What changed in this filing

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Item 2. Management’s Discussion and Analysis

2025-11-03 compared with 2025-08-04 · 251 added, 211 removed, 465 unchanged (50% of the section changed)

9 unchanged sentences

Parent Company

Catastrophes and Related Reinsurance

Critical Accounting Estimates

12 unchanged sentences

Consolidated Financial Results

The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three and six months ended June 30, 2025 and 2024:

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

5 unchanged sentences

Net income attributable to Loews Corporation $ 504 $ 401 $ 1,265 $ 1,227

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

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

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

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

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

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

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

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

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

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

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

Basic net income per share $ 2.43 $ 1.83 $ 6.03 $ 5.55

Diluted net income per share $ 2.43 $ 1.82 $ 6.03 $ 5.54

Net income attributable to Loews Corporation for the three months ended September 30, 2025 was $504 million, or $2.43 per share, compared to net income of $401 million, or $1.82 per share in the comparable 2024 period.

Net income attributable to Loews Corporation for the nine months ended September 30, 2025 was $1,265 million, or $6.03 per share, compared to net income of $1,227 million, or $5.54 per share in the comparable 2024 period.

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

The increase at CNA is driven by improved underwriting results in CNA’s commercial property and casualty insurance operations primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income.

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

The improved results at Loews Hotels & Co is primarily due to higher equity income from the Universal Orlando Resort joint ventures and improved earnings at the Loews Arlington Hotel and Convention Center, partially offset by lower earnings at the Loews Miami Beach Hotel due to renovations at the property.

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

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

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

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

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

The decrease at Loews Hotels & Co is primarily due to higher interest expense.

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

CNA Financial

The following table summarizes the results of operations for CNA for the three and six months ended June 30, 2025 and 2024 as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

The following table summarizes the results of operations for CNA for the three and nine months ended September 30, 2025 and 2024 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

17 unchanged sentences

Net income attributable to Loews Corporation $ 371 $ 259 $ 897 $ 860

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

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

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

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

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

Net income attributable to Loews Corporation increased $112 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, driven by improved underwriting results in CNA’s commercial property and casualty insurance operations primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income.

Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation increased $37 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to higher net investment income, lower catastrophe losses and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations, partially offset by unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses.

CNA’s Property & Casualty and Other Insurance Operations

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

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

legacy mass tort reserves.

environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.

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

35 unchanged sentences

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

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

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

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

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

(In millions)

Net income (loss) attributable to Loews Corporation $ 159 $ 211 $ 41 $ 411 $ (40) $ 371

Investment losses 12 19 31 5 36

Investment (gains) losses 3 4 3 10 (4) 6

Noncontrolling interests 14 18 3 35 (3) 32

6 unchanged sentences

Effect of catastrophe losses 39 2 41

Effect of unfavorable development-related items 1 1

Underlying underwriting gain $ 60 $ 145 $ 30 $ 235

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Net income (loss) attributable to Loews Corporation $ 153 $ 121 $ 31 $ 305 $ (46) $ 259

Investment (gains) losses 4 7 2 13 (6) 7

Pension settlement losses 3 3

Noncontrolling interests 14 11 3 28 (4) 24

2 unchanged sentences

Non-insurance warranty revenue 14 14

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

Other (revenue) expense, including interest expense (12) (3) 8 (7)

Income tax expense on core income (47) (38) (16) (101)

Underwriting gain 60 39 25 124

Underwriting gain (loss) 59 (3) 12 68

Effect of catastrophe losses 127 16 143

1 unchanged sentence

Underlying underwriting gain $ 59 $ 124 $ 26 $ 209

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

Nine Months Ended September 30, 2025 Specialty Commercial International Property & Casualty Other Insurance Operations Total

(In millions)

Net income (loss) attributable to Loews Corporation $ 448 $ 507 $ 124 $ 1,079 $ (182) $ 897

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

Investment losses 16 23 2 41 8 49

Noncontrolling interests 39 45 11 95 (16) 79

8 unchanged sentences

Underlying underwriting gain $ 165 $ 399 $ 84 $ 648

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Net income (loss) attributable to Loews Corporation $ 457 $ 400 $ 106 $ 963 $ (103) $ 860

Investment (gains) losses 19 28 1 48 (15) 33

Pension settlement losses 3 3

Noncontrolling interests 41 36 10 87 (9) 78

2 unchanged sentences

Non-insurance warranty revenue 43 43

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

Other (revenue) expense, including interest expense (40) (10) 5 (45)

Income tax expense on core income (142) (125) (41) (308)

4 unchanged sentences

Property & Casualty Operations

The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three and six months e nded June 30, 2025 and 2024.

Three Months Ended June 30, 2025 Specialty

Three Months Ended September 30, 2025 Specialty

International

19 unchanged sentences

New business $ 131 $ 324 $ 94 $ 549

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Gross written premiums $ 1,743 $ 1,547 $ 305 $ 3,595

2 unchanged sentences

Net earned premiums 848 1,325 311 2,484

Underwriting gain 60 39 25 124

Underwriting gain (loss) 59 (3) 12 68

Net investment income 157 183 32 372

9 unchanged sentences

Underlying loss ratio 60.1 % 62.5 % 58.1 % 61.1 %

Rate 6 % (2)% 3 %

Renewal premium change 2 % 8 1 5

1 unchanged sentence

New business $ 129 $ 345 $ 73 $ 547

Six Months Ended June 30, 2025 Specialty

Nine Months Ended September 30, 2025 Specialty

International

20 unchanged sentences

New business $ 365 $ 1,114 $ 280 $ 1,759

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

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

18 unchanged sentences

New business $ 341 $ 1,117 $ 213 $ 1,671

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

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

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

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

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

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

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

Gross written premiums for International increased $20 million for the three months ended June 30, 2025 as compared with the comparable 2024 period.

Excluding the effect of foreign currency exchange rates, gross written premiums increased $14 million driven by higher new business and retention partially offset by lower rate.

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

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

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

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

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

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

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

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

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

Gross written premiums, excluding third-party captives, for Specialty increased $27 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention.

Net written premiums for Specialty increased $5 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.

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

Gross written premiums for Commercial increased $22 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention and new business.

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

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

Gross written premiums for International increased $17 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.

Excluding the effect of foreign currency exchange rates, gross written premiums increased $9 million driven by higher new business partially offset by lower rate.

Net written premiums for International increased $42 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.

Excluding the effect of foreign currency exchange rates, net written premiums increased $33 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025.

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

Core income for Property & Casualty Operations increased $110 million for the three months ended September 30, 2025 as compared with the comparable 2024 period primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income.

Catastrophe losses for Property & Casualty Operations were $41 million for the three months ended September 30, 2025 as compared with $143 million for the comparable 2024 period, driven by severe weather related events.

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

For the three months ended September 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $39 million and $127 million and International had catastrophe losses of $2 million and $16 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $1 million and $5 million was recorded for the three months ended September 30, 2025 and 2024.

For the three months ended September 30, 2025 and 2024, Specialty recorded no net prior year loss reserve development, Commercial recorded favorable net prior year loss reserve development of $1 million and $3 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $2 million.

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

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

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

The expense ratio was consistent with the comparable 2024 period.

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

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

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

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

The increase in the loss ratio was primarily driven by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period and an increase in the underlying loss ratio, partially offset by lower catastrophe losses, which were 1.4 points of the loss ratio for the three months ended June 30, 2025, as compared with 2.0 points of the loss ratio in the comparable 2024 period.

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

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

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

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

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

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

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

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

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

Specialty’s combined ratio increased 0.3 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 0.5 point increase in the loss ratio, partially offset by a 0.2 point improvement in the expense ratio.

The increase in the loss ratio was due to an increase in the underlying loss ratio.

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

Commercial’s combined ratio improved 7.5 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 5.9 point improvement in the loss ratio and a 1.6 point improvement in the expense ratio.

The improvement in the loss ratio was primarily due to lower catastrophes losses, which were 2.7 points of the loss ratio for the three months ended September 30, 2025, as compared with 9.6 points of the loss ratio in the comparable 2024 period, partially offset by an increase in the underlying loss ratio related to social inflation impacted lines.

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

International’s combined ratio improved 4.3 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 3.4 point improvement in the loss ratio and a 0.9 improvement in the expense ratio.

The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 0.6 points of the loss ratio for the three months ended September 30, 2025, as compared with 5.1 points of the loss ratio in the comparable 2024 period, partially offset by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period, and an increase in the underlying loss ratio.

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

Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Gross written premiums, excluding third-party captives, for Specialty increased $106 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention.

Net written premiums for Specialty increased $90 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period.

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

Gross written premiums for Commercial increased $327 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention.

Net written premiums for Commercial increased $295 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period.

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

Gross written premiums for International increased $36 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period.

Excluding the effect of foreign currency exchange rates, gross written premiums increased $38 million driven by higher new business and retention partially offset by lower rate.

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

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

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

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

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

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

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

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

Net written premiums for International increased $80 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period.

Excluding the effect of foreign currency exchange rates, net written premiums increased $77 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025.

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

Core income for Property & Casualty Operations increased $117 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period primarily due to higher net investment income, lower catastrophe losses and improved underlying underwriting results, partially offset by unfavorable net prior year loss reserve development.

Catastrophe losses for Property & Casualty Operations were $200 million for the nine months ended September 30, 2025 as compared with $313 million for the comparable 2024 period, driven by severe weather related events.

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

For the nine months ended September 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $182 million and $285 million and International had catastrophe losses of $18 million and $28 million.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $56 million and favorable net prior year loss reserve development of $24 million was recorded for the nine months ended September 30, 2025 and 2024.

For the nine months ended September 30, 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $10 million and favorable net prior year loss reserve development of $8 million, Commercial recorded unfavorable net prior year loss reserve development of $46 million and favorable net prior year loss reserve development of $11 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $5 million.

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

Specialty’s combined ratio increased 2.6 points for the six months ended June 30, 2025 as compared with the comparable 2024 period primarily due to a 1.8 point increase in the loss ratio and a 0.8 point increase in the expense ratio.

Specialty’s combined ratio increased 1.9 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period primarily due to a 1.4 point increase in the loss ratio and a 0.5 point increase in the expense ratio.

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

The increase in the expense ratio was primarily driven by higher employee related and acquisition costs partially offset by higher net earned premiums.

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

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

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

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

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

The expense ratio was consistent with the comparable 2024 period.

The increase in the expense ratio was driven by higher employee related and acquisition costs partially offset by higher net earned premiums.

Commercial’s combined ratio improved 2.2 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to a 1.2 point improvement in the expense ratio and a 1.0 point improvement in the loss ratio.

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

The improvement in the loss ratio was due to lower catastrophe losses, which were 4.3 points of the loss ratio for the nine months ended September 30, 2025 as compared with 7.5 points of the loss ratio for the comparable 2024 period, partially offset by unfavorable net prior year loss reserve development and an increase in the underlying loss ratio related to social inflation impacted lines .

International’s combined ratio improved 0.5 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to a 0.3 point improvement in the loss ratio and a 0.2 point improvement in the expense ratio.

The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 1.8 points of the loss ratio for the nine months ended September 30, 2025 as compared with 3.0 points of the loss ratio for the comparable 2024 period, partially offset by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period.

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

Other Insurance Operations

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

Three Months Ended Six Months Ended

June 30, June 30,

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

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

3 unchanged sentences

Core loss (47) (53) (190) (124)

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

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

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

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

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

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

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

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

Core results for Other Insurance Operations improved $6 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.

The improvement was primarily due to no net prior year loss reserve development in the current year as compared with a $17 million after tax charge in the comparable 2024 period related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves.

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

The improvement in core results was partially offset by lower net investment income from limited partnerships.

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

The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2025 and 2024 resulted in a pretax increase in long-term care reserves of $7 million and $15 million.

The annual structured settlement reserve review resulted in a pretax increase in claim reserves of $2 million for the three months ended September 30, 2025 and a pretax reduction in claim reserves of $9 million for the three months ended September 30, 2024.

Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Core results for Other Insurance Operations decreased $66 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $45 million after-tax charge in the comparable 2024 period.

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

Core results also reflect lower net investment income from limited partnerships for the nine months ended September 30, 2025 as compared with the comparable 2024 period.

The impact of the assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year is discussed in the three month summary above.

Future Policy Benefit Reserves

Annually in the third quarter, an actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience.

This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the liability for future policyholder benefits (“LFPB”).

For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

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

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

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

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

experience that could reasonably occur.

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

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

September 30, 2025

Estimated Reduction to Pretax Income

(In millions)

Hypothetical revisions

2.5% increase in morbidity $ 300

5% increase in morbidity 620

5% decrease in active life mortality and lapse $ 180

10% decrease in active life mortality and lapse 350

Premium rate actions:

25% decrease in anticipated future premium rate increases $ 30

50% decrease in anticipated future premium rate increases 50

The following table summarizes policyholder reserves for CNA’s Other Insurance Operations:

September 30, 2025 Claim and claim adjustment expenses Future policy benefits Total

(In millions)

Long-term care $ 13,546 $ 13,546

Structured settlements and other $ 538 538

Total 538 13,546 14,084

Ceded reserves 77 77

Total gross reserves $ 615 $ 13,546 $ 14,161

December 31, 2024

(In millions)

Long-term care $ 13,158 $ 13,158

Structured settlements and other $ 541 541

Total 541 13,158 13,699

Ceded reserves 81 81

Total gross reserves $ 622 $ 13,158 $ 13,780

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

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

As of September 30, 2025, statutory long-term care margin increased to $1.5 billion from $1.4 billion.

Boardwalk Pipelines

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

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

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

Current Growth Projects

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

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

Through the date of this filing, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 billion cubic feet per day (“Bcf/d”) at an aggregate cost of approximately $3.0 billion and are scheduled to be completed through 2029.

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

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Subsidiaries of this MD&A.

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

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

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

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

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

This project supports growing energy demand and power generation needs, has an expected in-service

date of the first half of 2028, and remains subject to FERC approval and receipt of environmental permits and authorizations.

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

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

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

This project has been approved by FERC but remains subject to acquisition of land rights.

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

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

In October 2025, Boardwalk Pipelines executed a precedent agreement that is expected to increase the capacity of its pipeline system by approximately 1.5 Bcf/d through the construction of approximately 155 miles of natural gas pipeline and the addition of compression facilities.

The Texas Gateway Project is designed to connect supply from the Katy and Carthage, Texas hubs for delivery to growing demand in Southwest Louisiana near Gillis and increase liquidity, supply security and flow assurance for liquified natural gas exporters, electric utilities, industrial users and natural gas producers.

This project has an expected in-service date of the second half of 2029 and remains subject to FERC approval, acquisition of land rights, receipt of environmental permits and authorizations and other conditions precedent.

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

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Results of Operations

The following table summarizes the results of operations for Boardwalk Pipelines for the three and six months ended June 30, 2025 and 2024, as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

The following table summarizes the results of operations for Boardwalk Pipelines for the three and nine months ended September 30, 2025 and 2024, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

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

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

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EBITDA $ 267 $ 249 $ 887 $ 796

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

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

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

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

Net income attributable to Loews Corporation and EBITDA increased $17 million and $18 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below.

Total revenues increased $63 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.

Boardwalk Pipelines’ transportation revenues increased $26 million, primarily due to re-contracting at higher rates and recently completed growth projects;

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and product sales revenues increased $33 million primarily due to higher ethane pricing in 2025.

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

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

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

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

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

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

Operating and other expenses increased $50 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with higher ethane pricing, increased property taxes due to higher assessments and an increased asset base, and increased administrative and general costs due to higher employee-related and outside services costs.

Interest expenses decreased $7 million for the three months ended September 30, 2025 as compared with the comparable 2024 period due to the pre-financing of a December 2024 debt maturity .

Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation and EBITDA increased $66 million and $91 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below.

Total revenues increased $217 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period.

Boardwalk Pipelines’ transportation revenues increased $92 million, primarily due to re-contracting at higher rates, recently completed growth projects and higher utilization-based revenue;

storage, parking and lending revenues increased $26 million due to favorable market conditions which allowed for contracting at higher rates;

and product sales revenues increased $82 million primarily from higher volumes from the sale of ethane due to a customer outage in 2024, which impacted 2024 volumes.

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

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

and product sales revenues increased $115 million primarily from higher volumes from the sale of ethane due to a customer outage in 2024, which impacted 2024 volumes, and higher ethane pricing in 2025.

Operating and other expenses increased $152 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with increased ethane product sales;

increased depreciation and amortization expense and increased property taxes due to higher assessments and an increased asset base.

Interest expenses decreased $18 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to the pre-financing of a December 2024 debt maturity .

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

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

Three Months Ended Six Months Ended

June 30, June 30,

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

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

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Interest, net

36 38 111 115

Income tax expense

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Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three and six months ended June 30, 2025 and 2024, as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Three Months Ended Six Months Ended

June 30, June 30,

The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2025 and 2024, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

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Total 214 235 670 630

Income before income tax 39 44 43 72

Income tax expense (11) (9) (15) (21)

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

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

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

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

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

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

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

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

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

Interest expense increased $4 million and $14 million for the three and six months ended June 30, 2025 as compared with the comparable 2024 perio ds primarily due to the Loews Arlington Hotel and Convention Center, lower capitalized interest on projects under development, and higher interest rates on certain debt refinanced in 2024 .

Income (loss) before income tax (3) (9) 40 63

Income tax (expense) benefit 1 (15) (20)

Net income (loss) attributable to Loews Corporation $ (3) $ (8) $ 25 $ 43

Net income (loss) attributable to Loews Corporation improved $5 million and decreased $18 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods primarily due to the reasons discussed below.

Operating revenues declined by $15 million and increased by $16 million and operating and other expenses were consistent with and increased by $19 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods.

The decrease in operating revenues for the three-month period was primarily due to renovations at the Loews Miami Beach Hotel, which reduced the number of available and occupied room nights at the property, partially offset by higher revenues at the Loews Arlington Hotel and Convention Center.

The increas e in operating revenues during the nine- month period was primarily due to higher average daily rates and higher food and beverage revenues, largely driven by the Loews Arlington Hotel and Convention Center being open for the entirety of 2025.

These increases were partially offset by the decline in revenues associated with the Loews Miami Beach Hotel renovations.

The increase in operating and other expenses for the nine-month period was primarily due to higher costs associated with the Loews Arlington Hotel and Convention Center and the termination of a contract with a minority owner in the first quarter of 2025.

Equity income from joint ventures increased $25 million and $1 million for the three and nine months ended September 30, 2025 as comp ared with the comparable 2024 periods.

Equity income from joint ventures was negatively impacted by i mpairment charges recorded at certain joint venture hotels, which reduced equity income by $9 million in the first quarter of 2025 and by $19 million in the third quarter of 2024.

Excluding the impact of these charges, equity income from joint ventures increased $6 million and decreased $9 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods.

The increase for the three-month period was primarily driven by growth in the overall average daily rate and an increase in the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened earlier in 2025.

The decrease for the nine-month period was primarily due to higher expenses, including pre-opening costs, depreciation and interest expense, related to these new hotels, as well as a reduction in net distributions, which reduced earnings at a Universal Orlando Resort joint venture, to support property improvement costs.

Depreciation and amortization expense increased $3 million and $6 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 pe riods.

For the three-month period this increase was driven by accelerated depreciation of assets being replaced by renovations at certain properties.

The increase for the nine-month period was also due to the Loews Arlington Hotel and Convention Center being open for the entirety of the 2025 period.

Interest expense increased $1 million and $15 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 perio ds.

For the nine-month period the increase is primarily due to lower capitalized interest on projects under development and higher interest rates on certain debt refinanced in 2024 .

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

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

The following table summarizes the results of operations for Corporate for the three and six months ended June 30, 2025 and 2024 as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:

Three Months Ended Six Months Ended

June 30, June 30,

The following table summarizes the results of operations for Corporate for the three and nine months ended September 30, 2025 and 2024 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

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Total 42 45 127 129

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

Income tax (expense) benefit (2) 6 5 4

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

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

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

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

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

Income before income tax 55 94 17 73

Income tax expense (13) (21) (8) (17)

Net income attributable to Loews Corporation $ 42 $ 73 $ 9 $ 56

Net income attributable to Loews Corporation decreased $31 million and $47 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods.

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

Net investment income for the Parent Company decreased $42 million and $58 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods, primarily due to results from the trading portfolio.

LIQUIDITY AND CAPITAL RESOURCES

Parent Company

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

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

Parent Company cash and investments, net of receivables and payables, totaled $3.6 billion at September 30, 2025 as compared to $3.3 billion at December 31, 2024.

During the nine months ended September 30, 2025 , we received $1.1 billion in cash dividends from our subsidiaries:

$840 million from CNA, including a special cash dividend of $497 million, and distributions of $225 million from Boardwalk Pipelines.

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

Cash outflows during the nine months ended September 30, 2025 included the payment of $706 million to fund treasury stock purchases and $39 million of cash dividends to our shareholders .

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

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

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

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

2025 for $9 million.

As of August 1, 2025, there were 207,426,395 shares of Loews Corporation common stock outstanding.

During the nine months ended September 30, 2025, we purchased 8.0 million shares of Loews Corporation common stock for $683 million .

As of October 31, 2025, we repurchased 0.3 million additional shares of Loews Corporation common stock in 2025 for $29 million.

As of October 31, 2025, there were 206,659,567 shares of Loews Corporation common stock outstanding.

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

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

CNA’s cash provided by operating activities was $1.2 billion for the six months ended June 30, 2025 as compared with $1.1 billion for the comparable 2024 period.

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

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

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

CNA’s cash provided by operating activities was $1.9 billion for the nine months ended September 30, 2025 and 2024.

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

CNA paid cash dividends of $3.38 per share on its common stock, including a special cash dividend of $2.00 per share, during the nine months ended September 30, 2025.

On October 31, 2025 , CNA’s Board of Directors declared a quarterly cash dividend of $0.46 per share, payable December 4, 2025 to shareholders of record on November 17, 2025 .

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

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

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

CCC paid dividends of $610 million and $490 million during the six months ended June 30, 2025 and 2024.

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

CCC paid dividends of $755 million and $635 million during the nine months ended September 30, 2025 and 2024.

The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

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.

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

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

As described in Boardwalk Pipelines:

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

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

Boardwalk Pipelines’ cash provided by operating activities increased $98 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to changes in net income.

As described in Current Growth Projects above, Boardwalk Pipelines is currently engaged in growth projects for which it has executed precedent or long-term firm transportation agreements.

Through the date of this filing, the expected aggregate cost associated with these agreements is approximately $3.0 billion, which is expected to be spent through 2029.

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

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

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

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

As of June 30, 2025, Boardwalk Pipelines had the full borrowing capacity of $1.0 billion available under its revolving credit facility.

For the nine months ended September 30, 2025 and 2024, Boardwalk Pipelines’ capital expenditures were $222 million and $292 million, consisting of growth capital expenditures of $98 million and $170 million and maintenance capital expenditures of $124 million and $122 million.

Additionally, as of September 30, 2025 , Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $273 million, which are expected to be settled through 2028.

As of September 30, 2025, Boardwalk Pipelines had the full borrowing capacity of $1.0 billion available under its revolving credit facility.

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

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

As of June 30, 2025, Boardwalk Pipelines also has an effective shelf registration statement on file with the SEC under which it may publicly issue up to $900 million of debt securities, warrants or rights from time to time.

As of September 30, 2025, Boardwalk Pipelines has an effective shelf registration statement on file with the SEC under which it may publicly issue up to $900 million of debt securities, warrants or rights from time to time.

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

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

Loews Hotels & Co, through its subsidiaries, has mortgage loans maturing beyond twelve months as of June 30, 2025, which it may refinance before they mature.

Boardwalk Pipelines believes that its existing capital resources, including its cash and cash equivalents, revolving credit facility and cash flows from operating activities, will be adequate to fund its anticipated obligations over the next twelve months.

During the nine months ended September 30, 2025 , Boardwalk Pipelines paid distributions of $225 million to the Company.

Loews Hotels & Co, through its subsidiaries, has mortgage loans maturing beyond twelve months as of September 30, 2025, which it may refinance before they mature.

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

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

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

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

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Limited partnership and common stock return for the period 2.5 % 3.1 % 8.3 % 9.4 %

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

CNA’s net investment income increased $12 million and $51 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.

Investment Gains (Losses)

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

Three Months Ended Six Months Ended

June 30, June 30,

Three Months Ended Nine Months Ended

September 30, September 30,

2025 2024 2025 2024

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Investment losses attributable to Loews Corporation $ (5) $ (7) $ (45) $ (30)

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

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

CNA’s pretax investment losses improved $3 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.

CNA’s pretax investment losses increased $20 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, driven by a lower favorable change in the fair value of non-redeemable preferred stock and higher net losses on disposals of fixed maturity securities, partially offset by lower impairment losses.

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

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

June 30, 2025

September 30, 2025

December 31, 2024

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Total $ 43,702 $ (1,161) $ 41,111 $ (2,325)

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

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

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

Additionally, as of September 30, 2025 and December 31, 2024, CNA assigned a AAA rating to $653 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S.

government agency or sponsored enterprise.

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

June 30, 2025

September 30, 2025

Estimated Fair Value

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

June 30, 2025

September 30, 2025

Estimated Fair Value

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

June 30, 2025

September 30, 2025

December 31, 2024

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

CATASTROPHES AND RELATED REINSURANCE

Various events can cause catastrophe losses.

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

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

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

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

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

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

Group North American Property Treaty

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

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

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

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

All layers of the treaty provide for one full reinstatement.

Group Workers’ Compensation Treaty

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

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

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

All layers of the treaty provide for one full reinstatement.

CRITICAL ACCOUNTING ESTIMATES

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

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

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

ACCOUNTING STANDARDS UPDATE

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

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

The provisions of the OBBBA have not had a material impact on the Company’s results of operations or financial condition.

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

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

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

achievements.

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

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis