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v3.22.2.2

Segments (Tables) | 9 Months Ended
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Sep. 30, 2022
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Statements of Operations by segment are presented in the following tables.
Three Months Ended September 30, 2022 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 2,221 |  |  |  |  |  |  |  |  |  |  | $ | 2,221 |
Net investment income (loss) | 422 |  |  | $ | 1 |  |  |  |  | $ | (19) |  |  |  |  | 404 |
Investment losses | (96) |  |  |  |  |  |  |  |  |  |  | (96) |
Non-insurance warranty revenue | 399 |  |  |  |  |  |  |  |  |  |  | 399 |
Operating revenues and other | 11 |  |  | 338 |  |  | $ | 180 |  |  | 4 |  |  |  |  | 533 |
Total | 2,957 |  |  | 339 |  |  | 180 |  |  | (15) |  |  |  |  | 3,461 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 1,665 |  |  |  |  |  |  |  |  |  |  | 1,665 |
Amortization of deferred acquisition costs | 383 |  |  |  |  |  |  |  |  |  |  | 383 |
Non-insurance warranty expense | 371 |  |  |  |  |  |  |  |  |  |  | 371 |
Operating expenses and other | 346 |  |  | 250 |  |  | 147 |  |  | 17 |  |  |  |  | 760 |
Interest | 28 |  |  | 42 |  |  | (1) |  |  | 23 |  |  |  |  | 92 |
Total | 2,793 |  |  | 292 |  |  | 146 |  |  | 40 |  |  |  |  | 3,271 |
Income (loss) before income tax | 164 |  |  | 47 |  |  | 34 |  |  | (55) |  |  |  |  | 190 |
Income tax (expense) benefit | (36) |  |  | (13) |  |  | (9) |  |  | 11 |  |  |  |  | (47) |
Net income (loss) | 128 |  |  | 34 |  |  | 25 |  |  | (44) |  |  |  |  | 143 |
Amounts attributable to noncontrolling interests | (13) |  |  |  |  |  |  |  |  |  |  | (13) |
Net income (loss) attributable to Loews Corporation | $ | 115 |  |  | $ | 34 |  |  | $ | 25 |  |  | $ | (44) |  |  |  |  | $ | 130 |
Three Months Ended September 30, 2021 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 2,059 |  |  |  |  |  |  |  |  |  |  | $ | 2,059 |
Net investment income (loss) | 513 |  |  |  |  |  |  | $ | (30) |  |  |  |  | 483 |
Investment gains | 22 |  |  |  |  |  |  |  |  |  |  | 22 |
Non-insurance warranty revenue | 357 |  |  |  |  |  |  |  |  |  |  | 357 |
Operating revenues and other | 8 |  |  | $ | 307 |  |  | $ | 134 |  |  | 1 |  |  |  |  | 450 |
Total | 2,959 |  |  | 307 |  |  | 134 |  |  | (29) |  |  |  |  | 3,371 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 1,632 |  |  |  |  |  |  |  |  |  |  | 1,632 |
Amortization of deferred acquisition costs | 368 |  |  |  |  |  |  |  |  |  |  | 368 |
Non-insurance warranty expense | 330 |  |  |  |  |  |  |  |  |  |  | 330 |
Operating expenses and other | 287 |  |  | 215 |  |  | 109 |  |  | 27 |  |  |  |  | 638 |
Interest | 28 |  |  | 40 |  |  | 8 |  |  | 23 |  |  |  |  | 99 |
Total | 2,645 |  |  | 255 |  |  | 117 |  |  | 50 |  |  |  |  | 3,067 |
Income (loss) before income tax | 314 |  |  | 52 |  |  | 17 |  |  | (79) |  |  |  |  | 304 |
Income tax (expense) benefit | (59) |  |  | (14) |  |  | (4) |  |  | 19 |  |  |  |  | (58) |
Net income (loss) | 255 |  |  | 38 |  |  | 13 |  |  | (60) |  |  |  |  | 246 |
Amounts attributable to noncontrolling interests | (26) |  |  |  |  |  |  |  |  |  |  | (26) |
Net income (loss) attributable to Loews Corporation | $ | 229 |  |  | $ | 38 |  |  | $ | 13 |  |  | $ | (60) |  |  |  |  | $ | 220 |
Nine Months Ended September 30, 2022 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 6,435 |  |  |  |  |  |  |  |  |  |  | $ | 6,435 |
Net investment income (loss) | 1,302 |  |  | $ | 1 |  |  | $ | (1) |  |  | $ | (100) |  |  |  |  | 1,202 |
Investment losses | (166) |  |  |  |  |  |  |  |  |  |  | (166) |
Non-insurance warranty revenue | 1,173 |  |  |  |  |  |  |  |  |  |  | 1,173 |
Operating revenues and other | 24 |  |  | 1,044 |  |  | 533 |  |  | 6 |  |  |  |  | 1,607 |
Total | 8,768 |  |  | 1,045 |  |  | 532 |  |  | (94) |  |  |  |  | 10,251 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 4,703 |  |  |  |  |  |  |  |  |  |  | 4,703 |
Amortization of deferred acquisition costs | 1,101 |  |  |  |  |  |  |  |  |  |  | 1,101 |
Non-insurance warranty expense | 1,092 |  |  |  |  |  |  |  |  |  |  | 1,092 |
Operating expenses and other | 1,001 |  |  | 698 |  |  | 405 |  |  | 62 |  |  |  |  | 2,166 |
Interest | 84 |  |  | 126 |  |  | 7 |  |  | 67 |  |  |  |  | 284 |
Total | 7,981 |  |  | 824 |  |  | 412 |  |  | 129 |  |  |  |  | 9,346 |
Income (loss) before income tax | 787 |  |  | 221 |  |  | 120 |  |  | (223) |  |  |  |  | 905 |
Income tax (expense) benefit | (141) |  |  | (57) |  |  | (36) |  |  | 44 |  |  |  |  | (190) |
Net income (loss) | 646 |  |  | 164 |  |  | 84 |  |  | (179) |  |  |  |  | 715 |
Amounts attributable to noncontrolling interests | (67) |  |  |  |  |  |  |  |  |  |  | (67) |
Net income (loss) attributable to Loews Corporation | $ | 579 |  |  | $ | 164 |  |  | $ | 84 |  |  | $ | (179) |  |  |  |  | $ | 648 |
Nine Months Ended September 30, 2021 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate (a) |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 6,056 |  |  |  |  |  |  |  |  |  |  | $ | 6,056 |
Net investment income | 1,608 |  |  |  |  | $ | 1 |  |  | $ | 40 |  |  |  |  | 1,649 |
Investment gains | 117 |  |  |  |  |  |  | 540 |  |  |  |  | 657 |
Non-insurance warranty revenue | 1,054 |  |  |  |  |  |  |  |  |  |  | 1,054 |
Operating revenues and other | 19 |  |  | $ | 991 |  |  | 288 |  |  | 282 |  |  |  |  | 1,580 |
Total | 8,854 |  |  | 991 |  |  | 289 |  |  | 862 |  |  |  |  | 10,996 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 4,684 |  |  |  |  |  |  |  |  |  |  | 4,684 |
Amortization of deferred acquisition costs | 1,084 |  |  |  |  |  |  |  |  |  |  | 1,084 |
Non-insurance warranty expense | 973 |  |  |  |  |  |  |  |  |  |  | 973 |
Operating expenses and other | 874 |  |  | 641 |  |  | 328 |  |  | 365 |  |  |  |  | 2,208 |
Interest | 85 |  |  | 121 |  |  | 25 |  |  | 93 |  |  |  |  | 324 |
Total | 7,700 |  |  | 762 |  |  | 353 |  |  | 458 |  |  |  |  | 9,273 |
Income (loss) before income tax | 1,154 |  |  | 229 |  |  | (64) |  |  | 404 |  |  |  |  | 1,723 |
Income tax (expense) benefit | (219) |  |  | (59) |  |  | 13 |  |  | (126) |  |  |  |  | (391) |
Net income (loss) | 935 |  |  | 170 |  |  | (51) |  |  | 278 |  |  |  |  | 1,332 |
Amounts attributable to noncontrolling interests | (97) |  |  |  |  |  |  |  |  |  |  | (97) |
Net income (loss) attributable to Loews Corporation | $ | 838 |  |  | $ | 170 |  |  | $ | (51) |  |  | $ | 278 |  |  |  |  | $ | 1,235 |
(a) | Amounts include the consolidated results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.

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