25 unchanged sentences
Net income attributable to Loews Corporation for 2024 includes a $265 million after-tax and noncontrolling interests pension settlement charge for CNA.
−Removed: Excluding CNA’s pension charge, net income attributable to Loews Corporation increased by 17% in 2024 compared to 2023 due to increases in net income at CNA and Boardwalk Pipelines and increased net investment income at the parent company, partially offset by a decrease in net income at Loews Hotels & Co.
−Removed: The increase at CNA is primarily due to higher net investment income driven by favorable returns from limited partnership and common stock investments and higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates and improved underlying underwriting results, partially offset by higher catastrophe losses.
−Removed: Boardwalk Pipelines’ results improved due to increased transportation revenues from higher re-contracting rates and recently completed growth projects, increased storage and parking and lending revenues and the contribution from the acquisition of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) in 2023.
−Removed: Higher net investment income at the parent company is due to higher returns on equity securities.
−Removed: These increases were partially offset by lower net income at Loews Hotels & Co primarily due to higher depreciation and interest expenses related to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024 and lower equity income from joint ventures.
−Removed: In addition, Loews Hotels & Co’s results for 2023 included a gain of $36 million related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.
+Added: Excluding this pension charge, CNA’s increase is primarily due to higher property and casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves.
+Added: The increase at Boardwalk Pipelines is primarily due to increased transportation revenues from higher re-contracting rates, recently completed growth projects and higher utilization-based revenue, as well as increased storage and parking and lending revenues.
+Added: Those positives were partially offset by higher operating costs and higher depreciation expense at Boardwalk Pipelines.
+Added: The decrease at Loews Hotels & Co is primarily due to an asset impairment charge, higher interest expense, and renovations at the Loews Miami Beach Hotel, partially offset by improved results at the Universal Orlando Resort hotels and the Loews Arlington Hotel and Convention Center, which was open for the entirety of 2025.
+Added: Parent company investment income decreased due to lower investment income from the parent company trading portfolio.
CNA Financial
21 unchanged sentences
2025 Compared with 2024
−Removed: Net income attributable to Loews Corporation decreased $215 million for 2024 as compared with 2023.
−Removed: The decrease was primarily due to a pension settlement charge of $265 million after-tax and noncontrolling interests and higher catastrophe losses, partially offset by higher net investment income driven by favorable returns from limited partnership and common stock investments and higher income from fixed income securities as a result of a larger invested asset base
−Removed: and favorable reinvestment rates and improved underlying underwriting results.
+Added: Net income attributable to Loews Corporation increased $294 million for 2025 as compared with 2024, which included a $265 million after-tax and noncontrolling interests pension settlement charge.
+Added: Net income attributable to Loews Corporation also increased primarily due to higher property and casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves.
For more information on the pension settlement charge see Note 15 of the Notes to Consolidated Financial Statements included under Item 8.
1 unchanged sentence
CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business.
−Removed: 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.
−Removed: CNA’s products and services are primarily marketed through independent agents, brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups.
+Added: 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 asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.
+Added: CNA’s products and services are primarily marketed through independent agents, retail and wholesale brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups.
We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting.
11 unchanged sentences
The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio.
−Removed: Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
+Added: Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance.
The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.
14 unchanged sentences
New business represents premiums from policies written with new customers and additional policies written with existing customers.
−Removed: Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.
CNA also uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations.
−Removed: Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’
−Removed: benefits, amortization of deferred acquisition costs and insurance related administrative expenses.
+Added: Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and insurance related administrative expenses.
Net income (loss) is the most directly comparable GAAP measure.
6 unchanged sentences
Net income (loss) attributable to Loews Corporation $ 564 $ 723 $ 188 $ 1,475 $ (302) $ 1,173
−Removed: Investment (gains) losses 31 44 75 (11) 64
−Removed: Pension settlement losses 293 293
+Added: Investment losses 22 32 2 56 8 64
Noncontrolling interests 51 65 17 133 (28) 105
2 unchanged sentences
Non-insurance warranty revenue 51 51
−Removed: Other expense, including interest expense (53) (14) (10) (77)
+Added: Other revenue (expense), including interest expense (55) (12) 13 (54)
Income tax expense on core income (173) (215) (77) (465)
1 unchanged sentence
Effect of catastrophe losses 217 23 240
−Removed: Effect of favorable development-related items (8) (6) (14)
+Added: Effect of unfavorable (favorable) development-related items 37 52 (25) 64
Underlying underwriting gain $ 201 $ 541 $ 113 $ 855
2 unchanged sentences
Investment (gains) losses 31 44 75 (11) 64
+Added: Pension settlement transaction losses 293 293
Noncontrolling interests 55 55 13 123 (43) 80
2 unchanged sentences
Non-insurance warranty revenue 62 62
−Removed: Other revenue (expense), including interest expense (52) (1) 4 (49)
+Added: Other expense, including interest expense
+Added: (53) (14) (10) (77)
Income tax expense on core income (190) (188) (44) (422)
1 unchanged sentence
Effect of catastrophe losses 318 40 358
−Removed: Effect of (favorable) unfavorable development-related items (12) (4) 13 (3)
+Added: Effect of favorable development-related items
Underlying underwriting gain $ 241 $ 489 $ 110 $ 840
4 unchanged sentences
(In millions, except %)
−Removed: Gross written premiums $ 6,932 $ 6,964 $ 1,483 $ 15,379
−Removed: Gross written premiums excluding third-party captives 3,895 6,816 1,483 12,194
Net written premiums 3,515 5,821 1,347 10,683
9 unchanged sentences
Effect of catastrophe impacts 3.8 1.8 2.3
−Removed: Effect of favorable development-related items (0.3) (0.1) (0.4) (0.2)
+Added: Effect of unfavorable (favorable) development- related items
+Added: 1.1 0.9 (1.9) 0.6
Underlying combined ratio 94.2 % 90.5 % 91.3 % 91.8 %
5 unchanged sentences
Year Ended December 31, 2024
−Removed: Gross written premiums $ 7,113 $ 6,120 $ 1,485 $ 14,718
−Removed: Gross written premiums excluding third-party captives 3,800 5,994 1,485 11,279
Net written premiums 3,445 5,469 1,262 10,176
9 unchanged sentences
Effect of catastrophe impacts 6.2 3.2 3.6
−Removed: Effect of (favorable) unfavorable development- related items
+Added: Effect of favorable development-related items
(0.3) (0.1) (0.4) (0.2)
6 unchanged sentences
2025 Compared with 2024
−Removed: Gross written premiums, excluding third-party captives, for Specialty increased $95 million in 2024 as compared with 2023 driven by retention and favorable renewal premium change.
−Removed: Net written premiums for Specialty increased $116 million in 2024 as compared with 2023.
+Added: Net written premiums for Specialty increased $70 million in 2025 as compared with 2024 driven by rate partially offset by lower retention.
The increase in net earned premiums was consistent with the trend in net written premiums for Specialty.
−Removed: Gross written premiums for Commercial increased $844 million in 2024 as compared with 2023 driven by favorable renewal premium change, rate and higher new business.
−Removed: Net written premiums for Commercial increased $589 million in 2024 as compared with 2023.
+Added: Net written premiums for Commercial increased $352 million in 2025 as compared with 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention.
The increase in net earned premiums was consistent with the trend in net written premiums for Commercial.
−Removed: Gross written premiums for International decreased $2 million in 2024 as compared with 2023.
−Removed: Excluding the effect of foreign currency exchange rates, gross written premiums decreased $14 million driven by lower new business and rate.
Net written premiums for International increased $85 million in 2025 as compared with 2024.
−Removed: Excluding the effect of foreign currency exchange rates, net written premiums increased $21 million in 2024 as compared with 2023 driven by favorable adjustments on prior year reinsurance treaties, in the current year.
+Added: Excluding the effect of foreign currency exchange rates, net written premiums increased $76 million in 2025 as compared with 2024 driven by higher new business partially offset by lower rate.
The increase in net earned premiums was consistent with the trend in net written premiums for International.
−Removed: Core income increased $44 million in 2024 as compared with 2023 driven by higher net investment income and improved underlying underwriting results, partially offset by higher catastrophe losses.
−Removed: Catastrophe losses were $358 million in 2024 as compared with $236 million in 2023, primarily driven by severe weather related events, including $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024.
+Added: Core income increased $115 million in 2025 as compared with 2024 primarily due to higher underwriting income and net investment income.
+Added: Catastrophe losses were $240 million in 2025 as compared with $358 million in 2024.
+Added: Catastrophe losses for 2025 and 2024 were driven by severe weather related events, including $64 million for the California wildfires in 2025 and $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024.
For 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $217 million and $318 million and International had catastrophe losses of $23 million and $40 million.
−Removed: Favorable net prior year loss reserve development of $31 million and $23 million was recorded in 2024 and 2023.
−Removed: In 2024 and 2023, Specialty recorded favorable net prior year loss reserve development of $9 million and $14 million, Commercial recorded favorable net prior year loss reserve development of $16 million and $22 million and International recorded favorable net prior year loss reserve development of $6 million and unfavorable net prior year loss reserve development of $13 million.
+Added: Unfavorable net prior year loss reserve development for Property & Casualty Operations of $51 million and favorable net prior year loss reserve development of $31 million was recorded in 2025 and 2024.
+Added: In 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $37 million and favorable net prior year loss reserve development of $9 million, Commercial recorded unfavorable net prior year loss reserve development of $39 million and favorable net prior year loss reserve development of $16 million and International recorded favorable net prior year loss reserve development of $25 million and $6 million.
Further information on net prior year loss reserve development is included in Note 7 of the Notes to Consolidated Financial Statements included under Item 8.
−Removed: Specialty’s combined ratio increased 2.2 points in 2024 as compared with 2023 primarily due to a 1.3 point increase in the loss ratio and a 0.8 point increase in the expense ratio.
−Removed: The increase in the loss ratio was primarily due to an increase in the underlying loss ratio, primarily driven by continued pricing pressure in management liability lines over the last several quarters.
−Removed: The increase in the expense ratio was driven by lower net earned premium growth.
−Removed: Commercial’s combined ratio increased 0.7 points in 2024 as compared with 2023 due to a 2.4 point increase in the loss ratio partially offset by a 1.7 point improvement in the expense ratio.
−Removed: The increase in the loss ratio was primarily driven by higher catastrophe losses, which were 6.2 points of the loss ratio in 2024, as compared with 4.5 points of the loss ratio in 2023 and an increase in the underlying loss ratio, driven by the continuation of elevated loss cost trends in commercial auto and mix of business.
+Added: Specialty’s combined ratio increased 2.7 points in 2025 as compared with 2024 due to a 2.0 point increase in the loss ratio and a 0.7 point increase in the expense ratio.
+Added: The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in 2025 and an increase in the underlying loss ratio, primarily driven by continued pricing pressure in management liability lines.
+Added: The increase in the expense ratio was driven by higher employee related costs and a non-recurring technology charge partially offset by higher net earned premiums.
+Added: Commercial’s combined ratio improved 1.5 points in 2025 as compared with 2024 due to a 1.1 point improvement in the expense ratio and a 0.4 point improvement in the loss ratio.
+Added: The improvement in the expense ratio was primarily driven by higher net earned premiums and a lower acquisition ratio.
+Added: The improvement in the loss ratio was driven by lower catastrophe losses, which were 3.8 points of the loss ratio in 2025, as compared with 6.2 points of the loss ratio in 2024 partially offset by unfavorable net prior year loss reserve development and an increase in the underlying loss ratio related to social inflation impacted lines.
+Added: International’s combined ratio improved 2.8 points in 2025 as compared with 2024 due to a 2.5 point improvement in the loss ratio and a 0.3 point improvement in the expense ratio.
+Added: The improvement in the loss ratio was primarily driven by higher favorable net prior year loss reserve development and lower catastrophe losses, which were 1.8 points of the loss ratio for 2025 , as compared with 3.2 points of the loss ratio for 2024.
The improvement in the expense ratio was primarily driven by higher net earned premiums.
−Removed: International’s combined ratio increased 1.4 points in 2024 as compared with 2023 due to a 1.9 point increase in the expense ratio partially offset by a 0.5 point improvement in the loss ratio.
−Removed: The increase in the expense ratio was driven by higher employee related costs and a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year, partially offset by higher net earned premiums.
−Removed: The improvement in the loss ratio was primarily driven by favorable net prior year loss reserve development, partially offset by higher catastrophe losses.
−Removed: Catastrophe losses were 3.2 points of the loss ratio for 2024 , as compared with 2.5 points of the loss ratio for 2023.
Other Insurance Operations
7 unchanged sentences
Core results decreased by $89 million in 2025 as compared with 2024.
−Removed: Results in 2024 include higher corporate expenses as a result of continued investments in technology and an unfavorable non-economic impact related to the A&EP loss portfolio transfer (“LPT”).
−Removed: Results in 2024 also include a $62 million after-tax charge related to unfavorable net prior year loss reserve development for legacy mass tort claims as compared with a $56 million after-tax charge for legacy mass tort claims in 2023.
+Added: Results in 2025 include a $106 million after-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves compared with a $62 million after-tax charge in 2024.
+Added: The current year also includes an unfavorable non-economic impact related to the A&EP loss portfolio transfer (“LPT”).
Both years are inclusive of assumption updates as a result of the annual reserve review completed in the third quarter of each year.
−Removed: These decreases were partially offset by higher net investment income.
−Removed: The application of retroactive reinsurance accounting to additional cessions to the A&EP LPT resulted in an after-tax charge of $6 million in 2024 compared to an after-tax benefit of $6 million in 2023, both of which have no economic impact.
−Removed: Further information on the A&EP LPT and net prior year loss reserve development is included in Note 8 of the Notes to Consolidated Financial Statements included under Item 8.
+Added: In addition, net investment income decreased in 2025 as compared with 2024.
+Added: The application of retroactive reinsurance accounting to additional cessions to the A&EP LPT resulted in after-tax charges of $36 million in 2025 as compared with an after-tax charge of $6 million in 2024 , both of which have no economic impact.
+Added: Further information on net prior year loss reserve development and the A&EP LPT is included in Note 7 of the Notes to Consolidated Financial Statements included under Item 8.
The cash flow assumption updates from the annual reserve review for 2025 and 2024 resulted in a pretax increase in long-term care reserves of $7 million and $15 million.
−Removed: The annual structured settlement reserve review resulted in a pretax reduction in claim reserves of $9 million and $6 million for 2024 and 2023.
−Removed: In addition, results in 2024 include a $16 million after-tax charge related to office consolidation as compared with a $19 million after-tax charge in 2023.
+Added: The annual structured settlement reserve review resulted in a pretax increase in claim reserves of $2 million for 2025 and a reduction in claim reserves of $9 million for 2024 .
+Added: Results in 2024 included a $16 million after-tax charge related to office consolidation.
Boardwalk Pipelines
Boardwalk Pipelines operates in the midstream portion of the natural gas and natural gas liquids (“NGLs”) industry, providing transportation and storage for those commodities.
−Removed: It also provides ethane supply and transportation services for industrial customers in Louisiana and Texas.
+Added: It also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas.
Boardwalk Pipelines is not in the business of buying and selling natural gas and NGLs other than for system management purposes and to facilitate its ethane supply operations, but changes in natural gas and NGLs prices may impact the volumes of natural gas or NGLs transported and stored by its customers or the ethane supply requirements on its systems.
−Removed: The pricing contained in the purchase and sales agreements associated with the supply services is generally based on the same ethane commodity index, plus a fixed delivery fee.
+Added: The pricing contained in the purchase and sales agreements associated with the ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee.
Except for possible timing differences that may occur when volumes are purchased in one month and sold in another month, Boardwalk Pipelines’ ethane supply services, like its other businesses, have little to no direct commodity price exposure.
−Removed: Due to the capital-intensive nature of its business, Boardwalk Pipelines’ operating costs and expenses do not vary significantly based upon the volume of products transported, with the exception of costs recorded in costs associated with service revenues.
+Added: Due to the capital-intensive nature of its business, Boardwalk Pipelines’ operating costs and expenses do not vary significantly based upon the volume of products tran sported, with the exception of costs recorded in costs associated with service revenues.
For further information on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Notes to Consolidated Financial Statements included under Item 8.
−Removed: 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 (“Mega Rule”) and Boardwalk Pipelines’ efforts to monitor, control and reduce emissions, as further discussed below.
−Removed: Boardwalk Pipelines acquired Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) in September 2023 and began providing ethane supply and transportation services.
−Removed: For more information see Note 2 of the Notes to Consolidated Financial Statements included under Item 8.
+Added: Boardwalk Pipelines’ operation and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, pipeline integrity maintenance regulations and its efforts to monitor, control and reduce emissions, as further discussed below.
Firm Agreements
1 unchanged sentence
For the year ended December 31, 2025, approximately 87% of Boardwalk Pipelines’ revenues were derived from capacity reservation fees under firm contracts or from contracts with minimum volume commitments.
−Removed: The table below shows a rollforward of projected operating revenues under committed firm agreements in place as of December 31, 2023 to December 31, 2024, including agreements for transportation, storage, ethane supply and other services, over the remaining term of those agreements:
+Added: The table below shows a rollforward of projected operating revenues under committed firm agreements in place as of December 31,
+Added: 2024 to December 31, 2025, including agreements for transportation, storage, ethane supply and other services, over the remaining term of those agreements:
As of December 31, 2025
8 unchanged sentences
For firm agreements associated with new growth projects, the associated assets may not be placed into commercial service until sometime in the future.
−Removed: Further, the table above includes $3.8 billion of estimated revenues that are anticipated under executed precedent transportation agreements for growth projects that are subject to regulatory approvals.
+Added: The table above includes $9.9 billion of estimated revenues that are anticipated under executed precedent or long-term firm transportation agreements for growth projects that are contingent upon, among other things, receipt of required regulatory approvals and permits and are subject to construction risk.
Each year, a portion of Boardwalk Pipelines’ firm transportation and storage agreements expire.
−Removed: The rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer term), including the available supply, geographical location of natural gas production, the competition between producing basins, competition with other pipelines for supply and markets, the demand for gas by end-users such as electric power generators, petrochemical facilities and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).
+Added: The rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer term), including the available supply, geographical location of natural gas production, the competition between producing basins, competition with other pipelines for supply and markets, the demand for gas by end-users such as electric power generators (including as a result of increased demand by AI data centers), petrochemical facilities and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).
As of December 31, 2025, Boardwalk Pipelines’ top ten customers under committed firm agreements comprised approximately 66% of its total projected operating revenues and the credit profile associated with Boardwalk Pipelines’ customers comprising the total projected operating revenues under committed firm agreements was 87% rated as investment grade, 2% rated as non-investment grade and 11% not rated.
2 unchanged sentences
These costs are not dependent on the amount of revenues earned from its transportation services.
−Removed: PHMSA has developed regulations that require transportation pipeline operators to implement integrity management programs to comprehensively evaluate certain high-risk areas, known as HCAs, and MCAs, along pipelines and take additional safety measures to protect people and property in these areas.
−Removed: The HCAs for natural gas pipelines are predicated on high-population density areas (which, for natural gas transmission lines, include Class 3 and 4 areas and, depending on the potential impacts of a risk event, may include Class 1 and 2 areas) whereas HCAs along Boardwalk Pipelines’ NGLs pipelines are based on high-population density areas, areas near certain drinking water sources and unusually sensitive ecological areas.
+Added: PHMSA’s regulations require transportation pipeline operators to implement integrity management programs to comprehensively evaluate certain high-risk areas, known as HCAs, and MCAs, along pipelines and take additional safety measures to protect people and property in these areas.
These regulations have resulted in an overall increase in Boardwalk Pipelines’ ongoing maintenance costs, including maintenance capital and maintenance expense.
−Removed: PHMSA has issued a series of significant rulemakings for onshore gas transmission pipelines (e.g., relating to MAOP reconfirmation and exceedance reporting, the integrity assessment of additional pipeline mileage and the consideration of seismicity as a risk factor in integrity management).
−Removed: In August 2022, PHMSA published a final rule that attempted to expand the Management of Change process, corrosion control requirements for gas transmission pipelines, requirements that operators ensure no conditions exist following an extreme weather event that could adversely affect the safe operation of the pipeline, and repair criteria for non-HCAs.
−Removed: Five safety standards included in that rule were challenged by industry trade groups, and in August 2024, the U.S.
−Removed: Court of Appeals for the D.C.
−Removed: Circuit struck down four of the five challenged safety standards.
−Removed: In September 2023, PHMSA published a proposed rule that, if finalized, would
−Removed: enhance the safety requirements for gas distribution pipelines and would require updates to distribution integrity management programs, emergency response plans, operations and maintenance manuals and other safety practices.
+Added: Refer to Item 1.
+Added: Business of this Report for further discussion of these regulations.
Due to the nature of Boardwalk Pipelines’ business, its operations emit various types of GHGs.
3 unchanged sentences
Boardwalk Pipelines has been focused on seeking to meet and, in certain instances, pursuing projects aimed at exceeding regulatory obligations (such as those found in the Clean Air Act (“CAA”)) by working to reduce emissions of regulated air pollutants, including methane, associated with its pipeline transportation and storage assets.
−Removed: For example, when selecting new compression equipment for growth or asset reliability projects, Boardwalk Pipelines considers air emissions as a component in the decision-making process and, when appropriate, places increased emphasis on equipment with emissions performance that exceeds applicable federal standards.
−Removed: Several of Boardwalk Pipelines’ reliability projects over the last few years have resulted in the replacement of older, higher-emitting compressor drivers with units equipped with advanced emission control systems.
−Removed: As a result, these projects have resulted in decreases in emissions of nitrogen oxides and other air pollutants.
−Removed: Boardwalk Pipelines has identified the reduction of GHG emissions as an area of focus and looks for opportunities to reduce emissions using a variety of strategies, including the following:
−Removed: • evaluating replacing older compression equipment with electric drive compression or new low emission, fuel efficient units when practical;
−Removed: • modifying fuel systems on certain reciprocating compression equipment to lower fuel consumption and emissions;
−Removed: • conducting emissions surveys and performing maintenance and repairs on identified component leaks;
−Removed: • performing annual leak surveys along Boardwalk Pipelines’ pipelines with the aid of helicopters and fixed-wing planes, and analytical field surveys when appropriate;
−Removed: • performing measurement surveys on all of Boardwalk Pipelines’ compressor stations at least twice a year, exceeding Environmental Protection Agency (“EPA”) requirements;
−Removed: • using optical gas imaging cameras to scan natural gas piping and components at Boardwalk Pipelines’ compressor stations to visualize any leaks in real time;
−Removed: • installing continuous monitoring emission detection equipment at certain compression stations;
−Removed: • employing experts in air emissions to develop and monitor efforts in reducing emissions;
−Removed: • reducing methane emissions vented to the atmosphere from transmission pipeline blowdowns by using existing and portable compression and flaring when feasible;
−Removed: • installing repair sleeves and composite wraps where appropriate and practical to avoid pipeline blowdowns;
−Removed: • evaluating software tools to optimize our GHG emissions management system;
−Removed: • exploring options to replace high-bleed natural gas pneumatic devices with low or zero flow bleed devices;
−Removed: • reducing methane emissions from rod packing seals on reciprocating compressors, where appropriate and practical.
−Removed: However, Boardwalk Pipelines cannot guarantee that it will be able to implement any of the opportunities it may review or explore, or, for any opportunities it chooses to implement, to implement them in their intended manner or within a specific timeframe or across all operational assets.
−Removed: These new and any future regulations adopted by PHMSA and efforts to reduce GHG emissions are expected to cause Boardwalk Pipelines’ capital and operating costs to increase in 2025 and in future years, may cause Boardwalk Pipelines to experience operational delays and may result in potential adverse impacts to its ability to reliably serve its customers.
+Added: PHMSA regulations and efforts to reduce GHG emissions have caused Boardwalk Pipelines’ capital and operating costs to increase since 2021.
+Added: Those costs are expected to stabilize for the foreseeable future, though PHMSA regulations and
+Added: such efforts may cause Boardwalk Pipelines to experience operational delays and may result in potential adverse impacts to its ability to grow its business and reliably serve its customers.
+Added: Additionally, any changes to these regulations could cause Boardwalk Pipelines’ costs to increase in the future.
For more information, see Item 1.
3 unchanged sentences
For any given reporting period, the mix of projects that Boardwalk Pipelines undertakes will affect the amounts it records as property, plant and equipment on the Consolidated Balance Sheets or recognizes as expenses, which impact earnings.
−Removed: Boardwalk Pipelines began incurring costs to implement the Mega Rule’s requirements in 2021, and based on its current projections, it believes that these costs have stabilized.
In 2026, Boardwalk Pipelines expects to spend approximately $530 million to maintain its pipeline systems, comply with regulations and monitor, control and reduce its GHG emissions, of which approximately $225 million is expected to be maintenance capital.
21 unchanged sentences
Total revenues increased $259 million in 2025 as compared with 2024.
−Removed: Boardwalk Pipelines’ transportation revenues increased $93 million, primarily due to re-contracting at higher rates and recently completed growth projects;
+Added: Boardwalk Pipelines’ transportation revenues increased $104 million, primarily due to re-contracting at higher rates, recently completed growth projects and higher utilization-based revenue;
storage, parking and lending revenues increased $35 million due to favorable market conditions which allowed for contracting at higher rates;
−Removed: product sales revenues from the sale of natural gas, ethylene and propane increased by $23 million due to opportunistic market conditions;
−Removed: and the Bayou Ethane acquisition contributed $262 million of incremental operating revenues, primarily resulting from ethane product sales.
−Removed: Operating costs and expenses increased $252 million in 2024 as compared with 2023 primarily reflecting operations of the Bayou Ethane acquisition.
−Removed: Additionally, Boardwalk Pipelines’ operation and maintenance expenses increased primarily due to higher maintenance projects associated with compliance activities and administrative and general costs increased from higher employee-related costs.
−Removed: Depreciation and amortization expenses increased $17 million in 2024 as compared with 2023 due to an increased asset base from recently completed growth projects and the Bayou Ethane acquisition .
−Removed: Interest expenses increased $28 million in 2024 as compared with 2023, primarily due to the pre-financing of Boardwalk Pipeline’s $600 million of debt that matured on December 15, 2024.
−Removed: Income tax expense increased $2 million in 2024 as compared with 2023, and includes a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025.
+Added: and product sales revenues increased $137 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.
+Added: Operating and other expenses increased $202 million in 2025 as compared with 2024, primarily from higher product costs of $137 million associated with increased ethane product sales;
+Added: increased operation and maintenance costs of $12 million primarily due to higher maintenance project, employee-related, pipeline legal and utility costs;
+Added: increased general
+Added: and administrative expenses of $14 million primarily due to higher employee-related and outside service costs;
+Added: increased depreciation and amortization expense of $14 million;
+Added: increased property taxes of $8 million due to higher assessments and an increased asset base;
+Added: and a 2024 gain from a contract settlement of $7 million.
+Added: Interest expenses decreased $22 million in 2025 as compared with 2024, primarily due to the pre-financing of Boardwalk Pipeline’s $600 million of debt that matured on December 15, 2024.
+Added: Income tax expense increased $48 million in 2025 as compared with 2024, primarily due to a $36 million income tax benefit recorded in 2024 from an adjustment to deferred state income taxes for a rate reduction effective in 2025.
Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA
12 unchanged sentences
Operating revenue $ 818 $ 806
−Removed: Gain on acquisition of a joint venture 46
Revenues related to reimbursable expenses 127 127
3 unchanged sentences
Reimbursable expenses 127 127
−Removed: Depreciation and amortization expense 93 69
+Added: Depreciation and amortization 100 93
Equity income from joint ventures (102) (86)
5 unchanged sentences
2025 Compared with 2024
−Removed: Net income attributable to Loews Corporation decreased by $77 million in 2024 as compared with 2023.
−Removed: Results for 2023 include a gain of $46 million ($36 million after tax) related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.
−Removed: Operating revenues improved by $128 million and operating expenses increased by $95 million in 2024 as compared with 2023.
−Removed: The increas e in operating revenues and operating expenses was primarily driven by the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024.
−Removed: Operating revenues also improved due to higher occupancy levels at many city center hotels as a result of the continued recovery in group travel in 2024 as compared to 2023 and an increase in food and beverage revenues.
−Removed: Operating expenses also increased due to increased staffing costs as well as higher insurance expenses and property taxes.
−Removed: Equity income from joint ventures decreased $43 million in 2024 as compared to 2023.
−Removed: The decrease was driven by a reduction in overall occupancy levels at many joint venture hotels, particularly at the Universal Orlando Resort, in 2024 compared to 2023.
−Removed: Additionally, an impairment charge recorded at a joint venture property reduced Loews Hotels & Co’s equity income by $19 million in 2024.
−Removed: In addition, expenses at joint venture properties in 2024 increased as compared to 2023, largely due to increased staffing costs, as well as higher insurance expenses and property taxes.
−Removed: In 2023, Loews Hotels & Co recorded impairment charges of $12 million to reduce the carrying value of certain assets to their estimated fair value.
−Removed: Depreciation and amortization expense increased $24 million in 2024 as compared with 2023, mainly due to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024.
−Removed: Interest expense for 2024 increased $37 million as compared with 2023 primarily due to placing the Loews Arlington Hotel and Convention Center into service during the first quarter of 2024, after which Loews Hotels & Co no longer capitalized interest on that project .
+Added: Net income attributable to Loews Corporation decreased by $39 million in 2025 as compared with 2024 primarily due to the reasons discussed below .
+Added: Operating revenues improved by $12 million and operating and other expenses increased by $21 million in 2025 as compared with 2024.
+Added: The increase in operating revenues 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, partially offset by a decline in operating revenues at the Loews Miami Beach Hotel due to renovations.
+Added: The increase in operating and other expenses 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.
+Added: Equity income from joint ventures increased $16 million in 2025 as compared to 2024.
+Added: 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 2025 and by $19 million in 2024.
+Added: Excluding the impact of these charges, equity income from joint ventures increased $6 million .
+Added: The increase 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 hotels, including those attributable to the three new hotels that opened in the first half of 2025, partially offset by 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.
+Added: In 2025 , Loews Hotels & Co recorded an impairment charge of $ 25 million to reduce the carrying value of certain assets related to the planned replacement of the Arlington Sheraton Hotel to their estimated fair value.
+Added: Depreciation and amortization expense increased $7 million in 2025 as compared with 2024, mainly due to the Loews Arlington Hotel and Convention Center being open for the entirety of 2025 and the accelerated depreciation of assets being replaced by renovations at certain properties.
+Added: Interest expense for 2025 increased $18 million as compared with 2024 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.
9 unchanged sentences
Total 169 179
−Removed: Income (loss) before income tax 63 (95)
−Removed: Income tax (expense) benefit (11) 5
−Removed: Net income (loss) attributable to Loews Corporation $ 52 $ (90)
+Added: Income before income tax 27 63
+Added: Income tax expense (8) (11)
+Added: Net income attributable to Loews Corporation $ 19 $ 52
2025 Compared with 2024
−Removed: Net income attributable to Loews Corporation increased $142 million in 2024 as compared with 2023 primarily due to the reasons discussed below.
−Removed: Net investment income for the Parent Company increased $128 million in 2024 as compared with 2023 primarily due to higher returns on equity-based investments.
−Removed: Operating and other expenses decreased $43 million in 2024 as compared with 2023, primarily due to a settlement expense of $47 million in 2023 to recognize unrealized losses, which were included in AOCI, due to the termination of a defined benefit pension plan.
−Removed: For additional information see Note 16 of the Notes to Consolidated Financial Statements included under Item 8.
+Added: Net income attributable to Loews Corporation decreased $33 million in 2025 as compared with 2024 primarily due to the decrease in net investment income for the Parent Company of $46 million in 2025 as compared with 2024 primarily due to results from the trading portfolio.
LIQUIDITY AND CAPITAL RESOURCES
1 unchanged sentence
Parent Company cash and investments, net of receivables and payables, totaled $3.9 billion at December 31, 2025 as compared to $3.3 billion at December 31, 2024.
−Removed: In 2024 , we received $1.3 billion in cash dividends from our subsidiaries, including a special cash dividend of $497 million from CNA and distributions of $400 million from Boardwalk Pipelines.
+Added: In 2025 , we received $1.5 billion in cash dividends from our subsidiaries:
+Added: $954 million from CNA, including a special cash dividend of $497 million, and distributions of $500 million from Boardwalk Pipelines.
Cash outflows in 2025 included the payment of $806 million to fund treasury stock purchases and $52 million of cash dividends to our shareholders.
3 unchanged sentences
We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.
−Removed: Depending on market and other conditions, we may purchase shares of our and our subsidiaries outstanding common stock in the open market, in privately negotiated transactions or otherwise.
+Added: 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.
In 2025 , we purchased 8.9 million shares of Loews Corporation com mon stock.
−Removed: As of February 7, 2025, we had purchased an additional 1.9 million shares of Loews Corporation common stock in 2025 at an additional aggregate cost of $164 million.
As of February 6, 2026 , there were 206,052,874 shares of Loews Corporation common stock outstanding.
Loews Corporation has a corporate credit and senior debt rating of A with a stable outlook from S&P Global Ratings (“S&P”) and a senior debt rating of A3 with a stable outlook from Moody’s Investors Service (“Moody’s”).
−Removed: Future uses of our cash may include investing in our subsidiaries, new acquisitions, dividends and/or purchases of our and our subsidiaries’ outstanding common stock.
+Added: 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.
−Removed: CNA’s cash provided by operating activities was $2.6 billion in 2024 as compared with and $2.3 billion in 2023.
−Removed: The increase in cash provided by operating activities was driven by an increase in premiums collected and higher earnings from fixed income securities, partially offset by an increase in net claim payments and higher operating expenses.
+Added: CNA’s cash provided by operating activities was $2.5 billion in 2025 as compared with $2.6 billion in 2024.
+Added: The decrease in cash provided by operating activities was driven by an increase in net claim payments and higher operating expenses, partially offset by an increase in premiums collected and higher cash from investment earnings.
CNA paid cash dividends of $3.84 per share on its common stock, including a special cash dividend of $2.00 per share, in 2025 .
4 unchanged sentences
Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance (the “Department”), are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding 12 months.
−Removed: Additionally, ordinary dividends may only be
−Removed: paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus.
+Added: Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus.
As of December 31, 2025, CCC was in a positive earned surplus position.
The maximum allowable dividend CCC could pay during 2026 that would not be subject to the Department’s prior approval is $1.3 billion , less dividends paid during the preceding twelve months measured at that point in time.
−Removed: CCC paid dividends of $995 million in 2024 .
+Added: CCC paid dividends of $1.1 billion in 2025 .
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.
−Removed: In February of 2024 , CNA completed a public offering of $500 million aggregate principal amount of its 5.1% senior notes due February 15, 2034 and in May of 2024, CNA repaid at maturity the outstanding $550 million aggregate principal amount of its 4.0% senior notes.
−Removed: CNA has an insurer financial strength rating of A and senior debt rating of bbb+ from A.M.
+Added: In August of 2025 , CNA completed a public offering of $500 million aggregate principal amount of its 5.2% senior notes due August 15, 2035 and redeemed the $500 million outstanding aggregate principal balance of its 4.5% senior notes in advance of the March 1, 2026 maturity date.
+Added: CNA has an insurer financial strength rating of A+ and senior debt rating of a- from A.M.
Best Company (“A.M.
Best”), an insurer financial strength rating of A2 and senior debt rating of Baa2 from Moody’s, an insurer financial strength rating of A+ and senior debt rating of A- from S&P and an insurer financial strength rating of A+ and senior debt rating of BBB+ from Fitch.
−Removed: Best and Moody’s maintain positive outlooks across CNA’s insurer financial strength and senior debt ratings.
−Removed: Best revised its outlook on CNA’s ratings to positive from stable in December 2024.
−Removed: Moody’s revised its outlook on CNA’s ratings to positive from stable in November 2024.
+Added: Best upgraded CNA’s insurer financial strength and senior debt ratings and revised the outlook on the ratings to stable from positive in December 2025.
+Added: Moody’s maintains a positive outlook on CNA’s ratings after revising it to positive from stable in November 2024.
S&P and Fitch maintain stable outlooks across CNA’s insurer financial strength and senior debt ratings.
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.
−Removed: Boardwalk Pipelines’ cash provided by operating activities increased $83 million in 2024 compared to 2023, primarily due to changes in net income adjusted for depreciation and amortization.
+Added: Boardwalk Pipelines’ cash provided by operating activities increased $142 million in 2025 compared to 2024, primarily due to changes in net income.
For 2025 and 2024, Boardwalk Pipelines’ capital expenditures were $354 million and $392 million, consisting of growth capital expenditures of $160 million and $190 million and maintenance capital expenditures of $194 million and $202 million.
−Removed: During 2023, Boardwalk Pipelines acquired Bayou Ethane for $355 million.
See Boardwalk Pipelines:
1 unchanged sentence
Boardwalk Pipelines expects total capital expenditures to be approximately $845 million in 2026, including approximately $225 million for maintenance capital and $620 million related to growth projects.
−Removed: Boardwalk Pipelines expects to spend a total of approximately $1.6 billion on its ongoing and announced growth projects, with expected in-service dates for these projects ranging from 2025 to 2029.
−Removed: Refer to Boardwalk Pipelines in Part I, Item 1.
−Removed: Business of this Annual Report on Form 10-K for further information on Boardwalk Pipelines’ growth projects.
−Removed: 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 .
−Removed: Boardwalk Pipelines may seek to access the debt markets to fund some or all capital expenditures for growth projects or acquisitions, to refinance maturing debt or for general partnership purposes.
−Removed: As of February 7, 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.
−Removed: In February of 2024 , Boardwalk Pipelines completed a public offering of $600 million aggregate principal amount of its 5.6% senior notes due August 1, 2034 .
−Removed: The net proceeds from this offering were used to retire $600 million of its 5.0% senior notes at maturity in December 2024.
+Added: As described in Boardwalk Pipelines:
+Added: Current Growth Projects in Item 1.
+Added: Business of this Report, Boardwalk Pipelines is currently engaged in growth projects for which it has executed precedent or long-term firm transportation agreements.
+Added: Through the date of this filing, the expected aggregate construction costs associated with these agreements is approximately $3.3 billion;
+Added: this cost is expected to be spent through 2030.
+Added: As of December 31, 2025, Boardwalk Pipelines has spent $135 million on these growth projects.
+Added: 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 expected in-service date.
+Added: Boardwalk Pipelines is also evaluating additional growth projects involving substantial capital commitments.
+Added: Boardwalk Pipelines expects to finance its growth projects through a combination of operating cash flows and the issuance of long-term debt, including borrowings under its revolving credit facility.
+Added: Boardwalk Pipelines’ cost and timing estimates for its growth projects are subject to a variety of risks and uncertainties, and are based on the factors, described in Boardwalk Pipelines:
+Added: Current Growth Projects in Item 1.
+Added: Business of this Report.
+Added: Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates.
+Added: Refer to Part I, Item 1A, Risk Factors of this Annual Report on Form 10-K for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.
+Added: The nature of Boardwalk Pipelines’ existing growth projects will require it to enhance or modify its existing assets to accommodate increased operating pressures or changing flow patterns.
+Added: 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.
+Added: Additionally, as of December 31, 2025, Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $355 million, which are expected to be settled through 2028.
+Added: As of February 6, 2026, Boardwalk Pipelines has an effective shelf registration statement on file with the SEC, which expires in September 2026, under which it may publicly issue up to $350 million of debt securities, warrants or rights from time to time.
+Added: Boardwalk Pipelines intends to update its shelf registration statement and access the debt markets to fund some or all capital expenditures for growth projects or acquisitions, to refinance maturing debt or for general partnership purposes.
+Added: Boardwalk Pipelines believes that its existing capital resources, including its cash, cash equivalents and short-term investments, revolving credit facility and cash flows from operating activities, will be adequate to fund its anticipated obligations over the next twelve months.
+Added: In November of 2025, Boardwalk Pipelines completed a public offering of $550 million aggregate principal amount of its 5.4% senior notes due February 15, 2036, the proceeds of which will be used to redeem on March 1, 2026 the outstanding $550 million aggregate principal amount of its 6.0% debt due June 1, 2026 at a redemption price equal to par
+Added: plus accrued and unpaid interest.
As of December 31, 2025, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility and the full borrowing capacity of $1.0 billion available to it.
+Added: In November 2025, Boardwalk Pipelines amended and restated its $1.0 billion revolving credit facility, extending the term to November 2030.
In 2025, Boardwalk Pipelines paid distributions of $500 million to the Company.
Boardwalk Pipelines has a senior debt rating of BBB with a stable outlook from S&P, a senior debt rating of Baa2 with a stable outlook from Moody’s and a senior debt rating of BBB with a stable outlook from Fitch.
−Removed: Loews Hotels & Co, through its subsidiaries, has mortgage loans maturing beyond twelve months as of December 31, 2024 , which it may refinance before they mature.
+Added: In 2025, Loews Hotels & Co refinanced $363 million in loans.
+Added: Loews Hotels & Co, through its subsidiaries, has loans, principally mortgage loans, all of which mature beyond twelve months as of December 31, 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.
−Removed: Through the date of this Report, all Loews Hotels & Co’s subsidiaries are in compliance with their debt covenants.
−Removed: Loews Hotels & Co refinanced $532 million in mortgage loans in 2024, all of which mature beyond twelve months as of December 31, 2024 .
In 2025, Loews Hotels & Co acquired all the remaining outstanding noncontrolling equity interests of two owned and consolidated hotels for a total of $41 million.
−Removed: In addition, Loews Hotels & Co received aggregate proceeds of $23 million for the sale of an owned hotel.
+Added: In January 2026 Loews Hotels & Co announced the replacement of the existing Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas.
+Added: Loews Hotels & Co wholly owns the Arlington Sheraton Hotel but did not manage the hotel as Loews Hotels & Co leased the hotel to an unrelated third party.
+Added: The new hotel, which Loews Hotels & Co will wholly own and manage, is expected to open in 2029 with approximately 500 guestrooms and more than 83,000 square feet of total indoor and outdoor function space.
+Added: The approximately $400 million hotel project is expected to be funded with cash from operations.
+Added: Based on the timing of construction relative to the seasonality of Loews Hotels & Co’s business and restrictions on certain cash held by Loews Hotels & Co, a Loews Corporation capital contribution may be required to fund all or part of the construction costs.
Cont ractual Obligations
40 unchanged sentences
Limited partnership and common stock return for the period 11.1 % 13.3 %
−Removed: CNA’s net investment income increased $233 million in 2024 as compared with 2023, driven by favorable limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.
+Added: CNA’s net investment income increased $60 million in 2025 as compared with 2024, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates, partially offset by lower common stock returns.
Investment Gains (Losses)
14 unchanged sentences
Investment losses attributable to Loews Corporation $ (59) $ (59)
−Removed: CNA’s pretax investment losses decreased $18 million in 2024 as compared with 2023, driven by the favorable change in fair value of non-redeemable preferred stock and lower net losses on disposals of fixed maturity securities, partially offset by higher impairment losses.
+Added: CNA’s pretax investment losses were consistent with 2024 as lower impairment losses were offset by a lower favorable change in the fair value of non-redeemable preferred stock and higher net losses on disposals of fixed maturity securities.
Further information on CNA’s investment gains and losses is set forth in Note 3 of the Notes to Consolidated Financial Statements included under Item 8.
16 unchanged sentences
As of December 31, 2025 and 2024, 1% of CNA’s fixed maturity portfolio was rated internally.
−Removed: AAA rated securities included $0.2 billion of pre-funded municipal bonds as of December 31, 2024 and 2023.
+Added: Additionally, as of December 31, 2025 and 2024, CNA assigned an AAA rating to $661 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S.
+Added: 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:
19 unchanged sentences
Total $ 20,644 $ 2,286
−Removed: Commercial Real Estate
−Removed: CNA’s investment portfolio has exposure to the commercial real estate sector primarily through its fixed maturity securities and mortgage loan portfolios.
−Removed: The performance of these assets is dependent on a number of factors, including the performance of the underlying collateral (which is influenced by cash flows from underlying property leases), changes in the fair value of collateral, refinancing risk, and the creditworthiness of tenants of credit tenant loan properties (where lease payments directly service the loan).
−Removed: Within CNA’s fixed maturity securities portfolio, its exposure is primarily through the commercial mortgage-backed securities portfolio and the corporate and other bonds portfolio, which contains obligations of real estate investment trust (“REIT”) issuers.
−Removed: Commercial mortgage-backed securities include both single asset, single borrower collateral that is securitized independently and conduit collateral that is securitized in diversified pools.
−Removed: The following tables present the estimated fair value and net unrealized gains (losses) of CNA’s commercial mortgage-backed securities by property type and by ratings distribution:
−Removed: December 31, 2024
−Removed: December 31, 2023
−Removed: Estimated Fair Value
−Removed: Net Unrealized Gains (Losses)
−Removed: Estimated Fair Value
−Removed: Net Unrealized Gains
−Removed: (In millions)
−Removed: Commercial mortgage-backed:
−Removed: Single asset, single borrower:
−Removed: Office $ 339 $ (43) $ 306 $ (70)
−Removed: Lodging 271 (8) 227 (23)
−Removed: Retail 268 (10) 283 (28)
−Removed: Multifamily 50 (1) 59 (3)
−Removed: Industrial 42 (3) 93 (4)
−Removed: Total single asset, single borrower 970 (65) 968 (128)
−Removed: Conduits (multi property, multi borrower pools) 711 (66) 663 (95)
−Removed: Total commercial mortgage-backed $ 1,681 $ (131) $ 1,631 $ (223)
−Removed: December 31, 2024
−Removed: December 31, 2023
−Removed: Estimated Fair Value
−Removed: Net Unrealized Gains (Losses)
−Removed: Estimated Fair Value
−Removed: Net Unrealized Gains
−Removed: (In millions)
−Removed: Commercial mortgage backed:
−Removed: AAA $ 736 $ (14) $ 570 $ (27)
−Removed: AA 609 (60) 594 (95)
−Removed: A 163 (20) 202 (30)
−Removed: BBB 139 (20) 216 (45)
−Removed: Non-investment grade 34 (17) 49 (26)
−Removed: Total commercial mortgage-backed $ 1,681 $ (131) $ 1,631 $ (223)
−Removed: The following tables present the estimated fair value and net unrealized gains (losses) of the REIT issuer exposure within CNA’s corporate and other bonds portfolio by property type and by ratings distribution:
−Removed: December 31, 2024
−Removed: December 31, 2023
−Removed: Estimated Fair Value
−Removed: Net Unrealized Gains (Losses)
−Removed: Estimated Fair Value
−Removed: Net Unrealized Gains
−Removed: (In millions)
−Removed: Corporate and other bonds - REITs:
−Removed: Retail $ 478 $ (18) $ 515 $ (25)
−Removed: Office 239 (12) 250 (20)
−Removed: Self-Storage 98 (5) 85 (6)
−Removed: Industrial 93 (3) 99 (1)
−Removed: Other (a) 387 (10) 367 (16)
−Removed: Total corporate and other bonds - REITs $ 1,295 $ (48) $ 1,316 $ (68)
−Removed: (a) Other includes a diversified mix of property type strategies including healthcare and apartments.
−Removed: December 31, 2024
−Removed: December 31, 2023
−Removed: Estimated Fair Value
−Removed: Net Unrealized Gains (Losses)
−Removed: Estimated Fair Value
−Removed: Net Unrealized Gains
−Removed: (In millions)
−Removed: Corporate and other bonds - REITs:
−Removed: A 310 $ (6) 285 $ (3)
−Removed: BBB 942 (40) 994 (64)
−Removed: Non-investment grade 37 (2) 27 (1)
−Removed: Total corporate and other bonds - REITs $ 1,295 $ (48) $ 1,316 $ (68)
−Removed: Mortgage loans are commercial in nature and are carried at unpaid principal balance, net of unamortized fees and an allowance for expected credit losses.
−Removed: The allowance for expected credit losses is developed by assessing the credit quality of pools of mortgage loans in good standing using debt service coverage ratios (“DSCR”) and loan-to-value ratios (“LTV”).
−Removed: This assessment utilizes historical credit loss experience adjusted to reflect current conditions and reasonable and supportable forecasts.
−Removed: As of December 31, 2024 and 2023, the allowance for expected credit losses on CNA’s mortgage portfolio was $35 million, or 3.3% of its amortized cost basis.
−Removed: The following table presents the amortized cost basis of mortgage loans by property type:
−Removed: December 31, 2024
−Removed: December 31, 2023
−Removed: Amortized Cost Percentage of Total Amortized Cost Percentage of Total
−Removed: (In millions, except %)
−Removed: Mortgage loans:
−Removed: Retail $ 527 50 % $ 520 48 %
−Removed: Office 239 22 245 23
−Removed: Industrial 123 12 124 12
−Removed: Other 165 16 181 17
−Removed: Total mortgage loans 1,054 100 % 1,070 100 %
−Removed: Allowance for expected credit losses (35) (35)
−Removed: Total mortgage loans - net of allowance $ 1,019 $ 1,035
−Removed: In addition to the mortgage loan portfolio, CNA invests in securitized credit tenant loans and ground lease financings that are classified as fixed maturity securities and are largely investment grade quality.
−Removed: As of December 31, 2024 and 2023 , these holdings had an estimated fair value of $471 million and $479 million, and net unrealized losses of $118 million and $87 million.
−Removed: CNA owns other fixed maturity securities which have exposure to cell towers, data centers and other collateral types that could be viewed as having real estate characteristics.
−Removed: CNA views these securities to have risks more similar to operating enterprises that do not share the same risks as the broader commercial real estate market.
−Removed: Additionally, CNA does not have significant real estate exposure through its limited partnership portfolio.
A primary objective in the management of CNA’s investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs.
20 unchanged sentences
The level of reserves CNA maintains represents its best estimate, as of a particular point in time, of what the ultimate settlement and administration of claims will cost based on CNA’s assessment of facts and circumstances known at that time.
−Removed: Reserves are not an exact calculation of liability but instead are complex estimates that CNA derives, generally utilizing a variety of actuarial reserve estimation techniques, from numerous assumptions and expectations about future events, both internal and external, many of which are highly uncertain.
+Added: Reserves are not an exact calculation of liability but instead are complex estimates that CNA derives, generally utilizing a variety of actuarial reserve estimation techniques, from numerous assumptions and expectations about future
+Added: events, both internal and external, many of which are highly uncertain.
As noted below, CNA reviews its reserves for each segment of its business periodically, and any such review could result in the need to increase reserves in amounts which could be material and could adversely affect our results of operations and equity and CNA’s equity, business and insurer financial strength and corporate debt ratings.
31 unchanged sentences
This situation often exists for long-tail exposures.
−Removed: In addition, changes in the factors described above may result in inconsistent payment patterns.
+Added: In addition, changes in the factors described above may result in inconsistent
+Added: payment patterns.
Finally, estimating the paid loss pattern subsequent to the most mature point available in the data analyzed often involves considerable uncertainty for long-tail products such as workers’ compensation.
15 unchanged sentences
The use of case incurred losses instead of paid losses can result in development patterns that are less variable than paid patterns.
−Removed: However, the inclusion of case reserves can lead to distortions if changes
−Removed: in case reserving have taken place, and the method typically requires analysis of the same factors that need to be reviewed for the loss ratio and incurred development methods.
+Added: However, the inclusion of case reserves can lead to distortions if changes in case reserving have taken place, and the method typically requires analysis of the same factors that need to be reviewed for the loss ratio and incurred development methods.
The frequency times severity method multiplies a projected number of ultimate claims by an estimated ultimate average loss for each accident or policy year to produce ultimate loss estimates.
14 unchanged sentences
CNA may use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods.
−Removed: For short-tail exposures, the paid and incurred development methods can often be relied on sooner primarily because CNA’s history includes a sufficient number of years to cover the entire period over which paid and incurred losses are expected to change.
+Added: For short-tail exposures, the paid and incurred development methods can often be relied on sooner primarily because CNA’s history includes a sufficient number of years
+Added: to cover the entire period over which paid and incurred losses are expected to change.
However, CNA may also use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods for short-tail exposures.
9 unchanged sentences
For CNA’s legacy A&EP liabilities, the difference between CNA’s reserves and the actuarial point estimate is primarily driven by the potential tail volatility of run-off exposures.
−Removed: The key assumptions fundamental to the reserving process are often different for various reserve groups and accident or policy years.
−Removed: Some of these assumptions are explicit assumptions that are required of a particular method, but most of the assumptions are implicit and cannot be precisely quantified.
−Removed: An example of an explicit assumption is the pattern employed in the paid development method.
−Removed: However, the assumed pattern is itself based on several implicit assumptions such as the impact of inflation on medical costs and the rate at which claim professionals close claims.
−Removed: As a result, the effect on reserve estimates of a particular change in assumptions typically cannot be specifically quantified, and changes in these assumptions cannot be tracked over time.
+Added: The key assumptions fundamental to the reserving process often vary for different reserve groups and accident or policy years.
+Added: Some of these assumptions are explicit and required by specific methods, while most are implicit and cannot be precisely quantified.
+Added: An example of an explicit assumption is the pattern used in the paid or incurred development method.
+Added: However, this pattern is based on several implicit assumptions, such as the impact of inflation on claim costs and the rate at which claim professionals make claim payments and close claims.
+Added: Consequently, the effect of changes in assumptions on reserve estimates typically cannot be specifically quantified, and these changes cannot be tracked over time.
CNA’s recorded reserves are management’s best estimate.
−Removed: In order to provide an indication of the variability associated with CNA’s net reserves, the following discussion provides a sensitivity analysis that shows the approximate estimated impact of variations in significant factors affecting CNA’s reserve estimates for particular types of business.
−Removed: These significant factors are the ones that CNA believes could most likely materially affect the reserves.
−Removed: This discussion covers the major types of business for which CNA believes a material deviation to its reserves is reasonably possible.
−Removed: There can be no assurance that actual experience will be consistent with the current assumptions or with the variation indicated by the discussion.
−Removed: In addition, there can be no assurance that other factors and assumptions will not have a material impact on CNA’s reserves.
−Removed: The areas for which CNA believes a significant deviation to its net reserves is reasonably possible are (i) professional liability, management liability (including medical professional liability) and surety products (ii) workers’ compensation (iii) general liability and (iv) commercial auto liability.
−Removed: Professional liability, management liability and surety products include U.S.
−Removed: professional liability coverages provided to various professional firms, including architects, real estate agents, small and mid-sized accounting firms, law firms and other professional firms.
−Removed: They also include D&O, E&O, employment practices, fiduciary, fidelity, cyber and surety coverages and medical liability.
−Removed: The most significant factor affecting reserve estimates for these liability coverages is claim severity.
−Removed: Claim severity is driven by the cost of medical care, the cost of wage replacement, legal fees, judicial decisions, legislative changes and other factors.
−Removed: Underwriting and claim handling decisions such as the classes of business written and individual claim settlement decisions can also affect claim severity.
−Removed: If the estimated claim severity increases by 9%, CNA estimates that net reserves would increase by approximately $500 million.
−Removed: If the estimated claim severity decreases by 3%, CNA estimates that net reserves would decrease by approximately $150 million.
−Removed: CNA’s net reserves for these products were approximately $5.8 billion as of December 31, 2024.
−Removed: For workers’ compensation, since many years will pass from the time the business is written until all claim payments have been made, the most significant factor affecting workers’ compensation reserve estimates is claim cost inflation on claim payments.
−Removed: Workers’ compensation claim cost inflation is driven by the cost of medical care, the cost of wage replacement, expected claimant lifetimes, judicial decisions, legislative changes and other factors.
−Removed: If estimated workers’ compensation claim cost inflation increases by 100 basis points for the entire period over which claim payments will be made, CNA estimates that its net reserves would increase by approximately $250 million.
−Removed: If estimated workers’ compensation claim cost inflation decreases by 100 basis points for the entire period over which claim payments will be made, CNA estimates that its net reserves would decrease by approximately $250 million.
−Removed: Net reserves for workers’ compensation were approximately $3.5 billion as of December 31, 2024.
−Removed: For general liability, the most significant factor affecting reserve estimates is claim severity.
−Removed: Claim severity is driven by changes in the cost of repairing or replacing property, the cost of medical care, the cost of wage replacement, judicial decisions, legislation and other factors.
−Removed: If the estimated claim severity for general liability increases by 6%, CNA estimates that its net reserves would increase by approximately $300 million.
−Removed: If the estimated claim severity for general liability decreases by 3%, CNA estimates that its net reserves would decrease by approximately $150 million.
−Removed: Net reserves for general liability were approximately $4.9 billion as of December 31, 2024.
−Removed: Commercial auto liability is also considered long-tail;
−Removed: however, both the frequency of claims and severity of loss assumptions for the latest few accident years are significantly influenced by social inflation, economic inflation, driving habits and attorney involvement.
−Removed: If these trends accelerate beyond expectations, there may be significant deviation in CNA’s net reserves.
−Removed: If the estimated auto liability claim severity were to increase 5% and frequency were to increase 1% on the three most recent accident years, CNA estimates that its net reserves would increase by approximately $90 million.
−Removed: CNA’s net reserves for commercial auto were approximately $1.2 billion as of December 31, 2024 .
+Added: To indicate the variability associated with CNA’s recorded reserves, the following discussion provides a sensitivity analysis showing the approximate estimated impact of variations in significant factors affecting CNA’s reserve estimates for particular types of business.
+Added: These significant factors are those that CNA believes could most likely materially affect the reserves.
+Added: This discussion covers the major types of business for which CNA believes a material deviation in its reserves is reasonably possible.
+Added: There can be no assurance that actual experience will be consistent with the current assumptions or with the variation indicated in the discussion.
+Added: Additionally, there can be no assurance that other factors and assumptions will not have a material impact on CNA’s reserves.
+Added: The areas for which CNA believes a significant deviation to its recorded reserves is reasonably possible are (i) medical professional liability (ii) other professional liability and management liability (iii) general liability (iv) workers’ compensation and (v) commercial automobile liability.
+Added: Medical professional liability, other professional liability and management liability, and general liability all have long development patterns with relatively immature paid data.
+Added: This requires considerable judgment regarding development to ultimate losses and inherent risks due to economic, social and medical inflation, as well as legal fees, judicial decisions, legislative changes and other factors.
+Added: The following table reflects the impact on CNA’s recorded reserves (which could be favorable or unfavorable) of changing the ultimate losses by one percentage point in the long-tail development:
+Added: As of December 31, 2025 Reserve
+Added: Amount (+/-) Percent (+/-)
+Added: (In billions) (In millions)
+Added: Medical Professional Liability
+Added: $ 1.5 $ 120 8.0 %
+Added: Other Professional Liability and Management Liability 4.1 240 6.0
+Added: General Liability
+Added: Workers’ compensation also requires considerable judgment given its long development pattern and the impacts of medical inflation, the cost of wage replacement, expected claimant lifetimes, judicial decisions, legislative changes and other factors.
+Added: Adjusting the ultimate losses by one percentage point change in the long-tail development would increase or
+Added: decrease the recorded reserve of $3.5 billion as of December 31, 2025 by approximately $240 million, or 7% of the recorded reserves.
+Added: Commercial automobile liability is also considered long-tail;
+Added: however, the frequency of claims and severity of loss assumptions for the latest few accident years are significantly influenced by social and economic inflation, driving habits and attorney involvement.
+Added: If these trends accelerate beyond expectations, there may be significant deviation in CNA’s recorded reserves.
+Added: CNA’s recorded reserves for commercial automobile liability were $1.6 billion as of December 31, 2025.
+Added: The following table reflects the impact on CNA’s recorded reserves of increasing the frequency and severity assumptions in the ultimate commercial automobile liability losses on the three most recent accident years,
+Added: (In millions, except frequency and severity assumptions)
+Added: —% $ 50 $ 90 $ 140
+Added: 1.0% 70 110 160
+Added: 2.0% 90 130 180
Given the factors described above, it is not possible to quantify precisely the ultimate exposure represented by claims and related litigation.
12 unchanged sentences
Total Net Carried Claim and Claim Adjustment Expense Reserves $ 19,725 $ 18,334
−Removed: The following table summarizes the gross and net carried reserves for other insurance businesses in run-off, including CNA Re and A&EP:
+Added: The following table summarizes the gross and net carried reserves for other insurance businesses in run-off, including A&EP:
December 31 2025
13 unchanged sentences
In developing the future policy benefit reserves, CNA’s actuaries perform a reserve review on an annual basis.
−Removed: During the annual review, historical policyholder morbidity, persistency, anticipated future premium rate increases and expense experience is reviewed and compared to the current best estimate actuarial assumption set for potential revision.
+Added: During the annual review, historical policyholder morbidity, persistency, premium rate actions and expense experience is reviewed and compared to the current best estimate actuarial assumption set for potential revision.
On a quarterly basis, actuaries perform experience studies that monitor the appropriateness of best estimate actuarial assumptions against emerging experience to assess whether any updates to those assumptions are warranted.
6 unchanged sentences
Claim and claim adjustment expense reserves for structured settlement obligations are discounted as discussed in Note 1 to the Consolidated Financial Statements included under Item 8.
−Removed: The actuarial assumptions related to future policy benefit reserves for long-term care policies that management believes are subject to the most variability are morbidity, persistency and anticipated future premium rate increases.
+Added: The actuarial assumptions related to future policy benefit reserves for long-term care policies that management believes are subject to the most variability are morbidity, persistency and premium rate actions.
Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted.
Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death.
−Removed: Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown.
+Added: Premium rate actions are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown.
As a result of this variability, CNA’s long-term care reserves may be subject to material increases if actual experience develops adversely to its expectations.
1 unchanged sentence
CNA has assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product.
−Removed: 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.
+Added: 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 premium rate actions.
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.
12 unchanged sentences
50% decrease in anticipated future premium rate increases 50
−Removed: 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.
+Added: As part of the annual reserve review completed in the third quarter of each year, 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.
−Removed: As of September 30, 2024, statutory long-term care margin increased to $1.4 billion from $1.3 billion, primarily driven by a more favorable interest rate environment resulting in a higher yielding investment portfolio.
+Added: As of September 30, 2025, statutory long-term care margin increased to $1.5 billion from $1.4 billion.
The following tables summarize policyholder reserves for CNA’s long-term care operations:
23 unchanged sentences
Catastrophe losses, net of reinsurance, of $240 million and $358 million were recorded for the years ended December 31, 2025 and 2024.
−Removed: Catastrophe losses for the years ended December 31, 2024 and 2023 were driven by severe weather related events, including $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024.
+Added: Catastrophe losses for the years ended December 31, 2025 and 2024 were driven by severe weather related events, including $64 million for the California wildfires in 2025 and $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024.
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.
6 unchanged sentences
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.
−Removed: Losses stemming from terrorism events are covered unless they are due to a nuclear, biological or chemical attack.
+Added: Losses stemming from terrorism events are covered unless they are due to a nuclear, biological, chemical or radiation event.
All layers of the treaty provide for one full reinstatement.
5 unchanged sentences
Terrorism Risk Insurance Program Reauthorization Act of 2019
−Removed: CNA’s principal reinsurance protection against large-scale terrorist attacks, including nuclear, biological, chemical or radiological attacks, is the coverage currently provided through TRIPRA which runs through the end of 2027.
+Added: CNA’s principal reinsurance protection against large-scale terrorist attacks, including nuclear, biological, chemical or radiation events, is the coverage currently provided through TRIPRA which runs through the end of 2027.
TRIPRA provides a U.S.
−Removed: government backstop for insurance-related losses resulting from any “act of terrorism,” which is certified by the Secretary of Treasury in consultation with the Secretary of Homeland Security for losses that exceed a threshold of $200 million industry-wide for the calendar year 2025.
+Added: government backstop for insurance-related losses resulting from any “act of terrorism,” which is certified by the Secretary of Treasury in consultation with the Secretary of Homeland Security and the U.S.
+Added: Attorney General for losses that exceed a threshold of $200 million industry-wide for the calendar year 2026.
Under the current provisions of the program, in 2026 the federal government will reimburse 80% of CNA’s covered losses in excess of its applicable deductible up to a total industry program cap of $100 billion.
18 unchanged sentences
Long Term Care Reserves
−Removed: Future policy benefits reserves for long-term care policies are based on certain actuarial assumptions, including morbidity, persistency, anticipated future premium rate increases and expenses.
+Added: Future policy benefits reserves for long-term care policies are based on certain actuarial assumptions, including morbidity, persistency, premium rate actions and expenses.
The adequacy of the reserves is contingent upon actual experience and future expectations related to these key assumptions.
1 unchanged sentence
The reserves are discounted using upper-medium grade fixed income instrument yields as of each reporting date.
−Removed: In addition, regulatory approval may not be received for the level of premium rate increases requested.
The reserving process is discussed in further detail in the Insurance Reserve section of this MD&A.
−Removed: Reinsurance and Other Receivables
−Removed: Exposure exists with respect to the collectibility of ceded property and casualty and life reinsurance to the extent that any reinsurer is unable to meet its obligations or disputes the liabilities CNA has ceded under reinsurance agreements.
−Removed: An allowance for doubtful accounts on reinsurance receivables is recorded on the basis of periodic evaluations of balances due from reinsurers, reinsurer financial strength rating and solvency, industry experience and current and forecast economic conditions.
−Removed: Further information on CNA’s reinsurance receivables is included in Note 17 of the Notes to Consolidated Financial Statements included under Item 8.
−Removed: Additionally, exposure exists with respect to the collectibility of amounts due from customers on other receivables.
−Removed: An allowance for doubtful accounts is recorded on the basis of periodic evaluations of balances due, currently as well as in the future, historical business default data, management’s experience and current and forecast economic conditions.
−Removed: If actual experience differs from the estimates made by management in determining the allowances for doubtful accounts on reinsurance and other receivables, net receivables as reflected on our Consolidated Balance Sheets may not be collected.
−Removed: Further information on CNA’s process for determining the allowance for doubtful accounts on reinsurance and insurance receivables is in Note 1 to the Consolidated Financial Statements included under Item 8.
Valuation of Investments and Impairment of Securities
7 unchanged sentences
Significant judgment is required in the determination of whether a credit loss has occurred for a security.
−Removed: CNA considers all available evidence when determining whether a security requires a credit allowance to be recorded, including the financial condition
−Removed: and expected near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions, industry, sector or other specific factors and whether CNA expects to receive cash flows sufficient to recover the entire amortized cost basis of the security.
+Added: CNA considers all available evidence when determining whether a security requires a credit allowance to be recorded, including the financial condition and expected near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions, industry, sector or other specific factors and whether CNA expects to receive cash flows sufficient to recover the entire amortized cost basis of the security.
CNA’s mortgage loan portfolio is subject to the expected credit loss model, which requires immediate recognition of estimated credit losses over the life of the asset and the presentation of the asset at the net amount expected to be collected.
3 unchanged sentences
For a discussion of accounting standards updates that have been adopted, please read Note 1 of the Notes to Consolidated Financial Statements included under Item 8.
+Added: RECENT LEGISLATION
+Added: On July 4, 2025, H.R.
+Added: 1, “An Act to provide for reconciliation pursuant to title II of H.
+Added: 14,” commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was enacted.
+Added: 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.
+Added: The provisions of the OBBBA have not had a material impact on the Company’s results of operations or financial condition.
+Added: The OBBBA is subject to further clarification from the issuance of future technical guidance by the U.S.
+Added: Department of Treasury.
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.