Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 394

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 394
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 investment income558 645 103 1,306 Non-insurance warranty revenue80   80 Other revenue (expense), including interest expense(52)(1)4 (49)Income tax expense on core income(195)(174)(48)(417)Underwriting gain317 182 86 585 Effect of catastrophe losses 207 29 236 Effect of (favorable) unfavorable development-related items(12)(4)13 (3)Underlying underwriting gain$305 $385 $128 $818 

51

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 years ended December 31, 2024 and 2023.

Year Ended December 31, 2024Specialty Commercial International Total (In millions, except %)         Gross written premiums$6,932 $6,964 $1,483 $15,379 Gross written premiums excluding third-party captives3,895 6,816 1,483 12,194 Net written premiums3,445 5,469 1,262 10,176 Net earned premiums3,361 5,158 1,256 9,775 Underwriting gain249 171 76 496 Net investment income626 733 131 1,490 Core income694 702 153 1,549  Other performance metrics:Loss ratio59.5 %68.3 %60.9 %64.3 %Expense ratio32.8 27.9 33.1 30.2 Dividend ratio0.3 0.5 0.4 Combined ratio92.6 %96.7 %94.0 %94.9 %Less: Effect of catastrophe impacts6.2 3.2 3.6 Less: Effect of favorable development-related items(0.3)(0.1)(0.4)(0.2)Underlying combined ratio92.9 %90.6 %91.2 %91.5 %Underlying loss ratio59.8 %62.2 %58.1 %60.9 % Rate1 %6 %(1)%4 %Renewal premium change