Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 113

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 113
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 in accident year 2024, and an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines. The increase in the expense ratio was primarily driven by higher acquisition and employee related costs. 

Commercial’s combined ratio increased 3.5 points for the three months ended March 31, 2025 as compared with the comparable 2024 period due to a 4.2 point increase in the loss ratio, partially offset by a 0.6 point improvement in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development, driven by commercial auto in accident year 2024 and an increase in the underlying loss ratio driven by the continuation of elevated loss cost trends in commercial auto. Catastrophe losses were 6.3 points of the loss ratio for the three months ended March 31, 2025 as compared with 6.8 points of the loss ratio in the comparable 2024 period. The improvement in the expense ratio was primarily driven by higher net earned premiums.

International’s combined ratio increased 2.1 points for the three months ended March 31, 2025 as compared with the comparable 2024 period largely due to a 2.0 point increase in the loss ratio. The increase in the loss ratio was primarily driven by higher catastrophe losses, which were 3.6 points of the loss ratio for the three months ended March 31, 2025, as compared with 2.0 points of the loss ratio in the comparable 2024 period. The expense ratio was generally consistent with the comparable 2024 period.

38

Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the three months ended March 31, 2025 and 2024.

Three Months Ended March 3120252024(In millions)     Net earned premiums$106 $110 Net investment income242 252 Core loss(30)(17)

Core results for Other Insurance Operations decreased $13 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to a $17 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse claims. CNA’s annual comprehensive review of legacy mass tort exposures is undertaken in the second quarter of each year, consistent with the recent historical timing of such review. Further information on net prior year loss reserve development is included in Note 4 of the Notes