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

FORM 10-Q

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

For the quarterly period ended March 31, 2025

OR

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

For the Transition Period From ____________ to _____________

Commission File Number 1-06541

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

Delaware13-2646102
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

9 West 57th 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 classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareLNew 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.
  
 
  
 
  
March 31, 2025 and December 31, 2024
 
 
Three months ended March 31, 2025 and 2024
 
 
Three months ended March 31, 2025 and 2024
 
 
Three months ended March 31, 2025 and 2024
 
 
Three months ended March 31, 2025 and 2024
 
 
  
  
  
  
  
  
  
  
2
Table of contents
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
March 31,December 31,
 20252024
(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 investments2,572 2,520 
Other invested assets, primarily mortgage loans, less allowance for credit loss of $35 and $35
1,155 1,113 
Short-term investments4,354 4,606 
Total investments51,993 51,130 
Cash560 541 
Receivables10,790 10,522 
Property, plant and equipment10,674 10,738 
Goodwill347 347 
Deferred non-insurance warranty acquisition expenses3,493 3,525 
Deferred acquisition costs of insurance subsidiaries999 959 
Other assets4,286 4,181 
Total assets$83,142 $81,943 
 
Liabilities and Equity:
 
Insurance reserves:
Claim and claim adjustment expense$25,581 $24,976 
Future policy benefits13,304 13,158 
Unearned premiums7,504 7,346 
Total insurance reserves46,389 45,480 
Payable to brokers206 110 
Short-term debt505 5 
Long-term debt8,441 8,939 
Deferred income taxes613 550 
Deferred non-insurance warranty revenue4,488 4,530 
Other liabilities4,466 4,392 
Total liabilities65,108 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 capital2,451 2,490 
Retained earnings16,821 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’ equity17,191 17,066 
Noncontrolling interests843 871 
Total equity18,034 17,937 
Total liabilities and equity$83,142 $81,943 

See accompanying Notes to Consolidated Condensed Financial Statements.





3
Table of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended March 3120252024
(In millions, except per share data)  
   
Revenues:  
Insurance premiums$2,626 $2,441 
Net investment income608 669 
Investment losses(9)(22)
Non-insurance warranty revenue397 407 
Operating revenues and other872 736 
Total4,494 4,231 
 
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $8 and $15)
2,027 1,807 
Amortization of deferred acquisition costs471 444 
Non-insurance warranty expense385 394 
Operating expenses and other991 880 
Equity method (income) loss1 (26)
Interest105 103 
Total3,980 3,602 
Income before income tax514 629 
Income tax expense(122)(144)
Net income392 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 stock212.45222.47
Dilutive potential shares of common stock0.150.31
Total weighted average shares outstanding assuming dilution212.60222.78

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

Three Months Ended March 3120252024
(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 investments282 (217)
Total unrealized gains (losses) on investments279 (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 benefits1 6 
Foreign currency translation37 (33)
 
Other comprehensive income200 101 
Comprehensive income592 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.
5
Table of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

 Loews Corporation Shareholders  
 Total Common StockAdditional 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 income485 457 28 
Other comprehensive income101 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 income392 370 22 
Other comprehensive income200 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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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

Three Months Ended March 31
20252024
(In millions)
Operating Activities:
Net income$392 $485 
Adjustments to reconcile net income to net cash provided by operating activities, net180 175 
Changes in operating assets and liabilities, net:
Receivables(246)(113)
Deferred acquisition costs(37)(34)
Insurance reserves656 443 
Other assets(92)(114)
Other liabilities27 (37)
Trading securities(144)(607)
Net cash flow provided by operating activities736 198 
 
Investing Activities:
 
Purchases of fixed maturities(1,775)(1,621)
Proceeds from sales of fixed maturities643 736 
Proceeds from maturities of fixed maturities814 507 
Purchases of equity securities(124)(169)
Proceeds from sales of equity securities104 186 
Purchases of limited partnership investments(78)(77)
Proceeds from sales of limited partnership investments25 13 
Purchases of property, plant and equipment(98)(159)
Dispositions 23 
Change in short-term investments330 (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 cash7 (2)
 
Net change in cash19 157 
Cash, beginning of period541 399 
Cash, end of period$560 $556 

See accompanying Notes to Consolidated Condensed Financial Statements.
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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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2. Investments

Net investment income is as follows:

Three Months Ended March 3120252024
(In millions)  
   
Fixed maturity securities$521 $502 
Limited partnership investments56 54 
Short-term investments19 29 
Equity securities (a)6 22 
Income from trading portfolio (a)4 58 
Other26 28 
Total investment income632 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 3120252024
(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 3120252024
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$7 $9 
Asset-backed5 
Impairment losses recognized in earnings$7 $14 

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


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The following tables present a summary of fixed maturity securities:

March 31, 2025Cost or Amortized CostGross 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-backed3,844 20 426 3,438 
Commercial mortgage-backed1,738 14 119 18 1,615 
Other asset-backed3,816 24 216 14 3,610 
Total asset-backed9,398 58 761 32 8,663 
U.S. Treasury and obligations of
 government sponsored enterprises		219 1 2 218 
Foreign government688 8 26 670 
Fixed maturities available-for-sale$43,939 $796 $2,767 $47 $41,921 
Fixed maturities trading802 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-backed3,725 7 488 3,244 
Commercial mortgage-backed1,779 11 141 18 1,631 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,274 42 868 32 8,416 
U.S. Treasury and obligations of
 government sponsored enterprises		220 1 1 220 
Foreign government701 6 30 677 
Fixed maturities available-for-sale$43,430 $715 $3,039 $45 $41,061 
Fixed maturities trading766 766 
Total fixed maturity securities$44,196 $715 $3,039 $45 $41,827 


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

 Less than 12 Months12 Months or LongerTotal
March 31, 2025Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross 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-backed413 9 2,016 417 2,429 426 
Commercial mortgage-backed58 1 969 118 1,027 119 
Other asset-backed629 16 1,499 200 2,128 216 
Total asset-backed1,100 26 4,484 735 5,584 761 
U.S. Treasury and obligations of
 government-sponsored enterprises		43 1 42 1 85 2 
Foreign government105 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-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed180 2 988 139 1,168 141 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,709 45 4,555 823 6,264 868 
U.S. Treasury and obligations of
 government-sponsored enterprises		49 1 41 90 1 
Foreign government118 3 368 27 486 30 
Total fixed maturity securities$8,969 $266 $18,319 $2,773 $27,288 $3,039 

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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, 2025December 31, 2024
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,212 $322 $2,567 $373 
AAA1,423 265 1,800 282 
AA3,971 701 4,247 730 
A6,254 527 6,330 582 
BBB10,922 849 11,548 980 
Non-investment grade1,024 103 796 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, 2025Corporate and Other BondsAsset-backedTotal
(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, 2024Corporate and Other BondsAsset-backedTotal
(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, 2025December 31, 2024
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,842 $1,826 $1,761 $1,753 
Due after one year through five years11,606 11,371 11,678 11,403 
Due after five years through ten years13,227 12,692 13,083 12,365 
Due after ten years17,264 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
PriorTotal
(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, 2025December 31, 2024
Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value
Asset
(Liability)
Asset(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options – purchased$234 $3 $268 $2 
Futures – short167 1 
Warrants1 1 1 1 
Interest rate swaps300 2 300 4 
Currency forwards
Credit default swap index - purchased2,200 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 subdivisions6,600 44 6,644 
Asset-backed7,774 889 8,663 
Fixed maturities available-for-sale222 39,415 2,284 41,921 
Fixed maturities trading800 2 802 
Total fixed maturities$1,022 $39,417 $2,284 $42,723 
 
Equity securities$694 $478 $17 $1,189 
Short-term and other4,150 43 4,193 
Receivables3 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 subdivisions6,762 42 6,804 
Asset-backed7,540 876 8,416 
Fixed maturities available-for-sale223 38,642 2,196 41,061 
Fixed maturities trading766 766 
Total fixed maturities$989 $38,642 $2,196 $41,827 
Equity securities$603 $441 $20 $1,064 
Short-term and other4,383 70 4,453 
Receivables5 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
2025Balance, January 1
Included in Net Income
Included in OCIPurchases
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 subdivisions42 2 44 2 
Asset-backed876 $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 subdivisions44 (1)43 (1)
Asset-backed901 $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 LiabilitiesConsolidated Condensed Statements of Operations Line Items
  
Fixed maturity securities available-for-saleInvestment gains (losses)
Fixed maturity securities tradingNet investment income
Equity securitiesInvestment gains (losses) and Net investment income
Other invested assetsInvestment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolioNet investment income
Derivative financial instruments, otherInvestment 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, 2025Estimated
Fair Value		Valuation TechniquesUnobservable InputsRange (Weighted Average)
 (In millions)  
    
Fixed maturity securities$1,805 Discounted cash flowCredit spread1 %—7 %(2 %)
   
December 31, 2024  
   
Fixed maturity securities$1,724 Discounted cash flowCredit spread1 %—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 AmountEstimated Fair Value
March 31, 2025Level 1Level 2Level 3Total
(In millions)     
      
Assets:     
Other invested assets, primarily mortgage loans$1,049 $1,035 $1,035 
 
Liabilities:
Short-term debt504 $499 5 504 
Long-term debt8,438 7,275 966 8,241 
 
December 31, 2024
 
Assets:
Other invested assets, primarily mortgage loans$1,019 $987 $987 
 
Liabilities:
Short-term debt4 5 5 
Long-term debt8,936 $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
20252024
(In millions)  
   
Reserves, beginning of year:  
Gross$24,976 $23,304 
Ceded5,713 5,141 
Net reserves, beginning of year19,263 18,163 
 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year1,650 1,502 
Increase (decrease) in provision for insured events of prior years80 (6)
Amortization of discount10 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 other53 (41)
 
Net reserves, end of period19,764 18,347 
Ceded reserves, end of period5,817 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
20252024
(In millions)  
   
Surety$(18)
Warranty$10 13 
Commercial auto50 
Workers’ compensation1 (2)
Other insurance operations22 
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:

20252024
(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 rate3,418 3,585 
Effect of changes in cash flow assumptions (a) 
Effect of actual variances from expected experience (a)5 (28)
Adjusted balance, January 13,423 3,557 
Interest accrual44 47 
Net premiums: earned during period(101)(107)
Balance, end of period at original locked in discount rate3,366 3,497 
Effect of changes in discount rate38 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 rate440 (578)
Balance, January 1, at original locked in discount rate17,023 17,091 
Effect of changes in cash flow assumptions (a) 
Effect of actual variances from expected experience (a)13 (13)
Adjusted balance, January 117,036 17,078 
Interest accrual229 231 
Benefit & expense payments(293)(321)
Balance, end of period at original locked in discount rate16,972 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 3120252024
(In millions)
   
Earned premiums$106 $110 
Interest accretion185 184 

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

March 31,
20252024
(In millions)
Expected future benefit and expense payments$31,433 $32,474 
Expected future gross premiums5,089 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,
202520242024
Original locked in discount rate5.19 %5.22 %5.20 %
Upper-medium grade fixed income instrument discount rate5.40 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 interests19 (29)(1)3 (8)
Other1 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 interests1 (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 AOCIAffected Line Item
  
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investmentsInvestment gains (losses)
Unrealized gains (losses) on cash flow hedgesOperating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefitsOperating 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 3120252024
(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 & Co237 209 
Total revenues from contracts with customers846 710 
Other revenues26 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 312025202420252024
(In millions)
Service cost$1 $1 
Interest cost11 24 $1 $1 
Expected return on plan assets(15)(29)(1)(1)
Amortization of unrecognized net loss2 7 
Net periodic (benefit) cost$(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, 2025CNA Financial Boardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)     
      
Revenues:     
      
Insurance premiums$2,626 $2,626 
Net investment income604 $1 $3  608 
Investment losses(9) (9)
Non-insurance warranty revenue397 397 
Operating revenues and other9 621 242  872 
Total3,627 622 245 $— 4,494 
 
Expenses:
 
Insurance claims and policyholders’ benefits (a)2,027 2,027 
Amortization of deferred acquisition costs471 471 
Non-insurance warranty expense385 385 
Operating expenses and other (b)363 381 231 16 991 
Equity method (income) loss  (6)7 1 
Interest32 39 16 18 105 
Total3,278 420 241 41 3,980 
Income (loss) before income tax349 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, 2025CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$321 $321 
Operating expenses$192 $153 345 
Depreciation and amortization106 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, 2024CNA FinancialBoardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)
Revenues:
Insurance premiums$2,441 $2,441 
Net investment income609 $4 $2 $54 669 
Investment losses(22)(22)
Non-insurance warranty revenue407 407 
Operating revenues and other9 513 214 736 
Total3,444 517 216 54 4,231 
Expenses:
Insurance claims and policyholders’ benefits (a)1,807 1,807 
Amortization of deferred acquisition costs444 444 
Non-insurance warranty expense394 394 
Operating expenses and other (b)337 312 209 22 880 
Equity method (income) loss(27)1 (26)
Interest35 43 6 19 103 
Total3,017 355 188 42 3,602 
Income before income tax427 162 28 12 629 
Income tax expense(89)(41)(12)(2)(144)
Net income338 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, 2024CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$287 $287 
Operating expenses$122 $138 260 
Depreciation and amortization106 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

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 the 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 3120252024
(In millions, except per share data)  
   
CNA Financial$252 $310 
Boardwalk Pipelines152 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. The 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 3120252024
(In millions)  
   
Revenues:  
Insurance premiums$2,626 $2,441 
Net investment income604 609 
Investment losses(9)(22)
Non-insurance warranty revenue397 407 
Other revenues9 9 
Total3,627 3,444 
Expenses:  
Insurance claims and policyholders’ benefits2,027 1,807 
Amortization of deferred acquisition costs471 444 
Non-insurance warranty expense385 394 
Other operating expenses363 337 
Interest32 35 
Total3,278 3,017 
Income before income tax349 427 
Income tax expense(75)(89)
Net income274 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 the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025SpecialtyCommercialInternationalProperty & CasualtyOther Insurance OperationsTotal
(In millions)
Net income (loss) attributable to Loews Corporation$137 $114 $35 $286 $(34)$252 
Investment (gains) losses1 (1)— 7 7 
Noncontrolling interests12 10 3 25 (3)22 
Core income (loss)$150 $124 $37 $311 $(30)$281 
Less:
Net investment income151 177 34 362 
Non-insurance warranty revenue12 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 losses86 11 97 
Effect of unfavorable development-related items10 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) losses10 14 24 (7)17 
Noncontrolling interests14 12 3 29 (1)28 
Core income (loss)$177 $158 $37 $372 $(17)$355 
Less:
Net investment income150 176 31 357 
Non-insurance warranty revenue13 13 
Other revenue (expense), including interest expense(14)(4)(2)(20)
Income tax expense on core income (48)(43)(13)(104)
Underwriting gain76 29 21 126 
Effect of catastrophe losses82 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 ended 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 captives930 1,839 373 3,142 
Net written premiums842 1,498 266 2,606 
Net earned premiums830 1,380 310 2,520 
Underwriting gain (loss)42 (17)15 40 
Net investment income151 177 34 362 
Core income150 124 37 311 
 
Other performance metrics:
Loss ratio61.4 %73.0 %62.1 %67.8 %
Expense ratio33.4 27.6 33.3 30.2 
Dividend ratio0.3 0.5 0.4 
Combined ratio95.1 %101.1 %95.4 %98.4 %
Less: Effect of catastrophe impacts6.3 3.6 3.8 
Less: Effect of unfavorable development-related items1.3 3.8 2.5 
Underlying combined ratio93.8 %91.0 %91.8 %92.1 %
Underlying loss ratio60.1 %62.9 %58.5 %61.5 %
Rate3 %6 %(2)%4 %
Renewal premium change4 7 1 6 
Retention89 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 captives880 1,682 374 2,936 
Net written premiums792 1,338 260 2,390 
Net earned premiums814 1,202 315 2,331 
Underwriting gain76 29 21 126 
Net investment income150 176 31 357 
Core income177 158 37 372 
 
Other performance metrics:
Loss ratio58.6 %68.8 %60.1 %64.1 %
Expense ratio31.8 28.2 33.2 30.1 
Dividend ratio0.3 0.6 0.4 
Combined ratio90.7 %97.6 %93.3 %94.6 %
Less: Effect of catastrophe impacts6.8 2.0 3.8 
Less: Effect of favorable development-related items(0.6)(0.2)
Underlying combined ratio91.3 %90.8 %91.3 %91.0 %
Underlying loss ratio59.2 %62.0 %58.1 %60.5 %
 
Rate2 %6 %1 %4 %
Renewal premium change3 8 3 6 
Retention88 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 3120252024
(In millions)  
   
Net earned premiums$106 $110 
Net investment income242 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 3120252024
(In millions)  
   
Revenues:  
Operating revenues and other$621 $513 
Interest income1 4 
Total622 517 
Expenses:
Operating and other:
Operating costs and expenses275 206 
Depreciation and amortization106 106 
Interest39 43 
Total420 355 
Income before income tax202 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 3120252024
(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 3120252024
(In millions)  
   
Revenues:  
Operating revenue$211 $183 
Revenues related to reimbursable expenses34 33 
Total245 216 
Expenses:
Operating and other173 155 
Reimbursable expenses34 33 
Depreciation and amortization24 21 
Equity income from joint ventures(6)(27)
Interest16 6 
Total241 188 
Income before income tax4 28 
Income tax expense(4)(12)
Net income attributable to Loews Corporation$— $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 increase 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 period 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 period 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 3120252024
(In millions)  
   
Revenues:  
Net investment income$— $54 
Expenses:  
Operating and other16 22 
Equity method loss7 1 
Interest18 19 
Total41 42 
Income (loss) before income tax(41)12 
Income tax (expense) benefit7 (2)
Net income (loss) attributable to Loews Corporation$(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 3120252024
(In millions)  
   
Fixed income securities:  
Taxable fixed income securities$496 $472 
Tax-exempt fixed income securities34 38 
Total fixed income securities530 510 
Limited partnership and common stock investments54 68 
Other, net of investment expense20 31 
Net investment income$604 $609 

Effective income yield for the fixed income securities portfolio4.8 %4.7 %
Limited partnership and common stock return for the period2.0 %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 3120252024
(In millions)  
   
Investment gains (losses):  
Fixed maturity securities:  
Corporate and other bonds$(9)$(17)
States, municipalities and political subdivisions(1)
Asset-backed1 (15)
Total fixed maturity securities(9)(32)
Non-redeemable preferred stock11 
Derivatives, short-term and other(1)
Total investment losses(9)(22)
Income tax benefit2 5 
Amounts attributable to noncontrolling interests1 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)
AAA3,080 (198)3,010 (217)
AA6,227 (545)6,369 (567)
A10,711 (288)10,260 (379)
BBB17,077 (551)16,757 (729)
Non-investment grade1,835 (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 
AAA1,453 265 
AA3,981 701 
A6,254 527 
BBB10,922 849 
Non-investment grade1,024 103 
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 years7,185 317 
Due after five years through ten years7,338 785 
Due after ten years9,973 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 other28,627 4.428,779 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 of 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 of 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.

(c) STOCK REPURCHASES
Period
(a) Total number
of shares
purchased
(b) Average
price paid per
share
(c) Total number of shares purchased as part of publicly announced plans or programs(d) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs (in millions)
    
January 1, 2025 - January 31, 2025
1,694,077$84.18 N/AN/A
February 1, 2025 - February 28, 2025
2,154,679$83.86 N/AN/A
March 1, 2025 - March 31, 2025
621,884$84.71 N/AN/A

Item 5. Other Information

None

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Item 6. Exhibits.
Description of ExhibitExhibit
Number
XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document101.INS *
Inline XBRL Taxonomy Extension Schema101.SCH *
Inline XBRL Taxonomy Extension Calculation Linkbase101.CAL *
Inline XBRL Taxonomy Extension Definition Linkbase101.DEF *
Inline XBRL Taxonomy Label Linkbase101.LAB *
Inline XBRL Taxonomy Extension Presentation Linkbase101.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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