Segments (Tables)

12 Months Ended

Dec. 31, 2024

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


Year Ended December 31, 2024	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	10,211							$	10,211
Net investment income	2,497		$	32	$	9	$	242	2,780
Investment losses	(81)								(81)
Non-insurance warranty revenue	1,609								1,609
Operating revenues and other	34		2,033		924				2,991
Total	14,270		2,065		933		242		17,510

Expenses:

Insurance claims and policyholders’ benefits (a)	7,738								7,738
Amortization of deferred acquisition costs	1,798								1,798
Non-insurance warranty expense	1,547								1,547
Operating expenses and other (b)	1,843		1,377		873		77		4,170
Equity method (income) loss					(86)		28		(58)
Interest	133		183		51		74		441
Total	13,059		1,560		838		179		15,636
Income before income tax	1,211		505		95		63		1,874
Income tax expense	(252)		(92)		(25)		(11)		(380)
Net income	959		413		70		52		1,494
Amounts attributable to noncontrolling interests	(80)								(80)
Net income attributable to Loews Corporation	$	879	$	413	$	70	$	52	$	1,414

December 31, 2024

Total assets	$	66,434	$	9,853	$	2,498	$	3,158	$	81,943


(a)			Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $358 million and unfavorable development of $48 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.


(b)			Significant segment expenses included in Operating expenses and other:


Year Ended December 31, 2024

Insurance related administrative expenses	$	1,275							$	1,275
Operating expenses			$	633	$	580			1,213
Depreciation and amortization			429		93		$	2	524
Other (c)	568		315		200		75		1,158
Operating expenses and other	$	1,843	$	1,377	$	873	$	77	$	4,170


(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. For 2024, this also includes a pension settlement charge of $367 million; see Note 16 for more information.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative, reimbursable and asset impairment expenses
			Corporate: general and administrative expenses


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 (a)	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 (b)	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


(a)			Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $236 million and unfavorable development of $48 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.


(b)			Significant segment expenses included in Operating expenses and other:


Year Ended December 31, 2023

Insurance related administrative expenses	$	1,251							$	1,251
Operating expenses			$	395	$	485			880
Depreciation and amortization			412		69		$	1	482
Other (c)	147		301		213		119		780
Operating expenses and other	$	1,398	$	1,108	$	767	$	120	$	3,393


(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative, reimbursable and asset impairment expenses
			Corporate: general and administrative expenses. For 2023, this also includes a pension settlement charge of $47 million; see Note 16 for additional information.


Year Ended December 31, 2022	CNA Financial (a)		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(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 (a)	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 (b)	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


(a)			Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $247 million and favorable development of $32 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.


(b)			Significant segment expenses included in Operating expenses and other:


Year Ended December 31, 2022

Insurance related administrative expenses	$	1,160							$	1,160
Operating expenses			$	274	$	414			688
Depreciation and amortization			396		64		$	2	462
Other (c)	179		280		219		89		767
Operating expenses and other	$	1,339	$	950	$	697	$	91	$	3,077


(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative, reimbursable and asset impairment expenses
			Corporate: general and administrative expenses