LOEWS CORP 10-Q

Item 1. Financial Statements. Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) September 30, December 31, 2025 2024 (Dollar amounts in millions, except per share data) Assets: Investments: Fixed maturities, amortized cost of $ 45,338 and $ 44,196 , less allowance for credit loss of $ 61 and $ 45 $ 44,116 $ 41,827 Equity securities, cost of $ 1,183 and $ 969 1,295 1,064 Limited partnership investments 2,801 2,520 Other invested assets, primarily mortgage loans, less allowance for credit loss of $ 40 and $ 35 1,163 1,113 Short-term investments 5,383 4,606 Total investments 54,758 51,130 Cash 567 541 Receivables 10,936 10,522 Property, plant and equipment 10,668 10,738 Goodwill 349 347 Deferred non-insurance warranty acquisition expenses 3,340 3,525 Deferred acquisition costs of insurance subsidiaries 985 959 Other assets 4,338 4,181 Total assets $ 85,941 $ 81,943 Liabilities and Equity: Insurance reserves: Claim and claim adjustment expense $ 26,525 $ 24,976 Future policy benefits 13,546 13,158 Unearned premiums 7,578 7,346 Total insurance reserves 47,649 45,480 Payable to brokers 133 110 Short-term debt 1,005 5 Long-term debt 8,438 8,939 Deferred income taxes 836 550 Deferred non-insurance warranty revenue 4,294 4,530 Other liabilities 4,363 4,392 Total liabilities 66,718 64,006 Commitments and contingent liabilities Preferred stock, $ 0.10 par value: Authorized – 100,000,000 shares Common stock, $ 0.01 par value: Authorized – 1,800,000,000 shares Issued – 215,115,219 and 214,912,595 shares 2 2 Additional paid-in capital 2,469 2,490 Retained earnings 17,690 16,459 Accumulated other comprehensive loss ( 1,161 ) ( 1,867 ) 19,000 17,084 Less treasury stock, at cost ( 8,165,741 and 212,251 shares) ( 708 ) ( 18 ) Total shareholders’ equity 18,292 17,066 Noncontrolling interests 931 871 Total equity 19,223 17,937 Total liabilities and equity $ 85,941 $ 81,943 See accompanying Notes to Consolidated Condensed Financial Statements. 3 Table of contents Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions, except per share data) Revenues: Insurance premiums $ 2,783 $ 2,593 $ 8,103 $ 7,532 Net investment income 743 776 2,065 2,084 Investment losses ( 7 ) ( 10 ) ( 62 ) ( 42 ) Non-insurance warranty revenue 393 401 1,188 1,212 Operating revenues and other 759 706 2,426 2,178 Total 4,671 4,466 13,720 12,964 Expenses: Insurance claims and policyholders’ benefits (re-measurement loss of $ 36 , $ 48 , $ 59 and $ 88 ) 2,032 2,019 6,144 5,708 Amortization of deferred acquisition costs 483 457 1,423 1,336 Non-insurance warranty expense 377 387 1,146 1,169 Operating expenses and other 1,000 930 2,980 2,778 Equity method (income) loss ( 22 ) 9 ( 39 ) ( 44 ) Interest 112 114 324 331 Total 3,982 3,916 11,978 11,278 Income before income tax 689 550 1,742 1,686 Income tax expense ( 153 ) ( 125 ) ( 398 ) ( 381 ) Net income 536 425 1,344 1,305 Amounts attributable to noncontrolling interests ( 32 ) ( 24 ) ( 79 ) ( 78 ) Net income attributable to Loews Corporation $ 504 $ 401 $ 1,265 $ 1,227 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 Weighted average shares outstanding: Shares of common stock 207.57 219.67 209.74 221.16 Dilutive potential shares of common stock 0.14 0.27 0.14 0.27 Total weighted average shares outstanding assuming dilution 207.71 219.94 209.88 221.43 See accompanying Notes to Consolidated Condensed Financial Statements. 4 Table of contents Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Net income $ 536 $ 425 $ 1,344 $ 1,305 Other comprehensive income (loss), after tax Changes in: Net unrealized gains (losses) on investments with an allowance for credit losses 3 ( 3 ) 1 ( 1 ) Net unrealized gains on other investments 556 1,264 912 803 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 ) Unrealized losses on cash flow hedges ( 7 ) ( 6 ) ( 6 ) Pension and postretirement benefits 1 9 3 21 Foreign currency translation ( 39 ) 64 128 21 Other comprehensive income 371 704 771 829 Comprehensive income 907 1,129 2,115 2,134 Amounts attributable to noncontrolling interests ( 62 ) ( 83 ) ( 143 ) ( 148 ) Total comprehensive income attributable to Loews Corporation $ 845 $ 1,046 $ 1,972 $ 1,986 See accompanying Notes to Consolidated Condensed Financial Statements. 5 Table of contents Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) Loews Corporation Shareholders Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held in Treasury Noncontrolling Interests (In millions) Balance, July 1, 2024 $ 17,201 $ 2 $ 2,556 $ 16,415 $ ( 2,383 ) $ ( 206 ) $ 817 Net income 425 401 24 Other comprehensive income 704 645 59 Dividends paid ($ 0.0625 per share) ( 24 ) ( 14 ) ( 10 ) Purchases of Loews Corporation treasury stock ( 65 ) ( 65 ) Stock-based compensation 12 11 1 Other ( 5 ) ( 5 ) Balance, September 30, 2024 $ 18,248 $ 2 $ 2,562 $ 16,802 $ ( 1,738 ) $ ( 271 ) $ 891 Balance, July 1, 2025 $ 18,389 $ 2 $ 2,467 $ 17,198 $ ( 1,502 ) $ ( 651 ) $ 875 Net income 536 504 32 Other comprehensive income 371 341 30 Dividends paid ($ 0.0625 per share) ( 24 ) ( 13 ) ( 11 ) Purchases of Loews Corporation treasury stock ( 57 ) ( 57 ) Stock-based compensation 2 2 Other 6 1 5 Balance, September 30, 2025 $ 19,223 $ 2 $ 2,469 $ 17,690 $ ( 1,161 ) $ ( 708 ) $ 931 See accompanying Notes to Consolidated Condensed Financial Statements. 6 Table of contents Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) Loews Corporation Shareholders Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held in Treasury Noncontrolling Interests (In millions) Balance, January 1, 2024 $ 16,525 $ 2 $ 2,589 $ 15,617 $ ( 2,497 ) $ ( 7 ) $ 821 Net income 1,305 1,227 78 Other comprehensive income 829 759 70 Dividends paid ($ 0.1875 per share) ( 117 ) ( 42 ) ( 75 ) Purchase of subsidiary stock from noncontrolling interests ( 20 ) ( 20 ) Purchases of Loews Corporation treasury stock ( 264 ) ( 264 ) Stock-based compensation 9 ( 11 ) 20 Other ( 19 ) ( 16 ) ( 3 ) Balance, September 30, 2024 $ 18,248 $ 2 $ 2,562 $ 16,802 $ ( 1,738 ) $ ( 271 ) $ 891 Balance, December 31, 2024, as reported $ 17,937 $ 2 $ 2,490 $ 16,459 $ ( 1,867 ) $ ( 18 ) $ 871 Cumulative effect adjustments from changes in accounting standards (Note 1) 5 5 Balance, January 1, 2025 17,942 2 2,490 16,464 ( 1,867 ) ( 18 ) 871 Net income 1,344 1,265 79 Other comprehensive income 771 707 64 Dividends paid ($ 0.1875 per share) ( 115 ) ( 39 ) ( 76 ) Purchase of subsidiary stock from noncontrolling interests ( 34 ) ( 3 ) ( 1 ) ( 30 ) Purchases of Loews Corporation treasury stock ( 690 ) ( 690 ) Stock-based compensation ( 3 ) ( 22 ) 19 Other 8 4 4 Balance, September 30, 2025 $ 19,223 $ 2 $ 2,469 $ 17,690 $ ( 1,161 ) $ ( 708 ) $ 931 See accompanying Notes to Consolidated Condensed Financial Statements. 7 Table of contents Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) Nine Months Ended September 30 2025 2024 (In millions) Operating Activities: Net income $ 1,344 $ 1,305 Adjustments to reconcile net income to net cash provided by operating activities, net 571 425 Changes in operating assets and liabilities, net: Receivables ( 343 ) ( 390 ) Deferred acquisition costs ( 16 ) ( 45 ) Insurance reserves 1,522 1,559 Other assets ( 14 ) ( 126 ) Other liabilities ( 234 ) 54 Trading securities ( 168 ) ( 698 ) Net cash flow provided by operating activities 2,662 2,084 Investing Activities: Purchases of fixed maturities ( 6,052 ) ( 4,965 ) Proceeds from sales of fixed maturities 2,432 2,335 Proceeds from maturities of fixed maturities 2,567 1,755 Purchases of equity securities ( 429 ) ( 332 ) Proceeds from sales of equity securities 396 388 Purchases of limited partnership investments ( 340 ) ( 235 ) Proceeds from sales of limited partnership investments 89 46 Purchases of property, plant and equipment ( 388 ) ( 458 ) Dispositions 1 23 Change in short-term investments ( 448 ) ( 583 ) Other, net ( 45 ) 10 Net cash flow used by investing activities ( 2,217 ) ( 2,016 ) Financing Activities: Dividends paid ( 39 ) ( 42 ) Dividends paid to noncontrolling interests ( 76 ) ( 75 ) Purchases of Loews Corporation treasury stock ( 706 ) ( 262 ) Purchases of subsidiary stock from noncontrolling interests ( 34 ) ( 20 ) Principal payments on debt ( 4 ) ( 763 ) Issuance of debt 494 1,284 Other, net ( 69 ) ( 44 ) Net cash flow provided by (used by) financing activities ( 434 ) 78 Effect of foreign exchange rate on cash 15 3 Net change in cash 26 149 Cash, beginning of period 541 399 Cash, end of period $ 567 $ 548 See accompanying Notes to Consolidated Condensed Financial Statements. 8 Table of contents Loews Corporation and Subsidiaries NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92 % owned subsidiary); transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders. In addition, we own approximately 53 % of Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary accounted for under the equity method of accounting, which is engaged in the manufacture of rigid plastic packaging solutions. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of 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. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Operations. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and 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. 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): Accounting for and Disclosure of Crypto Assets.” The updated accounting guidance requires that an entity measure crypto assets at fair value in the statement of financial position each reporting period and recognize changes from remeasurement in net income. The guidance was effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The update required a cumulative-effect adjustment to the opening balance at the date of adoption. The Company adopted the guidance on January 1, 2025 and recorded an increase to Retained earnings of $ 5 million. Recently issued ASUs - In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. In November of 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. In September of 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): 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. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software 9 Table of contents project and (2) it is probable that the software will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method or a modified prospective transition method. The Company is currently evaluating the effect the updated guidance will have on its financial statements. 2. Investments Net investment income is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Fixed maturity securities $ 540 $ 517 $ 1,597 $ 1,530 Limited partnership investments 68 67 205 195 Short-term investments 19 21 54 70 Equity securities (a) 12 21 45 56 Income from trading portfolio (a) 99 141 155 210 Other 30 33 84 95 Total investment income 768 800 2,140 2,156 Investment expenses ( 25 ) ( 24 ) ( 75 ) ( 72 ) Net investment income $ 743 $ 776 $ 2,065 $ 2,084 (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: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Fixed maturity securities: Gross gains $ 15 $ 11 $ 33 $ 38 Gross losses ( 25 ) ( 33 ) ( 100 ) ( 104 ) Investment losses on fixed maturity securities ( 10 ) ( 22 ) ( 67 ) ( 66 ) Equity securities (a) 4 13 10 25 Short-term investments and other ( 1 ) ( 1 ) ( 5 ) ( 1 ) Investment losses $ ( 7 ) $ ( 10 ) $ ( 62 ) $ ( 42 ) (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 10 Table of contents The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 4 $ 8 $ 15 $ 23 Asset-backed 2 4 7 9 Impairment losses recognized in earnings $ 6 $ 12 $ 22 $ 32 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. 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. 11 Table of contents The following tables present a summary of fixed maturity securities: September 30, 2025 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value (In millions) Fixed maturity securities: Corporate and other bonds $ 25,592 $ 734 $ 844 $ 21 $ 25,461 States, municipalities and political subdivisions 8,840 301 765 8,376 Asset-backed: Residential mortgage-backed 4,041 42 382 3,701 Commercial mortgage-backed 1,633 19 88 22 1,542 Other asset-backed 3,790 28 190 18 3,610 Total asset-backed 9,464 89 660 40 8,853 U.S. Treasury and obligations of government sponsored enterprises 226 3 223 Foreign government 736 10 23 723 Fixed maturities available-for-sale $ 44,858 $ 1,134 $ 2,295 $ 61 $ 43,636 Fixed maturities trading 480 480 Total fixed maturity securities $ 45,338 $ 1,134 $ 2,295 $ 61 $ 44,116 December 31, 2024 Fixed maturity securities: Corporate and other bonds $ 25,839 $ 423 $ 1,305 $ 13 $ 24,944 States, municipalities and political subdivisions 7,396 243 835 6,804 Asset-backed: Residential mortgage-backed 3,725 7 488 3,244 Commercial mortgage-backed 1,779 11 141 18 1,631 Other asset-backed 3,770 24 239 14 3,541 Total asset-backed 9,274 42 868 32 8,416 U.S. Treasury and obligations of government sponsored enterprises 220 1 1 220 Foreign government 701 6 30 677 Fixed maturities available-for-sale $ 43,430 $ 715 $ 3,039 $ 45 $ 41,061 Fixed maturities trading 766 766 Total fixed maturity securities $ 44,196 $ 715 $ 3,039 $ 45 $ 41,827 12 Table of contents The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows: Less than 12 Months 12 Months or Longer Total September 30, 2025 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) Fixed maturity securities: Corporate and other bonds $ 2,802 $ 58 $ 8,578 $ 786 $ 11,380 $ 844 States, municipalities and political subdivisions 701 33 3,162 732 3,863 765 Asset-backed: Residential mortgage-backed 133 2 2,038 380 2,171 382 Commercial mortgage-backed 27 923 88 950 88 Other asset-backed 505 12 1,361 178 1,866 190 Total asset-backed 665 14 4,322 646 4,987 660 U.S. Treasury and obligations of government-sponsored enterprises 29 2 23 1 52 3 Foreign government 108 2 301 21 409 23 Total fixed maturity securities $ 4,305 $ 109 $ 16,386 $ 2,186 $ 20,691 $ 2,295 December 31, 2024 Fixed maturity securities: Corporate and other bonds $ 5,846 $ 165 $ 10,388 $ 1,140 $ 16,234 $ 1,305 States, municipalities and political subdivisions 1,247 52 2,967 783 4,214 835 Asset-backed: Residential mortgage-backed 849 22 2,010 466 2,859 488 Commercial mortgage-backed 180 2 988 139 1,168 141 Other asset-backed 680 21 1,557 218 2,237 239 Total asset-backed 1,709 45 4,555 823 6,264 868 U.S. Treasury and obligations of government-sponsored enterprises 49 1 41 90 1 Foreign government 118 3 368 27 486 30 Total fixed maturity securities $ 8,969 $ 266 $ 18,319 $ 2,773 $ 27,288 $ 3,039 13 Table of contents 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. September 30, 2025 December 31, 2024 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) U.S. Government, Government agencies and Government-sponsored enterprises $ 1,959 $ 281 $ 2,567 $ 373 AAA 1,367 248 1,800 282 AA 3,765 633 4,247 730 A 5,049 436 6,330 582 BBB 7,846 627 11,548 980 Non-investment grade 705 70 796 92 Total $ 20,691 $ 2,295 $ 27,288 $ 3,039 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; 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. 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. Three months ended September 30, 2025 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2025 $ 14 $ 37 $ 51 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 3 3 Available-for-sale securities accounted for as PCD assets 4 4 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 3 3 Total allowance for credit losses $ 21 $ 40 $ 61 14 Table of contents Three months ended September 30, 2024 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2024 $ — $ 17 $ 17 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 4 4 Available-for-sale securities accounted for as PCD assets 2 2 Reductions to the allowance for credit losses: Write-offs charged against the allowance 9 9 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 4 4 Total allowance for credit losses $ 6 $ 12 $ 18 Nine months ended September 30, 2025 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2025 $ 13 $ 32 $ 45 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 3 3 6 Available-for-sale securities accounted for as PCD assets 4 4 Reductions to the allowance for credit losses: Securities disposed during the period (realized) 6 6 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 7 5 12 Total allowance for credit losses $ 21 $ 40 $ 61 15 Table of contents Nine months ended September 30, 2024 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2024 $ 4 $ 12 $ 16 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 4 4 Available-for-sale securities accounted for as PCD assets 2 2 Reductions to the allowance for credit losses: Securities disposed during the period (realized) 3 1 4 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 1 Write-offs charged against the allowance 9 9 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 10 10 Total allowance for credit losses $ 6 $ 12 $ 18 Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2025 December 31, 2024 Cost or Amortized Cost Estimated Fair Value Cost or Amortized Cost Estimated Fair Value (In millions) Due in one year or less $ 1,275 $ 1,267 $ 1,761 $ 1,753 Due after one year through five years 11,741 11,578 11,678 11,403 Due after five years through ten years 12,959 12,713 13,083 12,365 Due after ten years 18,883 18,078 16,908 15,540 Total $ 44,858 $ 43,636 $ 43,430 $ 41,061 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. 16 Table of contents Mortgage Loans The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. Mortgage Loans Amortized Cost Basis by Origination Year (a) As of September 30, 2025 2025 2024 2023 2022 2021 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 18 $ 33 $ 6 $ 5 $ 210 $ 272 LTV 55% to 65% 12 15 6 16 49 LTV greater than 65% 30 12 42 DSCR 1.2x - 1.6x LTV less than 55% $ 68 28 5 2 93 196 LTV 55% to 65% 55 33 38 21 19 28 194 LTV greater than 65% 23 46 69 DSCR ≤1.2x LTV less than 55% 6 34 21 61 LTV 55% to 65% 37 17 39 15 108 LTV greater than 65% 34 22 48 104 Total $ 133 $ 101 $ 134 $ 230 $ 66 $ 431 $ 1,095 (a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index. Derivative Financial Instruments A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. September 30, 2025 December 31, 2024 Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value Asset (Liability) Asset (Liability) (In millions) Without hedge designation: Equity markets: Options – purchased $ 95 $ 1 $ 268 $ 2 Futures – short 1 167 1 Warrants 1 1 1 1 Interest rate swaps 474 300 4 Credit default swap index - purchased 2,000 17 Table of contents In the fourth quarter of 2024, the Company entered into credit default swap index transactions that would potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprised the index. The position was closed during the second quarter of 2025. As of December 31, 2024, the notional value of the credit default swap index was $ 2 billion and the fair value was less than $ 1 million, which was recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position was measured using observable market inputs, including credit spreads. For the nine months ended September 30, 2025, Net investment income related to the position was $ 19 million. Investment Commitments As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of 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. 3. Fair Value Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. September 30, 2025 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 227 $ 24,780 $ 1,400 $ 26,407 States, municipalities and political subdivisions 8,332 44 8,376 Asset-backed 7,894 959 8,853 Fixed maturities available-for-sale 227 41,006 2,403 43,636 Fixed maturities trading 415 65 480 Total fixed maturities $ 642 $ 41,071 $ 2,403 $ 44,116 Equity securities $ 792 $ 493 $ 10 $ 1,295 Short-term and other 5,170 52 5,222 Receivables 1 1 Payable to brokers ( 34 ) ( 34 ) December 31, 2024 Fixed maturity securities: Corporate bonds and other $ 223 $ 24,340 $ 1,278 $ 25,841 States, municipalities and political subdivisions 6,762 42 6,804 Asset-backed 7,540 876 8,416 Fixed maturities available-for-sale 223 38,642 2,196 41,061 Fixed maturities trading 766 766 Total fixed maturities $ 989 $ 38,642 $ 2,196 $ 41,827 Equity securities $ 603 $ 441 $ 20 $ 1,064 Short-term and other 4,383 70 4,453 Receivables 5 5 Payable to brokers ( 88 ) ( 88 ) 18 Table of contents 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: 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 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30 2025 Balance, July 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 1,388 $ 21 $ 24 $ ( 33 ) $ 1,400 $ 21 States, municipalities and political subdivisions 44 44 Asset-backed 886 $ 8 8 93 ( 36 ) 959 9 Fixed maturities available-for-sale $ 2,318 $ 8 $ 29 $ 117 $ — $ ( 69 ) $ — $ — $ 2,403 $ — $ 30 Equity securities $ 10 $ 10 2024 (In millions) Fixed maturity securities: Corporate bonds and other $ 1,129 $ 59 $ 83 $ ( 10 ) $ ( 24 ) $ 1,237 $ 57 States, municipalities and political subdivisions 43 2 45 2 Asset-backed 887 $ 1 30 38 ( 23 ) $ ( 18 ) 915 30 Fixed maturities available-for-sale $ 2,059 $ 1 $ 91 $ 121 $ ( 10 ) $ ( 47 ) $ — $ ( 18 ) $ 2,197 $ — $ 89 Equity securities $ 14 $ 14 19 Table of contents 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 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 Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 1,278 $ 1 $ 58 $ 123 $ ( 75 ) $ 15 $ 1,400 $ 55 States, municipalities and political subdivisions 42 2 44 2 Asset-backed 876 13 5 142 ( 77 ) 959 6 Fixed maturities available-for-sale $ 2,196 $ 14 $ 65 $ 265 $ — $ ( 152 ) $ 15 $ — $ 2,403 $ — $ 63 Equity securities $ 20 $ 1 $ ( 7 ) $ ( 4 ) $ 10 $ ( 1 ) 2024 Fixed maturity securities: Corporate bonds and other $ 1,045 $ 39 $ 229 $ ( 10 ) $ ( 77 ) $ 11 $ 1,237 $ 34 States, municipalities and political subdivisions 44 1 45 1 Asset-backed 901 $ 5 14 111 ( 14 ) ( 65 ) $ ( 37 ) 915 14 Fixed maturities available-for-sale $ 1,990 $ 5 $ 54 $ 340 $ ( 24 ) $ ( 142 ) $ 11 $ ( 37 ) $ 2,197 $ — $ 49 Equity securities $ 24 $ 6 $ 3 $ ( 19 ) $ 14 $ 2 20 Table of contents Net investment gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Operations Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment gains (losses) and Operating revenues and other Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value. September 30, 2025 Estimated Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,866 Discounted cash flow Credit spread 1 % — 7 % ( 2 %) December 31, 2024 Fixed maturity securities $ 1,724 Discounted cash flow Credit spread 1 % — 6 % ( 2 %) For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. Financial Assets and Liabilities Not Measured at Fair Value The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. 21 Table of contents Carrying Amount Estimated Fair Value September 30, 2025 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 1,055 $ 1,047 $ 1,047 Liabilities: Short-term debt 1,004 $ 999 5 1,004 Long-term debt 8,436 7,405 968 8,373 December 31, 2024 Assets: Other invested assets, primarily mortgage loans $ 1,019 $ 987 $ 987 Liabilities: Short-term debt 4 5 5 Long-term debt 8,936 $ 7,702 966 8,668 4. Claim and Claim Adjustment Expense Reserves Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. Catastrophe losses, net of reinsurance, of $ 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. Catastrophe losses for the three and nine months ended September 30, 2025 were driven by severe weather related events. 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. 22 Table of contents Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves. Nine Months Ended September 30 2025 2024 (In millions) Reserves, beginning of year: Gross $ 24,976 $ 23,304 Ceded 5,713 5,141 Net reserves, beginning of year 19,263 18,163 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 5,011 4,706 Increase (decrease) in provision for insured events of prior years 191 26 Amortization of discount 29 30 Total net incurred (a) 5,231 4,762 Net payments attributable to: Current year events ( 659 ) ( 655 ) Prior year events ( 3,463 ) ( 3,189 ) Total net payments ( 4,122 ) ( 3,844 ) Foreign currency translation adjustment and other 165 35 Net reserves, end of period 20,537 19,116 Ceded reserves, end of period 5,988 5,442 Gross reserves, end of period $ 26,525 $ 24,558 (a) Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above. Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable. Favorable net prior year loss reserve development of $ 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”). 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”). 23 Table of contents The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations: Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Medical professional liability $ ( 2 ) Other professional liability and management liability $ 25 $ 11 $ 43 28 Surety ( 25 ) ( 20 ) ( 47 ) ( 46 ) Warranty 7 10 20 Commercial auto 25 50 46 General liability 28 62 47 Workers’ compensation ( 1 ) ( 57 ) ( 66 ) ( 106 ) Other property and casualty operations 1 4 ( 11 ) Total property & casualty operations ( 1 ) ( 5 ) 56 ( 24 ) Other insurance operations 22 134 57 Total pretax (favorable) unfavorable development $ ( 1 ) $ 17 $ 190 $ 33 Three Months 2025 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional errors and omissions (“E&O”) business. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. 2024 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. 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. Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015. 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. Nine Months 2025 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O business. 24 Table of contents Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty. Unfavorable development in commercial auto was due to higher than expected claim severity, largely in CNA’s construction business in the most recent accident year. Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Unfavorable development in other insurance operations was 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. 2024 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year. Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years. Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015. 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. Asbestos & Environmental Pollution (“A&EP”) Reserves In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $ 1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $ 4.0 billion. The $ 1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $ 1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $ 2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $ 215 million were transferred to NICO, resulting in total consideration of $ 2.2 billion. In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $ 2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded 25 Table of contents losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations. The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 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 . As of September 30, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $ 3.7 billion. 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. The fair value of the collateral trust account was $ 2.3 billion as of September 30, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims. Credit Risk for Ceded Reserves The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements. 5. Future Policy Benefits Reserves Future policy benefits reserves are associated with CNA’s run-off long-term care business, which is included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheets. The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations. Annually in the third quarter, 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 LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered. The cash flow assumption updates for the third quarter of 2025 resulted in a $ 7 million pretax increase in the LFPB. Included in the assumption updates were unfavorable incidence, claim closure and cost of care inflation impacts offset by favorable premium rate actions. The cash flow assumption updates for the third quarter of 2024 resulted in a $ 15 million pretax increase in the LFPB. 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. 26 Table of contents The following table summarizes balances and changes in the LFPB: 2025 2024 (In millions) Present value of future net premiums Balance, January 1 $ 3,425 $ 3,710 Effect of changes in discount rate ( 7 ) ( 125 ) Balance, January 1, at original locked in discount rate 3,418 3,585 Effect of changes in cash flow assumptions (a) 114 111 Effect of actual variances from expected experience (a) ( 2 ) ( 40 ) Adjusted balance, January 1 3,530 3,656 Interest accrual 133 139 Net premiums: earned during period ( 306 ) ( 317 ) Balance, end of period at original locked in discount rate 3,357 3,478 Effect of changes in discount rate 83 147 Balance, September 30 $ 3,440 $ 3,625 Present value of future benefits & expenses Balance, January 1 $ 16,583 $ 17,669 Effect of changes in discount rate 440 ( 578 ) Balance, January 1, at original locked in discount rate 17,023 17,091 Effect of changes in cash flow assumptions (a) 121 126 Effect of actual variances from expected experience (a) 50 33 Adjusted balance, January 1 17,194 17,250 Interest accrual 688 693 Benefit & expense payments ( 870 ) ( 883 ) Balance, end of period at original locked in discount rate 17,012 17,060 Effect of changes in discount rate ( 26 ) 612 Balance, September 30 $ 16,986 $ 17,672 Net LFPB, September 30 $ 13,546 $ 14,047 (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. 27 Table of contents The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations. Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Earned premiums $ 106 $ 110 $ 318 $ 329 Interest accretion 185 185 555 554 The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums. September 30, 2025 2024 (In millions) Expected future benefit and expense payments $ 31,582 $ 32,009 Expected future gross premiums 5,048 5,305 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. 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. September 30, December 31, 2025 2024 2024 Original locked in discount rate 5.16 % 5.20 % 5.20 % Upper-medium grade fixed income instrument discount rate 5.24 4.90 5.51 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 . 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. 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 . 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 . 28 Table of contents 6. Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and 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 impact of changes in discount rates used to measure long duration contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, July 1, 2024 $ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 ) Other comprehensive income (loss) before reclassifications, after tax of $ 3 , $( 337 ), $ 165 , $ 3 , $ 0 and $ 0 ( 9 ) 1,253 ( 623 ) ( 7 ) 1 64 679 Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 3 ), $ 0 , $ 0 , $( 3 ) and $ 0 6 11 8 25 Other comprehensive income (loss) ( 3 ) 1,264 ( 623 ) ( 7 ) 9 64 704 Amounts attributable to noncontrolling interests ( 105 ) 52 ( 1 ) ( 5 ) ( 59 ) Balance, September 30, 2024 $ ( 13 ) $ ( 744 ) $ ( 337 ) $ 3 $ ( 517 ) $ ( 130 ) $ ( 1,738 ) Balance, July 1, 2025 $ ( 15 ) $ ( 1,395 ) $ 217 $ 3 $ ( 222 ) $ ( 90 ) $ ( 1,502 ) Other comprehensive income (loss) before reclassifications, after tax of $ 1 , $( 148 ), $ 40 , $ 2 , $ 0 and $ 0 ( 1 ) 552 ( 150 ) ( 1 ) ( 39 ) 361 Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $ 0 , $ 0 , $ 0 , $ 0 and $ 0 4 4 2 10 Other comprehensive income (loss) 3 556 ( 150 ) — 1 ( 39 ) 371 Amounts attributable to noncontrolling interests ( 45 ) 12 3 ( 30 ) Balance, September 30, 2025 $ ( 12 ) $ ( 884 ) $ 79 $ 3 $ ( 221 ) $ ( 126 ) $ ( 1,161 ) 29 Table of contents Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative impact of changes in discount rates used to measure long duration contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, January 1, 2024 $ ( 12 ) $ ( 1,483 ) $ ( 329 ) $ 9 $ ( 533 ) $ ( 149 ) $ ( 2,497 ) Other comprehensive income (loss) before reclassifications, after tax of $ 4 , $( 206 ), $ 2 , $ 3 , $ 0 and $ 0 ( 14 ) 764 ( 9 ) ( 6 ) 1 21 757 Reclassification of losses from accumulated other comprehensive loss, after tax of $( 4 ), $( 10 ), $ 0 , $ 0 , $( 5 ) and $ 0 13 39 20 72 Other comprehensive income (loss) ( 1 ) 803 ( 9 ) ( 6 ) 21 21 829 Amounts attributable to noncontrolling interests ( 67 ) 1 ( 2 ) ( 2 ) ( 70 ) Other 3 ( 3 ) — Balance, September 30, 2024 $ ( 13 ) $ ( 744 ) $ ( 337 ) $ 3 $ ( 517 ) $ ( 130 ) $ ( 1,738 ) Balance, January 1, 2025 $ ( 13 ) $ ( 1,720 ) $ 324 $ 9 $ ( 224 ) $ ( 243 ) $ ( 1,867 ) Other comprehensive income (loss) before reclassifications, after tax of $ 4 , $( 233 ), $ 71 , $ 5 , $ 0 and $ 0 ( 11 ) 872 ( 267 ) ( 6 ) ( 2 ) 128 714 Reclassification of losses from accumulated other comprehensive loss, after tax of $( 4 ), $( 11 ), $ 0 , $ 0 , $( 1 ) and $ 0 12 40 5 57 Other comprehensive income (loss) 1 912 ( 267 ) ( 6 ) 3 128 771 Amounts attributable to noncontrolling interests ( 75 ) 22 ( 11 ) ( 64 ) Other ( 1 ) ( 1 ) Balance, September 30, 2025 $ ( 12 ) $ ( 884 ) $ 79 $ 3 $ ( 221 ) $ ( 126 ) $ ( 1,161 ) Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows: Major Category of AOCI Affected Line Item Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Investment gains (losses) Unrealized gains (losses) on cash flow hedges Operating revenues and other, Interest expense and Operating expenses and other Pension and postretirement benefits Operating expenses and other 30 Table of contents Stock Purchases 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. 7. Debt 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. 8. Revenue from Contracts with Customers Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 12 : Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Non-insurance warranty – CNA Financial $ 393 $ 401 $ 1,188 $ 1,212 Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines $ 530 $ 463 $ 1,662 $ 1,431 Lodging and related services – Loews Hotels & Co 202 220 685 673 Total revenues from contracts with customers 732 683 2,347 2,104 Other revenues 27 23 79 74 Operating revenues and other $ 759 $ 706 $ 2,426 $ 2,178 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. 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. 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. 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. Included in the balance are $ 5.7 billion of revenues that are anticipated under executed precedent transportation agreements associated with Boardwalk Pipelines’ growth projects. 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. 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. 31 Table of contents 9. Benefit Plans Several non-contributory defined benefit plans and postretirement benefit plans cover eligible employees and retirees. The following tables present the components of net periodic (benefit) cost for the defined benefit plans: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Service cost $ 1 $ 1 $ 2 Interest cost $ 12 23 34 72 Expected return on plan assets ( 16 ) ( 29 ) ( 46 ) ( 88 ) Amortization of unrecognized net loss 2 7 6 22 Settlements 4 1 4 Net periodic (benefit) cost $ ( 2 ) $ 6 $ ( 4 ) $ 12 Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 (In millions) Interest cost $ 1 $ 1 Expected return on plan assets $ ( 1 ) $ ( 1 ) ( 2 ) ( 2 ) Amortization of unrecognized net loss 1 1 Net periodic benefit $ ( 1 ) $ — $ ( 1 ) $ — 10. Legal Proceedings Loews Hotels & Co 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. Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively. On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal , and granted plaintiff leave to amend the complaint. 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. The court has not ruled on the motion to dismiss the third amended complaint in Segal. On August 29, 2025, the court granted the defendants’ motion to dismiss in Portillo , and granted plaintiffs leave to amend their complaint. 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. Defendants’ deadline to respond to the amended complaint in Portillo is November 3, 2025. Boardwalk Pipelines Litigation On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General 32 Table of contents 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”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018. On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021. On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $ 690 million, plus pre-judgment interest (approximately $ 166 million), post-judgment interest and attorneys’ fees. The Company believed that the Trial Court ruling included factual and legal errors. Therefore, on January 3, 2022, the Defendants appealed the Trial Court’s ruling to the Supreme Court of the State of Delaware (the “Supreme Court”). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. Oral arguments were held on September 14, 2022, and on December 19, 2022, the Supreme Court reversed the Trial Court’s ruling and remanded the case to the Trial Court for further proceedings related to claims not decided by the Trial Court’s ruling. Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023. A hearing on the remanded issues was held at the Trial Court in April 2024. In September 2024, the Trial Court ruled in favor of the Defendants on all of the remanded issues. On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court. Briefing on this appeal was completed in March 2025 and a hearing on this appeal occurred in June 2025. Other Litigation The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the matters described above, will materially affect the Company’s results of operations or equity. 11. Commitments and Contingencies CNA Guarantees CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of 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. Boardwalk Pipelines Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received. As of September 30, 2025, the commitments totaled approximately $ 273 million, which are expected to be settled through 2028. 33 Table of contents 12. Segments Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, and the equity method of accounting for Altium Packaging. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. 34 Table of contents Statements of Operations by segment are presented in the following tables. Three Months Ended September 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,783 $ 2,783 Net investment income 638 $ 4 $ 4 $ 97 743 Investment losses ( 7 ) ( 7 ) Non-insurance warranty revenue 393 393 Operating revenues and other 10 542 207 759 Total 3,817 546 211 97 4,671 Expenses: Insurance claims and policyholders’ benefits (a) 2,032 2,032 Amortization of deferred acquisition costs 483 483 Non-insurance warranty expense 377 377 Operating expenses and other (b) 376 382 221 21 1,000 Equity method (income) loss ( 25 ) 3 ( 22 ) Interest 36 40 18 18 112 Total 3,304 422 214 42 3,982 Income (loss) before income tax 513 124 ( 3 ) 55 689 Income tax expense ( 110 ) ( 30 ) ( 13 ) ( 153 ) Net income (loss) 403 94 ( 3 ) 42 536 Amounts attributable to noncontrolling interests ( 32 ) ( 32 ) Net income (loss) attributable to Loews Corporation $ 371 $ 94 $ ( 3 ) $ 42 $ 504 (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. 35 Table of contents (b) Significant segment expenses included in Operating expenses and other: Three Months Ended September 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total Insurance related administrative expenses $ 324 $ 324 Operating expenses $ 190 $ 144 334 Depreciation and amortization 107 27 $ 1 135 Other (c) 52 85 50 20 207 Operating expenses and other $ 376 $ 382 $ 221 $ 21 $ 1,000 (c) Other expenses for each reportable segment include: CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. Boardwalk Pipelines: general and administrative expenses Loews Hotels & Co: general and administrative and reimbursable expenses Corporate: general and administrative expenses 36 Table of contents Three Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,593 $ 2,593 Net investment income 626 $ 9 $ 2 $ 139 776 Investment losses ( 10 ) ( 10 ) Non-insurance warranty revenue 401 401 Operating revenues and other 8 474 224 706 Total 3,618 483 226 139 4,466 Expenses: Insurance claims and policyholders’ benefits (a) 2,019 2,019 Amortization of deferred acquisition costs 457 457 Non-insurance warranty expense 387 387 Operating expenses and other (b) 362 332 218 18 930 Equity method loss 9 9 Interest 32 47 17 18 114 Total 3,257 379 235 45 3,916 Income (loss) before income tax 361 104 ( 9 ) 94 550 Income tax (expense) benefit ( 78 ) ( 27 ) 1 ( 21 ) ( 125 ) Net income (loss) 283 77 ( 8 ) 73 425 Amounts attributable to noncontrolling interests ( 24 ) ( 24 ) Net income (loss) attributable to Loews Corporation $ 259 $ 77 $ ( 8 ) $ 73 $ 401 (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 143 million and unfavorable net prior year loss reserve development of $ 17 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. 37 Table of contents (b) Significant segment expenses included in Operating expenses and other: Three Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total Insurance related administrative expenses $ 321 $ 321 Operating expenses $ 147 $ 145 292 Depreciation and amortization 107 24 $ 1 132 Other (c) 41 78 49 17 185 Operating expenses and other $ 362 $ 332 $ 218 $ 18 $ 930 (c) Other expenses for each reportable segment include: CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. Boardwalk Pipelines: general and administrative expenses Loews Hotels & Co: general and administrative and reimbursable expenses Corporate: general and administrative expenses 38 Table of contents Nine Months Ended September 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 8,103 $ 8,103 Net investment income 1,904 $ 8 $ 9 $ 144 2,065 Investment losses ( 62 ) ( 62 ) Non-insurance warranty revenue 1,188 1,188 Operating revenues and other 28 1,697 701 2,426 Total 11,161 1,705 710 $ 144 13,720 Expenses: Insurance claims and policyholders’ benefits (a) 6,144 6,144 Amortization of deferred acquisition costs 1,423 1,423 Non-insurance warranty expense 1,146 1,146 Operating expenses and other (b) 1,107 1,143 678 52 2,980 Equity method (income) loss ( 60 ) 21 ( 39 ) Interest 99 119 52 54 324 Total 9,919 1,262 670 127 11,978 Income before income tax 1,242 443 40 17 1,742 Income tax expense ( 266 ) ( 109 ) ( 15 ) ( 8 ) ( 398 ) Net income 976 334 25 9 1,344 Amounts attributable to noncontrolling interests ( 79 ) ( 79 ) Net income attributable to Loews Corporation $ 897 $ 334 $ 25 $ 9 $ 1,265 September 30, 2025 Total assets $ 69,704 $ 10,133 $ 2,502 $ 3,602 $ 85,941 (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 200 million and unfavorable net prior year loss reserve development of $ 190 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance. 39 Table of contents (b) Significant segment expenses included in Operating expenses and other: Nine Months Ended September 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total Insurance related administrative expenses $ 982 $ 982 Operating expenses $ 559 $ 444 1,003 Depreciation and amortization 333 75 $ 2 410 Other (c) 125 251 159 50 585 Operating expenses and other $ 1,107 $ 1,143 $ 678 $ 52 $ 2,980 (c) Other expenses for each reportable segment include: CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. Boardwalk Pipelines: general and administrative expenses Loews Hotels & Co: general and administrative and reimbursable expenses Corporate: general and administrative expenses 40 Table of contents Nine Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 7,532 $ 7,532 Net investment income 1,853 $ 22 $ 7 $ 202 2,084 Investment losses ( 42 ) ( 42 ) Non-insurance warranty revenue 1,212 1,212 Operating revenues and other 26 1,466 686 2,178 Total 10,581 1,488 693 202 12,964 Expenses: Insurance claims and policyholders’ benefits (a) 5,708 5,708 Amortization of deferred acquisition costs 1,336 1,336 Non-insurance warranty expense 1,169 1,169 Operating expenses and other (b) 1,077 991 652 58 2,778 Equity method (income) loss ( 59 ) 15 ( 44 ) Interest 101 137 37 56 331 Total 9,391 1,128 630 129 11,278 Income before income tax 1,190 360 63 73 1,686 Income tax expense ( 252 ) ( 92 ) ( 20 ) ( 17 ) ( 381 ) Net income 938 268 43 56 1,305 Amounts attributable to noncontrolling interests ( 78 ) ( 78 ) Net income attributable to Loews Corporation $ 860 $ 268 $ 43 $ 56 $ 1,227 September 30, 2024 Total assets $ 67,305 $ 10,535 $ 2,497 $ 3,280 $ 83,617 (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 313 million and unfavorable net prior year loss reserve development of $ 33 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. 41 Table of contents (b) Significant segment expenses included in Operating expenses and other: Nine Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total Insurance related administrative expenses $ 937 $ 937 Operating expenses $ 434 $ 431 865 Depreciation and amortization 321 69 $ 2 392 Other (c) 140 236 152 56 584 Operating expenses and other $ 1,077 $ 991 $ 652 $ 58 $ 2,778 (c) Other expenses for each reportable segment include: CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. Boardwalk Pipelines: general and administrative expenses Loews Hotels & Co: general and administrative and reimbursable expenses Corporate: general and administrative expenses 42 Table of contents