Segments (Tables)

12 Months Ended

Dec. 31, 2023

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.