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Segments (Tables)

6 Months Ended

Jun. 30, 2021

Segments [Abstract]

Statements of Operations by Segment

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	)

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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