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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 September 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.
YesNo ☐  
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 filerAccelerated filerNon-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).
YesNo ☒  
As of October 27, 2023, there were 223,250,642 shares of the registrant’s common stock outstanding.

1

Table of contents
INDEX

 Page
No.
  
 
  
 
  
September 30, 2023 and December 31, 2022
 
 
Three and nine months ended September 30, 2023 and 2022
 
 
Three and nine months ended September 30, 2023 and 2022
 
 
Three and nine months ended September 30, 2023 and 2022
 
 
Nine months ended September 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)
September 30,December 31,
 20232022
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $42,753 and $41,102, less allowance for credit loss of $18 and $1
$38,243 $37,697 
Equity securities, cost of $1,081 and $1,161
1,055 1,139 
Limited partnership investments2,074 1,954 
Other invested assets, primarily mortgage loans, less allowance for credit loss of $35 and $24
1,072 1,124 
Short term investments3,969 4,854 
Total investments46,413 46,768 
Cash762 532 
Receivables9,437 9,403 
Property, plant and equipment10,674 10,027 
Goodwill346 346 
Deferred non-insurance warranty acquisition expenses3,688 3,671 
Deferred acquisition costs of insurance subsidiaries880 806 
Other assets4,269 4,014 
Total assets$76,469 $75,567 
 
Liabilities and Equity:
 
Insurance reserves:
Claim and claim adjustment expense$22,836 $22,120 
Future policy benefits12,654 13,480 
Unearned premiums6,789 6,374 
Total insurance reserves42,279 41,974 
Payable to brokers444 133 
Short term debt1,261 854 
Long term debt7,925 8,165 
Deferred income taxes258 243 
Deferred non-insurance warranty revenue4,736 4,714 
Other liabilities4,408 4,283 
Total liabilities61,311 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 – 236,321,095 and 236,159,866 shares
2 2 
Additional paid-in capital2,764 2,748 
Retained earnings15,877 14,931 
Accumulated other comprehensive loss(3,473)(3,320)
 15,170 14,361 
Less treasury stock, at cost (12,066,137 and 198,875 shares)
(722)(12)
Total shareholders’ equity14,448 14,349 
Noncontrolling interests710 852 
Total equity15,158 15,201 
Total liabilities and equity$76,469 $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 EndedNine Months Ended
September 30,September 30,
2023202220232022
(In millions, except per share data)  
   
Revenues:  
Insurance premiums$2,406 $2,221 $7,001 $6,435 
Net investment income592 404 1,752 1,202 
Investment losses(38)(96)(59)(166)
Non-insurance warranty revenue407 399 1,221 1,173 
Operating revenues and other559 533 1,728 1,607 
Total3,926 3,461 11,643 10,251 
 
Expenses:
Insurance claims and policyholders’ benefits
   (re-measurement loss of $(41), $(211), $(75), and $(205))
1,826 1,880 5,258 4,959 
Amortization of deferred acquisition costs426 383 1,208 1,101 
Non-insurance warranty expense386 371 1,154 1,092 
Operating expenses and other860 795 2,449 2,277 
Equity method income(22)(35)(89)(111)
Interest94 92 280 284 
Total3,570 3,486 10,260 9,602 
Income (loss) before income tax356 (25)1,383 649 
Income tax expense(80)(2)(315)(137)
Net income (loss)276 (27)1,068 512 
Amounts attributable to noncontrolling interests(23)5 (80)(45)
Net income (loss) attributable to Loews Corporation$253 $(22)$988 $467 
Basic net income (loss) per share$1.12 $(0.09)$4.32 $1.91 
Diluted net income (loss) per share$1.12 $(0.09)$4.31 $1.90 
Weighted average shares outstanding:
Shares of common stock225.64240.37228.85244.57
Dilutive potential shares of common stock0.350.390.310.46
Total weighted average shares outstanding assuming dilution225.99240.76229.16245.03

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 EndedNine Months Ended
September 30,September 30,
2023202220232022
(In millions)  
   
Net income (loss)$276 $(27)$1,068 $512 
 
Other comprehensive income (loss), after tax
Changes in:
Net unrealized losses on investments with an allowance for credit losses(1)(2)(10)(8)
Net unrealized losses on other investments(1,084)(1,735)(827)(6,604)
Total unrealized losses on investments(1,085)(1,737)(837)(6,612)
Impact of changes in discount rates used to measure long-duration contract liabilities818 994 678 4,136 
Unrealized gains (losses) on cash flow hedges(1)4 5 28 
Pension and postretirement benefits40 6 55 18 
Foreign currency translation(55)(106)(4)(189)
 
Other comprehensive loss(283)(839)(103)(2,619)
 
Comprehensive income (loss)(7)(866)965 (2,107)
 
Amounts attributable to noncontrolling interests8 78 (69)215 
 
Total comprehensive income (loss) attributable to Loews Corporation$1 $(788)$896 $(1,892)

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, July 1, 2022, as reported
$16,221 $2 $2,869 $15,261 $(2,510)$(386)$985 
Cumulative effect adjustments from changes in
accounting standards (Note 1)
(507)(51)(403)(53)
Balance, July 1, 2022, as adjusted
15,714 2 2,869 15,210 (2,913)(386)932 
Net loss(27)(22)(5)
Other comprehensive loss(839)(766)(73)
Dividends paid ($0.0625 per share)
(23)(15)(8)
Purchase of subsidiary stock from noncontrolling interests(45)5 (50)
Purchases of Loews Corporation treasury stock(230)(230)
Stock-based compensation9 8 1 
Other4 4 (1) 1 
Balance, September 30, 2022
$14,563 $2 $2,886 $15,172 $(3,679)$(616)$798 
Balance, July 1, 2023
$15,470 $2 $2,728 $15,637 $(3,160)$(604)$867 
Net income276 253 23 
Other comprehensive income (loss)(283)(252)(31)
Dividends paid ($0.0625 per share)
(24)(14)(10)
Purchase of subsidiary stock from noncontrolling interests(177)27 (61)(143)
Purchases of Loews Corporation treasury stock(118)(118)
Stock-based compensation11 10 1 
Other3 (1)1  3 
Balance, September 30, 2023
$15,158 $2 $2,764 $15,877 $(3,473)$(722)$710 

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 income512 467 45 
Other comprehensive loss(2,619)(2,359)(260)
Dividends paid ($0.1875 per share)
(133)(46)(87)
Purchase of subsidiary stock from noncontrolling interests(66)4 (70)
Purchases of Loews Corporation treasury stock(614)(614)
Stock-based compensation11 (6)17 
Other1 3 (3) 1  
Balance, September 30, 2022
$14,563 $2 $2,886 $15,172 $(3,679)$(616)$798 
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 income1,068 988 80 
Other comprehensive income (loss)(103)(92)(11)
Dividends paid ($0.1875 per share)
(108)(43)(65)
Purchase of subsidiary stock from noncontrolling interests(203)27 (61)(169)
Purchases of Loews Corporation treasury stock(711)(711)
Stock-based compensation16 (7)23 
Other(2)(4)1 1  
Balance, September 30, 2023
$15,158 $2 $2,764 $15,877 $(3,473)$(722)$710 

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

Nine Months Ended September 30
20232022
(In millions)
Operating Activities:
Net income$1,068 $512 
Adjustments to reconcile net income to net cash provided by operating activities, net519 726 
Changes in operating assets and liabilities, net:
Receivables(71)(447)
Deferred acquisition costs(74)(66)
Insurance reserves1,184 1,999 
Other assets(152)(486)
Other liabilities51 161 
Trading securities905 293 
Net cash flow provided by operating activities3,430 2,692 
 
Investing Activities:
 
Purchases of fixed maturities(5,459)(8,768)
Proceeds from sales of fixed maturities3,284 4,885 
Proceeds from maturities of fixed maturities960 2,095 
Purchases of equity securities(200)(245)
Proceeds from sales of equity securities192 230 
Purchases of limited partnership investments(322)(265)
Proceeds from sales of limited partnership investments205 156 
Purchases of property, plant and equipment(463)(437)
Acquisitions(348)
Dispositions 16 
Investment in Altium Packaging(79)
Change in short term investments60 568 
Other, net(162)65 
Net cash flow used by investing activities(2,253)(1,779)
 
Financing Activities:
 
Dividends paid(43)(46)
Dividends paid to noncontrolling interests(65)(87)
Purchases of Loews Corporation treasury stock(709)(611)
Purchases of subsidiary stock from noncontrolling interests(203)(66)
Principal payments on debt(503)(327)
Issuance of debt593 532 
Other, net(17)(16)
Net cash flow used by financing activities(947)(621)
 
Effect of foreign exchange rate on cash (27)
 
Net change in cash230 265 
Cash, beginning of period532 621 
Cash, end of period$762 $886 

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 91.7% 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 subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders.

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 September 30, 2023 and December 31, 2022, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2023 and 2022 and cash flows for the nine months ended September 30, 2023 and 2022, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results 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 nine months ended September 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).

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.

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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 September 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)$1,665 $215 $1,880 
Income (loss) before income tax190 (215)(25)
Income tax expense(47)45 (2)
Net income (loss)143 (170)(27)
Amounts attributable to noncontrolling interests(13)18 5 
Net income (loss) attributable to Loews Corporation130 (152)(22)
Basic net income (loss) per share0.54 (0.63)(0.09)
Diluted net income (loss) per share0.54 (0.63)(0.09)
(a)
The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $211 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.

Nine Months Ended September 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)$4,703 $256 $4,959 
Income before income tax905 (256)649 
Income tax expense(190)53 (137)
Net income715 (203)512 
Amounts attributable to noncontrolling interests(67)22 (45)
Net income attributable to Loews Corporation648 (181)467 
Basic net income per share2.65 (0.74)1.91 
Diluted net income per share2.64 (0.74)1.90 
(a)
The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $205 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 September 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Changes in: Net unrealized losses on other investments$(1,327)$(408)$(1,735)
Total unrealized losses on investments(1,329)(408)(1,737)
Impact of changes in discount rates used to measure long-duration
   contract liabilities
994 994 
Other comprehensive (loss)(1,425)586 (839)
Comprehensive (loss)(1,282)416 (866)
Amounts attributable to noncontrolling interests119 (41)78 
Total comprehensive (loss) attributable to Loews Corporation(1,163)375 (788)

Nine Months Ended September 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Changes in: Net unrealized losses on other investments$(4,284)$(2,320)$(6,604)
Total unrealized losses on investments(4,292)(2,320)(6,612)
Impact of changes in discount rates used to measure long-duration
   contract liabilities
4,136 4,136 
Other comprehensive (loss)(4,435)1,816 (2,619)
Comprehensive (loss)(3,720)1,613 (2,107)
Amounts attributable to noncontrolling interests379 (164)215 
Total comprehensive (loss) attributable to Loews Corporation(3,341)1,449 (1,892)

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

Nine Months Ended September 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Net income$715 $(203)$512 
Adjustments to reconcile net income to net cash provided by operating
   activities, net
779 (53)726 
Changes in: Insurance reserves1,743 256 1,999 

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

Three Months Ended September 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)$1,665 $215 $1,880 
Income (loss) before income tax164 (215)(51)
Income tax (expense) benefit(36)45 9 
Net income (loss)128 (170)(42)
Amounts attributable to noncontrolling interests(13)18 5 
Net income (loss) attributable to Loews Corporation115 (152)(37)

(a)
The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $211 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.
Nine Months Ended September 30, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)$4,703 $256 $4,959 
Income before income tax787 (256)531 
Income tax expense(141)53 (88)
Net income646 (203)443 
Amounts attributable to noncontrolling interests(67)22 (45)
Net income attributable to Loews Corporation579 (181)398 

(a)
The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $205 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.
2. Acquisitions

Boardwalk Pipelines

On September 29, 2023, Boardwalk Pipelines acquired 100% of the equity interests of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) from Williams Field Services Group, LLC for $348 million in cash, including working capital. Bayou Ethane owns an approximately 380-mile ethane pipeline system from Mont Belvieu, Texas, to the Mississippi River corridor in Louisiana and two 15-mile pipelines in the Houston Ship Channel area that carry ammonia and hydrogen chloride. Bayou Ethane provides ethane supply and transportation services for industrial customers in Louisiana and Texas. The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. As of September 29, 2023, Boardwalk Pipelines recorded $369 million of assets and $21 million of
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liabilities, which include $296 million of property, plant and equipment and $34 million of finite lived intangible assets. The purchase price allocation is preliminary and is expected to be finalized by the first quarter of 2024.

Loews Hotels & Co

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.

3. Investments

Net investment income is as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
(In millions)  
   
Fixed maturity securities$491 $454 $1,443 $1,324 
Limited partnership investments29 (32)111 (5)
Short term investments24 54 
Equity securities (a)9 2 42 (7)
Income (loss) from trading portfolio (a)32 (18)91 (95)
Other30 19 78 47 
Total investment income615 425 1,819 1,264 
Investment expenses(23)(21)(67)(62)
Net investment income$592 $404 $1,752 $1,202 
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2023 and 2022
$(14)$(68)$3 $(179)

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Investment gains (losses) are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2023202220232022
(In millions)  
   
Fixed maturity securities:
Gross gains$12 $23 $55 $94 
Gross losses(49)(134)(141)(222)
Investment losses on fixed maturity securities(37)(111)(86)(128)
Equity securities (a)2 (2)(9)(111)
Derivative instruments24 79 
Short term investments and other(3)(7)(10)(6)
Gain on acquisition of a joint venture (see Note 2)46 
Investment losses$(38)$(96)$(59)$(166)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2023 and 2022