Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 395

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 395
---
2 7 5 Retention89 84 82 85 New business$462 $1,512 $288 $2,262 

Year Ended December 31, 2023    Gross written premiums$7,113 $6,120 $1,485 $14,718 Gross written premiums excluding third-party captives3,800 5,994 1,485 11,279 Net written premiums3,329 4,880 1,237 9,446 Net earned premiums3,307 4,547 1,176 9,030 Underwriting gain317 182 86 585 Net investment income558 645 103 1,306 Core income708 652 145 1,505  Other performance metrics:Loss ratio58.2 %65.9 %61.4 %62.5 %Expense ratio32.0 29.6 31.2 30.7 Dividend ratio0.2 0.5 0.3 Combined ratio90.4 %96.0 %92.6 %93.5 %Less: Effect of catastrophe impacts4.5 2.5 2.6 Less: Effect of (favorable) unfavorable development- related items(0.3)(0.1)1.1 Underlying combined ratio90.7 %91.6 %89.0 %90.9 %Underlying loss ratio58.5 %61.5 %57.8 %59.9 % Rate 7 %3 %5 %Renewal premium change1 %10 6 7 Retention88 84 83 85 New business$481 $1,297 $302 $2,080 

52

2024 Compared with 2023

Gross written premiums, excluding third-party captives, for Specialty increased $95 million in 2024 as compared with 2023 driven by retention and favorable renewal premium change. Net written premiums for Specialty increased $116 million in 2024 as compared with 2023. The increase in net earned premiums was consistent with the trend in net written premiums for Specialty. 

Gross written premiums for Commercial increased $844 million in 2024 as compared with 2023 driven by favorable renewal premium change, rate and higher new