Company: L
Filing Date: 2025-08-04
Form Type: 10-Q
Source: 0000060086-25-000166
Chunk: 113

Company: LOEWS CORP
Filing Date: 2025-08-04
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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,689 Amortization of deferred acquisition costs469 435 940 879 Non-insurance warranty expense384 388 769 782 Other operating expenses368 378 731 715 Interest31 34 63 69 Total3,337 3,117 6,615 6,134 Income before income tax380 402 729 829 Income tax expense(81)(85)(156)(174)Net income299 317 573 655 Amounts attributable to noncontrolling interests(25)(26)(47)(54)Net income attributable to Loews Corporation$274 $291 $526 $601 

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

Net income attributable to Loews Corporation decreased year over year due to unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves and higher investment losses, partially offset by higher net investment income and improved underwriting results in CNA’s commercial property and casualty insurance operations.

Six Months Ended June 30, 2025 Compared to the Comparable 2024 Period

Net income attributable to Loews Corporation decreased $75 million for the six months ended June 30, 2025 as compared with the comparable 2024 period, primarily due to unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses, partially offset by higher net investment income and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations.   

CNA’s Property & Casualty and Other Insurance Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain 

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legacy mass tort reserves. We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting. However, for purposes of this discussion and analysis of the results of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency