2 unchanged sentences
CONSOLIDATED CONDENSED BALANCE SHEETS
−Removed: March 31, December 31,
+Added: June 30, December 31,
(Dollar amounts in millions, except per share data)
42 unchanged sentences
See accompanying Notes to Consolidated Condensed Financial Statements.
+Added: Ta ble of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
−Removed: Three Months Ended March 31
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2026 2025 2026 2025
(In millions, except per share data)
6 unchanged sentences
Insurance claims and policyholders’ benefits (re-measurement loss of $ 25 , $ 15 , $ 44 and $ 23 )
+Added: 2,169 2,085 4,344 4,112
Amortization of deferred acquisition costs 481 469 957 940
1 unchanged sentence
Operating expenses and other 1,040 989 2,049 1,980
−Removed: Equity method (income) loss ( 37 ) 1
+Added: Equity method income ( 27 ) ( 18 ) ( 64 ) ( 17 )
Interest 103 107 216 212
11 unchanged sentences
See accompanying Notes to Consolidated Condensed Financial Statements.
+Added: Ta ble of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
−Removed: Three Months Ended March 31
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2026 2025 2026 2025
(In millions)
1 unchanged sentence
Other comprehensive income (loss), after tax
−Removed: Net unrealized losses on investments with an allowance for credit losses ( 7 ) ( 3 )
+Added: Net unrealized gains (losses) on investments with an allowance for credit losses ( 1 ) 1 ( 8 ) ( 2 )
Net unrealized gains (losses) on other investments 190 74 ( 235 ) 356
9 unchanged sentences
See accompanying Notes to Consolidated Condensed Financial Statements.
+Added: Ta ble of contents
Loews Corporation and Subsidiaries
4 unchanged sentences
(In millions)
+Added: Balance, April 1, 2025
+Added: $ 18,034 $ 2 $ 2,451 $ 16,821 $ ( 1,685 ) $ ( 398 ) $ 843
+Added: Net income 416 391 25
+Added: Other comprehensive income 200 183 17
+Added: Dividends paid ($ 0.0625 per share)
+Added: ( 23 ) ( 13 ) ( 10 )
+Added: Purchases of Loews Corporation treasury stock ( 253 ) ( 253 )
+Added: Stock-based compensation 11 10 1
+Added: Other 4 6 ( 1 ) ( 1 )
+Added: Balance, June 30, 2025
+Added: $ 18,389 $ 2 $ 2,467 $ 17,198 $ ( 1,502 ) $ ( 651 ) $ 875
+Added: Balance, April 1, 2026
+Added: $ 19,591 $ 2 $ 2,330 $ 17,701 $ ( 1,298 ) $ ( 31 ) $ 887
+Added: Net income 471 444 27
+Added: Other comprehensive income 134 123 11
+Added: Dividends paid ($ 0.0625 per share)
+Added: ( 24 ) ( 13 ) ( 11 )
+Added: Purchases of Loews Corporation treasury stock ( 148 ) ( 148 )
+Added: Stock-based compensation 9 6 3
+Added: Other ( 1 ) ( 1 )
+Added: Balance, June 30, 2026
+Added: $ 20,032 $ 2 $ 2,335 $ 18,132 $ ( 1,175 ) $ ( 179 ) $ 917
+Added: Ta ble of contents
+Added: Loews Corporation Shareholders
+Added: Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
+Added: Held in Treasury Noncontrolling Interests
+Added: (In millions)
Balance, December 31, 2024, as reported
12 unchanged sentences
Other 2 4 ( 1 ) ( 1 )
−Removed: Balance, March 31, 2025
+Added: Balance, June 30, 2025
$ 18,389 $ 2 $ 2,467 $ 17,198 $ ( 1,502 ) $ ( 651 ) $ 875
8 unchanged sentences
Stock-based compensation ( 9 ) ( 36 ) 27
−Removed: Balance, March 31, 2026
+Added: Other ( 1 ) ( 1 )
+Added: Balance, June 30, 2026
$ 20,032 $ 2 $ 2,335 $ 18,132 $ ( 1,175 ) $ ( 179 ) $ 917
See accompanying Notes to Consolidated Condensed Financial Statements.
+Added: Ta ble of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
−Removed: Three Months Ended March 31
+Added: Six Months Ended June 30
(In millions)
19 unchanged sentences
Purchases of property, plant and equipment ( 462 ) ( 232 )
+Added: Acquisitions ( 212 )
Change in short-term investments 1,368 163
Other, net 53 ( 34 )
−Removed: Net cash flow provided (used) by investing activities 994 ( 204 )
+Added: Net cash flow used by investing activities ( 127 ) ( 1,013 )
Financing Activities:
12 unchanged sentences
See accompanying Notes to Consolidated Condensed Financial Statements.
+Added: Ta ble of contents
Loews Corporation and Subsidiaries
7 unchanged sentences
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.
−Removed: 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”).
+Added: 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 June 30, 2026 and December 31, 2025, its results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2026 and 2025 and its cash flows for the six months ended June 30, 2026 and 2025, in each case in accordance with accounting principles generally accepted in the United States of America (“U.S.
Results for the interim periods are not necessarily indicative of results for the entire year.
3 unchanged sentences
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.
−Removed: 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.
+Added: For the three and six months ended June 30, 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):
3 unchanged sentences
Prospective application is required, with retrospective application permitted.
−Removed: The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
−Removed: In September of 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40):
−Removed: 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.
−Removed: Eligible software development cost capitalization will begin when:
−Removed: (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.
−Removed: The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted.
−Removed: The guidance may be applied using a prospective transition method, a retrospective transition method or a modified prospective transition method.
−Removed: The Company does not currently expect the updated guidance to have a material impact on its financial statements.
+Added: The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to provide additional disaggregated disclosures related to certain expense categories.
+Added: Boardwalk Pipelines
+Added: On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.) for $ 212 million.
+Added: Spire Marketing LLC is engaged in the marketing of natural gas and related services throughout the U.S.
+Added: The majority of its business is derived from the procurement and physical delivery of natural gas to a diverse customer base, including producers, pipelines, power generators, storage operators and large commercial and industrial customers.
+Added: Concurrent with the closing, the name of the entity acquired was changed to Boardwalk Continuum Marketing, LLC (“Continuum”).
+Added: The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition, with amounts exceeding the fair value recorded as goodwill.
+Added: On April 30, 2026, Boardwalk Pipelines recorded $ 305 million of assets and $ 93 million of liabilities, which included $ 135 million of goodwill and $ 72 million of derivative assets.
+Added: The purchase price allocation is preliminary and is expected to be finalized during 2026.
+Added: Ta ble of contents
Net investment income is as follows:
−Removed: Three Months Ended March 31
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2026 2025 2026 2025
(In millions)
3 unchanged sentences
Equity securities (a) 41 27 37 33
−Removed: Income (loss) from trading portfolio (a) ( 2 ) 4
+Added: Income from trading portfolio (a) 61 52 59 56
+Added: Other 26 28 53 54
Total investment income 790 740 1,429 1,372
1 unchanged sentence
Net investment income $ 761 $ 714 $ 1,374 $ 1,322
−Removed: (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
+Added: (a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of June 30, 2026 and 2025
$ 22 $ 30 $ ( 13 ) $ ( 10 )
+Added: Ta ble of contents
Investment gains (losses) are as follows:
−Removed: Three Months Ended March 31
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2026 2025 2026 2025
(In millions)
4 unchanged sentences
Equity securities (a) 3 6 ( 1 ) 6
+Added: Short-term investments and other ( 4 ) ( 4 )
Investment losses $ ( 5 ) $ ( 46 ) $ ( 23 ) $ ( 55 )
−Removed: (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
+Added: (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of June 30, 2026 and 2025
$ 2 $ 6 $ ( 3 ) $ 4
1 unchanged sentence
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:
−Removed: Three Months Ended March 31
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2026 2025 2026 2025
(In millions)
3 unchanged sentences
Impairment losses recognized in earnings $ 3 $ 9 $ 14 $ 16
−Removed: There were no impairment losses recognized on mortgage loans during the three months ended March 31, 2026 or 2025.
+Added: There were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2026.
+Added: There were $ 5 million of impairment losses recognized on mortgage loans during the three and six months ended June 30, 2025 due to changes in expected credit losses.
+Added: Ta ble of contents
The following tables present a summary of fixed maturity securities:
−Removed: March 31, 2026 Cost or Amortized Cost Gross Unrealized
+Added: June 30, 2026 Cost or Amortized Cost Gross Unrealized
Gains Gross Unrealized
35 unchanged sentences
Total fixed maturity securities $ 45,250 $ 1,089 $ 2,286 $ 69 $ 43,984
+Added: Ta ble 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
−Removed: March 31, 2026 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
+Added: June 30, 2026 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
(In millions)
26 unchanged sentences
Total fixed maturity securities $ 3,998 $ 79 $ 16,646 $ 2,207 $ 20,644 $ 2,286
+Added: Ta ble 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.
−Removed: March 31, 2026 December 31, 2025
+Added: June 30, 2026 December 31, 2025
Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
7 unchanged sentences
Total $ 23,236 $ 2,396 $ 20,644 $ 2,286
−Removed: 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.
+Added: Based on current facts and circumstances, the unrealized losses presented in the June 30, 2026 securities in the gross unrealized loss position table above are not believed to be 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;
−Removed: accordingly, it was determined that there are no additional impairment losses to be recorded as of March 31, 2026.
+Added: accordingly, it was determined that there are no additional impairment losses to be recorded as of June 30, 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.
−Removed: 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.
−Removed: Three months ended March 31, 2026 Corporate and Other Bonds Asset-backed Total
+Added: Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 477 million, $ 470 million and $ 451 million as of June 30, 2026, December 31, 2025 and June 30, 2025 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.
+Added: Three months ended June 30, 2026 Corporate and Other Bonds
+Added: Asset-backed Total
(In millions)
Allowance for credit losses:
+Added: Balance as of April 1, 2026
+Added: $ 31 $ 44 $ 75
+Added: Additions to the allowance for credit losses:
+Added: Available-for-sale securities accounted for as PCD assets 1 1
+Added: Reductions to the allowance for credit losses:
+Added: Securities sold during the period (realized) 16 16
+Added: Additional increases to the allowance for credit losses
+Added: on securities that had an allowance recorded in a previous period
+Added: Total allowance for credit losses $ 16 $ 47 $ 63
+Added: Ta ble of contents
+Added: Three months ended June 30, 2025 Corporate and Other Bonds Asset-backed Total
+Added: (In millions)
+Added: Allowance for credit losses:
+Added: Balance as of April 1, 2025
+Added: $ 15 $ 32 $ 47
+Added: Additions to the allowance for credit losses:
+Added: Securities for which credit losses were not previously recorded 3 3
+Added: Reductions to the allowance for credit losses:
+Added: Securities disposed during the period (realized) 6 6
+Added: Additional increases to the allowance for credit losses
+Added: on securities that had an allowance recorded in a previous period
+Added: Total allowance for credit losses $ 14 $ 37 $ 51
+Added: Six months ended June 30, 2026 Corporate and Other Bonds Asset-backed Total
+Added: (In millions)
+Added: Allowance for credit losses:
Balance as of January 1, 2026
2 unchanged sentences
Securities for which credit losses were not previously recorded 3 3
+Added: Available-for-sale securities accounted for as PCD assets 1 1
+Added: Reductions to the allowance for credit losses:
+Added: Securities disposed during the period (realized) 16 16
Additional increases to the allowance for credit
1 unchanged sentence
Total allowance for credit losses $ 16 $ 47 $ 63
−Removed: Three months ended March 31, 2025 Corporate and Other Bonds Asset-backed Total
+Added: Ta ble of contents
+Added: Six months ended June 30, 2025 Corporate and Other Bonds Asset-backed Total
(In millions)
4 unchanged sentences
Securities for which credit losses were not previously recorded 3 3
+Added: Reductions to the allowance for credit losses:
+Added: Securities disposed during the period (realized) 6 6
Additional increases to the allowance for credit losses
3 unchanged sentences
The following table presents available-for-sale fixed maturity securities by contractual maturity.
−Removed: March 31, 2026 December 31, 2025
+Added: June 30, 2026 December 31, 2025
Cost or Amortized Cost Estimated Fair
8 unchanged sentences
Securities not due at a single date are allocated based on weighted average life.
+Added: Ta ble of contents
Mortgage Loans
2 unchanged sentences
Mortgage Loans Amortized Cost Basis by Origination Year (a)
−Removed: As of March 31, 2026
+Added: As of June 30, 2026
(In millions)
14 unchanged sentences
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.
−Removed: 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.
+Added: As of June 30, 2026, commitments to purchase or fund were approximately $ 1.9 billion and to sell were approximately $ 40 million under the terms of these investments.
+Added: Ta ble of contents
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables.
−Removed: Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
−Removed: March 31, 2026 Level 1
+Added: Corporate bonds and other includes obligations of the U.S.
+Added: Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
+Added: June 30, 2026 Level 1
Level 3 Total
9 unchanged sentences
Short-term and other 5,396 32 5,428
+Added: Receivables 83 83
+Added: Other liabilities ( 18 ) ( 18 )
Payable to brokers ( 52 ) ( 52 )
10 unchanged sentences
Payable to brokers ( 43 ) ( 43 )
−Removed: 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:
−Removed: 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
−Removed: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31
+Added: Ta ble of contents
+Added: The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2026 and 2025:
+Added: 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 June 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
+Added: 2026 Balance, Apr 1 Included in Net Income
+Added: Included in OCI Purchases Sales
+Added: Transfers into
+Added: Level 3 Transfers out of Level 3
+Added: Balance, June 30
+Added: (In millions)
+Added: Fixed maturity securities:
+Added: Corporate bonds and other $ 1,514 $ 2 $ 101 $ ( 23 ) $ 1,594 $ 2
+Added: States, municipalities and political subdivisions 44 44
+Added: Asset-backed 955 $ 2 ( 5 ) 42 ( 26 ) $ ( 25 ) 943 ( 5 )
+Added: Fixed maturities available-for-sale $ 2,513 $ 2 $ ( 3 ) $ 143 $ — $ ( 49 ) $ — $ ( 25 ) $ 2,581 $ — $ ( 3 )
+Added: Equity securities $ 32 $ 3 $ ( 5 ) $ 30
+Added: (In millions)
+Added: Fixed maturity securities:
+Added: Corporate bonds and other $ 1,351 $ 1 $ 16 $ 44 $ ( 24 ) $ 1,388 $ 16
+Added: States, municipalities and political subdivisions 44 44
+Added: Asset-backed 889 1 ( 4 ) 22 ( 22 ) 886 ( 4 )
+Added: Fixed maturities available-for-sale $ 2,284 $ 2 $ 12 $ 66 $ — $ ( 46 ) $ — $ — $ 2,318 $ — $ 12
+Added: Equity securities $ 17 $ ( 7 ) $ 10 $ ( 1 )
+Added: Ta ble of contents
+Added: 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 June 30
+Added: Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
2026 Balance, January 1 Included in Net Income
2 unchanged sentences
Level 3 Transfers out of Level 3
−Removed: Balance, March 31
+Added: Balance, June 30
(In millions)
11 unchanged sentences
Equity securities $ 20 $ 1 $ ( 7 ) $ ( 4 ) $ 10 $ ( 1 )
+Added: Ta ble of contents
Net investment gains and losses are reported in Net income as follows:
11 unchanged sentences
The weighted average rate is calculated based on fair value.
−Removed: March 31, 2026 Estimated
+Added: June 30, 2026 Estimated
Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average)
8 unchanged sentences
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.
+Added: Ta ble of contents
Carrying Amount Estimated Fair Value
−Removed: March 31, 2026 Level 1 Level 2 Level 3 Total
+Added: June 30, 2026 Level 1 Level 2 Level 3 Total
(In millions)
22 unchanged sentences
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.
−Removed: 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.
−Removed: 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.
−Removed: There were no catastrophe-related reinsurance reinstatement premiums for the three months ended March 31, 2025.
+Added: Catastrophe losses, net of reinsurance, of $ 60 million and $ 62 million were recorded for the three months ended June 30, 2026 and 2025 and $ 148 million and $ 159 million were recorded for the six months ended June 30, 2026 and 2025, driven by severe weather related events.
+Added: There were $ 9 million of catastrophe-related reinsurance reinstatement premiums recorded for the six months ended June 30, 2026 .
+Added: There were no catastrophe-related reinsurance reinstatement premiums for the three months ended June 30, 2026 and 2025 or the six months ended June 30, 2025.
+Added: Ta ble 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.
−Removed: Three Months Ended March 31
+Added: Six Months Ended June 30
(In millions)
20 unchanged sentences
These changes can be favorable or unfavorable.
−Removed: 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”).
−Removed: 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”).
+Added: Favorable net prior year loss reserve development of $ 6 million and $ 4 million for the three months ended June 30, 2026 and 2025 and unfavorable net prior year loss reserve development of $ 94 million and $ 57 million for the six months ended June 30, 2026 and 2025 were recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”).
+Added: Unfavorable net prior year loss reserve development of $ 97 million and $ 112 million for the three months ended June 30, 2026 and 2025 and $ 97 million and $ 134 million for the six months ended June 30, 2026 and 2025 were recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).
+Added: Ta ble 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:
−Removed: Three Months Ended March 31 2026 2025
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2026 2025 2026 2025
(In millions)
Other professional liability and management liability $ 25 $ 18 $ 70 $ 18
−Removed: Warranty $ 10
+Added: Surety ( 26 ) ( 22 ) ( 26 ) ( 22 )
Commercial auto 50
1 unchanged sentence
Workers’ compensation ( 32 ) ( 66 ) ( 32 ) ( 65 )
+Added: Other property and casualty operations ( 29 ) 4 ( 29 ) 4
Total property & casualty operations ( 6 ) ( 4 ) 94 57
1 unchanged sentence
Total pretax unfavorable development $ 91 $ 108 $ 191 $ 191
−Removed: 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.
−Removed: Unfavorable development in general liability was due to higher than expected claim severity and frequency in the excess casualty line in recent accident years.
+Added: Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years.
+Added: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
+Added: Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Favorable development in other property and casualty operations was due to favorable emergence in multiple accident years.
+Added: Following the second quarter annual review of other insurance operations reserves, including legacy mass tort exposures, unfavorable development was recorded largely associated with legacy mass tort abuse claim activity and the ongoing effects of social inflation.
+Added: 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.
+Added: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
+Added: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Ta ble of contents
+Added: Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claim activity, the ongoing effects of social inflation and an agreement with the Diocese of Rochester.
+Added: Unfavorable development in other professional and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years.
+Added: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
+Added: Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Favorable development in other property and casualty operations was due to favorable emergence in multiple accident years.
+Added: Unfavorable development in other insurance operations was driven by the second quarter 2026 changes discussed above.
+Added: Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O business.
+Added: Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.
Unfavorable development in commercial auto was due to higher than expected claim severity, largely in CNA’s construction business in the most recent accident year.
−Removed: Unfavorable development in Other insurance operations was associated with legacy mass tort abuse claim activity.
+Added: Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
+Added: Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
+Added: Unfavorable development in other insurance operations was driven by the second quarter 2025 changes discussed above.
Asbestos & Environmental Pollution (“A&EP”) Reserves
4 unchanged sentences
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.
+Added: Ta ble of contents
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.
4 unchanged sentences
The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations.
−Removed: 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 .
−Removed: As of March 31, 2026 and December 31, 2025, the cumulative amounts ceded under the LPT were $ 3.9 billion.
−Removed: 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.
+Added: The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 24 million and $ 8 million for the three months ended June 30, 2026 and 2025 and $ 46 million and $ 25 million for the six months ended June 30, 2026 and 2025 .
+Added: As of June 30, 2026 and December 31, 2025, the cumulative amounts ceded under the LPT were $ 3.9 billion.
+Added: The unrecognized deferred retroactive reinsurance benefit was $ 424 million and $ 470 million as of June 30, 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.
−Removed: The fair value of the collateral trust account was $ 2.6 billion as of March 31, 2026.
+Added: The fair value of the collateral trust account was $ 1.8 billion as of June 30, 2026.
In addition, Berkshire Hathaway Inc.
12 unchanged sentences
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.
+Added: Ta ble of contents
The following table summarizes balances and changes in the LFPB:
12 unchanged sentences
Effect of changes in discount rate 14 50
−Removed: Balance, March 31
+Added: Balance, June 30
$ 3,183 $ 3,352
10 unchanged sentences
Effect of changes in discount rate ( 456 ) ( 248 )
−Removed: Balance, March 31
+Added: Balance, June 30
$ 16,445 $ 16,681
−Removed: Net LFPB, March 31
+Added: Net LFPB, June 30
$ 13,262 $ 13,329
−Removed: (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.
−Removed: The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.
−Removed: Three Months Ended March 31 2026 2025
+Added: (a) As of June 30, 2026 and 2025 , the re-measurement loss of $ 44 million and $ 23 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.
+Added: Ta ble of contents
+Added: The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Consolidated Condensed Statement of Operations.
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2026 2025 2026 2025
(In millions)
5 unchanged sentences
Expected future gross premiums 4,713 4,971
−Removed: 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.
−Removed: 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.
+Added: Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.3 billion and $ 3.5 billion as of June 30, 2026 and 2025.
+Added: The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of June 30, 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.
−Removed: March 31, December 31,
+Added: June 30, December 31,
2026 2025 2025
1 unchanged sentence
Upper-medium grade fixed income instrument discount rate 5.48 5.39 5.32
−Removed: 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 .
−Removed: 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.
+Added: For the three and six months ended June 30, 2026, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $ 26 million and $ 49 million .
+Added: For the three and six months ended June 30, 2025 , immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $ 14 million and $ 28 million .
+Added: For the three and six months ended June 30, 2026 , favorable reversals through net income of loss recognized in prior periods for cohorts with NPRs exceeding 100% were $ 5 million and $ 13 million.
+Added: For the three and six months ended June 30, 2025, favorable reversals through net income of loss recognized in prior periods for cohorts with NPRs exceeding 100% were $ 5 million and $ 11 million.
+Added: Ta ble of contents
Shareholders’ Equity
Accumulated other comprehensive income (loss)
−Removed: 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 :
+Added: The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and six months ended June 30, 2025 and 2026 :
+Added: Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
+Added: rates used to
+Added: contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
+Added: (In millions)
+Added: Balance, April 1, 2025
+Added: $ ( 15 ) $ ( 1,463 ) $ 219 $ 6 $ ( 223 ) $ ( 209 ) $ ( 1,685 )
+Added: Other comprehensive income (loss) before reclassifications, after tax of $ 2 , $( 12 ), $ 0 , $ 1 , $ 0 and $ 0
+Added: ( 5 ) 44 ( 3 ) ( 3 ) 130 163
+Added: Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 10 ), $ 0 , $ 0 , $( 1 ) and $ 0
+Added: Other comprehensive income (loss) 1 74 ( 3 ) ( 3 ) 1 130 200
+Added: Amounts attributable to noncontrolling interests ( 1 ) ( 6 ) 1 ( 11 ) ( 17 )
+Added: Balance, June 30, 2025
+Added: $ ( 15 ) $ ( 1,395 ) $ 217 $ 3 $ ( 222 ) $ ( 90 ) $ ( 1,502 )
+Added: Balance, April 1, 2026
+Added: $ ( 21 ) $ ( 1,298 ) $ 373 $ 3 $ ( 211 ) $ ( 144 ) $ ( 1,298 )
+Added: Other comprehensive income (loss) before reclassifications, after tax of $ 1 , $( 50 ), $ 9 , $( 2 ), $ 1 and $ 0
+Added: ( 3 ) 186 ( 34 ) 2 ( 2 ) ( 22 ) 127
+Added: Reclassification of losses from accumulated other comprehensive loss, after tax of $( 1 ), $( 1 ), $ 0 , $ 0 , $( 1 ) and $ 0
+Added: Other comprehensive income (loss) ( 1 ) 190 ( 34 ) 2 ( 1 ) ( 22 ) 134
+Added: Amounts attributable to noncontrolling interests ( 1 ) ( 15 ) 2 3 ( 11 )
+Added: Balance, June 30, 2026
+Added: $ ( 23 ) $ ( 1,123 ) $ 341 $ 5 $ ( 212 ) $ ( 163 ) $ ( 1,175 )
+Added: Ta ble of contents
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative impact of changes in discount rates used to measure long
9 unchanged sentences
Other ( 1 ) ( 1 )
−Removed: Balance, March 31, 2025
+Added: Balance, June 30, 2025
$ ( 15 ) $ ( 1,395 ) $ 217 $ 3 $ ( 222 ) $ ( 90 ) $ ( 1,502 )
6 unchanged sentences
Amounts attributable to noncontrolling interests 19 ( 15 ) 5 9
−Removed: Balance, March 31, 2026
+Added: Balance, June 30, 2026
$ ( 23 ) $ ( 1,123 ) $ 341 $ 5 $ ( 212 ) $ ( 163 ) $ ( 1,175 )
4 unchanged sentences
Pension and postretirement benefits Operating expenses and other
+Added: Ta ble of contents
Stock Purchases
−Removed: 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.
+Added: Loews Corporation repurchased 1.4 million and 2.9 million shares of its common stock at aggregate costs of $ 148 million and $ 253 million during the three months ended June 30, 2026 and 2025 and repurchased 1.7 million and 7.4 million shares of its common stock at aggregate costs of $ 179 million and $ 633 million during the six months ended June 30, 2026 and 2025.
Stock Issuances
−Removed: 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.
+Added: Loews Corporation issued 0.1 million shares of its common stock to settle stock-based compensation awards during the six months ended June 30, 2026 and 2025.
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.
3 unchanged sentences
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 13 :
−Removed: Three Months Ended March 31 2026 2025
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2026 2025 2026 2025
(In millions)
5 unchanged sentences
Operating revenues and other $ 854 $ 795 $ 1,741 $ 1,667
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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.
+Added: Receivables from contracts with customers – As of June 30, 2026 and December 31, 2025, receivables from contracts with customers were approximately $ 246 million and $ 252 million and are included within Receivables on the Consolidated Condensed Balance Sheets.
+Added: Deferred revenue – As of June 30, 2026 and December 31, 2025, deferred revenue resulting from contracts with customers was approximately $ 3.9 billion and $ 4.2 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets.
+Added: Approximately $ 654 million and $ 681 million of revenues recognized during the six months ended June 30, 2026 and 2025 were included in deferred revenue as of December 31, 2025 and 2024.
+Added: Performance obligations – As of June 30, 2026, approximately $ 23.5 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.
+Added: Ta ble of contents
Included in the balance are $ 9.4 billion of revenues that are anticipated under executed precedent or long-term firm transportation agreements associated with Boardwalk Pipelines’ growth projects.
−Removed: 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.
+Added: Approximately $ 1.6 billion is expected to be recognized during the remaining six months of 2026 , $ 2.6 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.
1 unchanged sentence
Several non-contributory defined benefit plans and postretirement benefit plans cover eligible employees and retirees.
−Removed: The following table presents the components of net periodic (benefit) cost for the defined benefit plans:
+Added: The following tables present the components of net periodic (benefit) cost for the defined benefit plans:
Pension Benefits
−Removed: Other Postretirement Benefits
−Removed: Three Months Ended March 31 2026 2025 2026 2025
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2026 2025 2026 2025
(In millions)
3 unchanged sentences
Amortization of unrecognized net loss 1 2 3 4
+Added: Settlements 1 1
Net periodic benefit $ ( 4 ) $ ( 1 ) $ ( 5 ) $ ( 2 )
+Added: Other Postretirement Benefits
+Added: Three Months Ended Six Months Ended
+Added: June 30, June 30,
+Added: 2026 2025 2026 2025
+Added: (In millions)
+Added: Interest cost $ 1 $ 1
+Added: Expected return on plan assets $ ( 1 ) ( 2 ) ( 1 )
+Added: Amortization of unrecognized prior service cost 1 1
+Added: Net periodic benefit $ — $ — $ — $ —
CNA sponsors a noncontributory defined benefit pension plan, the CNA Retirement Plan (the “Plan”), covering certain eligible employees.
1 unchanged sentence
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.
−Removed: 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.
+Added: 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 2028.
Legal Proceedings
Loews Hotels & Co
−Removed: 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.
+Added: On February 20, 2024, Jeanette Portillo and other plaintiffs filed a putative class action against Loews Hotels Holding 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.
Defendants jointly filed a motion to dismiss the complaint in Portillo on May 17, 2024.
2 unchanged sentences
The court has not ruled on the motion to dismiss the amended complaint in Portillo .
−Removed: 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.
+Added: On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holding Corporation and other defendants in the United States District Court for the Northern District of Illinois
+Added: Ta ble of contents
+Added: asserting antitrust claims against defendants under the Sherman Act, 15 U.S.C.
Defendants jointly filed a motion to dismiss the complaint in Segal on June 24, 2024.
3 unchanged sentences
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.
+Added: On July 8, 2026, Segal filed an opening appellate brief in the Seventh Circuit.
Boardwalk Pipelines Litigation
3 unchanged sentences
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”).
−Removed: 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
−Removed: Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement.
+Added: Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement.
On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement.
20 unchanged sentences
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.
+Added: Briefing by the parties at the Trial Court on the remanded issues was completed in June 2026 and a hearing on the remanded issues at the Trial Court was held in July 2026.
Litigation is inherently uncertain, and the ultimate outcome of this matter cannot be predicted with certainty.
2 unchanged sentences
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.
−Removed: 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.
+Added: Ta ble of contents
+Added: 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.
−Removed: 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.
+Added: While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any other pending litigation, or of the Loews Hotels & Co matters described above, will materially affect the Company’s results of operations or equity.
Commitments and Contingencies
1 unchanged sentence
CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary.
−Removed: 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.
+Added: As of June 30, 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.
1 unchanged sentence
Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received.
−Removed: As of March 31, 2026, the commitments totaled approximately $ 467 million, which are expected to be settled through 2028.
+Added: As of June 30, 2026, the commitments totaled approximately $ 626 million, which are expected to be settled through 2028.
+Added: Loews Hotels & Co
+Added: Loews Hotels & Co has a completion guarantee related to a hotel property under development.
+Added: The hotel, which is expected to open in 2029, will require approximately $ 350 million to complete as of June 30, 2026.
Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co;
5 unchanged sentences
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.
+Added: Ta ble of contents
Statements of Operations by segment are presented in the following tables.
−Removed: Three Months Ended March 31, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Three Months Ended June 30, 2026 CNA Financial
+Added: Boardwalk Pipelines
+Added: Corporate Total
(In millions)
Insurance premiums $ 2,759 $ ( 2 ) $ 2,757
−Removed: Net investment income (loss) 610 $ 5 $ 3 ( 5 ) 613
+Added: Net investment income 701 $ 2 $ 3 55 761
Investment losses ( 5 ) ( 5 )
9 unchanged sentences
Total 3,424 443 207 48 4,122
+Added: Income before income tax 405 133 69 5 612
+Added: Income tax expense ( 84 ) ( 33 ) ( 21 ) ( 3 ) ( 141 )
+Added: Net income 321 100 48 2 471
+Added: Amounts attributable to noncontrolling interests ( 27 ) ( 27 )
+Added: Net income attributable to Loews Corporation $ 294 $ 100 $ 48 $ 2 $ 444
+Added: (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 60 million and unfavorable net prior year loss reserve development of $ 91 million.
+Added: Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
+Added: Ta ble of contents
+Added: (b) Significant segment expenses included in Operating expenses and other:
+Added: Three Months Ended June 30, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Insurance related administrative expenses $ 343 $ 343
+Added: Operating expenses $ 196 $ 155 351
+Added: Depreciation and amortization 112 27 139
+Added: Other (c) 42 99 51 $ 15 207
+Added: Operating expenses and other $ 385 $ 407 $ 233 $ 15 $ 1,040
+Added: (c) Other expenses for each reportable segment include:
+Added: CNA Financial:
+Added: 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.
+Added: Boardwalk Pipelines:
+Added: general and administrative expenses
+Added: Loews Hotels & Co:
+Added: general and administrative and reimbursable expenses
+Added: general and administrative expenses
+Added: Ta ble of contents
+Added: Three Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews
+Added: Hotels & Co Corporate Total
+Added: (In millions)
+Added: Insurance premiums $ 2,694 $ 2,694
+Added: Net investment income 662 $ 3 $ 2 $ 47 714
+Added: Investment losses ( 46 ) ( 46 )
+Added: Non-insurance warranty revenue 398 398
+Added: Operating revenues and other 9 534 252 795
+Added: Total 3,717 537 254 47 4,555
+Added: Insurance claims and policyholders’ benefits (a) 2,085 2,085
+Added: Amortization of deferred acquisition costs 469 469
+Added: Non-insurance warranty expense 384 384
+Added: Operating expenses and other (b) 368 380 226 15 989
+Added: Equity method (income) loss ( 29 ) 11 ( 18 )
+Added: Interest 31 40 18 18 107
+Added: Total 3,337 420 215 44 4,016
+Added: Income before income tax 380 117 39 3 539
+Added: Income tax expense ( 81 ) ( 29 ) ( 11 ) ( 2 ) ( 123 )
+Added: Net income 299 88 28 1 416
+Added: Amounts attributable to noncontrolling interests ( 25 ) ( 25 )
+Added: Net income attributable to Loews Corporation $ 274 $ 88 $ 28 $ 1 $ 391
+Added: (a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 62 million and unfavorable net prior year loss reserve development of $ 108 million.
+Added: Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
+Added: Ta ble of contents
+Added: (b) Significant segment expenses included in Operating expenses and other:
+Added: Three Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Insurance related administrative expenses $ 337 $ 337
+Added: Operating expenses $ 177 $ 147 324
+Added: Depreciation and amortization 120 24 144
+Added: Other (c) 31 83 55 $ 15 184
+Added: Operating expenses and other $ 368 $ 380 $ 226 $ 15 $ 989
+Added: (c) Other expenses for each reportable segment include:
+Added: CNA Financial:
+Added: 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.
+Added: Boardwalk Pipelines:
+Added: general and administrative expenses
+Added: Loews Hotels & Co:
+Added: general and administrative and reimbursable expenses
+Added: general and administrative expenses
+Added: Ta ble of contents
+Added: Six Months Ended June 30, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: (In millions)
+Added: Insurance premiums $ 5,460 $ ( 4 ) $ 5,456
+Added: Net investment income 1,311 $ 7 $ 6 50 1,374
+Added: Investment losses ( 23 ) ( 23 )
+Added: Non-insurance warranty revenue 741 741
+Added: Operating revenues and other 17 1,200 524 1,741
+Added: Total 7,506 1,207 530 46 9,289
+Added: Insurance claims and policyholders’ benefits (a) 4,344 4,344
+Added: Amortization of deferred acquisition costs 957 957
+Added: Non-insurance warranty expense 712 712
+Added: Operating expenses and other (b) 755 784 479 31 2,049
+Added: Equity method (income) loss ( 85 ) 21 ( 64 )
+Added: Interest 66 79 30 41 216
+Added: Total 6,834 863 424 93 8,214
Income (loss) before income tax 672 344 106 ( 47 ) 1,075
3 unchanged sentences
Net income (loss) attributable to Loews Corporation $ 488 $ 259 $ 74 $ ( 40 ) $ 781
−Removed: March 31, 2026
+Added: June 30, 2026
Total assets $ 69,827 $ 10,369 $ 2,585 $ 4,447 $ 87,228
(a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 148 million and unfavorable net prior year loss reserve development of $ 191 million.
−Removed: Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
+Added: Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
+Added: Ta ble of contents
(b) Significant segment expenses included in Operating expenses and other:
−Removed: Three Months Ended March 31, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Six Months Ended June 30, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 675 $ 675
11 unchanged sentences
general and administrative expenses
−Removed: Three Months Ended March 31, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Ta ble of contents
+Added: Six Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
17 unchanged sentences
Net income (loss) attributable to Loews Corporation $ 526 $ 240 $ 28 $ ( 33 ) $ 761
−Removed: March 31, 2025
+Added: June 30, 2025
Total assets $ 68,891 $ 10,048 $ 2,477 $ 3,252 $ 84,668
(a) Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 159 million and unfavorable net prior year loss reserve development of $ 191 million.
−Removed: Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
+Added: Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
+Added: Ta ble of contents
(b) Significant segment expenses included in Operating expenses and other:
−Removed: Three Months Ended March 31, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
+Added: Six Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 658 $ 658
11 unchanged sentences
general and administrative expenses
+Added: Ta ble of contents
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.