Segments

12 Months Ended

Dec. 31, 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, the consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021. For further information on the deconsolidation of Altium Packaging see Note 2. 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.

CNA’s business is the sale of property and casualty insurance products and services, including surety, primarily through a network of independent agents, brokers and managing general underwriters. CNA’s operations also include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves.

Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. It also provides ethane supply and transportation services for industrial customers in Louisiana and Texas. Boardwalk Pipelines owns approximately 14,310 miles of natural gas and NGL pipelines and underground storage caverns. Boardwalk Pipelines’ natural gas pipeline systems are located in the Gulf Coast region, Oklahoma, Arkansas, Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGL pipelines and storage facilities are located in Louisiana and Texas.

Loews Hotels & Co operates a chain of 25 hotels, 24 of which are in the United States and one of which is in Canada.

The Corporate segment consists of investment income from the Parent Company’s cash and investments, Parent Company interest expense and other unallocated Parent Company expenses. Corporate also includes the consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021. See Note 2 for further information. Purchase accounting adjustments have been pushed down to the appropriate subsidiary.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1.

In the following tables certain financial measures are presented to provide information used by management to monitor the Company’s operating performance. These schedules present the reportable segments of the Company and their contribution to the consolidated financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

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

Year Ended December 31, 2023	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)
Revenues:
Insurance premiums	$	9,480							$	9,480
Net investment income	2,264		$	11	$	6	$	114	2,395
Investment gains (losses)	(99)				46				(53)
Non-insurance warranty revenue	1,624								1,624
Operating revenues and other	30		1,625		800				2,455
Total	13,299		1,636		852		114		15,901
Expenses:
Insurance claims and policyholders’ benefits	7,068								7,068
Amortization of deferred acquisition costs	1,644								1,644
Non-insurance warranty expense	1,544								1,544
Operating expenses and other	1,398		1,108		767		120		3,393
Equity method (income) loss					(129)		9		(120)
Interest	127		155		14		80		376
Total	11,781		1,263		652		209		13,905
Income (loss) before income tax	1,518		373		200		(95)		1,996
Income tax (expense) benefit	(313)		(90)		(53)		5		(451)
Net income (loss)	1,205		283		147		(90)		1,545
Amounts attributable to noncontrolling interests	(111)								(111)
Net income (loss) attributable to Loews Corporation	$	1,094	$	283	$	147	$	(90)	$	1,434
December 31, 2023
Total assets	$	64,655	$	9,785	$	2,374	$	2,383	$	79,197

Year Ended December 31, 2022	CNA Financial (a)		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total (a)
(In millions)
Revenues:
Insurance premiums	$	8,667							$	8,667
Net investment income (loss)	1,805		$	3	$	1	$	(7)	1,802
Investment losses	(199)								(199)
Non-insurance warranty revenue	1,574								1,574
Operating revenues and other	32		1,443		720		5		2,200
Total	11,879		1,446		721		(2)		14,044
Expenses:
Insurance claims and policyholders’ benefits	6,653								6,653
Amortization of deferred acquisition costs	1,490								1,490
Non-insurance warranty expense	1,471								1,471
Operating expenses and other	1,339		950		697		91		3,077
Equity method (income) loss					(148)		9		(139)
Interest	112		166		11		89		378
Total	11,065		1,116		560		189		12,930
Income (loss) before income tax	814		330		161		(191)		1,114
Income tax (expense) benefit	(133)		(83)		(44)		37		(223)
Net income (loss)	681		247		117		(154)		891
Amounts attributable to noncontrolling interests	(69)								(69)
Net income (loss) attributable to Loews Corporation	$	612	$	247	$	117	$	(154)	$	822
December 31, 2022
Total assets	$	60,945	$	9,640	$	1,935	$	3,047	$	75,567

(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.

Year Ended December 31, 2021	CNA Financial (a)		Boardwalk Pipelines		Loews Hotels & Co		Corporate (b)		Total (a)
(In millions)
Revenues:
Insurance premiums	$	8,175							$	8,175
Net investment income	2,159				$	1	$	99	2,259
Investment gains	120						540		660
Non-insurance warranty revenue	1,430								1,430
Operating revenues and other	24		$	1,349	479		281		2,133
Total	11,908		1,349		480		920		14,657
Expenses:
Insurance claims and policyholders’ benefits	6,371								6,371
Amortization of deferred acquisition costs	1,443								1,443
Non-insurance warranty expense	1,328								1,328
Operating expenses and other	1,191		885		503		378		2,957
Equity method (income) loss					(47)		21		(26)
Interest	113		161		36		114		424
Total	10,446		1,046		492		513		12,497
Income (loss) before income tax	1,462		303		(12)		407		2,160
Income tax expense	(278)		(68)		(2)		(127)		(475)
Net income (loss)	1,184		235		(14)		280		1,685
Amounts attributable to noncontrolling interests	(123)								(123)
Net income (loss) attributable to Loews Corporation	$	1,061	$	235	$	(14)	$	280	$	1,562

(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.

(b) Amounts include the consolidated results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.