LOEWS CORP

The following table summarizes the results of operations for CNA for the three and nine months ended September 30, 2025 and 2024 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Net income attributable to Loews Corporation increased $112 million for the three months ended September 30, 2025 as compared with the comparable 2024 period, driven byimproved underwriting results in CNA’s commercial property and casualty insurance operations primarilydue to lower catastrophe losses, improved underlying underwriting results and higher net investment income.

Net income attributable to Loews Corporation increased $37 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to higher net investment income, lower catastrophe losses and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations, partially offset by unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses.

CNA’s Property & Casualty and Other Insurance Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including CNA Re, asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves. We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting. However, for purposes of this discussion and analysis of the results of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results.

In assessing its insurance operations, CNA utilizes the core income (loss) financial measure. Core income (loss) is calculated by excluding investment gains or losses and gains or losses resulting from pension settlement transactions from net income (loss). In addition, core income (loss) excludes the effects of noncontrolling interests. The calculation of core income (loss) excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations. Core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations. Please see the non-GAAP reconciliation of net income (loss) to core income (loss) in this MD&A.

In evaluating the results of Property & Casualty Operations CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

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 within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on CNA’s reserves is provided in Notes 4 and 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

In addition, renewal premium change, rate, retention and new business are also utilized in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written with existing customers. Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.

CNA also uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, which are managed separately from its investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.

The following tables present reconciliations of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain for the three and nine months ended September 30, 2025 and 2024:

Property & Casualty Operations

The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three and nine months ended September 30, 2025 and 2024.

Gross written premiums, excluding third-party captives, for Specialty increased $27 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Specialty increased $5 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the three months ended September 30, 2025 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $22 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention and new business. Net written premiums for Commercial increased $30 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the three months ended September 30, 2025 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International increased $17 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. Excluding the effect of foreign currency exchange rates, gross written premiums increased $9 million driven by higher new business partially offset by lower rate. Net written premiums for International increased $42 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. Excluding the effect of foreign currency exchange rates, net written premiums increased $33 million for the three months ended September 30, 2025 as compared with the comparable 2024 period driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025. The increase in net earned premiums for the three months ended September 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $110 million for the three months ended September 30, 2025 as compared with the comparable 2024 period primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income.

Catastrophe losses for Property & Casualty Operations were $41 million for the three months ended September 30, 2025 as compared with $143 million for the comparable 2024 period, driven by severe weather related events. Catastrophe losses for the three months ended September 30, 2024 included $55 million for Hurricane Helene. For the three months ended September 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $39 million and $127 million and International had catastrophe losses of $2 million and $16 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $1 million and $5 million was recorded for the three months ended September 30, 2025 and 2024. For the three months ended September 30, 2025 and 2024, Specialty recorded no net prior year loss reserve development, Commercial recorded favorable net prior year loss reserve development of $1 million and $3 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $2 million. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 0.3 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 0.5 point increase in the loss ratio, partially offset by a 0.2 point improvement in the expense ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio. The improvement in the expense ratio was primarily driven by higher net earned premiums.

Commercial’s combined ratio improved 7.5 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 5.9 point improvement in the loss ratio and a 1.6 point improvement in the expense ratio. The improvement in the loss ratio was primarily due to lower catastrophes losses, which were 2.7 points of the loss ratio for the three months ended September 30, 2025, as compared with 9.6 points of the loss ratio in the comparable 2024 period, partially offset by an increase in the underlying loss ratio related to social inflation impacted lines. The improvement in the expense ratio was primarily driven by a lower acquisition ratio and higher net earned premiums.

International’s combined ratio improved 4.3 points for the three months ended September 30, 2025 as compared with the comparable 2024 period due to a 3.4 point improvement in the loss ratio and a 0.9 improvement in the expense ratio. The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 0.6 points of the loss ratio for the three months ended September 30, 2025, as compared with 5.1 points of the loss ratio in the comparable 2024 period, partially offset by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period, and an increase in the underlying loss ratio. The improvement in the expense ratio was primarily driven by higher net earned premiums.

Gross written premiums, excluding third-party captives, for Specialty increased $106 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Specialty increased $90 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the nine months ended September 30, 2025 was consistent with the trend in net written premiums for Specialty.

Gross written premiums for Commercial increased $327 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Commercial increased $295 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period. The increase in net earned premiums for the nine months ended September 30, 2025 was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International increased $36 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period. Excluding the effect of foreign currency exchange rates, gross written premiums increased $38 million driven by higher new business and retention partially offset by lower rate. Net written premiums for International increased $80 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period. Excluding the effect of foreign currency exchange rates, net written premiums increased $77 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025. The increase in net earned premiums for the nine months ended September 30, 2025 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations increased $117 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period primarily due to higher net investment income, lower catastrophe losses and improved underlying underwriting results, partially offset by unfavorable net prior year loss reserve development.

Catastrophe losses for Property & Casualty Operations were $200 million for the nine months ended September 30, 2025 as compared with $313 million for the comparable 2024 period, driven by severe weather related events. Catastrophe losses for the nine months ended September 30, 2024 included $55 million for Hurricane Helene. For the nine months ended September 30, 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $182 million and $285 million and International had catastrophe losses of $18 million and $28 million.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $56 million and favorable net prior year loss reserve development of $24 million was recorded for the nine months ended September 30, 2025 and 2024. For the nine months ended September 30, 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $10 million and favorable net prior year loss reserve development of $8 million, Commercial recorded unfavorable net prior year loss reserve development of $46 million and favorable net prior year loss reserve development of $11 million and International recorded no net prior year loss reserve development and favorable net prior year loss reserve development of $5 million. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 1.9 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period primarily due to a 1.4 point increase in the loss ratio and a 0.5 point increase in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in the current year period and an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines. The increase in the expense ratio was driven by higher employee related and acquisition costs partially offset by higher net earned premiums.

Commercial’s combined ratio improved 2.2 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to a 1.2 point improvement in the expense ratio and a 1.0 point improvement in the loss ratio. The improvement in the expense ratio was driven by higher net earned premiums and a lower acquisition ratio. The improvement in the loss ratio was due to lower catastrophe losses, which were 4.3 points of the loss ratio for the nine months ended September 30, 2025 as compared with 7.5 points of the loss ratio for the comparable 2024 period, partially offset by unfavorable net prior year loss reserve development and an increase in the underlying loss ratio related to social inflation impacted lines.

International’s combined ratio improved 0.5 points for the nine months ended September 30, 2025 as compared with the comparable 2024 period due to a 0.3 point improvement in the loss ratio and a 0.2 point improvement in the expense ratio. The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 1.8 points of the loss ratio for the nine months ended September 30, 2025 as compared with 3.0 points of the loss ratio for the comparable 2024 period, partially offset by no net prior year loss reserve development recorded in the current year period compared with favorable net prior year loss reserve development in the comparable 2024 period. The improvement in the expense ratio was primarily driven by higher net earned premiums.

Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the three and nine months ended September 30, 2025 and 2024.

Core results for Other Insurance Operations improved $6 million for the three months ended September 30, 2025 as compared with the comparable 2024 period. The improvement was primarily due to no net prior year loss reserve development in the current year as compared with a $17 million after tax charge in the comparable 2024 period related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves. Further information on the net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. The improvement in core results was partially offset by lower net investment income from limited partnerships. Both periods include assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year.

The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2025 and 2024 resulted in a pretax increase in long-term care reserves of $7 million and $15 million.

The annual structured settlement reserve review resulted in a pretax increase in claim reserves of $2 million for the three months ended September 30, 2025 and a pretax reduction in claim reserves of $9 million for the three months ended September 30, 2024.

Core results for Other Insurance Operations decreased $66 million for the nine months ended September 30, 2025 as compared with the comparable 2024 period, primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $45 million after-tax charge in the comparable 2024 period. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Core results also reflect lower net investment income from limited partnerships for thenine months ended September 30, 2025 as compared with the comparable 2024 period.

The impact of the assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year is discussed in the three month summary above.

Future Policy Benefit Reserves

Annually in the third quarter, an actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the liability for future policyholder benefits (“LFPB”). For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.

The table below summarizes the estimated pretax impact on CNA’s results of operations from various hypothetical revisions to its LFPB reserve assumptions. CNA has assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional future premium rate increases. Although such hypothetical revisions are not currently required or anticipated, CNA believes they could occur based on past variances in experience and its expectations of the ranges of future experience that could reasonably occur. Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below. The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.

The following table summarizes policyholder reserves for CNA’s Other Insurance Operations:

As part of the annual reserve review, statutory long-term care reserve adequacy is evaluated by premium deficiency testing, by comparing carried statutory reserves with best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of carried reserves over best estimate reserves. As of September 30, 2025, statutory long-term care margin increased to $1.5 billion from $1.4 billion.