Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 114

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 114
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617 (a)Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $313 million and unfavorable net prior year loss reserve development of $33 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

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(b)Significant segment expenses included in Operating expenses and other:Nine Months Ended September 30, 2024CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal      Insurance related administrative expenses$937 $937 Operating expenses$434 $431 865 Depreciation and amortization321 69 $2 392 Other (c)140 236 152 56 584 Operating expenses and other$1,077 $991 $652 $58 $2,778 (c)Other expenses for each reportable segment include:CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.Boardwalk Pipelines: general and administrative expensesLoews Hotels & Co: general and administrative and reimbursable expensesCorporate: general and administrative expenses

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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read in conjunction with our Consolidated Condensed Financial Statements included under Item 1 of this Report and the Consolidated Financial Statements, Risk Factors, and MD&A included in our Annual Report on Form 10-K for the year ended December 31, 2024. This MD&A is comprised of the following sections:

PageNo.  Overview43Results of Operations44Consolidated Financial Results44CNA Financial45Boardwalk Pipelines55Loews Hotels & Co58Corporate59Liquidity and Capital Resources60Parent Company60Subsidiaries61Investments62Critical Accounting Estimates66Accounting Standards Update67Recent Legislation67Forward-Looking Statements67

OVERVIEW

Loews Corporation is a holding company and has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA Financial Corporation (“CNA”), Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”) and Loews Hotels Holding Corporation (“Loews Hotels & Co”); and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its consolidated operating subsidiaries, and