Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 129

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 129
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 loss ratio was due to lower catastrophe losses, which were 4.3 points of the loss ratio for the nine months ended September 30, 2025 as compared with 7.5 points of the loss ratio for the comparable 2024 period, partially offset by unfavorable net prior year loss reserve development and an increase in the underlying loss ratio related to social inflation impacted lines. 

International’s combined ratio improved 0.5 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to a 0.3 point improvement in the loss ratio and a 0.2 point improvement in the expense ratio. The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 1.8 points of the loss ratio for the nine months ended September 30, 2025 as compared with 3.0 points of the loss ratio for the comparable 2024 period, partially offset by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period. The improvement in the expense ratio was primarily driven by higher net earned premiums.

52

Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the three and nine months ended September 30, 2025 and 2024.

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Net earned premiums$106 $110 $318 $329 Net investment income242 254 732 763 Core loss(47)(53)(190)(124)

Three Months Ended September 30, 2025 Compared to the Comparable 2024 Period

Core results for Other Insurance Operations improved $6 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. The improvement was primarily due to no net prior year loss reserve development in the current year as compared with a $17 million after tax charge in the comparable 2024 period related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves. Further information on the net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. The improvement in core results was partially offset by lower net investment income from limited partnerships. Both periods include assumption updates as a result of the annual long-term care reserve reviews completed