Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 393

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 393
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 the profitability, before tax, derived from CNA’s underwriting activities which are managed separately from its investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, excluding the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.

The following tables present a reconciliation of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain (loss) for the years ended December 31, 2024 and 2023:

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Year Ended December 31, 2024SpecialtyCommercialInternationalProperty & CasualtyOther Insurance OperationsTotal(In millions)Net income (loss) attributable to Loews Corporation$608 $603 $140 $1,351 $(472)$879 Investment (gains) losses31 44  75 (11)64 Pension settlement losses 293 293 Noncontrolling interests55 55 13 123 (43)80 Core income (loss)$694 $702 $153 $1,549 $(233)$1,316 Less:Net investment income626 733 131 1,490 Non-insurance warranty revenue62   62 Other expense, including interest expense(53)(14)(10)(77)Income tax expense on core income(190)(188)(44)(422)Underwriting gain249 171 76 496 Effect of catastrophe losses 318 40 358 Effect of favorable development-related items(8) (6)(14)Underlying underwriting gain$241 $489 $110 $840 

Year Ended December 31, 2023Net income (loss) attributable to Loews Corporation$605 $539 $133 $1,277 $(183)$1,094 Investment (gains) losses42 58 (2)98 (19)79 Noncontrolling interests61 55 14 130 (19)111 Core income (loss)$708 $652 $145 $1,505 $(221)$1,284 Less:Net