Loews (L) 10-K risk factor changes: FY2025 vs FY2024

[removed: There may be] additional risks that we do not yet know of or that we do not currently perceive to be material that may also materially adversely impact our business or the businesses of one or more of our subsidiaries.

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CNA is subject to the uncertain effects of emerging and potential claims and coverage issues that arise as industry practices and legal, judicial, [removed: geopolitical,] social, [removed: economic] [added: economic, geopolitical] and other environmental conditions change.

[removed: Further, the] [added: The] impact of social inflation continues to be significant, and the trajectory of its future impact remains uncertain.

[removed: Any] [added: Further, broader economic and geopolitical conditions, including the] imposition of significant tariffs by the U.S., as well as any related retaliatory tariffs, may result in considerable increases in certain costs that would increase [removed: the cost of claims.][added: loss costs.]

Key actuarial assumptions include morbidity, persistency, [removed: anticipated future] premium rate [removed: increases] [added: actions] and expenses.

[removed: The required increase in reserves is recorded as a charge] against its earnings in the period in which reserves are determined to be insufficient.

The reserves are discounted using upper-medium grade fixed income [added: instrument yields as of each reporting date.]

Any adverse deviation between the level of [removed: future] premium rate [removed: increases] [added: actions] approved and the level included in CNA’s reserving assumptions may require an increase to its reserves.

In addition, longer-term natural catastrophe trends may be changing and new types [removed: of] [added: of, and heightened,] catastrophe losses may be developing due to climate change, its associated extreme weather events linked to rising temperatures and its effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, rain, drought, hail and snow.

It can take a long time for the ultimate cost of any catastrophe losses to CNA to be finally determined, as a multitude of factors contribute to such costs, including evaluation of general liability and pollution exposures, infrastructure disruption, business interruption and reinsurance [removed: collectibility.][added: collectability.]

[removed: Additionally,] traditional actuarial methods and techniques employed to estimate the ultimate cost of claims for more traditional property and casualty exposures are less precise in estimating claim and claim adjustment expense reserves for A&EP.

The cumulative amount ceded under the loss portfolio transfer as of December 31, [removed: 2024] [added: 2025] was [removed: $3.7] [added: $3.9] billion.

CNA is exposed to, and may face adverse developments related to, mass tort claims that could arise from, among other things, its insureds’ sale or use of potentially harmful products or substances, [added: claims of sexual abuse and molestation against CNA’s insureds and] changes to the social and legal environment, such as those related to abuse reviver statutes, issues related to altered interpretation of coverage and other new and emerging claim theories.

CNA faces potential exposure to various types of existing, new and emerging mass tort claims including, those related to exposure to potentially harmful products or substances, such as glyphosate, lead paint, per- and polyfluoroalkyl substances (“PFAS”) and opioids; sexual abuse and molestation claims, claims arising from changes that expand the right to sue, remove limitations on recovery, extend the statutes of limitations or otherwise repeal or weaken tort reforms, such as those related to abuse reviver [removed: statutes, including New York reviver] statutes; and claims related to new and emerging theories of liability, such as those related to global warming and climate change.

Evolving judicial [removed: interpretations] [added: interpretations, increased participation by plaintiff’s lawyers in insurance claims, rising litigation activity, higher monetary verdicts, abusive litigation practices, the growth of third-party litigation financing] and new legislation regarding the application of various tort theories and defenses, including application of various theories of joint and several liability, as well as the application of insurance coverage to these claims, give rise to new and potentially more severe claim activity.

This includes agents, brokers and managing general underwriters who may increasingly compete with CNA, including as a result of markets continuing to provide them with direct access to [added: providers of capital seeking exposure to insurance risk.]

For example, more insurers are utilizing or may begin utilizing “big data” analytics or artificial intelligence [added: (“AI”)] to make underwriting or other decisions that impact product design and pricing.

If such utilization [added: by CNA’s industry peers] is more effective than how [removed: CNA] [added: it] uses its data and information, [added: including through its own use of AI,] CNA will be at a competitive disadvantage.

CNA’s efforts or the efforts of agents and brokers with respect to new products or alternate distribution channels, as well as changes in the way agents and brokers utilize greater levels of data and technology, including [removed: artificial intelligence,] [added: AI,] could adversely impact CNA’s business relationships with independent agents and brokers who currently market its products, resulting in a lower volume and/or profitability of business generated from these sources.

Financial markets are highly sensitive to changes in economic conditions, monetary policies, [added: tariff policies,] tax policies, interest rates, domestic and international geopolitical issues and many other factors.

A decline in interest rates may reduce the returns earned on new fixed maturity investments, thereby reducing CNA’s net investment income, while an increase in interest rates may reduce the value of its existing fixed maturity investments, which could [removed: increase CNA’s net unrealized losses or reduce its net unrealized gains included in Accumulated Other Comprehensive Income (“AOCI”).]

CNA’s business is highly dependent upon its ability to perform, in an efficient and uninterrupted manner, through its employees or vendor relationships and using its and its [removed: vendor’s] [added: vendors’] facilities and systems, necessary business functions, such as providing internet support and 24-hour call centers, processing new and renewal business, providing customer service, processing and paying claims and other obligations and issuing financial statements.

The shut-down or unavailability of one or more of CNA’s or its vendors’ systems or facilities for these or any other reasons could significantly impair CNA’s ability to perform critical business functions [removed: in] [added: on] a timely basis.

In addition, because CNA and its vendors’ information [removed: technology and] [added: technology,] telecommunications [added: and other] systems interface with and depend on third-party systems, CNA could experience service denials if demand for such service exceeds capacity or a third-party system fails or experiences an interruption.

Further, the increasing use of [removed: artificial intelligence, both] [added: AI,] within CNA’s systems [added: and those of its vendors and third-party administrators] to achieve operational efficiencies and within threat actors’ attack strategies, may further expose its systems [added: or those of its vendors and third-party administrators] to the risk of cyber-attacks.

Breaches [removed: could] [added: that] affect CNA’s data [removed: framework] [added: security infrastructure] or [added: its vendors’ facilities or systems, may] cause a failure to protect the personal information of its customers, claimants or employees, or sensitive and confidential information regarding its business or policyholders and may result in operational impairments and financial losses, significant harm to its reputation and the loss of business with existing or potential customers.

While CNA does not believe [removed: such] breaches that have occurred and resultant actions will have a material adverse effect on its business, these or similar incidents, or any other [removed: such] breach of CNA’s or its vendors’ data security infrastructure could have a material adverse effect on its business, results of operations and financial condition.

Although CNA maintains cybersecurity insurance coverage insuring against costs resulting from cyber [removed: attacks (including the March 2021 attack),] [added: attacks,] CNA does not expect the amount available under its coverage policy to cover all [added: potential] losses from cyber-attacks.

Current rules, including those promulgated by insurance regulators and specialized markets such as Lloyd’s, require companies to maintain statutory capital and surplus at a specified minimum level determined using the applicable jurisdiction’s regulatory capital [added: adequacy formula.]

If CNA is restricted from paying or receiving intercompany dividends, by regulatory rule or otherwise, CNA may not be able to fund its corporate obligations and debt service requirements or pay stockholder dividends from available [removed: cash.]

In addition, rules and regulations are being introduced, or are being considered, in the areas of [removed: artificial intelligence,] [added: AI,] information security and climate change, which may also affect CNA’s business.

[added: CNA also is subject to numerous regulations governing the protection of personal] and confidential information of its customers and employees, including medical records, credit card data and financial information.

[removed: CNA’s share of these involuntary risks] is mandatory and generally a function of its respective share of the voluntary market by line of insurance in each jurisdiction.

There were no major policy changes announced by the FERC during [removed: 2024.][added: 2025.]

The FERC has authority to impose civil penalties for violations of the NGA and NGPA, and the implementing regulations thereunder, up to a maximum amount that is adjusted annually for inflation, which for [removed: 2025] [added: 2026] is approximately [removed: $1.6] [added: $1.5] million per day per violation.

[removed: The threat of climate] [added: Climate] change [removed: continues to attract considerable attention] [added: remains a concern] in the U.S. and in other countries.

In the U.S., no comprehensive climate change legislation has been implemented at the federal [removed: level.][added: level, though the Inflation Reduction Act of 2022 (“IRA”) advanced numerous climate-related objectives.]

[removed: In November 2024, the EPA issued a final rule implementing the methane emissions fee; however,] Boardwalk Pipelines cannot predict if [added: the Trump Administration and/or] Congress may take [removed: action to repeal or revise the IRA,] [added: further actions] with respect to the [added: IRA or] methane emissions fee.

Additionally, the EPA [removed: regulates] [added: has the authority to regulate] GHGs, including methane and carbon dioxide, under the CAA and has implemented various permitting, reporting and technology-based requirements to reduce GHG emissions by the oil and gas sectors.

There may be

The required increase in reserves is recorded as a charge

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Further, and as noted in the previous risk factor, the increasingly adverse impact of social inflation, particularly with respect to legal activity and judicial decisions, may impact CNA’s long-term care portfolio and reserves.

Additionally,

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Further, CNA’s business could be affected as its policyholders adopt AI technologies.

Policyholder use of AI could introduce novel exposures that may result in new or increased claims.

Widespread adoption of AI could fundamentally disrupt entire industries, which could impact the demand for certain products.

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increase CNA’s net unrealized losses or reduce its net unrealized gains included in Accumulated Other Comprehensive Income (“AOCI”).

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During the fourth quarter of 2025, CNA was notified of a data breach impacting a vendor of a business associate of its current employee health insurance administrator.

The breach was traced to compromised credentials leveraged by a threat actor, with the impacted vendor shutting down and rebuilding the affected environment upon discovery of the breach.

Following a forensics analysis, it was determined that a substantial number of CNA’s employees (and dependents of employees) were impacted.

CNA understands that the subject vendor will be providing required breach notifications to all impacted individuals.

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When new technologies, such as AI, are incorporated into CNA’s or its third-party service providers’ processes, they may introduce additional complexity and present greater risk to the effectiveness of these controls.

For example, generative AI systems may “hallucinate” producing inaccurate or misleading information, and model performance may degrade over time, leading to flawed recommendations.

AI models may perpetuate or amplify biases present in underlying data, which could result in discriminatory or unfair outcomes in areas such as underwriting and claims.

The potential for employees or third-party service providers, through intentional or inadvertent actions, to enable AI models to be trained on CNA’s data or its insureds’ data introduces risks of unauthorized use or disclosure of sensitive information and erosion of data privacy.

AI may also be used to perpetuate fraud, or to manipulate or evade monitoring and detection controls.

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cash.

CNA’s share of these involuntary risks

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These projects incur significant resources, including technological and human capital, and involve logistical challenges.

Boardwalk Pipelines’ cost and timing estimates for these projects are based on a variety of inputs such

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as contractor indicative bids, quotes on materials and internally-developed financial models, metrics and timelines and are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals and the cost thereof, adverse weather conditions during construction, its ability to acquire and the cost of obtaining rights to construct and operate on land not owned by Boardwalk Pipelines, delays in obtaining, shortages and price increases for key materials (including pipe, compressor stations and related equipment), tariff implications and shortages and increased costs of qualified labor.

Factors in the estimates include, among other things, those related to pipeline costs based on mileage, size and type of pipe, materials, including compressors and related equipment, land, engineering and construction costs and timely receipt of all necessary permits and approvals.

Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates.

In addition, failure to timely meet development milestones may result in, among other things, contractual counterparties having the ability to terminate contracts with Boardwalk Pipelines.

Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on Boardwalk Pipelines’ business and results of operations.

Boardwalk Pipelines’ business and results of operations may be adversely affected by uncertainty and changes in U.S. trade policies, including tariffs, trade agreements or other trade restrictions imposed by the U.S. or other governments.

These actions have caused uncertainty and volatility in financial markets, may result in retaliatory measures on U.S. goods and may adversely impact both the U.S. and global economies.

Boardwalk Pipelines’ business requires access to steel and other materials to construct and maintain its pipelines.

While Boardwalk Pipelines’ practice is to source steel through domestic producers in the U.S. in most instances, any imposition of or increase in tariffs on imports of steel or other materials, as well as corresponding price increases for such materials available domestically, could increase its construction costs and its costs to maintain its assets.

To the extent that Boardwalk Pipelines is unable to pass all or any such cost increases on to its customers, such cost increases could adversely affect its returns on investment.

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instrument yields as of each reporting date.

The COVID-19 pandemic, including new or emerging variants, other potential pandemics and related measures to mitigate the spread of the foregoing may continue to have adverse impacts on its business, results of operations and financial condition and could be material.

CNA has experienced, and may continue to experience, claim submissions and litigation related to denial of claims based on policy coverage, or the facts of the claim, in certain lines of business that are implicated by the COVID-19 pandemic and mitigating actions taken by its customers and governmental authorities in response to its spread.

These lines include primarily commercial property-related business interruption coverage, healthcare professional liability, management liability (directors and officers, employment practices and professional liability lines) and workers’ compensation.

CNA

recorded significant losses during 2020, a portion of which remain classified as incurred but not reported (“IBNR”) reserves, in these areas and may experience continued losses, which could be material.

Increased frequency or severity in any or all of the foregoing lines, or others where the exposure has yet to emerge, relating to long-term effects of COVID-19, new or emerging variants, or other potential pandemics, and related measures to mitigate the spread of the foregoing may have a material impact on CNA’s business, results of operations and financial condition.

CNA has incurred and may continue to incur substantial expenses related to litigation activity in connection with COVID-related legal claims.

These actions primarily relate to denial of claims submitted as a result of the pandemic and the mitigating actions taken, including lockdowns and closing of certain businesses.

The significance of such litigation or any other litigation relating to new or emerging variants of COVID-19 or other potential pandemics and related measures to mitigate the spread of the foregoing, both in substance and volume, and the resultant CNA-initiated activities, including external counsel engagement, and the costs related thereto, may have a material impact on CNA’s business, results of operations and financial condition.

providers of capital seeking exposure to insurance risk.

Any imposition of significant tariffs by the U.S., as well as any related retaliatory tariffs, may adversely impact the general economy and the financial markets, and adversely affect the valuation of CNA’s investments.

An interruption in CNA’s system availability occurred in March 2021 as a result of a cybersecurity attack sustained by CNA.

Please refer to the immediately following risk factor for further information regarding this incident.

During the third quarter of 2024, CNA was notified of a data breach resulting from a ransomware attack that impacted a former vendor.

This incident resulted in required breach notifications to CNA’s impacted long-term care policyholders, with such notifications made by the subject vendor.

In the same quarter, CNA was notified of a data breach resulting from a ransomware attack that impacted a current vendor.

This incident resulted in required breach notifications to impacted individuals, which included insurance claimants and their representatives, with such notifications made by the subject vendor.

As previously disclosed, CNA sustained a sophisticated cybersecurity attack in March 2021 involving ransomware that caused a network disruption and impacted certain of its systems.

CNA’s investigation into the incident revealed that an unauthorized third party copied some personal information relating to certain current and former employees, contract workers and their dependents and certain other persons, including some policyholders.

Although CNA currently has no indication that the impacted data has been misused, or that CNA or its policyholder data was specifically targeted by the unauthorized third party, it may be subject to subsequent investigations, claims or actions in addition to other costs, fines, penalties, or other obligations related to impacted data, whether or not such data is misused.

In addition, the misuse, or perceived misuse, of sensitive or confidential information regarding its business or policyholders could cause harm to CNA’s reputation and result in the loss of business with existing or potential customers, which could adversely impact its business, results of operations and financial condition.

Any losses relating to such non-compliant activity could materially adversely affect CNA’s business, results of operations and financial condition.

adequacy formula.

CNA also is subject to numerous regulations governing the protection of personal

Although the Biden Administration has taken legislative, regulatory and executive action to address climate change, policy priorities, such as climate change, are likely to change with the new presidential administration.

For example, in August 2022, the Inflation Reduction Act of 2022 (“IRA”) passed, which advanced numerous climate-related objectives, including a methane emissions fee that applies to excess methane emissions from certain facilities that starts at $900 per metric ton of leaked methane in 2024 and increases to $1,200 in 2025 and $1,500 in 2026 and thereafter.

Fines and penalties for violations of these rules can be substantial and compliance with the new rules may affect the amount Boardwalk Pipelines owes under the IRA.

The EPA's final methane rules are currently being challenged by 23 states and a coalition of industry groups in the U.S. Circuit Court of Appeals for the D.C. Circuit.

To the extent not timely repealed or modified by the Trump Administration, the requirements of the EPA’s final methane rules could increase Boardwalk Pipelines’ operating costs and the costs of Boardwalk Pipelines’ customers, thereby adversely affecting its operations.

However, on his first day in office, President Trump signed several Executive Orders rescinding many of the previous administration’s climate-related initiatives, that included many of the actions noted above.

While Boardwalk Pipelines cannot predict how or to what extent

Additionally, in March 2024, the SEC released a final rule that establishes a framework for the reporting of climate risks, targets and metrics.

However, the future of the SEC climate change rule is uncertain given that its implementation has been stayed pending the outcome of legal challenges; moreover, the SEC under the Trump Administration may seek to repeal or revoke the rule, though Boardwalk Pipelines cannot predict whether such action will occur or its timing.

The construction of new

Additionally, the possibility of implementing trade tariffs under the Trump Administration could impact some of Boardwalk Pipelines’ pricing and availability of materials with some of its suppliers.

adjustment to the scope of the project occurs or Boardwalk Pipelines is unable to replace the defaulting customer with a customer willing to pay similar rates.

As of December 31, 2024, Boardwalk Pipelines had $3.3 billion in principal amount of long-term debt outstanding.

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 [removed: 15] [added: 14] of the Notes to Consolidated Financial Statements included under Item 8) and compliance with covenants in their respective loan agreements.

For a discussion of changes in results of operations comparing the years ended December 31, [removed: 2023] [added: 2024] and [removed: 2022] [added: 2023] for Loews Corporation and its subsidiaries see Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, [removed: 2023,] [added: 2024,] filed with the SEC on February [removed: 6, 2024.][added: 11, 2025.]

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 years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023:][added: 2024:]

| [removed: Year] [added: Year] Ended December [removed: 31] [added: 31, 2024] | | | [removed: 2024] | | | | | | [removed: 2023] | | | [added: | | | | | | | | | | | | | | | | | | | | | | | |]

| CNA Financial | | | $ | [removed: 879] [added: 1,173] | | | | | $ | [removed: 1,094] [added: 879] | |

| Boardwalk Pipelines | | | [removed: 413] [added: 444] | | | | | | [removed: 283] [added: 413] | | |

| Loews Hotels & Co | | | [removed: 70] [added: 31] | | | | | | [removed: 147] [added: 70] | | |

| Corporate | | | [removed: 52] [added: 19] | | | | | | [removed: (90)] [added: 52] | | |

| Net income attributable to Loews Corporation | | | $ | [removed: 1,414] [added: 1,667] | | | | | $ | [removed: 1,434] [added: 1,414] | |

| Basic net income per share | | | $ | [removed: 6.42] [added: 7.98] | | | | | $ | [removed: 6.30] [added: 6.42] | |

| Diluted net income per share | | | $ | [removed: 6.41] [added: 7.97] | | | | | $ | [removed: 6.29] [added: 6.41] | |

[removed: 2024] [added: 2025] Compared with [removed: 2023][added: 2024]

Net income attributable to Loews Corporation for [removed: 2024] [added: 2025] was [removed: $1.4] [added: $1.7] billion, or [removed: $6.41] [added: $7.97] diluted net income per share, compared to net income attributable to Loews Corporation of $1.4 billion, or [removed: $6.29] [added: $6.41] diluted net income per share, in [removed: 2023.][added: 2024.]

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[removed: Excluding] CNA’s [removed: pension charge,] net [added: investment] income [removed: attributable to Loews Corporation] increased [removed: by 17%] [added: $60 million] in [removed: 2024] [added: 2025 as] compared [removed: to 2023 due to increases in net income at CNA and Boardwalk Pipelines and increased net investment income at the parent company, partially offset by a decrease in net income at Loews Hotels & Co. The increase at CNA is primarily due to higher net investment income] [added: with 2024,] driven by [removed: favorable returns from limited partnership and common stock investments and] higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment [removed: rates and improved underlying underwriting results,] [added: rates,] partially offset by [removed: higher catastrophe losses.][added: lower common stock returns.]

[added: The increase at] Boardwalk [removed: Pipelines’ results improved] [added: Pipelines is primarily] due to increased transportation revenues from higher re-contracting [removed: rates and] [added: rates,] recently completed growth [removed: projects,] [added: projects and higher utilization-based revenue, as well as] increased storage and parking and lending [removed: revenues and the contribution from the acquisition of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) in 2023.][added: revenues.]

The following table summarizes the results of operations for CNA for the years ended December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] as presented in Note [removed: 20] [added: 19] of the Notes to Consolidated Financial Statements included under Item 8.

| Insurance premiums | | | $ | [removed: 10,211] [added: 10,900] | | | | | $ | [removed: 9,480] [added: 10,211] | |

| Net investment income | | | [removed: 2,497] [added: 2,557] | | | | | | [removed: 2,264] [added: 2,497] | | |

| Investment losses | | | (81) | | | | | | [removed: (99)] [added: (81)] | | |

| Non-insurance warranty revenue | | | [removed: 1,609] [added: 1,577] | | | | | | [removed: 1,624] [added: 1,609] | | |

| Other revenues | | | [removed: 34] [added: 36] | | | | | | [removed: 30] [added: 34] | | |

| Total | | | [removed: 14,270] [added: 14,989] | | | | | | [removed: 13,299] [added: 14,270] | | |

| Insurance claims and policyholders’ benefits | | | [removed: 7,738] [added: 8,294] | | | | | | [removed: 7,068] [added: 7,738] | | |

| Amortization of deferred acquisition costs | | | [removed: 1,798] [added: 1,898] | | | | | | [removed: 1,644] [added: 1,798] | | |

| Non-insurance warranty expense | | | [removed: 1,547] [added: 1,526] | | | | | | [removed: 1,544] [added: 1,547] | | |

| Other operating expenses | | | [removed: 1,843] [added: 1,516] | | | | | | [removed: 1,398] [added: 1,843] | | |

| Interest | | | [removed: 133] [added: 135] | | | | | | [removed: 127] [added: 133] | | |

| Total | | | [removed: 13,059] [added: 13,369] | | | | | | [removed: 11,781] [added: 13,059] | | |

| Income before income tax | | | [removed: 1,211] [added: 1,620] | | | | | | [removed: 1,518] [added: 1,211] | | |

| Income tax expense | | | [removed: (252)] [added: (342)] | | | | | | [removed: (313)] [added: (252)] | | |

| Net income | | | [removed: 959] [added: 1,278] | | | | | | [removed: 1,205] [added: 959] | | |

| Amounts attributable to noncontrolling interests | | | [removed: (80)] [added: 5] | | | | | | [removed: (111)] [added: 5] | | |

| Net income attributable to Loews Corporation | | | $ | [removed: 879] [added: 1,173] | | | | | $ | [removed: 1,094] [added: 879] | |

Net income attributable to Loews Corporation decreased [removed: $215] [added: by $39] million [removed: for 2024] [added: in 2025] as compared with [removed: 2023.][added: 2024 primarily due to the reasons discussed below.]

For more information on the pension settlement charge see Note [removed: 16] [added: 15] of the Notes to Consolidated Financial Statements included under Item 8.

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 [removed: CNA Re,] asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.

CNA’s products and services are primarily marketed through independent agents, [added: retail and wholesale] brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups.

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 [removed: reinsurance and deductible amounts.][added: reinsurance.]

Further information on CNA’s reserves is provided in Note [removed: 8] [added: 7] of the Notes to Consolidated Financial Statements included under Item 8.

Excluding this pension charge, CNA’s increase is primarily due to higher property and casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves.

Those positives were partially offset by higher operating costs and higher depreciation expense at Boardwalk Pipelines.

The decrease at Loews Hotels & Co is primarily due to an asset impairment charge, higher interest expense, and renovations at the Loews Miami Beach Hotel, partially offset by improved results at the Universal Orlando Resort hotels and the Loews Arlington Hotel and Convention Center, which was open for the entirety of 2025.

Parent company investment income decreased due to lower investment income from the parent company trading portfolio.

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2025 Compared with 2024

Net income attributable to Loews Corporation increased $294 million for 2025 as compared with 2024, which included a $265 million after-tax and noncontrolling interests pension settlement charge.

Net income attributable to Loews Corporation also increased primarily due to higher property and casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves.

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| Noncontrolling interests | | | 51 | | | | | | 65 | | | | | | 17 | | | | | | 133 | | | | | | (28) | | | | | | 105 | | |

| Core income (loss) | | | $ | 637 | | | | | $ | 820 | | | | | $ | 207 | | | | | $ | 1,664 | | | | | $ | (322) | | | | | $ | 1,342 | |

| Net investment income | | | 650 | | | | | | 775 | | | | | | 156 | | | | | | 1,581 | | | | | | | | | | | | | | |

| Income tax expense on core income | | | (173) | | | | | | (215) | | | | | | (77) | | | | | | (465) | | | | | | | | | | | | | | |

| Underwriting gain | | | 164 | | | | | | 272 | | | | | | 115 | | | | | | 551 | | | | | | | | | | | | | | |

| Underlying underwriting gain | | | $ | 201 | | | | | $ | 541 | | | | | $ | 113 | | | | | $ | 855 | | | | | | | | | | | | | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| Net written premiums | | | 3,515 | | | | | | 5,821 | | | | | | 1,347 | | | | | | 10,683 | | |

| Net earned premiums | | | 3,472 | | | | | | 5,695 | | | | | | 1,311 | | | | | | 10,478 | | |

| Underwriting gain | | | 164 | | | | | | 272 | | | | | | 115 | | | | | | 551 | | |

| Net investment income | | | 650 | | | | | | 775 | | | | | | 156 | | | | | | 1,581 | | |

| Core income | | | 637 | | | | | | 820 | | | | | | 207 | | | | | | 1,664 | | |

| Loss ratio | | | 61.5 | | % | | | | 67.9 | | % | | | | 58.4 | | % | | | | 64.6 | | % |

| Expense ratio | | | 33.5 | | | | | | 26.8 | | | | | | 32.8 | | | | | | 29.7 | | |

| Combined ratio | | | 95.3 | | % | | | | 95.2 | | % | | | | 91.2 | | % | | | | 94.7 | | % |

| Underlying combined ratio | | | 94.2 | | % | | | | 90.5 | | % | | | | 91.3 | | % | | | | 91.8 | | % |

| New business | | | $ | 487 | | | | | $ | 1,491 | | | | | $ | 370 | | | | | $ | 2,348 | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

2025 Compared with 2024

Catastrophe losses were $240 million in 2025 as compared with $358 million in 2024.

The improvement in the loss ratio was driven by lower catastrophe losses, which were 3.8 points of the loss ratio in 2025, as compared with 6.2 points of the loss ratio in 2024 partially offset by unfavorable net prior year loss reserve development and an increase in the underlying loss ratio related to social inflation impacted lines.

2025 Compared with 2024

In addition, net investment income decreased in 2025 as compared with 2024.

The table below shows a rollforward of projected operating revenues under committed firm agreements in place as of December 31,

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| As of December 31, 2025 | | | | | |

Business of this Report for further discussion of these regulations.

PHMSA regulations and efforts to reduce GHG emissions have caused Boardwalk Pipelines’ capital and operating costs to increase since 2021.

Those costs are expected to stabilize for the foreseeable future, though PHMSA regulations and

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 47 | | | | | |

Higher net investment income at the parent company is due to higher returns on equity securities.

These increases were partially offset by lower net income at Loews Hotels & Co primarily due to higher depreciation and interest expenses related to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024 and lower equity income from joint ventures.

In addition, Loews Hotels & Co’s results for 2023 included a gain of $36 million related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.

The decrease was primarily due to a pension settlement charge of $265 million after-tax and noncontrolling interests and higher catastrophe losses, partially offset by higher net investment income driven by favorable returns from limited partnership and common stock investments and higher income from fixed income securities as a result of a larger invested asset base

| | | | 48 | | | | | |

and favorable reinvestment rates and improved underlying underwriting results.

Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.

benefits, amortization of deferred acquisition costs and insurance related administrative expenses.

| Noncontrolling interests | | | 61 | | | | | | 55 | | | | | | 14 | | | | | | 130 | | | | | | (19) | | | | | | 111 | | |

| Core income (loss) | | | $ | 708 | | | | | $ | 652 | | | | | $ | 145 | | | | | $ | 1,505 | | | | | $ | (221) | | | | | $ | 1,284 | |

| Net investment income | | | 558 | | | | | | 645 | | | | | | 103 | | | | | | 1,306 | | | | | | | | | | | | | | |

| Underwriting gain | | | 317 | | | | | | 182 | | | | | | 86 | | | | | | 585 | | | | | | | | | | | | | | |

| Underlying underwriting gain | | | $ | 305 | | | | | $ | 385 | | | | | $ | 128 | | | | | $ | 818 | | | | | | | | | | | | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| (In millions, except %) | | | | | | | | | | | | | | | | | | | | | | | |

| Gross written premiums | | | $ | 6,932 | | | | | $ | 6,964 | | | | | $ | 1,483 | | | | | $ | 15,379 | |

| Gross written premiums excluding third-party captives | | | 3,895 | | | | | | 6,816 | | | | | | 1,483 | | | | | | 12,194 | | |

| Gross written premiums | | | $ | 7,113 | | | | | $ | 6,120 | | | | | $ | 1,485 | | | | | $ | 14,718 | |

| Gross written premiums excluding third-party captives | | | 3,800 | | | | | | 5,994 | | | | | | 1,485 | | | | | | 11,279 | | |

| Net written premiums | | | 3,329 | | | | | | 4,880 | | | | | | 1,237 | | | | | | 9,446 | | |

| Net earned premiums | | | 3,307 | | | | | | 4,547 | | | | | | 1,176 | | | | | | 9,030 | | |

| Underwriting gain | | | 317 | | | | | | 182 | | | | | | 86 | | | | | | 585 | | |

| Net investment income | | | 558 | | | | | | 645 | | | | | | 103 | | | | | | 1,306 | | |

| Core income | | | 708 | | | | | | 652 | | | | | | 145 | | | | | | 1,505 | | |

| Loss ratio | | | 58.2 | | % | | | | 65.9 | | % | | | | 61.4 | | % | | | | 62.5 | | % |

| Expense ratio | | | 32.0 | | | | | | 29.6 | | | | | | 31.2 | | | | | | 30.7 | | |

| Combined ratio | | | 90.4 | | % | | | | 96.0 | | % | | | | 92.6 | | % | | | | 93.5 | | % |

| Underlying combined ratio | | | 90.7 | | % | | | | 91.6 | | % | | | | 89.0 | | % | | | | 90.9 | | % |

| New business | | | $ | 481 | | | | | $ | 1,297 | | | | | $ | 302 | | | | | $ | 2,080 | |

Gross written premiums, excluding third-party captives, for Specialty increased $95 million in 2024 as compared with 2023 driven by retention and favorable renewal premium change.

Gross written premiums for International decreased $2 million in 2024 as compared with 2023.

Net written premiums for International increased $25 million in 2024 as compared with 2023.

Excluding the effect of foreign currency exchange rates, net written premiums increased $21 million in 2024 as compared with 2023 driven by favorable adjustments on prior year reinsurance treaties, in the current year.

The increase in the loss ratio was primarily driven by higher catastrophe losses, which were 6.2 points of the loss ratio in 2024, as compared with 4.5 points of the loss ratio in 2023 and an increase in the underlying loss ratio, driven by the continuation of elevated loss cost trends in commercial auto and mix of business.

Catastrophe losses were 3.2 points of the loss ratio for 2024, as compared with 2.5 points of the loss ratio for 2023.

These decreases were partially offset by higher net investment income.

Market risk exposure is presented [added: below] for each class of financial instrument held by us and our subsidiaries at December 31, assuming immediate adverse market movements of the magnitude described below.

The sensitivity analysis [added: below] estimates the change in the fair value of interest sensitive assets and liabilities that were held on December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] due to an instantaneous change in the yield of the security at the end of the period of 100 basis points, with all other variables held constant.

[removed: Accordingly, the analysis may not be indicative] of, is not intended to provide, and does not provide a precise forecast of the effect of changes of market interest rates on our [added: earnings or shareholders’ equity.]

*[Table of [removed: Contents](#i23ccfeab0a5642a7a02e89ed8a96d256_7)*][added: Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*]

The impact of a 100 basis point increase in interest rates on fixed rate debt would result in a decrease in market value of [removed: $381] [added: $432] million and [removed: $341] [added: $381] million at December 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

The impact of a 100 basis point decrease would result in an increase in market value of [removed: $401] [added: $451] million and [removed: $363] [added: $401] million at December 31, [removed: 2024] [added: 2025] and [removed: 2023.][added: 2024.]

At December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the impact of a 100 basis point increase in interest rates on variable rate debt, net of the effects of the swaps, would result in [removed: a] [added: no impact to interest expense and an increase of] $2 million [removed: increase] [added: to] interest expense.

Equity price risk was measured [added: below] assuming an instantaneous 25% decrease in the underlying reference price or index from its level at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] with all other variables held constant.

The sensitivity analysis [added: below] assumes an instantaneous 20% decrease in the foreign currency exchange rates versus the U.S. dollar from their levels at December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] with all other variables held constant.

In addition to our exposure to tightening investment grade credit spreads as a result of these transactions, carrying costs associated with maintaining the positions could [added: have] adversely [removed: affect] [added: affected] returns.

The following tables present the estimated effects on the fair value of our and our subsidiaries’ financial instruments as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] due to an increase in yield rates of 100 basis points, a 20% decline in foreign currency exchange rates and a 25% decline in the S&P 500, with all other variables held constant, on the basis of those entered into for trading purposes and other than trading purposes.

| [removed: December] [added: December] 31, [removed: 2024] [added: 2024] | | | [removed: Fair] [added: Fair] Value Asset [removed: (Liability)] [added: (Liability)] | | | | | | [removed: Interest] [added: Interest] Rate [removed: Risk] [added: Risk] | | | | | | [removed: Equity] [added: Equity] Price [removed: Risk] [added: Risk] | | |

| [removed: Fixed] [added: Fixed] maturities – [removed: long] [added: long] | | | [removed: $] [added: $] | [removed: 716] [added: 716] | | | | | [removed: $] [added: $] | [removed: (6)] [added: (6)] | | | | | | | |

| [removed: Equity] [added: Equity] securities – [removed: long] [added: long] | | | [removed: 403] [added: 403] | | | | | | | | | | | | [removed: $] [added: $] | [removed: (101)] [added: (101)] | |

| – short | | | [removed: (88)] [added: (43)] | | | | | | | | | | | | [removed: 22] [added: 11] | | |

| Options – purchased | | | [removed: 2] [added: 1] | | | | | | | | | | | | [removed: 44] [added: 19] | | |

| Other invested assets | | | [removed: 10] [added: 12] | | | | | | | | | | | | | | |

| [removed: Short-term investments] [added: Short-term investments] | | | [removed: 2,180] [added: 2,180] | | | | | | [removed: (5)] [added: (5)] | | | | | | | | |

| [removed: December] [added: December] 31, [removed: 2024] [added: 2024] | | | [removed: Fair] [added: Fair] Value [removed: Asset (Liability)] [added: Asset (Liability)] | | | | | | [removed: Interest] [added: Interest] Rate [removed: Risk] [added: Risk] | | | | | | [removed: Foreign Currency Risk] [added: Foreign Currency Risk] | | | | | | [removed: Equity] [added: Equity] Price [removed: Risk] [added: Risk] | | |

| [removed: Fixed maturities] [added: Fixed maturities] | | | [removed: $] [added: $] | [removed: 41,111] [added: 41,111] | | | | | [removed: $] [added: $] | [removed: (2,684)] [added: (2,684)] | | | | | [removed: $] [added: $] | [removed: (651)] [added: (651)] | | | | | | | |

| [removed: Equity securities] [added: Equity securities] | | | [removed: 659] [added: 659] | | | | | | [removed: (15)] [added: (15)] | | | | | | | | | | | | [removed: $] [added: $] | [removed: (45)] [added: (45)] | |

| [removed: Limited] [added: Limited] partnership [removed: investments] [added: investments] | | | [removed: 2,520] [added: 2,520] | | | | | | | | | | | | [removed: (2)] [added: (2)] | | | | | | [removed: (252)] [added: (252)] | | |

| [removed: Other] [added: Other] invested [removed: assets | | | 85 | | |] [added: assets] | | | [added: 10] | | | | | | [removed: (16)] | | | | | | | | |

| [removed: Mortgage loans] [added: Mortgage loans] | | | [removed: 987] [added: 987] | | | | | | [removed: (30)] [added: (30)] | | | | | | | | | | | | | | |

| [removed: Short-term investments] [added: Short-term investments] | | | [removed: 2,426] [added: 2,426] | | | | | | [removed: (1)] [added: (1)] | | | | | | [removed: (45)] [added: (45)] | | | | | | | | |

| Other derivatives | | | [removed: 6] [added: 3] | | | | | | [removed: 1] | | | | | | | | | | | | [removed: 40] [added: 62] | | |

| [removed: December] [added: December] 31, [removed: 2023] [added: 2025] | | | [removed: Fair] [added: Fair] Value Asset [removed: (Liability)] [added: (Liability)] | | | | | | [removed: Interest] [added: Interest] Rate [removed: Risk] [added: Risk] | | | | | | [removed: Equity] [added: Equity] Price [removed: Risk] [added: Risk] | | |

| [removed: Fixed] [added: Fixed] maturities – [removed: long] [added: long] | | | [removed: $] [added: $] | [removed: 201] [added: 582] | | | | | [removed: $] [added: $] | [removed: (3)] [added: (4)] | | | | | | | |

| [removed: Equity] [added: Equity] securities – [removed: long] [added: long] | | | [removed: 366] [added: 522] | | | | | | | | | | | | [removed: $] [added: $] | [removed: (91)] [added: (131)] | |

| – short | | | [removed: (62)] [added: (88)] | | | | | | | | | | | | [removed: 15] [added: 22] | | |

| Options – purchased | | | [removed: 1] [added: 2] | | | | | | | | | | | | [removed: 35] [added: 44] | | |

| Other invested assets | | | [removed: 8] [added: 85] | | | | | | | | | | | | [added: (16)] | | | [added: | | | | | |]

| [removed: Short-term investments] [added: Short-term investments] | | | [removed: 2,109] [added: 2,659] | | | | | | [removed: (6)] [added: (6)] | | | | | | | | |

| [removed: December] [added: December] 31, [removed: 2023] [added: 2025] | | | [removed: Fair] [added: Fair] Value [removed: Asset (Liability)] [added: Asset (Liability)] | | | | | | [removed: Interest] [added: Interest] Rate [removed: Risk] [added: Risk] | | | | | | [removed: Foreign Currency Risk] [added: Foreign Currency Risk] | | | | | | [removed: Equity] [added: Equity] Price [removed: Risk] [added: Risk] | | |

| [removed: Equity securities] [added: Equity securities] | | | [removed: 683] [added: 769] | | | | | | [removed: (14)] [added: (22)] | | | | | | | | | | | | [removed: $] [added: $] | [removed: (48)] [added: (59)] | |

| [removed: Limited] [added: Limited] partnership [removed: investments] [added: investments] | | | [removed: 2,174] [added: 2,861] | | | | | | | | | | | | [removed: (1)] [added: (5)] | | | | | | [removed: (217)] [added: (299)] | | |

| [removed: Other] [added: Other] invested [removed: assets] [added: assets] | | | [removed: 81] [added: 105] | | | | | | | | | | | | [removed: (15)] [added: (20)] | | | | | | | | |

| [removed: Mortgage loans] [added: Mortgage loans] | | | [removed: 997] [added: 1,072] | | | | | | [removed: (34)] [added: (34)] | | | | | | | | | | | | | | |

| [removed: Short-term investments] [added: Short-term investments] | | | [removed: 2,287] [added: 3,385] | | | | | | [removed: (2)] [added: (2)] | | | | | | [removed: (38)] [added: (49)] | | | | | | | | |

| Other derivatives | | | [removed: 14] [added: 6] | | | | | | [removed: 4] [added: 1] | | | | | | [removed: 3] | | | | | | [removed: 29] [added: 40] | | |

Accordingly, the analysis may not be indicative

| | | | 76 | | | | | |

The position was closed during the second quarter of 2025.

| | | | 77 | | | | | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| Fixed maturities | | | $ | 43,402 | | | | | $ | (2,869) | | | | | $ | (798) | | | | | | | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

earnings or shareholders’ equity.

Commodity Price Risk – We and our subsidiaries have exposure to price risk as a result of our investments in commodities.

Commodity price risk results from changes in the level or volatility of commodity prices that impact instruments which derive their value from such commodities.

Commodity price risk was measured assuming an instantaneous decrease of 20% from their levels at December 31, 2024 and 2023.

| | | | 80 | | | | | |

| Fixed maturities | | | $ | 40,425 | | | | | $ | (2,779) | | | | | $ | (638) | | | | | | | |

| | | | 81 | | | | | |

- transportation and storage of natural gas and natural gas [removed: liquids] [added: liquids, olefins and other hydrocarbons] (Boardwalk Pipeline Partners, LP, a wholly owned subsidiary); and

CNA’s property and casualty and remaining life and group insurance operations are primarily conducted by Continental Casualty Company (“CCC”), The Continental Insurance Company, Western Surety Company, CNA Insurance Company Limited, Hardy Underwriting Bermuda Limited and its subsidiaries (“Hardy”) and CNA Insurance Company (Europe) S.A. CNA accounted for [removed: 81.5%, 83.6%] [added: 81.2%, 81.5%] and [removed: 84.6%] [added: 83.6%] of our consolidated total revenue for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022.][added: 2023.]

CNA’s products and services are primarily marketed through independent agents, [added: retail and wholesale] brokers and managing general underwriters to a wide variety of [added: customers, including small, medium and large businesses, insurance companies, associations, professionals]

*[Table of [removed: Contents](#i23ccfeab0a5642a7a02e89ed8a96d256_7)*][added: Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*]

Specialty provides management and professional liability and other [removed: coverages through] property and casualty [added: coverages,] products and services using a network of [added: retail and wholesale] brokers, independent [removed: agencies] [added: agents] and managing general underwriters.

*Warranty and Alternative Risks*: Warranty and Alternative Risks provides extended service contracts and [added: related] insurance products [removed: that provide protection from the financial burden associated with] [added: covering] mechanical breakdown and [removed: other related losses, primarily] [added: similar losses] for vehicles, portable [removed: electronic communication devices] [added: electronics] and other consumer goods.

Commercial works with a network of [added: retail and wholesale] brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds, targeting small business, construction, middle [removed: markets] [added: market] and other commercial customers.

Other Insurance Operations include CNA’s run-off long-term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants, certain corporate expenses, including interest on CNA corporate debt, and certain property and casualty businesses in run-off, including [removed: CNA Re,] A&EP, a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.

These include but are not limited to, the State of Illinois Department of Insurance (which is CNA’s global group-wide supervisor), the U.K. Prudential Regulatory Authority [added: (“PRA”)] and Financial Conduct [removed: Authority,] [added: Authority (“FCA”),] the Office of Superintendent of Financial Institutions [added: (“OSFI”)] in Canada, the Luxembourg insurance regulator Commissariat aux Assurances [added: (“CAA”)] and the Bermuda Monetary [removed: Authority.][added: Authority (“BMA”).]

Capital adequacy and risk management regulations, referred to as Solvency II, apply to CNA’s European [added: Union (“E.U.”)] operations and are enacted by the European [removed: Commission, the executive body of the European Union (“E.U.”).][added: Commission.]

While [added: as of December 31, 2025] the AM [removed: will] [added: continues to] undergo further refinement as a part of the implementation process, the finding of comparability by the IAIS represents recognition of existing U.S. solvency regulation.

Boardwalk Pipelines also provides ethane supply and transportation services for [removed: industrial] [added: petrochemical] customers in Louisiana and Texas.

Boardwalk Pipelines accounted for [removed: 11.8%, 10.3%] [added: 12.6%, 11.8%] and 10.3% of our consolidated total revenue for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022.][added: 2023.]

Boardwalk Pipelines owns approximately [removed: 14,315] [added: 14,275] miles of natural gas and NGLs pipelines and underground storage caverns having aggregate capacity of approximately 199.5 billion cubic feet (“Bcf”) of working natural gas and 31.2 million barrels (“MMBbls”) of NGLs.

Boardwalk Pipelines’ natural gas business, which provides transportation, storage and [removed: PAL] [added: parking and lending (“PAL”)] services for natural gas customers, consists of integrated interstate and intrastate natural gas pipelines and storage facilities.

Boardwalk Pipelines owns and operates approximately [removed: 13,445] [added: 13,420] miles of interconnected natural gas pipelines, directly serving customers in thirteen states and indirectly serving customers throughout the northeastern and southeastern U.S. through numerous interconnections with unaffiliated pipelines.

In [removed: 2024,] [added: 2025,] its natural gas pipeline systems transported approximately [removed: 3.7] [added: 3.9] trillion cubic feet of natural gas.

Average daily throughput on Boardwalk Pipelines’ natural gas pipeline systems during [removed: 2024] [added: 2025] was approximately [removed: 10.2 billion cubic feet (“Bcf”).][added: 10.7 Bcf.]

Boardwalk Pipelines’ natural gas storage facilities are comprised of fourteen underground storage fields located in four states with aggregate working gas capacity of approximately [removed: 191.9] [added: 199.5] Bcf.

[removed: Other:] Boardwalk Pipelines has minor intrastate and natural gas pipeline assets in South Texas and Louisiana serving end-use, electric power [removed: generators] [added: generator] and industrial customers.

The following table provides information for Boardwalk Pipelines’ natural gas assets owned and operated as of December 31, [removed: 2024:][added: 2025:]

| Gulf South | | | [removed: 7,180] [added: 7,140] | | | | | | [removed: 6.8] [added: 7.1] | | | | | | 10.9 | | | | | | 107.6 | | |

| Texas Gas | | | 6,000 | | | | | | [removed: 3.3] [added: 3.4] | | | | | | [removed: 6.3] [added: 6.4] | | | | | | 84.3 | | |

Boardwalk Pipelines owns and operates approximately [removed: 870] [added: 855] miles of NGLs pipelines in Louisiana and Texas.

In [removed: 2024,] [added: 2025,] Boardwalk Pipelines’ natural gas liquids pipeline systems transported approximately [removed: 136.6] [added: 144.2] MMBbls of NGLs.

Boardwalk Pipelines’ NGLs storage facilities consist of 11 [removed: salt-dome] [added: salt dome] caverns located in Louisiana with an aggregate storage capacity of approximately 31.2 MMBbls.

Boardwalk Pipelines also owns ten [removed: salt-dome] [added: salt dome] caverns and related brine infrastructure located in Louisiana for use in providing brine supply services and to support the NGLs storage operations.

Boardwalk Pipelines’ NGLs pipeline systems access the Gulf Coast petrochemical industry through operations at its Choctaw Hub in Louisiana and [removed: the] [added: its] Sulphur Hub in Louisiana.

The majority of Boardwalk Pipelines’ natural gas liquids customers are industrial [added: and petrochemical] end-users.

These assets have approximately [removed: 47.8] [added: 31.2] MMBbls of salt dome storage capacity, [removed: including approximately 7.6 Bcf of working natural gas storage capacity,] significant brine supply infrastructure, and approximately [removed: 310] [added: 300] miles of pipeline assets, including an extensive ethylene distribution system.

Louisiana Midstream also owns eight [removed: salt-dome] [added: salt dome] caverns and related [added: brine infrastructure located at its Choctaw Hub for use in providing brine supply services and supporting its NGLs storage operations.]

At [removed: the] [added: its] Sulphur Hub, Louisiana Midstream owns and operates five active storage caverns, which are currently in ethylene, ethane and propane service.

Boardwalk Petrochemical owns and operates the Evangeline Pipeline, an approximately 180-mile bi-directional, common carrier, interstate ethylene pipeline that is capable of transporting approximately 4.8 billion pounds of ethylene per year between Texas and Louisiana, and interconnects with [removed: the] [added: Louisiana Midstream’s] ethylene distribution system and storage facilities at [removed: Louisiana Midstream’s] [added: its] Sulphur and Choctaw Hubs.

Boardwalk Ethane Pipeline Company, LLC (“Bayou Ethane”) owns and operates the Bayou Ethane Pipeline, an approximately [removed: 380-mile] [added: 375-mile] pipeline system originating in Texas, that transports ethane to Southeast Texas and to Louisiana.

The Bayou Ethane Pipeline provides common carrier, interstate and intrastate transportation services and interconnects with Louisiana Midstream’s storage facilities at [removed: the] [added: its] Sulphur and Choctaw Hubs.

Bayou Ethane provides ethane supply and transportation services for [removed: industrial] [added: petrochemical] customers in Louisiana and Texas.

The following table provides information for Boardwalk Pipelines’ natural gas liquids assets owned and operated as of December 31, [removed: 2024:][added: 2025:]

| Assets | | | Miles of Pipeline | | | | | | Annual Throughput (MMBbls) | | | | | | [removed: Working Gas Storage Capacity (Bcf)] | | | | | | Liquids Storage Capacity (MMBbls) | | |

| Boardwalk Petrochemical | | | 180 | | | | | | [removed: 36.3] [added: 38.9] | | | | | | | | | | | | | | |

*Customers:* Boardwalk Pipelines serves a broad mix of customers, including end-use customers, such as electric power generators, local distribution companies, industrial [added: and petrochemical] users and exporters of [removed: liquefied natural gas (“LNG”).][added: LNG.]

and other groups.

These service contracts are primarily distributed through independent representatives and sold by automobile dealerships and retailers in North America.

CNA’s insurance subsidiaries may issue contractual liability, inland marine, or guaranteed asset protection policies supporting these contracts, a significant portion of which are reinsured through third-party captive programs.

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

CNA’s operations in the U.K. have been subject to the same regulations but are transitioning to a tailored version of Solvency II, known as Solvency UK, developed by the PRA.

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas.

It also owns natural gas salt dome storage capacity in its Choctaw Hub in Louisiana.

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| Other Natural Gas | | | 280 | | | | | | 0.2 | | | | | | | | | | | | 7.6 | | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| Louisiana Midstream | | | 300 | | | | | | 60.8 | | | | | | | | | | | | 31.2 | | |

| Bayou Ethane | | | 375 | | | | | | 44.5 | | | | | | | | | | | | | | |

Current Growth Projects

Boardwalk Pipelines regularly reviews opportunities to expand its existing facilities and footprint to meet growing demand for transportation and storage services.

The recent growth of liquefied natural gas (“LNG”) export and power generation demand has led to the announcement of additional growth projects for Boardwalk Pipelines.

Through the date of this filing, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 Bcf/d and its storage working gas capacity by 10 Bcf at an expected aggregate cost of approximately $3.3 billion and are scheduled to be completed through 2030.

As of December 31, 2025, Boardwalk Pipelines has spent $135 million on these growth projects.

These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits and are subject to construction risk.

These projects have lengthy planning and construction periods and, as a result, will not contribute to Boardwalk Pipelines’ earnings and cash flows until they receive the required regulatory approvals and permits and are constructed and placed into service over the next several years.

Boardwalk Pipelines’ cost and timing estimates for these projects are based on a variety of inputs such as contractor indicative bids, quotes on materials and internally-developed financial models, metrics and timelines and are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals and the cost thereof, adverse weather conditions during construction, its ability to acquire and the cost of obtaining rights to construct and operate on land not owned by Boardwalk Pipelines, delays in obtaining and shortages and price increases for key materials (including pipe, compressor facilities and related equipment), tariff implications and shortages and increased costs of qualified labor.

Factors in the estimates include, among other things, those related to pipeline costs based on mileage, size and type of pipe, materials, including compressors and related equipment, land, engineering and construction costs and timely receipt of all necessary permits and approvals.

Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates.

In addition, failure to timely meet development milestones may result in, among other things, contractual counterparties having the ability to terminate contracts with Boardwalk Pipelines.

Refer to Item 1A.

Risk Factors of this Report for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

Boardwalk Pipelines’ more significant growth projects are listed and described below:

| | | | Expected in-service date | | | Expected incremental capacity added to system (Bcf/d) | | |

| Eunice - Iowa (a) | | | Third quarter 2026 | | | 0.1 | | |

| Carnation Project (b) | | | Fourth quarter 2027 | | | 0.2 | | |

| Northeast Texas Power Plant Project (c) | | | Fourth quarter 2027 | | | 0.3 | | |

| Kosciusko Junction project (Kosci project) (c) | | | First half 2028 | | | 1.2 | | |

| Ohio Power Plant Project (c) | | | First half 2028 | | | 0.3 | | |

| Southeast Compression for Utility Reliability Expansion project (SECURE project) (c) | | | First half 2028 | | | 0.3 | | |

| Parks Line Upgrade and Sorrento Station Project (PLUSS project) (d) | | | First half 2028 | | | 0.2 | | |

| Texas Gateway Project (e) | | | Second half 2029 | | | 1.5 | | |

| Petal Gas Storage Expansion (f) | | | Second half 2030 | | | (f) | | |

| (a) | | | This project has received approval from FERC and is in construction. | | | | | | | | |

customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups.

Service contracts are generally distributed by commission-based independent representatives and sold by auto dealerships and retailers in North America to customers in conjunction with the purchase of a new or used vehicle or new consumer goods.

Additionally, CNA’s insurance companies may issue contractual liability insurance policies or guaranteed asset protection reimbursement insurance policies to cover the liabilities of these service contracts issued by affiliated entities or third parties.

| Other Natural Gas | | | 265 | | | | | | 0.1 | | | | | | | | | | | | | | |

brine infrastructure located on the Choctaw Hub for use in providing brine supply services and supporting its NGLs storage operations.

| Louisiana Midstream | | | 310 | | | | | | 60.2 | | | | | | 7.6 | | | | | | 31.2 | | |

| Bayou Ethane | | | 380 | | | | | | 40.1 | | | | | | | | | | | | | | |

In 2024, Boardwalk Pipelines placed into service approximately $245 million of growth projects which represents approximately 0.4 Bcf per day of firm natural gas transportation capacity, additional capacity on its ethylene pipeline systems and increased storage capacity and reliability.

Boardwalk Pipelines expects to spend a total of approximately $1.6 billion on its ongoing and announced growth projects, with expected in-service dates for these projects ranging from 2025-2029.

These projects are expected to add over 2.0 Bcf per day of firm natural gas transportation capacity.

These projects are expected to serve increased natural gas demand from electric power generation plants and industrial customers.

Boardwalk Pipelines’ growth projects are secured by long-term firm contracts, though some are supported by executed precedent transportation agreements for projects that are subject to regulatory approvals.

The maximum applicable rates that Boardwalk Pipelines may

existing transmission and distribution pipeline facilities to conduct certain leak detection and repair programs and to require facility inspection and maintenance plans to align with those requirements.

In September 2023, PHMSA published a proposed rule that, if finalized, would enhance the safety requirements for gas distribution pipelines and would require updates to distribution integrity management programs, emergency response plans, operations and maintenance manuals and other safety practices.

For example, the Biden Administration revised various rules to be more stringent, repealed various rules issued by the first Trump Administration, imposed restrictions on methane emissions from oil and gas operations and ground level ozone emission standards and took other actions to mitigate climate change and further limit greenhouse gas (“GHG”) emissions.

The final rule was challenged by various states and the litigation remains ongoing.

More recently, in November 2024, a panel of three judges

on the U.S. Court of Appeals for the D.C. Circuit held that the CEQ lacks authority to issue NEPA regulations and followed with a statement by a majority of the judges suggesting that in future cases they may not rule similarly that the CEQ lacks rulemaking authority.

In February 2025, the District Court for North Dakota also held that the CEQ lacks authority to issue NEPA regulations and vacated the CEQ’s 2024 “Phase 2” rule.

Additionally, President Trump signed an energy-related Executive Order which included ordering the CEQ to propose rescinding its NEPA regulations.

As a result, there is significant uncertainty with respect to current and future NEPA regulations.

Environmental laws and regulations generally become stricter over time; however, Boardwalk Pipelines cannot predict how the recent change in presidential administrations will impact its regulatory obligations.

There is ongoing litigation with respect to the status and use of the U.S. Army Corps of Engineers (“the Corps”) Clean Water Act Section 404 Nationwide Permit (“NWP”) 12, which was issued in January 2021 and subsequently challenged by various environmental groups.

While the litigation is ongoing and the full extent and impact of these actions is unclear at this time, any disruption in Boardwalk Pipelines’ ability to obtain coverage under NWP 12 or other permits may result in increased costs and project delays if it is forced to seek individual permits from the Corps.

However, Boardwalk Pipelines cannot predict what actions the Trump Administration may take with respect to any of these regulations and the timing with respect to the same.

As a result, there is significant uncertainty with respect to wetlands regulation under the Clean Water Act at this time.

For more information, see Boardwalk Pipelines’ risk factor titled “*Boardwalk*

*Loews Hotels & Co has a controlling majority equity interest in this property.

- In 2024, Loews Hotels & Co completed the sale of Loews Minneapolis Hotel;

- In the first quarter of 2024, Loews Arlington Hotel and Convention Center in Arlington, Texas opened with 888 guestrooms and over 250,000 square feet of function space.

In the fourth quarter of 2024, Loews Hotels & Co acquired the remaining outstanding noncontrolling interest in this property;

- In 2025, Universal Terra Luna Resort, a 750 guestroom hotel, and Universal Helios Grand Hotel, a Loews Hotel, a 500 guestroom hotel, are expected to open at Universal Orlando.

As with Loews Hotels & Co’s other properties at Universal Orlando, Loews Hotels & Co will serve as manager and have a noncontrolling joint venture equity interest in the hotels.

Each of Marc A.

Alpert, Richard W.

Information on our legal proceedings is included in Note [removed: 18] [added: 17] of the Notes to Consolidated Financial Statements, included under Item 8.

*[Table of [removed: Contents](#i23ccfeab0a5642a7a02e89ed8a96d256_7)*][added: Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*]

For the Fiscal Year Ended December 31, [removed: 2024][added: 2025]

The aggregate market value of common stock held by non-affiliates of the registrant as of June 30, [removed: 2024,] [added: 2025,] the last business day of the registrant’s most recently completed second fiscal quarter, was approximately [removed: $13,336,000,000.][added: $15,362,000,000.]

As of February [removed: 7, 2025,] [added: 6, 2026,] there were [removed: 212,861,300] [added: 206,052,874] shares of the registrant’s common stock outstanding.

Portions of the registrant’s definitive proxy statement for the [removed: 2025] [added: 2026] annual meeting of shareholders, intended to be filed by the registrant with the Commission not later than 120 days after the close of its fiscal year, are incorporated by reference into Part III of this Report.

For the Year Ended December 31, [removed: 2024][added: 2025]

| | | | [CNA Financial [removed: Corporation](#i23ccfeab0a5642a7a02e89ed8a96d256_22)] [added: Corporation](#ia0b8702df2d540309b7a22289f37e12a_22)] | | | [removed: [5](#i23ccfeab0a5642a7a02e89ed8a96d256_22)] [added: [5](#ia0b8702df2d540309b7a22289f37e12a_22)] | | |

| | | | [Boardwalk Pipeline Partners, [removed: LP](#i23ccfeab0a5642a7a02e89ed8a96d256_25)] [added: LP](#ia0b8702df2d540309b7a22289f37e12a_25)] | | | [removed: [8](#i23ccfeab0a5642a7a02e89ed8a96d256_25)] [added: [9](#ia0b8702df2d540309b7a22289f37e12a_25)] | | |

| | | | [Loews Hotels Holding [removed: Corporation](#i23ccfeab0a5642a7a02e89ed8a96d256_28)] [added: Corporation](#ia0b8702df2d540309b7a22289f37e12a_28)] | | | [removed: [14](#i23ccfeab0a5642a7a02e89ed8a96d256_28)] [added: [17](#ia0b8702df2d540309b7a22289f37e12a_28)] | | |

| | | | [Altium Packaging [removed: LLC](#i23ccfeab0a5642a7a02e89ed8a96d256_31)] [added: LLC](#ia0b8702df2d540309b7a22289f37e12a_31)] | | | [removed: [16](#i23ccfeab0a5642a7a02e89ed8a96d256_31)] [added: [18](#ia0b8702df2d540309b7a22289f37e12a_31)] | | |

| | | | [Human [removed: Capital](#i23ccfeab0a5642a7a02e89ed8a96d256_34)] [added: Capital](#ia0b8702df2d540309b7a22289f37e12a_34)] | | | [removed: [16](#i23ccfeab0a5642a7a02e89ed8a96d256_34)] [added: [18](#ia0b8702df2d540309b7a22289f37e12a_34)] | | |

| | | | [Information about Our Executive [removed: Officers](#i23ccfeab0a5642a7a02e89ed8a96d256_37)] [added: Officers](#ia0b8702df2d540309b7a22289f37e12a_37)] | | | [removed: [17](#i23ccfeab0a5642a7a02e89ed8a96d256_37)] [added: [19](#ia0b8702df2d540309b7a22289f37e12a_37)] | | |

| | | | [Available [removed: Information](#i23ccfeab0a5642a7a02e89ed8a96d256_40)] [added: Information](#ia0b8702df2d540309b7a22289f37e12a_40)] | | | [removed: [17](#i23ccfeab0a5642a7a02e89ed8a96d256_40)] [added: [19](#ia0b8702df2d540309b7a22289f37e12a_40)] | | |

| [removed: [1A](#i23ccfeab0a5642a7a02e89ed8a96d256_43)] [added: [1A](#ia0b8702df2d540309b7a22289f37e12a_43)] | | | [Risk [removed: Factors](#i23ccfeab0a5642a7a02e89ed8a96d256_43)] [added: Factors](#ia0b8702df2d540309b7a22289f37e12a_43)] | | | [removed: [17](#i23ccfeab0a5642a7a02e89ed8a96d256_43)] [added: [19](#ia0b8702df2d540309b7a22289f37e12a_43)] | | |

| [removed: [1B](#i23ccfeab0a5642a7a02e89ed8a96d256_46)] [added: [1B](#ia0b8702df2d540309b7a22289f37e12a_46)] | | | [Unresolved Staff [removed: Comments](#i23ccfeab0a5642a7a02e89ed8a96d256_46)] [added: Comments](#ia0b8702df2d540309b7a22289f37e12a_46)] | | | [removed: [43](#i23ccfeab0a5642a7a02e89ed8a96d256_46)] [added: [46](#ia0b8702df2d540309b7a22289f37e12a_46)] | | |

| [removed: [3](#i23ccfeab0a5642a7a02e89ed8a96d256_55)] [added: [3](#ia0b8702df2d540309b7a22289f37e12a_55)] | | | [Legal [removed: Proceedings](#i23ccfeab0a5642a7a02e89ed8a96d256_55)] [added: Proceedings](#ia0b8702df2d540309b7a22289f37e12a_55)] | | | [removed: [44](#i23ccfeab0a5642a7a02e89ed8a96d256_55)] [added: [47](#ia0b8702df2d540309b7a22289f37e12a_55)] | | |

| [removed: [4](#i23ccfeab0a5642a7a02e89ed8a96d256_58)] [added: [4](#ia0b8702df2d540309b7a22289f37e12a_58)] | | | [Mine Safety [removed: Disclosures](#i23ccfeab0a5642a7a02e89ed8a96d256_58)] [added: Disclosures](#ia0b8702df2d540309b7a22289f37e12a_58)] | | | [removed: [44](#i23ccfeab0a5642a7a02e89ed8a96d256_58)] [added: [47](#ia0b8702df2d540309b7a22289f37e12a_58)] | | |

| [removed: [5](#i23ccfeab0a5642a7a02e89ed8a96d256_64)] [added: [5](#ia0b8702df2d540309b7a22289f37e12a_64)] | | | [Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity [removed: Securities](#i23ccfeab0a5642a7a02e89ed8a96d256_64)] [added: Securities](#ia0b8702df2d540309b7a22289f37e12a_64)] | | | [removed: [44](#i23ccfeab0a5642a7a02e89ed8a96d256_64)] [added: [48](#ia0b8702df2d540309b7a22289f37e12a_64)] | | |

| [removed: [7](#i23ccfeab0a5642a7a02e89ed8a96d256_70)] [added: [7](#ia0b8702df2d540309b7a22289f37e12a_70)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i23ccfeab0a5642a7a02e89ed8a96d256_70)] [added: Operations](#ia0b8702df2d540309b7a22289f37e12a_70)] | | | [removed: [47](#i23ccfeab0a5642a7a02e89ed8a96d256_70)] [added: [49](#ia0b8702df2d540309b7a22289f37e12a_70)] | | |

| [removed: [7A](#i23ccfeab0a5642a7a02e89ed8a96d256_121)] [added: [7A](#ia0b8702df2d540309b7a22289f37e12a_124)] | | | [Quantitative and Qualitative Disclosures about Market [removed: Risk](#i23ccfeab0a5642a7a02e89ed8a96d256_121)] [added: Risk](#ia0b8702df2d540309b7a22289f37e12a_124)] | | | [removed: [78](#i23ccfeab0a5642a7a02e89ed8a96d256_121)] [added: [76](#ia0b8702df2d540309b7a22289f37e12a_124)] | | |

| [removed: [8](#i23ccfeab0a5642a7a02e89ed8a96d256_124)] [added: [8](#ia0b8702df2d540309b7a22289f37e12a_127)] | | | [Financial Statements and Supplementary [removed: Data](#i23ccfeab0a5642a7a02e89ed8a96d256_124)] [added: Data](#ia0b8702df2d540309b7a22289f37e12a_127)] | | | [removed: [82](#i23ccfeab0a5642a7a02e89ed8a96d256_124)] [added: [80](#ia0b8702df2d540309b7a22289f37e12a_127)] | | |

| [removed: [9](#i23ccfeab0a5642a7a02e89ed8a96d256_247)] [added: [9](#ia0b8702df2d540309b7a22289f37e12a_250)] | | | [Changes in and Disagreements with Accountants on Accounting and Financial [removed: Disclosure](#i23ccfeab0a5642a7a02e89ed8a96d256_247)] [added: Disclosure](#ia0b8702df2d540309b7a22289f37e12a_250)] | | | [removed: [165](#i23ccfeab0a5642a7a02e89ed8a96d256_247)] [added: [163](#ia0b8702df2d540309b7a22289f37e12a_250)] | | |

| 9C | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#i23ccfeab0a5642a7a02e89ed8a96d256_256)] [added: Inspections](#ia0b8702df2d540309b7a22289f37e12a_259)] | | | [removed: [165](#i23ccfeab0a5642a7a02e89ed8a96d256_256)] [added: [163](#ia0b8702df2d540309b7a22289f37e12a_259)] | | |

| [removed: [10](#i23ccfeab0a5642a7a02e89ed8a96d256_262)] [added: [10](#ia0b8702df2d540309b7a22289f37e12a_265)] | | | [Directors, Executive Officers and Corporate [removed: Governance](#i23ccfeab0a5642a7a02e89ed8a96d256_262)] [added: Governance](#ia0b8702df2d540309b7a22289f37e12a_265)] | | | [removed: [166](#i23ccfeab0a5642a7a02e89ed8a96d256_262)] [added: [164](#ia0b8702df2d540309b7a22289f37e12a_265)] | | |

| [removed: [12](#i23ccfeab0a5642a7a02e89ed8a96d256_268)] [added: [12](#ia0b8702df2d540309b7a22289f37e12a_271)] | | | [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder [removed: Matters](#i23ccfeab0a5642a7a02e89ed8a96d256_268)] [added: Matters](#ia0b8702df2d540309b7a22289f37e12a_271)] | | | [removed: [166](#i23ccfeab0a5642a7a02e89ed8a96d256_268)] [added: [164](#ia0b8702df2d540309b7a22289f37e12a_271)] | | |

| [removed: [13](#i23ccfeab0a5642a7a02e89ed8a96d256_271)] [added: [13](#ia0b8702df2d540309b7a22289f37e12a_274)] | | | [Certain Relationships and Related Transactions, and Director [removed: Independence](#i23ccfeab0a5642a7a02e89ed8a96d256_271)] [added: Independence](#ia0b8702df2d540309b7a22289f37e12a_274)] | | | [removed: [166](#i23ccfeab0a5642a7a02e89ed8a96d256_271)] [added: [165](#ia0b8702df2d540309b7a22289f37e12a_274)] | | |

| [removed: [14](#i23ccfeab0a5642a7a02e89ed8a96d256_274)] [added: [14](#ia0b8702df2d540309b7a22289f37e12a_277)] | | | [Principal Accounting Fees and [removed: Services](#i23ccfeab0a5642a7a02e89ed8a96d256_274)] [added: Services](#ia0b8702df2d540309b7a22289f37e12a_277)] | | | [removed: [166](#i23ccfeab0a5642a7a02e89ed8a96d256_274)] [added: [165](#ia0b8702df2d540309b7a22289f37e12a_277)] | | |

| [removed: [15](#i23ccfeab0a5642a7a02e89ed8a96d256_280)] [added: [15](#ia0b8702df2d540309b7a22289f37e12a_283)] | | | [Exhibits and Financial Statement [removed: Schedules](#i23ccfeab0a5642a7a02e89ed8a96d256_280)] [added: Schedules](#ia0b8702df2d540309b7a22289f37e12a_283)] | | | [removed: [167](#i23ccfeab0a5642a7a02e89ed8a96d256_280)] [added: [166](#ia0b8702df2d540309b7a22289f37e12a_283)] | | |

Investors are cautioned that certain statements contained in this Report as well as in other filings with the Securities and Exchange Commission (“SEC”) and periodic press releases made by us and our subsidiaries and certain statements made by us and our subsidiaries and our and their officers [removed: during] [added: in] presentations may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”).

- CNA’s exposure to mass tort [removed: product liability claims,] [added: claims against its insureds and] changes to the social and legal environment, such as those related to abuse reviver statutes, issues related to altered interpretation of coverage and other new and emerging claim theories;

- Legislative and regulatory initiatives relating to new or more stringent pipeline [removed: safety;][added: safety requirements;]

- Failures or interruptions in or breaches to our or our subsidiaries’ computer systems or those of [added: certain] third [removed: party vendors;][added: parties;]

- [removed: Increasing scrutiny] [added: Scrutiny] and changing expectations from stakeholders with respect to [removed: environmental, social and governance (“ESG”)] [added: sustainability] practices may impose additional costs on us and our subsidiaries or expose us and our subsidiaries to new or additional risks.

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| | | | [PART I](#ia0b8702df2d540309b7a22289f37e12a_16) | | | | | |

| [1](#ia0b8702df2d540309b7a22289f37e12a_19) | | | [Business](#ia0b8702df2d540309b7a22289f37e12a_19) | | | | | |

| 1C | | | [Cybersecurity](#ia0b8702df2d540309b7a22289f37e12a_49) | | | [46](#ia0b8702df2d540309b7a22289f37e12a_49) | | |

| [2](#ia0b8702df2d540309b7a22289f37e12a_52) | | | [Properties](#ia0b8702df2d540309b7a22289f37e12a_52) | | | [47](#ia0b8702df2d540309b7a22289f37e12a_52) | | |

| | | | [PART II](#ia0b8702df2d540309b7a22289f37e12a_61) | | | | | |

| [6](#ia0b8702df2d540309b7a22289f37e12a_67) | | | [\[Reserved\]](#ia0b8702df2d540309b7a22289f37e12a_67) | | | [49](#ia0b8702df2d540309b7a22289f37e12a_67) | | |

| [9A](#ia0b8702df2d540309b7a22289f37e12a_253) | | | [Controls and Procedures](#ia0b8702df2d540309b7a22289f37e12a_253) | | | [163](#ia0b8702df2d540309b7a22289f37e12a_253) | | |

| [9B](#ia0b8702df2d540309b7a22289f37e12a_256) | | | [Other Information](#ia0b8702df2d540309b7a22289f37e12a_256) | | | [163](#ia0b8702df2d540309b7a22289f37e12a_256) | | |

| | | | [PART III](#ia0b8702df2d540309b7a22289f37e12a_262) | | | | | |

| [11](#ia0b8702df2d540309b7a22289f37e12a_268) | | | [Executive Compensation](#ia0b8702df2d540309b7a22289f37e12a_268) | | | [164](#ia0b8702df2d540309b7a22289f37e12a_268) | | |

| | | | [PART IV](#ia0b8702df2d540309b7a22289f37e12a_280) | | | | | |

| [16](#ia0b8702df2d540309b7a22289f37e12a_286) | | | [Form 10-K Summary](#ia0b8702df2d540309b7a22289f37e12a_286) | | | [169](#ia0b8702df2d540309b7a22289f37e12a_286) | | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

- Changes in U.S. trade policy and the impact of tariffs;

- Failure to comply with environmental or worker safety laws or regulations or an accidental release of pollutants into the environment;

- A failure in Boardwalk Pipelines’ computer systems or a cybersecurity attack;

- Boardwalk Pipelines’ reliance on a limited number of customers for a substantial portion of its revenues;

- Boardwalk Pipelines’ indebtedness may affect its ability to meet its obligations and may otherwise restrict its activities;

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| | | | [PART I](#i23ccfeab0a5642a7a02e89ed8a96d256_16) | | | | | |

| [1](#i23ccfeab0a5642a7a02e89ed8a96d256_19) | | | [Business](#i23ccfeab0a5642a7a02e89ed8a96d256_19) | | | | | |

| 1C | | | [Cybersecurity](#i23ccfeab0a5642a7a02e89ed8a96d256_49) | | | [43](#i23ccfeab0a5642a7a02e89ed8a96d256_49) | | |

| [2](#i23ccfeab0a5642a7a02e89ed8a96d256_52) | | | [Properties](#i23ccfeab0a5642a7a02e89ed8a96d256_52) | | | [44](#i23ccfeab0a5642a7a02e89ed8a96d256_52) | | |

| | | | [PART II](#i23ccfeab0a5642a7a02e89ed8a96d256_61) | | | | | |

| [6](#i23ccfeab0a5642a7a02e89ed8a96d256_67) | | | [\[Reserved\]](#i23ccfeab0a5642a7a02e89ed8a96d256_67) | | | [46](#i23ccfeab0a5642a7a02e89ed8a96d256_67) | | |

| [9A](#i23ccfeab0a5642a7a02e89ed8a96d256_250) | | | [Controls and Procedures](#i23ccfeab0a5642a7a02e89ed8a96d256_250) | | | [165](#i23ccfeab0a5642a7a02e89ed8a96d256_250) | | |

| [9B](#i23ccfeab0a5642a7a02e89ed8a96d256_253) | | | [Other Information](#i23ccfeab0a5642a7a02e89ed8a96d256_253) | | | [165](#i23ccfeab0a5642a7a02e89ed8a96d256_253) | | |

| | | | [PART III](#i23ccfeab0a5642a7a02e89ed8a96d256_259) | | | | | |

| [11](#i23ccfeab0a5642a7a02e89ed8a96d256_265) | | | [Executive Compensation](#i23ccfeab0a5642a7a02e89ed8a96d256_265) | | | [166](#i23ccfeab0a5642a7a02e89ed8a96d256_265) | | |

| | | | [PART IV](#i23ccfeab0a5642a7a02e89ed8a96d256_277) | | | | | |

| [16](#i23ccfeab0a5642a7a02e89ed8a96d256_283) | | | [Form 10-K Summary](#i23ccfeab0a5642a7a02e89ed8a96d256_283) | | | [170](#i23ccfeab0a5642a7a02e89ed8a96d256_283) | | |

- The impact of the coronavirus disease (“COVID-19”), including new or emerging variants, and other potential pandemics on CNA;

- Boardwalk Pipelines’ substantial indebtedness;

- The impact of future pandemics or other outbreaks of contagious diseases and efforts to mitigate their spread on Boardwalk Pipelines;

- The impact pandemics or other outbreaks of contagious diseases and efforts to mitigate their spread have had and could have on Loews Hotels & Co;

Senior IT leadership (generally, chief information officers and/or chief information security officers) at the parent company and each subsidiary are responsible for developing cybersecurity programs appropriate for their respective [added: entities, including as may be required by applicable law or regulation.]

*[Table of [removed: Contents](#i23ccfeab0a5642a7a02e89ed8a96d256_7)*][added: Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*]

| | | | 46 | | | | | |

For more information, see Item 1A.

Risk Factors of this Report.

For more information about these risks, see the risk factor titled “*Failures or interruptions in or breaches to our or our subsidiaries’ computer systems or information technology or communication infrastructure or those of our third party vendors could materially and adversely affect our or our subsidiaries’ operations*” under Item 1A.

| | | | 43 | | | | | |

entities, including as may be required by applicable law or regulation.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 47 | | | | | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

The following graph compares annual total return of our Common Stock, the Standard & Poor’s 500 Composite Stock Index (“S&P 500 Index”) and our peer group set forth below (“Loews Peer Group”) for the five years ended December 31, [removed: 2024.][added: 2025.]

The graph assumes that the value of the investment in our Common Stock, the S&P 500 Index and the Loews Peer Group was $100 on December 31, [removed: 2019] [added: 2020] and that all dividends were reinvested.

*[Table of [removed: Contents](#i23ccfeab0a5642a7a02e89ed8a96d256_7)*][added: Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*]

[removed: ][added: ]

| | | | [removed: 2019 | | |] 2020 | | | 2021 | | | 2022 | | | 2023 | | | [removed: 2024] [added: 2024] | | | [added: 2025 | | |]

(a)The Loews Peer Group consists of the following companies that are industry peers of our principal operating subsidiaries or our investment in Altium Packaging: Berry Global, [removed: Inc.,] [added: Inc. (included through April 30, 2025 when it was acquired by Amcor plc),] Chubb Limited, Diamond Rock Hospitality Company, Enbridge Inc., Energy Transfer LP, Kinder Morgan, Inc., Ryman Hospitality Properties, Inc., Silgan Holdings Inc., Sunstone Hotel Investors, Inc., The Hartford Financial Services Group, Inc., The Travelers Companies, Inc., W.R. Berkley Corporation and Xenia Hotels & Resorts, Inc.

As of February [removed: 3, 2025,] [added: 2, 2026,] we had approximately [removed: 540] [added: 510] holders of record of our common stock.

Our Board of Directors has authorized our management, as it deems appropriate, to [removed: purchase, in the open market, through privately negotiated transactions or otherwise,] [added: purchase] our outstanding common stock.

During the fourth quarter of [removed: 2024,] [added: 2025,] we purchased shares of our common stock as follows:

| Loews Common Stock | | | 100.0 | | | 128.89 | | | 130.70 | | | 156.56 | | | 191.14 | | | 238.31 | | |

| S&P 500 Index | | | 100.0 | | | 128.71 | | | 105.40 | | | 133.10 | | | 166.40 | | | 196.16 | | |

| Loews Peer Group (a) | | | 100.0 | | | 127.73 | | | 151.23 | | | 159.59 | | | 215.85 | | | 239.26 | | |

| | | | 48 | | | | | |

Depending on market and other conditions, we may purchase shares of our common stock in the open market (including in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise.

| October 1, 2025 - October 31, 2025 | | | 289,911 | | | | | | $ | 99.26 | | | | | N/A | | | | | | N/A | | |

| November 1, 2025 - November 30, 2025 | | | 467,038 | | | | | | $ | 104.33 | | | | | N/A | | | | | | N/A | | |

| December 1, 2025 - December 31, 2025 | | | 200,000 | | | | | | $ | 104.53 | | | | | N/A | | | | | | N/A | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 44 | | | | | |

| Loews Common Stock | | | 100.0 | | | 86.31 | | | 111.24 | | | 112.81 | | | 135.12 | | | 164.97 | | |

| S&P 500 Index | | | 100.0 | | | 118.40 | | | 152.39 | | | 124.79 | | | 157.59 | | | 197.02 | | |

| Loews Peer Group (a) | | | 100.0 | | | 86.29 | | | 110.22 | | | 130.49 | | | 137.70 | | | 186.25 | | |

| | | | 45 | | | | | |

Securities Authorized for Issuance Under Equity Compensation Plans

The following table provides certain information as of December 31, 2024 with respect to our equity compensation plans under which our equity securities are authorized for issuance.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Plan category | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights | | | Weighted average exercise price of outstanding options, warrants and rights | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) | | |

| Equity compensation plans approved by security holders (a) | | | 727,518 | | | $ | 38.59 | | 5,094,015 | | |

| Equity compensation plans not approved by security holders (b) | | | N/A | | | N/A | | | N/A | | |

(a)Reflects 192,000 outstanding stock appreciation rights awarded under the Loews Corporation 2000 Stock Option Plan and 381,375 outstanding unvested time-based and/or performance-based restricted stock units (“RSUs”) and 154,143 deferred vested RSUs awarded under the Loews Corporation 2016 Incentive Compensation Plan.

The weighted average exercise price does not take into account RSUs as they do not have an exercise price.

(b)We do not have equity compensation plans that have not been approved by our shareholders.

| October 1, 2024 - October 31, 2024 | | | 1,104,392 | | | | | | $ | 79.39 | | | | | N/A | | | | | | N/A | | |

| November 1, 2024 - November 30, 2024 | | | 649,709 | | | | | | $ | 80.13 | | | | | N/A | | | | | | N/A | | |

| December 1, 2024 - December 31, 2024 | | | 2,487,084 | | | | | | $ | 84.33 | | | | | N/A | | | | | | N/A | | |

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 46 | | | | | |

*[Table of Contents](#i23ccfeab0a5642a7a02e89ed8a96d256_7)*

| [Management’s Report on Internal Control Over Financial [removed: Reporting](#i23ccfeab0a5642a7a02e89ed8a96d256_127)] [added: Reporting](#ia0b8702df2d540309b7a22289f37e12a_130)] | | | [removed: [83](#i23ccfeab0a5642a7a02e89ed8a96d256_127)] [added: [81](#ia0b8702df2d540309b7a22289f37e12a_130)] | | |

| [removed: [Report](#i23ccfeab0a5642a7a02e89ed8a96d256_130)[s](#i23ccfeab0a5642a7a02e89ed8a96d256_130) [of] [added: [Reports of] Independent Registered Public Accounting Firm (PCAOB ID [removed: No.](#i23ccfeab0a5642a7a02e89ed8a96d256_130)] [added: No.](#ia0b8702df2d540309b7a22289f37e12a_133)] 34) | | | [removed: [84](#i23ccfeab0a5642a7a02e89ed8a96d256_130)] [added: [82](#ia0b8702df2d540309b7a22289f37e12a_133)] | | |

| [Consolidated Balance [removed: Sheets](#i23ccfeab0a5642a7a02e89ed8a96d256_133)] [added: Sheets](#ia0b8702df2d540309b7a22289f37e12a_136)] | | | [removed: [88](#i23ccfeab0a5642a7a02e89ed8a96d256_133)] [added: [86](#ia0b8702df2d540309b7a22289f37e12a_136)] | | |

| [Consolidated Statements of [removed: Operations](#i23ccfeab0a5642a7a02e89ed8a96d256_136)] [added: Operations](#ia0b8702df2d540309b7a22289f37e12a_139)] | | | [removed: [90](#i23ccfeab0a5642a7a02e89ed8a96d256_136)] [added: [88](#ia0b8702df2d540309b7a22289f37e12a_139)] | | |

[removed: | [Consolidated Statements of Comprehensive Income (Loss)](#i23ccfeab0a5642a7a02e89ed8a96d256_139) | | | [91](#i23ccfeab0a5642a7a02e89ed8a96d256_139) | | |][added: CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME]

| [Consolidated Statements of [removed: Equity](#i23ccfeab0a5642a7a02e89ed8a96d256_142)] [added: Equity](#ia0b8702df2d540309b7a22289f37e12a_145)] | | | [removed: [92](#i23ccfeab0a5642a7a02e89ed8a96d256_142)] [added: [90](#ia0b8702df2d540309b7a22289f37e12a_145)] | | |

| [Consolidated Statements of Cash [removed: Flows](#i23ccfeab0a5642a7a02e89ed8a96d256_145)] [added: Flows](#ia0b8702df2d540309b7a22289f37e12a_148)] | | | [removed: [94](#i23ccfeab0a5642a7a02e89ed8a96d256_145)] [added: [92](#ia0b8702df2d540309b7a22289f37e12a_148)] | | |

| [Notes to Consolidated Financial [removed: Statements:](#i23ccfeab0a5642a7a02e89ed8a96d256_148)] [added: Statements:](#ia0b8702df2d540309b7a22289f37e12a_151)] | | | [removed: [96](#i23ccfeab0a5642a7a02e89ed8a96d256_148)] [added: [94](#ia0b8702df2d540309b7a22289f37e12a_151)] | | |

| 1.[Summary of Significant Accounting [removed: Policies](#i23ccfeab0a5642a7a02e89ed8a96d256_151)] [added: Policies](#ia0b8702df2d540309b7a22289f37e12a_154)] | | | [removed: [96](#i23ccfeab0a5642a7a02e89ed8a96d256_151)] [added: [94](#ia0b8702df2d540309b7a22289f37e12a_154)] | | |

| [removed: 6.[Property, Plant] [added: Property, plant] and [removed: Equipment](#i23ccfeab0a5642a7a02e89ed8a96d256_181)] [added: equipment] | | | [removed: [119](#i23ccfeab0a5642a7a02e89ed8a96d256_181)] [added: 10,695] | | | [added: | | | 10,738 | | |]

| [removed: 8.[Claim] [added: 7.[Claim] and Claim Adjustment Expense [removed: Reserves](#i23ccfeab0a5642a7a02e89ed8a96d256_187)] [added: Reserves](#ia0b8702df2d540309b7a22289f37e12a_190)] | | | [removed: [121](#i23ccfeab0a5642a7a02e89ed8a96d256_187)] [added: [118](#ia0b8702df2d540309b7a22289f37e12a_190)] | | |

| [removed: 9.[Future] [added: 8.[Future] Policy Benefits [removed: Reserves](#i23ccfeab0a5642a7a02e89ed8a96d256_196)] [added: Reserves](#ia0b8702df2d540309b7a22289f37e12a_199)] | | | [removed: [135](#i23ccfeab0a5642a7a02e89ed8a96d256_196)] [added: [132](#ia0b8702df2d540309b7a22289f37e12a_199)] | | |

*[Table of [removed: Contents](#i23ccfeab0a5642a7a02e89ed8a96d256_7)*][added: Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*]

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

Based on this assessment, our management believes that, as of December 31, [removed: 2024,] [added: 2025,] our internal control over financial reporting was effective.

We have audited the accompanying consolidated balance sheets of Loews Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows, for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] and the related notes and the schedules listed in the Index at Item 15 (a) (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, [removed: 2024] [added: 2025] and [removed: 2023,] [added: 2024,] and the results of its operations and its cash flows for each of the three years in the period ended December 31, [removed: 2024,] [added: 2025,] in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February [removed: 11, 2025,] [added: 10, 2026,] expressed an unqualified opinion on the Company’s internal control over financial reporting.

Claim and claim adjustment expense reserves – Property & Casualty — Refer to Notes 1 and [removed: 8] [added: 7] to the financial statements.

Modest changes in judgments and assumptions can materially impact the valuation of these liabilities, particularly for claims with longer-tailed exposures such as workers’ compensation, general liability and professional liability claims and certain shorter-tailed [removed: exposures, such as surety.][added: exposures.]

Future policy benefit reserves – Long Term Care — Refer to Notes 1 and [removed: 9] [added: 8] to the financial statements

The estimation of [removed: long term] [added: long-term] care future policy benefit reserves (“LTC future policy benefit reserves”) requires significant judgment in the selection of key assumptions, including [removed: morbidity and persistency.][added: the morbidity, specifically incidence, assumption.]

Morbidity and persistency experience can be volatile and modest changes in [removed: each of these assumptions] [added: this assumption] can materially impact the valuation of these liabilities.

- We tested the underlying [removed: data, including demographic and historical claims data,] [added: data] that served as the basis for the actuarial analyses, to test that the inputs to the actuarial estimates were accurate and complete.

This included [removed: confirming] [added: evaluating] that assumptions were applied as intended.

We have audited the internal control over financial reporting of Loews Corporation and subsidiaries (the “Company”) as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, [removed: 2024,] [added: 2025,] based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, [removed: 2024,] [added: 2025,] of the Company and our report dated February [removed: 11, 2025,] [added: 10, 2026,] expressed an unqualified opinion on those financial statements.

| [removed: December 31] [added: December 31, 2024] | | | [removed: 2024] | | | | | | [removed: 2023] | | | [added: | | | | | | | | | | | | | | | | | |]

| Fixed maturities, amortized cost of [removed: $44,196] [added: $45,250] and [removed: $42,615,] [added: $44,196,] less allowance for credit loss of [removed: $45] [added: $69] and [removed: $16] [added: $45] | | | $ | [removed: 41,827] [added: 43,984] | | | | | $ | [removed: 40,626] [added: 41,827] | |

| Equity securities, cost of [removed: $969] [added: $1,201] and [removed: $1,015] [added: $969] | | | [removed: 1,064] [added: 1,292] | | | | | | [removed: 1,050] [added: 1,064] | | |

| Limited partnership investments | | | [removed: 2,520] [added: 2,861] | | | | | | [removed: 2,174] [added: 2,520] | | |

| Other invested assets, primarily mortgage loans, less allowance for credit loss of [removed: $35] [added: $15] and $35 | | | [removed: 1,113] [added: 1,195] | | | | | | [removed: 1,123] [added: 1,113] | | |

| Short-term investments | | | [removed: 4,606] [added: 6,044] | | | | | | [removed: 4,396] [added: 4,606] | | |

| Total investments | | | [removed: 51,130] [added: 55,376] | | | | | | [removed: 49,369] [added: 51,130] | | |

| Cash | | | [removed: 541] [added: 495] | | | | | | [removed: 399] [added: 541] | | |

| Receivables | | | [removed: 10,522] [added: 10,983] | | | | | | [removed: 9,660] [added: 10,522] | | |

| Property, plant and equipment | | | [removed: 10,738] [added: $] | [added: 10,695] | | | | | [removed: 10,718] [added: $] | [added: 10,738] | |

| Goodwill | | | [removed: 347] [added: 349] | | | | | | 347 | | |

| Deferred non-insurance warranty acquisition expenses | | | [removed: 3,525] [added: 3,220] | | | | | | [removed: 3,661] [added: 3,525] | | |

| 2.[Acquisitions](#ia0b8702df2d540309b7a22289f37e12a_160) | | | [102](#ia0b8702df2d540309b7a22289f37e12a_160) | | |

| 3.[Investments](#ia0b8702df2d540309b7a22289f37e12a_163) | | | [103](#ia0b8702df2d540309b7a22289f37e12a_163) | | |

| 4.[Fair Value](#ia0b8702df2d540309b7a22289f37e12a_166) | | | [111](#ia0b8702df2d540309b7a22289f37e12a_166) | | |

| 5.[Receivables](#ia0b8702df2d540309b7a22289f37e12a_181) | | | [117](#ia0b8702df2d540309b7a22289f37e12a_181) | | |

| 9.[Leases](#ia0b8702df2d540309b7a22289f37e12a_202) | | | [134](#ia0b8702df2d540309b7a22289f37e12a_202) | | |

| 10.[Income Taxes](#ia0b8702df2d540309b7a22289f37e12a_205) | | | [135](#ia0b8702df2d540309b7a22289f37e12a_205) | | |

| 11.[Debt](#ia0b8702df2d540309b7a22289f37e12a_211) | | | [139](#ia0b8702df2d540309b7a22289f37e12a_211) | | |

| 12.[Shareholders’ Equity](#ia0b8702df2d540309b7a22289f37e12a_214) | | | [141](#ia0b8702df2d540309b7a22289f37e12a_214) | | |

| 13.[Revenue from Contracts with Customers](#ia0b8702df2d540309b7a22289f37e12a_220) | | | [142](#ia0b8702df2d540309b7a22289f37e12a_220) | | |

| 14.[Statutory Accounting Practices](#ia0b8702df2d540309b7a22289f37e12a_226) | | | [143](#ia0b8702df2d540309b7a22289f37e12a_226) | | |

| 15.[Benefit Plans](#ia0b8702df2d540309b7a22289f37e12a_229) | | | [144](#ia0b8702df2d540309b7a22289f37e12a_229) | | |

| 16.[Reinsurance](#ia0b8702df2d540309b7a22289f37e12a_232) | | | [152](#ia0b8702df2d540309b7a22289f37e12a_232) | | |

| 17.[Legal Proceedings](#ia0b8702df2d540309b7a22289f37e12a_235) | | | [153](#ia0b8702df2d540309b7a22289f37e12a_235) | | |

| 18.[Commitments and Contingencies](#ia0b8702df2d540309b7a22289f37e12a_238) | | | [155](#ia0b8702df2d540309b7a22289f37e12a_238) | | |

| 19.[Segments](#ia0b8702df2d540309b7a22289f37e12a_241) | | | [155](#ia0b8702df2d540309b7a22289f37e12a_241) | | |

| | | | 80 | | | | | |

| | | | 81 | | | | | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

February 10, 2026

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

February 10, 2026

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| | | | 18,686 | | | | | | 17,084 | | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| Balance, December 31, 2024, as reported | | | $ | 17,937 | | | | | $ | 2 | | | | | $ | 2,490 | | | | | $ | 16,459 | | | | | $ | (1,867) | | | | | $ | (18) | | | | | $ | 871 | |

| Balance, January 1, 2025, as adjusted | | | 17,942 | | | | | | 2 | | | | | | 2,490 | | | | | | 16,464 | | | | | | (1,867) | | | | | | (18) | | | | | | 871 | | |

| Net income | | | 1,772 | | | | | | | | | | | | | | | | | | 1,667 | | | | | | | | | | | | | | | | | | 105 | | |

| Other comprehensive income | | | 875 | | | | | | | | | | | | | | | | | | | | | | | | 801 | | | | | | | | | | | | 74 | | |

| Retirement of treasury stock | | | — | | | | | | | | | | | | (106) | | | | | | (701) | | | | | | | | | | | | 807 | | | | | | | | |

| Balance, December 31, 2025 | | | $ | 19,641 | | | | | $ | 2 | | | | | $ | 2,374 | | | | | $ | 17,377 | | | | | $ | (1,067) | | | | | $ | — | | | | | $ | 955 | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| Net income | | | $ | 1,772 | | | | | $ | 1,494 | | | | | $ | 1,545 | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

| 2.[Acquisitions, Divestitures, and Deconsolidations](#i23ccfeab0a5642a7a02e89ed8a96d256_157) | | | [104](#i23ccfeab0a5642a7a02e89ed8a96d256_157) | | |

| 3.[Investments](#i23ccfeab0a5642a7a02e89ed8a96d256_160) | | | [105](#i23ccfeab0a5642a7a02e89ed8a96d256_160) | | |

| 4.[Fair Value](#i23ccfeab0a5642a7a02e89ed8a96d256_163) | | | [113](#i23ccfeab0a5642a7a02e89ed8a96d256_163) | | |

| 5.[Receivables](#i23ccfeab0a5642a7a02e89ed8a96d256_178) | | | [119](#i23ccfeab0a5642a7a02e89ed8a96d256_178) | | |

| 7.[Goodwill and Other Intangible Assets](#i23ccfeab0a5642a7a02e89ed8a96d256_184) | | | [120](#i23ccfeab0a5642a7a02e89ed8a96d256_184) | | |

| 10.[Leases](#i23ccfeab0a5642a7a02e89ed8a96d256_199) | | | [137](#i23ccfeab0a5642a7a02e89ed8a96d256_199) | | |

| 11.[Income Taxes](#i23ccfeab0a5642a7a02e89ed8a96d256_202) | | | [138](#i23ccfeab0a5642a7a02e89ed8a96d256_202) | | |

| 12.[Debt](#i23ccfeab0a5642a7a02e89ed8a96d256_208) | | | [141](#i23ccfeab0a5642a7a02e89ed8a96d256_208) | | |

| 13.[Shareholders’ Equity](#i23ccfeab0a5642a7a02e89ed8a96d256_211) | | | [143](#i23ccfeab0a5642a7a02e89ed8a96d256_211) | | |

| 14.[Revenue from Contracts with Customers](#i23ccfeab0a5642a7a02e89ed8a96d256_217) | | | [144](#i23ccfeab0a5642a7a02e89ed8a96d256_217) | | |

| 15.[Statutory Accounting Practices](#i23ccfeab0a5642a7a02e89ed8a96d256_223) | | | [145](#i23ccfeab0a5642a7a02e89ed8a96d256_223) | | |

| 16.[Benefit Plans](#i23ccfeab0a5642a7a02e89ed8a96d256_226) | | | [146](#i23ccfeab0a5642a7a02e89ed8a96d256_226) | | |

| 17.[Reinsurance](#i23ccfeab0a5642a7a02e89ed8a96d256_229) | | | [154](#i23ccfeab0a5642a7a02e89ed8a96d256_229) | | |

| 18.[Legal Proceedings](#i23ccfeab0a5642a7a02e89ed8a96d256_232) | | | [155](#i23ccfeab0a5642a7a02e89ed8a96d256_232) | | |

| 19.[Commitments and Contingencies](#i23ccfeab0a5642a7a02e89ed8a96d256_235) | | | [156](#i23ccfeab0a5642a7a02e89ed8a96d256_235) | | |

| 20.[Segments](#i23ccfeab0a5642a7a02e89ed8a96d256_241) | | | [156](#i23ccfeab0a5642a7a02e89ed8a96d256_241) | | |

| 21.[Subsequent Event](#i23ccfeab0a5642a7a02e89ed8a96d256_1189) | | | [164](#i23ccfeab0a5642a7a02e89ed8a96d256_1189) | | |

February 11, 2025

| | | | 17,084 | | | | | | 15,711 | | |

| Balance, January 1, 2022, as reported | | | $ | 19,175 | | | | | $ | 2 | | | | | $ | 2,885 | | | | | $ | 14,776 | | | | | $ | 186 | | | | | $ | (3) | | | | | $ | 1,329 | |

| Balance, January 1, 2022, as adjusted | | | 17,471 | | | | | | 2 | | | | | | 2,885 | | | | | | 14,754 | | | | | | (1,320) | | | | | | (3) | | | | | | 1,153 | | |

| Net income | | | 891 | | | | | | | | | | | | | | | | | | 822 | | | | | | | | | | | | | | | | | | 69 | | |

| Other comprehensive loss | | | (2,219) | | | | | | | | | | | | | | | | | | | | | | | | (2,000) | | | | | | | | | | | | (219) | | |

| Retirement of treasury stock | | | — | | | | | | | | | | | | (146) | | | | | | (583) | | | | | | | | | | | | 729 | | | | | | | | |

| Balance, December 31, 2023 | | | $ | 16,525 | | | | | $ | 2 | | | | | $ | 2,589 | | | | | $ | 15,617 | | | | | $ | (2,497) | | | | | $ | (7) | | | | | $ | 821 | |

| Dispositions | | | 23 | | | | | | | | | | | | 16 | | |

interest rate of 6.6% and 6.4% as of December 31, 2024 and 2023.

Acquisition

Other intangible assets are reported within Other assets.

See Note 7 for additional information on goodwill and other intangible assets.

Accounting changes – In November of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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”).

In August of 2018, the FASB issued ASU 2018-12, “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” (“ASU 2018-12”).

The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts.

Entities are required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) used to measure the liability for future policyholder benefits (“LFPB”) at least annually.

The LFPB must also be updated for actual experience at least annually.

The discount rate assumption used to measure the LFPB must be updated quarterly using an upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted as a single-A rate.

CNA’s run-off long-term care business is in scope of the guidance.

Prior periods presented in the financial statements have been adjusted to reflect application of the guidance.

While the requirements of the guidance represent a material change from legacy accounting, it does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business.

Prospective application is required, with retrospective application permitted.

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 December 31, [removed: 2024.][added: 2025.]

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, and the implementing rules of the Securities and Exchange Commission, the Company included a report of management’s assessment of the design and effectiveness of its internal control over financial reporting as part of this Annual Report on Form 10-K for the year ended December 31, [removed: 2024.][added: 2025.]

The independent registered public accounting firm of the Company also reported on the effectiveness of the Company’s internal control over financial reporting as of December 31, [removed: 2024.][added: 2025.]

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 December 31, [removed: 2024] [added: 2025] that have materially affected or that are reasonably likely to materially affect the Company’s internal control over financial reporting.

*[Table of [removed: Contents](#i23ccfeab0a5642a7a02e89ed8a96d256_7)*][added: Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*]

| | | | 163 | | | | | |

| | | | 165 | | | | | |

Additional information required by this Item can be found in the “Proposal No. 1: Election of Directors” and “Board Governance Information” sections in our Proxy Statement for our [removed: 2025] [added: 2026] Annual Meeting of Shareholders to be filed with the SEC within 120 days after December 31, [removed: 2024] [added: 2025] (the [removed: “2025] [added: “2026] Proxy Statement”) and is incorporated herein by reference.

Information required by this item can be found in the “Board Governance Information,” “Compensation Discussion & Analysis,” “Compensation Committee Report on Executive Compensation” and [removed: “2024] [added: “2025] Executive Compensation Tables” sections in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

[removed: Information about securities authorized for issuance under equity compensation plans can be found under the caption “Securities] [added: Securities] Authorized for Issuance Under Equity Compensation [removed: Plans” under Item 5 of this Report.][added: Plans]

Additional information required by this item can be found in the “Stock Ownership” section in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

The following table provides certain information as of December 31, 2025 with respect to our equity compensation plans under which our equity securities are authorized for issuance.

| | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Plan category | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights | | | Weighted average exercise price of outstanding options, warrants and rights | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column) | | |

| | | | | | | | | | | | |

| Equity compensation plans approved by security holders (a) | | | 1,657,002 | | | $ | 161.11 | | 5,996,440 | | |

| Equity compensation plans not approved by security holders (b) | | | N/A | | | N/A | | | N/A | | |

(a)Reflects 1,237,500 outstanding unvested stock appreciation rights (“SARs”), 296,547 outstanding unvested time-based and/or performance-based restricted stock units (“RSUs”), 121,053 deferred vested RSUs and 1,902 deferred share grants awarded under Loews Corporation’s incentive compensation plans.

The weighted average exercise price is calculated based solely on the exercise prices for the outstanding SARs because the other outstanding equity awards do not have exercise prices.

(b)We do not have equity compensation plans that have not been approved by our shareholders.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| | | | 164 | | | | | |

*[Table of Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*

Information required by this item can be found in the “Proposal No. 1: Election of Directors” and “Board Governance Information” sections in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

Information required by this Item can be found in the “Proposal No. 3: Ratification of the Appointment of Our Independent Auditors” section in our [removed: 2025] [added: 2026] Proxy Statement and is incorporated herein by reference.

*[Table of [removed: Contents](#i23ccfeab0a5642a7a02e89ed8a96d256_7)*][added: Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*]

| | | | 165 | | | | | |

| | | | 166 | | | | | |

| Schedule I–Condensed financial information of Registrant as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] and for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | [removed: [173](#i23ccfeab0a5642a7a02e89ed8a96d256_289)] [added: [172](#ia0b8702df2d540309b7a22289f37e12a_292)] | | |

| Schedule V–Supplemental information concerning property and casualty insurance operations as of December 31, [removed: 2024] [added: 2025] and [removed: 2023] [added: 2024] and for the years ended December 31, [removed: 2024, 2023] [added: 2025, 2024] and [removed: 2022] [added: 2023] | | | [removed: [175](#i23ccfeab0a5642a7a02e89ed8a96d256_292)] [added: [174](#ia0b8702df2d540309b7a22289f37e12a_295)] | | |

| | | | [Restated Certificate of Incorporation of Registrant, as amended as of May 9, [removed: 2023](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)[,](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm) [incorporated her](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)[ein] [added: 2023, incorporated herein] by reference to Exhibit 3.01 to [removed: Registra](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)[nt](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)[’](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)[s Repor](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)[t] [added: Registrant’s Report] on Form [removed: 10K] [added: 10](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)[\-](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)[K] for the year ended [removed: D](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)[ecember] [added: December] 31, 2023, filed with the SEC [removed: on](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm) [February] [added: on February] 6, 2024 (File No. [removed: 001-](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)[06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)] [added: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit301-q42023.htm)] | | | 3.01 | | |

| | | | [Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.1 to Registrant’s Report on Form 10-Q for the quarter ended June 30, 2016, filed with the SEC on August 1, 2016 (File No. 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000119312516666012/d143020dex101.htm) | | | [removed: 10.01+] [added: 10.05+] | | |

*[Table of [removed: Contents](#i23ccfeab0a5642a7a02e89ed8a96d256_7)*][added: Contents](#ia0b8702df2d540309b7a22289f37e12a_7)*]

| | | | [Form of Performance-Based Restricted Stock Unit Award Notice under the Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.02 to Registrant’s Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 7, 2023 (File No. 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008623000025/exhibit1002-q42022.htm) | | | [removed: 10.02+] [added: 10.07+] | | |

| | | | [Form of Time-Vesting Restricted Stock Unit Award Notice under the Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.03 to Registrant’s Report on Form 10-K for the year ended December 31, 2022, filed with the SEC n February 7, 2023 (File No. 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008623000025/exhibit1003-q42022.htm) | | | [removed: 10.03+] [added: 10.08+] | | |

| | | | [Form of Director Restricted Stock Unit Award Notice under the Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.04 to Registrant’s Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 7, 2023 (File No. 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008623000025/exhibit1004-q42022.htm) | | | [removed: 10.04+] [added: 10.09+] | | |

| | | | [Form [removed: of Election] [added: of](https://www.sec.gov/Archives/edgar/data/60086/000119312516666012/d143020dex105.htm) [Deferral](https://www.sec.gov/Archives/edgar/data/60086/000119312516666012/d143020dex105.htm) [Election] Form for Restricted Stock Units under the Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.5 to Registrant’s Report on Form 10-Q for the quarter ended June 30, 2016, filed with the SEC on August 1, 2016 (File No. 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000119312516666012/d143020dex105.htm) | | | [removed: 10.05+] [added: 10.10+] | | |

| | | | [Loews Corporation [removed: Amended and Restated Stock Option] [added: Deferred Compensation] Plan, [added: amended and restated as of January 1, 2008,] incorporated herein by reference to Exhibit [removed: A] [added: 10.01] to Registrant’s [removed: Proxy Statement,] [added: Report on Form 10-K for the year ended December 31, 2008,] filed with the SEC on [removed: March 26, 2012] [added: February 25, 2009] (File No. [removed: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008612000007/LC_Proxy2012.htm)] [added: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008609000008/ex10_01.htm)] | | | [removed: 10.06+] [added: 10.13+] | | |

| | | | [removed: [Form of Award Certificate for grants of stock appreciation rights pursuant to the Loews] [added: [Loews] Corporation [removed: Amended and Restated Stock Option] [added: Deferred Investment] Plan, [added: effective as of January 1, 2020,] incorporated herein by reference to Exhibit [removed: 10.28] [added: 10.08] to Registrant’s Report on Form 10-K for the year ended December 31, [removed: 2009,] [added: 2019,] filed with the SEC on February [removed: 24, 2010] [added: 12, 2020] (File No. [removed: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000119312510038679/dex1028.htm)] [added: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000119312520031657/d816698dex1008.htm)] | | | [removed: 10.07+] [added: 10.11+] | | |

| | | | [Loews Corporation [added: Executive] Deferred [removed: Investment] [added: Compensation] Plan, effective as of January 1, [removed: 2020,] [added: 2016,] incorporated herein by reference to Exhibit [removed: 10.08] [added: 10.01] to Registrant’s Report on Form 10-K for the year ended December 31, [removed: 2019,] [added: 2015,] filed with the SEC on February [removed: 12, 2020] [added: 19, 2016] (File No. [removed: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000119312520031657/d816698dex1008.htm)] [added: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000119312516470141/d90277dex1001.htm)] | | | [removed: 10.08+] [added: 10.12+] | | |

| | | | [Loews Corporation [removed: Executive Deferred] [added: 20](https://www.sec.gov/Archives/edgar/data/60086/000006008625000166/exhibit101loewscorporation.htm)[25](https://www.sec.gov/Archives/edgar/data/60086/000006008625000166/exhibit101loewscorporation.htm) [Incentive] Compensation Plan, [removed: effective as of January 1, 2016,] incorporated herein by reference to Exhibit [removed: 10.01] [added: 10.1] to Registrant’s Report on Form [removed: 10-K] [added: 10-Q] for the [removed: year] [added: quarter] ended [removed: December 31, 2015,] [added: June 30, 20](https://www.sec.gov/Archives/edgar/data/60086/000006008625000166/exhibit101loewscorporation.htm)[25](https://www.sec.gov/Archives/edgar/data/60086/000006008625000166/exhibit101loewscorporation.htm)[,] filed with the SEC on [removed: February 19, 2016 (File] [added: August](https://www.sec.gov/Archives/edgar/data/60086/000006008625000166/exhibit101loewscorporation.htm) [4](https://www.sec.gov/Archives/edgar/data/60086/000006008625000166/exhibit101loewscorporation.htm)[, 20](https://www.sec.gov/Archives/edgar/data/60086/000006008625000166/exhibit101loewscorporation.htm)[25](https://www.sec.gov/Archives/edgar/data/60086/000006008625000166/exhibit101loewscorporation.htm) [(File] No. [removed: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000119312516470141/d90277dex1001.htm)] [added: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008625000166/exhibit101loewscorporation.htm)] | | | [removed: 10.09+] [added: 10.01+] | | |

| [added: (97)] | | | [Loews Corporation [removed: Deferred] [added: Executive Incentive] Compensation [removed: Plan, amended and restated as of January 1, 2008,] [added: Clawback Policy, adopted May 9, 2023,] incorporated herein by reference to Exhibit [removed: 10.01] [added: 97.01] to Registrant’s Report on Form 10-K for the year ended December 31, [removed: 2008,] [added: 2023,] filed with the SEC on February [removed: 25, 2009] [added: 6, 2024] (File No. [removed: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008609000008/ex10_01.htm)] [added: 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008624000029/exhibit9701-q42023.htm)] | | | [removed: 10.10+] [added: 97.01+] | | |

| | | | [Supplemental Retirement Agreement dated January 1, 2002 between Registrant and Andrew H. Tisch, incorporated herein by reference to Exhibit 10.30 to Registrant’s Report on Form 10-K for the year ended December 31, 2001, filed with the SEC on March 8, 2002 (File No. 001-06541)](https://www.sec.gov/Archives/edgar/data/60086/000006008602000008/ex1030.txt) | | | [removed: 10.11+] [added: 10.14+] | | |