Item 1. Financial Statements
Item 1. Financial Statements.
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
June 30, December 31,
2026 2025
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $ 45,697 and $ 45,250 , less allowance for credit loss of $ 63 and $ 69
$ 44,120 $ 43,984
Equity securities, cost of $ 1,309 and $ 1,201
1,333 1,292
Limited partnership investments 2,993 2,861
Other invested assets, primarily mortgage loans, less allowance for credit loss of $ 15 and $ 15
1,156 1,195
Short-term investments 5,598 6,044
Total investments 55,200 55,376
Cash 508 495
Receivables 11,723 10,983
Property, plant and equipment 10,862 10,695
Goodwill 483 349
Deferred non-insurance warranty acquisition expenses 2,981 3,220
Deferred acquisition costs of insurance subsidiaries 1,026 986
Other assets 4,445 4,244
Total assets $ 87,228 $ 86,348
Liabilities and Equity:
Insurance reserves:
Claim and claim adjustment expense $ 27,490 $ 26,599
Future policy benefits 13,262 13,448
Unearned premiums 8,035 7,635
Total insurance reserves 48,787 47,682
Payable to brokers 174 53
Short-term debt 22 1,052
Long-term debt 8,914 8,437
Deferred income taxes 848 839
Deferred non-insurance warranty revenue 3,798 4,138
Other liabilities 4,653 4,506
Total liabilities 67,196 66,707
Commitments and contingent liabilities
Preferred stock, $ 0.10 par value:
Authorized – 100,000,000 shares
Common stock, $ 0.01 par value:
Authorized – 1,800,000,000 shares
Issued – 206,066,859 and 206,003,999 shares
2 2
Additional paid-in capital 2,335 2,374
Retained earnings 18,132 17,377
Accumulated other comprehensive loss ( 1,175 ) ( 1,067 )
19,294 18,686
Less treasury stock, at cost ( 1,668,477 and 0 shares)
( 179 ) —
Total shareholders’ equity 19,115 18,686
Noncontrolling interests 917 955
Total equity 20,032 19,641
Total liabilities and equity $ 87,228 $ 86,348
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(In millions, except per share data)
Revenues:
Insurance premiums $ 2,757 $ 2,694 $ 5,456 $ 5,320
Net investment income 761 714 1,374 1,322
Investment losses ( 5 ) ( 46 ) ( 23 ) ( 55 )
Non-insurance warranty revenue 367 398 741 795
Operating revenues and other 854 795 1,741 1,667
Total 4,734 4,555 9,289 9,049
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $ 25 , $ 15 , $ 44 and $ 23 )
2,169 2,085 4,344 4,112
Amortization of deferred acquisition costs 481 469 957 940
Non-insurance warranty expense 356 384 712 769
Operating expenses and other 1,040 989 2,049 1,980
Equity method income ( 27 ) ( 18 ) ( 64 ) ( 17 )
Interest 103 107 216 212
Total 4,122 4,016 8,214 7,996
Income before income tax 612 539 1,075 1,053
Income tax expense ( 141 ) ( 123 ) ( 250 ) ( 245 )
Net income 471 416 825 808
Amounts attributable to noncontrolling interests ( 27 ) ( 25 ) ( 44 ) ( 47 )
Net income attributable to Loews Corporation $ 444 $ 391 $ 781 $ 761
Basic and diluted net income per share $ 2.16 $ 1.87 $ 3.79 $ 3.61
Weighted average shares outstanding:
Shares of common stock 205.50 209.24 205.84 210.84
Dilutive potential shares of common stock 0.07 0.12 0.08 0.13
Total weighted average shares outstanding assuming dilution 205.57 209.36 205.92 210.97
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(In millions)
Net income $ 471 $ 416 $ 825 $ 808
Other comprehensive income (loss), after tax
Changes in:
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
Total unrealized gains (losses) on investments 189 75 ( 243 ) 354
Impact of changes in discount rates used to measure long-duration contract liabilities ( 34 ) ( 3 ) 180 ( 117 )
Unrealized gains (losses) on cash flow hedges 2 ( 3 ) 3 ( 6 )
Pension and postretirement benefits ( 1 ) 1 2
Foreign currency translation ( 22 ) 130 ( 57 ) 167
Other comprehensive income (loss) 134 200 ( 117 ) 400
Comprehensive income 605 616 708 1,208
Amounts attributable to noncontrolling interests ( 38 ) ( 42 ) ( 35 ) ( 81 )
Total comprehensive income attributable to Loews Corporation $ 567 $ 574 $ 673 $ 1,127
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)
Loews Corporation Shareholders
Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury Noncontrolling Interests
(In millions)
Balance, April 1, 2025
$ 18,034 $ 2 $ 2,451 $ 16,821 $ ( 1,685 ) $ ( 398 ) $ 843
Net income 416 391 25
Other comprehensive income 200 183 17
Dividends paid ($ 0.0625 per share)
( 23 ) ( 13 ) ( 10 )
Purchases of Loews Corporation treasury stock ( 253 ) ( 253 )
Stock-based compensation 11 10 1
Other 4 6 ( 1 ) ( 1 )
Balance, June 30, 2025
$ 18,389 $ 2 $ 2,467 $ 17,198 $ ( 1,502 ) $ ( 651 ) $ 875
Balance, April 1, 2026
$ 19,591 $ 2 $ 2,330 $ 17,701 $ ( 1,298 ) $ ( 31 ) $ 887
Net income 471 444 27
Other comprehensive income 134 123 11
Dividends paid ($ 0.0625 per share)
( 24 ) ( 13 ) ( 11 )
Purchases of Loews Corporation treasury stock ( 148 ) ( 148 )
Stock-based compensation 9 6 3
Other ( 1 ) ( 1 )
Balance, June 30, 2026
$ 20,032 $ 2 $ 2,335 $ 18,132 $ ( 1,175 ) $ ( 179 ) $ 917
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Loews Corporation Shareholders
Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury Noncontrolling Interests
(In millions)
Balance, December 31, 2024, as reported
$ 17,937 $ 2 $ 2,490 $ 16,459 $ ( 1,867 ) $ ( 18 ) $ 871
Cumulative effect adjustments from changes in
accounting standards 5 5
Balance, January 1, 2025, as adjusted
17,942 2 2,490 16,464 ( 1,867 ) ( 18 ) 871
Net income 808 761 47
Other comprehensive income 400 366 34
Dividends paid ($ 0.125 per share)
( 91 ) ( 26 ) ( 65 )
Purchase of subsidiary stock from noncontrolling interests ( 34 ) ( 3 ) ( 1 ) ( 30 )
Purchases of Loews Corporation treasury stock ( 633 ) ( 633 )
Stock-based compensation ( 5 ) ( 24 ) 19
Other 2 4 ( 1 ) ( 1 )
Balance, June 30, 2025
$ 18,389 $ 2 $ 2,467 $ 17,198 $ ( 1,502 ) $ ( 651 ) $ 875
Balance, January 1, 2026
$ 19,641 $ 2 $ 2,374 $ 17,377 $ ( 1,067 ) $ — $ 955
Net income 825 781 44
Other comprehensive loss ( 117 ) ( 108 ) ( 9 )
Dividends paid ($ 0.125 per share)
( 92 ) ( 26 ) ( 66 )
Purchase of subsidiary stock from noncontrolling interests ( 36 ) ( 2 ) ( 34 )
Purchases of Loews Corporation treasury stock ( 179 ) ( 179 )
Stock-based compensation ( 9 ) ( 36 ) 27
Other ( 1 ) ( 1 )
Balance, June 30, 2026
$ 20,032 $ 2 $ 2,335 $ 18,132 $ ( 1,175 ) $ ( 179 ) $ 917
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended June 30
2026 2025
(In millions)
Operating Activities:
Net income $ 825 $ 808
Adjustments to reconcile net income to net cash provided by operating activities, net 290 361
Changes in operating assets and liabilities, net:
Receivables ( 594 ) ( 673 )
Deferred acquisition costs ( 43 ) ( 49 )
Insurance reserves 1,442 1,414
Other assets 45 ( 146 )
Other liabilities ( 372 ) 8
Trading securities ( 555 ) 19
Net cash flow provided by operating activities 1,038 1,742
Investing Activities:
Purchases of fixed maturities ( 3,997 ) ( 3,756 )
Proceeds from sales of fixed maturities 1,573 1,497
Proceeds from maturities of fixed maturities 1,633 1,613
Purchases of equity securities ( 322 ) ( 296 )
Proceeds from sales of equity securities 312 261
Purchases of limited partnership investments ( 174 ) ( 280 )
Proceeds from sales of limited partnership investments 101 51
Purchases of property, plant and equipment ( 462 ) ( 232 )
Acquisitions ( 212 )
Change in short-term investments 1,368 163
Other, net 53 ( 34 )
Net cash flow used by investing activities ( 127 ) ( 1,013 )
Financing Activities:
Dividends paid ( 26 ) ( 26 )
Dividends paid to noncontrolling interests ( 66 ) ( 65 )
Purchases of Loews Corporation treasury stock ( 185 ) ( 651 )
Purchases of subsidiary stock from noncontrolling interests ( 36 ) ( 34 )
Principal payments on debt ( 1,051 ) ( 3 )
Issuance of debt 495
Other, net ( 23 ) ( 63 )
Net cash flow used by financing activities ( 892 ) ( 842 )
Effect of foreign exchange rate on cash ( 6 ) 19
Net change in cash 13 ( 94 )
Cash, beginning of period 495 541
Cash, end of period $ 508 $ 447
See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)
1. Basis of Presentation
Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92 % owned subsidiary); transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders. In addition, we own approximately 53 % of Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary accounted for under the equity method of accounting, which is engaged in the manufacture of rigid plastic packaging solutions.
In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of 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. GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Operations. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three 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): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to provide additional disaggregated disclosures related to certain expense categories.
2. Acquisitions
Boardwalk Pipelines
On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.) for $ 212 million. Spire Marketing LLC is engaged in the marketing of natural gas and related services throughout the U.S. 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. Concurrent with the closing, the name of the entity acquired was changed to Boardwalk Continuum Marketing, LLC (“Continuum”).
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. 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. The purchase price allocation is preliminary and is expected to be finalized during 2026.
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3. Investments
Net investment income is as follows:
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(In millions)
Fixed maturity securities $ 552 $ 536 $ 1,095 $ 1,057
Limited partnership investments 99 81 154 137
Short-term investments 11 16 31 35
Equity securities (a) 41 27 37 33
Income from trading portfolio (a) 61 52 59 56
Other 26 28 53 54
Total investment income 790 740 1,429 1,372
Investment expenses ( 29 ) ( 26 ) ( 55 ) ( 50 )
Net investment income $ 761 $ 714 $ 1,374 $ 1,322
(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 )
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Investment gains (losses) are as follows:
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(In millions)
Fixed maturity securities:
Gross gains $ 19 $ 5 $ 25 $ 18
Gross losses ( 27 ) ( 53 ) ( 47 ) ( 75 )
Investment losses on fixed maturity securities ( 8 ) ( 48 ) ( 22 ) ( 57 )
Equity securities (a) 3 6 ( 1 ) 6
Short-term investments and other ( 4 ) ( 4 )
Investment losses $ ( 5 ) $ ( 46 ) $ ( 23 ) $ ( 55 )
(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
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds $ 4 $ 8 $ 11
Asset-backed $ 3 5 6 5
Impairment losses recognized in earnings $ 3 $ 9 $ 14 $ 16
There were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2026. 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.
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The following tables present a summary of fixed maturity securities:
June 30, 2026 Cost or Amortized Cost Gross Unrealized
Gains Gross Unrealized
Losses Allowance
for Credit Losses Estimated
Fair Value
(In millions)
Fixed maturity securities:
Corporate and other bonds $ 25,722 $ 513 $ 964 $ 16 $ 25,255
States, municipalities and political
subdivisions 9,257 305 727 8,835
Asset-backed:
Residential mortgage-backed 4,235 31 385 3,881
Commercial mortgage-backed 1,530 11 79 21 1,441
Other asset-backed 3,690 14 217 26 3,461
Total asset-backed 9,455 56 681 47 8,783
U.S. Treasury and obligations of
government sponsored enterprises 242 3 239
Foreign government 722 8 21 709
Redeemable preferred stock 8 8
Fixed maturities available-for-sale $ 45,406 $ 882 $ 2,396 $ 63 $ 43,829
Fixed maturities trading 291 291
Total fixed maturity securities $ 45,697 $ 882 $ 2,396 $ 63 $ 44,120
December 31, 2025
Fixed maturity securities:
Corporate and other bonds $ 25,484 $ 682 $ 881 $ 28 $ 25,257
States, municipalities and political
subdivisions 8,870 303 742 8,431
Asset-backed:
Residential mortgage-backed 4,011 50 366 3,695
Commercial mortgage-backed 1,515 18 80 21 1,432
Other asset-backed 3,729 28 194 20 3,543
Total asset-backed 9,255 96 640 41 8,670
U.S. Treasury and obligations of
government sponsored enterprises 236 1 3 234
Foreign government 764 7 20 751
Redeemable preferred stock 8 8
Fixed maturities available-for-sale $ 44,617 $ 1,089 $ 2,286 $ 69 $ 43,351
Fixed maturities trading 633 633
Total fixed maturity securities $ 45,250 $ 1,089 $ 2,286 $ 69 $ 43,984
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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
June 30, 2026 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
(In millions)
Fixed maturity securities:
Corporate and other bonds $ 5,910 $ 96 $ 7,533 $ 868 $ 13,443 $ 964
States, municipalities and political
subdivisions 373 6 3,428 721 3,801 727
Asset-backed:
Residential mortgage-backed 601 10 1,837 375 2,438 385
Commercial mortgage-backed 167 3 785 76 952 79
Other asset-backed 647 10 1,341 207 1,988 217
Total asset-backed 1,415 23 3,963 658 5,378 681
U.S. Treasury and obligations of
government-sponsored enterprises 167 2 14 1 181 3
Foreign government 210 3 223 18 433 21
Total fixed maturity securities $ 8,075 $ 130 $ 15,161 $ 2,266 $ 23,236 $ 2,396
December 31, 2025
Fixed maturity securities:
Corporate and other bonds $ 2,776 $ 56 $ 8,576 $ 825 $ 11,352 $ 881
States, municipalities and political
subdivisions 403 8 3,471 734 3,874 742
Asset-backed:
Residential mortgage-backed 154 1 2,002 365 2,156 366
Commercial mortgage-backed 36 2 887 78 923 80
Other asset-backed 420 9 1,432 185 1,852 194
Total asset-backed 610 12 4,321 628 4,931 640
U.S. Treasury and obligations of
government-sponsored enterprises 78 2 18 1 96 3
Foreign government 131 1 260 19 391 20
Total fixed maturity securities $ 3,998 $ 79 $ 16,646 $ 2,207 $ 20,644 $ 2,286
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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.
June 30, 2026 December 31, 2025
Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises $ 2,198 $ 283 $ 1,980 $ 267
AAA 1,400 241 1,376 243
AA 4,127 630 3,827 623
A 5,854 477 5,025 440
BBB 8,741 670 7,758 639
Non-investment grade 916 95 678 74
Total $ 23,236 $ 2,396 $ 20,644 $ 2,286
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; 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. 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.
Three months ended June 30, 2026 Corporate and Other Bonds
Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of April 1, 2026
$ 31 $ 44 $ 75
Additions to the allowance for credit losses:
Available-for-sale securities accounted for as PCD assets 1 1
Reductions to the allowance for credit losses:
Securities sold during the period (realized) 16 16
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
3 3
Total allowance for credit losses $ 16 $ 47 $ 63
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Three months ended June 30, 2025 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of April 1, 2025
$ 15 $ 32 $ 47
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 3 3
Reductions to the allowance for credit losses:
Securities disposed during the period (realized) 6 6
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
2 5 7
Total allowance for credit losses $ 14 $ 37 $ 51
Six months ended June 30, 2026 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of January 1, 2026
$ 28 $ 41 $ 69
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 3 3
Available-for-sale securities accounted for as PCD assets 1 1
Reductions to the allowance for credit losses:
Securities disposed during the period (realized) 16 16
Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
6 6
Total allowance for credit losses $ 16 $ 47 $ 63
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Six months ended June 30, 2025 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of January 1, 2025
$ 13 $ 32 $ 45
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 3 3
Reductions to the allowance for credit losses:
Securities disposed during the period (realized) 6 6
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
4 5 9
Total allowance for credit losses $ 14 $ 37 $ 51
Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
June 30, 2026 December 31, 2025
Cost or Amortized Cost Estimated Fair
Value Cost or Amortized Cost Estimated
Fair
Value
(In millions)
Due in one year or less $ 1,424 $ 1,418 $ 1,392 $ 1,389
Due after one year through five years 11,048 10,836 11,318 11,214
Due after five years through ten years 13,387 12,999 13,440 13,187
Due after ten years 19,547 18,576 18,467 17,561
Total $ 45,406 $ 43,829 $ 44,617 $ 43,351
Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
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Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.
Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of June 30, 2026
2026
2025
2024
2023
2022
Prior Total
(In millions)
DSCR ≥1.6x
LTV less than 55% $ 38 $ 33 $ 15 $ 229 $ 315
LTV 55% to 65% 37 12 12 61
LTV greater than 65% 13 13
DSCR 1.2x - 1.6x
LTV less than 55% $ 6 $ 68 47 4 89 214
LTV 55% to 65% 107 33 18 52 19 229
LTV greater than 65% 5 7 15 27
DSCR ≤1.2x
LTV less than 55% 37 22 21 80
LTV 55% to 65% 45 45
LTV greater than 65% 22 46 68
Total $ 11 $ 226 $ 101 $ 132 $ 165 $ 417 $ 1,052
(a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Investment Commitments
As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of 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.
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4. Fair Value
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
June 30, 2026 Level 1
Level 2
Level 3 Total
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 243 $ 24,374 $ 1,594 $ 26,211
States, municipalities and political subdivisions 8,791 44 8,835
Asset-backed 7,840 943 8,783
Fixed maturities available-for-sale 243 41,005 2,581 43,829
Fixed maturities trading 289 2 291
Total fixed maturities $ 532 $ 41,007 $ 2,581 $ 44,120
Equity securities $ 793 $ 510 $ 30 $ 1,333
Short-term and other 5,396 32 5,428
Receivables 83 83
Other liabilities ( 18 ) ( 18 )
Payable to brokers ( 52 ) ( 52 )
December 31, 2025
Fixed maturity securities:
Corporate bonds and other $ 238 $ 24,529 $ 1,483 $ 26,250
States, municipalities and political subdivisions 8,386 45 8,431
Asset-backed 7,672 998 8,670
Fixed maturities available-for-sale 238 40,587 2,526 43,351
Fixed maturities trading 603 30 633
Total fixed maturities $ 841 $ 40,617 $ 2,526 $ 43,984
Equity securities $ 762 $ 497 $ 33 $ 1,292
Short-term and other 5,820 51 5,871
Payable to brokers ( 43 ) ( 43 )
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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:
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
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
2026 Balance, Apr 1 Included in Net Income
Included in OCI Purchases Sales
Settlements
Transfers into
Level 3 Transfers out of Level 3
Balance, June 30
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 1,514 $ 2 $ 101 $ ( 23 ) $ 1,594 $ 2
States, municipalities and political subdivisions 44 44
Asset-backed 955 $ 2 ( 5 ) 42 ( 26 ) $ ( 25 ) 943 ( 5 )
Fixed maturities available-for-sale $ 2,513 $ 2 $ ( 3 ) $ 143 $ — $ ( 49 ) $ — $ ( 25 ) $ 2,581 $ — $ ( 3 )
Equity securities $ 32 $ 3 $ ( 5 ) $ 30
2025
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 1,351 $ 1 $ 16 $ 44 $ ( 24 ) $ 1,388 $ 16
States, municipalities and political subdivisions 44 44
Asset-backed 889 1 ( 4 ) 22 ( 22 ) 886 ( 4 )
Fixed maturities available-for-sale $ 2,284 $ 2 $ 12 $ 66 $ — $ ( 46 ) $ — $ — $ 2,318 $ — $ 12
Equity securities $ 17 $ ( 7 ) $ 10 $ ( 1 )
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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
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
Included in OCI Purchases Sales
Settlements
Transfers into
Level 3 Transfers out of Level 3
Balance, June 30
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 1,483 $ ( 3 ) $ ( 22 ) $ 164 $ ( 28 ) $ 1,594 $ ( 22 )
States, municipalities and political subdivisions 45 ( 1 ) 44 ( 1 )
Asset-backed 998 4 ( 21 ) 82 ( 46 ) $ ( 74 ) 943 ( 21 )
Fixed maturities available-for-sale $ 2,526 $ 1 $ ( 44 ) $ 246 $ — $ ( 74 ) $ — $ ( 74 ) $ 2,581 $ — $ ( 44 )
Equity securities $ 33 $ 2 $ ( 5 ) $ 30 $ ( 1 )
2025
Fixed maturity securities:
Corporate bonds and other $ 1,278 $ 1 $ 37 $ 99 $ ( 42 ) $ 15 $ 1,388 $ 37
States, municipalities and political subdivisions 42 2 44 2
Asset-backed 876 5 ( 3 ) 49 ( 41 ) 886 ( 3 )
Fixed maturities available-for-sale $ 2,196 $ 6 $ 36 $ 148 $ — $ ( 83 ) $ 15 $ — $ 2,318 $ — $ 36
Equity securities $ 20 $ 1 $ ( 7 ) $ ( 4 ) $ 10 $ ( 1 )
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Net investment gains and losses are reported in Net income as follows:
Category of Assets and Liabilities Consolidated Condensed Statements of Operations Line Items
Fixed maturity securities available-for-sale Investment gains (losses)
Fixed maturity securities trading Net investment income
Equity securities Investment gains (losses) and Net investment income
Other invested assets Investment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolio Net investment income
Derivative financial instruments, other Investment gains (losses) and Operating revenues and other
Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.
June 30, 2026 Estimated
Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average)
(In millions)
Fixed maturity securities $ 2,068 Discounted cash flow Credit spread 1 % — 11 % ( 2 %)
December 31, 2025
Fixed maturity securities $ 1,927 Discounted cash flow Credit spread 1 % — 11 % ( 2 %)
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.
Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items.
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Carrying Amount Estimated Fair Value
June 30, 2026 Level 1 Level 2 Level 3 Total
(In millions)
Assets:
Other invested assets, primarily mortgage loans $ 1,037 $ 1,020 $ 1,020
Liabilities:
Short-term debt 22 22 22
Long-term debt 8,914 $ 7,818 972 8,790
December 31, 2025
Assets:
Other invested assets, primarily mortgage loans $ 1,079 $ 1,072 $ 1,072
Liabilities:
Short-term debt 1,051 $ 1,051 2 1,053
Long-term debt 8,435 7,431 995 8,426
5. Claim and Claim Adjustment Expense Reserves
Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.
Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates.
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. Catastrophe-related reinstatement premiums represent additional consideration paid under certain reinsurance agreements to reinstate coverage limits that have been exhausted as a result of losses. Catastrophe losses, net of reinsurance, of $ 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. There were $ 9 million of catastrophe-related reinsurance reinstatement premiums recorded for the six months ended June 30, 2026 . 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.
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Liability for Unpaid Claim and Claim Adjustment Expenses
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
Six Months Ended June 30
2026 2025
(In millions)
Reserves, beginning of year:
Gross $ 26,599 $ 24,976
Ceded 5,982 5,713
Net reserves, beginning of year 20,617 19,263
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year 3,534 3,309
Increase (decrease) in provision for insured events of prior years 192 189
Amortization of discount 19 20
Total net incurred (a)
3,745 3,518
Net payments attributable to:
Current year events ( 345 ) ( 316 )
Prior year events ( 2,499 ) ( 2,391 )
Total net payments ( 2,844 ) ( 2,707 )
Foreign currency translation adjustment and other ( 70 ) 199
Net reserves, end of period 21,448 20,273
Ceded reserves, end of period 6,042 5,930
Gross reserves, end of period $ 27,490 $ 26,203
(a) Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.
Net Prior Year Development
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable.
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”). 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”).
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The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(In millions)
Other professional liability and management liability $ 25 $ 18 $ 70 $ 18
Surety ( 26 ) ( 22 ) ( 26 ) ( 22 )
Warranty 10
Commercial auto 50
General liability 56 62 111 62
Workers’ compensation ( 32 ) ( 66 ) ( 32 ) ( 65 )
Other property and casualty operations ( 29 ) 4 ( 29 ) 4
Total property & casualty operations ( 6 ) ( 4 ) 94 57
Other insurance operations 97 112 97 134
Total pretax unfavorable development $ 91 $ 108 $ 191 $ 191
Three Months
2026
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Favorable development in other property and casualty operations was due to favorable emergence in multiple accident years.
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.
2025
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.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
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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.
Six Months
2026
Unfavorable development in other professional and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Favorable development in other property and casualty operations was due to favorable emergence in multiple accident years.
Unfavorable development in other insurance operations was driven by the second quarter 2026 changes discussed above.
2025
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.
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.
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Unfavorable development in other insurance operations was driven by the second quarter 2025 changes discussed above.
Asbestos & Environmental Pollution (“A&EP”) Reserves
In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $ 1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $ 4.0 billion. The $ 1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $ 1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $ 2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $ 215 million were transferred to NICO, resulting in total consideration of $ 2.2 billion.
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In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $ 2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations.
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 . As of June 30, 2026 and December 31, 2025, the cumulative amounts ceded under the LPT were $ 3.9 billion. 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. The fair value of the collateral trust account was $ 1.8 billion as of June 30, 2026. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims.
Credit Risk for Ceded Reserves
The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.
6. Future Policy Benefits Reserves
Future policy benefits reserves are associated with CNA’s run-off long-term care business, which is included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheets.
The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations.
For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
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The following table summarizes balances and changes in the LFPB:
2026 2025
(In millions)
Present value of future net premiums
Balance, January 1 $ 3,363 $ 3,425
Effect of changes in discount rate ( 71 ) ( 7 )
Balance, January 1, at original locked in discount rate 3,292 3,418
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a) ( 8 ) ( 1 )
Adjusted balance, January 1 3,284 3,417
Interest accrual 84 88
Net premiums: earned during period ( 199 ) ( 203 )
Balance, end of period at original locked in discount rate 3,169 3,302
Effect of changes in discount rate 14 50
Balance, June 30
$ 3,183 $ 3,352
Present value of future benefits & expenses
Balance, January 1 $ 16,811 $ 16,583
Effect of changes in discount rate 173 440
Balance, January 1, at original locked in discount rate 16,984 17,023
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a) 36 22
Adjusted balance, January 1 17,020 17,045
Interest accrual 454 458
Benefit & expense payments ( 573 ) ( 574 )
Balance, end of period at original locked in discount rate 16,901 16,929
Effect of changes in discount rate ( 456 ) ( 248 )
Balance, June 30
$ 16,445 $ 16,681
Net LFPB, June 30
$ 13,262 $ 13,329
(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.
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The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Consolidated Condensed Statement of Operations.
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(In millions)
Earned premiums $ 103 $ 106 $ 206 $ 212
Interest accretion 185 185 370 370
The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.
June 30,
2026 2025
(In millions)
Expected future benefit and expense payments $ 30,814 $ 31,141
Expected future gross premiums 4,713 4,971
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.
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.
June 30, December 31,
2026 2025 2025
Original locked in discount rate 5.14 % 5.18 % 5.16 %
Upper-medium grade fixed income instrument discount rate 5.48 5.39 5.32
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 . 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 .
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. 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.
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7. Shareholders’ Equity
Accumulated other comprehensive income (loss)
The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and six months ended June 30, 2025 and 2026 :
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
impact of
changes in
discount
rates used to
measure long
duration
contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, April 1, 2025
$ ( 15 ) $ ( 1,463 ) $ 219 $ 6 $ ( 223 ) $ ( 209 ) $ ( 1,685 )
Other comprehensive income (loss) before reclassifications, after tax of $ 2 , $( 12 ), $ 0 , $ 1 , $ 0 and $ 0
( 5 ) 44 ( 3 ) ( 3 ) 130 163
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 10 ), $ 0 , $ 0 , $( 1 ) and $ 0
6 30 1 37
Other comprehensive income (loss) 1 74 ( 3 ) ( 3 ) 1 130 200
Amounts attributable to noncontrolling interests ( 1 ) ( 6 ) 1 ( 11 ) ( 17 )
Balance, June 30, 2025
$ ( 15 ) $ ( 1,395 ) $ 217 $ 3 $ ( 222 ) $ ( 90 ) $ ( 1,502 )
Balance, April 1, 2026
$ ( 21 ) $ ( 1,298 ) $ 373 $ 3 $ ( 211 ) $ ( 144 ) $ ( 1,298 )
Other comprehensive income (loss) before reclassifications, after tax of $ 1 , $( 50 ), $ 9 , $( 2 ), $ 1 and $ 0
( 3 ) 186 ( 34 ) 2 ( 2 ) ( 22 ) 127
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 1 ), $( 1 ), $ 0 , $ 0 , $( 1 ) and $ 0
2 4 1 7
Other comprehensive income (loss) ( 1 ) 190 ( 34 ) 2 ( 1 ) ( 22 ) 134
Amounts attributable to noncontrolling interests ( 1 ) ( 15 ) 2 3 ( 11 )
Balance, June 30, 2026
$ ( 23 ) $ ( 1,123 ) $ 341 $ 5 $ ( 212 ) $ ( 163 ) $ ( 1,175 )
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Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative impact of changes in discount rates used to measure long
duration contracts Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, January 1, 2025
$ ( 13 ) $ ( 1,720 ) $ 324 $ 9 $ ( 224 ) $ ( 243 ) $ ( 1,867 )
Other comprehensive income (loss) before reclassifications, after tax of $ 3 , $( 85 ), $ 31 , $ 3 , $ 0 and $ 0
( 10 ) 320 ( 117 ) ( 6 ) ( 1 ) 167 353
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 11 ), $ 0 , $ 0 , $( 1 ) and $ 0
8 36 3 47
Other comprehensive income (loss) ( 2 ) 356 ( 117 ) ( 6 ) 2 167 400
Amounts attributable to noncontrolling interests ( 30 ) 10 ( 14 ) ( 34 )
Other ( 1 ) ( 1 )
Balance, June 30, 2025
$ ( 15 ) $ ( 1,395 ) $ 217 $ 3 $ ( 222 ) $ ( 90 ) $ ( 1,502 )
Balance, January 1, 2026
$ ( 15 ) $ ( 907 ) $ 176 $ 2 $ ( 212 ) $ ( 111 ) $ ( 1,067 )
Other comprehensive income (loss) before reclassifications, after tax of $ 4 , $ 67 , $( 48 ), $( 2 ), $ 1 and $ 0
( 15 ) ( 245 ) 180 3 ( 3 ) ( 57 ) ( 137 )
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 3 ), $ 0 , $ 0 , $( 1 ) and $ 0
7 10 3 20
Other comprehensive income (loss) ( 8 ) ( 235 ) 180 3 — ( 57 ) ( 117 )
Amounts attributable to noncontrolling interests 19 ( 15 ) 5 9
Balance, June 30, 2026
$ ( 23 ) $ ( 1,123 ) $ 341 $ 5 $ ( 212 ) $ ( 163 ) $ ( 1,175 )
Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:
Major Category of AOCI Affected Line Item
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Investment gains (losses)
Unrealized gains (losses) on cash flow hedges Operating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefits Operating expenses and other
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Stock Purchases
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
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.
8. Debt
In February of 2026, Loews Corporation completed a public offering of $ 500 million aggregate principal amount of 4.9 % senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $ 500 million aggregate principal amount of its 3.8 % senior notes due April 1, 2026.
In March of 2026, Boardwalk Pipelines redeemed the outstanding $ 550 million aggregate principal amount of its 6.0 % senior notes due June 1, 2026.
9. Revenue from Contracts with Customers
Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 13 :
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(In millions)
Non-insurance warranty – CNA Financial $ 367 $ 398 $ 741 $ 795
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines $ 562 $ 523 $ 1,174 $ 1,132
Lodging and related services – Loews Hotels & Co 266 246 512 483
Total revenues from contracts with customers 828 769 1,686 1,615
Other revenues 26 26 55 52
Operating revenues and other $ 854 $ 795 $ 1,741 $ 1,667
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.
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. 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.
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.
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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. 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.
10. Benefit Plans
Several non-contributory defined benefit plans and postretirement benefit plans cover eligible employees and retirees.
The following tables present the components of net periodic (benefit) cost for the defined benefit plans:
Pension Benefits
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(In millions)
Service cost $ 1 $ 1 $ 1
Interest cost 11 $ 11 22 22
Expected return on plan assets ( 17 ) ( 15 ) ( 31 ) ( 30 )
Amortization of unrecognized net loss 1 2 3 4
Settlements 1 1
Net periodic benefit $ ( 4 ) $ ( 1 ) $ ( 5 ) $ ( 2 )
Other Postretirement Benefits
Three Months Ended Six Months Ended
June 30, June 30,
2026 2025 2026 2025
(In millions)
Interest cost $ 1 $ 1
Expected return on plan assets $ ( 1 ) ( 2 ) ( 1 )
Amortization of unrecognized prior service cost 1 1
Net periodic benefit $ — $ — $ — $ —
CNA sponsors a noncontributory defined benefit pension plan, the CNA Retirement Plan (the “Plan”), covering certain eligible employees. The Plan has been closed to new entrants since 2000. In the first quarter of 2026, a subsidiary of CNA, as sponsor of the Plan, approved the decision to pursue termination of the Plan, effective June 30, 2026. The Plan will continue to be reflected in the consolidated condensed financial statements until the termination process, including the settlement or transfer of remaining benefit obligations, has been completed, which CNA currently anticipates will be in 2028.
11. Legal Proceedings
Loews Hotels & Co
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. § 1. Defendants jointly filed a motion to dismiss the complaint in Portillo on May 17, 2024. On August 29, 2025, the court granted the defendants’ motion to dismiss in Portillo and granted plaintiffs leave to amend their complaint. On October 3, 2025, plaintiffs in Portillo filed an amended class action complaint, which defendants jointly moved to dismiss on November 3, 2025. The court has not ruled on the motion to dismiss the amended complaint in Portillo . On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holding Corporation and other defendants in the United States District Court for the Northern District of Illinois
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asserting antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed a motion to dismiss the complaint in Segal on June 24, 2024. On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal , and granted plaintiff leave to amend the complaint. On April 28, 2025, Segal filed a third amended complaint, which defendants jointly moved to dismiss on June 12, 2025. On March 31, 2026, the court granted defendants’ motion to dismiss the third amended complaint in Segal with prejudice and entered judgment. On April 29, 2026, Segal filed a notice of appeal to the United States Court of Appeals for the Seventh Circuit of the district court’s March 31, 2026 order granting defendants’ motion to dismiss the third amended complaint. On July 8, 2026, Segal filed an opening appellate brief in the Seventh Circuit.
Boardwalk Pipelines Litigation
On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates.
On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018.
On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021.
On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $ 690 million, plus pre-judgment interest (approximately $ 166 million), post-judgment interest and attorneys’ fees.
The Company believed that the Trial Court ruling included factual and legal errors. Therefore, on January 3, 2022, the Defendants appealed the Trial Court’s ruling to the Supreme Court of the State of Delaware (the “Supreme Court”). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. Oral arguments were held on September 14, 2022, and on December 19, 2022, the Supreme Court reversed the Trial Court’s ruling and remanded the case to the Trial Court for further proceedings related to claims not decided by the Trial Court’s ruling. Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023. A hearing on the remanded issues was held at the Trial Court in April 2024. In September 2024, the Trial Court ruled in favor of the Defendants on all of the remanded issues.
On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court. Briefing on this appeal was completed in March 2025 and a hearing on this appeal occurred in June 2025. On December 10, 2025, the Supreme Court affirmed in part and reversed in part the Trial Court’s ruling. In its decision the Supreme Court found that the General Partner had breached the Limited Partnership Agreement in its exercise of the Purchase Right. In its 2022 decision, the Supreme Court had previously determined that the General Partner was exculpated from damages. The remaining claims that have been remanded by the Supreme Court to the Trial Court for further proceedings are tortious interference and unjust enrichment claims related to the exercise of the Purchase Right against the non-General Partner defendants. 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. Based on currently available information, the Company is unable to reasonably estimate the amount of loss or range of loss, if any, associated with this matter. Accordingly, no accrual has been recorded. Although the Company is unable to estimate the amount of loss or range of loss at this time, it is possible that the resolution of this matter could be material to the Company’s consolidated financial position, results of operations and/or cash flows in a particular period. The Company
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will continue to evaluate developments in this matter and will record an accrual if it is determined that a loss is probable and reasonably estimable.
Other Litigation
The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any other pending litigation, or of the Loews Hotels & Co matters described above, will materially affect the Company’s results of operations or equity.
12. Commitments and Contingencies
CNA Guarantees
CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of 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.
Boardwalk Pipelines
Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received. As of June 30, 2026, the commitments totaled approximately $ 626 million, which are expected to be settled through 2028.
Loews Hotels & Co
Loews Hotels & Co has a completion guarantee related to a hotel property under development. The hotel, which is expected to open in 2029, will require approximately $ 350 million to complete as of June 30, 2026.
13. Segments
Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is comprised of Loews Corporation, excluding its consolidated subsidiaries, and includes the equity method of accounting for Altium Packaging. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding Loews Corporation’s segments, see Note 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.
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Statements of Operations by segment are presented in the following tables.
Three Months Ended June 30, 2026 CNA Financial
Boardwalk Pipelines
Loews
Hotels & Co
Corporate Total
(In millions)
Revenues:
Insurance premiums $ 2,759 $ ( 2 ) $ 2,757
Net investment income 701 $ 2 $ 3 55 761
Investment losses ( 5 ) ( 5 )
Non-insurance warranty revenue 367 367
Operating revenues and other 7 574 273 854
Total 3,829 576 276 53 4,734
Expenses:
Insurance claims and policyholders’ benefits (a) 2,169 2,169
Amortization of deferred acquisition costs 481 481
Non-insurance warranty expense 356 356
Operating expenses and other (b) 385 407 233 15 1,040
Equity method (income) loss ( 41 ) 14 ( 27 )
Interest 33 36 15 19 103
Total 3,424 443 207 48 4,122
Income before income tax 405 133 69 5 612
Income tax expense ( 84 ) ( 33 ) ( 21 ) ( 3 ) ( 141 )
Net income 321 100 48 2 471
Amounts attributable to noncontrolling interests ( 27 ) ( 27 )
Net income attributable to Loews Corporation $ 294 $ 100 $ 48 $ 2 $ 444
(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. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
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(b) Significant segment expenses included in Operating expenses and other:
Three Months Ended June 30, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 343 $ 343
Operating expenses $ 196 $ 155 351
Depreciation and amortization 112 27 139
Other (c) 42 99 51 $ 15 207
Operating expenses and other $ 385 $ 407 $ 233 $ 15 $ 1,040
(c) Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
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Three Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews
Hotels & Co Corporate Total
(In millions)
Revenues:
Insurance premiums $ 2,694 $ 2,694
Net investment income 662 $ 3 $ 2 $ 47 714
Investment losses ( 46 ) ( 46 )
Non-insurance warranty revenue 398 398
Operating revenues and other 9 534 252 795
Total 3,717 537 254 47 4,555
Expenses:
Insurance claims and policyholders’ benefits (a) 2,085 2,085
Amortization of deferred acquisition costs 469 469
Non-insurance warranty expense 384 384
Operating expenses and other (b) 368 380 226 15 989
Equity method (income) loss ( 29 ) 11 ( 18 )
Interest 31 40 18 18 107
Total 3,337 420 215 44 4,016
Income before income tax 380 117 39 3 539
Income tax expense ( 81 ) ( 29 ) ( 11 ) ( 2 ) ( 123 )
Net income 299 88 28 1 416
Amounts attributable to noncontrolling interests ( 25 ) ( 25 )
Net income attributable to Loews Corporation $ 274 $ 88 $ 28 $ 1 $ 391
(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. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
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(b) Significant segment expenses included in Operating expenses and other:
Three Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 337 $ 337
Operating expenses $ 177 $ 147 324
Depreciation and amortization 120 24 144
Other (c) 31 83 55 $ 15 184
Operating expenses and other $ 368 $ 380 $ 226 $ 15 $ 989
(c) Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
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Six Months Ended June 30, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
Revenues:
Insurance premiums $ 5,460 $ ( 4 ) $ 5,456
Net investment income 1,311 $ 7 $ 6 50 1,374
Investment losses ( 23 ) ( 23 )
Non-insurance warranty revenue 741 741
Operating revenues and other 17 1,200 524 1,741
Total 7,506 1,207 530 46 9,289
Expenses:
Insurance claims and policyholders’ benefits (a) 4,344 4,344
Amortization of deferred acquisition costs 957 957
Non-insurance warranty expense 712 712
Operating expenses and other (b) 755 784 479 31 2,049
Equity method (income) loss ( 85 ) 21 ( 64 )
Interest 66 79 30 41 216
Total 6,834 863 424 93 8,214
Income (loss) before income tax 672 344 106 ( 47 ) 1,075
Income tax (expense) benefit ( 140 ) ( 85 ) ( 32 ) 7 ( 250 )
Net income (loss) 532 259 74 ( 40 ) 825
Amounts attributable to noncontrolling interests ( 44 ) ( 44 )
Net income (loss) attributable to Loews Corporation $ 488 $ 259 $ 74 $ ( 40 ) $ 781
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. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
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(b) Significant segment expenses included in Operating expenses and other:
Six Months Ended June 30, 2026 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 675 $ 675
Operating expenses $ 372 $ 308 680
Depreciation and amortization 223 53 $ 1 277
Other (c) 80 189 118 30 417
Operating expenses and other $ 755 $ 784 $ 479 $ 31 $ 2,049
(c) Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
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Six Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
Revenues:
Insurance premiums $ 5,320 $ 5,320
Net investment income 1,266 $ 4 $ 5 $ 47 1,322
Investment losses ( 55 ) ( 55 )
Non-insurance warranty revenue 795 795
Operating revenues and other 18 1,155 494 1,667
Total 7,344 1,159 499 47 9,049
Expenses:
Insurance claims and policyholders’ benefits (a) 4,112 4,112
Amortization of deferred acquisition costs 940 940
Non-insurance warranty expense 769 769
Operating expenses and other (b) 731 761 457 31 1,980
Equity method (income) loss ( 35 ) 18 ( 17 )
Interest 63 79 34 36 212
Total 6,615 840 456 85 7,996
Income (loss) before income tax 729 319 43 ( 38 ) 1,053
Income tax (expense) benefit ( 156 ) ( 79 ) ( 15 ) 5 ( 245 )
Net income (loss) 573 240 28 ( 33 ) 808
Amounts attributable to noncontrolling interests ( 47 ) ( 47 )
Net income (loss) attributable to Loews Corporation $ 526 $ 240 $ 28 $ ( 33 ) $ 761
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. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
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(b) Significant segment expenses included in Operating expenses and other:
Six Months Ended June 30, 2025 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
Insurance related administrative expenses $ 658 $ 658
Operating expenses $ 369 $ 300 669
Depreciation and amortization 226 48 $ 1 275
Other (c) 73 166 109 30 378
Operating expenses and other $ 731 $ 761 $ 457 $ 31 $ 1,980
(c) Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
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Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.