2 unchanged sentences
CONSOLIDATED CONDENSED BALANCE SHEETS
−Removed: June 30, December 31,
+Added: September 30, December 31,
(Dollar amounts in millions, except per share data)
45 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
11 unchanged sentences
Operating expenses and other 1,000 930 2,980 2,778
−Removed: Equity method income ( 18 ) ( 27 ) ( 17 ) ( 53 )
+Added: Equity method (income) loss ( 22 ) 9 ( 39 ) ( 44 )
Interest 112 114 324 331
5 unchanged sentences
Net income attributable to Loews Corporation $ 504 $ 401 $ 1,265 $ 1,227
−Removed: Basic and diluted net income per share $ 1.87 $ 1.67 $ 3.61 $ 3.72
+Added: Basic net income per share $ 2.43 $ 1.83 $ 6.03 $ 5.55
+Added: Diluted net income per share $ 2.43 $ 1.82 $ 6.03 $ 5.54
Weighted average shares outstanding:
5 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
3 unchanged sentences
Net unrealized gains (losses) on investments with an allowance for credit losses 3 ( 3 ) 1 ( 1 )
−Removed: Net unrealized gains (losses) on other investments 74 ( 244 ) 356 ( 461 )
−Removed: Total unrealized gains (losses) on investments 75 ( 244 ) 354 ( 459 )
+Added: Net unrealized gains on other investments 556 1,264 912 803
+Added: Total unrealized gains on investments 559 1,261 913 802
Impact of changes in discount rates used to measure long-duration contract liabilities ( 150 ) ( 623 ) ( 267 ) ( 9 )
−Removed: Unrealized gains (losses) on cash flow hedges ( 3 ) ( 1 ) ( 6 ) 1
+Added: Unrealized losses on cash flow hedges ( 7 ) ( 6 ) ( 6 )
Pension and postretirement benefits 1 9 3 21
11 unchanged sentences
(In millions)
−Removed: Balance, April 1, 2024
+Added: Balance, July 1, 2024
$ 17,201 $ 2 $ 2,556 $ 16,415 $ ( 2,383 ) $ ( 206 ) $ 817
3 unchanged sentences
( 24 ) ( 14 ) ( 10 )
−Removed: Purchase of subsidiary stock from noncontrolling interests ( 20 ) ( 20 )
Purchases of Loews Corporation treasury stock ( 65 ) ( 65 )
1 unchanged sentence
Other ( 5 ) ( 5 )
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
$ 18,248 $ 2 $ 2,562 $ 16,802 $ ( 1,738 ) $ ( 271 ) $ 891
−Removed: Balance, April 1, 2025
+Added: Balance, July 1, 2025
$ 18,389 $ 2 $ 2,467 $ 17,198 $ ( 1,502 ) $ ( 651 ) $ 875
5 unchanged sentences
Stock-based compensation 2 2
−Removed: Other 4 6 ( 1 ) ( 1 )
−Removed: Balance, June 30, 2025
+Added: Balance, September 30, 2025
$ 19,223 $ 2 $ 2,469 $ 17,690 $ ( 1,161 ) $ ( 708 ) $ 931
16 unchanged sentences
Other ( 19 ) ( 16 ) ( 3 )
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
$ 18,248 $ 2 $ 2,562 $ 16,802 $ ( 1,738 ) $ ( 271 ) $ 891
12 unchanged sentences
Stock-based compensation ( 3 ) ( 22 ) 19
−Removed: Other 2 4 ( 1 ) ( 1 )
−Removed: Balance, June 30, 2025
+Added: Balance, September 30, 2025
$ 19,223 $ 2 $ 2,469 $ 17,690 $ ( 1,161 ) $ ( 708 ) $ 931
2 unchanged sentences
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
−Removed: Six Months Ended June 30
+Added: Nine Months Ended September 30
(In millions)
46 unchanged sentences
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.
−Removed: In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of 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”).
+Added: In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2025 and December 31, 2024, its results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2025 and 2024 and its cash flows for the nine months ended September 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.
3 unchanged sentences
Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
−Removed: 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.
−Removed: 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.
+Added: For the three and nine months ended September 30, 2025, there were 1.2 million shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares calculations because the effect would have been antidilutive.
+Added: For the three and nine months ended September 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):
12 unchanged sentences
The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
+Added: In September of 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40):
+Added: Targeted Improvements to the Accounting for Internal-Use Software.” The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages.
+Added: Eligible software development cost capitalization will begin when:
+Added: (1) management has authorized and committed to funding the software
+Added: project and (2) it is probable that the software will be completed and used as intended.
+Added: The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted.
+Added: The guidance may be applied using a prospective transition method, a retrospective transition method or a modified prospective transition method.
+Added: The Company is currently evaluating the effect the updated guidance will have on its financial statements.
Net investment income is as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
9 unchanged sentences
Net investment income $ 743 $ 776 $ 2,065 $ 2,084
−Removed: (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
+Added: (a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2025 and 2024
$ 72 $ 108 $ 42 $ 123
Investment gains (losses) are as follows:
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
7 unchanged sentences
Investment losses $ ( 7 ) $ ( 10 ) $ ( 62 ) $ ( 42 )
−Removed: (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of June 30, 2025 and 2024
+Added: (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2025 and 2024
$ 4 $ 13 $ 8 $ 24
1 unchanged sentence
The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
4 unchanged sentences
Impairment losses recognized in earnings $ 6 $ 12 $ 22 $ 32
−Removed: 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.
−Removed: T here were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2024.
+Added: There were $ 5 million of impairment losses recognized on mortgage loans during the nine months ended September 30, 2025 due to changes in expected credit losses.
+Added: T here were no impairment losses recognized on mortgage loans during the three months ended September 30, 2025 or the three and nine months ended September 30, 2024.
The following tables present a summary of fixed maturity securities:
−Removed: June 30, 2025 Cost or Amortized Cost Gross Unrealized
+Added: September 30, 2025 Cost or Amortized Cost Gross Unrealized
Gains Gross Unrealized
35 unchanged sentences
Less than 12 Months 12 Months or Longer Total
−Removed: June 30, 2025 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
+Added: September 30, 2025 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
(In millions)
27 unchanged sentences
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
7 unchanged sentences
Total $ 20,691 $ 2,295 $ 27,288 $ 3,039
−Removed: 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.
+Added: Based on current facts and circumstances, the unrealized losses presented in the September 30, 2025 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates.
In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered.
Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost;
−Removed: accordingly, it was determined that there are no additional impairment losses to be recorded as of June 30, 2025.
+Added: accordingly, it was determined that there are no additional impairment losses to be recorded as of September 30, 2025.
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets.
−Removed: Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 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.
−Removed: Three months ended June 30, 2025 Corporate and Other Bonds
+Added: Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 469 million, $ 442 million and $ 451 million as of September 30, 2025, December 31, 2024 and September 30, 2024 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.
+Added: Three months ended September 30, 2025 Corporate and Other Bonds
Asset-backed Total
1 unchanged sentence
Allowance for credit losses:
−Removed: Balance as of April 1, 2025
+Added: Balance as of July 1, 2025
$ 14 $ 37 $ 51
1 unchanged sentence
Securities for which credit losses were not previously recorded 3 3
−Removed: Reductions to the allowance for credit losses:
−Removed: Securities disposed during the period (realized) 6 6
+Added: Available-for-sale securities accounted for as PCD assets 4 4
Additional increases to the allowance for credit losses
1 unchanged sentence
Total allowance for credit losses $ 21 $ 40 $ 61
−Removed: Three months ended June 30, 2024 Corporate and Other Bonds Asset-backed Total
+Added: Three months ended September 30, 2024 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
−Removed: Balance as of April 1, 2024
+Added: Balance as of July 1, 2024
$ — $ 17 $ 17
+Added: Additions to the allowance for credit losses:
+Added: Securities for which credit losses were not previously recorded 4 4
+Added: Available-for-sale securities accounted for as PCD assets 2 2
Reductions to the allowance for credit losses:
−Removed: Securities disposed during the period (realized) 3 1 4
+Added: Write-offs charged against the allowance 9 9
Additional increases to the allowance for credit losses
1 unchanged sentence
Total allowance for credit losses $ 6 $ 12 $ 18
−Removed: Six months ended June 30, 2025 Corporate and Other Bonds Asset-backed Total
+Added: Nine months ended September 30, 2025 Corporate and Other Bonds Asset-backed Total
(In millions)
4 unchanged sentences
Securities for which credit losses were not previously recorded 3 3 6
+Added: Available-for-sale securities accounted for as PCD assets 4 4
Reductions to the allowance for credit losses:
3 unchanged sentences
Total allowance for credit losses $ 21 $ 40 $ 61
−Removed: Six months ended June 30, 2024 Corporate and Other Bonds Asset-backed Total
+Added: Nine months ended September 30, 2024 Corporate and Other Bonds Asset-backed Total
(In millions)
2 unchanged sentences
$ 4 $ 12 $ 16
+Added: Additions to the allowance for credit losses:
+Added: Securities for which credit losses were not previously recorded 4 4
+Added: Available-for-sale securities accounted for as PCD assets 2 2
Reductions to the allowance for credit losses:
2 unchanged sentences
security before recovery of its amortized cost basis 1 1
+Added: Write-offs charged against the allowance 9 9
Additional increases to the allowance for credit losses
3 unchanged sentences
The following table presents available-for-sale fixed maturity securities by contractual maturity.
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Cost or Amortized Cost Estimated Fair
12 unchanged sentences
Mortgage Loans Amortized Cost Basis by Origination Year (a)
−Removed: As of June 30, 2025
+Added: As of September 30, 2025
(In millions)
15 unchanged sentences
Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.
−Removed: June 30, 2025 December 31, 2024
+Added: September 30, 2025 December 31, 2024
Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value
13 unchanged sentences
The fair value of the position was measured using observable market inputs, including credit spreads.
−Removed: For the three and six months ended June 30, 2025, Net investment income related to the position was $ 16 million and $ 19 million.
+Added: For the nine months ended September 30, 2025, Net investment income related to the position was $ 19 million.
Investment Commitments
1 unchanged sentence
These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities.
−Removed: As of 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.
+Added: As of September 30, 2025, commitments to purchase or fund were approximately $ 1.8 billion and to sell were approximately $ 60 million under the terms of these investments.
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables.
Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
−Removed: June 30, 2025 Level 1
+Added: September 30, 2025 Level 1
Level 3 Total
23 unchanged sentences
Payable to brokers ( 88 ) ( 88 )
−Removed: The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2025 and 2024:
−Removed: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30
−Removed: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
−Removed: 2025 Balance, April 1 Included in Net Income
+Added: The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2025 and 2024:
+Added: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
+Added: 2025 Balance, July 1 Included in Net Income
Included in OCI Purchases Sales
1 unchanged sentence
Level 3 Transfers out of Level 3
−Removed: Balance, June 30
+Added: Balance, September 30
(In millions)
12 unchanged sentences
Equity securities $ 14 $ 14
−Removed: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30
−Removed: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2025 Balance, January 1 Included in Net Income
2 unchanged sentences
Level 3 Transfers out of Level 3
−Removed: Balance, June 30
+Added: Balance, September 30
(In millions)
24 unchanged sentences
The weighted average rate is calculated based on fair value.
−Removed: June 30, 2025 Estimated
+Added: September 30, 2025 Estimated
Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average)
9 unchanged sentences
Carrying Amount Estimated Fair Value
−Removed: June 30, 2025 Level 1 Level 2 Level 3 Total
+Added: September 30, 2025 Level 1 Level 2 Level 3 Total
(In millions)
21 unchanged sentences
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity.
−Removed: Catastrophe losses, net of reinsurance, of $ 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.
+Added: Catastrophe losses, net of reinsurance, of $ 41 million and $ 143 million were recorded for the three months ended September 30, 2025 and 2024 and $ 200 million and $ 313 million were recorded for the nine months ended September 30, 2025 and 2024.
+Added: Catastrophe losses for the three and nine months ended September 30, 2025 were driven by severe weather related events.
+Added: Catastrophe losses for the three and nine months ended September 30, 2024 were driven by severe weather related events, including $ 55 million for Hurricane Helene.
Liability for Unpaid Claim and Claim Adjustment Expenses
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
−Removed: Six Months Ended June 30
+Added: Nine Months Ended September 30
(In millions)
20 unchanged sentences
These changes can be favorable or unfavorable.
−Removed: 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”).
−Removed: 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”).
+Added: Favorable net prior year loss reserve development of $ 1 million and $ 5 million for the three months ended September 30, 2025 and 2024 and unfavorable net prior year loss reserve development of $ 56 million and favorable net prior year loss reserve development of $ 24 million for the nine months ended September 30, 2025 and 2024 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”).
+Added: No net prior year loss reserve development and unfavorable net prior year loss reserve development of $ 22 million for the three months ended September 30, 2025 and 2024 and unfavorable net prior year loss reserve development of $ 134 million and $ 57 million for the nine months ended September 30, 2025 and 2024 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).
The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
13 unchanged sentences
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
−Removed: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
−Removed: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
−Removed: 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.
−Removed: Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses.
+Added: Unfavorable development in other professional liability and management liability was primarily due to higher than expected large claim severity in CNA’s directors and officers (“D&O”) business in accident year 2019.
+Added: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
−Removed: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.
−Removed: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
−Removed: Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.
+Added: Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.
Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse reserves.
5 unchanged sentences
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
−Removed: Unfavorable development in other insurance operations was primarily driven by the second quarter 2025 change discussed above.
+Added: Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claim activity, the ongoing effects of social inflation and the agreement in principle with regards to the Diocese of Rochester.
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.
2 unchanged sentences
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
−Removed: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.
−Removed: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
−Removed: Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.
+Added: Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.
Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse reserves.
3 unchanged sentences
The $ 1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $ 1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts.
−Removed: The NICO LPT aggregate reinsurance limit
−Removed: also covers credit risk on the existing third party reinsurance related to these liabilities.
+Added: The NICO LPT aggregate reinsurance limit 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.
3 unchanged sentences
Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT.
−Removed: 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.
+Added: 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
+Added: 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.
−Removed: 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 .
−Removed: As of June 30, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $ 3.7 billion.
−Removed: 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.
+Added: The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 14 million and $ 11 million for the three months ended September 30, 2025 and 2024 and $ 39 million and $ 36 million for the nine months ended September 30, 2025 and 2024 .
+Added: As of September 30, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $ 3.7 billion.
+Added: The unrecognized deferred retroactive reinsurance benefit was $ 386 million and $ 425 million as of September 30, 2025 and December 31, 2024 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.
NICO established a collateral trust account as security for its obligations under the LPT.
−Removed: The fair value of the collateral trust account was $ 2.2 billion as of June 30, 2025.
+Added: The fair value of the collateral trust account was $ 2.3 billion as of September 30, 2025.
In addition, Berkshire Hathaway Inc.
11 unchanged sentences
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.
+Added: Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience.
+Added: This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB.
+Added: Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis.
+Added: Applicable industry research is also considered.
+Added: The cash flow assumption updates for the third quarter of 2025 resulted in a $ 7 million pretax increase in the LFPB.
+Added: Included in the assumption updates were unfavorable incidence, claim closure and cost of care inflation impacts offset by favorable premium rate actions.
+Added: The cash flow assumption updates for the third quarter of 2024 resulted in a $ 15 million pretax increase in the LFPB.
+Added: Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and an unfavorable impact from higher cost of care inflation.
For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
13 unchanged sentences
Effect of changes in discount rate 83 147
−Removed: Balance, June 30
+Added: Balance, September 30
$ 3,440 $ 3,625
10 unchanged sentences
Effect of changes in discount rate ( 26 ) 612
−Removed: Balance, June 30
+Added: Balance, September 30
$ 16,986 $ 17,672
−Removed: Net LFPB, June 30
+Added: Net LFPB, September 30
$ 13,546 $ 14,047
−Removed: (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.
+Added: (a) As of September 30, 2025 and 2024 , the re-measurement loss of $ 59 million and $ 88 million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
3 unchanged sentences
The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.
+Added: September 30,
(In millions)
1 unchanged sentence
Expected future gross premiums 5,048 5,305
−Removed: 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.
−Removed: 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.
+Added: Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.6 billion and $ 3.8 billion as of September 30, 2025 and 2024.
+Added: The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of September 30, 2025 and 2024.
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
−Removed: June 30, December 31,
+Added: September 30, December 31,
2025 2024 2024
1 unchanged sentence
Upper-medium grade fixed income instrument discount rate 5.24 4.90 5.51
−Removed: 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 .
−Removed: 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.
−Removed: 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 .
−Removed: 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 .
+Added: For the three and nine months ended September 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $ 65 million and $ 93 million .
+Added: For the three and nine months ended September 30, 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $ 84 million and $ 128 million.
+Added: For the three and nine months ended September 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 $ 43 million and $ 54 million .
+Added: For the three and nine months ended September 30, 2024 , the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $ 20 million and $ 28 million .
Shareholders’ Equity
Accumulated other comprehensive income (loss)
−Removed: The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and six months ended June 30, 2024 and 2025 :
+Added: The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and nine months ended September 30, 2024 and 2025 :
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
2 unchanged sentences
(In millions)
−Removed: Balance, April 1, 2024
+Added: Balance, July 1, 2024
$ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 )
4 unchanged sentences
Amounts attributable to noncontrolling interests ( 105 ) 52 ( 1 ) ( 5 ) ( 59 )
−Removed: Other ( 1 ) ( 2 ) 1 ( 1 ) ( 3 )
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
$ ( 13 ) $ ( 744 ) $ ( 337 ) $ 3 $ ( 517 ) $ ( 130 ) $ ( 1,738 )
−Removed: Balance, April 1, 2025
+Added: Balance, July 1, 2025
$ ( 15 ) $ ( 1,395 ) $ 217 $ 3 $ ( 222 ) $ ( 90 ) $ ( 1,502 )
4 unchanged sentences
Amounts attributable to noncontrolling interests ( 45 ) 12 3 ( 30 )
−Removed: Balance, June 30, 2025
+Added: Balance, September 30, 2025
$ ( 12 ) $ ( 884 ) $ 79 $ 3 $ ( 221 ) $ ( 126 ) $ ( 1,161 )
10 unchanged sentences
Other 3 ( 3 ) —
−Removed: Balance, June 30, 2024
+Added: Balance, September 30, 2024
$ ( 13 ) $ ( 744 ) $ ( 337 ) $ 3 $ ( 517 ) $ ( 130 ) $ ( 1,738 )
7 unchanged sentences
Other ( 1 ) ( 1 )
−Removed: Balance, June 30, 2025
+Added: Balance, September 30, 2025
$ ( 12 ) $ ( 884 ) $ 79 $ 3 $ ( 221 ) $ ( 126 ) $ ( 1,161 )
5 unchanged sentences
Stock Purchases
−Removed: 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.
+Added: Loews Corporation repurchased 8.0 million and 3.5 million shares of its common stock at aggregate costs of $ 690 million and $ 264 million during the nine months ended September 30, 2025 and 2024.
+Added: In August of 2025 , CNA completed a public offering of $ 500 million aggregate principal amount of its 5.2 % senior notes due August 15, 2035.
Revenue from Contracts with Customers
1 unchanged sentence
The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 12 :
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
6 unchanged sentences
Operating revenues and other $ 759 $ 706 $ 2,426 $ 2,178
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: Performance obligations – As of June 30, 2025, approximately $ 19.0 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations.
+Added: Receivables from contracts with customers – As of September 30, 2025 and December 31, 2024, receivables from contracts with customers were approximately $ 226 million and $ 240 million and are included within Receivables on the Consolidated Condensed Balance Sheets.
+Added: Deferred revenue – As of September 30, 2025 and December 31, 2024, deferred revenue resulting from contracts with customers were approximately $ 4.4 billion and $ 4.6 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets.
+Added: Approximately $ 1.1 billion of revenues recognized during each of the nine months ended September 30, 2025 and 2024 were included in deferred revenue as of December 31, 2024 and 2023.
+Added: Performance obligations – As of September 30, 2025, approximately $ 19.8 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.
−Removed: 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.
+Added: Included in the balance are $ 5.7 billion of revenues that are anticipated under executed precedent transportation agreements associated with Boardwalk Pipelines’ growth projects.
+Added: In October 2025, Boardwalk Pipelines executed a precedent transportation agreement that will add an anticipated $ 3.8 billion of revenues to its o utstanding performance obligations, subject to certain conditions precedent.
+Added: Approximately $ 0.9 billion of the outstanding performance obligations will be recognized during the remaining three months of 2025 , $ 2.8 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.
3 unchanged sentences
Pension Benefits
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
7 unchanged sentences
Other Postretirement Benefits
−Removed: Three Months Ended Six Months Ended
−Removed: June 30, June 30,
+Added: Three Months Ended Nine Months Ended
+Added: September 30, September 30,
2025 2024 2025 2024
2 unchanged sentences
Expected return on plan assets $ ( 1 ) $ ( 1 ) ( 2 ) ( 2 )
+Added: Amortization of unrecognized net loss 1 1
Net periodic benefit $ ( 1 ) $ — $ ( 1 ) $ —
1 unchanged sentence
Loews Hotels & Co
−Removed: 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.
+Added: On February 20, 2024, Jeanette Portillo and other plaintiffs 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.
1 unchanged sentence
Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively.
−Removed: The court has not issued a decision on the motion to dismiss in Portillo.
−Removed: 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.
−Removed: On April 28, 2025, Segal filed a third amended complaint alleging that Loews Hotels Holdings Corporation and other defendants violated the Sherman Act.
+Added: On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal , and granted plaintiff leave to amend the complaint.
+Added: On April 28, 2025, Segal filed a third amended complaint alleging that Loews Hotels & Co and other defendants violated the Sherman Act.
Defendants jointly filed a motion to dismiss the third amended complaint in Segal on June 12, 2025.
+Added: The court has not ruled on the motion to dismiss the third amended complaint in Segal.
+Added: On August 29, 2025, the court granted the defendants’ motion to dismiss in Portillo , and granted plaintiffs leave to amend their complaint.
+Added: On October 3, 2025, plaintiffs in Portillo filed an amended class action complaint alleging violations of the Sherman Act by Loews Hotels & Co and others.
+Added: Defendants’ deadline to respond to the amended complaint in Portillo is November 3, 2025.
Boardwalk Pipelines Litigation
1 unchanged sentence
Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp.
−Removed: (“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.
+Added: (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General
+Added: 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.
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”).
24 unchanged sentences
CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary.
−Removed: As of 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.
+Added: As of September 30, 2025, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $ 1.9 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.
1 unchanged sentence
Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received.
−Removed: As of June 30, 2025, the commitments totaled approximately $ 279 million, which are expected to be settled through the end of 2028.
+Added: As of September 30, 2025, the commitments totaled approximately $ 273 million, which are expected to be settled through 2028.
Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co;
2 unchanged sentences
Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position.
−Removed: For additional disclosures regarding the composition of
−Removed: Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
+Added: For additional disclosures regarding Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations.
1 unchanged sentence
Statements of Operations by segment are presented in the following tables.
−Removed: Three Months Ended June 30, 2025 CNA Financial
+Added: Three Months Ended September 30, 2025 CNA Financial
Boardwalk Pipelines
14 unchanged sentences
Total 3,304 422 214 42 3,982
−Removed: Income before income tax 380 117 39 3 539
+Added: Income (loss) before income tax 513 124 ( 3 ) 55 689
Income tax expense ( 110 ) ( 30 ) ( 13 ) ( 153 )
−Removed: Net income 299 88 28 1 416
+Added: Net income (loss) 403 94 ( 3 ) 42 536
Amounts attributable to noncontrolling interests ( 32 ) ( 32 )
−Removed: Net income attributable to Loews Corporation $ 274 $ 88 $ 28 $ 1 $ 391
−Removed: (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 62 million and unfavorable net prior year loss reserve development of $ 108 million.
+Added: Net income (loss) attributable to Loews Corporation $ 371 $ 94 $ ( 3 ) $ 42 $ 504
+Added: (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 41 million and favorable net prior year loss reserve development of $ 1 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:
−Removed: Three Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Three Months Ended September 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 324 $ 324
11 unchanged sentences
general and administrative expenses
−Removed: Three Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews
+Added: Three Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews
Hotels & Co Corporate Total
10 unchanged sentences
Operating expenses and other (b) 362 332 218 18 930
−Removed: Equity method (income) loss ( 32 ) 5 ( 27 )
+Added: Equity method loss 9 9
Interest 32 47 17 18 114
8 unchanged sentences
(b) Significant segment expenses included in Operating expenses and other:
−Removed: Three Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Three Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 321 $ 321
11 unchanged sentences
general and administrative expenses
−Removed: Six Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Nine Months Ended September 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
12 unchanged sentences
Total 9,919 1,262 670 127 11,978
−Removed: Income (loss) before income tax 729 319 43 ( 38 ) 1,053
−Removed: Income tax (expense) benefit ( 156 ) ( 79 ) ( 15 ) 5 ( 245 )
−Removed: Net income (loss) 573 240 28 ( 33 ) 808
+Added: Income before income tax 1,242 443 40 17 1,742
+Added: Income tax expense ( 266 ) ( 109 ) ( 15 ) ( 8 ) ( 398 )
+Added: Net income 976 334 25 9 1,344
Amounts attributable to noncontrolling interests ( 79 ) ( 79 )
−Removed: Net income (loss) attributable to Loews Corporation $ 526 $ 240 $ 28 $ ( 33 ) $ 761
−Removed: June 30, 2025
+Added: Net income attributable to Loews Corporation $ 897 $ 334 $ 25 $ 9 $ 1,265
+Added: September 30, 2025
Total assets $ 69,704 $ 10,133 $ 2,502 $ 3,602 $ 85,941
2 unchanged sentences
(b) Significant segment expenses included in Operating expenses and other:
−Removed: Six Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Nine Months Ended September 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 982 $ 982
11 unchanged sentences
general and administrative expenses
−Removed: Six Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Nine Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
12 unchanged sentences
Total 9,391 1,128 630 129 11,278
−Removed: Income (loss) before income tax 829 256 72 ( 21 ) 1,136
−Removed: Income tax (expense) benefit ( 174 ) ( 65 ) ( 21 ) 4 ( 256 )
−Removed: Net income (loss) 655 191 51 ( 17 ) 880
+Added: Income before income tax 1,190 360 63 73 1,686
+Added: Income tax expense ( 252 ) ( 92 ) ( 20 ) ( 17 ) ( 381 )
+Added: Net income 938 268 43 56 1,305
Amounts attributable to noncontrolling interests ( 78 ) ( 78 )
−Removed: Net income (loss) attributable to Loews Corporation $ 601 $ 191 $ 51 $ ( 17 ) $ 826
−Removed: June 30, 2024
+Added: Net income attributable to Loews Corporation $ 860 $ 268 $ 43 $ 56 $ 1,227
+Added: September 30, 2024
Total assets $ 67,305 $ 10,535 $ 2,497 $ 3,280 $ 83,617
2 unchanged sentences
(b) Significant segment expenses included in Operating expenses and other:
−Removed: Six Months Ended June 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Nine Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 937 $ 937
12 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.