Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 120

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 120
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 (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, which are managed separately from its investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting 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.

46

The following tables present reconciliations of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain for the three and nine months ended September 30, 2025 and 2024:

Three Months Ended September 30, 2025SpecialtyCommercialInternationalProperty & CasualtyOther Insurance OperationsTotal(In millions)Net income (loss) attributable to Loews Corporation$159 $211 $41 $411 $(40)$371 Investment (gains) losses3 4 3 10 (4)6 Noncontrolling interests14 18 3 35 (3)32 Core income (loss)$176 $233 $47 $456 $(47)$409 Less:Net investment income162 192 42 396 Non-insurance warranty revenue16 16 Other revenue (expense), including interest expense(15)(3)1 (17)Income tax expense on core income(47)(62)(24)(133)Underwriting gain 60 106 28 194 Effect of catastrophe losses39 2 41 Underlying underwriting gain$60 $145 $30 $235 

Three Months Ended September 30, 2024Net income (loss) attributable to Loews Corporation$153 $121 $31 $305