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美國
證券交易委員會
華盛頓特區20549

表格 10-Q

☒ 根據第13或15(d)條進行的季度報表
1934年證券交易所法案

截至2024年6月30日季度結束 2024年9月30日

或

☐ 根據第13或第15(d)條規定的過渡報告
1934年證券交易所法

對於從____________到____________的過渡期

委員會檔案編號 1-06541

loews corp演講
（依憑章程所載的完整登記名稱）

特拉華州13-2646102
(成立地或組織其他管轄區)（聯邦稅號）

9 West 57街，31日 街, 紐約, 紐約 10019-2714
(主要行政辦公室的地址)（郵政編碼）

(212) 521-2000
(註冊人電話號碼，包括區號)

不適用
(如與上次報告不同，列明前名稱、前地址及前財政年度)

根據法案第12(b)條規定註冊的證券：
每種類別的名稱交易標的（s）每個註冊交易所的名稱
普通股，每股面值為0.01美元L紐約證券交易所

請勾選表示：（1）申報人在過去12個月內（或申報人在此期間需要提交此類報告的較短時間內，已提交了證券交易所法案第13條或第15(d)條規定的所有報告；並 （2）該申報人在過去90天內一直受到申報要求的約束。
是☒無 ☐  
請用勾選表示，登記申報人是否在過去12個月內（或者在要求提交此類檔案的更短期間內）依照《S-t法規第405條》（本章節第232.405條）的規定，已經遞交所有必須提交的互動數據檔案。
是 ☒無 ☐  
請勾選指示登記者是否為大型快速提交人、快速提交人、非快速提交人、較小的報告公司或新興成長型公司。請參閱交易所法規120億2條，了解「大型快速提交人」、「快速提交人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速歸檔人☒加速歸檔人☐非加速申報者 ☐較小的報告公司 ☐
 新興成長型企業 ☐
如果是新興成長型企業，在符合任何依據證券交易法第13(a)條所提供的任何新的或修改的財務會計準則的遵循的延伸過渡期方面，是否選擇不使用核准記號進行指示。☐

勾選表示申報人是否為外殼公司（定義於交易所法規第1202條）。
是☐No ☒  
截至2024年11月1日， 217,776,738 股。

1
目錄
指数

 頁面
的修改主要是針對匯率調整和所得稅已付信息改進所得稅披露，以回應投資者對所得稅信息更多的透明度要求。
  
 
  
 
  
2024年9月30日和2023年12月31日
 
 
截至2024年9月30日和2023年的三個月和九個月
 
 
2024年和2023年9月30日結束的三個和九個月
 
 
2024年和2023年9月30日結束的三個和九個月
 
 
2024年和2023年9月30日結束的九個月
 
 
  
  
  
  
  
  
  
  
2
目錄
第一部分. 財務資訊

第1項。基本報表。


洛斯公司及其子公司
合併簡明資產負債表
(未經查核)
九月三十日，12月31日，
 20242023
(單位:百萬美元，每股資料除外)
資產：
投資：
固定到期日有價證券，攤銷成本為$44,028 15.142,615，減少信用損失準備$18 15.116
$43,055 $40,626 
股權證券，成本為$1,068 15.11,015
1,215 1,050 
有限合夥投資2,462 2,174 
其他投資資產，主要為抵押貸款，減除信貸損失的備抵$35 15.135
1,095 1,123 
短期投資5,242 4,396 
總投資53,069 49,369 
現金548 399 
應收帳款10,138 9,660 
資產、廠房和設備10,689 10,718 
商譽349 347 
延後支付的非保險保修取得成本3,571 3,661 
保險附屬公司的延後支付取得成本943 896 
其他資產4,310 4,147 
資產總額$83,617 $79,197 
 
負債和權益：
 
保險儲備：
索賠和索賠調整費用$24,558 $23,304 
未來保單利益14,047 13,959 
未赚保费7,259 6,933 
總保險儲備45,864 44,196 
應付佣金經紀人269 79 
短期債務713 1,084 
長期負債8,821 7,919 
推延所得稅697 398 
延後的非保險保修收入4,594 4,694 
其他負債4,411 4,302 
總負債65,369 62,672 
 
承諾和潛在負債
 
優先股，面額$0.01，授權股數為5,000,000股，發行且流通股數為截至2024年6月30日和2023年12月31日之184,668,188股和181,364,180股。0.10 每股面額：
已授權 - 100,000,000 股份
0.010.01 面值：
授權 – 1,800,000,000 股份
發行 - 222,511,465 和 222,268,150 股份
2 2 
資本公積額額外增資2,562 2,589 
保留收益16,802 15,617 
累積其他全面損失(1,738)(2,497)
 17,628 15,711 
少數庫藏股，成本(3,580,335 和 100,000 ）股份
(271)(7)
股東權益總額17,357 15,704 
非控制權益891 821 
總股本18,248 16,525 
負債加股東權益總額$83,617 $79,197 
請參閱附註以查看綜合總基本報表。





3
目錄

洛斯公司及其子公司
綜合總結簡明利潤表
(未經查核)

結束於三個月的期間九個月結束了
九月三十日，九月三十日，
2024202320242023
（單位：百萬美元，每股數據除外）  
   
收入：  
保險費$2,593 $2,406 $7,532 $7,001 
淨投資收益776 592 2,084 1,752 
投資損失(10)(38)(42)(59)
非保險保固收入401 407 1,212 1,221 
營業收入及其他706 559 2,178 1,728 
總計4,466 3,926 12,964 11,643 
 
費用：
保險索賠及保戶福利（重新核算虧損 $(48), $(41), $(88）和$(75))
2,019 1,826 5,708 5,258 
延後收購成本攤銷457 426 1,336 1,208 
非保險保修費用387 386 1,169 1,154 
營業費用和其他930 860 2,778 2,449 
Purchase of investments9 (22)(44)(89)
利息114 94 331 280 
總計3,916 3,570 11,278 10,260 
所得稅前收益550 356 1,686 1,383 
所得稅支出(125)(80)(381)(315)
凈利潤425 276 1,305 1,068 
歸屬於非控制股權的金額(24)(23)(78)(80)
洛斯公司可歸屬凈利潤$401 $253 $1,227 $988 
基本每股盈利$1.83 $1.12 $5.55 $4.32 
稀釋每股盈利$1.82 $1.12 $5.54 $4.31 
加權平均股本數:
普通股股份219.67225.64221.16228.85
普通股的希釋潛在股份0.270.350.270.31
假設稀釋總加權平均股份流通量219.94225.99221.43229.16

See accompanying Notes to Consolidated Condensed Financial Statements.
4
Table of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Net income$425 $276 $1,305 $1,068 
 
Other comprehensive income (loss), after tax
Changes in:
Net unrealized losses on investments with an allowance for credit losses(3)(1)(1)(10)
Net unrealized gains (losses) on other investments1,264 (1,084)803 (827)
Total unrealized gains (losses) on investments1,261 (1,085)802 (837)
Impact of changes in discount rates used to measure long-duration contract liabilities(623)818 (9)678 
Unrealized gains (losses) on cash flow hedges(7)(1)(6)5 
Pension and postretirement benefits9 40 21 55 
Foreign currency translation64 (55)21 (4)
 
Other comprehensive income (loss)704 (283)829 (103)
Comprehensive income (loss)1,129 (7)2,134 965 
 
Amounts attributable to noncontrolling interests(83)8 (148)(69)
 
Total comprehensive income attributable to Loews Corporation$1,046 $1 $1,986 $896 

See accompanying Notes to Consolidated Condensed Financial Statements.
5
Table of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

Loews Corporation Shareholders
TotalCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Common Stock
Held in Treasury		Noncontrolling Interests
(In millions)
Balance, July 1, 2023
$15,470 $2 $2,728 $15,637 $(3,160)$(604)$867 
Net income276 253 23 
Other comprehensive loss(283)(252)(31)
Dividends paid ($0.0625 per share)
(24)(14)(10)
Purchase of subsidiary stock from noncontrolling interests(177)27 (61)(143)
Purchases of Loews Corporation treasury stock(118)(118)
Stock-based compensation11 10 1 
Other3 (1)1 3 
Balance, September 30, 2023
$15,158 $2 $2,764 $15,877 $(3,473)$(722)$710 
Balance, July 1, 2024
$17,201 $2 $2,556 $16,415 $(2,383)$(206)$817 
Net income425 401 24 
Other comprehensive income704 645 59 
Dividends paid ($0.0625 per share)
(24)(14)(10)
Purchases of Loews Corporation treasury stock(65)(65)
Stock-based compensation12 11 1 
Other(5)(5)    
Balance, September 30, 2024
$18,248 $2 $2,562 $16,802 $(1,738)$(271)$891 

See accompanying Notes to Consolidated Condensed Financial Statements.












6
Table of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

 Loews Corporation Shareholders  
 Total Common StockAdditional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury 		Noncontrolling Interests
(In millions)       
        
Balance, January 1, 2023, as reported
$15,478 $2 $2,748 $15,144 $(3,284)$(12)$880 
Cumulative effect adjustments from changes in
   accounting standards		(277)(213)(36)(28)
Balance, January 1, 2023, as adjusted
15,201 2 2,748 14,931 (3,320)(12)852 
Net income1,068 988 80 
Other comprehensive loss(103)(92)(11)
Dividends paid ($0.1875 per share)
(108)(43)(65)
Purchase of subsidiary stock from noncontrolling interests(203)27 (61)(169)
Purchases of Loews Corporation treasury stock(711)(711)
Stock-based compensation16 (7)23 
Other(2)(4)1 1 
Balance, September 30, 2023
$15,158 $2 $2,764 $15,877 $(3,473)$(722)$710 
Balance, January 1, 2024
$16,525 $2 $2,589 $15,617 $(2,497)$(7)$821 
Net income1,305 1,227 78 
Other comprehensive income829 759 70 
Dividends paid ($0.1875 per share)
(117)(42)(75)
Purchase of subsidiary stock from noncontrolling interests(20) (20)
Purchases of Loews Corporation treasury stock(264)(264)
Stock-based compensation9 (11)20 
Other(19) (16)   (3)
Balance, September 30, 2024
$18,248 $2 $2,562 $16,802 $(1,738)$(271)$891 

See accompanying Notes to Consolidated Condensed Financial Statements.
7
Table of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30
20242023
(In millions)
Operating Activities:
Net income$1,305 $1,068 
Adjustments to reconcile net income to net cash provided by operating activities, net425 519 
Changes in operating assets and liabilities, net:
Receivables(390)(71)
Deferred acquisition costs(45)(74)
Insurance reserves1,559 1,184 
Other assets(126)(152)
Other liabilities54 51 
Trading securities(698)905 
Net cash flow provided by operating activities2,084 3,430 
 
Investing Activities:
 
Purchases of fixed maturities(4,965)(5,459)
Proceeds from sales of fixed maturities2,335 3,284 
Proceeds from maturities of fixed maturities1,755 960 
Purchases of equity securities(332)(200)
Proceeds from sales of equity securities388 192 
Purchases of limited partnership investments(235)(322)
Proceeds from sales of limited partnership investments46 205 
Purchases of property, plant and equipment(458)(463)
Acquisitions (348)
Dispositions23  
Change in short-term investments(583)60 
Other, net10 (162)
Net cash flow used by investing activities(2,016)(2,253)
 
Financing Activities:
 
Dividends paid(42)(43)
Dividends paid to noncontrolling interests(75)(65)
Purchases of Loews Corporation treasury stock(262)(709)
Purchases of subsidiary stock from noncontrolling interests(20)(203)
Principal payments on debt(763)(503)
Issuance of debt1,284 593 
Other, net(44)(17)
Net cash flow provided by (used by) financing activities78 (947)
 
Effect of foreign exchange rate on cash3  
 
Net change in cash149 230 
Cash, beginning of period399 532 
Cash, end of period$548 $762 

See accompanying Notes to Consolidated Condensed Financial Statements.
8
Table of contents
Loews Corporation and Subsidiaries
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation

Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.

In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2024 and December 31, 2023, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2024 and 2023 and cash flows for the nine months ended September 30, 2024 and 2023, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and nine months ended September 30, 2024 and 2023 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 Accounting Standards Updates (“ASUs”) - In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker (“CODM”). The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the segment measures of profit or loss.

In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.



9
Table of contents
2. Investments

Net investment income is as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Fixed maturity securities$517 $491 $1,530 $1,443 
Limited partnership investments67 29 195 111 
Short-term investments21 24 70 54 
Equity securities (a)21 9 56 42 
Income from trading portfolio (a)141 32 210 91 
Other33 30 95 78 
Total investment income800 615 2,156 1,819 
Investment expenses(24)(23)(72)(67)
Net investment income$776 $592 $2,084 $1,752 
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2024 and 2023
$108 $(14)$123 $3 

Investment gains (losses) are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Fixed maturity securities:
Gross gains$11 $12 $38 $55 
Gross losses(33)(49)(104)(141)
Investment losses on fixed maturity securities(22)(37)(66)(86)
Equity securities (a)13 2 25 (9)
Short-term investments and other(1)(3)(1)(10)
Gain on acquisition of a joint venture46 
Investment losses$(10)$(38)$(42)$(59)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2024 and 2023
$13 $2 $24 $2 

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

10
Table of contents
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$8 $8 $23 $25 
Asset-backed4 4 9 12 
Impairment losses recognized in earnings$12 $12 $32 $37 

There were no losses recognized on mortgage loans during the three and nine months ended September 30, 2024. There were $5 million and $11 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2023.


11
Table of contents
The following tables present a summary of fixed maturity securities:

September 30, 2024Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
Corporate and other bonds$25,872 $826 $900 $6 $25,792 
States, municipalities and political
 subdivisions		7,406 359 617 7,148 
Asset-backed:
Residential mortgage-backed3,684 32 362 3,354 
Commercial mortgage-backed1,816 14 141 1,689 
Other asset-backed3,743 40 186 12 3,585 
Total asset-backed9,243 86 689 12 8,628 
U.S. Treasury and obligations of
 government sponsored enterprises		224 2 4 222 
Foreign government755 8 26 737 
Fixed maturities available-for-sale$43,500 $1,281 $2,236 $18 $42,527 
Fixed maturities trading528 528 
Total fixed maturity securities$44,028 $1,281 $2,236 $18 $43,055 

December 31, 2023
    
Fixed maturity securities:    
Corporate and other bonds$25,020 $597 $1,345 $4 $24,268 
States, municipalities and political
 subdivisions		7,713 382 703 7,392 
Asset-backed:
Residential mortgage-backed3,411 16 425 3,002 
Commercial mortgage-backed1,862 7 230 8 1,631 
Other asset-backed3,515 13 256 4 3,268 
Total asset-backed8,788 36 911 12 7,901 
U.S. Treasury and obligations of
 government sponsored enterprises		152 1 2 151 
Foreign government741 6 34 713 
Fixed maturities available-for-sale$42,414 $1,022 $2,995 $16 $40,425 
Fixed maturities trading201 201 
Total fixed maturity securities$42,615 $1,022 $2,995 $16 $40,626 


12
Table of contents
The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

 Less than 12 Months12 Months or LongerTotal
September 30, 2024Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
Corporate and other bonds$1,664 $31 $11,240 $869 $12,904 $900 
States, municipalities and political
 subdivisions		422 7 3,155 610 3,577 617 
Asset-backed:
Residential mortgage-backed130 2 2,162 360 2,292 362 
Commercial mortgage-backed112 1,134 141 1,246 141 
Other asset-backed151 4 1,638 182 1,789 186 
Total asset-backed393 6 4,934 683 5,327 689 
U.S. Treasury and obligations of
 government-sponsored enterprises		45 2 45 2 90 4 
Foreign government99 1 403 25 502 26 
Total fixed maturity securities$2,623 $47 $19,777 $2,189 $22,400 $2,236 
December 31, 2023
Fixed maturity securities:
Corporate and other bonds$1,943 $37 $13,406 $1,308 $15,349 $1,345 
States, municipalities and political
 subdivisions		598 18 3,104 685 3,702 703 
Asset-backed:
Residential mortgage-backed233 4 2,212 421 2,445 425 
Commercial mortgage-backed200 5 1,184 225 1,384 230 
Other asset-backed392 8 1,869 248 2,261 256 
Total asset-backed825 17 5,265 894 6,090 911 
U.S. Treasury and obligations of
 government-sponsored enterprises		65 1 23 1 88 2 
Foreign government52 1 450 33 502 34 
Total fixed maturity securities$3,483 $74 $22,248 $2,921 $25,731 $2,995 

13
Table of contents
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.

September 30, 2024December 31, 2023
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,127 $265 $2,273 $309 
AAA1,277 221 1,524 261 
AA3,641 547 3,817 658 
A5,229 405 5,652 517 
BBB9,243 689 11,523 1,095 
Non-investment grade883 109 942 155 
Total$22,400 $2,236 $25,731 $2,995 

Based on current facts and circumstances, the unrealized losses presented in the September 30, 2024 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, 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 as of September 30, 2024.

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 receivable on available-for-sale fixed maturity securities totaled $451 million, $435 million and $430 million as of September 30, 2024, December 31, 2023 and September 30, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Three months ended September 30, 2024
Corporate and Other Bonds
Asset-backed
Total
(In millions)
Allowance for credit losses:
Balance as of July 1, 2024
$— $17 $17 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 4 
Available-for-sale securities accounted for as PCD assets2 2 
Reductions to the allowance for credit losses:
Write-offs charged against the allowance9 9 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
4 4 
Total allowance for credit losses$6 $12 $18 

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Three months ended September 30, 2023Corporate and Other BondsAsset-backedTotal
(In millions)
Allowance for credit losses:
Balance as of July 1, 2023
$13 $9 $22 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded5 5 
Available-for-sale securities accounted for as PCD assets2 2 
Reductions to the allowance for credit losses:
Write-offs charged against the allowance15 15 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
4 4 
Total allowance for credit losses$5 $13 $18 

Nine months ended September 30, 2024Corporate and Other BondsAsset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2024
$4 $12 $16 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 4 
Available-for-sale securities accounted for as PCD assets2 2 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)3 1 4 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1 1 
Write-offs charged against the allowance9 9 
Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
10 10 
Total allowance for credit losses$6 $12 $18 

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Nine months ended September 30, 2023Corporate and Other BondsAsset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2023
$— $1 $1 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded6 7 13 
Available-for-sale securities accounted for as PCD assets22 22 
 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)6 6 
Intent to sell or more likely than not will be required to sell the
security before recovery of its amortized cost basis		3 3 
Write-offs charged against the allowance15 15 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
1 5 6 
Total allowance for credit losses$5 $13 $18 

Contractual Maturity

The following table presents available-for-sale fixed maturity securities by contractual maturity.

September 30, 2024December 31, 2023
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,585 $1,565 $1,121 $1,091 
Due after one year through five years11,948 11,800 11,563 11,180 
Due after five years through ten years13,282 12,907 13,359 12,573 
Due after ten years16,685 16,255 16,371 15,581 
Total$43,500 $42,527 $42,414 $40,425 

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.

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Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of September 30, 2024
2024
2023
2022
2021
2020
PriorTotal
(In millions)       
        
DSCR ≥1.6x       
LTV less than 55%$33 $9 $2 $97 $242 $383 
LTV 55% to 65%5 5 
LTV greater than 65%30 12 42 
DSCR 1.2x - 1.6x
LTV less than 55%28 5 13 50 96 
LTV 55% to 65%$43 20 36 36 4 31 170 
LTV greater than 65%13 64 20 97 
DSCR ≤1.2x
LTV less than 55%— 
LTV 55% to 65%32 75 41 148 
LTV greater than 65%28 21 48 97 
Total$43 $126 $247 $76 $134 $412 $1,038 

(a)The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.

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.

September 30, 2024December 31, 2023
Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value
Asset
(Liability)
Asset(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options – purchased$338 $1 $202 $1 
Futures – short158 $(1)116 
Warrants1 1 84 3 
Interest rate swaps300 6 300 13 
Currency forwards13 $(1)

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 September 30, 2024, commitments to purchase or fund were approximately $1.6 billion and to sell were approximately $90 million under the terms of these investments.

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3. Fair Value

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 United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

September 30, 2024
Level 1
Level 2
Level 3
Total
(In millions)    
     
Fixed maturity securities:    
Corporate bonds and other$225 $25,289 $1,237 $26,751 
States, municipalities and political subdivisions7,103 45 7,148 
Asset-backed7,713 915 8,628 
Fixed maturities available-for-sale225 40,105 2,197 42,527 
Fixed maturities trading528 528 
Total fixed maturities$753 $40,105 $2,197 $43,055 
 
Equity securities$765 $436 $14 $1,215 
Short-term and other5,043 30 5,073 
Receivables6 6 
Payable to brokers(57)(57)
December 31, 2023
Fixed maturity securities:
Corporate bonds and other$161 $23,926 $1,045 $25,132 
States, municipalities and political subdivisions7,348 44 7,392 
Asset-backed7,000 901 7,901 
Fixed maturities available-for-sale161 38,274 1,990 40,425 
Fixed maturities trading201 201 
Total fixed maturities$362 $38,274 $1,990 $40,626 
Equity securities$586 $440 $24 $1,050 
Short-term and other4,215 32 4,247 
Receivables13 13 
Payable to brokers(62)(62)


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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 nine months ended September 30, 2024 and 2023:

Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2024Balance, July 1
Included in Net Income
Included in OCIPurchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, September 30
(In millions)
Fixed maturity securities:
Corporate bonds and other$1,129 $59 $83 $(10)$(24)$1,237 $57 
States, municipalities and political subdivisions43 2 45 2 
Asset-backed887 $1 30 38 (23)$(18)915 30 
Fixed maturities available-for-sale$2,059 $1 $91 $121 $(10)$(47)$— $(18)$2,197 $— $89 
Equity securities$14 $14 
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2023Balance, July 1Included in Net IncomeIncluded in OCIPurchasesSalesSettlementsTransfers into
Level 3		Transfers out of Level 3
Balance, September 30
(In millions)
Fixed maturity securities:
Corporate bonds and other$971 $(36)$29 $(19)$945 $(36)
States, municipalities and political subdivisions43 (2)41 (2)
Asset-backed883 $1 (28)61 (13)$(7)897 (28)
Fixed maturities available-for-sale$1,897 $1 $(66)$90 $— $(32)$— $(7)$1,883 $— $(66)
Equity securities$26 $(1)$(2)$23 $(1)

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Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2024Balance, January 1
Included in Net Income
Included in OCIPurchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, September 30
(In millions)           
            
Fixed maturity securities:           
Corporate bonds and other$1,045 $39 $229 $(10)$(77)$11 $1,237 $34 
States, municipalities and political subdivisions44 1 45 1 
Asset-backed901 $5 14 111 (14)(65)$(37)915 14 
Fixed maturities available-for-sale$1,990 $5 $54 $340 $(24)$(142)$11 $(37)$2,197 $— $49 
 
Equity securities$24 $6 $3 $(19)$14 $2 
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
2023Balance, January 1Included in Net Income Included in OCIPurchasesSales Settlements Transfers into
 Level 3		Transfers out of Level 3
Balance, September 30
(In millions)          
          
Fixed maturity securities:          
Corporate bonds and other$810 $(27)$178 $(27)$11 $945 $(27)
States, municipalities and political subdivisions43 (2)41 (2)
Asset-backed788 $10 (28)203 (39)23 $(60)897 (28)
Fixed maturities available-for-sale$1,641 $10 $(57)$381 $— $(66)$34 $(60)$1,883 $— $(57)
 
Equity securities$35 $(8)$(4)$23 $(8)





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Net investment gains and losses are reported in Net income as follows:

Major Category of Assets and LiabilitiesConsolidated Condensed Statements of Operations Line Items
  
Fixed maturity securities available-for-saleInvestment gains (losses)
Fixed maturity securities tradingNet investment income
Equity securitiesInvestment gains (losses) and Net investment income
Other invested assetsInvestment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolioNet investment income
Derivative financial instruments, otherInvestment gains (losses) and Operating revenues and other

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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.

September 30, 2024Estimated
Fair Value		Valuation TechniquesUnobservable InputsRange (Weighted Average)
 (In millions)  
    
Fixed maturity securities$1,713 Discounted cash flowCredit spread1 %—6 %(2 %)
   
December 31, 2023  
   
Fixed maturity securities$1,495 Discounted cash flowCredit spread1 %—7 %(2 %)

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.

Carrying AmountEstimated Fair Value
September 30, 2024Level 1Level 2Level 3Total
(In millions)     
      
Assets:     
Other invested assets, primarily mortgage loans$1,003 $988 $988 
 
Liabilities:
Short-term debt712 $599 108 707 
Long-term debt8,818 7,892 840 8,732 
 
December 31, 2023
 
Assets:
Other invested assets, primarily mortgage loans$1,035 $997 $997 
 
Liabilities:
Short-term debt1,083 $546 520 1,066 
Long-term debt7,915 7,255 385 7,640 

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4. Claim and Claim Adjustment Expense Reserves

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, economic, medical and social 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. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. 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. Catastrophe losses, net of reinsurance, of $143 million and $94 million were recorded for the three months ended September 30, 2024 and 2023 and $313 million and $214 million were recorded for the nine months ended September 30, 2024 and 2023. Catastrophe losses for the three and nine months ended September 30, 2024 were primarily related to severe weather related events, including $55 million for Hurricane Helene. Catastrophe losses for the three and nine months ended September 30, 2023 were primarily related to severe weather related events.

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Liability for Unpaid Claim and Claim Adjustment Expenses

The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.

Nine Months Ended September 30
20242023
(In millions)  
   
Reserves, beginning of year:  
Gross$23,304 $22,120 
Ceded5,141 5,191 
Net reserves, beginning of year18,163 16,929 
 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year4,706 4,221 
Increase (decrease) in provision for insured events of prior years26 43 
Amortization of discount30 33 
Total net incurred (a)
4,762 4,297 
 
Net payments attributable to:
Current year events(655)(588)
Prior year events(3,189)(2,953)
Total net payments(3,844)(3,541)
 
Foreign currency translation adjustment and other35 (30)
 
Net reserves, end of period19,116 17,655 
Ceded reserves, end of period5,442 5,181 
Gross reserves, end of period$24,558 $22,836 

(a)Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.

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 $5 million and $7 million for the three months ended September 30, 2024 and 2023 and $24 million and $11 million for the nine months ended September 30, 2024 and 2023 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). Unfavorable net prior year loss reserve development of $22 million and $20 million for the three months ended September 30, 2024 and 2023 and $57 million and $55 million for the nine months ended September 30, 2024 and 2023 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).
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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 EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Medical professional liability$(2)$9 
Other professional liability and management liability$11 $17 28 16 
Surety(20)(21)(46)(28)
Warranty7 (2)20 (11)
Commercial auto25 46 11 
General liability28 47 70 
Workers’ compensation(57)(2)(106)(100)
Other property and casualty operations1 1 (11)22 
Other insurance operations22 20 57 55 
Total pretax (favorable) unfavorable development$17 $13 $33 $44 

Three Months

2024

Unfavorable development in other professional liability and management liability was primarily due to higher than expected large claim severity in CNA’s directors and officers (“D&O”) business in accident year 2019.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

2023

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s cyber and professional errors and omissions (“E&O”) businesses in multiple accident years.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

Nine Months

2024

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses.
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Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

2023

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s cyber and professional E&O businesses in multiple accident years.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Favorable development in warranty was due to lower than expected loss emergence in a recent accident year.

Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction business in a recent accident year.

Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and middle market businesses across multiple 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 property and casualty operations was due to higher than expected large loss emergence in CNA’s professional liability business in accident year 2017.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims.

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
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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 in 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 $11 million and $15 million for the three months ended September 30, 2024 and 2023 and $36 million and $38 million for the nine months ended September 30, 2024 and 2023. As of September 30, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $3.6 billion. The unrecognized deferred retroactive reinsurance benefit was $382 million and $417 million as of September 30, 2024 and December 31, 2023 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 $2.3 billion as of September 30, 2024. 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 A&EP claims.

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.

5. Future Policy Benefits Reserves

Future policy benefits reserves are associated with CNA’s run-off long-term care business, included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheet.

The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations.

Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered.

The cash flow assumption updates for the third quarter of 2024 resulted in a $15 million pretax increase in the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and an unfavorable impact from higher cost of care inflation.

The cash flow assumption updates for the third quarter of 2023 resulted in an $8 million pretax increase to the LFPB. Persistency updates were unfavorable due to revisions to lapse rates. Morbidity updates were favorable driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions.

For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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The following table summarizes balances and changes in the LFPB:

20242023
(In millions)
Present value of future net premiums
Balance, January 1$3,710 $3,993 
Effect of changes in discount rate(125)(74)
Balance, January 1, at original locked in discount rate3,585 3,919 
Effect of changes in cash flow assumptions (a)111 28 
Effect of actual variances from expected experience (a)(40)(112)
Adjusted balance, January 13,656 3,835 
Interest accrual139 153 
Net premiums: earned during period(317)(332)
Balance, end of period at original locked in discount rate3,478 3,656 
Effect of changes in discount rate147 (67)
Balance, September 30
$3,625 $3,589 
Present value of future benefits & expenses
Balance, January 1$17,669 $17,472 
Effect of changes in discount rate(578)(125)
Balance, January 1, at original locked in discount rate17,091 17,347 
Effect of changes in cash flow assumptions (a)126 36 
Effect of actual variances from expected experience (a)33 (45)
Adjusted balance, January 117,250 17,338 
Interest accrual693 723 
Benefit & expense payments(883)(945)
Balance, end of period at original locked in discount rate17,060 17,116 
Effect of changes in discount rate612 (873)
Balance, September 30
$17,672 $16,243 
Net LFPB, September 30
$14,047 $12,654 

(a)
As of September 30, 2024 and 2023, the re-measurement gain (loss) of $(88) million and $(75) million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

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The following table presents earned premiums and interest expense associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)
   
Earned premiums$110 $112 $329 $340 
Interest expense185 191 554 570 

The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.

September 30,
20242023
(In millions)
Expected future benefit and expense payments$32,009 $33,217 
Expected future gross premiums5,305 5,557 

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.8 billion and $3.7 billion as of September 30, 2024 and 2023.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of September 30, 2024 and 2023.

The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.

September 30,December 31,
202420232023
Original locked in discount rate5.20 %5.24 %5.22 %
Upper-medium grade fixed income instrument discount rate4.90 5.78 4.94 

For the three and nine months ended September 30, 2024, immediate charges to net income resulting from adverse development that caused the net premium ratio (“NPR”) to exceed 100% for certain cohorts were $84 million and $128 million. For the three and nine months ended September 30, 2023, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% were $109 million and $152 million.

For the three and nine months ended September 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income was $20 million and $28 million. For the three and nine months ended September 30, 2023, the portion of losses recognized in a prior period due to NPR exceeding 100% which, due to favorable development, was reversed through net income was $26 million and $37 million.
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6. Shareholders’ Equity

Accumulated other comprehensive income (loss)

The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and nine months ended September 30, 2023 and 2024:

 Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
impact of
changes in
discount
rates used to
measure long
duration
contracts		Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
(In millions)      
       
Balance, July 1, 2023
$(16)$(2,238)$(163)$20 $(609)$(154)$(3,160)
Other comprehensive income (loss) before reclassifications, after tax of $3, $295, $(217), $(2), $0 and $0
(9)(1,105)818 (1)(55)(352)
Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(6), $0, $0, $(11) and $0
8 21 40 69 
Other comprehensive income (loss)(1)(1,084)818 (1)40 (55)(283)
Amounts attributable to noncontrolling interests1 95 (69)(1)5 31 
Purchase of CNA shares(46)(1)(10)(4)(61)
Balance, September 30, 2023
$(16)$(3,273)$585 $19 $(580)$(208)$(3,473)
Balance, July 1, 2024
$(10)$(1,903)$234 $10 $(525)$(189)$(2,383)
Other comprehensive income (loss) before reclassifications, after tax of $3, $(337), $165, $3, $0 and $0
(9)1,253 (623)(7)1 64 679 
Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(3), $0, $0, $(3) and $0
6 11   8  25 
Other comprehensive income (loss)(3)1,264 (623)(7)9 64 704 
Amounts attributable to noncontrolling interests (105)52  (1)(5)(59)
Balance, September 30, 2024
$(13)$(744)$(337)$3 $(517)$(130)$(1,738)

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 Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative
impact of
changes in
discount
rates used to
measure long
duration
contracts		Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
(In millions)      
       
Balance, January 1, 2023, as reported
$(7)$(2,469)$— $14 $(622)$(200)$(3,284)
Cumulative effect adjustments from changes in accounting standards, after tax of $0, $0, $11, $0, $0 and $0
(36)(36)
Balance, January 1, 2023, as adjusted
(7)(2,469)(36)14 (622)(200)(3,320)
Other comprehensive income (loss) before reclassifications, after tax of $7, $235, $(180), $(1), $0 and $0
(25)(880)678 5 (4)(226)
Reclassification of losses from accumulated other comprehensive loss, after tax of $(4), $(14), $0, $0, $(15) and $0
15 53 55 123 
Other comprehensive income (loss)(10)(827)678 5 55 (4)(103)
Amounts attributable to noncontrolling interests1 69 (56)(3)11 
Purchase of CNA shares(46)(1)(10)(4)(61)
Balance, September 30, 2023
$(16)$(3,273)$585 $19 $(580)$(208)$(3,473)
Balance, January 1, 2024
$(12)$(1,483)$(329)$9 $(533)$(149)$(2,497)
Other comprehensive income (loss) before reclassifications, after tax of $4, $(206), $2, $3, $0 and $0
(14)764 (9)(6)1 21 757 
Reclassification of losses from accumulated other comprehensive loss, after tax of $(4), $(10), $0, $0, $(5) and $0
13 39   20  72 
Other comprehensive income (loss)(1)803 (9)(6)21 21 829 
Amounts attributable to noncontrolling interests (67)1  (2)(2)(70)
Other 3   (3) — 
Balance, September 30, 2024
$(13)$(744)$(337)$3 $(517)$(130)$(1,738)

Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:

Major Category of AOCIAffected Line Item
  
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investmentsInvestment gains (losses)
Unrealized gains (losses) on cash flow hedgesOperating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefitsOperating expenses and other
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Stock Purchases

Loews Corporation repurchased 3.5 million and 11.9 million shares of its common stock at aggregate costs of $264 million and $711 million during the nine months ended September 30, 2024 and 2023.

7. Debt

In February of 2024, CNA completed a public offering of $500 million aggregate principal amount of its 5.1% senior notes due February 15, 2034 and in May of 2024, CNA repaid at maturity the outstanding $550 million aggregate principal amount of its 4.0% senior notes.

In February of 2024, Boardwalk Pipelines completed a public offering of $600 million aggregate principal amount of its 5.6% senior notes due August 1, 2034. Boardwalk Pipelines intends to use the net proceeds to retire the outstanding $600 million aggregate principal amount of its 5.0% notes due December 2024 at maturity.

8. 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 12:

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Non-insurance warranty – CNA Financial$401 $407 $1,212 $1,221 
 
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines$463 $347 $1,431 $1,083 
Lodging and related services – Loews Hotels & Co220 190 673 577 
Total revenues from contracts with customers683 537 2,104 1,660 
Other revenues23 22 74 68 
Operating revenues and other$706 $559 $2,178 $1,728 

Receivables from contracts with customers – As of September 30, 2024 and December 31, 2023, receivables from contracts with customers were approximately $200 million and $228 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of September 30, 2024 and December 31, 2023, deferred revenue resulting from contracts with customers were approximately $4.7 billion and $4.8 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $1.1 billion and $905 million of revenues recognized during the nine months ended September 30, 2024 and 2023 were included in deferred revenue as of December 31, 2023 and 2022.

Performance obligations – As of September 30, 2024, approximately $15.5 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $0.8 billion will be recognized during the remaining three months of 2024, $2.8 billion in 2025 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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9. 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 the defined benefit plans:

Pension Benefits
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)
Service cost$1 $1 $2 $2 
Interest cost23 28 72 84 
Expected return on plan assets(29)(32)(88)(96)
Amortization of unrecognized net loss7 9 22 27 
Settlements4 47 4 48 
Net periodic cost$6 $53 $12 $65 

During the third quarter of 2023, the Company terminated a non-contributory defined benefit plan through lump sum settlement payments to certain participants and the transfer of the remaining liability to a third party insurance company through the purchase of group annuity contracts. The Company recorded a settlement expense of $47 million ($37 million after-tax) to recognize unrealized losses which were previously included in AOCI.

Other Postretirement Benefits
Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)
Interest cost$1 $1 
Expected return on plan assets$(1)$(1)(2)(2)
Amortization of unrecognized net loss1 1 1 1 
Net periodic benefit$— $— $— $— 

10. Legal Proceedings

Boardwalk Pipelines Litigation

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 “Trial 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 Trial 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
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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 Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial 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.

On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $690 million, plus pre-judgment interest (approximately $166 million), post-judgment interest and attorneys’ fees.

The Company believed that the Trial Court ruling included factual and legal errors. Therefore, on January 3, 2022, the Defendants appealed the Trial Court’s ruling to the Supreme Court of the State of Delaware (the “Supreme Court”). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. Oral arguments were held on September 14, 2022, and on December 19, 2022, the Supreme Court reversed the Trial Court’s ruling and remanded the case to the Trial Court for further proceedings related to claims not decided by the Trial Court’s ruling. Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023. A hearing on the remanded issues was held at the Trial Court in April 2024. In September 2024, the Trial Court ruled in favor of the Defendants on all of the remanded issues. On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court.

Other Litigation

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.

11. Commitments and Contingencies

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 September 30, 2024, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.4 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.

12. Segments

Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, and the equity method of accounting for Altium Packaging LLC. 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 21 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

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.

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

Three Months Ended September 30, 2024
CNA Financial
Boardwalk Pipelines
Loews
Hotels & Co
Corporate
Total
(In millions)
Revenues:
Insurance premiums$2,593 $2,593 
Net investment income626 $9 $2 $139 776 
Investment losses(10) (10)
Non-insurance warranty revenue401 401 
Operating revenues and other8 474 224  706 
Total3,618 483 226 139 4,466 
Expenses:
Insurance claims and policyholders’ benefits2,019 2,019 
Amortization of deferred acquisition costs457 457 
Non-insurance warranty expense387 387 
Operating expenses and other362 332 218 18 930 
Equity method loss   9 9 
Interest32 47 17 18 114 
Total3,257 379 235 45 3,916 
Income (loss) before income tax361 104 (9)94 550 
Income tax (expense) benefit(78)(27)1 (21)(125)
Net income (loss)283 77 (8)73 425 
Amounts attributable to noncontrolling interests(24)(24)
Net income (loss) attributable to Loews Corporation$259 $77 $(8)$73 $401 

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Three Months Ended September 30, 2023CNA FinancialBoardwalk PipelinesLoews
Hotels & Co		CorporateTotal
(In millions)
Revenues:
Insurance premiums$2,406 $2,406 
Net investment income553 $6 $2 $31 592 
Investment losses(38) (38)
Non-insurance warranty revenue407 407 
Operating revenues and other8 357 194  559 
Total3,336 363 196 31 3,926 
Expenses:
Insurance claims and policyholders’ benefits1,826 1,826 
Amortization of deferred acquisition costs426 426 
Non-insurance warranty expense386 386 
Operating expenses and other338 258 195 69 860 
Equity method (income) loss  (26)4 (22)
Interest34 39 3 18 94 
Total3,010 297 172 91 3,570 
Income (loss) before income tax326 66 24 (60)356 
Income tax (expense) benefit(68)(17)(7)12 (80)
Net income (loss)258 49 17 (48)276 
Amounts attributable to noncontrolling interests(23)(23)
Net income (loss) attributable to Loews Corporation$235 $49 $17 $(48)$253 
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Nine Months Ended September 30, 2024CNA Financial Boardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)     
      
Revenues:     
      
Insurance premiums$7,532 $7,532 
Net investment income1,853 $22 $7 $202 2,084 
Investment losses(42) (42)
Non-insurance warranty revenue1,212 1,212 
Operating revenues and other26 1,466 686  2,178 
Total10,581 1,488 693 202 12,964 
 
Expenses:
 
Insurance claims and policyholders’ benefits5,708 5,708 
Amortization of deferred acquisition costs1,336 1,336 
Non-insurance warranty expense1,169 1,169 
Operating expenses and other1,077 991 652 58 2,778 
Equity method (income) loss  (59)15 (44)
Interest101 137 37 56 331 
Total9,391 1,128 630 129 11,278 
Income before income tax1,190 360 63 73 1,686 
Income tax expense(252)(92)(20)(17)(381)
Net income938 268 43 56 1,305 
Amounts attributable to noncontrolling interests(78)(78)
Net income attributable to Loews Corporation$860 $268 $43 $56 $1,227 

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Nine Months Ended September 30, 2023CNA FinancialBoardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)
Revenues:
Insurance premiums$7,001 $7,001 
Net investment income1,653 $11 $4 $84 1,752 
Investment gains (losses)(105)46 (59)
Non-insurance warranty revenue1,221 1,221 
Operating revenues and other22 1,114 592  1,728 
Total9,792 1,125 642 84 11,643 
Expenses:
Insurance claims and policyholders’ benefits5,258 5,258 
Amortization of deferred acquisition costs1,208 1,208 
Non-insurance warranty expense1,154 1,154 
Operating expenses and other1,021 751 572 105 2,449 
Equity method (income) loss  (98)9 (89)
Interest93 117 9 61 280 
Total8,734 868 483 175 10,260 
Income (loss) before income tax1,058 257 159 (91)1,383 
Income tax (expense) benefit(220)(66)(44)15 (315)
Net income (loss)838 191 115 (76)1,068 
Amounts attributable to noncontrolling interests(80)(80)
Net income (loss) attributable to Loews Corporation$758 $191 $115 $(76)$988 

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13. Subsequent Events

CNA Employee Retirement Plan Trust Settlement Transaction

In October of 2024, a subsidiary of CNA, as a sponsor of the CNA Employee Retirement Plan Trust (the “Plan”), entered into a commitment agreement with Metropolitan Life Insurance Company (the “Insurer”) under which the Plan purchased a nonparticipating single premium group annuity contract that transferred to the Insurer approximately $1,045 million of the Plan’s defined benefit pension obligations. The group annuity contract covers approximately 7,600 Plan participants and beneficiaries (the “Transferred Participants”), representing approximately 60% of the Plan’s obligations. Under the group annuity contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after January 1, 2025. The purchase of the group annuity contract was funded directly by assets of the Plan and required no cash or asset contributions from CNA. As a result of the transaction, the Company will recognize a one-time non-cash pretax pension settlement charge of approximately $370 million ($265 million after tax and noncontrolling interests) in the fourth quarter of 2024. This charge is largely driven by the accelerated recognition of the actuarial pension loss from Accumulated other comprehensive income into Net income, which does not impact Shareholders’ equity. This charge will not impact cash flow for the fourth quarter or full year 2024.

Fourth Quarter 2024 Hurricane Milton Estimates

On October 9, 2024, Hurricane Milton made landfall in Florida. Pretax net catastrophe losses related to Hurricane Milton are currently estimated between approximately $25 million to $55 million, and are anticipated to be reflected in the Company’s fourth quarter 2024 results.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read in conjunction with our Consolidated Condensed Financial Statements included under Item 1 of this Report and the Consolidated Financial Statements, Risk Factors, and MD&A included in our Annual Report on Form 10-K for the year ended December 31, 2023. This MD&A is comprised of the following sections:

Page
No.
  

OVERVIEW

Loews Corporation is a holding company and has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA Financial Corporation (“CNA”), Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”) and Loews Hotels Holding Corporation (“Loews Hotels & Co”); and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its operating subsidiaries, and the equity method of accounting for Altium Packaging LLC (“Altium Packaging”).
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Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the terms “Parent Company,” “we,” “our,” “us” or like terms mean Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.

We rely upon our invested cash balances and distributions from our subsidiaries to generate the funds necessary to meet our obligations and to declare and pay any dividends to our shareholders. The ability of our subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies (see Note 15 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023) and compliance with covenants in their respective loan agreements. Claims of creditors of our subsidiaries will generally have priority as to the assets of such subsidiaries over our claims and those of our creditors and shareholders. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.

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RESULTS OF OPERATIONS

Consolidated Financial Results

The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three and nine months ended September 30, 2024 and 2023:

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions, except per share data)  
   
CNA Financial$259 $235 $860 $758 
Boardwalk Pipelines77 49 268 191 
Loews Hotels & Co(8)17 43 115 
Corporate73 (48)56 (76)
Net income attributable to Loews Corporation$401 $253 $1,227 $988 
   
Basic net income per share$1.83 $1.12 $5.55 $4.32 
   
Diluted net income per share$1.82 $1.12 $5.54 $4.31 

Net income attributable to Loews Corporation for the three months ended September 30, 2024 was $401 million, or $1.82 per share, compared to net income of $253 million, or $1.12 per share in the comparable 2023 period. Net income attributable to Loews Corporation for the nine months ended September 30, 2024 was $1,227 million, or $5.54 per share, compared to net income of $988 million, or $4.31 per share in the comparable 2023 period. Corporate includes a $37 million after-tax charge for the termination of a non-contributory defined benefit pension plan for the three and nine months ended September 30, 2023. Loews Hotels & Co includes a $36 million after-tax gain related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property for the nine months ended September 30, 2023.

The increase in net income attributable to Loews Corporation for the three months ended September 30, 2024 as compared to the comparable 2023 period was primarily driven by higher net income at CNA and Boardwalk Pipelines, and higher investment income at the parent company, partially offset by lower results at Loews Hotels & Co. The increase at CNA is primarily due to higher net investment income, partially offset by higher catastrophe losses, and the increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates and recently completed growth projects. Higher investment income at the parent company is primarily due to the favorable change in the fair value of equity based investments. Loews Hotels & Co’s results decreased primarily due to an impairment charge recorded by a joint venture property.

Results drivers for the nine months ended September 30, 2024 as compared to the comparable 2023 period are consistent with the three-month period discussed above.

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CNA Financial

The following table summarizes the results of operations for CNA for the three and nine months ended September 30, 2024 and 2023 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Revenues:  
Insurance premiums$2,593 $2,406 $7,532 $7,001 
Net investment income626 553 1,853 1,653 
Investment losses(10)(38)(42)(105)
Non-insurance warranty revenue401 407 1,212 1,221 
Other revenues8 8 26 22 
Total3,618 3,336 10,581 9,792 
Expenses:  
Insurance claims and policyholders’ benefits2,019 1,826 5,708 5,258 
Amortization of deferred acquisition costs457 426 1,336 1,208 
Non-insurance warranty expense387 386 1,169 1,154 
Other operating expenses362 338 1,077 1,021 
Interest32 34 101 93 
Total3,257 3,010 9,391 8,734 
Income before income tax361 326 1,190 1,058 
Income tax expense(78)(68)(252)(220)
Net income283 258 938 838 
Amounts attributable to noncontrolling interests(24)(23)(78)(80)
Net income attributable to Loews Corporation$259 $235 $860 $758 

Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation increased $24 million for the three months ended September 30, 2024 as compared with the comparable 2023 period primarily due to higher net investment income, partially offset by higher catastrophe losses.

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation increased $102 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, the drivers of which are consistent with the three-month period discussed above.

CNA’s Property & Casualty and Other Insurance Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves. We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting. However, for purposes of this discussion and analysis of the results
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of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results.

In assessing its insurance operations, CNA utilizes the core income (loss) financial measure. Core income (loss) is calculated by excluding investment gains or losses and gains or losses resulting from pension settlement transactions from net income (loss). In addition, core income (loss) excludes the effects of noncontrolling interests. The calculation of core income (loss) excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations. Core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations. Please see the non-GAAP reconciliation of net income (loss) to core income (loss) in this MD&A.

In evaluating the results of Property & Casualty Operations, which is comprised of the Specialty, Commercial and International lines of business, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

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 within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on CNA’s reserves is provided in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

In addition, renewal premium change, rate, retention and new business are also utilized in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written with existing customers. Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.

CNA uses underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and other insurance related expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities which are managed separately from its investing activities. Underlying underwriting gain (loss) is deemed to be a non-GAAP measure that represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate profitability, before tax, of CNA’s underwriting activities, excluding the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.

The following tables present a reconciliation of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain (loss) for the three and nine months ended September 30, 2024 and 2023:
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Three Months Ended September 30, 2024SpecialtyCommercialInternationalProperty & CasualtyOther Insurance OperationsTotal
(In millions)
Net income (loss) attributable to Loews Corporation$153 $121 $31 $305 $(46)$259 
Investment (gains) losses4 7 2 13 (6)7 
Pension settlement losses 3 3 
Noncontrolling interests14 11 3 28 (4)24 
Core income (loss)$171 $139 $36 $346 $(53)$293 
Adjustments to reconcile core income to underwriting gain (loss):
Net investment income(157)(183)(32)(372)
Non-insurance warranty (revenue) expense(14)  (14)
Other (revenue) expense, including interest expense12 3 (8)7 
Income tax expense on core income 47 38 16 101 
Underwriting gain (loss)59 (3)12 68 
Effect of catastrophe losses 127 16 143 
Effect of favorable development-related items  (2)(2)
Underlying underwriting gain$59 $124 $26 $209 

Three Months Ended September 30, 2023
Net income (loss) attributable to Loews Corporation$150 $107 $36 $293 $(58)$235 
Investment losses13 16  29 2 31 
Noncontrolling interests15 10 4 29 (6)23 
Core income (loss)$178 $133 $40 $351 $(62)$289 
Adjustments to reconcile core income to underwriting gain:
Net investment income(136)(156)(26)(318)
Non-insurance warranty (revenue) expense(21)  (21)
Other (revenue) expense, including interest expense13 2 7 22 
Income tax expense on core income 49 34 14 97 
Underwriting gain83 13 35 131 
Effect of catastrophe losses 87 7 94 
Effect of favorable development-related items(5)  (5)
Underlying underwriting gain$78 $100 $42 $220 
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Nine Months Ended September 30, 2024SpecialtyCommercialInternationalProperty & CasualtyOther Insurance OperationsTotal
(In millions)
Net income (loss) attributable to Loews Corporation$457 $400 $106 $963 $(103)$860 
Investment (gains) losses19 28 1 48 (15)33 
Pension settlement losses 3 3 
Noncontrolling interests41 36 10 87 (9)78 
Core income (loss)$517 $464 $117 $1,098 $(124)$974 
Adjustments to reconcile core income to underwriting gain:
Net investment income(461)(534)(95)(1,090)
Non-insurance warranty (revenue) expense(43)  (43)
Other (revenue) expense, including interest expense40 10 (5)45 
Income tax expense on core income142 125 41 308 
Underwriting gain195 65 58 318 
Effect of catastrophe losses 285 28 313 
Effect of favorable development-related items(8) (5)(13)
Underlying underwriting gain$187 $350 $81 $618 

Nine Months Ended September 30, 2023
Net income (loss) attributable to Loews Corporation$441 $353 $93 $887 $(129)$758 
Investment (gains) losses39 53 (1)91 (7)84 
Noncontrolling interests46 37 10 93 (13)80 
Core income (loss)$526 $443 $102 $1,071 $(149)$922 
Adjustments to reconcile core income to underwriting gain:
Net investment income(407)(470)(74)(951)
Non-insurance warranty (revenue) expense(67)  (67)
Other (revenue) expense, including interest expense39 5 2 46 
Income tax expense on core income 146 118 36 300 
Underwriting gain237 96 66 399 
Effect of catastrophe losses 190 24 214 
Effect of (favorable) unfavorable development-related items(7)(4)15 4 
Underlying underwriting gain$230 $282 $105 $617 
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Property & Casualty Operations

The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three and nine months ended September 30, 2024 and 2023.

Three Months Ended September 30, 2024
Specialty
Commercial
International
Total
(In millions, except %)
Gross written premiums$1,743 $1,547 $305 $3,595 
Gross written premiums excluding third-party captives982 1,538 305 2,825 
Net written premiums862 1,221 277 2,360 
Net earned premiums848 1,325 311 2,484 
Underwriting gain (loss)59 (3)12 68 
Net investment income157 183 32 372 
Core income171 139 36 346 
Other performance metrics:
Loss ratio60.1 %72.0 %62.5 %66.7 %
Expense ratio32.7 27.7 33.6 30.2 
Dividend ratio0.2 0.5 0.3 
Combined ratio93.0 %100.2 %96.1 %97.2 %
Effect of catastrophe impacts(9.6)(5.1)(5.8)
Effect of development-related items0.1 0.7 0.2 
Underlying combined ratio93.0 %90.7 %91.7 %91.6 %
Underlying loss ratio60.1 %62.5 %58.1 %61.1 %
Rate6 %(2)%3 %
Renewal premium change2 %8 1 5 
Retention89 84 82 85 
New business$129 $345 $73 $547 

Three Months Ended September 30, 2023
Gross written premiums$1,775 $1,343 $306 $3,424 
Gross written premiums excluding third-party captives949 1,340 306 2,595 
Net written premiums825 1,071 282 2,178 
Net earned premiums829 1,170 296 2,295 
Underwriting gain83 13 35 131 
Net investment income136 156 26 318 
Core income178 133 40 351 
Other performance metrics:
Loss ratio58.0 %68.9 %60.2 %63.9 %
Expense ratio31.8 29.5 28.1 30.1 
Dividend ratio0.3 0.5 0.3 
Combined ratio90.1 %98.9 %88.3 %94.3 %
Effect of catastrophe impacts(7.4)(2.3)(4.1)
Effect of development-related items0.6 0.2 
Underlying combined ratio90.7 %91.5 %86.0 %90.4 %
Underlying loss ratio58.6 %61.5 %57.9 %60.0 %
Rate1 %8 %2 %5 %
Renewal premium change2 9 7 6 
Retention87 83 84 84 
New business$121 $292 $62 $475 

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Nine Months Ended September 30, 2024
Specialty
Commercial
International
Total
(In millions, except %)    
     
Gross written premiums$5,153 $5,160 $1,096 $11,409 
Gross written premiums excluding third-party captives2,846 5,022 1,096 8,964 
Net written premiums2,511 4,017 896 7,424 
Net earned premiums2,493 3,774 937 7,204 
Underwriting gain195 65 58 318 
Net investment income461 534 95 1,090 
Core income517 464 117 1,098 
 
Other performance metrics:
Loss ratio59.3 %69.7 %60.6 %64.9 %
Expense ratio32.5 28.1 33.1 30.3 
Dividend ratio0.3 0.5 0.4 
Combined ratio92.1 %98.3 %93.7 %95.6 %
Effect of catastrophe impacts(7.5)(3.0)(4.3)
Effect of development-related items0.3 0.5 0.2 
Underlying combined ratio92.4 %90.8 %91.2 %91.5 %
Underlying loss ratio59.6 %62.2 %58.1 %60.8 %
Rate1 %6 %4 %
Renewal premium change2 8 2 %5 
Retention89 84 81 85 
New business$341 $1,117 $213 $1,671 

Nine Months Ended September 30, 2023
    
Gross written premiums$5,324 $4,504 $1,125 $10,953 
Gross written premiums excluding third-party captives2,796 4,384 1,125 8,305 
Net written premiums2,438 3,588 912 6,938 
Net earned premiums2,438 3,336 888 6,662 
Underwriting gain237 96 66 399 
Net investment income407 470 74 951 
Core income526 443 102 1,071 
 
Other performance metrics:
Loss ratio58.2 %67.0 %62.2 %63.1 %
Expense ratio31.9 29.6 30.3 30.6 
Dividend ratio0.2 0.5 0.3 
Combined ratio90.3 %97.1 %92.5 %94.0 %
Effect of catastrophe impacts(5.7)(2.7)(3.2)
Effect of development-related items0.3 0.2 (1.7)
Underlying combined ratio90.6 %91.6 %88.1 %90.8 %
Underlying loss ratio58.5 %61.5 %57.8 %59.9 %
 
Rate1 %8 %4 %5 %
Renewal premium change2 10 7 7 
Retention88 85 83 85 
New business$349 $945 $239 $1,533 










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Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Gross written premiums, excluding third-party captives, for Specialty increased $33 million for the three months ended September 30, 2024 as compared with the comparable 2023 period driven by retention and higher new business. Net written premiums for Specialty increased $37 million for the three months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the three months ended September 30, 2024 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $204 million for the three months ended September 30, 2024 as compared with the comparable 2023 period driven by favorable renewal premium change and higher new business. Net written premiums for Commercial increased $150 million for the three months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the three months ended September 30, 2024 was consistent with the trend in net written premiums for Commercial.

Gross written premiums and gross written premiums excluding the effect of foreign currency exchange rates for International, for the three months ended September 30, 2024, were largely consistent with the comparable 2023 period. Net written premiums for International decreased $5 million for the three months ended September 30, 2024 as compared with the comparable 2023 period. Excluding the effects of foreign currency exchange rates, net written premiums decreased $4 million for the three months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the three months ended September 30, 2024 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations decreased $5 million for the three months ended September 30, 2024 as compared with the comparable 2023 period primarily driven by the largely offsetting impacts of higher catastrophe losses and higher net investment income.

Catastrophe losses for Property & Casualty Operations were $143 million for the three months ended September 30, 2024 as compared with $94 million for the comparable 2023 period, primarily related to severe weather related events. Catastrophe losses for the three months ended September 30, 2024 included $55 million for Hurricane Helene. For the three months ended September 30, 2024 and 2023, Specialty had no catastrophe losses, Commercial had catastrophe losses of $127 million and $87 million and International had catastrophe losses of $16 million and $7 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $5 million and $7 million was recorded for the three months ended September 30, 2024 and 2023. For the three months ended September 30, 2024 and 2023, Specialty recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $5 million, Commercial recorded favorable net prior year loss reserve development of $3 million and $2 million and International recorded favorable net prior year loss reserve development of $2 million and no net prior year loss reserve development. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 2.9 points for the three months ended September 30, 2024 as compared with the comparable 2023 period primarily due to a 2.1 point increase in the loss ratio and a 0.9 point increase in the expense ratio. The increase in the loss ratio was primarily due to an increase in the underlying loss ratio driven by continued pricing pressure in management liability lines over the last several quarters. The increase in the expense ratio was primarily driven by higher employee related costs.

Commercial’s combined ratio increased 1.3 points for the three months ended September 30, 2024 as compared with the comparable 2023 period due to a 3.1 point increase in the loss ratio, partially offset by a 1.8 point improvement in the expense ratio. The increase in the loss ratio was driven by higher catastrophe losses, which were 9.6 points of the loss ratio for the three months ended September 30, 2024 as compared with 7.4 points of the loss ratio in the comparable 2023 period, and an increase in the underlying loss ratio driven by continuation of elevated loss cost trends in commercial auto and mix of business. The improvement in the expense ratio was primarily driven by higher net earned premiums.

International’s combined ratio increased 7.8 points for the three months ended September 30, 2024 as compared with the comparable 2023 period due to a 5.5 point increase in the expense ratio and a 2.3 point increase in the loss ratio. The increase in the expense ratio was driven by a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year quarter and higher employee related costs in the current quarter. The increase in the loss ratio was driven by higher catastrophe losses, which were 5.1 points of the loss ratio for the three months ended September 30, 2024 as compared with 2.3 points of the loss ratio in the comparable 2023 period, partially offset by favorable net prior year loss reserve development.

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Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Gross written premiums, excluding third-party captives, for Specialty increased $50 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period driven by retention and favorable renewal premium change. Net written premiums for Specialty increased $73 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the nine months ended September 30, 2024 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $656 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period driven by favorable renewal premium change and higher new business. Net written premiums for Commercial increased $429 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the nine months ended September 30, 2024 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International decreased $29 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. Excluding the effect of foreign currency exchange rates, gross written premiums decreased $37 million driven by lower new business. Net written premiums for International decreased $16 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. Excluding the effect of foreign currency exchange rates, net written premiums decreased $20 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. The increase in net earned premiums for the nine months ended September 30, 2024 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $27 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period primarily driven by higher net investment income partially offset by higher catastrophe losses.

Catastrophe losses for Property & Casualty Operations were $313 million for the nine months ended September 30, 2024 as compared with $214 million for the comparable 2023 period, primarily related to severe weather related events. Catastrophe losses for the nine months ended September 30, 2024 included $55 million for Hurricane Helene. For the nine months ended September 30, 2024 and 2023, Specialty had no catastrophe losses, Commercial had catastrophe losses of $285 million and $190 million and International had catastrophe losses of $28 million and $24 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $24 million and $11 million was recorded for the nine months ended September 30, 2024 and 2023. For the nine months ended September 30, 2024 and 2023, Specialty recorded favorable net prior year loss reserve development of $8 million and $9 million, Commercial recorded favorable net prior year loss reserve development of $11 million and $17 million and International recorded favorable net year loss reserve development of $5 million and unfavorable net prior year loss reserve development of $15 million. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 1.8 points for the nine months ended September 30, 2024 as compared with the comparable 2023 period primarily due to a 1.1 point increase in the loss ratio and a 0.6 point increase in the expense ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines over the last several quarters. The increase in the expense ratio was driven by higher acquisition costs.

Commercial’s combined ratio increased 1.2 points for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to a 2.7 point increase in the loss ratio, partially offset by a 1.5 point improvement in the expense ratio. The increase in the loss ratio was primarily driven by higher catastrophe losses, which were 7.5 points of the loss ratio for the nine months ended September 30, 2024 as compared with 5.7 points of the loss ratio in the comparable 2023 period. The improvement in the expense ratio was primarily driven by higher net earned premiums.

International’s combined ratio increased 1.2 points for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to a 2.8 point increase in the expense ratio partially offset by a 1.6 point improvement in the loss ratio. The increase in the expense ratio was driven by higher employee related costs and a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year period. The improvement in the loss ratio was driven by favorable net prior year loss reserve development partially offset by higher catastrophe losses, which were 3.0 points of the loss ratio for the nine months ended September 30, 2024, as compared with 2.7 points of the loss ratio in the comparable 2023 period.

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Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the three and nine months ended September 30, 2024 and 2023.

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Net earned premiums$110 $112 $329 $340 
Net investment income254 235 763 702 
Core loss(53)(62)(124)(149)

Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Core results for Other Insurance Operations improved $9 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to higher net investment income, partially offset by $3 million after tax lower amortization of the deferred gain related to the A&EP loss portfolio transfer (“LPT”) and a $3 million after tax charge related to an office consolidation in the 2024 period. Both periods are inclusive of assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year.

The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2024 and 2023 resulted in a pretax increase in long-term care reserves of $15 million and $8 million.

The annual structured settlement reserve review resulted in a pretax reduction in claim reserves of $9 million and $6 million for the three months ended September 30, 2024 and 2023.

The current and prior year third quarters include $17 million and $16 million after tax charges related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse claims. Further information on the A&EP LPT and net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Core results for Other Insurance Operations improved $25 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, the drivers of which are generally consistent with the three month summary above, including a $13 million after tax charge related to an office consolidation in the 2024 period.

Future Policy Benefit Reserves

Annually in the third quarter, an actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the liability for future policyholder benefits (“LFPB”). For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023.

The table below summarizes the estimated pretax impact on CNA’s results of operations from various hypothetical revisions to its LFPB reserve assumptions. CNA has assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional future premium rate increases. Although such hypothetical revisions are not currently required or anticipated, CNA believes they could occur based on past variances in experience and its expectations of the ranges of future experience that could reasonably occur. Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below. The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.
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September 30, 2024
Estimated Reduction to Pretax Income
(In millions) 
  
Hypothetical revisions 
Morbidity:  
2.5% increase in morbidity$290 
5% increase in morbidity590 
Persistency:
5% decrease in active life mortality and lapse$160 
10% decrease in active life mortality and lapse310 
Premium rate actions:
25% decrease in anticipated future premium rate increases$10 
50% decrease in anticipated future premium rate increases20 

The following table summarizes policyholder reserves for CNA’s long-term care operations:

September 30, 2024Claim and claim adjustment expensesFuture policy benefitsTotal
(In millions)
Long-term care$14,047 $14,047 
Structured settlements and other$564 564 
Total564 14,047 14,611 
Ceded reserves86 86 
Total gross reserves$650 $14,047 $14,697 

December 31, 2023
(In millions)
Long-term care$13,959 $13,959 
Structured settlements and other$582 582 
Total582 13,959 14,541 
Ceded reserves93 93 
Total gross reserves$675 $13,959 $14,634 

As part of the annual reserve reviews, statutory long-term care reserve adequacy is evaluated by premium deficiency testing, by comparing carried statutory reserves with best-estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of carried reserves over best estimate reserves. As of September 30, 2024, statutory long-term care margin increased to $1.4 billion from $1.3 billion, primarily driven by a more favorable interest rate environment resulting in a higher yielding investment portfolio.

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Boardwalk Pipelines

A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors. Boardwalk Pipelines has little to no direct commodity price exposure. For further information on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2023. Boardwalk Pipelines’ operations and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, the Pipeline and Hazardous Materials Safety Administration Mega Rule and Boardwalk Pipelines’ efforts to monitor, control and reduce emissions, as further discussed in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023.

On September 29, 2023, Boardwalk Pipelines acquired Williams Olefins Pipeline Holdco LLC, renamed Boardwalk Ethane Pipeline Holdco, LLC (“Bayou Ethane”) after the acquisition, from Williams Field Services Group, LLC. Bayou Ethane provides ethane supply and transportation services for industrial customers in Louisiana and Texas.

The following table summarizes the results of operations for Boardwalk Pipelines for the three and nine months ended September 30, 2024 and 2023, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Boardwalk Pipelines also utilizes a non-GAAP measure, earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) as a financial measure to assess its operating and financial performance and return on invested capital. Management believes some investors may find this measure useful in evaluating Boardwalk Pipelines’ performance.

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Revenues:  
Operating revenues and other$474 $357 $1,466 $1,114 
Interest income9 6 22 11 
Total483 363 1,488 1,125 
Expenses:
Operating and other:
Operating costs and expenses225 155 670 445 
Depreciation and amortization107 103 321 306 
Interest47 39 137 117 
Total379 297 1,128 868 
Income before income tax104 66 360 257 
Income tax expense(27)(17)(92)(66)
Net income attributable to Loews Corporation$77 $49 $268 $191 
EBITDA$249 $202 $796 $669 

Three Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation and EBITDA increased $28 million and $47 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to the reasons discussed below.

Total revenues increased $120 million for the three months ended September 30, 2024 as compared with the comparable 2023 period. Boardwalk Pipelines’ transportation revenues increased $22 million, primarily due to re-contracting at higher rates and recently completed growth projects; storage, parking and lending revenues increased $8 million due to favorable market conditions; product sale revenues from the sale of ethylene increased by $10 million; and the Bayou Ethane acquisition contributed $76 million of operating revenues, primarily resulting from ethane product sales.

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Operating costs and expenses increased $70 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily reflecting operations of the Bayou Ethane acquisition.

Depreciation and amortization expenses increased $4 million for the three months ended September 30, 2024 as compared with the comparable 2023 period due to an increased asset base from recently completed growth projects and the Bayou Ethane acquisition.

Interest expenses increased $8 million for the three months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to pre-financing Boardwalk Pipeline’s $600 million of debt maturing in December 2024.

Nine Months Ended September 30, 2024 Compared to the Comparable 2023 Period

Net income attributable to Loews Corporation and EBITDA increased $77 million and $127 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to the reasons discussed below.

Total revenues increased $363 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period. Boardwalk Pipelines’ transportation revenues increased $61 million, primarily due to re-contracting at higher rates and recently completed growth projects; storage, parking and lending revenues increased $23 million due to favorable market conditions; product sale revenues from the sale of natural gas, ethylene and propane increased $23 million; and the Bayou Ethane acquisition contributed $245 million of operating revenues, primarily resulting from ethane product sales.

Operating costs and expenses increased $225 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period primarily reflecting operations of the Bayou Ethane acquisition.

Depreciation and amortization expenses increased $15 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to an increased asset base from recently completed growth projects and the Bayou Ethane acquisition.

Interest expenses increased $20 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to pre-financing Boardwalk Pipeline’s $600 million of debt maturing in December 2024.

Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three and nine months ended September 30, 2024 and 2023:

Three Months Ended
Nine Months Ended
September 30,
September 30,
2024202320242023
(In millions)
Net income attributable to Loews Corporation$77 $49 $268 $191 
Interest, net
38 33 115 106 
Income tax expense
27 17 92 66 
Depreciation and amortization
107 103 321 306 
EBITDA
$249 $202 $796 $669 


Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2024 and 2023, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

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Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Revenues:  
Operating revenue$195 $160 $597 $497 
Gain on acquisition of a joint venture   46 
Revenues related to reimbursable expenses31 36 96 99 
Total226 196 693 642 
Expenses:
Operating and other:
Operating163 141 487 413 
Asset impairments   9 
Reimbursable expenses31 36 96 99 
Depreciation and amortization24 18 69 51 
Equity income from joint ventures (26)(59)(98)
Interest17 3 37 9 
Total235 172 630 483 
Income (loss) before income tax(9)24 63 159 
Income tax (expense) benefit1 (7)(20)(44)
Net income (loss) attributable to Loews Corporation$(8)$17 $43 $115 

Net income (loss) attributable to Loews Corporation decreased $25 million and $72 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods primarily due to the reasons discussed below.

Operating revenues improved by $35 million and $100 million and operating expenses increased by $22 million and $74 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods. The increase in operating revenues and operating expenses was primarily driven by the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024. Operating revenues also improved due to higher occupancy levels at many city center hotels as a result of the continued recovery in group travel in 2024 as compared with the comparable 2023 periods and an increase in food and beverage revenues. Operating expenses also increased due to increased staffing costs and higher insurance expenses. Consolidating the results of a property previously accounted for under the equity method also contributed to the improvement in operating revenues and the increase in operating expenses for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

The nine months ended September 30, 2023 includes a gain of $46 million ($36 million after tax) related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.

Equity income from joint ventures decreased $26 million and $39 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods. The decrease was primarily driven by an impairment charge recorded at a joint venture property which reduced Loews Hotels & Co’s equity income by $19 million. Separately, a reduction in overall occupancy levels at many joint venture hotels, particularly at the Universal Orlando Resort, in 2024 compared to 2023 also led to a decrease in equity income from joint ventures in both periods. In addition, expenses at joint venture properties for the nine months ended September 30, 2024 increased as compared to the comparable 2023 period, largely due to increased staffing costs, as well as higher insurance expenses and property taxes.

The nine months ended September 30, 2023 includes impairment charges of $9 million to reduce the carrying value of certain assets to their estimated fair value.

Depreciation and amortization expense increased $6 million and $18 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods mainly due to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024. Consolidating the results of a property previously accounted for
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under the equity method also contributed to the increase in depreciation and amortization expense for the nine months ended September 30, 2024 as compared with the comparable 2023 period.

Interest expense increased $14 million and $28 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods primarily due to placing the Loews Arlington Hotel and Convention Center into service during the first quarter of 2024, after which Loews Hotels & Co no longer capitalized interest on that development project and a decline in the value of interest rate caps.

Corporate

Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company. Investment income includes earnings on cash and short-term investments held at the Parent Company to meet current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company. Corporate also includes the equity method of accounting for Altium Packaging.

The following table summarizes the results of operations for Corporate for the three and nine months ended September 30, 2024 and 2023 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Revenues:  
Net investment income$139 $31 $202 $84 
Total139 31 202 84 
Expenses:  
Operating and other18 69 58 105 
Equity method loss9 4 15 9 
Interest18 18 56 61 
Total45 91 129 175 
Income (loss) before income tax94 (60)73 (91)
Income tax (expense) benefit(21)12 (17)15 
Net income (loss) attributable to Loews Corporation$73 $(48)$56 $(76)

Net income attributable to Loews Corporation increased $121 million and $132 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods primarily due to the reasons discussed below.

Net investment income for the Parent Company increased $108 million and $118 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods, primarily due to the favorable change in the fair value of equity based investments and higher income from short-term investments and fixed maturity securities in the trading portfolio.

Operating and other expenses decreased by $51 million and $47 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods. These decreases were primarily due to a settlement expense of $47 million in the third quarter of 2023 to recognize unrealized losses, which were included in AOCI, due to the termination of a non-contributory defined benefit pension plan. For additional information see Note 9 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Interest expense decreased by $5 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period due to the retirement of the Parent Company’s $500 million aggregate principal amount of its 2.6% senior notes in May of 2023.




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LIQUIDITY AND CAPITAL RESOURCES

Parent Company

Parent Company cash and investments, net of receivables and payables, totaled $3.3 billion at September 30, 2024 as compared to $2.6 billion at December 31, 2023. During the nine months ended September 30, 2024, we received $975 million in cash dividends from our subsidiaries, including a special cash dividend of $497 million from CNA and distributions of $150 million from Boardwalk Pipelines. Cash outflows during the nine months ended September 30, 2024 included the payment of $262 million to fund treasury stock purchases and $42 million of cash dividends to our shareholders. As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations. We also have an effective shelf registration statement on file with the Securities and Exchange Commission (“SEC”) under which we may publicly issue an unspecified amount of our debt, equity or hybrid securities from time to time. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.

Depending on market and other conditions, we may purchase shares of our and our subsidiaries outstanding common stock in the open market, in privately negotiated transactions or otherwise. As of November 1, 2024, we repurchased 4.6 million shares of Loews Corporation common stock in 2024 for a total cost of $353 million. As of November 1, 2024, there were 217,776,738 shares of Loews Corporation common stock outstanding.

Future uses of our cash may include investing in our subsidiaries, new acquisitions, dividends and/or purchases of our and our subsidiaries’ outstanding common stock. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition and business needs.

Subsidiaries

CNA’s cash provided by operating activities was $1.9 billion for the nine months ended September 30, 2024 as compared with $1.8 billion for the comparable 2023 period. The increase in cash provided by operating activities was driven by an increase in premiums collected and higher earnings from fixed income securities, partially offset by an increase in net claim payments and higher operating expenses.

CNA paid cash dividends of $3.32 per share on its common stock, including a special cash dividend of $2.00 per share, during the nine months ended September 30, 2024. On November 1, 2024, CNA’s Board of Directors declared a quarterly cash dividend of $0.44 per share payable December 5, 2024 to shareholders of record on November 18, 2024. CNA’s declaration and payment of future dividends is at the discretion of its Board of Directors and will depend on many factors, including CNA’s earnings, financial condition, business needs and regulatory constraints. CNA believes that its present cash flows from operating, investing and financing activities are sufficient to fund its current and expected working capital and debt obligation needs and does not expect this to change in the near term.

Dividends to CNA from Continental Casualty Company (“CCC”), a subsidiary of CNA, are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance, are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding 12 months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of September 30, 2024, CCC was in a positive earned surplus position. CCC paid dividends of $635 million and $770 million during the nine months ended September 30, 2024 and 2023. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

In February of 2024, CNA completed a public offering of $500 million aggregate principal amount of its 5.1% senior notes due February 15, 2034 and in May of 2024, CNA repaid at maturity the outstanding $550 million aggregate principal amount of its 4.0% senior notes.

CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.

Boardwalk Pipelines’ cash provided by operating activities increased $68 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, primarily due to changes in net income adjusted for depreciation and amortization.

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For the nine months ended September 30, 2024 and 2023, Boardwalk Pipelines’ capital expenditures were $292 million and $232 million, consisting of growth capital expenditures of $170 million and $137 million and maintenance capital expenditures of $122 million and $95 million.

In February of 2024, Boardwalk Pipelines completed a public offering of $600 million aggregate principal amount of its 5.6% senior notes due August 1, 2034. As of September 30, 2024, Boardwalk Pipelines had the full borrowing capacity of $1.0 billion available under its revolving credit facility. The revolving credit facility has a borrowing capacity of $1.0 billion through May 27, 2027, and a borrowing capacity of $912 million from May 28, 2027 to May 26, 2028. Boardwalk Pipelines anticipates that its existing capital resources, including its cash and cash equivalents, short-term investments, revolving credit facility and cash flows from operating activities, will be adequate to fund its operations and capital expenditures for 2024 and to retire its $600 million of debt that is maturing in December 2024. As of September 30, 2024, Boardwalk Pipelines also has an effective shelf registration statement on file with the SEC under which it may publicly issue up to $900 million of debt securities, warrants or rights from time to time.

During the nine months ended September 30, 2024, Boardwalk Pipelines paid distributions of $150 million to the Company.

As of September 30, 2024, Loews Hotels & Co, through its subsidiaries, had a $108 million mortgage loan that matures within twelve months. Loews Hotels & Co currently intends to refinance the loan prior to maturity. Refinancing any indebtedness, including loans of unconsolidated joint venture partnerships, may require Loews Hotels & Co to make principal pay downs, establish restricted cash reserves or provide guaranties of the subsidiary’s debt. Through the date of this Report, all Loews Hotels & Co’s subsidiaries are in compliance with their debt covenants.

Loews Hotels & Co refinanced $413 million in mortgage loans in 2024 that were due to mature within twelve months.

Loews Hotels & Co acquired all of the remaining outstanding noncontrolling equity interest of an owned and consolidated hotel for $30 million in the second quarter of 2024. In addition, Loews Hotels & Co received aggregate proceeds of $23 million for the sale of an owned hotel in the first quarter of 2024.

INVESTMENTS

Investment activities of our non-insurance subsidiaries primarily consist of investments in fixed income securities, including short-term investments. The Parent Company portfolio also includes equity securities, including short sales and derivative instruments. Certain of these types of Parent Company investments generally have greater volatility, less liquidity and greater risk than fixed income investments and are included within Results of Operations – Corporate.

The Parent Company enters into short sales and invests in certain derivative instruments that are used for asset and liability management activities, income enhancements to its portfolio management strategy and to benefit from anticipated future movements in the underlying markets. If such movements do not occur as anticipated, significant losses may occur. Monitoring procedures include senior management review of daily reports of existing positions and valuation fluctuations to seek to ensure that open positions are consistent with the portfolio strategy.

Credit exposure associated with non-performance by counterparties to derivative instruments is generally limited to the uncollateralized change in fair value of the derivative instruments recognized in the Consolidated Condensed Balance Sheets. The risk of non-performance is mitigated by monitoring the creditworthiness of counterparties and diversifying derivatives by using multiple counterparties. Collateral is occasionally required from derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty.

Insurance

CNA maintains a large portfolio of fixed maturity and equity securities, including large amounts of corporate and government issued debt securities, residential and commercial mortgage-backed securities, other asset-backed securities and investments in limited partnerships which pursue a variety of long and short investment strategies across a broad array of asset classes. CNA’s investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an important part of CNA’s overall profitability.

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Net Investment Income

The significant components of CNA’s net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Fixed income securities:  
Taxable fixed income securities$490 $457 $1,446 $1,331 
Tax-exempt fixed income securities35 43 109 138 
Total fixed income securities525 500 1,555 1,469 
Limited partnership and common stock investments80 28 226 124 
Other, net of investment expense21 25 72 60 
Net investment income$626 $553 $1,853 $1,653 

Effective income yield for the fixed income securities portfolio4.8 %4.7 %4.8 %4.6 %
Limited partnership and common stock return for the period3.1 %1.3 %9.4 %5.8 %

CNA’s net investment income increased $73 million and $200 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods, driven by favorable limited partnership and common stock returns, as well as higher income from fixed income securities as a result of favorable reinvestment rates and a larger invested asset base.

Investment Gains (Losses)

The components of CNA’s investment gains (losses) are presented in the following table:

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Investment gains (losses):  
Fixed maturity securities:  
Corporate and other bonds$(17)$(11)$(38)$(46)
States, municipalities and political subdivisions(1)(4)(3)3 
Asset-backed(4)(22)(25)(43)
Total fixed maturity securities(22)(37)(66)(86)
Non-redeemable preferred stock13 2 25 (9)
Derivatives, short-term and other(1)(3)(1)(10)
Total investment losses(10)(38)(42)(105)
Income tax benefit3 7 9 21 
Amounts attributable to noncontrolling interests4 3 9 
Investment losses attributable to Loews Corporation$(7)$(27)$(30)$(75)

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CNA’s pretax investment losses decreased $28 million for the three months ended September 30, 2024 as compared with the comparable 2023 period driven by lower net losses on disposals of fixed maturity securities and the favorable change in fair value of non-redeemable preferred stock.

CNA’s pretax investment losses decreased $63 million for the nine months ended September 30, 2024 as compared with the comparable 2023 period, driven by the favorable change in fair value of non-redeemable preferred stock, lower impairment losses and lower net losses on disposals of fixed maturity securities.

Further information on CNA’s investment gains and losses is set forth in Note 2 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Portfolio Quality

The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution:

September 30, 2024
December 31, 2023
 Estimated
Fair Value
Net
Unrealized Gains (Losses)
Estimated
Fair Value
 Net
Unrealized Gains
(Losses)
(In millions)    
     
U.S. Government, Government agencies and Government-sponsored enterprises$3,065 $(242)$2,795 $(298)
AAA3,043 (119)2,727 (169)
AA6,544 (303)6,444 (420)
A10,745 (42)9,910 (223)
BBB17,305 (177)16,670 (744)
Non-investment grade1,877 (71)1,879 (119)
Total$42,579 $(954)$40,425 $(1,973)

As of September 30, 2024 and December 31, 2023, 1% of CNA’s fixed maturity portfolio was rated internally. AAA rated securities included $0.2 billion of pre-funded municipal bonds as of September 30, 2024 and December 31, 2023.

The following table presents CNA’s available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution:

September 30, 2024
Estimated
Fair Value
Gross Unrealized Losses
(In millions)  
   
U.S. Government, Government agencies and
 Government-sponsored enterprises		$2,127 $265 
AAA1,277 221 
AA3,641 547 
A5,229 405 
BBB9,243 689 
Non-investment grade883 109 
Total$22,400 $2,236 


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The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life:

September 30, 2024
Estimated
Fair Value
Gross Unrealized Losses
(In millions)  
   
Due in one year or less$1,306 $24 
Due after one year through five years6,898 294 
Due after five years through ten years6,696 728 
Due after ten years7,500 1,190 
Total$22,400 $2,236 

Duration

A primary objective in the management of CNA’s investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. CNA’s views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. CNA also continually monitors exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on its views of a specific issuer or industry sector.

A further consideration in the management of CNA’s investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long-term in nature, CNA segregates investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in Other Insurance Operations. The effective durations of CNA’s fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.

September 30, 2024
December 31, 2023
 Estimated
Fair Value		Effective Duration (Years)Estimated
Fair Value		Effective Duration (Years)
(In millions of dollars)    
   
Life & Group$15,753 10.1$15,137 10.2
Property & Casualty and other29,118 4.427,981 4.5
Total$44,871 6.4$43,118 6.5

CNA’s investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, CNA periodically reviews the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures about Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023.

CRITICAL ACCOUNTING ESTIMATES

Certain accounting policies require us to make estimates and judgments that affect the amounts reflected in the Consolidated Condensed Financial Statements. Such estimates and judgments necessarily involve varying, and possibly significant, degrees of uncertainty. Accordingly, certain amounts currently recorded or disclosed in the financial statements will likely be adjusted in the future based on new available information and changes in other facts and circumstances. See
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the Critical Accounting Estimates and the Insurance Reserves sections of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023 for further information.

ACCOUNTING STANDARDS UPDATE

For a discussion of accounting standards updates that have been adopted, please read Note 1 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

FORWARD-LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this Report as well as in other of our and our subsidiaries’ SEC filings and periodic press releases and certain statements made by us and our subsidiaries and our and their officials in presentations or remarks may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include, without limitation, any statement that does not directly relate to any historical or current fact and may project, indicate or imply future results, events, performance or achievements. Such statements may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions. In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those anticipated or projected.

Developments in any of the risks or uncertainties facing us or our subsidiaries, including those described under Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our and our subsidiaries’ other filings with the SEC, could cause our and our subsidiaries’ results to differ materially from results that have been or may be anticipated or projected. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made and we and our subsidiaries expressly disclaim any obligation or undertaking to update these statements to reflect any change in expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

There were no material changes in our market risk components as of September 30, 2024 from those discussed in the Quantitative and Qualitative Disclosures about Market Risk section included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2023. Additional information related to portfolio duration and market conditions is discussed in the Investments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included under Part I, Item 2.

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Item 4. Controls and Procedures.

The Company maintains a system of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), which is designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act, including this Report, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Company under the Exchange Act is accumulated and communicated to the Company’s management on a timely basis to allow decisions regarding required disclosure.

The Company’s management, including the Company’s principal executive officer (“CEO”) and principal financial officer (“CFO”) conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Report and, based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2024.

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended September 30, 2024 that have materially affected or that are reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

Information on our legal proceedings is set forth in Note 10 to the Consolidated Condensed Financial Statements included under Part I, Item 1.

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Item 1A. Risk Factors.

Our Annual Report on Form 10-K for the year ended December 31, 2023 includes a discussion of material risk factors facing the Company. There have been no material changes to such risk factors as of the date of this Report.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Items 2 (a) and (b) are inapplicable.

(c) STOCK REPURCHASES

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)
     
July 1, 2024 - July 31, 2024
190,300$74.43 N/AN/A
     
August 1, 2024 - August 31, 2024
267,176$76.63 N/AN/A
     
September 1, 2024 - September 30, 2024
373,127$78.43 N/AN/A

Item 5. Other Information

Items 5 (a) and (b) are inapplicable.

(c) TRADING PLANS

The directors of the Company set forth in the table below adopted trading plans on the dates set forth in the table below with respect to the exercise of expiring stock appreciation rights (“SARs”) granted to them as director compensation in 2015. Each plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Pursuant to each plan, if the market price of the Company’s common stock exceeds the exercise price for the applicable SARs by a specified amount during the applicable trading window, the applicable SARs will be exercised and the net shares received from such exercise will be sold at market prices. For each director, 2,250 SARs expire on each of March 31, 2025, June 30, 2025, September 30, 2025 and December 31, 2025. The trading window under each plan for each such expiration begins on the first trading day of the expiration month and ends on the expiration date.

Director
Date of Adoption
Ann E. Berman
August 7, 2024
Charles M. Diker
September 3, 2024
Paul J. Fribourg
August 6, 2024
Walter L. Harris
August 7, 2024
Anthony Welters
August 26, 2024

In addition, on August 6, 2024, Andrew H. Tisch, Co-Chairman of the Board of Directors of the Company, adopted a trading plan with respect to the exercise of expiring SARs granted to him as executive compensation in 2015. The plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Pursuant to the plan, if the market price of the Company’s common stock exceeds the exercise price for the applicable SARs by a specified
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amount during the applicable trading window, the applicable SARs will be exercised and the net shares received by Mr. Andrew Tisch from such exercise will be sold at market prices. 60,000 of Mr. Andrew Tisch’s SARs expire on January 9, 2025. The trading window under the plan for 30,000 of such SARs begins on January 2, 2025 and the trading window under the plan for the remaining 30,000 of such SARs begins on January 3, 2025. Each trading window ends on the expiration date.

Item 6. Exhibits.

Description of ExhibitExhibit
Number
  
  
  
  
XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document101.INS *
  
Inline XBRL Taxonomy Extension Schema101.SCH *
  
Inline XBRL Taxonomy Extension Calculation Linkbase101.CAL *
  
Inline XBRL Taxonomy Extension Definition Linkbase101.DEF *
  
Inline XBRL Taxonomy Label Linkbase101.LAB *
  
Inline XBRL Taxonomy Extension Presentation Linkbase101.PRE *
  
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)104*

*Filed herewith.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

 LOEWS CORPORATION
 (Registrant)
   
Dated: November 4, 2024
By:/s/ Jane J. Wang
  JANE J. WANG
  Senior Vice President and
Chief Financial Officer
(Duly authorized officer
and principal financial
officer)


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