L 10-Q Quarterly Report Sept. 30, 2024 | Alphaminr
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L 10-Q Quarter ended Sept. 30, 2024

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ____________ to _____________

Commission File Number 1-06541

LOEWS CORP ORATION
(Exact name of registrant as specified in its charter)

Delaware 13-2646102
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

9 West 57 th Street , New York , NY 10019-2714
(Address of principal executive offices) (Zip Code)

( 212 ) 521-2000
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common stock, par value $0.01 per share L New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes ☐ No ☒
As of November 1, 2024, there were 217,776,738 shares of the registrant’s common stock outstanding.

1
INDEX

Page
No.
September 30, 2024 and December 31, 2023
Three and nine months ended September 30, 2024 and 2023
Three and nine months ended September 30, 2024 and 2023
Three and nine months ended September 30, 2024 and 2023
Nine months ended September 30, 2024 and 2023
2
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.


Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
September 30, December 31,
2024 2023
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $ 44,028 and $ 42,615 , less allowance for credit loss of $ 18 and $ 16
$ 43,055 $ 40,626
Equity securities, cost of $ 1,068 and $ 1,015
1,215 1,050
Limited partnership investments 2,462 2,174
Other invested assets, primarily mortgage loans, less allowance for credit loss of $ 35 and $ 35
1,095 1,123
Short-term investments 5,242 4,396
Total investments 53,069 49,369
Cash 548 399
Receivables 10,138 9,660
Property, plant and equipment 10,689 10,718
Goodwill 349 347
Deferred non-insurance warranty acquisition expenses 3,571 3,661
Deferred acquisition costs of insurance subsidiaries 943 896
Other assets 4,310 4,147
Total assets $ 83,617 $ 79,197
Liabilities and Equity:
Insurance reserves:
Claim and claim adjustment expense $ 24,558 $ 23,304
Future policy benefits 14,047 13,959
Unearned premiums 7,259 6,933
Total insurance reserves 45,864 44,196
Payable to brokers 269 79
Short-term debt 713 1,084
Long-term debt 8,821 7,919
Deferred income taxes 697 398
Deferred non-insurance warranty revenue 4,594 4,694
Other liabilities 4,411 4,302
Total liabilities 65,369 62,672
Commitments and contingent liabilities
Preferred stock, $ 0.10 par value:
Authorized – 100,000,000 shares
Common stock, $ 0.01 par value:
Authorized – 1,800,000,000 shares
Issued – 222,511,465 and 222,268,150 shares
2 2
Additional paid-in capital 2,562 2,589
Retained earnings 16,802 15,617
Accumulated other comprehensive loss ( 1,738 ) ( 2,497 )
17,628 15,711
Less treasury stock, at cost ( 3,580,335 and 100,000 shares)
( 271 ) ( 7 )
Total shareholders’ equity 17,357 15,704
Noncontrolling interests 891 821
Total equity 18,248 16,525
Total liabilities and equity $ 83,617 $ 79,197
See accompanying Notes to Consolidated Condensed Financial Statements.





3

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions, except per share data)
Revenues:
Insurance premiums $ 2,593 $ 2,406 $ 7,532 $ 7,001
Net investment income 776 592 2,084 1,752
Investment losses ( 10 ) ( 38 ) ( 42 ) ( 59 )
Non-insurance warranty revenue 401 407 1,212 1,221
Operating revenues and other 706 559 2,178 1,728
Total 4,466 3,926 12,964 11,643
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $( 48 ), $( 41 ), $( 88 ) and $( 75 ))
2,019 1,826 5,708 5,258
Amortization of deferred acquisition costs 457 426 1,336 1,208
Non-insurance warranty expense 387 386 1,169 1,154
Operating expenses and other 930 860 2,778 2,449
Equity method (income) loss 9 ( 22 ) ( 44 ) ( 89 )
Interest 114 94 331 280
Total 3,916 3,570 11,278 10,260
Income before income tax 550 356 1,686 1,383
Income tax expense ( 125 ) ( 80 ) ( 381 ) ( 315 )
Net income 425 276 1,305 1,068
Amounts attributable to noncontrolling interests ( 24 ) ( 23 ) ( 78 ) ( 80 )
Net income attributable to Loews Corporation $ 401 $ 253 $ 1,227 $ 988
Basic net income per share $ 1.83 $ 1.12 $ 5.55 $ 4.32
Diluted net income per share $ 1.82 $ 1.12 $ 5.54 $ 4.31
Weighted average shares outstanding:
Shares of common stock 219.67 225.64 221.16 228.85
Dilutive potential shares of common stock 0.27 0.35 0.27 0.31
Total weighted average shares outstanding assuming dilution 219.94 225.99 221.43 229.16

See accompanying Notes to Consolidated Condensed Financial Statements.
4
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Net income $ 425 $ 276 $ 1,305 $ 1,068
Other comprehensive income (loss), after tax
Changes in:
Net unrealized losses on investments with an allowance for credit losses ( 3 ) ( 1 ) ( 1 ) ( 10 )
Net unrealized gains (losses) on other investments 1,264 ( 1,084 ) 803 ( 827 )
Total unrealized gains (losses) on investments 1,261 ( 1,085 ) 802 ( 837 )
Impact of changes in discount rates used to measure long-duration contract liabilities ( 623 ) 818 ( 9 ) 678
Unrealized gains (losses) on cash flow hedges ( 7 ) ( 1 ) ( 6 ) 5
Pension and postretirement benefits 9 40 21 55
Foreign currency translation 64 ( 55 ) 21 ( 4 )
Other comprehensive income (loss) 704 ( 283 ) 829 ( 103 )
Comprehensive income (loss) 1,129 ( 7 ) 2,134 965
Amounts attributable to noncontrolling interests ( 83 ) 8 ( 148 ) ( 69 )
Total comprehensive income attributable to Loews Corporation $ 1,046 $ 1 $ 1,986 $ 896

See accompanying Notes to Consolidated Condensed Financial Statements.
5
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

Loews Corporation Shareholders
Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury 		Noncontrolling Interests
(In millions)
Balance, July 1, 2023
$ 15,470 $ 2 $ 2,728 $ 15,637 $ ( 3,160 ) $ ( 604 ) $ 867
Net income 276 253 23
Other comprehensive loss ( 283 ) ( 252 ) ( 31 )
Dividends paid ($ 0.0625 per share)
( 24 ) ( 14 ) ( 10 )
Purchase of subsidiary stock from noncontrolling interests ( 177 ) 27 ( 61 ) ( 143 )
Purchases of Loews Corporation treasury stock ( 118 ) ( 118 )
Stock-based compensation 11 10 1
Other 3 ( 1 ) 1 3
Balance, September 30, 2023
$ 15,158 $ 2 $ 2,764 $ 15,877 $ ( 3,473 ) $ ( 722 ) $ 710
Balance, July 1, 2024
$ 17,201 $ 2 $ 2,556 $ 16,415 $ ( 2,383 ) $ ( 206 ) $ 817
Net income 425 401 24
Other comprehensive income 704 645 59
Dividends paid ($ 0.0625 per share)
( 24 ) ( 14 ) ( 10 )
Purchases of Loews Corporation treasury stock ( 65 ) ( 65 )
Stock-based compensation 12 11 1
Other ( 5 ) ( 5 )
Balance, September 30, 2024
$ 18,248 $ 2 $ 2,562 $ 16,802 $ ( 1,738 ) $ ( 271 ) $ 891

See accompanying Notes to Consolidated Condensed Financial Statements.












6
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

Loews Corporation Shareholders
Total Common Stock Additional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury 		Noncontrolling Interests
(In millions)
Balance, January 1, 2023, as reported
$ 15,478 $ 2 $ 2,748 $ 15,144 $ ( 3,284 ) $ ( 12 ) $ 880
Cumulative effect adjustments from changes in
accounting standards 		( 277 ) ( 213 ) ( 36 ) ( 28 )
Balance, January 1, 2023, as adjusted
15,201 2 2,748 14,931 ( 3,320 ) ( 12 ) 852
Net income 1,068 988 80
Other comprehensive loss ( 103 ) ( 92 ) ( 11 )
Dividends paid ($ 0.1875 per share)
( 108 ) ( 43 ) ( 65 )
Purchase of subsidiary stock from noncontrolling interests ( 203 ) 27 ( 61 ) ( 169 )
Purchases of Loews Corporation treasury stock ( 711 ) ( 711 )
Stock-based compensation 16 ( 7 ) 23
Other ( 2 ) ( 4 ) 1 1
Balance, September 30, 2023
$ 15,158 $ 2 $ 2,764 $ 15,877 $ ( 3,473 ) $ ( 722 ) $ 710
Balance, January 1, 2024
$ 16,525 $ 2 $ 2,589 $ 15,617 $ ( 2,497 ) $ ( 7 ) $ 821
Net income 1,305 1,227 78
Other comprehensive income 829 759 70
Dividends paid ($ 0.1875 per share)
( 117 ) ( 42 ) ( 75 )
Purchase of subsidiary stock from noncontrolling interests ( 20 ) ( 20 )
Purchases of Loews Corporation treasury stock ( 264 ) ( 264 )
Stock-based compensation 9 ( 11 ) 20
Other ( 19 ) ( 16 ) ( 3 )
Balance, September 30, 2024
$ 18,248 $ 2 $ 2,562 $ 16,802 $ ( 1,738 ) $ ( 271 ) $ 891

See accompanying Notes to Consolidated Condensed Financial Statements.
7
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30
2024 2023
(In millions)
Operating Activities:
Net income $ 1,305 $ 1,068
Adjustments to reconcile net income to net cash provided by operating activities, net 425 519
Changes in operating assets and liabilities, net:
Receivables ( 390 ) ( 71 )
Deferred acquisition costs ( 45 ) ( 74 )
Insurance reserves 1,559 1,184
Other assets ( 126 ) ( 152 )
Other liabilities 54 51
Trading securities ( 698 ) 905
Net cash flow provided by operating activities 2,084 3,430
Investing Activities:
Purchases of fixed maturities ( 4,965 ) ( 5,459 )
Proceeds from sales of fixed maturities 2,335 3,284
Proceeds from maturities of fixed maturities 1,755 960
Purchases of equity securities ( 332 ) ( 200 )
Proceeds from sales of equity securities 388 192
Purchases of limited partnership investments ( 235 ) ( 322 )
Proceeds from sales of limited partnership investments 46 205
Purchases of property, plant and equipment ( 458 ) ( 463 )
Acquisitions ( 348 )
Dispositions 23
Change in short-term investments ( 583 ) 60
Other, net 10 ( 162 )
Net cash flow used by investing activities ( 2,016 ) ( 2,253 )
Financing Activities:
Dividends paid ( 42 ) ( 43 )
Dividends paid to noncontrolling interests ( 75 ) ( 65 )
Purchases of Loews Corporation treasury stock ( 262 ) ( 709 )
Purchases of subsidiary stock from noncontrolling interests ( 20 ) ( 203 )
Principal payments on debt ( 763 ) ( 503 )
Issuance of debt 1,284 593
Other, net ( 44 ) ( 17 )
Net cash flow provided by (used by) financing activities 78 ( 947 )
Effect of foreign exchange rate on cash 3
Net change in cash 149 230
Cash, beginning of period 399 532
Cash, end of period $ 548 $ 762

See accompanying Notes to Consolidated Condensed Financial Statements.
8
Loews Corporation and Subsidiaries
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation

Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92 % owned subsidiary); transportation and storage of natural gas and natural gas liquids and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.

In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2024 and December 31, 2023, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2024 and 2023 and cash flows for the nine months ended September 30, 2024 and 2023, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and nine months ended September 30, 2024 and 2023 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.

Recently issued Accounting Standards Updates (“ASUs”) - In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker (“CODM”). The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the segment measures of profit or loss.

In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.



9
2. Investments

Net investment income is as follows:

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Fixed maturity securities $ 517 $ 491 $ 1,530 $ 1,443
Limited partnership investments 67 29 195 111
Short-term investments 21 24 70 54
Equity securities (a) 21 9 56 42
Income from trading portfolio (a) 141 32 210 91
Other 33 30 95 78
Total investment income 800 615 2,156 1,819
Investment expenses ( 24 ) ( 23 ) ( 72 ) ( 67 )
Net investment income $ 776 $ 592 $ 2,084 $ 1,752
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2024 and 2023
$ 108 $ ( 14 ) $ 123 $ 3

Investment gains (losses) are as follows:

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Fixed maturity securities:
Gross gains $ 11 $ 12 $ 38 $ 55
Gross losses ( 33 ) ( 49 ) ( 104 ) ( 141 )
Investment losses on fixed maturity securities ( 22 ) ( 37 ) ( 66 ) ( 86 )
Equity securities (a) 13 2 25 ( 9 )
Short-term investments and other ( 1 ) ( 3 ) ( 1 ) ( 10 )
Gain on acquisition of a joint venture 46
Investment losses $ ( 10 ) $ ( 38 ) $ ( 42 ) $ ( 59 )
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2024 and 2023
$ 13 $ 2 $ 24 $ 2

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

10
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds $ 8 $ 8 $ 23 $ 25
Asset-backed 4 4 9 12
Impairment losses recognized in earnings $ 12 $ 12 $ 32 $ 37

T here were no losses recognized on mortgage loans during the three and nine months ended September 30, 2024. There were $ 5 million and $ 11 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2023.


11
The following tables present a summary of fixed maturity securities:

September 30, 2024 Cost or Amortized Cost Gross Unrealized
Gains 		Gross Unrealized
Losses 		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)
Fixed maturity securities:
Corporate and other bonds $ 25,872 $ 826 $ 900 $ 6 $ 25,792
States, municipalities and political
subdivisions 		7,406 359 617 7,148
Asset-backed:
Residential mortgage-backed 3,684 32 362 3,354
Commercial mortgage-backed 1,816 14 141 1,689
Other asset-backed 3,743 40 186 12 3,585
Total asset-backed 9,243 86 689 12 8,628
U.S. Treasury and obligations of
government sponsored enterprises 		224 2 4 222
Foreign government 755 8 26 737
Fixed maturities available-for-sale $ 43,500 $ 1,281 $ 2,236 $ 18 $ 42,527
Fixed maturities trading 528 528
Total fixed maturity securities $ 44,028 $ 1,281 $ 2,236 $ 18 $ 43,055

December 31, 2023
Fixed maturity securities:
Corporate and other bonds $ 25,020 $ 597 $ 1,345 $ 4 $ 24,268
States, municipalities and political
subdivisions 		7,713 382 703 7,392
Asset-backed:
Residential mortgage-backed 3,411 16 425 3,002
Commercial mortgage-backed 1,862 7 230 8 1,631
Other asset-backed 3,515 13 256 4 3,268
Total asset-backed 8,788 36 911 12 7,901
U.S. Treasury and obligations of
government sponsored enterprises 		152 1 2 151
Foreign government 741 6 34 713
Fixed maturities available-for-sale $ 42,414 $ 1,022 $ 2,995 $ 16 $ 40,425
Fixed maturities trading 201 201
Total fixed maturity securities $ 42,615 $ 1,022 $ 2,995 $ 16 $ 40,626


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The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

Less than 12 Months 12 Months or Longer Total
September 30, 2024 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
(In millions)
Fixed maturity securities:
Corporate and other bonds $ 1,664 $ 31 $ 11,240 $ 869 $ 12,904 $ 900
States, municipalities and political
subdivisions 		422 7 3,155 610 3,577 617
Asset-backed:
Residential mortgage-backed 130 2 2,162 360 2,292 362
Commercial mortgage-backed 112 1,134 141 1,246 141
Other asset-backed 151 4 1,638 182 1,789 186
Total asset-backed 393 6 4,934 683 5,327 689
U.S. Treasury and obligations of
government-sponsored enterprises 		45 2 45 2 90 4
Foreign government 99 1 403 25 502 26
Total fixed maturity securities $ 2,623 $ 47 $ 19,777 $ 2,189 $ 22,400 $ 2,236
December 31, 2023
Fixed maturity securities:
Corporate and other bonds $ 1,943 $ 37 $ 13,406 $ 1,308 $ 15,349 $ 1,345
States, municipalities and political
subdivisions 		598 18 3,104 685 3,702 703
Asset-backed:
Residential mortgage-backed 233 4 2,212 421 2,445 425
Commercial mortgage-backed 200 5 1,184 225 1,384 230
Other asset-backed 392 8 1,869 248 2,261 256
Total asset-backed 825 17 5,265 894 6,090 911
U.S. Treasury and obligations of
government-sponsored enterprises 		65 1 23 1 88 2
Foreign government 52 1 450 33 502 34
Total fixed maturity securities $ 3,483 $ 74 $ 22,248 $ 2,921 $ 25,731 $ 2,995

13
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.

September 30, 2024 December 31, 2023
Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises $ 2,127 $ 265 $ 2,273 $ 309
AAA 1,277 221 1,524 261
AA 3,641 547 3,817 658
A 5,229 405 5,652 517
BBB 9,243 689 11,523 1,095
Non-investment grade 883 109 942 155
Total $ 22,400 $ 2,236 $ 25,731 $ 2,995

Based on current facts and circumstances, the unrealized losses presented in the September 30, 2024 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of September 30, 2024.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $ 451 million, $ 435 million and $ 430 million as of September 30, 2024, December 31, 2023 and September 30, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Three months ended September 30, 2024
Corporate and Other Bonds
Asset-backed
Total
(In millions)
Allowance for credit losses:
Balance as of July 1, 2024
$ — $ 17 $ 17
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 4 4
Available-for-sale securities accounted for as PCD assets 2 2
Reductions to the allowance for credit losses:
Write-offs charged against the allowance 9 9
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
4 4
Total allowance for credit losses $ 6 $ 12 $ 18

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Three months ended September 30, 2023 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of July 1, 2023
$ 13 $ 9 $ 22
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 5 5
Available-for-sale securities accounted for as PCD assets 2 2
Reductions to the allowance for credit losses:
Write-offs charged against the allowance 15 15
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
4 4
Total allowance for credit losses $ 5 $ 13 $ 18

Nine months ended September 30, 2024 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of January 1, 2024
$ 4 $ 12 $ 16
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 4 4
Available-for-sale securities accounted for as PCD assets 2 2
Reductions to the allowance for credit losses:
Securities sold during the period (realized) 3 1 4
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 1
Write-offs charged against the allowance 9 9
Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
10 10
Total allowance for credit losses $ 6 $ 12 $ 18

15
Nine months ended September 30, 2023 Corporate and Other Bonds Asset-backed Total
(In millions)
Allowance for credit losses:
Balance as of January 1, 2023
$ — $ 1 $ 1
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded 6 7 13
Available-for-sale securities accounted for as PCD assets 22 22
Reductions to the allowance for credit losses:
Securities sold during the period (realized) 6 6
Intent to sell or more likely than not will be required to sell the
security before recovery of its amortized cost basis 		3 3
Write-offs charged against the allowance 15 15
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
1 5 6
Total allowance for credit losses $ 5 $ 13 $ 18

Contractual Maturity

The following table presents available-for-sale fixed maturity securities by contractual maturity.

September 30, 2024 December 31, 2023
Cost or Amortized Cost Estimated Fair
Value 		Cost or Amortized Cost Estimated
Fair
Value
(In millions)
Due in one year or less $ 1,585 $ 1,565 $ 1,121 $ 1,091
Due after one year through five years 11,948 11,800 11,563 11,180
Due after five years through ten years 13,282 12,907 13,359 12,573
Due after ten years 16,685 16,255 16,371 15,581
Total $ 43,500 $ 42,527 $ 42,414 $ 40,425

Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.

Mortgage Loans

The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.

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Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of September 30, 2024
2024
2023
2022
2021
2020
Prior Total
(In millions)
DSCR ≥1.6x
LTV less than 55% $ 33 $ 9 $ 2 $ 97 $ 242 $ 383
LTV 55% to 65% 5 5
LTV greater than 65% 30 12 42
DSCR 1.2x - 1.6x
LTV less than 55% 28 5 13 50 96
LTV 55% to 65% $ 43 20 36 36 4 31 170
LTV greater than 65% 13 64 20 97
DSCR ≤1.2x
LTV less than 55% —
LTV 55% to 65% 32 75 41 148
LTV greater than 65% 28 21 48 97
Total $ 43 $ 126 $ 247 $ 76 $ 134 $ 412 $ 1,038

(a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.

Derivative Financial Instruments

A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.

September 30, 2024 December 31, 2023
Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value
Asset
(Liability)
Asset (Liability)
(In millions)
Without hedge designation:
Equity markets:
Options – purchased $ 338 $ 1 $ 202 $ 1
Futures – short 158 $ ( 1 ) 116
Warrants 1 1 84 3
Interest rate swaps 300 6 300 13
Currency forwards 13 $ ( 1 )

Investment Commitments

As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of September 30, 2024, commitments to purchase or fund were approximately $ 1.6 billion and to sell were approximately $ 90 million under the terms of these investments.

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3. Fair Value

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

September 30, 2024
Level 1
Level 2
Level 3
Total
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 225 $ 25,289 $ 1,237 $ 26,751
States, municipalities and political subdivisions 7,103 45 7,148
Asset-backed 7,713 915 8,628
Fixed maturities available-for-sale 225 40,105 2,197 42,527
Fixed maturities trading 528 528
Total fixed maturities $ 753 $ 40,105 $ 2,197 $ 43,055
Equity securities $ 765 $ 436 $ 14 $ 1,215
Short-term and other 5,043 30 5,073
Receivables 6 6
Payable to brokers ( 57 ) ( 57 )
December 31, 2023
Fixed maturity securities:
Corporate bonds and other $ 161 $ 23,926 $ 1,045 $ 25,132
States, municipalities and political subdivisions 7,348 44 7,392
Asset-backed 7,000 901 7,901
Fixed maturities available-for-sale 161 38,274 1,990 40,425
Fixed maturities trading 201 201
Total fixed maturities $ 362 $ 38,274 $ 1,990 $ 40,626
Equity securities $ 586 $ 440 $ 24 $ 1,050
Short-term and other 4,215 32 4,247
Receivables 13 13
Payable to brokers ( 62 ) ( 62 )


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The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2024 and 2023:

Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2024 Balance, July 1
Included in Net Income
Included in OCI Purchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, September 30
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 1,129 $ 59 $ 83 $ ( 10 ) $ ( 24 ) $ 1,237 $ 57
States, municipalities and political subdivisions 43 2 45 2
Asset-backed 887 $ 1 30 38 ( 23 ) $ ( 18 ) 915 30
Fixed maturities available-for-sale $ 2,059 $ 1 $ 91 $ 121 $ ( 10 ) $ ( 47 ) $ — $ ( 18 ) $ 2,197 $ — $ 89
Equity securities $ 14 $ 14
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2023 Balance, July 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into
Level 3 		Transfers out of Level 3
Balance, September 30
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 971 $ ( 36 ) $ 29 $ ( 19 ) $ 945 $ ( 36 )
States, municipalities and political subdivisions 43 ( 2 ) 41 ( 2 )
Asset-backed 883 $ 1 ( 28 ) 61 ( 13 ) $ ( 7 ) 897 ( 28 )
Fixed maturities available-for-sale $ 1,897 $ 1 $ ( 66 ) $ 90 $ — $ ( 32 ) $ — $ ( 7 ) $ 1,883 $ — $ ( 66 )
Equity securities $ 26 $ ( 1 ) $ ( 2 ) $ 23 $ ( 1 )

19
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2024 Balance, January 1
Included in Net Income
Included in OCI Purchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, September 30
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 1,045 $ 39 $ 229 $ ( 10 ) $ ( 77 ) $ 11 $ 1,237 $ 34
States, municipalities and political subdivisions 44 1 45 1
Asset-backed 901 $ 5 14 111 ( 14 ) ( 65 ) $ ( 37 ) 915 14
Fixed maturities available-for-sale $ 1,990 $ 5 $ 54 $ 340 $ ( 24 ) $ ( 142 ) $ 11 $ ( 37 ) $ 2,197 $ — $ 49
Equity securities $ 24 $ 6 $ 3 $ ( 19 ) $ 14 $ 2
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2023 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into
Level 3 		Transfers out of Level 3
Balance, September 30
(In millions)
Fixed maturity securities:
Corporate bonds and other $ 810 $ ( 27 ) $ 178 $ ( 27 ) $ 11 $ 945 $ ( 27 )
States, municipalities and political subdivisions 43 ( 2 ) 41 ( 2 )
Asset-backed 788 $ 10 ( 28 ) 203 ( 39 ) 23 $ ( 60 ) 897 ( 28 )
Fixed maturities available-for-sale $ 1,641 $ 10 $ ( 57 ) $ 381 $ — $ ( 66 ) $ 34 $ ( 60 ) $ 1,883 $ — $ ( 57 )
Equity securities $ 35 $ ( 8 ) $ ( 4 ) $ 23 $ ( 8 )





20
Net investment gains and losses are reported in Net income as follows:

Major Category of Assets and Liabilities Consolidated Condensed Statements of Operations Line Items
Fixed maturity securities available-for-sale Investment gains (losses)
Fixed maturity securities trading Net investment income
Equity securities Investment gains (losses) and Net investment income
Other invested assets Investment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolio Net investment income
Derivative financial instruments, other Investment gains (losses) and Operating revenues and other

21
Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.

September 30, 2024 Estimated
Fair Value 		Valuation Techniques Unobservable Inputs Range (Weighted Average)
(In millions)
Fixed maturity securities $ 1,713 Discounted cash flow Credit spread 1 % — 6 % ( 2 %)
December 31, 2023
Fixed maturity securities $ 1,495 Discounted cash flow Credit spread 1 % — 7 % ( 2 %)

For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.

Financial Assets and Liabilities Not Measured at Fair Value

The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items.

Carrying Amount Estimated Fair Value
September 30, 2024 Level 1 Level 2 Level 3 Total
(In millions)
Assets:
Other invested assets, primarily mortgage loans $ 1,003 $ 988 $ 988
Liabilities:
Short-term debt 712 $ 599 108 707
Long-term debt 8,818 7,892 840 8,732
December 31, 2023
Assets:
Other invested assets, primarily mortgage loans $ 1,035 $ 997 $ 997
Liabilities:
Short-term debt 1,083 $ 546 520 1,066
Long-term debt 7,915 7,255 385 7,640

22
4. Claim and Claim Adjustment Expense Reserves

Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.

Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. Catastrophe losses, net of reinsurance, of $ 143 million and $ 94 million were recorded for the three months ended September 30, 2024 and 2023 and $ 313 million and $ 214 million were recorded for the nine months ended September 30, 2024 and 2023. Catastrophe losses for the three and nine months ended September 30, 2024 were primarily related to severe weather related events, including $ 55 million for Hurricane Helene. Catastrophe losses for the three and nine months ended September 30, 2023 were primarily related to severe weather related events.

23
Liability for Unpaid Claim and Claim Adjustment Expenses

The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.

Nine Months Ended September 30
2024 2023
(In millions)
Reserves, beginning of year:
Gross $ 23,304 $ 22,120
Ceded 5,141 5,191
Net reserves, beginning of year 18,163 16,929
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year 4,706 4,221
Increase (decrease) in provision for insured events of prior years 26 43
Amortization of discount 30 33
Total net incurred (a)
4,762 4,297
Net payments attributable to:
Current year events ( 655 ) ( 588 )
Prior year events ( 3,189 ) ( 2,953 )
Total net payments ( 3,844 ) ( 3,541 )
Foreign currency translation adjustment and other 35 ( 30 )
Net reserves, end of period 19,116 17,655
Ceded reserves, end of period 5,442 5,181
Gross reserves, end of period $ 24,558 $ 22,836

(a) Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.

Net Prior Year Development

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable.

Favorable net prior year loss reserve development of $ 5 million and $ 7 million for the three months ended September 30, 2024 and 2023 and $ 24 million and $ 11 million for the nine months ended September 30, 2024 and 2023 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). Unfavorable net prior year loss reserve development of $ 22 million and $ 20 million for the three months ended September 30, 2024 and 2023 and $ 57 million and $ 55 million for the nine months ended September 30, 2024 and 2023 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).
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The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Medical professional liability $ ( 2 ) $ 9
Other professional liability and management liability $ 11 $ 17 28 16
Surety ( 20 ) ( 21 ) ( 46 ) ( 28 )
Warranty 7 ( 2 ) 20 ( 11 )
Commercial auto 25 46 11
General liability 28 47 70
Workers’ compensation ( 57 ) ( 2 ) ( 106 ) ( 100 )
Other property and casualty operations 1 1 ( 11 ) 22
Other insurance operations 22 20 57 55
Total pretax (favorable) unfavorable development $ 17 $ 13 $ 33 $ 44

Three Months

2024

Unfavorable development in other professional liability and management liability was primarily due to higher than expected large claim severity in CNA’s directors and officers (“D&O”) business in accident year 2019.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

2023

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s cyber and professional errors and omissions (“E&O”) businesses in multiple accident years.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

Nine Months

2024

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses.
25

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

2023

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s cyber and professional E&O businesses in multiple accident years.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Favorable development in warranty was due to lower than expected loss emergence in a recent accident year.

Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction business in a recent accident year.

Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and middle market businesses across multiple accident years.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.

Unfavorable development in other property and casualty operations was due to higher than expected large loss emergence in CNA’s professional liability business in accident year 2017.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

Asbestos & Environmental Pollution (“A&EP”) Reserves

In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $ 1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $ 4.0 billion. The $ 1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $ 1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $ 2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $ 215 million were transferred to NICO, resulting in total consideration of $ 2.2 billion.

In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $ 2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total
26
ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits in the Consolidated Condensed Statements of Operations.

The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ 11 million and $ 15 million for the three months ended September 30, 2024 and 2023 and $ 36 million and $ 38 million for the nine months ended September 30, 2024 and 2023 . As of September 30, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $ 3.6 billion. The unrecognized deferred retroactive reinsurance benefit was $ 382 million and $ 417 million as of September 30, 2024 and December 31, 2023 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.

NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $ 2.3 billion as of September 30, 2024. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims.

Credit Risk for Ceded Reserves

The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.

5. Future Policy Benefits Reserves

Future policy benefits reserves are associated with CNA’s run-off long-term care business, included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheet.

The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations.

Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered.

The cash flow assumption updates for the third quarter of 2024 resulted in a $ 15 million pretax increase in the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and an unfavorable impact from higher cost of care inflation.

The cash flow assumption updates for the third quarter of 2023 resulted in an $ 8 million pretax increase to the LFPB. Persistency updates were unfavorable due to revisions to lapse rates. Morbidity updates were favorable driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions.

For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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The following table summarizes balances and changes in the LFPB:

2024 2023
(In millions)
Present value of future net premiums
Balance, January 1 $ 3,710 $ 3,993
Effect of changes in discount rate ( 125 ) ( 74 )
Balance, January 1, at original locked in discount rate 3,585 3,919
Effect of changes in cash flow assumptions (a) 111 28
Effect of actual variances from expected experience (a) ( 40 ) ( 112 )
Adjusted balance, January 1 3,656 3,835
Interest accrual 139 153
Net premiums: earned during period ( 317 ) ( 332 )
Balance, end of period at original locked in discount rate 3,478 3,656
Effect of changes in discount rate 147 ( 67 )
Balance, September 30
$ 3,625 $ 3,589
Present value of future benefits & expenses
Balance, January 1 $ 17,669 $ 17,472
Effect of changes in discount rate ( 578 ) ( 125 )
Balance, January 1, at original locked in discount rate 17,091 17,347
Effect of changes in cash flow assumptions (a) 126 36
Effect of actual variances from expected experience (a) 33 ( 45 )
Adjusted balance, January 1 17,250 17,338
Interest accrual 693 723
Benefit & expense payments ( 883 ) ( 945 )
Balance, end of period at original locked in discount rate 17,060 17,116
Effect of changes in discount rate 612 ( 873 )
Balance, September 30
$ 17,672 $ 16,243
Net LFPB, September 30
$ 14,047 $ 12,654

(a)
As of September 30, 2024 and 2023 , the re-measurement gain (loss) of $( 88 ) million and $( 75 ) million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

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The following table presents earned premiums and interest expense associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Earned premiums $ 110 $ 112 $ 329 $ 340
Interest expense 185 191 554 570

The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.

September 30,
2024 2023
(In millions)
Expected future benefit and expense payments $ 32,009 $ 33,217
Expected future gross premiums 5,305 5,557

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.8 billion and $ 3.7 billion as of September 30, 2024 and 2023.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of September 30, 2024 and 2023.

The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.

September 30, December 31,
2024 2023 2023
Original locked in discount rate 5.20 % 5.24 % 5.22 %
Upper-medium grade fixed income instrument discount rate 4.90 5.78 4.94

For the three and nine months ended September 30, 2024, immediate charges to net income resulting from adverse development that caused the net premium ratio (“NPR”) to exceed 100% for certain cohorts were $ 84 million and $ 128 million. For the three and nine months ended September 30, 2023, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% were $ 109 million and $ 152 million .

For the three and nine months ended September 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income was $ 20 million and $ 28 million . For the three and nine months ended September 30, 2023 , the portion of losses recognized in a prior period due to NPR exceeding 100% which, due to favorable development, was reversed through net income was $ 26 million and $ 37 million .
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6. Shareholders’ Equity

Accumulated other comprehensive income (loss)

The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and nine months ended September 30, 2023 and 2024 :

Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
impact of
changes in
discount
rates used to
measure long
duration
contracts 		Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, July 1, 2023
$ ( 16 ) $ ( 2,238 ) $ ( 163 ) $ 20 $ ( 609 ) $ ( 154 ) $ ( 3,160 )
Other comprehensive income (loss) before reclassifications, after tax of $ 3 , $ 295 , $( 217 ), $( 2 ), $ 0 and $ 0
( 9 ) ( 1,105 ) 818 ( 1 ) ( 55 ) ( 352 )
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 6 ), $ 0 , $ 0 , $( 11 ) and $ 0
8 21 40 69
Other comprehensive income (loss) ( 1 ) ( 1,084 ) 818 ( 1 ) 40 ( 55 ) ( 283 )
Amounts attributable to noncontrolling interests 1 95 ( 69 ) ( 1 ) 5 31
Purchase of CNA shares ( 46 ) ( 1 ) ( 10 ) ( 4 ) ( 61 )
Balance, September 30, 2023
$ ( 16 ) $ ( 3,273 ) $ 585 $ 19 $ ( 580 ) $ ( 208 ) $ ( 3,473 )
Balance, July 1, 2024
$ ( 10 ) $ ( 1,903 ) $ 234 $ 10 $ ( 525 ) $ ( 189 ) $ ( 2,383 )
Other comprehensive income (loss) before reclassifications, after tax of $ 3 , $( 337 ), $ 165 , $ 3 , $ 0 and $ 0
( 9 ) 1,253 ( 623 ) ( 7 ) 1 64 679
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 2 ), $( 3 ), $ 0 , $ 0 , $( 3 ) and $ 0
6 11 8 25
Other comprehensive income (loss) ( 3 ) 1,264 ( 623 ) ( 7 ) 9 64 704
Amounts attributable to noncontrolling interests ( 105 ) 52 ( 1 ) ( 5 ) ( 59 )
Balance, September 30, 2024
$ ( 13 ) $ ( 744 ) $ ( 337 ) $ 3 $ ( 517 ) $ ( 130 ) $ ( 1,738 )

30
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
impact of
changes in
discount
rates used to
measure long
duration
contracts 		Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, January 1, 2023, as reported
$ ( 7 ) $ ( 2,469 ) $ — $ 14 $ ( 622 ) $ ( 200 ) $ ( 3,284 )
Cumulative effect adjustments from changes in accounting standard s, after tax of $ 0 , $ 0 , $ 11 , $ 0 , $ 0 and $ 0
( 36 ) ( 36 )
Balance, January 1, 2023, as adjusted
( 7 ) ( 2,469 ) ( 36 ) 14 ( 622 ) ( 200 ) ( 3,320 )
Other comprehensive income (loss) before reclassifications, after tax of $ 7 , $ 235 , $( 180 ), $( 1 ), $ 0 and $ 0
( 25 ) ( 880 ) 678 5 ( 4 ) ( 226 )
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 4 ), $( 14 ), $ 0 , $ 0 , $( 15 ) and $ 0
15 53 55 123
Other comprehensive income (loss) ( 10 ) ( 827 ) 678 5 55 ( 4 ) ( 103 )
Amounts attributable to noncontrolling interests 1 69 ( 56 ) ( 3 ) 11
Purchase of CNA shares ( 46 ) ( 1 ) ( 10 ) ( 4 ) ( 61 )
Balance, September 30, 2023
$ ( 16 ) $ ( 3,273 ) $ 585 $ 19 $ ( 580 ) $ ( 208 ) $ ( 3,473 )
Balance, January 1, 2024
$ ( 12 ) $ ( 1,483 ) $ ( 329 ) $ 9 $ ( 533 ) $ ( 149 ) $ ( 2,497 )
Other comprehensive income (loss) before reclassifications, after tax of $ 4 , $( 206 ), $ 2 , $ 3 , $ 0 and $ 0
( 14 ) 764 ( 9 ) ( 6 ) 1 21 757
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 4 ), $( 10 ), $ 0 , $ 0 , $( 5 ) and $ 0
13 39 20 72
Other comprehensive income (loss) ( 1 ) 803 ( 9 ) ( 6 ) 21 21 829
Amounts attributable to noncontrolling interests ( 67 ) 1 ( 2 ) ( 2 ) ( 70 )
Other 3 ( 3 ) —
Balance, September 30, 2024
$ ( 13 ) $ ( 744 ) $ ( 337 ) $ 3 $ ( 517 ) $ ( 130 ) $ ( 1,738 )

Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:

Major Category of AOCI Affected Line Item
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments Investment gains (losses)
Unrealized gains (losses) on cash flow hedges Operating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefits Operating expenses and other
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Stock Purchases

Loews Corporation repurchased 3.5 million and 11.9 million shares of its common stock at aggregate costs of $ 264 million and $ 711 million during the nine months ended September 30, 2024 and 2023.

7. Debt

In February of 2024 , CNA completed a public offering of $ 500 million aggregate principal amount of its 5.1 % senior notes due February 15, 2034 and in May of 2024, CNA repaid at maturity the outstanding $ 550 million aggregate principal amount of its 4.0 % senior notes.

In February of 2024 , Boardwalk Pipelines completed a public offering of $ 600 million aggregate principal amount of its 5.6 % senior notes due August 1, 2034 . Boardwalk Pipelines intends to use the net proceeds to retire the outstanding $ 600 million aggregate principal amount of its 5.0 % notes due December 2024 at maturity .

8. Revenue from Contracts with Customers

Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 12 :

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Non-insurance warranty – CNA Financial $ 401 $ 407 $ 1,212 $ 1,221
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines $ 463 $ 347 $ 1,431 $ 1,083
Lodging and related services – Loews Hotels & Co 220 190 673 577
Total revenues from contracts with customers 683 537 2,104 1,660
Other revenues 23 22 74 68
Operating revenues and other $ 706 $ 559 $ 2,178 $ 1,728

Receivables from contracts with customers – As of September 30, 2024 and December 31, 2023, receivables from contracts with customers were approximately $ 200 million and $ 228 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of September 30, 2024 and December 31, 2023, deferred revenue resulting from contracts with customers were approximately $ 4.7 billion and $ 4.8 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $ 1.1 billion and $ 905 million of revenues recognized during the nine months ended September 30, 2024 and 2023 were included in deferred revenue as of December 31, 2023 and 2022.

Performance obligations – As of September 30, 2024, approximately $ 15.5 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $ 0.8 billion will be recognized during the remaining three months of 2024 , $ 2.8 billion in 2025 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

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9. Benefit Plans

The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees.

The following tables present the components of net periodic (benefit) cost for the defined benefit plans:

Pension Benefits
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Service cost $ 1 $ 1 $ 2 $ 2
Interest cost 23 28 72 84
Expected return on plan assets ( 29 ) ( 32 ) ( 88 ) ( 96 )
Amortization of unrecognized net loss 7 9 22 27
Settlements 4 47 4 48
Net periodic cost $ 6 $ 53 $ 12 $ 65

During the third quarter of 2023, the Company terminated a non-contributory defined benefit plan through lump sum settlement payments to certain participants and the transfer of the remaining liability to a third party insurance company through the purchase of group annuity contracts. The Company recorded a settlement expense of $ 47 million ($ 37 million after-tax) to recognize unrealized losses which were previously included in AOCI.

Other Postretirement Benefits
Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Interest cost $ 1 $ 1
Expected return on plan assets $ ( 1 ) $ ( 1 ) ( 2 ) ( 2 )
Amortization of unrecognized net loss 1 1 1 1
Net periodic benefit $ — $ — $ — $ —

10. Legal Proceedings

Boardwalk Pipelines Litigation

On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates.

On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the
33
Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018.

On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021.

On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $ 690 million, plus pre-judgment interest (approximately $ 166 million), post-judgment interest and attorneys’ fees.

The Company believed that the Trial Court ruling included factual and legal errors. Therefore, on January 3, 2022, the Defendants appealed the Trial Court’s ruling to the Supreme Court of the State of Delaware (the “Supreme Court”). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. Oral arguments were held on September 14, 2022, and on December 19, 2022, the Supreme Court reversed the Trial Court’s ruling and remanded the case to the Trial Court for further proceedings related to claims not decided by the Trial Court’s ruling. Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023. A hearing on the remanded issues was held at the Trial Court in April 2024. In September 2024, the Trial Court ruled in favor of the Defendants on all of the remanded issues. On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court.

Other Litigation

The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the Boardwalk Pipelines matter described above, will materially affect the Company’s results of operations or equity.

11. Commitments and Contingencies

CNA Guarantees

CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of September 30, 2024, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $ 1.4 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

12. 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 primarily comprised of Loews Corporation, excluding its subsidiaries, and the equity method of accounting for Altium Packaging LLC. 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 the composition of Loews Corporation’s segments, see Note 21 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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.

34
Statements of Operations by segment are presented in the following tables.

Three Months Ended September 30, 2024
CNA Financial
Boardwalk Pipelines
Loews
Hotels & Co
Corporate
Total
(In millions)
Revenues:
Insurance premiums $ 2,593 $ 2,593
Net investment income 626 $ 9 $ 2 $ 139 776
Investment losses ( 10 ) ( 10 )
Non-insurance warranty revenue 401 401
Operating revenues and other 8 474 224 706
Total 3,618 483 226 139 4,466
Expenses:
Insurance claims and policyholders’ benefits 2,019 2,019
Amortization of deferred acquisition costs 457 457
Non-insurance warranty expense 387 387
Operating expenses and other 362 332 218 18 930
Equity method loss 9 9
Interest 32 47 17 18 114
Total 3,257 379 235 45 3,916
Income (loss) before income tax 361 104 ( 9 ) 94 550
Income tax (expense) benefit ( 78 ) ( 27 ) 1 ( 21 ) ( 125 )
Net income (loss) 283 77 ( 8 ) 73 425
Amounts attributable to noncontrolling interests ( 24 ) ( 24 )
Net income (loss) attributable to Loews Corporation $ 259 $ 77 $ ( 8 ) $ 73 $ 401

35
Three Months Ended September 30, 2023 CNA Financial Boardwalk Pipelines Loews
Hotels & Co 		Corporate Total
(In millions)
Revenues:
Insurance premiums $ 2,406 $ 2,406
Net investment income 553 $ 6 $ 2 $ 31 592
Investment losses ( 38 ) ( 38 )
Non-insurance warranty revenue 407 407
Operating revenues and other 8 357 194 559
Total 3,336 363 196 31 3,926
Expenses:
Insurance claims and policyholders’ benefits 1,826 1,826
Amortization of deferred acquisition costs 426 426
Non-insurance warranty expense 386 386
Operating expenses and other 338 258 195 69 860
Equity method (income) loss ( 26 ) 4 ( 22 )
Interest 34 39 3 18 94
Total 3,010 297 172 91 3,570
Income (loss) before income tax 326 66 24 ( 60 ) 356
Income tax (expense) benefit ( 68 ) ( 17 ) ( 7 ) 12 ( 80 )
Net income (loss) 258 49 17 ( 48 ) 276
Amounts attributable to noncontrolling interests ( 23 ) ( 23 )
Net income (loss) attributable to Loews Corporation $ 235 $ 49 $ 17 $ ( 48 ) $ 253
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Nine Months Ended September 30, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
Revenues:
Insurance premiums $ 7,532 $ 7,532
Net investment income 1,853 $ 22 $ 7 $ 202 2,084
Investment losses ( 42 ) ( 42 )
Non-insurance warranty revenue 1,212 1,212
Operating revenues and other 26 1,466 686 2,178
Total 10,581 1,488 693 202 12,964
Expenses:
Insurance claims and policyholders’ benefits 5,708 5,708
Amortization of deferred acquisition costs 1,336 1,336
Non-insurance warranty expense 1,169 1,169
Operating expenses and other 1,077 991 652 58 2,778
Equity method (income) loss ( 59 ) 15 ( 44 )
Interest 101 137 37 56 331
Total 9,391 1,128 630 129 11,278
Income before income tax 1,190 360 63 73 1,686
Income tax expense ( 252 ) ( 92 ) ( 20 ) ( 17 ) ( 381 )
Net income 938 268 43 56 1,305
Amounts attributable to noncontrolling interests ( 78 ) ( 78 )
Net income attributable to Loews Corporation $ 860 $ 268 $ 43 $ 56 $ 1,227

37
Nine Months Ended September 30, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total
(In millions)
Revenues:
Insurance premiums $ 7,001 $ 7,001
Net investment income 1,653 $ 11 $ 4 $ 84 1,752
Investment gains (losses) ( 105 ) 46 ( 59 )
Non-insurance warranty revenue 1,221 1,221
Operating revenues and other 22 1,114 592 1,728
Total 9,792 1,125 642 84 11,643
Expenses:
Insurance claims and policyholders’ benefits 5,258 5,258
Amortization of deferred acquisition costs 1,208 1,208
Non-insurance warranty expense 1,154 1,154
Operating expenses and other 1,021 751 572 105 2,449
Equity method (income) loss ( 98 ) 9 ( 89 )
Interest 93 117 9 61 280
Total 8,734 868 483 175 10,260
Income (loss) before income tax 1,058 257 159 ( 91 ) 1,383
Income tax (expense) benefit ( 220 ) ( 66 ) ( 44 ) 15 ( 315 )
Net income (loss) 838 191 115 ( 76 ) 1,068
Amounts attributable to noncontrolling interests ( 80 ) ( 80 )
Net income (loss) attributable to Loews Corporation $ 758 $ 191 $ 115 $ ( 76 ) $ 988

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13. Subsequent Events

CNA Employee Retirement Plan Trust Settlement Transaction

In October of 2024, a subsidiary of CNA, as a sponsor of the CNA Employee Retirement Plan Trust (the “Plan”), entered into a commitment agreement with Metropolitan Life Insurance Company (the “Insurer”) under which the Plan purchased a nonparticipating single premium group annuity contract that transferred to the Insurer approximately $ 1,045 million of the Plan’s defined benefit pension obligations. The group annuity contract covers approximately 7,600 Plan participants and beneficiaries (the “Transferred Participants”), representing approximately 60 % of the Plan’s obligations. Under the group annuity contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after January 1, 2025. The purchase of the group annuity contract was funded directly by assets of the Plan and required no cash or asset contributions from CNA. As a result of the transaction, the Company will recognize a one-time non-cash pretax pension settlement charge of approximately $ 370 million ($ 265 million after tax and noncontrolling interests) in the fourth quarter of 2024. This charge is largely driven by the accelerated recognition of the actuarial pension loss from Accumulated other comprehensive income into Net income, which does not impact Shareholders’ equity. This charge will not impact cash flow for the fourth quarter or full year 2024.

Fourth Quarter 2024 Hurricane Milton Estimates

On October 9, 2024, Hurricane Milton made landfall in Florida. Pretax net catastrophe losses related to Hurricane Milton are currently estimated between approximately $ 25 million to $ 55 million, and are anticipated to be reflected in the Company’s fourth quarter 2024 results.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read in conjunction with our Consolidated Condensed Financial Statements included under Item 1 of this Report and the Consolidated Financial Statements, Risk Factors, and MD&A included in our Annual Report on Form 10-K for the year ended December 31, 2023. This MD&A is comprised of the following sections:

Page
No.

OVERVIEW

Loews Corporation is a holding company and has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA Financial Corporation (“CNA”), Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”) and Loews Hotels Holding Corporation (“Loews Hotels & Co”); and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its operating subsidiaries, and the equity method of accounting for Altium Packaging LLC (“Altium Packaging”).
39

Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the terms “Parent Company,” “we,” “our,” “us” or like terms mean Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.

We rely upon our invested cash balances and distributions from our subsidiaries to generate the funds necessary to meet our obligations and to declare and pay any dividends to our shareholders. The ability of our subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies (see Note 15 of th e Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023) and compliance with covenants in their respective loan agreements. Claims of creditors of our subsidiaries will generally have priority as to the assets of such subsidiaries over our claims and those of our creditors and shareholders. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.

40

RESULTS OF OPERATIONS

Consolidated Financial Results

The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions, except per share data)
CNA Financial $ 259 $ 235 $ 860 $ 758
Boardwalk Pipelines 77 49 268 191
Loews Hotels & Co (8) 17 43 115
Corporate 73 (48) 56 (76)
Net income attributable to Loews Corporation $ 401 $ 253 $ 1,227 $ 988
Basic net income per share $ 1.83 $ 1.12 $ 5.55 $ 4.32
Diluted net income per share $ 1.82 $ 1.12 $ 5.54 $ 4.31

Net income attributable to Loews Corporation for the three months ended September 30, 2024 was $401 million, or $1.82 per share, compared to net income of $253 million, or $1.12 per share in the comparable 2023 period. Net income attributable to Loews Corporation for the nine months ended September 30, 2024 was $1,227 million, or $5.54 per share, compared to net income of $988 million, or $4.31 per share in the comparable 2023 period. Corporate includes a $37 million after-tax charge for the termination of a non-contributory defined benefit pension plan for the three and nine months ended September 30, 2023 . Loews Hotels & Co includes a $36 million after-tax gain related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property for the nine months ended September 30, 2023.

The increase in net income attributable to Loews Corporation for the three months ended September 30, 2024 as compared to the comparable 2023 period was primarily driven by higher net income at CNA and Boardwalk Pipelines, and higher investment income at the parent company, partially offset by lower results at Loews Hotels & Co. The increase at CNA is primarily due to higher net investment income, partially offset by higher catastrophe losses, and the increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates and recently completed growth projects. Higher investment income at the parent company is primarily due to the favorable change in the fair value of equity based investments. Loews Hotels & Co’s results decreased primarily due to an impairment charge recorded by a joint venture property.

Results drivers for the nine months ended September 30, 2024 as compared to the comparable 2023 period are consistent with the three-month period discussed above.

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CNA Financial

The following table summarizes the results of operations for CNA for the three and nine months ended September 30, 2024 and 2023 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Revenues:
Insurance premiums $ 2,593 $ 2,406 $ 7,532 $ 7,001
Net investment income 626 553 1,853 1,653
Investment losses (10) (38) (42) (105)
Non-insurance warranty revenue 401 407 1,212 1,221
Other revenues 8 8 26 22
Total 3,618 3,336 10,581 9,792
Expenses:
Insurance claims and policyholders’ benefits 2,019 1,826 5,708 5,258
Amortization of deferred acquisition costs 457 426 1,336 1,208
Non-insurance warranty expense 387 386 1,169 1,154
Other operating expenses 362 338 1,077 1,021
Interest 32 34 101 93
Total 3,257 3,010 9,391 8,734
Income before income tax 361 326 1,190 1,058
Income tax expense (78) (68) (252) (220)
Net income 283 258 938 838
Amounts attributable to noncontrolling interests (24) (23) (78) (80)
Net income attributable to Loews Corporation $ 259 $ 235 $ 860 $ 758

Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation increased $24 million for the three months ended September 30, 2024 as compared with the comparable 2023 period primarily due to higher net investment income, par tially offset by higher catastrophe losses.

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation increased $102 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, the drivers of which are consistent with the three-month period discussed above.

CNA’s Property & Casualty and Other Insurance Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves. We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting. However, for purposes of this discussion and analysis of the results
42
of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results.

In assessing its insurance operations, CNA utilizes the core income (loss) financial measure. Core income (loss) is calculated by excluding investment gains or losses and gains or losses resulting from pension settlement transactions from net income (loss). In addition, core income (loss) excludes the effects of noncontrolling interests. The calculation of core income (loss) excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations. Core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations. Please see the non-GAAP reconciliation of net income (loss) to core income (loss) in this MD&A.

In evaluating the results of Property & Casualty Operations, which is comprised of the Specialty, Commercial and International lines of business, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on CNA’s reserves is provided in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

In addition, renewal premium change, rate, retention and new business are also utilized in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written with existing customers. Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.

CNA uses underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and other insurance related expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities which are managed separately from its investing activities. Underlying underwriting gain (loss) is deemed to be a non-GAAP measure that represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate profitability, before tax, of CNA’s underwriting activities, excluding the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.

The following tables present a reconciliation of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain (loss) for t he three and nine months ended September 30, 2024 and 2023:
43
Three Months Ended September 30, 2024 Specialty Commercial International Property & Casualty Other Insurance Operations Total
(In millions)
Net income (loss) attributable to Loews Corporation $ 153 $ 121 $ 31 $ 305 $ (46) $ 259
Investment (gains) losses 4 7 2 13 (6) 7
Pension settlement losses 3 3
Noncontrolling interests 14 11 3 28 (4) 24
Core income (loss) $ 171 $ 139 $ 36 $ 346 $ (53) $ 293
Adjustments to reconcile core income to underwriting gain (loss):
Net investment income (157) (183) (32) (372)
Non-insurance warranty (revenue) expense (14) (14)
Other (revenue) expense, including interest expense 12 3 (8) 7
Income tax expense on core income 47 38 16 101
Underwriting gain (loss) 59 (3) 12 68
Effect of catastrophe losses 127 16 143
Effect of favorable development-related items (2) (2)
Underlying underwriting gain $ 59 $ 124 $ 26 $ 209

Three Months Ended September 30, 2023
Net income (loss) attributable to Loews Corporation $ 150 $ 107 $ 36 $ 293 $ (58) $ 235
Investment losses 13 16 29 2 31
Noncontrolling interests 15 10 4 29 (6) 23
Core income (loss) $ 178 $ 133 $ 40 $ 351 $ (62) $ 289
Adjustments to reconcile core income to underwriting gain:
Net investment income (136) (156) (26) (318)
Non-insurance warranty (revenue) expense (21) (21)
Other (revenue) expense, including interest expense 13 2 7 22
Income tax expense on core income 49 34 14 97
Underwriting gain 83 13 35 131
Effect of catastrophe losses 87 7 94
Effect of favorable development-related items (5) (5)
Underlying underwriting gain $ 78 $ 100 $ 42 $ 220
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Nine Months Ended September 30, 2024 Specialty Commercial International Property & Casualty Other Insurance Operations Total
(In millions)
Net income (loss) attributable to Loews Corporation $ 457 $ 400 $ 106 $ 963 $ (103) $ 860
Investment (gains) losses 19 28 1 48 (15) 33
Pension settlement losses 3 3
Noncontrolling interests 41 36 10 87 (9) 78
Core income (loss) $ 517 $ 464 $ 117 $ 1,098 $ (124) $ 974
Adjustments to reconcile core income to underwriting gain:
Net investment income (461) (534) (95) (1,090)
Non-insurance warranty (revenue) expense (43) (43)
Other (revenue) expense, including interest expense 40 10 (5) 45
Income tax expense on core income 142 125 41 308
Underwriting gain 195 65 58 318
Effect of catastrophe losses 285 28 313
Effect of favorable development-related items (8) (5) (13)
Underlying underwriting gain $ 187 $ 350 $ 81 $ 618

Nine Months Ended September 30, 2023
Net income (loss) attributable to Loews Corporation $ 441 $ 353 $ 93 $ 887 $ (129) $ 758
Investment (gains) losses 39 53 (1) 91 (7) 84
Noncontrolling interests 46 37 10 93 (13) 80
Core income (loss) $ 526 $ 443 $ 102 $ 1,071 $ (149) $ 922
Adjustments to reconcile core income to underwriting gain:
Net investment income (407) (470) (74) (951)
Non-insurance warranty (revenue) expense (67) (67)
Other (revenue) expense, including interest expense 39 5 2 46
Income tax expense on core income 146 118 36 300
Underwriting gain 237 96 66 399
Effect of catastrophe losses 190 24 214
Effect of (favorable) unfavorable development-related items (7) (4) 15 4
Underlying underwriting gain $ 230 $ 282 $ 105 $ 617
45
Property & Casualty Operations

The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three and nine months e nded September 30, 2024 and 2023.

Three Months Ended September 30, 2024
Specialty
Commercial
International
Total
(In millions, except %)
Gross written premiums $ 1,743 $ 1,547 $ 305 $ 3,595
Gross written premiums excluding third-party captives 982 1,538 305 2,825
Net written premiums 862 1,221 277 2,360
Net earned premiums 848 1,325 311 2,484
Underwriting gain (loss) 59 (3) 12 68
Net investment income 157 183 32 372
Core income 171 139 36 346
Other performance metrics:
Loss ratio 60.1 % 72.0 % 62.5 % 66.7 %
Expense ratio 32.7 27.7 33.6 30.2
Dividend ratio 0.2 0.5 0.3
Combined ratio 93.0 % 100.2 % 96.1 % 97.2 %
Effect of catastrophe impacts (9.6) (5.1) (5.8)
Effect of development-related items 0.1 0.7 0.2
Underlying combined ratio 93.0 % 90.7 % 91.7 % 91.6 %
Underlying loss ratio 60.1 % 62.5 % 58.1 % 61.1 %
Rate 6 % (2) % 3 %
Renewal premium change 2 % 8 1 5
Retention 89 84 82 85
New business $ 129 $ 345 $ 73 $ 547

Three Months Ended September 30, 2023
Gross written premiums $ 1,775 $ 1,343 $ 306 $ 3,424
Gross written premiums excluding third-party captives 949 1,340 306 2,595
Net written premiums 825 1,071 282 2,178
Net earned premiums 829 1,170 296 2,295
Underwriting gain 83 13 35 131
Net investment income 136 156 26 318
Core income 178 133 40 351
Other performance metrics:
Loss ratio 58.0 % 68.9 % 60.2 % 63.9 %
Expense ratio 31.8 29.5 28.1 30.1
Dividend ratio 0.3 0.5 0.3
Combined ratio 90.1 % 98.9 % 88.3 % 94.3 %
Effect of catastrophe impacts (7.4) (2.3) (4.1)
Effect of development-related items 0.6 0.2
Underlying combined ratio 90.7 % 91.5 % 86.0 % 90.4 %
Underlying loss ratio 58.6 % 61.5 % 57.9 % 60.0 %
Rate 1 % 8 % 2 % 5 %
Renewal premium change 2 9 7 6
Retention 87 83 84 84
New business $ 121 $ 292 $ 62 $ 475

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Nine Months Ended September 30, 2024
Specialty
Commercial
International
Total
(In millions, except %)
Gross written premiums $ 5,153 $ 5,160 $ 1,096 $ 11,409
Gross written premiums excluding third-party captives 2,846 5,022 1,096 8,964
Net written premiums 2,511 4,017 896 7,424
Net earned premiums 2,493 3,774 937 7,204
Underwriting gain 195 65 58 318
Net investment income 461 534 95 1,090
Core income 517 464 117 1,098
Other performance metrics:
Loss ratio 59.3 % 69.7 % 60.6 % 64.9 %
Expense ratio 32.5 28.1 33.1 30.3
Dividend ratio 0.3 0.5 0.4
Combined ratio 92.1 % 98.3 % 93.7 % 95.6 %
Effect of catastrophe impacts (7.5) (3.0) (4.3)
Effect of development-related items 0.3 0.5 0.2
Underlying combined ratio 92.4 % 90.8 % 91.2 % 91.5 %
Underlying loss ratio 59.6 % 62.2 % 58.1 % 60.8 %
Rate 1 % 6 % 4 %
Renewal premium change 2 8 2 % 5
Retention 89 84 81 85
New business $ 341 $ 1,117 $ 213 $ 1,671

Nine Months Ended September 30, 2023
Gross written premiums $ 5,324 $ 4,504 $ 1,125 $ 10,953
Gross written premiums excluding third-party captives 2,796 4,384 1,125 8,305
Net written premiums 2,438 3,588 912 6,938
Net earned premiums 2,438 3,336 888 6,662
Underwriting gain 237 96 66 399
Net investment income 407 470 74 951
Core income 526 443 102 1,071
Other performance metrics:
Loss ratio 58.2 % 67.0 % 62.2 % 63.1 %
Expense ratio 31.9 29.6 30.3 30.6
Dividend ratio 0.2 0.5 0.3
Combined ratio 90.3 % 97.1 % 92.5 % 94.0 %
Effect of catastrophe impacts (5.7) (2.7) (3.2)
Effect of development-related items 0.3 0.2 (1.7)
Underlying combined ratio 90.6 % 91.6 % 88.1 % 90.8 %
Underlying loss ratio 58.5 % 61.5 % 57.8 % 59.9 %
Rate 1 % 8 % 4 % 5 %
Renewal premium change 2 10 7 7
Retention 88 85 83 85
New business $ 349 $ 945 $ 239 $ 1,533










47
Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Gross written premiums, excluding third-party captives, for Specialty increased $33 million for the three months ended September 30, 2024 as compared with the comparable 2023 period driven by retention and higher new business. Net written premiums for Specialty increased $37 million for the three months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the three months ended September 30, 2024 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $204 million for the three months ended September 30, 2024 as compared with the comparable 2023 period driven by favorable renewal premium change and higher new business. Net written premiums for Commercial increased $150 million for the three months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the three months ended September 30, 2024 was consistent with the trend in net written premiums for Commercial.

Gross written premiums and gross written premiums excluding the effect of foreign currency exchange rates for International, for the three months ended September 30, 2024, were largely consistent with the comparable 2023 period. Net written premiums for International decreased $5 million for the three months ended September 30, 2024 as compared with the comparable 2023 period. Excluding the effects of foreign currency exchange rates, net written premiums decreased $4 million for the three months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the three months ended September 30, 2024 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations decreased $5 million for the three months ended September 30, 2024 as compared with the comparable 2023 period primarily driven by the largely offsetting impacts of higher catastrophe losses and higher net investment income.

Catastrophe losses for Property & Casualty Operations were $143 million for the three months ended September 30, 2024 as compared with $94 million for the comparable 2023 period, primarily related to severe weather related events. Catastrophe losses for the three months ended September 30, 2024 included $55 million for Hurricane Helene. For the three months ended September 30, 2024 and 2023, Specialty had no catastrophe losses, Commercial had catastrophe losses of $127 million and $87 million and International had catastrophe losses of $16 million and $7 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $5 million and $7 million was recorded for the three months ended September 30, 2024 and 2023. For the three months ended September 30, 2024 and 2023, Specialty recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $5 million, Commercial recorded favorable net prior year loss reserve development of $3 million and $2 million and International recorded favorable net prior year loss reserve development of $2 million and no net prior year loss reserve development. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 2.9 points for the three months ended September 30, 2024 as compared with the comparable 2023 period primarily due to a 2.1 point increase in the loss ratio and a 0.9 point increase in the expense ratio. The increase in the loss ratio was primarily due to an increase in the underlying loss ratio driven by continued pricing pressure in management liability lines over the last several quarters. The increase in the expense ratio was primarily driven by higher employee related costs.

Commercial’s combined ratio increased 1.3 points for the three months ended September 30, 2024 as compared with the comparable 2023 period due to a 3.1 point increase in the loss ratio, partially offset by a 1.8 point improvement in the expense ratio. The increase in the loss ratio was driven by higher catastrophe losses, which were 9.6 points of the loss ratio for the three months ended September 30, 2024 as compared with 7.4 points of the loss ratio in the comparable 2023 period, and an increase in the underlying loss ratio driven by continuation of elevated loss cost trends in commercial auto and mix of business. The improvement in the expense ratio was primarily driven by higher net earned premiums.

International’s combined ratio increased 7.8 points for the three months ended September 30, 2024 as compared with the comparable 2023 period due to a 5.5 point increase in the expense ratio and a 2.3 point increase in the loss ratio. The increase in the expense ratio was driven by a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year quarter and higher employee related costs in the current quarter. The increase in the loss ratio was driven by higher catastrophe losses, which were 5.1 points of the loss ratio for the three months ended September 30, 2024 as compared with 2.3 points of the loss ratio in the comparable 2023 period, partially offset by favorable net prior year loss reserve development.

48

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Gross written premiums, excluding third-party captives, for Specialty increased $50 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period driven by retention and favorable renewal premium change. Net written premiums for Specialty increased $73 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the nine months ended September 30, 2024 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $656 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period driven by favorable renewal premium change and higher new business. Net written premiums for Commercial increased $429 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the nine months ended September 30, 2024 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International decreased $29 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. Excluding the effect of foreign currency exchange rates, gross written premiums decreased $37 million driven by lower new business. Net written premiums for International decreased $16 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. Excluding the effect of foreign currency exchange rates, net written premiums decreased $20 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the nine months ended September 30, 2024 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $27 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period primarily driven by higher net investment income partially offset by higher catastrophe losses.

Catastrophe losses for Property & Casualty Operations were $313 million for the nine months ended September 30, 2024 as compared with $214 million for the comparable 2023 period, primarily related to severe weather related events. Catastrophe losses for the nine months ended September 30, 2024 included $55 million for Hurricane Helene. For the nine months ended September 30, 2024 and 2023, Specialty had no catastrophe losses, Commercial had catastrophe losses of $285 million and $190 million and International had catastrophe losses of $28 million and $24 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $24 million and $11 million was recorded for the nine months ended September 30, 2024 and 2023. For the nine months ended September 30, 2024 and 2023, Specialty recorded favorable net prior year loss reserve development of $8 million and $9 million, Commercial recorded favorable net prior year loss reserve development of $11 million and $17 million and International recorded favorable net year loss reserve development of $5 million and unfavorable net prior year loss reserve development of $15 million. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 1.8 points for the nine months ended September 30, 2024 as compared with the comparable 2023 period primarily due to a 1.1 point increase in the loss ratio and a 0.6 point increase in the expense ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines over the last several quarters. The increase in the expense ratio was driven by higher acquisition costs.

Commercial’s combined ratio increased 1.2 points for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to a 2.7 point increase in the loss ratio, partially offset by a 1.5 point improvement in the expense ratio. The increase in the loss ratio was primarily driven by higher catastrophe losses, which were 7.5 points of the loss ratio for the nine months ended September 30, 2024 as compared with 5.7 points of the loss ratio in the comparable 2023 period. The improvement in the expense ratio was primarily driven by higher net earned premiums.

International’s combined ratio increased 1.2 points for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to a 2.8 point increase in the expense ratio partially offset by a 1.6 point improvement in the loss ratio. The increase in the expense ratio was driven by higher employee related costs and a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year period. The improvement in the loss ratio was driven by favorable net prior year loss reserve development partially offset by higher catastrophe losses, which were 3.0 points of the loss ratio for the nine months ended September 30, 2024, as compared with 2.7 points of the loss ratio in the comparable 2023 period.

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Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Net earned premiums $ 110 $ 112 $ 329 $ 340
Net investment income 254 235 763 702
Core loss (53) (62) (124) (149)

Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Core results for Other Insurance Operations improved $9 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to higher net investment income, partially offset by $3 million after tax lower amortization of the deferred gain related to the A&EP loss portfolio transfer (“LPT”) and a $3 million after tax charge related to an office consolidation in the 2024 period. Both periods are inclusive of assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year.

The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2024 and 2023 resulted in a pretax increase in long-term care reserves of $15 million and $8 million.

The annual structured settlement reserve review resulted in a pretax reduction in claim reserves of $9 million and $6 million for the three months ended September 30, 2024 and 2023 .

The current and prior year third quarters include $17 million and $16 million after tax charges related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse claims. Further information on the A&EP LPT and net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Core results for Other Insurance Operations improved $25 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, the drivers of which are generally consistent with the three month summary above, including a $13 million after tax charge related to an office consolidation in the 2024 period.

Future Policy Benefit Reserves

Annually in the third quarter, an actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the liability for future policyholder benefits (“LFPB”). For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023.

The table below summarizes the estimated pretax impact on CNA’s results of operations from various hypothetical revisions to its LFPB reserve assumptions. CNA has assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional future premium rate increases. Although such hypothetical revisions are not currently required or anticipated, CNA believes they could occur based on past variances in experience and its expectations of the ranges of future experience that could reasonably occur. Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below. The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.
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September 30, 2024
Estimated Reduction to Pretax Income
(In millions)
Hypothetical revisions
Morbidity:
2.5% increase in morbidity $ 290
5% increase in morbidity 590
Persistency:
5% decrease in active life mortality and lapse $ 160
10% decrease in active life mortality and lapse 310
Premium rate actions:
25% decrease in anticipated future premium rate increases $ 10
50% decrease in anticipated future premium rate increases 20

The following table summarizes policyholder reserves for CNA’s long-term care operations:

September 30, 2024 Claim and claim adjustment expenses Future policy benefits Total
(In millions)
Long-term care $ 14,047 $ 14,047
Structured settlements and other $ 564 564
Total 564 14,047 14,611
Ceded reserves 86 86
Total gross reserves $ 650 $ 14,047 $ 14,697

December 31, 2023
(In millions)
Long-term care $ 13,959 $ 13,959
Structured settlements and other $ 582 582
Total 582 13,959 14,541
Ceded reserves 93 93
Total gross reserves $ 675 $ 13,959 $ 14,634

As part of the annual reserve reviews, statutory long-term care reserve adequacy is evaluated by premium deficiency testing, by comparing carried statutory reserves with best-estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of carried reserves over best estimate reserves. As of September 30, 2024, statutory long-term care margin increased to $1.4 billion from $1.3 billion, primarily driven by a more favorable interest rate environment resulting in a higher yielding investment portfolio.

51

Boardwalk Pipelines

A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors. Boardwalk Pipelines has little to no direct commodity price exposure. For further information on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023. Boardwalk Pipelines’ operations and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, the Pipeline and Hazardous Materials Safety Administration Mega Rule and Boardwalk Pipelines’ efforts to monitor, control and reduce emissions, as further discussed in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023.

On September 29, 2023, Boardwalk Pipelines acquired Williams Olefins Pipeline Holdco LLC, renamed Boardwalk Ethane Pipeline Holdco, LLC (“Bayou Ethane”) after the acquisition, from Williams Field Services Group, LLC. Bayou Ethane provides ethane supply and transportation services for industrial customers in Louisiana and Texas.

The following table summarizes the results of operations for Boardwalk Pipelines for the three and nine months ended September 30, 2024 and 2023, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Boardwalk Pipelines also utilizes a non-GAAP measure, earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) as a financial measure to assess its operating and financial performance and return on invested capital. Management believes some investors may find this measure useful in evaluating Boardwalk Pipelines’ performance.

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Revenues:
Operating revenues and other $ 474 $ 357 $ 1,466 $ 1,114
Interest income 9 6 22 11
Total 483 363 1,488 1,125
Expenses:
Operating and other:
Operating costs and expenses 225 155 670 445
Depreciation and amortization 107 103 321 306
Interest 47 39 137 117
Total 379 297 1,128 868
Income before income tax 104 66 360 257
Income tax expense (27) (17) (92) (66)
Net income attributable to Loews Corporation $ 77 $ 49 $ 268 $ 191
EBITDA $ 249 $ 202 $ 796 $ 669

Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation and EBITDA increased $28 million and $47 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to the reasons discussed below.

Total revenues increased $120 million for the three months ended September 30, 2024 as compared with the comparable 2023 period. Boardwalk Pipelines’ transportation revenues increased $22 million, primarily due to re-contracting at higher rates and recently completed growth projects; storage, parking and lending revenues increased $8 million due to favorable market conditions; product sale revenues from the sale of ethylene increased by $10 million; and the Bayou Ethane acquisition contributed $76 million of operating revenues, primarily resulting from ethane product sales.

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Operating costs and expenses increased $70 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily reflecting operations of the Bayou Ethane acquisition.

Depreciation and amortization expenses increased $4 million for the three months ended September 30, 2024 as compared with the comparable 2023 period due to an increased asset base from recently completed growth projects and the Bayou Ethane acquisition.

Interest expenses increased $8 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to pre-financing Boardwalk Pipeline’s $600 million of debt maturing in December 2024.

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation and EBITDA increased $77 million and $127 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to the reasons discussed below.

Total revenues increased $363 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. Boardwalk Pipelines’ transportation revenues increased $61 million, primarily due to re-contracting at higher rates and recently completed growth projects; storage, parking and lending revenues increased $23 million due to favorable market conditions; product sale revenues from the sale of natural gas, ethylene and propane increased $23 million; and the Bayou Ethane acquisition contributed $245 million of operating revenues, primarily resulting from ethane product sales.

Operating costs and expenses increased $225 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period primarily reflecting operations of the Bayou Ethane acquisition.

Depreciation and amortization expenses increased $15 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to an increased asset base from recently completed growth projects and the Bayou Ethane acquisition.

Interest expenses increased $20 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to pre-financing Boardwalk Pipeline’s $600 million of debt maturing in December 2024.

Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended
Nine Months Ended
September 30,
September 30,
2024 2023 2024 2023
(In millions)
Net income attributable to Loews Corporation $ 77 $ 49 $ 268 $ 191
Interest, net
38 33 115 106
Income tax expense
27 17 92 66
Depreciation and amortization
107 103 321 306
EBITDA
$ 249 $ 202 $ 796 $ 669


Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2024 and 2023, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

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Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Revenues:
Operating revenue $ 195 $ 160 $ 597 $ 497
Gain on acquisition of a joint venture 46
Revenues related to reimbursable expenses 31 36 96 99
Total 226 196 693 642
Expenses:
Operating and other:
Operating 163 141 487 413
Asset impairments 9
Reimbursable expenses 31 36 96 99
Depreciation and amortization 24 18 69 51
Equity income from joint ventures (26) (59) (98)
Interest 17 3 37 9
Total 235 172 630 483
Income (loss) before income tax (9) 24 63 159
Income tax (expense) benefit 1 (7) (20) (44)
Net income (loss) attributable to Loews Corporation $ (8) $ 17 $ 43 $ 115

Net income (loss) attributable to Loews Corporation decreased $25 million and $72 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods primarily due to the reasons discussed below.

Operating revenues improved by $35 million and $100 million and operating expenses increased by $22 million and $74 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods. The increas e in operating revenues and operating expenses was primarily driven by the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024. Operating revenues also improved due to higher occupancy levels at many city center hotels as a result of the continued recovery in group travel in 2024 as compared with the comparable 2023 periods and an increase in food and beverage revenues. Operating expenses also increased due to increased staffing costs and higher insurance expenses. Consolidating the results of a property previously accounted for under the equity method also contributed to the improvement in operating revenues and the increase in operating expenses for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

The nine months ended September 30, 2023 includes a gain of $46 million ($36 million after tax) related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property .

Equity income from joint ventures decreased $26 million and $39 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods. The decrease was primarily driven by an impairment charge recorded at a joint venture property which reduced Loews Hotels & Co’s equity income by $19 million. Separately, a reduction in overall occupancy levels at many joint venture hotels, particularly at the Universal Orlando Resort, in 2024 compared to 2023 also led to a decrease in equity income from joint ventures in both periods. In addition, expenses at joint venture properties for the nine months ended September 30, 2024 increased as compared to the comparable 2023 period, largely due to increased staffing costs, as well as higher insurance expenses and property taxes.

The nine months ended September 30, 2023 includes impairment charges of $9 million to reduce the carrying value of certain assets to their estimated fair value.

Depreciation and amortization expense increased $6 million and $18 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 pe riods mainly due to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024. Consolidating the results of a property previously accounted for
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under the equity method also contributed to the increase in depreciation and amortization expense for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

Interest expense increased $14 million and $28 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 perio ds primarily due to placing the Loews Arlington Hotel and Convention Center into service during the first quarter of 2024, after which Loews Hotels & Co no longer capitalized interest on that development project and a decline in the value of interest rate caps.

Corporate

Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company. Investment income includes earnings on cash and short-term investments held at the Parent Company to meet current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company. Corporate also includes the equity method of accounting for Altium Packaging.

The following table summarizes the results of operations for Corporate for the three and nine months ended September 30, 2024 and 2023 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Revenues:
Net investment income $ 139 $ 31 $ 202 $ 84
Total 139 31 202 84
Expenses:
Operating and other 18 69 58 105
Equity method loss 9 4 15 9
Interest 18 18 56 61
Total 45 91 129 175
Income (loss) before income tax 94 (60) 73 (91)
Income tax (expense) benefit (21) 12 (17) 15
Net income (loss) attributable to Loews Corporation $ 73 $ (48) $ 56 $ (76)

Net income attributable to Loews Corporation increased $121 million and $132 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods primarily due to the reasons discussed below.

Net investment income for the Parent Company increased $108 million and $118 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods, primarily due to the favorable change in the fair value of equity based investments and higher income from short-term investments and fixed maturity securities in the trading portfolio.

Operating and other expenses decreased by $51 million and $47 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods. These decreases were primarily due to a settlement expense of $47 million in the third quarter of 2023 to recognize unrealized losses, which were included in AOCI, due to the termination of a non-contributory defined benefit pension plan. For additional information see Note 9 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Interest expense decreased by $5 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to the retirement of the Parent Company’s $500 million aggregate principal amount of its 2.6% senior notes in May of 2023.




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LIQUIDITY AND CAPITAL RESOURCES

Parent Company

Parent Company cash and investments, net of receivables and payables, totaled $3.3 billion at September 30, 2024 as compared to $2.6 billion at December 31, 2023. During the nine months ended September 30, 2024 , we received $975 million in cash dividends from our subsidiaries, including a special cash dividend of $497 million from CNA and distributions of $150 million from Boardwalk Pipelines. Cash outflows during the nine months ended September 30, 2024 included the payment of $262 million to fund treasury stock purchases and $42 million of cash dividends to our shareholders . As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations. We also have an effective shelf registration statement on file with the Securities and Exchange Commission (“SEC”) under which we may publicly issue an unspecified amount of our debt, equity or hybrid securities from time to time. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.

Depending on market and other conditions, we may purchase shares of our and our subsidiaries outstanding common stock in the open market, in privately negotiated transactions or otherwise. As of November 1, 2024, we repurchased 4.6 million shares of Loews Corporation common stock in 2024 for a total cost of $353 million. As of November 1, 2024, there were 217,776,738 shares of Loews Corporation common stock outstanding.

Future uses of our cash may include investing in our subsidiaries, new acquisitions, dividends and/or purchases of our and our subsidiaries’ outstanding common stock. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition and business needs.

Subsidiaries

CNA’s cash provided by operating activities was $1.9 billion for the nine months ended September 30, 2024 as compared with $1.8 billion for the comparable 2023 period. The increase in cash provided by operating activities was driven by an increase in premiums collected and higher earnings from fixed income securities, partially offset by an increase in net claim payments and higher operating expenses.

CNA paid cash dividends of $3.32 per share on its common stock, including a special cash dividend of $2.00 per share, during the nine months ended September 30, 2024. On November 1, 2024 , CNA’s Board of Directors declared a quarterly cash dividend of $0.44 per share payable December 5, 2024 to shareholders of record on November 18, 2024 . CNA’s declaration and payment of future dividends is at the discretion of its Board of Directors and will depend on many factors, including CNA’s earnings, financial condition, business needs and regulatory constraints. CNA believes that its present cash flows from operating, investing and financing activities are sufficient to fund its current and expected working capital and debt obligation needs and does not expect this to change in the near term.

Dividends to CNA from Continental Casualty Company (“CCC”), a subsidiary of CNA, are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance, are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding 12 months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of September 30, 2024, CCC was in a positive earned surplus position. CCC paid dividends of $635 million and $770 million during the nine months ended September 30, 2024 and 2023. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

In February of 2024 , CNA completed a public offering of $500 million aggregate principal amount of its 5.1% senior notes due February 15, 2034 and in May of 2024, CNA repaid at maturity the outstanding $550 million aggregate principal amount of its 4.0% senior notes.

CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.

Boardwalk Pipelines’ cash provided by operating activities increased $68 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to changes in net income adjusted for depreciation and amortization.

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For the nine months ended September 30, 2024 and 2023, Boardwalk Pipelines’ capital expenditures were $292 million and $232 million, consisting of growth capital expenditures of $170 million and $137 million and maintenance capital expenditures of $122 million and $95 million.

In February of 2024 , Boardwalk Pipelines completed a public offering of $600 million aggregate principal amount of its 5.6% senior notes due August 1, 2034 . As of September 30, 2024, Boardwalk Pipelines had the full borrowing capacity of $1.0 billion available under its revolving credit facility. The revolving credit facility has a borrowing capacity of $1.0 billion through May 27, 2027, and a borrowing capacity of $912 million from May 28, 2027 to May 26, 2028. Boardwalk Pipelines anticipates that its existing capital resources, including its cash and cash equivalents, short-term investments, revolving credit facility and cash flows from operating activities, will be adequate to fund its operations and capital expenditures for 2024 and to retire its $600 million of debt that is maturing in December 2024. As of September 30, 2024, Boardwalk Pipelines also has an effective shelf registration statement on file with the SEC under which it may publicly issue up to $900 million of debt securities, warrants or rights from time to time.

During the nine months ended September 30, 2024 , Boardwalk Pipelines paid distributions of $150 million to the Company.

As of September 30, 2024, Loews Hotels & Co, through its subsidiaries, had a $108 million mortgage loan that matures within twelve months. Loews Hotels & Co currently intends to refinance the loan prior to maturity. Refinancing any indebtedness, including loans of unconsolidated joint venture partnerships, may require Loews Hotels & Co to make principal pay downs, establish restricted cash reserves or provide guaranties of the subsidiary’s debt. Through the date of this Report, all Loews Hotels & Co’s subsidiaries are in compliance with their debt covenants.

Loews Hotels & Co refinanced $413 million in mortgage loans in 2024 that were due to mature within twelve months.

Loews Hotels & Co acquired all of the remaining outstanding noncontrolling equity interest of an owned and consolidated hotel for $30 million in the second quarter of 2024. In addition, Loews Hotels & Co received aggregate proceeds of $23 million for the sale of an owned hotel in the first quarter of 2024.

INVESTMENTS

Investment activities of our non-insurance subsidiaries primarily consist of investments in fixed income securities, including short-term investments. The Parent Company portfolio also includes equity securities, including short sales and derivative instruments. Certain of these types of Parent Company investments generally have greater volatility, less liquidity and greater risk than fixed income investments and are included within Results of Operations – Corporate.

The Parent Company enters into short sales and invests in certain derivative instruments that are used for asset and liability management activities, income enhancements to its portfolio management strategy and to benefit from anticipated future movements in the underlying markets. If such movements do not occur as anticipated, significant losses may occur. Monitoring procedures include senior management review of daily reports of existing positions and valuation fluctuations to seek to ensure that open positions are consistent with the portfolio strategy.

Credit exposure associated with non-performance by counterparties to derivative instruments is generally limited to the uncollateralized change in fair value of the derivative instruments recognized in the Consolidated Condensed Balance Sheets. The risk of non-performance is mitigated by monitoring the creditworthiness of counterparties and diversifying derivatives by using multiple counterparties. Collateral is occasionally required from derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty.

Insurance

CNA maintains a large portfolio of fixed maturity and equity securities, including large amounts of corporate and government issued debt securities, residential and commercial mortgage-backed securities, other asset-backed securities and investments in limited partnerships which pursue a variety of long and short investment strategies across a broad array of asset classes. CNA’s investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an important part of CNA’s overall profitability.

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Net Investment Income

The significant components of CNA’s net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Fixed income securities:
Taxable fixed income securities $ 490 $ 457 $ 1,446 $ 1,331
Tax-exempt fixed income securities 35 43 109 138
Total fixed income securities 525 500 1,555 1,469
Limited partnership and common stock investments 80 28 226 124
Other, net of investment expense 21 25 72 60
Net investment income $ 626 $ 553 $ 1,853 $ 1,653

Effective income yield for the fixed income securities portfolio 4.8 % 4.7 % 4.8 % 4.6 %
Limited partnership and common stock return for the period 3.1 % 1.3 % 9.4 % 5.8 %

CNA’s net investment income increased $73 million and $200 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods, driven by favorable limited partnership and common stock returns, as well as higher income from fixed income securities as a result of favorable reinvestment rates and a larger invested asset base.

Investment Gains (Losses)

The components of CNA’s investment gains (losses) are presented in the following table:

Three Months Ended Nine Months Ended
September 30, September 30,
2024 2023 2024 2023
(In millions)
Investment gains (losses):
Fixed maturity securities:
Corporate and other bonds $ (17) $ (11) $ (38) $ (46)
States, municipalities and political subdivisions (1) (4) (3) 3
Asset-backed (4) (22) (25) (43)
Total fixed maturity securities (22) (37) (66) (86)
Non-redeemable preferred stock 13 2 25 (9)
Derivatives, short-term and other (1) (3) (1) (10)
Total investment losses (10) (38) (42) (105)
Income tax benefit 3 7 9 21
Amounts attributable to noncontrolling interests 4 3 9
Investment losses attributable to Loews Corporation $ (7) $ (27) $ (30) $ (75)

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CNA’s pretax investment losses decreased $28 million for the three months ended September 30, 2024 as compared with the comparable 2023 period driven by lower net losses on disposals of fixed maturity securities and the favorable change in fair value of non-redeemable preferred stock.

CNA’s pretax investment losses decreased $63 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, driven by the favorable change in fair value of non-redeemable preferred stock, lower impairment losses and lower net losses on disposals of fixed maturity securities.

Further information on CNA’s investment gains and losses is set forth in Note 2 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Portfolio Quality

The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution:

September 30, 2024
December 31, 2023
Estimated
Fair Value
Net
Unrealized Gains (Losses)
Estimated
Fair Value
Net
Unrealized Gains
(Losses)
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises $ 3,065 $ (242) $ 2,795 $ (298)
AAA 3,043 (119) 2,727 (169)
AA 6,544 (303) 6,444 (420)
A 10,745 (42) 9,910 (223)
BBB 17,305 (177) 16,670 (744)
Non-investment grade 1,877 (71) 1,879 (119)
Total $ 42,579 $ (954) $ 40,425 $ (1,973)

As of September 30, 2024 and December 31, 2023, 1% of CNA’s fixed maturity portfolio was rated internally. AAA rated securities included $0.2 billion of pre-funded municipal bonds as of September 30, 2024 and December 31, 2023.

The following table presents CNA’s available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution:

September 30, 2024
Estimated
Fair Value
Gross Unrealized Losses
(In millions)
U.S. Government, Government agencies and
Government-sponsored enterprises 		$ 2,127 $ 265
AAA 1,277 221
AA 3,641 547
A 5,229 405
BBB 9,243 689
Non-investment grade 883 109
Total $ 22,400 $ 2,236


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The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life:

September 30, 2024
Estimated
Fair Value
Gross Unrealized Losses
(In millions)
Due in one year or less $ 1,306 $ 24
Due after one year through five years 6,898 294
Due after five years through ten years 6,696 728
Due after ten years 7,500 1,190
Total $ 22,400 $ 2,236

Duration

A primary objective in the management of CNA’s investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. CNA’s views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. CNA also continually monitors exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on its views of a specific issuer or industry sector.

A further consideration in the management of CNA’s investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long-term in nature, CNA segregates investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in Other Insurance Operations. The effective durations of CNA’s fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.

September 30, 2024
December 31, 2023
Estimated
Fair Value 		Effective Duration (Years) Estimated
Fair Value 		Effective Duration (Years)
(In millions of dollars)
Life & Group $ 15,753 10.1 $ 15,137 10.2
Property & Casualty and other 29,118 4.4 27,981 4.5
Total $ 44,871 6.4 $ 43,118 6.5

CNA’s investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, CNA periodically reviews the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures about Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023.

CRITICAL ACCOUNTING ESTIMATES

Certain accounting policies require us to make estimates and judgments that affect the amounts reflected in the Consolidated Condensed Financial Statements. Such estimates and judgments necessarily involve varying, and possibly significant, degrees of uncertainty. Accordingly, certain amounts currently recorded or disclosed in the financial statements will likely be adjusted in the future based on new available information and changes in other facts and circumstances. See
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the Critical Accounting Estimates and the Insurance Reserves sections of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023 for further information.

ACCOUNTING STANDARDS UPDATE

For a discussion of accounting standards updates that have been adopted, please read Note 1 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

FORWARD-LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this Report as well as in other of our and our subsidiaries’ SEC filings and periodic press releases and certain statements made by us and our subsidiaries and our and their officials in presentations or remarks may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include, without limitation, any statement that does not directly relate to any historical or current fact and may project, indicate or imply future results, events, performance or achievements. Such statements may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions. In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those anticipated or projected.

Developments in any of the risks or uncertainties facing us or our subsidiaries, including those described under Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our and our subsidiaries’ other filings with the SEC, could cause our and our subsidiaries’ results to differ materially from results that have been or may be anticipated or projected. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made and we and our subsidiaries expressly disclaim any obligation or undertaking to update these statements to reflect any change in expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

There were no material changes in our market risk components as o f September 30, 2024 from those discussed in the Quantitative and Qualitative Disclosures about Market Risk section included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023. Additional information related to portfolio duration and market conditions is discussed in the Investments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included under Part I, Item 2.

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Item 4. Controls and Procedures.

The Company maintains a system of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), which is designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act, including this Report, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Company under the Exchange Act is accumulated and communicated to the Company’s management on a timely basis to allow decisions regarding required disclosure.

The Company’s management, including the Company’s principal executive officer (“CEO”) and principal financial officer (“CFO”) conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Report and, based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as o f September 30, 2024.

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2024 that have materially affected or that are reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

Information on our legal proceedings is set forth in Note 10 to the Consolidated Condensed Financial Statements included under Part I, Item 1.

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Item 1A. Risk Factors.

Our Annual Report on Form 10-K for the year ended December 31, 2023 includes a discussion of material risk factors facing the Company. There have been no material changes to such risk factors as of the date of this Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Items 2 (a) and (b) are inapplicable.

(c) STOCK REPURCHASES

Period
(a) Total number
of shares
purchased
(b) Average
price paid per
share
(c) Total number of shares purchased as
part of publicly announced plans or programs
(d) Maximum number of shares (or approximate dollar value)
of shares that may yet be purchased under the plans or programs (in millions)
July 1, 2024 - July 31, 2024
190,300 $ 74.43 N/A N/A
August 1, 2024 - August 31, 2024
267,176 $ 76.63 N/A N/A
September 1, 2024 - September 30, 2024
373,127 $ 78.43 N/A N/A

Item 5. Other Information

Items 5 (a) and (b) are inapplicable.

(c) TRADING PLANS

The directors of the Company set forth in the table below adopted trading plans on the dates set forth in the table below with respect to the exercise of expiring stock appreciation rights (“SARs”) granted to them as director compensation in 2015. Each plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Pursuant to each plan, if the market price of the Company’s common stock exceeds the exercise price for the applicable SARs by a specified amount during the applicable trading window, the applicable SARs will be exercised and the net shares received from such exercise will be sold at market prices. For each director, 2,250 SARs expire on each of March 31, 2025 , June 30, 2025 , September 30, 2025 and December 31, 2025 . The trading window under each plan for each such expiration begins on the first trading day of the expiration month and ends on the expiration date.

Director
Date of Adoption
Ann E. Berman
August 7, 2024
Charles M. Diker
September 3, 2024
Paul J. Fribourg
August 6, 2024
Walter L. Harris
August 7, 2024
Anthony Welters
August 26, 2024

In addition, on August 6, 2024 , Andrew H. Tisch , Co-Chairman of the Board of Directors of the Company, adopted a trading plan with respect to the exercise of expiring SARs granted to him as executive compensation in 2015. The plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Pursuant to the plan, if the market price of the Company’s common stock exceeds the exercise price for the applicable SARs by a specified
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amount during the applicable trading window, the applicable SARs will be exercised and the net shares received by Mr. Andrew Tisch from such exercise will be sold at market prices. 60,000 of Mr. Andrew Tisch’s SARs expire on January 9, 2025 . The trading window under the plan for 30,000 of such SARs begins on January 2, 2025 and the trading window under the plan for the remaining 30,000 of such SARs begins on January 3, 2025. Each trading window ends on the expiration date.

Item 6. Exhibits.

Description of Exhibit Exhibit
Number
XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document 101.INS *
Inline XBRL Taxonomy Extension Schema 101.SCH *
Inline XBRL Taxonomy Extension Calculation Linkbase 101.CAL *
Inline XBRL Taxonomy Extension Definition Linkbase 101.DEF *
Inline XBRL Taxonomy Label Linkbase 101.LAB *
Inline XBRL Taxonomy Extension Presentation Linkbase 101.PRE *
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) 104*

*Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

LOEWS CORPORATION
(Registrant)
Dated: November 4, 2024
By: /s/ Jane J. Wang
JANE J. WANG
Senior Vice President and
Chief Financial Officer
(Duly authorized officer
and principal financial
officer)


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TABLE OF CONTENTS