LOEWS CORP 10-Q

Item 1. Financial Statements. Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) March 31, December 31, 2026 2025 (Dollar amounts in millions, except per share data) Assets: Investments: Fixed maturities, amortized cost of $ 45,400 and $ 45,250 , less allowance for credit loss of $ 75 and $ 69 $ 43,570 $ 43,984 Equity securities, cost of $ 1,372 and $ 1,201 1,354 1,292 Limited partnership investments 2,912 2,861 Other invested assets, primarily mortgage loans, less allowance for credit loss of $ 15 and $ 15 1,177 1,195 Short-term investments 5,274 6,044 Total investments 54,287 55,376 Cash 843 495 Receivables 10,990 10,983 Property, plant and equipment 10,775 10,695 Goodwill 348 349 Deferred non-insurance warranty acquisition expenses 3,098 3,220 Deferred acquisition costs of insurance subsidiaries 1,008 986 Other assets 4,303 4,244 Total assets $ 85,652 $ 86,348 Liabilities and Equity: Insurance reserves: Claim and claim adjustment expense $ 26,933 $ 26,599 Future policy benefits 13,195 13,448 Unearned premiums 7,646 7,635 Total insurance reserves 47,774 47,682 Payable to brokers 206 53 Short-term debt 1 1,052 Long-term debt 8,933 8,437 Deferred income taxes 793 839 Deferred non-insurance warranty revenue 3,976 4,138 Other liabilities 4,378 4,506 Total liabilities 66,061 66,707 Commitments and contingent liabilities Preferred stock, $ 0.10 par value: Authorized – 100,000,000 shares Common stock, $ 0.01 par value: Authorized – 1,800,000,000 shares Issued – 206,054,049 and 206,003,999 shares 2 2 Additional paid-in capital 2,330 2,374 Retained earnings 17,701 17,377 Accumulated other comprehensive loss ( 1,298 ) ( 1,067 ) 18,735 18,686 Less treasury stock, at cost ( 285,176 and 0 shares) ( 31 ) — Total shareholders’ equity 18,704 18,686 Noncontrolling interests 887 955 Total equity 19,591 19,641 Total liabilities and equity $ 85,652 $ 86,348 See accompanying Notes to Consolidated Condensed Financial Statements. 3 Table of contents Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31 2026 2025 (In millions, except per share data) Revenues: Insurance premiums $ 2,699 $ 2,626 Net investment income 613 608 Investment losses ( 18 ) ( 9 ) Non-insurance warranty revenue 374 397 Operating revenues and other 887 872 Total 4,555 4,494 Expenses: Insurance claims and policyholders’ benefits (re-measurement loss of $ 19 and $ 8 ) 2,175 2,027 Amortization of deferred acquisition costs 476 471 Non-insurance warranty expense 356 385 Operating expenses and other 1,009 991 Equity method (income) loss ( 37 ) 1 Interest 113 105 Total 4,092 3,980 Income before income tax 463 514 Income tax expense ( 109 ) ( 122 ) Net income 354 392 Amounts attributable to noncontrolling interests ( 17 ) ( 22 ) Net income attributable to Loews Corporation $ 337 $ 370 Basic and diluted net income per share $ 1.63 $ 1.74 Weighted average shares outstanding: Shares of common stock 206.18 212.45 Dilutive potential shares of common stock 0.09 0.15 Total weighted average shares outstanding assuming dilution 206.27 212.60 See accompanying Notes to Consolidated Condensed Financial Statements. 4 Table of contents Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) Three Months Ended March 31 2026 2025 (In millions) Net income $ 354 $ 392 Other comprehensive income (loss), after tax Changes in: Net unrealized losses on investments with an allowance for credit losses ( 7 ) ( 3 ) Net unrealized gains (losses) on other investments ( 425 ) 282 Total unrealized gains (losses) on investments ( 432 ) 279 Impact of changes in discount rates used to measure long-duration contract liabilities 214 ( 114 ) Unrealized gains (losses) on cash flow hedges 1 ( 3 ) Pension and postretirement benefits 1 1 Foreign currency translation ( 35 ) 37 Other comprehensive income (loss) ( 251 ) 200 Comprehensive income 103 592 Amounts attributable to noncontrolling interests 3 ( 39 ) Total comprehensive income attributable to Loews Corporation $ 106 $ 553 See accompanying Notes to Consolidated Condensed Financial Statements. 5 Table of contents Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) Loews Corporation Shareholders Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock Held in Treasury Noncontrolling Interests (In millions) Balance, December 31, 2024, as reported $ 17,937 $ 2 $ 2,490 $ 16,459 $ ( 1,867 ) $ ( 18 ) $ 871 Cumulative effect adjustments from changes in accounting standards 5 5 Balance, January 1, 2025, as adjusted 17,942 2 2,490 16,464 ( 1,867 ) ( 18 ) 871 Net income 392 370 22 Other comprehensive income 200 183 17 Dividends paid ($ 0.0625 per share) ( 68 ) ( 13 ) ( 55 ) Purchase of subsidiary stock from noncontrolling interests ( 34 ) ( 3 ) ( 1 ) ( 30 ) Purchases of Loews Corporation treasury stock ( 380 ) ( 380 ) Stock-based compensation ( 16 ) ( 34 ) 18 Other ( 2 ) ( 2 ) Balance, March 31, 2025 $ 18,034 $ 2 $ 2,451 $ 16,821 $ ( 1,685 ) $ ( 398 ) $ 843 Balance, January 1, 2026 $ 19,641 $ 2 $ 2,374 $ 17,377 $ ( 1,067 ) $ — $ 955 Net income 354 337 17 Other comprehensive loss ( 251 ) ( 231 ) ( 20 ) Dividends paid ($ 0.0625 per share) ( 68 ) ( 13 ) ( 55 ) Purchase of subsidiary stock from noncontrolling interests ( 36 ) ( 2 ) ( 34 ) Purchases of Loews Corporation treasury stock ( 31 ) ( 31 ) Stock-based compensation ( 18 ) ( 42 ) 24 Balance, March 31, 2026 $ 19,591 $ 2 $ 2,330 $ 17,701 $ ( 1,298 ) $ ( 31 ) $ 887 See accompanying Notes to Consolidated Condensed Financial Statements. 6 Table of contents Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31 2026 2025 (In millions) Operating Activities: Net income $ 354 $ 392 Adjustments to reconcile net income to net cash provided by operating activities, net 200 180 Changes in operating assets and liabilities, net: Receivables 1 ( 246 ) Deferred acquisition costs ( 24 ) ( 37 ) Insurance reserves 446 656 Other assets 83 ( 92 ) Other liabilities ( 406 ) 27 Trading securities ( 582 ) ( 144 ) Net cash flow provided by operating activities 72 736 Investing Activities: Purchases of fixed maturities ( 1,502 ) ( 1,775 ) Proceeds from sales of fixed maturities 364 643 Proceeds from maturities of fixed maturities 813 814 Purchases of equity securities ( 174 ) ( 124 ) Proceeds from sales of equity securities 136 104 Purchases of limited partnership investments ( 83 ) ( 78 ) Proceeds from sales of limited partnership investments 33 25 Purchases of property, plant and equipment ( 204 ) ( 98 ) Change in short-term investments 1,576 330 Other, net 35 ( 45 ) Net cash flow provided (used) by investing activities 994 ( 204 ) Financing Activities: Dividends paid ( 13 ) ( 13 ) Dividends paid to noncontrolling interests ( 55 ) ( 55 ) Purchases of Loews Corporation treasury stock ( 31 ) ( 394 ) Purchases of subsidiary stock from noncontrolling interests ( 36 ) ( 34 ) Principal payments on debt ( 1,051 ) ( 1 ) Issuance of debt 495 Other, net ( 23 ) ( 23 ) Net cash flow used by financing activities ( 714 ) ( 520 ) Effect of foreign exchange rate on cash ( 4 ) 7 Net change in cash 348 19 Cash, beginning of period 495 541 Cash, end of period $ 843 $ 560 See accompanying Notes to Consolidated Condensed Financial Statements. 7 Table of contents Loews Corporation and Subsidiaries NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (Unaudited) 1. Basis of Presentation Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92 % owned subsidiary); transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders. In addition, we own approximately 53 % of Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary accounted for under the equity method of accounting, which is engaged in the manufacture of rigid plastic packaging solutions. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of March 31, 2026 and December 31, 2025, and its results of operations, comprehensive income (loss), changes in shareholders’ equity and cash flows for the three months ended March 31, 2026 and 2025, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Operations. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2026 and 2025, there were 1.2 million shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares calculations because the effect would have been antidilutive. Accounting Standards Pending Adoption - In November of 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. In September of 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software project and (2) it is probable that the software will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method or a modified prospective transition method. The Company does not currently expect the updated guidance to have a material impact on its financial statements. 8 Table of contents 2. Investments Net investment income is as follows: Three Months Ended March 31 2026 2025 (In millions) Fixed maturity securities $ 543 $ 521 Limited partnership investments 55 56 Short-term investments 20 19 Equity securities (a) ( 4 ) 6 Income (loss) from trading portfolio (a) ( 2 ) 4 Other 27 26 Total investment income 639 632 Investment expenses ( 26 ) ( 24 ) Net investment income $ 613 $ 608 (a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2026 and 2025 $ ( 74 ) $ ( 49 ) Investment gains (losses) are as follows: Three Months Ended March 31 2026 2025 (In millions) Fixed maturity securities: Gross gains $ 6 $ 13 Gross losses ( 20 ) ( 22 ) Investment losses on fixed maturity securities ( 14 ) ( 9 ) Equity securities (a) ( 4 ) Investment losses $ ( 18 ) $ ( 9 ) (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2026 and 2025 $ ( 5 ) $ ( 2 ) 9 Table of contents The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date: Three Months Ended March 31 2026 2025 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 8 $ 7 Asset-backed 3 Impairment losses recognized in earnings $ 11 $ 7 There were no impairment losses recognized on mortgage loans during the three months ended March 31, 2026 or 2025. 10 Table of contents The following tables present a summary of fixed maturity securities: March 31, 2026 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value (In millions) Fixed maturity securities: Corporate and other bonds $ 25,624 $ 482 $ 1,074 $ 31 $ 25,001 States, municipalities and political subdivisions 9,110 255 793 8,572 Asset-backed: Residential mortgage-backed 4,035 37 372 3,700 Commercial mortgage-backed 1,498 13 81 21 1,409 Other asset-backed 3,722 19 219 23 3,499 Total asset-backed 9,255 69 672 44 8,608 U.S. Treasury and obligations of government sponsored enterprises 244 1 3 242 Foreign government 769 6 26 749 Redeemable preferred stock 8 8 Fixed maturities available-for-sale $ 45,010 $ 813 $ 2,568 $ 75 $ 43,180 Fixed maturities trading 390 390 Total fixed maturity securities $ 45,400 $ 813 $ 2,568 $ 75 $ 43,570 December 31, 2025 Fixed maturity securities: Corporate and other bonds $ 25,484 $ 682 $ 881 $ 28 $ 25,257 States, municipalities and political subdivisions 8,870 303 742 8,431 Asset-backed: Residential mortgage-backed 4,011 50 366 3,695 Commercial mortgage-backed 1,515 18 80 21 1,432 Other asset-backed 3,729 28 194 20 3,543 Total asset-backed 9,255 96 640 41 8,670 U.S. Treasury and obligations of government sponsored enterprises 236 1 3 234 Foreign government 764 7 20 751 Redeemable preferred stock 8 8 Fixed maturities available-for-sale $ 44,617 $ 1,089 $ 2,286 $ 69 $ 43,351 Fixed maturities trading 633 633 Total fixed maturity securities $ 45,250 $ 1,089 $ 2,286 $ 69 $ 43,984 11 Table of contents The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows: Less than 12 Months 12 Months or Longer Total March 31, 2026 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) Fixed maturity securities: Corporate and other bonds $ 6,698 $ 142 $ 7,903 $ 932 $ 14,601 $ 1,074 States, municipalities and political subdivisions 718 12 3,398 781 4,116 793 Asset-backed: Residential mortgage-backed 365 5 1,882 367 2,247 372 Commercial mortgage-backed 126 3 825 78 951 81 Other asset-backed 819 13 1,334 206 2,153 219 Total asset-backed 1,310 21 4,041 651 5,351 672 U.S. Treasury and obligations of government-sponsored enterprises 98 2 14 1 112 3 Foreign government 285 5 236 21 521 26 Total fixed maturity securities $ 9,109 $ 182 $ 15,592 $ 2,386 $ 24,701 $ 2,568 December 31, 2025 Fixed maturity securities: Corporate and other bonds $ 2,776 $ 56 $ 8,576 $ 825 $ 11,352 $ 881 States, municipalities and political subdivisions 403 8 3,471 734 3,874 742 Asset-backed: Residential mortgage-backed 154 1 2,002 365 2,156 366 Commercial mortgage-backed 36 2 887 78 923 80 Other asset-backed 420 9 1,432 185 1,852 194 Total asset-backed 610 12 4,321 628 4,931 640 U.S. Treasury and obligations of government-sponsored enterprises 78 2 18 1 96 3 Foreign government 131 1 260 19 391 20 Total fixed maturity securities $ 3,998 $ 79 $ 16,646 $ 2,207 $ 20,644 $ 2,286 12 Table of contents The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution. March 31, 2026 December 31, 2025 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) U.S. Government, Government agencies and Government-sponsored enterprises $ 2,053 $ 271 $ 1,980 $ 267 AAA 1,521 256 1,376 243 AA 4,256 678 3,827 623 A 6,408 513 5,025 440 BBB 9,446 749 7,758 639 Non-investment grade 1,017 101 678 74 Total $ 24,701 $ 2,568 $ 20,644 $ 2,286 Based on current facts and circumstances, the unrealized losses presented in the March 31, 2026 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of March 31, 2026. The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 477 million, $ 470 million and $ 456 million as of March 31, 2026, December 31, 2025 and March 31, 2025 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Three months ended March 31, 2026 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2026 $ 28 $ 41 $ 69 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 3 3 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 3 3 Total allowance for credit losses $ 31 $ 44 $ 75 13 Table of contents Three months ended March 31, 2025 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2025 $ 13 $ 32 $ 45 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 2 2 Total allowance for credit losses $ 15 $ 32 $ 47 Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. March 31, 2026 December 31, 2025 Cost or Amortized Cost Estimated Fair Value Cost or Amortized Cost Estimated Fair Value (In millions) Due in one year or less $ 1,403 $ 1,397 $ 1,392 $ 1,389 Due after one year through five years 11,744 11,529 11,318 11,214 Due after five years through ten years 13,199 12,789 13,440 13,187 Due after ten years 18,664 17,465 18,467 17,561 Total $ 45,010 $ 43,180 $ 44,617 $ 43,351 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. 14 Table of contents Mortgage Loans The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. Mortgage Loans Amortized Cost Basis by Origination Year (a) As of March 31, 2026 2026 2025 2024 2023 2022 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 38 $ 33 $ 219 $ 290 LTV 55% to 65% 37 12 $ 26 12 87 LTV greater than 65% 13 13 DSCR 1.2x - 1.6x LTV less than 55% $ 6 $ 68 29 4 80 187 LTV 55% to 65% 107 33 38 21 28 227 LTV greater than 65% 5 7 46 58 DSCR ≤1.2x LTV less than 55% 22 21 43 LTV 55% to 65% 37 45 15 97 LTV greater than 65% 22 46 68 Total $ 11 $ 226 $ 101 $ 134 $ 164 $ 434 $ 1,070 (a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index. Investment Commitments As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of March 31, 2026, commitments to purchase or fund were approximately $ 1.8 billion and to sell were approximately $ 40 million under the terms of these investments. 15 Table of contents 3. Fair Value Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. March 31, 2026 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 246 $ 24,240 $ 1,514 $ 26,000 States, municipalities and political subdivisions 8,528 44 8,572 Asset-backed 7,653 955 8,608 Fixed maturities available-for-sale 246 40,421 2,513 43,180 Fixed maturities trading 390 390 Total fixed maturities $ 636 $ 40,421 $ 2,513 $ 43,570 Equity securities $ 818 $ 504 $ 32 $ 1,354 Short-term and other 5,019 31 5,050 Payable to brokers ( 37 ) ( 37 ) December 31, 2025 Fixed maturity securities: Corporate bonds and other $ 238 $ 24,529 $ 1,483 $ 26,250 States, municipalities and political subdivisions 8,386 45 8,431 Asset-backed 7,672 998 8,670 Fixed maturities available-for-sale 238 40,587 2,526 43,351 Fixed maturities trading 603 30 633 Total fixed maturities $ 841 $ 40,617 $ 2,526 $ 43,984 Equity securities $ 762 $ 497 $ 33 $ 1,292 Short-term and other 5,820 51 5,871 Payable to brokers ( 43 ) ( 43 ) 16 Table of contents The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2026 and 2025: Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31 2026 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, March 31 (In millions) Fixed maturity securities: Corporate bonds and other $ 1,483 $ ( 3 ) $ ( 24 ) $ 63 $ ( 5 ) $ 1,514 $ ( 24 ) States, municipalities and political subdivisions 45 ( 1 ) 44 ( 1 ) Asset-backed 998 2 ( 16 ) 40 ( 20 ) $ ( 49 ) 955 ( 16 ) Fixed maturities available-for-sale $ 2,526 $ ( 1 ) $ ( 41 ) $ 103 $ — $ ( 25 ) $ — $ ( 49 ) $ 2,513 $ — $ ( 41 ) Equity securities $ 33 $ ( 1 ) $ 32 $ ( 1 ) 2025 Fixed maturity securities: Corporate bonds and other $ 1,278 $ 21 $ 55 $ ( 18 ) $ 15 $ 1,351 $ 21 States, municipalities and political subdivisions 42 2 44 2 Asset-backed 876 $ 4 1 27 ( 19 ) 889 1 Fixed maturities available-for-sale $ 2,196 $ 4 $ 24 $ 82 $ — $ ( 37 ) $ 15 $ — $ 2,284 $ — $ 24 Equity securities $ 20 $ 1 $ ( 4 ) $ 17 $ ( 1 ) 17 Table of contents Net investment gains and losses are reported in Net income as follows: Category of Assets and Liabilities Consolidated Condensed Statements of Operations Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment gains (losses) and Operating revenues and other Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value. March 31, 2026 Estimated Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,981 Discounted cash flow Credit spread 1 % — 11 % ( 2 %) December 31, 2025 Fixed maturity securities $ 1,927 Discounted cash flow Credit spread 1 % — 11 % ( 2 %) For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. Financial Assets and Liabilities Not Measured at Fair Value The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items. 18 Table of contents Carrying Amount Estimated Fair Value March 31, 2026 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 1,055 $ 1,043 $ 1,043 Liabilities: Short-term debt 1 1 1 Long-term debt 8,933 $ 7,801 992 8,793 December 31, 2025 Assets: Other invested assets, primarily mortgage loans $ 1,079 $ 1,072 $ 1,072 Liabilities: Short-term debt 1,051 $ 1,051 2 1,053 Long-term debt 8,435 7,431 995 8,426 4. Claim and Claim Adjustment Expense Reserves Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. Catastrophe-related reinstatement premiums represent additional consideration paid under certain reinsurance agreements to reinstate coverage limits that have been exhausted as a result of losses. Catastrophe losses, net of reinsurance, of $ 88 million and catastrophe-related reinsurance reinstatement premiums of $ 9 million were recorded for the three months ended March 31, 2026, driven by severe weather-related events. Catastrophe losses, net of reinsurance, of $ 97 million were recorded for the three months ended March 31, 2025 , driven by severe weather-related events , including $ 53 million for the California wildfires. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended March 31, 2025. 19 Table of contents Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves. Three Months Ended March 31 2026 2025 (In millions) Reserves, beginning of year: Gross $ 26,599 $ 24,976 Ceded 5,982 5,713 Net reserves, beginning of year 20,617 19,263 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 1,763 1,650 Increase (decrease) in provision for insured events of prior years 102 80 Amortization of discount 10 10 Total net incurred (a) 1,875 1,740 Net payments attributable to: Current year events ( 96 ) ( 80 ) Prior year events ( 1,381 ) ( 1,212 ) Total net payments ( 1,477 ) ( 1,292 ) Foreign currency translation adjustment and other ( 50 ) 53 Net reserves, end of period 20,965 19,764 Ceded reserves, end of period 5,968 5,817 Gross reserves, end of period $ 26,933 $ 25,581 (a) Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above. Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable. Unfavorable net prior year loss reserve development of $ 100 million and $ 61 million for the three months ended March 31, 2026 and 2025 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). No net prior year loss reserve development and unfavorable net prior year loss reserve development of $ 22 million for the three months ended March 31, 2026 and 2025 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”). 20 Table of contents The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations: Three Months Ended March 31 2026 2025 (In millions) Other professional liability and management liability $ 45 Warranty $ 10 Commercial auto 50 General liability 55 Workers’ compensation 1 Total property & casualty operations 100 61 Other insurance operations 22 Total pretax unfavorable development $ 100 $ 83 2026 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional errors and omissions (“E&O”) business in recent accident years. Unfavorable development in general liability was due to higher than expected claim severity and frequency in the excess casualty line in recent accident years. 2025 Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty. Unfavorable development in commercial auto was due to higher than expected claim severity, largely in CNA’s construction business in the most recent accident year. Unfavorable development in Other insurance operations was associated with legacy mass tort abuse claim activity. Asbestos & Environmental Pollution (“A&EP”) Reserves In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $ 1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $ 4.0 billion. The $ 1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $ 1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $ 2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $ 215 million were transferred to NICO, resulting in total consideration of $ 2.2 billion. In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $ 2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations. 21 Table of contents The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 22 million and $ 17 million for the three months ended March 31, 2026 and 2025 . As of March 31, 2026 and December 31, 2025, the cumulative amounts ceded under the LPT were $ 3.9 billion. The unrecognized deferred retroactive reinsurance benefit was $ 448 million and $ 470 million as of March 31, 2026 and December 31, 2025 and is included within Other liabilities on the Consolidated Condensed Balance Sheets. NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $ 2.6 billion as of March 31, 2026. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims. Credit Risk for Ceded Reserves The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements. 5. Future Policy Benefits Reserves Future policy benefits reserves are associated with CNA’s run-off long-term care business, which is included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheets. The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations. For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. 22 Table of contents The following table summarizes balances and changes in the LFPB: 2026 2025 (In millions) Present value of future net premiums Balance, January 1 $ 3,363 $ 3,425 Effect of changes in discount rate ( 71 ) ( 7 ) Balance, January 1, at original locked in discount rate 3,292 3,418 Effect of changes in cash flow assumptions (a) Effect of actual variances from expected experience (a) 5 Adjusted balance, January 1 3,292 3,423 Interest accrual 42 44 Net premiums: earned during period ( 99 ) ( 101 ) Balance, end of period at original locked in discount rate 3,235 3,366 Effect of changes in discount rate 23 38 Balance, March 31 $ 3,258 $ 3,404 Present value of future benefits & expenses Balance, January 1 $ 16,811 $ 16,583 Effect of changes in discount rate 173 440 Balance, January 1, at original locked in discount rate 16,984 17,023 Effect of changes in cash flow assumptions (a) Effect of actual variances from expected experience (a) 19 13 Adjusted balance, January 1 17,003 17,036 Interest accrual 227 229 Benefit & expense payments ( 285 ) ( 293 ) Balance, end of period at original locked in discount rate 16,945 16,972 Effect of changes in discount rate ( 492 ) ( 264 ) Balance, March 31 $ 16,453 $ 16,708 Net LFPB, March 31 $ 13,195 $ 13,304 (a) As of March 31, 2026 and 2025 , the re-measurement loss of $ 19 million and $ 8 million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience. 23 Table of contents The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations. Three Months Ended March 31 2026 2025 (In millions) Earned premiums $ 103 $ 106 Interest accretion 185 185 The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums. March 31, 2026 2025 (In millions) Expected future benefit and expense payments $ 31,077 $ 31,433 Expected future gross premiums 4,821 5,089 Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.4 billion and $ 3.6 billion as of March 31, 2026 and 2025. The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of March 31, 2026 and 2025. The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows. March 31, December 31, 2026 2025 2025 Original locked in discount rate 5.15 % 5.19 % 5.16 % Upper-medium grade fixed income instrument discount rate 5.51 5.40 5.32 For the three months ended March 31, 2026 and 2025, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $ 22 million and $ 14 million . For the three months ended March 31, 2026 and 2025 , the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $ 8 million and $ 6 million. 24 Table of contents 6. Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three months ended March 31, 2025 and 2026 : Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative impact of changes in discount rates used to measure long duration contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, January 1, 2025 $ ( 13 ) $ ( 1,720 ) $ 324 $ 9 $ ( 224 ) $ ( 243 ) $ ( 1,867 ) Other comprehensive income (loss) before reclassifications, after tax of $ 1 , $( 73 ), $ 31 , $ 2 , $ 0 and $ 0 ( 5 ) 276 ( 114 ) ( 3 ) ( 1 ) 37 190 Reclassification of losses from accumulated other comprehensive loss, after tax of $ 0 , $( 1 ), $ 0 , $ 0 , $ 0 and $ 0 2 6 2 10 Other comprehensive income (loss) ( 3 ) 282 ( 114 ) ( 3 ) 1 37 200 Amounts attributable to noncontrolling interests 1 ( 24 ) 9 ( 3 ) ( 17 ) Other ( 1 ) ( 1 ) Balance, March 31, 2025 $ ( 15 ) $ ( 1,463 ) $ 219 $ 6 $ ( 223 ) $ ( 209 ) $ ( 1,685 ) Balance, January 1, 2026 $ ( 15 ) $ ( 907 ) $ 176 $ 2 $ ( 212 ) $ ( 111 ) $ ( 1,067 ) Other comprehensive income (loss) before reclassifications, after tax of $ 3 , $ 117 , $( 57 ), $ 0 , $ 0 and $ 0 ( 12 ) ( 431 ) 214 1 ( 1 ) ( 35 ) ( 264 ) Reclassification of losses from accumulated other comprehensive loss, after tax of $( 1 ), $( 2 ), $ 0 , $ 0 , $ 0 and $ 0 5 6 2 13 Other comprehensive income (loss) ( 7 ) ( 425 ) 214 1 1 ( 35 ) ( 251 ) Amounts attributable to noncontrolling interests 1 34 ( 17 ) 2 20 Balance, March 31, 2026 $ ( 21 ) $ ( 1,298 ) $ 373 $ 3 $ ( 211 ) $ ( 144 ) $ ( 1,298 ) Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows: Major Category of AOCI Affected Line Item Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Investment gains (losses) Unrealized gains (losses) on cash flow hedges Operating revenues and other, Interest expense and Operating expenses and other Pension and postretirement benefits Operating expenses and other 25 Table of contents Stock Purchases Loews Corporation repurchased 0.3 million and 4.5 million shares of its common stock at aggregate costs of $ 31 million and $ 380 million during the three months ended March 31, 2026 and 2025. Stock Issuances Loews Corporation issued 0.1 million shares of its common stock to settle stock-based compensation awards during the three months ended March 31, 2026 and 2025. 7. Debt In February of 2026, Loews Corporation 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 its 3.8 % senior notes due April 1, 2026. In March of 2026, Boardwalk Pipelines redeemed the outstanding $ 550 million aggregate principal amount of its 6.0 % senior notes due June 1, 2026. 8. Revenue from Contracts with Customers Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 12 : Three Months Ended March 31 2026 2025 (In millions) Non-insurance warranty – CNA Financial $ 374 $ 397 Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines $ 612 $ 609 Lodging and related services – Loews Hotels & Co 246 237 Total revenues from contracts with customers 858 846 Other revenues 29 26 Operating revenues and other $ 887 $ 872 Receivables from contracts with customers – As of March 31, 2026 and December 31, 2025, receivables from contracts with customers were approximately $ 253 million and $ 252 million and are included within Receivables on the Consolidated Condensed Balance Sheets. Deferred revenue – As of March 31, 2026 and December 31, 2025, deferred revenue resulting from contracts with customers was approximately $ 4.1 billion and $ 4.2 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $ 397 million and $ 413 million of revenues recognized during the three months ended March 31, 2026 and 2025 were included in deferred revenue as of December 31, 2025 and 2024. Performance obligations – As of March 31, 2026, approximately $ 23.7 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Included in the balance are $ 9.5 billion of revenues that are anticipated under executed precedent or long-term firm transportation agreements associated with Boardwalk Pipelines’ growth projects. Approximately $ 2.3 billion is expected to be recognized during the remaining nine months of 2026 , $ 2.5 billion in 2027 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control. 26 Table of contents 9. Benefit Plans Several non-contributory defined benefit plans and postretirement benefit plans cover eligible employees and retirees. The following table presents the components of net periodic (benefit) cost for the defined benefit plans: Pension Benefits Other Postretirement Benefits Three Months Ended March 31 2026 2025 2026 2025 (In millions) Service cost $ 1 Interest cost $ 11 11 $ 1 $ 1 Expected return on plan assets ( 14 ) ( 15 ) ( 1 ) ( 1 ) Amortization of unrecognized net loss 2 2 Net periodic benefit $ ( 1 ) $ ( 1 ) $ — $ — CNA sponsors a noncontributory defined benefit pension plan, the CNA Retirement Plan (the “Plan”), covering certain eligible employees. The Plan has been closed to new entrants since 2000. In the first quarter of 2026, a subsidiary of CNA, as sponsor of the Plan, approved the decision to pursue termination of the Plan, effective June 30, 2026. The Plan will continue to be reflected in the consolidated condensed financial statements until the termination process, including the settlement or transfer of remaining benefit obligations, has been completed, which CNA currently anticipates will be in approximately 18 months. 10. Legal Proceedings Loews Hotels & Co On February 20, 2024, Jeanette Portillo and other plaintiffs filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington asserting antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed a motion to dismiss the complaint in Portillo on May 17, 2024. On August 29, 2025, the court granted the defendants’ motion to dismiss in Portillo and granted plaintiffs leave to amend their complaint. On October 3, 2025, plaintiffs in Portillo filed an amended class action complaint, which defendants jointly moved to dismiss on November 3, 2025. The court has not ruled on the motion to dismiss the amended complaint in Portillo . On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois asserting antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed a motion to dismiss the complaint in Segal on June 24, 2024. On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal , and granted plaintiff leave to amend the complaint. On April 28, 2025, Segal filed a third amended complaint, which defendants jointly moved to dismiss on June 12, 2025. On March 31, 2026, the court granted defendants’ motion to dismiss the third amended complaint in Segal with prejudice and entered judgment. On April 29, 2026, Segal filed a notice of appeal to the United States Court of Appeals for the Seventh Circuit of the district court’s March 31, 2026 order granting defendants’ motion to dismiss the third amended complaint. Boardwalk Pipelines Litigation On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates. On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated 27 Table of contents Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018. On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021. On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $ 690 million, plus pre-judgment interest (approximately $ 166 million), post-judgment interest and attorneys’ fees. The Company believed that the Trial Court ruling included factual and legal errors. Therefore, on January 3, 2022, the Defendants appealed the Trial Court’s ruling to the Supreme Court of the State of Delaware (the “Supreme Court”). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. Oral arguments were held on September 14, 2022, and on December 19, 2022, the Supreme Court reversed the Trial Court’s ruling and remanded the case to the Trial Court for further proceedings related to claims not decided by the Trial Court’s ruling. Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023. A hearing on the remanded issues was held at the Trial Court in April 2024. In September 2024, the Trial Court ruled in favor of the Defendants on all of the remanded issues. On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court. Briefing on this appeal was completed in March 2025 and a hearing on this appeal occurred in June 2025. On December 10, 2025, the Supreme Court affirmed in part and reversed in part the Trial Court’s ruling. In its decision the Supreme Court found that the General Partner had breached the Limited Partnership Agreement in its exercise of the Purchase Right. In its 2022 decision, the Supreme Court had previously determined that the General Partner was exculpated from damages. The remaining claims that have been remanded by the Supreme Court to the Trial Court for further proceedings are tortious interference and unjust enrichment claims related to the exercise of the Purchase Right against the non-General Partner defendants. Litigation is inherently uncertain, and the ultimate outcome of this matter cannot be predicted with certainty. Based on currently available information, the Company is unable to reasonably estimate the amount of loss or range of loss, if any, associated with this matter. Accordingly, no accrual has been recorded. Although the Company is unable to estimate the amount of loss or range of loss at this time, it is possible that the resolution of this matter could be material to the Company’s consolidated financial position, results of operations and/or cash flows in a particular period. The Company will continue to evaluate developments in this matter and will record an accrual if it is determined that a loss is probable and reasonably estimable. Other Litigation The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the Loews Hotels & Co matters described above, will materially affect the Company’s results of operations or equity. 11. Commitments and Contingencies CNA Guarantees CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of March 31, 2026, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $ 1.9 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities. 28 Table of contents Boardwalk Pipelines Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received. As of March 31, 2026, the commitments totaled approximately $ 467 million, which are expected to be settled through 2028. 12. Segments Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is comprised of Loews Corporation, excluding its consolidated subsidiaries, and includes the equity method of accounting for Altium Packaging. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding Loews Corporation’s segments, see Note 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025. The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. 29 Table of contents Statements of Operations by segment are presented in the following tables. Three Months Ended March 31, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,701 $ ( 2 ) $ 2,699 Net investment income (loss) 610 $ 5 $ 3 ( 5 ) 613 Investment losses ( 18 ) ( 18 ) Non-insurance warranty revenue 374 374 Operating revenues and other 10 626 251 887 Total 3,677 631 254 $ ( 7 ) 4,555 Expenses: Insurance claims and policyholders’ benefits (a) 2,175 2,175 Amortization of deferred acquisition costs 476 476 Non-insurance warranty expense 356 356 Operating expenses and other (b) 370 377 246 16 1,009 Equity method (income) loss ( 44 ) 7 ( 37 ) Interest 33 43 15 22 113 Total 3,410 420 217 45 4,092 Income (loss) before income tax 267 211 37 ( 52 ) 463 Income tax (expense) benefit ( 56 ) ( 52 ) ( 11 ) 10 ( 109 ) Net income (loss) 211 159 26 ( 42 ) 354 Amounts attributable to noncontrolling interests ( 17 ) ( 17 ) Net income (loss) attributable to Loews Corporation $ 194 $ 159 $ 26 $ ( 42 ) $ 337 March 31, 2026 Total assets $ 68,520 $ 10,189 $ 2,532 $ 4,411 $ 85,652 (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 88 million and unfavorable net prior year loss reserve development of $ 100 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. 30 Table of contents (b) Significant segment expenses included in Operating expenses and other: Three Months Ended March 31, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total Insurance related administrative expenses $ 332 $ 332 Operating expenses $ 176 $ 153 329 Depreciation and amortization 111 26 $ 1 138 Other (c) 38 90 67 15 210 Operating expenses and other $ 370 $ 377 $ 246 $ 16 $ 1,009 (c) Other expenses for each reportable segment include: CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. Boardwalk Pipelines: general and administrative expenses Loews Hotels & Co: general and administrative and reimbursable expenses Corporate: general and administrative expenses 31 Table of contents Three Months Ended March 31, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,626 $ 2,626 Net investment income 604 $ 1 $ 3 608 Investment losses ( 9 ) ( 9 ) Non-insurance warranty revenue 397 397 Operating revenues and other 9 621 242 872 Total 3,627 622 245 $ — 4,494 Expenses: Insurance claims and policyholders’ benefits (a) 2,027 2,027 Amortization of deferred acquisition costs 471 471 Non-insurance warranty expense 385 385 Operating expenses and other (b) 363 381 231 16 991 Equity method (income) loss ( 6 ) 7 1 Interest 32 39 16 18 105 Total 3,278 420 241 41 3,980 Income (loss) before income tax 349 202 4 ( 41 ) 514 Income tax (expense) benefit ( 75 ) ( 50 ) ( 4 ) 7 ( 122 ) Net income (loss) 274 152 — ( 34 ) 392 Amounts attributable to noncontrolling interests ( 22 ) ( 22 ) Net income (loss) attributable to Loews Corporation $ 252 $ 152 $ — $ ( 34 ) $ 370 March 31, 2025 Total assets $ 67,288 $ 9,919 $ 2,500 $ 3,435 $ 83,142 (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 97 million and unfavorable net prior year loss reserve development of $ 83 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. 32 Table of contents (b) Significant segment expenses included in Operating expenses and other: Three Months Ended March 31, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total Insurance related administrative expenses $ 321 $ 321 Operating expenses $ 192 $ 153 345 Depreciation and amortization 106 24 $ 1 131 Other (c) 42 83 54 15 194 Operating expenses and other $ 363 $ 381 $ 231 $ 16 $ 991 (c) Other expenses for each reportable segment include: CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. Boardwalk Pipelines: general and administrative expenses Loews Hotels & Co: general and administrative and reimbursable expenses Corporate: general and administrative expenses 33 Table of contents