Company: L
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000060086-25-000166
Chunk: 112

Company: LOEWS CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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tracting at higher rates and recently completed growth projects. Parent company investment income improved due to higher investment income from the parent company trading portfolio. The decrease at CNA is due to unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves and higher investment losses, partially offset by higher net investment income and improved  underwriting results in CNA’s commercial property and casualty insurance operations. The decrease at Loews Hotels & Co is primarily due to lower equity income from joint ventures.

The decrease in net income attributable to Loews Corporation for the six months ended June 30, 2025 as compared to the comparable 2024 period was primarily driven by lower net income at CNA and Loews Hotels & Co and lower investment income at the parent company, partially offset by higher net income at Boardwalk Pipelines. The decrease at CNA is primarily due to unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses, partially offset by higher net investment income and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations. The decrease at Loews Hotels & Co is primarily due to lower equity income from joint ventures. Parent company investment income decreased due to lower investment income from the parent company trading portfolio. The increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates and recently completed growth projects.

44

CNA Financial

The following table summarizes the results of operations for CNA for the three and six months ended June 30, 2025 and 2024 as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Three Months EndedSix Months EndedJune 30,June 30,2025202420252024(In millions)     Revenues:  Insurance premiums$2,694 $2,498 $5,320 $4,939 Net investment income662 618 1,266 1,227 Investment losses(46)(10)(55)(32)Non-insurance warranty revenue398 404 795 811 Other revenues9 9 18 18 Total3,717 3,519 7,344 6,963 Expenses:  Insurance claims and policyholders’ benefits2,085 1,882 4,112 3