Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 52

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 52
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2,626 $2,441 Net investment income604 609 Investment losses(9)(22)Non-insurance warranty revenue397 407 Other revenues9 9 Total3,627 3,444 Expenses:  Insurance claims and policyholders’ benefits2,027 1,807 Amortization of deferred acquisition costs471 444 Non-insurance warranty expense385 394 Other operating expenses363 337 Interest32 35 Total3,278 3,017 Income before income tax349 427 Income tax expense(75)(89)Net income274 338 Amounts attributable to noncontrolling interests(22)(28)Net income attributable to Loews Corporation$252 $310 

Net income attributable to Loews Corporation decreased $58 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to lower underwriting income mainly driven by unfavorable net prior year loss reserve development.

CNA’s Property & Casualty and Other Insurance Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves. We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting. However, for purposes of this discussion and analysis of the results of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results.

In assessing its insurance operations, CNA utilizes the core income (loss) financial measure. Core income (loss) is calculated by excluding investment gains or losses and gains or losses resulting from pension settlement transactions from net income (loss). In addition, core income (loss) excludes the effects of noncontrolling interests. The calculation of core income (loss) excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. The calculation of