Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 40

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 40
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 at CNA is primarily due to lower catastrophe losses, higher net investment income and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations, partially offset by unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses. The increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates, recently completed growth projects and increased storage and parking and lending revenues. The decrease at Loews Hotels & Co is primarily due to higher interest expense. Parent company investment income decreased due to lower investment income from the parent company trading portfolio.

44

CNA Financial

The following table summarizes the results of operations for CNA for the three and nine months ended September 30, 2025 and 2024 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Revenues:  Insurance premiums$2,783 $2,593 $8,103 $7,532 Net investment income638 626 1,904 1,853 Investment losses(7)(10)(62)(42)Non-insurance warranty revenue393 401 1,188 1,212 Other revenues10 8 28 26 Total3,817 3,618 11,161 10,581 Expenses:  Insurance claims and policyholders’ benefits2,032 2,019 6,144 5,708 Amortization of deferred acquisition costs483 457 1,423 1,336 Non-insurance warranty expense377 387 1,146 1,169 Other operating expenses376 362 1,107 1,077 Interest36 32 99 101 Total3,304 3,257 9,919 9,391 Income before income tax513 361 1,242 1,190 Income tax expense(110)(78)(266)(252)Net income403 283 976 938 Amounts attributable to noncontrolling interests(32)(24)(79)(78)Net income attributable to Loews Corporation$371 $259 $897 $860