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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ____________ to _____________

Commission File Number 1-06541

LOEWS CORPORATION
(Exact name of registrant as specified in its charter)

Delaware13-2646102
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

9 West 57th Street, New York, NY 10019-2714
(Address of principal executive offices) (Zip Code)

(212) 521-2000
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareLNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes☒No ☐  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒No ☐  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer ☐Smaller reporting company ☐
 Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐No ☒  
As of July 28, 2023, there were 225,508,650 shares of the registrant’s common stock outstanding.

1
Table of contents
INDEX

 Page
No.
  
 
  
 
  
June 30, 2023 and December 31, 2022
 
 
Three and six months ended June 30, 2023 and 2022
 
 
Three and six months ended June 30, 2023 and 2022
 
 
Three and six months ended June 30, 2023 and 2022
 
 
Six months ended June 30, 2023 and 2022
 
 
  
  
  
  
  
  
  
  
2
Table of contents
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
June 30,December 31,
 20232022
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $42,037 and $41,102, less allowance for credit loss of $22 and $1
$38,926 $37,697 
Equity securities, cost of $1,063 and $1,161
1,051 1,139 
Limited partnership investments2,020 1,954 
Other invested assets, primarily mortgage loans, less allowance for credit loss of $30 and $24
1,088 1,124 
Short term investments4,478 4,854 
Total investments47,563 46,768 
Cash463 532 
Receivables9,926 9,403 
Property, plant and equipment10,328 10,027 
Goodwill347 346 
Deferred non-insurance warranty acquisition expenses3,689 3,671 
Deferred acquisition costs of insurance subsidiaries885 806 
Other assets4,146 4,014 
Total assets$77,347 $75,567 
 
Liabilities and Equity:
 
Insurance reserves:
Claim and claim adjustment expense$22,802 $22,120 
Future policy benefits13,666 13,480 
Unearned premiums6,978 6,374 
Total insurance reserves43,446 41,974 
Payable to brokers191 133 
Short term debt961 854 
Long term debt8,094 8,165 
Deferred income taxes257 243 
Deferred non-insurance warranty revenue4,735 4,714 
Other liabilities4,193 4,283 
Total liabilities61,877 60,366 
 
Commitments and contingent liabilities
 
Preferred stock, $0.10 par value:
Authorized – 100,000,000 shares
Common stock, $0.01 par value:
Authorized – 1,800,000,000 shares
Issued – 236,305,517 and 236,159,866 shares
2 2 
Additional paid-in capital2,728 2,748 
Retained earnings15,637 14,931 
Accumulated other comprehensive loss(3,160)(3,320)
 15,207 14,361 
Less treasury stock, at cost (10,194,421 and 198,875 shares)
(604)(12)
Total shareholders’ equity14,603 14,349 
Noncontrolling interests867 852 
Total equity15,470 15,201 
Total liabilities and equity$77,347 $75,567 
See accompanying Notes to Consolidated Condensed Financial Statements.







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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(In millions, except per share data)  
   
Revenues:  
Insurance premiums$2,347 $2,155 $4,595 $4,214 
Net investment income592 366 1,161 798 
Investment gains (losses)14 (59)(21)(70)
Non-insurance warranty revenue407 392 814 774 
Operating revenues and other574 534 1,168 1,074 
Total3,934 3,388 7,717 6,790 
 
Expenses:
Insurance claims and policyholders’ benefits
   (re-measurement gain (loss) of $(33), $1, $(34),
   and $6)
1,779 1,601 3,432 3,079 
Amortization of deferred acquisition costs403 374 782 718 
Non-insurance warranty expense384 367 768 721 
Operating expenses and other808 766 1,589 1,482 
Equity method income(39)(51)(67)(76)
Interest91 96 186 192 
Total3,426 3,153 6,690 6,116 
Income before income tax508 235 1,027 674 
Income tax expense(120)(48)(235)(135)
Net income388 187 792 539 
Amounts attributable to noncontrolling interests(28)(20)(57)(50)
Net income attributable to Loews Corporation$360 $167 $735 $489 
Basic and diluted net income per share$1.58 $0.68 $3.19 $1.98 
Weighted average shares outstanding:
Shares of common stock227.69245.45230.48246.70
Dilutive potential shares of common stock0.280.490.300.50
Total weighted average shares outstanding assuming dilution227.97245.94230.78247.20

See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(In millions)  
   
Net income$388 $187 $792 $539 
 
Other comprehensive income (loss), after tax
Changes in:
Net unrealized losses on investments with an allowance for credit losses(1)(2)(9)(6)
Net unrealized gains (losses) on other investments(413)(2,226)257 (4,869)
Total unrealized gains (losses) on investments(414)(2,228)248 (4,875)
Impact of changes in discount rates used to measure long-duration contract liabilities256 1,507 (140)3,142 
Unrealized gains on cash flow hedges8 6 6 24 
Pension and postretirement benefits6 5 15 12 
Foreign currency translation35 (68)51 (83)
 
Other comprehensive income (loss)(109)(778)180 (1,780)
 
Comprehensive income (loss)279 (591)972 (1,241)
 
Amounts attributable to noncontrolling interests(17)59 (77)136 
 
Total comprehensive income (loss) attributable to Loews Corporation$262 $(532)$895 $(1,105)

See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

 Loews Corporation Shareholders  
 Total Common StockAdditional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury 		Noncontrolling Interests
(In millions)       
        
Balance, April 1, 2022, as reported
$17,695 $2 $2,859 $15,097 $(1,251)$(132)$1,120 
Cumulative effect adjustments from changes in
accounting standards (Note 1)		(1,119)(38)(965)(116)
Balance, April 1, 2022, as adjusted
16,576 2 2,859 15,059 (2,216)(132)1,004 
Net income187 167 20 
Other comprehensive loss(778)(699)(79)
Dividends paid ($0.0625 per share)
(26)(15)(11)
Purchases of Loews Corporation treasury stock(255)(255)
Stock-based compensation12 11 1 
Other(2)(1)(1)2 1 (3)
Balance, June 30, 2022
$15,714 $2 $2,869 $15,210 $(2,913)$(386)$932 
Balance, April 1, 2023
$15,314 $2 $2,716 $15,293 $(3,062)$(498)$863 
Net income388 360 28 
Other comprehensive loss(109)(98)(11)
Dividends paid ($0.0625 per share)
(25)(14)(11)
Purchase of subsidiary stock from noncontrolling interests(2)(2)
Purchases of Loews Corporation treasury stock(107)(107)
Stock-based compensation9 9  
Other2 3 (2)1  
Balance, June 30, 2023
$15,470 $2 $2,728 $15,637 $(3,160)$(604)$867 

See accompanying Notes to Consolidated Condensed Financial Statements.








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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

 Loews Corporation Shareholders  
 Total Common StockAdditional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury 		Noncontrolling Interests
(In millions)       
        
Balance, January 1, 2022, as reported
$19,175 $2 $2,885 $14,776 $186 $(3)$1,329 
Cumulative effect adjustments from changes in
accounting standards (Note 1)		(1,704)(22)(1,506)(176)
Balance, January 1, 2022, as adjusted
17,471 2 2,885 14,754 (1,320)(3)1,153 
Net income539 489 50 
Other comprehensive loss(1,780)(1,594)(186)
Dividends paid ($0.125 per share)
(110)(31)(79)
Purchase of subsidiary stock from noncontrolling interests(21)(1)(20)
Purchases of Loews Corporation treasury stock(384)(384)
Stock-based compensation2 (14)16 
Other(3)(1)(2)1 1 (2)
Balance, June 30, 2022
$15,714 $2 $2,869 $15,210 $(2,913)$(386)$932 
Balance, January 1, 2023, as reported
$15,478 $2 $2,748 $15,144 $(3,284)$(12)$880 
Cumulative effect adjustments from changes in
accounting standards (Note 1)		(277)(213)(36)(28)
Balance, January 1, 2023, as adjusted
15,201 2 2,748 14,931 (3,320)(12)852 
Net income792 735 57 
Other comprehensive income180 160 20 
Dividends paid ($0.125 per share)
(84)(29)(55)
Purchase of subsidiary stock from noncontrolling interests(26) (26)
Purchases of Loews Corporation treasury stock(593)(593)
Stock-based compensation5 (17)22 
Other(5)(3) 1 (3)
Balance, June 30, 2023
$15,470 $2 $2,728 $15,637 $(3,160)$(604)$867 

See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

Six Months Ended June 30
20232022
(In millions)
Operating Activities:
Net income$792 $539 
Adjustments to reconcile net income to net cash provided by operating activities, net300 497 
Changes in operating assets and liabilities, net:
Receivables(456)(634)
Deferred acquisition costs(74)(63)
Insurance reserves1,165 1,417 
Other assets(173)(360)
Other liabilities(139)87 
Trading securities738 (37)
Net cash flow provided by operating activities2,153 1,446 
 
Investing Activities:
 
Purchases of fixed maturities(3,506)(6,251)
Proceeds from sales of fixed maturities2,285 3,293 
Proceeds from maturities of fixed maturities613 1,715 
Purchases of equity securities(126)(195)
Proceeds from sales of equity securities121 193 
Purchases of limited partnership investments(245)(168)
Proceeds from sales of limited partnership investments132 134 
Purchases of property, plant and equipment(299)(312)
Change in short term investments(322)739 
Other, net(120)66 
Net cash flow used by investing activities(1,467)(786)
 
Financing Activities:
 
Dividends paid(29)(31)
Dividends paid to noncontrolling interests(55)(79)
Purchases of Loews Corporation treasury stock(593)(380)
Purchases of subsidiary stock from noncontrolling interests(26)(21)
Principal payments on debt(502)(301)
Issuance of debt463 498 
Other, net(17)(4)
Net cash flow used by financing activities(759)(318)
 
Effect of foreign exchange rate on cash4 (12)
 
Net change in cash(69)330 
Cash, beginning of period532 621 
Cash, end of period$463 $951 

See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation

Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), a 90% owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.

In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of June 30, 2023 and December 31, 2022 and results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2023 and 2022 and cash flows for the six months ended June 30, 2023 and 2022, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Net income for the interim periods is not necessarily indicative of net income for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and six months ended June 30, 2023 and 2022 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.

Accounting changes – In August of 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-12, “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. Entities are required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) used to measure the liability for future policyholder benefits (“LFPB”) at least annually. The LFPB must also be updated for actual experience at least annually. The LFPB is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheets. The discount rate assumption used to measure the LFPB must be updated quarterly using an upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted as a single-A rate. The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in results of operations within Insurance claims and policyholders’ benefits. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss) (“OCI”). In contrast, under legacy accounting guidance, cash flow and discount rate assumptions were locked in unless a premium deficiency emerged. The discount rate assumption under legacy accounting guidance was determined using CNA’s internal investment portfolio yield, which was generally higher than a single-A yield.

The new guidance eliminates the need to hold shadow reserves associated with long term care reserves. Under legacy accounting guidance, to the extent that unrealized gains on fixed maturity securities supporting long term care reserves would have resulted in a premium deficiency if realized, a related increase to Insurance reserves was recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss) (shadow reserves).

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The unit of account is the level at which reserves are measured. Under the new guidance, the unit of account used to measure the LFPB is the cohort. Cohorts are comprised of insurance contracts issued no more than one year apart, and must be further disaggregated according to policy benefit and insurance risk characteristics. Under legacy accounting guidance, the LFPB was generally measured at the individual policy level.

Under the new guidance, the net premium ratio (“NPR”) is capped at 100%. To the extent that NPR would otherwise exceed 100%, the LFPB is increased, and a loss is recognized immediately in the results of operations. The NPR cap is applied at the cohort level each quarter when NPR is updated. In contrast, under legacy accounting guidance, premium deficiency testing was performed annually at the product level. See Note 6 to the Consolidated Condensed Financial Statements for further explanation of the NPR and LFPB calculations.

The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. CNA’s run-off long term care business is in scope of the new guidance. All prior periods presented in the financial statements have been adjusted to reflect application of the new guidance. The original locked in discount rate, utilized for purposes of calculating the NPR under the new guidance, was based on the discount rate assumption used to calculate the LFPB immediately prior to the transition date. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business.

In December of 2022, the FASB issued ASU 2022-05, “Financial Services-Insurance (Topic 944): Transition for Sold Contracts” (“ASU 2022-05”). This guidance permits companies to make an election to exclude from the scope of ASU 2018-12 any insurance contracts that have been de-recognized prior to the effective date of ASU 2018-12, assuming that the company has no significant continuing involvement with the de-recognized contracts. In the fourth quarter of 2022, CNA novated its block of legacy annuity business, which was fully-ceded prior to novation. The Company has elected the ASU 2022-05 transition relief, and has excluded the novated legacy annuity business from the scope of ASU 2018-12.

Explanation of ASU 2018-12 Transition Impacts:

The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021:
(In millions)
Balance as of December 31, 2020, as reported$13,318 
Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (a)
2,844 
De-recognition of shadow reserves(3,293)
Re-measurement using an upper-medium grade fixed income instrument yield discount rate6,255 
Other adjustments
8 
Balance as of January 1, 2021, as adjusted$19,132 
(a)
In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

Shadow reserves associated with the long term care business were de-recognized as of the transition date in Accumulated other comprehensive income (“AOCI”). The effect of re-measuring the LFPB at the single-A discount rate as of the transition date was similarly recorded in AOCI. There are no cohorts for which the NPR exceeded 100% at the transition date.

CNA’s practice under legacy accounting guidance was to calculate and record premium deficiency reserves at the policy level. Accordingly, an allocation methodology was not required to assign historical premium deficiency reserves to cohorts upon transition to ASU 2018-12.




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The following table presents after tax adjustments to the opening balance of Shareholders’ equity and Noncontrolling interests resulting from adoption of ASU 2018-12:

Accumulated other comprehensive income (loss)Retained earningsNoncontrolling interests
(In millions)
Balance as of December 31, 2020, as reported$581 $14,150 $1,321 
De-recognition of shadow reserves2,331 270 
Re-measurement of LFPB using an upper-medium grade fixed
   income instrument yield discount rate		(4,428)(513)
Other adjustments (5)(1)
Balance as of January 1, 2021, as adjusted$(1,516)$14,145 $1,077 


The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statement of Operations were as follows:

Three Months Ended June 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)$1,583 $18 $1,601 
Income before income tax253 (18)235 
Income tax expense(51)3 (48)
Net income202 (15)187 
Amounts attributable to noncontrolling interests(22)2 (20)
Net income attributable to Loews Corporation180 (13)167 
Basic net income per share0.73 (0.05)0.68 
Diluted net income per share0.73 (0.05)0.68 
(a)
The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain of $1 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.

Six Months Ended June 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)$3,038 $41 $3,079 
Income before income tax715 (41)674 
Income tax expense(143)8 (135)
Net income572 (33)539 
Amounts attributable to noncontrolling interests(54)4 (50)
Net income attributable to Loews Corporation518 (29)489 
Basic net income per share2.10 (0.12)1.98 
Diluted net income per share2.09 (0.11)1.98 
(a)
The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain of $6 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.
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The effects of adoption of ASU 2018-12 on the Consolidated Condensed Balance Sheet were as follows:

December 31, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Other assets$3,941 $73 $4,014 
Total assets75,494 73 75,567 
Claim and claim adjustment expenses (a)25,099 (2,979)22,120 
Future policy benefits (a)10,151 3,329 13,480 
Total liabilities60,016 350 60,366 
Retained earnings15,144 (213)14,931 
Accumulated other comprehensive income (loss)(3,284)(36)(3,320)
Noncontrolling interests880 (28)852 
Total equity15,478 (277)15,201 

(a)
In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statement of Comprehensive Income (Loss) were as follows:

Three Months Ended June 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Changes in: Net unrealized losses on other investments$(1,346)$(880)$(2,226)
Total unrealized losses on investments(1,348)(880)(2,228)
Impact of changes in discount rates used to measure long-duration
   contract liabilities		1,507 1,507 
Other comprehensive (loss)(1,405)627 (778)
Comprehensive (loss)(1,203)612 (591)
Amounts attributable to noncontrolling interests124 (65)59 
Total comprehensive (loss) attributable to Loews Corporation(1,079)547 (532)

Six Months Ended June 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Changes in: Net unrealized losses on other investments$(2,957)$(1,912)$(4,869)
Total unrealized losses on investments(2,963)(1,912)(4,875)
Impact of changes in discount rates used to measure long-duration
   contract liabilities		3,142 3,142 
Other comprehensive (loss)(3,010)1,230 (1,780)
Comprehensive (loss)(2,438)1,197 (1,241)
Amounts attributable to noncontrolling interests260 (124)136 
Total comprehensive (loss) attributable to Loews Corporation(2,178)1,073 (1,105)

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The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statements of Cash Flows were as follows:

Six Months Ended June 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Net income$572 $(33)$539 
Adjustments to reconcile net income to net cash provided by operating
   activities, net		505 (8)497 
Changes in: Insurance reserves1,376 41 1,417 


The effects of adoption of ASU 2018-12 on segment results of operations of CNA were as follows:

Three Months Ended June 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)$1,583 $18 $1,601 
Income before income tax245 (18)227 
Income tax expense(40)3 (37)
Net income205 (15)190 
Amounts attributable to noncontrolling interests(22)2 (20)
Net income attributable to Loews Corporation183 (13)170 

(a)
The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain of $1 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.
Six Months Ended June 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)$3,038 $41 $3,079 
Income before income tax623 (41)582 
Income tax expense(105)8 (97)
Net income518 (33)485 
Amounts attributable to noncontrolling interests(54)4 (50)
Net income attributable to Loews Corporation464 (29)435 

(a)
The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain of $6 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.
2. Acquisitions

During the second quarter of 2023, Loews Hotels & Co paid $46 million to acquire an additional equity interest in a previously unconsolidated joint venture property. The acquisition resulted in Loews Hotels & Co consolidating the joint venture property and recording a gain of $46 million ($36 million after tax). Upon acquisition, $232 million in assets and $120 million in liabilities, including mezzanine equity representing the remaining noncontrolling owner’s interest, were consolidated at fair value.



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3. Investments

Net investment income is as follows:

Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(In millions)  
   
Fixed maturity securities$482 $441 $952 $870 
Limited partnership investments55 7 82 27 
Short term investments14 30 
Equity securities (a)21 (11)33 (9)
Income (loss) from trading portfolio (a)14 (62)59 (77)
Other29 13 49 28 
Total investment income615 388 1,205 839 
Investment expenses(23)(22)(44)(41)
Net investment income$592 $366 $1,161 $798 
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of June 30, 2023 and 2022
$15 $(95)$20 $(120)

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Investment gains (losses) are as follows:

Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(In millions)  
   
Fixed maturity securities:
Gross gains$8 $45 $43 $71 
Gross losses(35)(60)(92)(88)
Investment losses on fixed maturity securities(27)(15)(49)(17)
Equity securities (a)3 (71)(11)(109)
Derivative instruments26 55 
Short term investments and other(8)1 (7)1 
Gain on acquisition of a joint venture (see Note 2)46 46 
Investment gains (losses)$14 $(59)$(21)$(70)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of June 30, 2023 and 2022
$3 $(70)$— $(108)

The components of available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

Three Months EndedSix Months Ended
June 30,June 30,
2023202220232022
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$9 $21 $17 $29 
Asset-backed8 (1)8 1 
Impairment losses recognized in earnings