Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 122

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 122
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124)$974 Less:Net investment income461 534 95 1,090 Non-insurance warranty revenue43   43 Other (revenue) expense, including interest expense(40)(10)5 (45)Income tax expense on core income (142)(125)(41)(308)Underwriting gain195 65 58 318 Effect of catastrophe losses 285 28 313 Effect of favorable development-related items(8) (5)(13)Underlying underwriting gain$187 $350 $81 $618 

48

Property & Casualty Operations

The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three and nine months ended September 30, 2025 and 2024.  

Three Months Ended September 30, 2025Specialty Commercial International Total (In millions, except %)Gross written premiums$1,700 $1,569 $322 $3,591 Gross written premiums excluding third-party captives1,009 1,559 322 2,890 Net written premiums867 1,251 319 2,437 Net earned premiums881 1,453 344 2,678 Underwriting gain60 106 28 194 Net investment income162 192 42 396 Core income176 233 47 456 Other performance metrics:Loss ratio60.6%66.1%59.1%63.4%Expense ratio32.526.132.729.1Dividend ratio0.20.50.3Combined ratio93.3%92.7%91.8%92.8%Less: Effect of catastrophe impacts2.7 0.6 1.5 Underlying combined ratio93.3%90.0%91.2%91.3%Underlying loss ratio60.6%63.4%58.5%61.9%Rate3%5%(6)%3%Renewal premium change46(3)4Retention86 79 83 81 New business$131 $324 $94 $549 

Three Months Ended September 30, 2024Gross written premiums$1,743 $1,547 $305 $3,595 Gross written premiums excluding third