L 10-Q Quarterly Report March 31, 2025

LOEWS CORP

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l-20250331

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 March 31, 2025

☐ 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 May 2, 2025, there were 209,696,528 shares of the registrant’s common stock outstanding.


			1

Table of contents

INDEX


			Page
			No.

Part I. Financial Information

Item 1. Financial Statements (unaudited)

Consolidated Condensed Balance Sheets			3
March 31, 2025 and December 31, 2024

Consolidated Condensed Statements of Operations			4
Three months ended March 31, 2025 and 2024

Consolidated Condensed Statements of Comprehensive Income (Loss)			5
Three months ended March 31, 2025 and 2024

Consolidated Condensed Statements of Equity			6
Three months ended March 31, 2025 and 2024

Consolidated Condensed Statements of Cash Flows			7
Three months ended March 31, 2025 and 2024

Notes to Consolidated Condensed Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			32

Item 3. Quantitative and Qualitative Disclosures about Market Risk			48

Item 4. Controls and Procedures			48

Part II. Other Information			48

Item 1. Legal Proceedings			48

Item 1A. Risk Factors			48

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			49

Item 5. Other Information			49

Item 6. Exhibits			50


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Table of contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)


	March 31,		December 31,
	2025		2024
(Dollar amounts in millions, except per share data)

Assets:

Investments:
Fixed maturities, amortized cost of $ 44,741 and $ 44,196 , less allowance for credit loss of $ 47 and $ 45	$	42,723	$	41,827
Equity securities, cost of $ 1,150 and $ 969	1,189		1,064
Limited partnership investments	2,572		2,520
Other invested assets, primarily mortgage loans, less allowance for credit loss of $ 35 and $ 35	1,155		1,113
Short-term investments	4,354		4,606
Total investments	51,993		51,130
Cash	560		541
Receivables	10,790		10,522
Property, plant and equipment	10,674		10,738
Goodwill	347		347
Deferred non-insurance warranty acquisition expenses	3,493		3,525
Deferred acquisition costs of insurance subsidiaries	999		959
Other assets	4,286		4,181
Total assets	$	83,142	$	81,943

Liabilities and Equity:

Insurance reserves:
Claim and claim adjustment expense	$	25,581	$	24,976
Future policy benefits	13,304		13,158
Unearned premiums	7,504		7,346
Total insurance reserves	46,389		45,480
Payable to brokers	206		110
Short-term debt	505		5
Long-term debt	8,441		8,939
Deferred income taxes	613		550
Deferred non-insurance warranty revenue	4,488		4,530
Other liabilities	4,466		4,392
Total liabilities	65,108		64,006

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 – 215,027,306 and 214,912,595 shares	2		2
Additional paid-in capital	2,451		2,490
Retained earnings	16,821		16,459
Accumulated other comprehensive loss	( 1,685 )		( 1,867 )
	17,589		17,084
Less treasury stock, at cost ( 4,682,891 and 212,251 shares)	( 398 )		( 18 )
Total shareholders’ equity	17,191		17,066
Noncontrolling interests	843		871
Total equity	18,034		17,937
Total liabilities and equity	$	83,142	$	81,943

See accompanying Notes to Consolidated Condensed Financial Statements.


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Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)





Three Months Ended March 31	2025		2024
(In millions, except per share data)

Revenues:
Insurance premiums	$	2,626	$	2,441
Net investment income	608		669
Investment losses	( 9 )		( 22 )
Non-insurance warranty revenue	397		407
Operating revenues and other	872		736
Total	4,494		4,231

Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $ 8 and $ 15 )	2,027		1,807
Amortization of deferred acquisition costs	471		444
Non-insurance warranty expense	385		394
Operating expenses and other	991		880
Equity method (income) loss	1		( 26 )
Interest	105		103
Total	3,980		3,602
Income before income tax	514		629
Income tax expense	( 122 )		( 144 )
Net income	392		485
Amounts attributable to noncontrolling interests	( 22 )		( 28 )
Net income attributable to Loews Corporation	$	370	$	457

Basic and diluted net income per share	$	1.74	$	2.05


Weighted average shares outstanding:
Shares of common stock	212.45		222.47
Dilutive potential shares of common stock	0.15		0.31
Total weighted average shares outstanding assuming dilution	212.60		222.78

See accompanying Notes to Consolidated Condensed Financial Statements.


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Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)





Three Months Ended March 31	2025		2024
(In millions)

Net income	$	392	$	485

Other comprehensive income (loss), after tax
Changes in:
Net unrealized gains (losses) on investments with an allowance for credit losses	( 3 )		2
Net unrealized gains (losses) on other investments	282		( 217 )
Total unrealized gains (losses) on investments	279		( 215 )
Impact of changes in discount rates used to measure long-duration contract liabilities	( 114 )		341
Unrealized gains (losses) on cash flow hedges	( 3 )		2
Pension and postretirement benefits	1		6
Foreign currency translation	37		( 33 )

Other comprehensive income	200		101

Comprehensive income	592		586

Amounts attributable to noncontrolling interests	( 39 )		( 36 )

Total comprehensive income attributable to Loews Corporation	$	553	$	550

See accompanying Notes to Consolidated Condensed Financial Statements.


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Table of contents

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, 2024	$	16,525	$	2	$	2,589	$	15,617	$	( 2,497 )	$	( 7 )	$	821
Net income	485						457						28
Other comprehensive income	101								93				8
Dividends paid ($ 0.0625 per share)	( 70 )						( 14 )						( 56 )

Purchases of Loews Corporation treasury stock	( 17 )										( 17 )

Stock-based compensation	( 14 )				( 33 )								19
Other	( 12 )				( 9 )				3				( 6 )
Balance, March 31, 2024	$	16,998	$	2	$	2,547	$	16,060	$	( 2,401 )	$	( 24 )	$	814

Balance, December 31, 2024, as reported	$	17,937	$	2	$	2,490	$	16,459	$	( 1,867 )	$	( 18 )	$	871
Cumulative effect adjustments from changes in accounting standards (Note 1)	5						5
Balance, January 1, 2025, as adjusted	17,942		2		2,490		16,464		( 1,867 )		( 18 )		871
Net income	392						370						22
Other comprehensive income	200								183				17
Dividends paid ($ 0.0625 per share)	( 68 )						( 13 )						( 55 )
Purchase of subsidiary stock from noncontrolling interests	( 34 )				( 3 )				( 1 )				( 30 )
Purchases of Loews Corporation treasury stock	( 380 )										( 380 )

Stock-based compensation	( 16 )				( 34 )								18
Other	( 2 )				( 2 )
Balance, March 31, 2025	$	18,034	$	2	$	2,451	$	16,821	$	( 1,685 )	$	( 398 )	$	843

See accompanying Notes to Consolidated Condensed Financial Statements.


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Table of contents

Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)


Three Months Ended March 31	2025		2024
(In millions)

Operating Activities:

Net income	$	392	$	485
Adjustments to reconcile net income to net cash provided by operating activities, net	180		175







Changes in operating assets and liabilities, net:
Receivables	( 246 )		( 113 )
Deferred acquisition costs	( 37 )		( 34 )
Insurance reserves	656		443
Other assets	( 92 )		( 114 )
Other liabilities	27		( 37 )
Trading securities	( 144 )		( 607 )
Net cash flow provided by operating activities	736		198

Investing Activities:

Purchases of fixed maturities	( 1,775 )		( 1,621 )
Proceeds from sales of fixed maturities	643		736
Proceeds from maturities of fixed maturities	814		507
Purchases of equity securities	( 124 )		( 169 )
Proceeds from sales of equity securities	104		186
Purchases of limited partnership investments	( 78 )		( 77 )
Proceeds from sales of limited partnership investments	25		13
Purchases of property, plant and equipment	( 98 )		( 159 )

Dispositions			23

Change in short-term investments	330		( 455 )
Other, net	( 45 )		( 10 )
Net cash flow used by investing activities	( 204 )		( 1,026 )

Financing Activities:

Dividends paid	( 13 )		( 14 )
Dividends paid to noncontrolling interests	( 55 )		( 56 )
Purchases of Loews Corporation treasury stock	( 394 )		( 24 )
Purchases of subsidiary stock from noncontrolling interests	( 34 )
Principal payments on debt	( 1 )		( 201 )
Issuance of debt			1,299
Other, net	( 23 )		( 17 )
Net cash flow provided by (used by) financing activities	( 520 )		987

Effect of foreign exchange rate on cash	7		( 2 )

Net change in cash	19		157
Cash, beginning of period	541		399
Cash, end of period	$	560	$	556

See accompanying Notes to Consolidated Condensed Financial Statements.


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Table of contents

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, olefins 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 subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders.

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 March 31, 2025 and December 31, 2024, and its results of operations, comprehensive income (loss), changes in shareholders’ equity and cash flows for the three months ended March 31, 2025 and 2024, 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, 2024.

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 months ended March 31, 2025 and 2024 there were 1.2 million and 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.

Accounting changes - In December of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” The updated accounting guidance requires that an entity measure crypto assets at fair value in the statement of financial position each reporting period and recognize changes from remeasurement in net income. The guidance was effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The update required a cumulative-effect adjustment to the opening balance at the date of adoption. The Company adopted the guidance on January 1, 2025 and recorded an increase to Retained earnings of $ 5 million.

Recently issued ASUs - 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 the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

In November of 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. 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.


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Table of contents

2. Investments

Net investment income is as follows:





Three Months Ended March 31	2025		2024
(In millions)

Fixed maturity securities	$	521	$	502
Limited partnership investments	56		54
Short-term investments	19		29
Equity securities (a)	6		22
Income from trading portfolio (a)	4		58
Other	26		28
Total investment income	632		693
Investment expenses	( 24 )		( 24 )
Net investment income	$	608	$	669
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2025 and 2024	$	( 49 )	$	48

Investment gains (losses) are as follows:





Three Months Ended March 31	2025		2024
(In millions)

Fixed maturity securities:
Gross gains	$	13	$	14
Gross losses	( 22 )		( 46 )
Investment losses on fixed maturity securities	( 9 )		( 32 )
Equity securities (a)			11

Short-term investments and other			( 1 )


Investment losses	$	( 9 )	$	( 22 )
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2025 and 2024	$	( 2 )	$	11

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:





Three Months Ended March 31	2025		2024
(In millions)

Fixed maturity securities available-for-sale:
Corporate and other bonds	$	7	$	9
Asset-backed			5
Impairment losses recognized in earnings	$	7	$	14

T here were no losses recognized on mortgage loans during the three months ended March 31, 2025 or 2024.


			9

Table of contents

The following tables present a summary of fixed maturity securities:


March 31, 2025	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	$	26,388	$	502	$	1,149	$	15	$	25,726
States, municipalities and political subdivisions	7,246		227		829				6,644
Asset-backed:
Residential mortgage-backed	3,844		20		426				3,438
Commercial mortgage-backed	1,738		14		119		18		1,615
Other asset-backed	3,816		24		216		14		3,610
Total asset-backed	9,398		58		761		32		8,663
U.S. Treasury and obligations of government sponsored enterprises	219		1		2				218
Foreign government	688		8		26				670

Fixed maturities available-for-sale	$	43,939	$	796	$	2,767	$	47	$	41,921
Fixed maturities trading	802								802
Total fixed maturity securities	$	44,741	$	796	$	2,767	$	47	$	42,723


December 31, 2024


Fixed maturity securities:
Corporate and other bonds	$	25,839	$	423	$	1,305	$	13	$	24,944
States, municipalities and political subdivisions	7,396		243		835				6,804
Asset-backed:
Residential mortgage-backed	3,725		7		488				3,244
Commercial mortgage-backed	1,779		11		141		18		1,631
Other asset-backed	3,770		24		239		14		3,541
Total asset-backed	9,274		42		868		32		8,416
U.S. Treasury and obligations of government sponsored enterprises	220		1		1				220
Foreign government	701		6		30				677

Fixed maturities available-for-sale	$	43,430	$	715	$	3,039	$	45	$	41,061
Fixed maturities trading	766								766
Total fixed maturity securities	$	44,196	$	715	$	3,039	$	45	$	41,827


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Table of contents

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
March 31, 2025	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	$	5,816	$	141	$	9,986	$	1,008	$	15,802	$	1,149
States, municipalities and political subdivisions	944		51		2,986		778		3,930		829
Asset-backed:
Residential mortgage-backed	413		9		2,016		417		2,429		426
Commercial mortgage-backed	58		1		969		118		1,027		119
Other asset-backed	629		16		1,499		200		2,128		216
Total asset-backed	1,100		26		4,484		735		5,584		761
U.S. Treasury and obligations of government-sponsored enterprises	43		1		42		1		85		2
Foreign government	105		2		300		24		405		26
Total fixed maturity securities	$	8,008	$	221	$	17,798	$	2,546	$	25,806	$	2,767

December 31, 2024

Fixed maturity securities:
Corporate and other bonds	$	5,846	$	165	$	10,388	$	1,140	$	16,234	$	1,305
States, municipalities and political subdivisions	1,247		52		2,967		783		4,214		835
Asset-backed:
Residential mortgage-backed	849		22		2,010		466		2,859		488
Commercial mortgage-backed	180		2		988		139		1,168		141
Other asset-backed	680		21		1,557		218		2,237		239
Total asset-backed	1,709		45		4,555		823		6,264		868
U.S. Treasury and obligations of government-sponsored enterprises	49		1		41				90		1
Foreign government	118		3		368		27		486		30
Total fixed maturity securities	$	8,969	$	266	$	18,319	$	2,773	$	27,288	$	3,039


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Table of contents

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.


	March 31, 2025				December 31, 2024
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	2,212	$	322	$	2,567	$	373
AAA	1,423		265		1,800		282
AA	3,971		701		4,247		730
A	6,254		527		6,330		582
BBB	10,922		849		11,548		980
Non-investment grade	1,024		103		796		92
Total	$	25,806	$	2,767	$	27,288	$	3,039

Based on current facts and circumstances, the unrealized losses presented in the March 31, 2025 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 March 31, 2025.

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 $ 456 million, $ 442 million and $ 437 million as of March 31, 2025, December 31, 2024 and March 31, 2024 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.


Three months ended March 31, 2025	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2025	$	13	$	32	$	45
Additions to the allowance for credit losses:

Available-for-sale securities accounted for as PCD assets					—

Reductions to the allowance for credit losses:
Securities sold during the period (realized)					—
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis					—


Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	2				2
Total allowance for credit losses	$	15	$	32	$	47


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Three months ended March 31, 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:


Available-for-sale securities accounted for as PCD assets					—

Reductions to the allowance for credit losses:
Securities sold during the period (realized)					—
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	1				1


Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			5		5
Total allowance for credit losses	$	3	$	17	$	20

Contractual Maturity

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


	March 31, 2025				December 31, 2024
	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
(In millions)

Due in one year or less	$	1,842	$	1,826	$	1,761	$	1,753
Due after one year through five years	11,606		11,371		11,678		11,403
Due after five years through ten years	13,227		12,692		13,083		12,365
Due after ten years	17,264		16,032		16,908		15,540
Total	$	43,939	$	41,921	$	43,430	$	41,061

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.


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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.


	Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of March 31, 2025	2025		2024		2023		2022		2021		Prior		Total
(In millions)

DSCR ≥1.6x
LTV less than 55%					$	33	$	9			$	209	$	251
LTV 55% to 65%							15		$	11	16		42
LTV greater than 65%					12		31		12				55
DSCR 1.2x - 1.6x
LTV less than 55%			$	60	28		5		2		137		232
LTV 55% to 65%			41		31		20		30		58		180
LTV greater than 65%							46						46
DSCR ≤1.2x
LTV less than 55%											21		21
LTV 55% to 65%	$	37			23		73				20		153
LTV greater than 65%							35		21		48		104
Total	$	37	$	101	$	127	$	234	$	76	$	509	$	1,084


(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.


	March 31, 2025					December 31, 2024
	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	$	234	$	3		$	268	$	2
Futures – short						167		1
Warrants	1		1			1		1
Interest rate swaps	300		2			300		4

Currency forwards
Credit default swap index - purchased	2,200					2,000


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In the fourth quarter of 2024, the Company entered into credit default swap index transactions that potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprise the index. As of March 31, 2025 and December 31, 2024, the notional value of the credit default swap index is $ 2.2 billion and $ 2 billion and the fair value is less than $ 1 million, which is recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position is measured using observable market inputs, including credit spreads. For the three months ended March 31, 2025, Net investment income related to the position was $ 3 million.

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 March 31, 2025, commitments to purchase or fund were approximately $ 1.6 billion and to sell were approximately $ 95 million under the terms of these investments.

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.


March 31, 2025	Level 1		Level 2		Level 3		Total
(In millions)

Fixed maturity securities:
Corporate bonds and other	$	222	$	25,041	$	1,351	$	26,614
States, municipalities and political subdivisions			6,600		44		6,644
Asset-backed			7,774		889		8,663
Fixed maturities available-for-sale	222		39,415		2,284		41,921
Fixed maturities trading	800		2				802
Total fixed maturities	$	1,022	$	39,417	$	2,284	$	42,723

Equity securities	$	694	$	478	$	17	$	1,189
Short-term and other	4,150		43				4,193
Receivables			3				3

Payable to brokers	( 61 )						( 61 )

December 31, 2024


Fixed maturity securities:
Corporate bonds and other	$	223	$	24,340	$	1,278	$	25,841
States, municipalities and political subdivisions			6,762		42		6,804
Asset-backed			7,540		876		8,416
Fixed maturities available-for-sale	223		38,642		2,196		41,061
Fixed maturities trading	766						766
Total fixed maturities	$	989	$	38,642	$	2,196	$	41,827

Equity securities	$	603	$	441	$	20	$	1,064
Short-term and other	4,383		70				4,453
Receivables			5				5
Payable to brokers	( 88 )						( 88 )


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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 months ended March 31, 2025 and 2024:


			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 March 31		Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31
2025	Balance, January 1		Included in Net Income		Included in OCI		Purchases		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Balance, March 31
(In millions)

Fixed maturity securities:
Corporate bonds and other	$	1,278			$	21	$	55			$	( 18 )	$	15			$	1,351			$	21
States, municipalities and political subdivisions	42				2												44				2
Asset-backed	876		$	4	1		27				( 19 )						889				1
Fixed maturities available-for-sale	$	2,196	$	4	$	24	$	82	$	—	$	( 37 )	$	15	$	—	$	2,284	$	—	$	24



Equity securities	$	20	$	1							$	( 4 )					$	17	$	( 1 )


2024

Fixed maturity securities:
Corporate bonds and other	$	1,045			$	( 12 )	$	74			$	( 36 )	$	11			$	1,082			$	( 14 )
States, municipalities and political subdivisions	44				( 1 )												43				( 1 )
Asset-backed	901		$	2	( 5 )		18		$	( 9 )	( 17 )				$	( 19 )	871				( 5 )
Fixed maturities available-for-sale	$	1,990	$	2	$	( 18 )	$	92	$	( 9 )	$	( 53 )	$	11	$	( 19 )	$	1,996	$	—	$	( 20 )



Equity securities	$	24	$	6					$	( 19 )							$	11	$	1


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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

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.


March 31, 2025	Estimated Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
	(In millions)

Fixed maturity securities	$	1,805	Discounted cash flow	Credit spread	1	%	—	7	%	( 2	%)

December 31, 2024

Fixed maturity securities	$	1,724	Discounted cash flow	Credit spread	1	%	—	6	%	( 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.


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	Carrying Amount		Estimated Fair Value
March 31, 2025			Level 1	Level 2		Level 3		Total
(In millions)

Assets:
Other invested assets, primarily mortgage loans	$	1,049				$	1,035	$	1,035

Liabilities:
Short-term debt	504			$	499	5		504
Long-term debt	8,438			7,275		966		8,241

December 31, 2024

Assets:
Other invested assets, primarily mortgage loans	$	1,019				$	987	$	987

Liabilities:
Short-term debt	4					5		5
Long-term debt	8,936			$	7,702	966		8,668

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 $ 97 million and $ 88 million were recorded for the three months ended March 31, 2025 and 2024, driven by severe weather related events, including $ 53 million for the California wildfires in 2025.


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Liability for Unpaid Claim and Claim Adjustment Expenses

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


Three Months Ended March 31	2025		2024
(In millions)

Reserves, beginning of year:
Gross	$	24,976	$	23,304
Ceded	5,713		5,141
Net reserves, beginning of year	19,263		18,163



Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	1,650		1,502
Increase (decrease) in provision for insured events of prior years	80		( 6 )
Amortization of discount	10		10
Total net incurred (a)	1,740		1,506

Net payments attributable to:
Current year events	( 80 )		( 113 )
Prior year events	( 1,212 )		( 1,168 )
Total net payments	( 1,292 )		( 1,281 )

Foreign currency translation adjustment and other	53		( 41 )

Net reserves, end of period	19,764		18,347
Ceded reserves, end of period	5,817		5,241
Gross reserves, end of period	$	25,581	$	23,588


(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.

Unfavorable net prior year loss reserve development of $ 61 million and favorable net prior year loss reserve development of $ 7 million for the three months ended March 31, 2025 and 2024 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). Unfavorable net prior year loss reserve development of $ 22 million and no net prior year loss reserve development for the three months ended March 31, 2025 and 2024 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 March 31	2025		2024
(In millions)



Surety			$	( 18 )

Warranty	$	10	13
Commercial auto	50

Workers’ compensation	1		( 2 )

Other insurance operations	22
Total pretax (favorable) unfavorable development	$	83	$	( 7 )

2025

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.

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

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

2024

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.

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 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 on 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 $ 17 million and $ 12 million for the three months ended March 31, 2025 and 2024 . As of March 31, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $ 3.7 billion. The unrecognized deferred


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retroactive reinsurance benefit was $ 408 million and $ 425 million as of March 31, 2025 and December 31, 2024 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 March 31, 2025. 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, which is 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 Sheets.

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.

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, 2024.


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The following table summarizes balances and changes in the LFPB:


	2025		2024
(In millions)

Present value of future net premiums
Balance, January 1	$	3,425	$	3,710
Effect of changes in discount rate	( 7 )		( 125 )
Balance, January 1, at original locked in discount rate	3,418		3,585
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a)	5		( 28 )
Adjusted balance, January 1	3,423		3,557
Interest accrual	44		47
Net premiums: earned during period	( 101 )		( 107 )
Balance, end of period at original locked in discount rate	3,366		3,497
Effect of changes in discount rate	38		56
Balance, March 31	$	3,404	$	3,553

Present value of future benefits & expenses
Balance, January 1	$	16,583	$	17,669
Effect of changes in discount rate	440		( 578 )
Balance, January 1, at original locked in discount rate	17,023		17,091
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a)	13		( 13 )
Adjusted balance, January 1	17,036		17,078
Interest accrual	229		231
Benefit & expense payments	( 293 )		( 321 )
Balance, end of period at original locked in discount rate	16,972		16,988
Effect of changes in discount rate	( 264 )		78
Balance, March 31	$	16,708	$	17,066


Net LFPB, March 31	$	13,304	$	13,513


(a)			As of March 31, 2025 and 2024 , the re-measurement loss of $ 8 million and $ 15 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 accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.





Three Months Ended March 31	2025		2024
(In millions)

Earned premiums	$	106	$	110
Interest accretion	185		184

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


	March 31,
	2025		2024

(In millions)

Expected future benefit and expense payments	$	31,433	$	32,474
Expected future gross premiums	5,089		5,270

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ 3.6 billion and $ 3.7 billion as of March 31, 2025 and 2024.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of March 31, 2025 and 2024.

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


	March 31,				December 31,
	2025		2024		2024


Original locked in discount rate	5.19	%	5.22	%	5.20	%
Upper-medium grade fixed income instrument discount rate	5.40		5.20		5.51

For the three months ended March 31, 2025 and 2024, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $ 14 million and $ 20 million . For the three months ended March 31, 2025 and 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 were $ 6 million and $ 2 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 months ended March 31, 2024 and 2025 :


	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, 2024	$	( 12 )	$	( 1,483 )	$	( 329 )	$	9	$	( 533 )	$	( 149 )	$	( 2,497 )
Other comprehensive income (loss) before reclassifications, after tax of $ 0 , $ 64 , $( 91 ), $( 1 ), $ 0 and $ 0	( 1 )		( 239 )		341		2				( 33 )		70
Reclassification of losses from accumulated other comprehensive loss, after tax of $( 1 ), $( 6 ), $ 0 , $ 0 , $( 1 ) and $ 0	3		22						6				31
Other comprehensive income (loss)	2		( 217 )		341		2		6		( 33 )		101
Amounts attributable to noncontrolling interests			19		( 29 )				( 1 )		3		( 8 )
Other	1		5				( 1 )		( 2 )				3
Balance, March 31, 2024	$	( 9 )	$	( 1,676 )	$	( 17 )	$	10	$	( 530 )	$	( 179 )	$	( 2,401 )



Balance, January 1, 2025	$	( 13 )	$	( 1,720 )	$	324	$	9	$	( 224 )	$	( 243 )	$	( 1,867 )
Other comprehensive income (loss) before reclassifications, after tax of $ 1 , $( 73 ), $ 31 , $ 2 , $ 0 and $ 0	( 5 )		276		( 114 )		( 3 )		( 1 )		37		190
Reclassification of losses from accumulated other comprehensive loss, after tax of $ 0 , $( 1 ), $ 0 , $ 0 , $ 0 and $ 0	2		6						2				10
Other comprehensive income (loss)	( 3 )		282		( 114 )		( 3 )		1		37		200
Amounts attributable to noncontrolling interests	1		( 24 )		9						( 3 )		( 17 )
Other			( 1 )										( 1 )
Balance, March 31, 2025	$	( 15 )	$	( 1,463 )	$	219	$	6	$	( 223 )	$	( 209 )	$	( 1,685 )

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 4.5 million and 0.2 million shares of its common stock at aggregate costs of $ 380 million and $ 17 million during the three months ended March 31, 2025 and 2024.

7. 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 11 :





Three Months Ended March 31	2025		2024
(In millions)

Non-insurance warranty – CNA Financial	$	397	$	407

Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines	$	609	$	501
Lodging and related services – Loews Hotels & Co	237		209


Total revenues from contracts with customers	846		710
Other revenues	26		26
Operating revenues and other	$	872	$	736

Receivables from contracts with customers – As of March 31, 2025 and December 31, 2024, receivables from contracts with customers were approximately $ 252 million and $ 240 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of March 31, 2025 and December 31, 2024, deferred revenue resulting from contracts with customers were approximately $ 4.6 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $ 413 million and $ 410 million of revenues recognized during the three months ended March 31, 2025 and 2024 were included in deferred revenue as of December 31, 2024 and 2023.

Performance obligations – As of March 31, 2025, approximately $ 18.7 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 $ 2.3 billion will be recognized during the remaining nine months of 2025 , $ 2.4 billion in 2026 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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8. Benefit Plans

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

The following table presents the components of net periodic (benefit) cost for the defined benefit plans:


	Pension Benefits				Other Postretirement Benefits
Three Months Ended March 31	2025		2024			2025		2024
(In millions)

Service cost	$	1	$	1
Interest cost	11		24			$	1	$	1
Expected return on plan assets	( 15 )		( 29 )			( 1 )		( 1 )
Amortization of unrecognized net loss	2		7



Net periodic (benefit) cost	$	( 1 )	$	3		$	—	$	—

9. Legal Proceedings

Loews Hotels & Co

On February 20, 2024, Jeanette Portillo filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington. On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois. Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively. The court has not issued a decision on the motion to dismiss in Portillo. On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal , and granted plaintiff leave to amend the complaint by no later than April 28, 2025. On April 28, 2025, Segal filed a third amended complaint alleging that Loews Hotels Holdings Corporation and other defendants violated the Sherman Act.

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 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.


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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. Briefing on this appeal was completed in March 2025 and a hearing on this appeal has been scheduled to occur in June 2025.

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 matters described above, will materially affect the Company’s results of operations or equity.

10. 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 March 31, 2025, 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.

Boardwalk Pipelines

Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received and firm commitments under binding construction service agreements. As of March 31, 2025, the commitments were approximately $ 237 million, all of which are expected to be settled within the next twelve months.

11. 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 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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.


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


Three Months Ended March 31, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,626							$	2,626
Net investment income	604		$	1	$	3			608
Investment losses	( 9 )								( 9 )
Non-insurance warranty revenue	397								397
Operating revenues and other	9		621		242				872
Total	3,627		622		245		$	—	4,494

Expenses:

Insurance claims and policyholders’ benefits (a)	2,027								2,027
Amortization of deferred acquisition costs	471								471
Non-insurance warranty expense	385								385
Operating expenses and other (b)	363		381		231		16		991
Equity method (income) loss					( 6 )		7		1
Interest	32		39		16		18		105
Total	3,278		420		241		41		3,980
Income (loss) before income tax	349		202		4		( 41 )		514
Income tax (expense) benefit	( 75 )		( 50 )		( 4 )		7		( 122 )
Net income (loss)	274		152		—		( 34 )		392
Amounts attributable to noncontrolling interests	( 22 )								( 22 )
Net income (loss) attributable to Loews Corporation	$	252	$	152	$	—	$	( 34 )	$	370

March 31, 2025

Total assets	$	67,288	$	9,919	$	2,500	$	3,435	$	83,142


(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 97 million and unfavorable net prior year loss reserve development of $ 83 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.


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(b)			Significant segment expenses included in Operating expenses and other:


Three Months Ended March 31, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	321							$	321
Operating expenses			$	192	$	153			345
Depreciation and amortization			106		24		$	1	131
Other (c)	42		83		54		15		194
Operating expenses and other	$	363	$	381	$	231	$	16	$	991


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


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Three Months Ended March 31, 2024	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,441							$	2,441
Net investment income	609		$	4	$	2	$	54	669
Investment losses	( 22 )								( 22 )
Non-insurance warranty revenue	407								407
Operating revenues and other	9		513		214				736
Total	3,444		517		216		54		4,231

Expenses:

Insurance claims and policyholders’ benefits (a)	1,807								1,807
Amortization of deferred acquisition costs	444								444
Non-insurance warranty expense	394								394
Operating expenses and other (b)	337		312		209		22		880
Equity method (income) loss					( 27 )		1		( 26 )
Interest	35		43		6		19		103
Total	3,017		355		188		42		3,602
Income before income tax	427		162		28		12		629
Income tax expense	( 89 )		( 41 )		( 12 )		( 2 )		( 144 )
Net income	338		121		16		10		485
Amounts attributable to noncontrolling interests	( 28 )								( 28 )
Net income attributable to Loews Corporation	$	310	$	121	$	16	$	10	$	457

March 31, 2024

Total assets	$	65,038	$	10,415	$	2,441	$	3,012	$	80,906


(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $ 88 million and favorable net prior year loss reserve development of $ 7 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.


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(b)			Significant segment expenses included in Operating expenses and other:


Three Months Ended March 31, 2024	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	287							$	287
Operating expenses			$	122	$	138			260
Depreciation and amortization			106		21				127
Other (c)	50		84		50		$	22	206
Operating expenses and other	$	337	$	312	$	209	$	22	$	880


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


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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, 2024. This MD&A is comprised of the following sections:


			Page No.

Overview			32
Results of Operations			33
Consolidated Financial Results			33
CNA Financial			34
Boardwalk Pipelines			39
Loews Hotels & Co			41
Corporate			41
Liquidity and Capital Resources			42
Parent Company			42
Subsidiaries			42
Investments			43
Critical Accounting Estimates			47
Accounting Standards Update			47
Forward-Looking Statements			47

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 consolidated operating subsidiaries, and the equity method of accounting for Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary.

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

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, 2024) 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.


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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 months ended March 31, 2025 and 2024:





Three Months Ended March 31	2025		2024
(In millions, except per share data)

CNA Financial	$	252	$	310
Boardwalk Pipelines	152		121
Loews Hotels & Co			16
Corporate	(34)		10

Net income attributable to Loews Corporation	$	370	$	457

Basic and diluted net income per share	$	1.74	$	2.05

Net income attributable to Loews Corporation for the three months ended March 31, 2025 was $370 million, or $1.74 per share, compared to net income of $457 million, or $2.05 per share in the comparable 2024 period.

The decrease in net income attributable to Loews Corporation for the three months ended March 31, 2025 as compared to the comparable 2024 period was primarily driven by lower net income at CNA and Loews Hotels & Co and lower investment income at the parent company, partially offset by higher net income at and Boardwalk Pipelines. The decrease at CNA is primarily due to lower underwriting income mainly driven by unfavorable net prior year loss reserve development. The decrease at Loews Hotels & Co is primarily due to lower equity income from joint ventures mainly driven by lower occupancy and average daily rates at Universal Orlando Resort hotels and an impairment charge recorded by a joint venture property. Lower investment income at the parent company is primarily due to the unfavorable change in the fair value of equity based investments. T he increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates and recently completed growth projects.


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CNA Financial

The following table summarizes the results of operations for CNA for the three months ended March 31, 2025 and 2024 as presented in Note 11 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 March 31	2025		2024
(In millions)

Revenues:
Insurance premiums	$	2,626	$	2,441
Net investment income	604		609
Investment losses	(9)		(22)
Non-insurance warranty revenue	397		407
Other revenues	9		9
Total	3,627		3,444
Expenses:
Insurance claims and policyholders’ benefits	2,027		1,807
Amortization of deferred acquisition costs	471		444
Non-insurance warranty expense	385		394
Other operating expenses	363		337
Interest	32		35
Total	3,278		3,017
Income before income tax	349		427
Income tax expense	(75)		(89)
Net income	274		338
Amounts attributable to noncontrolling interests	(22)		(28)
Net income attributable to Loews Corporation	$	252	$	310

Net income attributable to Loews Corporation decreased $58 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to lower underwriting income mainly driven by unfavorable net prior year loss reserve development.

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 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


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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 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. 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 ratio, the expense ratio and the dividend ratio. 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 Notes 4 and 5 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 also uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial 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 insurance related administrative 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 also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from 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.


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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 months ended March 31, 2025 and 2024:


Three Months Ended March 31, 2025	Specialty		Commercial		International		Property & Casualty		Other Insurance Operations		Total
(In millions)

Net income (loss) attributable to Loews Corporation	$	137	$	114	$	35	$	286	$	(34)	$	252
Investment (gains) losses	1				(1)		—		7		7

Noncontrolling interests	12		10		3		25		(3)		22
Core income (loss)	$	150	$	124	$	37	$	311	$	(30)	$	281
Less:
Net investment income	151		177		34		362
Non-insurance warranty revenue	12						12
Other revenue (expense), including interest expense	(14)		(2)		1		(15)
Income tax expense on core income	(41)		(34)		(13)		(88)
Underwriting gain (loss)	42		(17)		15		40
Effect of catastrophe losses			86		11		97
Effect of unfavorable development-related items	10		53				63
Underlying underwriting gain	$	52	$	122	$	26	$	200


Three Months Ended March 31, 2024


Net income (loss) attributable to Loews Corporation	$	153	$	132	$	34	$	319	$	(9)	$	310
Investment (gains) losses	10		14				24		(7)		17

Noncontrolling interests	14		12		3		29		(1)		28
Core income (loss)	$	177	$	158	$	37	$	372	$	(17)	$	355
Less:
Net investment income	150		176		31		357
Non-insurance warranty revenue	13						13
Other revenue (expense), including interest expense	(14)		(4)		(2)		(20)
Income tax expense on core income	(48)		(43)		(13)		(104)
Underwriting gain	76		29		21		126
Effect of catastrophe losses			82		6		88
Effect of favorable development-related items	(5)						(5)
Underlying underwriting gain	$	71	$	111	$	27	$	209


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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 months e nded March 31, 2025 and 2024.


Three Months Ended March 31, 2025	Specialty			Commercial			International			Total
(In millions, except %)

Gross written premiums	$	1,672		$	1,853		$	373		$	3,898
Gross written premiums excluding third-party captives	930			1,839			373			3,142
Net written premiums	842			1,498			266			2,606
Net earned premiums	830			1,380			310			2,520
Underwriting gain (loss)	42			(17)			15			40
Net investment income	151			177			34			362
Core income	150			124			37			311

Other performance metrics:
Loss ratio	61.4		%	73.0		%	62.1		%	67.8		%
Expense ratio	33.4			27.6			33.3			30.2
Dividend ratio	0.3			0.5						0.4
Combined ratio	95.1		%	101.1		%	95.4		%	98.4		%
Less: Effect of catastrophe impacts				6.3			3.6			3.8
Less: Effect of unfavorable development-related items	1.3			3.8						2.5
Underlying combined ratio	93.8		%	91.0		%	91.8		%	92.1		%
Underlying loss ratio	60.1		%	62.9		%	58.5		%	61.5		%

Rate	3		%	6		%	(2)%			4		%
Renewal premium change	4			7			1			6
Retention	89			84			85			86
New business	$	112		$	370		$	83		$	565


Three Months Ended March 31, 2024


Gross written premiums	$	1,682		$	1,686		$	374		$	3,742
Gross written premiums excluding third-party captives	880			1,682			374			2,936
Net written premiums	792			1,338			260			2,390
Net earned premiums	814			1,202			315			2,331
Underwriting gain	76			29			21			126
Net investment income	150			176			31			357
Core income	177			158			37			372

Other performance metrics:
Loss ratio	58.6		%	68.8		%	60.1		%	64.1		%
Expense ratio	31.8			28.2			33.2			30.1
Dividend ratio	0.3			0.6						0.4
Combined ratio	90.7		%	97.6		%	93.3		%	94.6		%
Less: Effect of catastrophe impacts				6.8			2.0			3.8
Less: Effect of favorable development-related items	(0.6)									(0.2)
Underlying combined ratio	91.3		%	90.8		%	91.3		%	91.0		%
Underlying loss ratio	59.2		%	62.0		%	58.1		%	60.5		%

Rate	2		%	6		%	1		%	4		%
Renewal premium change	3			8			3			6
Retention	88			85			82			85
New business	$	94		$	367		$	68		$	529

Gross written premiums, excluding third-party captives, for Specialty increased $50 million for the three months ended March 31, 2025 as compared with the comparable 2024 period driven by higher new business and favorable renewal premium change, inclusive of rate. Net written premiums for Specialty increased $50 million for the three months ended


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March 31, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the three months ended March 31, 2025 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $167 million for the three months ended March 31, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate. Net written premiums for Commercial increased $160 million for the three months ended March 31, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the three months ended March 31, 2025 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International decreased $1 million for the three months ended March 31, 2025 as compared with the comparable 2024 period. Excluding the effect of foreign currency exchange rates, gross written premiums increased $14 million driven by higher new business. Net written premiums for International increased $6 million for the three months ended March 31, 2025 as compared with the comparable 2024 period. Excluding the effect of foreign currency exchange rates, net written premiums increased $19 million for the three months ended March 31, 2025 as compared with the comparable 2024 period. The decrease in net earned premiums for the three months ended March 31, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations decreased $61 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to lower underwriting results, mainly driven by unfavorable net prior year loss reserve development and higher catastrophe losses.

Catastrophe losses for Property & Casualty Operations were $97 million for the three months ended March 31, 2025 as compared with $88 million for the comparable 2024 period, primarily driven by severe weather-related events, including $53 million for the California wildfires in the 2025 period. For the three months ended March 31, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $86 million and $82 million and International had catastrophe losses of $11 million and $6 million.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $61 million and favorable net prior year loss reserve development of $7 million was recorded for the three months ended March 31, 2025 and 2024. For the three months ended March 31, 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $10 million and favorable net prior year loss reserve development of $5 million, Commercial recorded unfavorable net prior year loss reserve development of $51 million and favorable net prior year loss reserve development of $2 million and International recorded 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 4.4 points for the three months ended March 31, 2025 as compared with the comparable 2024 period primarily due to a 2.8 point increase in the loss ratio and a 1.6 point increase in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in the current year period, driven by auto warranty in accident year 2024, and an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines. The increase in the expense ratio was primarily driven by higher acquisition and employee related costs.

Commercial’s combined ratio increased 3.5 points for the three months ended March 31, 2025 as compared with the comparable 2024 period due to a 4.2 point increase in the loss ratio, partially offset by a 0.6 point improvement in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development, driven by commercial auto in accident year 2024 and an increase in the underlying loss ratio driven by the continuation of elevated loss cost trends in commercial auto. Catastrophe losses were 6.3 points of the loss ratio for the three months ended March 31, 2025 as compared with 6.8 points of the loss ratio in the comparable 2024 period. The improvement in the expense ratio was primarily driven by higher net earned premiums.

International’s combined ratio increased 2.1 points for the three months ended March 31, 2025 as compared with the comparable 2024 period largely due to a 2.0 point increase in the loss ratio. The increase in the loss ratio was primarily driven by higher catastrophe losses, which were 3.6 points of the loss ratio for the three months ended March 31, 2025, as compared with 2.0 points of the loss ratio in the comparable 2024 period. The expense ratio was generally consistent with the comparable 2024 period.


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Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the three months ended March 31, 2025 and 2024.





Three Months Ended March 31	2025		2024
(In millions)

Net earned premiums	$	106	$	110
Net investment income	242		252
Core loss	(30)		(17)

Core results for Other Insurance Operations decreased $13 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to a $17 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse claims. CNA’s annual comprehensive review of legacy mass tort exposures is undertaken in the second quarter of each year, consistent with the recent historical timing of such review. 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.

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 as discussed in our Annual Report on Form 10-K for the year ended December 31, 2024. The pricing contained in the purchase and sales agreements associated with Boardwalk Pipelines’ ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee. As a result, except for possible timing differences that may occur when volumes are purchased in one month and sold in another month, Boardwalk Pipelines’ ethane supply services, like its other businesses, 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, 2024. 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, 2024.

The following table summarizes the results of operations for Boardwalk Pipelines for the three months ended March 31, 2025 and 2024, as presented in Note 11 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 as EBITDA is a commonly used metric within the midstream industry.


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Three Months Ended March 31	2025		2024
(In millions)

Revenues:
Operating revenues and other	$	621	$	513
Interest income	1		4
Total	622		517
Expenses:
Operating and other:
Operating costs and expenses	275		206
Depreciation and amortization	106		106
Interest	39		43
Total	420		355
Income before income tax	202		162
Income tax expense	(50)		(41)
Net income attributable to Loews Corporation	$	152	$	121

EBITDA	$	346	$	307

Net income attributable to Loews Corporation and EBITDA increased $31 million and $39 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to the reasons discussed below.

Total revenues increased $105 million for the three months ended March 31, 2025 as compared with the comparable 2024 period. Boardwalk Pipelines’ transportation revenues increased $34 million, primarily due to re-contracting at higher rates and recently completed growth projects; storage, parking and lending revenues increased $7 million due to favorable market conditions which allowed for contracting at higher rates; and product sales revenues increased $68 million primarily from higher volumes from the sale of ethane due to a customer outage in 2024, which impacted 2024 volumes.

Operating costs and expenses increased $69 million for the three months ended March 31, 2025 as compared with the comparable 2024 period primarily from higher product costs associated with increased ethane product sales.

Interest expenses decreased $4 million for the three months ended March 31, 2025 as compared with the comparable 2024 period due to lower average outstanding long-term debt .

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 months ended March 31, 2025 and 2024:





Three Months Ended March 31	2025		2024
(In millions)


Net income attributable to Loews Corporation	$	152	$	121
Interest, net	38		39
Income tax expense	50		41
Depreciation and amortization	106		106
EBITDA	$	346	$	307


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Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three months ended March 31, 2025 and 2024, as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.





Three Months Ended March 31	2025		2024
(In millions)

Revenues:
Operating revenue	$	211	$	183


Revenues related to reimbursable expenses	34		33
Total	245		216
Expenses:
Operating and other	173		155

Reimbursable expenses	34		33
Depreciation and amortization	24		21
Equity income from joint ventures	(6)		(27)
Interest	16		6
Total	241		188
Income before income tax	4		28
Income tax expense	(4)		(12)
Net income attributable to Loews Corporation	$	—	$	16

Net income attributable to Loews Corporation decreased $16 million for the three months ended March 31, 2025 as compared with the comparable 2024 period primarily due to the reasons discussed below.

Operating revenues improved by $28 million and operating and other expenses increased by $18 million for the three months ended March 31, 2025 as compared with the comparable 2024 period. The increas e in operating revenues and operating and other expenses was primarily driven by the Loews Arlington Hotel and Convention Center, which opened during the first quarter of 2024, but was operating for the entire first quarter of 2025. Operating revenues also increased due to improvements in average daily room rates and food and beverage revenues at certain other owned hotels. Operating and other expenses also increased due to the termination of a contract with a minority owner.

Equity income from joint ventures decreased $21 million for the three months ended March 31, 2025 as compared with the comparable 2024 period. The decrease was primarily driven by a decline in overall occupancy levels and average daily room rates for joint venture hotels, particularly at the Universal Orlando Resort, due in part to ongoing renovations. In addition, equity income from joint ventures for the first quarter of 2025 was impacted by the reduction in distributions for one joint venture property due to property improvement costs, and the expenses related to the opening of three new hotels at the Universal Orlando Resort, including pre-opening costs. Equity income from joint ventures also included an impairment charge recorded at a joint venture hotel that reduced Loews Hotels & Co’s equity income by $9 million in the three months ended March 31, 2025.

Depreciation and amortization expense increased $3 million for the three months ended March 31, 2025 as compared with the comparable 2024 pe riod mainly due to the Loews Arlington Hotel and Convention Center.

Interest expense increased $10 million for the three months ended March 31, 2025 as compared with the comparable 2024 perio d primarily due to the Loews Arlington Hotel and Convention Center, lower capitalized interest on projects under development, and higher interest rates on certain debt refinanced in 2024 .

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


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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 months ended March 31, 2025 and 2024 as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:





Three Months Ended March 31	2025		2024
(In millions)

Revenues:
Net investment income	$	—	$	54



Expenses:
Operating and other	16		22
Equity method loss	7		1
Interest	18		19
Total	41		42
Income (loss) before income tax	(41)		12
Income tax (expense) benefit	7		(2)
Net income (loss) attributable to Loews Corporation	$	(34)	$	10

Net loss attributable to Loews Corporation of $34 million was recorded for the three months ended March 31, 2025 as compared with net income of $10 million in the comparable 2024 period, primarily due to the reasons discussed below.

Net investment income for the Parent Company decreased $54 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to the unfavorable change in the fair value of equity based investments.

LIQUIDITY AND CAPITAL RESOURCES

Parent Company

Parent Company cash and investments, net of receivables and payables, totaled $3.5 billion at March 31, 2025 as compared to $3.3 billion at December 31, 2024. During the three months ended March 31, 2025 , we received $686 million in cash dividends from our subsidiaries, including a special cash dividend of $497 million from CNA and a $75 million distribution from Boardwalk Pipelines. Cash outflows during the three months ended March 31, 2025 included the payment of $394 million to fund treasury stock purchases and $13 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. During the three months ended March 31, 2025, we purchased 4.5 million shares of Loews Corporation common stock for $376 million . As of May 2, 2025, we repurchased 0.6 million additional shares of Loews Corporation common stock in 2025 for $53 million. As of May 2, 2025, there were 209,696,528 shares of Loews Corporation common stock outstanding.

Future uses of our cash may include purchases of our and our subsidiaries’ outstanding common stock, dividends, investing in our subsidiaries and/or to make opportunistic investments. 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 $638 million for the three months ended March 31, 2025 as compared with $504 million for the comparable 2024 period. The net cash increase quarter over quarter was primarily a result of


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higher ceded reinsurance premium payments CNA paid during the first quarter of 2024, with such similar premium amounts scheduled to occur in the second quarter of 2025. In addition to the foregoing, the increase quarter over quarter was also attributable to higher cash from underwriting and investment earnings.

CNA paid cash dividends of $2.46 per share on its common stock, including a special cash dividend of $2.00 per share, during the three months ended March 31, 2025. On May 2, 2025 , CNA’s Board of Directors declared a quarterly cash dividend of $0.46 per share payable June 5, 2025 to shareholders of record on May 19, 2025 . 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 March 31, 2025, CCC was in a positive earned surplus position. CCC paid dividends of $440 million and $300 million during the three months ended March 31, 2025 and 2024. 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.

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 was $244 million for the three months ended March 31, 2025 as compared with $249 million for the comparable 2024 period.

For the three months ended March 31, 2025 and 2024, Boardwalk Pipelines’ capital expenditures were $52 million and $97 million, consisting of growth capital expenditures of $16 million and $59 million and maintenance capital expenditures of $36 million and $38 million.

As of March 31, 2025, 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, revolving credit facility and cash flows from operating activities, will be adequate to fund its operations and capital expenditures for 2025. As of March 31, 2025, 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 three months ended March 31, 2025 , Boardwalk Pipelines paid a distribution of $75 million to the Company.

Loews Hotels & Co, through its subsidiaries, has mortgage loans maturing beyond twelve months as of March 31, 2025, which it may refinance before they mature. 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.

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.


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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.

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 March 31	2025		2024
(In millions)

Fixed income securities:
Taxable fixed income securities	$	496	$	472
Tax-exempt fixed income securities	34		38
Total fixed income securities	530		510
Limited partnership and common stock investments	54		68
Other, net of investment expense	20		31
Net investment income	$	604	$	609


Effective income yield for the fixed income securities portfolio	4.8	%	4.7	%
Limited partnership and common stock return for the period	2.0	%	2.9	%

CNA’s net investment income decreased $5 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, reflecting the largely offsetting impacts of lower common stock returns and higher income from fixed income securities.


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Investment Gains (Losses)

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





Three Months Ended March 31	2025		2024
(In millions)

Investment gains (losses):
Fixed maturity securities:
Corporate and other bonds	$	(9)	$	(17)
States, municipalities and political subdivisions	(1)
Asset-backed	1		(15)
Total fixed maturity securities	(9)		(32)
Non-redeemable preferred stock			11
Derivatives, short-term and other			(1)
Total investment losses	(9)		(22)
Income tax benefit	2		5
Amounts attributable to noncontrolling interests	1		1
Investment losses attributable to Loews Corporation	$	(6)	$	(16)

CNA’s pretax investment losses decreased $13 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, driven by lower net losses on disposals of fixed maturity securities and lower impairment losses, partially offset by the favorable change in fair value of non-redeemable preferred stock in the prior year quarter.

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:


	March 31, 2025				December 31, 2024
	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	$	3,043	$	(309)	$	2,936	$	(369)
AAA	3,080		(198)		3,010		(217)
AA	6,227		(545)		6,369		(567)
A	10,711		(288)		10,260		(379)
BBB	17,077		(551)		16,757		(729)
Non-investment grade	1,835		(80)		1,779		(64)
Total	$	41,973	$	(1,971)	$	41,111	$	(2,325)

As of March 31, 2025 and December 31, 2024, 1% of CNA’s fixed maturity portfolio was rated internally. AAA rated securities included $0.2 billion of prefunded municipal bonds as of March 31, 2025 and December 31, 2024.


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


March 31, 2025	Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	2,212	$	322
AAA	1,453		265
AA	3,981		701
A	6,254		527
BBB	10,922		849
Non-investment grade	1,024		103
Total	$	25,846	$	2,767

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:


March 31, 2025	Estimated Fair Value		Gross Unrealized Losses
(In millions)

Due in one year or less	$	1,350	$	22
Due after one year through five years	7,185		317
Due after five years through ten years	7,338		785
Due after ten years	9,973		1,643
Total	$	25,846	$	2,767

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.


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	March 31, 2025			December 31, 2024
	Estimated Fair Value		Effective Duration (Years)	Estimated Fair Value		Effective Duration (Years)
(In millions of dollars)

Life & Group	$	15,351	9.8	$	14,915	9.8
Property & Casualty and other	28,627		4.4	28,779		4.3
Total	$	43,978	6.3	$	43,694	6.2

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, 2024.

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 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, 2024 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, 2024 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.


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Item 3. Quantitative and Qualitative Disclosures about Market Risk.

There were no material changes in our market risk components as o f March 31, 2025 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, 2024. 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.

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 March 31, 2025.

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 March 31, 2025 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 9 to the Consolidated Condensed Financial Statements included under Part I, Item 1.

Item 1A. Risk Factors.

Our Annual Report on Form 10-K for the year ended December 31, 2024 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.


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

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

Period

(a) Total number

of shares

purchased

(b) Average

price paid per

(d) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs (in millions)

January 1, 2025 - January 31, 2025

1,694,077

84.18

N/A

February 1, 2025 - February 28, 2025

2,154,679

83.86

N/A

March 1, 2025 - March 31, 2025

621,884

84.71

N/A

Item 5. Other Information

None


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Item 6. Exhibits.


Description of Exhibit			Exhibit Number




Certification by the Chief Executive Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a)			31.1*

Certification by the Chief Financial Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a)			31.2*

Certification by the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002)			32.1*

Certification by the Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002)			32.2*

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: May 5, 2025	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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Part I. Financial Information Item 1. Financial Statements Item 2. Management S Discussion and Analysis Of Financial Condition and Results Of Operations Item 3. Quantitative and Qualitative Disclosures About Market Risk Item 4. Controls and Procedures Part II. Other Information Item 1. Legal Proceedings Item 1A. Risk Factors Item 2. Unregistered Sales Of Equity Securities and Use Of Proceeds Item 5. Other Information Item 6. Exhibits

Exhibits

Certification by the Chief Executive Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a) 31.1* Certification by the Chief Financial Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a) 31.2* Certification by the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002) 32.1* Certification by the Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002) 32.2*

Supplier name	Ticker
Tesla, Inc.	TSLA
General Motors Company	GM
Honda Motor Co., Ltd.	HMC
Fiserv, Inc.	FISV
Sysco Corporation	SYY
Diageo plc	DEO
Anheuser-Busch InBev SA/NV	BUD
Exxon Mobil Corporation	XOM

L 10-Q Quarter ended March 31, 2025

Exhibits