Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 163

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 163
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 a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025. The increase in net earned premiums for the three months ended September 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $110 million for the three months ended September 30, 2025 as compared with the comparable 2024 period primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income.

Catastrophe losses for Property & Casualty Operations were $41 million for the three months ended September 30, 2025 as compared with $143 million for the comparable 2024 period, driven by severe weather related events. Catastrophe losses for the three months ended September 30, 2024 included $55 million for Hurricane Helene. For the three months ended September 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $39 million and $127 million and International had catastrophe losses of $2 million and $16 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $1 million and $5 million was recorded for the three months ended September 30, 2025 and 2024. For the three months ended September 30, 2025 and 2024, Specialty recorded no net prior year loss reserve development, Commercial recorded favorable net prior year loss reserve development of $1 million and $3 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $2 million. Further information on 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.

Specialty’s combined ratio increased 0.3 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 0.5 point increase in the loss ratio, partially offset by a 0.2 point improvement in the expense ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio. The improvement in the expense ratio was  primarily driven by higher net earned premiums. 

Commercial’s combined ratio improved 7.5 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 5.9 point improvement in the loss