Segments (Tables)

6 Months Ended

Jun. 30, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

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

Three Months Ended June 30, 2023	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)
Revenues:
Insurance premiums	$	2,347							$	2,347
Net investment income	575		$	5	$	1	$	11	592
Investment gains (losses)	(32)				46				14
Non-insurance warranty revenue	407								407
Operating revenues and other	7		360		207				574
Total	3,304		365		254		11		3,934
Expenses:
Insurance claims and policyholders’ benefits	1,779								1,779
Amortization of deferred acquisition costs	403								403
Non-insurance warranty expense	384								384
Operating expenses and other	346		250		194		18		808
Equity method (income) loss					(41)		2		(39)
Interest	31		39				21		91
Total	2,943		289		153		41		3,426
Income (loss) before income tax	361		76		101		(30)		508
Income tax (expense) benefit	(78)		(19)		(27)		4		(120)
Net income (loss)	283		57		74		(26)		388
Amounts attributable to noncontrolling interests	(28)								(28)
Net income (loss) attributable to Loews Corporation	$	255	$	57	$	74	$	(26)	$	360

Three Months Ended June 30, 2022	CNA Financial (a)		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total (a)
(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	1,601								1,601
Amortization of deferred acquisition costs	374								374
Non-insurance warranty expense	367								367
Operating expenses and other	329		231		185		21		766
Equity method (income) loss					(53)		2		(51)
Interest	28		42		4		22		96
Total	2,699		273		136		45		3,153
Income (loss) before income tax	227		52		64		(108)		235
Income tax (expense) benefit	(37)		(13)		(20)		22		(48)
Net income (loss)	190		39		44		(86)		187
Amounts attributable to noncontrolling interests	(20)								(20)
Net income (loss) attributable to Loews Corporation	$	170	$	39	$	44	$	(86)	$	167

(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.

Six Months Ended June 30, 2023	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)
Revenues:
Insurance premiums	$	4,595							$	4,595
Net investment income	1,100		$	6	$	2	$	53	1,161
Investment gains (losses)	(67)				46				(21)
Non-insurance warranty revenue	814								814
Operating revenues and other	14		756		398				1,168
Total	6,456		762		446		53		7,717
Expenses:
Insurance claims and policyholders’ benefits	3,432								3,432
Amortization of deferred acquisition costs	782								782
Non-insurance warranty expense	768								768
Operating expenses and other	683		492		377		37		1,589
Equity method (income) loss					(72)		5		(67)
Interest	59		78		6		43		186
Total	5,724		570		311		85		6,690
Income (loss) before income tax	732		192		135		(32)		1,027
Income tax (expense) benefit	(152)		(49)		(37)		3		(235)
Net income (loss)	580		143		98		(29)		792
Amounts attributable to noncontrolling interests	(57)								(57)
Net income (loss) attributable to Loews Corporation	$	523	$	143	$	98	$	(29)	$	735

Six Months Ended June 30, 2022	CNA Financial (a)		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total (a)
(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	3,079								3,079
Amortization of deferred acquisition costs	718								718
Non-insurance warranty expense	721								721
Operating expenses and other	655		448		337		42		1,482
Equity method (income) loss					(79)		3		(76)
Interest	56		84		8		44		192
Total	5,229		532		266		89		6,116
Income (loss) before income tax	582		174		86		(168)		674
Income tax (expense) benefit	(97)		(44)		(27)		33		(135)
Net income (loss)	485		130		59		(135)		539
Amounts attributable to noncontrolling interests	(50)								(50)
Net income (loss) attributable to Loews Corporation	$	435	$	130	$	59	$	(135)	$	489

(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.