COVER - USD ($) $ in Millions	12 Months Ended
COVER - USD ($) $ in Millions	Dec. 31, 2023	Feb. 02, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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			$ 10,926
Entity Common Stock, Shares Outstanding		222,201,139
Documents Incorporated by Reference	Portions of the registrant’s definitive proxy statement for the 2024 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	2023
Document Fiscal Period Focus	FY

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
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, 2023	Dec. 31, 2022
Investments:
Fixed maturities, amortized cost of $42,615 and $41,102, less allowance for credit loss of $16 and $1	$ 40,626	$ 37,697
Equity securities, cost of $1,015 and $1,161	1,050	1,139
Limited partnership investments	2,174	1,954
Other invested assets, primarily mortgage loans, less allowance for credit loss of $35 and $24	1,123	1,124
Short-term investments	4,396	4,854
Total investments	49,369	46,768
Cash	399	532
Receivables	9,660	9,403
Property, plant and equipment	10,718	10,027
Goodwill	347	346
Deferred non-insurance warranty acquisition expenses	3,661	3,671
Deferred acquisition costs of insurance subsidiaries	896	806
Other assets	4,147	4,014
Total assets	79,197	75,567
Insurance reserves:
Claim and claim adjustment expense	23,304	22,120
Future policy benefits	13,959	13,480
Unearned premiums	6,933	6,374
Total insurance reserves	44,196	41,974
Payable to brokers	79	133
Short-term debt	1,084	854
Long-term debt	7,919	8,165
Deferred income taxes	398	243
Deferred non-insurance warranty revenue	4,694	4,714
Other liabilities	4,302	4,283
Total liabilities	62,672	60,366
Commitments and contingent liabilities
Shareholders’ equity:
Preferred stock
Common stock	2	2
Additional paid-in capital	2,589	2,748
Retained earnings	15,617	14,931
Accumulated other comprehensive loss	(2,497)	(3,320)
Shareholders' equity before treasury stock, total	15,711	14,361
Less treasury stock, at cost (100,000 and 198,875 shares)	(7)	(12)
Total shareholders’ equity	15,704	14,349
Noncontrolling interests	821	852
Total equity	16,525	15,201
Total liabilities and equity	$ 79,197	$ 75,567

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Investments:
Fixed maturities, amortized cost	$ 42,615	$ 41,102
Fixed maturities, allowance for credit loss	16	1
Equity securities, cost	1,015	1,161
Other invested assets, primarily mortgage loans, allowance for credit loss	$ 35	$ 24
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)	222,268,150	236,159,866
Treasury stock, shares (in shares)	100,000	198,875

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues:
Insurance premiums	$ 9,480	$ 8,667	$ 8,175
Net investment income	2,395	1,802	2,259
Investment gains (losses) (Note 3)	(53)	(199)	660
Non-insurance warranty revenue	1,624	1,574	1,430
Operating revenues and other	2,455	2,200	2,133
Total	15,901	14,044	14,657
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $(88), $(214), and $(8)	7,068	6,653	6,371
Amortization of deferred acquisition costs	1,644	1,490	1,443
Non-insurance warranty expense	1,544	1,471	1,328
Operating expenses and other	3,393	3,077	2,957
Equity method income	(120)	(139)	(26)
Interest	376	378	424
Total	13,905	12,930	12,497
Income (loss) before income tax	1,996	1,114	2,160
Income tax expense	(451)	(223)	(475)
Net income (loss)	1,545	891	1,685
Amounts attributable to noncontrolling interests	(111)	(69)	(123)
Net income (loss) attributable to Loews Corporation	$ 1,434	$ 822	$ 1,562
Basic net income per share (in dollars per share)	$ 6.30	$ 3.39	$ 6.02
Diluted net income per share (in dollars per share)	$ 6.29	$ 3.38	$ 6.00
Basic weighted average number of shares outstanding (in shares)	227,480	242,830	259,670
Diluted weighted average number of shares outstanding (in shares)	227,810	243,280	260,200

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Re-measurement loss of insurance claims and policyholders’ benefits	$ (88)	$ (214)	$ (8)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 1,545	$ 891	$ 1,685
Other comprehensive income (loss), after tax
Net unrealized losses on investments with an allowance for credit losses	(5)	(5)	(2)
Net unrealized gains (losses) on other investments	1,125	(6,097)	(987)
Total unrealized gains (losses) on investments	1,120	(6,102)	(989)
Impact of changes in discount rates used to measure long-duration contract liabilities	(318)	3,959	941
Unrealized gains (losses) on cash flow hedges	(5)	20	17
Pension and postretirement benefits	104	15	266
Foreign currency translation	60	(111)	(20)
Other comprehensive income (loss)	961	(2,219)	215
Comprehensive income (loss)	2,506	(1,328)	1,900
Amounts attributable to noncontrolling interests	(188)	150	(142)
Total comprehensive income (loss) attributable to Loews Corporation	$ 2,318	$ (1,178)	$ 1,758

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Cumulative Effect, Adjustment	Previously Reported	Common Stock	Common Stock Previously Reported	Additional Paid-in Capital	Additional Paid-in Capital Previously Reported	Retained Earnings	Retained Earnings Cumulative Effect, Adjustment	Retained Earnings Previously Reported	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Adjustment	Accumulated Other Comprehensive Income (Loss) Previously Reported	Common Stock Held in Treasury	Common Stock Held in Treasury Previously Reported	Noncontrolling Interests	Noncontrolling Interests Cumulative Effect, Adjustment	Noncontrolling Interests Previously Reported
Balance at beginning of period at Dec. 31, 2020	$ 16,835	$ (2,346)	$ 19,181	$ 3	$ 3	$ 3,133	$ 3,133	$ 14,145	$ (5)	$ 14,150	$ (1,516)	$ (2,097)	$ 581	$ (7)	$ (7)	$ 1,077	$ (244)	$ 1,321
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,685		1,703					1,562								123
Other comprehensive income (loss)	215		(445)								196					19
Dividends paid ($0.25 per share)	(129)							(65)
Dividends paid ($0.25 per share)																(64)
Purchase of subsidiary stock from noncontrolling interests	(18)															(18)
Purchases of Loews Corporation treasury stock	(1,132)													(1,132)
Retirement of treasury stock	0			(1)		(246)		(889)						1,136
Stock-based compensation	15					(2)										17
Other	0							1								(1)
Balance at end of period at Dec. 31, 2021	17,471			2		2,885		14,754			(1,320)			(3)		1,153
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	891		1,103					822								69
Other comprehensive income (loss)	(2,219)		(3,858)								(2,000)					(219)
Dividends paid ($0.25 per share)	(159)							(61)
Dividends paid ($0.25 per share)																(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		$ 15,478	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 ($0.25 per share)	(131)							(57)
Dividends paid ($0.25 per share)																(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

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
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, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities:
Net income	$ 1,545	$ 891	$ 1,685
Adjustments to reconcile net income to net cash provided by operating activities:
Investment (gains) losses	53	199	(660)
Equity method investees	18	236	(74)
Amortization of investments	(191)	(129)	(81)
Depreciation and amortization	538	509	515
Provision for deferred income taxes	127	(50)	209
Other non-cash items	109	90	81
Changes in operating assets and liabilities, net:
Receivables	(268)	(316)	(1,409)
Deferred acquisition costs	(85)	(79)	(30)
Insurance reserves	1,667	2,058	2,485
Other assets	(88)	(391)	(946)
Other liabilities	(95)	137	897
Trading securities	577	159	(49)
Net cash flow provided by operating activities	3,907	3,314	2,623
Investing Activities:
Purchases of fixed maturities	(6,616)	(9,821)	(9,307)
Proceeds from sales of fixed maturities	4,029	5,909	3,816
Proceeds from maturities of fixed maturities	1,334	2,358	4,464
Purchases of equity securities	(293)	(294)	(304)
Proceeds from sales of equity securities	317	509	316
Purchases of limited partnership investments	(402)	(337)	(440)
Proceeds from sales of limited partnership investments	231	171	307
Purchases of property, plant and equipment	(686)	(660)	(482)
Acquisitions	(401)
Dispositions		16	80
(Investment in) sale of interest in Altium Packaging		(79)	417
Change in short-term investments	(80)	(27)	(141)
Other, net	(178)	(92)	87
Net cash flow used by investing activities	(2,745)	(2,347)	(1,187)
Financing Activities:
Dividends paid	(57)	(61)	(65)
Dividends paid to noncontrolling interests	(74)	(98)	(64)
Purchases of Loews Corporation treasury stock	(849)	(729)	(1,136)
Purchases of subsidiary stock from noncontrolling interests	(202)	(66)	(18)
Principal payments on debt	(878)	(640)	(1,193)
Payment of debt	778	573	1,199
Other, net	(18)	(16)	(12)
Net cash flow used by financing activities	(1,300)	(1,037)	(1,289)
Effect of foreign exchange rate on cash	5	(19)	(4)
Net change in cash	(133)	(89)	143
Cash, beginning of year	532	621	478
Cash, end of year	$ 399	$ 532	$ 621

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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 (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 consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.

On April 1, 2021, Loews Corporation sold approximately 47% of Altium Packaging LLC (“Altium Packaging”), previously an approximately 99% owned subsidiary. See Note 2 for further discussion.

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. In addition, effective April 1, 2021, following Loews Corporation’s sale of approximately 47% of Altium Packaging, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting. See Note 2 for further discussion. The Company’s total investment in entities accounted for under the equity method of accounting, excluding limited partnership investments, was $996 million and $880 million as of December 31, 2023 and 2022 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 $120 million, $139 million and $26 million for the years ended December 31, 2023, 2022 and 2021 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, 2023 and 2022.

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, 2023 and 2022, an allowance for doubtful accounts of $28 million and $29 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 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.

Altium Packaging is a packaging solutions provider and manufacturer in North America, serving a diverse customer base in the pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/specialty chemicals, water and beverage/juice segments. Altium Packaging recognizes revenue when obligations under the terms of a contract with a customer have been satisfied. This occurs at the time control is transferred to the customer, which generally occurs upon delivery or completion of the manufacturing process.

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 $1.2 billion and $1.1 billion as of December 31, 2023 and 2022. 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 6.4% as of December 31, 2023 and 2022. This interest rate is based on the expected yield of the assets that support the reserves and reinvestment assumptions. As of December 31, 2023 and 2022, the discounted reserves for unfunded structured settlements were $465 million and $485 million, net of discount of $559 million and $590 million. For the years ended December 31, 2023, 2022 and 2021, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $34 million, $36 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, 2023 and 2022, workers’ compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2023 and 2022, the discounted reserves for workers’ compensation lifetime claim reserves were $196 million and $211 million, net of discount of $88 million and $93 million. For the years ended December 31, 2023, 2022 and 2021, the amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $9 million, $9 million and $12 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 (inclusive of mortality), 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 increases 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.

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.

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, 2023 and 2022, the liability balances were $84 million and $74 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, 2023 and 2022, an allowance for doubtful accounts of $22 million has 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 5% 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%, 2% and 1% of total net written premiums for each of the years ended December 31, 2023, 2022 and 2021. 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 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 – Loews Corporation records compensation expense 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, 2023, 2022 and 2021, approximately 0.3 million, 0.4 million and 0.5 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 $8 million, $(20) million and $(1) million for the years ended December 31, 2023, 2022 and 2021 included in the Consolidated Statements of Operations.

Regulatory accounting – The majority of Boardwalk Pipelines’ operating subsidiaries 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 $385 million, $380 million and $391 million for the years ended December 31, 2023, 2022 and 2021. Cash payments for federal, foreign, state and local income taxes amounted to $304 million, $376 million and $256 million for the years ended December 31, 2023, 2022 and 2021. Investing activities exclude $9 million, $33 million, and $5 million of accrued capital expenditures for the years ended December 31, 2023, 2022, and 2021.

Accounting changes – In August of 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 LFPB is reflected as Insurance reserves: Future policy benefits on the Consolidated Balance Sheets. 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 effect of changes in cash flow assumptions and actual variances from expected experience are recorded in results of operations within Insurance claims and policyholders’ benefits. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss) (“OCI”). In contrast, under legacy accounting guidance, cash flow and discount rate assumptions were locked in unless a premium deficiency emerged. The discount rate assumption under legacy accounting guidance was determined using CNA’s internal investment portfolio yield, which was generally higher than a single-A yield.

The new guidance eliminates the need to hold shadow reserves associated with long-term care reserves. Under legacy accounting guidance, to the extent that unrealized gains on fixed maturity securities supporting long-term care reserves would have resulted in a premium deficiency if realized, a related increase to Insurance reserves was recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss) (shadow reserves).

The unit of account is the level at which reserves are measured. Under the new guidance, the unit of account used to measure the LFPB is the cohort. Cohorts are comprised of insurance contracts issued no more than one year apart, and must be further disaggregated according to policy benefit and insurance risk characteristics. Under legacy accounting guidance, the LFPB was generally measured at the individual policy level.

Under the new guidance, the net premium ratio (“NPR”) is capped at 100%. To the extent that NPR would otherwise exceed 100%, the LFPB is increased, and a loss is recognized immediately in the results of operations. The NPR cap is applied at the cohort level each quarter when the NPR is updated. In contrast, under legacy accounting guidance, premium deficiency testing was performed annually at the product level. See Note 9 to the Consolidated Financial Statements for further explanation of the NPR and LFPB calculations.

The new 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 new guidance. All prior periods presented in the financial statements have been adjusted to reflect application of the new guidance. The original locked in discount rate, utilized for purposes of calculating the NPR under the new guidance, was based on the discount rate assumption used to calculate the LFPB immediately prior to the transition date. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business.

In December of 2022, the FASB issued ASU 2022-05, “Financial Services-Insurance (Topic 944): Transition for Sold Contracts” (“ASU 2022-05”). This guidance permits companies to make an election to exclude from the scope of ASU 2018-12 any insurance contracts that have been de-recognized prior to the effective date of ASU 2018-12, assuming that the company has no significant continuing involvement with the de-recognized contracts. In the fourth quarter of 2022, CNA novated its block of legacy annuity business, which was fully-ceded prior to novation. The ASU 2022-05 transition relief was elected and the novated legacy annuity business has been excluded from the scope of ASU 2018-12.

Explanation of ASU 2018-12 Transition Impacts:

The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021:



(In millions)

Balance as of December 31, 2020, as reported	$	13,318
Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (a)	2,844
De-recognition of shadow reserves	(3,293)
Re-measurement using an upper-medium grade fixed income instrument yield discount rate	6,255
Other adjustments	8
Balance as of January 1, 2021, as adjusted	$	19,132


(a)			In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

Shadow reserves associated with the long-term care business were de-recognized as of the transition date in Accumulated other comprehensive income (“AOCI”). The effect of re-measuring the LFPB at the single-A discount rate as of the transition date was similarly recorded in AOCI. There are no cohorts for which the NPR exceeded 100% at the transition date.

CNA’s practice under legacy accounting guidance was to calculate and record premium deficiency reserves at the policy level. Accordingly, an allocation methodology was not required to assign historical premium deficiency reserves to cohorts upon transition to ASU 2018-12.

The following table presents after tax adjustments to the opening balance of Shareholders’ equity and Noncontrolling interests resulting from adoption of ASU 2018-12:


	Accumulated other comprehensive income (loss)		Retained earnings		Noncontrolling interests
(In millions)

Balance as of December 31, 2020, as reported	$	581	$	14,150	$	1,321
De-recognition of shadow reserves	2,331				270
Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate	(4,428)				(513)
Other adjustments			(5)		(1)
Balance as of January 1, 2021, as adjusted	$	(1,516)	$	14,145	$	1,077

The effects of adoption of ASU 2018-12 on the Consolidated Statement of Operations were as follows:


Year Ended December 31, 2022	As Reported		Effect of Adoption		As Adjusted
(In millions)

Insurance claims and policyholders’ benefits (a)	$	6,386	$	267	$	6,653
Income before income tax	1,381		(267)		1,114
Income tax expense	(278)		55		(223)
Net income	1,103		(212)		891
Amounts attributable to noncontrolling interests	(91)		22		(69)
Net income attributable to Loews Corporation	1,012		(190)		822
Basic net income per share	4.17		(0.78)		3.39
Diluted net income per share	4.16		(0.78)		3.38


(a)			The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $(214), which is presented parenthetically on the Consolidated Statement of Operations.


Year Ended December 31, 2021	As Reported		Effect of Adoption		As Adjusted
(In millions)

Insurance claims and policyholders’ benefits (a)	$	6,349	$	22	$	6,371
Income before income tax	2,182		(22)		2,160
Income tax expense	(479)		4		(475)
Net income	1,703		(18)		1,685
Amounts attributable to noncontrolling interests	(125)		2		(123)
Net income attributable to Loews Corporation	1,578		(16)		1,562
Basic net income per share	6.08		(0.06)		6.02
Diluted net income per share	6.07		(0.07)		6.00


(a)			The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $(8), which is presented parenthetically on the Consolidated Statement of Operations.

The effects of adoption of ASU 2018-12 on the Consolidated Balance Sheet were as follows:


December 31, 2022	As Reported		Effect of Adoption		As Adjusted
(In millions)

Other assets	$	3,941	$	73	$	4,014
Total assets	75,494		73		75,567
Claim and claim adjustment expenses (a)	25,099		(2,979)		22,120
Future policy benefits (a)	10,151		3,329		13,480
Total liabilities	60,016		350		60,366
Retained earnings	15,144		(213)		14,931
Accumulated other comprehensive loss	(3,284)		(36)		(3,320)
Noncontrolling interests	880		(28)		852
Total equity	15,478		(277)		15,201


(a)			In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

The effects of adoption of ASU 2018-12 on the Consolidated Statement of Comprehensive Income (Loss) were as follows:


Year Ended December 31, 2022	As Reported		Effect of Adoption		As Adjusted
(In millions)

Changes in: Net unrealized losses on other investments	$	(3,777)	$	(2,320)	$	(6,097)
Total unrealized losses on investments	(3,782)		(2,320)		(6,102)
Impact of changes in discount rates used to measure long-duration contract liabilities			3,959		3,959
Other comprehensive loss	(3,858)		1,639		(2,219)
Comprehensive loss	(2,755)		1,427		(1,328)
Amounts attributable to noncontrolling interests	297		(147)		150
Total comprehensive loss attributable to Loews Corporation	(2,458)		1,280		(1,178)


Year Ended December 31, 2021	As Reported		Effect of Adoption		As Adjusted
(In millions)

Changes in: Net unrealized losses on other investments	$	(706)	$	(281)	$	(987)
Total unrealized losses on investments	(708)		(281)		(989)
Impact of changes in discount rates used to measure long-duration contract liabilities			941		941
Other comprehensive income (loss)	(445)		660		215
Comprehensive income	1,258		642		1,900
Amounts attributable to noncontrolling interests	(75)		(67)		(142)
Total comprehensive income attributable to Loews Corporation	1,183		575		1,758

The effects of adoption of ASU 2018-12 on the Consolidated Statements of Cash Flows were as follows:


Year Ended December 31, 2022	As Reported		Effect of Adoption		As Adjusted
(In millions)

Net income	$	1,103	$	(212)	$	891
Provision for deferred income taxes	5		(55)		(50)
Changes in: Insurance reserves	1,791		267		2,058


Year Ended December 31, 2021	As Reported		Effect of Adoption		As Adjusted
(In millions)

Net income	$	1,703	$	(18)	$	1,685
Provision for deferred income taxes	213		(4)		209
Changes in: Insurance reserves	2,463		22		2,485

The effects of adoption of ASU 2018-12 on segment results of operations of CNA were as follows:


Year Ended December 31, 2022	As Reported		Effect of Adoption		As Adjusted
(In millions)

Insurance claims and policyholders’ benefits (a)	$	6,386	$	267	$	6,653
Income before income tax	1,081		(267)		814
Income tax expense	(188)		55		(133)
Net income	893		(212)		681
Amounts attributable to noncontrolling interests	(91)		22		(69)
Net income attributable to Loews Corporation	802		(190)		612


(a)			The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $(214), which is presented parenthetically on the Consolidated Statement of Operations.


Year Ended December 31, 2021	As Reported		Effect of Adoption		As Adjusted
(In millions)

Insurance claims and policyholders’ benefits (a)	$	6,349	$	22	$	6,371
Income before income tax	1,484		(22)		1,462
Income tax expense	(282)		4		(278)
Net income	1,202		(18)		1,184
Amounts attributable to noncontrolling interests	(125)		2		(123)
Net income attributable to Loews Corporation	1,077		(16)		1,061


(a)			The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $(8), which is presented parenthetically on the Consolidated Statement of Operations.

Recently issued ASUs - In November of 2023, the FASB issued 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. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.

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.

Acquisitions, Divestitures and Deconsolidations	12 Months Ended
Acquisitions, Divestitures and Deconsolidations	Dec. 31, 2023
Business Combination and Asset Acquisition [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, including working capital. Bayou Ethane owns an approximately 380-mile pipeline system that transports ethane from Mont Belvieu, Texas, to the Mississippi River corridor in Louisiana and two 15-mile pipelines in the Houston Ship Channel area that carry ammonia and hydrogen chloride. Bayou Ethane provides ethane supply and transportation services for industrial customers in Louisiana and Texas. The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. The final fair values of the assets acquired and liabilities assumed as of September 29, 2023, were $382 million of assets and $27 million of liabilities, which included $296 million of property, plant and equipment and $34 million of finite lived intangible assets. Loews Hotels & Co 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. Loews Hotels & Co received aggregate proceeds of $77 million in 2021 for the sales of owned hotels and other assets. Altium Packaging On April 1, 2021, Loews Corporation sold approximately 47% of Altium Packaging to GIC, Singapore’s sovereign wealth fund, for $420 million in cash consideration. Loews Corporation shares certain participating rights with GIC related to capital allocation and other decisions by Altium Packaging. Therefore, in accordance with Accounting Standards Codification 810 (“ASC 810”), “Consolidation,” Altium Packaging was deconsolidated from Loews Corporation’s consolidated financial statements. Effective April 1, 2021, Loews Corporation’s investment in Altium Packaging was accounted for under the equity method of accounting, with the investment reported in Other assets on the Consolidated Balance Sheets and Equity method (income) loss reported on the Consolidated Statements of Operations. The transaction resulted in a gain of $555 million ($438 million after tax) for the year ended December 31, 2021, which was recorded in Investment gains (losses) on the Consolidated Statement of Operations. Loews Corporation’s retained investment in Altium Packaging was recorded at an estimated fair value of $473 million.

Investments

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Investments

Net investment income is as follows:


Year Ended December 31	2023		2022		2021
(In millions)

Fixed maturity securities	$	1,941	$	1,787	$	1,707
Limited partnership investments	177		(6)		375
Short-term investments	78		17		2
Equity securities (a)	63		23		83
Income from trading portfolio (a)	125				106
Other	105		65		61
Total investment income	2,489		1,886		2,334
Investment expenses	(94)		(84)		(75)
Net investment income	$	2,395	$	1,802	$	2,259
(a) Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of December 31, 2023, 2022 and 2021	$	38	$	3	$	23

As of December 31, 2023 and 2022, 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	2023		2022		2021
(In millions)

Fixed maturity securities:
Gross gains	$	75	$	120	$	186
Gross losses	(166)		(261)		(90)
Investment gains (losses) on fixed maturity securities	(91)		(141)		96
Equity securities (a)	4		(116)		4
Derivative instruments	(1)		64		6
Short-term investments and other	(11)		(6)		(1)
Gain on acquisition of a joint venture (see Note 2)	46
Altium Packaging (see Note 2)					555

Investment gains (losses)	$	(53)	$	(199)	$	660
(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, 2023, 2022, and 2021	$	14	$	(75)	$	2

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	2023		2022		2021
(In millions)

Fixed maturity securities available-for-sale:
Corporate and other bonds	$	33	$	62	$	11
Asset-backed	11				20
Impairment losses recognized in earnings	$	44	$	62	$	31

Losses of $11 million, $8 million and a gain of $10 million were recognized for the years ended December 31, 2023, 2022 and 2021 related to mortgage loans primarily due to changes in expected credit losses.

The net change in unrealized gains (losses) on fixed maturity securities, was $1.4 billion, $(7.9) billion and $(1.3) billion for the years ended December 31, 2023, 2022 and 2021.

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


December 31, 2023	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	$	25,020	$	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


December 31, 2022

Fixed maturity securities:
Corporate and other bonds	$	23,137	$	301	$	2,009			$	21,429
States, municipalities and political subdivisions	8,918		338		939				8,317
Asset-backed:
Residential mortgage-backed	3,073		5		447				2,631
Commercial mortgage-backed	1,886		4		255				1,635
Other asset-backed	3,287		2		361		$	1	2,927
Total asset-backed	8,246		11		1,063		1		7,193
U.S. Treasury and obligations of government sponsored enterprises	111		1		2				110
Foreign government	617		1		43				575
Redeemable preferred stock	3								3
Fixed maturities available-for-sale	41,032		652		4,056		1		37,627
Fixed maturities trading	70								70
Total fixed maturity securities	$	41,102	$	652	$	4,056	$	1	$	37,697

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, 2023	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	$	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

December 31, 2022

Fixed maturity securities:
Corporate and other bonds	$	15,946	$	1,585	$	1,634	$	424	$	17,580	$	2,009
States, municipalities and political subdivisions	4,079		769		456		170		4,535		939
Asset-backed:
Residential mortgage-backed	1,406		144		1,143		303		2,549		447
Commercial mortgage-backed	1,167		159		408		96		1,575		255
Other asset-backed	2,087		262		542		99		2,629		361
Total asset-backed	4,660		565		2,093		498		6,753		1,063
U.S. Treasury and obligations of government-sponsored enterprises	76		1		16		1		92		2
Foreign government	473		26		78		17		551		43
Total fixed maturity securities	$	25,234	$	2,946	$	4,277	$	1,110	$	29,511	$	4,056

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, 2023				December 31, 2022
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	2,273	$	309	$	2,355	$	337
AAA	1,524		261		1,559		298
AA	3,817		658		4,327		817
A	5,652		517		6,615		749
BBB	11,523		1,095		13,226		1,621
Non-investment grade	942		155		1,429		234
Total	$	25,731	$	2,995	$	29,511	$	4,056

Based on current facts and circumstances, the unrealized losses presented in the December 31, 2023 securities in the gross unrealized loss position table above are not believed to be indicative of the ultimate collectibility 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, 2023.

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 $435 million and $394 million as of December 31, 2023 and 2022 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, 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 or (decreases) 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


Year Ended December 31, 2022	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2022	$	11	$	7	$	18
Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded					—
Available-for-sale securities accounted for as PCD assets			3		3

Reductions to the allowance for credit losses:
Securities sold during the period (realized)					—
Write-offs charged against the allowance	12				12

Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	1		(9)		(8)
Total allowance for credit losses	$	—	$	1	$	1

Contractual Maturity

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


December 31	2023				2022
	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
(In millions)

Due in one year or less	$	1,121	$	1,091	$	1,012	$	1,001
Due after one year through five years	11,563		11,180		9,880		9,399
Due after five years through ten years	13,359		12,573		13,788		12,453
Due after ten years	16,371		15,581		16,352		14,774
Total	$	42,414	$	40,425	$	41,032	$	37,627

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, 2023 and 2022 was approximately $2.2 billion and $2.0 billion, which includes net undistributed earnings of $250 million and $183 million. Limited partnerships comprising 17% of the total carrying value are reported on a current basis through December 31, 2023 with no reporting lag, 4% 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 85% and 75% of the carrying value at December 31, 2023 and 2022 were invested in private debt and equity. Limited partnerships comprising 15% and 25% of the carrying value as of December 31, 2023 and 2022 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 $622 million and $633 million as of December 31, 2023 and 2022. 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, 2023 and 2022, and the related income reflected on the Consolidated Statements of Operations represents approximately 1%, 2%, and 2% of the changes in aggregate partnership equity for the years ended December 31, 2023, 2022 and 2021.

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, 2023	2023		2022		2021		2020		2019		Prior		Total
(In millions)

DSCR ≥1.6x
LTV less than 55%	$	33	$	9	$	8	$	98	$	60	$	238	$	446
LTV 55% to 65%					5				8				13
LTV greater than 65%			31		11								42
DSCR 1.2x - 1.6x
LTV less than 55%	28		5				14		29		21		97
LTV 55% to 65%	34		36		36		23				32		161
LTV greater than 65%			65										65
DSCR ≤1.2x
LTV less than 55%	6		34										40
LTV 55% to 65%	26		40						43				109
LTV greater than 65%			28		21				41		7		97
Total	$	127	$	248	$	81	$	135	$	181	$	298	$	1,070


(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	2023						2022
	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	$	202	$	1
Futures - short	116						$	169
Warrants	84		3				117		$	6
Interest rate swaps	300		13				240		19
Currency forwards	13				$	(1)	12				$	(1)

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, 2023, commitments to purchase or fund were approximately $1.6 billion and to sell were approximately $35 million under the terms of these investments.

Investments on Deposit

Securities with carrying values of approximately $3.1 billion and $2.8 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2023 and 2022.

Cash and securities with carrying values of approximately $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, 2023 and 2022.

Fair Value

12 Months Ended

Dec. 31, 2023

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

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)

December 31, 2022

Fixed maturity securities:
Corporate bonds and other	$	120	$	21,187	$	810	$	22,117
States, municipalities and political subdivisions			8,274		43		8,317
Asset-backed			6,405		788		7,193
Fixed maturities available-for-sale	120		35,866		1,641		37,627
Fixed maturities trading	1		69				70
Total fixed maturities	$	121	$	35,935	$	1,641	$	37,697

Equity securities	$	669	$	435	$	35	$	1,139
Short-term and other	4,539		167				4,706
Receivables			19				19
Payable to brokers	(82)						(82)

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, 2023 and 2022:


			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 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
2022	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	$	937	$	(1)	$	(184)	$	137	$	(5)	$	(84)	$	10			$	810			$	(183)
States, municipalities and political
subdivisions	56				(13)												43				(13)
Asset-backed	556		25		(126)		424		(2)		(70)		75		$	(94)	788				(125)
Fixed maturities available-for-sale	$	1,549	$	24	$	(323)	$	561	$	(7)	$	(154)	$	85	$	(94)	$	1,641	$	—	$	(321)



Equity securities	$	29	$	(9)			$	19	$	(3)	$	9			$	(10)	$	35	$	(4)

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, 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, 2023	Estimated Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
	(In millions)

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

December 31, 2022

Fixed maturity securities	$	1,177	Discounted cash flow	Credit spread	1%	—	8%	(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, 2023			Level 1	Level 2		Level 3		Total
(In millions)

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

December 31, 2022

Assets:
Other invested assets, primarily mortgage loans	$	1,040				$	973	$	973

Liabilities:
Short-term debt	853			$	744	111		855
Long-term debt	8,160			7,035		586		7,621

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 + Details

Receivables

12 Months Ended

Dec. 31, 2023

Receivables [Abstract]

Receivables


December 31	2023		2022
(In millions)

Reinsurance (Note 17)	$	5,434	$	5,438
Insurance	3,470		3,187
Receivable from brokers	64		151
Accrued investment income	446		403
Federal income taxes	21		28
Other, primarily customer accounts	277		248
Total	9,712		9,455
Less: allowance for doubtful accounts on reinsurance receivables	22		22
allowance for other doubtful accounts	30		30
Receivables	$	9,660	$	9,403

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment


December 31	2023		2022
(In millions)

Pipeline equipment (net of accumulated depreciation of $4,470 and $4,105)	$	8,421	$	8,224
Hotel properties (net of accumulated depreciation of $560 and $522)	1,072		916
Other (net of accumulated depreciation of $534 and $520)	461		374
Construction in process	764		513
Property, plant and equipment	$	10,718	$	10,027

Depreciation expense and capital expenditures are as follows:


Year Ended December 31	2023				2022				2021
	Depre-ciation		Capital Expend.		Depre-ciation		Capital Expend.		Depre-ciation		Capital Expend.
(In millions)

CNA Financial	$	54	$	97	$	49	$	50	$	51	$	26
Boardwalk Pipelines	410		383		394		352		368		340
Loews Hotels & Co	69		201		64		264		63		100
Corporate	1		12		2		9		21		23

Total	$	534	$	693	$	509	$	675	$	503	$	489

Capitalized interest related to the construction and upgrade of qualifying assets amounted to approximately $32 million, $17 million and $12 million for the years ended December 31, 2023, 2022 and 2021.

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, 2023

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, 2021	$	112	$	237	$	349

Other adjustments	(3)				(3)
Balance, December 31, 2022	109		237		346
Other adjustments	1				1
Balance, December 31, 2023	$	110	$	237	$	347

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


	December 31, 2023				December 31, 2022
	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
(In millions)

Finite-lived intangible assets:
Customer relationships	$	93	$	21	$	59	$	19
Other	11		9		17		14
Total finite-lived intangible assets	104		30		76		33

Indefinite-lived intangible assets	77				68
Total other intangible assets	$	181	$	30	$	144	$	33

Amortization expense for each of the years ended December 31, 2023, 2022 and 2021 of $3 million is reported in Operating expenses and other on the Consolidated Statements of Operations. At December 31, 2023, 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, 2023

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	2023
(In millions)

Net liability for unpaid claim and claim adjustment expenses:
Property & Casualty Operations	$	17,213
Other Insurance Operations (a)	950
Total net claim and claim adjustment expenses	18,163

Reinsurance receivables: (b)
Property & Casualty Operations	2,730
Other Insurance Operations (c)	2,411
Total reinsurance receivables	5,141
Total gross liability for unpaid claims and claims adjustment expenses	$	23,304


(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	2023		2022 (a)		2021 (a)
(In millions)

Reserves, beginning of year:
Gross	$	22,120	$	21,269	$	19,862
Ceded	5,191		4,969		4,005
Net reserves, beginning of year	16,929		16,300		15,857

Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer					(632)

Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	5,667		5,181		5,021
Increase (decrease) in provision for insured events of prior years	48		(32)		15
Amortization of discount	44		44		48
Total net incurred (b)	5,759		5,193		5,084

Net payments attributable to:
Current year events	(922)		(821)		(933)
Prior year events	(3,679)		(3,481)		(3,016)
Total net payments	(4,601)		(4,302)		(3,949)

Foreign currency translation adjustment and other	76		(262)		(60)

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


(a)			In conjunction with the adoption of ASU 2018-12, at January 1, 2023, long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021. For additional information see Note 1.
(b)			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, the loss on the excess workers’ compensation loss portfolio transfer 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, 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, 2023	Property and Casualty Operations		Other Insurance Operations (a)		Total
(In millions)

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

December 31, 2022

Gross Case Reserves	$	5,502	$	2,075	$	7,577
Gross IBNR Reserves	13,174		1,369		14,543

Total Gross Carried Claim and Claim Adjustment Expense Reserves	$	18,676	$	3,444	$	22,120

Net Case Reserves	$	4,805	$	704	$	5,509
Net IBNR Reserves	11,191		229		11,420

Total Net Carried Claim and Claim Adjustment Expense Reserves	$	15,996	$	933	$	16,929


(a)			In conjunction with the adoption of ASU 2018-12, at January 1, 2023, long-term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021. For additional information see Note 1.

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	2023		2022		2021
(In millions)

Medical professional liability	$	5	$	18	$	23
Other professional liability and management liability	37		50		24
Surety	(43)		(83)		(73)
Warranty	(11)		(21)		(14)
Commercial auto	33		49		53
General liability	149		67		15
Workers’ compensation	(203)		(152)		(82)
Other property and casualty operations	10		(24)		5
Other insurance operations	71		64		60
Total pretax (favorable) unfavorable development	$	48	$	(32)	$	11

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 2022 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.

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 errors and omissions (“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.

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 the 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.

2021

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

Unfavorable development in other professional liability and management liability was due to higher than expected frequency of large losses in multiple accident years and higher than expected claim severity and frequency in CNA’s cyber business in recent accident years.

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

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

Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and umbrella businesses in 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.

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	2023
(In millions)

Medical professional liability	$	1,460
Other professional liability and management liability	3,897
Surety	468
Warranty	28
Commercial auto	926
General liability	3,780
Workers’ compensation	3,645
Other property and casualty operations	3,009
Total net liability for unpaid claim and claim adjustment expenses	$	17,213

Medical Professional Liability


Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																					December 31, 2023
December 31	2014 (a)		2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2014	$	450	$	489	$	537	$	530	$	535	$	529	$	527	$	524	$	527	$	525	$	6	19,830
2015			433		499		510		494		488		510		501		498		494		15		18,218
2016					427		487		485		499		508		510		508		514		17		16,169
2017							412		449		458		460		455		460		456		20		15,345
2018									404		429		431		448		470		495		41		15,266
2019											430		445		458		471		469		62		14,409
2020													477		476		455		447		180		11,129
2021															377		376		374		193		9,523
2022																	329		329		206		9,237
2023																			340		281		8,240
																	Total		$	4,443	$	1,021

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2014	$	23	$	136	$	258	$	359	$	417	$	472	$	489	$	497	$	504	$	510
2015			22		101		230		313		384		420		444		458		463
2016					18		121		246		339		401		436		460		483
2017							19		107		235		308		355		388		417
2018									21		115		211		290		349		418
2019											17		91		183		280		349
2020													11		61		139		201
2021															11		49		118
2022																	10		57
2023																			14
																	Total		$	3,030

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	1,413
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014																			22
Liability for unallocated claim adjustment expenses for accident years presented																			25
Total net liability for unpaid claim and claim adjustment expenses																			$	1,460

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																					Total
Accident Year
2014			$	39	$	48	$	(7)	$	5	$	(6)	$	(2)	$	(3)	$	3	$	(2)	$	75
2015					66		11		(16)		(6)		22		(9)		(3)		(4)		61
2016							60		(2)		14		9		2		(2)		6		87
2017									37		9		2		(5)		5		(4)		44
2018											25		2		17		22		25		91
2019													15		13		13		(2)		39
2020															(1)		(21)		(8)		(30)
2021																	(1)		(2)		(3)
2022																			—		—
Total net development for the accident years presented above															14		16		9
Total net development for accident years prior to 2014															2		(3)		(4)
Total unallocated claim adjustment expense development															7		5		—
Total															$	23	$	18	$	5


(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, 2023
December 31	2014 (a)		2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2014	$	878	$	898	$	885	$	831	$	835	$	854	$	845	$	841	$	842	$	838	$	26	17,585
2015			888		892		877		832		807		813		836		855		858		18		17,454
2016					901		900		900		904		907		891		888		906		39		17,987
2017							847		845		813		791		775		758		746		69		18,199
2018									850		864		869		906		923		941		101		20,038
2019											837		845		856		876		939		100		19,515
2020													930		944		951		945		281		19,437
2021															1,037		1,038		1,009		532		18,259
2022																	1,120		1,112		706		18,165
2023																			1,149		971		16,469
																	Total		$	9,443	$	2,843

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2014	$	51	$	223	$	392	$	515	$	647	$	707	$	743	$	787	$	802	$	806
2015			60		234		404		542		612		677		725		794		808
2016					64		248		466		625		701		736		784		826
2017							57		222		394		498		557		596		630
2018									54		282		473		599		706		779
2019											64		263		422		567		699
2020													67		248		400		523
2021															58		217		356
2022																	64		225
2023																			64
																	Total		$	5,716

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	3,727
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014																			115
Liability for unallocated claim adjustment expenses for accident years presented																			55
Total net liability for unpaid claim and claim adjustment expenses																			$	3,897

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																					Total
Accident Year
2014			$	20	$	(13)	$	(54)	$	4	$	19	$	(9)	$	(4)	$	1	$	(4)	$	(40)
2015					4		(15)		(45)		(25)		6		23		19		3		(30)
2016							(1)		—		4		3		(16)		(3)		18		5
2017									(2)		(32)		(22)		(16)		(17)		(12)		(101)
2018											14		5		37		17		18		91
2019													8		11		20		63		102
2020															14		7		(6)		15
2021																	1		(29)		(28)
2022																			(8)		(8)
Total net development for the accident years presented above															49		45		43
Total net development for accident years prior to 2014															(27)		5		(6)
Total unallocated claim adjustment expense development															2		—		—
Total															$	24	$	50	$	37


(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, 2023
December 31	2014 (a)		2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2014	$	123	$	124	$	94	$	69	$	60	$	45	$	45	$	43	$	42	$	41	$	2	5,135
2015			131		131		104		79		63		58		53		45		45		2		5,085
2016					124		124		109		84		67		64		58		43		3		5,565
2017							120		115		103		84		71		66		67		4		5,883
2018									114		108		91		62		56		51		10		6,249
2019											119		112		98		87		82		12		6,152
2020													128		119		81		67		34		4,678
2021															137		129		110		68		4,645
2022																	155		158		116		4,350
2023																			175		167		2,750
																	Total		$	839	$	418

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2014	$	7	$	30	$	38	$	36	$	38	$	38	$	39	$	39	$	38	$	38
2015			7		26		38		40		42		44		42		42		43
2016					5		37		45		45		43		43		41		40
2017							23		37		41		46		49		62		62
2018									5		25		34		39		40		41
2019											12		34		44		59		70
2020													4		20		28		33
2021															5		20		35
2022																	12		35
2023																			8
																	Total		$	405

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	434
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014																			13
Liability for unallocated claim adjustment expenses for accident years presented																			21
Total net liability for unpaid claim and claim adjustment expenses																			$	468

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																					Total
Accident Year
2014			$	1	$	(30)	$	(25)	$	(9)	$	(15)	$	—	$	(2)	$	(1)	$	(1)	$	(82)
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)		(63)
2019													(7)		(14)		(11)		(5)		(37)
2020															(9)		(38)		(14)		(61)
2021																	(8)		(19)		(27)
2022																			3		3
Total net development for the accident years presented above															(75)		(83)		(55)
Total net development for accident years prior to 2014															2		—		12
Total unallocated claim adjustment expense development															—		—		—
Total															$	(73)	$	(83)	$	(43)


(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, 2023
December 31	2014 (a)		2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2014	$	234	$	223	$	212	$	205	$	205	$	201	$	201	$	202	$	201	$	201	$	1	33,633
2015			201		199		190		190		183		181		183		182		184		4		30,430
2016					198		186		186		186		190		195		200		197		4		30,455
2017							199		198		200		221		232		239		241		4		30,947
2018									229		227		227		245		254		255		1		34,333
2019											257		266		289		323		325		10		37,258
2020													310		303		304		298		21		29,142
2021															397		388		390		93		32,918
2022																	437		465		137		36,777
2023																			554		347		34,211
																	Total		$	3,110	$	622

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2014	$	64	$	102	$	137	$	166	$	187	$	196	$	198	$	199	$	199	$	200
2015			52		96		130		153		172		175		178		179		180
2016					52		93		126		154		175		185		190		192
2017							58		107		150		178		203		225		232
2018									66		128		175		212		238		249
2019											77		147		203		257		295
2020													71		134		197		246
2021															83		168		240
2022																	112		236
2023																			127
																	Total		$	2,197

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	913
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014																			4
Liability for unallocated claim adjustment expenses for accident years presented																			9
Total net liability for unpaid claim and claim adjustment expenses																			$	926

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																					Total
Accident Year
2014			$	(11)	$	(11)	$	(7)	$	—	$	(4)	$	—	$	1	$	(1)	$	—	$	(33)
2015					(2)		(9)		—		(7)		(2)		2		(1)		2		(17)
2016							(12)		—		—		4		5		5		(3)		(1)
2017									(1)		2		21		11		7		2		42
2018											(2)		—		18		9		1		26
2019													9		23		34		2		68
2020															(7)		1		(6)		(12)
2021																	(9)		2		(7)
2022																			28		28
Total net development for the accident years presented above															53		45		28
Total net development for accident years prior to 2014															—		4		2
Total unallocated claim adjustment expense development															—		—		3
Total															$	53	$	49	$	33


(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, 2023
December 31	2014 (a)		2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2014	$	653	$	658	$	654	$	631	$	635	$	658	$	659	$	659	$	676	$	679	$	28	28,196
2015			581		576		574		589		600		602		617		625		639		28		24,261
2016					623		659		667		671		673		683		684		704		39		24,803
2017							632		632		632		634		630		652		690		36		22,471
2018									653		644		646		639		650		679		129		20,425
2019											680		682		682		691		720		174		19,647
2020													723		722		726		736		347		14,593
2021															782		784		793		401		15,121
2022																	929		928		676		15,754
2023																			1,071		963		11,633
																	Total		$	7,639	$	2,821

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2014	$	31	$	119	$	247	$	376	$	481	$	547	$	569	$	607	$	624	$	642
2015			19		110		230		357		446		501		530		561		573
2016					32		163		279		407		481		524		582		620
2017							23		118		250		399		471		553		606
2018									33		107		228		307		428		491
2019											25		98		181		322		455
2020													23		99		192		280
2021															26		140		262
2022																	29		123
2023																			33
																	Total		$	4,085

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	3,554
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014																			162
Liability for unallocated claim adjustment expenses for accident years presented																			64
Total net liability for unpaid claim and claim adjustment expenses																			$	3,780

Net Strengthening (Releases) of Prior Accident Year Reserves


Years Ended December 31																			Total
Accident Year
2014	$	5	$	(4)	$	(23)	$	4	$	23	$	1	$	—	$	17	$	3	$	26
2015			(5)		(2)		15		11		2		15		8		14		58
2016					36		8		4		2		10		1		20		81
2017							—		—		2		(4)		22		38		58
2018									(9)		2		(7)		11		29		26
2019											2		—		9		29		40
2020													(1)		4		10		13
2021															2		9		11
2022																	(1)		(1)
Total net development for the accident years presented above													13		74		151
Total net development for accident years prior to 2014													—		(7)		(2)
Total unallocated claim adjustment expense development													2		—		—
Total													$	15	$	67	$	149


(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, 2023
December 31	2014 (a)		2015 (a)		2016 (a)		2017 (a)		2018 (a)		2019 (a)		2020 (a)		2021 (a)		2022 (a)		2023		IBNR		Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2014	$	467	$	480	$	479	$	452	$	450	$	446	$	439	$	448	$	430	$	419	$	70	33,550
2015			422		431		406		408		394		382		372		353		334		59		31,904
2016					426		405		396		382		366		355		331		308		56		31,994
2017							440		432		421		400		402		399		398		78		33,142
2018									450		440		428		415		415		404		74		34,886
2019											452		449		437		436		419		78		34,349
2020													477		466		446		414		135		29,454
2021															468		454		432		146		30,066
2022																	497		489		198		33,229
2023																			555		344		31,549
																	Total		$	4,172	$	1,238


Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2014	$	61	$	159	$	215	$	258	$	282	$	290	$	297	$	306	$	312	$	319
2015			51		131		180		212		231		243		251		256		259
2016					53		129		169		198		219		227		234		235
2017							63		151		207		243		265		279		287
2018									68		163		229		259		280		298
2019											71		169		223		262		291
2020													65		147		200		228
2021															67		164		222
2022																	79		192
2023																			87
																	Total		$	2,418

Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																			$	1,754
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2014																			1,842
Other (b)																			(23)
Liability for unallocated claim adjustment expenses for accident years presented																			72
Total net liability for unpaid claim and claim adjustment expenses																			$	3,645

Net Strengthening (Releases) of Prior Accident Year Reserves


Years Ended December 31																			Total
Accident Year
2014	$	13	$	(1)	$	(27)	$	(2)	$	(4)	$	(7)	$	9	$	(18)	$	(11)	$	(48)
2015			9		(25)		2		(14)		(12)		(10)		(19)		(19)		(88)
2016					(21)		(9)		(14)		(16)		(11)		(24)		(23)		(118)
2017							(8)		(11)		(21)		2		(3)		(1)		(42)
2018									(10)		(12)		(13)		—		(11)		(46)
2019											(3)		(12)		(1)		(17)		(33)
2020													(11)		(20)		(32)		(63)
2021															(14)		(22)		(36)
2022																	(8)		(8)
Total net development for the accident years presented above													(46)		(99)		(144)
Adjustment for development on a discounted basis													2		(3)		(2)
Total net development for accident years prior to 2014													(38)		(60)		(63)
Total unallocated claim adjustment expense development													—		10		6
Total													$	(82)	$	(152)	$	(203)


(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, 2023 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	3.7	%	16.4	%	22.1	%	17.2	%	12.4	%	9.1	%	4.8	%	2.9	%	1.2	%	1.1	%
Other professional liability and management liability	6.5		19.8		19.3		14.9		10.9		6.3		4.9		6.0		1.7		0.5
Surety (a)	17.7		46.6		17.7		3.4		2.2		5.2		(1.7)		(0.8)		(0.1)		—
Commercial auto	25.2		22.2		18.2		14.3		10.6		4.9		2.0		0.7		0.3		0.5
General liability	3.6		12.8		16.3		17.4		14.4		9.1		5.9		5.3		2.2		2.7
Workers’ compensation	16.0		22.9		13.8		8.8		6.0		3.2		2.1		1.3		1.2		1.7

(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	2023		2022		2021
(In millions)

Additional amounts ceded under LPT:
Net A&EP adverse development before consideration of LPT	$	86	$	92	$	143
Provision for uncollectible third-party reinsurance on A&EP			(5)		(5)
Total additional amounts ceded under LPT	86		87		138
Retroactive reinsurance benefit recognized	(94)		(91)		(107)
Pretax impact of deferred retroactive reinsurance	$	(8)	$	(4)	$	31

Net unfavorable prior year development of $86 million, $92 million and $143 million was recognized before consideration of cessions to the LPT for the years ended December 31, 2023, 2022 and 2021. The unfavorable development in 2023, 2022 and 2021 was primarily driven by higher than anticipated defense and indemnity costs on known direct asbestos and environmental accounts and a reduction in estimated reinsurance recoverable. Additionally, in both 2022 and 2021, $5 million of the provision for uncollectible third-party reinsurance was released. None of the provision for uncollectible third-party reinsurance was released in 2023.

As of December 31, 2023 and 2022, the cumulative amounts ceded under the LPT were $3.6 billion and $3.5 billion. The unrecognized deferred retroactive reinsurance benefit was $417 million and $425 million as of December 31, 2023 and 2022 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 $2.5 billion as of December 31, 2023. 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, 2023, 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 $440 million as of December 31, 2023.

Future Policy Benefits Reserves

12 Months Ended

Dec. 31, 2023

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, which is included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits.

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.

The LFPB is computed using the net level premium method, which incorporates cash flow assumptions and discount rate assumptions. As a result of the modified retrospective adoption of ASU 2018-12, the 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 (inclusive of mortality), anticipated future premium rate increases and expenses. 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 increases and expense experience, which, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB.

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.

Adjusted to reflect the application of ASU 2018-12, the cash flow assumption updates completed in the third quarter of 2022 resulted in a $186 million pretax increase to the LFPB, primarily driven by the unfavorable impact of increased cost of care inflation offset by favorable premium rate assumptions.

The following table summarizes balances and changes in the LFPB.


	2023		2022		2021
(In millions)

Present value of future net premiums
Balance, January 1	$	3,991	$	4,735	$	5,086
Effect of changes in discount rate	(74)		(880)		(1,140)
Balance, January 1, at original locked in discount rate	3,917		3,855		3,946
Effect of changes in cash flow assumptions (a)	28		352		173
Effect of actual variances from expected experience (a)	(126)		(49)		(24)
Adjusted balance, January 1	3,819		4,158		4,095
Interest accrual	202		216		219
Net premiums: earned during period	(436)		(457)		(459)
Balance, end of period at original locked in discount rate	3,585		3,917		3,855
Effect of changes in discount rate	125		74		880
Balance, December 31	$	3,710	$	3,991	$	4,735

Present value of future benefits & expenses
Balance, January 1	$	17,471	$	22,745	$	23,955
Effect of changes in discount rate	(125)		(5,942)		(7,395)
Balance, January 1, at original locked in discount rate	17,346		16,803		16,560
Effect of changes in cash flow assumptions (a)	36		538		176
Effect of actual variances from expected experience (a)	(46)		(21)		(19)
Adjusted balance, January 1	17,336		17,320		16,717
Interest accrual	962		979		973
Benefit & expense payments	(1,207)		(953)		(887)
Balance, end of period at original locked in discount rate	17,091		17,346		16,803
Effect of changes in discount rate	578		125		5,942
Balance, December 31	$	17,669	$	17,471	$	22,745


Net LFPB, December 31	$	13,959	$	13,480	$	18,010


(a)			As of December 31, 2023, 2022 and 2021 the re-measurement loss of $(88), $(214) and $(8) 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	2023		2022		2021

(In millions)

Earned premiums	$	451	$	473	$	491
Interest expense	760		763		754

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


	December 31,
	2023		2022
(In millions)

Expected future benefit and expense payments	$	32,851	$	34,261
Expected future gross premiums	5,414		5,910

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.8 billion and $4.1 billion as of December 31, 2023 and 2022.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of December 31, 2023 and 2022.

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


	December 31,
	2023		2022


Original locked in discount rate	5.22	%	5.27	%
Upper-medium grade fixed income instrument discount rate	4.94		5.23

For the years ended December 31, 2023 and 2022, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% for certain cohorts were $164 million and $178 million. For the years ended December 31, 2023 and 2022, 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 $42 million and $12 million.

Leases

12 Months Ended

Dec. 31, 2023

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 $302 million and $328 million and the operating lease liability was $384 million and $397 million at December 31, 2023 and 2022.

Total lease expense was $87 million, $89 million and $92 million for the years ended December 31, 2023, 2022 and 2021 which includes operating lease expense of $58 million, $60 million and $66 million, variable lease expense of $24 million, $26 million and $23 million and short-term lease expense of $5 million, $3 million and $3 million. Cash paid for amounts included in operating lease liabilities was $60 million, $64 million and $65 million for year ended December 31,

2023, 2022 and 2021. Operating lease right of use assets obtained in exchange for lease obligations was $39 million, $118 million and $35 million for the years ended December 31, 2023, 2022 and 2021.

In the fourth quarter of 2023, CNA committed to consolidate some of its offices, which resulted in a $24 million charge within Operating expenses and other on the Consolidated Statement of Operations. The charge primarily relates to the abandonment of certain fixed assets and operating lease right of use assets that are no longer in use.

The table below presents the maturities of lease liabilities:


	Operating
As of December 31, 2023	Leases
(In millions)

2024	$	57
2025	52
2026	50
2027	48
2028	43
Thereafter	280
Total	530
Less: discount	146
Total lease liabilities	$	384

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, 2023

Weighted average remaining lease term	9.9 years
Weighted average discount rate	4.1	%

Income Taxes

12 Months Ended

Dec. 31, 2023

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 2021 through 2023, 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 2021 and 2023, the Company was selected to participate in the phase of CAP reserved for taxpayers whose risk of noncompliance does 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 2019.

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


Year Ended December 31	2023		2022		2021
(In millions)

Income tax expense (benefit):
Federal:
Current	$	267	$	241	$	239
Deferred	81		(60)		193
State and city:
Current	20		25		13
Deferred	31		15		13
Foreign	52		2		17
Total	$	451	$	223	$	475

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	2023		2022		2021
(In millions)

Income before income tax:
U.S.	$	1,798	$	973	$	2,036
Foreign	198		141		124
Total	$	1,996	$	1,114	$	2,160

Income tax expense at statutory rate	$	419	$	235	$	454
Increase (decrease) in income tax expense resulting from:
Exempt investment income	(28)		(38)		(48)
Foreign related tax differential	1		(15)		(2)
Taxes related to domestic affiliate					40
Valuation allowance	2		1		1

State taxes	48		36		24
Other	9		4		6
Income tax expense	$	451	$	223	$	475

As of December 31, 2023, no deferred taxes are required on the undistributed earnings of subsidiaries subject to tax.

As of December 31, 2023, 2022 and 2021, 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, 2023, 2022 and 2021.

The following table summarizes deferred tax assets and liabilities:


December 31	2023		2022
(In millions)

Deferred tax assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves	$	202	$	178
Unearned premium reserves	213		198
Policyholder reserves	160		75
Deferred revenue	70		72
Employee benefits	86		98
Deferred retroactive reinsurance benefit	88		89
Net operating loss carryforwards	44		55
Net unrealized losses	416		709


Other	159		147
Total deferred tax assets	1,438		1,621
Valuation allowance	(18)		(16)
Net deferred tax assets	1,420		1,605

Deferred tax liabilities:
Deferred acquisition costs	(126)		(113)

Property, plant and equipment	(938)		(810)
Basis differential in investment in subsidiary	(502)		(502)
Other liabilities	(198)		(149)
Total deferred tax liabilities	(1,764)		(1,574)

Net deferred tax assets (liabilities) (a)	$	(344)	$	31
(a) Includes deferred tax assets reflected in Other assets on the Consolidated Balance Sheets at December 31, 2023 and 2022	$	54	$	274

Net operating loss carryforwards in foreign tax jurisdictions of $169 million and foreign tax credit carryforwards of $9 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, 2023, a valuation allowance of $18 million was recorded related to state net operating losses and disallowed business interest expense from joint ventures.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt


December 31	2023		2022
(In millions)

Loews Corporation (Parent Company):
Senior:
2.6% notes due 2023 (effective interest rate of 2.8%) (authorized, $500)			$	500
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:
7.3% debentures due 2023 (effective interest rate of 7.3%) (authorized, $250)			243
4.0% notes due 2024 (effective interest rate of 4.0%) (authorized, $550)	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
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		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
Finance lease obligation	5		5
Loews Hotels & Co:
Senior debt, principally mortgages (effective interest rates approximate 6.8% and 5.5%)	933		732






	9,063		9,080
Less unamortized discount and issuance costs	60		61
Debt	$	9,003	$	9,019


December 31, 2023	Principal		Unamortized Discount and Issuance Costs		Net		Short Term Debt		Long Term Debt
(In millions)

Loews Corporation	$	1,800	$	18	$	1,782			$	1,782
CNA Financial	3,050		19		3,031		$	550	2,481
Boardwalk Pipelines	3,280		17		3,263		1		3,262
Loews Hotels & Co	933		6		927		533		394
Total	$	9,063	$	60	$	9,003	$	1,084	$	7,919

At December 31, 2023, the aggregate long-term debt maturing in each of the next five years is approximately as follows: $1.7 billion in 2024, $0 in 2025, $1.8 billion in 2026, $1.1 billion in 2027, $83 million in 2028 and $4.4 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, 2023, giving it access to approximately $106 million of additional liquidity. As of December 31, 2023 and 2022, 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, 2023, CNA had no outstanding borrowings under the credit agreement and was in compliance with all covenants.

In 2023, CNA issued $500 million of 5.5% senior notes due June 15, 2033 and repaid at maturity the $243 million outstanding aggregate principal balance of its 7.3% debenture.

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, 2023, Boardwalk Pipelines had $25 million of outstanding borrowings under its revolving credit facility. As of December 31, 2023, Boardwalk Pipelines was in compliance with its covenants under the credit agreement.

Boardwalk Pipelines’ $600 million of 5.0% senior notes due December 15, 2024 has been included as long-term debt as of December 31, 2023. Boardwalk Pipelines has the intent and ability to refinance the notes near or at their maturity through available capital resources, including borrowing under its revolving credit facility or publicly issuing debt securities.

In 2023, Loews Corporation retired at maturity with available cash the outstanding $500 million aggregate principal amount of its 2.6% senior notes.

Certain of the hotels wholly or partially owned by Loews Hotels & Co are financed by debt facilities, with a number of different lenders. Each of the loan agreements underlying these facilities contains a variety of financial and operational covenants. As of December 31, 2023, Loews Hotels & Co was in compliance with these 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 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Shareholders' Equity

12 Months Ended

Dec. 31, 2023

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, 2021, 2022 and 2023:


	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, 2021, as reported	$	—	$	1,563	$	—	$	(23)	$	(877)	$	(82)	$	581
Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $(691), $1,313, $0, $0 and $0			2,331		(4,428)								(2,097)
Balance, January 1, 2021, as adjusted	—		3,894		(4,428)		(23)		(877)		(82)		(1,516)
Other comprehensive income (loss) before reclassifications, after tax of $2, $242, $(250), $(2), $(59) and $0	(7)		(906)		941		13		220		(20)		241
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(1), $21, $0, $(1), $(12) and $0	5		(81)				4		46				(26)
Other comprehensive income (loss)	(2)		(987)		941		17		266		(20)		215
Amounts attributable to noncontrolling interests			102		(98)				(25)		2		(19)
Balance, December 31, 2021	$	(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 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)

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 2023, 2022 and 2021.

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 14.0 million, 12.7 million and 21.1 million shares of its common stock at aggregate costs of $0.9 billion, $0.7 billion and $1.1 billion during the years ended December 31, 2023, 2022 and 2021. On December 31, 2023, 14.1 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)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Paragraph 13
-Subparagraph (h)
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

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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-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Paragraph 6
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-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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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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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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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)
-Publisher FASB
-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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-Publisher FASB
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-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, 2023

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 21:


Year Ended December 31	2023		2022		2021
(In millions)

Non-insurance warranty – CNA Financial	$	1,624	$	1,574	$	1,430

Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines	$	1,582	$	1,398	$	1,306
Lodging and related services – Loews Hotels & Co	778		689		419
Rigid plastic packaging and recycled resin – Corporate (a)					280
Total revenues from contracts with customers	2,360		2,087		2,005
Other revenues	95		113		128
Operating revenues and other	$	2,455	$	2,200	$	2,133

(a)Revenues presented reflect the consolidated results of Altium Packaging through March 31, 2021. See Note 2 for further discussion.

Receivables from contracts with customers – As of December 31, 2023 and 2022, receivables from contracts with customers were approximately $228 million and $168 million and are included within Receivables on the Consolidated Balance Sheets.

Deferred revenue – As of December 31, 2023 and 2022, deferred revenue resulting from contracts with customers was approximately $4.8 billion for each year and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Balance Sheets. Approximately $1.4 billion of revenues recognized during each of the years ended December 31, 2023 and 2022 were included in deferred revenue as of January 1, 2023 and 2022.

Contract costs – As of each of December 31, 2023 and 2022, the Company had approximately $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 each of the years ended December 31, 2023 and 2022, 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, 2023 and 2022.

Performance obligations – As of December 31, 2023, approximately $14.2 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 $2.8 billion will be recognized during 2024, $2.4 billion in 2025 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
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-Publisher FASB
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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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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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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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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
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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, 2023

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 $92 million and $74 million at December 31, 2023 and 2022.

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, 2023, CCC was in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2024 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 $1.1 billion in 2023. 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
	2023(a)	2022	2023(a)	2022	2021
(In millions)

Combined Continental Casualty Companies	$10,946	$10,572	$1,172	$1,072	$1,253

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

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 was approximately 225% and 238% of company action level RBC at December 31, 2023 and 2022. Company action level RBC is the level of RBC which triggers a heightened level of regulatory supervision. 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, 2023

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	2023		2022		2021		2023		2022		2021

Discount rate	5.0	%	5.2	%	2.6	%	5.1	%	5.4	%	2.6	%
Interest crediting rate	4.5	%	3.4	%	3.0	%
Rate of compensation increase	0.0% to 3.5%		0.0% to 4.5%		0.0% to 3.0%

Weighted average assumptions used to determine net periodic benefit cost:


	Pension Benefits						Other Postretirement Benefits
Year Ended December 31	2023		2022		2021		2023		2022		2021

Discount rate	5.2	%	3.4	%	2.1	%	5.4	%	2.6	%	2.2	%
Expected long-term rate of return on plan assets	6.2	%	6.3	%	6.7	%	3.0	%	2.0	%	2.8	%
Interest crediting rate	3.5	%	3.0	%	3.0	%
Rate of compensation increase	0.0% to 3.8%		0.0% to 3.0%		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

2023

2022

2021

Health care cost trend rate assumed for next year

4.0% to 7.0%

4.0% to 6.5%

4.0% to 7.0%

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

4.0% to 5.5%

4.0% to 5.0%

Year that the rate reaches the ultimate trend rate

2024-2028

2023-2026

2022-2026

During 2023, the Parent Company completed the termination of a non-contributory defined benefit plan. In total, the plan paid $66 million to settle its obligations to retirees and certain participants through the purchase of group annuity contracts from a third party insurance company and $34 million in lump sum payments 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 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	2023		2022		2021		2023		2022		2021
(In millions)

Service cost	$	2	$	2	$	3
Interest cost	110		76		70		$	2	$	1	$	1
Expected return on plan assets	(125)		(165)		(169)		(3)		(2)		(3)
Amortization of unrecognized net loss	35		32		49		1

Settlements	48		5		3
Regulatory asset decrease					3
Net periodic (benefit) cost	$	70	$	(50)	$	(41)	$	—	$	(1)	$	(2)

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


	Pension Benefits				Other Postretirement Benefits
	2023		2022		2023		2022
(In millions)

Change in benefit obligation:

Benefit obligation at January 1	$	2,220	$	2,916	$	33	$	44

Service cost	2		2
Interest cost	110		76		2		1
Plan participants’ contributions					3		3

Actuarial (gain) loss	31		(557)		6		(6)
Benefits paid from plan assets	(181)		(181)		(10)		(9)
Settlements	(194)		(23)

Foreign exchange	3		(13)
Benefit obligation at December 31	$	1,991	$	2,220	$	34	$	33

Change in plan assets:

Fair value of plan assets at January 1	$	2,212	$	2,816	$	81	$	93

Actual return on plan assets	206		(405)		5		(9)
Company contributions	22		19		4		3
Plan participants' contributions					3		3
Benefits paid from plan assets	(181)		(181)		(10)		(9)
Settlements	(188)		(23)

Foreign exchange	3		(14)
Fair value of plan assets at December 31	$	2,074	$	2,212	$	83	$	81

Funded status	$	83	$	(8)	$	49	$	48


	Pension Benefits				Other Postretirement Benefits
	2023		2022		2023		2022
(In millions)

Amounts recognized in the Consolidated Balance Sheets consist of:

Other assets	$	229	$	149	$	59	$	57
Other liabilities	(146)		(157)		(10)		(9)
Net amount recognized	$	83	$	(8)	$	49	$	48

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

Prior service credit	$	1
Net actuarial loss	672		$	811	$	3
Net amount recognized	$	673	$	811	$	3	$	—

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

Projected benefit obligation	$	229	$	234
Accumulated benefit obligation	143		231		$	11	$	10
Fair value of plan assets	83		78

The benefit obligation for all defined benefit pension plans was $2.0 billion and $2.2 billion at December 31, 2023 and 2022. Changes for the years ended December 31, 2023 and 2022 include actuarial (losses) gains of $(31) million and $557 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, 2023, $101 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, 2023.


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

2024	$	190	$	4
2025	183		3
2026	178		3
2027	180		3
2028	174		3
2029 – 2033	752		10

In 2024, 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, 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


December 31, 2022	Level 1		Level 2		Level 3		Total
(In millions)

Plan assets at fair value:
Fixed maturity securities:
Corporate and other bonds			$	859	$	7	$	866
States, municipalities and political subdivisions			49				49
Asset-backed			157		9		166
Total fixed maturities	$	—	1,065		16		1,081
Equity securities	236		13				249
Short-term investments	194		1				195
Fixed income mutual funds	42						42
Other assets (b)	2		12		57		71
Total plan assets at fair value	$	474	$	1,091	$	73	$	1,638
Plan assets at net asset value: (a)
Equity securities							21
Limited partnerships							553
Total plan assets	$	474	$	1,091	$	73	$	2,212

(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.

(b)In November 2022, a portion of the pension assets was de-risked through the purchase of an annuity contract.

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 93% and 62% of the carrying value as of December 31, 2023 and 2022 were invested in private debt and equity. Limited partnerships comprising 7% and 38% of the carrying value as of December 31, 2023 and 2022 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 8% were equity related, 92% pursued a multi-strategy approach and none were focused on distressed investments at December 31, 2023.

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, 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 assets	$	15	$	107	$	—	$	122

Other liabilities	$	39					$	39


December 31, 2022	Level 1		Level 2		Level 3		Total
(In millions)

Fixed maturity securities:
Corporate and other bonds			$	55			$	55
States, municipalities and political subdivisions			34				34
Asset-backed			1				1
Total fixed maturities	$	—	90		$	—	90
Short-term investments	2						2
Fixed income mutual funds	2						2
Total	$	4	$	90	$	—	$	94

Other liabilities	$	13					$	13

There were no Level 3 assets at December 31, 2023 and 2022.

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, eligible employees also receive a contribution of a percentage of their annual eligible compensation. Employer contributions to these plans amounted to $103 million, $90 million and $83 million for the years ended December 31, 2023, 2022 and 2021.

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 2023, Loews Corporation granted an aggregate of 186,169 RSUs and PSUs at a weighted average grant-date fair value of $60.40 per unit. No RSUs were forfeited during the year. 531,500 SARs were outstanding at December 31, 2023 with a weighted average exercise price of $40.43.

The Company recognized compensation expense in connection with stock-based compensation that decreased net income by $36 million, $34 million and $33 million for the years ended December 31, 2023, 2022 and 2021. 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, 2023

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	2023		2022
(In millions)

Reinsurance receivables related to insurance reserves:
Ceded claim and claim adjustment expenses	$	5,141	$	5,191

Reinsurance receivables related to paid losses	293		247
Reinsurance receivables	5,434		5,438
Less allowance for doubtful accounts	22		22
Reinsurance receivables, net of allowance for doubtful accounts	$	5,412	$	5,416

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, 2023
(In millions)

A- to A++	$	4,047
B- to B++	769
Insolvent	7
Total voluntary reinsurance outstanding balance (a)	$	4,823


(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 $3.6 billion and $3.7 billion at December 31, 2023 and 2022.

CNA’s largest recoverables from a single reinsurer, including ceded unearned premium reserves as of December 31, 2023 were approximately $1.8 billion from subsidiaries of the Berkshire Hathaway Insurance Group, $576 million from Cavello Bay Reinsurance Limited and $410 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, 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	%

Year Ended December 31, 2021

Property and casualty	$	12,554	$	240	$	5,110	$	7,684	3.1	%
Long-term care	443		48				491		9.8
Earned premiums	$	12,997	$	288	$	5,110	$	8,175	3.5	%

Included in the direct and ceded earned premiums for the years ended December 31, 2023, 2022 and 2021 are $2.9 billion, $3.3 billion and $3.6 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 $2.8 billion, $2.6 billion and $3.1 billion for the years ended December 31, 2023, 2022 and 2021, including $1.5 billion, $1.8 billion and $2.0 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, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings 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 is scheduled at the Trial Court in April 2024. 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 Boardwalk Pipelines matter described above, will materially affect the Company’s results of operations or equity.

Commitments and Contingencies	12 Months Ended
Commitments and Contingencies	Dec. 31, 2023
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, 2023, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.5 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.

Supplemental Quarterly Information (Unaudited)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Supplemental Quarterly Information (Unaudited)

The following table presents the effect of adoption of ASU 2018-12 on selected 2022 financial data.


	2022
	Q1		Q2		Q3		Q4		Full Year
(In millions, except per share data)

Components of Income (Loss)

Net income (loss) attributable to Loews Corporation
As reported	$	338	$	180	$	130	$	364	$	1,012
Effect of adoption	(16)		(13)		(152)		(9)		(190)
As adjusted	$	322	$	167	$	(22)	$	355	$	822




Other comprehensive income (loss)
As reported	$	(1,605)	$	(1,405)	$	(1,425)	$	577	$	(3,858)
Effect of adoption	603		627		586		(177)		1,639
As adjusted	$	(1,002)	$	(778)	$	(839)	$	400	$	(2,219)
Diluted Net Income (Loss) Per Share

Net income (loss) attributable to Loews Corporation
As reported	$	1.36	$	0.73	$	0.54	$	1.53	$	4.16
Effect of adoption	(0.07)		(0.05)		(0.63)		(0.04)		(0.78)
As adjusted	$	1.29	$	0.68	$	(0.09)	$	1.49	$	3.38

The sum of the quarterly per share amounts may not equal per share amounts reported for year-to-date periods. This is due to changes in the number of weighted average shares outstanding and the effects of rounding for each period.

As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1.

Net income (loss) attributable to Loews Corporation for 2022 decreased from what was previously reported under legacy accounting guidance generally driven by the cumulative effect of assumption differences and differences in reserving methodologies between legacy accounting guidance and ASU 2018-12.

Net income (loss) attributable to Loews Corporation for the third quarter of 2022 decreased $152 million from what was previously reported under legacy accounting guidance, primarily related to CNA’s third quarter 2022 annual review of cash flow reserving assumptions. Under legacy accounting guidance, the third quarter 2022 gross premium valuation assessment indicated a pretax margin of $125 million and no unlocking event occurred. Under ASU 2018-12 favorable changes to the upper-medium grade fixed income instrument discount rate were recorded through AOCI, while the net unfavorable impact of increased cost of care inflation offset by favorable premium rate action assumptions was recorded in income.

Other comprehensive income (loss) for 2022 decreased from what was previously reported under legacy accounting guidance driven by increases in the upper-medium grade fixed income instrument yield, which was used as the discount rate to re-measure the LFPB.

Segments

12 Months Ended

Dec. 31, 2023

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 primarily comprised of Loews Corporation, excluding its subsidiaries, the consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021. For further information on the deconsolidation of Altium Packaging see Note 2. Each of the operating subsidiaries is

headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position.

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 14,310 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.

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 consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021. See Note 2 for further information. 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. These 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, 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	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	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


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

December 31, 2022

Total assets	$	60,945	$	9,640	$	1,935	$	3,047	$	75,567


(a)			As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1.


Year Ended December 31, 2021	CNA Financial (a)		Boardwalk Pipelines		Loews Hotels & Co		Corporate (b)		Total (a)
(In millions)

Revenues:

Insurance premiums	$	8,175							$	8,175
Net investment income	2,159				$	1	$	99	2,259
Investment gains	120						540		660
Non-insurance warranty revenue	1,430								1,430
Operating revenues and other	24		$	1,349	479		281		2,133
Total	11,908		1,349		480		920		14,657

Expenses:

Insurance claims and policyholders’ benefits	6,371								6,371
Amortization of deferred acquisition costs	1,443								1,443
Non-insurance warranty expense	1,328								1,328
Operating expenses and other	1,191		885		503		378		2,957
Equity method (income) loss					(47)		21		(26)
Interest	113		161		36		114		424
Total	10,446		1,046		492		513		12,497
Income (loss) before income tax	1,462		303		(12)		407		2,160
Income tax expense	(278)		(68)		(2)		(127)		(475)
Net income (loss)	1,184		235		(14)		280		1,685
Amounts attributable to noncontrolling interests	(123)								(123)
Net income (loss) attributable to Loews Corporation	$	1,061	$	235	$	(14)	$	280	$	1,562


(a)			As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1.


(b)			Amounts include the consolidated results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.

- 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.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2023

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	2023		2022 (a)
(In millions)

Current assets, principally investment in short-term instruments	$	2,149	$	2,810
Investments in securities	568		564
Investments in capital stocks of subsidiaries, at equity	14,889		13,410
Other assets	76		112
Total assets	$	17,682	$	16,896


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	102	$	626
Long-term debt	1,782		1,780
Deferred income tax and other	94		141
Total liabilities	1,978		2,547
Shareholders’ equity	15,704		14,349
Total liabilities and shareholders’ equity	$	17,682	$	16,896

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2023		2022 (a)		2021 (a)
(In millions)

Revenues:
Equity in income of subsidiaries (b)	$	1,501	$	963	$	1,639
Net investment income, interest and other	131		1		103
Investment loss					(15)
Total	1,632		964		1,727
Expenses:
Administrative	119		84		93
Interest	80		89		89
Total	199		173		182
Income before income tax	1,433		791		1,545
Income tax benefit	1		31		17
Net income	1,434		822		1,562
Equity in other comprehensive income (loss) of subsidiaries	884		(2,000)		196
Total comprehensive income (loss)	$	2,318	$	(1,178)	$	1,758

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2023		2022 (a)		2021 (a)
(In millions)

Operating Activities:
Net income	$	1,434	$	822	$	1,562
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(512)		(3)		(804)
Investment loss					15
Provision for deferred income taxes	(4)		(49)		7
Changes in operating assets and liabilities, net:
Receivables	10		(11)
Accounts payable and accrued liabilities	(9)		(47)		(48)
Trading securities	576		153		(69)
Other, net	109		39		82
	1,604		904		745

Investing Activities:
Investments in and advances to subsidiaries	(217)		(137)		385
Change in investments, primarily short-term	29		30		72
Other	(11)		(9)
	(199)		(116)		457

Financing Activities:
Dividends paid	(57)		(61)		(65)
Purchases of treasury shares	(849)		(729)		(1,136)
Payment of debt	(500)
Other	(5)		(7)		(4)
	(1,411)		(797)		(1,205)

Net change in cash	(6)		(9)		(3)
Cash, beginning of year	10		19		22
Cash, end of year	$	4	$	10	$	19


(a)			As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts presented in the financial statements have been adjusted to reflect application of the new guidance. For additional information see Notes 1 and 9 of the Notes to Consolidated Financial Statements included under Item 8.


(b)			Cash dividends paid to the Company by affiliates amounted to $1,006, $978 and $853 for the years ended December 31, 2023, 2022 and 2021.

Supplemental Information Concerning Property and Casualty Insurance Operations


Consolidated Property and Casualty Operations

December 31	2023		2022 (a)
(In millions)

Deferred acquisition costs	$	896	$	806
Reserves for unpaid claim and claim adjustment expenses	23,304		22,120
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.4%)	647		683
Unearned premiums	6,933		6,374


Year Ended December 31	2023		2022 (a)		2021 (a)
(In millions)

Net written premiums	$	9,892	$	9,128	$	8,405
Net earned premiums	9,480		8,667		8,175
Net investment income	2,163		1,751		2,111
Incurred claim and claim adjustment expenses related to current year	5,667		5,181		5,021
Incurred claim and claim adjustment expenses related to prior years	48		(32)		15
Amortization of deferred acquisition costs	1,644		1,490		1,443
Paid claim and claim adjustment expenses	4,601		4,302		3,949


(a)			As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts presented in the financial statements have been adjusted to reflect application of the new guidance. For additional information see Notes 1 and 9 of the Notes to Consolidated Financial Statements included under Item 8.

Schedule V - Supplemental Information Concerning Property and Casualty Insurance Operations

12 Months Ended

Dec. 31, 2023

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	2023		2022 (a)
(In millions)

Deferred acquisition costs	$	896	$	806
Reserves for unpaid claim and claim adjustment expenses	23,304		22,120
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.4%)	647		683
Unearned premiums	6,933		6,374


Year Ended December 31	2023		2022 (a)		2021 (a)
(In millions)

Net written premiums	$	9,892	$	9,128	$	8,405
Net earned premiums	9,480		8,667		8,175
Net investment income	2,163		1,751		2,111
Incurred claim and claim adjustment expenses related to current year	5,667		5,181		5,021
Incurred claim and claim adjustment expenses related to prior years	48		(32)		15
Amortization of deferred acquisition costs	1,644		1,490		1,443
Paid claim and claim adjustment expenses	4,601		4,302		3,949


(a)			As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts presented in the financial statements have been adjusted to reflect application of the new guidance. For additional information see Notes 1 and 9 of the Notes to Consolidated Financial Statements included under Item 8.

Schedule I - Condensed Financial Information of Registrant

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS


December 31	2023		2022 (a)
(In millions)

Current assets, principally investment in short-term instruments	$	2,149	$	2,810
Investments in securities	568		564
Investments in capital stocks of subsidiaries, at equity	14,889		13,410
Other assets	76		112
Total assets	$	17,682	$	16,896


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	102	$	626
Long-term debt	1,782		1,780
Deferred income tax and other	94		141
Total liabilities	1,978		2,547
Shareholders’ equity	15,704		14,349
Total liabilities and shareholders’ equity	$	17,682	$	16,896

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2023		2022 (a)		2021 (a)
(In millions)

Revenues:
Equity in income of subsidiaries (b)	$	1,501	$	963	$	1,639
Net investment income, interest and other	131		1		103
Investment loss					(15)
Total	1,632		964		1,727
Expenses:
Administrative	119		84		93
Interest	80		89		89
Total	199		173		182
Income before income tax	1,433		791		1,545
Income tax benefit	1		31		17
Net income	1,434		822		1,562
Equity in other comprehensive income (loss) of subsidiaries	884		(2,000)		196
Total comprehensive income (loss)	$	2,318	$	(1,178)	$	1,758

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2023		2022 (a)		2021 (a)
(In millions)

Operating Activities:
Net income	$	1,434	$	822	$	1,562
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(512)		(3)		(804)
Investment loss					15
Provision for deferred income taxes	(4)		(49)		7
Changes in operating assets and liabilities, net:
Receivables	10		(11)
Accounts payable and accrued liabilities	(9)		(47)		(48)
Trading securities	576		153		(69)
Other, net	109		39		82
	1,604		904		745

Investing Activities:
Investments in and advances to subsidiaries	(217)		(137)		385
Change in investments, primarily short-term	29		30		72
Other	(11)		(9)
	(199)		(116)		457

Financing Activities:
Dividends paid	(57)		(61)		(65)
Purchases of treasury shares	(849)		(729)		(1,136)
Payment of debt	(500)
Other	(5)		(7)		(4)
	(1,411)		(797)		(1,205)

Net change in cash	(6)		(9)		(3)
Cash, beginning of year	10		19		22
Cash, end of year	$	4	$	10	$	19


(a)			As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts presented in the financial statements have been adjusted to reflect application of the new guidance. For additional information see Notes 1 and 9 of the Notes to Consolidated Financial Statements included under Item 8.


(b)			Cash dividends paid to the Company by affiliates amounted to $1,006, $978 and $853 for the years ended December 31, 2023, 2022 and 2021.

Supplemental Information Concerning Property and Casualty Insurance Operations


Consolidated Property and Casualty Operations

December 31	2023		2022 (a)
(In millions)

Deferred acquisition costs	$	896	$	806
Reserves for unpaid claim and claim adjustment expenses	23,304		22,120
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.4%)	647		683
Unearned premiums	6,933		6,374


Year Ended December 31	2023		2022 (a)		2021 (a)
(In millions)

Net written premiums	$	9,892	$	9,128	$	8,405
Net earned premiums	9,480		8,667		8,175
Net investment income	2,163		1,751		2,111
Incurred claim and claim adjustment expenses related to current year	5,667		5,181		5,021
Incurred claim and claim adjustment expenses related to prior years	48		(32)		15
Amortization of deferred acquisition costs	1,644		1,490		1,443
Paid claim and claim adjustment expenses	4,601		4,302		3,949


(a)			As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts presented in the financial statements have been adjusted to reflect application of the new guidance. For additional information see Notes 1 and 9 of the Notes to Consolidated Financial Statements included under Item 8.

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

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 (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 consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.

On April 1, 2021, Loews Corporation sold approximately 47% of Altium Packaging LLC (“Altium Packaging”), previously an approximately 99% owned subsidiary. See Note 2 for further discussion.

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.