
Three Months Ended March 31, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,626							$	2,626
Net investment income	604		$	1	$	3			608
Investment losses	(9)								(9)
Non-insurance warranty revenue	397								397
Operating revenues and other	9		621		242				872
Total	3,627		622		245		$	—	4,494

Expenses:

Insurance claims and policyholders’ benefits (a)	2,027								2,027
Amortization of deferred acquisition costs	471								471
Non-insurance warranty expense	385								385
Operating expenses and other (b)	363		381		231		16		991
Equity method (income) loss					(6)		7		1
Interest	32		39		16		18		105
Total	3,278		420		241		41		3,980
Income (loss) before income tax	349		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.


Three Months Ended March 31, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	321							$	321
Operating expenses			$	192	$	153			345
Depreciation and amortization			106		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, 2024	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,441							$	2,441
Net investment income	609		$	4	$	2	$	54	669
Investment losses	(22)								(22)
Non-insurance warranty revenue	407								407
Operating revenues and other	9		513		214				736
Total	3,444		517		216		54		4,231

Expenses:

Insurance claims and policyholders’ benefits (a)	1,807								1,807
Amortization of deferred acquisition costs	444								444
Non-insurance warranty expense	394								394
Operating expenses and other (b)	337		312		209		22		880
Equity method (income) loss					(27)		1		(26)
Interest	35		43		6		19		103
Total	3,017		355		188		42		3,602
Income before income tax	427		162		28		12		629
Income tax expense	(89)		(41)		(12)		(2)		(144)
Net income	338		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.


Three Months Ended March 31, 2024	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	287							$	287
Operating expenses			$	122	$	138			260
Depreciation and amortization			106		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