11 unchanged sentences
Accounting Standards Update
−Removed: Recent Legislation
Forward-Looking Statements
9 unchanged sentences
Consolidated Financial Results
−Removed: The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three and nine months ended September 30, 2025 and 2024:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: 2025 2024 2025 2024
+Added: The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31 2026 2025
(In millions, except per share data)
4 unchanged sentences
Net income attributable to Loews Corporation $ 337 $ 370
−Removed: Basic net income per share $ 2.43 $ 1.83 $ 6.03 $ 5.55
−Removed: Diluted net income per share $ 2.43 $ 1.82 $ 6.03 $ 5.54
−Removed: Net income attributable to Loews Corporation for the three months ended September 30, 2025 was $504 million, or $2.43 per share, compared to net income of $401 million, or $1.82 per share in the comparable 2024 period.
−Removed: Net income attributable to Loews Corporation for the nine months ended September 30, 2025 was $1,265 million, or $6.03 per share, compared to net income of $1,227 million, or $5.54 per share in the comparable 2024 period.
−Removed: The increase in net income attributable to Loews Corporation for the three months ended September 30, 2025 as compared to the comparable 2024 period was primarily driven by higher net income at CNA and Boardwalk Pipelines and improved results at Loews Hotels & Co, partially offset by lower investment income at the parent company.
−Removed: The increase at CNA is driven by improved underwriting results in CNA’s commercial property and casualty insurance operations primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income.
−Removed: The increase at Boardwalk Pipelines is primarily due to increased revenues due to re-contracting at higher rates, recently completed growth projects and increased storage and parking and lending revenues.
−Removed: The improved results at Loews Hotels & Co is primarily due to higher equity income from the Universal Orlando Resort joint ventures and improved earnings at the Loews Arlington Hotel and Convention Center, partially offset by lower earnings at the Loews Miami Beach Hotel due to renovations at the property.
−Removed: Parent company investment income decreased due to lower investment income from the parent company trading portfolio.
−Removed: The increase in net income attributable to Loews Corporation for the nine months ended September 30, 2025 as compared to the comparable 2024 period was primarily driven by higher net income at CNA and Boardwalk Pipelines, partially offset by lower net income at Loews Hotels & Co and lower investment income at the parent company.
−Removed: The increase at CNA is primarily due to lower catastrophe losses, higher net investment income and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations, partially offset by unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses.
−Removed: The increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates, recently completed growth projects and increased storage and parking and lending revenues.
−Removed: The decrease at Loews Hotels & Co is primarily due to higher interest expense.
−Removed: Parent company investment income decreased due to lower investment income from the parent company trading portfolio.
+Added: Basic and diluted net income per share $ 1.63 $ 1.74
+Added: Net income attributable to Loews Corporation for the three months ended March 31, 2026 was $337 million, or $1.63 per share, compared to net income of $370 million, or $1.74 per share in the comparable 2025 period.
+Added: The decrease in net income attributable to Loews Corporation for the three months ended March 31, 2026 as compared to the comparable 2025 period was primarily driven by lower net income at CNA and lower results at the parent company, partially offset by higher net income at Loews Hotels & Co and Boardwalk Pipelines.
+Added: The decrease at CNA is primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income.
+Added: Parent company results decreased primarily due to lower investment income from the parent company trading portfolio and higher interest expense.
+Added: The increase at Loews Hotels & Co is primarily due to higher equity income from joint ventures, driven mainly by the Universal Orlando Resort joint ventures.
+Added: The increase at Boardwalk Pipelines is primarily due to higher contracting rates and utilization-based revenues on gas transportation, as well as higher rates on storage, parking and lending.
CNA Financial
−Removed: The following table summarizes the results of operations for CNA for the three and nine months ended September 30, 2025 and 2024 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
+Added: The following table summarizes the results of operations for CNA for the three months ended March 31, 2026 and 2025 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: 2025 2024 2025 2024
+Added: Three Months Ended March 31 2026 2025
(In millions)
16 unchanged sentences
Net income attributable to Loews Corporation $ 194 $ 252
−Removed: Three Months Ended September 30, 2025 Compared to the Comparable 2024 Period
−Removed: Net income attributable to Loews Corporation increased $112 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, driven by improved underwriting results in CNA’s commercial property and casualty insurance operations primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income.
−Removed: Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period
−Removed: Net income attributable to Loews Corporation increased $37 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to higher net investment income, lower catastrophe losses and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations, partially offset by unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses.
+Added: Net income attributable to Loews Corporation decreased $58 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income.
CNA’s Property & Casualty and Other Insurance Operations
CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business.
−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
−Removed: environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.
+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.
We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting.
5 unchanged sentences
The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations.
−Removed: Core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations.
+Added: Core income (loss) is deemed to be a non-GAAP
+Added: financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations.
Please see the non-GAAP reconciliation of net income (loss) to core income (loss) in this MD&A.
2 unchanged sentences
The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums.
−Removed: The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio.
+Added: The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio.
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.
3 unchanged sentences
The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio.
−Removed: The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.
+Added: The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophes which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development within this MD&A.
9 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.
2 unchanged sentences
Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, which are managed separately from its investing activities.
−Removed: Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items.
−Removed: Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.
−Removed: The following tables present reconciliations of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain for t he three and nine months ended September 30, 2025 and 2024:
−Removed: Three Months Ended September 30, 2025 Specialty Commercial International Property & Casualty Other Insurance Operations Total
−Removed: (In millions)
−Removed: Net income (loss) attributable to Loews Corporation $ 159 $ 211 $ 41 $ 411 $ (40) $ 371
−Removed: Investment (gains) losses 3 4 3 10 (4) 6
−Removed: Noncontrolling interests 14 18 3 35 (3) 32
−Removed: Core income (loss) $ 176 $ 233 $ 47 $ 456 $ (47) $ 409
−Removed: Net investment income 162 192 42 396
−Removed: Non-insurance warranty revenue 16 16
−Removed: Other revenue (expense), including interest expense (15) (3) 1 (17)
−Removed: Income tax expense on core income (47) (62) (24) (133)
−Removed: Underwriting gain 60 106 28 194
−Removed: Effect of catastrophe losses 39 2 41
−Removed: Underlying underwriting gain $ 60 $ 145 $ 30 $ 235
−Removed: Three Months Ended September 30, 2024
−Removed: Net income (loss) attributable to Loews Corporation $ 153 $ 121 $ 31 $ 305 $ (46) $ 259
−Removed: Investment (gains) losses 4 7 2 13 (6) 7
−Removed: Pension settlement losses 3 3
−Removed: Noncontrolling interests 14 11 3 28 (4) 24
−Removed: Core income (loss) $ 171 $ 139 $ 36 $ 346 $ (53) $ 293
−Removed: Net investment income 157 183 32 372
−Removed: Non-insurance warranty revenue 14 14
−Removed: Other (revenue) expense, including interest expense (12) (3) 8 (7)
−Removed: Income tax expense on core income (47) (38) (16) (101)
−Removed: Underwriting gain (loss) 59 (3) 12 68
−Removed: Effect of catastrophe losses 127 16 143
−Removed: Effect of favorable development-related items (2) (2)
−Removed: Underlying underwriting gain $ 59 $ 124 $ 26 $ 209
−Removed: Nine Months Ended September 30, 2025 Specialty Commercial International Property & Casualty Other Insurance Operations Total
+Added: Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe-related reinstatement premiums, catastrophe losses and development-related items.
+Added: Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, excluding the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.
+Added: The following tables present reconciliations of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain for t he three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31, 2026 Specialty Commercial International Property & Casualty Other Insurance Operations Total
(In millions)
5 unchanged sentences
Non-insurance warranty revenue 18 18
−Removed: Other revenue (expense), including interest expense (40) (10) 12 (38)
+Added: Other expense, including interest expense (11) (2) (2) (15)
Income tax expense on core income (26) (27) (18) (71)
−Removed: Underwriting gain 155 163 66 384
−Removed: Effect of catastrophe losses 182 18 200
+Added: Underwriting gain (loss) (24) (49) 14 (59)
+Added: Catastrophe-related reinstatement premiums 9 9
+Added: Catastrophe losses 84 4 88
Effect of unfavorable development-related items 50 56 106
Underlying underwriting gain $ 26 $ 100 $ 18 $ 144
−Removed: Nine Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2025
Net income (loss) attributable to Loews Corporation $ 137 $ 114 $ 35 $ 286 $ (34) $ 252
Investment (gains) losses 1 (1) — 7 7
−Removed: Pension settlement losses 3 3
Noncontrolling interests 12 10 3 25 (3) 22
4 unchanged sentences
Income tax expense on core income (41) (34) (13) (88)
−Removed: Underwriting gain 195 65 58 318
−Removed: Effect of catastrophe losses 285 28 313
−Removed: Effect of favorable development-related items (8) (5) (13)
+Added: Underwriting gain (loss) 42 (17) 15 40
+Added: Catastrophe losses 86 11 97
+Added: Effect of unfavorable development-related items 10 53 63
Underlying underwriting gain $ 52 $ 122 $ 26 $ 200
Property & Casualty Operations
−Removed: The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three and nine months e nded September 30, 2025 and 2024.
−Removed: Three Months Ended September 30, 2025 Specialty
+Added: The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three months e nded March 31, 2026 and 2025.
+Added: Three Months Ended March 31, 2026 Specialty
International
(In millions, except %)
−Removed: Gross written premiums $ 1,700 $ 1,569 $ 322 $ 3,591
−Removed: Gross written premiums excluding third-party captives 1,009 1,559 322 2,890
Net written premiums $ 834 $ 1,480 $ 308 $ 2,622
Net earned premiums 852 1,412 334 2,598
−Removed: Underwriting gain 60 106 28 194
−Removed: Net investment income 162 192 42 396
−Removed: Core income 176 233 47 456
−Removed: Other performance metrics:
−Removed: Loss ratio 60.6 % 66.1 % 59.1 % 63.4 %
−Removed: Expense ratio 32.5 26.1 32.7 29.1
−Removed: Dividend ratio 0.2 0.5 0.3
−Removed: Combined ratio 93.3 % 92.7 % 91.8 % 92.8 %
−Removed: Effect of catastrophe impacts 2.7 0.6 1.5
−Removed: Underlying combined ratio 93.3 % 90.0 % 91.2 % 91.3 %
−Removed: Underlying loss ratio 60.6 % 63.4 % 58.5 % 61.9 %
−Removed: Rate 3 % 5 % (6)% 3 %
−Removed: Renewal premium change 4 6 (3) 4
−Removed: Retention 86 79 83 81
−Removed: New business $ 131 $ 324 $ 94 $ 549
−Removed: Three Months Ended September 30, 2024
−Removed: Gross written premiums $ 1,743 $ 1,547 $ 305 $ 3,595
−Removed: Gross written premiums excluding third-party captives 982 1,538 305 2,825
−Removed: Net written premiums 862 1,221 277 2,360
−Removed: Net earned premiums 848 1,325 311 2,484
Underwriting gain (loss) (24) (49) 14 (59)
7 unchanged sentences
Effect of catastrophe impacts 6.4 1.2 3.6
−Removed: Effect of favorable development-related items (0.1) (0.7) (0.2)
−Removed: Underlying combined ratio 93.0 % 90.7 % 91.7 % 91.6 %
−Removed: Underlying loss ratio 60.1 % 62.5 % 58.1 % 61.1 %
−Removed: Rate 6 % (2)% 3 %
−Removed: Renewal premium change 2 % 8 1 5
−Removed: Retention 89 84 82 85
−Removed: New business $ 129 $ 345 $ 73 $ 547
−Removed: Nine Months Ended September 30, 2025 Specialty
−Removed: International
−Removed: (In millions, except %)
−Removed: Gross written premiums $ 5,064 $ 5,487 $ 1,132 $ 11,683
−Removed: Gross written premiums excluding third-party captives 2,952 5,301 1,132 9,385
−Removed: Net written premiums 2,601 4,312 976 7,889
−Removed: Net earned premiums 2,573 4,235 978 7,786
−Removed: Underwriting gain 155 163 66 384
−Removed: Net investment income 483 575 114 1,172
−Removed: Core income 503 575 137 1,215
−Removed: Other performance metrics:
−Removed: Loss ratio 60.7 % 68.7 % 60.3 % 65.0 %
−Removed: Expense ratio 33.0 26.9 32.9 29.7
−Removed: Dividend ratio 0.3 0.5 0.4
−Removed: Combined ratio 94.0 % 96.1 % 93.2 % 95.1 %
−Removed: Effect of catastrophe impacts 4.3 1.8 2.6
Effect of unfavorable development-related items 5.9 4.0 4.1
5 unchanged sentences
New business $ 127 $ 369 $ 85 $ 581
−Removed: Nine Months Ended September 30, 2024
−Removed: Gross written premiums $ 5,153 $ 5,160 $ 1,096 $ 11,409
−Removed: Gross written premiums excluding third-party captives 2,846 5,022 1,096 8,964
+Added: Three Months Ended March 31, 2025
Net written premiums $ 842 $ 1,498 $ 266 $ 2,606
Net earned premiums 830 1,380 310 2,520
−Removed: Underwriting gain 195 65 58 318
+Added: Underwriting gain (loss) 42 (17) 15 40
Net investment income 151 177 34 362
13 unchanged sentences
New business $ 112 $ 370 $ 83 $ 565
−Removed: Three Months Ended September 30, 2025 Compared to the Comparable 2024 Period
−Removed: Gross written premiums, excluding third-party captives, for Specialty increased $27 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention.
−Removed: Net written premiums for Specialty increased $5 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: The increase in net earned premiums for the three months ended September 30, 2025 was consistent with the trend in net written premiums for Specialty.
−Removed: Gross written premiums for Commercial increased $22 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention and new business.
−Removed: Net written premiums for Commercial increased $30 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: The increase in net earned premiums for the three months ended September 30, 2025 was consistent with the trend in net written premiums for Commercial.
−Removed: Gross written premiums for International increased $17 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: Excluding the effect of foreign currency exchange rates, gross written premiums increased $9 million driven by higher new business partially offset by lower rate.
−Removed: Net written premiums for International increased $42 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: Excluding the effect of foreign currency exchange rates, net written premiums increased $33 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025.
−Removed: The increase in net earned premiums for the three months ended September 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.
−Removed: Core income for Property & Casualty Operations increased $110 million for the three months ended September 30, 2025 as compared with the comparable 2024 period primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income.
−Removed: Catastrophe losses for Property & Casualty Operations were $41 million for the three months ended September 30, 2025 as compared with $143 million for the comparable 2024 period, driven by severe weather related events.
−Removed: Catastrophe losses for the three months ended September 30, 2024 included $55 million for Hurricane Helene.
−Removed: For the three months ended September 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $39 million and $127 million and International had catastrophe losses of $2 million and $16 million.
−Removed: Favorable net prior year loss reserve development for Property & Casualty Operations of $1 million and $5 million was recorded for the three months ended September 30, 2025 and 2024.
−Removed: For the three months ended September 30, 2025 and 2024, Specialty recorded no net prior year loss reserve development, Commercial recorded favorable net prior year loss reserve development of $1 million and $3 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $2 million.
−Removed: Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
−Removed: Specialty’s combined ratio increased 0.3 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 0.5 point increase in the loss ratio, partially offset by a 0.2 point improvement in the expense ratio.
−Removed: The increase in the loss ratio was due to an increase in the underlying loss ratio.
−Removed: The improvement in the expense ratio was primarily driven by higher net earned premiums.
−Removed: Commercial’s combined ratio improved 7.5 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 5.9 point improvement in the loss ratio and a 1.6 point improvement in the expense ratio.
−Removed: The improvement in the loss ratio was primarily due to lower catastrophes losses, which were 2.7 points of the loss ratio for the three months ended September 30, 2025, as compared with 9.6 points of the loss ratio in the comparable 2024 period, partially offset by an increase in the underlying loss ratio related to social inflation impacted lines.
−Removed: The improvement in the expense ratio was primarily driven by a lower acquisition ratio and higher net earned premiums.
−Removed: International’s combined ratio improved 4.3 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 3.4 point improvement in the loss ratio and a 0.9 improvement in the expense ratio.
−Removed: The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 0.6 points of the loss ratio for the three months ended September 30, 2025, as compared with 5.1 points of the loss ratio in the comparable 2024 period, partially offset by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period, and an increase in the underlying loss ratio.
−Removed: The improvement in the expense ratio was primarily driven by higher net earned premiums.
−Removed: Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period
−Removed: Gross written premiums, excluding third-party captives, for Specialty increased $106 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention.
−Removed: Net written premiums for Specialty increased $90 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: The increase in net earned premiums for the nine months ended September 30, 2025 was consistent with the trend in net written premiums for Specialty.
−Removed: Gross written premiums for Commercial increased $327 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention.
−Removed: Net written premiums for Commercial increased $295 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: The increase in net earned premiums for the nine months ended September 30, 2025 was consistent with the trend in net written premiums for Commercial.
−Removed: Gross written premiums for International increased $36 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: Excluding the effect of foreign currency exchange rates, gross written premiums increased $38 million driven by higher new business and retention partially offset by lower rate.
−Removed: Net written premiums for International increased $80 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: Excluding the effect of foreign currency exchange rates, net written premiums increased $77 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025.
−Removed: The increase in net earned premiums for the nine months ended September 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.
−Removed: Core income for Property & Casualty Operations increased $117 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period primarily due to higher net investment income, lower catastrophe losses and improved underlying underwriting results, partially offset by unfavorable net prior year loss reserve development.
−Removed: Catastrophe losses for Property & Casualty Operations were $200 million for the nine months ended September 30, 2025 as compared with $313 million for the comparable 2024 period, driven by severe weather related events.
−Removed: Catastrophe losses for the nine months ended September 30, 2024 included $55 million for Hurricane Helene.
−Removed: For the nine months ended September 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $182 million and $285 million and International had catastrophe losses of $18 million and $28 million.
−Removed: Unfavorable net prior year loss reserve development for Property & Casualty Operations of $56 million and favorable net prior year loss reserve development of $24 million was recorded for the nine months ended September 30, 2025 and 2024.
−Removed: For the nine months ended September 30, 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $10 million and favorable net prior year loss reserve development of $8 million, Commercial recorded unfavorable net prior year loss reserve development of $46 million and favorable net prior year loss reserve development of $11 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $5 million.
+Added: Net written premiums for Specialty decreased $8 million for the three months ended March 31, 2026 as compared with the comparable 2025 period driven by lower retention partially offset by rate and new business.
+Added: The increase in net earned premiums for the three months ended March 31, 2026 was consistent with the trend in net written premiums in recent quarters for Specialty.
+Added: Net written premiums for Commercial decreased $18 million for the three months ended March 31, 2026 as compared with the comparable 2025 period driven by lower retention.
+Added: The increase in net earned premiums for the three months ended March 31, 2026 was consistent with the trend in net written premiums in recent quarters for Commercial.
+Added: Net written premiums for International increased $42 million for the three months ended March 31, 2026 as compared with the comparable 2025 period.
+Added: Excluding the effect of foreign currency exchange rates, net written premiums increased $19 million for the three months ended March 31, 2026 as compared with the comparable 2025 period driven by timing of reinsurance costs, partially offset by lower rate.
+Added: The increase in net earned premiums for the three months ended March 31, 2026 was consistent with the trend in net written premiums for International.
+Added: Core income for Property & Casualty Operations decreased $63 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income.
+Added: Catastrophe losses for Property & Casualty Operations were $88 million and catastrophe-related reinsurance reinstatement premiums were $9 million for the three months ended March 31, 2026 driven by severe weather related events.
+Added: Catastrophe losses were $97 million for the comparable 2025 period, driven by severe weather related events, including $53 million for the California wildfires.
+Added: There were no catastrophe-related reinsurance reinstatement premiums for the three months ended March 31, 2025.
+Added: For the three months ended March 31, 2026 and 2025, Specialty had no catastrophe losses, Commercial had catastrophe losses of $84 million and $86 million and International had catastrophe losses of $4 million and $11 million.
+Added: The three months ended March 31, 2026 also includes $9 million of catastrophe-related reinsurance reinstatement premiums for Commercial.
+Added: Unfavorable net prior year loss reserve development for Property & Casualty Operations of $100 million and $61 million was recorded for the three months ended March 31, 2026 and 2025.
+Added: For the three months ended March 31, 2026 and 2025, Specialty recorded unfavorable net prior year loss reserve development of $45 million and $10 million, Commercial recorded unfavorable net prior year loss reserve development of $55 million and $51 million and International recorded no net prior year loss reserve development.
Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
−Removed: Specialty’s combined ratio increased 1.9 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period primarily due to a 1.4 point increase in the loss ratio and a 0.5 point increase in the expense ratio.
−Removed: The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in the current year period and an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines.
−Removed: The increase in the expense ratio was driven by higher employee related and acquisition costs partially offset by higher net earned premiums.
−Removed: Commercial’s combined ratio improved 2.2 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to a 1.2 point improvement in the expense ratio and a 1.0 point improvement in the loss ratio.
−Removed: The improvement in the expense ratio was driven by higher net earned premiums and a lower acquisition ratio.
−Removed: The improvement in the loss ratio was due to lower catastrophe losses, which were 4.3 points of the loss ratio for the nine months ended September 30, 2025 as compared with 7.5 points of the loss ratio for the comparable 2024 period, partially offset by unfavorable net prior year loss reserve development and an increase in the underlying loss ratio related to social inflation impacted lines .
−Removed: International’s combined ratio improved 0.5 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to a 0.3 point improvement in the loss ratio and a 0.2 point improvement in the expense ratio.
−Removed: The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 1.8 points of the loss ratio for the nine months ended September 30, 2025 as compared with 3.0 points of the loss ratio for the comparable 2024 period, partially offset by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period.
−Removed: The improvement in the expense ratio was primarily driven by higher net earned premiums.
+Added: Specialty’s combined ratio increased 7.6 points for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to a 7.3 point increase in the loss ratio.
+Added: The increase in the loss ratio was due to higher unfavorable net prior year loss reserve development driven by CNA’s professional errors and omissions (“E&O”) business in recent accident years and an increase in the underlying loss ratio driven by loss cost trends exceeding rate for certain lines in recent quarters.
+Added: The expense ratio was generally consistent with the comparable 2025 period.
+Added: Commercial’s combined ratio increased 2.4 points for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to a 3.2 point increase in the loss ratio partially offset by a 0.9 point improvement in the expense ratio.
+Added: The increase in the loss ratio was driven by a higher underlying loss ratio in excess casualty and workers’ compensation.
+Added: The improvement in the expense ratio was primarily driven by a lower acquisition ratio.
+Added: The effect of catastrophe impacts on the loss ratio was 6.4 points for the three months ended March 31, 2026 as compared with 6.3 points for the comparable 2025 period.
+Added: International’s combined ratio increased 0.5 points for the three months ended March 31, 2026 as compared with the comparable 2025 period due to a 1.6 point increase in the expense ratio, partially offset by a 1.1 point improvement in the loss ratio.
+Added: The increase in the expense ratio was primarily driven by higher employee related costs and acquisition costs partially offset by higher net earned premiums.
+Added: The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 1.2 points of the loss ratio for the three months ended March 31, 2026 as compared with 3.6 points of the loss ratio for the comparable 2025 period, partially offset by an increase in the underlying loss ratio driven by continued pricing pressure.
Other Insurance Operations
−Removed: The following table summarizes the results of CNA’s Other Insurance Operations for the three and nine months ended September 30, 2025 and 2024.
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: 2025 2024 2025 2024
+Added: The following table summarizes the results of CNA’s Other Insurance Operations for the three months ended March 31, 2026 and 2025.
+Added: Three Months Ended March 31 2026 2025
(In millions)
2 unchanged sentences
Core loss (23) (30)
−Removed: Three Months Ended September 30, 2025 Compared to the Comparable 2024 Period
−Removed: Core results for Other Insurance Operations improved $6 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: The improvement was primarily due to no net prior year loss reserve development in the current year as compared with a $17 million after tax charge in the comparable 2024 period related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves.
−Removed: Further information on the net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
−Removed: The improvement in core results was partially offset by lower net investment income from limited partnerships.
−Removed: Both periods include assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year.
−Removed: The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2025 and 2024 resulted in a pretax increase in long-term care reserves of $7 million and $15 million.
−Removed: The annual structured settlement reserve review resulted in a pretax increase in claim reserves of $2 million for the three months ended September 30, 2025 and a pretax reduction in claim reserves of $9 million for the three months ended September 30, 2024.
−Removed: Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period
−Removed: Core results for Other Insurance Operations decreased $66 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $45 million after-tax charge in the comparable 2024 period.
−Removed: Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
−Removed: Core results also reflect lower net investment income from limited partnerships for the nine months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: The impact of the assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year is discussed in the three month summary above.
−Removed: Future Policy Benefit Reserves
−Removed: Annually in the third quarter, an actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience.
−Removed: This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the liability for future policyholder benefits (“LFPB”).
−Removed: For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.
−Removed: The table below summarizes the estimated pretax impact on CNA’s results of operations from various hypothetical revisions to its LFPB reserve assumptions.
−Removed: 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.
−Removed: 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
−Removed: experience that could reasonably occur.
−Removed: Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below.
−Removed: The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.
−Removed: September 30, 2025
−Removed: Estimated Reduction to Pretax Income
−Removed: (In millions)
−Removed: Hypothetical revisions
−Removed: 2.5% increase in morbidity $ 300
−Removed: 5% increase in morbidity 620
−Removed: 5% decrease in active life mortality and lapse $ 180
−Removed: 10% decrease in active life mortality and lapse 350
−Removed: Premium rate actions:
−Removed: 25% decrease in anticipated future premium rate increases $ 30
−Removed: 50% decrease in anticipated future premium rate increases 50
−Removed: The following table summarizes policyholder reserves for CNA’s Other Insurance Operations:
−Removed: September 30, 2025 Claim and claim adjustment expenses Future policy benefits Total
−Removed: (In millions)
−Removed: Long-term care $ 13,546 $ 13,546
−Removed: Structured settlements and other $ 538 538
−Removed: Total 538 13,546 14,084
−Removed: Ceded reserves 77 77
−Removed: Total gross reserves $ 615 $ 13,546 $ 14,161
−Removed: December 31, 2024
−Removed: (In millions)
−Removed: Long-term care $ 13,158 $ 13,158
−Removed: Structured settlements and other $ 541 541
−Removed: Total 541 13,158 13,699
−Removed: Ceded reserves 81 81
−Removed: Total gross reserves $ 622 $ 13,158 $ 13,780
−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.
−Removed: Statutory margin is the excess of carried reserves over best estimate reserves.
−Removed: As of September 30, 2025, statutory long-term care margin increased to $1.5 billion from $1.4 billion.
+Added: Core results for Other Insurance Operations improved $7 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to no net prior year loss reserve development in the current year as compared with a $17 million after-tax charge in 2025 related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves.
+Added: Core loss also includes amortization of the deferred gain related to the asbestos and environmental pollution (“A&EP”) loss portfolio transfer (“LPT”).
+Added: Further information on the net prior year loss reserve development and the A&EP LPT is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
+Added: Long-term care results for the three months ended March 31, 2026 reflect unfavorable morbidity partially offset by favorable persistency.
+Added: Long-term care results for the comparable 2025 period reflected favorable persistency.
Boardwalk Pipelines
−Removed: A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors as discussed in our Annual Report on Form 10-K for the year ended December 31, 2024.
−Removed: The pricing contained in the purchase and sales agreements associated with Boardwalk Pipelines’ ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee.
−Removed: As a result, 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, has little to no direct commodity price exposure.
−Removed: For further information on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.
−Removed: Boardwalk Pipelines’ operation and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, the Pipeline and Hazardous Materials Safety Administration Mega Rule and Boardwalk Pipelines’ efforts to monitor, control and reduce emissions, as further discussed in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.
Current Growth Projects
Boardwalk Pipelines regularly reviews opportunities to expand its existing facilities and footprint to meet growing demand for transportation and storage services.
−Removed: Recent growth of liquefied natural gas export and power generation demand has led to growth projects for Boardwalk Pipelines.
−Removed: Through the date of this filing, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 billion cubic feet per day (“Bcf/d”) at an aggregate cost of approximately $3.0 billion and are scheduled to be completed through 2029.
−Removed: These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits.
+Added: The recent growth of liquefied natural gas export and power generation demand has led to the announcement of additional growth projects for Boardwalk Pipelines.
+Added: Through the date of this filing, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 billion cubic feet per day (“Bcf/d”) and its storage working gas capacity by 10 Bcf at an expected aggregate cost of approximately $3.2 billion and are scheduled to be completed through 2030.
+Added: As of March 31, 2026, Boardwalk Pipelines has spent $245 million on these growth projects.
+Added: These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits and are subject to construction risk.
These projects have lengthy planning and construction periods and, as a result, will not contribute to Boardwalk Pipelines’ earnings and cash flows until they receive the required regulatory approvals and permits and are constructed and placed into service over the next several years.
1 unchanged sentence
Subsidiaries of this MD&A.
−Removed: Boardwalk Pipelines’ cost and timing estimates for these projects are based on a variety of inputs such as contractor indicativ e bids, quotes on materials and internally-developed financial models, metrics and timelines and are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals and the cost thereof, adverse weather conditions during construction, its ability to acquire and the cost of obtaining rights to construct and operate on land not owned by Boardwalk Pipelines, delays in obtaining and shortages and price increases for key materials (including pipe, compressor stations and related equipment), tariff implications and shortages and increased costs of qualified labor.
+Added: Boardwalk Pipelines’ cost and timing estimates for these projects are based on a variety of inputs such as contractor indicativ e bids, quotes on materials and internally-developed financial models, metrics and timelines and are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals and the cost thereof, adverse weather conditions during construction, its ability to acquire and the cost of obtaining rights to construct and operate on land not owned by Boardwalk Pipelines, delays in obtaining and shortages and price increases for key materials (including pipe, compressor facilities and related equipment), tariff implications and shortages and increased costs of qualified labor.
Factors in the estimates include, among other things, those related to pipeline costs based on mileage, size and type of pipe, materials including compressors and related equipment, land, engineering and construction costs and timely receipt of all necessary permits and approvals.
1 unchanged sentence
In addition, failure to timely meet development milestones may result in, among other things, contractual counterparties having the ability to terminate contracts with Boardwalk Pipelines.
−Removed: Refer to Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.
−Removed: The below identifies Boardwalk Pipelines’ more significant growth projects:
−Removed: The Kosciusko Junction Project (“Kosci project”) is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by 1.2 Bcf/d through the addition of compression facilities, the installation of 110 miles of natural gas pipeline, and other system modifications.
−Removed: The capacity for this project is supported by precedent agreements with utility customers, including two precedent agreements that were executed in July 2025 .
−Removed: This project is designed to connect supply from the Haynesville, Utica/Marcellus and Fayetteville basins to markets in the southeast U.S.
−Removed: that are either tied into Boardwalk Pipelines’ existing pipeline systems or will be served through third-party pipeline interconnects.
−Removed: This project has an expected in-service date of the first half of 2029 and remains subject to Federal Energy Regulatory Commission (“FERC”) approval, acquisition of land rights, and receipt of environmental permits and authorizations.
−Removed: Boardwalk Pipelines executed two precedent agreements for the Southeast Compression for Utility Reliability Expansion Project (“SECURE project”), which is expected to increase the capacity of its pipeline system by 0.3 Bcf/d and provide additional transportation from west to east across its pipeline systems.
−Removed: This project is expected to increase the peak-day transmission capacity by increasing the horsepower at three existing compressor stations and constructing a new compressor station.
−Removed: This project supports growing energy demand and power generation needs, has an expected in-service
−Removed: date of the first half of 2028, and remains subject to FERC approval and receipt of environmental permits and authorizations.
−Removed: The Parks Line Upgrade and Sorrento Station Project (“PLUSS project”) is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by approximately 0.2 Bcf/d of incremental capacity and is supported by precedent agreements to serve industrial and power markets in the Mississippi River corridor.
−Removed: As part of the project, Boardwalk Pipelines intends to add compression facilities, modify its pipelines and perform other system modifications on its pipeline systems.
−Removed: This project has an expected in-service date of the first half of 2028 and remains subject to FERC approval, acquisition of land rights, and receipt of environmental permits and authorizations.
−Removed: The Eunice – Iowa project is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by approximately 0.1 Bcf/d of incremental capacity to the Lake Charles, Louisiana area and is supported by three precedent agreements.
−Removed: The project has an expected in-service date of the first half of 2027 and consists of the addition of compression facilities.
−Removed: This project has been approved by FERC but remains subject to acquisition of land rights.
−Removed: The Northeast Texas Power Plant Project is expected to increase the delivery capacity of Boardwalk Pipelines’ pipeline system by approximately 0.3 Bcf/d in Northeast Texas, through the construction of 16 miles of natural gas pipeline and a delivery meter that will connect to a power plant.
−Removed: The project is supported by a precedent agreement with a utility customer, is expected to be in-service the second half of 2027 and remains subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations.
−Removed: The Ohio Power Plant Project is expected to increase the delivery capacity of Boardwalk Pipelines’ pipeline system by approximately 0.3 Bcf/d in Hamilton County, Ohio, through the construction of seven miles of natural gas pipeline and a delivery meter that will connect to a power plant.
−Removed: The project is supported by a precedent agreement with a utility customer, is expected to be in-service the first half of 2028 and remains subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations.
−Removed: The Carnation project is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by approximately 0.2 Bcf/d of incremental capacity in Hamilton County, Ohio, through the installation of a compressor unit and auxiliary equipment.
−Removed: This project is supported by a precedent agreement with a local distribution company and is expected to support regional energy needs.
−Removed: It has an expected in-service date of the second half of 2027 and remains subject to FERC approval and receipt of environmental permits and authorizations.
−Removed: In October 2025, Boardwalk Pipelines executed a precedent agreement that is expected to increase the capacity of its pipeline system by approximately 1.5 Bcf/d through the construction of approximately 155 miles of natural gas pipeline and the addition of compression facilities.
−Removed: The Texas Gateway Project is designed to connect supply from the Katy and Carthage, Texas hubs for delivery to growing demand in Southwest Louisiana near Gillis and increase liquidity, supply security and flow assurance for liquified natural gas exporters, electric utilities, industrial users and natural gas producers.
−Removed: This project has an expected in-service date of the second half of 2029 and remains subject to FERC approval, acquisition of land rights, receipt of environmental permits and authorizations and other conditions precedent.
−Removed: In addition to growth projects for which Boardwalk Pipelines has executed precedent agreements, it regularly considers other potential growth projects at earlier stages of development.
+Added: Refer to Part I, Item 1.
+Added: Business and Part I, Item 1A.
+Added: Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 for project descriptions and additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.
+Added: Boardwalk Pipelines’ more significant growth projects are listed below:
+Added: Expected in-service date Expected incremental capacity added to system
+Added: Eunice - Iowa (a) Third quarter 2026 0.1
+Added: Carnation Project (b) Fourth quarter 2027 0.2
+Added: Northeast Texas Power Plant Project (c) Fourth quarter 2027 0.3
+Added: Kosciusko Junction Project (c) First half 2028 1.2
+Added: Ohio Power Plant Project (c) First half 2028 0.3
+Added: Southeast Compression for Utility Reliability Expansion Project (c) First half 2028 0.3
+Added: Parks Line Upgrade and Sorrento Station Project (d) First half 2028 0.2
+Added: Texas Gateway Project (c) Second half 2029 1.5
+Added: Petal Gas Storage Expansion (e) Second half 2030 (e)
+Added: (a) This project has received approval from the Federal Energy Regulatory Commission (“FERC”) and is in construction.
+Added: (b) This project remains subject to FERC approval and receipt of environmental permits and authorizations.
+Added: (c) These projects remain subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations.
+Added: (d) This project received FERC approval in December 2025 and is expected to start construction in the first half of 2026.
+Added: (e) This project remains subject to FERC approval and is expected to add 10 Bcf of storage working gas capacity.
+Added: Refer to Current Growth Projects in Part I, Item 1.
+Added: Business in our Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion of Boardwalk Pipelines’ significant growth projects.
+Added: Boardwalk Pipelines’ growth projects include $9.5 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.
+Added: In addition to growth projects for which Boardwalk Pipelines has executed precedent agreements, it regularly considers other potential growth projects at earlier stages of development, and is currently evaluating additional growth projects involving substantial capital commitments.
Boardwalk Pipelines may from time to time make public disclosures regarding these potential projects, for instance, through announcements of open seasons for potential future capacity.
−Removed: In addition to the risks and uncertainties described above regarding the growth projects for which Boardwalk Pipelines has executed precedent agreements, these potential growth projects at earlier stages of development are subject to a variety of additional risks and uncertainties as Boardwalk Pipelines has not reached final investment decisions or secured executed precedent agreements for them.
−Removed: Therefore, these potential growth projects at earlier stages of development are highly speculative and may not be consummated as contemplated in any such public disclosures or at all.
+Added: In addition to the risks, uncertainties and contingencies described above regarding the growth projects for which Boardwalk Pipelines has executed precedent agreements, these potential growth projects at earlier stages of development are subject to a variety of additional risks and uncertainties as Boardwalk Pipelines has not reached final investment decisions or secured executed precedent agreements for them.
+Added: Therefore, these potential growth projects at earlier stages of development may not be consummated as contemplated in any such public disclosures or at all.
Results of Operations
−Removed: The following table summarizes the results of operations for Boardwalk Pipelines for the three and nine months ended September 30, 2025 and 2024, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
+Added: Boardwalk Pipelines operates in the midstream portion of the natural gas and natural gas liquids, olefins and other hydrocarbons industry, providing transportation and storage for those commodities.
+Added: Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas.
+Added: A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors as discussed in our Annual Report on Form 10-K for the year ended December 31, 2025.
+Added: The pricing contained in the purchase and sales agreements associated with Boardwalk Pipelines’ ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee.
+Added: As a result, 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, has little to no direct commodity price exposure.
+Added: For further information on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.
+Added: Boardwalk Pipelines’
+Added: 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 in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.
+Added: The following table summarizes the results of operations for Boardwalk Pipelines for the three months ended March 31, 2026 and 2025, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
Boardwalk Pipelines also utilizes a non-GAAP measure, earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) as a financial measure to assess its operating and financial performance and return on invested capital.
Management believes some investors may find this measure useful in evaluating Boardwalk Pipelines’ performance as EBITDA is a commonly used metric within the midstream industry.
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: 2025 2024 2025 2024
+Added: Three Months Ended March 31 2026 2025
(In millions)
11 unchanged sentences
EBITDA $ 360 $ 346
−Removed: Three Months Ended September 30, 2025 Compared to the Comparable 2024 Period
−Removed: Net income attributable to Loews Corporation and EBITDA increased $17 million and $18 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below.
−Removed: Total revenues increased $63 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: Boardwalk Pipelines’ transportation revenues increased $26 million, primarily due to re-contracting at higher rates and recently completed growth projects;
−Removed: storage, parking and lending revenues increased $9 million due to favorable market conditions which allowed for contracting at higher rates;
−Removed: and product sales revenues increased $33 million primarily due to higher ethane pricing in 2025.
−Removed: Operating and other expenses increased $50 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with higher ethane pricing, increased property taxes due to higher assessments and an increased asset base, and increased administrative and general costs due to higher employee-related and outside services costs.
−Removed: Interest expenses decreased $7 million for the three months ended September 30, 2025 as compared with the comparable 2024 period due to the pre-financing of a December 2024 debt maturity .
−Removed: Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period
−Removed: Net income attributable to Loews Corporation and EBITDA increased $66 million and $91 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below.
−Removed: Total revenues increased $217 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: Boardwalk Pipelines’ transportation revenues increased $92 million, primarily due to re-contracting at higher rates, recently completed growth projects and higher utilization-based revenue;
−Removed: storage, parking and lending revenues increased $26 million due to favorable market conditions which allowed for contracting at higher rates;
−Removed: and product sales revenues increased $115 million primarily from higher volumes from the sale of ethane due to a customer outage in 2024, which impacted 2024 volumes, and higher ethane pricing in 2025.
−Removed: Operating and other expenses increased $152 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with increased ethane product sales;
−Removed: increased depreciation and amortization expense and increased property taxes due to higher assessments and an increased asset base.
−Removed: Interest expenses decreased $18 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to the pre-financing of a December 2024 debt maturity .
+Added: Net income attributable to Loews Corporation and EBITDA increased $7 million and $14 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to the reasons discussed below.
+Added: Total revenues increased $9 million for the three months ended March 31, 2026 as compared with the comparable 2025 period.
+Added: Transportation revenues for the natural gas business increased $8 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates, recently completed growth projects and higher utilization-based revenue.
+Added: Transportation revenues for the natural gas liquids business increased by $7 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher volumes.
+Added: Storage and parking and lending (“PAL”) revenues for the natural gas business increased by $15 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to favorable market conditions which allowed for contracting at higher rates.
+Added: In the natural gas liquids business, ethane product sales decreased by $33 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to lower volumes, partially offset by higher propane and ethylene product sales of $7 million.
+Added: Operating and other expenses decreased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily from lower product costs of $30 million related to lower ethane product sales, partially offset by increased product costs of $15 million related to higher propane and ethylene sales.
+Added: These decreases were partially offset by increased general and administrative costs of $5 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher employee-related and outside services costs and increased depreciation and amortization expense of $5 million.
+Added: Interest expenses increased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period due to the pre-financing of a June 2026 debt maturity that was redeemed in March 2026.
Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA
−Removed: The following table reconciles net income attributable to Loews Corporation to EBITDA for the three and nine months ended September 30, 2025 and 2024:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: 2025 2024 2025 2024
+Added: The following table reconciles net income attributable to Loews Corporation to EBITDA for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31 2026 2025
(In millions)
1 unchanged sentence
Interest, net
−Removed: 36 38 111 115
Income tax expense
Depreciation and amortization
−Removed: 107 107 333 321
−Removed: $ 267 $ 249 $ 887 $ 796
Loews Hotels & Co
−Removed: The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2025 and 2024, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: 2025 2024 2025 2024
+Added: The following table summarizes the results of operations for Loews Hotels & Co for the three months ended March 31, 2026 and 2025, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
+Added: Three Months Ended March 31 2026 2025
(In millions)
3 unchanged sentences
Operating and other 175 173
+Added: Asset impairments 9
Reimbursable expenses 36 34
3 unchanged sentences
Total 217 241
−Removed: Income (loss) before income tax (3) (9) 40 63
−Removed: Income tax (expense) benefit 1 (15) (20)
−Removed: Net income (loss) attributable to Loews Corporation $ (3) $ (8) $ 25 $ 43
−Removed: Net income (loss) attributable to Loews Corporation improved $5 million and decreased $18 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods primarily due to the reasons discussed below.
−Removed: Operating revenues declined by $15 million and increased by $16 million and operating and other expenses were consistent with and increased by $19 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods.
−Removed: The decrease in operating revenues for the three-month period was primarily due to renovations at the Loews Miami Beach Hotel, which reduced the number of available and occupied room nights at the property, partially offset by higher revenues at the Loews Arlington Hotel and Convention Center.
−Removed: The increas e in operating revenues during the nine- month period was primarily due to higher average daily rates and higher food and beverage revenues, largely driven by the Loews Arlington Hotel and Convention Center being open for the entirety of 2025.
−Removed: These increases were partially offset by the decline in revenues associated with the Loews Miami Beach Hotel renovations.
−Removed: The increase in operating and other expenses for the nine-month period was primarily due to higher costs associated with the Loews Arlington Hotel and Convention Center and the termination of a contract with a minority owner in the first quarter of 2025.
−Removed: Equity income from joint ventures increased $25 million and $1 million for the three and nine months ended September 30, 2025 as comp ared with the comparable 2024 periods.
−Removed: Equity income from joint ventures was negatively impacted by i mpairment charges recorded at certain joint venture hotels, which reduced equity income by $9 million in the first quarter of 2025 and by $19 million in the third quarter of 2024.
−Removed: Excluding the impact of these charges, equity income from joint ventures increased $6 million and decreased $9 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods.
−Removed: The increase for the three-month period was primarily driven by growth in the overall average daily rate and an increase in the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened earlier in 2025.
−Removed: The decrease for the nine-month period was primarily due to higher expenses, including pre-opening costs, depreciation and interest expense, related to these new hotels, as well as a reduction in net distributions, which reduced earnings at a Universal Orlando Resort joint venture, to support property improvement costs.
−Removed: Depreciation and amortization expense increased $3 million and $6 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 pe riods.
−Removed: For the three-month period this increase was driven by accelerated depreciation of assets being replaced by renovations at certain properties.
−Removed: The increase for the nine-month period was also due to the Loews Arlington Hotel and Convention Center being open for the entirety of the 2025 period.
−Removed: Interest expense increased $1 million and $15 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 perio ds.
−Removed: For the nine-month period the increase is primarily due to lower capitalized interest on projects under development and higher interest rates on certain debt refinanced in 2024 .
+Added: Income before income tax 37 4
+Added: Income tax expense (11) (4)
+Added: Net income attributable to Loews Corporation $ 26 $ —
+Added: Net income attributable to Loews Corporation increased $26 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to higher equity income from joint ventures, driven mainly by the Universal Orlando Resort joint ventures, and the other factors discussed below.
+Added: Operating revenues increased by $7 million and operating and other expenses increased by $2 million for the three months ended March 31, 2026 as compared with the comparable 2025 period.
+Added: The increas e in operating revenues was primarily due to a higher overall average daily rate and higher food and beverage revenues.
+Added: The increase in operating and other expenses was from higher hotel operating costs in support of the higher operating revenues.
+Added: Equity income from joint ventures increased $38 million for the three months ended March 31, 2026 as comp ared with the comparable 2025 period.
+Added: The increase was driven by growth in the overall average daily rate and an increase in both the
+Added: number of available and the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened in 2025.
+Added: Equity income from joint ventures for the three months ended March 31, 2025 was impacted by an impairment charge recorded at a joint venture hotel that reduced Loews Hotels & Co’s equity income by $9 million and the reduction in distributions for one joint venture property due to property improvement costs.
Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company.
Investment income includes earnings on cash and short-term investments held at the Parent Company to meet current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company.
−Removed: Corporate also includes the equity method of accounting for Altium Packaging.
−Removed: The following table summarizes the results of operations for Corporate for the three and nine months ended September 30, 2025 and 2024 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: 2025 2024 2025 2024
+Added: Corporate also includes the equity method of accounting for Altium Packaging and intercompany eliminations.
+Added: The following table summarizes the results of operations for Corporate for the three months ended March 31, 2026 and 2025 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:
+Added: Three Months Ended March 31 2026 2025
(In millions)
−Removed: Net investment income $ 97 $ 139 $ 144 $ 202
+Added: Net investment loss $ (5)
+Added: Intercompany eliminations (2)
+Added: Total (7) $ —
Operating and other 16 16
1 unchanged sentence
Interest 22 18
−Removed: Total 42 45 127 129
−Removed: Income before income tax 55 94 17 73
−Removed: Income tax expense (13) (21) (8) (17)
−Removed: Net income attributable to Loews Corporation $ 42 $ 73 $ 9 $ 56
−Removed: Net income attributable to Loews Corporation decreased $31 million and $47 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods.
−Removed: The change in net income for the three and nine month periods is primarily due to the reason discussed below.
−Removed: Net investment income for the Parent Company decreased $42 million and $58 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods, primarily due to results from the trading portfolio.
+Added: Loss before income tax (52) (41)
+Added: Income tax benefit 10 7
+Added: Net loss attributable to Loews Corporation $ (42) $ (34)
+Added: Net loss attributable to Loews Corporation in creased $8 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to the reasons discussed below.
+Added: Net investment results for the Parent Company decreased $5 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to lower results from the trading portfolio.
+Added: Interest expense increased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, due to the issuance in February of 2026 of the Parent Company’s $500 million aggregate principal amount of 4.9% senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $500 million aggregate principal amount of our 3.8% senior notes due April 1, 2026.
LIQUIDITY AND CAPITAL RESOURCES
Parent Company
−Removed: Parent Company cash and investments, net of receivables and payables, totaled $3.6 billion at September 30, 2025 as compared to $3.3 billion at December 31, 2024.
−Removed: During the nine months ended September 30, 2025 , we received $1.1 billion in cash dividends from our subsidiaries:
−Removed: $840 million from CNA, including a special cash dividend of $497 million, and distributions of $225 million from Boardwalk Pipelines.
−Removed: Cash outflows during the nine months ended September 30, 2025 included the payment of $706 million to fund treasury stock purchases and $39 million of cash dividends to our shareholders .
+Added: Parent Company cash and investments, net of receivables and payables, totaled $4.5 billion at March 31, 2026 as compared to $3.9 billion at December 31, 2025.
+Added: During the three months ended March 31, 2026 , we received $691 million in cash dividends and distributions from our subsidiaries:
+Added: $616 million from CNA, including a special cash dividend of $497 million, and $75 million from Boardwalk Pipelines.
+Added: Cash outflows during the three months ended March 31, 2026 included the payment of $31 million to fund treasury stock purchases and $13 million of cash dividends to our shareholders .
As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations.
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We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.
+Added: In February of 2026, we completed a public offering of $500 million aggregate principal amount of 4.9% senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $500 million aggregate principal amount of our 3.8% senior notes due April 1, 2026.
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.
−Removed: During the nine months ended September 30, 2025, we purchased 8.0 million shares of Loews Corporation common stock for $683 million .
−Removed: As of October 31, 2025, we repurchased 0.3 million additional shares of Loews Corporation common stock in 2025 for $29 million.
−Removed: As of October 31, 2025, there were 206,659,567 shares of Loews Corporation common stock outstanding.
+Added: During the three months ended March 31, 2026, we purchased 0.3 million shares of Loews Corporation common stock for $31 million .
+Added: As of May 1, 2026, there were 205,768,873 shares of Loews Corporation common stock outstanding.
Future uses of our cash may include purchases of our and our subsidiaries’ outstanding common stock, dividends, investing in our subsidiaries and/or to make opportunistic investments.
The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition and business needs.
−Removed: CNA’s cash provided by operating activities was $1.9 billion for the nine months ended September 30, 2025 and 2024.
−Removed: The cash provided by operating activities was driven by an increase in premiums collected and higher cash from investment earnings, offset by an increase in net claim payments and higher operating expenses.
−Removed: CNA paid cash dividends of $3.38 per share on its common stock, including a special cash dividend of $2.00 per share, during the nine months ended September 30, 2025.
−Removed: On October 31, 2025 , CNA’s Board of Directors declared a quarterly cash dividend of $0.46 per share, payable December 4, 2025 to shareholders of record on November 17, 2025 .
+Added: CNA’s cash provided by operating activities was $393 million for the three months ended March 31, 2026 as compared with $638 million for the comparable 2025 period.
+Added: The decrease in cash provided by operating activities was impacted by payments related to specific reinsurance treaties, which occurred during the first quarter of 2026, with such similar amounts paid in the second quarter of 2025.
+Added: In addition, the decrease quarter over quarter was attributable to an increase in net claim payments, partially offset by increased investment earnings.
+Added: CNA paid cash dividends of $2.48 per share on its common stock, including a special cash dividend of $2.00 per share, during the three months ended March 31, 2026.
+Added: On May 1, 2026 , CNA’s Board of Directors declared a quarterly cash dividend of $0.48 per share, payable June 4, 2026 to shareholders of record on May 18, 2026 .
CNA’s declaration and payment of future dividends is at the discretion of its Board of Directors and will depend on many factors, including CNA’s earnings, financial condition, business needs and regulatory constraints.
3 unchanged sentences
Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus.
−Removed: As of September 30, 2025, CCC was in a positive earned surplus position.
−Removed: CCC paid dividends of $755 million and $635 million during the nine months ended September 30, 2025 and 2024.
+Added: As of March 31, 2026, CCC was in a positive earned surplus position.
+Added: CCC paid dividends of $585 million and $440 million during the three months ended March 31, 2026 and 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 August of 2025 , CNA completed a public offering of $500 million aggregate principal amount of its 5.2% senior notes due August 15, 2035.
CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.
−Removed: Boardwalk Pipelines’ cash provided by operating activities increased $98 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to changes in net income.
+Added: Boardwalk Pipelines’ cash provided by operating activities was $246 million for the three months ended March 31, 2026 as compared with $244 million for the comparable 2025 period.
As described in Current Growth Projects above, Boardwalk Pipelines is currently engaged in growth projects for which it has executed precedent or long-term firm transportation agreements.
−Removed: Through the date of this filing, the expected aggregate cost associated with these agreements is approximately $3.0 billion, which is expected to be spent through 2029.
+Added: Through the date of this filing, the expected aggregate cost associated with these agreements is approximately $3.2 billion;
+Added: this cost is expected to be spent through 2030.
+Added: As of March 31, 2026, Boardwalk Pipelines has spent $245 million on these growth projects.
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.
−Removed: Boardwalk Pipelines expects to finance these growth projects through a combination of operating cash flows and the issuance of long-term debt, including borrowings under its revolving credit facility.
−Removed: Boardwalk Pipelines’ cost and timing estimates for these projects are subject to a variety of risks and uncertainties and are based on the factors described in Boardwalk Pipelines:
+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:
Current Growth Projects in this MD&A.
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Boardwalk Pipelines considers capital expenditures associated with the modification or enhancement of existing assets in the context of a growth project to be growth capital to the extent that the modification would not have been made in the absence of the growth project without regard to the condition of the existing assets.
−Removed: For the nine months ended September 30, 2025 and 2024, Boardwalk Pipelines’ capital expenditures were $222 million and $292 million, consisting of growth capital expenditures of $98 million and $170 million and maintenance capital expenditures of $124 million and $122 million.
−Removed: Additionally, as of September 30, 2025 , Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $273 million, which are expected to be settled through 2028.
−Removed: As of September 30, 2025, Boardwalk Pipelines had the full borrowing capacity of $1.0 billion available under its revolving credit facility.
−Removed: The revolving credit facility has a borrowing capacity of $1.0 billion through May 27, 2027, and a borrowing capacity of $912 million from May 28, 2027 to May 26, 2028.
−Removed: As of September 30, 2025, Boardwalk Pipelines has an effective shelf registration statement on file with the SEC under which it may publicly issue up to $900 million of debt securities, warrants or rights from time to time.
−Removed: Boardwalk Pipelines expects to retire the outstanding $550 million aggregate principal amount of its 6.0% debt in June 2026 at maturity, through borrowings under its revolving credit facility or the issuance of debt securities.
+Added: For the three months ended March 31, 2026 and 2025, Boardwalk Pipelines’ capital expenditures were $144 million and $52 million, consisting of growth capital expenditures of $110 million and $16 million and maintenance capital expenditures of $34 million and $36 million.
+Added: Additionally, as of March 31, 2026 , Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $467 million, which are expected to be settled through 2028.
+Added: As of March 31, 2026, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility and had the full borrowing capacity of $1.0 billion available.
+Added: During the first quarter 2026, Boardwalk Pipelines filed a $3.5 billion shelf registration statement with the SEC, under which it may publicly issue debt securities, warrants or rights from time to time, which was declared effective on March 19, 2026.
+Added: O n March 1, 2026, Boardwalk Pipelines redeemed the outstanding $550 million aggregate principal amount of its 6.0% senior notes due June 1, 2026 at a redemption price equal to par plus unpaid and accrued interest.
+Added: The redemption was funded from the proceeds of the $550 million aggregate principal amount of its 5.4% senior notes due February 15, 2036 issued in 2025.
Boardwalk Pipelines believes that its existing capital resources, including its cash and cash equivalents, revolving credit facility and cash flows from operating activities, will be adequate to fund its anticipated obligations over the next twelve months.
−Removed: During the nine months ended September 30, 2025 , Boardwalk Pipelines paid distributions of $225 million to the Company.
−Removed: Loews Hotels & Co, through its subsidiaries, has mortgage loans maturing beyond twelve months as of September 30, 2025, which it may refinance before they mature.
+Added: During the three months ended March 31, 2026 , Boardwalk Pipelines paid a distribution of $75 million to the Company.
+Added: On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.), a business engaged in natural gas marketing activities, for $215 million in cash, subject to customary purchase price adjustments.
+Added: The acquisition is expected to broaden Boardwalk Pipelines’ marketing capabilities and customer reach.
+Added: Loews Hotels & Co, through its subsidiaries, has loans, principally mortgage loans, all of which mature beyond twelve months as of March 31, 2026, 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.
13 unchanged sentences
Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: 2025 2024 2025 2024
+Added: Three Months Ended March 31 2026 2025
(In millions)
8 unchanged sentences
Limited partnership and common stock return for the period 1.4 % 2.0 %
−Removed: CNA’s net investment income increased $12 million and $51 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.
+Added: CNA’s net investment income increased $6 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, 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)
The components of CNA’s investment gains (losses) are presented in the following table:
−Removed: Three Months Ended Nine Months Ended
−Removed: September 30, September 30,
−Removed: 2025 2024 2025 2024
+Added: Three Months Ended March 31 2026 2025
(In millions)
6 unchanged sentences
Non-redeemable preferred stock (4)
−Removed: Derivatives, short-term and other (1) (1) (5) (1)
Total investment losses (18) (9)
2 unchanged sentences
Investment losses attributable to Loews Corporation $ (13) $ (6)
−Removed: CNA’s pretax investment losses improved $3 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.
−Removed: CNA’s pretax investment losses increased $20 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, driven by a lower favorable change in the fair value of non-redeemable preferred stock and higher net losses on disposals of fixed maturity securities, partially offset by lower impairment losses.
+Added: CNA’s pretax investment losses increased $9 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, driven by higher impairment losses and the unfavorable change in fair value of non-redeemable preferred stock.
Further information on CNA’s investment gains and losses is set forth in Note 2 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
1 unchanged sentence
The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution:
−Removed: September 30, 2025
+Added: March 31, 2026
December 31, 2025
11 unchanged sentences
Total $ 43,230 $ (1,755) $ 43,402 $ (1,197)
−Removed: As of September 30, 2025 and December 31, 2024, 1% of CNA’s fixed maturity portfolio was rated internally.
−Removed: Additionally, as of September 30, 2025 and December 31, 2024, CNA assigned a AAA rating to $653 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S.
+Added: As of March 31, 2026 and December 31, 2025, 1% of CNA’s fixed maturity portfolio was rated internally.
+Added: Additionally, as of March 31, 2026 and December 31, 2025, CNA assigned an AAA rating to $688 million and $661 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S.
government agency or sponsored enterprise.
The following table presents CNA’s available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution:
−Removed: September 30, 2025
+Added: March 31, 2026
Estimated Fair Value
9 unchanged sentences
Securities not due to mature on a single date are allocated based on weighted average life:
−Removed: September 30, 2025
+Added: March 31, 2026
Estimated Fair Value
14 unchanged sentences
Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.
−Removed: September 30, 2025
+Added: March 31, 2026
December 31, 2025
13 unchanged sentences
Accordingly, certain amounts currently recorded or disclosed in the financial statements will likely be adjusted in the future based on new available information and changes in other facts and circumstances.
−Removed: the Critical Accounting Estimates and the Insurance Reserves sections of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.
+Added: See the Critical Accounting Estimates and the Insurance Reserves sections of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025 for further information.
ACCOUNTING STANDARDS UPDATE
−Removed: For a discussion of accounting standards updates that have been adopted, please read Note 1 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
−Removed: RECENT LEGISLATION
−Removed: On July 4, 2025, H.R.
−Removed: 1, “An Act to provide for reconciliation pursuant to title II of H.
−Removed: 14,” commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was enacted.
−Removed: 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.
−Removed: The provisions of the OBBBA have not had a material impact on the Company’s results of operations or financial condition.
−Removed: The OBBBA is subject to further clarification from the issuance of future technical guidance by the U.S.
−Removed: Department of Treasury.
+Added: For a discussion of accounting standards updates that have been adopted, please see Note 1 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
FORWARD-LOOKING STATEMENTS
−Removed: Investors are cautioned that certain statements contained in this Report as well as in other of our and our subsidiaries’ SEC filings and periodic press releases and certain statements made by us and our subsidiaries and our and their officials in presentations or remarks may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”).
+Added: Investors are cautioned that certain statements contained in this Report as well as in other of our and our subsidiaries’ SEC filings and press releases and certain statements made by us and our subsidiaries and our and their officials in presentations or remarks may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”).
Forward-looking statements include, without limitation, any statement that does not directly relate to any historical or current fact and may project, indicate or imply future results, events, performance or achievements.
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.