Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 106

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 8
Chunk 106
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 & Co is primarily due to lower equity income from joint ventures mainly driven by lower occupancy and average daily rates at Universal Orlando Resort hotels and an impairment charge recorded by a joint venture property. Lower investment income at the parent company is primarily due to the unfavorable change in the fair value of equity based investments. The increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates and recently completed growth projects.

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CNA Financial

The following table summarizes the results of operations for CNA for the three months ended March 31, 2025 and 2024 as presented in Note 11 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 Ended March 3120252024(In millions)     Revenues:  Insurance premiums$2,626 $2,441 Net investment income604 609 Investment losses(9)(22)Non-insurance warranty revenue397 407 Other revenues9 9 Total3,627 3,444 Expenses:  Insurance claims and policyholders’ benefits2,027 1,807 Amortization of deferred acquisition costs471 444 Non-insurance warranty expense385 394 Other operating expenses363 337 Interest32 35 Total3,278 3,017 Income before income tax349 427 Income tax expense(75)(89)Net income274 338 Amounts attributable to noncontrolling interests(22)(28)Net income attributable to Loews Corporation$252 $310 

Net income attributable to Loews Corporation decreased $58 million for the three months ended March 31, 2025 as compared with the comparable 2024 period, primarily due to lower underwriting income mainly driven by unfavorable net prior year loss reserve development.

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 (“