Item 1. Financial Statements.

Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)

			June 30,						December 31,
			2025						2024
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $45,283 and $44,196, less allowance for credit loss of $51 and $45			$	43,357					$	41,827
Equity securities, cost of $1,221 and $969			1,294						1,064
Limited partnership investments			2,754						2,520
Other invested assets, primarily mortgage loans, less allowance for credit loss of $40 and $35			1,138						1,113
Short-term investments			4,452						4,606
Total investments			52,995						51,130
Cash			447						541
Receivables			11,357						10,522
Property, plant and equipment			10,666						10,738
Goodwill			349						347
Deferred non-insurance warranty acquisition expenses			3,441						3,525
Deferred acquisition costs of insurance subsidiaries			1,021						959
Other assets			4,392						4,181
Total assets			$	84,668					$	81,943
Liabilities and Equity:
Insurance reserves:
Claim and claim adjustment expense			$	26,203					$	24,976
Future policy benefits			13,329						13,158
Unearned premiums			7,890						7,346
Total insurance reserves			47,422						45,480
Payable to brokers			374						110
Short-term debt			1,005						5
Long-term debt			7,942						8,939
Deferred income taxes			633						550
Deferred non-insurance warranty revenue			4,421						4,530
Other liabilities			4,482						4,392
Total liabilities			66,279						64,006
Commitments and contingent liabilities
Preferred stock, $0.10 par value:
Authorized – 100,000,000 shares
Common stock, $0.01 par value:
Authorized – 1,800,000,000 shares
Issued – 215,049,854 and 214,912,595 shares			2						2
Additional paid-in capital			2,467						2,490
Retained earnings			17,198						16,459
Accumulated other comprehensive loss			(1,502)						(1,867)
			18,165						17,084
Less treasury stock, at cost (7,577,782 and 212,251 shares)			(651)						(18)
Total shareholders’ equity			17,514						17,066
Noncontrolling interests			875						871
Total equity			18,389						17,937
Total liabilities and equity			$	84,668					$	81,943

See accompanying Notes to Consolidated Condensed Financial Statements.

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Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)

			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2025						2024			2025						2024
(In millions, except per share data)
Revenues:
Insurance premiums			$	2,694					$	2,498		$	5,320					$	4,939
Net investment income			714						639			1,322						1,308
Investment losses			(46)						(10)			(55)						(32)
Non-insurance warranty revenue			398						404			795						811
Operating revenues and other			795						736			1,667						1,472
Total			4,555						4,267			9,049						8,498
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $15, $25, $23 and $40)			2,085						1,882			4,112						3,689
Amortization of deferred acquisition costs			469						435			940						879
Non-insurance warranty expense			384						388			769						782
Operating expenses and other			989						968			1,980						1,848
Equity method income			(18)						(27)			(17)						(53)
Interest			107						114			212						217
Total			4,016						3,760			7,996						7,362
Income before income tax			539						507			1,053						1,136
Income tax expense			(123)						(112)			(245)						(256)
Net income			416						395			808						880
Amounts attributable to noncontrolling interests			(25)						(26)			(47)						(54)
Net income attributable to Loews Corporation			$	391					$	369		$	761					$	826
Basic and diluted net income per share			$	1.87					$	1.67		$	3.61					$	3.72
Weighted average shares outstanding:
Shares of common stock			209.24						221.35			210.84						221.91
Dilutive potential shares of common stock			0.12						0.25			0.13						0.27
Total weighted average shares outstanding assuming dilution			209.36						221.60			210.97						222.18

See accompanying Notes to Consolidated Condensed Financial Statements.

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Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2025						2024			2025						2024
(In millions)
Net income			$	416					$	395		$	808					$	880
Other comprehensive income (loss), after tax
Changes in:
Net unrealized gains (losses) on investments with an allowance for credit losses			1									(2)						2
Net unrealized gains (losses) on other investments			74						(244)			356						(461)
Total unrealized gains (losses) on investments			75						(244)			354						(459)
Impact of changes in discount rates used to measure long-duration contract liabilities			(3)						273			(117)						614
Unrealized gains (losses) on cash flow hedges			(3)						(1)			(6)						1
Pension and postretirement benefits			1						6			2						12
Foreign currency translation			130						(10)			167						(43)
Other comprehensive income			200						24			400						125
Comprehensive income			616						419			1,208						1,005
Amounts attributable to noncontrolling interests			(42)						(29)			(81)						(65)
Total comprehensive income attributable to Loews Corporation			$	574					$	390		$	1,127					$	940

See accompanying Notes to Consolidated Condensed Financial Statements.

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Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY

(Unaudited)

									Loews Corporation Shareholders
			Total						Common Stock						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Common Stock Held in Treasury						Noncontrolling Interests
(In millions)
Balance, April 1, 2024			$	16,998					$	2					$	2,547					$	16,060					$	(2,401)					$	(24)					$	814
Net income			395																		369																		26
Other comprehensive income			24																								21												3
Dividends paid ($0.0625 per share)			(23)																		(14)																		(9)
Purchase of subsidiary stock from noncontrolling interests			(20)																																				(20)
Purchases of Loews Corporation treasury stock			(182)																														(182)
Stock-based compensation			11												11
Other			(2)												(2)												(3)												3
Balance, June 30, 2024			$	17,201					$	2					$	2,556					$	16,415					$	(2,383)					$	(206)					$	817
Balance, April 1, 2025			$	18,034					$	2					$	2,451					$	16,821					$	(1,685)					$	(398)					$	843
Net income			416																		391																		25
Other comprehensive income			200																								183												17
Dividends paid ($0.0625 per share)			(23)																		(13)																		(10)
Purchases of Loews Corporation treasury stock			(253)																														(253)
Stock-based compensation			11												10																								1
Other			4												6						(1)																		(1)
Balance, June 30, 2025			$	18,389					$	2					$	2,467					$	17,198					$	(1,502)					$	(651)					$	875

See accompanying Notes to Consolidated Condensed Financial Statements.

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Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY

(Unaudited)

									Loews Corporation Shareholders
			Total						Common Stock						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Common Stock Held in Treasury						Noncontrolling Interests
(In millions)
Balance, January 1, 2024			$	16,525					$	2					$	2,589					$	15,617					$	(2,497)					$	(7)					$	821
Net income			880																		826																		54
Other comprehensive income			125																								114												11
Dividends paid ($0.125 per share)			(93)																		(28)																		(65)
Purchase of subsidiary stock from noncontrolling interests			(20)																																				(20)
Purchases of Loews Corporation treasury stock			(199)																														(199)
Stock-based compensation			(3)												(22)																								19
Other			(14)												(11)																								(3)
Balance, June 30, 2024			$	17,201					$	2					$	2,556					$	16,415					$	(2,383)					$	(206)					$	817
Balance, December 31, 2024, as reported			$	17,937					$	2					$	2,490					$	16,459					$	(1,867)					$	(18)					$	871
Cumulative effect adjustments from changes in accounting standards (Note 1)			5																		5
Balance, January 1, 2025			17,942						2						2,490						16,464						(1,867)						(18)						871
Net income			808																		761																		47
Other comprehensive income			400																								366												34
Dividends paid ($0.125 per share)			(91)																		(26)																		(65)
Purchase of subsidiary stock from noncontrolling interests			(34)												(3)												(1)												(30)
Purchases of Loews Corporation treasury stock			(633)																														(633)
Stock-based compensation			(5)												(24)																								19
Other			2												4						(1)																		(1)
Balance, June 30, 2025			$	18,389					$	2					$	2,467					$	17,198					$	(1,502)					$	(651)					$	875

See accompanying Notes to Consolidated Condensed Financial Statements.

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Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)

Six Months Ended June 30			2025						2024
(In millions)
Operating Activities:
Net income			$	808					$	880
Adjustments to reconcile net income to net cash provided by operating activities, net			361						250
Changes in operating assets and liabilities, net:
Receivables			(673)						(599)
Deferred acquisition costs			(49)						(55)
Insurance reserves			1,414						1,255
Other assets			(146)						(172)
Other liabilities			8						83
Trading securities			19						(492)
Net cash flow provided by operating activities			1,742						1,150
Investing Activities:
Purchases of fixed maturities			(3,756)						(3,338)
Proceeds from sales of fixed maturities			1,497						1,611
Proceeds from maturities of fixed maturities			1,613						1,109
Purchases of equity securities			(296)						(246)
Proceeds from sales of equity securities			261						288
Purchases of limited partnership investments			(280)						(140)
Proceeds from sales of limited partnership investments			51						30
Purchases of property, plant and equipment			(232)						(318)
Dispositions									23
Change in short-term investments			163						(338)
Other, net			(34)						43
Net cash flow used by investing activities			(1,013)						(1,276)
Financing Activities:
Dividends paid			(26)						(28)
Dividends paid to noncontrolling interests			(65)						(65)
Purchases of Loews Corporation treasury stock			(651)						(203)
Purchases of subsidiary stock from noncontrolling interests			(34)						(20)
Principal payments on debt			(3)						(762)
Issuance of debt									1,323
Other, net			(63)						(45)
Net cash flow provided by (used by) financing activities			(842)						200
Effect of foreign exchange rate on cash			19						(3)
Net change in cash			(94)						71
Cash, beginning of period			541						399
Cash, end of period			$	447					$	470

See accompanying Notes to Consolidated Condensed Financial Statements.

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Loews Corporation and Subsidiaries

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders. In addition, we own approximately 53% of Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary accounted for under the equity method of accounting, which is engaged in the manufacture of rigid plastic packaging solutions.

In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of June 30, 2025 and December 31, 2024, its results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2025 and 2024 and its cash flows for the six months ended June 30, 2025 and 2024, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Operations. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and six months ended June 30, 2025, there were 1.2 million shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares calculations because the effect would have been antidilutive. For the three and six months ended June 30, 2024, there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares calculations because the effect would have been antidilutive.

Accounting changes - In December of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” The updated accounting guidance requires that an entity measure crypto assets at fair value in the statement of financial position each reporting period and recognize changes from remeasurement in net income. The guidance was effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The update required a cumulative-effect adjustment to the opening balance at the date of adoption. The Company adopted the guidance on January 1, 2025 and recorded an increase to Retained earnings of $5 million.

Recently issued ASUs - In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

In November of 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.

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2. Investments

Net investment income is as follows:

			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2025						2024			2025						2024
(In millions)
Fixed maturity securities			$	536					$	511		$	1,057					$	1,013
Limited partnership investments			81						74			137						128
Short-term investments			16						20			35						49
Equity securities (a)			27						13			33						35
Income from trading portfolio (a)			52						11			56						69
Other			28						34			54						62
Total investment income			740						663			1,372						1,356
Investment expenses			(26)						(24)			(50)						(48)
Net investment income			$	714					$	639		$	1,322					$	1,308
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of June 30, 2025 and 2024			$	30					$	(21)		$	(10)					$	19

Investment gains (losses) are as follows:

			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2025						2024			2025						2024
(In millions)
Fixed maturity securities:
Gross gains			$	5					$	13		$	18					$	27
Gross losses			(53)						(25)			(75)						(71)
Investment losses on fixed maturity securities			(48)						(12)			(57)						(44)
Equity securities (a)			6						1			6						12
Short-term investments and other			(4)						1			(4)
Investment losses			$	(46)					$	(10)		$	(55)					$	(32)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of June 30, 2025 and 2024			$	6					$	1		$	4					$	12

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

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			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2025						2024			2025						2024
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds			$	4					$	6		$	11					$	15
Asset-backed			5									5						5
Impairment losses recognized in earnings			$	9					$	6		$	16					$	20

There were $5 million of impairment losses recognized on mortgage loans during the three and six months ended June 30, 2025 due to changes in expected credit losses. There were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2024.

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The following tables present a summary of fixed maturity securities:

June 30, 2025			Cost or Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
(In millions)
Fixed maturity securities:
Corporate and other bonds			$	26,205					$	566					$	1,069					$	14					$	25,688
States, municipalities and political subdivisions			8,044						223						892												7,375
Asset-backed:
Residential mortgage-backed			3,947						25						427												3,545
Commercial mortgage-backed			1,705						17						106						18						1,598
Other asset-backed			3,783						25						213						19						3,576
Total asset-backed			9,435						67						746						37						8,719
U.S. Treasury and obligations of government sponsored enterprises			231												5												226
Foreign government			744						7						26												725
Fixed maturities available-for-sale			$	44,659					$	863					$	2,738					$	51					$	42,733
Fixed maturities trading			624																								624
Total fixed maturity securities			$	45,283					$	863					$	2,738					$	51					$	43,357

December 31, 2024
Fixed maturity securities:
Corporate and other bonds			$	25,839					$	423					$	1,305					$	13					$	24,944
States, municipalities and political subdivisions			7,396						243						835												6,804
Asset-backed:
Residential mortgage-backed			3,725						7						488												3,244
Commercial mortgage-backed			1,779						11						141						18						1,631
Other asset-backed			3,770						24						239						14						3,541
Total asset-backed			9,274						42						868						32						8,416
U.S. Treasury and obligations of government sponsored enterprises			220						1						1												220
Foreign government			701						6						30												677
Fixed maturities available-for-sale			$	43,430					$	715					$	3,039					$	45					$	41,061
Fixed maturities trading			766																								766
Total fixed maturity securities			$	44,196					$	715					$	3,039					$	45					$	41,827

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

			Less than 12 Months												12 Months or Longer												Total
June 30, 2025			Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
(In millions)
Fixed maturity securities:
Corporate and other bonds			$	4,252					$	135					$	9,515					$	934					$	13,767					$	1,069
States, municipalities and political subdivisions			1,424						74						2,938						818						4,362						892
Asset-backed:
Residential mortgage-backed			372						9						1,966						418						2,338						427
Commercial mortgage-backed			49												959						106						1,008						106
Other asset-backed			580						18						1,419						195						1,999						213
Total asset-backed			1,001						27						4,344						719						5,345						746
U.S. Treasury and obligations of government-sponsored enterprises			55						3						19						2						74						5
Foreign government			145						3						294						23						439						26
Total fixed maturity securities			$	6,877					$	242					$	17,110					$	2,496					$	23,987					$	2,738
December 31, 2024
Fixed maturity securities:
Corporate and other bonds			$	5,846					$	165					$	10,388					$	1,140					$	16,234					$	1,305
States, municipalities and political subdivisions			1,247						52						2,967						783						4,214						835
Asset-backed:
Residential mortgage-backed			849						22						2,010						466						2,859						488
Commercial mortgage-backed			180						2						988						139						1,168						141
Other asset-backed			680						21						1,557						218						2,237						239
Total asset-backed			1,709						45						4,555						823						6,264						868
U.S. Treasury and obligations of government-sponsored enterprises			49						1						41												90						1
Foreign government			118						3						368						27						486						30
Total fixed maturity securities			$	8,969					$	266					$	18,319					$	2,773					$	27,288					$	3,039

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

			June 30, 2025												December 31, 2024
			Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises			$	2,086					$	322					$	2,567					$	373
AAA			1,578						280						1,800						282
AA			4,224						735						4,247						730
A			5,891						522						6,330						582
BBB			9,531						787						11,548						980
Non-investment grade			677						92						796						92
Total			$	23,987					$	2,738					$	27,288					$	3,039

Based on current facts and circumstances, the unrealized losses presented in the June 30, 2025 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of June 30, 2025.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $451 million, $442 million and $444 million as of June 30, 2025, December 31, 2024 and June 30, 2024 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Three months ended June 30, 2025			Corporate and Other Bonds						Asset-backed						Total
(In millions)
Allowance for credit losses:
Balance as of April 1, 2025			$	15					$	32					$	47
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded			3												3
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)			6												6
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			2						5						7
Total allowance for credit losses			$	14					$	37					$	51

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Three months ended June 30, 2024			Corporate and Other Bonds						Asset-backed						Total
(In millions)
Allowance for credit losses:
Balance as of April 1, 2024			$	3					$	17					$	20
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)			3						1						4
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period									1						1
Total allowance for credit losses			$	—					$	17					$	17

Six months ended June 30, 2025			Corporate and Other Bonds						Asset-backed						Total
(In millions)
Allowance for credit losses:
Balance as of January 1, 2025			$	13					$	32					$	45
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded			3												3
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)			6												6
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			4						5						9
Total allowance for credit losses			$	14					$	37					$	51

Six months ended June 30, 2024			Corporate and Other Bonds						Asset-backed						Total
(In millions)
Allowance for credit losses:
Balance as of January 1, 2024			$	4					$	12					$	16
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)			3						1						4
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis			1												1
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period									6						6
Total allowance for credit losses			$	—					$	17					$	17

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Contractual Maturity

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

			June 30, 2025												December 31, 2024
			Cost or Amortized Cost						Estimated Fair Value						Cost or Amortized Cost						Estimated Fair Value
(In millions)
Due in one year or less			$	1,627					$	1,611					$	1,761					$	1,753
Due after one year through five years			12,083						11,843						11,678						11,403
Due after five years through ten years			12,814						12,417						13,083						12,365
Due after ten years			18,135						16,862						16,908						15,540
Total			$	44,659					$	42,733					$	43,430					$	41,061

Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.

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Mortgage Loans

The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.

			Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of June 30, 2025			2025						2024						2023						2022						2021						Prior						Total
(In millions)
DSCR ≥1.6x
LTV less than 55%															$	33					$	6					$	5					$	213					$	257
LTV 55% to 65%			$	12											12						14						6						16						60
LTV greater than 65%																					30						12												42
DSCR 1.2x - 1.6x
LTV less than 55%									$	68					28						5						2						130						233
LTV 55% to 65%			13						33						31						21						30						36						164
LTV greater than 65%																					46																		46
DSCR ≤1.2x
LTV less than 55%															6																		21						27
LTV 55% to 65%			37												16						74												20						147
LTV greater than 65%																					35						21						48						104
Total			$	62					$	101					$	126					$	231					$	76					$	484					$	1,080

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

Derivative Financial Instruments

A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.

			June 30, 2025																		December 31, 2024
			Contractual/Notional Amount						Estimated Fair Value												Contractual/Notional Amount						Estimated Fair Value
						Asset						(Liability)									Asset						(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options – purchased			$	67					$	1											$	268					$	2
Futures – short			5																		167						1
Warrants			1						1												1						1
Interest rate swaps			478																		300						4
Credit default swap index - purchased																					2,000

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In the fourth quarter of 2024, the Company entered into credit default swap index transactions that would potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprised the index. The position was closed during the second quarter of 2025. As of December 31, 2024, the notional value of the credit default swap index was $2 billion and the fair value was less than $1 million, which was recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position was measured using observable market inputs, including credit spreads. For the three and six months ended June 30, 2025, Net investment income related to the position was $16 million and $19 million.

Investment Commitments

As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of June 30, 2025, commitments to purchase or fund were approximately $1.8 billion and to sell were approximately $80 million under the terms of these investments.

3. Fair Value

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

June 30, 2025			Level 1						Level 2						Level 3						Total
(In millions)
Fixed maturity securities:
Corporate bonds and other			$	229					$	25,022					$	1,388					$	26,639
States, municipalities and political subdivisions									7,331						44						7,375
Asset-backed									7,833						886						8,719
Fixed maturities available-for-sale			229						40,186						2,318						42,733
Fixed maturities trading			559						65												624
Total fixed maturities			$	788					$	40,251					$	2,318					$	43,357
Equity securities			$	815					$	469					$	10					$	1,294
Short-term and other			4,247						45												4,292
Receivables									1												1
Payable to brokers			(41)																		(41)
December 31, 2024
Fixed maturity securities:
Corporate bonds and other			$	223					$	24,340					$	1,278					$	25,841
States, municipalities and political subdivisions									6,762						42						6,804
Asset-backed									7,540						876						8,416
Fixed maturities available-for-sale			223						38,642						2,196						41,061
Fixed maturities trading			766																		766
Total fixed maturities			$	989					$	38,642					$	2,196					$	41,827
Equity securities			$	603					$	441					$	20					$	1,064
Short-term and other			4,383						70												4,453
Receivables									5												5
Payable to brokers			(88)																		(88)

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The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2025 and 2024:

									Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)																																																Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30						Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
2025			Balance, April 1						Included in Net Income						Included in OCI						Purchases						Sales						Settlements						Transfers into Level 3						Transfers out of Level 3						Balance, June 30
(In millions)
Fixed maturity securities:
Corporate bonds and other			$	1,351					$	1					$	16					$	44											$	(24)																	$	1,388											$	16
States, municipalities and political subdivisions			44																																																44
Asset-backed			889						1						(4)						22												(22)																		886												(4)
Fixed maturities available-for-sale			$	2,284					$	2					$	12					$	66					$	—					$	(46)					$	—					$	—					$	2,318					$	—					$	12
Equity securities			$	17																							$	(7)																							$	10					$	(1)

2024
(In millions)
Fixed maturity securities:
Corporate bonds and other			$	1,082											$	(8)					$	72											$	(17)																	$	1,129											$	(8)
States, municipalities and political subdivisions			43																																																43
Asset-backed			871						$	2					(11)						55						$	(5)					(25)																		887												(11)
Fixed maturities available-for-sale			$	1,996					$	2					$	(19)					$	127					$	(5)					$	(42)					$	—					$	—					$	2,059					$	—					$	(19)
Equity securities			$	11																	$	3																													$	14

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									Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)																																																Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30						Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30
2025			Balance, January 1						Included in Net Income						Included in OCI						Purchases						Sales						Settlements						Transfers into Level 3						Transfers out of Level 3						Balance, June 30
(In millions)
Fixed maturity securities:
Corporate bonds and other			$	1,278					$	1					$	37					$	99											$	(42)					$	15											$	1,388											$	37
States, municipalities and political subdivisions			42												2																																				44												2
Asset-backed			876						5						(3)						49												(41)																		886												(3)
Fixed maturities available-for-sale			$	2,196					$	6					$	36					$	148					$	—					$	(83)					$	15					$	—					$	2,318					$	—					$	36
Equity securities			$	20					$	1																	$	(7)					$	(4)																	$	10					$	(1)

2024
Fixed maturity securities:
Corporate bonds and other			$	1,045											$	(20)					$	146											$	(53)					$	11											$	1,129											$	(22)
States, municipalities and political subdivisions			44												(1)																																				43												(1)
Asset-backed			901						$	4					(16)						73						$	(14)					(42)												$	(19)					887												(16)
Fixed maturities available-for-sale			$	1,990					$	4					$	(37)					$	219					$	(14)					$	(95)					$	11					$	(19)					$	2,059					$	—					$	(39)
Equity securities			$	24					$	6											$	3					$	(19)																							$	14					$	2

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

Major Category of Assets and Liabilities			Consolidated Condensed Statements of Operations Line Items
Fixed maturity securities available-for-sale			Investment gains (losses)
Fixed maturity securities trading			Net investment income
Equity securities			Investment gains (losses) and Net investment income
Other invested assets			Investment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolio			Net investment income
Derivative financial instruments, other			Investment gains (losses) and Operating revenues and other

Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.

June 30, 2025			Estimated Fair Value						Valuation Techniques						Unobservable Inputs						Range (Weighted Average)
			(In millions)
Fixed maturity securities			$	1,867					Discounted cash flow						Credit spread						1		%	—			7		%	(2		%)
December 31, 2024
Fixed maturity securities			$	1,724					Discounted cash flow						Credit spread						1		%	—			6		%	(2		%)

For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.

Financial Assets and Liabilities Not Measured at Fair Value

The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.

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			Carrying Amount						Estimated Fair Value
June 30, 2025						Level 1						Level 2						Level 3						Total
(In millions)
Assets:
Other invested assets, primarily mortgage loans			$	1,040																	$	1,026					$	1,026
Liabilities:
Short-term debt			1,004												$	997					5						1,002
Long-term debt			7,940												6,845						964						7,809
December 31, 2024
Assets:
Other invested assets, primarily mortgage loans			$	1,019																	$	987					$	987
Liabilities:
Short-term debt			4																		5						5
Long-term debt			8,936												$	7,702					966						8,668

4. Claim and Claim Adjustment Expense Reserves

Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.

Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. Catastrophe losses, net of reinsurance, of $62 million and $82 million for the three months ended June 30, 2025 and 2024 and $159 million and $170 million for the six months ended June 30, 2025 and 2024 were recorded, driven by severe weather related events.

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Liability for Unpaid Claim and Claim Adjustment Expenses

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

Six Months Ended June 30			2025						2024
(In millions)
Reserves, beginning of year:
Gross			$	24,976					$	23,304
Ceded			5,713						5,141
Net reserves, beginning of year			19,263						18,163
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year			3,309						3,039
Increase (decrease) in provision for insured events of prior years			189						19
Amortization of discount			20						20
Total net incurred (a)			3,518						3,078
Net payments attributable to:
Current year events			(316)						(308)
Prior year events			(2,391)						(2,259)
Total net payments			(2,707)						(2,567)
Foreign currency translation adjustment and other			199						(58)
Net reserves, end of period			20,273						18,616
Ceded reserves, end of period			5,930						5,358
Gross reserves, end of period			$	26,203					$	23,974

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

Net Prior Year Development

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable.

Favorable net prior year loss reserve development of $4 million and $12 million for the three months ended June 30, 2025 and 2024 and unfavorable net prior year loss reserve development of $57 million and favorable net prior year loss reserve development of $19 million for the six months ended June 30, 2025 and 2024 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). Unfavorable net prior year loss reserve development of $112 million and $35 million for the three months ended June 30, 2025 and 2024 and $134 million and $35 million for the six months ended June 30, 2025 and 2024 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).

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The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:

			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2025						2024			2025						2024
(In millions)
Medical professional liability									$	(2)								$	(2)
Other professional liability and management liability			$	18					17			$	18					17
Surety			(22)						(8)			(22)						(26)
Warranty												10						13
Commercial auto									21			50						21
General liability			62						19			62						19
Workers’ compensation			(66)						(47)			(65)						(49)
Other property and casualty operations			4						(12)			4						(12)
Total property & casualty operations			(4)						(12)			57						(19)
Other insurance operations			112						35			134						35
Total pretax (favorable) unfavorable development			$	108					$	23		$	191					$	16

Three Months

2025

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

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

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.

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

Following the second quarter annual review of other insurance operations reserves, including legacy mass tort exposures, unfavorable development was recorded largely associated with legacy mass tort abuse claim activity, the ongoing effects of social inflation and the anticipated agreement in principle with regards to the Diocese of Rochester.

2024

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

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

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.

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

Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.

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

Six Months

2025

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

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

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.

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

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.

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

Unfavorable development in other insurance operations was primarily driven by the second quarter 2025 change discussed above.

2024

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

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

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

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

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.

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

Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.

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

Asbestos & Environmental Pollution (“A&EP”) Reserves

In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit

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also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million were transferred to NICO, resulting in total consideration of $2.2 billion.

In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations.

The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $8 million and $13 million for the three months ended June 30, 2025 and 2024 and $25 million for each of the six months ended June 30, 2025 and 2024. As of June 30, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $3.7 billion. The unrecognized deferred retroactive reinsurance benefit was $400 million and $425 million as of June 30, 2025 and December 31, 2024 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.

NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $2.2 billion as of June 30, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims.

Credit Risk for Ceded Reserves

The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.

5. Future Policy Benefits Reserves

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

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

For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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The following table summarizes balances and changes in the LFPB:

			2025						2024
(In millions)
Present value of future net premiums
Balance, January 1			$	3,425					$	3,710
Effect of changes in discount rate			(7)						(125)
Balance, January 1, at original locked in discount rate			3,418						3,585
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a)			(1)						(29)
Adjusted balance, January 1			3,417						3,556
Interest accrual			88						92
Net premiums: earned during period			(203)						(212)
Balance, end of period at original locked in discount rate			3,302						3,436
Effect of changes in discount rate			50						11
Balance, June 30			$	3,352					$	3,447
Present value of future benefits & expenses
Balance, January 1			$	16,583					$	17,669
Effect of changes in discount rate			440						(578)
Balance, January 1, at original locked in discount rate			17,023						17,091
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a)			22						11
Adjusted balance, January 1			17,045						17,102
Interest accrual			458						461
Benefit & expense payments			(574)						(592)
Balance, end of period at original locked in discount rate			16,929						16,971
Effect of changes in discount rate			(248)						(313)
Balance, June 30			$	16,681					$	16,658
Net LFPB, June 30			$	13,329					$	13,211

(a)			As of June 30, 2025 and 2024, the re-measurement loss of $23 million and $40 million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

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

			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2025						2024			2025						2024
(In millions)
Earned premiums			$	106					$	109		$	212					$	219
Interest accretion			185						185			370						369

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

			June 30,
			2025						2024
(In millions)
Expected future benefit and expense payments			$	31,141					$	32,212
Expected future gross premiums			4,971						5,149

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.5 billion as of June 30, 2025 and 2024.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of June 30, 2025 and 2024.

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

			June 30,												December 31,
			2025						2024						2024
Original locked in discount rate			5.18		%				5.21		%				5.20		%
Upper-medium grade fixed income instrument discount rate			5.39						5.43						5.51

For the three and six months ended June 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $14 million and $28 million. For the three and six months ended June 30, 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $24 million and $44 million.

For the three and six months ended June 30, 2025, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $5 million and $11 million. For the three and six months ended June 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $6 million and $8 million.

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6. Shareholders’ Equity

Accumulated other comprehensive income (loss)

The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and six months ended June 30, 2024 and 2025:

			Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses						Net Unrealized Gains (Losses) on Other Investments						Cumulative impact of changes in discount rates used to measure long duration contracts						Unrealized Gains (Losses) on Cash Flow Hedges						Pension and Postretirement Benefits						Foreign Currency Translation						Total Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, April 1, 2024			$	(9)					$	(1,676)					$	(17)					$	10					$	(530)					$	(179)					$	(2,401)
Other comprehensive income (loss) before reclassifications, after tax of $1, $67, $(72), $1, $0 and $0			(4)						(250)						273						(1)												(10)						8
Reclassification of losses from accumulated other comprehensive loss, after tax of $(1), $(1), $0, $0, $(1) and $0			4						6																		6												16
Other comprehensive income (loss)			—						(244)						273						(1)						6						(10)						24
Amounts attributable to noncontrolling interests									19						(22)																								(3)
Other			(1)						(2)												1						(1)												(3)
Balance, June 30, 2024			$	(10)					$	(1,903)					$	234					$	10					$	(525)					$	(189)					$	(2,383)
Balance, April 1, 2025			$	(15)					$	(1,463)					$	219					$	6					$	(223)					$	(209)					$	(1,685)
Other comprehensive income (loss) before reclassifications, after tax of $2, $(12), $0, $1, $0 and $0			(5)						44						(3)						(3)												130						163
Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(10), $0, $0, $(1) and $0			6						30																		1												37
Other comprehensive income (loss)			1						74						(3)						(3)						1						130						200
Amounts attributable to noncontrolling interests			(1)						(6)						1																		(11)						(17)
Balance, June 30, 2025			$	(15)					$	(1,395)					$	217					$	3					$	(222)					$	(90)					$	(1,502)

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			Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses						Net Unrealized Gains (Losses) on Other Investments						Cumulative impact of changes in discount rates used to measure long duration contracts						Unrealized Gains (Losses) on Cash Flow Hedges						Pension and Postretirement Benefits						Foreign Currency Translation						Total Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, January 1, 2024			$	(12)					$	(1,483)					$	(329)					$	9					$	(533)					$	(149)					$	(2,497)
Other comprehensive income (loss) before reclassifications, after tax of $1, $131, $(163), $0, $0 and $0			(5)						(489)						614						1												(43)						78
Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(7), $0, $0, $(2) and $0			7						28																		12												47
Other comprehensive income (loss)			2						(461)						614						1						12						(43)						125
Amounts attributable to noncontrolling interests									38						(51)												(1)						3						(11)
Other									3																		(3)												—
Balance, June 30, 2024			$	(10)					$	(1,903)					$	234					$	10					$	(525)					$	(189)					$	(2,383)
Balance, January 1, 2025			$	(13)					$	(1,720)					$	324					$	9					$	(224)					$	(243)					$	(1,867)
Other comprehensive income (loss) before reclassifications, after tax of $3, $(85), $31, $3, $0 and $0			(10)						320						(117)						(6)						(1)						167						353
Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(11), $0, $0, $(1) and $0			8						36																		3												47
Other comprehensive income (loss)			(2)						356						(117)						(6)						2						167						400
Amounts attributable to noncontrolling interests									(30)						10																		(14)						(34)
Other									(1)																														(1)
Balance, June 30, 2025			$	(15)					$	(1,395)					$	217					$	3					$	(222)					$	(90)					$	(1,502)

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

Major Category of AOCI			Affected Line Item
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments			Investment gains (losses)
Unrealized gains (losses) on cash flow hedges			Operating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefits			Operating expenses and other

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Stock Purchases

Loews Corporation repurchased 7.4 million and 2.6 million shares of its common stock at aggregate costs of $633 million and $199 million during the six months ended June 30, 2025 and 2024.

7. Revenue from Contracts with Customers

Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 11:

			Three Months Ended									Six Months Ended
			June 30,									June 30,
			2025						2024			2025						2024
(In millions)
Non-insurance warranty – CNA Financial			$	398					$	404		$	795					$	811
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines			$	523					$	467		$	1,132					$	968
Lodging and related services – Loews Hotels & Co			246						244			483						453
Total revenues from contracts with customers			769						711			1,615						1,421
Other revenues			26						25			52						51
Operating revenues and other			$	795					$	736		$	1,667					$	1,472

Receivables from contracts with customers – As of June 30, 2025 and December 31, 2024, receivables from contracts with customers were approximately $220 million and $240 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of June 30, 2025 and December 31, 2024, deferred revenue resulting from contracts with customers were approximately $4.5 billion and $4.6 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $681 million and $786 million of revenues recognized during the six months ended June 30, 2025 and 2024 were included in deferred revenue as of December 31, 2024 and 2023.

Performance obligations – As of June 30, 2025, approximately $19.0 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $1.6 billion will be recognized during the remaining six months of 2025, $2.7 billion in 2026 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

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8. Benefit Plans

Several non-contributory defined benefit plans and postretirement benefit plans cover eligible employees and retirees.

The following tables present the components of net periodic (benefit) cost for the defined benefit plans:

			Pension Benefits
			Three Months Ended																		Six Months Ended
			June 30,																		June 30,
			2025						2024												2025						2024
(In millions)
Service cost																					$	1					$	1
Interest cost			$	11					$	25											22						49
Expected return on plan assets			(15)						(30)												(30)						(59)
Amortization of unrecognized net loss			2						8												4						15
Settlements			1																		1
Net periodic (benefit) cost			$	(1)					$	3											$	(2)					$	6

			Other Postretirement Benefits
			Three Months Ended																		Six Months Ended
			June 30,																		June 30,
			2025						2024												2025						2024
(In millions)
Interest cost																					$	1					$	1
Expected return on plan assets																					(1)						(1)
Net periodic benefit			$	—					$	—											$	—					$	—

9. Legal Proceedings

Loews Hotels & Co

On February 20, 2024, Jeanette Portillo filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington. On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois. Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively. The court has not issued a decision on the motion to dismiss in Portillo. On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal, and granted plaintiff leave to amend the complaint by no later than April 28, 2025. On April 28, 2025, Segal filed a third amended complaint alleging that Loews Hotels Holdings Corporation and other defendants violated the Sherman Act. Defendants jointly filed a motion to dismiss the third amended complaint in Segal on June 12, 2025.

Boardwalk Pipelines Litigation

On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates.

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On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018.

On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021.

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

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

On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court. Briefing on this appeal was completed in March 2025 and a hearing on this appeal occurred in June 2025.

Other Litigation

The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the matters described above, will materially affect the Company’s results of operations or equity.

10. Commitments and Contingencies

CNA Guarantees

CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of June 30, 2025, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.4 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

Boardwalk Pipelines

Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received. As of June 30, 2025, the commitments totaled approximately $279 million, which are expected to be settled through the end of 2028.

11. Segments

Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, and the equity method of accounting for Altium Packaging. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding the composition of

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Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

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

Three Months Ended June 30, 2025			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
(In millions)
Revenues:
Insurance premiums			$	2,694																													$	2,694
Net investment income			662						$	3					$	2					$	47											714
Investment losses			(46)																														(46)
Non-insurance warranty revenue			398																														398
Operating revenues and other			9						534						252																		795
Total			3,717						537						254						47												4,555
Expenses:
Insurance claims and policyholders’ benefits (a)			2,085																														2,085
Amortization of deferred acquisition costs			469																														469
Non-insurance warranty expense			384																														384
Operating expenses and other (b)			368						380						226						15												989
Equity method (income) loss															(29)						11												(18)
Interest			31						40						18						18												107
Total			3,337						420						215						44												4,016
Income before income tax			380						117						39						3												539
Income tax expense			(81)						(29)						(11)						(2)												(123)
Net income			299						88						28						1												416
Amounts attributable to noncontrolling interests			(25)																														(25)
Net income attributable to Loews Corporation			$	274					$	88					$	28					$	1											$	391

(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $62 million and unfavorable net prior year loss reserve development of $108 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.

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

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Three Months Ended June 30, 2025			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
Insurance related administrative expenses			$	337																													$	337
Operating expenses									$	177					$	147																	324
Depreciation and amortization									120						24																		144
Other (c)			31						83						55						$	15											184
Operating expenses and other			$	368					$	380					$	226					$	15											$	989

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

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Three Months Ended June 30, 2024			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
(In millions)
Revenues:
Insurance premiums			$	2,498																													$	2,498
Net investment income			618						$	9					$	3					$	9											639
Investment losses			(10)																														(10)
Non-insurance warranty revenue			404																														404
Operating revenues and other			9						479						248																		736
Total			3,519						488						251						9												4,267
Expenses:
Insurance claims and policyholders’ benefits (a)			1,882																														1,882
Amortization of deferred acquisition costs			435																														435
Non-insurance warranty expense			388																														388
Operating expenses and other (b)			378						347						225						18												968
Equity method (income) loss															(32)						5												(27)
Interest			34						47						14						19												114
Total			3,117						394						207						42												3,760
Income (loss) before income tax			402						94						44						(33)												507
Income tax (expense) benefit			(85)						(24)						(9)						6												(112)
Net income (loss)			317						70						35						(27)												395
Amounts attributable to noncontrolling interests			(26)																														(26)
Net income (loss) attributable to Loews Corporation			$	291					$	70					$	35					$	(27)											$	369

(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $82 million and unfavorable net prior year loss reserve development of $23 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

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

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Three Months Ended June 30, 2024			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
Insurance related administrative expenses			$	329																													$	329
Operating expenses									$	165					$	148																	313
Depreciation and amortization									108						24						$	1											133
Other (c)			49						74						53						17												193
Operating expenses and other			$	378					$	347					$	225					$	18											$	968

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

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Six Months Ended June 30, 2025			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
(In millions)
Revenues:
Insurance premiums			$	5,320																													$	5,320
Net investment income			1,266						$	4					$	5					$	47											1,322
Investment losses			(55)																														(55)
Non-insurance warranty revenue			795																														795
Operating revenues and other			18						1,155						494																		1,667
Total			7,344						1,159						499						$	47											9,049
Expenses:
Insurance claims and policyholders’ benefits (a)			4,112																														4,112
Amortization of deferred acquisition costs			940																														940
Non-insurance warranty expense			769																														769
Operating expenses and other (b)			731						761						457						31												1,980
Equity method (income) loss															(35)						18												(17)
Interest			63						79						34						36												212
Total			6,615						840						456						85												7,996
Income (loss) before income tax			729						319						43						(38)												1,053
Income tax (expense) benefit			(156)						(79)						(15)						5												(245)
Net income (loss)			573						240						28						(33)												808
Amounts attributable to noncontrolling interests			(47)																														(47)
Net income (loss) attributable to Loews Corporation			$	526					$	240					$	28					$	(33)											$	761
June 30, 2025
Total assets			$	68,891					$	10,048					$	2,477					$	3,252											$	84,668

(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $159 million and unfavorable net prior year loss reserve development of $191 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.

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

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Six Months Ended June 30, 2025			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
Insurance related administrative expenses			$	658																													$	658
Operating expenses									$	369					$	300																	669
Depreciation and amortization									226						48						$	1											275
Other (c)			73						166						109						30												378
Operating expenses and other			$	731					$	761					$	457					$	31											$	1,980

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

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Six Months Ended June 30, 2024			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
(In millions)
Revenues:
Insurance premiums			$	4,939																													$	4,939
Net investment income			1,227						$	13					$	5					$	63											1,308
Investment losses			(32)																														(32)
Non-insurance warranty revenue			811																														811
Operating revenues and other			18						992						462																		1,472
Total			6,963						1,005						467						63												8,498
Expenses:
Insurance claims and policyholders’ benefits (a)			3,689																														3,689
Amortization of deferred acquisition costs			879																														879
Non-insurance warranty expense			782																														782
Operating expenses and other (b)			715						659						434						40												1,848
Equity method (income) loss															(59)						6												(53)
Interest			69						90						20						38												217
Total			6,134						749						395						84												7,362
Income (loss) before income tax			829						256						72						(21)												1,136
Income tax (expense) benefit			(174)						(65)						(21)						4												(256)
Net income (loss)			655						191						51						(17)												880
Amounts attributable to noncontrolling interests			(54)																														(54)
Net income (loss) attributable to Loews Corporation			$	601					$	191					$	51					$	(17)											$	826
June 30, 2024
Total assets			$	65,149					$	10,475					$	2,480					$	2,953											$	81,057

(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $170 million and unfavorable net prior year loss reserve development of $16 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

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

Six Months Ended June 30, 2024			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
Insurance related administrative expenses			$	616																													$	616
Operating expenses									$	287					$	286																	573
Depreciation and amortization									214						45						$	1											260
Other (c)			99						158						103						39												399
Operating expenses and other			$	715					$	659					$	434					$	40											$	1,848

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

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