Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 56

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 56
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 Net investment income558 645 103 1,306 Core income708 652 145 1,505  Other performance metrics:Loss ratio58.2 %65.9 %61.4 %62.5 %Expense ratio32.0 29.6 31.2 30.7 Dividend ratio0.2 0.5 0.3 Combined ratio90.4 %96.0 %92.6 %93.5 %Less: Effect of catastrophe impacts4.5 2.5 2.6 Less: Effect of (favorable) unfavorable development- related items(0.3)(0.1)1.1 Underlying combined ratio90.7 %91.6 %89.0 %90.9 %Underlying loss ratio58.5 %61.5 %57.8 %59.9 % Rate 7 %3 %5 %Renewal premium change1 %10 6 7 Retention88 84 83 85 New business$481 $1,297 $302 $2,080 

52

2024 Compared with 2023

Gross written premiums, excluding third-party captives, for Specialty increased $95 million in 2024 as compared with 2023 driven by retention and favorable renewal premium change. Net written premiums for Specialty increased $116 million in 2024 as compared with 2023. The increase in net earned premiums was consistent with the trend in net written premiums for Specialty. 

Gross written premiums for Commercial increased $844 million in 2024 as compared with 2023 driven by favorable renewal premium change, rate and higher new business. Net written premiums for Commercial increased $589 million in 2024 as compared with 2023. The increase in net earned premiums was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International decreased $2 million in 2024 as compared with 2023. Excluding the effect of foreign currency exchange rates, gross written premiums decreased $14 million driven by lower new business and rate. Net written premiums for International increased $25 million in 2024 as compared with 2023. Excluding the effect of foreign currency exchange rates, net written premiums increased $21 million in 2024 as compared with 2023 driven by favorable adjustments on prior year reinsurance