LOEWS CORP

L 10-Q · Q3 2025

L Q3 2025 request

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Income Statement

Income Statement
Metric Q3 2025 Q3 2024 YoY
Premiums Earned Net (Q) — — —
Show Business Segments breakouts
CNA Financial · Operating Segments 2,783 2,593 +7.3%
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Premiums Earned Net 2,783 2,593 +7.3%
Net Investment Income (Q) — — —
Show Business Segments breakouts
Boardwalk Pipeline Partners, LP [Member] · Operating Segments 4 9 -55.6%
CNA Financial · Operating Segments 638 626 +1.9%
Corporate And Other · Material Reconciling Items 97 139 -30.2%
Loews Hotels Holding Corporation [Member] · Operating Segments 4 2 +100.0%
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Net Investment Income 743 776 -4.3%
Gain Loss On Investments (Q) — — —
Show Business Segments breakouts
CNA Financial · Operating Segments -7 -10 +30.0%
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Gain Loss On Investments -7 -10 +30.0%
Show Investment Type breakouts
Equity Securities 4 13 -69.2%
Fixed Maturities -10 -22 +54.5%
Short-term investments and other -1 -1 0.0%
Show Statement Class Of Stock breakouts
Nonredeemable Preferred Stock 4 13 -69.2%
Non Insurance Warranty Revenue (Q) — — —
Show Business Segments breakouts
CNA Financial · Operating Segments 393 401 -2.0%
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Non Insurance Warranty Revenue 393 401 -2.0%
Revenue From Contract With Customer Excluding Assessed Tax And Other (Q) — — —
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Revenue From Contract With Customer Excluding Assessed Tax And Other 759 706 +7.5%
Revenue (Q) — — —
Show Business Segments breakouts
Boardwalk Pipeline Partners, LP [Member] · Operating Segments 546 483 +13.0%
CNA Financial · Operating Segments 3,817 3,618 +5.5%
Corporate And Other · Material Reconciling Items 97 139 -30.2%
Loews Hotels Holding Corporation [Member] · Operating Segments 211 226 -6.6%
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Revenue 4,671 4,466 +4.6%
Policyholder Benefits And Claims Incurred Net (Q) — — —
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CNA Financial · Operating Segments 2,032 2,019 +0.6%
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Policyholder Benefits And Claims Incurred Net 2,032 2,019 +0.6%
Deferred Policy Acquisition Cost Amortization Expense (Q) — — —
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CNA Financial · Operating Segments 483 457 +5.7%
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Deferred Policy Acquisition Cost Amortization Expense 483 457 +5.7%
Non Insurance Warranty Expense (Q) — — —
Show Business Segments breakouts
CNA Financial · Operating Segments 377 387 -2.6%
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Non Insurance Warranty Expense 377 387 -2.6%
Operating Expenses And Other (Q) — — —
Show Business Segments breakouts
Boardwalk Pipeline Partners, LP [Member] · Operating Segments 382 332 +15.1%
CNA Financial · Operating Segments 376 362 +3.9%
Corporate And Other · Material Reconciling Items 21 18 +16.7%
Loews Hotels Holding Corporation [Member] · Operating Segments 221 218 +1.4%
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Operating Expenses And Other 1,000 930 +7.5%
Income Loss From Equity Method Investments (Q) — — —
Show Business Segments breakouts
Corporate And Other · Material Reconciling Items 3 9 -66.7%
Loews Hotels Holding Corporation [Member] · Operating Segments -25 — —
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Income Loss From Equity Method Investments -22 9 -344.4%
Interest Expense (Q) — — —
Show Business Segments breakouts
Boardwalk Pipeline Partners, LP [Member] · Operating Segments 40 47 -14.9%
CNA Financial · Operating Segments 36 32 +12.5%
Corporate And Other · Material Reconciling Items 18 18 0.0%
Loews Hotels Holding Corporation [Member] · Operating Segments 18 17 +5.9%
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Interest Expense 112 114 -1.8%
Benefits Losses And Expenses (Q) — — —
Show Business Segments breakouts
Boardwalk Pipeline Partners, LP [Member] · Operating Segments 422 379 +11.3%
CNA Financial · Operating Segments 3,304 3,257 +1.4%
Corporate And Other · Material Reconciling Items 42 45 -6.7%
Loews Hotels Holding Corporation [Member] · Operating Segments 214 235 -8.9%
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Benefits Losses And Expenses 3,982 3,916 +1.7%
Income Before Taxes (Q) — — —
Show Business Segments breakouts
Boardwalk Pipeline Partners, LP [Member] · Operating Segments 124 104 +19.2%
CNA Financial · Operating Segments 513 361 +42.1%
Corporate And Other · Material Reconciling Items 55 94 -41.5%
Loews Hotels Holding Corporation [Member] · Operating Segments -3 -9 +66.7%
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Income Before Taxes 689 550 +25.3%
Income Tax Expense (Benefit) (Q) — — —
Show Business Segments breakouts
Boardwalk Pipeline Partners, LP [Member] · Operating Segments -30 -27 -11.1%
CNA Financial · Operating Segments -110 -78 -41.0%
Corporate And Other · Material Reconciling Items -13 -21 +38.1%
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Income Tax Expense (Benefit) -153 -125 -22.4%
Net Income (Q) — — —
Show Business Segments breakouts
Boardwalk Pipeline Partners, LP [Member] · Operating Segments 94 77 +22.1%
CNA Financial · Operating Segments 403 283 +42.4%
Corporate And Other · Material Reconciling Items 42 73 -42.5%
Loews Hotels Holding Corporation [Member] · Operating Segments -3 -8 +62.5%
Show Equity Components breakouts
Noncontrolling Interest 32 24 +33.3%
Retained Earnings 504 401 +25.7%
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Net Income 536 425 +26.1%
Net Income Loss Attributable To Noncontrolling Interest (Q) — — —
Show Business Segments breakouts
CNA Financial · Operating Segments -32 -24 -33.3%
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Net Income Loss Attributable To Noncontrolling Interest -32 -24 -33.3%
Net Income (Q) — — —
Show Business Segments breakouts
Boardwalk Pipeline Partners, LP [Member] · Operating Segments 94 77 +22.1%
CNA Financial · Operating Segments 371 259 +43.2%
Corporate And Other · Material Reconciling Items 42 73 -42.5%
Loews Hotels Holding Corporation [Member] · Operating Segments -3 -8 +62.5%
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Net Income 504 401 +25.7%
EPS (Basic) (Q) — — —
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EPS (Basic) 2.43 1.83 +32.8%
EPS (Diluted) (Q) — — —
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EPS (Diluted) 2.43 1.82 +33.5%
Wtd Avg Shares (Basic) (Q) — — —
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Wtd Avg Shares (Basic) 207.57 219.67 -5.5%
Weighted Average Number Diluted Shares Outstanding Adjustment (Q) — — —
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Weighted Average Number Diluted Shares Outstanding Adjustment 0.14 0.27 -48.1%
Wtd Avg Shares (Diluted) (Q) — — —
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Wtd Avg Shares (Diluted) 207.71 219.94 -5.6%
Revenue (Q) — — —
Show Product Lines breakouts
Lodging and related services · Loews Hotels Holding Corporation [Member] 202 220 -8.2%
Non-insurance warranty · CNA Financial 393 401 -2.0%
Transportation and storage of natural gas and NGLs and other services · Boardwalk Pipeline Partners, LP [Member] 530 463 +14.5%
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Revenue 732 683 +7.2%
Comprehensive Income (Q) — — —
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Comprehensive Income 845 1,046 -19.2%

Balance Sheet

Balance Sheet
Metric Q3 2025 Q3 2024 YoY
Current Assets
Marketable Securities (Current) (Q) — — —
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Marketable Securities (Current) 5,383 5,242 +2.7%
Non-Current Assets
Property, Plant & Equipment (Q) — — —
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Property, Plant & Equipment 10,668 10,689 -0.2%
Goodwill (Q) — — —
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Goodwill 349 349 0.0%
Total Assets (Q) — — —
Show Business Segments breakouts
Boardwalk Pipeline Partners, LP [Member] · Operating Segments 10,133 10,535 -3.8%
CNA Financial · Operating Segments 69,704 67,305 +3.6%
Corporate And Other · Material Reconciling Items 3,602 3,280 +9.8%
Loews Hotels Holding Corporation [Member] · Operating Segments 2,502 2,497 +0.2%
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Total Assets 85,941 83,617 +2.8%
Other Assets
Equity Securities Fv Ni (Q) — — —
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Equity Securities Fv Ni 1,295 1,215 +6.6%
Investments In Affiliates Subsidiaries Associates And Joint Ventures (Q) — — —
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Investments In Affiliates Subsidiaries Associates And Joint Ventures 2,801 2,462 +13.8%
Other Investments (Q) — — —
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Other Investments 1,163 1,095 +6.2%
Investments (Q) — — —
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Investments 54,758 53,069 +3.2%
Cash (Q) — — —
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Cash 567 548 +3.5%
Accounts Receivable Net (Q) — — —
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Accounts Receivable Net 10,936 10,138 +7.9%
Capitalized Contract Cost Net (Q) — — —
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Capitalized Contract Cost Net 3,340 3,571 -6.5%
Deferred Policy Acquisition Costs (Q) — — —
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Deferred Policy Acquisition Costs 985 943 +4.5%
Other Assets (Q) — — —
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Other Assets 4,338 4,310 +0.6%
Current Liabilities
Long Term Debt And Capital Lease Obligations Current (Q) — — —
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Long Term Debt And Capital Lease Obligations Current 1,005 713 +41.0%
Non-Current Liabilities
Deferred Tax Liabilities (Q) — — —
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Deferred Tax Liabilities 836 697 +19.9%
Total Liabilities (Q) — — —
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Total Liabilities 66,718 65,369 +2.1%
Other Liabilities
Debt Securities Available For Sale Excluding Accrued Interest (Q) — — —
Show Fair Value Hierarchy breakouts
Fair Value Inputs Level1 · Corporate Debt Securities 227 225 +0.9%
Fair Value Inputs Level1 · Fair Value Measurements Recurring 227 225 +0.9%
Fair Value Inputs Level2 · Asset Backed Securities 7,894 7,713 +2.3%
Fair Value Inputs Level2 · Corporate Debt Securities 24,780 25,289 -2.0%
Fair Value Inputs Level2 · Fair Value Measurements Recurring 41,006 40,105 +2.2%
Fair Value Inputs Level2 · US States And Political Subdivisions 8,332 7,103 +17.3%
Fair Value Inputs Level3 · Asset Backed Securities 959 915 +4.8%
Fair Value Inputs Level3 · Corporate Debt Securities 1,400 1,237 +13.2%
Fair Value Inputs Level3 · Fair Value Measurements Recurring 2,403 2,197 +9.4%
Fair Value Inputs Level3 · Fixed Maturities 1,866 1,713 +8.9%
Fair Value Inputs Level3 · US States And Political Subdivisions 44 45 -2.2%
Show Financial Instrument breakouts
Asset Backed Securities 8,853 8,628 +2.6%
Asset Backed Securities Securitized Loans And Receivables 3,610 3,585 +0.7%
Asset Backed Securities · Fair Value Measurements Recurring 8,853 8,628 +2.6%
Commercial Mortgage Backed Securities 1,542 1,689 -8.7%
Corporate Debt Securities 25,461 25,792 -1.3%
Corporate Debt Securities · Fair Value Measurements Recurring 26,407 26,751 -1.3%
Fixed maturities available-for-sale 43,636 42,527 +2.6%
Fixed maturities trading 480 528 -9.1%
Foreign Government Debt Securities 723 737 -1.9%
Residential Mortgage Backed Securities 3,701 3,354 +10.3%
US States And Political Subdivisions 8,376 7,148 +17.2%
US States And Political Subdivisions · Fair Value Measurements Recurring 8,376 7,148 +17.2%
US Treasury Securities 223 222 +0.5%
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Debt Securities Available For Sale Excluding Accrued Interest 44,116 43,055 +2.5%
Show Fair Value By Measurement Frequency breakouts
Fair Value Measurements Recurring 43,636 42,527 +2.6%
Liability For Claims And Claims Adjustment Expense (Q) — — —
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Liability For Claims And Claims Adjustment Expense 26,525 24,558 +8.0%
Liability For Future Policy Benefits (Q) — — —
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Liability For Future Policy Benefits 13,546 14,047 -3.6%
Unearned Premiums (Q) — — —
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Unearned Premiums 7,578 7,259 +4.4%
Payables To Broker Dealers And Clearing Organizations (Q) — — —
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Payables To Broker Dealers And Clearing Organizations 133 269 -50.6%
Long Term Debt And Capital Lease Obligations (Q) — — —
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Long Term Debt And Capital Lease Obligations 8,438 8,821 -4.3%
Deferred Revenue (Q) — — —
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Deferred Revenue 4,294 4,594 -6.5%
Other Liabilities (Q) — — —
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Other Liabilities 4,363 4,411 -1.1%
Stockholders' Equity
Common Stock (Q) — — —
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Common Stock 2 2 0.0%
Additional Paid-In Capital (Q) — — —
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Additional Paid-In Capital 2,469 2,562 -3.6%
Retained Earnings (Q) — — —
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Retained Earnings 17,690 16,802 +5.3%
Accumulated Other Comprehensive Income (Q) — — —
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Accumulated Other Comprehensive Income -1,161 -1,738 +33.2%
Stockholders Equity Before Treasury Stock (Q) — — —
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Stockholders Equity Before Treasury Stock 19,000 17,628 +7.8%
Treasury Stock Common Value (Q) — — —
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Treasury Stock Common Value -708 -271 -161.3%
Total Stockholders' Equity (Q) — — —
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Total Stockholders' Equity 18,292 17,357 +5.4%
Minority Interest (Q) — — —
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Minority Interest 931 891 +4.5%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest (Q) — — —
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Accumulated Defined Benefit Plans Adjustment Including Portion Attributable To Noncontrolling Interest -221 -517 +57.3%
Accumulated Foreign Currency Adjustment Including Portion Attributable To Noncontrolling Interest -126 -130 +3.1%
Accumulated Gain Loss Cash Flow Hedge Including Noncontrolling Interest 3 3 0.0%
Accumulated Net Investment Gain Loss Including Portion Attributable To Noncontrolling Interest -884 -744 -18.8%
Accumulated Other Comprehensive Income -1,161 -1,738 +33.2%
Additional Paid In Capital 2,469 2,562 -3.6%
Aoci Gain Loss Debt Securities Available For Sale With Allowance For Credit Loss Including Noncontrolling Interest -12 -13 +7.7%
Aoci Liability For Future Policy Benefit Including Noncontrolling Interest 79 -337 +123.4%
Common Stock 2 2 0.0%
Noncontrolling Interest 931 891 +4.5%
Retained Earnings 17,690 16,802 +5.3%
Treasury Stock Common -708 -271 -161.3%
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Stockholders Equity Including Portion Attributable To Noncontrolling Interest 19,223 18,248 +5.3%
Total Liabilities & Equity (Q) — — —
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Total Liabilities & Equity 85,941 83,617 +2.8%
Insurance Reserves (Q) — — —
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Insurance Reserves 47,649 45,864 +3.9%

Cash Flow Statement

Cash Flow Statement
Metric YTD Q3 2025 YTD Q3 2024 YoY
Operating Activities
Adjustments Noncash Items To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities (YTD) — — —
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Adjustments Noncash Items To Reconcile Net Income Loss To Cash Provided By Used In Operating Activities 571 425 +34.4%
Change in Accounts Receivable (YTD) — — —
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Change in Accounts Receivable -343 -390 +12.1%
Increase Decrease In Deferred Policy Acquisition Costs (YTD) — — —
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Increase Decrease In Deferred Policy Acquisition Costs -16 -45 +64.4%
Increase Decrease In Insurance Liabilities (YTD) — — —
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Increase Decrease In Insurance Liabilities 1,522 1,559 -2.4%
Increase Decrease In Other Operating Assets (YTD) — — —
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Increase Decrease In Other Operating Assets -14 -126 +88.9%
Increase Decrease In Other Operating Liabilities (YTD) — — —
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Increase Decrease In Other Operating Liabilities -234 54 -533.3%
Increase Decrease In Trading Securities (YTD) — — —
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Increase Decrease In Trading Securities -168 -698 +75.9%
Net Cash from Operations (YTD) — — —
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Net Cash from Operations 2,662 2,084 +27.7%
Investing Activities
Purchases of Investments (YTD) — — —
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Purchases of Investments -6,052 -4,965 -21.9%
Proceeds From Sale Of Available For Sale Securities Debt (YTD) — — —
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Proceeds From Sale Of Available For Sale Securities Debt 2,432 2,335 +4.2%
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities (YTD) — — —
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Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities 2,567 1,755 +46.3%
Payments To Acquire Equity Securities (YTD) — — —
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Payments To Acquire Equity Securities -429 -332 -29.2%
Proceeds From Sale Of Equity Securities Fv Ni (YTD) — — —
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Proceeds From Sale Of Equity Securities Fv Ni 396 388 +2.1%
Payments To Acquire Limited Partnership Interests (YTD) — — —
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Payments To Acquire Limited Partnership Interests -340 -235 -44.7%
Proceeds From Limited Partnership Investments (YTD) — — —
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Proceeds From Limited Partnership Investments 89 46 +93.5%
Capital Expenditures (YTD) — — —
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Capital Expenditures -388 -458 +15.3%
Proceeds From Sale Of Productive Assets (YTD) — — —
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Proceeds From Sale Of Productive Assets 1 23 -95.7%
Payments For Proceeds From Short Term Investments (YTD) — — —
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Payments For Proceeds From Short Term Investments -448 -583 +23.2%
Other Investing Activities (YTD) — — —
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Other Investing Activities -45 10 -550.0%
Net Cash from Investing (YTD) — — —
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Net Cash from Investing -2,217 -2,016 -10.0%
Financing Activities
Payments Of Dividends Common Stock (YTD) — — —
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Payments Of Dividends Common Stock -39 -42 +7.1%
Payments Of Dividends Minority Interest (YTD) — — —
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Payments Of Dividends Minority Interest -76 -75 -1.3%
Share Repurchases (YTD) — — —
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Share Repurchases -706 -262 -169.5%
Payments For Repurchase Of Redeemable Noncontrolling Interest (YTD) — — —
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Payments For Repurchase Of Redeemable Noncontrolling Interest -34 -20 -70.0%
Debt Repayments (YTD) — — —
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Debt Repayments -4 -763 +99.5%
Proceeds From Issuance Of Debt (YTD) — — —
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Proceeds From Issuance Of Debt 494 1,284 -61.5%
Proceeds From Payments For Other Financing Activities (YTD) — — —
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Proceeds From Payments For Other Financing Activities -69 -44 -56.8%
Net Cash from Financing (YTD) — — —
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Net Cash from Financing -434 78 -656.4%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (YTD) — — —
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Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 15 3 +400.0%
Net Change in Cash (YTD) — — —
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Net Change in Cash 26 149 -82.6%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents (Q) — — —
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 567 548 +3.5%

Values in millions USD. Source: SEC EDGAR 10-Q filing.

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