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Segments | 6 Months Ended
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Jun. 30, 2023
Segment Reporting [Abstract] |
Segments | 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 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. 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, 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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