v3.26.3
Segments
 9 Months Ended
Sep. 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 September 30, 2026
CNA Financial
Boardwalk Pipelines
Loews
Hotels & Co
Corporate
Total
(In millions)
Revenues:
Insurance premiums$2,831 $(2)$2,829 
Net investment income635 $1 $3 74 713 
Investment losses(9) (9)
Non-insurance warranty revenue357 357 
Operating revenues and other7 615 247  869 
Total3,821 616 250 72 4,759 
Expenses:
Insurance claims and policyholders’ benefits (a)2,347 2,347 
Amortization of deferred acquisition costs492 492 
Non-insurance warranty expense339 339 
Operating expenses and other (b)374 467 233 16 1,090 
Equity method (income) loss  (17)1 (16)
Interest32 35 14 20 101 
Total3,584 502 230 37 4,353 
Income before income tax237 114 20 35 406 
Income tax expense(41)(29)(4)(10)(84)
Net income196 85 16 25 322 
Amounts attributable to noncontrolling interests(16)(16)
Net income attributable to Loews Corporation$180 $85 $16 $25 $306 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $78 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.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended September 30, 2026CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
Insurance related administrative expenses$349 $349 
Operating expenses$246 $155 401 
Depreciation and amortization114 27 $1 142 
Other (c)25 107 51 15 198 
Operating expenses and other$374 $467 $233 $16 $1,090 

(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 September 30, 2025CNA FinancialBoardwalk PipelinesLoews
Hotels & Co		CorporateTotal
(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.
(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
Nine Months Ended September 30, 2026CNA Financial Boardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)
Revenues:
Insurance premiums$8,291 $(6)$8,285 
Net investment income1,946 $8 $9 124 2,087 
Investment losses(32) (32)
Non-insurance warranty revenue1,098 1,098 
Operating revenues and other24 1,815 771  2,610 
Total11,327 1,823 780 118 14,048 
Expenses:
Insurance claims and policyholders’ benefits (a)6,691 6,691 
Amortization of deferred acquisition costs1,449 1,449 
Non-insurance warranty expense1,051 1,051 
Operating expenses and other (b)1,129 1,251 712 47 3,139 
Equity method (income) loss  (102)22 (80)
Interest98 114 44 61 317 
Total10,418 1,365 654 130 12,567 
Income (loss) before income tax909 458 126 (12)1,481 
Income tax expense(181)(114)(36)(3)(334)
Net income (loss)728 344 90 (15)1,147 
Amounts attributable to noncontrolling interests(60)(60)
Net income (loss) attributable to Loews Corporation$668 $344 $90 $(15)$1,087 
September 30, 2026
Total assets$67,848 $10,542 $2,643 $4,295 $85,328 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $226 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.
(b)Significant segment expenses included in Operating expenses and other:
Nine Months Ended September 30, 2026CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
Insurance related administrative expenses$1,024 $1,024 
Operating expenses$618 $463 1,081 
Depreciation and amortization337 80 $2 419 
Other (c)105 296 169 45 615 
Operating expenses and other$1,129 $1,251 $712 $47 $3,139 

(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
Nine Months Ended September 30, 2025CNA FinancialBoardwalk 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.
(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