v3.26.1
Segments
 6 Months Ended
Jun. 30, 2026
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 comprised of Loews Corporation, excluding its consolidated subsidiaries, and includes the equity method of accounting for Altium Packaging. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding Loews Corporation’s segments, see Note 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.
Statements of Operations by segment are presented in the following tables.

Three Months Ended June 30, 2026
CNA Financial
Boardwalk Pipelines
Loews
Hotels & Co
Corporate
Total
(In millions)
Revenues:
Insurance premiums$2,759 $(2)$2,757 
Net investment income701 $2 $3 55 761 
Investment losses(5) (5)
Non-insurance warranty revenue367 367 
Operating revenues and other7 574 273  854 
Total3,829 576 276 53 4,734 
Expenses:
Insurance claims and policyholders’ benefits (a)2,169 2,169 
Amortization of deferred acquisition costs481 481 
Non-insurance warranty expense356 356 
Operating expenses and other (b)385 407 233 15 1,040 
Equity method (income) loss  (41)14 (27)
Interest33 36 15 19 103 
Total3,424 443 207 48 4,122 
Income before income tax405 133 69 5 612 
Income tax expense(84)(33)(21)(3)(141)
Net income321 100 48 2 471 
Amounts attributable to noncontrolling interests(27)(27)
Net income attributable to Loews Corporation$294 $100 $48 $2 $444 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $60 million and unfavorable net prior year loss reserve development of $91 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended June 30, 2026CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
Insurance related administrative expenses$343 $343 
Operating expenses$196 $155 351 
Depreciation and amortization112 27 139 
Other (c)42 99 51 $15 207 
Operating expenses and other$385 $407 $233 $15 $1,040 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
Three Months Ended June 30, 2025CNA FinancialBoardwalk PipelinesLoews
Hotels & Co		CorporateTotal
(In millions)
Revenues:
Insurance premiums$2,694 $2,694 
Net investment income662 $3 $2 $47 714 
Investment losses(46)(46)
Non-insurance warranty revenue398 398 
Operating revenues and other9 534 252 795 
Total3,717 537 254 47 4,555 
Expenses:
Insurance claims and policyholders’ benefits (a)2,085 2,085 
Amortization of deferred acquisition costs469 469 
Non-insurance warranty expense384 384 
Operating expenses and other (b)368 380 226 15 989 
Equity method (income) loss(29)11 (18)
Interest31 40 18 18 107 
Total3,337 420 215 44 4,016 
Income before income tax380 117 39 3 539 
Income tax expense(81)(29)(11)(2)(123)
Net income299 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.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended June 30, 2025CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
Insurance related administrative expenses$337 $337 
Operating expenses$177 $147 324 
Depreciation and amortization120 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
Six Months Ended June 30, 2026CNA Financial Boardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)
Revenues:
Insurance premiums$5,460 $(4)$5,456 
Net investment income1,311 $7 $6 50 1,374 
Investment losses(23) (23)
Non-insurance warranty revenue741 741 
Operating revenues and other17 1,200 524  1,741 
Total7,506 1,207 530 46 9,289 
Expenses:
Insurance claims and policyholders’ benefits (a)4,344 4,344 
Amortization of deferred acquisition costs957 957 
Non-insurance warranty expense712 712 
Operating expenses and other (b)755 784 479 31 2,049 
Equity method (income) loss  (85)21 (64)
Interest66 79 30 41 216 
Total6,834 863 424 93 8,214 
Income (loss) before income tax672 344 106 (47)1,075 
Income tax (expense) benefit(140)(85)(32)7 (250)
Net income (loss)532 259 74 (40)825 
Amounts attributable to noncontrolling interests(44)(44)
Net income (loss) attributable to Loews Corporation$488 $259 $74 $(40)$781 
June 30, 2026
Total assets$69,827 $10,369 $2,585 $4,447 $87,228 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $148 million and unfavorable net prior year loss reserve development of $191 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
(b)Significant segment expenses included in Operating expenses and other:
Six Months Ended June 30, 2026CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
Insurance related administrative expenses$675 $675 
Operating expenses$372 $308 680 
Depreciation and amortization223 53 $1 277 
Other (c)80 189 118 30 417 
Operating expenses and other$755 $784 $479 $31 $2,049 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
Six Months Ended June 30, 2025CNA FinancialBoardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)
Revenues:
Insurance premiums$5,320 $5,320 
Net investment income1,266 $4 $5 $47 1,322 
Investment losses(55)(55)
Non-insurance warranty revenue795 795 
Operating revenues and other18 1,155 494 1,667 
Total7,344 1,159 499 47 9,049 
Expenses:
Insurance claims and policyholders’ benefits (a)4,112 4,112 
Amortization of deferred acquisition costs940 940 
Non-insurance warranty expense769 769 
Operating expenses and other (b)731 761 457 31 1,980 
Equity method (income) loss(35)18 (17)
Interest63 79 34 36 212 
Total6,615 840 456 85 7,996 
Income (loss) before income tax729 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.
(b)Significant segment expenses included in Operating expenses and other:
Six Months Ended June 30, 2025CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
Insurance related administrative expenses$658 $658 
Operating expenses$369 $300 669 
Depreciation and amortization226 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