v3.25.1
Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments 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 LLC. 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 the composition of 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.
Statements of Operations by segment are presented in the following tables.

Three Months Ended March 31, 2025CNA Financial Boardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)     
      
Revenues:     
      
Insurance premiums$2,626 $2,626 
Net investment income604 $1 $3  608 
Investment losses(9) (9)
Non-insurance warranty revenue397 397 
Operating revenues and other9 621 242  872 
Total3,627 622 245 $— 4,494 
 
Expenses:
 
Insurance claims and policyholders’ benefits (a)2,027 2,027 
Amortization of deferred acquisition costs471 471 
Non-insurance warranty expense385 385 
Operating expenses and other (b)363 381 231 16 991 
Equity method (income) loss  (6)7 1 
Interest32 39 16 18 105 
Total3,278 420 241 41 3,980 
Income (loss) before income tax349 202 4 (41)514 
Income tax (expense) benefit(75)(50)(4)7 (122)
Net income (loss)274 152 — (34)392 
Amounts attributable to noncontrolling interests(22)(22)
Net income (loss) attributable to Loews Corporation$252 $152 $— $(34)$370 
March 31, 2025
Total assets$67,288 $9,919 $2,500 $3,435 $83,142 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $97 million and unfavorable net prior year loss reserve development of $83 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended March 31, 2025CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$321 $321 
Operating expenses$192 $153 345 
Depreciation and amortization106 24 $1 131 
Other (c)42 83 54 15 194 
Operating expenses and other$363 $381 $231 $16 $991 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
Three Months Ended March 31, 2024CNA FinancialBoardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)
Revenues:
Insurance premiums$2,441 $2,441 
Net investment income609 $4 $2 $54 669 
Investment losses(22)(22)
Non-insurance warranty revenue407 407 
Operating revenues and other9 513 214 736 
Total3,444 517 216 54 4,231 
Expenses:
Insurance claims and policyholders’ benefits (a)1,807 1,807 
Amortization of deferred acquisition costs444 444 
Non-insurance warranty expense394 394 
Operating expenses and other (b)337 312 209 22 880 
Equity method (income) loss(27)1 (26)
Interest35 43 6 19 103 
Total3,017 355 188 42 3,602 
Income before income tax427 162 28 12 629 
Income tax expense(89)(41)(12)(2)(144)
Net income338 121 16 10 485 
Amounts attributable to noncontrolling interests(28)(28)
Net income attributable to Loews Corporation$310 $121 $16 $10 $457 
March 31, 2024
Total assets$65,038 $10,415 $2,441 $3,012 $80,906 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $88 million and favorable net prior year loss reserve development of $7 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.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended March 31, 2024CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$287 $287 
Operating expenses$122 $138 260 
Depreciation and amortization106 21 127 
Other (c)50 84 50 $22 206 
Operating expenses and other$337 $312 $209 $22 $880 

(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