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Segments | 6 Months Ended
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Jun. 30, 2021
Segments [Abstract] |
Segments | 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. In the first quarter of 2020 Diamond Offshore was a reportable segment and was deconsolidated during the second quarter of 2020. The Corporate segment is primarily comprised of Loews Corporation excluding its subsidiaries, and the operations of Altium Packaging through March 31, 2021. On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging and as a result, Altium Packaging was deconsolidated from Loews Corporation’s consolidated financial results. Subsequent to deconsolidation, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with Equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations in the Corporate segment. For further discussion on the deconsolidations of Diamond Offshore and Altium Packaging see Note 2. 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, 2020. The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. Statements of Operations by segment are presented in the following tables.
Three Months Ended June 30, 2021 |  | CNA Financial |  |  | Boardwalk Pipelines |  |  | Loews Hotels & Co |  |  | Corporate |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 2,035 |  |  |  |  |  |  |  |  |  |  |  | $ | 2,035 |
Net investment income |  |  | 591 |  |  |  |  |  | $ | 1 |  |  | $ | 24 |  |  |  | 616 |
Investment gains |  |  | 38 |  |  |  |  |  |  |  |  |  |  | 540 |  |  |  | 578 |
Non-insurance warranty revenue |  |  | 359 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 359 |
Operating revenues and other |  |  | 6 |  |  | $ | 312 |  |  |  | 97 |  |  |  |  |  |  |  | 415 |
Total |  |  | 3,029 |  |  |  | 312 |  |  |  | 98 |  |  |  | 564 |  |  |  | 4,003 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 1,546 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,546 |
Amortization of deferred acquisition costs |  |  | 357 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 357 |
Non-insurance warranty expense |  |  | 332 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 332 |
Operating expenses and other |  |  | 302 |  |  |  | 209 |  |  |  | 115 |  |  |  | 30 |  |  |  | 656 |
Interest |  |  | 29 |  |  |  | 40 |  |  |  | 9 |  |  |  | 22 |  |  |  | 100 |
Total |  |  | 2,566 |  |  |  | 249 |  |  |  | 124 |  |  |  | 52 |  |  |  | 2,991 |
Income (loss) before income tax |  |  | 463 |  |  |  | 63 |  |  |  | (26 | ) |  |  | 512 |  |  |  | 1,012 |
Income tax (expense) benefit |  |  | (94 | ) |  |  | (16 | ) |  |  | 5 |  |  |  | (114 | ) |  |  | (219 | )
Net income (loss) |  |  | 369 |  |  |  | 47 |  |  |  | (21 | ) |  |  | 398 |  |  |  | 793 |
Amounts attributable to noncontrolling interests |  |  | (39 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (39 | )
Net income (loss) attributable to Loews Corporation |  | $ | 330 |  |  | $ | 47 |  |  | $ | (21 | ) |  | $ | 398 |  |  | $ | 754 |
Three Months Ended June 30, 2020 |  | CNA Financial |  |  | Boardwalk Pipelines |  |  | Loews Hotels & Co |  |  | Corporate (a) |  |  | Diamond Offshore (b) |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 1,850 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 1,850 |
Net investment income |  |  | 534 |  |  |  |  |  |  |  |  | $ | 110 |  |  |  |  |  |  | 644 |
Investment gains (losses) |  |  | 69 |  |  |  |  |  |  |  |  |  | (1,211 | ) |  |  |  |  |  | (1,142 | )
Non-insurance warranty revenue |  |  | 308 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 308 |
Operating revenues and other |  |  | 5 |  |  | $ | 296 |  |  | $ | 34 |  |  |  | 244 |  |  | $ | 71 |  |  |  | 650 |
Total |  |  | 2,766 |  |  |  | 296 |  |  |  | 34 |  |  |  | (857 | ) |  |  | 71 |  |  |  | 2,310 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 1,642 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 1,642 |
Amortization of deferred acquisition costs |  |  | 342 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 342 |
Non-insurance warranty expense |  |  | 285 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 285 |
Operating expenses and other |  |  | 283 |  |  |  | 210 |  |  |  | 123 |  |  |  | 260 |  |  |  | 116 |  |  |  | 992 |
Interest |  |  | 31 |  |  |  | 41 |  |  |  | 8 |  |  |  | 32 |  |  |  | 11 |  |  |  | 123 |
Total |  |  | 2,583 |  |  |  | 251 |  |  |  | 131 |  |  |  | 292 |  |  |  | 127 |  |  |  | 3,384 |
Income (loss) before income tax |  |  | 183 |  |  |  | 45 |  |  |  | (97 | ) |  |  | (1,149 | ) |  |  | (56 | ) |  |  | (1,074 | )
Income tax (expense) benefit |  |  | (32 | ) |  |  | (11 | ) |  |  | 25 |  |  |  | 241 |  |  |  | 5 |  |  |  | 228 |
Net income (loss) |  |  | 151 |  |  |  | 34 |  |  |  | (72 | ) |  |  | (908 | ) |  |  | (51 | ) |  |  | (846 | )
Amounts attributable to noncontrolling interests |  |  | (16 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 27 |  |  |  | 11 |
Net income (loss) attributable to Loews Corporation |  | $ | 135 |  |  | $ | 34 |  |  | $ | (72 | ) |  | $ | (908 | ) |  | $ | (24 | ) |  | $ | (835 | )
(a) | Amounts presented for Corporate include the operating results of Altium Packaging prior to the deconsolidation.
(b) | Amounts presented for Diamond Offshore reflect the periods prior to the deconsolidation.
Six Months Ended June 30, 2021 |  | CNA Financial |  |  | Boardwalk Pipelines |  |  | Loews Hotels & Co |  |  | Corporate (c) |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 3,997 |  |  |  |  |  |  |  |  |  |  |  | $ | 3,997 |
Net investment income |  |  | 1,095 |  |  |  |  |  | $ | 1 |  |  | $ | 70 |  |  |  | 1,166 |
Investment gains |  |  | 95 |  |  |  |  |  |  |  |  |  |  | 540 |  |  |  | 635 |
Non-insurance warranty revenue |  |  | 697 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 697 |
Operating revenues and other |  |  | 11 |  |  | $ | 684 |  |  |  | 154 |  |  |  | 281 |  |  |  | 1,130 |
Total |  |  | 5,895 |  |  |  | 684 |  |  |  | 155 |  |  |  | 891 |  |  |  | 7,625 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 3,052 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,052 |
Amortization of deferred acquisition costs |  |  | 716 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 716 |
Non-insurance warranty expense |  |  | 643 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 643 |
Operating expenses and other |  |  | 587 |  |  |  | 426 |  |  |  | 219 |  |  |  | 338 |  |  |  | 1,570 |
Interest |  |  | 57 |  |  |  | 81 |  |  |  | 17 |  |  |  | 70 |  |  |  | 225 |
Total |  |  | 5,055 |  |  |  | 507 |  |  |  | 236 |  |  |  | 408 |  |  |  | 6,206 |
Income (loss) before income tax |  |  | 840 |  |  |  | 177 |  |  |  | (81 | ) |  |  | 483 |  |  |  | 1,419 |
Income tax (expense) benefit |  |  | (160 | ) |  |  | (45 | ) |  |  | 17 |  |  |  | (145 | ) |  |  | (333 | )
Net income (loss) |  |  | 680 |  |  |  | 132 |  |  |  | (64 | ) |  |  | 338 |  |  |  | 1,086 |
Amounts attributable to noncontrolling interests |  |  | (71 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (71 | )
Net income (loss) attributable to Loews Corporation |  | $ | 609 |  |  | $ | 132 |  |  | $ | (64 | ) |  | $ | 338 |  |  | $ | 1,015 |
(c) | Amounts presented for Corporate include the operating results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.
Six Months Ended June 30, 2020 |  | CNA Financial |  |  | Boardwalk Pipelines |  |  | Loews Hotels & Co |  |  | Corporate (a) |  |  | Diamond Offshore (b) |  |  | Total |
(In millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance premiums |  | $ | 3,719 |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 3,719 |
Net investment income (loss) |  |  | 863 |  |  |  |  |  |  |  |  | $ | (56 | ) |  |  |  |  |  | 807 |
Investment losses |  |  | (147 | ) |  |  |  |  |  |  |  |  | (1,211 | ) |  |  |  |  |  | (1,358 | )
Non-insurance warranty revenue |  |  | 609 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 609 |
Operating revenues and other |  |  | 13 |  |  | $ | 637 |  |  | $ | 176 |  |  |  | 501 |  |  | $ | 305 |  |  |  | 1,632 |
Total |  |  | 5,057 |  |  |  | 637 |  |  |  | 176 |  |  |  | (766 | ) |  |  | 305 |  |  |  | 5,409 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits |  |  | 3,067 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,067 |
Amortization of deferred acquisition costs |  |  | 686 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 686 |
Non-insurance warranty expense |  |  | 566 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 566 |
Operating expenses and other |  |  | 583 |  |  |  | 421 |  |  |  | 290 |  |  |  | 528 |  |  |  | 1,196 |  |  |  | 3,018 |
Interest |  |  | 62 |  |  |  | 83 |  |  |  | 16 |  |  |  | 63 |  |  |  | 43 |  |  |  | 267 |
Total |  |  | 4,964 |  |  |  | 504 |  |  |  | 306 |  |  |  | 591 |  |  |  | 1,239 |  |  |  | 7,604 |
Income (loss) before income tax |  |  | 93 |  |  |  | 133 |  |  |  | (130 | ) |  |  | (1,357 | ) |  |  | (934 | ) |  |  | (2,195 | )
Income tax (expense) benefit |  |  | (4 | ) |  |  | (34 | ) |  |  | 33 |  |  |  | 284 |  |  |  | 26 |  |  |  | 305 |
Net income (loss) |  |  | 89 |  |  |  | 99 |  |  |  | (97 | ) |  |  | (1,073 | ) |  |  | (908 | ) |  |  | (1,890 | )
Amounts attributable to noncontrolling interests |  |  | (9 | ) |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 432 |  |  |  | 423 |
Net income (loss) attributable to Loews Corporation |  | $ | 80 |  |  | $ | 99 |  |  | $ | (97 | ) |  | $ | (1,073 | ) |  | $ | (476 | ) |  | $ | (1,467 | )

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