(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered |
No ☐ |
No ☐ |
Accelerated filer ☐ |
Non-accelerated filer ☐ |
Smaller reporting company |
Emerging growth company |
Yes |
No ☒ |
Page No. |
|
3 |
|
4 |
|
5 |
|
6 |
|
8 |
|
9 |
|
36 |
|
55 |
|
55 |
|
55 |
|
55 |
|
55 |
|
58 |
|
59 |
June 30, 2021 |
December 31, 2020 |
|||||||
(Dollar amounts in millions, except per share data) |
||||||||
Assets: |
||||||||
Investments: |
||||||||
Fixed maturities, amortized cost of $ |
$ |
$ |
||||||
Equity securities, cost of $ |
||||||||
Limited partnership investments |
||||||||
Other invested assets, primarily mortgage loans, less allowance for credit loss of $ |
||||||||
Short term investments |
||||||||
Total investments |
||||||||
Cash |
||||||||
Receivables |
||||||||
Property, plant and equipment |
||||||||
Goodwill |
||||||||
Deferred non-insurance warranty acquisition expenses |
||||||||
Deferred acquisition costs of insurance subsidiaries |
||||||||
Other assets |
||||||||
Total assets |
$ |
$ |
||||||
Liabilities and Equity: |
||||||||
Insurance reserves: |
||||||||
Claim and claim adjustment expense |
$ |
$ |
||||||
Future policy benefits |
||||||||
Unearned premiums |
||||||||
Total insurance reserves |
||||||||
Payable to brokers |
||||||||
Short term debt |
||||||||
Long term debt |
||||||||
Deferred income taxes |
||||||||
Deferred non-insurance warranty revenue |
||||||||
Other liabilities |
||||||||
Total liabilities |
||||||||
Commitments and contingent liabilities |
||||||||
Preferred stock, $ |
||||||||
Authorized – |
||||||||
Common stock, $ |
||||||||
Authorized – |
||||||||
Issued – |
||||||||
Additional paid-in capital |
||||||||
Retained earnings |
||||||||
Accumulated other comprehensive income |
||||||||
Less treasury stock, at cost ( |
( |
) |
( |
) |
||||
Total shareholders’ equity |
||||||||
Noncontrolling interests |
||||||||
Total equity |
||||||||
Total liabilities and equity |
$ |
$ |
||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions, except per share data) |
||||||||||||||||
Revenues: |
||||||||||||||||
Insurance premiums |
$ |
$ |
$ |
$ |
||||||||||||
Net investment income |
||||||||||||||||
Investment gains (losses) (Note 2) |
( |
) |
( |
) |
||||||||||||
Non-insurance warranty revenue |
||||||||||||||||
Operating revenues and other |
||||||||||||||||
Total |
||||||||||||||||
Expenses: |
||||||||||||||||
Insurance claims and policyholders’ benefits |
||||||||||||||||
Amortization of deferred acquisition costs |
||||||||||||||||
Non-insurance warranty expense |
||||||||||||||||
Operating expenses and other |
||||||||||||||||
Interest |
||||||||||||||||
Total |
||||||||||||||||
Income (loss) before income tax |
( |
) |
( |
) |
||||||||||||
Income tax (expense) benefit |
( |
) |
( |
) |
||||||||||||
Net income (loss) |
( |
) |
( |
) |
||||||||||||
Amounts attributable to noncontrolling interests |
( |
) |
( |
) |
||||||||||||
Net income (loss) attributable to Loews Corporation |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
Basic net income (loss) per share |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
Diluted net income (loss) per share |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
Weighted average shares outstanding: |
||||||||||||||||
Shares of common stock |
||||||||||||||||
Dilutive potential shares of common stock |
||||||||||||||||
Total weighted average shares outstanding assuming dilution |
||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Net income (loss) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
Other comprehensive income (loss), after tax |
||||||||||||||||
Changes in: |
||||||||||||||||
Net unrealized gains (losses) on investments with an allowance for credit losses |
( |
) |
||||||||||||||
Net unrealized gains (losses) on other investments |
( |
) |
||||||||||||||
Total unrealized gains (losses) on investments |
( |
) |
||||||||||||||
Unrealized gains (losses) on cash flow hedges |
( |
) |
||||||||||||||
Pension and postretirement benefits |
||||||||||||||||
Foreign currency translation |
( |
) |
||||||||||||||
Other comprehensive income (loss) |
( |
) |
||||||||||||||
Comprehensive income (loss) |
( |
) |
||||||||||||||
Amounts attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
||||||||||
Total comprehensive income (loss) attributable to Loews Corporation |
$ |
$ |
$ |
$ |
( |
) |
||||||||||
Loews Corporation Shareholders |
||||||||||||||||||||||||||||
Accumulated |
Common |
|||||||||||||||||||||||||||
Additional |
Other |
Stock |
||||||||||||||||||||||||||
Common |
Paid-in |
Retained |
Comprehensive |
Held in |
Noncontrolling |
|||||||||||||||||||||||
Total |
Stock |
Capital |
Earnings |
Income (Loss) |
Treasury |
Interests |
||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
Balance, April 1, 2020 |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||||
Net loss |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||
Dividends paid ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Deconsolidation of Diamond Offshore |
( |
) |
( |
) |
||||||||||||||||||||||||
Purchases of Loews Corporation treasury stock |
( |
) |
( |
) |
||||||||||||||||||||||||
Purchases of subsidiary stock from noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||
Other |
( |
) |
||||||||||||||||||||||||||
Balance, June 30, 2020 |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Balance, April 1, 2021 |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||
Dividends paid ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Purchases of Loews Corporation treasury stock |
( |
) |
( |
) |
||||||||||||||||||||||||
Purchases of subsidiary stock from noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||||||||||
Stock-based compensation |
||||||||||||||||||||||||||||
Other |
( |
) |
||||||||||||||||||||||||||
Balance, June 30, 2021 |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Loews Corporation Shareholders |
||||||||||||||||||||||||||||
Accumulated |
Common |
|||||||||||||||||||||||||||
Additional |
Other |
Stock |
||||||||||||||||||||||||||
Common |
Paid-in |
Retained |
Comprehensive |
Held in |
Noncontrolling |
|||||||||||||||||||||||
Total |
Stock |
Capital |
Earnings |
Income (Loss) |
Treasury |
Interests |
||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
Balance, January 1, 2020, as reported |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||||
Cumulative effect adjustment from change in accounting standards |
( |
) |
( |
) |
||||||||||||||||||||||||
Balance, January 1, 2020, as adjusted |
( |
) |
( |
) |
||||||||||||||||||||||||
Net loss |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||||||
Dividends paid ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Deconsolidation of Diamond Offshore |
( |
) |
( |
) |
||||||||||||||||||||||||
Purchases of Loews Corporation treasury stock |
( |
) |
( |
) |
||||||||||||||||||||||||
Purchases of subsidiary stock from noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||||||||||
Stock-based compensation |
( |
) |
||||||||||||||||||||||||||
Other |
( |
) |
||||||||||||||||||||||||||
Balance, June 30, 2020 |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Balance, January 1, 2021 |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Net income |
||||||||||||||||||||||||||||
Other comprehensive loss |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Dividends paid ($ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Purchases of Loews Corporation treasury stock |
( |
) |
( |
) |
||||||||||||||||||||||||
Purchases of subsidiary stock from noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||||||||||
Stock-based compensation |
( |
) |
||||||||||||||||||||||||||
Other |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
Balance, June 30, 2021 |
$ |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||
Six Months Ended June 30 |
2021 |
2020 |
||||||
(In millions) |
||||||||
Operating Activities: |
||||||||
Net income (loss) |
$ |
$ |
( |
) |
||||
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities, net |
( |
) |
||||||
Changes in operating assets and liabilities, net: |
||||||||
Receivables |
( |
) |
( |
) |
||||
Deferred acquisition costs |
( |
) |
( |
) |
||||
Insurance reserves |
||||||||
Other assets |
( |
) |
( |
) |
||||
Other liabilities |
( |
) |
||||||
Trading securities |
( |
) |
( |
) |
||||
Net cash flow provided by operating activities |
||||||||
Investing Activities: |
||||||||
Purchases of fixed maturities |
( |
) |
( |
) |
||||
Proceeds from sales of fixed maturities |
||||||||
Proceeds from maturities of fixed maturities |
||||||||
Purchases of equity securities |
( |
) |
( |
) |
||||
Proceeds from sales of equity securities |
||||||||
Purchases of limited partnership investments |
( |
) |
( |
) |
||||
Proceeds from sales of limited partnership investments |
||||||||
Purchases of property, plant and equipment |
( |
) |
( |
) |
||||
Dispositions |
||||||||
Sale of interest in Altium Packaging |
||||||||
Deconsolidation of Diamond Offshore |
( |
) |
||||||
Change in short term investments |
||||||||
Other, net |
( |
) |
||||||
Net cash flow provided (used) by investing activities |
( |
) |
||||||
Financing Activities: |
||||||||
Dividends paid |
( |
) |
( |
) |
||||
Dividends paid to noncontrolling interests |
( |
) |
( |
) |
||||
Purchases of Loews Corporation treasury stock |
( |
) |
( |
) |
||||
Purchases of subsidiary stock from noncontrolling interests |
( |
) |
( |
) |
||||
Principal payments on debt |
( |
) |
( |
) |
||||
Issuance of debt |
||||||||
Other, net |
( |
) |
( |
) |
||||
Net cash flow (used) provided by financing activities |
( |
) |
||||||
Effect of foreign exchange rate on cash |
( |
) |
||||||
Net change in cash |
||||||||
Cash, beginning of period |
||||||||
Cash, end of period |
$ |
$ |
||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Fixed maturity securities |
$ |
$ |
$ |
$ |
||||||||||||
Limited partnership investments |
( |
) |
||||||||||||||
Short term investments |
||||||||||||||||
Equity securities |
||||||||||||||||
Income (loss) from trading portfolio (a) |
( |
) |
||||||||||||||
Other |
||||||||||||||||
Total investment income |
||||||||||||||||
Investment expenses |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Net investment income |
$ |
$ |
$ |
$ |
||||||||||||
| (a) |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Fixed maturity securities |
$ |
$ |
$ |
$ |
( |
) |
||||||||||
Equity securities |
( |
) |
||||||||||||||
Derivative instruments |
( |
) |
( |
) |
( |
) |
||||||||||
Short term investments and other |
( |
) |
( |
) |
||||||||||||
Sale of |
||||||||||||||||
Deconsolidation of Diamond Offshore |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Investment gains (losses) (a) |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
||||||||
| (a) |
Three months ended June 30, 2021 |
Corporate and Other Bonds |
Asset- backed |
Total |
|||||||||
(In millions) |
||||||||||||
Allowance for credit losses: |
||||||||||||
Balance as of April 1, 2021 |
$ |
$ |
$ |
|||||||||
Additions to the allowance for credit losses: |
||||||||||||
Securities for which credit losses were not previously recorded |
||||||||||||
Available-for-sale securities accounted for as PCD assets |
||||||||||||
Reductions to the allowance for credit losses: |
||||||||||||
Securities sold during the period (realized) |
||||||||||||
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period |
( |
) |
( |
) |
||||||||
Total allowance for credit losses |
$ |
$ |
$ |
|||||||||
Three months ended June 30, 2020 |
||||||||||||
Allowance for credit losses: |
||||||||||||
Balance as of April 1, 2020 |
$ |
$ |
$ |
|||||||||
Additions to the allowance for credit losses: |
||||||||||||
Securities for which credit losses were not previously recorded |
||||||||||||
Available-for-sale securities accounted for as PCD assets |
||||||||||||
Reductions to the allowance for credit losses: |
||||||||||||
Securities sold during the period (realized) |
||||||||||||
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period |
( |
) |
( |
) |
||||||||
Total allowance for credit losses |
$ |
$ |
$ |
|||||||||
Six months ended June 30, 2021 |
Corporate and Other Bonds |
Asset- backed |
Total |
|||||||||
(In millions) |
||||||||||||
Allowance for credit losses: |
||||||||||||
Balance as of January 1, 2021 |
$ |
$ |
$ |
|||||||||
Additions to the allowance for credit losses: |
||||||||||||
Securities for which credit losses were not previously recorded |
||||||||||||
Available-for-sale securities accounted for as PCD assets |
||||||||||||
Reductions to the allowance for credit losses: |
||||||||||||
Securities sold during the period (realized) |
||||||||||||
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis |
||||||||||||
Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period |
( |
) |
( |
) |
||||||||
Total allowance for credit losses |
$ |
$ |
$ |
|||||||||
Six months ended June 30, 2020 |
||||||||||||
Allowance for credit losses: |
||||||||||||
Balance as of January 1, 2020 |
$ |
$ |
$ |
|||||||||
Additions to the allowance for credit losses: |
||||||||||||
Impact of adopting ASC 326 |
||||||||||||
Securities for which credit losses were not previously recorded |
||||||||||||
Available-for-sale securities accounted for as PCD assets |
||||||||||||
Reductions to the allowance for credit losses: |
||||||||||||
Securities sold during the period (realized) |
||||||||||||
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis |
||||||||||||
Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period |
( |
) |
( |
) |
||||||||
Total allowance for credit losses |
$ |
$ |
$ |
|||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Fixed maturity securities available-for-sale: |
||||||||||||||||
Corporate and other bonds |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
||||||||
Asset-backed |
||||||||||||||||
Impairment losses (gains) recognized in earnings |
$ |
( |
) |
$ |
$ |
$ |
||||||||||
June 30, 2021 |
Cost or Amortized Cost |
Gross Unrealized Gains |
Gross Unrealized Losses |
Allowance for Credit Losses |
Estimated Fair Value |
|||||||||||||||
(In millions) |
||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||
Corporate and other bonds |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
States, municipalities and political subdivisions |
||||||||||||||||||||
Asset-backed: |
||||||||||||||||||||
Residential mortgage-backed |
||||||||||||||||||||
Commercial mortgage-backed |
||||||||||||||||||||
Other asset-backed |
||||||||||||||||||||
Total asset-backed |
||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises |
||||||||||||||||||||
Foreign government |
||||||||||||||||||||
Fixed maturities available-for-sale |
||||||||||||||||||||
Fixed maturities trading |
||||||||||||||||||||
Total fixed maturity securities |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
December 31, 2020 |
||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||
Corporate and other bonds |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
States, municipalities and political subdivisions |
||||||||||||||||||||
Asset-backed: |
||||||||||||||||||||
Residential mortgage-backed |
||||||||||||||||||||
Commercial mortgage-backed |
||||||||||||||||||||
Other asset-backed |
||||||||||||||||||||
Total asset-backed |
||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises |
||||||||||||||||||||
Foreign government |
||||||||||||||||||||
Fixed maturities available-for-sale |
||||||||||||||||||||
Fixed maturities trading |
||||||||||||||||||||
Total fixed maturity securities |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||
Less than 12 Months |
12 Months or Longer |
Total |
||||||||||||||||||||||
June 30, 2021 |
Estimated Fair Value |
Gross Unrealized Losses |
Estimated Fair Value |
Gross Unrealized Losses |
Estimated Fair Value |
Gross Unrealized Losses |
||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||||||
Corporate and other bonds |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
States, municipalities and political subdivisions |
||||||||||||||||||||||||
Asset-backed: |
||||||||||||||||||||||||
Residential mortgage-backed |
||||||||||||||||||||||||
Commercial mortgage-backed |
||||||||||||||||||||||||
Other asset-backed |
||||||||||||||||||||||||
Total asset-backed |
||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises |
||||||||||||||||||||||||
Foreign government |
||||||||||||||||||||||||
Total fixed maturity securities |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
December 31, 2020 |
||||||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||||||
Corporate and other bonds |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
States, municipalities and political subdivisions |
||||||||||||||||||||||||
Asset-backed: |
||||||||||||||||||||||||
Residential mortgage-backed |
||||||||||||||||||||||||
Commercial mortgage-backed |
||||||||||||||||||||||||
Other asset-backed |
||||||||||||||||||||||||
Total asset-backed |
||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises |
||||||||||||||||||||||||
Foreign government |
||||||||||||||||||||||||
Total fixed maturity securities |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||
June 30, 2021 |
December 31, 2020 |
|||||||||||||||
Cost or Amortized Cost |
Estimated Fair Value |
Cost or Amortized Cost |
Estimated Fair Value |
|||||||||||||
(In millions) |
||||||||||||||||
Due in one year or less |
$ |
$ |
$ |
$ |
||||||||||||
Due after one year through five years |
||||||||||||||||
Due after five years through ten years |
||||||||||||||||
Due after ten years |
||||||||||||||||
Total |
$ |
$ |
$ |
$ |
||||||||||||
Mortgage Loans Amortized Cost Basis by Origination Year (a) |
||||||||||||||||||||||||||||
As of June 30, 2021 |
2021 |
2020 |
2019 |
2018 |
2017 |
Prior |
Total |
|||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||
DSCR ≥1.6x |
||||||||||||||||||||||||||||
LTV less than 55% |
$ |
$ |
$ |
$ |
$ |
$ |
||||||||||||||||||||||
LTV 55% to 65% |
||||||||||||||||||||||||||||
LTV greater than 65% |
$ |
|||||||||||||||||||||||||||
DSCR 1.2x - 1.6x |
||||||||||||||||||||||||||||
LTV less than 55% |
||||||||||||||||||||||||||||
LTV 55% to 65% |
||||||||||||||||||||||||||||
LTV greater than 65% |
||||||||||||||||||||||||||||
DSCR ≤1.2x |
||||||||||||||||||||||||||||
LTV less than 55% |
||||||||||||||||||||||||||||
LTV 55% to 65% |
||||||||||||||||||||||||||||
LTV greater than 65% |
||||||||||||||||||||||||||||
Total |
$ |
$ |
$ |
$ |
$ |
$ |
$ |
|||||||||||||||||||||
| (a) |
June 30, 2021 |
December 31, 2020 |
||||||||||||||||
Contractual/ Notional |
Estimated Fair Value |
Contractual/ Notional |
Estimated Fair Value |
||||||||||||||
Amount |
Asset |
(Liability) |
Amount |
Asset |
(Liability) |
||||||||||||
(In millions) |
|||||||||||||||||
With hedge designation: |
|||||||||||||||||
Interest rate swaps |
$ |
$ |
( |
||||||||||||||
Without hedge designation: |
|||||||||||||||||
Equity markets: |
|||||||||||||||||
Options – purchased |
$ |
$ |
|||||||||||||||
Interest rate swaps |
$ |
( |
( |
||||||||||||||
Embedded derivative on funds withheld liability |
( |
( |
|||||||||||||||
| ● | Level 1 – Quoted prices for identical instruments in active markets. |
| ● | Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. |
| ● | Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. |
June 30, 2021 |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
(In millions) |
||||||||||||||||
Fixed maturity securities: |
||||||||||||||||
Corporate bonds and other |
$ |
$ |
$ |
$ |
||||||||||||
States, municipalities and political subdivisions |
||||||||||||||||
Asset-backed |
||||||||||||||||
Fixed maturities available-for-sale |
||||||||||||||||
Fixed maturities trading |
||||||||||||||||
Total fixed maturities |
$ |
$ |
$ |
$ |
||||||||||||
Equity securities |
$ |
$ |
$ |
$ |
||||||||||||
Short term and other |
||||||||||||||||
Payable to brokers |
( |
) |
( |
) |
( |
) |
||||||||||
December 31, 2020 |
||||||||||||||||
Fixed maturity securities: |
||||||||||||||||
Corporate bonds and other |
$ |
$ |
$ |
$ |
||||||||||||
States, municipalities and political subdivisions |
||||||||||||||||
Asset-backed |
||||||||||||||||
Fixed maturities available-for-sale |
||||||||||||||||
Fixed maturities trading |
||||||||||||||||
Total fixed maturities |
$ |
$ |
$ |
$ |
||||||||||||
Equity securities |
$ |
$ |
$ |
$ |
||||||||||||
Short term and other |
||||||||||||||||
Payable to brokers |
( |
) |
( |
) |
( |
) |
||||||||||
Unrealized |
||||||||||||||||||||||||||||||||||||||||||||
Gains |
||||||||||||||||||||||||||||||||||||||||||||
Unrealized |
(Losses) |
|||||||||||||||||||||||||||||||||||||||||||
Gains |
Recognized in |
|||||||||||||||||||||||||||||||||||||||||||
Net Realized |
(Losses) |
Other |
||||||||||||||||||||||||||||||||||||||||||
Investment Gains |
Recognized in |
Comprehensive |
||||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change |
Net Income |
Income (Loss) |
||||||||||||||||||||||||||||||||||||||||||
in Unrealized Investment |
(Loss) on Level |
on Level 3 |
||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) |
3 Assets and |
Assets and |
||||||||||||||||||||||||||||||||||||||||||
Included in |
Transfers |
Transfers |
Liabilities |
Liabilities |
||||||||||||||||||||||||||||||||||||||||
Balance, |
Net Income |
Included in |
into |
out of |
Balance, |
Held at |
Held at |
|||||||||||||||||||||||||||||||||||||
2021 |
April 1 |
(Loss) |
OCI |
Purchases |
Sales |
Settlements |
Level 3 |
Level 3 |
June 30 |
June 30 |
June 30 |
|||||||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and other |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
||||||||||||||||||||||||||||||||
States, municipalities and political subdivisions |
( |
) |
||||||||||||||||||||||||||||||||||||||||||
Asset-backed |
( |
) |
$ |
$ |
( |
) |
||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale |
( |
) |
( |
) |
( |
) |
$ |
|||||||||||||||||||||||||||||||||||||
Fixed maturities trading |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||||
Total fixed maturities |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Equity securities |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
|||||||||||||||||||||||||||||||||||
Unrealized |
||||||||||||||||||||||||||||||||||||||||||||
Gains |
||||||||||||||||||||||||||||||||||||||||||||
Unrealized |
(Losses) |
|||||||||||||||||||||||||||||||||||||||||||
Gains |
Recognized in |
|||||||||||||||||||||||||||||||||||||||||||
Net Realized |
(Losses) |
Other |
||||||||||||||||||||||||||||||||||||||||||
Investment Gains |
Recognized in |
Comprehensive |
||||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change |
Net Income |
Income (Loss) |
||||||||||||||||||||||||||||||||||||||||||
in Unrealized Investment |
(Loss) on Level |
on Level 3 |
||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) |
3 Assets and |
Assets and |
||||||||||||||||||||||||||||||||||||||||||
Included in |
Transfers |
Transfers |
Liabilities |
Liabilities |
||||||||||||||||||||||||||||||||||||||||
Balance, |
Net Income |
Included in |
into |
out of |
Balance, |
Held at |
Held at |
|||||||||||||||||||||||||||||||||||||
2020 |
April 1 |
(Loss) |
OCI |
Purchases |
Sales |
Settlements |
Level 3 |
Level 3 |
June 30 |
June 30 |
June 30 |
|||||||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and other |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||||||||||||||||||||||||
Asset-backed |
$ |
( |
) |
( |
) |
$ |
( |
) |
||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale |
$ |
( |
) |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||||||||||||||||||||||
Fixed maturities trading |
||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Equity securities |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
|||||||||||||||||||||||||||||||||||
Unrealized |
||||||||||||||||||||||||||||||||||||||||||||
Gains |
||||||||||||||||||||||||||||||||||||||||||||
Unrealized |
(Losses) |
|||||||||||||||||||||||||||||||||||||||||||
Gains |
Recognized in |
|||||||||||||||||||||||||||||||||||||||||||
Net Realized |
(Losses) |
Other |
||||||||||||||||||||||||||||||||||||||||||
Investment Gains |
Recognized in |
Comprehensive |
||||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change |
Net Income |
Income (Loss) |
||||||||||||||||||||||||||||||||||||||||||
in Unrealized Investment |
(Loss) on Level |
on Level 3 |
||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) |
3 Assets and |
Assets and |
||||||||||||||||||||||||||||||||||||||||||
Included in |
Transfers |
Transfers |
Liabilities |
Liabilities |
||||||||||||||||||||||||||||||||||||||||
Balance, |
Net Income |
Included in |
into |
out of |
Balance, |
Held at |
Held at |
|||||||||||||||||||||||||||||||||||||
2021 |
January 1 |
(Loss) |
OCI |
Purchases |
Sales |
Settlements |
Level 3 |
Level 3 |
June 30 |
June 30 |
June 30 |
|||||||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and other |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
|||||||||||||||||||||||||
States, municipalities and political subdivisions |
( |
) |
||||||||||||||||||||||||||||||||||||||||||
Asset-backed |
( |
) |
( |
) |
$ |
( |
) |
( |
) |
|||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale |
( |
) |
( |
) |
( |
) |
( |
) |
( |
) |
$ |
( |
) |
|||||||||||||||||||||||||||||||
Fixed maturities trading |
( |
) |
( |
) |
||||||||||||||||||||||||||||||||||||||||
Total fixed maturities |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
|||||||||||||||||||||
Equity securities |
$ |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||||||||||||||||||||||
Unrealized |
||||||||||||||||||||||||||||||||||||||||||||
Gains |
||||||||||||||||||||||||||||||||||||||||||||
Unrealized |
(Losses) |
|||||||||||||||||||||||||||||||||||||||||||
Gains |
Recognized in |
|||||||||||||||||||||||||||||||||||||||||||
Net Realized |
(Losses) |
Other |
||||||||||||||||||||||||||||||||||||||||||
Investment Gains |
Recognized in |
Comprehensive |
||||||||||||||||||||||||||||||||||||||||||
(Losses) and Net Change |
Net Income |
Income (Loss) |
||||||||||||||||||||||||||||||||||||||||||
in Unrealized Investment |
(Loss) on Level |
on Level 3 |
||||||||||||||||||||||||||||||||||||||||||
Gains (Losses) |
3 Assets and |
Assets and |
||||||||||||||||||||||||||||||||||||||||||
Included in |
Transfers |
Transfers |
Liabilities |
Liabilities |
||||||||||||||||||||||||||||||||||||||||
Balance, |
Net Income |
Included in |
into |
out of |
Balance, |
Held at |
Held at |
|||||||||||||||||||||||||||||||||||||
2020 |
January 1 |
(Loss) |
OCI |
Purchases |
Sales |
Settlements |
Level 3 |
Level 3 |
June 30 |
June 30 |
June 30 |
|||||||||||||||||||||||||||||||||
(In millions) |
||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: |
||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and other |
$ |
$ |
$ |
$ |
( |
) |
$ |
$ |
||||||||||||||||||||||||||||||||||||
Asset-backed |
$ |
( |
) |
( |
) |
$ |
( |
) |
||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale |
$ |
( |
) |
( |
) |
$ |
( |
) |
$ |
|||||||||||||||||||||||||||||||||||
Fixed maturities trading |
||||||||||||||||||||||||||||||||||||||||||||
Total fixed maturities |
$ |
$ |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
$ |
$ |
|||||||||||||||||||||||||||
Equity securities |
$ |
$ |
( |
) |
$ |
$ |
$ |
( |
) |
|||||||||||||||||||||||||||||||||||
Major Category of Assets and Liabilities |
Consolidated Condensed Statements of Operations Line Items |
Fixed maturity securities available-for-sale |
Investment gains (losses) |
Fixed maturity securities trading |
Net investment income |
Equity securities |
Investment gains (losses) and Net investment income |
Other invested assets |
Investment gains (losses) and Net investment income |
Derivative financial instruments held in a trading portfolio |
Net investment income |
Derivative financial instruments, other |
Investment gains (losses) and Operating revenues and other |
June 30, 2021 |
Estimated Fair Value |
Valuation Techniques |
Unobservable Inputs |
Range (Weighted Average) |
||||||
(In millions) |
||||||||||
Fixed maturity securities |
$ |
Discounted cash flow |
Credit spread |
%) |
||||||
December 31, 2020 |
||||||||||
Fixed maturity securities |
$ |
Discounted cash flow |
Credit spread |
%) |
||||||
Carrying |
Estimated Fair Value |
||||||||||||||||
June 30, 2021 |
Amount |
Level 1 |
Level 2 |
Level 3 |
Total |
||||||||||||
(In millions) |
|||||||||||||||||
Assets: |
|||||||||||||||||
Other invested assets, primarily mortgage loans |
$ |
$ |
$ |
||||||||||||||
Liabilities: |
|||||||||||||||||
Short term debt |
|||||||||||||||||
Long term debt |
$ |
||||||||||||||||
December 31, 2020 |
|||||||||||||||||
Assets: |
|||||||||||||||||
Other invested assets, primarily mortgage loans |
$ |
$ |
$ |
||||||||||||||
Liabilities: |
|||||||||||||||||
Short term debt |
$ |
||||||||||||||||
Long term debt |
|||||||||||||||||
Six Months Ended June 30 |
2021 |
2020 |
||||||
(In millions) |
||||||||
Reserves, beginning of year: |
||||||||
Gross |
$ |
$ |
||||||
Ceded |
||||||||
Net reserves, beginning of year |
||||||||
Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer |
( |
) |
||||||
Net incurred claim and claim adjustment expenses: |
||||||||
Provision for insured events of current year |
||||||||
Increase (decrease) in provision for insured events of prior years |
( |
) |
||||||
Amortization of discount |
||||||||
Total net incurred (a) |
||||||||
Net payments attributable to: |
||||||||
Current year events |
( |
) |
( |
) |
||||
Prior year events |
( |
) |
( |
) |
||||
Total net payments |
( |
) |
( |
) |
||||
Foreign currency translation adjustment and other |
( |
) |
( |
) |
||||
Net reserves, end of period |
||||||||
Ceded reserves, end of period |
||||||||
Gross reserves, end of period |
$ |
$ |
||||||
| (a) |
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Medical professional liability |
$ |
$ |
||||||||||||||
Other professional liability and management liability |
$ |
$ |
( |
) |
( |
) |
||||||||||
Surety |
( |
) |
( |
) |
( |
) |
||||||||||
Commercial auto |
||||||||||||||||
Workers’ compensation |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Property and other |
||||||||||||||||
Other insurance operations |
||||||||||||||||
Total pretax (favorable) unfavorable development |
$ |
$ |
$ |
$ |
||||||||||||
Net Unrealized |
||||||||||||||||||||||||
Gains (Losses) |
Total |
|||||||||||||||||||||||
on Investments |
Net Unrealized |
Unrealized |
Accumulated |
|||||||||||||||||||||
with an |
Gains (Losses) |
Gains (Losses) |
Pension and |
Foreign |
Other |
|||||||||||||||||||
Allowance for |
on Other |
on Cash Flow |
Postretirement |
Currency |
Comprehensive |
|||||||||||||||||||
Credit Losses |
Investments |
Hedges |
Benefits |
Translation |
Income (Loss) |
|||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Balance, April 1, 2020 |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||||
Other comprehensive income (loss) before reclassifications, after tax of $ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Reclassification of (income) losses from accumulated other comprehensive income, after tax of $( |
( |
) |
( |
) |
||||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||
Amounts attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||
Balance, June 30, 2020 |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||||
Balance, April 1, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $ |
( |
) |
||||||||||||||||||||||
Reclassification of (income) losses from accumulated other comprehensive income, after tax of $ |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Other comprehensive income |
||||||||||||||||||||||||
Amounts attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||
Balance, June 30, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
Net Unrealized |
||||||||||||||||||||||||
Gains (Losses) |
Total |
|||||||||||||||||||||||
on Investments |
Net Unrealized |
Unrealized |
Accumulated |
|||||||||||||||||||||
with an |
Gains (Losses) |
Gains (Losses) |
Pension and |
Foreign |
Other |
|||||||||||||||||||
Allowance for |
on Other |
on Cash Flow |
Postretirement |
Currency |
Comprehensive |
|||||||||||||||||||
Credit Losses |
Investments |
Hedges |
Benefits |
Translation |
Income (Loss) |
|||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Balance, January 1, 2020 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $ |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||
Reclassification of losses from accumulated other comprehensive income, after tax of $( |
||||||||||||||||||||||||
Other comprehensive income (loss) |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Amounts attributable to noncontrolling interests |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Balance, June 30, 2020 |
$ |
( |
) |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||||
Balance, January 1, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $ |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||
Reclassification of (income) losses from accumulated other comprehensive income, after tax of $( |
( |
) |
( |
) |
||||||||||||||||||||
Other comprehensive income (loss) |
( |
) |
( |
) |
||||||||||||||||||||
Amounts attributable to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||||||
Balance, June 30, 2021 |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
Major Category of AOCI |
Affected Line Item |
Net unrealized gains (losses) on investments with an allowance for credit losses, Net unrealized gains (losses) on investments with OTTI losses and Net unrealized gains (losses) on other investments |
Investment gains (losses) |
Unrealized gains (losses) on cash flow hedges |
Operating revenues and other, Interest expense and Operating expenses and other |
Pension and postretirement benefits |
Operating expenses and other |
Three Months Ended June 30, |
Six Months Ended June 30 |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Non-insurance warranty – CNA Financial |
$ |
$ |
$ |
$ |
||||||||||||
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines |
||||||||||||||||
Lodging and related services – Loews Hotels & Co |
||||||||||||||||
Rigid plastic packaging and recycled resin – Corporate (a) |
||||||||||||||||
Contract drilling – Diamond Offshore (b) |
||||||||||||||||
Total revenues from contracts with customers |
||||||||||||||||
Other revenues |
||||||||||||||||
Operating revenues and other |
$ |
$ |
$ |
$ |
||||||||||||
| (a) |
| (b) |
Pension Benefits |
||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Service cost |
$ |
$ |
$ |
|||||||||||||
Interest cost |
$ |
|||||||||||||||
Expected return on plan assets |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||
Amortization of unrecognized net loss |
||||||||||||||||
Amortization of unrecognized prior service cost |
||||||||||||||||
Settlement charge |
||||||||||||||||
Net periodic benefit |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||
Other Postretirement Benefits |
||||||||||||||||
Three Months Ended June 30, |
Six Months Ended June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Interest cost |
$ |
$ |
$ |
$ |
||||||||||||
Expected return on plan assets |
( |
) |
( |
) |
( |
) |
||||||||||
Net periodic (benefit) cost |
$ |
$ |
$ |
$ |
( |
) |
||||||||||
Three Months Ended June 30, 2021 |
CNA Financial |
Boardwalk Pipelines |
Loews Hotels & Co |
Corporate |
Total |
|||||||||||||||
(In millions) |
||||||||||||||||||||
Revenues: |
||||||||||||||||||||
Insurance premiums |
$ |
$ |
||||||||||||||||||
Net investment income |
$ |
$ |
||||||||||||||||||
Investment gains |
||||||||||||||||||||
Non-insurance warranty revenue |
||||||||||||||||||||
Operating revenues and other |
$ |
|||||||||||||||||||
Total |
||||||||||||||||||||
Expenses: |
||||||||||||||||||||
Insurance claims and policyholders’ benefits |
||||||||||||||||||||
Amortization of deferred acquisition costs |
||||||||||||||||||||
Non-insurance warranty expense |
||||||||||||||||||||
Operating expenses and other |
||||||||||||||||||||
Interest |
||||||||||||||||||||
Total |
||||||||||||||||||||
Income (loss) before income tax |
( |
) |
||||||||||||||||||
Income tax (expense) benefit |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||
Net income (loss) |
( |
) |
||||||||||||||||||
Amounts attributable to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||
Net income (loss) attributable to Loews Corporation |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
Three Months Ended June 30, 2020 |
CNA Financial |
Boardwalk Pipelines |
Loews Hotels & Co |
Corporate (a) |
Diamond Offshore (b) |
Total |
||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||
Insurance premiums |
$ |
$ |
||||||||||||||||||||||
Net investment income |
$ |
|||||||||||||||||||||||
Investment gains (losses) |
( |
) |
( |
) |
||||||||||||||||||||
Non-insurance warranty revenue |
||||||||||||||||||||||||
Operating revenues and other |
$ |
$ |
$ |
|||||||||||||||||||||
Total |
( |
) |
||||||||||||||||||||||
Expenses: |
||||||||||||||||||||||||
Insurance claims and policyholders’ benefits |
||||||||||||||||||||||||
Amortization of deferred acquisition costs |
||||||||||||||||||||||||
Non-insurance warranty expense |
||||||||||||||||||||||||
Operating expenses and other |
||||||||||||||||||||||||
Interest |
||||||||||||||||||||||||
Total |
||||||||||||||||||||||||
Income (loss) before income tax |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||
Income tax (expense) benefit |
( |
) |
( |
) |
||||||||||||||||||||
Net income (loss) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||
Amounts attributable to noncontrolling interests |
( |
) |
||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||||||||
| (a) |
| (b) |
Six Months Ended June 30, 2021 |
CNA Financial |
Boardwalk Pipelines |
Loews Hotels & Co |
Corporate (c) |
Total |
|||||||||||||||
(In millions) |
||||||||||||||||||||
Revenues: |
||||||||||||||||||||
Insurance premiums |
$ |
$ |
||||||||||||||||||
Net investment income |
$ |
$ |
||||||||||||||||||
Investment gains |
||||||||||||||||||||
Non-insurance warranty revenue |
||||||||||||||||||||
Operating revenues and other |
$ |
|||||||||||||||||||
Total |
||||||||||||||||||||
Expenses: |
||||||||||||||||||||
Insurance claims and policyholders’ benefits |
||||||||||||||||||||
Amortization of deferred acquisition costs |
||||||||||||||||||||
Non-insurance warranty expense |
||||||||||||||||||||
Operating expenses and other |
||||||||||||||||||||
Interest |
||||||||||||||||||||
Total |
||||||||||||||||||||
Income (loss) before income tax |
( |
) |
||||||||||||||||||
Income tax (expense) benefit |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||
Net income (loss) |
( |
) |
||||||||||||||||||
Amounts attributable to noncontrolling interests |
( |
) |
( |
) |
||||||||||||||||
Net income (loss) attributable to Loews Corporation |
$ |
$ |
$ |
( |
) |
$ |
$ |
|||||||||||||
| (c) |
Six Months Ended June 30, 2020 |
CNA Financial |
Boardwalk Pipelines |
Loews Hotels & Co |
Corporate (a) |
Diamond Offshore (b) |
Total |
||||||||||||||||||
(In millions) |
||||||||||||||||||||||||
Revenues: |
||||||||||||||||||||||||
Insurance premiums |
$ |
$ |
||||||||||||||||||||||
Net investment income (loss) |
$ |
( |
) |
|||||||||||||||||||||
Investment losses |
( |
) |
( |
) |
( |
) |
||||||||||||||||||
Non-insurance warranty revenue |
||||||||||||||||||||||||
Operating revenues and other |
$ |
$ |
$ |
|||||||||||||||||||||
Total |
( |
) |
||||||||||||||||||||||
Expenses: |
||||||||||||||||||||||||
Insurance claims and policyholders’ benefits |
||||||||||||||||||||||||
Amortization of deferred acquisition costs |
||||||||||||||||||||||||
Non-insurance warranty expense |
||||||||||||||||||||||||
Operating expenses and other |
||||||||||||||||||||||||
Interest |
||||||||||||||||||||||||
Total |
||||||||||||||||||||||||
Income (loss) before income tax |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||
Income tax (expense) benefit |
( |
) |
( |
) |
||||||||||||||||||||
Net income (loss) |
( |
) |
( |
) |
( |
) |
( |
) |
||||||||||||||||
Amounts attributable to noncontrolling interests |
( |
) |
||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation |
$ |
$ |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
$ |
( |
) |
||||||||||
Page No. |
|
Overview |
36 |
Results of Operations |
37 |
Consolidated Financial Results |
37 |
CNA Financial |
38 |
Boardwalk Pipelines |
46 |
Loews Hotels & Co |
47 |
Corporate |
48 |
Diamond Offshore |
49 |
Liquidity and Capital Resources |
49 |
Parent Company |
49 |
Subsidiaries |
50 |
Investments |
51 |
Critical Accounting Estimates |
54 |
Accounting Standards Update |
54 |
Forward-Looking Statements |
54 |
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions, except per share data) |
||||||||||||||||
CNA Financial |
$ |
330 |
$ |
135 |
$ |
609 |
$ |
80 |
||||||||
Boardwalk Pipelines |
47 |
34 |
132 |
99 |
||||||||||||
Loews Hotels & Co |
(21 |
) |
(72 |
) |
(64 |
) |
(97 |
) |
||||||||
Corporate |
398 |
(908 |
) |
338 |
(1,073 |
) |
||||||||||
Diamond Offshore |
(24 |
) |
(476 |
) |
||||||||||||
Net income (loss) attributable to Loews Corporation |
$ |
754 |
$ |
(835 |
) |
$ |
1,015 |
$ |
(1,467 |
) |
||||||
Basic net income (loss) per share |
$ |
2.87 |
$ |
(2.96 |
) |
$ |
3.83 |
$ |
(5.16 |
) |
||||||
Diluted net income (loss) per share |
$ |
2.86 |
$ |
(2.96 |
) |
$ |
3.82 |
$ |
(5.16 |
) |
||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Revenues: |
||||||||||||||||
Insurance premiums |
$ |
2,035 |
$ |
1,850 |
$ |
3,997 |
$ |
3,719 |
||||||||
Net investment income |
591 |
534 |
1,095 |
863 |
||||||||||||
Investment gains (losses) |
38 |
69 |
95 |
(147 |
) |
|||||||||||
Non-insurance warranty revenue |
359 |
308 |
697 |
609 |
||||||||||||
Other revenues |
6 |
5 |
11 |
13 |
||||||||||||
Total |
3,029 |
2,766 |
5,895 |
5,057 |
||||||||||||
Expenses: |
||||||||||||||||
Insurance claims and policyholders’ benefits |
1,546 |
1,642 |
3,052 |
3,067 |
||||||||||||
Amortization of deferred acquisition costs |
357 |
342 |
716 |
686 |
||||||||||||
Non-insurance warranty expense |
332 |
285 |
643 |
566 |
||||||||||||
Other operating expenses |
302 |
283 |
587 |
583 |
||||||||||||
Interest |
29 |
31 |
57 |
62 |
||||||||||||
Total |
2,566 |
2,583 |
5,055 |
4,964 |
||||||||||||
Income before income tax |
463 |
183 |
840 |
93 |
||||||||||||
Income tax expense |
(94 |
) |
(32 |
) |
(160 |
) |
(4 |
) |
||||||||
Net income |
369 |
151 |
680 |
89 |
||||||||||||
Amounts attributable to noncontrolling interests |
(39 |
) |
(16 |
) |
(71 |
) |
(9 |
) |
||||||||
Net income attributable to Loews Corporation |
$ |
330 |
$ |
135 |
$ |
609 |
$ |
80 |
||||||||
Three Months Ended June 30, 2021 |
Specialty |
Commercial |
International |
Total |
||||||||||||
(In millions, except %) |
||||||||||||||||
Gross written premiums |
$ |
1,903 |
$ |
1,161 |
$ |
339 |
$ |
3,403 |
||||||||
Gross written premiums excluding third party captives |
897 |
1,060 |
339 |
2,296 |
||||||||||||
Net written premiums |
786 |
831 |
292 |
1,909 |
||||||||||||
Net earned premiums |
762 |
881 |
266 |
1,909 |
||||||||||||
Net investment income |
134 |
174 |
14 |
322 |
||||||||||||
Core income |
188 |
137 |
26 |
351 |
||||||||||||
Other performance metrics: |
||||||||||||||||
Loss ratio excluding catastrophes and development |
59.0 |
% |
60.1 |
% |
59.0 |
% |
59.5 |
% |
||||||||
Effect of catastrophe impacts |
5.8 |
0.8 |
2.8 |
|||||||||||||
Effect of development-related items |
(1.3 |
) |
0.8 |
(0.3 |
) |
(0.2 |
) |
|||||||||
Loss ratio |
57.7 |
% |
66.7 |
% |
59.5 |
% |
62.1 |
% |
||||||||
Expense ratio |
30.0 |
32.3 |
33.5 |
31.6 |
||||||||||||
Dividend ratio |
0.2 |
0.6 |
0.3 |
|||||||||||||
Combined ratio |
87.9 |
% |
99.6 |
% |
93.0 |
% |
94.0 |
% |
||||||||
Combined ratio excluding catastrophes and development |
89.2 |
% |
93.0 |
% |
92.5 |
% |
91.4 |
% |
||||||||
Rate |
11 |
% |
8 |
% |
13 |
% |
10 |
% |
||||||||
Renewal premium change |
10 |
10 |
14 |
10 |
||||||||||||
Retention |
85 |
81 |
77 |
81 |
||||||||||||
New business |
$ |
121 |
$ |
201 |
$ |
71 |
$ |
393 |
||||||||
Three Months Ended June 30, 2020 |
||||||||||||||||
Gross written premiums |
$ |
1,762 |
$ |
1,126 |
$ |
277 |
$ |
3,165 |
||||||||
Gross written premiums excluding third party captives |
811 |
1,044 |
277 |
2,132 |
||||||||||||
Net written premiums |
742 |
949 |
239 |
1,930 |
||||||||||||
Net earned premiums |
705 |
795 |
224 |
1,724 |
||||||||||||
Net investment income |
133 |
161 |
14 |
308 |
||||||||||||
Core income (loss) |
90 |
49 |
(14 |
) |
125 |
|||||||||||
Other performance metrics: |
||||||||||||||||
Loss ratio excluding catastrophes and development |
59.9 |
% |
58.7 |
% |
59.9 |
% |
59.3 |
% |
||||||||
Effect of catastrophe impacts |
15.0 |
19.0 |
19.9 |
17.5 |
||||||||||||
Effect of development-related items |
(2.9 |
) |
(0.3 |
) |
(1.2 |
) |
(1.5 |
) |
||||||||
Loss ratio |
72.0 |
% |
77.4 |
% |
78.6 |
% |
75.3 |
% |
||||||||
Expense ratio |
32.0 |
33.9 |
36.7 |
33.6 |
||||||||||||
Dividend ratio |
0.2 |
0.6 |
0.3 |
|||||||||||||
Combined ratio |
104.2 |
% |
111.9 |
% |
115.3 |
% |
109.2 |
% |
||||||||
Combined ratio excluding catastrophes and development |
92.1 |
% |
93.2 |
% |
96.6 |
% |
93.2 |
% |
||||||||
Rate |
12 |
% |
10 |
% |
15 |
% |
11 |
% |
||||||||
Renewal premium change |
13 |
9 |
10 |
11 |
||||||||||||
Retention |
86 |
84 |
74 |
83 |
||||||||||||
New business |
$ |
96 |
$ |
198 |
$ |
62 |
$ |
356 |
||||||||
Six Months Ended June 30, 2021 |
Specialty |
Commercial |
International |
Total |
||||||||||||
(In millions, except %) |
||||||||||||||||
Gross written premiums |
$ |
3,697 |
$ |
2,274 |
$ |
682 |
$ |
6,653 |
||||||||
Gross written premiums excluding third party captives |
1,713 |
2,171 |
682 |
4,566 |
||||||||||||
Net written premiums |
1,528 |
1,791 |
527 |
3,846 |
||||||||||||
Net earned premiums |
1,497 |
1,736 |
518 |
3,751 |
||||||||||||
Net investment income |
251 |
322 |
28 |
601 |
||||||||||||
Core income |
358 |
206 |
50 |
614 |
||||||||||||
Other performance metrics: |
||||||||||||||||
Loss ratio excluding catastrophes and development |
59.2 |
% |
60.4 |
% |
59.3 |
% |
59.8 |
% |
||||||||
Effect of catastrophe impacts |
0.3 |
9.6 |
1.4 |
4.7 |
||||||||||||
Effect of development-related items |
(1.6 |
) |
0.7 |
(0.2 |
) |
(0.3 |
) |
|||||||||
Loss ratio |
57.9 |
% |
70.7 |
% |
60.5 |
% |
64.2 |
% |
||||||||
Expense ratio |
30.2 |
31.8 |
33.9 |
31.5 |
||||||||||||
Dividend ratio |
0.2 |
0.6 |
0.3 |
|||||||||||||
Combined ratio |
88.3 |
% |
103.1 |
% |
94.4 |
% |
96.0 |
% |
||||||||
Combined ratio excluding catastrophes and development |
89.6 |
% |
92.8 |
% |
93.2 |
% |
91.6 |
% |
||||||||
Rate |
11 |
% |
9 |
% |
13 |
% |
10 |
% |
||||||||
Renewal premium change |
10 |
9 |
13 |
10 |
||||||||||||
Retention |
86 |
82 |
75 |
82 |
||||||||||||
New business |
$ |
224 |
$ |
412 |
$ |
150 |
$ |
786 |
||||||||
Six Months Ended June 30, 2020 |
||||||||||||||||
Gross written premiums |
$ |
3,476 |
$ |
2,188 |
$ |
584 |
$ |
6,248 |
||||||||
Gross written premiums excluding third party captives |
1,552 |
2,103 |
584 |
4,239 |
||||||||||||
Net written premiums |
1,436 |
1,899 |
458 |
3,793 |
||||||||||||
Net earned premiums |
1,390 |
1,613 |
463 |
3,466 |
||||||||||||
Net investment income |
189 |
203 |
29 |
421 |
||||||||||||
Core income (loss) |
186 |
72 |
(12 |
) |
246 |
|||||||||||
Other performance metrics: |
||||||||||||||||
Loss ratio excluding catastrophes and development |
59.7 |
% |
59.7 |
% |
60.1 |
% |
59.8 |
% |
||||||||
Effect of catastrophe impacts |
8.2 |
12.8 |
11.9 |
10.9 |
||||||||||||
Effect of development-related items |
(2.3 |
) |
(0.1 |
) |
(0.7 |
) |
(1.1 |
) |
||||||||
Loss ratio |
65.6 |
% |
72.4 |
% |
71.3 |
% |
69.6 |
% |
||||||||
Expense ratio |
32.1 |
33.6 |
36.1 |
33.2 |
||||||||||||
Dividend ratio |
0.2 |
0.6 |
0.4 |
|||||||||||||
Combined ratio |
97.9 |
% |
106.6 |
% |
107.4 |
% |
103.2 |
% |
||||||||
Combined ratio excluding catastrophes and development |
92.0 |
% |
93.9 |
% |
96.2 |
% |
93.4 |
% |
||||||||
Rate |
11 |
% |
9 |
% |
12 |
% |
10 |
% |
||||||||
Renewal premium change |
12 |
9 |
9 |
10 |
||||||||||||
Retention |
85 |
85 |
72 |
82 |
||||||||||||
New business |
$ |
170 |
$ |
396 |
$ |
130 |
$ |
696 |
||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Net earned premiums |
$ |
126 |
$ |
126 |
$ |
246 |
$ |
253 |
||||||||
Net investment income |
269 |
226 |
494 |
442 |
||||||||||||
Core loss |
(10 |
) |
(26 |
) |
(10 |
) |
(39 |
) |
||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Core income (loss): |
||||||||||||||||
Property & Casualty Operations |
$ |
351 |
$ |
125 |
$ |
614 |
$ |
246 |
||||||||
Other Insurance Operations |
(10 |
) |
(26 |
) |
(10 |
) |
(39 |
) |
||||||||
Total core income |
341 |
99 |
604 |
207 |
||||||||||||
Investment gains (losses) |
27 |
53 |
76 |
(117 |
) |
|||||||||||
Consolidating adjustments including noncontrolling interests |
(38 |
) |
(17 |
) |
(71 |
) |
(10 |
) |
||||||||
Net income attributable to Loews Corporation |
$ |
330 |
$ |
135 |
$ |
609 |
$ |
80 |
||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Revenues: |
||||||||||||||||
Operating revenues and other |
$ |
312 |
$ |
296 |
$ |
684 |
$ |
637 |
||||||||
Total |
312 |
296 |
684 |
637 |
||||||||||||
Expenses: |
||||||||||||||||
Operating and other |
209 |
210 |
426 |
421 |
||||||||||||
Interest |
40 |
41 |
81 |
83 |
||||||||||||
Total |
249 |
251 |
507 |
504 |
||||||||||||
Income before income tax |
63 |
45 |
177 |
133 |
||||||||||||
Income tax expense |
(16 |
) |
(11 |
) |
(45 |
) |
(34 |
) |
||||||||
Net income attributable to Loews Corporation |
$ |
47 |
$ |
34 |
$ |
132 |
$ |
99 |
||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Revenues: |
||||||||||||||||
Operating revenue |
$ |
76 |
$ |
9 |
$ |
115 |
$ |
118 |
||||||||
Gain on sale of hotel |
13 |
13 |
||||||||||||||
Revenues related to reimbursable expenses |
22 |
12 |
40 |
45 |
||||||||||||
Total |
98 |
34 |
155 |
176 |
||||||||||||
Expenses: |
||||||||||||||||
Operating and other: |
||||||||||||||||
Operating |
80 |
50 |
138 |
166 |
||||||||||||
Asset impairments |
20 |
20 |
||||||||||||||
Reimbursable expenses |
22 |
12 |
40 |
45 |
||||||||||||
Depreciation |
16 |
16 |
32 |
30 |
||||||||||||
Equity (income) loss from joint ventures |
(3 |
) |
25 |
9 |
29 |
|||||||||||
Interest |
9 |
8 |
17 |
16 |
||||||||||||
Total |
124 |
131 |
236 |
306 |
||||||||||||
Loss before income tax |
(26 |
) |
(97 |
) |
(81 |
) |
(130 |
) |
||||||||
Income tax benefit |
5 |
25 |
17 |
33 |
||||||||||||
Net loss attributable to Loews Corporation |
$ |
(21 |
) |
$ |
(72 |
) |
$ |
(64 |
) |
$ |
(97 |
) |
||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Revenues: |
||||||||||||||||
Net investment income (loss) |
$ |
24 |
$ |
110 |
$ |
70 |
$ |
(56 |
) |
|||||||
Investment gains (losses) |
540 |
(1,211 |
) |
540 |
(1,211 |
) |
||||||||||
Operating revenues and other |
244 |
281 |
501 |
|||||||||||||
Total |
564 |
(857 |
) |
891 |
(766 |
) |
||||||||||
Expenses: |
||||||||||||||||
Operating and other |
30 |
260 |
338 |
528 |
||||||||||||
Interest |
22 |
32 |
70 |
63 |
||||||||||||
Total |
52 |
292 |
408 |
591 |
||||||||||||
Income (loss) before income tax |
512 |
(1,149 |
) |
483 |
(1,357 |
) |
||||||||||
Income tax (expense) benefit |
(114 |
) |
241 |
(145 |
) |
284 |
||||||||||
Net income (loss) attributable to Loews Corporation |
$ |
398 |
$ |
(908 |
) |
$ |
338 |
$ |
(1,073 |
) |
||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Fixed income securities: |
||||||||||||||||
Taxable fixed income securities |
$ |
356 |
$ |
360 |
$ |
715 |
$ |
731 |
||||||||
Tax-exempt fixed income securities |
79 |
80 |
159 |
158 |
||||||||||||
Total fixed income securities |
435 |
440 |
874 |
889 |
||||||||||||
Limited partnership and common stock investments |
156 |
84 |
217 |
(41 |
) |
|||||||||||
Other, net of investment expense |
10 |
4 |
15 |
|||||||||||||
Net investment income |
$ |
591 |
$ |
534 |
$ |
1,095 |
$ |
863 |
||||||||
Effective income yield for the fixed income securities portfolio |
4.3 |
% |
4.6 |
% |
4.4 |
% |
4.6 |
% |
||||||||
Limited partnership and common stock return |
8.3 |
% |
5.0 |
% |
12.1 |
% |
(2.3 |
)% |
||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
June 30, |
June 30, |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In millions) |
||||||||||||||||
Investment gains (losses): |
||||||||||||||||
Fixed maturity securities: |
||||||||||||||||
Corporate and other bonds |
$ |
43 |
$ |
(40 |
) |
$ |
79 |
$ |
(119 |
) |
||||||
States, municipalities and political subdivisions |
33 |
(1 |
) |
33 |
||||||||||||
Asset-backed |
(12 |
) |
24 |
(9 |
) |
28 |
||||||||||
Total fixed maturity securities |
31 |
17 |
69 |
(58 |
) |
|||||||||||
Non-redeemable preferred stock |
17 |
63 |
19 |
(70 |
) |
|||||||||||
Short term and other |
(10 |
) |
(11 |
) |
7 |
(19 |
) |
|||||||||
Total investment gains (losses) |
38 |
69 |
95 |
(147 |
) |
|||||||||||
Income tax (expense) benefit |
(11 |
) |
(16 |
) |
(19 |
) |
30 |
|||||||||
Amounts attributable to noncontrolling interests |
(3 |
) |
(6 |
) |
(8 |
) |
12 |
|||||||||
Investment gains (losses) attributable to Loews Corporation |
$ |
24 |
$ |
47 |
$ |
68 |
$ |
(105 |
) |
|||||||
June 30, 2021 |
December 31, 2020 |
|||||||||||||||
Net |
Net |
|||||||||||||||
Unrealized |
Unrealized |
|||||||||||||||
Estimated |
Gains |
Estimated |
Gains |
|||||||||||||
Fair Value |
(Losses) |
Fair Value |
(Losses) |
|||||||||||||
(In millions) |
||||||||||||||||
U.S. Government, Government agencies and Government-sponsored enterprises |
$ |
3,162 |
$ |
59 |
$ |
3,672 |
$ |
117 |
||||||||
AAA |
3,866 |
408 |
3,627 |
454 |
||||||||||||
AA |
7,458 |
920 |
7,159 |
1,012 |
||||||||||||
A |
9,440 |
1,219 |
9,543 |
1,390 |
||||||||||||
BBB |
18,558 |
2,376 |
18,007 |
2,596 |
||||||||||||
Non-investment grade |
2,426 |
147 |
2,623 |
149 |
||||||||||||
Total |
$ |
44,910 |
$ |
5,129 |
$ |
44,631 |
$ |
5,718 |
||||||||
Gross |
||||||||
Estimated |
Unrealized |
|||||||
June 30, 2021 |
Fair Value |
Losses |
||||||
(In millions) |
||||||||
U.S. Government, Government agencies and Government-sponsored enterprises |
$ |
937 |
$ |
15 |
||||
AAA |
171 |
1 |
||||||
AA |
291 |
6 |
||||||
A |
726 |
14 |
||||||
BBB |
685 |
22 |
||||||
Non-investment grade |
327 |
12 |
||||||
Total |
$ |
3,137 |
$ |
70 |
||||
Gross |
||||||||
Estimated |
Unrealized |
|||||||
June 30, 2021 |
Fair Value |
Losses |
||||||
(In millions) |
||||||||
Due in one year or less |
$ |
151 |
$ |
5 |
||||
Due after one year through five years |
515 |
17 |
||||||
Due after five years through ten years |
1,800 |
30 |
||||||
Due after ten years |
671 |
18 |
||||||
Total |
$ |
3,137 |
$ |
70 |
||||
June 30, 2021 |
December 31, 2020 |
||||||
Estimated Fair Value |
Effective Duration (Years) |
Estimated Fair Value |
Effective Duration (Years) |
||||
(In millions of dollars) |
|||||||
Investments supporting Other Insurance Operations |
$ |
18,551 |
9.3 |
$ |
18,518 |
9.2 |
|
Other investments |
28,540 |
4.9 |
28,839 |
4.5 |
|||
Total |
$ |
47,091 |
6.6 |
$ |
47,357 |
6.3 |
|
June 30, |
December 31, |
|||||||
2021 |
2020 |
|||||||
(In millions) |
||||||||
Short term investments: |
||||||||
U.S. Treasury securities |
$ |
1,228 |
$ |
1,702 |
||||
Other |
237 |
205 |
||||||
Total short term investments |
$ |
1,465 |
$ |
1,907 |
||||
Period |
(a) Total number of shares purchased |
(b) Average price paid per share |
(c) Total number of shares purchased as part of publicly announced plans or programs |
(d) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs (in millions) |
||||||||||||
April 1, 2021 - |
||||||||||||||||
April 30, 2021 |
599,068 |
$ |
52.99 |
N/A |
N/A |
|||||||||||
May 1, 2021 - |
||||||||||||||||
May 31, 2021 |
949,200 |
58.00 |
N/A |
N/A |
||||||||||||
June 1, 2021 - |
||||||||||||||||
June 30, 2021 |
2,396,240 |
55.36 |
N/A |
N/A |
||||||||||||
Exhibit |
|
Description of Exhibit |
Number |
Certification by the Chief Executive Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a) |
31.1* |
Certification by the Chief Financial Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a) |
31.2* |
Certification by the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002) |
32.1* |
Certification by the Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002) |
32.2* |
XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
101.INS * |
Inline XBRL Taxonomy Extension Schema |
101.SCH * |
Inline XBRL Taxonomy Extension Calculation Linkbase |
101.CAL * |
Inline XBRL Taxonomy Extension Definition Linkbase |
101.DEF * |
Inline XBRL Taxonomy Label Linkbase |
101.LAB * |
Inline XBRL Taxonomy Extension Presentation Linkbase |
101.PRE * |
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |
104* |
LOEWS CORPORATION |
||
(Registrant) |
||
Dated: August 2, 2021 |
By: |
/s/ David B. Edelson |
DAVID B. EDELSON |
||
Senior Vice President and |
||
Chief Financial Officer |
||
(Duly authorized officer |
||
and principal financial |
||
officer) |
||
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material
information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Dated: August 2, 2021
|
By:
|
/s/ James S. Tisch
|
|
JAMES S. TISCH
|
||
|
Chief Executive Officer
|
|
(a)
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information
relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
|
(b)
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability
of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
|
(c)
|
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end
of the period covered by this report based on such evaluation; and
|
|
(d)
|
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the
case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
|
(a)
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record,
process, summarize and report financial information; and
|
|
(b)
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
|
Dated: August 2, 2021
|
By:
|
/s/ David B. Edelson
|
|
DAVID B. EDELSON
|
||
|
Chief Financial Officer
|
|
Dated: August 2, 2021
|
By:
|
/s/ James S. Tisch
|
|
JAMES S. TISCH
|
||
|
Chief Executive Officer
|
|
Dated: August 2, 2021
|
By:
|
/s/ David B. Edelson
|
|
DAVID B. EDELSON
|
||
|
Chief Financial Officer
|
CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Investments: | ||
| Fixed maturities, amortized cost | $ 39,826 | $ 38,963 |
| Fixed maturities, amortized cost, allowance for credit loss | 45 | 40 |
| Equity securities, cost | 1,496 | 1,456 |
| Other invested assets, primarily mortgage loans, allowance for credit loss | $ 26 | $ 26 |
| Liabilities and Equity: | ||
| Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
| Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
| Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
| Common stock, shares authorized (in shares) | 1,800,000,000 | 1,800,000,000 |
| Common stock, shares issued (in shares) | 269,514,991 | 269,360,973 |
| Treasury stock, shares (in shares) | 9,652,672 | 150,000 |
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
| Revenues: | ||||||
| Insurance premiums | $ 2,035 | $ 1,850 | $ 3,997 | $ 3,719 | ||
| Net investment income | 616 | 644 | 1,166 | 807 | ||
| Investment gains (losses) (Note 2) | [1] | 578 | (1,142) | 635 | (1,358) | |
| Non-insurance warranty revenue | 359 | 308 | 697 | 609 | ||
| Operating revenues and other | 415 | 650 | 1,130 | 1,632 | ||
| Total | 4,003 | 2,310 | 7,625 | 5,409 | ||
| Expenses: | ||||||
| Insurance claims and policyholders' benefits | 1,546 | 1,642 | 3,052 | 3,067 | ||
| Amortization of deferred acquisition costs | 357 | 342 | 716 | 686 | ||
| Non-insurance warranty expense | 332 | 285 | 643 | 566 | ||
| Operating expenses and other | 656 | 992 | 1,570 | 3,018 | ||
| Interest | 100 | 123 | 225 | 267 | ||
| Total | 2,991 | 3,384 | 6,206 | 7,604 | ||
| Income (loss) before income tax | 1,012 | (1,074) | 1,419 | (2,195) | ||
| Income tax (expense) benefit | (219) | 228 | (333) | 305 | ||
| Net income (loss) | 793 | (846) | 1,086 | (1,890) | ||
| Amounts attributable to noncontrolling interests | (39) | 11 | (71) | 423 | ||
| Net income (loss) attributable to Loews Corporation | $ 754 | $ (835) | $ 1,015 | $ (1,467) | ||
| Basic net income (loss) per share (in dollars per share) | $ 2.87 | $ (2.96) | $ 3.83 | $ (5.16) | ||
| Diluted net income (loss) per share (in dollars per share) | $ 2.86 | $ (2.96) | $ 3.82 | $ (5.16) | ||
| Weighted average shares outstanding: | ||||||
| Shares of common stock (in shares) | 262,760 | 281,480 | 265,060 | 284,260 | ||
| Dilutive potential shares of common stock (in shares) | 580 | 490 | ||||
| Total weighted average shares outstanding assuming dilution (in shares) | 263,340 | 281,480 | 265,550 | 284,260 | ||
| ||||||
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ||||
| Net income (loss) | $ 793 | $ (846) | $ 1,086 | $ (1,890) |
| Other comprehensive income (loss), after tax | ||||
| Net unrealized gains (losses) on investments with an allowance for credit losses | 2 | (9) | ||
| Net unrealized gains (losses) on other investments | 300 | 1,191 | (327) | 147 |
| Total unrealized gains (losses) on investments | 300 | 1,193 | (327) | 138 |
| Unrealized gains (losses) on cash flow hedges | 8 | 12 | (19) | |
| Pension and postretirement benefits | 7 | 6 | 16 | 20 |
| Foreign currency translation | 11 | 29 | 14 | (55) |
| Other comprehensive income (loss) | 326 | 1,228 | (285) | 84 |
| Comprehensive income (loss) | 1,119 | 382 | 801 | (1,806) |
| Amounts attributable to noncontrolling interests | (72) | (119) | (40) | 412 |
| Total comprehensive income (loss) attributable to Loews Corporation | $ 1,047 | $ 263 | $ 761 | $ (1,394) |
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY - USD ($) $ in Millions |
Total |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Accumulated Other Comprehensive Income (Loss) [Member] |
Common Stock Held in Treasury [Member] |
Noncontrolling Interests [Member] |
Cumulative Effect, Period of Adoption, Adjustment [Member] |
Cumulative Effect, Period of Adoption, Adjustment [Member]
Retained Earnings [Member]
|
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] |
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Common Stock [Member]
|
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Additional Paid-in Capital [Member]
|
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Retained Earnings [Member]
|
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Accumulated Other Comprehensive Income (Loss) [Member]
|
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Common Stock Held in Treasury [Member]
|
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
Noncontrolling Interests [Member]
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Balance at Dec. 31, 2019 | $ 21,930 | $ 3 | $ 3,374 | $ 15,823 | $ (68) | $ (13) | $ 2,811 | $ (5) | $ (5) | $ 21,925 | $ 3 | $ 3,374 | $ 15,818 | $ (68) | $ (13) | $ 2,811 |
| Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||||||||
| Net income (loss) | (1,890) | (1,467) | (423) | |||||||||||||
| Other comprehensive income (loss) | 84 | 73 | 11 | |||||||||||||
| Dividends paid per share | (114) | (36) | ||||||||||||||
| Dividends paid per share | (78) | |||||||||||||||
| Deconsolidation of Diamond Offshore | (1,087) | (1,087) | ||||||||||||||
| Purchases of Loews Corporation treasury stock | (478) | (478) | ||||||||||||||
| Purchases of subsidiary stock from non-controlling interests | (37) | 5 | (42) | |||||||||||||
| Stock-based compensation | 9 | (9) | 18 | |||||||||||||
| Other | 1 | 1 | 1 | (1) | ||||||||||||
| Balance at Jun. 30, 2020 | 18,413 | 3 | 3,371 | 14,316 | 5 | (491) | 1,209 | |||||||||
| Balance at Mar. 31, 2020 | 19,178 | 3 | 3,347 | 15,167 | (1,093) | (458) | 2,212 | |||||||||
| Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||||||||
| Net income (loss) | (846) | (835) | (11) | |||||||||||||
| Other comprehensive income (loss) | 1,228 | 1,098 | 130 | |||||||||||||
| Dividends paid per share | (27) | (18) | ||||||||||||||
| Dividends paid per share | (9) | |||||||||||||||
| Deconsolidation of Diamond Offshore | (1,087) | (1,087) | ||||||||||||||
| Purchases of Loews Corporation treasury stock | (33) | (33) | ||||||||||||||
| Purchases of subsidiary stock from non-controlling interests | (19) | 5 | (24) | |||||||||||||
| Stock-based compensation | 13 | 13 | ||||||||||||||
| Other | 6 | 6 | 2 | (2) | ||||||||||||
| Balance at Jun. 30, 2020 | 18,413 | 3 | 3,371 | 14,316 | 5 | (491) | 1,209 | |||||||||
| Balance at Dec. 31, 2020 | 19,181 | 3 | 3,133 | 14,150 | 581 | (7) | 1,321 | |||||||||
| Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||||||||
| Net income (loss) | 1,086 | 1,015 | 71 | |||||||||||||
| Other comprehensive income (loss) | (285) | (254) | (31) | |||||||||||||
| Dividends paid per share | (76) | (33) | ||||||||||||||
| Dividends paid per share | (43) | |||||||||||||||
| Purchases of Loews Corporation treasury stock | (493) | (493) | ||||||||||||||
| Purchases of subsidiary stock from non-controlling interests | (18) | (18) | ||||||||||||||
| Stock-based compensation | 7 | (9) | 16 | |||||||||||||
| Other | (4) | (3) | (1) | |||||||||||||
| Balance at Jun. 30, 2021 | 19,398 | 3 | 3,121 | 15,132 | 327 | (500) | 1,315 | |||||||||
| Balance at Mar. 31, 2021 | 18,537 | 3 | 3,119 | 14,394 | 34 | (280) | 1,267 | |||||||||
| Increase (Decrease) in Shareholders' Equity [Roll Forward] | ||||||||||||||||
| Net income (loss) | 793 | 754 | 39 | |||||||||||||
| Other comprehensive income (loss) | 326 | 293 | 33 | |||||||||||||
| Dividends paid per share | (27) | (16) | ||||||||||||||
| Dividends paid per share | (11) | |||||||||||||||
| Purchases of Loews Corporation treasury stock | (219) | (219) | ||||||||||||||
| Purchases of subsidiary stock from non-controlling interests | (15) | (15) | ||||||||||||||
| Stock-based compensation | 3 | 2 | 1 | |||||||||||||
| Other | 0 | (1) | 1 | |||||||||||||
| Balance at Jun. 30, 2021 | $ 19,398 | $ 3 | $ 3,121 | $ 15,132 | $ 327 | $ (500) | $ 1,315 |
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| CONSOLIDATED CONDENSED STATEMENTS OF EQUITY [Abstract] | ||||
| Dividends paid per share (in dollars per share) | $ 0.0625 | $ 0.0625 | $ 0.125 | $ 0.125 |
Basis of Presentation |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Basis of Presentation [Abstract] | |
| Basis of Presentation |
1. Basis of Presentation
Loews Corporation is a holding company. Its consolidated subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an 89.6% 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, the term “Company” as used herein means Loews Corporation including its consolidated subsidiaries, the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.
On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging, previously a 99% owned subsidiary. See Note 2 for further discussion.
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 June 30, 2021 and December 31, 2020, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020. Net income (loss) for the second quarter and first half of each of the years is not necessarily indicative of net income (loss) for that 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, 2020.
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 six months ended June 30, 2021 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.
Recently issued ASUs – 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. The guidance requires entities to update annually cash flow assumptions, including morbidity and persistency, and update quarterly discount rate assumptions using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income (“OCI”). This guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The guidance may be applied using either a modified retrospective transition method or a full retrospective transition method. The guidance requires restatement of prior periods presented. The Company plans to adopt on the effective date, using the modified retrospective transition method and is currently evaluating the effect the updated guidance will have on its consolidated financial statements, including the increased disclosure requirements. The annual updating of cash flow assumptions is expected to increase income statement volatility. While the requirements of the new guidance represent a material change from existing accounting guidance, the underlying economics of the business and related cash flows will be unchanged.
|
Significant Transactions |
6 Months Ended |
|---|---|
Jun. 30, 2021 | |
| Significant Transactions [Abstract] | |
| Significant Transactions |
2. Significant Transactions
Altium Packaging
On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging to GIC, Singapore’s sovereign wealth fund for $420 million in cash consideration. Loews Corporation will share certain participating rights with GIC related to capital allocation and other decisions by Altium Packaging. Therefore, in accordance with Accounting Standards Codification (“ASC”) 810, “Consolidation,” Altium Packaging was deconsolidated from Loews Corporation’s consolidated financial statements effective as of April 1, 2021. Effective April 1, 2021, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with the investment reported in Other assets on the Consolidated Condensed Balance Sheets and equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations.
The transaction resulted in a gain of $555 million ($438 million after tax) for the three and six months ended June 30, 2021, which is recorded in Investment gains (losses) on the Consolidated Condensed Statement of Operations. Loews Corporation’s retained investment in Altium Packaging was recorded at an estimated fair value of $473 million. The difference between the fair value of Loews Corporation’s investment in Altium Packaging and Loews Corporation’s 53% share of the carrying value of Altium Packaging’s net assets was attributed to definite lived intangible assets and goodwill. The amortization of the amounts attributed to definite lived intangible assets will be recognized as a component of equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations. The assets and liabilities deconsolidated from the Consolidated Condensed Balance Sheets were property, plant and equipment of $490 million, goodwill of $436 million, intangible assets of $488 million, other assets of approximately $370 million, long term debt of $1.1 billion and other liabilities of approximately $380 million.
Diamond Offshore
As a result of the April 26, 2020 (“the Filing Date”) bankruptcy filing of Diamond Offshore Drilling, Inc. (“Diamond Offshore”) and certain of its subsidiaries and applicable accounting principles generally accepted in the United States of America (“GAAP”), Diamond Offshore was deconsolidated from Loews Corporation’s consolidated financial statements in the second quarter of 2020. Through the Filing Date, Diamond Offshore’s results were included in Loews Corporation’s consolidated financial statements and Loews Corporation recognized in its earnings its proportionate share of Diamond Offshore’s losses through such date. The deconsolidation resulted in the recognition of a loss of $1.2 billion ($957 million after tax) during the three and six months ended June 30, 2020, which is reported within Investment gains (losses) on the Consolidated Condensed Statements of Operations. During the first quarter of 2020, Diamond Offshore recorded an aggregate asset impairment charge of $774 million ($408 million after tax and noncontrolling interests), which is reported within Operating expenses and other on the Consolidated Condensed Statements of Operations. For additional information regarding the deconsolidation of Diamond Offshore and the Diamond Offshore asset impairments, see Notes 2 and 6 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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Investments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Investments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investments |
3. Investments
Net investment income is as follows:
Investment gains (losses) are as follows:
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $374 million, $371 million and $373 million as of June 30, 2021, December 31, 2020 and June 30, 2020 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.
The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:
There were $13 million of losses on mortgage loans recognized during the six months ended June 30, 2020 due to changes in expected credit losses. There were no losses recognized on mortgage loans during the three and six months ended June 30, 2021 or during the three months ended June 30, 2020.
The amortized cost and fair values of fixed maturity securities are as follows:
The net unrealized gains on available-for-sale investments included in the tables above are recorded as a component of Accumulated other comprehensive income (loss) (“AOCI”). When presented in AOCI, these amounts are net of tax and noncontrolling interests and any required Shadow Adjustments. To the extent that unrealized gains on fixed income securities supporting long term care products and structured settlements not funded by annuities would result in a premium deficiency if those gains were realized, a related increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (loss) (“Shadow Adjustments”). As of June 30, 2021 and December 31, 2020, the net unrealized gains on investments included in AOCI were correspondingly reduced by Shadow Adjustments of $2.4 billion and $2.5 billion (after tax and noncontrolling interests).
The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:
Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2021 securities in a gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are attributable to changes in interest rates, credit spreads and other factors. There is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded at June 30, 2021.
Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.
Derivative Financial Instruments
A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.
Investment Commitments
As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of June 30, 2021, commitments to purchase or fund were approximately $1.3 billion and to sell were approximately $95 million under the terms of these investments.
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Fair Value |
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| Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value |
4. Fair Value
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable:
Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, securities are priced using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted.
Control procedures are performed over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria and (iv) detailed analysis, where an independent analysis of the inputs and assumptions used to price individual securities is performed.
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2021 and 2020:
Net investment gains and losses are reported in Net income (loss) as follows:
Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume.
Valuation Methodologies and Inputs
The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified.
Fixed Maturity Securities
Level 1 securities include highly liquid government securities and exchange traded bonds valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation, and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable.
Equity Securities
Level 1 securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable.
Derivative Financial Instruments
Equity options are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Over-the-counter derivatives, principally interest rate swaps, currency forwards, total return swaps, commodity swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace.
Short Term and Other Invested Assets
Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds, treasury bills and exchange traded open-end funds valued using quoted market prices. Level 2 primarily includes commercial paper, for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented in the Consolidated Condensed Balance Sheets because certain short term investments, such as time deposits, are not measured at fair value.
Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.
Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.
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Claim and Claim Adjustment Expense Reserves |
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| Claim and Claim Adjustment Expense Reserves [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Claim and Claim Adjustment Expense Reserves |
5. Claim and Claim Adjustment Expense Reserves
Property and casualty insurance claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions and economic conditions, including inflation and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.
Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates.
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $54 million and $301 million for the three months ended June 30, 2021 and 2020 and $179 million and $376 million for the six months ended June 30, 2021 and 2020. Net catastrophe losses for the three and six months ended June 30, 2021 were related primarily to severe weather-related events. Net catastrophe losses for the three months ended June 30, 2020 included $182 million related to the coronavirus (“COVID-19”) pandemic, $61 million related to civil unrest and $58 million related primarily to severe weather-related events. Net catastrophe losses for the six months ended June 30, 2020 included $195 million related to the COVID-19 pandemic, $61 million related to civil unrest and $120 million related primarily to severe weather-related events.
Liability for Unpaid Claim and Claim Adjustment Expenses
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of other insurance operations.
Net Prior Year Development
Changes in estimates of claim and claim adjustment expense reserves net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable.
Favorable net prior year loss reserve development of $11 million and $28 million was recorded for commercial property and casualty operations (“Property & Casualty Operations”) for the three months ended June 30, 2021 and 2020 and favorable net prior year loss reserve development of $26 million and $43 million was recorded for the six months ended June 30, 2021 and 2020. Unfavorable net prior year loss reserve development of $40 million and $50 million was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”) for the three and six months ended June 30, 2021 and 2020.
The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:
Three Months
2021
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years.
Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction and middle market businesses in recent accident years.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Unfavorable development in other insurance operations was due to higher than expected emergence in mass tort exposures in older accident years primarily related to abuse.
2020
Unfavorable development in commercial auto was due to unfavorable claim severity in CNA’s middle market and construction businesses in accident years 2017 through 2019.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Unfavorable development in property and other was primarily due to higher than expected large loss activity in CNA’s middle market, national accounts and marine business units in accident year 2019.
Unfavorable development in other insurance operations was due to higher than expected emergence in mass tort exposures in older accident years primarily related to abuse.
Six Months
2021
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years.
Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction and middle market businesses in recent accident years.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Unfavorable development in other insurance operations was primarily due to higher than expected emergence in mass tort exposures in older accident years primarily related to abuse.
2020
Favorable development in surety was primarily due to lower than expected frequency for accident years 2017 and prior.
Unfavorable development in commercial auto was due to unfavorable claim severity in CNA’s middle market and construction businesses in accident years 2017 through 2019.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Unfavorable development in property and other was primarily due to higher than expected large loss activity in CNA’s middle market, national accounts and marine business units in accident year 2019.
Unfavorable development in other insurance operations was due to higher than expected emergence in mass tort exposures in older accident years primarily related to abuse.
Asbestos & Environmental Pollution (“A&EP”) Reserves
In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million were transferred to NICO, resulting in total consideration of $2.2 billion.
In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations.
The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $12 million and $20 million for the three months ended June 30, 2021 and 2020 and $22 million and $34 million for the six months ended June 30, 2021 and 2020. As of June 30, 2021 and December 31, 2020, the cumulative amounts ceded under the LPT were $3.3 billion. The unrecognized deferred retroactive reinsurance benefit was $376 million and $398 million as of June 30, 2021 and December 31, 2020 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.
NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $2.9 billion as of June 30, 2021. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the A&EP claims.
Excess Workers’ Compensation LPT
On February 5, 2021, CNA completed a transaction with Cavello Bay Reinsurance Limited (“Cavello”), a subsidiary of Enstar Group Limited, under which certain legacy excess workers’ compensation (“EWC”) liabilities were ceded to Cavello. Under the terms of the transaction, based on reserves in place as of January 1, 2020, approximately $690 million of net EWC claim and allocated claim adjustment expense reserves were ceded to Cavello under a loss portfolio transfer (“EWC LPT”) with an aggregate limit of $1.0 billion. Cavello was paid a reinsurance premium of $697 million, less claims paid between January 1, 2020 and the closing date of the agreement of $64 million. After transaction costs, a loss of approximately $11 million (after tax and noncontrolling interest) was recognized in Other Insurance Operations in the first quarter of 2021 related to the EWC LPT.
As of June 30, 2021, the cumulative amounts ceded under the EWC LPT were $690 million and the remaining amount available under the $1.0 billion aggregate limit was $310 million.
Cavello established a collateral trust account as security for its obligations, which will be maintained at 105% of outstanding reserves.
Credit Risk for Ceded Reserves
The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.
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Shareholders' Equity |
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| Shareholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity |
6. Shareholders’ Equity
Accumulated other comprehensive income (loss)
The tables below present the changes in AOCI by component for the three and six months ended June 30, 2020 and 2021:
Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:
Treasury Stock
Loews Corporation repurchased 9.5 million and 10.7 million shares of its common stock at an aggregate cost of $493 million and $478 million during the six months ended June 30, 2021 and 2020.
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Revenue from Contracts with Customers |
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| Revenue from Contracts with Customers |
7. Revenue from Contracts with Customers
Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 11:
Receivables from contracts with customers – As of June 30, 2021 and December 31, 2020, receivables from contracts with customers were approximately $106 million and $246 million and are included within Receivables on the Consolidated Condensed Balance Sheets.
Deferred revenue – As of June 30, 2021 and December 31, 2020, deferred revenue resulting from contracts with customers was approximately $4.4 billion and $4.1 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $624 million and $574 million of revenues recognized during the six months ended June 30, 2021 and 2020 were included in deferred revenue as of December 31, 2020 and 2019.
Performance obligations – As of June 30, 2021, approximately $13.3 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to transportation and storage of natural gas and natural gas liquids and hydrocarbons (“NGLs”) services and non-insurance warranty revenue. Approximately $1.2 billion will be recognized during the remaining six months of 2021, $2.2 billion in and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.
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Benefit Plans |
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| Benefit Plans |
8. Benefit Plans
The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees.
The following tables present the components of net periodic (benefit) cost for these plans:
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Legal Proceedings |
6 Months Ended |
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Jun. 30, 2021 | |
| Legal Proceedings [Abstract] | |
| Legal Proceedings |
9. Legal Proceedings
On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates.
On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018.
On September 28, 2018, the Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding. The Defendants filed a motion to dismiss, which was heard by the Court in July of 2019. In October of 2019, the Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021.
The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the Boardwalk Pipelines matter described above, will materially affect the Company’s results of operations or equity.
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Commitments and Contingencies |
6 Months Ended |
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Jun. 30, 2021 | |
| Commitments and Contingencies [Abstract] | |
| Commitments and Contingencies |
10. Commitments and Contingencies
CNA Data Breach-related Contingency
As previously disclosed, CNA sustained a sophisticated cybersecurity attack in March of 2021 involving ransomware. CNA’s investigation revealed that an unauthorized third party copied some personal information relating to certain current and former employees, contractor workers and their dependents and certain other persons, including some policyholders. In July of 2021, CNA provided notifications to the impacted individuals and to regulators, in accordance with applicable law. CNA may be subject to subsequent investigations, fines or penalties, as well as other legal claims and actions, related to the foregoing. The likelihood is reasonably possible, but the amount of such fines, penalties or costs, if any, cannot be estimated at this time.
Based on the information currently known, CNA does not believe that the March 2021 cybersecurity attack will have a material impact on its business, results of operations or financial condition, but no assurances can be given as it continues to assess the full impact from the incident, including costs, expenses and insurance coverage.
CNA Guarantees
CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of June 30, 2021, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.6 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.
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Segments |
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments |
11. 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. In the first quarter of 2020 Diamond Offshore was a reportable segment and was deconsolidated during the second quarter of 2020. The Corporate segment is primarily comprised of Loews Corporation excluding its subsidiaries, and the operations of Altium Packaging through March 31, 2021. On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging and as a result, Altium Packaging was deconsolidated from Loews Corporation’s consolidated financial results. Subsequent to deconsolidation, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with Equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations in the Corporate segment. For further discussion on the deconsolidations of Diamond Offshore and 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. For additional disclosures regarding the composition of Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.
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.
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Basis of Presentation (Policies) |
6 Months Ended |
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Jun. 30, 2021 | |
| Basis of Presentation [Abstract] | |
| Basis of Presentation |
Loews Corporation is a holding company. Its consolidated subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an 89.6% 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, the term “Company” as used herein means Loews Corporation including its consolidated subsidiaries, the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.
On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging, previously a 99% owned subsidiary. See Note 2 for further discussion.
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 June 30, 2021 and December 31, 2020, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020. Net income (loss) for the second quarter and first half of each of the years is not necessarily indicative of net income (loss) for that 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, 2020.
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| Income (Loss) per Share |
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 six months ended June 30, 2021 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.
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| Recently Issued ASUs |
Recently issued ASUs – 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. The guidance requires entities to update annually cash flow assumptions, including morbidity and persistency, and update quarterly discount rate assumptions using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income (“OCI”). This guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted. The guidance may be applied using either a modified retrospective transition method or a full retrospective transition method. The guidance requires restatement of prior periods presented. The Company plans to adopt on the effective date, using the modified retrospective transition method and is currently evaluating the effect the updated guidance will have on its consolidated financial statements, including the increased disclosure requirements. The annual updating of cash flow assumptions is expected to increase income statement volatility. While the requirements of the new guidance represent a material change from existing accounting guidance, the underlying economics of the business and related cash flows will be unchanged.
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Investments (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Investments [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Investment Income |
Net investment income is as follows:
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| Investment Gains (Losses) |
Investment gains (losses) are as follows:
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| Allowance for Credit Losses |
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $374 million, $371 million and $373 million as of June 30, 2021, December 31, 2020 and June 30, 2020 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.
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| Available-for-Sale Impairment Losses Recognized in Earnings |
The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:
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| Amortized Cost and Fair Values of Fixed Maturity Securities |
The amortized cost and fair values of fixed maturity securities are as follows:
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| Available-for-Sale Securities in Gross Unrealized Loss Position |
The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:
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| Available-for-Sale Fixed Maturity Securities by Contractual Maturity |
The following table presents available-for-sale fixed maturity securities by contractual maturity.
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| Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination |
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.
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| Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments |
A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.
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Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Assets and Liabilities Measured at Fair Value on Recurring Basis |
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
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| Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs |
The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2021 and 2020:
Net investment gains and losses are reported in Net income (loss) as follows:
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| Significant Unobservable Inputs |
The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.
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| Financial Assets and Liabilities Not Measured at Fair Value |
The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.
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Claim and Claim Adjustment Expense Reserves (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Claim and Claim Adjustment Expense Reserves [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Reconciliation of Claim and Claim Adjustment Expense Reserves |
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of other insurance operations.
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| Net Prior Year Loss Reserve Development in Property and Casualty Operations |
The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:
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Shareholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Accumulated Other Comprehensive Income (Loss) |
The tables below present the changes in AOCI by component for the three and six months ended June 30, 2020 and 2021:
Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:
|
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Revenue from Contracts with Customers (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenue from Contracts with Customers [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Revenues from Contracts with Customers Disaggregated of Revenue |
Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 11:
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Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Benefit Plans [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Components of Net Periodic Benefit |
The following tables present the components of net periodic (benefit) cost for these plans:
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Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Statements of Operations by Segment |
Statements of Operations by segment are presented in the following tables.
|
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Basis of Presentation (Details) - shares |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Apr. 01, 2021 |
Jun. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
|
| Stock-based Compensation Awards [Member] | ||||
| Basis of Presentation [Abstract] | ||||
| Antidilutive securities excluded from diluted EPS calculation (in shares) | 0 | 0 | ||
| CNA [Member] | ||||
| Basis of Presentation [Abstract] | ||||
| Subsidiary ownership percentage | 89.60% | 89.60% | ||
| Altium Packaging LLC [Member] | ||||
| Basis of Presentation [Abstract] | ||||
| Subsidiary ownership percentage | 99.00% | |||
| Percentage interest of subsidiary sold | 47.00% |
Significant Transactions (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Apr. 01, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Altium Packaging LLC [Member] | Sale of Interest [Member] | ||||||
| Significant Transactions [Abstract] | ||||||
| Percentage interest of subsidiary sold | 47.00% | |||||
| Cash consideration from sale of interest in subsidiary | $ 420 | $ 420 | ||||
| Pretax gain from sale of interest in subsidiary | 555 | 555 | ||||
| After tax gain from sale of interest in subsidiary | 438 | 438 | ||||
| Investment at fair value | $ 473 | $ 473 | ||||
| Subsidiary ownership percentage | 53.00% | 53.00% | ||||
| Property, plant and equipment | $ 490 | $ 490 | ||||
| Goodwill | 436 | 436 | ||||
| Intangible assets | 488 | 488 | ||||
| Other assets | 370 | 370 | ||||
| Long term debt | 1,100 | 1,100 | ||||
| Other liabilities | $ 380 | $ 380 | ||||
| Diamond Offshore [Member] | ||||||
| Significant Transactions [Abstract] | ||||||
| Deconsolidation loss | $ 1,200 | $ 1,200 | ||||
| Deconsolidation loss, after tax | $ 957 | $ 957 | ||||
| Pretax asset impairment charge | $ 774 | |||||
| Asset impairment charge, after tax and noncontrolling interests | $ 408 | |||||
Investments, Investment Gains (Losses) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||
|---|---|---|---|---|---|---|---|
Apr. 01, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
| Investment Gains (Losses) [Abstract] | |||||||
| Investment gains (losses) | [1] | $ 578 | $ (1,142) | $ 635 | $ (1,358) | ||
| Gross investment gains on available-for-sale securities | 51 | 102 | 109 | 131 | |||
| Gross investment losses on available-for-sale securities | 20 | 85 | 40 | 189 | |||
| Fixed Maturity Securities [Member] | |||||||
| Investment Gains (Losses) [Abstract] | |||||||
| Investment gains (losses) | 31 | 17 | 69 | (58) | |||
| Equity Securities [Member] | |||||||
| Investment Gains (Losses) [Abstract] | |||||||
| Investment gains (losses) | 17 | 63 | 19 | (70) | |||
| Derivative Instruments [Member] | |||||||
| Investment Gains (Losses) [Abstract] | |||||||
| Investment gains (losses) | (12) | (10) | 5 | (5) | |||
| Short Term Investments and Other [Member] | |||||||
| Investment Gains (Losses) [Abstract] | |||||||
| Investment gains (losses) | 2 | (1) | 2 | (14) | |||
| Altium Packaging [Member] | Sale of Interest [Member] | |||||||
| Investment Gains (Losses) [Abstract] | |||||||
| Investment gains (losses) | 555 | 555 | |||||
| Percentage interest of subsidiary sold | 47.00% | ||||||
| Diamond Offshore [Member] | |||||||
| Investment Gains (Losses) [Abstract] | |||||||
| Investment gains (losses) | (15) | (1,211) | (15) | (1,211) | |||
| Nonredeemable Preferred Stock [Member] | |||||||
| Investment Gains (Losses) [Abstract] | |||||||
| Recognized gains (losses) on securities | $ 15 | $ 63 | $ 15 | $ (70) | |||
| |||||||
Investments, Allowance for Credit Losses (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|
| Investments [Abstract] | |||||
| Accrued interest receivables on available-for-sale fixed maturity securities | $ 374 | $ 373 | $ 374 | $ 373 | $ 371 |
| Allowance for Credit Losses [Roll Forward] | |||||
| Beginning balance | 43 | 49 | 40 | 0 | |
| Additions to allowance for securities for which credit losses were not previously recorded | 22 | 14 | 70 | ||
| Additions to allowance for available-for-sale securities accounted for as PCD assets | 4 | 1 | 6 | 2 | |
| Reductions for securities sold during the period (realized) | 1 | 6 | 6 | ||
| Reductions for intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | 1 | ||||
| Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period | (2) | (20) | (9) | (20) | |
| Total allowance for credit losses | 45 | 51 | 45 | 51 | |
| Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | |||||
| Allowance for Credit Losses [Roll Forward] | |||||
| Beginning balance | 6 | ||||
| Corporate and Other Bonds [Member] | |||||
| Allowance for Credit Losses [Roll Forward] | |||||
| Beginning balance | 27 | 49 | 23 | 0 | |
| Additions to allowance for securities for which credit losses were not previously recorded | 10 | 14 | 58 | ||
| Additions to allowance for available-for-sale securities accounted for as PCD assets | 1 | 2 | 2 | ||
| Reductions for securities sold during the period (realized) | 1 | 6 | 6 | ||
| Reductions for intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | 1 | ||||
| Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period | (3) | (20) | (9) | (20) | |
| Total allowance for credit losses | 24 | 39 | 24 | 39 | |
| Corporate and Other Bonds [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member] | |||||
| Allowance for Credit Losses [Roll Forward] | |||||
| Beginning balance | 6 | ||||
| Asset-Backed [Member] | |||||
| Allowance for Credit Losses [Roll Forward] | |||||
| Beginning balance | 16 | 0 | 17 | 0 | |
| Additions to allowance for securities for which credit losses were not previously recorded | 12 | 12 | |||
| Additions to allowance for available-for-sale securities accounted for as PCD assets | 4 | 4 | |||
| Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period | 1 | ||||
| Total allowance for credit losses | $ 21 | $ 12 | $ 21 | $ 12 | |
Investments, Available-for-sale Impairment Losses Recognized in Earnings (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Available-For-Sale Impairment Losses [Abstract] | ||||
| Losses on mortgage loans due to changes in expected credit losses | $ 0 | $ 0 | $ 0 | $ 13 |
| Fixed Maturity Securities Available-for-sale [Member] | ||||
| Available-For-Sale Impairment Losses [Abstract] | ||||
| Impairment losses (gains) recognized in earnings | (1) | 11 | 5 | 103 |
| Fixed Maturity Securities Available-for-sale [Member] | Corporate and Other Bonds [Member] | ||||
| Available-For-Sale Impairment Losses [Abstract] | ||||
| Impairment losses (gains) recognized in earnings | (2) | (1) | $ 5 | 90 |
| Fixed Maturity Securities Available-for-sale [Member] | Asset-Backed [Member] | ||||
| Available-For-Sale Impairment Losses [Abstract] | ||||
| Impairment losses (gains) recognized in earnings | $ 1 | $ 12 | $ 13 | |
Investments, Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Mar. 31, 2021 |
Dec. 31, 2020 |
Jun. 30, 2020 |
Mar. 31, 2020 |
Dec. 31, 2019 |
|---|---|---|---|---|---|---|
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | $ 39,826 | $ 38,963 | ||||
| Gross unrealized gains | 5,199 | 5,800 | ||||
| Gross unrealized losses | 70 | 77 | ||||
| Allowance for credit loss | 45 | $ 43 | 40 | $ 51 | $ 49 | $ 0 |
| Estimated fair value | 44,910 | 44,646 | ||||
| Shadow adjustments | 2,400 | 2,500 | ||||
| Fixed Maturities Available-for-Sale [Member] | ||||||
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | 39,816 | 38,926 | ||||
| Gross unrealized gains | 5,199 | 5,795 | ||||
| Gross unrealized losses | 70 | 77 | ||||
| Allowance for credit loss | 45 | 40 | ||||
| Estimated fair value | 44,900 | 44,604 | ||||
| Corporate and Other Bonds [Member] | ||||||
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | 21,291 | 20,792 | ||||
| Gross unrealized gains | 3,153 | 3,578 | ||||
| Gross unrealized losses | 35 | 22 | ||||
| Allowance for credit loss | 24 | 27 | 23 | 39 | 49 | 0 |
| Estimated fair value | 24,385 | 24,325 | ||||
| States, Municipalities and Political Subdivisions [Member] | ||||||
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | 10,125 | 9,729 | ||||
| Gross unrealized gains | 1,743 | 1,863 | ||||
| Gross unrealized losses | 2 | |||||
| Estimated fair value | 11,866 | 11,592 | ||||
| Asset-Backed [Member] | ||||||
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | 7,743 | 7,554 | ||||
| Gross unrealized gains | 281 | 320 | ||||
| Gross unrealized losses | 27 | 52 | ||||
| Allowance for credit loss | 21 | $ 16 | 17 | $ 12 | $ 0 | $ 0 |
| Estimated fair value | 7,976 | 7,805 | ||||
| Residential Mortgage-Backed [Member] | ||||||
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | 3,337 | 3,442 | ||||
| Gross unrealized gains | 99 | 146 | ||||
| Gross unrealized losses | 10 | 1 | ||||
| Estimated fair value | 3,426 | 3,587 | ||||
| Commercial Mortgage-Backed [Member] | ||||||
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | 2,068 | 1,933 | ||||
| Gross unrealized gains | 98 | 93 | ||||
| Gross unrealized losses | 14 | 42 | ||||
| Allowance for credit loss | 17 | 17 | ||||
| Estimated fair value | 2,135 | 1,967 | ||||
| Other Asset-Backed [Member] | ||||||
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | 2,338 | 2,179 | ||||
| Gross unrealized gains | 84 | 81 | ||||
| Gross unrealized losses | 3 | 9 | ||||
| Allowance for credit loss | 4 | |||||
| Estimated fair value | 2,415 | 2,251 | ||||
| U.S. Treasury and Obligations of Government-sponsored Enterprises [Member] | ||||||
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | 142 | 339 | ||||
| Gross unrealized gains | 2 | |||||
| Gross unrealized losses | 5 | 3 | ||||
| Estimated fair value | 137 | 338 | ||||
| Foreign Government [Member] | ||||||
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | 515 | 512 | ||||
| Gross unrealized gains | 22 | 32 | ||||
| Gross unrealized losses | 1 | |||||
| Estimated fair value | 536 | 544 | ||||
| Fixed Maturities Trading [Member] | ||||||
| Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||||||
| Cost or amortized cost | 10 | 37 | ||||
| Gross unrealized gains | 5 | |||||
| Estimated fair value | $ 10 | $ 42 |
Investments, Available-for-Sale Securities in Gross Unrealized Loss Position (Details) - USD ($) $ in Millions |
6 Months Ended | |
|---|---|---|
Jun. 30, 2021 |
Dec. 31, 2020 |
|
| Gross Unrealized Losses [Abstract] | ||
| Additional impairment losses | $ 0 | |
| Fixed Maturity Securities [Member] | ||
| Estimated Fair Value [Abstract] | ||
| Less than 12 months | 2,786 | $ 1,666 |
| 12 months or longer | 351 | 64 |
| Total | 3,137 | 1,730 |
| Gross Unrealized Losses [Abstract] | ||
| Less than 12 months | 55 | 74 |
| 12 months or longer | 15 | 3 |
| Total | 70 | 77 |
| Corporate and Other Bonds [Member] | ||
| Estimated Fair Value [Abstract] | ||
| Less than 12 months | 1,190 | 609 |
| 12 months or longer | 61 | 12 |
| Total | 1,251 | 621 |
| Gross Unrealized Losses [Abstract] | ||
| Less than 12 months | 33 | 21 |
| 12 months or longer | 2 | 1 |
| Total | 35 | 22 |
| States, Municipalities and Political Subdivisions [Member] | ||
| Estimated Fair Value [Abstract] | ||
| Less than 12 months | 128 | 33 |
| Total | 128 | 33 |
| Gross Unrealized Losses [Abstract] | ||
| Less than 12 months | 2 | |
| Total | 2 | |
| Total Asset-Backed [Member] | ||
| Estimated Fair Value [Abstract] | ||
| Less than 12 months | 1,340 | 948 |
| 12 months or longer | 290 | 52 |
| Total | 1,630 | 1,000 |
| Gross Unrealized Losses [Abstract] | ||
| Less than 12 months | 14 | 50 |
| 12 months or longer | 13 | 2 |
| Total | 27 | 52 |
| Residential Mortgage-Backed [Member] | ||
| Estimated Fair Value [Abstract] | ||
| Less than 12 months | 932 | 71 |
| 12 months or longer | 10 | 11 |
| Total | 942 | 82 |
| Gross Unrealized Losses [Abstract] | ||
| Less than 12 months | 10 | 1 |
| Total | 10 | 1 |
| Commercial Mortgage-Backed [Member] | ||
| Estimated Fair Value [Abstract] | ||
| Less than 12 months | 153 | 533 |
| 12 months or longer | 206 | 28 |
| Total | 359 | 561 |
| Gross Unrealized Losses [Abstract] | ||
| Less than 12 months | 2 | 40 |
| 12 months or longer | 12 | 2 |
| Total | 14 | 42 |
| Other Asset-Backed [Member] | ||
| Estimated Fair Value [Abstract] | ||
| Less than 12 months | 255 | 344 |
| 12 months or longer | 74 | 13 |
| Total | 329 | 357 |
| Gross Unrealized Losses [Abstract] | ||
| Less than 12 months | 2 | 9 |
| 12 months or longer | 1 | |
| Total | 3 | 9 |
| U.S. Treasury and Obligations of Government-sponsored Enterprises [Member] | ||
| Estimated Fair Value [Abstract] | ||
| Less than 12 months | 80 | 63 |
| Total | 80 | 63 |
| Gross Unrealized Losses [Abstract] | ||
| Less than 12 months | 5 | 3 |
| Total | 5 | 3 |
| Foreign Government [Member] | ||
| Estimated Fair Value [Abstract] | ||
| Less than 12 months | 48 | 13 |
| Total | 48 | $ 13 |
| Gross Unrealized Losses [Abstract] | ||
| Less than 12 months | 1 | |
| Total | $ 1 |
Investments, Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Cost or Amortized Cost [Abstract] | ||
| Cost or amortized cost | $ 39,826 | $ 38,963 |
| Estimated Fair Value [Abstract] | ||
| Estimated fair value | 44,910 | 44,646 |
| Available-for-Sale Fixed Maturities [Member] | ||
| Cost or Amortized Cost [Abstract] | ||
| Due in one year or less | 1,685 | 1,456 |
| Due after one year through five years | 10,723 | 12,304 |
| Due after five years through ten years | 13,775 | 12,319 |
| Due after ten years | 13,633 | 12,847 |
| Cost or amortized cost | 39,816 | 38,926 |
| Estimated Fair Value [Abstract] | ||
| Due in one year or less | 1,702 | 1,458 |
| Due after one year through five years | 11,479 | 13,098 |
| Due after five years through ten years | 15,012 | 13,878 |
| Due after ten years | 16,707 | 16,170 |
| Estimated fair value | $ 44,900 | $ 44,604 |
Investments, Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination (Details) - Mortgage Loans [Member] $ in Millions |
Jun. 30, 2021
USD ($)
|
[1] | ||
|---|---|---|---|---|
| Mortgage Loans Amortized Cost Basis by Origination Year [Abstract] | ||||
| 2021 | $ 15 | |||
| 2020 | 161 | |||
| 2019 | 283 | |||
| 2018 | 92 | |||
| 2017 | 170 | |||
| Prior | 311 | |||
| Total | 1,032 | |||
| DSCR Greater than or Equal to 1.6x, LTV Less than 55% [Member] | ||||
| Mortgage Loans Amortized Cost Basis by Origination Year [Abstract] | ||||
| 2020 | 89 | |||
| 2019 | 33 | |||
| 2018 | 50 | |||
| 2017 | 113 | |||
| Prior | 183 | |||
| Total | 468 | |||
| DSCR Greater than or Equal to 1.6x, LTV 55% to 65% [Member] | ||||
| Mortgage Loans Amortized Cost Basis by Origination Year [Abstract] | ||||
| 2019 | 19 | |||
| 2017 | 9 | |||
| Prior | 4 | |||
| Total | 32 | |||
| DSCR Greater than or Equal to 1.6x, LTV Greater than 65% [Member] | ||||
| Mortgage Loans Amortized Cost Basis by Origination Year [Abstract] | ||||
| 2021 | 5 | |||
| 2019 | 6 | |||
| Prior | 24 | |||
| Total | 35 | |||
| DSCR Between 1.2 to 1.6x, LTV Less than 55% [Member] | ||||
| Mortgage Loans Amortized Cost Basis by Origination Year [Abstract] | ||||
| 2019 | 16 | |||
| 2017 | 5 | |||
| Prior | 71 | |||
| Total | 92 | |||
| DSCR Between 1.2 to 1.6x, LTV 55% to 65% [Member] | ||||
| Mortgage Loans Amortized Cost Basis by Origination Year [Abstract] | ||||
| 2021 | 10 | |||
| 2020 | 38 | |||
| 2019 | 39 | |||
| 2018 | 42 | |||
| 2017 | 27 | |||
| Total | 156 | |||
| DSCR Between 1.2 to 1.6x, LTV Greater than 65% [Member] | ||||
| Mortgage Loans Amortized Cost Basis by Origination Year [Abstract] | ||||
| 2020 | 34 | |||
| 2019 | 44 | |||
| 2017 | 8 | |||
| Prior | 12 | |||
| Total | 98 | |||
| DSCR Less than or Equal to 1.2x, LTV Less than 55% [Member] | ||||
| Mortgage Loans Amortized Cost Basis by Origination Year [Abstract] | ||||
| 2019 | 50 | |||
| 2017 | 8 | |||
| Prior | 10 | |||
| Total | 68 | |||
| DSCR Less than or Equal to 1.2x, LTV 55% to 65% [Member] | ||||
| Mortgage Loans Amortized Cost Basis by Origination Year [Abstract] | ||||
| 2019 | 47 | |||
| Total | 47 | |||
| DSCR Less than or Equal to 1.2x, LTV Greater than 65% [Member] | ||||
| Mortgage Loans Amortized Cost Basis by Origination Year [Abstract] | ||||
| 2019 | 29 | |||
| Prior | 7 | |||
| Total | $ 36 | |||
| ||||
Investments, Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| With Hedge Designation [Member] | Interest Rate Swaps [Member] | ||
| Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
| Contractual/notional amount | $ 675 | |
| Liability, estimated fair value | (26) | |
| Without Hedge Designation [Member] | Interest Rate Swaps [Member] | ||
| Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
| Contractual/notional amount | $ 100 | 100 |
| Liability, estimated fair value | (2) | (3) |
| Without Hedge Designation [Member] | Options [Member] | Purchased [Member] | ||
| Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
| Contractual/notional amount | 6 | 135 |
| Asset, estimated fair value | 3 | |
| Without Hedge Designation [Member] | Embedded Derivative on Funds Withheld Liability [Member] | ||
| Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
| Contractual/notional amount | 274 | 190 |
| Liability, estimated fair value | $ (13) | $ (19) |
Investments, Investment Commitments (Details) - Investments in Assets Requiring Future Purchase, Sale or Funding Commitments [Member] $ in Millions |
Jun. 30, 2021
USD ($)
|
|---|---|
| Investment Commitments [Abstract] | |
| Commitments to purchase or fund investments | $ 1,300 |
| Commitments to sell investments | $ 95 |
Fair Value, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring Basis [Member] - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Payable to Brokers [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Liabilities | $ (96) | $ (43) |
| Fixed Maturities Available-for-Sale [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 44,900 | 44,604 |
| Corporate Bonds and Other [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 25,058 | 25,207 |
| States, Municipalities and Political Subdivisions [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 11,866 | 11,592 |
| Asset-Backed [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 7,976 | 7,805 |
| Fixed Maturities Trading [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 10 | 42 |
| Total Fixed Maturities [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 44,910 | 44,646 |
| Equity Securities [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 1,663 | 1,561 |
| Short Term and Other [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 4,698 | 4,577 |
| Level 1 [Member] | Payable to Brokers [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Liabilities | (94) | (14) |
| Level 1 [Member] | Fixed Maturities Available-for-Sale [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 158 | 355 |
| Level 1 [Member] | Corporate Bonds and Other [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 158 | 355 |
| Level 1 [Member] | Total Fixed Maturities [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 158 | 355 |
| Level 1 [Member] | Equity Securities [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 884 | 796 |
| Level 1 [Member] | Short Term and Other [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 4,661 | 4,538 |
| Level 2 [Member] | Payable to Brokers [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Liabilities | (2) | (29) |
| Level 2 [Member] | Fixed Maturities Available-for-Sale [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 43,392 | 43,125 |
| Level 2 [Member] | Corporate Bonds and Other [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 24,017 | 24,082 |
| Level 2 [Member] | States, Municipalities and Political Subdivisions [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 11,809 | 11,546 |
| Level 2 [Member] | Asset-Backed [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 7,566 | 7,497 |
| Level 2 [Member] | Fixed Maturities Trading [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 10 | 34 |
| Level 2 [Member] | Total Fixed Maturities [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 43,402 | 43,159 |
| Level 2 [Member] | Equity Securities [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 743 | 722 |
| Level 2 [Member] | Short Term and Other [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 37 | 39 |
| Level 3 [Member] | Fixed Maturities Available-for-Sale [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 1,350 | 1,124 |
| Level 3 [Member] | Corporate Bonds and Other [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 883 | 770 |
| Level 3 [Member] | States, Municipalities and Political Subdivisions [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 57 | 46 |
| Level 3 [Member] | Asset-Backed [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 410 | 308 |
| Level 3 [Member] | Fixed Maturities Trading [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 8 | |
| Level 3 [Member] | Total Fixed Maturities [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | 1,350 | 1,132 |
| Level 3 [Member] | Equity Securities [Member] | ||
| Assets and Liabilities Measured at Fair Value [Abstract] | ||
| Assets | $ 36 | $ 43 |
Fair Value, Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Fixed Maturities Available-for-Sale [Member] | ||||
| Reconciliations for All Assets and Liabilities [Roll Forward] | ||||
| Beginning balance | $ 1,126 | $ 693 | $ 1,124 | $ 633 |
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income | 4 | 0 | (7) | 0 |
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI | 22 | 77 | (29) | 32 |
| Purchases | 218 | 39 | 290 | 151 |
| Sales | (3) | (9) | (3) | (9) |
| Settlements | (33) | (9) | (52) | (15) |
| Transfers into Level 3 | 21 | 0 | 40 | 0 |
| Transfers out of Level 3 | (5) | (14) | (13) | (15) |
| Ending balance | 1,350 | 777 | 1,350 | 777 |
| Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities | 0 | 0 | 0 | 0 |
| Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities | 22 | 76 | (29) | 34 |
| Corporate Bonds and Other [Member] | ||||
| Reconciliations for All Assets and Liabilities [Roll Forward] | ||||
| Beginning balance | 767 | 496 | 770 | 468 |
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income | 3 | (10) | ||
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI | 16 | 59 | (24) | 22 |
| Purchases | 122 | 4 | 164 | 71 |
| Sales | (3) | (3) | ||
| Settlements | (22) | (4) | (24) | (6) |
| Transfers into Level 3 | 10 | |||
| Ending balance | 883 | 555 | 883 | 555 |
| Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities | 16 | 58 | (24) | 24 |
| States, Municipalities and Political Subdivisions [Member] | ||||
| Reconciliations for All Assets and Liabilities [Roll Forward] | ||||
| Beginning balance | 44 | 46 | ||
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI | 2 | |||
| Purchases | 12 | 12 | ||
| Settlements | (1) | (1) | ||
| Ending balance | 57 | 57 | ||
| Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities | 2 | |||
| Asset-Backed [Member] | ||||
| Reconciliations for All Assets and Liabilities [Roll Forward] | ||||
| Beginning balance | 315 | 197 | 308 | 165 |
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income | 1 | 3 | ||
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI | 4 | 18 | (5) | 10 |
| Purchases | 84 | 35 | 114 | 80 |
| Sales | (9) | (9) | ||
| Settlements | (10) | (5) | (27) | (9) |
| Transfers into Level 3 | 21 | 30 | ||
| Transfers out of Level 3 | (5) | (14) | (13) | (15) |
| Ending balance | 410 | 222 | 410 | 222 |
| Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities | 4 | 18 | (5) | 10 |
| Fixed Maturities Trading [Member] | ||||
| Reconciliations for All Assets and Liabilities [Roll Forward] | ||||
| Beginning balance | 5 | 3 | 8 | 4 |
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income | (3) | 1 | (6) | |
| Settlements | (2) | (2) | ||
| Ending balance | 4 | 4 | ||
| Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities | 1 | |||
| Total Fixed Maturities [Member] | ||||
| Reconciliations for All Assets and Liabilities [Roll Forward] | ||||
| Beginning balance | 1,131 | 696 | 1,132 | 637 |
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income | 1 | 1 | (13) | 0 |
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI | 22 | 77 | (29) | 32 |
| Purchases | 218 | 39 | 290 | 151 |
| Sales | (3) | (9) | (3) | (9) |
| Settlements | (35) | (9) | (54) | (15) |
| Transfers into Level 3 | 21 | 0 | 40 | 0 |
| Transfers out of Level 3 | (5) | (14) | (13) | (15) |
| Ending balance | 1,350 | 781 | 1,350 | 781 |
| Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities | 0 | 1 | 0 | 0 |
| Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities | 22 | 76 | (29) | 34 |
| Equity Securities [Member] | ||||
| Reconciliations for All Assets and Liabilities [Roll Forward] | ||||
| Beginning balance | 45 | 16 | 43 | 19 |
| Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income | (15) | (4) | (13) | (7) |
| Purchases | 10 | 10 | ||
| Sales | (4) | (4) | ||
| Transfers into Level 3 | 15 | 15 | ||
| Ending balance | $ 36 | 27 | 36 | 27 |
| Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities | $ (4) | $ 2 | $ (7) | |
Fair Value, Significant Unobservable Inputs (Details) $ in Millions |
Jun. 30, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|---|---|---|
| Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
| Estimated fair value | $ 44,910 | $ 44,646 |
| Level 3 [Member] | Fixed Maturity Securities [Member] | ||
| Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
| Estimated fair value | $ 1,067 | $ 966 |
| Level 3 [Member] | Fixed Maturity Securities [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Minimum [Member] | ||
| Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
| Measurement input | 0.01 | 0.01 |
| Level 3 [Member] | Fixed Maturity Securities [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Maximum [Member] | ||
| Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
| Measurement input | 0.08 | 0.08 |
| Level 3 [Member] | Fixed Maturity Securities [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Weighted Average [Member] | ||
| Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
| Measurement input | 0.02 | 0.03 |
Fair Value, Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Millions |
Jun. 30, 2021 |
Dec. 31, 2020 |
|---|---|---|
| Carrying Amount [Member] | ||
| Assets [Abstract] | ||
| Other invested assets, primarily mortgage loans | $ 1,006 | $ 1,068 |
| Liabilities [Abstract] | ||
| Short term debt | 121 | 35 |
| Long term debt | 8,982 | 10,042 |
| Estimated Fair Value [Member] | ||
| Assets [Abstract] | ||
| Other invested assets, primarily mortgage loans | 1,079 | 1,151 |
| Liabilities [Abstract] | ||
| Short term debt | 125 | 36 |
| Long term debt | 10,018 | 11,247 |
| Estimated Fair Value [Member] | Level 2 [Member] | ||
| Liabilities [Abstract] | ||
| Short term debt | 19 | |
| Long term debt | 9,397 | 10,482 |
| Estimated Fair Value [Member] | Level 3 [Member] | ||
| Assets [Abstract] | ||
| Other invested assets, primarily mortgage loans | 1,079 | 1,151 |
| Liabilities [Abstract] | ||
| Short term debt | 125 | 17 |
| Long term debt | $ 621 | $ 765 |
Claim and Claim Adjustment Expense Reserves, Reconciliation of Claim and Claim Adjustment Expense Reserves (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|||
| Claim and Claim Adjustment Expense Reserves [Abstract] | ||||||
| Catastrophe losses, net of reinsurance | $ 54 | $ 301 | $ 179 | $ 376 | ||
| Liability for Unpaid Claim and Claim Adjustment Expenses [Roll Forward] | ||||||
| Gross reserves, beginning of year | 22,706 | 21,720 | ||||
| Ceded reserves, beginning of year | 4,005 | 3,835 | ||||
| Net reserves, beginning of year | 18,701 | 17,885 | ||||
| Reduction of net reserves due to the excess workers' compensation loss portfolio transfer | (632) | |||||
| Net incurred claim and claim adjustment expenses [Abstract] | ||||||
| Provision for insured events of current year | 2,930 | 2,899 | ||||
| Increase (decrease) in provision for insured events of prior years | (78) | 19 | ||||
| Amortization of discount | 95 | 98 | ||||
| Total net incurred | [1] | 2,947 | 3,016 | |||
| Net payments attributable to [Abstract] | ||||||
| Current year events | (317) | (256) | ||||
| Prior year events | (1,949) | (2,342) | ||||
| Total net payments | (2,266) | (2,598) | ||||
| Foreign currency translation adjustment and other | (5) | (35) | ||||
| Net reserves, end of period | 18,745 | 18,268 | 18,745 | 18,268 | ||
| Ceded reserves, end of period | 4,735 | 4,002 | 4,735 | 4,002 | ||
| Gross reserves, end of period | $ 23,480 | 22,270 | $ 23,480 | 22,270 | ||
| COVID-19 Pandemic [Member] | ||||||
| Claim and Claim Adjustment Expense Reserves [Abstract] | ||||||
| Catastrophe losses, net of reinsurance | 182 | 195 | ||||
| Civil Unrest [Member] | ||||||
| Claim and Claim Adjustment Expense Reserves [Abstract] | ||||||
| Catastrophe losses, net of reinsurance | 61 | 61 | ||||
| Severe Weather-Related Events [Member] | ||||||
| Claim and Claim Adjustment Expense Reserves [Abstract] | ||||||
| Catastrophe losses, net of reinsurance | $ 58 | $ 120 | ||||
| ||||||
Claim and Claim Adjustment Expense Reserves, Net Prior Year Development in Property and Casualty Operations (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Net Prior Year Development [Abstract] | ||||
| Pretax (favorable) unfavorable development | $ 29 | $ 22 | $ 14 | $ 7 |
| Property and Casualty Operations [Member] | ||||
| Net Prior Year Development [Abstract] | ||||
| Pretax (favorable) unfavorable development | 11 | 28 | 26 | 43 |
| Medical Professional Liability [Member] | ||||
| Net Prior Year Development [Abstract] | ||||
| Pretax (favorable) unfavorable development | 8 | 10 | ||
| Other Professional Liability and Management Liability [Member] | ||||
| Net Prior Year Development [Abstract] | ||||
| Pretax (favorable) unfavorable development | 10 | (9) | 10 | (6) |
| Surety [Member] | ||||
| Net Prior Year Development [Abstract] | ||||
| Pretax (favorable) unfavorable development | (23) | (38) | (30) | |
| Commercial Auto [Member] | ||||
| Net Prior Year Development [Abstract] | ||||
| Pretax (favorable) unfavorable development | 30 | 15 | 30 | 24 |
| Workers' Compensation [Member] | ||||
| Net Prior Year Development [Abstract] | ||||
| Pretax (favorable) unfavorable development | (42) | (61) | (42) | (74) |
| Property and Other [Member] | ||||
| Net Prior Year Development [Abstract] | ||||
| Pretax (favorable) unfavorable development | 14 | 27 | 6 | 33 |
| Other Insurance Operations [Member] | ||||
| Net Prior Year Development [Abstract] | ||||
| Pretax (favorable) unfavorable development | $ 40 | $ 50 | $ 40 | $ 50 |
Claim and Claim Adjustment Expense Reserves, Asbestos and Environmental Pollution Reserves (Details) - A&EP Reserves [Member] - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2010 |
Dec. 31, 2020 |
|
| Asbestos and Environmental Pollution Reserves ("A&EP") [Abstract] | ||||||
| Net A&EP claim and allocated claim adjustment expense reserves | $ 1,600 | |||||
| Aggregate limit under A&EP Loss Portfolio Transfer | 4,000 | |||||
| Ceded A&EP claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts transferred to NICO under A&EP Loss Portfolio Transfer | 1,200 | |||||
| Reinsurance premium paid to NICO under A&EP loss portfolio transfer | 2,000 | |||||
| Net book value of billed third party reinsurance receivables transferred to NICO under A&EP loss portfolio transfer | 215 | |||||
| Total consideration | $ 2,200 | |||||
| Retroactive reinsurance benefit recognized | $ 12 | $ 20 | $ 22 | $ 34 | ||
| Cumulative amounts ceded under loss portfolio transfer | 3,300 | 3,300 | $ 3,300 | |||
| Unrecognized deferred retroactive reinsurance benefit | 376 | 376 | $ 398 | |||
| Fair value of collateral trust account | $ 2,900 | $ 2,900 | ||||
Claim and Claim Adjustment Expense Reserves, Reinsurance of Excess Workers' Compensation Policies (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | 13 Months Ended | ||||
|---|---|---|---|---|---|---|---|
Feb. 05, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Feb. 05, 2021 |
Dec. 31, 2019 |
|
| Reinsurance of Excess Workers' Compensation Policies [Abstract] | |||||||
| Claims paid | $ 2,266 | $ 2,598 | |||||
| Cavello [Member] | |||||||
| Reinsurance of Excess Workers' Compensation Policies [Abstract] | |||||||
| Percentage of outstanding reserves maintained as security in collateral trust account | 105.00% | ||||||
| CNA Financial [Member] | |||||||
| Reinsurance of Excess Workers' Compensation Policies [Abstract] | |||||||
| Reinsurance recoverable | $ 310 | 310 | |||||
| CNA Financial [Member] | Loss Portfolio Transfer for Workers' Compensation Liabilities [Member] | |||||||
| Reinsurance of Excess Workers' Compensation Policies [Abstract] | |||||||
| Reinsurance recoverable | 690 | 690 | $ 690 | ||||
| Reinsurance premium paid | $ 697 | ||||||
| Claims paid | $ 64 | ||||||
| Loss contingency, after tax and noncontrolling interests | $ 11 | ||||||
| CNA Financial [Member] | Loss Portfolio Transfer for Workers' Compensation Liabilities [Member] | Maximum [Member] | |||||||
| Reinsurance of Excess Workers' Compensation Policies [Abstract] | |||||||
| Reinsurance recoverable | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||
Shareholders' Equity, Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance | $ 18,537 | $ 19,178 | $ 19,181 | $ 21,930 |
| Other comprehensive income (loss) | 326 | 1,228 | (285) | 84 |
| Balance | 19,398 | 18,413 | 19,398 | 18,413 |
| Accumulated Other Comprehensive Income (Loss) [Member] | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance | 34 | (1,093) | 581 | (68) |
| Other comprehensive income (loss) before reclassifications, after tax | 341 | 1,233 | (249) | 17 |
| Reclassification of (income) losses from accumulated other comprehensive income, after tax | (15) | (5) | (36) | 67 |
| Other comprehensive income (loss) | 326 | 1,228 | (285) | 84 |
| Amounts attributable to noncontrolling interests | (33) | (130) | 31 | (11) |
| Balance | 327 | 5 | 327 | 5 |
| Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses [Member] | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance | 0 | (10) | 0 | 0 |
| Other comprehensive income (loss) before reclassifications, after tax | 1 | (2) | (2) | (50) |
| Reclassification of (income) losses from accumulated other comprehensive income, after tax | (1) | 4 | 2 | 41 |
| Other comprehensive income (loss) | 0 | 2 | 0 | (9) |
| Amounts attributable to noncontrolling interests | 1 | |||
| Balance | 0 | (8) | 0 | (8) |
| Other Comprehensive Income (Loss), Tax [Abstract] | ||||
| Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | 1 | 13 |
| Reclassification of (income) losses from accumulated other comprehensive income, tax | 0 | (1) | (1) | (11) |
| Net Unrealized Gains (Losses) on Other Investments [Member] | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance | 1,002 | (15) | 1,563 | 918 |
| Other comprehensive income (loss) before reclassifications, after tax | 323 | 1,209 | (270) | 143 |
| Reclassification of (income) losses from accumulated other comprehensive income, after tax | (23) | (18) | (57) | 4 |
| Other comprehensive income (loss) | 300 | 1,191 | (327) | 147 |
| Amounts attributable to noncontrolling interests | (31) | (126) | 35 | (15) |
| Balance | 1,271 | 1,050 | 1,271 | 1,050 |
| Other Comprehensive Income (Loss), Tax [Abstract] | ||||
| Other comprehensive income (loss) before reclassifications, tax | (82) | (321) | 72 | (34) |
| Reclassification of (income) losses from accumulated other comprehensive income, tax | 7 | 4 | 15 | (2) |
| Unrealized Gains (Losses) on Cash Flow Hedges [Member] | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance | (19) | (25) | (23) | (6) |
| Other comprehensive income (loss) before reclassifications, after tax | 8 | (1) | 11 | (20) |
| Reclassification of (income) losses from accumulated other comprehensive income, after tax | 1 | 1 | 1 | |
| Other comprehensive income (loss) | 8 | 0 | 12 | (19) |
| Balance | (11) | (25) | (11) | (25) |
| Other Comprehensive Income (Loss), Tax [Abstract] | ||||
| Other comprehensive income (loss) before reclassifications, tax | (1) | 2 | (3) | 8 |
| Reclassification of (income) losses from accumulated other comprehensive income, tax | (1) | (1) | (2) | (1) |
| Pension and Postretirement Benefits [Member] | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance | (869) | (842) | (877) | (855) |
| Other comprehensive income (loss) before reclassifications, after tax | (2) | (2) | (2) | (1) |
| Reclassification of (income) losses from accumulated other comprehensive income, after tax | 9 | 8 | 18 | 21 |
| Other comprehensive income (loss) | 7 | 6 | 16 | 20 |
| Amounts attributable to noncontrolling interests | (1) | (1) | (2) | (2) |
| Balance | (863) | (837) | (863) | (837) |
| Other Comprehensive Income (Loss), Tax [Abstract] | ||||
| Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | 0 | 0 |
| Reclassification of (income) losses from accumulated other comprehensive income, tax | (3) | (2) | (5) | (5) |
| Foreign Currency Translation [Member] | ||||
| AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
| Balance | (80) | (201) | (82) | (125) |
| Other comprehensive income (loss) before reclassifications, after tax | 11 | 29 | 14 | (55) |
| Other comprehensive income (loss) | 11 | 29 | 14 | (55) |
| Amounts attributable to noncontrolling interests | (1) | (3) | (2) | 5 |
| Balance | (70) | (175) | (70) | (175) |
| Other Comprehensive Income (Loss), Tax [Abstract] | ||||
| Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | 0 | 0 |
| Reclassification of (income) losses from accumulated other comprehensive income, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Shareholders' Equity, Treasury Stock (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Treasury Stock [Abstract] | ||||
| Purchases of Loews treasury stock (in shares) | 9.5 | 10.7 | ||
| Purchase of treasury stock | $ 219 | $ 33 | $ 493 | $ 478 |
Revenue from Contracts with Customers (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
Dec. 31, 2020 |
|||||
| Disaggregation of Revenues [Abstract] | |||||||||
| Revenues from contracts with customers | $ 396 | $ 617 | $ 1,093 | $ 1,576 | |||||
| Other revenues | 19 | 33 | 37 | 56 | |||||
| Operating revenues and other | 415 | 650 | 1,130 | 1,632 | |||||
| Deferred Revenue [Abstract] | |||||||||
| Deferred revenue | 4,309 | 4,309 | $ 4,023 | ||||||
| Revenue recognized | 624 | 574 | |||||||
| Performance Obligations [Abstract] | |||||||||
| Remaining performance obligations | 13,300 | 13,300 | |||||||
| Receivables [Member] | |||||||||
| Receivables from Contracts with Customers [Abstract] | |||||||||
| Receivables from contracts with customers | 106 | 106 | 246 | ||||||
| Other Liabilities [Member] | |||||||||
| Deferred Revenue [Abstract] | |||||||||
| Deferred revenue | 4,400 | 4,400 | $ 4,100 | ||||||
| CNA Financial [Member] | Non-Insurance Warranty [Member] | |||||||||
| Disaggregation of Revenues [Abstract] | |||||||||
| Revenues from contracts with customers | 359 | 308 | 697 | 609 | |||||
| Boardwalk Pipelines [Member] | Transportation and Storage of Natural Gas and NGLs and Other Services [Member] | |||||||||
| Disaggregation of Revenues [Abstract] | |||||||||
| Revenues from contracts with customers | 302 | 286 | 663 | 618 | |||||
| Loews Hotels & Co [Member] | Lodging and Related Services [Member] | |||||||||
| Disaggregation of Revenues [Abstract] | |||||||||
| Revenues from contracts with customers | 94 | 16 | 150 | 158 | |||||
| Corporate [Member] | Rigid Plastic Packaging and Recycled Resin [Member] | |||||||||
| Disaggregation of Revenues [Abstract] | |||||||||
| Revenues from contracts with customers | [1] | 244 | 280 | 500 | |||||
| Diamond Offshore [Member] | Contract Drilling [Member] | |||||||||
| Disaggregation of Revenues [Abstract] | |||||||||
| Revenues from contracts with customers | [2] | $ 71 | $ 300 | ||||||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |||||||||
| Performance Obligations [Abstract] | |||||||||
| Remaining performance obligations | $ 1,200 | $ 1,200 | |||||||
| Expected timing of satisfaction | 6 months | 6 months | |||||||
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |||||||||
| Performance Obligations [Abstract] | |||||||||
| Remaining performance obligations | $ 2,200 | $ 2,200 | |||||||
| Expected timing of satisfaction | 1 year | 1 year | |||||||
| |||||||||
Benefit Plans (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
|---|---|---|---|---|
Jun. 30, 2021 |
Jun. 30, 2020 |
Jun. 30, 2021 |
Jun. 30, 2020 |
|
| Pension Benefits [Member] | ||||
| Components of Net Periodic Benefit [Abstract] | ||||
| Service cost | $ 1 | $ 1 | $ 2 | |
| Interest cost | $ 18 | 23 | 36 | 46 |
| Expected return on plan assets | (43) | (44) | (86) | (87) |
| Amortization of unrecognized net loss | 13 | 12 | 25 | 23 |
| Amortization of unrecognized prior service benefit | 1 | 1 | ||
| Settlement charge | 2 | 3 | 2 | 7 |
| Net periodic (benefit) cost | (10) | (4) | (22) | (8) |
| Other Postretirement Benefits [Member] | ||||
| Components of Net Periodic Benefit [Abstract] | ||||
| Interest cost | 1 | 1 | 1 | 1 |
| Expected return on plan assets | (1) | (1) | (2) | |
| Net periodic (benefit) cost | $ 1 | $ 0 | $ 0 | $ (1) |
Commitments and Contingencies (Details) $ in Billions |
Jun. 30, 2021
USD ($)
|
|---|---|
| CNA [Member] | |
| CNA Financial [Abstract] | |
| Potential amount of future payments under guarantees | $ 1.6 |
Segments (Details) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 01, 2021 |
Jun. 30, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2021
USD ($)
Subsidiaries
Segment
|
Jun. 30, 2020
USD ($)
|
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| Segments [Abstract] | ||||||||||||||||
| Number of reportable segments | Segment | 4 | |||||||||||||||
| Number of individual operating subsidiaries | Subsidiaries | 3 | |||||||||||||||
| Revenues [Abstract] | ||||||||||||||||
| Insurance premiums | $ 2,035 | $ 1,850 | $ 3,997 | $ 3,719 | ||||||||||||
| Net investment income (loss) | 616 | 644 | 1,166 | 807 | ||||||||||||
| Investment gains (losses) | [1] | 578 | (1,142) | 635 | (1,358) | |||||||||||
| Non-insurance warranty revenue | 359 | 308 | 697 | 609 | ||||||||||||
| Operating revenues and other | 415 | 650 | 1,130 | 1,632 | ||||||||||||
| Total | 4,003 | 2,310 | 7,625 | 5,409 | ||||||||||||
| Expenses [Abstract] | ||||||||||||||||
| Insurance claims and policyholders' benefits | 1,546 | 1,642 | 3,052 | 3,067 | ||||||||||||
| Amortization of deferred acquisition costs | 357 | 342 | 716 | 686 | ||||||||||||
| Non-insurance warranty expense | 332 | 285 | 643 | 566 | ||||||||||||
| Operating expenses and other | 656 | 992 | 1,570 | 3,018 | ||||||||||||
| Interest | 100 | 123 | 225 | 267 | ||||||||||||
| Total | 2,991 | 3,384 | 6,206 | 7,604 | ||||||||||||
| Income (loss) before income tax | 1,012 | (1,074) | 1,419 | (2,195) | ||||||||||||
| Income tax (expense) benefit | (219) | 228 | (333) | 305 | ||||||||||||
| Net income (loss) | 793 | (846) | 1,086 | (1,890) | ||||||||||||
| Amounts attributable to noncontrolling interests | (39) | 11 | (71) | 423 | ||||||||||||
| Net income (loss) attributable to Loews Corporation | 754 | (835) | 1,015 | (1,467) | ||||||||||||
| Altium Packaging LLC [Member] | ||||||||||||||||
| Segments [Abstract] | ||||||||||||||||
| Percentage interest of subsidiary sold | 47.00% | |||||||||||||||
| Operating Segments [Member] | ||||||||||||||||
| Revenues [Abstract] | ||||||||||||||||
| Insurance premiums | 2,035 | 1,850 | 3,997 | 3,719 | ||||||||||||
| Net investment income (loss) | 616 | 644 | 1,166 | 807 | ||||||||||||
| Investment gains (losses) | 578 | (1,142) | 635 | (1,358) | ||||||||||||
| Non-insurance warranty revenue | 359 | 308 | 697 | 609 | ||||||||||||
| Operating revenues and other | 415 | 650 | 1,130 | 1,632 | ||||||||||||
| Total | 4,003 | 2,310 | 7,625 | 5,409 | ||||||||||||
| Expenses [Abstract] | ||||||||||||||||
| Insurance claims and policyholders' benefits | 1,546 | 1,642 | 3,052 | 3,067 | ||||||||||||
| Amortization of deferred acquisition costs | 357 | 342 | 716 | 686 | ||||||||||||
| Non-insurance warranty expense | 332 | 285 | 643 | 566 | ||||||||||||
| Operating expenses and other | 656 | 992 | 1,570 | 3,018 | ||||||||||||
| Interest | 100 | 123 | 225 | 267 | ||||||||||||
| Total | 2,991 | 3,384 | 6,206 | 7,604 | ||||||||||||
| Income (loss) before income tax | 1,012 | (1,074) | 1,419 | (2,195) | ||||||||||||
| Income tax (expense) benefit | (219) | 228 | (333) | 305 | ||||||||||||
| Net income (loss) | 793 | (846) | 1,086 | (1,890) | ||||||||||||
| Amounts attributable to noncontrolling interests | (39) | 11 | (71) | 423 | ||||||||||||
| Net income (loss) attributable to Loews Corporation | 754 | (835) | 1,015 | (1,467) | ||||||||||||
| Operating Segments [Member] | CNA Financial [Member] | ||||||||||||||||
| Revenues [Abstract] | ||||||||||||||||
| Insurance premiums | 2,035 | 1,850 | 3,997 | 3,719 | ||||||||||||
| Net investment income (loss) | 591 | 534 | 1,095 | 863 | ||||||||||||
| Investment gains (losses) | 38 | 69 | 95 | (147) | ||||||||||||
| Non-insurance warranty revenue | 359 | 308 | 697 | 609 | ||||||||||||
| Operating revenues and other | 6 | 5 | 11 | 13 | ||||||||||||
| Total | 3,029 | 2,766 | 5,895 | 5,057 | ||||||||||||
| Expenses [Abstract] | ||||||||||||||||
| Insurance claims and policyholders' benefits | 1,546 | 1,642 | 3,052 | 3,067 | ||||||||||||
| Amortization of deferred acquisition costs | 357 | 342 | 716 | 686 | ||||||||||||
| Non-insurance warranty expense | 332 | 285 | 643 | 566 | ||||||||||||
| Operating expenses and other | 302 | 283 | 587 | 583 | ||||||||||||
| Interest | 29 | 31 | 57 | 62 | ||||||||||||
| Total | 2,566 | 2,583 | 5,055 | 4,964 | ||||||||||||
| Income (loss) before income tax | 463 | 183 | 840 | 93 | ||||||||||||
| Income tax (expense) benefit | (94) | (32) | (160) | (4) | ||||||||||||
| Net income (loss) | 369 | 151 | 680 | 89 | ||||||||||||
| Amounts attributable to noncontrolling interests | (39) | (16) | (71) | (9) | ||||||||||||
| Net income (loss) attributable to Loews Corporation | 330 | 135 | 609 | 80 | ||||||||||||
| Operating Segments [Member] | Boardwalk Pipelines [Member] | ||||||||||||||||
| Revenues [Abstract] | ||||||||||||||||
| Operating revenues and other | 312 | 296 | 684 | 637 | ||||||||||||
| Total | 312 | 296 | 684 | 637 | ||||||||||||
| Expenses [Abstract] | ||||||||||||||||
| Operating expenses and other | 209 | 210 | 426 | 421 | ||||||||||||
| Interest | 40 | 41 | 81 | 83 | ||||||||||||
| Total | 249 | 251 | 507 | 504 | ||||||||||||
| Income (loss) before income tax | 63 | 45 | 177 | 133 | ||||||||||||
| Income tax (expense) benefit | (16) | (11) | (45) | (34) | ||||||||||||
| Net income (loss) | 47 | 34 | 132 | 99 | ||||||||||||
| Net income (loss) attributable to Loews Corporation | 47 | 34 | 132 | 99 | ||||||||||||
| Operating Segments [Member] | Loews Hotels & Co [Member] | ||||||||||||||||
| Revenues [Abstract] | ||||||||||||||||
| Net investment income (loss) | 1 | 1 | [2] | |||||||||||||
| Operating revenues and other | 97 | 34 | 154 | 176 | ||||||||||||
| Total | 98 | 34 | 155 | 176 | ||||||||||||
| Expenses [Abstract] | ||||||||||||||||
| Operating expenses and other | 115 | 123 | 219 | 290 | ||||||||||||
| Interest | 9 | 8 | 17 | 16 | ||||||||||||
| Total | 124 | 131 | 236 | 306 | ||||||||||||
| Income (loss) before income tax | (26) | (97) | (81) | (130) | ||||||||||||
| Income tax (expense) benefit | 5 | 25 | 17 | 33 | ||||||||||||
| Net income (loss) | (21) | (72) | (64) | (97) | ||||||||||||
| Net income (loss) attributable to Loews Corporation | (21) | (72) | (64) | (97) | ||||||||||||
| Operating Segments [Member] | Corporate [Member] | ||||||||||||||||
| Revenues [Abstract] | ||||||||||||||||
| Net investment income (loss) | 24 | 110 | [3] | 70 | [2] | (56) | [3] | |||||||||
| Investment gains (losses) | 540 | (1,211) | [3] | 540 | [2] | (1,211) | [3] | |||||||||
| Operating revenues and other | 244 | [3] | 281 | [2] | 501 | [3] | ||||||||||
| Total | 564 | (857) | [3] | 891 | [2] | (766) | [3] | |||||||||
| Expenses [Abstract] | ||||||||||||||||
| Operating expenses and other | 30 | 260 | [3] | 338 | [2] | 528 | [3] | |||||||||
| Interest | 22 | 32 | [3] | 70 | [2] | 63 | [3] | |||||||||
| Total | 52 | 292 | [3] | 408 | [2] | 591 | [3] | |||||||||
| Income (loss) before income tax | 512 | (1,149) | [3] | 483 | [2] | (1,357) | [3] | |||||||||
| Income tax (expense) benefit | (114) | 241 | [3] | (145) | [2] | 284 | [3] | |||||||||
| Net income (loss) | 398 | (908) | [3] | 338 | [2] | (1,073) | [3] | |||||||||
| Net income (loss) attributable to Loews Corporation | $ 398 | (908) | [3] | $ 338 | [2] | (1,073) | [3] | |||||||||
| Operating Segments [Member] | Diamond Offshore [Member] | ||||||||||||||||
| Revenues [Abstract] | ||||||||||||||||
| Operating revenues and other | [4] | 71 | 305 | |||||||||||||
| Total | [4] | 71 | 305 | |||||||||||||
| Expenses [Abstract] | ||||||||||||||||
| Operating expenses and other | [4] | 116 | 1,196 | |||||||||||||
| Interest | [4] | 11 | 43 | |||||||||||||
| Total | [4] | 127 | 1,239 | |||||||||||||
| Income (loss) before income tax | [4] | (56) | (934) | |||||||||||||
| Income tax (expense) benefit | [4] | 5 | 26 | |||||||||||||
| Net income (loss) | [4] | (51) | (908) | |||||||||||||
| Amounts attributable to noncontrolling interests | [4] | 27 | 432 | |||||||||||||
| Net income (loss) attributable to Loews Corporation | [4] | $ (24) | $ (476) | |||||||||||||
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