What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-03 compared with 2026-05-04 · 317 added, 134 removed, 377 unchanged (54% of the section changed)

9 unchanged sentences

Parent Company

Catastrophes and Related Reinsurance

Critical Accounting Estimates

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We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.

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RESULTS OF OPERATIONS

Consolidated Financial Results

The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31 2026 2025

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In millions, except per share data)

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Basic and diluted net income per share $ 2.16 $ 1.87 $ 3.79 $ 3.61

Net income attributable to Loews Corporation for the three months ended March 31, 2026 was $337 million, or $1.63 per share, compared to net income of $370 million, or $1.74 per share in the comparable 2025 period.

The decrease in net income attributable to Loews Corporation for the three months ended March 31, 2026 as compared to the comparable 2025 period was primarily driven by lower net income at CNA and lower results at the parent company, partially offset by higher net income at Loews Hotels & Co and Boardwalk Pipelines.

The decrease at CNA is primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income.

Parent company results decreased primarily due to lower investment income from the parent company trading portfolio and higher interest expense.

The increase at Loews Hotels & Co is primarily due to higher equity income from joint ventures, driven mainly by the Universal Orlando Resort joint ventures.

The increase at Boardwalk Pipelines is primarily due to higher contracting rates and utilization-based revenues on gas transportation, as well as higher rates on storage, parking and lending.

Net income attributable to Loews Corporation for the three months ended June 30, 2026 was $444 million, or $2.16 per share, compared to net income of $391 million, or $1.87 per share in the comparable 2025 period.

Net income attributable to Loews Corporation for the six months ended June 30, 2026 was $781 million, or $3.79 per share, compared to net income of $761 million, or $3.61 per share in the comparable 2025 period.

The increase in net income attributable to Loews Corporation for the three months ended June 30, 2026 as compared to the comparable 2025 period was primarily driven by higher net income at CNA, Loews Hotels & Co and Boardwalk Pipelines.

The increase at CNA is primarily due to higher net investment income and lower investment losses, partially offset by lower underlying underwriting results.

The increase at Loews Hotels & Co is primarily due to higher overall average daily rates and occupied room nights across most of its portfolio.

The increase at Boardwalk Pipelines is primarily due to higher contracting rates on gas transportation and higher product sales, partially offset by higher operating expenses.

Corporate net income for the three months ended June 30, 2026 was essentially unchanged compared with the comparable 2025 period.

The increase in net income attributable to Loews Corporation for the six months ended June 30, 2026 as compared to the comparable 2025 period was primarily driven by higher net income at Loews Hotels & Co and Boardwalk Pipelines, partially offset by lower net income at CNA and lower results at Corporate.

The increase at Loews Hotels & Co is primarily due to higher equity income from joint ventures, driven by growth in the overall average daily rate and an increase in the number of occupied room nights at Universal Orlando Resort properties.

The increase at Boardwalk Pipelines is primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization-based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses.

The decrease at CNA is primarily due to lower underlying underwriting results, partially offset by higher net investment income and lower investment losses.

Corporate results decreased primarily due to higher interest expense related to a recent debt refinancing.

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CNA Financial

The following table summarizes the results of operations for CNA for the three months ended March 31, 2026 and 2025 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

The following table summarizes the results of operations for CNA for the three and six months ended June 30, 2026 and 2025 as presented in Note 13 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Three Months Ended March 31 2026 2025

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In millions)

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Net income attributable to Loews Corporation $ 294 $ 274 $ 488 $ 526

Net income attributable to Loews Corporation decreased $58 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income.

Three Months Ended June 30, 2026 Compared to the Comparable 2025 Period

Net income attributable to Loews Corporation increased $20 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher net investment income and lower investment losses, partially offset by lower underlying underwriting results.

Six Months Ended June 30, 2026 Compared to the Comparable 2025 Period

Net income attributable to Loews Corporation decreased $38 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to lower underlying underwriting results partially offset by higher net investment income and lower investment losses .

CNA’s Property & Casualty and Other Insurance Operations

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We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting.

However, for purposes of this discussion and analysis of the results of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results.

However, for purposes of this discussion and analysis of the results of

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operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results.

In assessing its insurance operations, CNA utilizes the core income (loss) financial measure.

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The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations.

Core income (loss) is deemed to be a non-GAAP

financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations.

Core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations.

Please see the non-GAAP reconciliation of net income (loss) to core income (loss) in this MD&A.

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The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio.

Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance.

Development-related items represent net prior year loss reserve and premium development, and include the effects of interest accretion and change in allowance for uncollectible reinsurance.

The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.

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Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, excluding the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.

The following tables present reconciliations of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain for t he three months ended March 31, 2026 and 2025:

Three Months Ended March 31, 2026 Specialty Commercial International Property & Casualty Other Insurance Operations Total

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Three Months Ended June 30, 2026 Specialty Commercial International Property & Casualty Other Insurance Operations Total

(In millions)

Net income (loss) attributable to Loews Corporation $ 144 $ 213 $ 33 $ 390 $ (96) $ 294

Investment (gains) losses (1) 1 — 3 3

Noncontrolling interests 13 20 3 36 (9) 27

Core income (loss) $ 157 $ 232 $ 37 $ 426 $ (102) $ 324

Net investment income 171 246 44 461

Non-insurance warranty revenue 11 11

Other expense, including interest expense (15) (3) (18)

Income tax expense on core income (42) (61) (17) (120)

Underwriting gain 32 50 10 92

Catastrophe losses 53 7 60

Effect of unfavorable development-related items 1 1

Underlying underwriting gain $ 32 $ 104 $ 17 $ 153

Three Months Ended June 30, 2025

Net income (loss) attributable to Loews Corporation $ 151 $ 182 $ 49 $ 382 $ (108) $ 274

Investment losses 12 19 31 5 36

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Non-insurance warranty revenue 14 14

Other revenue (expense), including interest expense (11) (5) 10 (6)

Income tax expense on core income (49) (57) (18) (124)

Underwriting gain 53 74 23 150

Catastrophe losses 57 5 62

Effect of unfavorable development-related items 1 1

Underlying underwriting gain $ 53 $ 132 $ 28 $ 213

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Six Months Ended June 30, 2026 Specialty Commercial International Property & Casualty Other Insurance Operations Total

(In millions)

Net income (loss) attributable to Loews Corporation $ 231 $ 310 $ 66 $ 607 $ (119) $ 488

Investment losses 4 6 2 12 5 17

Noncontrolling interests 21 28 6 55 (11) 44

Core income (loss) $ 256 $ 344 $ 74 $ 674 $ (125) $ 549

Net investment income 313 436 87 836

Non-insurance warranty revenue 29 29

Other expense, including interest expense (26) (5) (2) (33)

Income tax expense on core income (68) (88) (35) (191)

Underwriting gain (loss) (24) (49) 14 (59)

Underwriting gain 8 1 24 33

Catastrophe-related reinstatement premiums 9 9

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Underlying underwriting gain $ 58 $ 204 $ 35 $ 297

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

Net income (loss) attributable to Loews Corporation $ 288 $ 297 $ 84 $ 669 $ (143) $ 526

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Income tax expense on core income (90) (91) (31) (212)

Underwriting gain (loss) 42 (17) 15 40

Underwriting gain 95 57 38 190

Catastrophe losses 143 16 159

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Underlying underwriting gain $ 105 $ 253 $ 54 $ 412

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Property & Casualty Operations

The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three months e nded March 31, 2026 and 2025.

Three Months Ended March 31, 2026 Specialty

The following tables summarize the results of CNA’s Property & Casualty Operations and provide the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three and six months e nded June 30, 2026 and 2025.

Three Months Ended June 30, 2026 Specialty Commercial International Total

(In millions, except %)

Net written premiums $ 937 $ 1,643 $ 385 $ 2,965

Net earned premiums 878 1,441 337 2,656

Underwriting gain 32 50 10 92

Net investment income 171 246 44 461

Core income 157 232 37 426

Other performance metrics:

Loss ratio 62.8 % 69.5 % 62.0 % 66.4 %

Expense ratio 33.3 26.6 34.9 29.7

Dividend ratio 0.4 0.4 0.4

Combined ratio 96.5 % 96.5 % 96.9 % 96.5 %

Effect of catastrophe impacts 3.7 2.2 2.3

Underlying combined ratio 96.5 % 92.8 % 94.7 % 94.2 %

Underlying loss ratio 62.8 % 65.8 % 59.8 % 64.1 %

Rate 4 % (5)%

Renewal premium change 4 2 % (2) 2 %

Retention 85 81 87 83

New business $ 175 $ 446 $ 97 $ 718

Three Months Ended June 30, 2025

Net written premiums $ 892 $ 1,563 $ 391 $ 2,846

Net earned premiums 862 1,402 324 2,588

Underwriting gain 53 74 23 150

Net investment income 170 206 38 414

Core income 177 218 53 448

Other performance metrics:

Loss ratio 60.1 % 67.1 % 59.9 % 63.9 %

Expense ratio 33.2 27.2 32.9 29.8

Dividend ratio 0.3 0.5 0.4

Combined ratio 93.6 % 94.8 % 92.8 % 94.1 %

Effect of catastrophe impacts 4.2 1.4 2.4

Underlying combined ratio 93.6 % 90.6 % 91.4 % 91.7 %

Underlying loss ratio 60.1 % 62.9 % 58.5 % 61.5 %

Rate 3 % 5 % (4)% 3 %

Renewal premium change 4 6 (1) 5

Retention 86 81 86 83

New business $ 122 $ 420 $ 103 $ 645

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Six Months Ended June 30, 2026 Specialty

International

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Net earned premiums 1,730 2,853 671 5,254

Underwriting gain (loss) (24) (49) 14 (59)

Underwriting gain 8 1 24 33

Net investment income 313 436 87 836

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New business $ 302 $ 815 $ 182 $ 1,299

Three Months Ended March 31, 2025

Six Months Ended June 30, 2025

Net written premiums $ 1,734 $ 3,061 $ 657 $ 5,452

Net earned premiums 1,692 2,782 634 5,108

Underwriting gain (loss) 42 (17) 15 40

Underwriting gain 95 57 38 190

Net investment income 321 383 72 776

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Effect of catastrophe impacts 5.2 2.5 3.1

Effect of favorable development-related items 1.3 3.8 2.5

Effect of unfavorable development-related items 0.6 1.9 1.2

Underlying combined ratio 93.7 % 90.8 % 91.5 % 92.0 %

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New business $ 234 $ 790 $ 186 $ 1,210

Net written premiums for Specialty decreased $8 million for the three months ended March 31, 2026 as compared with the comparable 2025 period driven by lower retention partially offset by rate and new business.

The increase in net earned premiums for the three months ended March 31, 2026 was consistent with the trend in net written premiums in recent quarters for Specialty.

Net written premiums for Commercial decreased $18 million for the three months ended March 31, 2026 as compared with the comparable 2025 period driven by lower retention.

The increase in net earned premiums for the three months ended March 31, 2026 was consistent with the trend in net written premiums in recent quarters for Commercial.

Net written premiums for International increased $42 million for the three months ended March 31, 2026 as compared with the comparable 2025 period.

Excluding the effect of foreign currency exchange rates, net written premiums increased $19 million for the three months ended March 31, 2026 as compared with the comparable 2025 period driven by timing of reinsurance costs, partially offset by lower rate.

The increase in net earned premiums for the three months ended March 31, 2026 was consistent with the trend in net written premiums for International.

Core income for Property & Casualty Operations decreased $63 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income.

Catastrophe losses for Property & Casualty Operations were $88 million and catastrophe-related reinsurance reinstatement premiums were $9 million for the three months ended March 31, 2026 driven by severe weather related events.

Catastrophe losses were $97 million for the comparable 2025 period, 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.

For the three months ended March 31, 2026 and 2025, Specialty had no catastrophe losses, Commercial had catastrophe losses of $84 million and $86 million and International had catastrophe losses of $4 million and $11 million.

The three months ended March 31, 2026 also includes $9 million of catastrophe-related reinsurance reinstatement premiums for Commercial.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $100 million and $61 million was recorded for the three months ended March 31, 2026 and 2025.

For the three months ended March 31, 2026 and 2025, Specialty recorded unfavorable net prior year loss reserve development of $45 million and $10 million, Commercial recorded unfavorable net prior year loss reserve development of $55 million and $51 million and International recorded no net prior year loss reserve development.

Three Months Ended June 30, 2026 Compared to the Comparable 2025 Period

Net written premiums for Specialty increased $45 million for the three months ended June 30, 2026 as compared with the comparable 2025 period driven by higher new business and rate.

The increase in net earned premiums for the three months ended June 30, 2026 was consistent with the trend in net written premiums for Specialty.

Net written premiums for Commercial increased $80 million for the three months ended June 30, 2026 as compared with the comparable 2025 period driven by favorable renewal premium change and higher new business.

The increase in net earned premiums for the three months ended June 30, 2026 was consistent with the trend in net written premiums for Commercial.

Net written premiums for International decreased $6 million for the three months ended June 30, 2026 as compared with the comparable 2025 period.

Excluding the effect of foreign currency exchange rates, net written premiums decreased $11

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million for the three months ended June 30, 2026 as compared with the comparable 2025 period driven by lower rate and timing of reinsurance costs, partially offset by higher retention.

The increase in net earned premiums for the three months ended June 30, 2026 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations decreased $22 million for the three months ended June 30, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results, partially offset by higher net investment income.

Catastrophe losses for Property & Casualty Operations were $60 million and $62 million for the three months ended June 30, 2026 and 2025 driven by severe weather related events.

There were no catastrophe-related reinsurance reinstatement premiums for the three months ended June 30, 2026 or 2025.

For the three months ended June 30, 2026 and 2025, Specialty had no catastrophe losses, Commercial had catastrophe losses of $53 million and $57 million and International had catastrophe losses of $7 million and $5 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $6 million and $4 million was recorded for the three months ended June 30, 2026 and 2025.

For the three months ended June 30, 2026 and 2025, Specialty recorded favorable net prior year loss reserve development of $1 million and no net prior year loss reserve development, Commercial recorded favorable net prior year loss reserve development of $5 million and $4 million and International recorded no net prior year loss reserve development.

Further information on net prior year loss reserve development is included in Note 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 7.6 points for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to a 7.3 point increase in the loss ratio.

The increase in the loss ratio was due to higher unfavorable net prior year loss reserve development driven by CNA’s professional errors and omissions (“E&O”) business in recent accident years and an increase in the underlying loss ratio driven by loss cost trends exceeding rate for certain lines in recent quarters.

Specialty’s combined ratio increased 2.9 points for the three months ended June 30, 2026 as compared with the comparable 2025 period primarily due to a 2.7 point increase in the loss ratio.

The increase in the loss ratio reflected a higher underlying loss ratio across various lines.

The expense ratio was generally consistent with the comparable 2025 period.

Commercial’s combined ratio increased 2.4 points for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to a 3.2 point increase in the loss ratio partially offset by a 0.9 point improvement in the expense ratio.

The increase in the loss ratio was driven by a higher underlying loss ratio in excess casualty and workers’ compensation.

Commercial’s combined ratio increased 1.7 points for the three months ended June 30, 2026 as compared with the comparable 2025 period primarily due to a 2.4 point increase in the loss ratio partially offset by a 0.6 point improvement in the expense ratio.

The increase in the loss ratio was primarily driven by a higher underlying loss ratio in excess casualty and workers’ compensation.

The improvement in the expense ratio was primarily driven by a lower acquisition ratio.

The effect of catastrophe impacts on the loss ratio was 6.4 points for the three months ended March 31, 2026 as compared with 6.3 points for the comparable 2025 period.

International’s combined ratio increased 0.5 points for the three months ended March 31, 2026 as compared with the comparable 2025 period due to a 1.6 point increase in the expense ratio, partially offset by a 1.1 point improvement in the loss ratio.

The increase in the expense ratio was primarily driven by higher employee related costs and acquisition costs partially offset by higher net earned premiums.

The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 1.2 points of the loss ratio for the three months ended March 31, 2026 as compared with 3.6 points of the loss ratio for the comparable 2025 period, partially offset by an increase in the underlying loss ratio driven by continued pricing pressure.

Catastrophe losses were 3.7 points of the loss ratio for the three months ended June 30, 2026 as compared with 4.2 points of the loss ratio for the comparable 2025 period.

International’s combined ratio increased 4.1 points for the three months ended June 30, 2026 as compared with the comparable 2025 period due to a 2.1 point increase in the loss ratio and a 2.0 point increase in the expense ratio.

The increase in the loss ratio was due to an increase in the underlying loss ratio across most lines and higher catastrophe losses, which were 2.2 points of the loss ratio for the three months ended June 30, 2026 as compared with 1.4 points of the loss ratio for the comparable 2025 period.

The increase in the expense ratio was primarily driven by continued investments in talent and technology and higher acquisition costs, partially offset by higher net earned premiums.

Six Months Ended June 30, 2026 Compared to the Comparable 2025 Period

Net written premiums for Specialty increased $37 million for the six months ended June 30, 2026 as compared with the comparable 2025 period driven by higher new business and rate partially offset by lower retention.

The increase in net earned premiums for the six months ended June 30, 2026 was consistent with the trend in net written premiums for Specialty.

Net written premiums for Commercial increased $62 million for the six months ended June 30, 2026 as compared with the comparable 2025 period driven by rate and higher new business.

The increase in net earned premiums for the six months ended June 30, 2026 was consistent with the trend in net written premiums for Commercial.

Net written premiums for International increased $36 million for the six months ended June 30, 2026 as compared with the comparable 2025 period.

Excluding the effect of foreign currency exchange rates, net written premiums increased $8 million for the six months ended June 30, 2026 as compared with the comparable 2025 period driven by higher retention, partially offset by lower rate.

The increase in net earned premiums for the six months ended June 30, 2026 was consistent with the trend in net written premiums for International.

Core income for Property & Casualty Operations decreased $85 million for the six months ended June 30, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results and unfavorable net prior year loss reserve development partially offset by higher net investment income.

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Catastrophe losses for Property & Casualty Operations were $148 million and catastrophe-related reinsurance reinstatement premiums were $9 million for the six months ended June 30, 2026 driven by severe weather related events.

Catastrophe losses were $159 million for the six months ended June 30, 2025 driven by severe weather related events.

There were no catastrophe-related reinsurance reinstatement premiums for the six months ended June 30, 2025.

For the six months ended June 30, 2026 and 2025, Specialty had no catastrophe losses, Commercial had catastrophe losses of $137 million and $143 million and International had catastrophe losses of $11 million and $16 million.

The six months ended June 30, 2026 also includes $9 million of catastrophe-related reinsurance reinstatement premiums for Commercial.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $94 million and $57 million was recorded for the six months ended June 30, 2026 and 2025.

For the six months ended June 30, 2026 and 2025, Specialty recorded unfavorable net prior year loss reserve development of $44 million and $10 million, Commercial recorded unfavorable net prior year loss reserve development of $50 million and $47 million and International recorded no net prior year loss reserve development.

Further information on net prior year loss reserve development is included in Note 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 5.2 points for the six months ended June 30, 2026 as compared with the comparable 2025 period primarily due to a 5.0 point increase in the loss ratio.

The increase in the loss ratio reflected both a higher underlying loss ratio across various lines and higher unfavorable net prior year loss reserve development.

The expense ratio was generally consistent with the comparable 2025 period.

Commercial’s combined ratio increased 2.0 points for the six months ended June 30, 2026 as compared with the comparable 2025 period due to a 2.8 point increase in the loss ratio partially offset by a 0.8 point improvement in the expense ratio.

The increase in the loss ratio was primarily driven by a higher underlying loss ratio in excess casualty and workers’ compensation.

The improvement in the expense ratio was primarily driven by a lower acquisition ratio.

The effect of catastrophe impacts on the loss ratio was 5.1 points for the six months ended June 30, 2026 as compared with 5.2 points for the comparable 2025 period.

International’s combined ratio increased 2.4 points for the six months ended June 30, 2026 as compared with the comparable 2025 period due to a 1.9 point increase in the expense ratio and a 0.5 point increase in the loss ratio.

The increase in the expense ratio was primarily driven by continued investments in talent and technology and higher acquisition costs, partially offset by higher net earned premiums.

The increase in the loss ratio was due to an increase in the underlying loss ratio across most lines partially offset by lower catastrophe losses, which were 1.7 points of the loss ratio for the six months ended June 30, 2026 as compared with 2.5 points of the loss ratio for the comparable 2025 period.

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Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the three months ended March 31, 2026 and 2025.

Three Months Ended March 31 2026 2025

The following table summarizes the results of CNA’s Other Insurance Operations for the three and six months ended June 30, 2026 and 2025.

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In millions)

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Core loss (102) (113) (125) (143)

Core results for Other Insurance Operations improved $7 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to no net prior year loss reserve development in the current year as compared with a $17 million after-tax charge in 2025 related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves.

Core loss also includes amortization of the deferred gain related to the asbestos and environmental pollution (“A&EP”) loss portfolio transfer (“LPT”).

Three Months Ended June 30, 2026 Compared to the Comparable 2025 Period

Core results for Other Insurance Operations improved $11 million for the three months ended June 30, 2026 as compared with the comparable 2025 period.

The current quarter includes a $77 million after-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves as compared with an $88 million after-tax charge in 2025.

The current quarter also includes an increase of $13 million after-tax associated with the amortization of the deferred gain related to the asbestos and environmental pollution (“A&EP”) loss portfolio transfer (“LPT”) as compared with the comparable 2025 period.

Further information on the net prior year loss reserve development and the A&EP LPT is included in Note 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Long-term care results for the three months ended March 31, 2026 reflect unfavorable morbidity partially offset by favorable persistency.

Long-term care results for the comparable 2025 period reflected favorable persistency.

These improvements were partially offset by lower net investment income for the three months ended June 30, 2026 as compared with the comparable 2025 period.

Six Months Ended June 30, 2026 Compared to the Comparable 2025 Period

Core results for Other Insurance Operations improved $18 million for the six months ended June 30, 2026 as compared with the comparable 2025 period.

The current period includes a $77 million after-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves as compared with a $106 million after-tax charge in 2025.

The current period also includes an increase of $17 million after-tax associated with the amortization of the deferred gain related to the A&EP LPT as compared with the comparable 2025 period.

These improvements were partially offset by lower net investment income for the six months ended June 30, 2026 as compared with the comparable 2025 period.

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Boardwalk Pipelines

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Through the date of this filing, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.5 billion cubic feet per day (“Bcf/d”) and its storage working gas capacity by 10 Bcf at an expected aggregate cost of approximately $3.4 billion and are scheduled to be completed through 2030.

As of March 31, 2026, Boardwalk Pipelines has spent $245 million on these growth projects.

Through June 30, 2026, Boardwalk Pipelines has spent $381 million on these growth projects.

These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits and are subject to construction risk.

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Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 for project descriptions and additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.

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Boardwalk Pipelines’ more significant growth projects are listed below:

Expected in-service date Expected incremental capacity added to system

Eunice - Iowa (a) Third quarter 2026 0.1

Eunice - Iowa (a) September 2026 0.1

Carnation Project (b) Fourth quarter 2027 0.2

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Southeast Compression for Utility Reliability Expansion Project (c) First half 2028 0.3

Parks Line Upgrade and Sorrento Station Project (d) First half 2028 0.2

Parks Line Upgrade and Sorrento Station Project (a) First half 2028 0.2

Texas Gateway Project (c) Second half 2029 1.8

Petal Gas Storage Expansion (e) Second half 2030 (e)

(a) This project has received approval from the Federal Energy Regulatory Commission (“FERC”) and is in construction.

Petal Gas Storage Expansion (d) Second half 2030 (d)

(a) These projects have received approval from the Federal Energy Regulatory Commission (“FERC”) and construction has commenced.

(b) This project remains subject to FERC approval and receipt of environmental permits and authorizations.

(c) These projects remain subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations.

(d) This project received FERC approval in December 2025 and is expected to start construction in the first half of 2026.

(e) This project remains subject to FERC approval and is expected to add 10 Bcf of storage working gas capacity.

(d) This project remains subject to FERC approval and is expected to add 10 Bcf of storage working gas capacity.

Refer to Current Growth Projects in Part I, Item 1.

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Boardwalk Pipelines operates in the midstream portion of the natural gas and natural gas liquids, olefins and other hydrocarbons industry, providing transportation and storage for those commodities.

Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas.

Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas and marketing of natural gas and related services throughout the United States of America (“U.S.”).

A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors as discussed in our Annual Report on Form 10-K for the year ended December 31, 2025.

The pricing contained in the purchase and sales agreements associated with Boardwalk Pipelines’ ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee.

As a result, except for possible timing differences that may occur when volumes are purchased in one month and sold in another month, Boardwalk Pipelines’ ethane supply services, like its other businesses, has little to no direct commodity price exposure.

For further information on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.

Boardwalk Pipelines’

operation and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, pipeline integrity maintenance regulations and its efforts to monitor, control and reduce emissions, as further discussed in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.

The following table summarizes the results of operations for Boardwalk Pipelines for the three months ended March 31, 2026 and 2025, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Boardwalk Pipelines’ operation and maintenance expenses are impacted by its

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compliance with the requirements of, among other regulations, pipeline integrity maintenance regulations and its efforts to monitor, control and reduce emissions, as further discussed in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.

The following table summarizes the results of operations for Boardwalk Pipelines for the three and six months ended June 30, 2026 and 2025, as presented in Note 13 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Boardwalk Pipelines also utilizes a non-GAAP measure, earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) as a financial measure to assess its operating and financial performance and return on invested capital.

Management believes some investors may find this measure useful in evaluating Boardwalk Pipelines’ performance as EBITDA is a commonly used metric within the midstream industry.

Three Months Ended March 31 2026 2025

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In millions)

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EBITDA $ 279 $ 274 $ 639 $ 620

Net income attributable to Loews Corporation and EBITDA increased $7 million and $14 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to the reasons discussed below.

Total revenues increased $9 million for the three months ended March 31, 2026 as compared with the comparable 2025 period.

Transportation revenues for the natural gas business increased $8 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates, recently completed growth projects and higher utilization-based revenue.

Transportation revenues for the natural gas liquids business increased by $7 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher volumes.

Storage and parking and lending (“PAL”) revenues for the natural gas business increased by $15 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to favorable market conditions which allowed for contracting at higher rates.

In the natural gas liquids business, ethane product sales decreased by $33 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to lower volumes, partially offset by higher propane and ethylene product sales of $7 million.

Operating and other expenses decreased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily from lower product costs of $30 million related to lower ethane product sales, partially offset by increased product costs of $15 million related to higher propane and ethylene sales.

These decreases were partially offset by increased general and administrative costs of $5 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher employee-related and outside services costs and increased depreciation and amortization expense of $5 million.

Interest expenses increased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period due to the pre-financing of a June 2026 debt maturity that was redeemed in March 2026.

Three Months Ended June 30, 2026 Compared to the Comparable 2025 Period

Net income attributable to Loews Corporation and EBITDA increased $12 million and $5 million for the three months ended June 30, 2026 as compared with the comparable 2025 period.

Total revenues increased $39 million for the three months ended June 30, 2026 as compared with the comparable 2025 period.

Transportation revenues for the natural gas business increased $14 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates and growth project revenues.

Product sales revenue increased $22 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to additional product sales of $18 million from the Boardwalk Continuum Marketing, LLC (“Continuum”) acquisition and increased propane and ethylene product sales of $12 million, partially offset by lower ethane product sales of $7 million.

Operating and other expenses increased $27 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to increased general and administrative costs of $18 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily from higher employee-related costs due to an increase in employees due to Boardwalk Pipelines’ growth, including new employees from the Continuum acquisition, higher outside service costs and Continuum related transaction costs, partially offset by lower depreciation expense.

Costs associated with service revenues increased $9 million primarily due to a storage gas loss adjustment.

Costs associated with product sales increased $8 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to additional product costs from the Continuum acquisition and higher propane and ethylene product costs of $2 million, partially offset by lower product costs of $9 million related to lower ethane product sales.

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Six Months Ended June 30, 2026 Compared to the Comparable 2025 Period

Net income attributable to Loews Corporation and EBITDA each increased $19 million for the six months ended June 30, 2026 as compared with the comparable 2025 period.

Total revenues increased $48 million for the six months ended June 30, 2026 as compared with the comparable 2025 period.

Transportation revenues for the natural gas business increased $22 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates and higher utilization-based and growth project revenues.

Transportation revenues for the natural gas liquids business increased by $7 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher volumes transported.

Storage and parking and lending (“PAL”) revenues for the natural gas business increased by $17 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to favorable market conditions which allowed for contracting at higher rates.

Product sales decreased by $7 million for the six months ended June 30, 2026 as compared with the comparable 2025 period primarily due to ethane product sales, which decreased by $40 million primarily due to lower volumes, partially offset by higher propane and ethylene product sales of $18 million and product sales revenues of $18 million from the Continuum acquisition.

Operating and other expenses increased $23 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to increased general and administrative costs of $23 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily from higher employee-related costs due to an increase in employees due to Boardwalk Pipelines’ growth, including new employees from the Continuum acquisition, higher outside service costs and Continuum related transaction costs.

Costs associated with service revenues increased $9 million primarily due to a storage gas loss adjustment.

These increases were partially offset by a $7 million decrease in costs associated with product sales, which includes lower product costs of $38 million related to lower ethane product sales, partially offset by increased product costs of $18 million related to higher propane and ethylene sales.

Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three months ended March 31, 2026 and 2025:

Three Months Ended March 31 2026 2025

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three and six months ended June 30, 2026 and 2025:

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In millions)

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Depreciation and amortization

112 120 223 226

$ 279 $ 274 $ 639 $ 620

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Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three months ended March 31, 2026 and 2025, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Three Months Ended March 31 2026 2025

The following table summarizes the results of operations for Loews Hotels & Co for the three and six months ended June 30, 2026 and 2025, as presented in Note 13 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In millions)

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Net income attributable to Loews Corporation $ 48 $ 28 $ 74 $ 28

Net income attributable to Loews Corporation increased $26 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to higher equity income from joint ventures, driven mainly by the Universal Orlando Resort joint ventures, and the other factors discussed below.

Operating revenues increased by $7 million and operating and other expenses increased by $2 million for the three months ended March 31, 2026 as compared with the comparable 2025 period.

The increas e in operating revenues was primarily due to a higher overall average daily rate and higher food and beverage revenues.

Net income attributable to Loews Corporation increased $20 million and $46 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 periods.

Operating revenues increased by $23 million and $30 million and operating and other expenses increased by $5 million and $7 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 periods.

The increas e in operating revenues was primarily due to a higher overall average daily rate and an increase in the number of occupied room nights across most of its portfolio, particularly at the Loews Miami Beach Hotel following the conclusion of its renovation, as well as higher food and beverage revenues.

The increase in operating and other expenses was from higher hotel operating costs in support of the higher operating revenues.

Equity income from joint ventures increased $38 million for the three months ended March 31, 2026 as comp ared with the comparable 2025 period.

The increase was driven by growth in the overall average daily rate and an increase in both the

number of available and the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened in 2025.

Equity income from joint ventures for the three months ended March 31, 2025 was impacted by an impairment charge recorded at a joint venture hotel that reduced Loews Hotels & Co’s equity income by $9 million and the reduction in distributions for one joint venture property due to property improvement costs.

Equity income from joint ventures increased $12 million and $50 million for the three and six months ended June 30, 2026 as comp ared with the comparable 2025 periods.

The increase was driven by growth in the overall average daily rate and an increase in both the number of available and the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened in 2025.

Equity income from joint ventures in the first quarter of 2025 was impacted by an impairment charge recorded at a joint venture hotel that reduced Loews Hotels & Co’s equity income by $9 million and the reduction in distributions for one joint venture property due to property improvement costs.

Depreciation and amortization expense increased $3 million and $5 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 pe riods driven by new assets placed into service from property renovations at certain hotels, as well as accelerated depreciation of assets replaced by those renovations.

Interest expense decreased $3 million and $4 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 perio ds primarily due to lower interest costs on certain debt refinanced in 2025, partially offset by lower capitalized interest on projects under development .

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Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company.

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Corporate also includes the equity method of accounting for Altium Packaging and intercompany eliminations.

The following table summarizes the results of operations for Corporate for the three months ended March 31, 2026 and 2025 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:

Three Months Ended March 31 2026 2025

The following table summarizes the results of operations for Corporate for the three and six months ended June 30, 2026 and 2025 as presented in Note 13 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In millions)

Net investment loss $ (5)

Net investment income $ 55 $ 47 $ 50 47

Intercompany eliminations (2) (4)

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Interest 19 18 41 36

Loss before income tax (52) (41)

Income tax benefit 10 7

Net loss attributable to Loews Corporation $ (42) $ (34)

Net loss attributable to Loews Corporation in creased $8 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to the reasons discussed below.

Net investment results for the Parent Company decreased $5 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to lower results from the trading portfolio.

Interest expense increased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, due to the issuance in February of 2026 of the Parent Company’s $500 million aggregate principal amount of 4.9% senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $500 million aggregate principal amount of our 3.8% senior notes due April 1, 2026.

Total 48 44 93 85

Income (loss) before income tax 5 3 (47) (38)

Income tax (expense) benefit (3) (2) 7 5

Net income (loss) attributable to Loews Corporation $ 2 $ 1 $ (40) $ (33)

Net income attributable to Loews Corporation in creased $1 million for the three months ended June 30, 2026 and n et loss attributable to Loews Corporation in creased $7 million for the six months ended June 30, 2026 as compared with the comparable 2025 periods .

Net investment income for the Parent Company in creased $8 million and $3 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 periods, primarily due to improved results from the trading portfolio.

Equity method loss was $14 million and $21 million for the three and six months ended June 30, 2026, compared with $11 million and $18 million for the comparable 2025 periods.

The losses in the current periods primarily reflect the timing impact of higher resin costs at Altium Packaging, as customer price adjustments are implemented prospectively and generally offset the higher resin costs over time.

Interest expense increased $1 million and $5 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 periods, due to the issuance in February of 2026 of the Parent Company’s $500 million aggregate principal amount of 4.9% senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $500 million aggregate principal amount of our 3.8% senior notes due April 1, 2026.

LIQUIDITY AND CAPITAL RESOURCES

Parent Company

Parent Company cash and investments, net of receivables and payables, totaled $4.5 billion at March 31, 2026 as compared to $3.9 billion at December 31, 2025.

During the three months ended March 31, 2026 , we received $691 million in cash dividends and distributions from our subsidiaries:

Parent Company cash and investments, net of receivables and payables, totaled $4.4 billion at June 30, 2026 as compared to $3.9 billion at December 31, 2025.

During the six months ended June 30, 2026 , we received $885 million in cash dividends and distributions from our subsidiaries:

$735 million from CNA, including a special cash dividend of $497 million, and $150 million from Boardwalk Pipelines.

Cash outflows during the three months ended March 31, 2026 included the payment of $31 million to fund treasury stock purchases and $13 million of cash dividends to our shareholders .

As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations.

Cash outflows during the six months ended June 30, 2026 included the payment of $185 million to fund treasury stock purchases and $26 million of cash dividends to our shareholders .

As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our

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We also have an effective shelf registration statement on file with the Securities and Exchange Commission (“SEC”) under which we may publicly issue an unspecified amount of our debt, equity or hybrid securities from time to time.

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Depending on market and other conditions, we may purchase shares of our and our subsidiaries’ outstanding common stock in the open market (including, with respect to our common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise.

During the three months ended March 31, 2026, we purchased 0.3 million shares of Loews Corporation common stock for $31 million .

As of May 1, 2026, there were 205,768,873 shares of Loews Corporation common stock outstanding.

During the six months ended June 30, 2026, we purchased 1.7 million shares of Loews Corporation common stock for $177 million .

As of July 31, 2026, there were 204,427,720 shares of Loews Corporation common stock outstanding.

Future uses of our cash may include purchases of our and our subsidiaries’ outstanding common stock, dividends, investing in our subsidiaries and/or to make opportunistic investments.

The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition and business needs.

CNA’s cash provided by operating activities was $393 million for the three months ended March 31, 2026 as compared with $638 million for the comparable 2025 period.

The decrease in cash provided by operating activities was impacted by payments related to specific reinsurance treaties, which occurred during the first quarter of 2026, with such similar amounts paid in the second quarter of 2025.

In addition, the decrease quarter over quarter was attributable to an increase in net claim payments, partially offset by increased investment earnings.

CNA paid cash dividends of $2.48 per share on its common stock, including a special cash dividend of $2.00 per share, during the three months ended March 31, 2026.

On May 1, 2026 , CNA’s Board of Directors declared a quarterly cash dividend of $0.48 per share, payable June 4, 2026 to shareholders of record on May 18, 2026 .

CNA’s cash provided by operating activities was $1.0 billion for the six months ended June 30, 2026 as compared with $1.2 billion for the comparable 2025 period.

The decrease in cash provided by operating activities was driven by an increase in net claim payments partially offset by an increase in premiums collected.

CNA paid cash dividends of $2.96 per share on its common stock, including a special cash dividend of $2.00 per share, during the six months ended June 30, 2026.

On July 31, 2026 , CNA’s Board of Directors declared a quarterly cash dividend of $0.48 per share, payable September 3, 2026 to shareholders of record on August 17, 2026 .

CNA’s declaration and payment of future dividends is at the discretion of its Board of Directors and will depend on many factors, including CNA’s earnings, financial condition, business needs and regulatory constraints.

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Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus.

As of March 31, 2026, CCC was in a positive earned surplus position.

CCC paid dividends of $585 million and $440 million during the three months ended March 31, 2026 and 2025.

As of June 30, 2026, CCC was in a positive earned surplus position.

CCC paid dividends of $725 million and $610 million during the six months ended June 30, 2026 and 2025.

The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.

Boardwalk Pipelines’ cash provided by operating activities was $246 million for the three months ended March 31, 2026 as compared with $244 million for the comparable 2025 period.

Boardwalk Pipelines’ cash provided by operating activities was $541 million for the six months ended June 30, 2026 as compared with $542 million for the comparable 2025 period.

As described in Current Growth Projects above, Boardwalk Pipelines is currently engaged in growth projects for which it has executed precedent or long-term firm transportation agreements.

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this cost is expected to be spent through 2030.

As of March 31, 2026, Boardwalk Pipelines has spent $245 million on these growth projects.

Through June 30, 2026, Boardwalk Pipelines has spent $381 million on these growth projects.

The majority of the capital expenditures for each of these projects is expected to be spent upon receiving FERC approval to begin construction, which is generally 12-18 months prior to the project’s expected in-service date.

Boardwalk Pipelines is also evaluating additional growth projects involving substantial capital commitments.

Boardwalk Pipelines expects to finance its growth projects through a combination of operating cash flows and the issuance of long-term debt, including borrowings under its revolving credit facility.

Boardwalk Pipelines expects to finance its growth projects through a combination of operating cash flows, the issuance of long-term debt and borrowings under its revolving credit facility.

Boardwalk Pipelines’ cost and timing estimates for its growth projects are subject to a variety of risks and uncertainties, and are based on the factors described in Boardwalk Pipelines:

Current Growth Projects in this MD&A.

Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates.

Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from

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its estimates.

Refer to Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.

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Boardwalk Pipelines considers capital expenditures associated with the modification or enhancement of existing assets in the context of a growth project to be growth capital to the extent that the modification would not have been made in the absence of the growth project without regard to the condition of the existing assets.

For the three months ended March 31, 2026 and 2025, Boardwalk Pipelines’ capital expenditures were $144 million and $52 million, consisting of growth capital expenditures of $110 million and $16 million and maintenance capital expenditures of $34 million and $36 million.

Additionally, as of March 31, 2026 , Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $467 million, which are expected to be settled through 2028.

As of March 31, 2026, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility and had the full borrowing capacity of $1.0 billion available.

During the first quarter 2026, Boardwalk Pipelines filed a $3.5 billion shelf registration statement with the SEC, under which it may publicly issue debt securities, warrants or rights from time to time, which was declared effective on March 19, 2026.

For the six months ended June 30, 2026 and 2025, Boardwalk Pipelines’ capital expenditures were $344 million and $122 million, consisting of growth capital expenditures of $269 million and $51 million and maintenance capital expenditures of $75 million and $71 million.

Additionally, as of June 30, 2026 , Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $626 million, which are expected to be settled through 2028.

As of June 30, 2026, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility.

As of June 30, 2026, Boardwalk Pipelines had $16 million in outstanding letters of credit under its revolving credit facility, which reduced the available borrowing capacity to $984 million.

As of June 30, 2026, Boardwalk Pipelines has an effective shelf registration statement on file with the SEC, under which it may publicly issue up to $3.5 billion of debt securities, warrants or rights from time to time.

O n March 1, 2026, Boardwalk Pipelines redeemed the outstanding $550 million aggregate principal amount of its 6.0% senior notes due June 1, 2026 at a redemption price equal to par plus unpaid and accrued interest.

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Boardwalk Pipelines believes that its existing capital resources, including its cash and cash equivalents, revolving credit facility and cash flows from operating activities, will be adequate to fund its anticipated obligations over the next twelve months.

During the three months ended March 31, 2026 , Boardwalk Pipelines paid a distribution of $75 million to the Company.

On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.), a business engaged in natural gas marketing activities, for $215 million in cash, subject to customary purchase price adjustments.

The acquisition is expected to broaden Boardwalk Pipelines’ marketing capabilities and customer reach.

Loews Hotels & Co, through its subsidiaries, has loans, principally mortgage loans, all of which mature beyond twelve months as of March 31, 2026, which it may refinance before they mature.

During the six months ended June 30, 2026 , Boardwalk Pipelines paid distributions of $150 million to the Company.

On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.) for $212 million.

Spire Marketing LLC (now known as Continuum) is engaged in the marketing of natural gas and related services throughout the U.S.

As of June 30, 2026, Loews Hotels & Co believes that its existing capital resources, including its cash and cash equivalents and cash flows from operating activities, will be adequate to fund its anticipated obligations over the next twelve months.

Refinancing any indebtedness, including loans of unconsolidated joint venture partnerships, may require Loews Hotels & Co to make principal pay downs, establish restricted cash reserves or provide guaranties of the subsidiary’s debt.

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Collateral is occasionally required from derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty.

CNA maintains a large portfolio of fixed maturity and equity securities, including large amounts of corporate and government issued debt securities, residential and commercial mortgage-backed securities, other asset-backed securities and investments in limited partnerships which pursue a variety of long and short investment strategies across a broad array of asset classes.

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and investments in limited partnerships which pursue a variety of long and short investment strategies across a broad array of asset classes.

CNA’s investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an important part of CNA’s overall profitability.

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Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.

Three Months Ended March 31 2026 2025

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In millions)

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Limited partnership and common stock return for the period 4.3 % 3.6 % 5.7 % 5.7 %

CNA’s net investment income increased $6 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates partially offset by lower common stock returns.

CNA’s net investment income increased $39 million and $45 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 periods, driven by higher limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.

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Investment Gains (Losses)

The components of CNA’s investment gains (losses) are presented in the following table:

Three Months Ended March 31 2026 2025

Three Months Ended Six Months Ended

June 30, June 30,

2026 2025 2026 2025

(In millions)

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Non-redeemable preferred stock 3 6 (1) 6

Derivatives, short-term and other (4) (4)

Total investment losses (5) (46) (23) (55)

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Investment losses attributable to Loews Corporation $ (3) $ (34) $ (16) $ (40)

CNA’s pretax investment losses increased $9 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, driven by higher impairment losses and the unfavorable change in fair value of non-redeemable preferred stock.

CNA’s pretax investment losses decreased $41 million and $32 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 period, driven by lower net losses on disposals of fixed maturity securities and lower impairment losses.

Further information on CNA’s investment gains and losses is set forth in Note 3 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

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The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution:

March 31, 2026

June 30, 2026

December 31, 2025

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Total $ 43,882 $ (1,513) $ 43,402 $ (1,197)

As of March 31, 2026 and December 31, 2025, 1% of CNA’s fixed maturity portfolio was rated internally.

Additionally, as of March 31, 2026 and December 31, 2025, CNA assigned an AAA rating to $688 million and $661 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S.

As of June 30, 2026 and December 31, 2025, 1% of CNA’s fixed maturity portfolio was rated internally.

Additionally, as of June 30, 2026 and December 31, 2025, CNA assigned an AAA rating to $714 million and $661 million of municipal

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bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S.

government agency or sponsored enterprise.

The following table presents CNA’s available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution:

March 31, 2026

June 30, 2026

Estimated Fair Value

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Securities not due to mature on a single date are allocated based on weighted average life:

March 31, 2026

June 30, 2026

Estimated Fair Value

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Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.

March 31, 2026

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June 30, 2026

December 31, 2025

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Total $ 46,096 6.4 $ 46,300 6.3

The effective duration of investments supporting Life & Group liabilities at June 30, 2026 lengthened as compared with December 31, 2025, reflecting repositioning to capitalize on higher rates and reduce reinvestment risk.

CNA’s investment portfolio is periodically analyzed for changes in duration and related price risk.

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A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures about Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025.

CATASTROPHES AND RELATED REINSURANCE

Various events can cause catastrophe losses.

These events can be natural or man-made, including hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires, floods, riots, strikes, civil unrest, cyber attacks, pandemics and acts of terrorism that produce unusually large aggregate losses.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in CNA’s results of operations and/or equity.

CNA uses various analyses and methods, including using one of the industry standard natural catastrophe models, to estimate hurricane and earthquake losses at various return periods and to inform underwriting and reinsurance decisions designed to manage its exposure to catastrophic events.

CNA also generally seeks to manage its exposure through the purchase of catastrophe reinsurance and utilizes various reinsurance programs to mitigate catastrophe losses, including excess-of-loss treaties covering property and workers’ compensation, a property quota share treaty and the Terrorism Risk Insurance Program Reauthorization Act of 2019 (“TRIPRA”), as well as individual risk agreements that reinsure from losses from specific classes or lines of business.

CNA regularly reviews its risk and catastrophe reinsurance coverages and from time to time makes changes as it deems appropriate.

In the second quarter of 2026, CNA renewed its excess-of-loss property catastrophe reinsurance as described below.

Group North American Property Treaty

CNA purchased corporate catastrophe excess-of-loss treaty reinsurance covering its U.S.

states and territories and Canadian property exposures underwritten in its North American and European companies.

The treaty has a term of June 1, 2026 to June 1, 2027 and provides coverage for the accumulation of covered losses from catastrophe occurrences above CNA’s per occurrence retention of $300 million up to $1.5 billion for all losses.

Losses stemming from terrorism events are covered unless they are due to a nuclear, biological, chemical or radiation event.

All layers of the treaty provide for one full reinstatement.

CRITICAL ACCOUNTING ESTIMATES

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See the Critical Accounting Estimates and the Insurance Reserves sections of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025 for further information.

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ACCOUNTING STANDARDS UPDATE

For a discussion of accounting standards updates that have been adopted, please see Note 1 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

For a discussion of accounting standards pending adoption, please see Note 1 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

FORWARD-LOOKING STATEMENTS

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Forward-looking statements speak only as of the date they are made and we and our subsidiaries expressly disclaim any obligation or undertaking to update these statements to reflect any change in expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.

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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.

What changed 10-Q

Item 2. Management’s Discussion and Analysis