Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 51

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 51
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 2025 as compared with the comparable 2024 period driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025. The increase in net earned premiums for the nine months ended September 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $117 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period primarily due to higher net investment income, lower catastrophe losses and improved underlying underwriting results, partially offset by unfavorable net prior year loss reserve development.

Catastrophe losses for Property & Casualty Operations were $200 million for the nine months ended September 30, 2025 as compared with $313 million for the comparable 2024 period, driven by severe weather related events. Catastrophe losses for the nine months ended September 30, 2024 included $55 million for Hurricane Helene. For the nine months ended September 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $182 million and $285 million and International had catastrophe losses of $18 million and $28 million.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $56 million and favorable net prior year loss reserve development of $24 million was recorded for the nine months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $10 million and favorable net prior year loss reserve development of $8 million, Commercial recorded unfavorable net prior year loss reserve development of $46 million and favorable net prior year loss reserve development of $11 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $5 million. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 1.9 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period primarily due to a 1.4 point increase in the loss ratio and a 0.5 point increase in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in the current year period