
Three Months Ended June 30, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,694							$	2,694
Net investment income	662		$	3	$	2	$	47	714
Investment losses	(46)								(46)
Non-insurance warranty revenue	398								398
Operating revenues and other	9		534		252				795
Total	3,717		537		254		47		4,555

Expenses:

Insurance claims and policyholders’ benefits (a)	2,085								2,085
Amortization of deferred acquisition costs	469								469
Non-insurance warranty expense	384								384
Operating expenses and other (b)	368		380		226		15		989
Equity method (income) loss					(29)		11		(18)
Interest	31		40		18		18		107
Total	3,337		420		215		44		4,016
Income before income tax	380		117		39		3		539
Income tax expense	(81)		(29)		(11)		(2)		(123)
Net income	299		88		28		1		416
Amounts attributable to noncontrolling interests	(25)								(25)
Net income attributable to Loews Corporation	$	274	$	88	$	28	$	1	$	391


(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $62 million and unfavorable net prior year loss reserve development of $108 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.


Three Months Ended June 30, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	337							$	337
Operating expenses			$	177	$	147			324
Depreciation and amortization			120		24				144
Other (c)	31		83		55		$	15	184
Operating expenses and other	$	368	$	380	$	226	$	15	$	989


(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative and reimbursable expenses
			Corporate: general and administrative expenses


Three Months Ended June 30, 2024	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,498							$	2,498
Net investment income	618		$	9	$	3	$	9	639
Investment losses	(10)								(10)
Non-insurance warranty revenue	404								404
Operating revenues and other	9		479		248				736
Total	3,519		488		251		9		4,267

Expenses:

Insurance claims and policyholders’ benefits (a)	1,882								1,882
Amortization of deferred acquisition costs	435								435
Non-insurance warranty expense	388								388
Operating expenses and other (b)	378		347		225		18		968
Equity method (income) loss					(32)		5		(27)
Interest	34		47		14		19		114
Total	3,117		394		207		42		3,760
Income (loss) before income tax	402		94		44		(33)		507
Income tax (expense) benefit	(85)		(24)		(9)		6		(112)
Net income (loss)	317		70		35		(27)		395
Amounts attributable to noncontrolling interests	(26)								(26)
Net income (loss) attributable to Loews Corporation	$	291	$	70	$	35	$	(27)	$	369


(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $82 million and unfavorable net prior year loss reserve development of $23 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 June 30, 2024	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	329							$	329
Operating expenses			$	165	$	148			313
Depreciation and amortization			108		24		$	1	133
Other (c)	49		74		53		17		193
Operating expenses and other	$	378	$	347	$	225	$	18	$	968


(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


Six Months Ended June 30, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	5,320							$	5,320
Net investment income	1,266		$	4	$	5	$	47	1,322
Investment losses	(55)								(55)
Non-insurance warranty revenue	795								795
Operating revenues and other	18		1,155		494				1,667
Total	7,344		1,159		499		$	47	9,049

Expenses:

Insurance claims and policyholders’ benefits (a)	4,112								4,112
Amortization of deferred acquisition costs	940								940
Non-insurance warranty expense	769								769
Operating expenses and other (b)	731		761		457		31		1,980
Equity method (income) loss					(35)		18		(17)
Interest	63		79		34		36		212
Total	6,615		840		456		85		7,996
Income (loss) before income tax	729		319		43		(38)		1,053
Income tax (expense) benefit	(156)		(79)		(15)		5		(245)
Net income (loss)	573		240		28		(33)		808
Amounts attributable to noncontrolling interests	(47)								(47)
Net income (loss) attributable to Loews Corporation	$	526	$	240	$	28	$	(33)	$	761

June 30, 2025

Total assets	$	68,891	$	10,048	$	2,477	$	3,252	$	84,668


(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $159 million and unfavorable net prior year loss reserve development of $191 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.


Six Months Ended June 30, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	658							$	658
Operating expenses			$	369	$	300			669
Depreciation and amortization			226		48		$	1	275
Other (c)	73		166		109		30		378
Operating expenses and other	$	731	$	761	$	457	$	31	$	1,980


(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative and reimbursable expenses
			Corporate: general and administrative expenses


Six Months Ended June 30, 2024	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	4,939							$	4,939
Net investment income	1,227		$	13	$	5	$	63	1,308
Investment losses	(32)								(32)
Non-insurance warranty revenue	811								811
Operating revenues and other	18		992		462				1,472
Total	6,963		1,005		467		63		8,498

Expenses:

Insurance claims and policyholders’ benefits (a)	3,689								3,689
Amortization of deferred acquisition costs	879								879
Non-insurance warranty expense	782								782
Operating expenses and other (b)	715		659		434		40		1,848
Equity method (income) loss					(59)		6		(53)
Interest	69		90		20		38		217
Total	6,134		749		395		84		7,362
Income (loss) before income tax	829		256		72		(21)		1,136
Income tax (expense) benefit	(174)		(65)		(21)		4		(256)
Net income (loss)	655		191		51		(17)		880
Amounts attributable to noncontrolling interests	(54)								(54)
Net income (loss) attributable to Loews Corporation	$	601	$	191	$	51	$	(17)	$	826

June 30, 2024

Total assets	$	65,149	$	10,475	$	2,480	$	2,953	$	81,057


(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $170 million and unfavorable net prior year loss reserve development of $16 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.


Six Months Ended June 30, 2024	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	616							$	616
Operating expenses			$	287	$	286			573
Depreciation and amortization			214		45		$	1	260
Other (c)	99		158		103		39		399
Operating expenses and other	$	715	$	659	$	434	$	40	$	1,848


(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