Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Feb. 07, 2025	Jun. 30, 2024
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	1-06541
Entity Registrant Name	LOEWS CORP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2646102
Entity Address, Address Line One	9 West 57th Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019-2714
City Area Code	212
Local Phone Number	521-2000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	L
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction	false
Entity Shell Company	false
Entity Public Float			$ 13,336
Entity Common Stock, Shares Outstanding		212,861,300
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2025 annual meeting of shareholders, intended to be filed by the registrant with the Commission not later than 120 days after the close of its fiscal year, are incorporated by reference into Part III of this Report.
Entity Central Index Key	0000060086
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Name	DELOITTE & TOUCHE LLP
Auditor Location	New York, New York
Auditor Firm ID	34

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturities, amortized cost of $44,196 and $42,615, less allowance for credit loss of $45 and $16	$ 41,827	$ 40,626
Equity securities, cost of $969 and $1,015	1,064	1,050
Limited partnership investments	2,520	2,174
Other invested assets, primarily mortgage loans, less allowance for credit loss of $35 and $35	1,113	1,123
Short-term investments	4,606	4,396
Total investments	51,130	49,369
Cash	541	399
Receivables	10,522	9,660
Property, plant and equipment	10,738	10,718
Goodwill	347	347
Deferred non-insurance warranty acquisition expenses	3,525	3,661
Deferred acquisition costs of insurance subsidiaries	959	896
Other assets	4,181	4,147
Total assets	81,943	79,197
Insurance reserves:
Claim and claim adjustment expense	24,976	23,304
Future policy benefits	13,158	13,959
Unearned premiums	7,346	6,933
Total insurance reserves	45,480	44,196
Payable to brokers	110	79
Short-term debt	5	1,084
Long-term debt	8,939	7,919
Deferred income taxes	550	398
Deferred non-insurance warranty revenue	4,530	4,694
Other liabilities	4,392	4,302
Total liabilities	64,006	62,672
Commitments and contingent liabilities
Shareholders’ equity:
Preferred stock
Common stock	2	2
Additional paid-in capital	2,490	2,589
Retained earnings	16,459	15,617
Accumulated other comprehensive loss	(1,867)	(2,497)
Shareholders' equity before treasury stock, total	17,084	15,711
Less treasury stock, at cost (212,251 and 100,000 shares)	(18)	(7)
Total shareholders’ equity	17,066	15,704
Noncontrolling interests	871	821
Total equity	17,937	16,525
Total liabilities and equity	$ 81,943	$ 79,197

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Investments:
Fixed maturities, amortized cost	$ 44,196	$ 42,615
Fixed maturities, allowance for credit loss	45	16
Equity securities, cost	969	1,015
Other invested assets, primarily mortgage loans, allowance for credit loss	$ 35	$ 35
Shareholders’ equity:
Preferred stock, par value (in dollars per share)	$ 0.10	$ 0.10
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	1,800,000,000	1,800,000,000
Common stock, shares issued (in shares)	214,912,595	222,268,150
Treasury stock, shares (in shares)	212,251	100,000

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues:
Insurance premiums	$ 10,211	$ 9,480	$ 8,667
Net investment income	2,780	2,395	1,802
Investment losses	(81)	(53)	(199)
Non-insurance warranty revenue	1,609	1,624	1,574
Operating revenues and other	2,991	2,455	2,200
Total	17,510	15,901	14,044
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $(125), $(88), and $(214))	7,738	7,068	6,653
Amortization of deferred acquisition costs	1,798	1,644	1,490
Non-insurance warranty expense	1,547	1,544	1,471
Operating expenses and other	4,170	3,393	3,077
Equity method income	(58)	(120)	(139)
Interest	441	376	378
Total	15,636	13,905	12,930
Income (loss) before income tax	1,874	1,996	1,114
Income tax expense	(380)	(451)	(223)
Net income (loss)	1,494	1,545	891
Amounts attributable to noncontrolling interests	(80)	(111)	(69)
Net income (loss) attributable to Loews Corporation	$ 1,414	$ 1,434	$ 822
Basic net income per share (in dollars per share)	$ 6.42	$ 6.30	$ 3.39
Diluted net income per share (in dollars per share)	$ 6.41	$ 6.29	$ 3.38
Basic weighted average number of shares outstanding (in shares)	220,260	227,480	242,830
Diluted weighted average number of shares outstanding (in shares)	220,530	227,810	243,280

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Re-measurement loss of insurance claims and policyholders’ benefits	$ (125)	$ (88)	$ (214)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income	$ 1,494	$ 1,545	$ 891
Other comprehensive income (loss), after tax
Net unrealized losses on investments with an allowance for credit losses	(1)	(5)	(5)
Net unrealized gains (losses) on other investments	(262)	1,125	(6,097)
Total unrealized gains (losses) on investments	(263)	1,120	(6,102)
Impact of changes in discount rates used to measure long-duration contract liabilities	712	(318)	3,959
Unrealized gains (losses) on cash flow hedges		(5)	20
Pension and postretirement benefits	340	104	15
Foreign currency translation	(102)	60	(111)
Other comprehensive income (loss)	687	961	(2,219)
Comprehensive income (loss)	2,181	2,506	(1,328)
Amounts attributable to noncontrolling interests	(137)	(188)	150
Total comprehensive income (loss) attributable to Loews Corporation	$ 2,044	$ 2,318	$ (1,178)

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	As reported	Common Stock	Common Stock As reported	Additional Paid-in Capital	Additional Paid-in Capital As reported	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings As reported	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss) As reported	Common Stock Held in Treasury	Common Stock Held in Treasury As reported	Noncontrolling Interests	Noncontrolling Interests Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests As reported
Balance at beginning of period at Dec. 31, 2021	$ 17,471	$ (1,704)	$ 19,175	$ 2	$ 2	$ 2,885	$ 2,885	$ 14,754	$ (22)	$ 14,776	$ (1,320)	$ (1,506)	$ 186	$ (3)	$ (3)	$ 1,153	$ (176)	$ 1,329
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	891							822								69
Other comprehensive income (loss)	(2,219)										(2,000)					(219)
Dividends paid	(159)							(61)								(98)
Purchase of subsidiary stock from noncontrolling interests	(66)					4										(70)
Purchases of Loews Corporation treasury stock	(738)													(738)
Retirement of treasury stock	0					(146)		(583)						729
Stock-based compensation	21					3										18
Other	0					2		(1)								(1)
Balance at end of period at Dec. 31, 2022	15,201			2		2,748		14,931			(3,320)			(12)		852
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,545							1,434								111
Other comprehensive income (loss)	961										884					77
Dividends paid	(131)							(57)								(74)
Purchase of subsidiary stock from noncontrolling interests	(202)					27					(61)					(168)
Purchases of Loews Corporation treasury stock	(852)													(852)
Retirement of treasury stock	0					(164)		(693)						857
Stock-based compensation	26					3										23
Other	(23)					(25)		2
Balance at end of period at Dec. 31, 2023	16,525			2		2,589		15,617			(2,497)			(7)		821
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,494							1,414								80
Other comprehensive income (loss)	687										630					57
Dividends paid	(140)							(55)								(85)
Purchase of subsidiary stock from noncontrolling interests	(20)															(20)
Purchases of Loews Corporation treasury stock	(617)													(617)
Retirement of treasury stock	0					(89)		(517)						606
Stock-based compensation	19					(1)										20
Other	(11)					(9)										(2)
Balance at end of period at Dec. 31, 2024	$ 17,937			$ 2		$ 2,490		$ 16,459			$ (1,867)			$ (18)		$ 871

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.25	$ 0.25	$ 0.25

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Activities:
Net income	$ 1,494	$ 1,545	$ 891
Adjustments to reconcile net income to net cash provided by operating activities:
Investment losses	81	53	199
Equity method investees	(66)	18	236
Amortization of investments	(200)	(191)	(129)
Depreciation and amortization	583	538	509
Provision for deferred income taxes	(45)	127	(50)
Other non-cash items	98	109	90
Changes in operating assets and liabilities, net:
Receivables	(929)	(268)	(316)
Deferred acquisition costs	(69)	(85)	(79)
Insurance reserves	2,365	1,667	2,058
Other assets	417	(88)	(391)
Other liabilities	(9)	(95)	137
Trading securities	(695)	577	159
Net cash flow provided by operating activities	3,025	3,907	3,314
Investing Activities:
Purchases of fixed maturities	(6,353)	(6,616)	(9,821)
Proceeds from sales of fixed maturities	2,793	4,029	5,909
Proceeds from maturities of fixed maturities	2,396	1,334	2,358
Purchases of equity securities	(444)	(293)	(294)
Proceeds from sales of equity securities	523	317	509
Purchases of limited partnership investments	(335)	(402)	(337)
Proceeds from sales of limited partnership investments	98	231	171
Purchases of property, plant and equipment	(632)	(686)	(660)
Acquisitions		(401)
Dispositions	23		16
Change in short-term investments	(30)	(80)	(27)
Other, net	(14)	(178)	(171)
Net cash flow used by investing activities	(1,975)	(2,745)	(2,347)
Financing Activities:
Dividends paid	(55)	(57)	(61)
Dividends paid to noncontrolling interests	(85)	(74)	(98)
Purchases of Loews Corporation treasury stock	(608)	(849)	(729)
Purchases of subsidiary stock from noncontrolling interests	(20)	(202)	(66)
Principal payments on debt	(1,366)	(878)	(640)
Payment of debt	1,294	778	573
Other, net	(58)	(18)	(16)
Net cash flow used by financing activities	(898)	(1,300)	(1,037)
Effect of foreign exchange rate on cash	(10)	5	(19)
Net change in cash	142	(133)	(89)
Cash, beginning of year	399	532	621
Cash, end of year	$ 541	$ 399	$ 532

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

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.

Accounting estimates and principles of consolidation – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements and the related notes. Actual results could differ from those estimates. The Consolidated Financial Statements include all subsidiaries and intercompany accounts and transactions have been eliminated.

Investments – Fixed maturity securities are classified as either available-for-sale or trading, and as such, they are carried at fair value. Short-term investments are carried at fair value. Changes in fair value of trading securities are reported within Net investment income on the Consolidated Statements of Operations. Changes in fair value of available-for-sale securities are reported as a component of Other comprehensive income.

The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts, which are included in Net investment income on the Consolidated Statements of Operations. The amortization of premium and accretion of discount for fixed maturity securities takes into consideration call and maturity dates that produce the lowest yield.

For asset-backed securities included in fixed maturity securities, income is recognized using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments predominantly using the retrospective method.

Equity securities are carried at fair value. Non-redeemable preferred stock investments contain characteristics of debt securities, are priced similarly to bonds and are held primarily for income generation through periodic dividends. While recognition of gains and losses on these securities is not discretionary, the changes in fair value of non-redeemable preferred stock are not considered to be reflective of its primary operations. As such, the changes in the fair value of these securities are recorded through Investment gains (losses) on the Consolidated Statements of Operations. Common stock is owned with the intention of holding the securities primarily for market appreciation and as such, the changes in the fair value of these securities are recorded through Net investment income (loss).

Carrying value of investments in limited partnerships is the owner’s share of the net asset value of each partnership, as determined by the general partner. Certain partnerships for which results are not available on a timely basis are reported on a lag, primarily three months or less. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Operations.

Mortgage loans are commercial in nature, are carried at unpaid principal balance, net of unamortized fees and an allowance for expected credit losses, and are recorded once funded. The allowance for expected credit losses on mortgage loans is developed by assessing the credit quality of pools of mortgage loans in good standing using debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. The DSCR compares a property’s net operating income to its debt service payments, including principal and interest. The LTV ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. The pools developed to measure the credit loss allowance use increments of DSCR and LTV to draw distinctions between risk levels. Expected credit loss rates are applied by pool to the outstanding receivable balances. Changes in the allowance for mortgage loans are presented as a component of Investment gains (losses) on the Consolidated Statements of Operations. Mortgage loans are included in Other invested assets on the Consolidated Balance Sheets. Interest income from mortgage loans is recognized on an accrual basis using the effective yield method.

Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Net investment income or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative instruments (such as call options embedded in convertible bonds) must be split from the host instrument when the embedded derivative is not clearly and closely related to the host instrument.

An available-for-sale security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and allowance for credit losses. When a security is impaired, it is evaluated to determine whether there is an intent to sell the security before recovery of amortized cost or whether a credit loss exists. Losses on securities that are intended to be sold are recognized as impairment losses within Investment gains (losses) on the Consolidated Statements of Operations. If a credit loss exists, an allowance is established and the corresponding amount is recognized as an impairment loss within Investment gains (losses) on the Consolidated Statements of Operations. The allowance for credit losses related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis. In subsequent periods, the allowance is reviewed, with any changes in the allowance presented as a component of Investment gains (losses) on the Consolidated Statements of Operations. Changes in the difference between the amortized cost basis, net of the allowance, and the fair value, are recognized in Other comprehensive income.

Significant judgment is required in the determination of whether an impairment loss has occurred for a security. A consistent and systematic process is followed for determining and recording an impairment loss, including the evaluation of securities in an unrealized loss position and securities with an allowance for credit losses on at least a quarterly basis.

The assessment of whether an impairment loss has occurred incorporates both quantitative and qualitative information. A credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. All available evidence is considered when determining whether an investment requires a credit loss write-down or allowance to be recorded. Examples of such evidence may include the financial condition and near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions and industry, sector or other specific factors and whether it is likely that the amortized cost will be recovered through the collection of cash flows.

Credit losses – The allowances for credit losses on fixed maturity securities, mortgage loans, reinsurance receivables, insurance receivables and trade receivables are valuation accounts that are reported as a reduction of a financial asset’s cost basis and are measured on a pool basis when similar risk characteristics exist. The allowance is estimated using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Current and forecast economic conditions are considered, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to the forecast of economic conditions can vary by financial asset class. A reasonable and supportable forecast period is up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. Collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk are considered in the estimate of the net amount expected to be collected. Amounts are written off against the allowance when determined to be uncollectible.

A policy election has been made to present accrued interest balances separately from the amortized cost basis of assets, and a practical expedient has been elected to exclude the accrued interest from the tabular disclosures for mortgage loans and available-for-sale securities. An election has been made not to estimate an allowance for credit losses on accrued interest receivables. The accrual of interest income is discontinued and the asset is placed on nonaccrual status within 90 days of the interest becoming delinquent. Interest accrued but not received for assets on nonaccrual status is reversed through Net investment income. Interest received for assets that are on nonaccrual status is recognized as payment is received. The asset is returned to accrual status when the principal and interest amounts contractually due are brought current, and future payments are expected. Interest receivables are presented in Receivables on the Consolidated Balance Sheet.

Equity method investments – Loews Hotels & Co has interests in operating joint ventures related to hotel properties over which it exercises significant influence but does not have control over them. Loews Hotels & Co uses the equity method of accounting for these investments. The Company also has interests in Altium Packaging LLC (“Altium Packaging”), which is engaged in the manufacture of rigid packaging solutions. Loews Corporation shares certain participating rights related to capital allocation and other decisions with the joint venture partner, therefore, the investment in Altium Packaging is accounted for under the equity method of accounting. The Company’s total investment in entities accounted for under the equity method of accounting, excluding limited partnership investments, was $937 million and $996 million as of December 31, 2024 and 2023 and is reported in Other assets on the Consolidated Balance Sheets. Equity method income for investments accounted for under the equity method of accounting, excluding limited partnerships, was $58 million, $120 million and $139 million for the years ended December 31, 2024, 2023 and 2022 and is reported separately in expenses on the Consolidated Statements of Operations. Equity method investments are reviewed for impairment when changes in circumstances indicate that the carrying value of the asset may not be recoverable. See Note 3 for a discussion of limited partnership investments.

Hedging – The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedging transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative for which hedge accounting has been designated is not (or ceases to be) highly effective, the Company discontinues hedge accounting prospectively. See Note 3 for additional information on the Company’s use of derivatives.

Securities lending activities – The Company lends securities for the purpose of enhancing income or to finance positions to unrelated parties who have been designated as primary dealers by the Federal Reserve Bank of New York. Borrowers of these securities must deposit and maintain collateral with the Company of no less than 100% of the fair value of the securities loaned. United States of America (“U.S.”) Government securities and cash are accepted as collateral. The Company maintains effective control over loaned securities and, therefore, continues to report such securities as investments on the Consolidated Balance Sheets.

Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2024 and 2023.

Revenue recognition – Premiums on property and casualty insurance contracts are recognized in proportion to the underlying risk insured and are primarily earned ratably over the term of the policies. Premiums on long-term care contracts are earned ratably over the policy year in which they are due. The reserve for unearned premiums represents the portion of premiums written relating to the unexpired terms of coverage.

Property and casualty contracts that are retrospectively rated or subject to audit premiums contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions. These provisions stipulate the adjustment due to loss experience of the insured during the coverage period, or changes in the level of exposure to insurance risk. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the coverage period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA either adjusts such estimated ultimate premium amounts during the course of the coverage period based on actual results to date or by conducting premium audits after the policy has expired to determine the final exposure to insured risks. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period.

Insurance receivables include balances due currently or in the future, including amounts due from insureds related to paid losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. As of December 31, 2024 and 2023, an allowance for doubtful accounts of $26 million and $28 million for insurance receivables has been established using a loss rate methodology to determine expected credit losses for premium receivables. This methodology uses CNA’s historical annual credit losses relative to gross premium written to develop a range of credit loss rates for each dollar of gross written premium underwritten. Additionally, an expected credit loss for amounts due from insureds under high deductible and retrospectively rated policies is calculated on a pool basis, informed by historical default rate data obtained from major rating agencies. Changes in the allowance are presented as a component of Other operating expenses on the Consolidated Statements of Operations. Amounts are considered past due based on policy payment terms. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached.

CNA’s non-insurance warranty revenues are primarily generated from separately-priced service contracts that provide mechanical breakdown and other coverages to vehicle or consumer goods owners, which generally provide coverage from one month to ten years. For warranty products where CNA acts as the principal in the transaction, Non-insurance warranty revenue is reported on a gross basis, with amounts paid by customers reported as Non-insurance warranty revenue and commissions paid to agents and dealers reported as Non-insurance warranty expense on the Consolidated Statements of Operations. Additionally, CNA provides warranty administration services for dealer and manufacturer warranty products. Non-insurance revenues are recognized when obligations under the terms of the contract with CNA’s customers are satisfied, which is generally over time as obligations are fulfilled. CNA recognizes non-insurance warranty revenue over the service period in proportion to the actuarially determined expected claims emergence pattern. Customers predominantly pay in full at the inception of the warranty contract. The liability for unearned warranty revenue, reported as Deferred non-insurance warranty revenue on the Consolidated Balance Sheets, represents the unearned portion of revenue in advance of CNA’s performance, including amounts which are refundable upon cancellation.

Contract costs to obtain or fulfill non-insurance warranty contracts with customers are deferred and recorded as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets. These costs are expected to be recoverable over the term of the contract and are amortized in the same manner the related revenue is recognized. CNA evaluates deferred costs for recoverability including consideration of anticipated investment income. Adjustments to deferred costs, if necessary, are recorded in the current period results of operations.

Boardwalk Pipelines primarily earns revenues by providing transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (referred to together as “NGLs”) on a firm and interruptible basis and providing ethane supply and transportation services for industrial customers in Louisiana and Texas. Boardwalk Pipelines also provides interruptible natural gas parking and lending services. The majority of Boardwalk Pipelines’ operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and certain revenues collected, under certain circumstances, may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. The majority of Boardwalk Pipelines’ revenues are from firm service contracts which are accounted for as a single promise to stand ready each month of the contract term to provide the committed capacity for either transportation or storage services. The transaction price is comprised of a fixed fee based on the capacity reserved plus a usage fee paid on the volume of commodity transported or injected and withdrawn from storage. Both the fixed and the usage fees are allocated to the single performance obligation of providing transportation or storage service and recognized over time as control is passed to the customer. These service contracts can range in term from one to 20 years and are invoiced monthly. For the ethane supply contracts, the purchases and sales are with different counterparties and control transfers at different receipt and delivery points, resulting in the purchases and sales being presented on a gross basis in the Consolidated Statements of Operations.

Loews Hotels & Co provides lodging and related goods and services as well as management and marketing services. Lodging and related revenues are recognized as the guest takes possession of the goods or receives the services. Management and marketing services revenues are recognized as the services are provided and billed on a monthly basis. In addition, Loews Hotels & Co recognizes revenue for the reimbursement of payroll and other expenses as they are incurred on behalf of the owners of joint venture and managed hotel properties.

Claim and claim adjustment expense reserves – Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (“A&EP”) and workers’ compensation lifetime claims, are not discounted and are based on (i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations; (ii) estimates of incurred but not reported losses; (iii) estimates of losses on assumed reinsurance; (iv) estimates of future expenses to be incurred in the settlement of claims; (v) estimates of salvage and subrogation recoveries and (vi) estimates of amounts due from insureds related to losses under high deductible policies. Management considers current conditions and trends as well as past CNA and industry experience in establishing these estimates. The effects of inflation, which can be significant, are implicitly considered in the reserving process and are part of the recorded reserve balance. Ceded claim and claim adjustment expense reserves are reported as a component of Receivables on the Consolidated Balance Sheets.

Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.3 billion and $1.2 billion as of December 31, 2024 and 2023. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets.

Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and are discounted at a weighted average

interest rate of 6.6% and 6.4% as of December 31, 2024 and 2023. This interest rate is based on the expected yield of the assets that support the reserves and reinvestment assumptions. As of December 31, 2024 and 2023, the discounted reserves for unfunded structured settlements were $444 million and $465 million, net of discount of $535 million and $559 million. For the years ended December 31, 2024, 2023 and 2022, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $33 million, $34 million and $36 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations but is excluded from the disclosure of prior year loss reserve development.

Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. As of December 31, 2024 and 2023, workers’ compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2024 and 2023, the discounted reserves for workers’ compensation lifetime claim reserves were $179 million and $196 million, net of discount of $80 million and $88 million. For the years ended December 31, 2024, 2023 and 2022, the amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $6 million, $9 million and $9 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations, but is excluded from the disclosure of prior year loss reserve development.

Future policy benefit reserves – Future policy benefit reserves are associated with CNA’s run-off long-term care business 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.

The liability for future policyholder benefits (“LFPB”) is computed using the net level premium method, which incorporates cash flow and discount rate assumptions. Under the net level premium method, the LFPB is equal to the present value of future benefits and claim settlement expenses less the present value of future net premiums. Net premiums are equal to gross premiums multiplied by the Net Premium Ratio (“NPR”). The NPR is generally the ratio of the present value of benefits and expense payments to the present value of gross premiums, expected over the lifetime of the policy. As a result of the modified retrospective adoption of ASU 2018-12, CNA’s NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021.

The key cash flow assumptions used to estimate the LFPB are morbidity, persistency, anticipated future premium rate increases and expenses. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. Expense assumptions relate to claim adjudication. The practical expedient was not elected that allows locking in the expense assumption. The carried LFPB discount rate is determined using the upper-medium grade fixed income instrument yield curve.

CNA has elected to update the NPR and the LFPB for actual experience on a quarterly basis. A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated. Annually, in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increase and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered. The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in the results of operations within Insurance claims and policyholders’ benefits.

Quarterly, to derive the upper-medium grade fixed income instrument yield discount rate assumption, a published spot rate curve constructed from single-A rated U.S. dollar denominated corporate bonds is used. Linear interpolation to determine yield assumptions for tenors that fall between points for which observable rates are available is used. For cash flows that are projected to occur beyond the tenor for which market-observable rates are available, CNA applies judgment to estimate a normative rate which it grades to over 10 years. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss).

Quarterly, the updated NPR is used to derive an updated LFPB as of the beginning of the current quarter measured at the original locked in discount rate. The updated LFPB is then compared to the existing carrying amount of the liability as of the same date (measured at the original locked in discount rate) to determine the re-measurement gain (loss), which is presented parenthetically within the Insurance claims and policyholders’ benefits line on the Consolidated Statements of Operations.

Insurance contracts are grouped into cohorts according to issue year. Contracts assumed through reinsurance are generally included within the same cohorts as contracts issued directly, according to issue year. The issue year for assumed contracts is defined according to the date that assumption of insurance risk incepted. For assumed contracts that were reinsured concurrently with the issuance of the underlying direct contract, issue year is defined as the year that the underlying policy was issued. For contracts that were already in-force when assumed, issue year is defined as the year in which the reinsurance agreement incepted. For group long-term care business, issue year is defined as the year the individual insurance certificate was issued. Long-term care is CNA’s only long-duration product line, therefore, cohorts are not further disaggregated by product.

Insurance-related assessments – Liabilities for insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated and when the event obligating the entity to pay an imposed or probable assessment has occurred. Liabilities for insurance-related assessments are not discounted and are included as part of Other liabilities on the Consolidated Balance Sheets. As of December 31, 2024 and 2023, the liability balances were $86 million and $84 million.

Reinsurance – Reinsurance accounting allows for contractual cash flows to be reflected as premiums and losses. To qualify for reinsurance accounting, reinsurance agreements must include risk transfer. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity.

Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA.

As of December 31, 2024 and 2023, an allowance for doubtful accounts of $21 million and $22 million have been established for each year for reinsurance receivables, which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. For assessing expected credit losses, CNA separates reinsurance receivables into two pools: voluntary reinsurance receivables and involuntary receivables related to mandatory pools. CNA has not recorded an allowance for involuntary pools as there is no perceived credit risk. The principal credit quality indicator used in the valuation of the allowance on voluntary reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. If the reinsurer is unrated, an internal financial strength rating is assigned based on CNA’s historical loss experience and the assessment of the reinsurance counterparty’s risk profile, which generally corresponds with a B rating. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer financial strength rating and solvency, industry experience and current and forecast economic conditions. Because billed receivables generally approximate 6% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations.

Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations.

A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of claim and allocated claim adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings.

Deferred acquisition costs – Deferrable acquisition costs include commissions, premium taxes and certain underwriting and policy issuance costs which are incremental direct costs of successful contract acquisitions. Acquisition

costs related to property and casualty business are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs.

CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations.

Policyholder dividends – Policyholder dividends are paid to participating policyholders within the workers’ compensation and surety lines of business. Net written premiums for participating dividend policies were approximately 2% of total net written premiums for each of the years ended December 31, 2024, 2023 and 2022. Dividends to policyholders are accrued according to CNA’s best estimate of the amount to be paid in accordance with contractual provisions and applicable state laws. Dividends to policyholders are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations and Other liabilities on the Consolidated Balance Sheets.

Goodwill and other intangible assets – Goodwill represents the excess of purchase price over fair value of net assets of acquired entities. Goodwill is tested for impairment annually or when certain triggering events require additional tests. Subsequent reversal of a goodwill impairment charge is not permitted.

Other intangible assets are reported within Other assets. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually or when certain triggering events require such tests. See Note 7 for additional information on goodwill and other intangible assets.

Property, plant and equipment – Property, plant and equipment is carried at cost less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the various classes of properties. Leaseholds and leasehold improvements are depreciated or amortized over the terms of the related leases (including optional renewal periods, where appropriate) or the estimated lives of improvements, if less than the lease term.

The principal service lives used in computing provisions for depreciation are as follows:


	Years
Pipeline equipment	30	to	50
Hotel properties and other	3	to	40

Impairment of long-lived assets – Long-lived and finite-lived intangible assets are reviewed for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets and intangibles with finite lives, under certain circumstances, are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential are recorded at the lower of carrying amount or fair value less cost to sell.

Income taxes − The Company and its eligible subsidiaries file a consolidated tax return. Deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes may not be realized.

The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. See Note 11 for additional information on the provision for income taxes.

Pension and postretirement benefits – The overfunded or underfunded status of defined benefit plans is recognized in Other assets or Other liabilities on the Consolidated Balance Sheets. Changes in funded status related to prior service costs and credits and actuarial gains and losses are recognized in the year in which the changes occur through Accumulated Other Comprehensive Income (“AOCI”). Benefit plan assets and obligations are measured at December 31. Annual service cost, interest cost, expected return on plan assets, amortization of prior service costs and credits and amortization of actuarial gains and losses are recognized in the Consolidated Statements of Operations.

Stock-based compensation – Compensation expense is recorded upon issuance, modification or cancellation of all share-based payment awards granted, primarily on a straight-line basis over the requisite service period, generally three years. Restricted Stock Units are valued using the grant-date fair value of Loews Corporation’s stock.

Net income per share – Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of Loews Corporation 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 Loews Corporation common stock were exercised or converted into common stock.

For the years ended December 31, 2024, 2023 and 2022, approximately 0.3 million, 0.3 million and 0.4 million potential shares attributable to issuances and exercises under the Loews Corporation 2016 Incentive Compensation Plan and the prior plan were included in the calculation of diluted net income per share, and there were no shares attributable to employee stock-based compensation awards excluded from the calculation of diluted net income per share because the effect would have been antidilutive.

Foreign currency – Foreign currency translation gains and losses are reflected in Shareholders’ equity as a component of AOCI. Foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each reporting date and income statement accounts are translated at the average exchange rates during the reporting period. There were foreign currency transaction gains (losses) of $(7) million, $8 million and $(20) million for the years ended December 31, 2024, 2023 and 2022 included in the Consolidated Statements of Operations.

Regulatory accounting – The majority of Boardwalk Pipelines’ revenues are earned from operating subsidiaries that are regulated by FERC. Texas Gas Transmission, LLC (“Texas Gas”), a wholly owned subsidiary of Boardwalk Pipelines, applies regulatory accounting to certain assets for GAAP purposes, which records certain assets and liabilities consistent with the economic effect of the manner in which independent third party regulators establish rates. Gulf South Pipeline Company, LLC (“Gulf South”), a wholly owned subsidiary of Boardwalk Pipelines, has implemented fuel trackers, for which regulatory accounting is applied. Accordingly, the value of fuel received from customers paying the maximum tariff rate and the related value of fuel used in transportation are recorded to a regulatory asset or liability depending on whether Gulf South uses more fuel than it collects from customers or collects more fuel than it uses. Other than as described for Texas Gas and the fuel trackers for Gulf South, regulatory accounting is not applicable to Boardwalk Pipelines’ other FERC regulated entities or operations.

Supplementary cash flow information – Cash payments made for interest on long-term debt, net of capitalized interest, amounted to $422 million, $385 million and $380 million for the years ended December 31, 2024, 2023 and 2022. Cash payments for federal, foreign, state and local income taxes amounted to $403 million, $304 million and $376 million for the years ended December 31, 2024, 2023 and 2022. Investing activities include $37 million of previously accrued capital expenditures for the year ended December 31, 2024 and exclude $9 million and $33 million of accrued capital expenditures for the years ended December 31, 2023 and 2022.

Accounting changes – In November of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker (“CODM”). The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The guidance has been adopted retrospectively, with comparative period segment disclosures adjusted to reflect the change in accounting guidance. See Note 20 for additional information.

In August of 2018, the FASB issued ASU 2018-12, “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts” (“ASU 2018-12”). The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. Entities are required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) used to measure the liability for future policyholder benefits (“LFPB”) at least annually. The LFPB must also be updated for actual experience at least annually. The discount rate assumption used to measure the LFPB must be updated quarterly using an upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted as a single-A rate.

The guidance was adopted effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. CNA’s run-off long-term care business is in scope of the guidance. Prior periods presented in the financial statements have been adjusted to reflect application of the guidance. While the requirements of the guidance represent a material change from legacy accounting, it does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business.

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

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

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

Acquisitions, Divestitures and Deconsolidations	12 Months Ended
Acquisitions, Divestitures and Deconsolidations	Dec. 31, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions, Divestitures and Deconsolidations	Acquisitions, Divestitures and Deconsolidations Boardwalk Pipelines On September 29, 2023, Boardwalk Pipelines acquired 100% of the equity interests of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) from Williams Field Services Group, LLC for $355 million in cash. Loews Hotels & Co During 2024, Loews Hotels & Co acquired all the remaining outstanding noncontrolling equity interests of two owned and consolidated hotels for $44 million. During 2024, Loews Hotels & Co received proceeds of $23 million for the sale of an owned hotel. During 2023, Loews Hotels & Co paid $46 million to acquire an additional equity interest in a previously unconsolidated joint venture property. The acquisition resulted in Loews Hotels & Co consolidating the joint venture property and recording a gain of $46 million ($36 million after tax). Upon acquisition, $232 million in assets and $120 million in liabilities were consolidated at fair value.

Investments

12 Months Ended

Dec. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Investments

Net investment income is as follows:


Year Ended December 31	2024		2023		2022
(In millions)

Fixed maturity securities	$	2,050	$	1,941	$	1,787
Limited partnership investments	271		177		(6)
Short-term investments	90		78		17
Equity securities (a)	82		63		23
Income from trading portfolio (a)	255		125
Other	129		105		65
Total investment income	2,877		2,489		1,886
Investment expenses	(97)		(94)		(84)
Net investment income	$	2,780	$	2,395	$	1,802
(a) Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of December 31, 2024, 2023 and 2022	$	93	$	38	$	3

As of December 31, 2024 and 2023, no investments in a single issuer exceeded 10% of shareholders’ equity, other than investments in securities issued by the U.S. Treasury and obligations of government-sponsored enterprises.

Investment gains (losses) are as follows:


Year Ended December 31	2024		2023		2022
(In millions)

Fixed maturity securities:
Gross gains	$	48	$	75	$	120
Gross losses	(150)		(166)		(261)
Investment losses on fixed maturity securities	(102)		(91)		(141)
Equity securities (a)	21		4		(116)
Derivative instruments			(1)		64
Short-term investments and other			(11)		(6)
Gain on acquisition of a joint venture (see Note 2)			46


Investment losses	$	(81)	$	(53)	$	(199)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of December 31, 2024, 2023, and 2022	$	19	$	14	$	(75)

Investment gains (losses) for the year ended December 31, 2022 in the table above include an $18 million net gain related to the novation of a coinsurance agreement on CNA’s legacy annuity business, which was transacted on a funds withheld basis and gave rise to an embedded derivative. The net gain of $18 million is comprised of a $62 million gain on the associated embedded derivative partially offset by a $44 million loss on fixed maturity securities supporting the funds withheld liability, transferred with the novation, to recognize unrealized losses which had been included in AOCI since the inception of the coinsurance agreement. Taken together, this net gain is the final recognition of changes in the valuation of the funds held assets and offsets previously recognized investment losses on the associated embedded derivative. The coinsurance agreement was novated in the fourth quarter of 2022.

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:


Year Ended December 31	2024		2023		2022
(In millions)

Fixed maturity securities available-for-sale:
Corporate and other bonds	$	34	$	33	$	62
Asset-backed	29		11
Impairment losses recognized in earnings	$	63	$	44	$	62

No losses were recognized on mortgage loans during the year ended December 31, 2024. For the years ended December 31, 2023 and 2022, there were $11 million and $8 million of losses related to mortgage loans primarily due to changes in expected credit losses.

The net change in unrealized gains (losses) on fixed maturity securities, was $(352) million, $1.4 billion and $(7.9) billion for the years ended December 31, 2024, 2023 and 2022.

The amortized cost and fair values of fixed maturity securities are as follows:


December 31, 2024	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	$	25,839	$	423	$	1,305	$	13	$	24,944
States, municipalities and political subdivisions	7,396		243		835				6,804
Asset-backed:
Residential mortgage-backed	3,725		7		488				3,244
Commercial mortgage-backed	1,779		11		141		18		1,631
Other asset-backed	3,770		24		239		14		3,541
Total asset-backed	9,274		42		868		32		8,416
U.S. Treasury and obligations of government sponsored enterprises	220		1		1				220
Foreign government	701		6		30				677

Fixed maturities available-for-sale	$	43,430	$	715	$	3,039	$	45	$	41,061
Fixed maturities trading	766								766
Total fixed maturity securities	$	44,196	$	715	$	3,039	$	45	$	41,827


December 31, 2023

Fixed maturity securities:
Corporate and other bonds	$	25,020	$	597	$	1,345	$	4	$	24,268
States, municipalities and political subdivisions	7,713		382		703				7,392
Asset-backed:
Residential mortgage-backed	3,411		16		425				3,002
Commercial mortgage-backed	1,862		7		230		8		1,631
Other asset-backed	3,515		13		256		4		3,268
Total asset-backed	8,788		36		911		12		7,901
U.S. Treasury and obligations of government sponsored enterprises	152		1		2				151
Foreign government	741		6		34				713

Fixed maturities available-for-sale	$	42,414	$	1,022	$	2,995	$	16	$	40,425
Fixed maturities trading	201								201
Total fixed maturity securities	$	42,615	$	1,022	$	2,995	$	16	$	40,626

The available-for-sale fixed maturities 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
December 31, 2024	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	$	5,846	$	165	$	10,388	$	1,140	$	16,234	$	1,305
States, municipalities and political subdivisions	1,247		52		2,967		783		4,214		835
Asset-backed:
Residential mortgage-backed	849		22		2,010		466		2,859		488
Commercial mortgage-backed	180		2		988		139		1,168		141
Other asset-backed	680		21		1,557		218		2,237		239
Total asset-backed	1,709		45		4,555		823		6,264		868
U.S. Treasury and obligations of government-sponsored enterprises	49		1		41				90		1
Foreign government	118		3		368		27		486		30
Total fixed maturity securities	$	8,969	$	266	$	18,319	$	2,773	$	27,288	$	3,039

December 31, 2023

Fixed maturity securities:
Corporate and other bonds	$	1,943	$	37	$	13,406	$	1,308	$	15,349	$	1,345
States, municipalities and political subdivisions	598		18		3,104		685		3,702		703
Asset-backed:
Residential mortgage-backed	233		4		2,212		421		2,445		425
Commercial mortgage-backed	200		5		1,184		225		1,384		230
Other asset-backed	392		8		1,869		248		2,261		256
Total asset-backed	825		17		5,265		894		6,090		911
U.S. Treasury and obligations of government-sponsored enterprises	65		1		23		1		88		2
Foreign government	52		1		450		33		502		34
Total fixed maturity securities	$	3,483	$	74	$	22,248	$	2,921	$	25,731	$	2,995

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.


	December 31, 2024				December 31, 2023
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	2,567	$	373	$	2,273	$	309
AAA	1,800		282		1,524		261
AA	4,247		730		3,817		658
A	6,330		582		5,652		517
BBB	11,548		980		11,523		1,095
Non-investment grade	796		92		942		155
Total	$	27,288	$	3,039	$	25,731	$	2,995

Based on current facts and circumstances, the unrealized losses presented in the December 31, 2024 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded at December 31, 2024.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $442 million and $435 million as of December 31, 2024 and 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.


Year Ended December 31, 2024	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2024	$	4	$	12	$	16
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	9		18		27
Available-for-sale securities accounted for as PCD assets	4				4

Reductions to the allowance for credit losses:
Securities sold during the period (realized)	3		1		4
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	1				1
Write-offs charged against the allowance			9		9

Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			12		12
Total allowance for credit losses	$	13	$	32	$	45


Year Ended December 31, 2023	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2023	$	—	$	1	$	1
Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded	10		7		17
Available-for-sale securities accounted for as PCD assets	22				22

Reductions to the allowance for credit losses:
Securities sold during the period (realized)	6				6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	8				8
Write-offs charged against the allowance	15				15

Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	1		4		5
Total allowance for credit losses	$	4	$	12	$	16

Contractual Maturity

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


December 31	2024				2023
	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
(In millions)

Due in one year or less	$	1,761	$	1,753	$	1,121	$	1,091
Due after one year through five years	11,678		11,403		11,563		11,180
Due after five years through ten years	13,083		12,365		13,359		12,573
Due after ten years	16,908		15,540		16,371		15,581
Total	$	43,430	$	41,061	$	42,414	$	40,425

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

Limited Partnerships

The carrying value of limited partnerships as of December 31, 2024 and 2023 was approximately $2.5 billion and $2.2 billion, which includes net undistributed earnings of $334 million and $250 million. Limited partnerships comprising 14% of the total carrying value are reported on a current basis through December 31, 2024 with no reporting lag, 3% of the total carrying value are reported on a one month lag and the remainder are reported on more than a one month lag. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio.

Limited partnerships comprising 86% and 85% of the carrying value at December 31, 2024 and 2023 were invested in private debt and equity. Limited partnerships comprising 14% and 15% of the carrying value as of December 31, 2024 and 2023 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, co-investment, private credit, growth capital, distressed investing and real estate. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments.

The ten largest limited partnership positions held totaled $648 million and $622 million as of December 31, 2024 and 2023. Based on the most recent information available regarding percentage ownership of the individual limited partnerships, the carrying value reflected on the Consolidated Balance Sheets represents approximately 1% of the aggregate partnership equity at December 31, 2024 and 2023, and the related income reflected on the Consolidated Statements of Operations represents approximately 1%, 1%, and 2% of the changes in aggregate partnership equity for the years ended December 31, 2024, 2023 and 2022.

There are risks inherent in limited partnership investments which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies.

Private debt, private equity and other non-hedge fund limited partnership investments generally do not permit voluntary withdrawals. Hedge fund limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year or longer. Typically, hedge fund withdrawals require advance written notice of up to 90 days.

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 December 31, 2024	2024		2023		2022		2021		2020		Prior		Total
(In millions)

DSCR ≥1.6x
LTV less than 55%			$	34	$	9			$	60	$	169	$	272
LTV 55% to 65%					15		$	11	4		12		42
LTV greater than 65%			13		30		12						55
DSCR 1.2x - 1.6x
LTV less than 55%	$	49	28		5		2		49		71		204
LTV 55% to 65%	53		30		21		30		20		39		193
LTV greater than 65%					46								46
DSCR ≤1.2x
LTV less than 55%											21		21
LTV 55% to 65%			22		75						20		117
LTV greater than 65%					35		21				48		104
Total	$	102	$	127	$	236	$	76	$	133	$	380	$	1,054


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

Derivative Financial Instruments

Derivatives may be used in the normal course of business, primarily in an attempt to reduce exposure to market risk (principally interest rate risk, credit risk, equity price risk, commodity price risk and foreign currency risk) stemming from various assets and liabilities. The principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment.

Interest rate swaps, futures and forward commitments to purchase securities may be entered into to manage interest rate risk. Credit derivatives such as credit default swaps may be entered into to modify the credit risk inherent in certain investments. Forward contracts, futures, swaps and options may be used to manage foreign currency and commodity price risk.

In addition to the derivatives used for risk management purposes described above, derivatives may also be used for purposes of income enhancement. Income enhancement transactions include interest rate swaps, call options, put options, credit default swaps, index futures and foreign currency forwards. See Note 4 for information regarding the fair value of derivative instruments.

The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments.


December 31	2024					2023
	Contractual/Notional Amount		Estimated Fair Value			Contractual/Notional Amount		Estimated Fair Value
			Asset		(Liability)			Asset		(Liability)
(In millions)





Without hedge designation:

Equity markets:
Options - purchased	$	268	$	2		$	202	$	1
Futures - short	167		1			116
Warrants	1		1			84		3
Interest rate swaps	300		4			300		13
Currency forwards						13				$	(1)
Credit default swap index - purchased	2,000

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

Investment Commitments

As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of December 31, 2024, commitments to purchase or fund were approximately $1.7 billion and to sell were approximately $30 million under the terms of these investments.

Investments on Deposit

Cash and securities with carrying values of approximately $3.1 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2024 and 2023.

Cash and securities with carrying values of approximately $0.7 billion and $0.9 billion were deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations with various third parties as of December 31, 2024 and 2023.

Fair Value

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value

Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable:

•Level 1 – Quoted prices for identical instruments in active markets.

•Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

•Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable.

Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, securities are priced using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted.

Control procedures are performed over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria and (iv) detailed analysis, where an independent analysis of the inputs and assumptions used to price individual securities is performed.

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.


December 31, 2024	Level 1		Level 2		Level 3		Total
(In millions)

Fixed maturity securities:
Corporate bonds and other	$	223	$	24,340	$	1,278	$	25,841
States, municipalities and political subdivisions			6,762		42		6,804
Asset-backed			7,540		876		8,416
Fixed maturities available-for-sale	223		38,642		2,196		41,061
Fixed maturities trading	766						766
Total fixed maturities	$	989	$	38,642	$	2,196	$	41,827

Equity securities	$	603	$	441	$	20	$	1,064
Short-term and other	4,383		70				4,453
Receivables			5				5

Payable to brokers	(88)						(88)

December 31, 2023

Fixed maturity securities:
Corporate bonds and other	$	161	$	23,926	$	1,045	$	25,132
States, municipalities and political subdivisions			7,348		44		7,392
Asset-backed			7,000		901		7,901
Fixed maturities available-for-sale	161		38,274		1,990		40,425
Fixed maturities trading	201						201
Total fixed maturities	$	362	$	38,274	$	1,990	$	40,626

Equity securities	$	586	$	440	$	24	$	1,050
Short-term and other	4,215		32				4,247
Receivables			13				13
Payable to brokers	(62)						(62)

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 years ended December 31, 2024 and 2023:


			Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)																Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31		Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at December 31
2024	Balance, January 1		Included in Net Income		Included in OCI		Purchases		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Balance, December 31
(In millions)

Fixed maturity securities:
Corporate bonds and other	$	1,045	$	(1)	$	(15)	$	352	$	(10)	$	(104)	$	11			$	1,278	$	(1)	$	(21)
States, municipalities and political subdivisions	44				(2)												42				(2)
Asset-backed	901		9		(12)		125		(14)		(83)				$	(50)	876				(12)
Fixed maturities available-for-sale	$	1,990	$	8	$	(29)	$	477	$	(24)	$	(187)	$	11	$	(50)	$	2,196	$	(1)	$	(35)



Equity securities	$	24	$	12			$	3	$	(19)							$	20	$	8


			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 December 31		Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at December 31
2023	Balance, January 1		Included in Net Income		Included in OCI		Purchases		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Balance, December 31
(In millions)

Fixed maturity securities:
Corporate bonds and other	$	810			$	38	$	219			$	(33)	$	11			$	1,045			$	38
States, municipalities and political subdivisions	43				1												44				1
Asset-backed	788		$	16	9		248				(64)		23		$	(119)	901				9
Fixed maturities available-for-sale	$	1,641	$	16	$	48	$	467	$	—	$	(97)	$	34	$	(119)	$	1,990	$	—	$	48



Equity securities	$	35	$	(7)					$	(4)							$	24	$	(7)

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


Major Category of Assets and Liabilities			Consolidated 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

Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume.

Valuation Methodologies and Inputs

The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified.

Fixed Maturity Securities

Level 1 securities include highly liquid government securities and exchange traded bonds valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation, and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable.

Equity Securities

Level 1 securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable.

Derivative Financial Instruments

Equity options are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Over-the-counter derivatives, principally interest rate swaps, currency forwards, total return swaps, commodity swaps, credit default swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace.

Short-Term and Other Invested Assets

Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds, treasury bills and exchange traded open-end funds valued using quoted market prices. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short-term investments as presented in the tables above differ from the amounts presented on the Consolidated Balance Sheets because certain short-term investments, such as time deposits, are not measured at fair value.

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.


December 31, 2024	Estimated Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
	(In millions)

Fixed maturity securities	$	1,724	Discounted cash flow	Credit spread	1%	—	6%	(2%)

December 31, 2023

Fixed maturity securities	$	1,495	Discounted cash flow	Credit spread	1%	—	7%	(2%)

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

Financial Assets and Liabilities Not Measured at Fair Value

The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated 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 Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items.


	Carrying Amount		Estimated Fair Value
December 31, 2024			Level 1	Level 2		Level 3		Total
(In millions)

Assets:
Other invested assets, primarily mortgage loans	$	1,019				$	987	$	987

Liabilities:
Short-term debt	4					5		5
Long-term debt	8,936			$	7,702	966		8,668

December 31, 2023

Assets:
Other invested assets, primarily mortgage loans	$	1,035				$	997	$	997

Liabilities:
Short-term debt	1,083			$	546	520		1,066
Long-term debt	7,915			7,255		385		7,640

The fair values of debt were based on observable market prices when available. When observable market prices were not available, the fair values of debt were based on observable market prices of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or is estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Receivables

12 Months Ended

Dec. 31, 2024

Receivables [Abstract]

Receivables


December 31	2024		2023
(In millions)

Reinsurance (Note 17)	$	6,072	$	5,434
Insurance	3,697		3,470
Receivable from brokers	50		64
Accrued investment income	458		446
Income taxes	9		21
Other, primarily customer accounts	284		277
Total	10,570		9,712
Less: allowance for doubtful accounts on reinsurance receivables	21		22
allowance for other doubtful accounts	27		30
Receivables	$	10,522	$	9,660

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


December 31	2024		2023
(In millions)

Pipeline equipment (net of accumulated depreciation of $4,819 and $4,470)	$	8,478	$	8,421
Hotel properties (net of accumulated depreciation of $646 and $560)	1,517		1,072
Other (net of accumulated depreciation of $578 and $534)	496		461
Construction in process	247		764
Property, plant and equipment	$	10,738	$	10,718

Depreciation expense and capital expenditures are as follows:


Year Ended December 31	2024				2023				2022
	Depre-ciation		Capital Expend.		Depre-ciation		Capital Expend.		Depre-ciation		Capital Expend.
(In millions)

CNA Financial	$	59	$	105	$	54	$	97	$	49	$	50
Boardwalk Pipelines	426		365		410		383		394		352
Loews Hotels & Co	93		115		69		201		64		264
Corporate	2				1		12		2		9

Total	$	580	$	585	$	534	$	693	$	509	$	675

Capitalized interest related to the construction and upgrade of qualifying assets amounted to approximately $27 million, $32 million and $17 million for the years ended December 31, 2024, 2023 and 2022.

Asset Impairments

Loews Hotels & Co evaluates properties with indications that their carrying amounts may not be recoverable. It was determined that the carrying values of two properties in 2023 and two properties in 2022 were impaired. Loews Hotels & Co recorded aggregate impairment charges of $12 million ($9 million after tax) and $25 million ($19 million after tax) for the years ended December 31, 2023 and 2022, which are reported within Operating expenses and other on the Consolidated Statements of Operations.

Loews Hotels & Co utilizes an undiscounted probability-weighted cash flow analysis in testing the recoverability of its long-lived assets for potential impairment. Assumptions and estimates underlying this analysis include, among other things, (i) room revenue based on occupancy and average room rates, (ii) other revenue generated by the property, including food and beverage sales and ancillary services, as well as property specific revenue sources, (iii) operating expenses, including management and marketing fees and (iv) expenditures for repairs and refurbishments to maintain the asset’s value. When necessary, scenarios are developed using multiple assumptions of expected future events which Loews Hotels & Co assigns a probability of occurrence based on management’s expectations. This initial analysis results in a projected probability-weighted cash flow of the property, which is compared to the carrying value of the asset to assess recoverability. If the long-lived asset’s carrying value exceeds the undiscounted cash flows, Loews Hotels & Co compares the long-lived asset’s carrying value to fair value, estimating the fair value of the asset by discounting future cash flows using market participant assumptions or third-party indicators of fair value such as a recent independent appraisal. These calculations, at times, utilize significant unobservable inputs, including estimating the growth in the asset’s revenue and cost structure and are therefore considered Level 3 fair value measurements.

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

A summary of the changes in the carrying amount of goodwill is as follows:


	CNA Financial		Boardwalk Pipelines		Total
(In millions)

Balance, December 31, 2022	$	109	$	237	$	346

Other adjustments	1				1
Balance, December 31, 2023 and 2024	110		237		347

A summary of the net carrying amount of other intangible assets is as follows:


	December 31, 2024				December 31, 2023
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
(In millions)

Finite-lived intangible assets:
Customer relationships	$	93	$	24	$	93	$	21
Other	10		8		11		9
Total finite-lived intangible assets	103		32		104		30

Indefinite-lived intangible assets	76				77
Total other intangible assets	$	179	$	32	$	181	$	30

Amortization expense for each of the years ended December 31, 2024, 2023 and 2022 of $4 million, $3 million, and $3 million is reported in Operating expenses and other on the Consolidated Statements of Operations. At December 31, 2024, estimated amortization expense in each of the next five years is approximately $4 million.

Claim and Claim Adjustment Expense Reserves

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

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.

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and certain property and casualty businesses in run-off, including CNA Re, A&EP, a legacy portfolio of excess workers’ compensation policies and certain legacy mass tort reserves.

Liability for Unpaid Claim and Claim Adjustment Expenses

The table below reconciles the net liability for unpaid claim and claim adjustment expenses to the amount presented on the Consolidated Balance Sheets.


December 31	2024
(In millions)

Net liability for unpaid claim and claim adjustment expenses:
Property & Casualty Operations	$	18,334
Other Insurance Operations (a)	929
Total net claim and claim adjustment expenses	19,263

Reinsurance receivables: (b)
Property & Casualty Operations	3,348
Other Insurance Operations (c)	2,365
Total reinsurance receivables	5,713
Total gross liability for unpaid claims and claims adjustment expenses	$	24,976


(a)			Other Insurance Operations amounts are related to unfunded structured settlements arising from short duration contracts.


(b)			Reinsurance receivables presented are gross of the allowance for uncollectible reinsurance and do not include reinsurance receivables related to paid losses.


(c)			The Other Insurance Operations reinsurance receivables are primarily related to A&EP claims covered under the A&EP loss portfolio transfer (“LPT”).

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


Year Ended December 31	2024		2023		2022
(In millions)

Reserves, beginning of year:
Gross	$	23,304	$	22,120	$	21,269
Ceded	5,141		5,191		4,969
Net reserves, beginning of year	18,163		16,929		16,300



Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	6,330		5,667		5,181
Increase (decrease) in provision for insured events of prior years	42		48		(32)
Amortization of discount	39		44		44
Total net incurred (a)	6,411		5,759		5,193

Net payments attributable to:
Current year events	(1,093)		(922)		(821)
Prior year events	(4,096)		(3,679)		(3,481)
Total net payments	(5,189)		(4,601)		(4,302)

Foreign currency translation adjustment and other	(122)		76		(262)

Net reserves, end of year	19,263		18,163		16,929
Ceded reserves, end of year	5,713		5,141		5,191
Gross reserves, end of year	$	24,976	$	23,304	$	22,120


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

Reserving Methodology

In developing claim and claim adjustment expense reserve estimates, CNA’s actuaries perform detailed reserve analyses that are staggered throughout the year. The data is organized at a reserve group level. Every reserve group is reviewed at least once during the year, but most are reviewed more frequently. The analyses generally review losses gross of ceded reinsurance and apply the ceded reinsurance terms to the gross estimates to establish estimates net of reinsurance. Factors considered include, but are not limited to, the historical pattern and volatility of the actuarial indications, the sensitivity of the actuarial indications to changes in paid and incurred loss patterns, the consistency of claims handling processes, the consistency of case reserving practices, changes in CNA’s pricing and underwriting, pricing and underwriting trends in the insurance market and legal, judicial, geopolitical, social and economic trends. In addition to the detailed analyses, CNA reviews actual loss emergence for all products each quarter.

In developing the loss reserve estimates for property and casualty contracts, CNA generally projects ultimate losses using several common actuarial methods as listed below. CNA reviews the indications from the various methods and applies judgment to select an actuarial point estimate. The carried reserve may differ from the actuarial point estimate as a result of CNA’s consideration of the factors noted above as well as the potential volatility of the projections associated with the specific product being analyzed and other factors affecting claims costs that may not be quantifiable through traditional actuarial analysis. The indicated required reserve is the difference between the selected ultimate loss and the inception-to-date paid losses. The difference between the selected ultimate loss and the case incurred or reported loss is IBNR. IBNR includes a provision for development on known cases as well as a provision for late reported incurred claims.

The most frequently utilized methods to project ultimate losses include the following:

•Paid development: The paid development method estimates ultimate losses by reviewing paid loss patterns and applying them to accident years with further expected changes in paid losses.

•Incurred development: The incurred development method is similar to the paid development method, but it uses case incurred losses instead of paid losses.

•Loss ratio: The loss ratio method multiplies premiums by an expected loss ratio to produce ultimate loss estimates for each accident year.

•Bornhuetter-Ferguson paid loss: The Bornhuetter-Ferguson paid loss method is a combination of the paid development approach and the loss ratio approach. This method normally determines expected loss ratios similar to the approach used to estimate the expected loss ratio for the loss ratio method.

•Bornhuetter-Ferguson incurred loss: The Bornhuetter-Ferguson incurred loss method is similar to the Bornhuetter-Ferguson using premiums and paid loss method except that it uses case incurred losses.

•Frequency times severity: The frequency times severity method multiplies a projected number of ultimate claims by an estimated ultimate average loss for each accident year to produce ultimate loss estimates.

•Stochastic modeling: The stochastic modeling method produces a range of possible outcomes based on varying assumptions related to the particular product being modeled.

For many exposures, especially those that can be considered long-tail, a particular accident or policy year may not have a sufficient volume of paid losses to produce a statistically reliable estimate of ultimate losses. In such a case, CNA’s actuaries typically assign more weight to the incurred development method than to the paid development method. As claims continue to settle and the volume of paid loss increases, the actuaries may assign additional weight to the paid development method. For most of CNA’s products, even the incurred losses for accident or policy years that are early in the claim settlement process will not be of sufficient volume to produce a reliable estimate of ultimate losses. In these cases, CNA may not assign much, if any weight to the paid and incurred development methods. CNA may use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods. For short-tail exposures, the paid and incurred development methods can often be relied on sooner, primarily because CNA’s history includes a sufficient number of years to cover the entire period over which paid and incurred losses are expected to change. However, CNA may also use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods for short-tail exposures. For other more complex reserve groups where the above methods may not produce reliable indications, CNA uses additional methods tailored to the characteristics of the specific situation.

CNA’s reserving methodologies for mass tort and A&EP are similar as both are based on detailed reviews of large accounts with estimates of ultimate payments based on the facts in each case and CNA’s view of applicable law and coverage litigation.

Gross and Net Carried Reserves

The following tables present the gross and net carried reserves:


December 31, 2024	Property and Casualty Operations		Other Insurance Operations		Total
(In millions)

Gross Case Reserves	$	6,589	$	1,813	$	8,402
Gross IBNR Reserves	15,093		1,481		16,574

Total Gross Carried Claim and Claim Adjustment Expense Reserves	$	21,682	$	3,294	$	24,976

Net Case Reserves	$	5,573	$	634	$	6,207
Net IBNR Reserves	12,761		295		13,056

Total Net Carried Claim and Claim Adjustment Expense Reserves	$	18,334	$	929	$	19,263

December 31, 2023

Gross Case Reserves	$	5,759	$	1,979	$	7,738
Gross IBNR Reserves	14,184		1,382		15,566

Total Gross Carried Claim and Claim Adjustment Expense Reserves	$	19,943	$	3,361	$	23,304

Net Case Reserves	$	4,978	$	685	$	5,663
Net IBNR Reserves	12,235		265		12,500

Total Net Carried Claim and Claim Adjustment Expense Reserves	$	17,213	$	950	$	18,163

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.

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


Year Ended December 31	2024		2023		2022
(In millions)

Medical professional liability	$	(8)	$	5	$	18
Other professional liability and management liability	49		37		50
Surety	(68)		(43)		(83)
Warranty	20		(11)		(21)
Commercial auto	107		33		49
General liability	75		149		67
Workers’ compensation	(202)		(203)		(152)
Other property and casualty operations	(4)		10		(24)
Other insurance operations	79		71		64
Total pretax (favorable) unfavorable development	$	48	$	48	$	(32)

Development Tables

For CNA’s Property & Casualty Operations, the following tables present further detail and commentary on the development reflected in the financial statements for each of the periods presented. Also presented are loss reserve development tables that illustrate the change over time of reserves established for claim and allocated claim adjustment expenses arising from short-duration insurance contracts for certain lines of business within CNA’s Property & Casualty Operations. Not all lines of business are presented based on their context to CNA’s overall loss reserves, calendar year reserve development, or calendar year net earned premiums. Insurance contracts are considered to be short-duration contracts when the contracts are not expected to remain in force for an extended period of time.

The Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative net incurred claim and allocated claim adjustment expenses relating to each accident year at the end of the stated calendar year. Changes in the cumulative amount across time are the result of CNA’s expanded awareness of additional facts and circumstances that pertain to the unsettled claims. The Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative amount paid for claims for each accident year as of the end of the stated calendar year. The Net Strengthening or (Releases) of Prior Accident Year Reserves tables, reading across, show the net increase or decrease in the cumulative net incurred accident year claim and allocated claim adjustment expenses during each stated calendar year and indicates whether the reserves for that accident year were strengthened or released.

The information in the tables is reported on a net basis after reinsurance and does not include the effects of discounting. The information contained in calendar years 2023 and prior is unaudited. To the extent CNA enters into a commutation, the transaction is reported on a prospective basis. To the extent that CNA enters into a disposition, the effects of the disposition are reported on a retrospective basis by removing the balances associated with it.

The amounts reported for the cumulative number of reported claims include direct and assumed open and closed claims by accident year at the claimant level. The number excludes claim counts for claims within a policy deductible where the insured is responsible for payment of losses in the deductible layer. Claim count data for certain assumed reinsurance contracts is unavailable.

In the loss reserve development tables, IBNR includes reserves for incurred but not reported losses and expected development on case reserves. CNA does not establish case reserves for allocated loss adjusted expenses (“ALAE”), therefore ALAE reserves are also included in the estimate of IBNR.

2024

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

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

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

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

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

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 largely associated with legacy mass tort abuse claims.

2023

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

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

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

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

Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and middle market businesses across multiple accident years.

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

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

2022

Unfavorable development in medical professional liability was due to higher than expected large loss activity in multiple accident years.

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

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

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

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

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

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims, including the Diocese of Rochester proposed settlement.

Property & Casualty Operations – Line of Business Composition

The table below presents the net liability for unpaid claim and claim adjustment expenses, by line of business for Property & Casualty Operations:


December 31	2024
(In millions)

Medical professional liability	$	1,425
Other professional liability and management liability	3,967
Surety	493
Warranty	46
Commercial auto	1,247
General liability	4,356
Workers’ compensation	3,543
Other property and casualty operations	3,257
Total net liability for unpaid claim and claim adjustment expenses	$	18,334

Medical Professional Liability


Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2024
December 31	2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2015	$	433	$	499	$	510	$	494	$	488	$	510	$	501	$	498	$	494	$	494	$	11	18,228
2016			427		487		485		499		508		510		508		514		513		16		16,195
2017					412		449		458		460		455		460		456		463		18		15,384
2018							404		429		431		448		470		495		499		28		15,331
2019									430		445		458		471		469		481		43		14,515
2020											477		476		455		447		419		100		11,289
2021													377		376		374		349		117		9,935
2022															329		329		333		143		9,965
2023																	340		350		162		10,424
2024																			343		278		8,561
																	Total		$	4,244	$	916

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2015	$	22	$	101	$	230	$	313	$	384	$	420	$	444	$	458	$	463	$	471
2016			18		121		246		339		401		436		460		483		489
2017					19		107		235		308		355		388		417		427
2018							21		115		211		290		349		418		453
2019									17		91		183		280		349		395
2020											11		61		139		201		258
2021													11		49		118		170
2022															10		57		122
2023																	14		86
2024																			13
																	Total		$	2,884

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	1,360
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2015																			33
Liability for unallocated claim adjustment expenses for accident years presented																			32
Total net liability for unpaid claim and claim adjustment expenses																			$	1,425

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																					Total
Accident Year
2015			$	66	$	11	$	(16)	$	(6)	$	22	$	(9)	$	(3)	$	(4)	$	—	$	61
2016					60		(2)		14		9		2		(2)		6		(1)		86
2017							37		9		2		(5)		5		(4)		7		51
2018									25		2		17		22		25		4		95
2019											15		13		13		(2)		12		51
2020													(1)		(21)		(8)		(28)		(58)
2021															(1)		(2)		(25)		(28)
2022																	—		4		4
2023																			10		10
Total net development for the accident years presented above															13		11		(17)
Total net development for accident years prior to 2015															—		(6)		9
Total unallocated claim adjustment expense development															5		—		—
Total															$	18	$	5	$	(8)


(a)			Data presented for these calendar years is required supplemental information, which is unaudited.

Other Professional Liability and Management Liability


Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2024
December 31	2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2015	$	888	$	892	$	877	$	832	$	807	$	813	$	836	$	855	$	858	$	865	$	21	17,457
2016			901		900		900		904		907		891		888		906		912		37		17,989
2017					847		845		813		791		775		758		746		752		51		18,215
2018							850		864		869		906		923		941		987		57		20,071
2019									837		845		856		876		939		970		96		19,548
2020											930		944		951		945		945		168		19,509
2021													1,037		1,038		1,009		965		311		18,377
2022															1,120		1,112		1,084		465		18,376
2023																	1,149		1,166		564		19,587
2024																			1,150		918		17,921
																	Total		$	9,796	$	2,688

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2015	$	60	$	234	$	404	$	542	$	612	$	677	$	725	$	794	$	808	$	813
2016			64		248		466		625		701		736		784		826		856
2017					57		222		394		498		557		596		630		672
2018							54		282		473		599		706		779		847
2019									64		263		422		567		699		801
2020											67		248		400		523		660
2021													58		217		356		502
2022															64		225		453
2023																	64		302
2024																			77
																	Total		$	5,983

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	3,813
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2015																			98
Liability for unallocated claim adjustment expenses for accident years presented																			56
Total net liability for unpaid claim and claim adjustment expenses																			$	3,967

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																					Total
Accident Year
2015			$	4	$	(15)	$	(45)	$	(25)	$	6	$	23	$	19	$	3	$	7	$	(23)
2016					(1)		—		4		3		(16)		(3)		18		6		11
2017							(2)		(32)		(22)		(16)		(17)		(12)		6		(95)
2018									14		5		37		17		18		46		137
2019											8		11		20		63		31		133
2020													14		7		(6)		—		15
2021															1		(29)		(44)		(72)
2022																	(8)		(28)		(36)
2023																			17		17
Total net development for the accident years presented above															44		47		41
Total net development for accident years prior to 2015															6		(10)		3
Total unallocated claim adjustment expense development															—		—		5
Total															$	50	$	37	$	49


(a)			Data presented for these calendar years is required supplemental information, which is unaudited.

Surety


Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2024
December 31	2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2015	$	131	$	131	$	104	$	79	$	63	$	58	$	53	$	45	$	45	$	45	$	2	5,103
2016			124		124		109		84		67		64		58		43		43		3		5,577
2017					120		115		103		84		71		66		67		67		3		5,909
2018							114		108		91		62		56		51		49		6		6,297
2019									119		112		98		87		82		82		8		6,229
2020											128		119		81		67		57		3		4,827
2021													137		129		110		91		45		4,884
2022															155		158		132		74		4,893
2023																	175		169		138		4,378
2024																			171		145		2,940
																	Total		$	906	$	427

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2015	$	7	$	26	$	38	$	40	$	42	$	44	$	42	$	42	$	43	$	43
2016			5		37		45		45		43		43		41		40		40
2017					23		37		41		46		49		62		62		63
2018							5		25		34		39		40		41		41
2019									12		34		44		59		70		74
2020											4		20		28		33		44
2021													5		20		35		42
2022															12		35		52
2023																	8		27
2024																			20
																	Total		$	446

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	460
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2015																			14
Liability for unallocated claim adjustment expenses for accident years presented																			19
Total net liability for unpaid claim and claim adjustment expenses																			$	493

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																					Total
Accident Year
2015			$	—	$	(27)	$	(25)	$	(16)	$	(5)	$	(5)	$	(8)	$	—	$	—	$	(86)
2016					—		(15)		(25)		(17)		(3)		(6)		(15)		—		(81)
2017							(5)		(12)		(19)		(13)		(5)		1		—		(53)
2018									(6)		(17)		(29)		(6)		(5)		(2)		(65)
2019											(7)		(14)		(11)		(5)		—		(37)
2020													(9)		(38)		(14)		(10)		(71)
2021															(8)		(19)		(19)		(46)
2022																	3		(26)		(23)
2023																			(6)		(6)
Total net development for the accident years presented above															(82)		(54)		(63)
Total net development for accident years prior to 2015															(1)		11		(5)
Total unallocated claim adjustment expense development															—		—		—
Total															$	(83)	$	(43)	$	(68)


(a)			Data presented for these calendar years is required supplemental information, which is unaudited.

Commercial Auto


Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2024
December 31	2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2015	$	201	$	199	$	190	$	190	$	183	$	181	$	183	$	182	$	184	$	184	$	2	30,430
2016			198		186		186		186		190		195		200		197		195		1		30,457
2017					199		198		200		221		232		239		241		241		4		30,947
2018							229		227		227		245		254		255		260		2		34,333
2019									257		266		289		323		325		327		7		37,280
2020											310		303		304		298		303		14		29,182
2021													397		388		390		393		51		33,028
2022															437		465		496		90		37,230
2023																	554		620		202		42,345
2024																			726		447		40,718
																	Total		$	3,745	$	820

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2015	$	52	$	96	$	130	$	153	$	172	$	175	$	178	$	179	$	180	$	182
2016			52		93		126		154		175		185		190		192		193
2017					58		107		150		178		203		225		232		235
2018							66		128		175		212		238		249		256
2019									77		147		203		257		295		312
2020											71		134		197		246		276
2021													83		168		240		305
2022															112		236		334
2023																	127		270
2024																			153
																	Total		$	2,516

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	1,229
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2015																			1
Liability for unallocated claim adjustment expenses for accident years presented																			17
Total net liability for unpaid claim and claim adjustment expenses																			$	1,247

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																					Total
Accident Year
2015			$	(2)	$	(9)	$	—	$	(7)	$	(2)	$	2	$	(1)	$	2	$	—	$	(17)
2016					(12)		—		—		4		5		5		(3)		(2)		(3)
2017							(1)		2		21		11		7		2		—		42
2018									(2)		—		18		9		1		5		31
2019											9		23		34		2		2		70
2020													(7)		1		(6)		5		(7)
2021															(9)		2		3		(4)
2022																	28		31		59
2023																			66		66
Total net development for the accident years presented above															46		28		110
Total net development for accident years prior to 2015															3		2		(3)
Total unallocated claim adjustment expense development															—		3		—
Total															$	49	$	33	$	107


(a)			Data presented for these calendar years is required supplemental information, which is unaudited.

General Liability


Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2024
December 31	2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2015	$	581	$	576	$	574	$	589	$	600	$	602	$	617	$	625	$	639	$	656	$	39	24,309
2016			623		659		667		671		673		683		684		704		712		27		24,901
2017					632		632		632		634		630		652		690		713		16		22,544
2018							653		644		646		639		650		679		665		83		20,553
2019									680		682		682		691		720		727		129		19,907
2020											723		722		726		736		702		237		14,964
2021													782		784		793		814		299		15,952
2022															929		928		930		515		17,527
2023																	1,071		1,106		726		17,037
2024																			1,271		1,144		14,632
																	Total		$	8,296	$	3,215

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2015	$	19	$	110	$	230	$	357	$	446	$	501	$	530	$	561	$	573	$	581
2016			32		163		279		407		481		524		582		620		652
2017					23		118		250		399		471		553		606		657
2018							33		107		228		307		428		491		546
2019									25		98		181		322		455		532
2020											23		99		192		280		367
2021													26		140		262		391
2022															29		123		260
2023																	33		153
2024																			34
																	Total		$	4,173

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	4,123
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2015																			171
Liability for unallocated claim adjustment expenses for accident years presented																			62
Total net liability for unpaid claim and claim adjustment expenses																			$	4,356

Net Strengthening (Releases) of Prior Accident Year Reserves


Years Ended December 31																			Total
Accident Year
2015	$	(5)	$	(2)	$	15	$	11	$	2	$	15	$	8	$	14	$	17	$	75
2016			36		8		4		2		10		1		20		8		89
2017					—		—		2		(4)		22		38		23		81
2018							(9)		2		(7)		11		29		(14)		12
2019									2		—		9		29		7		47
2020											(1)		4		10		(34)		(21)
2021													2		9		21		32
2022															(1)		2		1
2023																	35		35
Total net development for the accident years presented above													57		148		65
Total net development for accident years prior to 2015													10		1		10
Total unallocated claim adjustment expense development													—		—		—
Total													$	67	$	149	$	75


(a)			Data presented for these calendar years is required supplemental information, which is unaudited.

Workers’ Compensation


Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2024
December 31	2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023 (a)		2024		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2015	$	422	$	431	$	406	$	408	$	394	$	382	$	372	$	353	$	334	$	324	$	45	31,916
2016			426		405		396		382		366		355		331		308		293		45		32,000
2017					440		432		421		400		402		399		398		383		65		33,156
2018							450		440		428		415		415		404		399		65		34,914
2019									452		449		437		436		419		416		67		34,377
2020											477		466		446		414		393		107		29,481
2021													468		454		432		421		116		30,126
2022															497		489		478		148		33,428
2023																	555		551		233		36,822
2024																			574		325		34,332
																	Total		$	4,232	$	1,216


Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2015	$	51	$	131	$	180	$	212	$	231	$	243	$	251	$	256	$	259	$	261
2016			53		129		169		198		219		227		234		235		238
2017					63		151		207		243		265		279		287		293
2018							68		163		229		259		280		298		307
2019									71		169		223		262		291		310
2020											65		147		200		228		246
2021													67		164		222		256
2022															79		192		258
2023																	87		209
2024																			111
																	Total		$	2,489

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	1,743
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2015																			1,757
Other (b)																			(22)
Liability for unallocated claim adjustment expenses for accident years presented																			65
Total net liability for unpaid claim and claim adjustment expenses																			$	3,543

Net Strengthening (Releases) of Prior Accident Year Reserves


Years Ended December 31																			Total
Accident Year
2015	$	9	$	(25)	$	2	$	(14)	$	(12)	$	(10)	$	(19)	$	(19)	$	(10)	$	(98)
2016			(21)		(9)		(14)		(16)		(11)		(24)		(23)		(15)		(133)
2017					(8)		(11)		(21)		2		(3)		(1)		(15)		(57)
2018							(10)		(12)		(13)		—		(11)		(5)		(51)
2019									(3)		(12)		(1)		(17)		(3)		(36)
2020											(11)		(20)		(32)		(21)		(84)
2021													(14)		(22)		(11)		(47)
2022															(8)		(11)		(19)
2023																	(4)		(4)
Total net development for the accident years presented above													(81)		(133)		(95)
Adjustment for development on a discounted basis													(3)		(2)		(2)
Total net development for accident years prior to 2015													(78)		(74)		(105)
Total unallocated claim adjustment expense development													10		6		—
Total													$	(152)	$	(203)	$	(202)


(a)			Data presented for these calendar years is required supplemental information, which is unaudited.
(b)			Other includes the effect of discounting lifetime claim reserves.

The table below presents information about average historical claims duration as of December 31, 2024 and is presented as required supplementary information, which is unaudited.


Average Annual Percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses in Year:
	1		2		3		4		5		6		7		8		9		10

Medical professional liability	3.6	%	16.3	%	21.8	%	16.6	%	12.7	%	8.9	%	5.7	%	3.2	%	1.1	%	1.6	%
Other professional liability and management liability	6.5		19.6		19.2		14.7		10.5		6.9		5.6		6.1		2.5		0.6
Surety (a)	17.3		41.0		16.4		8.1		3.9		6.2		(2.3)		(0.3)		1.1		—
Commercial auto	23.7		22.3		18.4		14.6		10.5		5.1		2.4		0.9		0.5		1.1
General liability	3.4		12.5		15.7		16.8		13.8		9.2		7.1		5.7		3.2		1.2
Workers’ compensation	16.8		23.4		14.2		8.8		5.9		3.8		2.3		1.2		1.0		0.6

(a)Due to the nature of the Surety business, average annual percentage payout of ultimate net incurred claim and allocated claim adjustment expenses has been calculated using only the payouts of mature accident years presented in the loss reserve development tables.

A&EP Reserves

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

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

The following table presents the impact of the Loss Portfolio Transfer on the Consolidated Statements of Operations.


Year Ended December 31	2024		2023		2022
(In millions)

Additional amounts ceded under LPT:
Net A&EP adverse development before consideration of LPT	$	103	$	86	$	92
Provision for uncollectible third-party reinsurance on A&EP					(5)
Total additional amounts ceded under LPT	103		86		87
Retroactive reinsurance benefit recognized	(95)		(94)		(91)
Pretax impact of deferred retroactive reinsurance	$	8	$	(8)	$	(4)

Net unfavorable prior year development of $103 million, $86 million and $92 million was recognized before consideration of cessions to the LPT for the years ended December 31, 2024, 2023 and 2022. The unfavorable development in 2024, 2023 and 2022 was primarily driven by higher than anticipated defense and indemnity costs on known direct asbestos and environmental accounts. Additionally, in 2022, $5 million of the provision for uncollectible third-party reinsurance was released. None of the provision for uncollectible third-party reinsurance was released in 2024 or 2023.

As of December 31, 2024 and 2023, the cumulative amounts ceded under the LPT were $3.7 billion and $3.6 billion. The unrecognized deferred retroactive reinsurance benefit was $425 million and $417 million as of December 31, 2024 and 2023 and is included within Other liabilities on the Consolidated Balance Sheets.

NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $2.3 billion as of December 31, 2024. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims.

Excess Workers’ Compensation LPT

On February 5, 2021, CNA completed a transaction with Cavello Bay Reinsurance Limited (“Cavello”), a subsidiary of Enstar Group Limited, under which certain legacy excess workers’ compensation (“EWC”) liabilities were ceded to Cavello. Under the terms of the transaction, based on reserves in place as of January 1, 2020, approximately $690 million of net EWC claim and allocated claim adjustment expense reserves were ceded to Cavello under a loss portfolio transfer (“EWC LPT”) with an aggregate limit of $1.0 billion. Cavello was paid a reinsurance premium of $697 million, less claims paid between January 1, 2020 and the closing date of the agreement of $64 million. After transaction costs, a loss of approximately $11 million (after tax and noncontrolling interest) was recognized in Other Insurance Operations in the first quarter of 2021 related to the EWC LPT.

As of December 31, 2024, the cumulative amount ceded under the EWC LPT was $690 million.

Cavello established a collateral trust as security for its obligations. The fair value of the collateral trust was $298 million as of December 31, 2024.

Future Policy Benefits Reserves

12 Months Ended

Dec. 31, 2024

Insurance [Abstract]

Future Policy Benefit Reserves

Future Policy Benefits Reserves

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

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

The cash flow assumption updates completed in the third quarter of 2024 resulted in a $15 million pretax increase in the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and an unfavorable impact from higher cost of care inflation. The cash flow assumption updates completed in the third quarter of 2023 resulted in an $8 million pretax increase in the LFPB. Persistency updates were unfavorable due to revisions to lapse rates. Morbidity updates were favorable, driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions.

The following table summarizes balances and changes in the LFPB.


	2024		2023		2022
(In millions)

Present value of future net premiums
Balance, January 1	$	3,710	$	3,991	$	4,735
Effect of changes in discount rate	(125)		(74)		(880)
Balance, January 1, at original locked in discount rate	3,585		3,917		3,855
Effect of changes in cash flow assumptions (a)	111		28		352
Effect of actual variances from expected experience (a)	(41)		(126)		(49)
Adjusted balance, January 1	3,655		3,819		4,158
Interest accrual	183		202		216
Net premiums: earned during period	(420)		(436)		(457)
Balance, end of period at original locked in discount rate	3,418		3,585		3,917
Effect of changes in discount rate	7		125		74
Balance, December 31	$	3,425	$	3,710	$	3,991

Present value of future benefits & expenses
Balance, January 1	$	17,669	$	17,471	$	22,745
Effect of changes in discount rate	(578)		(125)		(5,942)
Balance, January 1, at original locked in discount rate	17,091		17,346		16,803
Effect of changes in cash flow assumptions (a)	126		36		538
Effect of actual variances from expected experience (a)	69		(46)		(21)
Adjusted balance, January 1	17,286		17,336		17,320
Interest accrual	924		962		979
Benefit & expense payments	(1,187)		(1,207)		(953)
Balance, end of period at original locked in discount rate	17,023		17,091		17,346
Effect of changes in discount rate	(440)		578		125
Balance, December 31	$	16,583	$	17,669	$	17,471


Net LFPB, December 31	$	13,158	$	13,959	$	13,480


(a)			As of December 31, 2024, 2023 and 2022 the re-measurement loss of $(125), $(88) and $(214) presented parenthetically on the Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

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


Year Ended December 31	2024		2023		2022

(In millions)

Earned premiums	$	437	$	451	$	473
Interest expense	741		760		763

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


	December 31,
	2024		2023
(In millions)

Expected future benefit and expense payments	$	31,712	$	32,851
Expected future gross premiums	5,183		5,414

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.6 billion and $3.8 billion as of December 31, 2024 and 2023.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of December 31, 2024 and 2023.

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


	December 31,
	2024		2023


Original locked in discount rate	5.20	%	5.22	%
Upper-medium grade fixed income instrument discount rate	5.51		4.94

For the years ended December 31, 2024 and 2023, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $159 million and $164 million. For the years ended December 31, 2024 and 2023, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $29 million and $42 million.

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

Lease agreements primarily cover office facilities and machinery and equipment and expire at various dates. Leases, predominantly operating leases, are included in Other assets and Other liabilities on the Consolidated Balance Sheets. The lease agreements do not contain significant residual value guarantees, restrictions or covenants.

Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is typically the applicable secured borrowing rate, as most of the leases do not provide an implicit rate. The operating lease right of use asset was $320 million and $302 million and the operating lease liability was $406 million and $384 million at December 31, 2024 and 2023.

Total lease expense was $79 million, $87 million and $89 million for the years ended December 31, 2024, 2023 and 2022 which includes operating lease expense of $51 million, $58 million and $60 million, variable lease expense of $23 million, $24 million and $26 million and short-term lease expense of $5 million, $5 million and $3 million. Cash paid for amounts included in operating lease liabilities was $80 million, $60 million and $64 million for year ended December 31,

2024, 2023 and 2022. Operating lease right of use assets obtained in exchange for lease obligations was $73 million, $39 million and $118 million for the years ended December 31, 2024, 2023 and 2022.

The table below presents the maturities of lease liabilities:


	Operating
As of December 31, 2024	Leases
(In millions)

2025	$	64
2026	55
2027	53
2028	48
2029	49
Thereafter	291
Total	560
Less: discount	154
Total lease liabilities	$	406

The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating the operating lease asset and liability.


As of December 31, 2024

Weighted average remaining lease term	10.5 years
Weighted average discount rate	3.9	%

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Loews Corporation and its eligible subsidiaries file a consolidated federal income tax return. Loews Corporation has entered into a separate tax allocation agreement with CNA, a majority-owned subsidiary in which its ownership exceeds 80%. The agreement provides that Loews Corporation will: (i) pay to CNA the amount, if any, by which Loews Corporation’s consolidated federal income tax is reduced by virtue of inclusion of CNA in Loews Corporation’s return or (ii) be paid by CNA an amount, if any, equal to the federal income tax that would have been payable by CNA if it had filed a separate consolidated return. The agreement may be canceled by either of the parties upon thirty days written notice.

For 2022 through 2024, the Company participates in the Internal Revenue Service (“IRS”) Compliance Assurance Process (“CAP”), which is a voluntary program for large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return. For 2023, the Company was selected to participate in the phase of CAP reserved for taxpayers whose risk of noncompliance did not support use of IRS resources. The Company believes that participation in CAP should reduce tax-related uncertainties, if any. Although the outcome of tax audits is always uncertain, the Company believes that any adjustments resulting from audits will not have a material impact on its results of operations, financial position or cash flows. The Company and/or its subsidiaries also file income tax returns in various state, local and foreign jurisdictions. These returns, with few exceptions, are no longer subject to examination by the various taxing authorities before 2020.

The current and deferred components of income tax expense are as follows:


Year Ended December 31	2024		2023		2022
(In millions)

Income tax expense (benefit):
Federal:
Current	$	320	$	267	$	241
Deferred	(10)		81		(60)
State and city:
Current	47		20		25
Deferred	(40)		31		15
Foreign	63		52		2
Total	$	380	$	451	$	223

The components of U.S. and foreign income before income tax and a reconciliation between the federal income tax expense at statutory rates and the actual income tax expense is as follows:


Year Ended December 31	2024		2023		2022
(In millions)

Income before income tax:
U.S.	$	1,672	$	1,798	$	973
Foreign	202		198		141
Total	$	1,874	$	1,996	$	1,114

Income tax expense at statutory rate	$	393	$	419	$	235
Increase (decrease) in income tax expense resulting from:
Exempt investment income	(22)		(28)		(38)
Foreign related tax differential	(5)		1		(15)

Valuation allowance	1		2		1

State taxes	8		48		36
Other	5		9		4
Income tax expense	$	380	$	451	$	223

For the year ended December 31, 2024, income tax expense includes a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025 resulting from legislation enacted during the fourth quarter of 2024.

As of December 31, 2024, no deferred taxes are required on the undistributed earnings of subsidiaries subject to tax.

As of December 31, 2024, 2023 and 2022, there were no unrecognized tax benefits.

Accrued interest related to unrecognized tax benefits and tax refund claims is recognized in Income tax expense on the Consolidated Statements of Operations. Penalties are recognized in Income tax expense on the Consolidated Statements of Operations. No interest expense and no penalties were recorded for the years ended December 31, 2024, 2023 and 2022.

The following table summarizes deferred tax assets and liabilities:


December 31	2024		2023
(In millions)

Deferred tax assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	234	$	202
Unearned premium reserves	225		213
Policyholder reserves			160
Deferred revenue	85		70
Employee benefits	79		86
Deferred retroactive reinsurance benefit	89		88
Net operating loss carryforwards	35		44
Net unrealized losses	485		416


Other	153		159
Total deferred tax assets	1,385		1,438
Valuation allowance	(19)		(18)
Net deferred tax assets	1,366		1,420

Deferred tax liabilities:
Deferred acquisition costs	(140)		(126)

Policyholder reserves	(48)
Property, plant and equipment	(963)		(938)
Basis differential in investment in subsidiary	(481)		(502)
Other liabilities	(245)		(198)
Total deferred tax liabilities	(1,877)		(1,764)

Net deferred tax liabilities (a)	$	(511)	$	(344)
(a) Includes deferred tax assets reflected in Other assets on the Consolidated Balance Sheets at December 31, 2024 and 2023	$	39	$	54

As of December 31, 2024, a U.S. foreign tax credit carryforward of $8 million expires in 2034. Net operating loss carryforwards in foreign tax jurisdictions of $138 million and tax credit carryforwards in such jurisdictions of $10 million have no expiration.

Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized deferred tax assets will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. As of December 31, 2024, a valuation allowance of $19 million was recorded related to state net operating losses and disallowed business interest expense from joint ventures.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt


December 31	2024		2023
(In millions)

Loews Corporation (Parent Company):
Senior:
3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500)	$	500	$	500
3.2% notes due 2030 (effective interest rate of 3.3%) (authorized, $500)	500		500
6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300)	300		300
4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500)	500		500
CNA Financial:
Senior:
4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550)			550
4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500)	500		500
3.5% notes due 2027 (effective interest rate of 3.5%) (authorized, $500)	500		500
3.9% notes due 2029 (effective interest rate of 3.9%) (authorized, $500)	500		500
2.1% notes due 2030 (effective interest rate of 2.1%) (authorized, $500)	500		500
5.5% notes due 2033 (effective interest rate of 5.7%) (authorized, $500)	500		500
5.1% notes due 2034 (effective interest rate of 5.3%) (authorized, $500)	500
Boardwalk Pipelines:
Senior:
Variable rate revolving credit facility due 2028 (effective interest rate of 6.7%)			25
5.0% notes due 2024 (effective interest rate of 5.2%) (authorized, $600)			600
6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550)	550		550
4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500)	500		500
7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100)	100		100
4.8% notes due 2029 (effective interest rate of 4.9%) (authorized, $500)	500		500
3.4% notes due 2031 (effective interest rate of 3.5%) (authorized, $500)	500		500
3.6% notes due 2032 (effective interest rate of 3.7%) (authorized, $500)	500		500
5.6% notes due 2034 (effective interest rate of 5.8%) (authorized, $600)	600
Finance lease obligation	4		5
Loews Hotels & Co:
Senior debt, principally mortgages (effective interest rates approximate 6.7% and 6.8%)	1,011		933






	9,065		9,063
Less unamortized discount and issuance costs	70		60
Less intercompany eliminations	51
Debt	$	8,944	$	9,003


December 31, 2024	Principal		Unamortized Discount and Issuance Costs		Net		Short Term Debt		Long Term Debt
(In millions)

Loews Corporation	$	1,800	$	15	$	1,785			$	1,785
CNA Financial	3,000		27		2,973				2,973
Boardwalk Pipelines	3,254		19		3,235		$	1	3,234
Loews Hotels & Co	1,011		9		1,002		4		998
Less intercompany eliminations	51				51				51
Total	$	9,014	$	70	$	8,944	$	5	$	8,939

At December 31, 2024, the aggregate long-term debt maturing in each of the next five years is approximately as follows: $5 million in 2025, $1.9 billion in 2026, $1.1 billion in 2027, $56 million in 2028, $1.2 billion in 2029 and $4.8 billion thereafter. Long-term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of remaining scheduled payments discounted at the specified treasury rate plus a margin.

CNA is a member of the Federal Home Loan Bank of Chicago (“FHLBC”). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CNA held $5 million of FHLBC stock as of December 31, 2024, giving it access to approximately $108 million of additional liquidity. As of December 31, 2024 and 2023, CNA had no outstanding borrowings from the FHLBC.

In 2023, CNA amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At CNA’s election, the commitments under the amended and restated credit agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. As of December 31, 2024, CNA had no outstanding borrowings under the credit agreement and was in compliance with all covenants.

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

Boardwalk Pipelines has a revolving credit facility with available borrowing capacity of $1 billion through May 27, 2027 and a borrowing capacity of $912 million from May 28, 2027 to May 26, 2028. Interest rates are based on the term Secured Overnight Financing Rate (“SOFR”). As of December 31, 2024, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility. As of December 31, 2024, Boardwalk Pipelines was in compliance with its covenants under the credit agreement.

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

Loews Hotels & Co, through its subsidiaries, has debt with various lenders which is generally secured by specific hotel properties. These loans include a range of financial and operational covenants. As of December 31, 2024, Loews Hotels & Co’s subsidiaries were in compliance with their debt covenants.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Shareholders' Equity

Shareholders’ Equity

Accumulated other comprehensive income (loss)

The tables below present the changes in AOCI by component for the years ended December 31, 2022, 2023 and 2024:


	Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses		Net Unrealized Gains (Losses) on Other Investments		Cumulative impact of changes in discount rates used to measure long duration contracts		Unrealized Gains (Losses) on Cash Flow Hedges		Pension and Postretirement Benefits		Foreign Currency Translation		Total Accumulated Other Comprehensive Income (Loss)
(In millions)

Balance, January 1, 2022, as reported	$	(2)	$	930	$	—	$	(6)	$	(636)	$	(100)	$	186
Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $(617), $1,063, $0, $0 and $0			2,079		(3,585)								(1,506)
Balance, January 1, 2022, as adjusted	(2)		3,009		(3,585)		(6)		(636)		(100)		(1,320)
Other comprehensive income (loss) before reclassifications, after tax of $0, $1,643, $(1,052), $(7), $1 and $0			(6,223)		3,959		20		(3)		(111)		(2,358)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $1, $(21), $0, $0, $(5) and $0	(5)		126						18				139
Other comprehensive income (loss)	(5)		(6,097)		3,959		20		15		(111)		(2,219)
Amounts attributable to noncontrolling interests			619		(410)				(1)		11		219
Balance, December 31, 2022	$	(7)	$	(2,469)	$	(36)	$	14	$	(622)	$	(200)	$	(3,320)




Other comprehensive income (loss) before reclassifications, after tax of $6, $(290), $85, $2, $(10) and $0	(24)		1,072		(318)		(5)		41		60		826
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(5), $(14), $0, $0, $(18) and $0	19		53						63				135
Other comprehensive income (loss)	(5)		1,125		(318)		(5)		104		60		961
Amounts attributable to noncontrolling interests			(93)		26				(5)		(5)		(77)
Purchase of CNA shares			(46)		(1)				(10)		(4)		(61)
Balance, December 31, 2023	$	(12)	$	(1,483)	$	(329)	$	9	$	(533)	$	(149)	$	(2,497)


Other comprehensive income (loss) before reclassifications, after tax of $9, $81, $(189), $(1), $(6) and $1	(34)		(309)		712				22		(102)		289
Reclassification of losses from accumulated other comprehensive loss, after tax of $(9), $(13), $0, $0, $(86) and $0	33		47						318				398
Other comprehensive income (loss)	(1)		(262)		712		—		340		(102)		687
Amounts attributable to noncontrolling interests			22		(59)				(28)		8		(57)
Other			3						(3)				—
Balance, December 31, 2024	$	(13)	$	(1,720)	$	324	$	9	$	(224)	$	(243)	$	(1,867)

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

Common Stock Dividends

Loews Corporation declared and paid dividends of $0.25 per share in the aggregate on its common stock in each of 2024, 2023 and 2022.

There are no restrictions on Loews Corporation’s retained earnings or net income with regard to payment of dividends. However, as a holding company, Loews Corporation relies upon invested cash balances and distributions from its subsidiaries to generate the funds necessary to declare and pay any dividends to holders of its common stock. The ability of Loews Corporation’s subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, compliance with covenants in their respective credit agreements and applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies. See Note 15 for a discussion of the regulatory restrictions on CNA’s availability to pay dividends.

Stock Purchases

Loews Corporation repurchased 7.7 million, 14.0 million and 12.7 million shares of its common stock at aggregate costs of $0.6 billion, $0.9 billion and $0.7 billion during the years ended December 31, 2024, 2023 and 2022. On December 31, 2024, 7.6 million shares of Loews Corporation common stock were retired. Upon retirement, treasury stock was eliminated through a reduction to common stock, APIC and retained earnings. Loews Corporation purchased 4.5 million shares of CNA’s common stock at an aggregate cost of $178 million in 2023.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
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-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Subparagraph (g)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 13
-Subparagraph (i)
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 14
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Revenue from Contracts with Customers

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

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 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 20:


Year Ended December 31	2024		2023		2022
(In millions)

Non-insurance warranty – CNA Financial	$	1,609	$	1,624	$	1,574

Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines	$	1,987	$	1,582	$	1,398
Lodging and related services – Loews Hotels & Co	906		778		689

Total revenues from contracts with customers	2,893		2,360		2,087
Other revenues	98		95		113
Operating revenues and other	$	2,991	$	2,455	$	2,200

Receivables from contracts with customers – As of December 31, 2024 and 2023, receivables from contracts with customers were approximately $240 million and $228 million and are included within Receivables on the Consolidated Balance Sheets.

Deferred revenue – As of December 31, 2024 and 2023, deferred revenue resulting from contracts with customers was approximately $4.6 billion and $4.8 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Balance Sheets. The decrease in the deferred revenue balance for the year ended December 31, 2024 was primarily driven by recognized revenue from prior periods outpacing new growth in CNA’s non-insurance warranty business. Approximately $1.5 billion and $1.4 billion of revenues recognized during each of the years ended December 31, 2024 and 2023 were included in deferred revenue as of January 1, 2024 and 2023.

Contract costs – As of December 31, 2024 and 2023, the Company had approximately $3.5 billion and $3.7 billion of costs to obtain contracts with customers related to CNA for amounts paid to dealers and other agents to obtain non-insurance warranty contracts, which are reported as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets. For the years ended December 31, 2024 and 2023, amortization expense of $1.2 billion is reported as Non-insurance warranty expense on the Consolidated Statement of Operations. There were no adjustments to deferred costs recorded for the years ended December 31, 2024 and 2023.

Performance obligations – As of December 31, 2024, approximately $18.6 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 NGLs and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $2.9 billion will be recognized during 2025, $2.4 billion in 2026 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 12
-Subparagraph (c)
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Statutory Accounting Practices

12 Months Ended

Dec. 31, 2024

Statutory Accounting Practices [Abstract]

Statutory Accounting Practices

CNA’s insurance subsidiaries are domiciled in various jurisdictions. These subsidiaries prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the respective jurisdictions’ insurance regulators. Domestic prescribed statutory accounting practices are set forth in a variety of publications of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and general administrative rules. These statutory accounting principles vary in certain respects from GAAP. In converting from statutory accounting principles to GAAP, the more significant adjustments include deferral of policy acquisition costs and the inclusion of net unrealized holding gains or losses in shareholders’ equity relating to certain fixed maturity securities.

CNA has a prescribed practice as it relates to the accounting under Statement of Statutory Accounting Principles No. 62R, Property and Casualty Reinsurance, paragraphs 87 and 88 in conjunction with the 2010 loss portfolio transfer with NICO which is further discussed in Note 8. The prescribed practice allows CNA to aggregate all third party A&EP reinsurance balances administered by NICO in Schedule F and to utilize the LPT as collateral for the underlying third-party reinsurance balances for purposes of calculating the statutory reinsurance penalty. This prescribed practice increased statutory capital and surplus by $55 million and $92 million at December 31, 2024 and 2023.

The payment of dividends by CNA’s insurance subsidiaries without prior approval of the insurance department of each subsidiary’s domiciliary jurisdiction is generally limited by formula. Dividends in excess of these amounts are subject to prior approval by the respective insurance regulator.

Dividends from CCC are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance (the “Department”) are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding 12 months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2024, CCC was in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2025 that would not be subject to the Department’s prior approval is $1.1 billion, less dividends paid during the preceding 12 months measured at that point in time. CCC paid dividends of $995 million in 2024. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

Combined statutory capital and surplus and statutory net income for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities.


	Statutory Capital and Surplus		Statutory Net Income
	December 31		Year Ended December 31
	2024(a)	2023	2024(a)(b)	2023	2022
(In millions)

Combined Continental Casualty Companies	$11,165	$10,946	$713	$1,172	$1,072

(a)Information derived from the statutory-basis financial statements to be filed with insurance regulators.

(b)Includes a $293 million after-tax loss from pension settlement transactions. Pension settlement transactions are further discussed in Note 16.

CNA’s domestic insurance subsidiaries are subject to risk-based capital (“RBC”) requirements. RBC is a method developed by the NAIC to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formula for determining the amount of RBC specifies various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity. The adequacy of a company’s actual capital is evaluated by a comparison to the RBC results, as determined by the formula. Companies below minimum RBC requirements are classified within certain levels, each of which requires specified corrective action.

The statutory capital and surplus presented above for CCC as of December 31, 2024 and 2023 was significantly above the level at which any RBC regulatory action would occur. The statutory capital and surplus of CNA’s foreign insurance subsidiaries, which is not significant to the overall statutory capital and surplus, also met or exceeded their respective regulatory and other capital requirements.

Benefit Plans

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Benefit Plans

Pension Plans – Several non-contributory defined benefit plans are maintained for eligible employees. For benefits in certain plans, the accrued pension balance is credited with interest based on specified annual interest rates (which are established annually for all participants). The benefits for another plan which covers salaried employees are based on formulas which include, among others, years of service and average pay. The funding policy is to make contributions in accordance with applicable governmental regulatory requirements.

Other Postretirement Benefit Plans – Several postretirement benefit plans cover eligible employees and retirees. Participants generally become eligible after reaching age 55 with required years of service. Actual requirements for coverage vary by plan. Benefits for retirees who were covered by bargaining agreements vary by each unit and contract. Benefits for certain retirees are in the form of a health care account.

Benefits for retirees reaching age 65 are generally integrated with Medicare. Other retirees, based on plan provisions, must use Medicare as their primary coverage, with a portion of the unpaid amount being reimbursed by the employer; or are reimbursed for the Medicare Part B premium or have no employer coverage. The benefits provided are basically health and, for certain retirees, life insurance type benefits.

Certain of these benefit plans are funded and postretirement benefits are accrued during the active service of those employees who would become eligible for such benefits when they retire. December 31 is used as the measurement date for the plans.

Weighted average assumptions used to determine benefit obligations:


	Pension Benefits						Other Postretirement Benefits
December 31	2024		2023		2022		2024		2023		2022

Discount rate	5.4	%	5.0	%	5.2	%	5.5	%	5.1	%	5.4	%
Interest crediting rate	4.3	%	4.5	%	3.4	%
Rate of compensation increase	0.0% to 4.5%		0.0% to 3.5%		0.0% to 4.5%

Weighted average assumptions used to determine net periodic benefit cost:


	Pension Benefits						Other Postretirement Benefits
Year Ended December 31	2024		2023		2022		2024		2023		2022

Discount rate	5.0	%	5.2	%	3.4	%	5.1	%	5.4	%	2.6	%
Expected long-term rate of return on plan assets	6.1	%	6.2	%	6.3	%	3.3	%	3.0	%	2.0	%
Interest crediting rate	4.5	%	3.5	%	3.0	%
Rate of compensation increase	0.0% to 3.5%		0.0% to 3.8%		0.0% to 3.0%

In determining the discount rate assumption, current market and liability information is utilized, including a discounted cash flow analysis of the pension and postretirement obligations. In particular, the basis for the discount rate selection was the yield on indices of highly rated fixed income debt securities with durations comparable to that of plan liabilities. The yield curve was applied to expected future retirement plan payments to adjust the discount rate to reflect the cash flow characteristics of the plans. The yield curves and indices evaluated in the selection of the discount rate are comprised of high quality corporate bonds that are rated AA by an accepted rating agency.

The expected long-term rate of return for plan assets is determined based on widely-accepted capital market principles, long-term return analysis for global fixed income and equity markets as well as the active total return oriented portfolio management style. Long-term trends are evaluated relative to market factors such as inflation, interest rates and fiscal and monetary policies, in order to assess the capital market assumptions as applied to the plan. Consideration of diversification needs and rebalancing is maintained.

Assumed health care cost trend rates:

December 31

2024

2023

2022

Health care cost trend rate assumed for next year

4.0% to 8.0%

4.0% to 7.0%

4.0% to 6.5%

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)

4.0% to 5.5%

Year that the rate reaches the ultimate trend rate

2025-2029

2024-2028

2023-2026

During 2023, the Parent Company completed the termination of a non-contributory defined benefit plan. In total, the plan paid $66 million for the purchase of group annuity contracts from a third party insurance company to settle its obligations to retirees and certain participants and $34 million in lump sum payments to settle its obligations to certain other participants. The Company recorded a settlement expense of $47 million ($37 million after-tax) to recognize unrealized losses which were previously included in AOCI.

In 2024, a subsidiary of CNA, as a sponsor of the CNA Employee Retirement Plan Trust (the “Plan”), paid $1 billion to purchase a nonparticipating single premium group annuity contract with Metropolitan Life Insurance Company (the “Insurer”) that transferred to the Insurer $1 billion of the Plan’s defined benefit pension obligations. The group annuity contract covers approximately 7,600 Plan participants and beneficiaries (the “Transferred Participants”), representing approximately 60% of the Plan’s obligations. Under the group annuity contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after January 1, 2025. The purchase of the group annuity contract was funded directly by assets of the Plan and required no cash or asset contributions from CNA. As a result of the transaction, CNA recognized a pretax pension settlement charge of

$367 million ($265 million after tax and noncontrolling interest). This charge is largely driven by the accelerated recognition of the actuarial pension loss from Accumulated other comprehensive income into Net income, which does not impact Shareholders’ equity.

In 2023, the CNA Retirement Plan paid $80 million to settle its obligation to certain retirees through the purchase of a group annuity contract from a third party insurance company, which reduced the plan's projected benefit obligation by $86 million.

Net periodic (benefit) cost components:


	Pension Benefits						Other Postretirement Benefits
Year Ended December 31	2024		2023		2022		2024		2023		2022
(In millions)

Service cost	$	2	$	2	$	2
Interest cost	96		110		76		$	2	$	2	$	1
Expected return on plan assets	(119)		(125)		(165)		(3)		(3)		(2)
Amortization of unrecognized net loss	29		35		32		1		1

Settlements	372		48		5
Net periodic (benefit) cost	$	380	$	70	$	(50)	$	—	$	—	$	(1)

The following provides a reconciliation of benefit obligations and plan assets:


	Pension Benefits				Other Postretirement Benefits
	2024		2023		2024		2023
(In millions)

Change in benefit obligation:

Benefit obligation at January 1	$	1,991	$	2,220	$	34	$	33

Service cost	2		2
Interest cost	96		110		2		2
Plan participants’ contributions					2		3

Actuarial (gain) loss	(29)		31				6
Benefits paid from plan assets	(149)		(181)		(7)		(10)
Settlements	(1,052)		(194)

Foreign exchange	(2)		3
Benefit obligation at December 31	$	857	$	1,991	$	31	$	34

Change in plan assets:

Fair value of plan assets at January 1	$	2,074	$	2,212	$	83	$	81

Actual return on plan assets	120		206		3		5
Company contributions	13		22		2		4
Plan participants' contributions					2		3
Benefits paid from plan assets	(149)		(181)		(7)		(10)
Settlements	(1,052)		(188)

Foreign exchange	(2)		3
Fair value of plan assets at December 31	$	1,004	$	2,074	$	83	$	83

Funded status	$	147	$	83	$	52	$	49


	Pension Benefits				Other Postretirement Benefits
	2024		2023		2024		2023
(In millions)

Amounts recognized in the Consolidated Balance Sheets consist of:

Other assets	$	283	$	229	$	61	$	59
Other liabilities	(136)		(146)		(9)		(10)
Net amount recognized	$	147	$	83	$	52	$	49

Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost:

Prior service credit	$	1	$	1
Net actuarial loss	241		672		$	2	$	3
Net amount recognized	$	242	$	673	$	2	$	3

Information for plans with projected and accumulated benefit obligations in excess of plan assets:

Projected benefit obligation	$	136	$	229
Accumulated benefit obligation	136		143		$	9	$	11
Fair value of plan assets	—		83

The accumulated benefit obligation for all defined benefit pension plans was $854 million and $2.0 billion at December 31, 2024 and 2023. Changes for the year ended December 31, 2024 include the impact of the pension settlement transaction discussed above and an actuarial gain of $29 million primarily driven by changes in the discount rate used to determine the benefit obligations.

A total return approach is employed whereby a mix of equity, limited partnerships and fixed maturity securities are used to maximize the long-term return of plan assets for a prudent level of risk and to manage cash flows according to plan requirements. The target allocation of plan assets is 0% to 40% invested in equity securities and limited partnerships, with the remainder primarily invested in fixed maturity securities. The intent of this strategy is to minimize expenses by generating investment returns that exceed the growth of the plan liabilities over the long run. Risk tolerance is established after careful consideration of the plan liabilities, plan funded status and corporate financial conditions. The investment portfolios contain a diversified blend of fixed maturity, equity and short-term securities. Alternative investments, including limited partnerships, are used to enhance risk adjusted long-term returns while improving portfolio diversification. At December 31, 2024, $92 million is committed to fund future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. Investment risk is monitored through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews.

The table below presents the estimated future minimum benefit payments at December 31, 2024.


Expected future benefit payments	Pension Benefits		Other Postretirement Benefits
(In millions)

2025	$	86	$	3
2026	78		3
2027	81		3
2028	79		3
2029	72		2
2030 – 2034	310		10

In 2025, it is expected that contributions of approximately $16 million will be made to pension plans and $1 million to postretirement health care and life insurance benefit plans.

Pension plan assets measured at fair value on a recurring basis are summarized below.


December 31, 2024	Level 1		Level 2		Level 3		Total
(In millions)

Plan assets at fair value:
Fixed maturity securities:
Corporate and other bonds			$	408	$	5	$	413
States, municipalities and political subdivisions			6				6
Asset-backed			113		8		121
Total fixed maturities	$	—	527		13		540
Equity securities	44		15				59
Short-term investments	59						59
Fixed income mutual funds	40						40
Other assets			2				2
Total plan assets at fair value	$	143	$	544	$	13	$	700
Plan assets at net asset value: (a)

Limited partnerships							304
Total plan assets	$	143	$	544	$	13	$	1,004


December 31, 2023	Level 1		Level 2		Level 3		Total
(In millions)

Plan assets at fair value:
Fixed maturity securities:
Corporate and other bonds	$	10	$	1,041	$	6	$	1,057
States, municipalities and political subdivisions			55				55
Asset-backed			233		8		241
Total fixed maturities	10		1,329		14		1,353
Equity securities	154		6				160
Short-term investments	114						114
Fixed income mutual funds	26						26
Other assets			11				11
Total plan assets at fair value	$	304	$	1,346	$	14	$	1,664
Plan assets at net asset value: (a)
Equity securities							25
Limited partnerships							385
Total plan assets	$	304	$	1,346	$	14	$	2,074

(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

The limited partnership investments held within the plans are recorded at fair value, which represents the plans’ shares of the net asset value of each partnership, as determined by the general partner. Limited partnerships comprising more than 99% and 93% of the carrying value as of December 31, 2024 and 2023 were invested in private debt and equity. Limited partnerships comprising less than 1% and 7% of the carrying value as of December 31, 2024 and 2023 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, private credit, growth capital and distressed investing. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments. Within hedge fund strategies, approximately 100% were equity related, none pursued a multi-strategy approach and none were focused on distressed investments at December 31, 2024.

For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short-term investments, see Note 4.

Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below.


December 31, 2024	Level 1		Level 2		Level 3		Total
(In millions)

Fixed maturity securities:
Corporate and other bonds			$	48			$	48
States, municipalities and political subdivisions			35				35
Asset-backed			1				1
Total fixed maturities	$	—	84		$	—	84
Short-term investments	2						2
Fixed income mutual funds	15						15
Total assets	$	17	$	84	$	—	$	101

Other liabilities	$	18					$	18


December 31, 2023	Level 1		Level 2		Level 3		Total
(In millions)

Fixed maturity securities:
Corporate and other bonds			$	67			$	67
States, municipalities and political subdivisions			39				39
Asset-backed			1				1
Total fixed maturities	$	—	107		$	—	107
Short-term investments	13						13
Fixed income mutual funds	2						2
Total	$	15	$	107	$	—	$	122

Other liabilities	$	39					$	39

There were no Level 3 assets at December 31, 2024 and 2023.

Savings Plans – Several contributory savings plans are maintained which allow employees to make regular contributions based upon a percentage of their salaries. Matching contributions are made up to specified percentages of employees’ contributions. In addition, in certain plans, eligible employees also receive a contribution of a percentage of their annual eligible compensation. Employer contributions to these plans amounted to $110 million, $103 million and $90 million for the years ended December 31, 2024, 2023 and 2022.

Stock-based Compensation – In 2016, shareholders approved the Loews Corporation 2016 Incentive Compensation Plan (the “2016 Loews Plan”) which replaced a previously existing equity plan. The aggregate number of shares of Loews Corporation common stock authorized under the 2016 Loews Plan is 6,000,000 shares, plus up to 3,000,000 shares that may be forfeited under the prior plan. The maximum number of shares of Loews Corporation common stock with respect to which awards may be granted to any individual in any calendar year is 500,000 shares. In accordance with the 2016 Loews Plan and the prior equity plan, Loews Corporation stock-based compensation consists of the following:

SARs: Stock appreciation rights (“SARs”) were granted under the prior equity plan. The exercise price per share may not be less than the fair market value of the common stock on the date of grant. Generally, SARs vested ratably over a four-year period and expire in ten years.

Time-based Restricted Stock Units: Time-based restricted stock units (“RSUs”) are granted under the 2016 Loews Plan and represent the right to receive one share of Loews Corporation common stock for each vested RSU. Generally, RSUs vest 50% on the second anniversary of the grant date and 50% on the third anniversary of the grant date.

Performance-based Restricted Stock Units: Performance-based RSUs (“PSUs”) are granted under the 2016 Loews Plan and represent the right to receive one share of Loews Corporation common stock for each vested PSU, subject to the achievement of specified performance goals by the Company. Generally, performance-based RSUs vest, if performance goals are satisfied, 50% on the second anniversary of the grant date and 50% on the third anniversary of the grant date.

In 2024, Loews Corporation granted an aggregate of 160,895 RSUs and PSUs at a weighted average grant-date fair value of $73.38 per unit. No RSUs were forfeited during the year. 192,000 SARs were outstanding at December 31, 2024 with a weighted average exercise price of $38.59.

The Company recognized compensation expense in connection with stock-based compensation that decreased net income by $39 million, $36 million and $34 million for the years ended December 31, 2024, 2023 and 2022. CNA also maintains their own stock-based compensation plan. Such amounts include Loews Corporation’s share of expense related to this plan.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Reinsurance

12 Months Ended

Dec. 31, 2024

Reinsurance Disclosures [Abstract]

Reinsurance

CNA cedes insurance to reinsurers to limit its maximum loss, provide greater diversification of risk, minimize exposures on larger risks and to exit certain lines of business. The ceding of insurance does not discharge the primary liability of CNA. A credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer is unable to meet its obligations. A collectability exposure also exists to the extent that the reinsurer disputes the liabilities assumed under reinsurance agreements. Property and casualty reinsurance coverages are tailored to the specific risk characteristics of each product line and CNA’s retained amount varies by type of coverage. Reinsurance contracts are purchased to protect specific lines of business such as property and workers’ compensation. Corporate catastrophe reinsurance is also purchased for property and workers’ compensation exposure. CNA also utilizes facultative reinsurance in certain lines. In addition, CNA assumes reinsurance, primarily through Hardy and as a member of various reinsurance pools and associations.

The following table presents the amounts receivable from reinsurers:


December 31	2024		2023
(In millions)

Reinsurance receivables related to insurance reserves:
Ceded claim and claim adjustment expenses	$	5,713	$	5,141

Reinsurance receivables related to paid losses	359		293
Reinsurance receivables	6,072		5,434
Less allowance for doubtful accounts	21		22
Reinsurance receivables, net of allowance for doubtful accounts	$	6,051	$	5,412

CNA has established an allowance for doubtful accounts on voluntary reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating:


As of December 31, 2024
(In millions)

A- to A++	$	4,585
B- to B++	892
Insolvent	14
Total voluntary reinsurance outstanding balance (a)	$	5,491


(a)			Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. See Note 8 for more information on the LPT. Also excluded are receivables from involuntary pools.

CNA attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have credit ratings above certain levels and by obtaining collateral. On a limited basis, CNA may enter into reinsurance agreements with reinsurers that are not rated, primarily captive reinsurers. Receivables from captive reinsurers are backed by collateral arrangements and comprise the majority of the voluntary reinsurance receivables within the B- to B++ rating distribution in the table above. The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances. Such collateral, limited by the balance of open recoverables, was approximately $3.4 billion and $3.6 billion at December 31, 2024 and 2023.

CNA’s largest recoverables from a single reinsurer, including ceded unearned premium reserves as of December 31, 2024 were approximately $1.8 billion from subsidiaries of the Berkshire Hathaway Insurance Group, $559 million from Cavello Bay Reinsurance Limited and $371 million from the Swiss Reinsurance Group. These amounts are substantially collateralized or otherwise secured. The recoverable from subsidiaries of the Berkshire Hathaway Insurance Group includes amounts related to third party reinsurance for which NICO has assumed the credit risk under the terms of the loss portfolio transfer as discussed in Note 8.

The effects of reinsurance on earned premiums are presented in the following table:


									Assumed/
	Direct		Assumed		Ceded		Net		Net %
(In millions)

Year Ended December 31, 2024

Property and casualty	$	14,629	$	252	$	5,107	$	9,774	2.6	%
Long-term care	396		41				437		9.4
Earned premiums	$	15,025	$	293	$	5,107	$	10,211	2.9	%

Year Ended December 31, 2023

Property and casualty	$	13,908	$	223	$	5,102	$	9,029	2.5	%
Long-term care	407		44				451		9.8
Earned premiums	$	14,315	$	267	$	5,102	$	9,480	2.8	%

Year Ended December 31, 2022

Property and casualty	$	13,097	$	231	$	5,134	$	8,194	2.8	%
Long-term care	427		46				473		9.7
Earned premiums	$	13,524	$	277	$	5,134	$	8,667	3.2	%

Included in the direct and ceded earned premiums for the years ended December 31, 2024, 2023 and 2022 are $2.7 billion, $2.9 billion and $3.3 billion related to property business that is 100% reinsured under a significant third party captive program. The third party captives that participate in this program are affiliated with the non-insurance company policyholders, therefore this program provides a means for the policyholders to self-insure this property risk. CNA receives and retains a ceding commission.

Insurance claims and policyholders’ benefits reported on the Consolidated Statements of Operations are net of estimated reinsurance recoveries of $3.5 billion, $2.8 billion and $2.6 billion for the years ended December 31, 2024, 2023 and 2022, including $1.7 billion, $1.5 billion and $1.8 billion related to the significant third party captive program discussed above.

Long-term care premiums are from long-duration contracts; property and casualty premiums are from short-duration contracts.

Legal Proceedings	12 Months Ended
Legal Proceedings	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings Loews Hotels & Co On February 20, 2024, Jeanette Portillo filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington. On March 1, 2024. Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois. Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1, and allege that certain hotel chains, including Loews Hotels, engaged in a conspiracy to fix higher prices for hotel rooms. Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively. Defendants await decisions in both cases. The parties have agreed to stay discovery in both cases pending the courts’ rulings on these motions. Boardwalk Pipelines 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 the appeal is ongoing and is expected to be completed in March 2025. The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the matters described above, will materially affect the Company’s results of operations or equity.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 December 31, 2024, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.4 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

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 consolidated 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.

CNA’s business is the sale of property and casualty insurance products and services, including surety, primarily through a network of independent agents, brokers and managing general underwriters. CNA’s operations also include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves.

Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. It also provides ethane supply and transportation services for industrial customers in Louisiana and Texas. Boardwalk Pipelines owns approximately 14,315 miles of natural gas and NGL pipelines and underground storage caverns. Boardwalk Pipelines’ natural gas pipeline systems are located in the Gulf Coast region, Oklahoma, Arkansas, Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGL pipelines and storage facilities are located in Louisiana and Texas.

Loews Hotels & Co operates a chain of 25 hotels, 24 of which are in the United States and one of which is in Canada. Eleven of these hotels are owned by Loews Hotels & Co, twelve are owned by joint ventures in which Loews Hotels & Co has noncontrolling equity interests and two are managed for unaffiliated owners.

The Corporate segment consists of investment income from the Parent Company’s cash and investments, Parent Company interest expense and other unallocated Parent Company expenses. Corporate also includes the equity method of accounting for Altium Packaging. Purchase accounting adjustments have been pushed down to the appropriate subsidiary.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1.

In the following tables certain financial measures are presented to provide information used by management to monitor the Company’s operating performance. The Company’s CODM is the Chief Executive Officer. The CODM uses the trend of net income attributable to Loews Corporation from the most recent years to evaluate the performance of the segments and to make decisions regarding the allocation of capital. The following schedules present the reportable segments of the Company and their contribution to the consolidated financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

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


Year Ended December 31, 2024	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	10,211							$	10,211
Net investment income	2,497		$	32	$	9	$	242	2,780
Investment losses	(81)								(81)
Non-insurance warranty revenue	1,609								1,609
Operating revenues and other	34		2,033		924				2,991
Total	14,270		2,065		933		242		17,510

Expenses:

Insurance claims and policyholders’ benefits (a)	7,738								7,738
Amortization of deferred acquisition costs	1,798								1,798
Non-insurance warranty expense	1,547								1,547
Operating expenses and other (b)	1,843		1,377		873		77		4,170
Equity method (income) loss					(86)		28		(58)
Interest	133		183		51		74		441
Total	13,059		1,560		838		179		15,636
Income before income tax	1,211		505		95		63		1,874
Income tax expense	(252)		(92)		(25)		(11)		(380)
Net income	959		413		70		52		1,494
Amounts attributable to noncontrolling interests	(80)								(80)
Net income attributable to Loews Corporation	$	879	$	413	$	70	$	52	$	1,414

December 31, 2024

Total assets	$	66,434	$	9,853	$	2,498	$	3,158	$	81,943


(a)			Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $358 million and unfavorable development of $48 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.


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


Year Ended December 31, 2024

Insurance related administrative expenses	$	1,275							$	1,275
Operating expenses			$	633	$	580			1,213
Depreciation and amortization			429		93		$	2	524
Other (c)	568		315		200		75		1,158
Operating expenses and other	$	1,843	$	1,377	$	873	$	77	$	4,170


(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. For 2024, this also includes a pension settlement charge of $367 million; see Note 16 for more information.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative, reimbursable and asset impairment expenses
			Corporate: general and administrative expenses


Year Ended December 31, 2023	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	9,480							$	9,480
Net investment income	2,264		$	11	$	6	$	114	2,395
Investment gains (losses)	(99)				46				(53)
Non-insurance warranty revenue	1,624								1,624
Operating revenues and other	30		1,625		800				2,455
Total	13,299		1,636		852		114		15,901

Expenses:

Insurance claims and policyholders’ benefits (a)	7,068								7,068
Amortization of deferred acquisition costs	1,644								1,644
Non-insurance warranty expense	1,544								1,544
Operating expenses and other (b)	1,398		1,108		767		120		3,393
Equity method (income) loss					(129)		9		(120)
Interest	127		155		14		80		376
Total	11,781		1,263		652		209		13,905
Income (loss) before income tax	1,518		373		200		(95)		1,996
Income tax (expense) benefit	(313)		(90)		(53)		5		(451)
Net income (loss)	1,205		283		147		(90)		1,545
Amounts attributable to noncontrolling interests	(111)								(111)
Net income (loss) attributable to Loews Corporation	$	1,094	$	283	$	147	$	(90)	$	1,434

December 31, 2023

Total assets	$	64,655	$	9,785	$	2,374	$	2,383	$	79,197


(a)			Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $236 million and unfavorable development of $48 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.


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


Year Ended December 31, 2023

Insurance related administrative expenses	$	1,251							$	1,251
Operating expenses			$	395	$	485			880
Depreciation and amortization			412		69		$	1	482
Other (c)	147		301		213		119		780
Operating expenses and other	$	1,398	$	1,108	$	767	$	120	$	3,393


(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to 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, reimbursable and asset impairment expenses
			Corporate: general and administrative expenses. For 2023, this also includes a pension settlement charge of $47 million; see Note 16 for additional information.


Year Ended December 31, 2022	CNA Financial (a)		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	8,667							$	8,667
Net investment income (loss)	1,805		$	3	$	1	$	(7)	1,802
Investment losses	(199)								(199)
Non-insurance warranty revenue	1,574								1,574
Operating revenues and other	32		1,443		720		5		2,200
Total	11,879		1,446		721		(2)		14,044

Expenses:

Insurance claims and policyholders’ benefits (a)	6,653								6,653
Amortization of deferred acquisition costs	1,490								1,490
Non-insurance warranty expense	1,471								1,471
Operating expenses and other (b)	1,339		950		697		91		3,077
Equity method (income) loss					(148)		9		(139)
Interest	112		166		11		89		378
Total	11,065		1,116		560		189		12,930
Income (loss) before income tax	814		330		161		(191)		1,114
Income tax (expense) benefit	(133)		(83)		(44)		37		(223)
Net income (loss)	681		247		117		(154)		891
Amounts attributable to noncontrolling interests	(69)								(69)
Net income (loss) attributable to Loews Corporation	$	612	$	247	$	117	$	(154)	$	822


(a)			Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $247 million and favorable development of $32 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.


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


Year Ended December 31, 2022

Insurance related administrative expenses	$	1,160							$	1,160
Operating expenses			$	274	$	414			688
Depreciation and amortization			396		64		$	2	462
Other (c)	179		280		219		89		767
Operating expenses and other	$	1,339	$	950	$	697	$	91	$	3,077


(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to 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, reimbursable and asset impairment expenses
			Corporate: general and administrative expenses

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Subsequent Event	12 Months Ended
Subsequent Event	Dec. 31, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event CNA: First Quarter 2025 California Wildfires Estimates Pretax net catastrophe losses related to the California wildfires that occurred in January of 2025 are currently estimated between approximately $40 million and $70 million, and are anticipated to be reflected in the Company’s first quarter 2025 results.

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2024

Condensed Financial Information Disclosure [Abstract]

Schedule I - Condensed Financial Information of Registrant

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS


December 31	2024		2023
(In millions)

Current assets, principally investment in short-term instruments	$	2,222	$	2,149
Investments in securities	1,170		568
Investments in capital stocks of subsidiaries, at equity	15,623		14,889
Other assets	95		76
Total assets	$	19,110	$	17,682


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	143	$	102
Long-term debt	1,785		1,782
Deferred income tax and other	116		94
Total liabilities	2,044		1,978
Shareholders’ equity	17,066		15,704
Total liabilities and shareholders’ equity	$	19,110	$	17,682

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2024		2023		2022
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	1,328	$	1,501	$	963
Net investment income, interest and other	261		131		1
Investment loss
Total	1,589		1,632		964
Expenses:
Administrative	76		119		84
Interest	75		80		89
Total	151		199		173
Income before income tax	1,438		1,433		791
Income tax (expense) benefit	(24)		1		31
Net income	1,414		1,434		822
Equity in other comprehensive income (loss) of subsidiaries	630		884		(2,000)
Total comprehensive income (loss)	$	2,044	$	2,318	$	(1,178)

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2024		2023		2022
(In millions)

Operating Activities:
Net income	$	1,414	$	1,434	$	822
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(67)		(512)		(3)

Provision (benefit) for deferred income taxes	4		(4)		(49)
Changes in operating assets and liabilities, net:
Receivables	(6)		10		(11)
Accounts payable and accrued liabilities	(12)		(9)		(47)
Trading securities	(695)		576		153
Other, net	2		109		39
	640		1,604		904

Investing Activities:
Investments in and advances to subsidiaries	2		(217)		(137)
Change in investments, primarily short-term	27		29		30
Other			(11)		(9)
	29		(199)		(116)

Financing Activities:
Dividends paid	(55)		(57)		(61)
Purchases of treasury shares	(608)		(849)		(729)
Payment of debt			(500)
Other	(4)		(5)		(7)
	(667)		(1,411)		(797)

Net change in cash	2		(6)		(9)
Cash, beginning of year	4		10		19
Cash, end of year	$	6	$	4	$	10


(a)			Cash dividends paid to the Company by affiliates amounted to approximately $1.3 billion, $1.0 billion and $1.0 billion for the years ended December 31, 2024, 2023 and 2022.

Supplemental Information Concerning Property and Casualty Insurance Operations


Consolidated Property and Casualty Operations

December 31	2024		2023
(In millions)

Deferred acquisition costs	$	959	$	896
Reserves for unpaid claim and claim adjustment expenses	24,976		23,304
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.6%)	615		647
Unearned premiums	7,346		6,933


Year Ended December 31	2024		2023		2022
(In millions)

Net written premiums	$	10,605	$	9,892	$	9,128
Net earned premiums	10,211		9,480		8,667
Net investment income	2,396		2,163		1,751
Incurred claim and claim adjustment expenses related to current year	6,330		5,667		5,181
Incurred claim and claim adjustment expenses related to prior years	42		48		(32)
Amortization of deferred acquisition costs	1,798		1,644		1,490
Paid claim and claim adjustment expenses	5,189		4,601		4,302

Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-18, Supplemental Information, Property-Casualty Insurance Underwriters [Abstract]

Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations

SCHEDULE V

LOEWS CORPORATION AND SUBSIDIARIES

Supplemental Information Concerning Property and Casualty Insurance Operations


Consolidated Property and Casualty Operations

December 31	2024		2023
(In millions)

Deferred acquisition costs	$	959	$	896
Reserves for unpaid claim and claim adjustment expenses	24,976		23,304
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.6%)	615		647
Unearned premiums	7,346		6,933


Year Ended December 31	2024		2023		2022
(In millions)

Net written premiums	$	10,605	$	9,892	$	9,128
Net earned premiums	10,211		9,480		8,667
Net investment income	2,396		2,163		1,751
Incurred claim and claim adjustment expenses related to current year	6,330		5,667		5,181
Incurred claim and claim adjustment expenses related to prior years	42		48		(32)
Amortization of deferred acquisition costs	1,798		1,644		1,490
Paid claim and claim adjustment expenses	5,189		4,601		4,302

Schedule I - Condensed Financial Information of Registrant

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS


December 31	2024		2023
(In millions)

Current assets, principally investment in short-term instruments	$	2,222	$	2,149
Investments in securities	1,170		568
Investments in capital stocks of subsidiaries, at equity	15,623		14,889
Other assets	95		76
Total assets	$	19,110	$	17,682


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	143	$	102
Long-term debt	1,785		1,782
Deferred income tax and other	116		94
Total liabilities	2,044		1,978
Shareholders’ equity	17,066		15,704
Total liabilities and shareholders’ equity	$	19,110	$	17,682

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2024		2023		2022
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	1,328	$	1,501	$	963
Net investment income, interest and other	261		131		1
Investment loss
Total	1,589		1,632		964
Expenses:
Administrative	76		119		84
Interest	75		80		89
Total	151		199		173
Income before income tax	1,438		1,433		791
Income tax (expense) benefit	(24)		1		31
Net income	1,414		1,434		822
Equity in other comprehensive income (loss) of subsidiaries	630		884		(2,000)
Total comprehensive income (loss)	$	2,044	$	2,318	$	(1,178)

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2024		2023		2022
(In millions)

Operating Activities:
Net income	$	1,414	$	1,434	$	822
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(67)		(512)		(3)

Provision (benefit) for deferred income taxes	4		(4)		(49)
Changes in operating assets and liabilities, net:
Receivables	(6)		10		(11)
Accounts payable and accrued liabilities	(12)		(9)		(47)
Trading securities	(695)		576		153
Other, net	2		109		39
	640		1,604		904

Investing Activities:
Investments in and advances to subsidiaries	2		(217)		(137)
Change in investments, primarily short-term	27		29		30
Other			(11)		(9)
	29		(199)		(116)

Financing Activities:
Dividends paid	(55)		(57)		(61)
Purchases of treasury shares	(608)		(849)		(729)
Payment of debt			(500)
Other	(4)		(5)		(7)
	(667)		(1,411)		(797)

Net change in cash	2		(6)		(9)
Cash, beginning of year	4		10		19
Cash, end of year	$	6	$	4	$	10


(a)			Cash dividends paid to the Company by affiliates amounted to approximately $1.3 billion, $1.0 billion and $1.0 billion for the years ended December 31, 2024, 2023 and 2022.

Supplemental Information Concerning Property and Casualty Insurance Operations


Consolidated Property and Casualty Operations

December 31	2024		2023
(In millions)

Deferred acquisition costs	$	959	$	896
Reserves for unpaid claim and claim adjustment expenses	24,976		23,304
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.6%)	615		647
Unearned premiums	7,346		6,933


Year Ended December 31	2024		2023		2022
(In millions)

Net written premiums	$	10,605	$	9,892	$	9,128
Net earned premiums	10,211		9,480		8,667
Net investment income	2,396		2,163		1,751
Incurred claim and claim adjustment expenses related to current year	6,330		5,667		5,181
Incurred claim and claim adjustment expenses related to prior years	42		48		(32)
Amortization of deferred acquisition costs	1,798		1,644		1,490
Paid claim and claim adjustment expenses	5,189		4,601		4,302

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,414	$ 1,434	$ 822

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
Cybersecurity Risk Management and Strategy Disclosure	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	Identifying, assessing, and managing material cybersecurity risks is an important component of our overall enterprise risk management program. As with the management of risks generally, given our holding company structure, the management of cybersecurity risks involves coordination between the parent company and our subsidiaries. The parent company and each subsidiary are responsible for developing cybersecurity programs appropriate for their respective entities, including as may be required by applicable law or regulation. These programs have been developed based on the National Institute of Standards and Technology Cybersecurity Framework and seek to protect each entity against cybersecurity risks and foster each entity’s ability to respond to cybersecurity events. Among other things, these programs generally involve maturity evaluations and assessments by third parties, vulnerability scanning, employee testing and training, technical and business team-focused tabletop exercises, incident response plans and data security assessments of third-party service providers as a part of vendor management. Risks from cybersecurity threats, in the future may, among other things, cause material disruptions to our or our subsidiaries’ operations, which may materially affect our and/or their business, results of operations, cash flows, financial condition and/or equity. For more information about these risks, see the risk factor titled “Failures or interruptions in or breaches to our or our subsidiaries’ computer systems or information technology or communication infrastructure or those of our third party vendors could materially and adversely affect our or our subsidiaries’ operations” under Item 1A.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	Identifying, assessing, and managing material cybersecurity risks is an important component of our overall enterprise risk management program. As with the management of risks generally, given our holding company structure, the management of cybersecurity risks involves coordination between the parent company and our subsidiaries. The parent company and each subsidiary are responsible for developing cybersecurity programs appropriate for their respective entities, including as may be required by applicable law or regulation. These programs have been developed based on the National Institute of Standards and Technology Cybersecurity Framework and seek to protect each entity against cybersecurity risks and foster each entity’s ability to respond to cybersecurity events. Among other things, these programs generally involve maturity evaluations and assessments by third parties, vulnerability scanning, employee testing and training, technical and business team-focused tabletop exercises, incident response plans and data security assessments of third-party service providers as a part of vendor management.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	Our Board has assigned oversight of cybersecurity risk management to the Audit Committee. The Audit Committee regularly receives reports from our and our subsidiaries’ management, including our and our subsidiaries’ senior information technology (“IT”) leadership, and third parties on cybersecurity matters. In addition, the Board receives reports addressing cybersecurity as part of our overall enterprise risk management program and to the extent cybersecurity matters are addressed in regular business updates.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Our Board has assigned oversight of cybersecurity risk management to the Audit Committee. The Audit Committee regularly receives reports from our and our subsidiaries’ management, including our and our subsidiaries’ senior information technology (“IT”) leadership, and third parties on cybersecurity matters. In addition, the Board receives reports addressing cybersecurity as part of our overall enterprise risk management program and to the extent cybersecurity matters are addressed in regular business updates.
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Audit Committee regularly receives reports from our and our subsidiaries’ management, including our and our subsidiaries’ senior information technology (“IT”) leadership, and third parties on cybersecurity matters. In addition, the Board receives reports addressing cybersecurity as part of our overall enterprise risk management program and to the extent cybersecurity matters are addressed in regular business updates.
Cybersecurity Risk Role of Management [Text Block]	Senior IT leadership (generally, chief information officers and/or chief information security officers) at the parent company and each subsidiary are responsible for developing cybersecurity programs appropriate for their respective entities, including as may be required by applicable law or regulation. These individuals’ expertise in IT and cybersecurity generally has been gained from a combination of education, including relevant degrees and/or certifications, and prior work experience. They are informed by their respective cybersecurity teams about, and monitor, the prevention, detection, mitigation and remediation of cybersecurity incidents as part of the cybersecurity programs described above. Information regarding cybersecurity risks may be elevated from senior IT leadership through a variety of different channels, including discussions between or among subsidiary and parent company management, reports to subsidiary and parent company risk committees and reports to subsidiary and parent company boards and board committees. As noted above, the Audit Committee regularly receives reports on cybersecurity matters from our and our subsidiaries’ senior IT leadership.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Senior IT leadership (generally, chief information officers and/or chief information security officers) at the parent company and each subsidiary are responsible for developing cybersecurity programs appropriate for their respective entities, including as may be required by applicable law or regulation.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block]	These individuals’ expertise in IT and cybersecurity generally has been gained from a combination of education, including relevant degrees and/or certifications, and prior work experience.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	They are informed by their respective cybersecurity teams about, and monitor, the prevention, detection, mitigation and remediation of cybersecurity incidents as part of the cybersecurity programs described above. Information regarding cybersecurity risks may be elevated from senior IT leadership through a variety of different channels, including discussions between or among subsidiary and parent company management, reports to subsidiary and parent company risk committees and reports to subsidiary and parent company boards and board committees. As noted above, the Audit Committee regularly receives reports on cybersecurity matters from our and our subsidiaries’ senior IT leadership.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of presentation

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.

Accounting estimates

Accounting estimates and principles of consolidation – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements and the related notes. Actual results could differ from those estimates.

Principles of consolidation

The Consolidated Financial Statements include all subsidiaries and intercompany accounts and transactions have been eliminated.