivables 1 1
Payable to brokers ( 41 ) ( 41 )
December 31, 2024
Fixed maturity securities:
Corporate bonds and other $ 223 $ 24,340 $ 1,278 $ 25,841
States, municipalities and political subdivisions 6,762 42 6,804
Asset-backed 7,540 876 8,416
Fixed maturities available-for-sale 223 38,642 2,196 41,061
Fixed maturities trading 766 766
Total fixed maturities $ 989 $ 38,642 $ 2,196 $ 41,827
Equity securities $ 603 $ 441 $ 20 $ 1,064
Short-term and other 4,383 70 4,453
Receivables 5 5
Payable to brokers ( 88 ) ( 88 )
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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:
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
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
2025 Balance, April 1 Included in Net Income
Included in OCI Purchases Sales
Settlements
Transfers into
Level 3 Transfers out of Level 3
Balance, June 30
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 1,351 $ 1 $ 16 $ 44 $ ( 24 ) $ 1,388 $ 16
States, municipalities and political subdivisions 44 44
Asset-backed 889 1 ( 4 ) 22 ( 22 ) 886 ( 4 )
Fixed maturities available-for-sale $ 2,284 $ 2 $ 12 $ 66 $ — $ ( 46 ) $ — $ — $ 2,318 $ — $ 12
Equity securities $ 17 $ ( 7 ) $ 10 $ ( 1 )
2024
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 1,082 $ ( 8 ) $ 72 $ ( 17 ) $ 1,129 $ ( 8 )
States, municipalities and political subdivisions 43 43
Asset-backed 871 $ 2 ( 11 ) 55 $ ( 5 ) ( 25 ) 887 ( 11 )
Fixed maturities available-for-sale $ 1,996 $ 2 $ ( 19 ) $ 127 $ ( 5 ) $ ( 42 ) $ — $ — $ 2,059 $ — $ ( 19 )
Equity securities $ 11 $ 3 $ 14
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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
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
Included in OCI Purchases Sales
Settlements
Transfers into
Level 3 Transfers out of Level 3
Balance, June 30
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 1,278 $ 1 $ 37 $ 99 $ ( 42 ) $ 15 $ 1,388 $ 37
States, municipalities and political subdivisions 42 2 44 2
Asset-backed 876 5 ( 3 ) 49 ( 41 ) 886 ( 3 )
Fixed maturities available-for-sale $ 2,196 $ 6 $ 36 $ 148 $ — $ ( 83 ) $ 15 $ — $ 2,318 $ — $ 36
Equity securities $ 20 $ 1 $ ( 7 ) $ ( 4 ) $ 10 $ ( 1 )
2024
Fixed maturity securities:
Corporate bonds and other $ 1,045 $ ( 20 ) $ 146 $ ( 53 ) $ 11 $ 1,129 $ ( 22 )
States, municipalities and political subdivisions 44 ( 1 ) 43 ( 1 )
Asset-backed 901 $ 4 ( 16 ) 73 $ ( 14 ) ( 42 ) $ ( 19 ) 887 ( 16 )
Fixed maturities available-for-sale $ 1,990 $ 4 $ ( 37 ) $ 219 $ ( 14 ) $ ( 95 ) $ 11 $ ( 19 ) $ 2,059 $ — $ ( 39 )
Equity securities $ 24 $ 6 $ 3 $ ( 19 ) $ 14 $ 2
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Net investment gains and losses are reported in Net income as follows:
Major Category of Assets and Liabilities Consolidated Condensed Statements of Operations Line Items
Fixed maturity securities available-for-sale Investment gains (losses)
Fixed maturity securities trading Net investment income
Equity securities Investment gains (losses) and Net investment income
Other invested assets Investment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolio Net investment income
Derivative financial instruments, other Investment gains (losses) and Operating revenues and other
Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.
June 30, 2025 Estimated
Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average)
(In millions)
Fixed maturity securities $ 1,867 Discounted cash flow Credit spread 1 % — 7 % ( 2 %)
December 31, 2024
Fixed maturity securities $ 1,724 Discounted cash flow Credit spread 1 % — 6 % ( 2 %)
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.
Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.
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Carrying Amount Estimated Fair Value
June 30, 2025 Level 1 Level 2 Level 3 Total
(In millions)
Assets:
Other invested assets, primarily mortgage loans $ 1,040 $ 1,026 $ 1,026
Liabilities:
Short-term debt 1,004 $ 997 5 1,002
Long-term debt 7,940 6,845 964 7,809
December 31, 2024
Assets:
Other invested assets, primarily mortgage loans $ 1,019 $ 987 $ 987
Liabilities:
Short-term debt 4 5 5
Long-term debt 8,936 $ 7,702 966 8,668
4. Claim and Claim Adjustment Expense Reserves
Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.
Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates.
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. Catastrophe losses, net of reinsurance, of $ 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.
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Liability for Unpaid Claim and Claim Adjustment Expenses
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
Six Months Ended June 30
2025 2024
(In millions)
Reserves, beginning of year:
Gross $ 24,976 $ 23,304
Ceded 5,713 5,141
Net reserves, beginning of year 19,263 18,163
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year 3,309 3,039
Increase (decrease) in provision for insured events of prior years 189 19
Amortization of discount 20 20
Total net incurred (a)
3,518 3,078
Net payments attributable to:
Current year events ( 316 ) ( 308 )
Prior year events ( 2,391 ) ( 2,259 )
Total net payments ( 2,707 ) ( 2,567 )
Foreign currency translation adjustment and other 199 ( 58 )
Net reserves, end of period 20,273 18,616
Ceded reserves, end of period 5,930 5,358
Gross reserves, end of period $ 26,203 $ 23,974
(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
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable.
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”). 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”).
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The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In millions)
Medical professional liability $ ( 2 ) $ ( 2 )
Other professional liability and management liability $ 18 17 $ 18 17
Surety ( 22 ) ( 8 ) ( 22 ) ( 26 )
Warranty 10 13
Commercial auto 21 50 21
General liability 62 19 62 19
Workers’ compensation ( 66 ) ( 47 ) ( 65 ) ( 49 )
Other property and casualty operations 4 ( 12 ) 4 ( 12 )
Total property & casualty operations ( 4 ) ( 12 ) 57 ( 19 )
Other insurance operations 112 35 134 35
Total pretax (favorable) unfavorable development $ 108 $ 23 $ 191 $ 16
Three Months
2025
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.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
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.
2024
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses.
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.
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Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse reserves.
Six Months
2025
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.
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.
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Unfavorable development in other insurance operations was primarily driven by the second quarter 2025 change discussed above.
2024
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.
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.
Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse reserves.
Asbestos & Environmental Pollution (“A&EP”) Reserves
In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $ 1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $ 4.0 billion. 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. The NICO LPT aggregate reinsurance limit
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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.
In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $ 2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations.
The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 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 . As of June 30, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $ 3.7 billion. 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. The fair value of the collateral trust account was $ 2.2 billion as of June 30, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims.
Credit Risk for Ceded Reserves
The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.
5. Future Policy Benefits Reserves
Future policy benefits reserves are associated with CNA’s run-off long-term care business, which is included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheets.
The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations.
For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
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The following table summarizes balances and changes in the LFPB:
2025 2024
(In millions)
Present value of future net premiums
Balance, January 1 $ 3,425 $ 3,710
Effect of changes in discount rate ( 7 ) ( 125 )
Balance, January 1, at original locked in discount rate 3,418 3,585
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a) ( 1 ) ( 29 )
Adjusted balance, January 1 3,417 3,556
Interest accrual 88 92
Net premiums: earned during period ( 203 ) ( 212 )
Balance, end of period at original locked in discount rate 3,302 3,436
Effect of changes in discount rate 50 11
Balance, June 30
$ 3,352 $ 3,447
Present value of future benefits & expenses
Balance, January 1 $ 16,583 $ 17,669
Effect of changes in discount rate 440 ( 578 )
Balance, January 1, at original locked in discount rate 17,023 17,091
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a) 22 11
Adjusted balance, January 1 17,045 17,102
Interest accrual 458 461
Benefit & expense payments ( 574 ) ( 592 )
Balance, end of period at original locked in discount rate 16,929 16,971
Effect of changes in discount rate ( 248 ) ( 313 )
Balance, June 30
$ 16,681 $ 16,658
Net LFPB, June 30
$ 13,329 $ 13,211
(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.
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The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In millions)
Earned premiums $ 106 $ 109 $ 212 $ 219
Interest accretion 185 185 370 369
The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.
June 30,
2025 2024
(In millions)
Expected future benefit and expense payments $ 31,141 $ 32,212
Expected future gross premiums 4,971 5,149
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.
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.
June 30, December 31,
2025 2024 2024
Original locked in discount rate 5.18 % 5.21 % 5.20 %
Upper-medium grade fixed income instrument discount rate 5.39 5.43 5.51
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 . 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.
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 . 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 .
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6. Shareholders’ Equity
Accumulated other comprehensive income (loss)
The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and six months ended June 30, 2024 and 2025 :
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
impact of
changes in
discount
rates used to
measure long
duration
contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, April 1, 2024
$ ( 9 ) $ ( 1,676 ) $ ( 17 ) $ 10 $ ( 530 ) $ ( 179 ) $ ( 2,401 )
Other comprehensive income (loss) before reclassifications, after tax of $ 1 , $ 67 , $( 72 ), $ 1 , $ 0 and $ 0
( 4 ) ( 250 ) 273 ( 1 ) ( 10 ) 8
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 1 ), $( 1 ), $ 0 , $ 0 , $( 1 ) and $ 0
4 6 6 16
Other comprehensive income (loss) — ( 244 ) 273 ( 1 ) 6 ( 10 ) 24
Amounts attributable to noncontrolling interests 19 ( 22 ) ( 3 )
Other ( 1 ) ( 2 ) 1 ( 1 ) ( 3 )
Balance, June 30, 2024
$ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 )
Balance, April 1, 2025
$ ( 15 ) $ ( 1,463 ) $ 219 $ 6 $ ( 223 ) $ ( 209 ) $ ( 1,685 )
Other comprehensive income (loss) before reclassifications, after tax of $ 2 , $( 12 ), $ 0 , $ 1 , $ 0 and $ 0
( 5 ) 44 ( 3 ) ( 3 ) 130 163
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 10 ), $ 0 , $ 0 , $( 1 ) and $ 0
6 30 1 37
Other comprehensive income (loss) 1 74 ( 3 ) ( 3 ) 1 130 200
Amounts attributable to noncontrolling interests ( 1 ) ( 6 ) 1 ( 11 ) ( 17 )
Balance, June 30, 2025
$ ( 15 ) $ ( 1,395 ) $ 217 $ 3 $ ( 222 ) $ ( 90 ) $ ( 1,502 )
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Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative impact of changes in discount rates used to measure long
duration contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, January 1, 2024
$ ( 12 ) $ ( 1,483 ) $ ( 329 ) $ 9 $ ( 533 ) $ ( 149 ) $ ( 2,497 )
Other comprehensive income (loss) before reclassifications, after tax of $ 1 , $ 131 , $( 163 ), $ 0 , $ 0 and $ 0
( 5 ) ( 489 ) 614 1 ( 43 ) 78
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 7 ), $ 0 , $ 0 , $( 2 ) and $ 0
7 28 12 47
Other comprehensive income (loss) 2 ( 461 ) 614 1 12 ( 43 ) 125
Amounts attributable to noncontrolling interests 38 ( 51 ) ( 1 ) 3 ( 11 )
Other 3 ( 3 ) —
Balance, June 30, 2024
$ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 )
Balance, January 1, 2025
$ ( 13 ) $ ( 1,720 ) $ 324 $ 9 $ ( 224 ) $ ( 243 ) $ ( 1,867 )
Other comprehensive income (loss) before reclassifications, after tax of $ 3 , $( 85 ), $ 31 , $ 3 , $ 0 and $ 0
( 10 ) 320 ( 117 ) ( 6 ) ( 1 ) 167 353
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 11 ), $ 0 , $ 0 , $( 1 ) and $ 0
8 36 3 47
Other comprehensive income (loss) ( 2 ) 356 ( 117 ) ( 6 ) 2 167 400
Amounts attributable to noncontrolling interests ( 30 ) 10 ( 14 ) ( 34 )
Other ( 1 ) ( 1 )
Balance, June 30, 2025
$ ( 15 ) $ ( 1,395 ) $ 217 $ 3 $ ( 222 ) $ ( 90 ) $ ( 1,502 )
Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:
Major Category of AOCI Affected Line Item
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Investment gains (losses)
Unrealized gains (losses) on cash flow hedges Operating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefits Operating expenses and other
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Stock Purchases
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.
7. Revenue from Contracts with Customers
Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 11 :
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In millions)
Non-insurance warranty – CNA Financial $ 398 $ 404 $ 795 $ 811
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines $ 523 $ 467 $ 1,132 $ 968
Lodging and related services – Loews Hotels & Co 246 244 483 453
Total revenues from contracts with customers 769 711 1,615 1,421
Other revenues 26 25 52 51
Operating revenues and other $ 795 $ 736 $ 1,667 $ 1,472
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.
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. 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.
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. 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. 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.
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8. Benefit Plans
Several non-contributory defined benefit plans and postretirement benefit plans cover eligible employees and retirees.
The following tables present the components of net periodic (benefit) cost for the defined benefit plans:
Pension Benefits
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In millions)
Service cost $ 1 $ 1
Interest cost $ 11 $ 25 22 49
Expected return on plan assets ( 15 ) ( 30 ) ( 30 ) ( 59 )
Amortization of unrecognized net loss 2 8 4 15
Settlements 1 1
Net periodic (benefit) cost $ ( 1 ) $ 3 $ ( 2 ) $ 6
Other Postretirement Benefits
Three Months Ended Six Months Ended
June 30, June 30,
2025 2024 2025 2024
(In millions)
Interest cost $ 1 $ 1
Expected return on plan assets ( 1 ) ( 1 )
Net periodic benefit $ — $ — $ — $ —
9. Legal Proceedings
Loews Hotels & Co
On February 20, 2024, Jeanette Portillo filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington. On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois. Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively. The court has not issued a decision on the motion to dismiss in Portillo. On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal , and granted plaintiff leave to amend the complaint by no later than April 28, 2025. On April 28, 2025, Segal filed a third amended complaint alleging that Loews Hotels Holdings Corporation and other defendants violated the Sherman Act. Defendants jointly filed a motion to dismiss the third amended complaint in Segal on June 12, 2025.
Boardwalk Pipelines Litigation
On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates.
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On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018.
On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021.
On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $ 690 million, plus pre-judgment interest (approximately $ 166 million), post-judgment interest and attorneys’ fees.
The Company believed that the Trial Court ruling included factual and legal errors. Therefore, on January 3, 2022, the Defendants appealed the Trial Court’s ruling to the Supreme Court of the State of Delaware (the “Supreme Court”). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. Oral arguments were held on September 14, 2022, and on December 19, 2022, the Supreme Court reversed the Trial Court’s ruling and remanded the case to the Trial Court for further proceedings related to claims not decided by the Trial Court’s ruling. Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023. A hearing on the remanded issues was held at the Trial Court in April 2024. In September 2024, the Trial Court ruled in favor of the Defendants on all of the remanded issues.
On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court. Briefing on this appeal was completed in March 2025 and a hearing on this appeal occurred in June 2025.
Other Litigation
The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the matters described above, will materially affect the Company’s results of operations or equity.
10. Commitments and Contingencies
CNA Guarantees
CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of 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
Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received. As of June 30, 2025, the commitments totaled approximately $ 279 million, which are expected to be settled through the end of 2028.
11. Segments
Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. 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. For additional disclosures regarding the composition of
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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. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.
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Statements of Operations by segment are presented in the following tables.
Three Months Ended June 30, 2025 CNA Financial
Boardwalk Pipelines
Loews
Hotels & Co
Corporate Total
(In millions)
Revenues:
Insurance premiums $ 2,694 $ 2,694
Net investment income 662 $ 3 $ 2 $ 47 714
Investment losses ( 46 ) ( 46 )
Non-insurance warranty revenue 398 398
Operating revenues and other 9 534 252 795
Total 3,717 537 254 47 4,555
Expenses:
Insurance claims and policyholders’ benefits (a) 2,085 2,085
Amortization of deferred acquisition costs 469 469
Non-insurance warranty expense 384 384
Operating expenses and other (b) 368 380 226 15 989
Equity method (income) loss ( 29 ) 11 ( 18 )
Interest 31 40 18 18 107
Total 3,337 420 215 44 4,016
Income before income tax 380 117 39 3 539
Income tax expense ( 81 ) ( 29 ) ( 11 ) ( 2 ) ( 123 )
Net income 299 88 28 1 416
Amounts attributable to noncontrolling interests ( 25 ) ( 25 )
Net income attributable to Loews Corporation $ 274 $ 88 $ 28 $ 1 $ 391
(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. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
(b) Significant segment expenses included in Operating expenses and other:
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Three Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 337 $ 337
Operating expenses $ 177 $ 147 324
Depreciation and amortization 120 24 144
Other (c) 31 83 55 $ 15 184
Operating expenses and other $ 368 $ 380 $ 226 $ 15 $ 989
(c) Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
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Three Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews
Hotels & Co Corporate Total
(In millions)
Revenues:
Insurance premiums $ 2,498 $ 2,498
Net investment income 618 $ 9 $ 3 $ 9 639
Investment losses ( 10 ) ( 10 )
Non-insurance warranty revenue 404 404
Operating revenues and other 9 479 248 736
Total 3,519 488 251 9 4,267
Expenses:
Insurance claims and policyholders’ benefits (a) 1,882 1,882
Amortization of deferred acquisition costs 435 435
Non-insurance warranty expense 388 388
Operating expenses and other (b) 378 347 225 18 968
Equity method (income) loss ( 32 ) 5 ( 27 )
Interest 34 47 14 19 114
Total 3,117 394 207 42 3,760
Income (loss) before income tax 402 94 44 ( 33 ) 507
Income tax (expense) benefit ( 85 ) ( 24 ) ( 9 ) 6 ( 112 )
Net income (loss) 317 70 35 ( 27 ) 395
Amounts attributable to noncontrolling interests ( 26 ) ( 26 )
Net income (loss) attributable to Loews Corporation $ 291 $ 70 $ 35 $ ( 27 ) $ 369
(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. 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:
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Three Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 329 $ 329
Operating expenses $ 165 $ 148 313
Depreciation and amortization 108 24 $ 1 133
Other (c) 49 74 53 17 193
Operating expenses and other $ 378 $ 347 $ 225 $ 18 $ 968
(c) Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
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Six Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
Revenues:
Insurance premiums $ 5,320 $ 5,320
Net investment income 1,266 $ 4 $ 5 $ 47 1,322
Investment losses ( 55 ) ( 55 )
Non-insurance warranty revenue 795 795
Operating revenues and other 18 1,155 494 1,667
Total 7,344 1,159 499 $ 47 9,049
Expenses:
Insurance claims and policyholders’ benefits (a) 4,112 4,112
Amortization of deferred acquisition costs 940 940
Non-insurance warranty expense 769 769
Operating expenses and other (b) 731 761 457 31 1,980
Equity method (income) loss ( 35 ) 18 ( 17 )
Interest 63 79 34 36 212
Total 6,615 840 456 85 7,996
Income (loss) before income tax 729 319 43 ( 38 ) 1,053
Income tax (expense) benefit ( 156 ) ( 79 ) ( 15 ) 5 ( 245 )
Net income (loss) 573 240 28 ( 33 ) 808
Amounts attributable to noncontrolling interests ( 47 ) ( 47 )
Net income (loss) attributable to Loews Corporation $ 526 $ 240 $ 28 $ ( 33 ) $ 761
June 30, 2025
Total assets $ 68,891 $ 10,048 $ 2,477 $ 3,252 $ 84,668
(a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 159 million and unfavorable net prior year loss reserve development of $ 191 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
(b) Significant segment expenses included in Operating expenses and other:
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Six Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 658 $ 658
Operating expenses $ 369 $ 300 669
Depreciation and amortization 226 48 $ 1 275
Other (c) 73 166 109 30 378
Operating expenses and other $ 731 $ 761 $ 457 $ 31 $ 1,980
(c) Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
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Six Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
Revenues:
Insurance premiums $ 4,939 $ 4,939
Net investment income 1,227 $ 13 $ 5 $ 63 1,308
Investment losses ( 32 ) ( 32 )
Non-insurance warranty revenue 811 811
Operating revenues and other 18 992 462 1,472
Total 6,963 1,005 467 63 8,498
Expenses:
Insurance claims and policyholders’ benefits (a) 3,689 3,689
Amortization of deferred acquisition costs 879 879
Non-insurance warranty expense 782 782
Operating expenses and other (b) 715 659 434 40 1,848
Equity method (income) loss ( 59 ) 6 ( 53 )
Interest 69 90 20 38 217
Total 6,134 749 395 84 7,362
Income (loss) before income tax 829 256 72 ( 21 ) 1,136
Income tax (expense) benefit ( 174 ) ( 65 ) ( 21 ) 4 ( 256 )
Net income (loss) 655 191 51 ( 17 ) 880
Amounts attributable to noncontrolling interests ( 54 ) ( 54 )
Net income (loss) attributable to Loews Corporation $ 601 $ 191 $ 51 $ ( 17 ) $ 826
June 30, 2024
Total assets $ 65,149 $ 10,475 $ 2,480 $ 2,953 $ 81,057
(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.
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(b) Significant segment expenses included in Operating expenses and other:
Six Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 616 $ 616
Operating expenses $ 287 $ 286 573
Depreciation and amortization 214 45 $ 1 260
Other (c) 99 158 103 39 399
Operating expenses and other $ 715 $ 659 $ 434 $ 40 $ 1,848
(c) Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
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