Segments (Tables)

9 Months Ended

Sep. 30, 2026

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 income	635		$	1	$	3	74		713
Investment losses	(9)								(9)
Non-insurance warranty revenue	357								357
Operating revenues and other	7		615		247				869
Total	3,821		616		250		72		4,759

Expenses:

Insurance claims and policyholders’ benefits (a)	2,347								2,347
Amortization of deferred acquisition costs	492								492
Non-insurance warranty expense	339								339
Operating expenses and other (b)	374		467		233		16		1,090
Equity method (income) loss					(17)		1		(16)
Interest	32		35		14		20		101
Total	3,584		502		230		37		4,353
Income before income tax	237		114		20		35		406
Income tax expense	(41)		(29)		(4)		(10)		(84)
Net income	196		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, 2026	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	349							$	349
Operating expenses			$	246	$	155			401
Depreciation and amortization			114		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, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,783							$	2,783
Net investment income	638		$	4	$	4	$	97	743
Investment losses	(7)								(7)
Non-insurance warranty revenue	393								393
Operating revenues and other	10		542		207				759
Total	3,817		546		211		97		4,671

Expenses:

Insurance claims and policyholders’ benefits (a)	2,032								2,032
Amortization of deferred acquisition costs	483								483
Non-insurance warranty expense	377								377
Operating expenses and other (b)	376		382		221		21		1,000
Equity method (income) loss					(25)		3		(22)
Interest	36		40		18		18		112
Total	3,304		422		214		42		3,982
Income (loss) before income tax	513		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, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	324							$	324
Operating expenses			$	190	$	144			334
Depreciation and amortization			107		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, 2026	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	8,291					$	(6)	$	8,285
Net investment income	1,946		$	8	$	9	124		2,087
Investment losses	(32)								(32)
Non-insurance warranty revenue	1,098								1,098
Operating revenues and other	24		1,815		771				2,610
Total	11,327		1,823		780		118		14,048

Expenses:

Insurance claims and policyholders’ benefits (a)	6,691								6,691
Amortization of deferred acquisition costs	1,449								1,449
Non-insurance warranty expense	1,051								1,051
Operating expenses and other (b)	1,129		1,251		712		47		3,139
Equity method (income) loss					(102)		22		(80)
Interest	98		114		44		61		317
Total	10,418		1,365		654		130		12,567
Income (loss) before income tax	909		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, 2026	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	1,024							$	1,024
Operating expenses			$	618	$	463			1,081
Depreciation and amortization			337		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, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	8,103							$	8,103
Net investment income	1,904		$	8	$	9	$	144	2,065
Investment losses	(62)								(62)
Non-insurance warranty revenue	1,188								1,188
Operating revenues and other	28		1,697		701				2,426
Total	11,161		1,705		710		144		13,720

Expenses:

Insurance claims and policyholders’ benefits (a)	6,144								6,144
Amortization of deferred acquisition costs	1,423								1,423
Non-insurance warranty expense	1,146								1,146
Operating expenses and other (b)	1,107		1,143		678		52		2,980
Equity method (income) loss					(60)		21		(39)
Interest	99		119		52		54		324
Total	9,919		1,262		670		127		11,978
Income before income tax	1,242		443		40		17		1,742
Income tax expense	(266)		(109)		(15)		(8)		(398)
Net income	976		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, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	982							$	982
Operating expenses			$	559	$	444			1,003
Depreciation and amortization			333		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

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details