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v3.24.3

Segments (Tables) | 9 Months Ended
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Sep. 30, 2024
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, 2024 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 2,593 |  |  |  |  |  |  |  |  |  |  | $ | 2,593 |
Net investment income | 626 |  |  | $ | 9 |  |  | $ | 2 |  |  | $ | 139 |  |  |  |  | 776 |
Investment losses | (10) |  |  |  |  |  |  |  |  |  |  |  | (10) |
Non-insurance warranty revenue | 401 |  |  |  |  |  |  |  |  |  |  | 401 |
Operating revenues and other | 8 |  |  | 474 |  |  | 224 |  |  |  |  |  |  |  | 706 |
Total | 3,618 |  |  | 483 |  |  | 226 |  |  | 139 |  |  |  |  | 4,466 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 2,019 |  |  |  |  |  |  |  |  |  |  | 2,019 |
Amortization of deferred acquisition costs | 457 |  |  |  |  |  |  |  |  |  |  | 457 |
Non-insurance warranty expense | 387 |  |  |  |  |  |  |  |  |  |  | 387 |
Operating expenses and other | 362 |  |  | 332 |  |  | 218 |  |  | 18 |  |  |  |  | 930 |
Equity method loss |  |  |  |  |  |  |  |  |  | 9 |  |  |  |  | 9 |
Interest | 32 |  |  | 47 |  |  | 17 |  |  | 18 |  |  |  |  | 114 |
Total | 3,257 |  |  | 379 |  |  | 235 |  |  | 45 |  |  |  |  | 3,916 |
Income (loss) before income tax | 361 |  |  | 104 |  |  | (9) |  |  | 94 |  |  |  |  | 550 |
Income tax (expense) benefit | (78) |  |  | (27) |  |  | 1 |  |  | (21) |  |  |  |  | (125) |
Net income (loss) | 283 |  |  | 77 |  |  | (8) |  |  | 73 |  |  |  |  | 425 |
Amounts attributable to noncontrolling interests | (24) |  |  |  |  |  |  |  |  |  |  | (24) |
Net income (loss) attributable to Loews Corporation | $ | 259 |  |  | $ | 77 |  |  | $ | (8) |  |  | $ | 73 |  |  |  |  | $ | 401 |
Three Months Ended September 30, 2023 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 2,406 |  |  |  |  |  |  |  |  |  |  | $ | 2,406 |
Net investment income | 553 |  |  | $ | 6 |  |  | $ | 2 |  |  | $ | 31 |  |  |  |  | 592 |
Investment losses | (38) |  |  |  |  |  |  |  |  |  |  |  | (38) |
Non-insurance warranty revenue | 407 |  |  |  |  |  |  |  |  |  |  | 407 |
Operating revenues and other | 8 |  |  | 357 |  |  | 194 |  |  |  |  |  |  |  | 559 |
Total | 3,336 |  |  | 363 |  |  | 196 |  |  | 31 |  |  |  |  | 3,926 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 1,826 |  |  |  |  |  |  |  |  |  |  | 1,826 |
Amortization of deferred acquisition costs | 426 |  |  |  |  |  |  |  |  |  |  | 426 |
Non-insurance warranty expense | 386 |  |  |  |  |  |  |  |  |  |  | 386 |
Operating expenses and other | 338 |  |  | 258 |  |  | 195 |  |  | 69 |  |  |  |  | 860 |
Equity method (income) loss |  |  |  |  |  |  | (26) |  |  | 4 |  |  |  |  | (22) |
Interest | 34 |  |  | 39 |  |  | 3 |  |  | 18 |  |  |  |  | 94 |
Total | 3,010 |  |  | 297 |  |  | 172 |  |  | 91 |  |  |  |  | 3,570 |
Income (loss) before income tax | 326 |  |  | 66 |  |  | 24 |  |  | (60) |  |  |  |  | 356 |
Income tax (expense) benefit | (68) |  |  | (17) |  |  | (7) |  |  | 12 |  |  |  |  | (80) |
Net income (loss) | 258 |  |  | 49 |  |  | 17 |  |  | (48) |  |  |  |  | 276 |
Amounts attributable to noncontrolling interests | (23) |  |  |  |  |  |  |  |  |  |  | (23) |
Net income (loss) attributable to Loews Corporation | $ | 235 |  |  | $ | 49 |  |  | $ | 17 |  |  | $ | (48) |  |  |  |  | $ | 253 |
Nine Months Ended September 30, 2024 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 7,532 |  |  |  |  |  |  |  |  |  |  | $ | 7,532 |
Net investment income | 1,853 |  |  | $ | 22 |  |  | $ | 7 |  |  | $ | 202 |  |  |  |  | 2,084 |
Investment losses | (42) |  |  |  |  |  |  |  |  |  |  |  | (42) |
Non-insurance warranty revenue | 1,212 |  |  |  |  |  |  |  |  |  |  | 1,212 |
Operating revenues and other | 26 |  |  | 1,466 |  |  | 686 |  |  |  |  |  |  |  | 2,178 |
Total | 10,581 |  |  | 1,488 |  |  | 693 |  |  | 202 |  |  |  |  | 12,964 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 5,708 |  |  |  |  |  |  |  |  |  |  | 5,708 |
Amortization of deferred acquisition costs | 1,336 |  |  |  |  |  |  |  |  |  |  | 1,336 |
Non-insurance warranty expense | 1,169 |  |  |  |  |  |  |  |  |  |  | 1,169 |
Operating expenses and other | 1,077 |  |  | 991 |  |  | 652 |  |  | 58 |  |  |  |  | 2,778 |
Equity method (income) loss |  |  |  |  |  |  | (59) |  |  | 15 |  |  |  |  | (44) |
Interest | 101 |  |  | 137 |  |  | 37 |  |  | 56 |  |  |  |  | 331 |
Total | 9,391 |  |  | 1,128 |  |  | 630 |  |  | 129 |  |  |  |  | 11,278 |
Income before income tax | 1,190 |  |  | 360 |  |  | 63 |  |  | 73 |  |  |  |  | 1,686 |
Income tax expense | (252) |  |  | (92) |  |  | (20) |  |  | (17) |  |  |  |  | (381) |
Net income | 938 |  |  | 268 |  |  | 43 |  |  | 56 |  |  |  |  | 1,305 |
Amounts attributable to noncontrolling interests | (78) |  |  |  |  |  |  |  |  |  |  | (78) |
Net income attributable to Loews Corporation | $ | 860 |  |  | $ | 268 |  |  | $ | 43 |  |  | $ | 56 |  |  |  |  | $ | 1,227 |
Nine Months Ended September 30, 2023 | CNA Financial |  | Boardwalk Pipelines |  | Loews Hotels & Co |  | Corporate |  |  |  | Total
(In millions) |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Insurance premiums | $ | 7,001 |  |  |  |  |  |  |  |  |  |  | $ | 7,001 |
Net investment income | 1,653 |  |  | $ | 11 |  |  | $ | 4 |  |  | $ | 84 |  |  |  |  | 1,752 |
Investment gains (losses) | (105) |  |  |  |  | 46 |  |  |  |  |  |  | (59) |
Non-insurance warranty revenue | 1,221 |  |  |  |  |  |  |  |  |  |  | 1,221 |
Operating revenues and other | 22 |  |  | 1,114 |  |  | 592 |  |  |  |  |  |  |  | 1,728 |
Total | 9,792 |  |  | 1,125 |  |  | 642 |  |  | 84 |  |  |  |  | 11,643 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Insurance claims and policyholders’ benefits | 5,258 |  |  |  |  |  |  |  |  |  |  | 5,258 |
Amortization of deferred acquisition costs | 1,208 |  |  |  |  |  |  |  |  |  |  | 1,208 |
Non-insurance warranty expense | 1,154 |  |  |  |  |  |  |  |  |  |  | 1,154 |
Operating expenses and other | 1,021 |  |  | 751 |  |  | 572 |  |  | 105 |  |  |  |  | 2,449 |
Equity method (income) loss |  |  |  |  |  |  | (98) |  |  | 9 |  |  |  |  | (89) |
Interest | 93 |  |  | 117 |  |  | 9 |  |  | 61 |  |  |  |  | 280 |
Total | 8,734 |  |  | 868 |  |  | 483 |  |  | 175 |  |  |  |  | 10,260 |
Income (loss) before income tax | 1,058 |  |  | 257 |  |  | 159 |  |  | (91) |  |  |  |  | 1,383 |
Income tax (expense) benefit | (220) |  |  | (66) |  |  | (44) |  |  | 15 |  |  |  |  | (315) |
Net income (loss) | 838 |  |  | 191 |  |  | 115 |  |  | (76) |  |  |  |  | 1,068 |
Amounts attributable to noncontrolling interests | (80) |  |  |  |  |  |  |  |  |  |  | (80) |
Net income (loss) attributable to Loews Corporation | $ | 758 |  |  | $ | 191 |  |  | $ | 115 |  |  | $ | (76) |  |  |  |  | $ | 988 |

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