LOEWS CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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FY2025 · Filed Feb 10, 2026
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Shareholders’ Equity
Note 12. Shareholders’ Equity
Accumulated other comprehensive income (loss)
The tables below present the changes in AOCI by component for the years ended December 31, 2023, 2024 and 2025:
| Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses · Net Unrealized Gains (Losses) on Other Investments · Cumulativeimpact ofchanges indiscountrates used tomeasure longdurationcontracts · 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, 2023 | $(7) | $(2,469) | $(36) | $14 | $(622) | $(200) | $(3,320) | ||||||||
| Other comprehensive income (loss) before reclassifications, after tax of $6, $(290), $85, $2, $(10) and $0 | (24) | 1,072 | (318) | (5) | 41 | 60 | 826 | ||||||||
| Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(5), $(14), $0, $0, $(18) and $0 | 19 | 53 | 63 | 135 | |||||||||||
| Other comprehensive income (loss) | (5) | 1,125 | (318) | (5) | 104 | 60 | 961 | ||||||||
| Amounts attributable to noncontrolling interests | (93) | 26 | (5) | (5) | (77) | ||||||||||
| Purchase of CNA shares | (46) | (1) | (10) | (4) | (61) | ||||||||||
| Balance, December 31, 2023 | $(12) | $(1,483) | $(329) | $9 | $(533) | $(149) | $(2,497) | ||||||||
| Other comprehensive income (loss) before reclassifications, after tax of $9, $81, $(189), $(1), $(6) and $1 | (34) | (309) | 712 | 22 | (102) | 289 | |||||||||
| Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(9), $(13), $0, $0, $(86) and $0 | 33 | 47 | 318 | 398 | |||||||||||
| Other comprehensive income (loss) | (1) | (262) | 712 | — | 340 | (102) | 687 | ||||||||
| Amounts attributable to noncontrolling interests | 22 | (59) | (28) | 8 | (57) | ||||||||||
| Other | 3 | (3) | — | ||||||||||||
| Balance, December 31, 2024 | $(13) | $(1,720) | $324 | $9 | $(224) | $(243) | $(1,867) | ||||||||
| Other comprehensive income (loss) before reclassifications, after tax of $5, $(226), $43, $5, $(4) and $0 | (22) | 841 | (161) | (7) | 13 | 144 | 808 | ||||||||
| Reclassification of losses from accumulated other comprehensive loss, after tax of $(5), $(12), $0, $0, $1 and $0 | 20 | 46 | 1 | 67 | |||||||||||
| Other comprehensive income (loss) | (2) | 887 | (161) | (7) | 14 | 144 | 875 | ||||||||
| Amounts attributable to noncontrolling interests | (73) | 13 | (2) | (12) | (74) | ||||||||||
| Other | (1) | (1) | |||||||||||||
| Balance, December 31, 2025 | $(15) | $(907) | $176 | $2 | $(212) | $(111) | $(1,067) | ||||||||
Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:
| Major Category of AOCI | Affected Line Item |
|---|---|
| Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments | Investment gains (losses) |
| Unrealized gains (losses) on cash flow hedges | Operating revenues and other, Interest expense and Operating expenses and other |
| Pension and postretirement benefits | Operating expenses and other |
Common Stock Dividends
Loews Corporation declared and paid dividends of $0.25 per share in the aggregate on its common stock in each of 2025, 2024 and 2023.
There are no restrictions on Loews Corporation’s retained earnings or net income with regard to payment of dividends. However, as a holding company, Loews Corporation relies upon invested cash balances and distributions from its subsidiaries to generate the funds necessary to declare and pay any dividends to holders of its common stock. The ability of Loews Corporation’s subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, compliance with covenants in their respective credit agreements and applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies. See Note 14 for a discussion of the regulatory restrictions on CNA’s availability to pay dividends.
Stock Purchases
Loews Corporation repurchased 8.9 million,7.7 million and 14.0 million shares of its common stock at aggregate costs of $0.8 billion, $0.6 billion and $0.9 billion during the years ended December 31, 2025, 2024 and 2023. On December 31, 2025,9.1 million shares of Loews Corporation common stock were retired. Upon retirement, treasury stock was eliminated through a reduction to common stock, APIC and retained earnings. Loews Corporation purchased 4.5 million shares of CNA’s common stock at an aggregate cost of$178 millionin 2023.
Stock Issuances
Loews Corporation issued 0.2 million,0.3 million and 0.2 million shares of its common stock to settle stock-based compensation awards during the years ended December 31, 2025, 2024 and 2023.
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