Segments

9 Months Ended

Sep. 30, 2023

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, and the equity method of accounting for Altium Packaging LLC. 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, 2022.

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 September 30, 2023	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)
Revenues:
Insurance premiums	$	2,406							$	2,406
Net investment income	553		$	6	$	2	$	31	592
Investment losses	(38)								(38)
Non-insurance warranty revenue	407								407
Operating revenues and other	8		357		194				559
Total	3,336		363		196		31		3,926
Expenses:
Insurance claims and policyholders’ benefits	1,826								1,826
Amortization of deferred acquisition costs	426								426
Non-insurance warranty expense	386								386
Operating expenses and other	338		258		195		69		860
Equity method (income) loss					(26)		4		(22)
Interest	34		39		3		18		94
Total	3,010		297		172		91		3,570
Income (loss) before income tax	326		66		24		(60)		356
Income tax (expense) benefit	(68)		(17)		(7)		12		(80)
Net income (loss)	258		49		17		(48)		276
Amounts attributable to noncontrolling interests	(23)								(23)
Net income (loss) attributable to Loews Corporation	$	235	$	49	$	17	$	(48)	$	253

Three Months Ended September 30, 2022	CNA Financial (a)		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total (a)
(In millions)
Revenues:
Insurance premiums	$	2,221							$	2,221
Net investment income (loss)	422		$	1			$	(19)	404
Investment losses	(96)								(96)
Non-insurance warranty revenue	399								399
Operating revenues and other	11		338		$	180	4		533
Total	2,957		339		180		(15)		3,461
Expenses:
Insurance claims and policyholders’ benefits	1,880								1,880
Amortization of deferred acquisition costs	383								383
Non-insurance warranty expense	371								371
Operating expenses and other	346		250		183		16		795
Equity method (income) loss					(36)		1		(35)
Interest	28		42		(1)		23		92
Total	3,008		292		146		40		3,486
Income (loss) before income tax	(51)		47		34		(55)		(25)
Income tax (expense) benefit	9		(13)		(9)		11		(2)
Net income (loss)	(42)		34		25		(44)		(27)
Amounts attributable to noncontrolling interests	5								5
Net income (loss) attributable to Loews Corporation	$	(37)	$	34	$	25	$	(44)	$	(22)

(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.

Nine Months Ended September 30, 2023	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)
Revenues:
Insurance premiums	$	7,001							$	7,001
Net investment income	1,653		$	11	$	4	$	84	1,752
Investment gains (losses)	(105)				46				(59)
Non-insurance warranty revenue	1,221								1,221
Operating revenues and other	22		1,114		592				1,728
Total	9,792		1,125		642		84		11,643
Expenses:
Insurance claims and policyholders’ benefits	5,258								5,258
Amortization of deferred acquisition costs	1,208								1,208
Non-insurance warranty expense	1,154								1,154
Operating expenses and other	1,021		751		572		105		2,449
Equity method (income) loss					(98)		9		(89)
Interest	93		117		9		61		280
Total	8,734		868		483		175		10,260
Income (loss) before income tax	1,058		257		159		(91)		1,383
Income tax (expense) benefit	(220)		(66)		(44)		15		(315)
Net income (loss)	838		191		115		(76)		1,068
Amounts attributable to noncontrolling interests	(80)								(80)
Net income (loss) attributable to Loews Corporation	$	758	$	191	$	115	$	(76)	$	988

Nine Months Ended September 30, 2022	CNA Financial (a)		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total (a)
(In millions)
Revenues:
Insurance premiums	$	6,435							$	6,435
Net investment income (loss)	1,302		$	1	$	(1)	$	(100)	1,202
Investment losses	(166)								(166)
Non-insurance warranty revenue	1,173								1,173
Operating revenues and other	24		1,044		533		6		1,607
Total	8,768		1,045		532		(94)		10,251
Expenses:
Insurance claims and policyholders’ benefits	4,959								4,959
Amortization of deferred acquisition costs	1,101								1,101
Non-insurance warranty expense	1,092								1,092
Operating expenses and other	1,001		698		520		58		2,277
Equity method (income) loss					(115)		4		(111)
Interest	84		126		7		67		284
Total	8,237		824		412		129		9,602
Income (loss) before income tax	531		221		120		(223)		649
Income tax (expense) benefit	(88)		(57)		(36)		44		(137)
Net income (loss)	443		164		84		(179)		512
Amounts attributable to noncontrolling interests	(45)								(45)
Net income (loss) attributable to Loews Corporation	$	398	$	164	$	84	$	(179)	$	467

(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.