Company: L
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000060086-25-000166
Chunk: 47

Company: LOEWS CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 June 30, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the three months ended June 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $68 million for the three months ended June 30, 2025 as compared with the comparable 2024 period, primarily driven by higher net investment income and improved underwriting results.

Catastrophe losses for Property & Casualty Operations were $62 million for the three months ended June 30, 2025 as compared with $82 million for the comparable 2024 period. For the three months ended June 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $57 million and $76 million and International had catastrophe losses of $5 million and $6 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $4 million and $12 million was recorded for the three months ended June 30, 2025 and 2024. For the three months ended June 30, 2025 and 2024, Specialty recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $3 million, Commercial recorded favorable net prior year loss reserve development of $4 million and $6 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $3 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 0.9 points for the three months ended June 30, 2025 as compared with the comparable 2024 period due to a 0.9 point increase in the loss ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio and no net prior year loss reserve development recorded in the current year period compared with  favorable net prior year loss reserve development in the comparable 2024 period. The expense ratio was  consistent with the comparable 2024 period. 

Commercial’s combined ratio improved 2.2 points for the three months ended June 30, 2025 as compared with the comparable 2024 period due to a 1.3 point improvement in the expense ratio and a 0.9 point improvement in the loss ratio. The improvement in the