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Segments
 9 Months Ended
Sep. 30, 2025
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. 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 Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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 September 30, 2025
CNA Financial
Boardwalk Pipelines
Loews
Hotels & Co
Corporate
Total
(In millions)
Revenues:
Insurance premiums$2,783 $2,783 
Net investment income638 $4 $4 $97 743 
Investment losses(7) (7)
Non-insurance warranty revenue393 393 
Operating revenues and other10 542 207  759 
Total3,817 546 211 97 4,671 
Expenses:
Insurance claims and policyholders’ benefits (a)2,032 2,032 
Amortization of deferred acquisition costs483 483 
Non-insurance warranty expense377 377 
Operating expenses and other (b)376 382 221 21 1,000 
Equity method (income) loss  (25)3 (22)
Interest36 40 18 18 112 
Total3,304 422 214 42 3,982 
Income (loss) before income tax513 124 (3)55 689 
Income tax expense(110)(30) (13)(153)
Net income (loss)403 94 (3)42 536 
Amounts attributable to noncontrolling interests(32)(32)
Net income (loss) attributable to Loews Corporation$371 $94 $(3)$42 $504 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $41 million and favorable net prior year loss reserve development of $1 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended September 30, 2025CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$324 $324 
Operating expenses$190 $144 334 
Depreciation and amortization107 27 $1 135 
Other (c)52 85 50 20 207 
Operating expenses and other$376 $382 $221 $21 $1,000 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
Three Months Ended September 30, 2024CNA FinancialBoardwalk PipelinesLoews
Hotels & Co		CorporateTotal
(In millions)
Revenues:
Insurance premiums$2,593 $2,593 
Net investment income626 $9 $2 $139 776 
Investment losses(10) (10)
Non-insurance warranty revenue401 401 
Operating revenues and other8 474 224  706 
Total3,618 483 226 139 4,466 
Expenses:
Insurance claims and policyholders’ benefits (a)2,019 2,019 
Amortization of deferred acquisition costs457 457 
Non-insurance warranty expense387 387 
Operating expenses and other (b)362 332 218 18 930 
Equity method loss   9 9 
Interest32 47 17 18 114 
Total3,257 379 235 45 3,916 
Income (loss) before income tax361 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 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $143 million and unfavorable net prior year loss reserve development of $17 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended September 30, 2024CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$321 $321 
Operating expenses$147 $145 292 
Depreciation and amortization107 24 $1 132 
Other (c)41 78 49 17 185 
Operating expenses and other$362 $332 $218 $18 $930 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
Nine Months Ended September 30, 2025CNA Financial Boardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)     
      
Revenues:     
      
Insurance premiums$8,103 $8,103 
Net investment income1,904 $8 $9 $144 2,065 
Investment losses(62) (62)
Non-insurance warranty revenue1,188 1,188 
Operating revenues and other28 1,697 701  2,426 
Total11,161 1,705 710 $144 13,720 
 
Expenses:
 
Insurance claims and policyholders’ benefits (a)6,144 6,144 
Amortization of deferred acquisition costs1,423 1,423 
Non-insurance warranty expense1,146 1,146 
Operating expenses and other (b)1,107 1,143 678 52 2,980 
Equity method (income) loss  (60)21 (39)
Interest99 119 52 54 324 
Total9,919 1,262 670 127 11,978 
Income before income tax1,242 443 40 17 1,742 
Income tax expense(266)(109)(15)(8)(398)
Net income976 334 25 9 1,344 
Amounts attributable to noncontrolling interests(79)(79)
Net income attributable to Loews Corporation$897 $334 $25 $9 $1,265 
September 30, 2025
Total assets$69,704 $10,133 $2,502 $3,602 $85,941 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $200 million and unfavorable net prior year loss reserve development of $190 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
(b)Significant segment expenses included in Operating expenses and other:
Nine Months Ended September 30, 2025CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$982 $982 
Operating expenses$559 $444 1,003 
Depreciation and amortization333 75 $2 410 
Other (c)125 251 159 50 585 
Operating expenses and other$1,107 $1,143 $678 $52 $2,980 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
Nine Months Ended September 30, 2024CNA FinancialBoardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)
Revenues:
Insurance premiums$7,532 $7,532 
Net investment income1,853 $22 $7 $202 2,084 
Investment losses(42) (42)
Non-insurance warranty revenue1,212 1,212 
Operating revenues and other26 1,466 686  2,178 
Total10,581 1,488 693 202 12,964 
Expenses:
Insurance claims and policyholders’ benefits (a)5,708 5,708 
Amortization of deferred acquisition costs1,336 1,336 
Non-insurance warranty expense1,169 1,169 
Operating expenses and other (b)1,077 991 652 58 2,778 
Equity method (income) loss  (59)15 (44)
Interest101 137 37 56 331 
Total9,391 1,128 630 129 11,278 
Income before income tax1,190 360 63 73 1,686 
Income tax expense(252)(92)(20)(17)(381)
Net income938 268 43 56 1,305 
Amounts attributable to noncontrolling interests(78)(78)
Net income attributable to Loews Corporation$860 $268 $43 $56 $1,227 
September 30, 2024
Total assets$67,305 $10,535 $2,497 $3,280 $83,617 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $313 million and unfavorable net prior year loss reserve development of $33 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
(b)Significant segment expenses included in Operating expenses and other:
Nine Months Ended September 30, 2024CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$937 $937 
Operating expenses$434 $431 865 
Depreciation and amortization321 69 $2 392 
Other (c)140 236 152 56 584 
Operating expenses and other$1,077 $991 $652 $58 $2,778 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses