Segments (Tables)

3 Months Ended

Mar. 31, 2023

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


Three Months Ended March 31, 2023	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,248							$	2,248
Net investment income	525		$	1	$	1	$	42	569
Investment losses	(35)								(35)
Non-insurance warranty revenue	407								407
Operating revenues and other	7		396		191				594
Total	3,152		397		192		42		3,783

Expenses:

Insurance claims and policyholders’ benefits	1,653								1,653
Amortization of deferred acquisition costs	379								379
Non-insurance warranty expense	384								384
Operating expenses and other	337		242		183		19		781
Equity method (income) loss					(31)		3		(28)
Interest	28		39		6		22		95
Total	2,781		281		158		44		3,264
Income (loss) before income tax	371		116		34		(2)		519
Income tax expense	(74)		(30)		(10)		(1)		(115)
Net income (loss)	297		86		24		(3)		404
Amounts attributable to noncontrolling interests	(29)								(29)
Net income (loss) attributable to Loews Corporation	$	268	$	86	$	24	$	(3)	$	375


Three Months Ended March 31, 2022	CNA Financial (a)		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total (a)
(In millions)

Revenues:

Insurance premiums	$	2,059							$	2,059
Net investment income (loss)	448						$	(16)	432
Investment losses	(11)								(11)
Non-insurance warranty revenue	382								382
Operating revenues and other	7		$	381	$	152			540
Total	2,885		381		152		(16)		3,402

Expenses:

Insurance claims and policyholders’ benefits	1,478								1,478
Amortization of deferred acquisition costs	344								344
Non-insurance warranty expense	354								354
Operating expenses and other	326		217		152		21		716
Equity method (income) loss					(26)		1		(25)
Interest	28		42		4		22		96
Total	2,530		259		130		44		2,963
Income (loss) before income tax	355		122		22		(60)		439
Income tax (expense) benefit	(60)		(31)		(7)		11		(87)
Net income (loss)	295		91		15		(49)		352
Amounts attributable to noncontrolling interests	(30)								(30)
Net income (loss) attributable to Loews Corporation	$	265	$	91	$	15	$	(49)	$	322


(a)			As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1.