Note 19. Segments
Loews Corporation hasfour reportable segments comprised ofthree individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is comprised of Loews Corporation, excluding its consolidated subsidiaries, and includes the equity method of accounting for Altium Packaging. Each of the consolidated operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position.
CNA’s business is the sale of property and casualty insurance products and services, including surety, primarily through a network of independent agents, retail and wholesale brokers and managing general underwriters. CNA’s operations also include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves.
Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. It also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas. Boardwalk Pipelines owns approximately 14,275 miles of natural gas and NGL pipelines and underground storage caverns. Boardwalk Pipelines’ natural gas pipeline systems are located in the Gulf Coast region, Oklahoma, Arkansas, Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGL pipelines and storage facilities are located in Louisiana and Texas.
Loews Hotels & Co operates a chain of 27 hotels in the United States. Eleven of these hotels are owned by Loews Hotels & Co, fifteen are owned by joint ventures in which Loews Hotels & Co has noncontrolling equity interests andone is managed for an unaffiliated owner.
The Corporate segment consists of investment income from the Parent Company’s cash and investments, Parent Company interest expense and other unallocated Parent Company expenses. Corporate also includes the equity method of accounting for Altium Packaging. Purchase accounting adjustments have been pushed down to the appropriate subsidiary.
The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1.
In the following tables certain financial measures are presented to provide information used by management to monitor the Company’s operating performance. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM uses the trend of net income attributable to Loews Corporation from the most recent years to evaluate the performance of the segments and to make decisions regarding the allocation of capital. The following schedules present the reportable segments of the Company and their contribution to the consolidated financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.
Statements of Operations and Total assets by segment are presented in the following tables.
| Year Ended December 31, 2025 · CNA Financial · Boardwalk Pipelines · Loews Hotels & Co · Corporate · Total |
|---|
| (In millions) |
|---|
| Revenues: |
|---|
| Insurance premiums | $10,900 | | $10,900 | |
|---|
| Net investment income | 2,557 | $14 | $12 | $196 | | 2,779 |
|---|
| Investment losses | (81) | | (81) | |
|---|
| Non-insurance warranty revenue | 1,577 | | 1,577 | |
|---|
| Operating revenues and other | 36 | 2,310 | 933 | | 3,279 |
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| Total | 14,989 | 2,324 | 945 | 196 | | 18,454 |
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| Expenses: |
|---|
| Insurance claims and policyholders’ benefits (a) | 8,294 | | 8,294 | |
|---|
| Amortization of deferred acquisition costs | 1,898 | | 1,898 | |
|---|
| Non-insurance warranty expense | 1,526 | | 1,526 | |
|---|
| Operating expenses and other (b) | 1,516 | 1,579 | 926 | 69 | | 4,090 |
|---|
| Equity method (income) loss | | (102) | 28 | | (74) |
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| Interest | 135 | 161 | 69 | 72 | | 437 |
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| Total | 13,369 | 1,740 | 893 | 169 | | 16,171 |
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| Income before income tax | 1,620 | 584 | 52 | 27 | | 2,283 |
|---|
| Income tax expense | (342) | (140) | (21) | (8) | | (511) |
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| Net income | 1,278 | 444 | 31 | 19 | | 1,772 |
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| Amounts attributable to noncontrolling interests | (105) | | (105) | |
|---|
| Net income attributable to Loews Corporation | $1,173 | $444 | $31 | $19 | | $1,667 |
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| Total assets | $69,381 | $10,586 | $2,487 | $3,894 | | $86,348 |
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| (a) | Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $240 million and unfavorable development of $185 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. |
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| (b) | Significant segment expenses included in Operating expenses and other: |
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| Year Ended December 31, 2025 · CNA Financial · Boardwalk Pipelines · Loews Hotels & Co · Corporate · Total |
|---|
| Insurance related administrative expenses | $1,349 | | $1,349 | |
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| Operating expenses | | $800 | | $589 | | 1,389 | |
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| Depreciation and amortization | | 443 | | 100 | | $2 | | 545 | |
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| Other (c) | 167 | | 336 | | 237 | | 67 | | 807 |
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| Operating expenses and other | $1,516 | | $1,579 | | $926 | | $69 | | $4,090 |
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| (c) | Other expenses for each reportable segment include: |
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| CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. |
| Boardwalk Pipelines: general and administrative expenses |
| Loews Hotels & Co: general and administrative, reimbursable and asset impairment expenses |
| Corporate: general and administrative expenses |
| Year Ended December 31, 2024 | CNA Financial | Boardwalk Pipelines | Loews Hotels & Co | Corporate | Total |
|---|
| (In millions) |
|---|
| Revenues: |
|---|
| Insurance premiums | $10,211 | | $10,211 | |
|---|
| Net investment income | 2,497 | $32 | $9 | $242 | 2,780 |
|---|
| Investment losses | (81) | | (81) | |
|---|
| Non-insurance warranty revenue | 1,609 | | 1,609 | |
|---|
| Operating revenues and other | 34 | 2,033 | 924 | | 2,991 |
|---|
| Total | 14,270 | 2,065 | 933 | 242 | 17,510 |
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| Expenses: |
|---|
| Insurance claims and policyholders’ benefits (a) | 7,738 | | 7,738 | |
|---|
| Amortization of deferred acquisition costs | 1,798 | | 1,798 | |
|---|
| Non-insurance warranty expense | 1,547 | | 1,547 | |
|---|
| Operating expenses and other (b) | 1,843 | 1,377 | 873 | 77 | 4,170 |
|---|
| Equity method (income) loss | | (86) | 28 | (58) |
|---|
| Interest | 133 | 183 | 51 | 74 | 441 |
|---|
| Total | 13,059 | 1,560 | 838 | 179 | 15,636 |
|---|
| Income before income tax | 1,211 | 505 | 95 | 63 | 1,874 |
|---|
| Income tax expense | (252) | (92) | (25) | (11) | (380) |
|---|
| Net income | 959 | 413 | 70 | 52 | 1,494 |
|---|
| Amounts attributable to noncontrolling interests | (80) | | (80) | |
|---|
| Net income attributable to Loews Corporation | $879 | $413 | $70 | $52 | $1,414 |
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| Total assets | $66,434 | $9,853 | $2,498 | $3,158 | $81,943 |
|---|
| (a) | Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $358 million and unfavorable development of $48 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. |
|---|
| (b) | Significant segment expenses included in Operating expenses and other: |
|---|
| Year Ended December 31, 2024 · CNAFinancial · Boardwalk Pipelines · Loews Hotels & Co · Corporate · Total |
|---|
| Insurance related administrative expenses | $1,275 | | $1,275 | |
|---|
| Operating expenses | | $633 | | $580 | | 1,213 | |
|---|
| Depreciation and amortization | | 429 | | 93 | | $2 | | 524 | |
|---|
| Other (c) | 568 | | 315 | | 200 | | 75 | | 1,158 |
|---|
| Operating expenses and other | $1,843 | | $1,377 | | $873 | | $77 | | $4,170 |
|---|
| (c) | Other expenses for each reportable segment include: |
|---|
| CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. For 2024, this also includes a pension settlement charge of $367 million; see Note 15 for more information. |
| Boardwalk Pipelines: general and administrative expenses |
| Loews Hotels & Co: general and administrative, reimbursable and asset impairment expenses |
| Corporate: general and administrative expenses. |
| Year Ended December 31, 2023 · CNA Financial · Boardwalk Pipelines · Loews Hotels & Co · Corporate · Total |
|---|
| (In millions) |
|---|
| Revenues: |
|---|
| Insurance premiums | $9,480 | | $9,480 | |
|---|
| Net investment income | 2,264 | $11 | | $6 | | $114 | | 2,395 |
|---|
| Investment gains (losses) | (99) | | 46 | | (53) | |
|---|
| Non-insurance warranty revenue | 1,624 | | 1,624 | |
|---|
| Operating revenues and other | 30 | 1,625 | | 800 | | 2,455 | |
|---|
| Total | 13,299 | 1,636 | | 852 | | 114 | | 15,901 |
|---|
| Expenses: |
|---|
| Insurance claims and policyholders’ benefits (a) | 7,068 | | 7,068 | |
|---|
| Amortization of deferred acquisition costs | 1,644 | | 1,644 | |
|---|
| Non-insurance warranty expense | 1,544 | | 1,544 | |
|---|
| Operating expenses and other (b) | 1,398 | 1,108 | | 767 | | 120 | | 3,393 |
|---|
| Equity method (income) loss | | (129) | | 9 | | (120) | |
|---|
| Interest | 127 | 155 | | 14 | | 80 | | 376 |
|---|
| Total | 11,781 | 1,263 | | 652 | | 209 | | 13,905 |
|---|
| Income (loss) before income tax | 1,518 | 373 | | 200 | | (95) | | 1,996 |
|---|
| Income tax (expense) benefit | (313) | (90) | | (53) | | 5 | | (451) |
|---|
| Net income (loss) | 1,205 | 283 | | 147 | | (90) | | 1,545 |
|---|
| Amounts attributable to noncontrolling interests | (111) | | (111) | |
|---|
| Net income (loss) attributable to Loews Corporation | $1,094 | $283 | | $147 | | $(90) | | $1,434 |
|---|
| (a) | Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $236 million and unfavorable development of $48 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. |
|---|
| (b) | Significant segment expenses included in Operating expenses and other: |
|---|
| Year Ended December 31, 2023 · CNAFinancial · Boardwalk Pipelines · Loews Hotels & Co · Corporate · Total |
|---|
| Insurance related administrative expenses | $1,251 | | $1,251 | |
|---|
| Operating expenses | | $395 | | $485 | | 880 | |
|---|
| Depreciation and amortization | | 412 | | 69 | | $1 | | 482 | |
|---|
| Other (c) | 147 | | 301 | | 213 | | 119 | | 780 |
|---|
| Operating expenses and other | $1,398 | | $1,108 | | $767 | | $120 | | $3,393 |
|---|
| (c) | Other expenses for each reportable segment include: |
|---|
| CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. |
| Boardwalk Pipelines: general and administrative expenses |
| Loews Hotels & Co: general and administrative, reimbursable and asset impairment expenses |
| Corporate: general and administrative expenses. For 2023, this also includes a pension settlement charge of $47 million; see Note 15 for additional information. |
