LOEWS CORP, 10-Q filed on 5/5/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
May 02, 2025
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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 $0.01 per share  
Trading Symbol L  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   209,696,528
Entity Central Index Key 0000060086  
Current Fiscal Year End Date --12-31  
Amendment Flag false  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
v3.25.1
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Investments:    
Fixed maturities, amortized cost of $44,741 and $44,196, less allowance for credit loss of $47 and $45 $ 42,723 $ 41,827
Equity securities, cost of $1,150 and $969 1,189 1,064
Limited partnership investments 2,572 2,520
Other invested assets, primarily mortgage loans, less allowance for credit loss of $35 and $35 1,155 1,113
Short-term investments 4,354 4,606
Total investments 51,993 51,130
Cash 560 541
Receivables 10,790 10,522
Property, plant and equipment 10,674 10,738
Goodwill 347 347
Deferred non-insurance warranty acquisition expenses 3,493 3,525
Deferred acquisition costs of insurance subsidiaries 999 959
Other assets 4,286 4,181
Total assets 83,142 81,943
Insurance reserves:    
Claim and claim adjustment expense 25,581 24,976
Future policy benefits 13,304 13,158
Unearned premiums 7,504 7,346
Total insurance reserves 46,389 45,480
Payable to brokers 206 110
Short-term debt 505 5
Long-term debt 8,441 8,939
Deferred income taxes 613 550
Deferred non-insurance warranty revenue 4,488 4,530
Other liabilities 4,466 4,392
Total liabilities 65,108 64,006
Commitments and contingent liabilities
Shareholders' equity:    
Preferred stock
Common stock 2 2
Additional paid-in capital 2,451 2,490
Retained earnings 16,821 16,459
Accumulated other comprehensive loss (1,685) (1,867)
Shareholders' equity before treasury stock, total 17,589 17,084
Less treasury stock, at cost (4,682,891 and 212,251 shares) (398) (18)
Total shareholders’ equity 17,191 17,066
Noncontrolling interests 843 871
Total equity 18,034 17,937
Total liabilities and equity $ 83,142 $ 81,943
v3.25.1
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Investments:    
Fixed maturities, amortized cost $ 44,741 $ 44,196
Fixed maturities, allowance for credit loss 47 45
Equity securities, cost 1,150 969
Other invested assets, primarily mortgage loans, allowance for credit loss $ 35 $ 35
Shareholders' equity:    
Preferred stock, par value (in dollars per share) $ 0.10 $ 0.10
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 1,800,000,000 1,800,000,000
Common stock, shares issued (in shares) 215,027,306 214,912,595
Treasury stock, shares (in shares) 4,682,891 212,251
v3.25.1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Revenues:    
Insurance premiums $ 2,626 $ 2,441
Net investment income 608 669
Investment losses (9) (22)
Non-insurance warranty revenue 397 407
Operating revenues and other 872 736
Total 4,494 4,231
Expenses:    
Insurance claims and policyholders’ benefits (re-measurement loss of $8 and $15) 2,027 1,807
Amortization of deferred acquisition costs 471 444
Non-insurance warranty expense 385 394
Operating expenses and other 991 880
Equity method (income) loss 1 (26)
Interest 105 103
Total 3,980 3,602
Income before income tax 514 629
Income tax expense (122) (144)
Net income 392 485
Amounts attributable to noncontrolling interests (22) (28)
Net income attributable to Loews Corporation $ 370 $ 457
Basic net income per share (in dollars per share) $ 1.74 $ 2.05
Diluted net income per share (in dollars per share) $ 1.74 $ 2.05
Weighted average shares outstanding:    
Shares of common stock (in shares) 212,450 222,470
Dilutive potential shares of common stock (in shares) 150 310
Total weighted average shares outstanding assuming dilution (in shares) 212,600 222,780
v3.25.1
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Income Statement [Abstract]    
Re-measurement impact of insurance claims and policyholders’ benefits $ 8 $ 15
v3.25.1
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Comprehensive Income [Abstract]    
Net income $ 392 $ 485
Other comprehensive income (loss), after tax    
Net unrealized gains (losses) on investments with an allowance for credit losses (3) 2
Net unrealized gains (losses) on other investments 282 (217)
Total unrealized gains (losses) on investments 279 (215)
Impact of changes in discount rates used to measure long-duration contract liabilities (114) 341
Unrealized gains (losses) on cash flow hedges (3) 2
Pension and postretirement benefits 1 6
Foreign currency translation 37 (33)
Other comprehensive income (loss) 200 101
Comprehensive income 592 586
Amounts attributable to noncontrolling interests (39) (36)
Total comprehensive income attributable to Loews Corporation $ 553 $ 550
v3.25.1
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) - USD ($)
$ in Millions
Total
Cumulative Effect, Period of Adoption, Adjustment
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock
Common Stock
Cumulative Effect, Period of Adoption, Adjusted Balance
Additional Paid-in Capital
Additional Paid-in Capital
Cumulative Effect, Period of Adoption, Adjusted Balance
Retained Earnings
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
Retained Earnings
Cumulative Effect, Period of Adoption, Adjusted Balance
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjusted Balance
Common Stock Held in Treasury
Common Stock Held in Treasury
Cumulative Effect, Period of Adoption, Adjusted Balance
Noncontrolling Interests
Noncontrolling Interests
Cumulative Effect, Period of Adoption, Adjusted Balance
Balance at beginning of period at Dec. 31, 2023 $ 16,525     $ 2   $ 2,589   $ 15,617     $ (2,497)   $ (7)   $ 821  
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Net income 485             457             28  
Other comprehensive income 101                   93       8  
Dividends paid (70)             (14)             (56)  
Purchases of Loews Corporation treasury stock (17)                       (17)      
Stock-based compensation (14)         (33)                 19  
Other (12)         (9)         3       (6)  
Balance at end of period at Mar. 31, 2024 16,998     2   2,547   16,060     (2,401)   (24)   814  
Balance at beginning of period at Dec. 31, 2024 17,937 $ 5 $ 17,942 2 $ 2 2,490 $ 2,490 16,459 $ 5 $ 16,464 (1,867) $ (1,867) (18) $ (18) 871 $ 871
Increase (Decrease) in Stockholders' Equity [Roll Forward]                                
Net income 392             370             22  
Other comprehensive income 200                   183       17  
Dividends paid (68)             (13)             (55)  
Purchase of subsidiary stock from noncontrolling interests (34)         (3)         (1)       (30)  
Purchases of Loews Corporation treasury stock (380)                       (380)      
Stock-based compensation (16)         (34)                 18  
Other (2)         (2)                    
Balance at end of period at Mar. 31, 2025 $ 18,034     $ 2   $ 2,451   $ 16,821     $ (1,685)   $ (398)   $ 843  
v3.25.1
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Statement of Stockholders' Equity [Abstract]    
Dividends paid (in dollars per share) $ 0.0625 $ 0.0625
v3.25.1
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Operating Activities:    
Net income $ 392 $ 485
Adjustments to reconcile net income to net cash provided by operating activities, net 180 175
Changes in operating assets and liabilities, net:    
Receivables (246) (113)
Deferred acquisition costs (37) (34)
Insurance reserves 656 443
Other assets (92) (114)
Other liabilities 27 (37)
Trading securities (144) (607)
Net cash flow provided by operating activities 736 198
Investing Activities:    
Purchases of fixed maturities (1,775) (1,621)
Proceeds from sales of fixed maturities 643 736
Proceeds from maturities of fixed maturities 814 507
Purchases of equity securities (124) (169)
Proceeds from sales of equity securities 104 186
Purchases of limited partnership investments (78) (77)
Proceeds from sales of limited partnership investments 25 13
Purchases of property, plant and equipment (98) (159)
Dispositions 23
Change in short-term investments 330 (455)
Other, net (45) (10)
Net cash flow used by investing activities (204) (1,026)
Financing Activities:    
Dividends paid (13) (14)
Dividends paid to noncontrolling interests (55) (56)
Purchases of Loews Corporation treasury stock (394) (24)
Purchases of subsidiary stock from noncontrolling interests (34)
Principal payments on debt (1) (201)
Issuance of debt 1,299
Other, net (23) (17)
Net cash flow provided by (used by) financing activities (520) 987
Effect of foreign exchange rate on cash 7 (2)
Net change in cash 19 157
Cash, beginning of period 541 399
Cash, end of period $ 560 $ 556
v3.25.1
Basis of Presentation
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders.

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

The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2025 and 2024 there were 1.2 million and no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.

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

Recently issued ASUs - In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
In November of 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
v3.25.1
Investments
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Net investment income is as follows:

Three Months Ended March 3120252024
(In millions)  
   
Fixed maturity securities$521 $502 
Limited partnership investments56 54 
Short-term investments19 29 
Equity securities (a)6 22 
Income from trading portfolio (a)4 58 
Other26 28 
Total investment income632 693 
Investment expenses(24)(24)
Net investment income$608 $669 
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2025 and 2024
$(49)$48 

Investment gains (losses) are as follows:

Three Months Ended March 3120252024
(In millions)  
   
Fixed maturity securities:
Gross gains$13 $14 
Gross losses(22)(46)
Investment losses on fixed maturity securities(9)(32)
Equity securities (a)11 
Short-term investments and other(1)
Investment losses$(9)$(22)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2025 and 2024
$(2)$11 

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

Three Months Ended March 3120252024
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$7 $9 
Asset-backed5 
Impairment losses recognized in earnings$7 $14 

There were no losses recognized on mortgage loans during the three months ended March 31, 2025 or 2024.
The following tables present a summary of fixed maturity securities:

March 31, 2025Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
Corporate and other bonds$26,388 $502 $1,149 $15 $25,726 
States, municipalities and political
 subdivisions		7,246 227 829 6,644 
Asset-backed:
Residential mortgage-backed3,844 20 426 3,438 
Commercial mortgage-backed1,738 14 119 18 1,615 
Other asset-backed3,816 24 216 14 3,610 
Total asset-backed9,398 58 761 32 8,663 
U.S. Treasury and obligations of
 government sponsored enterprises		219 1 2 218 
Foreign government688 8 26 670 
Fixed maturities available-for-sale$43,939 $796 $2,767 $47 $41,921 
Fixed maturities trading802 802 
Total fixed maturity securities$44,741 $796 $2,767 $47 $42,723 

December 31, 2024
    
Fixed maturity securities:    
Corporate and other bonds$25,839 $423 $1,305 $13 $24,944 
States, municipalities and political
 subdivisions		7,396 243 835 6,804 
Asset-backed:
Residential mortgage-backed3,725 7 488 3,244 
Commercial mortgage-backed1,779 11 141 18 1,631 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,274 42 868 32 8,416 
U.S. Treasury and obligations of
 government sponsored enterprises		220 1 1 220 
Foreign government701 6 30 677 
Fixed maturities available-for-sale$43,430 $715 $3,039 $45 $41,061 
Fixed maturities trading766 766 
Total fixed maturity securities$44,196 $715 $3,039 $45 $41,827 
The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

 Less than 12 Months12 Months or LongerTotal
March 31, 2025Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
Corporate and other bonds$5,816 $141 $9,986 $1,008 $15,802 $1,149 
States, municipalities and political
 subdivisions		944 51 2,986 778 3,930 829 
Asset-backed:
Residential mortgage-backed413 9 2,016 417 2,429 426 
Commercial mortgage-backed58 1 969 118 1,027 119 
Other asset-backed629 16 1,499 200 2,128 216 
Total asset-backed1,100 26 4,484 735 5,584 761 
U.S. Treasury and obligations of
 government-sponsored enterprises		43 1 42 1 85 2 
Foreign government105 2 300 24 405 26 
Total fixed maturity securities$8,008 $221 $17,798 $2,546 $25,806 $2,767 
December 31, 2024
Fixed maturity securities:
Corporate and other bonds$5,846 $165 $10,388 $1,140 $16,234 $1,305 
States, municipalities and political
 subdivisions		1,247 52 2,967 783 4,214 835 
Asset-backed:
Residential mortgage-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed180 2 988 139 1,168 141 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,709 45 4,555 823 6,264 868 
U.S. Treasury and obligations of
 government-sponsored enterprises		49 1 41 90 1 
Foreign government118 3 368 27 486 30 
Total fixed maturity securities$8,969 $266 $18,319 $2,773 $27,288 $3,039 
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.

March 31, 2025December 31, 2024
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,212 $322 $2,567 $373 
AAA1,423 265 1,800 282 
AA3,971 701 4,247 730 
A6,254 527 6,330 582 
BBB10,922 849 11,548 980 
Non-investment grade1,024 103 796 92 
Total$25,806 $2,767 $27,288 $3,039 

Based on current facts and circumstances, the unrealized losses presented in the March 31, 2025 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of March 31, 2025.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $456 million, $442 million and $437 million as of March 31, 2025, December 31, 2024 and March 31, 2024 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Three months ended March 31, 2025Corporate and Other BondsAsset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2025
$13 $32 $45 
Additions to the allowance for credit losses:
Available-for-sale securities accounted for as PCD assets— 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— 
Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
2 2 
Total allowance for credit losses$15 $32 $47 
Three months ended March 31, 2024Corporate and Other BondsAsset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2024
$4 $12 $16 
Additions to the allowance for credit losses:
Available-for-sale securities accounted for as PCD assets— 
 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— 
Intent to sell or more likely than not will be required to sell the
security before recovery of its amortized cost basis		1 1 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
5 5 
Total allowance for credit losses$3 $17 $20 

Contractual Maturity

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

March 31, 2025December 31, 2024
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,842 $1,826 $1,761 $1,753 
Due after one year through five years11,606 11,371 11,678 11,403 
Due after five years through ten years13,227 12,692 13,083 12,365 
Due after ten years17,264 16,032 16,908 15,540 
Total$43,939 $41,921 $43,430 $41,061 

Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
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 March 31, 2025
2025
2024
2023
2022
2021
PriorTotal
(In millions)       
        
DSCR ≥1.6x       
LTV less than 55%$33 $9 $209 $251 
LTV 55% to 65%15 $11 16 42 
LTV greater than 65%12 31 12 55 
DSCR 1.2x - 1.6x
LTV less than 55%$60 28 5 2 137 232 
LTV 55% to 65%41 31 20 30 58 180 
LTV greater than 65%46 46 
DSCR ≤1.2x
LTV less than 55%21 21 
LTV 55% to 65%$37 23 73 20 153 
LTV greater than 65%35 21 48 104 
Total$37 $101 $127 $234 $76 $509 $1,084 

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

Derivative Financial Instruments

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

March 31, 2025December 31, 2024
Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value
Asset
(Liability)
Asset(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options – purchased$234 $3 $268 $2 
Futures – short167 1 
Warrants1 1 1 1 
Interest rate swaps300 2 300 4 
Currency forwards
Credit default swap index - purchased2,200 2,000 
In the fourth quarter of 2024, the Company entered into credit default swap index transactions that potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprise the index. As of March 31, 2025 and December 31, 2024, the notional value of the credit default swap index is $2.2 billion and $2 billion and the fair value is less than $1 million, which is recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position is measured using observable market inputs, including credit spreads. For the three months ended March 31, 2025, Net investment income related to the position was $3 million.

Investment Commitments
As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of March 31, 2025, commitments to purchase or fund were approximately $1.6 billion and to sell were approximately $95 million under the terms of these investments.
v3.25.1
Fair Value
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

March 31, 2025
Level 1
Level 2
Level 3
Total
(In millions)    
     
Fixed maturity securities:    
Corporate bonds and other$222 $25,041 $1,351 $26,614 
States, municipalities and political subdivisions6,600 44 6,644 
Asset-backed7,774 889 8,663 
Fixed maturities available-for-sale222 39,415 2,284 41,921 
Fixed maturities trading800 2 802 
Total fixed maturities$1,022 $39,417 $2,284 $42,723 
 
Equity securities$694 $478 $17 $1,189 
Short-term and other4,150 43 4,193 
Receivables3 3 
Payable to brokers(61)(61)
December 31, 2024
Fixed maturity securities:
Corporate bonds and other$223 $24,340 $1,278 $25,841 
States, municipalities and political subdivisions6,762 42 6,804 
Asset-backed7,540 876 8,416 
Fixed maturities available-for-sale223 38,642 2,196 41,061 
Fixed maturities trading766 766 
Total fixed maturities$989 $38,642 $2,196 $41,827 
Equity securities$603 $441 $20 $1,064 
Short-term and other4,383 70 4,453 
Receivables5 5 
Payable to brokers(88)(88)
The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2025 and 2024:

Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31
2025Balance, January 1
Included in Net Income
Included in OCIPurchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, March 31
(In millions)           
            
Fixed maturity securities:           
Corporate bonds and other$1,278 $21 $55 $(18)$15 $1,351 $21 
States, municipalities and political subdivisions42 2 44 2 
Asset-backed876 $4 1 27 (19)889 1 
Fixed maturities available-for-sale$2,196 $4 $24 $82 $— $(37)$15 $— $2,284 $— $24 
 
Equity securities$20 $1 $(4)$17 $(1)

2024
          
Fixed maturity securities:          
Corporate bonds and other$1,045 $(12)$74 $(36)$11 $1,082 $(14)
States, municipalities and political subdivisions44 (1)43 (1)
Asset-backed901 $2 (5)18 $(9)(17)$(19)871 (5)
Fixed maturities available-for-sale$1,990 $2 $(18)$92 $(9)$(53)$11 $(19)$1,996 $— $(20)
 
Equity securities$24 $6 $(19)$11 $1 
Net investment gains and losses are reported in Net income as follows:

Major Category of Assets and LiabilitiesConsolidated Condensed Statements of Operations Line Items
  
Fixed maturity securities available-for-saleInvestment gains (losses)
Fixed maturity securities tradingNet investment income
Equity securitiesInvestment gains (losses) and Net investment income
Other invested assetsInvestment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolioNet investment income
Derivative financial instruments, otherInvestment gains (losses) and Operating revenues and other

Significant Unobservable Inputs

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

March 31, 2025Estimated
Fair Value		Valuation TechniquesUnobservable InputsRange (Weighted Average)
 (In millions)  
    
Fixed maturity securities$1,805 Discounted cash flowCredit spread1 %—7 %(2 %)
   
December 31, 2024  
   
Fixed maturity securities$1,724 Discounted cash flowCredit spread1 %—6 %(2 %)

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

Financial Assets and Liabilities Not Measured at Fair Value

The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.
Carrying AmountEstimated Fair Value
March 31, 2025Level 1Level 2Level 3Total
(In millions)     
      
Assets:     
Other invested assets, primarily mortgage loans$1,049 $1,035 $1,035 
 
Liabilities:
Short-term debt504 $499 5 504 
Long-term debt8,438 7,275 966 8,241 
 
December 31, 2024
 
Assets:
Other invested assets, primarily mortgage loans$1,019 $987 $987 
 
Liabilities:
Short-term debt4 5 5 
Long-term debt8,936 $7,702 966 8,668 
v3.25.1
Claim and Claim Adjustment Expense Reserves
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Claim and Claim Adjustment Expense Reserves Claim and Claim Adjustment Expense Reserves
Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.

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

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. Catastrophe losses, net of reinsurance, of $97 million and $88 million were recorded for the three months ended March 31, 2025 and 2024, driven by severe weather related events, including $53 million for the California wildfires in 2025.
Liability for Unpaid Claim and Claim Adjustment Expenses

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

Three Months Ended March 31
20252024
(In millions)  
   
Reserves, beginning of year:  
Gross$24,976 $23,304 
Ceded5,713 5,141 
Net reserves, beginning of year19,263 18,163 
 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year1,650 1,502 
Increase (decrease) in provision for insured events of prior years80 (6)
Amortization of discount10 10 
Total net incurred (a)
1,740 1,506 
 
Net payments attributable to:
Current year events(80)(113)
Prior year events(1,212)(1,168)
Total net payments(1,292)(1,281)
 
Foreign currency translation adjustment and other53 (41)
 
Net reserves, end of period19,764 18,347 
Ceded reserves, end of period5,817 5,241 
Gross reserves, end of period$25,581 $23,588 

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

Net Prior Year Development

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

Unfavorable net prior year loss reserve development of $61 million and favorable net prior year loss reserve development of $7 million for the three months ended March 31, 2025 and 2024 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). Unfavorable net prior year loss reserve development of $22 million and no net prior year loss reserve development for the three months ended March 31, 2025 and 2024 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).
The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:

Three Months Ended March 31
20252024
(In millions)  
   
Surety$(18)
Warranty$10 13 
Commercial auto50 
Workers’ compensation1 (2)
Other insurance operations22 
Total pretax (favorable) unfavorable development$83 $(7)

2025

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

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

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

2024

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

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.
Asbestos & Environmental Pollution (“A&EP”) Reserves

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

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

The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $17 million and $12 million for the three months ended March 31, 2025 and 2024. As of March 31, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $3.7 billion. The unrecognized deferred
retroactive reinsurance benefit was $408 million and $425 million as of March 31, 2025 and December 31, 2024 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.

NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $2.3 billion as of March 31, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims.

Credit Risk for Ceded Reserves

The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.
v3.25.1
Future Policy Benefits Reserves
 3 Months Ended
Mar. 31, 2025
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. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheets.

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

For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The following table summarizes balances and changes in the LFPB:

20252024
(In millions)
Present value of future net premiums
Balance, January 1$3,425 $3,710 
Effect of changes in discount rate(7)(125)
Balance, January 1, at original locked in discount rate3,418 3,585 
Effect of changes in cash flow assumptions (a) 
Effect of actual variances from expected experience (a)5 (28)
Adjusted balance, January 13,423 3,557 
Interest accrual44 47 
Net premiums: earned during period(101)(107)
Balance, end of period at original locked in discount rate3,366 3,497 
Effect of changes in discount rate38 56 
Balance, March 31
$3,404 $3,553 
Present value of future benefits & expenses
Balance, January 1$16,583 $17,669 
Effect of changes in discount rate440 (578)
Balance, January 1, at original locked in discount rate17,023 17,091 
Effect of changes in cash flow assumptions (a) 
Effect of actual variances from expected experience (a)13 (13)
Adjusted balance, January 117,036 17,078 
Interest accrual229 231 
Benefit & expense payments(293)(321)
Balance, end of period at original locked in discount rate16,972 16,988 
Effect of changes in discount rate(264)78 
Balance, March 31
$16,708 $17,066 
Net LFPB, March 31
$13,304 $13,513 

(a)
As of March 31, 2025 and 2024, the re-measurement loss of $8 million and $15 million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.

Three Months Ended March 3120252024
(In millions)
   
Earned premiums$106 $110 
Interest accretion185 184 

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

March 31,
20252024
(In millions)
Expected future benefit and expense payments$31,433 $32,474 
Expected future gross premiums5,089 5,270 

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.6 billion and $3.7 billion as of March 31, 2025 and 2024.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of March 31, 2025 and 2024.

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

March 31,December 31,
202520242024
Original locked in discount rate5.19 %5.22 %5.20 %
Upper-medium grade fixed income instrument discount rate5.40 5.20 5.51 

For the three months ended March 31, 2025 and 2024, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $14 million and $20 million. For the three months ended March 31, 2025 and 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $6 million and $2 million.
v3.25.1
Shareholders' Equity
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Accumulated other comprehensive income (loss)

The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three months ended March 31, 2024 and 2025:
 Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative impact of changes in discount rates used to measure long
duration contracts		Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
(In millions)      
       
Balance, January 1, 2024
$(12)$(1,483)$(329)$9 $(533)$(149)$(2,497)
Other comprehensive income (loss) before reclassifications, after tax of $0, $64, $(91), $(1), $0 and $0
(1)(239)341 2 (33)70 
Reclassification of losses from accumulated other comprehensive loss, after tax of $(1), $(6), $0, $0, $(1) and $0
3 22 6 31 
Other comprehensive income (loss)2 (217)341 2 6 (33)101 
Amounts attributable to noncontrolling interests19 (29)(1)3 (8)
Other1 5 (1)(2)3 
Balance, March 31, 2024
$(9)$(1,676)$(17)$10 $(530)$(179)$(2,401)
Balance, January 1, 2025
$(13)$(1,720)$324 $9 $(224)$(243)$(1,867)
Other comprehensive income (loss) before reclassifications, after tax of $1, $(73), $31, $2, $0 and $0
(5)276 (114)(3)(1)37 190 
Reclassification of losses from accumulated other comprehensive loss, after tax of $0, $(1), $0, $0, $0 and $0
2 6   2  10 
Other comprehensive income (loss)(3)282 (114)(3)1 37 200 
Amounts attributable to noncontrolling interests1 (24)9   (3)(17)
Other (1)    (1)
Balance, March 31, 2025
$(15)$(1,463)$219 $6 $(223)$(209)$(1,685)

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

Major Category of AOCIAffected Line Item
  
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investmentsInvestment gains (losses)
Unrealized gains (losses) on cash flow hedgesOperating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefitsOperating expenses and other
Stock Purchases

Loews Corporation repurchased 4.5 million and 0.2 million shares of its common stock at aggregate costs of $380 million and $17 million during the three months ended March 31, 2025 and 2024.
v3.25.1
Revenue from Contracts with Customers
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Revenue from Contracts with Customers Revenue from Contracts with Customers
Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 11:

Three Months Ended March 3120252024
(In millions)  
   
Non-insurance warranty – CNA Financial$397 $407 
 
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines$609 $501 
Lodging and related services – Loews Hotels & Co237 209 
Total revenues from contracts with customers846 710 
Other revenues26 26 
Operating revenues and other$872 $736 

Receivables from contracts with customers – As of March 31, 2025 and December 31, 2024, receivables from contracts with customers were approximately $252 million and $240 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of March 31, 2025 and December 31, 2024, deferred revenue resulting from contracts with customers were approximately $4.6 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $413 million and $410 million of revenues recognized during the three months ended March 31, 2025 and 2024 were included in deferred revenue as of December 31, 2024 and 2023.

Performance obligations – As of March 31, 2025, approximately $18.7 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $2.3 billion will be recognized during the remaining nine months of 2025, $2.4 billion in 2026 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.
v3.25.1
Benefit Plans
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Benefit Plans Benefit Plans
The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees.

The following table presents the components of net periodic (benefit) cost for the defined benefit plans:

Pension Benefits
Other Postretirement Benefits
Three Months Ended March 312025202420252024
(In millions)
Service cost$1 $1 
Interest cost11 24 $1 $1 
Expected return on plan assets(15)(29)(1)(1)
Amortization of unrecognized net loss2 7 
Net periodic (benefit) cost$(1)$3 $— $— 
v3.25.1
Legal Proceedings
 3 Months Ended
Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract]  
Legal Proceedings Legal Proceedings
Loews Hotels & Co

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

Boardwalk Pipelines Litigation

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

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

On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021.
On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $690 million, plus pre-judgment interest (approximately $166 million), post-judgment interest and attorneys’ fees.

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

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

Other Litigation
The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the matters described above, will materially affect the Company’s results of operations or equity.
v3.25.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.4 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

Boardwalk Pipelines

Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received and firm commitments under binding construction service agreements. As of March 31, 2025, the commitments were approximately $237 million, all of which are expected to be settled within the next twelve months.
v3.25.1
Segments
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Segments Segments
Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, and the equity method of accounting for Altium Packaging LLC. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding the composition of Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

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

Three Months Ended March 31, 2025CNA Financial Boardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)     
      
Revenues:     
      
Insurance premiums$2,626 $2,626 
Net investment income604 $1 $3  608 
Investment losses(9) (9)
Non-insurance warranty revenue397 397 
Operating revenues and other9 621 242  872 
Total3,627 622 245 $— 4,494 
 
Expenses:
 
Insurance claims and policyholders’ benefits (a)2,027 2,027 
Amortization of deferred acquisition costs471 471 
Non-insurance warranty expense385 385 
Operating expenses and other (b)363 381 231 16 991 
Equity method (income) loss  (6)7 1 
Interest32 39 16 18 105 
Total3,278 420 241 41 3,980 
Income (loss) before income tax349 202 4 (41)514 
Income tax (expense) benefit(75)(50)(4)7 (122)
Net income (loss)274 152 — (34)392 
Amounts attributable to noncontrolling interests(22)(22)
Net income (loss) attributable to Loews Corporation$252 $152 $— $(34)$370 
March 31, 2025
Total assets$67,288 $9,919 $2,500 $3,435 $83,142 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $97 million and unfavorable net prior year loss reserve development of $83 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended March 31, 2025CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$321 $321 
Operating expenses$192 $153 345 
Depreciation and amortization106 24 $1 131 
Other (c)42 83 54 15 194 
Operating expenses and other$363 $381 $231 $16 $991 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
Three Months Ended March 31, 2024CNA FinancialBoardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)
Revenues:
Insurance premiums$2,441 $2,441 
Net investment income609 $4 $2 $54 669 
Investment losses(22)(22)
Non-insurance warranty revenue407 407 
Operating revenues and other9 513 214 736 
Total3,444 517 216 54 4,231 
Expenses:
Insurance claims and policyholders’ benefits (a)1,807 1,807 
Amortization of deferred acquisition costs444 444 
Non-insurance warranty expense394 394 
Operating expenses and other (b)337 312 209 22 880 
Equity method (income) loss(27)1 (26)
Interest35 43 6 19 103 
Total3,017 355 188 42 3,602 
Income before income tax427 162 28 12 629 
Income tax expense(89)(41)(12)(2)(144)
Net income338 121 16 10 485 
Amounts attributable to noncontrolling interests(28)(28)
Net income attributable to Loews Corporation$310 $121 $16 $10 $457 
March 31, 2024
Total assets$65,038 $10,415 $2,441 $3,012 $80,906 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $88 million and favorable net prior year loss reserve development of $7 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended March 31, 2024CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$287 $287 
Operating expenses$122 $138 260 
Depreciation and amortization106 21 127 
Other (c)50 84 50 $22 206 
Operating expenses and other$337 $312 $209 $22 $880 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 370 $ 457
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.1
Basis of Presentation (Policies)
 3 Months Ended
Mar. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation
Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders.

In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of March 31, 2025 and December 31, 2024, and its results of operations, comprehensive income (loss), changes in shareholders’ equity and cash flows for the three months ended March 31, 2025 and 2024, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.
The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2025 and 2024 there were 1.2 million and no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.
Accounting changes and Recently issued ASUs
Accounting changes - In December of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” The updated accounting guidance requires that an entity measure crypto assets at fair value in the statement of financial position each reporting period and recognize changes from remeasurement in net income. The guidance was effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The update required a cumulative-effect adjustment to the opening balance at the date of adoption. The Company adopted the guidance on January 1, 2025 and recorded an increase to Retained earnings of $5 million.

Recently issued ASUs - In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
In November of 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
v3.25.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Net Investment Income
Net investment income is as follows:

Three Months Ended March 3120252024
(In millions)  
   
Fixed maturity securities$521 $502 
Limited partnership investments56 54 
Short-term investments19 29 
Equity securities (a)6 22 
Income from trading portfolio (a)4 58 
Other26 28 
Total investment income632 693 
Investment expenses(24)(24)
Net investment income$608 $669 
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2025 and 2024
$(49)$48 
Schedule of Investment Gains (Losses)
Investment gains (losses) are as follows:

Three Months Ended March 3120252024
(In millions)  
   
Fixed maturity securities:
Gross gains$13 $14 
Gross losses(22)(46)
Investment losses on fixed maturity securities(9)(32)
Equity securities (a)11 
Short-term investments and other(1)
Investment losses$(9)$(22)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2025 and 2024
$(2)$11 
Schedule of Impairment Losses (Gains) on Earnings
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

Three Months Ended March 3120252024
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$7 $9 
Asset-backed5 
Impairment losses recognized in earnings$7 $14 
Schedule of Amortized Cost and Fair Values of Fixed Maturity Securities
The following tables present a summary of fixed maturity securities:

March 31, 2025Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
Corporate and other bonds$26,388 $502 $1,149 $15 $25,726 
States, municipalities and political
 subdivisions		7,246 227 829 6,644 
Asset-backed:
Residential mortgage-backed3,844 20 426 3,438 
Commercial mortgage-backed1,738 14 119 18 1,615 
Other asset-backed3,816 24 216 14 3,610 
Total asset-backed9,398 58 761 32 8,663 
U.S. Treasury and obligations of
 government sponsored enterprises		219 1 2 218 
Foreign government688 8 26 670 
Fixed maturities available-for-sale$43,939 $796 $2,767 $47 $41,921 
Fixed maturities trading802 802 
Total fixed maturity securities$44,741 $796 $2,767 $47 $42,723 

December 31, 2024
    
Fixed maturity securities:    
Corporate and other bonds$25,839 $423 $1,305 $13 $24,944 
States, municipalities and political
 subdivisions		7,396 243 835 6,804 
Asset-backed:
Residential mortgage-backed3,725 7 488 3,244 
Commercial mortgage-backed1,779 11 141 18 1,631 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,274 42 868 32 8,416 
U.S. Treasury and obligations of
 government sponsored enterprises		220 1 1 220 
Foreign government701 6 30 677 
Fixed maturities available-for-sale$43,430 $715 $3,039 $45 $41,061 
Fixed maturities trading766 766 
Total fixed maturity securities$44,196 $715 $3,039 $45 $41,827 
Schedule of Available-for-sale Fixed Maturity Securities in Gross Unrealized Loss Position
The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

 Less than 12 Months12 Months or LongerTotal
March 31, 2025Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
Corporate and other bonds$5,816 $141 $9,986 $1,008 $15,802 $1,149 
States, municipalities and political
 subdivisions		944 51 2,986 778 3,930 829 
Asset-backed:
Residential mortgage-backed413 9 2,016 417 2,429 426 
Commercial mortgage-backed58 1 969 118 1,027 119 
Other asset-backed629 16 1,499 200 2,128 216 
Total asset-backed1,100 26 4,484 735 5,584 761 
U.S. Treasury and obligations of
 government-sponsored enterprises		43 1 42 1 85 2 
Foreign government105 2 300 24 405 26 
Total fixed maturity securities$8,008 $221 $17,798 $2,546 $25,806 $2,767 
December 31, 2024
Fixed maturity securities:
Corporate and other bonds$5,846 $165 $10,388 $1,140 $16,234 $1,305 
States, municipalities and political
 subdivisions		1,247 52 2,967 783 4,214 835 
Asset-backed:
Residential mortgage-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed180 2 988 139 1,168 141 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,709 45 4,555 823 6,264 868 
U.S. Treasury and obligations of
 government-sponsored enterprises		49 1 41 90 1 
Foreign government118 3 368 27 486 30 
Total fixed maturity securities$8,969 $266 $18,319 $2,773 $27,288 $3,039 
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.

March 31, 2025December 31, 2024
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,212 $322 $2,567 $373 
AAA1,423 265 1,800 282 
AA3,971 701 4,247 730 
A6,254 527 6,330 582 
BBB10,922 849 11,548 980 
Non-investment grade1,024 103 796 92 
Total$25,806 $2,767 $27,288 $3,039 
Schedule of Allowance for Credit Losses
The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $456 million, $442 million and $437 million as of March 31, 2025, December 31, 2024 and March 31, 2024 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Three months ended March 31, 2025Corporate and Other BondsAsset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2025
$13 $32 $45 
Additions to the allowance for credit losses:
Available-for-sale securities accounted for as PCD assets— 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— 
Additional increases to the allowance for credit
losses on securities that had an allowance recorded in a previous period
2 2 
Total allowance for credit losses$15 $32 $47 
Three months ended March 31, 2024Corporate and Other BondsAsset-backedTotal
(In millions)   
Allowance for credit losses:   
Balance as of January 1, 2024
$4 $12 $16 
Additions to the allowance for credit losses:
Available-for-sale securities accounted for as PCD assets— 
 
Reductions to the allowance for credit losses:
Securities sold during the period (realized)— 
Intent to sell or more likely than not will be required to sell the
security before recovery of its amortized cost basis		1 1 
Additional increases to the allowance for credit losses
on securities that had an allowance recorded in a previous period
5 5 
Total allowance for credit losses$3 $17 $20 
Schedule of Available-for-sale Fixed Maturity Securities by Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.

March 31, 2025December 31, 2024
Cost or Amortized CostEstimated Fair
Value		Cost or Amortized CostEstimated
Fair
Value
(In millions)
Due in one year or less$1,842 $1,826 $1,761 $1,753 
Due after one year through five years11,606 11,371 11,678 11,403 
Due after five years through ten years13,227 12,692 13,083 12,365 
Due after ten years17,264 16,032 16,908 15,540 
Total$43,939 $41,921 $43,430 $41,061 
Schedule of Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination
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 March 31, 2025
2025
2024
2023
2022
2021
PriorTotal
(In millions)       
        
DSCR ≥1.6x       
LTV less than 55%$33 $9 $209 $251 
LTV 55% to 65%15 $11 16 42 
LTV greater than 65%12 31 12 55 
DSCR 1.2x - 1.6x
LTV less than 55%$60 28 5 2 137 232 
LTV 55% to 65%41 31 20 30 58 180 
LTV greater than 65%46 46 
DSCR ≤1.2x
LTV less than 55%21 21 
LTV 55% to 65%$37 23 73 20 153 
LTV greater than 65%35 21 48 104 
Total$37 $101 $127 $234 $76 $509 $1,084 

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

March 31, 2025December 31, 2024
Contractual/Notional AmountEstimated Fair Value Contractual/Notional AmountEstimated Fair Value
Asset
(Liability)
Asset(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options – purchased$234 $3 $268 $2 
Futures – short167 1 
Warrants1 1 1 1 
Interest rate swaps300 2 300 4 
Currency forwards
Credit default swap index - purchased2,200 2,000 
v3.25.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis
Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

March 31, 2025
Level 1
Level 2
Level 3
Total
(In millions)    
     
Fixed maturity securities:    
Corporate bonds and other$222 $25,041 $1,351 $26,614 
States, municipalities and political subdivisions6,600 44 6,644 
Asset-backed7,774 889 8,663 
Fixed maturities available-for-sale222 39,415 2,284 41,921 
Fixed maturities trading800 2 802 
Total fixed maturities$1,022 $39,417 $2,284 $42,723 
 
Equity securities$694 $478 $17 $1,189 
Short-term and other4,150 43 4,193 
Receivables3 3 
Payable to brokers(61)(61)
December 31, 2024
Fixed maturity securities:
Corporate bonds and other$223 $24,340 $1,278 $25,841 
States, municipalities and political subdivisions6,762 42 6,804 
Asset-backed7,540 876 8,416 
Fixed maturities available-for-sale223 38,642 2,196 41,061 
Fixed maturities trading766 766 
Total fixed maturities$989 $38,642 $2,196 $41,827 
Equity securities$603 $441 $20 $1,064 
Short-term and other4,383 70 4,453 
Receivables5 5 
Payable to brokers(88)(88)
Schedule of Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs
The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2025 and 2024:

Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31
2025Balance, January 1
Included in Net Income
Included in OCIPurchases
Sales
Settlements
Transfers into
Level 3
Transfers out of Level 3
Balance, March 31
(In millions)           
            
Fixed maturity securities:           
Corporate bonds and other$1,278 $21 $55 $(18)$15 $1,351 $21 
States, municipalities and political subdivisions42 2 44 2 
Asset-backed876 $4 1 27 (19)889 1 
Fixed maturities available-for-sale$2,196 $4 $24 $82 $— $(37)$15 $— $2,284 $— $24 
 
Equity securities$20 $1 $(4)$17 $(1)

2024
          
Fixed maturity securities:          
Corporate bonds and other$1,045 $(12)$74 $(36)$11 $1,082 $(14)
States, municipalities and political subdivisions44 (1)43 (1)
Asset-backed901 $2 (5)18 $(9)(17)$(19)871 (5)
Fixed maturities available-for-sale$1,990 $2 $(18)$92 $(9)$(53)$11 $(19)$1,996 $— $(20)
 
Equity securities$24 $6 $(19)$11 $1 
Net investment gains and losses are reported in Net income as follows:

Major Category of Assets and LiabilitiesConsolidated Condensed Statements of Operations Line Items
  
Fixed maturity securities available-for-saleInvestment gains (losses)
Fixed maturity securities tradingNet investment income
Equity securitiesInvestment gains (losses) and Net investment income
Other invested assetsInvestment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolioNet investment income
Derivative financial instruments, otherInvestment gains (losses) and Operating revenues and other
Schedule of 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.

March 31, 2025Estimated
Fair Value		Valuation TechniquesUnobservable InputsRange (Weighted Average)
 (In millions)  
    
Fixed maturity securities$1,805 Discounted cash flowCredit spread1 %—7 %(2 %)
   
December 31, 2024  
   
Fixed maturity securities$1,724 Discounted cash flowCredit spread1 %—6 %(2 %)
Schedule of Financial Assets and Liabilities not Measured at Fair Value
The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items.
Carrying AmountEstimated Fair Value
March 31, 2025Level 1Level 2Level 3Total
(In millions)     
      
Assets:     
Other invested assets, primarily mortgage loans$1,049 $1,035 $1,035 
 
Liabilities:
Short-term debt504 $499 5 504 
Long-term debt8,438 7,275 966 8,241 
 
December 31, 2024
 
Assets:
Other invested assets, primarily mortgage loans$1,019 $987 $987 
 
Liabilities:
Short-term debt4 5 5 
Long-term debt8,936 $7,702 966 8,668 
v3.25.1
Claim and Claim Adjustment Expense Reserves (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Schedule of Reconciliation of Claim and Claim Adjustment Expense Reserves
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.

Three Months Ended March 31
20252024
(In millions)  
   
Reserves, beginning of year:  
Gross$24,976 $23,304 
Ceded5,713 5,141 
Net reserves, beginning of year19,263 18,163 
 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year1,650 1,502 
Increase (decrease) in provision for insured events of prior years80 (6)
Amortization of discount10 10 
Total net incurred (a)
1,740 1,506 
 
Net payments attributable to:
Current year events(80)(113)
Prior year events(1,212)(1,168)
Total net payments(1,292)(1,281)
 
Foreign currency translation adjustment and other53 (41)
 
Net reserves, end of period19,764 18,347 
Ceded reserves, end of period5,817 5,241 
Gross reserves, end of period$25,581 $23,588 

(a)Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.
Schedule of Net Prior Year Loss Reserve Development in Property and Casualty Operations
The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:

Three Months Ended March 31
20252024
(In millions)  
   
Surety$(18)
Warranty$10 13 
Commercial auto50 
Workers’ compensation1 (2)
Other insurance operations22 
Total pretax (favorable) unfavorable development$83 $(7)
v3.25.1
Future Policy Benefits Reserves (Tables)
 3 Months Ended
Mar. 31, 2025
Insurance [Abstract]  
Schedule of Liability for Future Policy Benefit
The following table summarizes balances and changes in the LFPB:

20252024
(In millions)
Present value of future net premiums
Balance, January 1$3,425 $3,710 
Effect of changes in discount rate(7)(125)
Balance, January 1, at original locked in discount rate3,418 3,585 
Effect of changes in cash flow assumptions (a) 
Effect of actual variances from expected experience (a)5 (28)
Adjusted balance, January 13,423 3,557 
Interest accrual44 47 
Net premiums: earned during period(101)(107)
Balance, end of period at original locked in discount rate3,366 3,497 
Effect of changes in discount rate38 56 
Balance, March 31
$3,404 $3,553 
Present value of future benefits & expenses
Balance, January 1$16,583 $17,669 
Effect of changes in discount rate440 (578)
Balance, January 1, at original locked in discount rate17,023 17,091 
Effect of changes in cash flow assumptions (a) 
Effect of actual variances from expected experience (a)13 (13)
Adjusted balance, January 117,036 17,078 
Interest accrual229 231 
Benefit & expense payments(293)(321)
Balance, end of period at original locked in discount rate16,972 16,988 
Effect of changes in discount rate(264)78 
Balance, March 31
$16,708 $17,066 
Net LFPB, March 31
$13,304 $13,513 

(a)
As of March 31, 2025 and 2024, the re-measurement loss of $8 million and $15 million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.

Three Months Ended March 3120252024
(In millions)
   
Earned premiums$106 $110 
Interest accretion185 184 

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

March 31,
20252024
(In millions)
Expected future benefit and expense payments$31,433 $32,474 
Expected future gross premiums5,089 5,270 
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.

March 31,December 31,
202520242024
Original locked in discount rate5.19 %5.22 %5.20 %
Upper-medium grade fixed income instrument discount rate5.40 5.20 5.51 
v3.25.1
Shareholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Components of Accumulated Other Comprehensive Income (Loss)
The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three months ended March 31, 2024 and 2025:
 Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative impact of changes in discount rates used to measure long
duration contracts		Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss)
(In millions)      
       
Balance, January 1, 2024
$(12)$(1,483)$(329)$9 $(533)$(149)$(2,497)
Other comprehensive income (loss) before reclassifications, after tax of $0, $64, $(91), $(1), $0 and $0
(1)(239)341 2 (33)70 
Reclassification of losses from accumulated other comprehensive loss, after tax of $(1), $(6), $0, $0, $(1) and $0
3 22 6 31 
Other comprehensive income (loss)2 (217)341 2 6 (33)101 
Amounts attributable to noncontrolling interests19 (29)(1)3 (8)
Other1 5 (1)(2)3 
Balance, March 31, 2024
$(9)$(1,676)$(17)$10 $(530)$(179)$(2,401)
Balance, January 1, 2025
$(13)$(1,720)$324 $9 $(224)$(243)$(1,867)
Other comprehensive income (loss) before reclassifications, after tax of $1, $(73), $31, $2, $0 and $0
(5)276 (114)(3)(1)37 190 
Reclassification of losses from accumulated other comprehensive loss, after tax of $0, $(1), $0, $0, $0 and $0
2 6   2  10 
Other comprehensive income (loss)(3)282 (114)(3)1 37 200 
Amounts attributable to noncontrolling interests1 (24)9   (3)(17)
Other (1)    (1)
Balance, March 31, 2025
$(15)$(1,463)$219 $6 $(223)$(209)$(1,685)
Schedule of Reclassification out of Accumulated Other Comprehensive Income
Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:

Major Category of AOCIAffected Line Item
  
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investmentsInvestment gains (losses)
Unrealized gains (losses) on cash flow hedgesOperating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefitsOperating expenses and other
v3.25.1
Revenue from Contracts with Customers (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 11:
Three Months Ended March 3120252024
(In millions)  
   
Non-insurance warranty – CNA Financial$397 $407 
 
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines$609 $501 
Lodging and related services – Loews Hotels & Co237 209 
Total revenues from contracts with customers846 710 
Other revenues26 26 
Operating revenues and other$872 $736 
v3.25.1
Benefit Plans (Tables)
 3 Months Ended
Mar. 31, 2025
Retirement Benefits [Abstract]  
Schedule of Net Periodic (Benefit) Cost Components
The following table presents the components of net periodic (benefit) cost for the defined benefit plans:

Pension Benefits
Other Postretirement Benefits
Three Months Ended March 312025202420252024
(In millions)
Service cost$1 $1 
Interest cost11 24 $1 $1 
Expected return on plan assets(15)(29)(1)(1)
Amortization of unrecognized net loss2 7 
Net periodic (benefit) cost$(1)$3 $— $— 
v3.25.1
Segments (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
Statements of Operations by segment are presented in the following tables.

Three Months Ended March 31, 2025CNA Financial Boardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)     
      
Revenues:     
      
Insurance premiums$2,626 $2,626 
Net investment income604 $1 $3  608 
Investment losses(9) (9)
Non-insurance warranty revenue397 397 
Operating revenues and other9 621 242  872 
Total3,627 622 245 $— 4,494 
 
Expenses:
 
Insurance claims and policyholders’ benefits (a)2,027 2,027 
Amortization of deferred acquisition costs471 471 
Non-insurance warranty expense385 385 
Operating expenses and other (b)363 381 231 16 991 
Equity method (income) loss  (6)7 1 
Interest32 39 16 18 105 
Total3,278 420 241 41 3,980 
Income (loss) before income tax349 202 4 (41)514 
Income tax (expense) benefit(75)(50)(4)7 (122)
Net income (loss)274 152 — (34)392 
Amounts attributable to noncontrolling interests(22)(22)
Net income (loss) attributable to Loews Corporation$252 $152 $— $(34)$370 
March 31, 2025
Total assets$67,288 $9,919 $2,500 $3,435 $83,142 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $97 million and unfavorable net prior year loss reserve development of $83 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended March 31, 2025CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$321 $321 
Operating expenses$192 $153 345 
Depreciation and amortization106 24 $1 131 
Other (c)42 83 54 15 194 
Operating expenses and other$363 $381 $231 $16 $991 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
Three Months Ended March 31, 2024CNA FinancialBoardwalk Pipelines Loews Hotels & Co CorporateTotal
(In millions)
Revenues:
Insurance premiums$2,441 $2,441 
Net investment income609 $4 $2 $54 669 
Investment losses(22)(22)
Non-insurance warranty revenue407 407 
Operating revenues and other9 513 214 736 
Total3,444 517 216 54 4,231 
Expenses:
Insurance claims and policyholders’ benefits (a)1,807 1,807 
Amortization of deferred acquisition costs444 444 
Non-insurance warranty expense394 394 
Operating expenses and other (b)337 312 209 22 880 
Equity method (income) loss(27)1 (26)
Interest35 43 6 19 103 
Total3,017 355 188 42 3,602 
Income before income tax427 162 28 12 629 
Income tax expense(89)(41)(12)(2)(144)
Net income338 121 16 10 485 
Amounts attributable to noncontrolling interests(28)(28)
Net income attributable to Loews Corporation$310 $121 $16 $10 $457 
March 31, 2024
Total assets$65,038 $10,415 $2,441 $3,012 $80,906 

(a)
Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $88 million and favorable net prior year loss reserve development of $7 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
(b)Significant segment expenses included in Operating expenses and other:
Three Months Ended March 31, 2024CNA FinancialBoardwalk PipelinesLoews Hotels & CoCorporateTotal
      
Insurance related administrative expenses$287 $287 
Operating expenses$122 $138 260 
Depreciation and amortization106 21 127 
Other (c)50 84 50 $22 206 
Operating expenses and other$337 $312 $209 $22 $880 

(c)Other expenses for each reportable segment include:
CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
Boardwalk Pipelines: general and administrative expenses
Loews Hotels & Co: general and administrative and reimbursable expenses
Corporate: general and administrative expenses
v3.25.1
Basis of Presentation (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Jan. 01, 2025
Dec. 31, 2024
Dec. 31, 2023
Accounting changes          
Equity $ 18,034 $ 16,998   $ 17,937 $ 16,525
Retained Earnings          
Accounting changes          
Equity $ 16,821 $ 16,060   16,459 $ 15,617
Cumulative Effect, Period of Adoption, Adjustment          
Accounting changes          
Equity       5  
Cumulative Effect, Period of Adoption, Adjustment | Retained Earnings          
Accounting changes          
Equity     $ 5 $ 5  
Share-Based Payment Arrangement          
Basis of Presentation [Abstract]          
Shares excluded from diluted EPS calculation (in shares) 1,200,000 0      
CNA          
Basis of Presentation [Abstract]          
Subsidiary ownership (as a percent) 92.00%        
v3.25.1
Investments - Net Investment Income (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Net Investment Income [Line Items]    
Investment income, operating $ 632 $ 693
Investment expenses (24) (24)
Net investment income 608 669
Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held (49) 48
Fixed maturity securities    
Net Investment Income [Line Items]    
Investment income, operating 521 502
Limited partnership investments    
Net Investment Income [Line Items]    
Gain (losses) on investments, before investment expenses 56 54
Short-term investments    
Net Investment Income [Line Items]    
Investment income, operating 19 29
Equity securities    
Net Investment Income [Line Items]    
Gain (losses) on investments, before investment expenses 6 22
Income from trading portfolio    
Net Investment Income [Line Items]    
Gain (losses) on investments, before investment expenses 4 58
Other    
Net Investment Income [Line Items]    
Investment income, operating $ 26 $ 28
v3.25.1
Investments - Investment Gains (Losses) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Investment Gains (Losses) [Abstract]    
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held $ (9) $ (22)
Nonredeemable Preferred Stock    
Investment Gains (Losses) [Abstract]    
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held (2) 11
Fixed maturity securities    
Investment Gains (Losses) [Abstract]    
Gross gains 13 14
Gross losses (22) (46)
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held (9) (32)
Equity securities    
Investment Gains (Losses) [Abstract]    
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held 11
Short-term investments and other    
Investment Gains (Losses) [Abstract]    
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held $ (1)
v3.25.1
Investments - Available-for-sale Impairment Losses Recognized in Earnings (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fixed maturity securities available-for-sale:    
Impairment losses recognized in earnings $ 7 $ 14
Mortgage Receivable    
Fixed maturity securities available-for-sale:    
Gain (loss) on mortgage loans due to changes in expected credit losses 0 0
Corporate and other bonds    
Fixed maturity securities available-for-sale:    
Impairment losses recognized in earnings 7 9
Asset-backed    
Fixed maturity securities available-for-sale:    
Impairment losses recognized in earnings $ 5
v3.25.1
Investments - Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost $ 44,741 $ 44,196
Gross Unrealized Gains 796 715
Gross Unrealized Losses 2,767 3,039
Allowance for Credit Losses 47 45
Estimated Fair Value 42,723 41,827
Corporate and other bonds    
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost 26,388 25,839
Gross Unrealized Gains 502 423
Gross Unrealized Losses 1,149 1,305
Allowance for Credit Losses 15 13
Estimated Fair Value 25,726 24,944
States, municipalities and political subdivisions    
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost 7,246 7,396
Gross Unrealized Gains 227 243
Gross Unrealized Losses 829 835
Allowance for Credit Losses
Estimated Fair Value 6,644 6,804
Asset-backed    
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost 9,398 9,274
Gross Unrealized Gains 58 42
Gross Unrealized Losses 761 868
Allowance for Credit Losses 32 32
Estimated Fair Value 8,663 8,416
Residential mortgage-backed    
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost 3,844 3,725
Gross Unrealized Gains 20 7
Gross Unrealized Losses 426 488
Allowance for Credit Losses
Estimated Fair Value 3,438 3,244
Commercial mortgage-backed    
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost 1,738 1,779
Gross Unrealized Gains 14 11
Gross Unrealized Losses 119 141
Allowance for Credit Losses 18 18
Estimated Fair Value 1,615 1,631
Other asset-backed    
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost 3,816 3,770
Gross Unrealized Gains 24 24
Gross Unrealized Losses 216 239
Allowance for Credit Losses 14 14
Estimated Fair Value 3,610 3,541
U.S. Treasury and obligations of government-sponsored enterprises    
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost 219 220
Gross Unrealized Gains 1 1
Gross Unrealized Losses 2 1
Allowance for Credit Losses
Estimated Fair Value 218 220
Foreign government    
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost 688 701
Gross Unrealized Gains 8 6
Gross Unrealized Losses 26 30
Allowance for Credit Losses
Estimated Fair Value 670 677
Fixed maturities available-for-sale    
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost 43,939 43,430
Gross Unrealized Gains 796 715
Gross Unrealized Losses 2,767 3,039
Allowance for Credit Losses 47 45
Estimated Fair Value 41,921 41,061
Fixed maturities trading    
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]    
Cost or Amortized Cost 802 766
Gross Unrealized Gains
Gross Unrealized Losses
Allowance for Credit Losses
Estimated Fair Value $ 802 $ 766
v3.25.1
Investments - Available-for-sale Securities in Gross Unrealized Loss Position (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Estimated Fair Value    
Total, Estimated Fair Value $ 25,806 $ 27,288
Gross Unrealized Losses    
Total, Gross Unrealized Losses 2,767 3,039
Fixed maturity securities    
Estimated Fair Value    
Less than 12 Months, Estimated Fair Value 8,008 8,969
12 Months or Longer, Estimated Fair Value 17,798 18,319
Total, Estimated Fair Value 25,806 27,288
Gross Unrealized Losses    
Less than 12 Months, Gross Unrealized Losses 221 266
12 Months or Longer, Gross Unrealized Losses 2,546 2,773
Total, Gross Unrealized Losses 2,767 3,039
Corporate bonds and other    
Estimated Fair Value    
Less than 12 Months, Estimated Fair Value 5,816 5,846
12 Months or Longer, Estimated Fair Value 9,986 10,388
Total, Estimated Fair Value 15,802 16,234
Gross Unrealized Losses    
Less than 12 Months, Gross Unrealized Losses 141 165
12 Months or Longer, Gross Unrealized Losses 1,008 1,140
Total, Gross Unrealized Losses 1,149 1,305
States, municipalities and political subdivisions    
Estimated Fair Value    
Less than 12 Months, Estimated Fair Value 944 1,247
12 Months or Longer, Estimated Fair Value 2,986 2,967
Total, Estimated Fair Value 3,930 4,214
Gross Unrealized Losses    
Less than 12 Months, Gross Unrealized Losses 51 52
12 Months or Longer, Gross Unrealized Losses 778 783
Total, Gross Unrealized Losses 829 835
Total asset-backed    
Estimated Fair Value    
Less than 12 Months, Estimated Fair Value 1,100 1,709
12 Months or Longer, Estimated Fair Value 4,484 4,555
Total, Estimated Fair Value 5,584 6,264
Gross Unrealized Losses    
Less than 12 Months, Gross Unrealized Losses 26 45
12 Months or Longer, Gross Unrealized Losses 735 823
Total, Gross Unrealized Losses 761 868
Residential mortgage-backed    
Estimated Fair Value    
Less than 12 Months, Estimated Fair Value 413 849
12 Months or Longer, Estimated Fair Value 2,016 2,010
Total, Estimated Fair Value 2,429 2,859
Gross Unrealized Losses    
Less than 12 Months, Gross Unrealized Losses 9 22
12 Months or Longer, Gross Unrealized Losses 417 466
Total, Gross Unrealized Losses 426 488
Commercial mortgage-backed    
Estimated Fair Value    
Less than 12 Months, Estimated Fair Value 58 180
12 Months or Longer, Estimated Fair Value 969 988
Total, Estimated Fair Value 1,027 1,168
Gross Unrealized Losses    
Less than 12 Months, Gross Unrealized Losses 1 2
12 Months or Longer, Gross Unrealized Losses 118 139
Total, Gross Unrealized Losses 119 141
Other asset-backed    
Estimated Fair Value    
Less than 12 Months, Estimated Fair Value 629 680
12 Months or Longer, Estimated Fair Value 1,499 1,557
Total, Estimated Fair Value 2,128 2,237
Gross Unrealized Losses    
Less than 12 Months, Gross Unrealized Losses 16 21
12 Months or Longer, Gross Unrealized Losses 200 218
Total, Gross Unrealized Losses 216 239
U.S. Treasury and obligations of government-sponsored enterprises    
Estimated Fair Value    
Less than 12 Months, Estimated Fair Value 43 49
12 Months or Longer, Estimated Fair Value 42 41
Total, Estimated Fair Value 85 90
Gross Unrealized Losses    
Less than 12 Months, Gross Unrealized Losses 1 1
12 Months or Longer, Gross Unrealized Losses 1
Total, Gross Unrealized Losses 2 1
Foreign government    
Estimated Fair Value    
Less than 12 Months, Estimated Fair Value 105 118
12 Months or Longer, Estimated Fair Value 300 368
Total, Estimated Fair Value 405 486
Gross Unrealized Losses    
Less than 12 Months, Gross Unrealized Losses 2 3
12 Months or Longer, Gross Unrealized Losses 24 27
Total, Gross Unrealized Losses $ 26 $ 30
v3.25.1
Investments - Unrealized Loss (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value $ 25,806 $ 27,288
Gross Unrealized Losses 2,767 3,039
Additional impairment losses 0  
AAA    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 1,423 1,800
Gross Unrealized Losses 265 282
AA    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 3,971 4,247
Gross Unrealized Losses 701 730
A    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 6,254 6,330
Gross Unrealized Losses 527 582
BBB    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 10,922 11,548
Gross Unrealized Losses 849 980
U.S. Government, Government agencies and Government-sponsored enterprises    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 2,212 2,567
Gross Unrealized Losses 322 373
Non-investment grade    
Debt Securities, Available-for-sale [Line Items]    
Estimated Fair Value 1,024 796
Gross Unrealized Losses $ 103 $ 92
v3.25.1
Investments - Allowance for Credit Losses (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]      
Accrued interest receivables on available-for-sale fixed maturity securities $ 456 $ 437 $ 442
Allowance for credit losses:      
Beginning balance 45 16  
Available-for-sale securities accounted for as PCD assets 0 0  
Securities sold during the period (realized) 0 0  
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 0 1  
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 2 5  
Ending balance 47 20  
Corporate bonds and other      
Allowance for credit losses:      
Beginning balance 13 4  
Available-for-sale securities accounted for as PCD assets  
Securities sold during the period (realized)  
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1  
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 2  
Ending balance 15 3  
Asset-backed      
Allowance for credit losses:      
Beginning balance 32 12  
Available-for-sale securities accounted for as PCD assets  
Securities sold during the period (realized)  
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis  
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 5  
Ending balance $ 32 $ 17  
v3.25.1
Investments - Available-for-sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Cost or Amortized Cost    
Cost or Amortized Cost $ 44,741 $ 44,196
Estimated Fair Value    
Estimated Fair Value 42,723 41,827
Available-for-sale Fixed Maturities    
Cost or Amortized Cost    
Due in one year or less 1,842 1,761
Due after one year through five years 11,606 11,678
Due after five years through ten years 13,227 13,083
Due after ten years 17,264 16,908
Cost or Amortized Cost 43,939 43,430
Estimated Fair Value    
Due in one year or less 1,826 1,753
Due after one year through five years 11,371 11,403
Due after five years through ten years 12,692 12,365
Due after ten years 16,032 15,540
Estimated Fair Value $ 41,921 $ 41,061
v3.25.1
Investments - Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination (Details) - Commercial mortgage-backed
$ in Millions
Mar. 31, 2025
USD ($)
Credit Quality Information [Abstract]  
2025 $ 37
2024 101
2023 127
2022 234
2021 76
Prior 509
Total 1,084
DSCR Greater than or Equal to 1.6x, LTV Less than 55%  
Credit Quality Information [Abstract]  
2025
2024
2023 33
2022 9
2021
Prior 209
Total 251
DSCR Greater than or Equal to 1.6x, LTV 55% to 65%  
Credit Quality Information [Abstract]  
2025
2024
2023
2022 15
2021 11
Prior 16
Total 42
DSCR Greater than or Equal to 1.6x, LTV Greater than 65%  
Credit Quality Information [Abstract]  
2025
2024
2023 12
2022 31
2021 12
Prior
Total 55
DSCR Between 1.2 to 1.6x, LTV Less than 55%  
Credit Quality Information [Abstract]  
2025
2024 60
2023 28
2022 5
2021 2
Prior 137
Total 232
DSCR Between 1.2 to 1.6x, LTV 55% to 65%  
Credit Quality Information [Abstract]  
2025
2024 41
2023 31
2022 20
2021 30
Prior 58
Total 180
DSCR Between 1.2 to 1.6x, LTV Greater than 65%  
Credit Quality Information [Abstract]  
2025
2024
2023
2022 46
2021
Prior
Total 46
DSCR Less than or Equal to 1.2x, LTV Less than 55%  
Credit Quality Information [Abstract]  
2025
2024
2023
2022
2021
Prior 21
Total 21
DSCR Less than or Equal to 1.2x, LTV 55% to 65%  
Credit Quality Information [Abstract]  
2025 37
2024
2023 23
2022 73
2021
Prior 20
Total 153
DSCR Less than or Equal to 1.2x, LTV Greater than 65%  
Credit Quality Information [Abstract]  
2025
2024
2023
2022 35
2021 21
Prior 48
Total $ 104
v3.25.1
Investments - Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments (Details) - Without Hedge Designation - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Options – purchased | Options – purchased    
Gross Estimated Fair Values of Derivative Positions [Abstract]    
Contractual/Notional Amount $ 234 $ 268
Estimated Fair Value, Asset 3 2
Estimated Fair Value, Liability
Futures – short | Futures – short    
Gross Estimated Fair Values of Derivative Positions [Abstract]    
Contractual/Notional Amount 167
Estimated Fair Value, Asset 1
Estimated Fair Value, Liability
Warrants    
Gross Estimated Fair Values of Derivative Positions [Abstract]    
Contractual/Notional Amount 1 1
Estimated Fair Value, Asset 1 1
Estimated Fair Value, Liability
Interest rate swaps    
Gross Estimated Fair Values of Derivative Positions [Abstract]    
Contractual/Notional Amount 300 300
Estimated Fair Value, Asset 2 4
Estimated Fair Value, Liability
Currency forwards    
Gross Estimated Fair Values of Derivative Positions [Abstract]    
Contractual/Notional Amount
Estimated Fair Value, Asset
Estimated Fair Value, Liability
Credit default swap index - purchased    
Gross Estimated Fair Values of Derivative Positions [Abstract]    
Contractual/Notional Amount 2,200 2,000
Estimated Fair Value, Asset
Estimated Fair Value, Liability
v3.25.1
Investments - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Derivative [Line Items]      
Net investment income $ 608 $ 669  
Without Hedge Designation | Credit default swap index - purchased      
Derivative [Line Items]      
Notional amount 2,200   $ 2,000
Derivative liability 1   $ 1
Net investment income $ 3    
v3.25.1
Investments - Investment Commitments (Details) - Investments in Assets Requiring Future Purchase, Sale or Funding Commitments
$ in Millions
Mar. 31, 2025
USD ($)
Other Commitments [Line Items]  
Commitments to purchase or fund investments $ 1,600
Commitments to sell investments $ 95
v3.25.1
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale $ 42,723 $ 41,827
Corporate bonds and other    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 25,726 24,944
States, municipalities and political subdivisions    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 6,644 6,804
Asset-backed    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 8,663 8,416
Fair Value, Recurring    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 41,921 41,061
Fixed maturities trading 802 766
Total fixed maturities 42,723 41,827
Equity securities 1,189 1,064
Short-term and other 4,193 4,453
Receivables 3 5
Payable to brokers (61) (88)
Fair Value, Recurring | Corporate bonds and other    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 26,614 25,841
Fair Value, Recurring | States, municipalities and political subdivisions    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 6,644 6,804
Fair Value, Recurring | Asset-backed    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 8,663 8,416
Level 1 | Fair Value, Recurring    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 222 223
Fixed maturities trading 800 766
Total fixed maturities 1,022 989
Equity securities 694 603
Short-term and other 4,150 4,383
Receivables
Payable to brokers (61) (88)
Level 1 | Fair Value, Recurring | Corporate bonds and other    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 222 223
Level 1 | Fair Value, Recurring | States, municipalities and political subdivisions    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale
Level 1 | Fair Value, Recurring | Asset-backed    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale
Level 2 | Fair Value, Recurring    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 39,415 38,642
Fixed maturities trading 2
Total fixed maturities 39,417 38,642
Equity securities 478 441
Short-term and other 43 70
Receivables 3 5
Payable to brokers
Level 2 | Fair Value, Recurring | Corporate bonds and other    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 25,041 24,340
Level 2 | Fair Value, Recurring | States, municipalities and political subdivisions    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 6,600 6,762
Level 2 | Fair Value, Recurring | Asset-backed    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 7,774 7,540
Level 3 | Fair Value, Recurring    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 2,284 2,196
Fixed maturities trading
Total fixed maturities 2,284 2,196
Equity securities 17 20
Short-term and other
Receivables
Payable to brokers
Level 3 | Fair Value, Recurring | Corporate bonds and other    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 1,351 1,278
Level 3 | Fair Value, Recurring | States, municipalities and political subdivisions    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale 44 42
Level 3 | Fair Value, Recurring | Asset-backed    
Assets and Liabilities Measured at Fair Value [Abstract]    
Fixed maturities available-for-sale $ 889 $ 876
v3.25.1
Fair Value - Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Corporate bonds and other    
Reconciliations for All Assets and Liabilities [Roll Forward]    
Balance at beginning of period $ 1,278 $ 1,045
Included in Net Income
Included in OCI 21 (12)
Purchases 55 74
Sales
Settlements (18) (36)
Transfers into Level 3 15 11
Transfers out of Level 3
Balance at ending of period 1,351 1,082
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held 21 (14)
States, municipalities and political subdivisions    
Reconciliations for All Assets and Liabilities [Roll Forward]    
Balance at beginning of period 42 44
Included in Net Income
Included in OCI 2 (1)
Purchases
Sales
Settlements
Transfers into Level 3
Transfers out of Level 3
Balance at ending of period 44 43
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held 2 (1)
Asset-backed    
Reconciliations for All Assets and Liabilities [Roll Forward]    
Balance at beginning of period 876 901
Included in Net Income 4 2
Included in OCI 1 (5)
Purchases 27 18
Sales (9)
Settlements (19) (17)
Transfers into Level 3
Transfers out of Level 3 (19)
Balance at ending of period 889 871
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held 1 (5)
Fixed maturities available-for-sale    
Reconciliations for All Assets and Liabilities [Roll Forward]    
Balance at beginning of period 2,196 1,990
Included in Net Income 4 2
Included in OCI 24 (18)
Purchases 82 92
Sales 0 (9)
Settlements (37) (53)
Transfers into Level 3 15 11
Transfers out of Level 3 0 (19)
Balance at ending of period 2,284 1,996
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held 0 0
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held 24 (20)
Equity securities    
Reconciliations for All Assets and Liabilities [Roll Forward]    
Balance at beginning of period 20 24
Included in Net Income 1 6
Included in OCI
Purchases
Sales (19)
Settlements (4)
Transfers into Level 3
Transfers out of Level 3
Balance at ending of period 17 11
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held (1) 1
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held
v3.25.1
Fair Value - Significant Unobservable Inputs (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Quantitative Information About the Significant Unobservable Inputs [Abstract]    
Estimated Fair Value $ 42,723 $ 41,827
Level 3 | Fixed maturity securities    
Quantitative Information About the Significant Unobservable Inputs [Abstract]    
Estimated Fair Value $ 1,805 $ 1,724
Debt Securities, Available-for-sale, Valuation Technique [Extensible List] Discounted cash flow Discounted cash flow
Debt Securities, Available-for-sale, Measurement Input [Extensible List] Credit spread Credit spread
Level 3 | Fixed maturity securities | Credit spread | Discounted cash flow | Minimum    
Quantitative Information About the Significant Unobservable Inputs [Abstract]    
Measurement input (as a percent) 0.01 0.01
Level 3 | Fixed maturity securities | Credit spread | Discounted cash flow | Maximum    
Quantitative Information About the Significant Unobservable Inputs [Abstract]    
Measurement input (as a percent) 0.07 0.06
Level 3 | Fixed maturity securities | Credit spread | Discounted cash flow | Weighted Average    
Quantitative Information About the Significant Unobservable Inputs [Abstract]    
Measurement input (as a percent) (0.02) (0.02)
v3.25.1
Fair Value - Financial Assets and Liabilities not Measured at Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Dec. 31, 2024
Carrying Amount    
Assets:    
Other invested assets, primarily mortgage loans $ 1,049 $ 1,019
Liabilities:    
Short-term debt 504 4
Long-term debt 8,438 8,936
Estimated Fair Value    
Assets:    
Other invested assets, primarily mortgage loans 1,035 987
Liabilities:    
Short-term debt 504 5
Long-term debt 8,241 8,668
Estimated Fair Value | Level 1    
Assets:    
Other invested assets, primarily mortgage loans
Liabilities:    
Short-term debt
Long-term debt
Estimated Fair Value | Level 2    
Assets:    
Other invested assets, primarily mortgage loans
Liabilities:    
Short-term debt 499
Long-term debt 7,275 7,702
Estimated Fair Value | Level 3    
Assets:    
Other invested assets, primarily mortgage loans 1,035 987
Liabilities:    
Short-term debt 5 5
Long-term debt $ 966 $ 966
v3.25.1
Claim and Claim Adjustment Expense Reserves - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Loss from catastrophes, net of reinsurance $ 97 $ 88
Commercial auto | CNA Financial    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Pretax (favorable) unfavorable development 61 (7)
Other insurance operations    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Pretax (favorable) unfavorable development 22 $ 0
Wildfires    
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]    
Loss from catastrophes $ 53  
v3.25.1
Claim and Claim Adjustment Expense Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]    
Gross reserves, beginning of year $ 24,976 $ 23,304
Ceded reserves, beginning of year 5,713 5,141
Net reserves, beginning of year 19,263 18,163
Net incurred claim and claim adjustment expenses:    
Provision for insured events of current year 1,650 1,502
Increase (decrease) in provision for insured events of prior years 80 (6)
Amortization of discount 10 10
Total net incurred 1,740 1,506
Net payments attributable to:    
Current year events (80) (113)
Prior year events (1,212) (1,168)
Total net payments (1,292) (1,281)
Foreign currency translation adjustment and other 53 (41)
Net reserves, end of period 19,764 18,347
Ceded reserves, end of period 5,817 5,241
Gross reserves, end of period $ 25,581 $ 23,588
v3.25.1
Claim and Claim Adjustment Expense Reserves - Net Prior Year Loss Reserve Development in Property and Casualty Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Surety    
Net Prior Year Development [Abstract]    
Total pretax (favorable) unfavorable development $ (18)
Warranty    
Net Prior Year Development [Abstract]    
Total pretax (favorable) unfavorable development 10 13
Commercial auto    
Net Prior Year Development [Abstract]    
Total pretax (favorable) unfavorable development 50
Workers’ compensation    
Net Prior Year Development [Abstract]    
Total pretax (favorable) unfavorable development 1 (2)
Other insurance operations    
Net Prior Year Development [Abstract]    
Total pretax (favorable) unfavorable development $ 22 $ 0
v3.25.1
Claim and Claim Adjustment Expense Reserves - A&EP Reserves (Details) - A&EP Reserves - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2010
Dec. 31, 2024
A&EP Reserves [Abstract]        
Net A&EP claim and allocated claim adjustment expense reserves     $ 1,600  
Aggregate limit under A&EP loss portfolio transfer     4,000  
Ceded A&EP claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts transferred to NICO under A&EP loss portfolio transfer     1,200  
Reinsurance premium paid to NICO under A&EP loss portfolio transfer     2,000  
Net reinsurance receivables transferred to NICO under A&EP loss portfolio transfer     215  
Total consideration     $ 2,200  
Retroactive reinsurance benefit recognized $ 17 $ 12    
Cumulative amounts ceded under loss portfolio transfer 3,700     $ 3,700
Unrecognized deferred retroactive reinsurance benefit 408     $ 425
Fair value of collateral trust account $ 2,300      
v3.25.1
Future Policy Benefits Reserves - Balances and Changes (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Present value of future net premiums        
Balance, January 1 $ 3,425 $ 3,710    
Effect of changes in discount rate (7) (125)    
Balance, January 1, at original locked in discount rate     $ 3,418 $ 3,585
Effect of changes in cash flow assumptions    
Expect of actual variances from expected experience     5 (28)
Adjusted balance, January 1 3,366 3,497 3,423 3,557
Interest accrual 44 47    
Net premiums: earned during period (101) (107)    
Balance, end of period at original locked in discount rate 3,366 3,497    
Effect of changes in discount rate 38 56    
Balance, March 31 3,404 3,553    
Present value of future benefits & expenses        
Balance, January 1 16,583 17,669    
Effect of changes in discount rate (264) 78 440 (578)
Balance, January 1, at original locked in discount rate 17,023 17,091    
Effect of changes in cash flow assumptions    
Effect of actual variances from expected experience     13 (13)
Adjusted balance, January 1     17,036 $ 17,078
Interest accrual 229 231    
Benefit & expense payments (293) (321)    
Balance, end of period at original locked in discount rate 16,972 16,988    
Balance, March 31 16,708 17,066    
Net LFPB 13,304 13,513 $ 13,158  
Re-measurement gain (loss) of insurance claims and policyholders’ benefits $ 8 $ 15    
v3.25.1
Future Policy Benefits Reserves - Earned Premiums and Interest Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Insurance [Abstract]    
Earned premiums $ 106 $ 110
Interest accretion $ 185 $ 184
v3.25.1
Future Policy Benefits Reserves - Undiscounted Expected Future Benefit and Expense Payments and Undiscounted Expected Future Gross Premiums (Details) - USD ($)
$ in Millions
Mar. 31, 2025
Mar. 31, 2024
Insurance [Abstract]    
Expected future benefit and expense payments $ 31,433 $ 32,474
Expected future gross premiums $ 5,089 $ 5,270
v3.25.1
Future Policy Benefits Reserves - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Insurance [Abstract]    
Liability for future policy benefit, expected future gross premium, discounted, before reinsurance $ 3,600 $ 3,700
Liability for future policy benefit, weighted-average duration (in years) 11 years 11 years
Liability for future policy benefit, adverse development, expense $ 14 $ 20
Liability future policy benefit, losses recognized in prior period $ 6 $ 2
v3.25.1
Future Policy Benefits Reserves - Weighted Average Interest Rates (Details)
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Insurance [Abstract]      
Original locked in discount rate 5.19% 5.20% 5.22%
Upper-medium grade fixed income instrument discount rate 5.40% 5.51% 5.20%
v3.25.1
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at beginning of period $ 17,937 $ 16,525
Other comprehensive income (loss) before reclassifications, after tax 190 70
Reclassification of losses from accumulated other comprehensive loss, after tax 10 31
Other comprehensive income (loss) 200 101
Amounts attributable to noncontrolling interests (17) (8)
Other (1) 3
Balance at end of period 18,034 16,998
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at beginning of period (13) (12)
Other comprehensive income (loss) before reclassifications, after tax (5) (1)
Reclassification of losses from accumulated other comprehensive loss, after tax 2 3
Other comprehensive income (loss) (3) 2
Amounts attributable to noncontrolling interests 1
Other 1
Balance at end of period (15) (9)
Other comprehensive income (loss) before reclassifications, tax 1 0
Reclassification of losses from accumulated other comprehensive loss, tax 0 (1)
Net Unrealized Gains (Losses) on Other Investments    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at beginning of period (1,720) (1,483)
Other comprehensive income (loss) before reclassifications, after tax 276 (239)
Reclassification of losses from accumulated other comprehensive loss, after tax 6 22
Other comprehensive income (loss) 282 (217)
Amounts attributable to noncontrolling interests (24) 19
Other (1) 5
Balance at end of period (1,463) (1,676)
Other comprehensive income (loss) before reclassifications, tax (73) 64
Reclassification of losses from accumulated other comprehensive loss, tax (1) (6)
Cumulative impact of changes in discount rates used to measure long duration contracts    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at beginning of period 324 (329)
Other comprehensive income (loss) before reclassifications, after tax (114) 341
Reclassification of losses from accumulated other comprehensive loss, after tax
Other comprehensive income (loss) (114) 341
Amounts attributable to noncontrolling interests 9 (29)
Other
Balance at end of period 219 (17)
Other comprehensive income (loss) before reclassifications, tax 31 (91)
Reclassification of losses from accumulated other comprehensive loss, tax 0 0
Unrealized Gains (Losses) on Cash Flow Hedges    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at beginning of period 9 9
Other comprehensive income (loss) before reclassifications, after tax (3) 2
Reclassification of losses from accumulated other comprehensive loss, after tax
Other comprehensive income (loss) (3) 2
Amounts attributable to noncontrolling interests
Other (1)
Balance at end of period 6 10
Other comprehensive income (loss) before reclassifications, tax 2 (1)
Reclassification of losses from accumulated other comprehensive loss, tax 0 0
Pension and Postretirement Benefits    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at beginning of period (224) (533)
Other comprehensive income (loss) before reclassifications, after tax (1)
Reclassification of losses from accumulated other comprehensive loss, after tax 2 6
Other comprehensive income (loss) 1 6
Amounts attributable to noncontrolling interests (1)
Other (2)
Balance at end of period (223) (530)
Other comprehensive income (loss) before reclassifications, tax 0 0
Reclassification of losses from accumulated other comprehensive loss, tax 0 (1)
Foreign Currency Translation    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at beginning of period (243) (149)
Other comprehensive income (loss) before reclassifications, after tax 37 (33)
Reclassification of losses from accumulated other comprehensive loss, after tax
Other comprehensive income (loss) 37 (33)
Amounts attributable to noncontrolling interests (3) 3
Other
Balance at end of period (209) (179)
Other comprehensive income (loss) before reclassifications, tax 0 0
Reclassification of losses from accumulated other comprehensive loss, tax 0 0
Total Accumulated Other Comprehensive Income (Loss)    
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]    
Balance at beginning of period (1,867) (2,497)
Balance at end of period $ (1,685) $ (2,401)
v3.25.1
Shareholders' Equity - Additional Information (Details) - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Equity [Abstract]    
Purchases of treasury stock (in shares) 4.5 0.2
Purchases of treasury stock $ 380 $ 17
v3.25.1
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenues [Abstract]    
Total revenues from contracts with customers $ 846 $ 710
Other revenues 26 26
Operating revenues and other 872 736
CNA Financial | Non-insurance warranty    
Disaggregation of Revenues [Abstract]    
Total revenues from contracts with customers 397 407
Boardwalk Pipelines | Transportation and storage of natural gas and NGLs and other services    
Disaggregation of Revenues [Abstract]    
Total revenues from contracts with customers 609 501
Loews Hotels & Co | Lodging and related services    
Disaggregation of Revenues [Abstract]    
Total revenues from contracts with customers $ 237 $ 209
v3.25.1
Revenue from Contracts with Customers - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Disaggregation of Revenue [Line Items]      
Revenue recognized $ 413 $ 410  
Receivables      
Disaggregation of Revenue [Line Items]      
Receivables from contracts with customers 252   $ 240
Other Liabilities      
Disaggregation of Revenue [Line Items]      
Deferred revenue $ 4,600   $ 4,600
v3.25.1
Revenue from Contracts with Customers - Performance Obligations (Details)
$ in Billions
Mar. 31, 2025
USD ($)
Disaggregation of Revenue [Line Items]  
Remaining performance obligations $ 18.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-04-01  
Disaggregation of Revenue [Line Items]  
Remaining performance obligations $ 2.3
Expected timing of satisfaction 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01  
Disaggregation of Revenue [Line Items]  
Remaining performance obligations $ 2.4
Expected timing of satisfaction 1 year
v3.25.1
Benefit Plans (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pension Benefits    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Service cost $ 1 $ 1
Interest cost 11 24
Expected return on plan assets (15) (29)
Amortization of unrecognized net loss 2 7
Net periodic (benefit) cost (1) 3
Other Postretirement Benefits    
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]    
Service cost
Interest cost 1 1
Expected return on plan assets (1) (1)
Amortization of unrecognized net loss
Net periodic (benefit) cost $ 0 $ 0
v3.25.1
Legal Proceedings (Details)
$ in Millions
Nov. 12, 2021
USD ($)
Commitments and Contingencies Disclosure [Abstract]  
Trial court, plaintiff award $ 690
Trial court, plaintiff award, plus pre-judgement interest $ 166
v3.25.1
Commitments and Contingencies (Details)
$ in Millions
Mar. 31, 2025
USD ($)
Future Capital Commitments  
Commitments and Contingencies [Abstract]  
Purchase commitment $ 237
CNA Financial  
Commitments and Contingencies [Abstract]  
Potential amount of future payments under guarantees $ 1,400
v3.25.1
Segments (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
segment
subsidiary
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Segments:      
Number of reportable segments | segment 4    
Number of individual operating subsidiaries | subsidiary 3    
Revenues:      
Insurance premiums $ 2,626 $ 2,441  
Net investment income 608 669  
Investment losses (9) (22)  
Non-insurance warranty revenue 397 407  
Operating revenues and other 872 736  
Total 4,494 4,231  
Expenses:      
Insurance claims and policyholders’ benefits 2,027 1,807  
Amortization of deferred acquisition costs 471 444  
Non-insurance warranty expense 385 394  
Operating expenses and other 991 880  
Equity method (income) loss 1 (26)  
Interest 105 103  
Total 3,980 3,602  
Income before income tax 514 629  
Income tax expense (122) (144)  
Net income 392 485  
Amounts attributable to noncontrolling interests (22) (28)  
Net income attributable to Loews Corporation 370 457  
Assets:      
Assets 83,142 80,906 $ 81,943
Operating Expenses and Other:      
Insurance related administrative expenses 321 287  
Operating expenses and other 345 260  
Depreciation and amortization 131 127  
Other 194 206  
Operating expenses and other 991 880  
Operating Segments | CNA Financial      
Revenues:      
Insurance premiums 2,626 2,441  
Net investment income 604 609  
Investment losses (9) (22)  
Non-insurance warranty revenue 397 407  
Operating revenues and other 9 9  
Total 3,627 3,444  
Expenses:      
Insurance claims and policyholders’ benefits 2,027 1,807  
Amortization of deferred acquisition costs 471 444  
Non-insurance warranty expense 385 394  
Operating expenses and other 363 337  
Equity method (income) loss  
Interest 32 35  
Total 3,278 3,017  
Income before income tax 349 427  
Income tax expense (75) (89)  
Net income 274 338  
Amounts attributable to noncontrolling interests (22) (28)  
Net income attributable to Loews Corporation 252 310  
Assets:      
Assets 67,288 65,038  
Operating Expenses and Other:      
Insurance related administrative expenses 321 287  
Operating expenses and other  
Depreciation and amortization  
Other 42 50  
Operating expenses and other 363 337  
Operating Segments | CNA Financial | Total pretax (favorable) unfavorable development      
Assets:      
Loss from catastrophes 97 88  
Total pretax (favorable) unfavorable development 83 (7)  
Operating Segments | Boardwalk Pipelines      
Revenues:      
Insurance premiums  
Net investment income 1 4  
Investment losses  
Non-insurance warranty revenue  
Operating revenues and other 621 513  
Total 622 517  
Expenses:      
Insurance claims and policyholders’ benefits  
Amortization of deferred acquisition costs  
Non-insurance warranty expense  
Operating expenses and other 381 312  
Equity method (income) loss  
Interest 39 43  
Total 420 355  
Income before income tax 202 162  
Income tax expense (50) (41)  
Net income 152 121  
Amounts attributable to noncontrolling interests  
Net income attributable to Loews Corporation 152 121  
Assets:      
Assets 9,919 10,415  
Operating Expenses and Other:      
Insurance related administrative expenses  
Operating expenses and other 192 122  
Depreciation and amortization 106 106  
Other 83 84  
Operating expenses and other 381 312  
Operating Segments | Loews Hotels & Co      
Revenues:      
Insurance premiums  
Net investment income 3 2  
Investment losses  
Non-insurance warranty revenue  
Operating revenues and other 242 214  
Total 245 216  
Expenses:      
Insurance claims and policyholders’ benefits  
Amortization of deferred acquisition costs  
Non-insurance warranty expense  
Operating expenses and other 231 209  
Equity method (income) loss (6) (27)  
Interest 16 6  
Total 241 188  
Income before income tax 4 28  
Income tax expense (4) (12)  
Net income 0 16  
Amounts attributable to noncontrolling interests  
Net income attributable to Loews Corporation 0 16  
Assets:      
Assets 2,500 2,441  
Operating Expenses and Other:      
Insurance related administrative expenses  
Operating expenses and other 153 138  
Depreciation and amortization 24 21  
Other 54 50  
Operating expenses and other 231 209  
Segment Reconciling Items | Corporate      
Revenues:      
Insurance premiums  
Net investment income 54  
Investment losses  
Non-insurance warranty revenue  
Operating revenues and other  
Total 0 54  
Expenses:      
Insurance claims and policyholders’ benefits  
Amortization of deferred acquisition costs  
Non-insurance warranty expense  
Operating expenses and other 16 22  
Equity method (income) loss 7 1  
Interest 18 19  
Total 41 42  
Income before income tax (41) 12  
Income tax expense 7 (2)  
Net income (34) 10  
Amounts attributable to noncontrolling interests  
Net income attributable to Loews Corporation (34) 10  
Assets:      
Assets 3,435 3,012  
Operating Expenses and Other:      
Insurance related administrative expenses  
Operating expenses and other  
Depreciation and amortization 1  
Other 15 22  
Operating expenses and other $ 16 $ 22