Item 1. Financial Statements.

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Item 1. Financial Statements.

Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)


	June 30,		December 31,
	2026		2025
(Dollar amounts in millions, except per share data)

Assets:

Investments:
Fixed maturities, amortized cost of $45,697 and $45,250, less allowance for credit loss of $63 and $69	$	44,120	$	43,984
Equity securities, cost of $1,309 and $1,201	1,333		1,292
Limited partnership investments	2,993		2,861
Other invested assets, primarily mortgage loans, less allowance for credit loss of $15 and $15	1,156		1,195
Short-term investments	5,598		6,044
Total investments	55,200		55,376
Cash	508		495
Receivables	11,723		10,983
Property, plant and equipment	10,862		10,695
Goodwill	483		349
Deferred non-insurance warranty acquisition expenses	2,981		3,220
Deferred acquisition costs of insurance subsidiaries	1,026		986
Other assets	4,445		4,244
Total assets	$	87,228	$	86,348

Liabilities and Equity:

Insurance reserves:
Claim and claim adjustment expense	$	27,490	$	26,599
Future policy benefits	13,262		13,448
Unearned premiums	8,035		7,635
Total insurance reserves	48,787		47,682
Payable to brokers	174		53
Short-term debt	22		1,052
Long-term debt	8,914		8,437
Deferred income taxes	848		839
Deferred non-insurance warranty revenue	3,798		4,138
Other liabilities	4,653		4,506
Total liabilities	67,196		66,707

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 – 206,066,859 and 206,003,999 shares	2		2
Additional paid-in capital	2,335		2,374
Retained earnings	18,132		17,377
Accumulated other comprehensive loss	(1,175)		(1,067)
	19,294		18,686
Less treasury stock, at cost (1,668,477 and 0 shares)	(179)		—
Total shareholders’ equity	19,115		18,686
Noncontrolling interests	917		955
Total equity	20,032		19,641
Total liabilities and equity	$	87,228	$	86,348

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,
	2026		2025		2026		2025

(In millions, except per share data)

Revenues:
Insurance premiums	$	2,757	$	2,694	$	5,456	$	5,320
Net investment income	761		714		1,374		1,322
Investment losses	(5)		(46)		(23)		(55)
Non-insurance warranty revenue	367		398		741		795
Operating revenues and other	854		795		1,741		1,667
Total	4,734		4,555		9,289		9,049

Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $25, $15, $44 and $23)	2,169		2,085		4,344		4,112
Amortization of deferred acquisition costs	481		469		957		940
Non-insurance warranty expense	356		384		712		769
Operating expenses and other	1,040		989		2,049		1,980
Equity method income	(27)		(18)		(64)		(17)
Interest	103		107		216		212
Total	4,122		4,016		8,214		7,996
Income before income tax	612		539		1,075		1,053
Income tax expense	(141)		(123)		(250)		(245)
Net income	471		416		825		808
Amounts attributable to noncontrolling interests	(27)		(25)		(44)		(47)
Net income attributable to Loews Corporation	$	444	$	391	$	781	$	761

Basic and diluted net income per share	$	2.16	$	1.87	$	3.79	$	3.61


Weighted average shares outstanding:
Shares of common stock	205.50		209.24		205.84		210.84
Dilutive potential shares of common stock	0.07		0.12		0.08		0.13
Total weighted average shares outstanding assuming dilution	205.57		209.36		205.92		210.97

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,
	2026		2025		2026		2025

(In millions)

Net income	$	471	$	416	$	825	$	808

Other comprehensive income (loss), after tax
Changes in:
Net unrealized gains (losses) on investments with an allowance for credit losses	(1)		1		(8)		(2)
Net unrealized gains (losses) on other investments	190		74		(235)		356
Total unrealized gains (losses) on investments	189		75		(243)		354
Impact of changes in discount rates used to measure long-duration contract liabilities	(34)		(3)		180		(117)
Unrealized gains (losses) on cash flow hedges	2		(3)		3		(6)
Pension and postretirement benefits	(1)		1				2
Foreign currency translation	(22)		130		(57)		167

Other comprehensive income (loss)	134		200		(117)		400

Comprehensive income	605		616		708		1,208

Amounts attributable to noncontrolling interests	(38)		(42)		(35)		(81)

Total comprehensive income attributable to Loews Corporation	$	567	$	574	$	673	$	1,127

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, 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

Balance, April 1, 2026	$	19,591	$	2	$	2,330	$	17,701	$	(1,298)	$	(31)	$	887
Net income	471						444						27
Other comprehensive income	134								123				11
Dividends paid ($0.0625 per share)	(24)						(13)						(11)

Purchases of Loews Corporation treasury stock	(148)										(148)

Stock-based compensation	9				6								3
Other	(1)				(1)
Balance, June 30, 2026	$	20,032	$	2	$	2,335	$	18,132	$	(1,175)	$	(179)	$	917


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			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, December 31, 2024, as reported	$	17,937	$	2	$	2,490	$	16,459	$	(1,867)	$	(18)	$	871
Cumulative effect adjustments from changes in accounting standards	5						5
Balance, January 1, 2025, as adjusted	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



Balance, January 1, 2026	$	19,641	$	2	$	2,374	$	17,377	$	(1,067)	$	—	$	955
Net income	825						781						44
Other comprehensive loss	(117)								(108)				(9)
Dividends paid ($0.125 per share)	(92)						(26)						(66)

Purchase of subsidiary stock from noncontrolling interests	(36)				(2)								(34)
Purchases of Loews Corporation treasury stock	(179)										(179)

Stock-based compensation	(9)				(36)								27
Other	(1)				(1)
Balance, June 30, 2026	$	20,032	$	2	$	2,335	$	18,132	$	(1,175)	$	(179)	$	917

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	2026		2025
(In millions)

Operating Activities:

Net income	$	825	$	808
Adjustments to reconcile net income to net cash provided by operating activities, net	290		361







Changes in operating assets and liabilities, net:
Receivables	(594)		(673)
Deferred acquisition costs	(43)		(49)
Insurance reserves	1,442		1,414
Other assets	45		(146)
Other liabilities	(372)		8
Trading securities	(555)		19
Net cash flow provided by operating activities	1,038		1,742

Investing Activities:

Purchases of fixed maturities	(3,997)		(3,756)
Proceeds from sales of fixed maturities	1,573		1,497
Proceeds from maturities of fixed maturities	1,633		1,613
Purchases of equity securities	(322)		(296)
Proceeds from sales of equity securities	312		261
Purchases of limited partnership investments	(174)		(280)
Proceeds from sales of limited partnership investments	101		51
Purchases of property, plant and equipment	(462)		(232)
Acquisitions	(212)


Change in short-term investments	1,368		163
Other, net	53		(34)
Net cash flow used by investing activities	(127)		(1,013)

Financing Activities:

Dividends paid	(26)		(26)
Dividends paid to noncontrolling interests	(66)		(65)
Purchases of Loews Corporation treasury stock	(185)		(651)
Purchases of subsidiary stock from noncontrolling interests	(36)		(34)
Principal payments on debt	(1,051)		(3)
Issuance of debt	495
Other, net	(23)		(63)
Net cash flow used by financing activities	(892)		(842)

Effect of foreign exchange rate on cash	(6)		19

Net change in cash	13		(94)
Cash, beginning of period	495		541
Cash, end of period	$	508	$	447

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, 2026 and December 31, 2025, its results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2026 and 2025 and its cash flows for the six months ended June 30, 2026 and 2025, in each case in accordance with accounting principles generally accepted in the United States of America (“U.S. 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, 2025.

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, 2026 and 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.

Accounting Standards Pending Adoption - In November of 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 and expects to provide additional disaggregated disclosures related to certain expense categories.

2. Acquisitions

Boardwalk Pipelines

On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.) for $212 million. Spire Marketing LLC is engaged in the marketing of natural gas and related services throughout the U.S. The majority of its business is derived from the procurement and physical delivery of natural gas to a diverse customer base, including producers, pipelines, power generators, storage operators and large commercial and industrial customers. Concurrent with the closing, the name of the entity acquired was changed to Boardwalk Continuum Marketing, LLC (“Continuum”).

The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition, with amounts exceeding the fair value recorded as goodwill. On April 30, 2026, Boardwalk Pipelines recorded $305 million of assets and $93 million of liabilities, which included $135 million of goodwill and $72 million of derivative assets. The purchase price allocation is preliminary and is expected to be finalized during 2026.


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3. Investments

Net investment income is as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

(In millions)

Fixed maturity securities	$	552	$	536	$	1,095	$	1,057
Limited partnership investments	99		81		154		137
Short-term investments	11		16		31		35
Equity securities (a)	41		27		37		33
Income from trading portfolio (a)	61		52		59		56
Other	26		28		53		54
Total investment income	790		740		1,429		1,372
Investment expenses	(29)		(26)		(55)		(50)
Net investment income	$	761	$	714	$	1,374	$	1,322
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of June 30, 2026 and 2025	$	22	$	30	$	(13)	$	(10)


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Investment gains (losses) are as follows:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

(In millions)

Fixed maturity securities:
Gross gains	$	19	$	5	$	25	$	18
Gross losses	(27)		(53)		(47)		(75)
Investment losses on fixed maturity securities	(8)		(48)		(22)		(57)
Equity securities (a)	3		6		(1)		6

Short-term investments and other			(4)				(4)


Investment losses	$	(5)	$	(46)	$	(23)	$	(55)
(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, 2026 and 2025	$	2	$	6	$	(3)	$	4

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:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

(In millions)

Fixed maturity securities available-for-sale:
Corporate and other bonds			$	4	$	8	$	11
Asset-backed	$	3	5		6		5
Impairment losses recognized in earnings	$	3	$	9	$	14	$	16

There were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2026. 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.


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The following tables present a summary of fixed maturity securities:


June 30, 2026	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	$	25,722	$	513	$	964	$	16	$	25,255
States, municipalities and political subdivisions	9,257		305		727				8,835
Asset-backed:
Residential mortgage-backed	4,235		31		385				3,881
Commercial mortgage-backed	1,530		11		79		21		1,441
Other asset-backed	3,690		14		217		26		3,461
Total asset-backed	9,455		56		681		47		8,783
U.S. Treasury and obligations of government sponsored enterprises	242				3				239
Foreign government	722		8		21				709
Redeemable preferred stock	8								8
Fixed maturities available-for-sale	$	45,406	$	882	$	2,396	$	63	$	43,829
Fixed maturities trading	291								291
Total fixed maturity securities	$	45,697	$	882	$	2,396	$	63	$	44,120


December 31, 2025


Fixed maturity securities:
Corporate and other bonds	$	25,484	$	682	$	881	$	28	$	25,257
States, municipalities and political subdivisions	8,870		303		742				8,431
Asset-backed:
Residential mortgage-backed	4,011		50		366				3,695
Commercial mortgage-backed	1,515		18		80		21		1,432
Other asset-backed	3,729		28		194		20		3,543
Total asset-backed	9,255		96		640		41		8,670
U.S. Treasury and obligations of government sponsored enterprises	236		1		3				234
Foreign government	764		7		20				751
Redeemable preferred stock	8								8
Fixed maturities available-for-sale	$	44,617	$	1,089	$	2,286	$	69	$	43,351
Fixed maturities trading	633								633
Total fixed maturity securities	$	45,250	$	1,089	$	2,286	$	69	$	43,984


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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, 2026	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	$	5,910	$	96	$	7,533	$	868	$	13,443	$	964
States, municipalities and political subdivisions	373		6		3,428		721		3,801		727
Asset-backed:
Residential mortgage-backed	601		10		1,837		375		2,438		385
Commercial mortgage-backed	167		3		785		76		952		79
Other asset-backed	647		10		1,341		207		1,988		217
Total asset-backed	1,415		23		3,963		658		5,378		681
U.S. Treasury and obligations of government-sponsored enterprises	167		2		14		1		181		3
Foreign government	210		3		223		18		433		21
Total fixed maturity securities	$	8,075	$	130	$	15,161	$	2,266	$	23,236	$	2,396

December 31, 2025

Fixed maturity securities:
Corporate and other bonds	$	2,776	$	56	$	8,576	$	825	$	11,352	$	881
States, municipalities and political subdivisions	403		8		3,471		734		3,874		742
Asset-backed:
Residential mortgage-backed	154		1		2,002		365		2,156		366
Commercial mortgage-backed	36		2		887		78		923		80
Other asset-backed	420		9		1,432		185		1,852		194
Total asset-backed	610		12		4,321		628		4,931		640
U.S. Treasury and obligations of government-sponsored enterprises	78		2		18		1		96		3
Foreign government	131		1		260		19		391		20
Total fixed maturity securities	$	3,998	$	79	$	16,646	$	2,207	$	20,644	$	2,286


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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, 2026				December 31, 2025
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	2,198	$	283	$	1,980	$	267
AAA	1,400		241		1,376		243
AA	4,127		630		3,827		623
A	5,854		477		5,025		440
BBB	8,741		670		7,758		639
Non-investment grade	916		95		678		74
Total	$	23,236	$	2,396	$	20,644	$	2,286

Based on current facts and circumstances, the unrealized losses presented in the June 30, 2026 securities in the gross unrealized loss position table above are not believed to be 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, 2026.

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 $477 million, $470 million and $451 million as of June 30, 2026, December 31, 2025 and June 30, 2025 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, 2026	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of April 1, 2026	$	31	$	44	$	75
Additions to the allowance for credit losses:

Available-for-sale securities accounted for as PCD assets	1				1

Reductions to the allowance for credit losses:
Securities sold during the period (realized)	16				16



Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			3		3
Total allowance for credit losses	$	16	$	47	$	63


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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


Six months ended June 30, 2026	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2026	$	28	$	41	$	69
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	3				3
Available-for-sale securities accounted for as PCD assets	1				1

Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	16				16



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	$	16	$	47	$	63


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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

Contractual Maturity

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


	June 30, 2026				December 31, 2025
	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
(In millions)

Due in one year or less	$	1,424	$	1,418	$	1,392	$	1,389
Due after one year through five years	11,048		10,836		11,318		11,214
Due after five years through ten years	13,387		12,999		13,440		13,187
Due after ten years	19,547		18,576		18,467		17,561
Total	$	45,406	$	43,829	$	44,617	$	43,351

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, 2026	2026		2025		2024		2023		2022		Prior		Total
(In millions)

DSCR ≥1.6x
LTV less than 55%			$	38			$	33	$	15	$	229	$	315
LTV 55% to 65%			37				12		12				61
LTV greater than 65%											13		13
DSCR 1.2x - 1.6x
LTV less than 55%	$	6			$	68	47		4		89		214
LTV 55% to 65%			107		33		18		52		19		229
LTV greater than 65%	5		7						15				27
DSCR ≤1.2x
LTV less than 55%			37				22				21		80
LTV 55% to 65%									45				45
LTV greater than 65%									22		46		68
Total	$	11	$	226	$	101	$	132	$	165	$	417	$	1,052


(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.

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, 2026, commitments to purchase or fund were approximately $1.9 billion and to sell were approximately $40 million under the terms of these investments.


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4. 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 U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.


June 30, 2026	Level 1		Level 2		Level 3		Total
(In millions)

Fixed maturity securities:
Corporate bonds and other	$	243	$	24,374	$	1,594	$	26,211
States, municipalities and political subdivisions			8,791		44		8,835
Asset-backed			7,840		943		8,783
Fixed maturities available-for-sale	243		41,005		2,581		43,829
Fixed maturities trading	289		2				291
Total fixed maturities	$	532	$	41,007	$	2,581	$	44,120

Equity securities	$	793	$	510	$	30	$	1,333
Short-term and other	5,396		32				5,428
Receivables			83				83
Other liabilities			(18)				(18)
Payable to brokers	(52)						(52)

December 31, 2025


Fixed maturity securities:
Corporate bonds and other	$	238	$	24,529	$	1,483	$	26,250
States, municipalities and political subdivisions			8,386		45		8,431
Asset-backed			7,672		998		8,670
Fixed maturities available-for-sale	238		40,587		2,526		43,351
Fixed maturities trading	603		30				633
Total fixed maturities	$	841	$	40,617	$	2,526	$	43,984

Equity securities	$	762	$	497	$	33	$	1,292
Short-term and other	5,820		51				5,871

Payable to brokers	(43)						(43)


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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, 2026 and 2025:


			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
2026	Balance, Apr 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	$	1,514			$	2	$	101			$	(23)					$	1,594			$	2
States, municipalities and political subdivisions	44																44
Asset-backed	955		$	2	(5)		42				(26)				$	(25)	943				(5)
Fixed maturities available-for-sale	$	2,513	$	2	$	(3)	$	143	$	—	$	(49)	$	—	$	(25)	$	2,581	$	—	$	(3)



Equity securities	$	32	$	3					$	(5)							$	30


2025
(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)


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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
2026	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	$	1,483	$	(3)	$	(22)	$	164			$	(28)					$	1,594			$	(22)
States, municipalities and political subdivisions	45				(1)												44				(1)
Asset-backed	998		4		(21)		82				(46)				$	(74)	943				(21)
Fixed maturities available-for-sale	$	2,526	$	1	$	(44)	$	246	$	—	$	(74)	$	—	$	(74)	$	2,581	$	—	$	(44)



Equity securities	$	33	$	2					$	(5)							$	30	$	(1)


2025

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)


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


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, 2026	Estimated Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
	(In millions)

Fixed maturity securities	$	2,068	Discounted cash flow	Credit spread	1	%	—	11	%	(2	%)

December 31, 2025

Fixed maturity securities	$	1,927	Discounted cash flow	Credit spread	1	%	—	11	%	(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, 2026			Level 1		Level 2			Level 3			Total
(In millions)

Assets:
Other invested assets, primarily mortgage loans	$	1,037							$	1,020		$	1,020

Liabilities:
Short-term debt	22								22			22
Long-term debt	8,914					$	7,818		972			8,790

December 31, 2025

Assets:
Other invested assets, primarily mortgage loans	$	1,079							$	1,072		$	1,072

Liabilities:
Short-term debt	1,051					$	1,051		2			1,053
Long-term debt	8,435					7,431			995			8,426

5. 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-related reinstatement premiums represent additional consideration paid under certain reinsurance agreements to reinstate coverage limits that have been exhausted as a result of losses. Catastrophe losses, net of reinsurance, of $60 million and $62 million were recorded for the three months ended June 30, 2026 and 2025 and $148 million and $159 million were recorded for the six months ended June 30, 2026 and 2025, driven by severe weather related events. There were $9 million of catastrophe-related reinsurance reinstatement premiums recorded for the six months ended June 30, 2026. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended June 30, 2026 and 2025 or the six months ended June 30, 2025.


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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	2026		2025
(In millions)

Reserves, beginning of year:
Gross	$	26,599	$	24,976
Ceded	5,982		5,713
Net reserves, beginning of year	20,617		19,263



Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	3,534		3,309
Increase (decrease) in provision for insured events of prior years	192		189
Amortization of discount	19		20
Total net incurred (a)	3,745		3,518

Net payments attributable to:
Current year events	(345)		(316)
Prior year events	(2,499)		(2,391)
Total net payments	(2,844)		(2,707)

Foreign currency translation adjustment and other	(70)		199

Net reserves, end of period	21,448		20,273
Ceded reserves, end of period	6,042		5,930
Gross reserves, end of period	$	27,490	$	26,203


(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 $6 million and $4 million for the three months ended June 30, 2026 and 2025 and unfavorable net prior year loss reserve development of $94 million and $57 million for the six months ended June 30, 2026 and 2025 were recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). Unfavorable net prior year loss reserve development of $97 million and $112 million for the three months ended June 30, 2026 and 2025 and $97 million and $134 million for the six months ended June 30, 2026 and 2025 were 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,
	2026		2025		2026		2025

(In millions)


Other professional liability and management liability	$	25	$	18	$	70	$	18
Surety	(26)		(22)		(26)		(22)
Warranty							10

Commercial auto							50
General liability	56		62		111		62
Workers’ compensation	(32)		(66)		(32)		(65)
Other property and casualty operations	(29)		4		(29)		4
Total property & casualty operations	(6)		(4)		94		57
Other insurance operations	97		112		97		134
Total pretax unfavorable development	$	91	$	108	$	191	$	191

Three Months

2026

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years.

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

Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years.

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 due to favorable emergence 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 and the ongoing effects of social inflation.

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.


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Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claim activity, the ongoing effects of social inflation and an agreement with the Diocese of Rochester.

Six Months

2026

Unfavorable development in other professional and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years.

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

Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years.

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 due to favorable emergence in multiple accident years.

Unfavorable development in other insurance operations was driven by the second quarter 2026 changes discussed above.

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 driven by the second quarter 2025 changes discussed above.

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

In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million were transferred to NICO, resulting in total consideration of $2.2 billion.


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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 $24 million and $8 million for the three months ended June 30, 2026 and 2025 and $46 million and $25 million for the six months ended June 30, 2026 and 2025. As of June 30, 2026 and December 31, 2025, the cumulative amounts ceded under the LPT were $3.9 billion. The unrecognized deferred retroactive reinsurance benefit was $424 million and $470 million as of June 30, 2026 and December 31, 2025 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 $1.8 billion as of June 30, 2026. 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.

6. 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, 2025.


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The following table summarizes balances and changes in the LFPB:


	2026		2025
(In millions)

Present value of future net premiums
Balance, January 1	$	3,363	$	3,425
Effect of changes in discount rate	(71)		(7)
Balance, January 1, at original locked in discount rate	3,292		3,418
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a)	(8)		(1)
Adjusted balance, January 1	3,284		3,417
Interest accrual	84		88
Net premiums: earned during period	(199)		(203)
Balance, end of period at original locked in discount rate	3,169		3,302
Effect of changes in discount rate	14		50
Balance, June 30	$	3,183	$	3,352

Present value of future benefits & expenses
Balance, January 1	$	16,811	$	16,583
Effect of changes in discount rate	173		440
Balance, January 1, at original locked in discount rate	16,984		17,023
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a)	36		22
Adjusted balance, January 1	17,020		17,045
Interest accrual	454		458
Benefit & expense payments	(573)		(574)
Balance, end of period at original locked in discount rate	16,901		16,929
Effect of changes in discount rate	(456)		(248)
Balance, June 30	$	16,445	$	16,681


Net LFPB, June 30	$	13,262	$	13,329


(a)			As of June 30, 2026 and 2025, the re-measurement loss of $44 million and $23 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 Consolidated Condensed Statement of Operations.


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

(In millions)

Earned premiums	$	103	$	106	$	206	$	212
Interest accretion	185		185		370		370

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


	June 30,
	2026		2025

(In millions)

Expected future benefit and expense payments	$	30,814	$	31,141
Expected future gross premiums	4,713		4,971

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.3 billion and $3.5 billion as of June 30, 2026 and 2025.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of June 30, 2026 and 2025.

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,
	2026		2025		2025


Original locked in discount rate	5.14	%	5.18	%	5.16	%
Upper-medium grade fixed income instrument discount rate	5.48		5.39		5.32

For the three and six months ended June 30, 2026, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $26 million and $49 million. For the three and six months ended June 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $14 million and $28 million.

For the three and six months ended June 30, 2026, favorable reversals through net income of loss recognized in prior periods for cohorts with NPRs exceeding 100% were $5 million and $13 million. For the three and six months ended June 30, 2025, favorable reversals through net income of loss recognized in prior periods for cohorts with NPRs exceeding 100% were $5 million and $11 million.


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7. 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, 2025 and 2026:


	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, 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)



Balance, April 1, 2026	$	(21)	$	(1,298)	$	373	$	3	$	(211)	$	(144)	$	(1,298)
Other comprehensive income (loss) before reclassifications, after tax of $1, $(50), $9, $(2), $1 and $0	(3)		186		(34)		2		(2)		(22)		127
Reclassification of losses from accumulated other comprehensive loss, after tax of $(1), $(1), $0, $0, $(1) and $0	2		4						1				7
Other comprehensive income (loss)	(1)		190		(34)		2		(1)		(22)		134
Amounts attributable to noncontrolling interests	(1)		(15)		2						3		(11)

Balance, June 30, 2026	$	(23)	$	(1,123)	$	341	$	5	$	(212)	$	(163)	$	(1,175)


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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, 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)



Balance, January 1, 2026	$	(15)	$	(907)	$	176	$	2	$	(212)	$	(111)	$	(1,067)
Other comprehensive income (loss) before reclassifications, after tax of $4, $67, $(48), $(2), $1 and $0	(15)		(245)		180		3		(3)		(57)		(137)
Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(3), $0, $0, $(1) and $0	7		10						3				20
Other comprehensive income (loss)	(8)		(235)		180		3		—		(57)		(117)
Amounts attributable to noncontrolling interests			19		(15)						5		9

Balance, June 30, 2026	$	(23)	$	(1,123)	$	341	$	5	$	(212)	$	(163)	$	(1,175)

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 1.4 million and 2.9 million shares of its common stock at aggregate costs of $148 million and $253 million during the three months ended June 30, 2026 and 2025 and repurchased 1.7 million and 7.4 million shares of its common stock at aggregate costs of $179 million and $633 million during the six months ended June 30, 2026 and 2025.

Stock Issuances

Loews Corporation issued 0.1 million shares of its common stock to settle stock-based compensation awards during the six months ended June 30, 2026 and 2025.

8. Debt

In February of 2026, Loews Corporation completed a public offering of $500 million aggregate principal amount of 4.9% senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $500 million aggregate principal amount of its 3.8% senior notes due April 1, 2026.

In March of 2026, Boardwalk Pipelines redeemed the outstanding $550 million aggregate principal amount of its 6.0% senior notes due June 1, 2026.

9. 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 13:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025

(In millions)

Non-insurance warranty – CNA Financial	$	367	$	398	$	741	$	795

Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines	$	562	$	523	$	1,174	$	1,132
Lodging and related services – Loews Hotels & Co	266		246		512		483


Total revenues from contracts with customers	828		769		1,686		1,615
Other revenues	26		26		55		52
Operating revenues and other	$	854	$	795	$	1,741	$	1,667

Receivables from contracts with customers – As of June 30, 2026 and December 31, 2025, receivables from contracts with customers were approximately $246 million and $252 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of June 30, 2026 and December 31, 2025, deferred revenue resulting from contracts with customers was approximately $3.9 billion and $4.2 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $654 million and $681 million of revenues recognized during the six months ended June 30, 2026 and 2025 were included in deferred revenue as of December 31, 2025 and 2024.

Performance obligations – As of June 30, 2026, approximately $23.5 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA.


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Included in the balance are $9.4 billion of revenues that are anticipated under executed precedent or long-term firm transportation agreements associated with Boardwalk Pipelines’ growth projects. Approximately $1.6 billion is expected to be recognized during the remaining six months of 2026, $2.6 billion in 2027 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

10. 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,
	2026		2025		2026		2025
(In millions)

Service cost	$	1			$	1	$	1
Interest cost	11		$	11	22		22
Expected return on plan assets	(17)		(15)		(31)		(30)
Amortization of unrecognized net loss	1		2		3		4

Settlements			1				1

Net periodic benefit	$	(4)	$	(1)	$	(5)	$	(2)


	Other Postretirement Benefits
	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
(In millions)


Interest cost					$	1	$	1
Expected return on plan assets	$	(1)			(2)		(1)

Amortization of unrecognized prior service cost	1				1


Net periodic benefit	$	—	$	—	$	—	$	—

CNA sponsors a noncontributory defined benefit pension plan, the CNA Retirement Plan (the “Plan”), covering certain eligible employees. The Plan has been closed to new entrants since 2000. In the first quarter of 2026, a subsidiary of CNA, as sponsor of the Plan, approved the decision to pursue termination of the Plan, effective June 30, 2026. The Plan will continue to be reflected in the consolidated condensed financial statements until the termination process, including the settlement or transfer of remaining benefit obligations, has been completed, which CNA currently anticipates will be in 2028.

11. Legal Proceedings

Loews Hotels & Co

On February 20, 2024, Jeanette Portillo and other plaintiffs filed a putative class action against Loews Hotels Holding Corporation and other defendants in the United States District Court for the Western District of Washington asserting antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed a motion to dismiss the complaint in Portillo on May 17, 2024. On August 29, 2025, the court granted the defendants’ motion to dismiss in Portillo and granted plaintiffs leave to amend their complaint. On October 3, 2025, plaintiffs in Portillo filed an amended class action complaint, which defendants jointly moved to dismiss on November 3, 2025. The court has not ruled on the motion to dismiss the amended complaint in Portillo. On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holding Corporation and other defendants in the United States District Court for the Northern District of Illinois


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asserting antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed a motion to dismiss the complaint in Segal on June 24, 2024. On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal, and granted plaintiff leave to amend the complaint. On April 28, 2025, Segal filed a third amended complaint, which defendants jointly moved to dismiss on June 12, 2025. On March 31, 2026, the court granted defendants’ motion to dismiss the third amended complaint in Segal with prejudice and entered judgment. On April 29, 2026, Segal filed a notice of appeal to the United States Court of Appeals for the Seventh Circuit of the district court’s March 31, 2026 order granting defendants’ motion to dismiss the third amended complaint. On July 8, 2026, Segal filed an opening appellate brief in the Seventh Circuit.

Boardwalk Pipelines Litigation

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

On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the 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. On December 10, 2025, the Supreme Court affirmed in part and reversed in part the Trial Court’s ruling. In its decision the Supreme Court found that the General Partner had breached the Limited Partnership Agreement in its exercise of the Purchase Right. In its 2022 decision, the Supreme Court had previously determined that the General Partner was exculpated from damages. The remaining claims that have been remanded by the Supreme Court to the Trial Court for further proceedings are tortious interference and unjust enrichment claims related to the exercise of the Purchase Right against the non-General Partner defendants. Briefing by the parties at the Trial Court on the remanded issues was completed in June 2026 and a hearing on the remanded issues at the Trial Court was held in July 2026.

Litigation is inherently uncertain, and the ultimate outcome of this matter cannot be predicted with certainty. Based on currently available information, the Company is unable to reasonably estimate the amount of loss or range of loss, if any, associated with this matter. Accordingly, no accrual has been recorded. Although the Company is unable to estimate the amount of loss or range of loss at this time, it is possible that the resolution of this matter could be material to the Company’s consolidated financial position, results of operations and/or cash flows in a particular period. The Company


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will continue to evaluate developments in this matter and will record an accrual if it is determined that a loss is probable and reasonably estimable.

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 other pending litigation, or of the Loews Hotels & Co matters described above, will materially affect the Company’s results of operations or equity.

12. 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, 2026, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.9 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, 2026, the commitments totaled approximately $626 million, which are expected to be settled through 2028.

Loews Hotels & Co

Loews Hotels & Co has a completion guarantee related to a hotel property under development. The hotel, which is expected to open in 2029, will require approximately $350 million to complete as of June 30, 2026.

13. 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 comprised of Loews Corporation, excluding its consolidated subsidiaries, and includes 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 Loews Corporation’s segments, see Note 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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, 2026	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,759					$	(2)	$	2,757
Net investment income	701		$	2	$	3	55		761
Investment losses	(5)								(5)
Non-insurance warranty revenue	367								367
Operating revenues and other	7		574		273				854
Total	3,829		576		276		53		4,734

Expenses:

Insurance claims and policyholders’ benefits (a)	2,169								2,169
Amortization of deferred acquisition costs	481								481
Non-insurance warranty expense	356								356
Operating expenses and other (b)	385		407		233		15		1,040
Equity method (income) loss					(41)		14		(27)
Interest	33		36		15		19		103
Total	3,424		443		207		48		4,122
Income before income tax	405		133		69		5		612
Income tax expense	(84)		(33)		(21)		(3)		(141)
Net income	321		100		48		2		471
Amounts attributable to noncontrolling interests	(27)								(27)
Net income attributable to Loews Corporation	$	294	$	100	$	48	$	2	$	444


(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $60 million and unfavorable net prior year loss reserve development of $91 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.


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


Three Months Ended June 30, 2026	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	343							$	343
Operating expenses			$	196	$	155			351
Depreciation and amortization			112		27				139
Other (c)	42		99		51		$	15	207
Operating expenses and other	$	385	$	407	$	233	$	15	$	1,040


(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, 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.


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


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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Six Months Ended June 30, 2026	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	5,460					$	(4)	$	5,456
Net investment income	1,311		$	7	$	6	50		1,374
Investment losses	(23)								(23)
Non-insurance warranty revenue	741								741
Operating revenues and other	17		1,200		524				1,741
Total	7,506		1,207		530		46		9,289

Expenses:

Insurance claims and policyholders’ benefits (a)	4,344								4,344
Amortization of deferred acquisition costs	957								957
Non-insurance warranty expense	712								712
Operating expenses and other (b)	755		784		479		31		2,049
Equity method (income) loss					(85)		21		(64)
Interest	66		79		30		41		216
Total	6,834		863		424		93		8,214
Income (loss) before income tax	672		344		106		(47)		1,075
Income tax (expense) benefit	(140)		(85)		(32)		7		(250)
Net income (loss)	532		259		74		(40)		825
Amounts attributable to noncontrolling interests	(44)								(44)
Net income (loss) attributable to Loews Corporation	$	488	$	259	$	74	$	(40)	$	781

June 30, 2026

Total assets	$	69,827	$	10,369	$	2,585	$	4,447	$	87,228


(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $148 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.


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


Six Months Ended June 30, 2026	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	675							$	675
Operating expenses			$	372	$	308			680
Depreciation and amortization			223		53		$	1	277
Other (c)	80		189		118		30		417
Operating expenses and other	$	755	$	784	$	479	$	31	$	2,049


(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.


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


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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