Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 109

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 109
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writing activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.

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The following tables present a reconciliation of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain (loss) for the three months ended March 31, 2025 and 2024:

Three Months Ended March 31, 2025SpecialtyCommercialInternationalProperty & CasualtyOther Insurance OperationsTotal(In millions)Net income (loss) attributable to Loews Corporation$137 $114 $35 $286 $(34)$252 Investment (gains) losses1 (1)— 7 7 Noncontrolling interests12 10 3 25 (3)22 Core income (loss)$150 $124 $37 $311 $(30)$281 Less:Net investment income151 177 34 362 Non-insurance warranty revenue12 12 Other revenue (expense), including interest expense(14)(2)1 (15)Income tax expense on core income(41)(34)(13)(88)Underwriting gain (loss)42 (17)15 40 Effect of catastrophe losses86 11 97 Effect of unfavorable development-related items10 53 63 Underlying underwriting gain$52 $122 $26 $200 

Three Months Ended March 31, 2024Net income (loss) attributable to Loews Corporation$153 $132 $34 $319 $(9)$310 Investment (gains) losses10 14 24 (7)17 Noncontrolling interests14 12 3 29 (1)28 Core income (loss)$177 $158 $37 $372 $(17)$355 Less:Net investment income150 176 31 357 Non-insurance warranty revenue13 13 Other revenue (expense), including interest expense(14)(4)(2)(20)Income tax expense on core income (48)(43)(13)(104)Underwriting gain76 29 21 126 Effect of catastrophe losses82 6 88 Effect of favorable development-related items(5)(5)Underlying underwriting gain$71 $111 $27 $209 

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Property & Casualty Operations