Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 253

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 253
---
2,264 Investment losses(81)(99)Non-insurance warranty revenue1,609 1,624 Other revenues34 30 Total14,270 13,299 Expenses:  Insurance claims and policyholders’ benefits7,738 7,068 Amortization of deferred acquisition costs1,798 1,644 Non-insurance warranty expense1,547 1,544 Other operating expenses1,843 1,398 Interest133 127 Total13,059 11,781 Income before income tax1,211 1,518 Income tax expense(252)(313)Net income959 1,205 Amounts attributable to noncontrolling interests(80)(111)Net income attributable to Loews Corporation$879 $1,094 

2024 Compared with 2023

Net income attributable to Loews Corporation decreased $215 million for 2024 as compared with 2023. The decrease was primarily due to a pension settlement charge of $265 million after-tax and noncontrolling interests and higher catastrophe losses, partially offset by higher net investment income driven by favorable returns from limited partnership and common stock investments and higher income from fixed income securities as a result of a larger invested asset base 

48

and favorable reinvestment rates and improved underlying underwriting results. For more information on the pension settlement charge see Note 16 of the Notes to Consolidated Financial Statements included under Item 8.

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 legacy mass tort reserves. CNA’s products and services are primarily marketed through independent agents, brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups. 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