Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments

Segments

Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, the consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding the composition of Loews Corporation’s segments, see Note 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

Statements of Operations by segment are presented in the following tables.

Three Months Ended June 30, 2022	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)
Revenues:
Insurance premiums	$	2,155							$	2,155
Net investment income (loss)	432				$	(1)	$	(65)	366
Investment losses	(59)								(59)
Non-insurance warranty revenue	392								392
Operating revenues and other	6		$	325	201		2		534
Total	2,926		325		200		(63)		3,388
Expenses:
Insurance claims and policyholders’ benefits	1,583								1,583
Amortization of deferred acquisition costs	374								374
Non-insurance warranty expense	367								367
Operating expenses and other	329		231		132		23		715
Interest	28		42		4		22		96
Total	2,681		273		136		45		3,135
Income (loss) before income tax	245		52		64		(108)		253
Income tax (expense) benefit	(40)		(13)		(20)		22		(51)
Net income (loss)	205		39		44		(86)		202
Amounts attributable to noncontrolling interests	(22)								(22)
Net income (loss) attributable to Loews Corporation	$	183	$	39	$	44	$	(86)	$	180

Three Months Ended June 30, 2021	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)
Revenues:
Insurance premiums	$	2,035							$	2,035
Net investment income	591				$	1	$	24	616
Investment gains	38						540		578
Non-insurance warranty revenue	359								359
Operating revenues and other	6		$	312	97				415
Total	3,029		312		98		564		4,003
Expenses:
Insurance claims and policyholders’ benefits	1,546								1,546
Amortization of deferred acquisition costs	357								357
Non-insurance warranty expense	332								332
Operating expenses and other	302		209		115		30		656
Interest	29		40		9		22		100
Total	2,566		249		124		52		2,991
Income (loss) before income tax	463		63		(26)		512		1,012
Income tax (expense) benefit	(94)		(16)		5		(114)		(219)
Net income (loss)	369		47		(21)		398		793
Amounts attributable to noncontrolling interests	(39)								(39)
Net income (loss) attributable to Loews Corporation	$	330	$	47	$	(21)	$	398	$	754

Six Months Ended June 30, 2022	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)
Revenues:
Insurance premiums	$	4,214							$	4,214
Net investment income (loss)	880				$	(1)	$	(81)	798
Investment losses	(70)								(70)
Non-insurance warranty revenue	774								774
Operating revenues and other	13		$	706	353		2		1,074
Total	5,811		706		352		(79)		6,790
Expenses:
Insurance claims and policyholders’ benefits	3,038								3,038
Amortization of deferred acquisition costs	718								718
Non-insurance warranty expense	721								721
Operating expenses and other	655		448		258		45		1,406
Interest	56		84		8		44		192
Total	5,188		532		266		89		6,075
Income (loss) before income tax	623		174		86		(168)		715
Income tax (expense) benefit	(105)		(44)		(27)		33		(143)
Net income (loss)	518		130		59		(135)		572
Amounts attributable to noncontrolling interests	(54)								(54)
Net income (loss) attributable to Loews Corporation	$	464	$	130	$	59	$	(135)	$	518

Six Months Ended June 30, 2021	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate (a)		Total
(In millions)
Revenues:
Insurance premiums	$	3,997							$	3,997
Net investment income	1,095				$	1	$	70	1,166
Investment gains	95						540		635
Non-insurance warranty revenue	697								697
Operating revenues and other	11		$	684	154		281		1,130
Total	5,895		684		155		891		7,625
Expenses:
Insurance claims and policyholders’ benefits	3,052								3,052
Amortization of deferred acquisition costs	716								716
Non-insurance warranty expense	643								643
Operating expenses and other	587		426		219		338		1,570
Interest	57		81		17		70		225
Total	5,055		507		236		408		6,206
Income (loss) before income tax	840		177		(81)		483		1,419
Income tax (expense) benefit	(160)		(45)		17		(145)		(333)
Net income (loss)	680		132		(64)		338		1,086
Amounts attributable to noncontrolling interests	(71)								(71)
Net income (loss) attributable to Loews Corporation	$	609	$	132	$	(64)	$	338	$	1,015

(a) Amounts include the consolidated results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.