Companies: 10,651     total market cap: $139.941 T
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Loews Corporation
L
#1075
Rank
$21.89 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$105.57
Share price
0.85%
Change (1 day)
22.76%
Change (1 year)
๐Ÿ™ Conglomerate
Categories
  1. Loews Corporation
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

Loews Corporation - 10-Q quarterly report FY2025 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ____________ to _____________

Commission File Number 1-06541

LOEWS CORPORATION
(Exact name of registrant as specified in its charter)

Delaware13-2646102
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

9 West 57th Street, New York, NY 10019-2714
(Address of principal executive offices) (Zip Code)

(212) 521-2000
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareLNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes☒No ☐  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒No ☐  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer ☐Smaller reporting company ☐
 Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐No ☒  
As of October 31, 2025, there were 206,659,567 shares of the registrant’s common stock outstanding.

1
Table of contents
INDEX

 Page
No.
  
 
  
Item 1. Financial Statements (unaudited)
 
  
Consolidated Condensed Balance Sheets
3
September 30, 2025 and December 31, 2024
 
 
Consolidated Condensed Statements of Operations
4
Three and nine months ended September 30, 2025 and 2024
 
 
Consolidated Condensed Statements of Comprehensive Income (Loss)
5
Three and nine months ended September 30, 2025 and 2024
 
 
Consolidated Condensed Statements of Equity
6
Three and nine months ended September 30, 2025 and 2024
 
 
Consolidated Condensed Statements of Cash Flows
8
Nine months ended September 30, 2025 and 2024
 
 
Notes to Consolidated Condensed Financial Statements
9
  
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
43
  
Item 3. Quantitative and Qualitative Disclosures about Market Risk
67
  
Item 4. Controls and Procedures
67
  
68
  
Item 1. Legal Proceedings
68
  
Item 1A. Risk Factors
68
  
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
68
Item 5. Other Information
68
  
Item 6. Exhibits
69
2
Table of contents
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
September 30,December 31,
 20252024
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $45,338 and $44,196, less allowance for credit loss of $61 and $45
$44,116 $41,827 
Equity securities, cost of $1,183 and $969
1,295 1,064 
Limited partnership investments2,801 2,520 
Other invested assets, primarily mortgage loans, less allowance for credit loss of $40 and $35
1,163 1,113 
Short-term investments5,383 4,606 
Total investments54,758 51,130 
Cash567 541 
Receivables10,936 10,522 
Property, plant and equipment10,668 10,738 
Goodwill349 347 
Deferred non-insurance warranty acquisition expenses3,340 3,525 
Deferred acquisition costs of insurance subsidiaries985 959 
Other assets4,338 4,181 
Total assets$85,941 $81,943 
 
Liabilities and Equity:
 
Insurance reserves:
Claim and claim adjustment expense$26,525 $24,976 
Future policy benefits13,546 13,158 
Unearned premiums7,578 7,346 
Total insurance reserves47,649 45,480 
Payable to brokers133 110 
Short-term debt1,005 5 
Long-term debt8,438 8,939 
Deferred income taxes836 550 
Deferred non-insurance warranty revenue4,294 4,530 
Other liabilities4,363 4,392 
Total liabilities66,718 64,006 
 
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 – 215,115,219 and 214,912,595 shares
2 2 
Additional paid-in capital2,469 2,490 
Retained earnings17,690 16,459 
Accumulated other comprehensive loss(1,161)(1,867)
 19,000 17,084 
Less treasury stock, at cost (8,165,741 and 212,251 shares)
(708)(18)
Total shareholders’ equity18,292 17,066 
Noncontrolling interests931 871 
Total equity19,223 17,937 
Total liabilities and equity$85,941 $81,943 

See accompanying Notes to Consolidated Condensed Financial Statements.





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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions, except per share data)  
   
Revenues:  
Insurance premiums$2,783 $2,593 $8,103 $7,532 
Net investment income743 776 2,065 2,084 
Investment losses(7)(10)(62)(42)
Non-insurance warranty revenue393 401 1,188 1,212 
Operating revenues and other759 706 2,426 2,178 
Total4,671 4,466 13,720 12,964 
 
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $36, $48, $59 and $88)
2,032 2,019 6,144 5,708 
Amortization of deferred acquisition costs483 457 1,423 1,336 
Non-insurance warranty expense377 387 1,146 1,169 
Operating expenses and other1,000 930 2,980 2,778 
Equity method (income) loss(22)9 (39)(44)
Interest112 114 324 331 
Total3,982 3,916 11,978 11,278 
Income before income tax689 550 1,742 1,686 
Income tax expense(153)(125)(398)(381)
Net income536 425 1,344 1,305 
Amounts attributable to noncontrolling interests(32)(24)(79)(78)
Net income attributable to Loews Corporation$504 $401 $1,265 $1,227 
Basic net income per share$2.43 $1.83 $6.03 $5.55 
Diluted net income per share$2.43 $1.82 $6.03 $5.54 
Weighted average shares outstanding:
Shares of common stock207.57219.67209.74221.16
Dilutive potential shares of common stock0.140.270.140.27
Total weighted average shares outstanding assuming dilution207.71219.94209.88221.43

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 EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Net income$536 $425 $1,344 $1,305 
 
Other comprehensive income (loss), after tax
Changes in:
Net unrealized gains (losses) on investments with an allowance for credit losses3 (3)1 (1)
Net unrealized gains on other investments556 1,264 912 803 
Total unrealized gains on investments559 1,261 913 802 
Impact of changes in discount rates used to measure long-duration contract liabilities(150)(623)(267)(9)
Unrealized losses on cash flow hedges(7)(6)(6)
Pension and postretirement benefits1 9 3 21 
Foreign currency translation(39)64 128 21 
 
Other comprehensive income371 704 771 829 
Comprehensive income907 1,129 2,115 2,134 
 
Amounts attributable to noncontrolling interests(62)(83)(143)(148)
 
Total comprehensive income attributable to Loews Corporation$845 $1,046 $1,972 $1,986 

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 StockAdditional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury 		Noncontrolling Interests
(In millions)       
        
Balance, July 1, 2024
$17,201 $2 $2,556 $16,415 $(2,383)$(206)$817 
Net income425 401 24 
Other comprehensive income704 645 59 
Dividends paid ($0.0625 per share)
(24)(14)(10)
Purchases of Loews Corporation treasury stock(65)(65)
Stock-based compensation12 11 1 
Other(5)(5)    
Balance, September 30, 2024
$18,248 $2 $2,562 $16,802 $(1,738)$(271)$891 
Balance, July 1, 2025
$18,389 $2 $2,467 $17,198 $(1,502)$(651)$875 
Net income536 504 32 
Other comprehensive income371 341 30 
Dividends paid ($0.0625 per share)
(24)(13)(11)
Purchases of Loews Corporation treasury stock(57)(57)
Stock-based compensation2 2 
Other6 1 5 
Balance, September 30, 2025
$19,223 $2 $2,469 $17,690 $(1,161)$(708)$931 

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
TotalCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Common Stock
Held in Treasury		Noncontrolling Interests
(In millions)
Balance, January 1, 2024
$16,525 $2 $2,589 $15,617 $(2,497)$(7)$821 
Net income1,305 1,227 78 
Other comprehensive income829 759 70 
Dividends paid ($0.1875 per share)
(117)(42)(75)
Purchase of subsidiary stock from noncontrolling interests(20) (20)
Purchases of Loews Corporation treasury stock(264)(264)
Stock-based compensation9 (11)20 
Other(19) (16)   (3)
Balance, September 30, 2024
$18,248 $2 $2,562 $16,802 $(1,738)$(271)$891 
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 (Note 1)		5 5 
Balance, January 1, 2025
17,942 2 2,490 16,464 (1,867)(18)871 
Net income1,344 1,265 79 
Other comprehensive income771 707 64 
Dividends paid ($0.1875 per share)
(115)(39)(76)
Purchase of subsidiary stock from noncontrolling interests(34)(3)(1)(30)
Purchases of Loews Corporation treasury stock(690)(690)
Stock-based compensation(3)(22)19 
Other8 4   4 
Balance, September 30, 2025
$19,223 $2 $2,469 $17,690 $(1,161)$(708)$931 

See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30
20252024
(In millions)
Operating Activities:
Net income$1,344 $1,305 
Adjustments to reconcile net income to net cash provided by operating activities, net571 425 
Changes in operating assets and liabilities, net:
Receivables(343)(390)
Deferred acquisition costs(16)(45)
Insurance reserves1,522 1,559 
Other assets(14)(126)
Other liabilities(234)54 
Trading securities(168)(698)
Net cash flow provided by operating activities2,662 2,084 
 
Investing Activities:
 
Purchases of fixed maturities(6,052)(4,965)
Proceeds from sales of fixed maturities2,432 2,335 
Proceeds from maturities of fixed maturities2,567 1,755 
Purchases of equity securities(429)(332)
Proceeds from sales of equity securities396 388 
Purchases of limited partnership investments(340)(235)
Proceeds from sales of limited partnership investments89 46 
Purchases of property, plant and equipment(388)(458)
Dispositions1 23 
Change in short-term investments(448)(583)
Other, net(45)10 
Net cash flow used by investing activities(2,217)(2,016)
 
Financing Activities:
 
Dividends paid(39)(42)
Dividends paid to noncontrolling interests(76)(75)
Purchases of Loews Corporation treasury stock(706)(262)
Purchases of subsidiary stock from noncontrolling interests(34)(20)
Principal payments on debt(4)(763)
Issuance of debt494 1,284 
Other, net(69)(44)
Net cash flow provided by (used by) financing activities(434)78 
 
Effect of foreign exchange rate on cash15 3 
 
Net change in cash26 149 
Cash, beginning of period541 399 
Cash, end of period$567 $548 

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 September 30, 2025 and December 31, 2024, its results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2025 and 2024 and its cash flows for the nine months ended September 30, 2025 and 2024, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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 nine months ended September 30, 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. For the three and nine months ended September 30, 2024, there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares calculations because the effect would have been antidilutive.

Accounting changes - In December of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” The updated accounting guidance requires that an entity measure crypto assets at fair value in the statement of financial position each reporting period and recognize changes from remeasurement in net income. The guidance was effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The update required a cumulative-effect adjustment to the opening balance at the date of adoption. The Company adopted the guidance on January 1, 2025 and recorded an increase to Retained earnings of $5 million.

Recently issued ASUs - In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

In November of 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.

In September of 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software
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project and (2) it is probable that the software will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method or a modified prospective transition method. The Company is currently evaluating the effect the updated guidance will have on its financial statements.

2. Investments

Net investment income is as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Fixed maturity securities$540 $517 $1,597 $1,530 
Limited partnership investments68 67 205 195 
Short-term investments19 21 54 70 
Equity securities (a)12 21 45 56 
Income from trading portfolio (a)99 141 155 210 
Other30 33 84 95 
Total investment income768 800 2,140 2,156 
Investment expenses(25)(24)(75)(72)
Net investment income$743 $776 $2,065 $2,084 
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2025 and 2024
$72 $108 $42 $123 

Investment gains (losses) are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Fixed maturity securities:
Gross gains$15 $11 $33 $38 
Gross losses(25)(33)(100)(104)
Investment losses on fixed maturity securities(10)(22)(67)(66)
Equity securities (a)4 13 10 25 
Short-term investments and other(1)(1)(5)(1)
Investment losses$(7)$(10)$(62)$(42)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2025 and 2024
$4 $13 $8 $24 

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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 EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$4 $8 $15 $23 
Asset-backed2 4 7 9 
Impairment losses recognized in earnings$6 $12 $22 $32 

There were $5 million of impairment losses recognized on mortgage loans during the nine months ended September 30, 2025 due to changes in expected credit losses. There were no impairment losses recognized on mortgage loans during the three months ended September 30, 2025 or the three and nine months ended September 30, 2024.


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The following tables present a summary of fixed maturity securities:

September 30, 2025Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
Corporate and other bonds$25,592 $734 $844 $21 $25,461 
States, municipalities and political
 subdivisions		8,840 301 765 8,376 
Asset-backed:
Residential mortgage-backed4,041 42 382 3,701 
Commercial mortgage-backed1,633 19 88 22 1,542 
Other asset-backed3,790 28 190 18 3,610 
Total asset-backed9,464 89 660 40 8,853 
U.S. Treasury and obligations of
 government sponsored enterprises		226 3 223 
Foreign government736 10 23 723 
Fixed maturities available-for-sale$44,858 $1,134 $2,295 $61 $43,636 
Fixed maturities trading480 480 
Total fixed maturity securities$45,338 $1,134 $2,295 $61 $44,116 

December 31, 2024
    
Fixed maturity securities:    
Corporate and other bonds$25,839 $423 $1,305 $13 $24,944 
States, municipalities and political
 subdivisions		7,396 243 835 6,804 
Asset-backed:
Residential mortgage-backed3,725 7 488 3,244 
Commercial mortgage-backed1,779 11 141 18 1,631 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,274 42 868 32 8,416 
U.S. Treasury and obligations of
 government sponsored enterprises		220 1 1 220 
Foreign government701 6 30 677 
Fixed maturities available-for-sale$43,430 $715 $3,039 $45 $41,061 
Fixed maturities trading766 766 
Total fixed maturity securities$44,196 $715 $3,039 $45 $41,827 


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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 Months12 Months or LongerTotal
September 30, 2025Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
Corporate and other bonds$2,802 $58 $8,578 $786 $11,380 $844 
States, municipalities and political
 subdivisions		701 33 3,162 732 3,863 765 
Asset-backed:
Residential mortgage-backed133 2 2,038 380 2,171 382 
Commercial mortgage-backed27 923 88 950 88 
Other asset-backed505 12 1,361 178 1,866 190 
Total asset-backed665 14 4,322 646 4,987 660 
U.S. Treasury and obligations of
 government-sponsored enterprises		29 2 23 1 52 3 
Foreign government108 2 301 21 409 23 
Total fixed maturity securities$4,305 $109 $16,386 $2,186 $20,691 $2,295 
December 31, 2024
Fixed maturity securities:
Corporate and other bonds$5,846 $165 $10,388 $1,140 $16,234 $1,305 
States, municipalities and political
 subdivisions		1,247 52 2,967 783 4,214 835 
Asset-backed:
Residential mortgage-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed180 2 988 139 1,168 141 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,709 45 4,555 823 6,264 868 
U.S. Treasury and obligations of
 government-sponsored enterprises		49 1 41 90 1 
Foreign government118 3 368 27 486 30 
Total fixed maturity securities$8,969 $266 $18,319 $2,773 $27,288 $3,039 

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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.

September 30, 2025December 31, 2024
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$1,959 $281 $2,567 $373 
AAA1,367 248 1,800 282 
AA3,765 633 4,247 730 
A5,049 436 6,330 582 
BBB7,846 627 11,548 980 
Non-investment grade705 70 796 92 
Total$20,691 $2,295 $27,288 $3,039 

Based on current facts and circumstances, the unrealized losses presented in the September 30, 2025 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of September 30, 2025.

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 $469 million, $442 million and $451 million as of September 30, 2025, December 31, 2024 and September 30, 2024 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Three months ended September 30, 2025
Corporate and Other Bonds
Asset-backed
Total
(In millions)
Allowance for credit losses:
Balance as of July 1, 2025
$14 $37 $51 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded3 3 
Available-for-sale securities accounted for as PCD assets4 4 
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$21 $40 $61 

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Three months ended September 30, 2024Corporate and Other BondsAsset-backedTotal
(In millions)
Allowance for credit losses:
Balance as of July 1, 2024
$— $17 $17 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 4 
Available-for-sale securities accounted for as PCD assets2 2 
Reductions to the allowance for credit losses:
Write-offs charged against the allowance9 9 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
4 4 
Total allowance for credit losses$6 $12 $18 

Nine months ended September 30, 2025Corporate and Other BondsAsset-backedTotal
(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 recorded3 3 6 
Available-for-sale securities accounted for as PCD assets4 4 
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
7 5 12 
Total allowance for credit losses$21 $40 $61 

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Nine months ended September 30, 2024Corporate and Other BondsAsset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2024
$4 $12 $16 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 4 
Available-for-sale securities accounted for as PCD assets2 2 
 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)3 1 4 
Intent to sell or more likely than not will be required to sell the
security before recovery of its amortized cost basis		1 1 
Write-offs charged against the allowance9 9 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
10 10 
Total allowance for credit losses$6 $12 $18 

Contractual Maturity

The following table presents available-for-sale fixed maturity securities by contractual maturity.

September 30, 2025December 31, 2024
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,275 $1,267 $1,761 $1,753 
Due after one year through five years11,741 11,578 11,678 11,403 
Due after five years through ten years12,959 12,713 13,083 12,365 
Due after ten years18,883 18,078 16,908 15,540 
Total$44,858 $43,636 $43,430 $41,061 

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 September 30, 2025
2025
2024
2023
2022
2021
PriorTotal
(In millions)       
        
DSCR ≥1.6x       
LTV less than 55%$18 $33 $6 $5 $210 $272 
LTV 55% to 65%12 15 6 16 49 
LTV greater than 65%30 12 42 
DSCR 1.2x - 1.6x
LTV less than 55%$68 28 5 2 93 196 
LTV 55% to 65%55 33 38 21 19 28 194 
LTV greater than 65%23 46 69 
DSCR ≤1.2x
LTV less than 55%6 34 21 61 
LTV 55% to 65%37 17 39 15 108 
LTV greater than 65%34 22 48 104 
Total$133 $101 $134 $230 $66 $431 $1,095 

(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.

Derivative Financial Instruments

A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.

September 30, 2025December 31, 2024
Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value
Asset
(Liability)
Asset(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options – purchased$95 $1 $268 $2 
Futures – short1 167 1 
Warrants1 1 1 1 
Interest rate swaps474 300 4 
Credit default swap index - purchased2,000 

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In the fourth quarter of 2024, the Company entered into credit default swap index transactions that would potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprised the index. The position was closed during the second quarter of 2025. As of December 31, 2024, the notional value of the credit default swap index was $2 billion and the fair value was less than $1 million, which was recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position was measured using observable market inputs, including credit spreads. For the nine months ended September 30, 2025, Net investment income related to the position was $19 million.

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 September 30, 2025, commitments to purchase or fund were approximately $1.8 billion and to sell were approximately $60 million under the terms of these investments.

3. Fair Value

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

September 30, 2025
Level 1
Level 2
Level 3
Total
(In millions)    
     
Fixed maturity securities:    
Corporate bonds and other$227 $24,780 $1,400 $26,407 
States, municipalities and political subdivisions8,332 44 8,376 
Asset-backed7,894 959 8,853 
Fixed maturities available-for-sale227 41,006 2,403 43,636 
Fixed maturities trading415 65 480 
Total fixed maturities$642 $41,071 $2,403 $44,116 
 
Equity securities$792 $493 $10 $1,295 
Short-term and other5,170 52 5,222 
Receivables1 1 
Payable to brokers(34)(34)
December 31, 2024
Fixed maturity securities:
Corporate bonds and other$223 $24,340 $1,278 $25,841 
States, municipalities and political subdivisions6,762 42 6,804 
Asset-backed7,540 876 8,416 
Fixed maturities available-for-sale223 38,642 2,196 41,061 
Fixed maturities trading766 766 
Total fixed maturities$989 $38,642 $2,196 $41,827 
Equity securities$603 $441 $20 $1,064 
Short-term and other4,383 70 4,453 
Receivables5 5 
Payable to brokers(88)(88)
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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 nine months ended September 30, 2025 and 2024:

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 September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2025Balance, July 1
Included in Net Income
Included in OCIPurchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, September 30
(In millions)
Fixed maturity securities:
Corporate bonds and other$1,388 $21 $24 $(33)$1,400 $21 
States, municipalities and political subdivisions44 44 
Asset-backed886 $8 8 93 (36)959 9 
Fixed maturities available-for-sale$2,318 $8 $29 $117 $— $(69)$— $— $2,403 $— $30 
Equity securities$10 $10 

2024
(In millions)
Fixed maturity securities:
Corporate bonds and other$1,129 $59 $83 $(10)$(24)$1,237 $57 
States, municipalities and political subdivisions43 2 45 2 
Asset-backed887 $1 30 38 (23)$(18)915 30 
Fixed maturities available-for-sale$2,059 $1 $91 $121 $(10)$(47)$— $(18)$2,197 $— $89 
Equity securities$14 $14 
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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 September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2025Balance, January 1
Included in Net Income
Included in OCIPurchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, September 30
(In millions)           
            
Fixed maturity securities:           
Corporate bonds and other$1,278 $1 $58 $123 $(75)$15 $1,400 $55 
States, municipalities and political subdivisions42 2 44 2 
Asset-backed876 13 5 142 (77)959 6 
Fixed maturities available-for-sale$2,196 $14 $65 $265 $— $(152)$15 $— $2,403 $— $63 
 
Equity securities$20 $1 $(7)$(4)$10 $(1)

2024
          
Fixed maturity securities:          
Corporate bonds and other$1,045 $39 $229 $(10)$(77)$11 $1,237 $34 
States, municipalities and political subdivisions44 1 45 1 
Asset-backed901 $5 14 111 (14)(65)$(37)915 14 
Fixed maturities available-for-sale$1,990 $5 $54 $340 $(24)$(142)$11 $(37)$2,197 $— $49 
 
Equity securities$24 $6 $3 $(19)$14 $2 


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Net investment gains and losses are reported in Net income as follows:

Major Category of Assets and LiabilitiesConsolidated Condensed Statements of Operations Line Items
  
Fixed maturity securities available-for-saleInvestment gains (losses)
Fixed maturity securities tradingNet investment income
Equity securitiesInvestment gains (losses) and Net investment income
Other invested assetsInvestment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolioNet investment income
Derivative financial instruments, otherInvestment 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.

September 30, 2025Estimated
Fair Value		Valuation TechniquesUnobservable InputsRange (Weighted Average)
 (In millions)  
    
Fixed maturity securities$1,866 Discounted cash flowCredit spread1%—7%(2%)
   
December 31, 2024  
   
Fixed maturity securities$1,724 Discounted cash flowCredit spread1%—6%(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 AmountEstimated Fair Value
September 30, 2025Level 1Level 2Level 3Total
(In millions)     
      
Assets:     
Other invested assets, primarily mortgage loans$1,055 $1,047 $1,047 
 
Liabilities:
Short-term debt1,004 $999 5 1,004 
Long-term debt8,436 7,405 968 8,373 
 
December 31, 2024
 
Assets:
Other invested assets, primarily mortgage loans$1,019 $987 $987 
 
Liabilities:
Short-term debt4 5 5 
Long-term debt8,936 $7,702 966 8,668 

4. Claim and Claim Adjustment Expense Reserves

Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.

Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. Catastrophe losses, net of reinsurance, of $41 million and $143 million were recorded for the three months ended September 30, 2025 and 2024 and $200 million and $313 million were recorded for the nine months ended September 30, 2025 and 2024. Catastrophe losses for the three and nine months ended September 30, 2025 were driven by severe weather related events. Catastrophe losses for the three and nine months ended September 30, 2024 were driven by severe weather related events, including $55 million for Hurricane Helene.

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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.

Nine Months Ended September 30
20252024
(In millions)  
   
Reserves, beginning of year:  
Gross$24,976 $23,304 
Ceded5,713 5,141 
Net reserves, beginning of year19,263 18,163 
 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year5,011 4,706 
Increase (decrease) in provision for insured events of prior years191 26 
Amortization of discount29 30 
Total net incurred (a)
5,231 4,762 
 
Net payments attributable to:
Current year events(659)(655)
Prior year events(3,463)(3,189)
Total net payments(4,122)(3,844)
 
Foreign currency translation adjustment and other165 35 
 
Net reserves, end of period20,537 19,116 
Ceded reserves, end of period5,988 5,442 
Gross reserves, end of period$26,525 $24,558 

(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 $1 million and $5 million for the three months ended September 30, 2025 and 2024 and unfavorable net prior year loss reserve development of $56 million and favorable net prior year loss reserve development of $24 million for the nine months ended September 30, 2025 and 2024 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). No net prior year loss reserve development and unfavorable net prior year loss reserve development of $22 million for the three months ended September 30, 2025 and 2024 and unfavorable net prior year loss reserve development of $134 million and $57 million for the nine months ended September 30, 2025 and 2024 was 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 EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Medical professional liability$(2)
Other professional liability and management liability$25 $11 $43 28 
Surety(25)(20)(47)(46)
Warranty7 10 20 
Commercial auto25 50 46 
General liability28 62 47 
Workers’ compensation(1)(57)(66)(106)
Other property and casualty operations1 4 (11)
Total property & casualty operations(1)(5)56 (24)
Other insurance operations 22 134 57 
Total pretax (favorable) unfavorable development$(1)$17 $190 $33 

Three Months

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.

2024

Unfavorable development in other professional liability and management liability was primarily due to higher than expected large claim severity in CNA’s directors and officers (“D&O”) business in accident year 2019.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse reserves.

Nine Months

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.

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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 largely associated with legacy mass tort abuse claim activity, the ongoing effects of social inflation and the agreement in principle with regards to the Diocese of Rochester.

2024

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 and cyber businesses.

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 a recent accident year.

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse reserves.

Asbestos & Environmental Pollution (“A&EP”) Reserves

In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million were transferred to NICO, resulting in total consideration of $2.2 billion.

In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded
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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 $14 million and $11 million for the three months ended September 30, 2025 and 2024 and $39 million and $36 million for the nine months ended September 30, 2025 and 2024. As of September 30, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $3.7 billion. The unrecognized deferred retroactive reinsurance benefit was $386 million and $425 million as of September 30, 2025 and December 31, 2024 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.

NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $2.3 billion as of September 30, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims.

Credit Risk for Ceded Reserves

The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.

5. Future Policy Benefits Reserves

Future policy benefits reserves are associated with CNA’s run-off long-term care business, which is included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheets.

The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations.

Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered.

The cash flow assumption updates for the third quarter of 2025 resulted in a $7 million pretax increase in the LFPB. Included in the assumption updates were unfavorable incidence, claim closure and cost of care inflation impacts offset by favorable premium rate actions.

The cash flow assumption updates for the third quarter of 2024 resulted in a $15 million pretax increase in the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and an unfavorable impact from higher cost of care inflation.

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, 2024.

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The following table summarizes balances and changes in the LFPB:

20252024
(In millions)
Present value of future net premiums
Balance, January 1$3,425 $3,710 
Effect of changes in discount rate(7)(125)
Balance, January 1, at original locked in discount rate3,418 3,585 
Effect of changes in cash flow assumptions (a)114 111 
Effect of actual variances from expected experience (a)(2)(40)
Adjusted balance, January 13,530 3,656 
Interest accrual133 139 
Net premiums: earned during period(306)(317)
Balance, end of period at original locked in discount rate3,357 3,478 
Effect of changes in discount rate83 147 
Balance, September 30
$3,440 $3,625 
Present value of future benefits & expenses
Balance, January 1$16,583 $17,669 
Effect of changes in discount rate440 (578)
Balance, January 1, at original locked in discount rate17,023 17,091 
Effect of changes in cash flow assumptions (a)121 126 
Effect of actual variances from expected experience (a)50 33 
Adjusted balance, January 117,194 17,250 
Interest accrual688 693 
Benefit & expense payments(870)(883)
Balance, end of period at original locked in discount rate17,012 17,060 
Effect of changes in discount rate(26)612 
Balance, September 30
$16,986 $17,672 
Net LFPB, September 30
$13,546 $14,047 

(a)
As of September 30, 2025 and 2024, the re-measurement loss of $59 million and $88 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 Condensed Consolidated Statement of Operations.

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)
   
Earned premiums$106 $110 $318 $329 
Interest accretion185 185 555 554 

The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.

September 30,
20252024
(In millions)
Expected future benefit and expense payments$31,582 $32,009 
Expected future gross premiums5,048 5,305 

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.6 billion and $3.8 billion as of September 30, 2025 and 2024.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of September 30, 2025 and 2024.

The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.

September 30,December 31,
202520242024
Original locked in discount rate5.16 %5.20 %5.20 %
Upper-medium grade fixed income instrument discount rate5.24 4.90 5.51 

For the three and nine months ended September 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $65 million and $93 million. For the three and nine months ended September 30, 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $84 million and $128 million.

For the three and nine months ended September 30, 2025, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $43 million and $54 million. For the three and nine months ended September 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $20 million and $28 million.
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6. Shareholders’ Equity

Accumulated other comprehensive income (loss)

The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and nine months ended September 30, 2024 and 2025:


Net Unrealized Gains (Losses) on Investments with an Allowance for Credit LossesNet Unrealized Gains (Losses) on Other InvestmentsCumulative
impact of
changes in
discount
rates used to
measure long
duration
contracts		Unrealized Gains (Losses) on Cash Flow HedgesPension and Postretirement BenefitsForeign Currency TranslationTotal Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, July 1, 2024
$(10)$(1,903)$234 $10 $(525)$(189)$(2,383)
Other comprehensive income (loss) before reclassifications, after tax of $3, $(337), $165, $3, $0 and $0
(9)1,253 (623)(7)1 64 679 
Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(3), $0, $0, $(3) and $0
6 11   8  25 
Other comprehensive income (loss)(3)1,264 (623)(7)9 64 704 
Amounts attributable to noncontrolling interests (105)52  (1)(5)(59)
Balance, September 30, 2024
$(13)$(744)$(337)$3 $(517)$(130)$(1,738)
Balance, July 1, 2025
$(15)$(1,395)$217 $3 $(222)$(90)$(1,502)
Other comprehensive income (loss) before reclassifications, after tax of $1, $(148), $40, $2, $0 and $0
(1)552 (150) (1)(39)361 
Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $0, $0, $0, $0 and $0
4 4   2  10 
Other comprehensive income (loss)3 556 (150)— 1 (39)371 
Amounts attributable to noncontrolling interests (45)12   3 (30)
Balance, September 30, 2025
$(12)$(884)$79 $3 $(221)$(126)$(1,161)
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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, 2024
$(12)$(1,483)$(329)$9 $(533)$(149)$(2,497)
Other comprehensive income (loss) before reclassifications, after tax of $4, $(206), $2, $3, $0 and $0
(14)764 (9)(6)1 21 757 
Reclassification of losses from accumulated other comprehensive loss, after tax of $(4), $(10), $0, $0, $(5) and $0
13 39 20 72 
Other comprehensive income (loss)(1)803 (9)(6)21 21 829 
Amounts attributable to noncontrolling interests(67)1 (2)(2)(70)
Other3 (3)— 
Balance, September 30, 2024
$(13)$(744)$(337)$3 $(517)$(130)$(1,738)
Balance, January 1, 2025
$(13)$(1,720)$324 $9 $(224)$(243)$(1,867)
Other comprehensive income (loss) before reclassifications, after tax of $4, $(233), $71, $5, $0 and $0
(11)872 (267)(6)(2)128 714 
Reclassification of losses from accumulated other comprehensive loss, after tax of $(4), $(11), $0, $0, $(1) and $0
12 40   5  57 
Other comprehensive income (loss)1 912 (267)(6)3 128 771 
Amounts attributable to noncontrolling interests (75)22   (11)(64)
Other (1)    (1)
Balance, September 30, 2025
$(12)$(884)$79 $3 $(221)$(126)$(1,161)

Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:

Major Category of AOCIAffected Line Item
  
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investmentsInvestment gains (losses)
Unrealized gains (losses) on cash flow hedgesOperating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefitsOperating expenses and other
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Stock Purchases

Loews Corporation repurchased 8.0 million and 3.5 million shares of its common stock at aggregate costs of $690 million and $264 million during the nine months ended September 30, 2025 and 2024.

7. Debt

In August of 2025, CNA completed a public offering of $500 million aggregate principal amount of its 5.2% senior notes due August 15, 2035.

8. Revenue from Contracts with Customers

Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 12:

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Non-insurance warranty – CNA Financial$393 $401 $1,188 $1,212 
 
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines$530 $463 $1,662 $1,431 
Lodging and related services – Loews Hotels & Co202 220 685 673 
Total revenues from contracts with customers732 683 2,347 2,104 
Other revenues27 23 79 74 
Operating revenues and other$759 $706 $2,426 $2,178 

Receivables from contracts with customers – As of September 30, 2025 and December 31, 2024, receivables from contracts with customers were approximately $226 million and $240 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of September 30, 2025 and December 31, 2024, deferred revenue resulting from contracts with customers were approximately $4.4 billion and $4.6 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $1.1 billion of revenues recognized during each of the nine months ended September 30, 2025 and 2024 were included in deferred revenue as of December 31, 2024 and 2023.

Performance obligations – As of September 30, 2025, approximately $19.8 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Included in the balance are $5.7 billion of revenues that are anticipated under executed precedent transportation agreements associated with Boardwalk Pipelines’ growth projects. In October 2025, Boardwalk Pipelines executed a precedent transportation agreement that will add an anticipated $3.8 billion of revenues to its outstanding performance obligations, subject to certain conditions precedent. Approximately $0.9 billion of the outstanding performance obligations will be recognized during the remaining three months of 2025, $2.8 billion in 2026 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

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9. 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 EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)
Service cost$1 $1 $2 
Interest cost$12 23 34 72 
Expected return on plan assets(16)(29)(46)(88)
Amortization of unrecognized net loss2 7 6 22 
Settlements4 1 4 
Net periodic (benefit) cost$(2)$6 $(4)$12 

Other Postretirement Benefits
Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)
Interest cost$1 $1 
Expected return on plan assets$(1)$(1)(2)(2)
Amortization of unrecognized net loss1 1 
Net periodic benefit$(1)$— $(1)$— 

10. Legal Proceedings

Loews Hotels & Co

On February 20, 2024, Jeanette Portillo and other plaintiffs filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington. On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois. Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively. 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 alleging that Loews Hotels & Co and other defendants violated the Sherman Act. Defendants jointly filed a motion to dismiss the third amended complaint in Segal on June 12, 2025. The court has not ruled on the motion to dismiss the third amended complaint in Segal. 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 alleging violations of the Sherman Act by Loews Hotels & Co and others. Defendants’ deadline to respond to the amended complaint in Portillo is November 3, 2025.

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
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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.

Other Litigation

The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the matters described above, will materially affect the Company’s results of operations or equity.

11. Commitments and Contingencies

CNA Guarantees

CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of September 30, 2025, 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 September 30, 2025, the commitments totaled approximately $273 million, which are expected to be settled through 2028.

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12. Segments

Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, and 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 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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 September 30, 2025
CNA Financial
Boardwalk Pipelines
Loews
Hotels & Co
Corporate
Total
(In millions)
Revenues:
Insurance premiums$2,783 $2,783 
Net investment income638 $4 $4 $97 743 
Investment losses(7) (7)
Non-insurance warranty revenue393 393 
Operating revenues and other10 542 207  759 
Total3,817 546 211 97 4,671 
Expenses:
Insurance claims and policyholders’ benefits (a)2,032 2,032 
Amortization of deferred acquisition costs483 483 
Non-insurance warranty expense377 377 
Operating expenses and other (b)376 382 221 21 1,000 
Equity method (income) loss  (25)3 (22)
Interest36 40 18 18 112 
Total3,304 422 214 42 3,982 
Income (loss) before income tax513 124 (3)55 689 
Income tax expense(110)(30) (13)(153)
Net income (loss)403 94 (3)42 536 
Amounts attributable to noncontrolling interests(32)(32)
Net income (loss) attributable to Loews Corporation$371 $94 $(3)$42 $504 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $41 million and favorable net prior year loss reserve development of $1 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 September 30, 2025CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$324 $324 
Operating expenses$190 $144 334 
Depreciation and amortization107 27 $1 135 
Other (c)52 85 50 20 207 
Operating expenses and other$376 $382 $221 $21 $1,000 

(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 September 30, 2024CNA FinancialBoardwalk PipelinesLoews
Hotels & Co		CorporateTotal
(In millions)
Revenues:
Insurance premiums$2,593 $2,593 
Net investment income626 $9 $2 $139 776 
Investment losses(10) (10)
Non-insurance warranty revenue401 401 
Operating revenues and other8 474 224  706 
Total3,618 483 226 139 4,466 
Expenses:
Insurance claims and policyholders’ benefits (a)2,019 2,019 
Amortization of deferred acquisition costs457 457 
Non-insurance warranty expense387 387 
Operating expenses and other (b)362 332 218 18 930 
Equity method loss   9 9 
Interest32 47 17 18 114 
Total3,257 379 235 45 3,916 
Income (loss) before income tax361 104 (9)94 550 
Income tax (expense) benefit(78)(27)1 (21)(125)
Net income (loss)283 77 (8)73 425 
Amounts attributable to noncontrolling interests(24)(24)
Net income (loss) attributable to Loews Corporation$259 $77 $(8)$73 $401 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $143 million and unfavorable net prior year loss reserve development of $17 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

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(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended September 30, 2024CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$321 $321 
Operating expenses$147 $145 292 
Depreciation and amortization107 24 $1 132 
Other (c)41 78 49 17 185 
Operating expenses and other$362 $332 $218 $18 $930 

(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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Nine Months Ended September 30, 2025CNA Financial Boardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)     
      
Revenues:     
      
Insurance premiums$8,103 $8,103 
Net investment income1,904 $8 $9 $144 2,065 
Investment losses(62) (62)
Non-insurance warranty revenue1,188 1,188 
Operating revenues and other28 1,697 701  2,426 
Total11,161 1,705 710 $144 13,720 
 
Expenses:
 
Insurance claims and policyholders’ benefits (a)6,144 6,144 
Amortization of deferred acquisition costs1,423 1,423 
Non-insurance warranty expense1,146 1,146 
Operating expenses and other (b)1,107 1,143 678 52 2,980 
Equity method (income) loss  (60)21 (39)
Interest99 119 52 54 324 
Total9,919 1,262 670 127 11,978 
Income before income tax1,242 443 40 17 1,742 
Income tax expense(266)(109)(15)(8)(398)
Net income976 334 25 9 1,344 
Amounts attributable to noncontrolling interests(79)(79)
Net income attributable to Loews Corporation$897 $334 $25 $9 $1,265 
September 30, 2025
Total assets$69,704 $10,133 $2,502 $3,602 $85,941 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $200 million and unfavorable net prior year loss reserve development of $190 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:
Nine Months Ended September 30, 2025CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$982 $982 
Operating expenses$559 $444 1,003 
Depreciation and amortization333 75 $2 410 
Other (c)125 251 159 50 585 
Operating expenses and other$1,107 $1,143 $678 $52 $2,980 

(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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Nine Months Ended September 30, 2024CNA FinancialBoardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)
Revenues:
Insurance premiums$7,532 $7,532 
Net investment income1,853 $22 $7 $202 2,084 
Investment losses(42) (42)
Non-insurance warranty revenue1,212 1,212 
Operating revenues and other26 1,466 686  2,178 
Total10,581 1,488 693 202 12,964 
Expenses:
Insurance claims and policyholders’ benefits (a)5,708 5,708 
Amortization of deferred acquisition costs1,336 1,336 
Non-insurance warranty expense1,169 1,169 
Operating expenses and other (b)1,077 991 652 58 2,778 
Equity method (income) loss  (59)15 (44)
Interest101 137 37 56 331 
Total9,391 1,128 630 129 11,278 
Income before income tax1,190 360 63 73 1,686 
Income tax expense(252)(92)(20)(17)(381)
Net income938 268 43 56 1,305 
Amounts attributable to noncontrolling interests(78)(78)
Net income attributable to Loews Corporation$860 $268 $43 $56 $1,227 
September 30, 2024
Total assets$67,305 $10,535 $2,497 $3,280 $83,617 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $313 million and unfavorable net prior year loss reserve development of $33 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
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(b)Significant segment expenses included in Operating expenses and other:
Nine Months Ended September 30, 2024CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$937 $937 
Operating expenses$434 $431 865 
Depreciation and amortization321 69 $2 392 
Other (c)140 236 152 56 584 
Operating expenses and other$1,077 $991 $652 $58 $2,778 

(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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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read in conjunction with our Consolidated Condensed Financial Statements included under Item 1 of this Report and the Consolidated Financial Statements, Risk Factors, and MD&A included in our Annual Report on Form 10-K for the year ended December 31, 2024. This MD&A is comprised of the following sections:


OVERVIEW

Loews Corporation is a holding company and has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA Financial Corporation (“CNA”), Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”) and Loews Hotels Holding Corporation (“Loews Hotels & Co”); and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its consolidated operating subsidiaries, and the equity method of accounting for Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary.

Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the terms “Parent Company,” “we,” “our,” “us” or like terms mean Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders.

We rely upon our invested cash balances and distributions from our subsidiaries to generate the funds necessary to meet our obligations and to declare and pay any dividends to our shareholders. The ability of our subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies (see Note 15 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024) and compliance with covenants in their respective loan agreements. Claims of creditors of our subsidiaries will generally have priority as to the assets of such subsidiaries over our claims and those of our creditors and shareholders. 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 and nine months ended September 30, 2025 and 2024:

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions, except per share data)  
   
CNA Financial$371 $259 $897 $860 
Boardwalk Pipelines94 77 334 268 
Loews Hotels & Co(3)(8)25 43 
Corporate42 73 9 56 
Net income attributable to Loews Corporation$504 $401 $1,265 $1,227 
   
Basic net income per share$2.43 $1.83 $6.03 $5.55 
   
Diluted net income per share$2.43 $1.82 $6.03 $5.54 

Net income attributable to Loews Corporation for the three months ended September 30, 2025 was $504 million, or $2.43 per share, compared to net income of $401 million, or $1.82 per share in the comparable 2024 period. Net income attributable to Loews Corporation for the nine months ended September 30, 2025 was $1,265 million, or $6.03 per share, compared to net income of $1,227 million, or $5.54 per share in the comparable 2024 period.

The increase in net income attributable to Loews Corporation for the three months ended September 30, 2025 as compared to the comparable 2024 period was primarily driven by higher net income at CNA and Boardwalk Pipelines and improved results at Loews Hotels & Co, partially offset by lower investment income at the parent company. The increase at CNA is driven by improved underwriting results in CNA’s commercial property and casualty insurance operations primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income. The increase at Boardwalk Pipelines is primarily due to increased revenues due to re-contracting at higher rates, recently completed growth projects and increased storage and parking and lending revenues. The improved results at Loews Hotels & Co is primarily due to higher equity income from the Universal Orlando Resort joint ventures and improved earnings at the Loews Arlington Hotel and Convention Center, partially offset by lower earnings at the Loews Miami Beach Hotel due to renovations at the property. Parent company investment income decreased due to lower investment income from the parent company trading portfolio.

The increase in net income attributable to Loews Corporation for the nine months ended September 30, 2025 as compared to the comparable 2024 period was primarily driven by higher net income at CNA and Boardwalk Pipelines, partially offset by lower net income at Loews Hotels & Co and lower investment income at the parent company. The increase at CNA is primarily due to lower catastrophe losses, higher net investment income and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations, partially offset by unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses. The increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates, recently completed growth projects and increased storage and parking and lending revenues. The decrease at Loews Hotels & Co is primarily due to higher interest expense. Parent company investment income decreased due to lower investment income from the parent company trading portfolio.

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CNA Financial

The following table summarizes the results of operations for CNA for the three and nine months ended September 30, 2025 and 2024 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Revenues:  
Insurance premiums$2,783 $2,593 $8,103 $7,532 
Net investment income638 626 1,904 1,853 
Investment losses(7)(10)(62)(42)
Non-insurance warranty revenue393 401 1,188 1,212 
Other revenues10 8 28 26 
Total3,817 3,618 11,161 10,581 
Expenses:  
Insurance claims and policyholders’ benefits2,032 2,019 6,144 5,708 
Amortization of deferred acquisition costs483 457 1,423 1,336 
Non-insurance warranty expense377 387 1,146 1,169 
Other operating expenses376 362 1,107 1,077 
Interest36 32 99 101 
Total3,304 3,257 9,919 9,391 
Income before income tax513 361 1,242 1,190 
Income tax expense(110)(78)(266)(252)
Net income403 283 976 938 
Amounts attributable to noncontrolling interests(32)(24)(79)(78)
Net income attributable to Loews Corporation$371 $259 $897 $860 

Three Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation increased $112 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, driven by improved underwriting results in CNA’s commercial property and casualty insurance operations primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income.

Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation increased $37 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to higher net investment income, lower catastrophe losses and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations, partially offset by unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses.

CNA’s Property & Casualty and Other Insurance Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, asbestos and
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environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves. We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting. 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.

In assessing its insurance operations, CNA utilizes the core income (loss) financial measure. Core income (loss) is calculated by excluding investment gains or losses and gains or losses resulting from pension settlement transactions from net income (loss). In addition, core income (loss) excludes the effects of noncontrolling interests. The calculation of core income (loss) excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. 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. Please see the non-GAAP reconciliation of net income (loss) to core income (loss) in this MD&A.

In evaluating the results of Property & Casualty Operations CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of 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. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on CNA’s reserves is provided in Notes 4 and 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

In addition, renewal premium change, rate, retention and new business are also utilized in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written with existing customers. Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.

CNA also uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, which are managed separately from its investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.

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The following tables present reconciliations of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, 2025SpecialtyCommercialInternationalProperty & CasualtyOther Insurance OperationsTotal
(In millions)
Net income (loss) attributable to Loews Corporation$159 $211 $41 $411 $(40)$371 
Investment (gains) losses3 4 3 10 (4)6 
Noncontrolling interests14 18 3 35 (3)32 
Core income (loss)$176 $233 $47 $456 $(47)$409 
Less:
Net investment income162 192 42 396 
Non-insurance warranty revenue16 16 
Other revenue (expense), including interest expense(15)(3)1 (17)
Income tax expense on core income(47)(62)(24)(133)
Underwriting gain 60 106 28 194 
Effect of catastrophe losses39 2 41 
Underlying underwriting gain$60 $145 $30 $235 

Three Months Ended September 30, 2024
Net income (loss) attributable to Loews Corporation$153 $121 $31 $305 $(46)$259 
Investment (gains) losses4 7 2 13 (6)7 
Pension settlement losses 3 3 
Noncontrolling interests14 11 3 28 (4)24 
Core income (loss)$171 $139 $36 $346 $(53)$293 
Less:
Net investment income157 183 32 372 
Non-insurance warranty revenue14   14 
Other (revenue) expense, including interest expense(12)(3)8 (7)
Income tax expense on core income(47)(38)(16)(101)
Underwriting gain (loss)59 (3)12 68 
Effect of catastrophe losses 127 16 143 
Effect of favorable development-related items  (2)(2)
Underlying underwriting gain$59 $124 $26 $209 
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Nine Months Ended September 30, 2025SpecialtyCommercialInternationalProperty & CasualtyOther Insurance OperationsTotal
(In millions)
Net income (loss) attributable to Loews Corporation$448 $507 $124 $1,079 $(182)$897 
Investment losses16 23 2 41 8 49 
Noncontrolling interests39 45 11 95 (16)79 
Core income (loss)$503 $575 $137 $1,215 $(190)$1,025 
Less:
Net investment income483 575 114 1,172 
Non-insurance warranty revenue42 42 
Other revenue (expense), including interest expense(40)(10)12 (38)
Income tax expense on core income(137)(153)(55)(345)
Underwriting gain 155 163 66 384 
Effect of catastrophe losses182 18 200 
Effect of unfavorable development-related items10 54 64 
Underlying underwriting gain$165 $399 $84 $648 

Nine Months Ended September 30, 2024
Net income (loss) attributable to Loews Corporation$457 $400 $106 $963 $(103)$860 
Investment (gains) losses19 28 1 48 (15)33 
Pension settlement losses 3 3 
Noncontrolling interests41 36 10 87 (9)78 
Core income (loss)$517 $464 $117 $1,098 $(124)$974 
Less:
Net investment income461 534 95 1,090 
Non-insurance warranty revenue43   43 
Other (revenue) expense, including interest expense(40)(10)5 (45)
Income tax expense on core income (142)(125)(41)(308)
Underwriting gain195 65 58 318 
Effect of catastrophe losses 285 28 313 
Effect of favorable development-related items(8) (5)(13)
Underlying underwriting gain$187 $350 $81 $618 
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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 and nine months ended September 30, 2025 and 2024.

Three Months Ended September 30, 2025
Specialty
Commercial
International
Total
(In millions, except %)
Gross written premiums$1,700 $1,569 $322 $3,591 
Gross written premiums excluding third-party captives1,009 1,559 322 2,890 
Net written premiums867 1,251 319 2,437 
Net earned premiums881 1,453 344 2,678 
Underwriting gain60 106 28 194 
Net investment income162 192 42 396 
Core income176 233 47 456 
Other performance metrics:
Loss ratio60.6%66.1%59.1%63.4%
Expense ratio32.526.132.729.1
Dividend ratio0.20.50.3
Combined ratio93.3%92.7%91.8%92.8%
Less: Effect of catastrophe impacts2.7 0.6 1.5 
Underlying combined ratio93.3%90.0%91.2%91.3%
Underlying loss ratio60.6%63.4%58.5%61.9%
Rate3%5%(6)%3%
Renewal premium change46(3)4
Retention86 79 83 81 
New business$131 $324 $94 $549 

Three Months Ended September 30, 2024
Gross written premiums$1,743 $1,547 $305 $3,595 
Gross written premiums excluding third-party captives982 1,538 305 2,825 
Net written premiums862 1,221 277 2,360 
Net earned premiums848 1,325 311 2,484 
Underwriting gain (loss)59 (3)12 68 
Net investment income157 183 32 372 
Core income171 139 36 346 
Other performance metrics:
Loss ratio60.1%72.0%62.5%66.7%
Expense ratio32.727.733.630.2
Dividend ratio0.20.50.3
Combined ratio93.0%100.2%96.1%97.2%
Less: Effect of catastrophe impacts9.6 5.1 5.8 
Less: Effect of favorable development-related items(0.1)(0.7)(0.2)
Underlying combined ratio93.0%90.7%91.7%91.6%
Underlying loss ratio60.1%62.5%58.1%61.1%
Rate6%(2)%3%
Renewal premium change2%815
Retention89848285
New business$129 $345 $73 $547 

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Nine Months Ended September 30, 2025
Specialty
Commercial
International
Total
(In millions, except %)    
     
Gross written premiums$5,064 $5,487 $1,132 $11,683 
Gross written premiums excluding third-party captives2,952 5,301 1,132 9,385 
Net written premiums2,601 4,312 976 7,889 
Net earned premiums2,573 4,235 978 7,786 
Underwriting gain155 163 66 384 
Net investment income483 575 114 1,172 
Core income503 575 137 1,215 
 
Other performance metrics:
Loss ratio60.7%68.7%60.3%65.0%
Expense ratio33.026.932.929.7
Dividend ratio0.30.50.4
Combined ratio94.0%96.1%93.2%95.1%
Less: Effect of catastrophe impacts4.3 1.8 2.6 
Less: Effect of unfavorable development-related items0.4 1.30.8 
Underlying combined ratio93.6%90.5%91.4%91.7%
Underlying loss ratio60.3%63.1%58.5%61.6%
Rate3%5%(4)%3%
Renewal premium change47(1)5
Retention87 82 85 83 
New business$365 $1,114 $280 $1,759 

Nine Months Ended September 30, 2024
    
Gross written premiums$5,153 $5,160 $1,096 $11,409 
Gross written premiums excluding third-party captives2,846 5,022 1,096 8,964 
Net written premiums2,511 4,017 896 7,424 
Net earned premiums2,493 3,774 937 7,204 
Underwriting gain195 65 58 318 
Net investment income461 534 95 1,090 
Core income517 464 117 1,098 
 
Other performance metrics:
Loss ratio59.3%69.7%60.6%64.9%
Expense ratio32.528.133.130.3
Dividend ratio0.30.50.4
Combined ratio92.1%98.3%93.7%95.6%
Less: Effect of catastrophe impacts7.5 3.0 4.3 
Less: Effect of favorable development-related items(0.3)(0.5)(0.2)
Underlying combined ratio92.4%90.8%91.2%91.5%
Underlying loss ratio59.6%62.2%58.1%60.8%
 
Rate1%6%4%
Renewal premium change282%5
Retention89848185
New business$341 $1,117 $213 $1,671 

Three Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Gross written premiums, excluding third-party captives, for Specialty increased $27 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Specialty increased $5 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the three months ended September 30, 2025 was consistent with the trend in net written premiums for Specialty.

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Gross written premiums for Commercial increased $22 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention and new business. Net written premiums for Commercial increased $30 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the three months ended September 30, 2025 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International increased $17 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. Excluding the effect of foreign currency exchange rates, gross written premiums increased $9 million driven by higher new business partially offset by lower rate. Net written premiums for International increased $42 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. Excluding the effect of foreign currency exchange rates, net written premiums increased $33 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025. The increase in net earned premiums for the three months ended September 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $110 million for the three months ended September 30, 2025 as compared with the comparable 2024 period primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income.

Catastrophe losses for Property & Casualty Operations were $41 million for the three months ended September 30, 2025 as compared with $143 million for the comparable 2024 period, driven by severe weather related events. Catastrophe losses for the three months ended September 30, 2024 included $55 million for Hurricane Helene. For the three months ended September 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $39 million and $127 million and International had catastrophe losses of $2 million and $16 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $1 million and $5 million was recorded for the three months ended September 30, 2025 and 2024. For the three months ended September 30, 2025 and 2024, Specialty recorded no net prior year loss reserve development, Commercial recorded favorable net prior year loss reserve development of $1 million and $3 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $2 million. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 0.3 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 0.5 point increase in the loss ratio, partially offset by a 0.2 point improvement in the expense ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio. The improvement in the expense ratio was primarily driven by higher net earned premiums.

Commercial’s combined ratio improved 7.5 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 5.9 point improvement in the loss ratio and a 1.6 point improvement in the expense ratio. The improvement in the loss ratio was primarily due to lower catastrophes losses, which were 2.7 points of the loss ratio for the three months ended September 30, 2025, as compared with 9.6 points of the loss ratio in the comparable 2024 period, partially offset by an increase in the underlying loss ratio related to social inflation impacted lines. The improvement in the expense ratio was primarily driven by a lower acquisition ratio and higher net earned premiums.

International’s combined ratio improved 4.3 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 3.4 point improvement in the loss ratio and a 0.9 improvement in the expense ratio. The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 0.6 points of the loss ratio for the three months ended September 30, 2025, as compared with 5.1 points of the loss ratio in the comparable 2024 period, partially offset by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period, and an increase in the underlying loss ratio. The improvement in the expense ratio was primarily driven by higher net earned premiums.

Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Gross written premiums, excluding third-party captives, for Specialty increased $106 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Specialty increased $90 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the nine months ended September 30, 2025 was consistent with the trend in net written premiums for Specialty.
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Gross written premiums for Commercial increased $327 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Commercial increased $295 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the nine months ended September 30, 2025 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International increased $36 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period. Excluding the effect of foreign currency exchange rates, gross written premiums increased $38 million driven by higher new business and retention partially offset by lower rate. Net written premiums for International increased $80 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period. Excluding the effect of foreign currency exchange rates, net written premiums increased $77 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025. The increase in net earned premiums for the nine months ended September 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $117 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period primarily due to higher net investment income, lower catastrophe losses and improved underlying underwriting results, partially offset by unfavorable net prior year loss reserve development.

Catastrophe losses for Property & Casualty Operations were $200 million for the nine months ended September 30, 2025 as compared with $313 million for the comparable 2024 period, driven by severe weather related events. Catastrophe losses for the nine months ended September 30, 2024 included $55 million for Hurricane Helene. For the nine months ended September 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $182 million and $285 million and International had catastrophe losses of $18 million and $28 million.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $56 million and favorable net prior year loss reserve development of $24 million was recorded for the nine months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $10 million and favorable net prior year loss reserve development of $8 million, Commercial recorded unfavorable net prior year loss reserve development of $46 million and favorable net prior year loss reserve development of $11 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $5 million. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 1.9 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period primarily due to a 1.4 point increase in the loss ratio and a 0.5 point increase in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in the current year period and an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines. The increase in the expense ratio was driven by higher employee related and acquisition costs partially offset by higher net earned premiums.

Commercial’s combined ratio improved 2.2 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to a 1.2 point improvement in the expense ratio and a 1.0 point improvement in the loss ratio. The improvement in the expense ratio was driven by higher net earned premiums and a lower acquisition ratio. The improvement in the loss ratio was due to lower catastrophe losses, which were 4.3 points of the loss ratio for the nine months ended September 30, 2025 as compared with 7.5 points of the loss ratio for the comparable 2024 period, partially offset by unfavorable net prior year loss reserve development and an increase in the underlying loss ratio related to social inflation impacted lines.

International’s combined ratio improved 0.5 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to a 0.3 point improvement in the loss ratio and a 0.2 point improvement in the expense ratio. The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 1.8 points of the loss ratio for the nine months ended September 30, 2025 as compared with 3.0 points of the loss ratio for the comparable 2024 period, partially offset by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period. The improvement in the expense ratio was primarily driven by higher net earned premiums.
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Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the three and nine months ended September 30, 2025 and 2024.

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Net earned premiums$106 $110 $318 $329 
Net investment income242 254 732 763 
Core loss(47)(53)(190)(124)

Three Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Core results for Other Insurance Operations improved $6 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. The improvement was primarily due to no net prior year loss reserve development in the current year as compared with a $17 million after tax charge in the comparable 2024 period related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves. Further information on the net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. The improvement in core results was partially offset by lower net investment income from limited partnerships. Both periods include assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year.

The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2025 and 2024 resulted in a pretax increase in long-term care reserves of $7 million and $15 million.

The annual structured settlement reserve review resulted in a pretax increase in claim reserves of $2 million for the three months ended September 30, 2025 and a pretax reduction in claim reserves of $9 million for the three months ended September 30, 2024.

Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Core results for Other Insurance Operations decreased $66 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $45 million after-tax charge in the comparable 2024 period. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Core results also reflect lower net investment income from limited partnerships for the nine months ended September 30, 2025 as compared with the comparable 2024 period.

The impact of the assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year is discussed in the three month summary above.

Future Policy Benefit Reserves

Annually in the third quarter, an actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the liability for future policyholder benefits (“LFPB”). For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

The table below summarizes the estimated pretax impact on CNA’s results of operations from various hypothetical revisions to its LFPB reserve assumptions. CNA has assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional future premium rate increases. Although such hypothetical revisions are not currently required or anticipated, CNA believes they could occur based on past variances in experience and its expectations of the ranges of future
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experience that could reasonably occur. Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below. The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.

September 30, 2025
Estimated Reduction to Pretax Income
(In millions) 
  
Hypothetical revisions 
Morbidity:  
2.5% increase in morbidity$300 
5% increase in morbidity620 
Persistency:
5% decrease in active life mortality and lapse$180 
10% decrease in active life mortality and lapse350 
Premium rate actions:
25% decrease in anticipated future premium rate increases$30 
50% decrease in anticipated future premium rate increases50 

The following table summarizes policyholder reserves for CNA’s Other Insurance Operations:

September 30, 2025Claim and claim adjustment expensesFuture policy benefitsTotal
(In millions)
Long-term care$13,546 $13,546 
Structured settlements and other$538 538 
Total538 13,546 14,084 
Ceded reserves77 77 
Total gross reserves$615 $13,546 $14,161 

December 31, 2024
(In millions)
Long-term care$13,158 $13,158 
Structured settlements and other$541 541 
Total541 13,158 13,699 
Ceded reserves81 81 
Total gross reserves$622 $13,158 $13,780 

As part of the annual reserve review, statutory long-term care reserve adequacy is evaluated by premium deficiency testing, by comparing carried statutory reserves with best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of carried reserves over best estimate reserves. As of September 30, 2025, statutory long-term care margin increased to $1.5 billion from $1.4 billion.

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Boardwalk Pipelines

A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors as discussed in our Annual Report on Form 10-K for the year ended December 31, 2024. 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, 2024. Boardwalk Pipelines’ operation and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, the Pipeline and Hazardous Materials Safety Administration Mega Rule and Boardwalk Pipelines’ efforts to monitor, control and reduce emissions, as further discussed in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.

Current Growth Projects

Boardwalk Pipelines regularly reviews opportunities to expand its existing facilities and footprint to meet growing demand for transportation and storage services. Recent growth of liquefied natural gas export and power generation demand has led to growth projects for Boardwalk Pipelines. Through the date of this filing, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 billion cubic feet per day (“Bcf/d”) at an aggregate cost of approximately $3.0 billion and are scheduled to be completed through 2029. These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits.

These projects have lengthy planning and construction periods and, as a result, will not contribute to Boardwalk Pipelines’ earnings and cash flows until they receive the required regulatory approvals and permits and are constructed and placed into service over the next several years. For further discussion of capital expenditures and financing, please see Liquidity and Capital Resources: Subsidiaries of this MD&A. Boardwalk Pipelines’ cost and timing estimates for these projects are based on a variety of inputs such as contractor indicative bids, quotes on materials and internally-developed financial models, metrics and timelines and are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals and the cost thereof, adverse weather conditions during construction, its ability to acquire and the cost of obtaining rights to construct and operate on land not owned by Boardwalk Pipelines, delays in obtaining and shortages and price increases for key materials (including pipe, compressor stations and related equipment), tariff implications and shortages and increased costs of qualified labor. Factors in the estimates include, among other things, those related to pipeline costs based on mileage, size and type of pipe, materials including compressors and related equipment, land, engineering and construction costs and timely receipt of all necessary permits and approvals. Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates. In addition, failure to timely meet development milestones may result in, among other things, contractual counterparties having the ability to terminate contracts with Boardwalk Pipelines. Refer to Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.

The below identifies Boardwalk Pipelines’ more significant growth projects:

The Kosciusko Junction Project (“Kosci project”) is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by 1.2 Bcf/d through the addition of compression facilities, the installation of 110 miles of natural gas pipeline, and other system modifications. The capacity for this project is supported by precedent agreements with utility customers, including two precedent agreements that were executed in July 2025. This project is designed to connect supply from the Haynesville, Utica/Marcellus and Fayetteville basins to markets in the southeast U.S. that are either tied into Boardwalk Pipelines’ existing pipeline systems or will be served through third-party pipeline interconnects. This project has an expected in-service date of the first half of 2029 and remains subject to Federal Energy Regulatory Commission (“FERC”) approval, acquisition of land rights, and receipt of environmental permits and authorizations.

Boardwalk Pipelines executed two precedent agreements for the Southeast Compression for Utility Reliability Expansion Project (“SECURE project”), which is expected to increase the capacity of its pipeline system by 0.3 Bcf/d and provide additional transportation from west to east across its pipeline systems. This project is expected to increase the peak-day transmission capacity by increasing the horsepower at three existing compressor stations and constructing a new compressor station. This project supports growing energy demand and power generation needs, has an expected in-service
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date of the first half of 2028, and remains subject to FERC approval and receipt of environmental permits and authorizations.

The Parks Line Upgrade and Sorrento Station Project (“PLUSS project”) is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by approximately 0.2 Bcf/d of incremental capacity and is supported by precedent agreements to serve industrial and power markets in the Mississippi River corridor. As part of the project, Boardwalk Pipelines intends to add compression facilities, modify its pipelines and perform other system modifications on its pipeline systems. This project has an expected in-service date of the first half of 2028 and remains subject to FERC approval, acquisition of land rights, and receipt of environmental permits and authorizations.

The Eunice – Iowa project is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by approximately 0.1 Bcf/d of incremental capacity to the Lake Charles, Louisiana area and is supported by three precedent agreements. The project has an expected in-service date of the first half of 2027 and consists of the addition of compression facilities. This project has been approved by FERC but remains subject to acquisition of land rights.

The Northeast Texas Power Plant Project is expected to increase the delivery capacity of Boardwalk Pipelines’ pipeline system by approximately 0.3 Bcf/d in Northeast Texas, through the construction of 16 miles of natural gas pipeline and a delivery meter that will connect to a power plant. The project is supported by a precedent agreement with a utility customer, is expected to be in-service the second half of 2027 and remains subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations.

The Ohio Power Plant Project is expected to increase the delivery capacity of Boardwalk Pipelines’ pipeline system by approximately 0.3 Bcf/d in Hamilton County, Ohio, through the construction of seven miles of natural gas pipeline and a delivery meter that will connect to a power plant. The project is supported by a precedent agreement with a utility customer, is expected to be in-service the first half of 2028 and remains subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations.

The Carnation project is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by approximately 0.2 Bcf/d of incremental capacity in Hamilton County, Ohio, through the installation of a compressor unit and auxiliary equipment. This project is supported by a precedent agreement with a local distribution company and is expected to support regional energy needs. It has an expected in-service date of the second half of 2027 and remains subject to FERC approval and receipt of environmental permits and authorizations.

In October 2025, Boardwalk Pipelines executed a precedent agreement that is expected to increase the capacity of its pipeline system by approximately 1.5 Bcf/d through the construction of approximately 155 miles of natural gas pipeline and the addition of compression facilities. The Texas Gateway Project is designed to connect supply from the Katy and Carthage, Texas hubs for delivery to growing demand in Southwest Louisiana near Gillis and increase liquidity, supply security and flow assurance for liquified natural gas exporters, electric utilities, industrial users and natural gas producers. This project has an expected in-service date of the second half of 2029 and remains subject to FERC approval, acquisition of land rights, receipt of environmental permits and authorizations and other conditions precedent.

In addition to growth projects for which Boardwalk Pipelines has executed precedent agreements, it regularly considers other potential growth projects at earlier stages of development. Boardwalk Pipelines may from time to time make public disclosures regarding these potential projects, for instance, through announcements of open seasons for potential future capacity. In addition to the risks and uncertainties described above regarding the growth projects for which Boardwalk Pipelines has executed precedent agreements, these potential growth projects at earlier stages of development are subject to a variety of additional risks and uncertainties as Boardwalk Pipelines has not reached final investment decisions or secured executed precedent agreements for them. Therefore, these potential growth projects at earlier stages of development are highly speculative and may not be consummated as contemplated in any such public disclosures or at all.

Results of Operations

The following table summarizes the results of operations for Boardwalk Pipelines for the three and nine months ended September 30, 2025 and 2024, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. 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.

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Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Revenues:  
Operating revenues and other$542 $474 $1,697 $1,466 
Interest income4 9 8 22 
Total546 483 1,705 1,488 
Expenses:
Operating and other:
Operating costs and expenses275 225 810 670 
Depreciation and amortization107 107 333 321 
Interest40 47 119 137 
Total422 379 1,262 1,128 
Income before income tax124 104 443 360 
Income tax expense(30)(27)(109)(92)
Net income attributable to Loews Corporation$94 $77 $334 $268 
EBITDA$267 $249 $887 $796 

Three Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation and EBITDA increased $17 million and $18 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below.

Total revenues increased $63 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. Boardwalk Pipelines’ transportation revenues increased $26 million, primarily due to re-contracting at higher rates and recently completed growth projects; storage, parking and lending revenues increased $9 million due to favorable market conditions which allowed for contracting at higher rates; and product sales revenues increased $33 million primarily due to higher ethane pricing in 2025.

Operating and other expenses increased $50 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with higher ethane pricing, increased property taxes due to higher assessments and an increased asset base, and increased administrative and general costs due to higher employee-related and outside services costs.

Interest expenses decreased $7 million for the three months ended September 30, 2025 as compared with the comparable 2024 period due to the pre-financing of a December 2024 debt maturity.

Nine Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation and EBITDA increased $66 million and $91 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below.

Total revenues increased $217 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period. Boardwalk Pipelines’ transportation revenues increased $92 million, primarily due to re-contracting at higher rates, recently completed growth projects and higher utilization-based revenue; storage, parking and lending revenues increased $26 million due to favorable market conditions which allowed for contracting at higher rates; and product sales revenues increased $115 million primarily from higher volumes from the sale of ethane due to a customer outage in 2024, which impacted 2024 volumes, and higher ethane pricing in 2025.

Operating and other expenses increased $152 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily from higher product costs associated with increased ethane product sales; increased depreciation and amortization expense and increased property taxes due to higher assessments and an increased asset base.

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Interest expenses decreased $18 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to the pre-financing of a December 2024 debt maturity.

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 and nine months ended September 30, 2025 and 2024:

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)
Net income attributable to Loews Corporation$94 $77 $334 $268 
Interest, net
36 38 111 115 
Income tax expense
30 27 109 92 
Depreciation and amortization
107 107 333 321 
EBITDA
$267 $249 $887 $796 

Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2025 and 2024, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Revenues:  
Operating revenue$180 $195 $613 $597 
Revenues related to reimbursable expenses31 31 97 96 
Total211 226 710 693 
Expenses:
Operating and other163 163 506 487 
Reimbursable expenses31 31 97 96 
Depreciation and amortization27 24 75 69 
Equity income from joint ventures(25) (60)(59)
Interest18 17 52 37 
Total214 235 670 630 
Income (loss) before income tax(3)(9)40 63 
Income tax (expense) benefit 1 (15)(20)
Net income (loss) attributable to Loews Corporation$(3)$(8)$25 $43 

Net income (loss) attributable to Loews Corporation improved $5 million and decreased $18 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods primarily due to the reasons discussed below.

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Operating revenues declined by $15 million and increased by $16 million and operating and other expenses were consistent with and increased by $19 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. The decrease in operating revenues for the three-month period was primarily due to renovations at the Loews Miami Beach Hotel, which reduced the number of available and occupied room nights at the property, partially offset by higher revenues at the Loews Arlington Hotel and Convention Center. The increase in operating revenues during the nine-month period was primarily due to higher average daily rates and higher food and beverage revenues, largely driven by the Loews Arlington Hotel and Convention Center being open for the entirety of 2025. These increases were partially offset by the decline in revenues associated with the Loews Miami Beach Hotel renovations. The increase in operating and other expenses for the nine-month period was primarily due to higher costs associated with the Loews Arlington Hotel and Convention Center and the termination of a contract with a minority owner in the first quarter of 2025.

Equity income from joint ventures increased $25 million and $1 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. Equity income from joint ventures was negatively impacted by impairment charges recorded at certain joint venture hotels, which reduced equity income by $9 million in the first quarter of 2025 and by $19 million in the third quarter of 2024. Excluding the impact of these charges, equity income from joint ventures increased $6 million and decreased $9 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. The increase for the three-month period was primarily driven by growth in the overall average daily rate and an increase in the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened earlier in 2025. The decrease for the nine-month period was primarily due to higher expenses, including pre-opening costs, depreciation and interest expense, related to these new hotels, as well as a reduction in net distributions, which reduced earnings at a Universal Orlando Resort joint venture, to support property improvement costs.

Depreciation and amortization expense increased $3 million and $6 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. For the three-month period this increase was driven by accelerated depreciation of assets being replaced by renovations at certain properties. The increase for the nine-month period was also due to the Loews Arlington Hotel and Convention Center being open for the entirety of the 2025 period.

Interest expense increased $1 million and $15 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. For the nine-month period the increase is primarily due to lower capitalized interest on projects under development and higher interest rates on certain debt refinanced in 2024.

Corporate

Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company. Investment income includes earnings on cash and short-term investments held at the Parent Company to meet current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company. Corporate also includes the equity method of accounting for Altium Packaging.

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The following table summarizes the results of operations for Corporate for the three and nine months ended September 30, 2025 and 2024 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Revenues:  
Net investment income$97 $139 $144 $202 
Expenses:  
Operating and other21 18 52 58 
Equity method loss3 9 21 15 
Interest18 18 54 56 
Total42 45 127 129 
Income before income tax55 94 17 73 
Income tax expense(13)(21)(8)(17)
Net income attributable to Loews Corporation$42 $73 $9 $56 

Net income attributable to Loews Corporation decreased $31 million and $47 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. The change in net income for the three and nine month periods is primarily due to the reason discussed below.

Net investment income for the Parent Company decreased $42 million and $58 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods, primarily due to results from the trading portfolio.

LIQUIDITY AND CAPITAL RESOURCES

Parent Company

Parent Company cash and investments, net of receivables and payables, totaled $3.6 billion at September 30, 2025 as compared to $3.3 billion at December 31, 2024. During the nine months ended September 30, 2025, we received $1.1 billion in cash dividends from our subsidiaries: $840 million from CNA, including a special cash dividend of $497 million, and distributions of $225 million from Boardwalk Pipelines. Cash outflows during the nine months ended September 30, 2025 included the payment of $706 million to fund treasury stock purchases and $39 million of cash dividends to our shareholders. As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations. 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. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.

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 nine months ended September 30, 2025, we purchased 8.0 million shares of Loews Corporation common stock for $683 million. As of October 31, 2025, we repurchased 0.3 million additional shares of Loews Corporation common stock in 2025 for $29 million. As of October 31, 2025, there were 206,659,567 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.
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Subsidiaries

CNA’s cash provided by operating activities was $1.9 billion for the nine months ended September 30, 2025 and 2024. The cash provided by operating activities was driven by an increase in premiums collected and higher cash from investment earnings, offset by an increase in net claim payments and higher operating expenses.

CNA paid cash dividends of $3.38 per share on its common stock, including a special cash dividend of $2.00 per share, during the nine months ended September 30, 2025. On October 31, 2025, CNA’s Board of Directors declared a quarterly cash dividend of $0.46 per share, payable December 4, 2025 to shareholders of record on November 17, 2025. 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. CNA believes that its present cash flows from operating, investing and financing activities are sufficient to fund its current and expected working capital and debt obligation needs and does not expect this to change in the near term.

Dividends to CNA from Continental Casualty Company (“CCC”), a subsidiary of CNA, are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance, are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding 12 months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of September 30, 2025, CCC was in a positive earned surplus position. CCC paid dividends of $755 million and $635 million during the nine months ended September 30, 2025 and 2024. 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.

In August of 2025, CNA completed a public offering of $500 million aggregate principal amount of its 5.2% senior notes due August 15, 2035.

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

Boardwalk Pipelines’ cash provided by operating activities increased $98 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to changes in net income.

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. Through the date of this filing, the expected aggregate cost associated with these agreements is approximately $3.0 billion, which is expected to be spent through 2029. 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 expects to finance these growth projects through a combination of operating cash flows and the issuance of long-term debt, including borrowings under its revolving credit facility. Boardwalk Pipelines’ cost and timing estimates for these projects are subject to a variety of risks and uncertainties and are based on the factors described in Boardwalk Pipelines: 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. Refer to Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.

The nature of Boardwalk Pipelines’ existing growth projects will require it to enhance or modify its existing assets to accommodate increased operating pressures or changing flow patterns. 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 nine months ended September 30, 2025 and 2024, Boardwalk Pipelines’ capital expenditures were $222 million and $292 million, consisting of growth capital expenditures of $98 million and $170 million and maintenance capital expenditures of $124 million and $122 million.

Additionally, as of September 30, 2025, Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $273 million, which are expected to be settled through 2028.

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As of September 30, 2025, Boardwalk Pipelines had the full borrowing capacity of $1.0 billion available under its revolving credit facility. The revolving credit facility has a borrowing capacity of $1.0 billion through May 27, 2027, and a borrowing capacity of $912 million from May 28, 2027 to May 26, 2028. As of September 30, 2025, Boardwalk Pipelines has an effective shelf registration statement on file with the SEC under which it may publicly issue up to $900 million of debt securities, warrants or rights from time to time. Boardwalk Pipelines expects to retire the outstanding $550 million aggregate principal amount of its 6.0% debt in June 2026 at maturity, through borrowings under its revolving credit facility or the issuance of debt securities. 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 nine months ended September 30, 2025, Boardwalk Pipelines paid distributions of $225 million to the Company.

Loews Hotels & Co, through its subsidiaries, has mortgage loans maturing beyond twelve months as of September 30, 2025, which it may refinance before they mature. 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.

INVESTMENTS

Investment activities of our non-insurance subsidiaries primarily consist of investments in fixed income securities, including short-term investments. The Parent Company portfolio also includes equity securities, including short sales and derivative instruments. Certain of these types of Parent Company investments generally have greater volatility, less liquidity and greater risk than fixed income investments and are included within Results of Operations – Corporate.

The Parent Company enters into short sales and invests in certain derivative instruments that are used for asset and liability management activities, income enhancements to its portfolio management strategy and to benefit from anticipated future movements in the underlying markets. If such movements do not occur as anticipated, significant losses may occur. Monitoring procedures include senior management review of daily reports of existing positions and valuation fluctuations to seek to ensure that open positions are consistent with the portfolio strategy.

Credit exposure associated with non-performance by counterparties to derivative instruments is generally limited to the uncollateralized change in fair value of the derivative instruments recognized in the Consolidated Condensed Balance Sheets. The risk of non-performance is mitigated by monitoring the creditworthiness of counterparties and diversifying derivatives by using multiple counterparties. Collateral is occasionally required from derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty.

Insurance

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. 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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Net Investment Income

The significant components of CNA’s net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Fixed income securities:  
Taxable fixed income securities$506 $490 $1,510 $1,446 
Tax-exempt fixed income securities44 35 114 109 
Total fixed income securities550 525 1,624 1,555 
Limited partnership and common stock investments71 80 225 226 
Other, net of investment expense17 21 55 72 
Net investment income$638 $626 $1,904 $1,853 

Effective income yield for the fixed income securities portfolio4.8%4.8%4.8%4.8%
Limited partnership and common stock return for the period2.5%3.1%8.3%9.4%

CNA’s net investment income increased $12 million and $51 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.

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Investment Gains (Losses)

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

Three Months EndedNine Months Ended
September 30,September 30,
2025202420252024
(In millions)  
   
Investment gains (losses):  
Fixed maturity securities:  
Corporate and other bonds$(6)$(17)$(55)$(38)
States, municipalities and political subdivisions1 (1)(3)
Asset-backed(5)(4)(12)(25)
Total fixed maturity securities(10)(22)(67)(66)
Non-redeemable preferred stock4 13 10 25 
Derivatives, short-term and other(1)(1)(5)(1)
Total investment losses(7)(10)(62)(42)
Income tax benefit1 3 13 9 
Amounts attributable to noncontrolling interests1 4 3 
Investment losses attributable to Loews Corporation$(5)$(7)$(45)$(30)

CNA’s pretax investment losses improved $3 million for the three months ended September 30, 2025 as compared with the comparable 2024 period.

CNA’s pretax investment losses increased $20 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, driven by a lower favorable change in the fair value of non-redeemable preferred stock and higher net losses on disposals of fixed maturity securities, partially offset by lower impairment losses.

Further information on CNA’s investment gains and losses is set forth in Note 2 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.


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Portfolio Quality

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

September 30, 2025
December 31, 2024
 Estimated
Fair Value
Net
Unrealized Gains (Losses)
Estimated
Fair Value
 Net
Unrealized Gains
(Losses)
(In millions)    
     
U.S. Government, Government agencies and Government-sponsored enterprises$3,261 $(251)$2,936 $(369)
AAA4,128 (136)3,010 (217)
AA6,883 (438)6,369 (567)
A11,162 (121)10,260 (379)
BBB16,510 (178)16,757 (729)
Non-investment grade1,758 (37)1,779 (64)
Total$43,702 $(1,161)$41,111 $(2,325)

As of September 30, 2025 and December 31, 2024, 1% of CNA’s fixed maturity portfolio was rated internally. Additionally, as of September 30, 2025 and December 31, 2024, CNA assigned a AAA rating to $653 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. 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:

September 30, 2025
Estimated
Fair Value
Gross Unrealized Losses
(In millions)  
   
U.S. Government, Government agencies and
 Government-sponsored enterprises		$1,959 $281 
AAA1,367 248 
AA3,765 633 
A5,049 436 
BBB7,846 627 
Non-investment grade705 70 
Total$20,691 $2,295 


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The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life:

September 30, 2025
Estimated
Fair Value
Gross Unrealized Losses
(In millions)  
   
Due in one year or less$799 $14 
Due after one year through five years5,977 281 
Due after five years through ten years5,478 594 
Due after ten years8,437 1,406 
Total$20,691 $2,295 

Duration

A primary objective in the management of CNA’s investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. CNA’s views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. CNA also continually monitors exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on its views of a specific issuer or industry sector.

A further consideration in the management of CNA’s investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long-term in nature, CNA segregates investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in Other Insurance Operations. The effective durations of CNA’s fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.

September 30, 2025
December 31, 2024
 Estimated
Fair Value		Effective Duration (Years)Estimated
Fair Value		Effective Duration (Years)
(In millions of dollars)    
   
Life & Group$15,679 9.8$14,915 9.8
Property & Casualty and other30,754 4.628,779 4.3
Total$46,433 6.3$43,694 6.2

CNA’s investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, CNA periodically reviews the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. 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, 2024.

CRITICAL ACCOUNTING ESTIMATES

Certain accounting policies require us to make estimates and judgments that affect the amounts reflected in the Consolidated Condensed Financial Statements. Such estimates and judgments necessarily involve varying, and possibly significant, degrees of uncertainty. Accordingly, certain amounts currently recorded or disclosed in the financial statements will likely be adjusted in the future based on new available information and changes in other facts and circumstances. See
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the Critical Accounting Estimates and the Insurance Reserves sections of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.

ACCOUNTING STANDARDS UPDATE

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

RECENT LEGISLATION

On July 4, 2025, H.R. 1, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,” commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was enacted. The OBBBA includes significant federal tax law changes which, among other impacts, modify and make permanent certain business tax provisions originally enacted in the 2017 Tax Cuts and Jobs Act. The provisions of the OBBBA have not had a material impact on the Company’s results of operations or financial condition. The OBBBA is subject to further clarification from the issuance of future technical guidance by the U.S. Department of Treasury.

FORWARD-LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this Report as well as in other of our and our subsidiaries’ SEC filings and periodic press releases and certain statements made by us and our subsidiaries and our and their officials in presentations or remarks may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include, without limitation, any statement that does not directly relate to any historical or current fact and may project, indicate or imply future results, events, performance or achievements. Such statements may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions. In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those anticipated or projected.

Developments in any of the risks or uncertainties facing us or our subsidiaries, including those described under Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024 and in our and our subsidiaries’ other filings with the SEC, could cause our and our subsidiaries’ results to differ materially from results that have been or may be anticipated or projected. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements. 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.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

There were no material changes in our market risk components as of September 30, 2025 from those discussed in the Quantitative and Qualitative Disclosures about Market Risk section included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024. Additional information related to portfolio duration and market conditions is discussed in the Investments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included under Part I, Item 2.

Item 4. Controls and Procedures.

The Company maintains a system of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), which is designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act, including this Report, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Company under the Exchange Act is accumulated and communicated to the Company’s management on a timely basis to allow decisions regarding required disclosure.


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The Company’s management, including the Company’s principal executive officer (“CEO”) and principal financial officer (“CFO”) conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Report and, based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2025.

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2025 that have materially affected or that are reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

Information on our legal proceedings is set forth in Note 10 to the Consolidated Condensed Financial Statements included under Part I, Item 1.

Item 1A. Risk Factors.

Our Annual Report on Form 10-K for the year ended December 31, 2024 includes a discussion of material risk factors facing the Company. There have been no material changes to such risk factors as of the date of this Report.


Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Items 2 (a) and (b) are inapplicable.

(c) STOCK REPURCHASES
Period
(a) Total number
of shares
purchased
(b) Average
price paid per
share
(c) Total number of shares purchased as part of publicly announced plans or programs(d) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs (in millions)
    
July 1, 2025 - July 31, 2025
69,629$89.93 N/AN/A
August 1, 2025 - August 31, 2025
30,000$89.87 N/AN/A
September 1, 2025 - September 30, 2025
488,330$96.75 N/AN/A

Item 5. Other Information

None

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Item 6. Exhibits.
Description of ExhibitExhibit
Number
Certification by the Chief Executive Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a)
31.1*
Certification by the Chief Financial Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a)
31.2*
Certification by the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002)
32.1*
Certification by the Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002)
32.2*
XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document101.INS *
Inline XBRL Taxonomy Extension Schema101.SCH *
Inline XBRL Taxonomy Extension Calculation Linkbase101.CAL *
Inline XBRL Taxonomy Extension Definition Linkbase101.DEF *
Inline XBRL Taxonomy Label Linkbase101.LAB *
Inline XBRL Taxonomy Extension Presentation Linkbase101.PRE *
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)104*

*Filed herewith.
+Management contract or compensatory plan or arrangement.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

 LOEWS CORPORATION
 (Registrant)
   
Dated: November 3, 2025
By:/s/ Jane J. Wang
  JANE J. WANG
  Senior Vice President and
Chief Financial Officer
(Duly authorized officer
and principal financial
officer)

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