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v3.23.2

Segments (Tables) | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Schedule of Segment Reporting Information, by Segment | Statements of Operations by segment are presented in the following tables.
Three Months Ended June 30, 2023 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 2,347 |  |  |  |  |  |  |  |  |  |  | $ | 2,347 |
Net investment income | 575 |  |  | $ | 5 |  |  | $ | 1 |  |  | $ | 11 |  |  |  |  | 592 |
Investment gains (losses) | (32) |  |  |  |  | 46 |  |  |  |  |  |  | 14 |
Non-insurance warranty revenue | 407 |  |  |  |  |  |  |  |  |  |  | 407 |
Operating revenues and other | 7 |  |  | 360 |  |  | 207 |  |  |  |  |  |  |  | 574 |
Total | 3,304 |  |  | 365 |  |  | 254 |  |  | 11 |  |  |  |  | 3,934 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 1,779 |  |  |  |  |  |  |  |  |  |  | 1,779 |
Amortization of deferred acquisition costs | 403 |  |  |  |  |  |  |  |  |  |  | 403 |
Non-insurance warranty expense | 384 |  |  |  |  |  |  |  |  |  |  | 384 |
Operating expenses and other | 346 |  |  | 250 |  |  | 194 |  |  | 18 |  |  |  |  | 808 |
Equity method (income) loss |  |  |  |  |  |  | (41) |  |  | 2 |  |  |  |  | (39) |
Interest | 31 |  |  | 39 |  |  |  |  |  | 21 |  |  |  |  | 91 |
Total | 2,943 |  |  | 289 |  |  | 153 |  |  | 41 |  |  |  |  | 3,426 |
Income (loss) before income tax | 361 |  |  | 76 |  |  | 101 |  |  | (30) |  |  |  |  | 508 |
Income tax (expense) benefit | (78) |  |  | (19) |  |  | (27) |  |  | 4 |  |  |  |  | (120) |
Net income (loss) | 283 |  |  | 57 |  |  | 74 |  |  | (26) |  |  |  |  | 388 |
Amounts attributable to noncontrolling interests | (28) |  |  |  |  |  |  |  |  |  |  | (28) |
Net income (loss) attributable to Loews Corporation | $ | 255 |  |  | $ | 57 |  |  | $ | 74 |  |  | $ | (26) |  |  |  |  | $ | 360 |
Three Months Ended June 30, 2022 | CNA Financial (a) |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total (a)
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 2,155 |  |  |  |  |  |  |  |  |  |  | $ | 2,155 |
Net investment income (loss) | 432 |  |  |  |  | $ | (1) |  |  | $ | (65) |  |  |  |  | 366 |
Investment losses | (59) |  |  |  |  |  |  |  |  |  |  | (59) |
Non-insurance warranty revenue | 392 |  |  |  |  |  |  |  |  |  |  | 392 |
Operating revenues and other | 6 |  |  | $ | 325 |  |  | 201 |  |  | 2 |  |  |  |  | 534 |
Total | 2,926 |  |  | 325 |  |  | 200 |  |  | (63) |  |  |  |  | 3,388 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 1,601 |  |  |  |  |  |  |  |  |  |  | 1,601 |
Amortization of deferred acquisition costs | 374 |  |  |  |  |  |  |  |  |  |  | 374 |
Non-insurance warranty expense | 367 |  |  |  |  |  |  |  |  |  |  | 367 |
Operating expenses and other | 329 |  |  | 231 |  |  | 185 |  |  | 21 |  |  |  |  | 766 |
Equity method (income) loss |  |  |  |  | (53) |  |  | 2 |  |  |  |  | (51) |
Interest | 28 |  |  | 42 |  |  | 4 |  |  | 22 |  |  |  |  | 96 |
Total | 2,699 |  |  | 273 |  |  | 136 |  |  | 45 |  |  |  |  | 3,153 |
Income (loss) before income tax | 227 |  |  | 52 |  |  | 64 |  |  | (108) |  |  |  |  | 235 |
Income tax (expense) benefit | (37) |  |  | (13) |  |  | (20) |  |  | 22 |  |  |  |  | (48) |
Net income (loss) | 190 |  |  | 39 |  |  | 44 |  |  | (86) |  |  |  |  | 187 |
Amounts attributable to noncontrolling interests | (20) |  |  |  |  |  |  |  |  |  |  | (20) |
Net income (loss) attributable to Loews Corporation | $ | 170 |  |  | $ | 39 |  |  | $ | 44 |  |  | $ | (86) |  |  |  |  | $ | 167 |
(a) | As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1.
Six Months Ended June 30, 2023 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 4,595 |  |  |  |  |  |  |  |  |  |  | $ | 4,595 |
Net investment income | 1,100 |  |  | $ | 6 |  |  | $ | 2 |  |  | $ | 53 |  |  |  |  | 1,161 |
Investment gains (losses) | (67) |  |  |  |  | 46 |  |  |  |  |  |  | (21) |
Non-insurance warranty revenue | 814 |  |  |  |  |  |  |  |  |  |  | 814 |
Operating revenues and other | 14 |  |  | 756 |  |  | 398 |  |  |  |  |  |  |  | 1,168 |
Total | 6,456 |  |  | 762 |  |  | 446 |  |  | 53 |  |  |  |  | 7,717 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 3,432 |  |  |  |  |  |  |  |  |  |  | 3,432 |
Amortization of deferred acquisition costs | 782 |  |  |  |  |  |  |  |  |  |  | 782 |
Non-insurance warranty expense | 768 |  |  |  |  |  |  |  |  |  |  | 768 |
Operating expenses and other | 683 |  |  | 492 |  |  | 377 |  |  | 37 |  |  |  |  | 1,589 |
Equity method (income) loss |  |  |  |  |  |  | (72) |  |  | 5 |  |  |  |  | (67) |
Interest | 59 |  |  | 78 |  |  | 6 |  |  | 43 |  |  |  |  | 186 |
Total | 5,724 |  |  | 570 |  |  | 311 |  |  | 85 |  |  |  |  | 6,690 |
Income (loss) before income tax | 732 |  |  | 192 |  |  | 135 |  |  | (32) |  |  |  |  | 1,027 |
Income tax (expense) benefit | (152) |  |  | (49) |  |  | (37) |  |  | 3 |  |  |  |  | (235) |
Net income (loss) | 580 |  |  | 143 |  |  | 98 |  |  | (29) |  |  |  |  | 792 |
Amounts attributable to noncontrolling interests | (57) |  |  |  |  |  |  |  |  |  |  | (57) |
Net income (loss) attributable to Loews Corporation | $ | 523 |  |  | $ | 143 |  |  | $ | 98 |  |  | $ | (29) |  |  |  |  | $ | 735 |
Six Months Ended June 30, 2022 | CNA Financial (a) |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total (a)
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 4,214 |  |  |  |  |  |  |  |  |  |  | $ | 4,214 |
Net investment income (loss) | 880 |  |  |  |  | $ | (1) |  |  | $ | (81) |  |  |  |  | 798 |
Investment losses | (70) |  |  |  |  |  |  |  |  |  |  | (70) |
Non-insurance warranty revenue | 774 |  |  |  |  |  |  |  |  |  |  | 774 |
Operating revenues and other | 13 |  |  | $ | 706 |  |  | 353 |  |  | 2 |  |  |  |  | 1,074 |
Total | 5,811 |  |  | 706 |  |  | 352 |  |  | (79) |  |  |  |  | 6,790 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 3,079 |  |  |  |  |  |  |  |  |  |  | 3,079 |
Amortization of deferred acquisition costs | 718 |  |  |  |  |  |  |  |  |  |  | 718 |
Non-insurance warranty expense | 721 |  |  |  |  |  |  |  |  |  |  | 721 |
Operating expenses and other | 655 |  |  | 448 |  |  | 337 |  |  | 42 |  |  |  |  | 1,482 |
Equity method (income) loss |  |  |  |  |  |  | (79) |  |  | 3 |  |  |  |  | (76) |
Interest | 56 |  |  | 84 |  |  | 8 |  |  | 44 |  |  |  |  | 192 |
Total | 5,229 |  |  | 532 |  |  | 266 |  |  | 89 |  |  |  |  | 6,116 |
Income (loss) before income tax | 582 |  |  | 174 |  |  | 86 |  |  | (168) |  |  |  |  | 674 |
Income tax (expense) benefit | (97) |  |  | (44) |  |  | (27) |  |  | 33 |  |  |  |  | (135) |
Net income (loss) | 485 |  |  | 130 |  |  | 59 |  |  | (135) |  |  |  |  | 539 |
Amounts attributable to noncontrolling interests | (50) |  |  |  |  |  |  |  |  |  |  | (50) |
Net income (loss) attributable to Loews Corporation | $ | 435 |  |  | $ | 130 |  |  | $ | 59 |  |  | $ | (135) |  |  |  |  | $ | 489 |
(a) | As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1.

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