LOEWS CORP

The following table summarizes the results of operations for CNA for the three and nine months ended September 30, 2026 and 2025 as presented in Note 13 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 decreased $191 million for the three months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from CNA’s annual long-term care reserve assumption updates, as well as lower property and casualty underlying underwriting results and higher catastrophe losses.

Net income attributable to Loews Corporation decreased $229 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, primarily due toan unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from CNA’s annual long-term care reserve assumption updates and lower property and casualty underwriting results, partially offset by higher net investment income.

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 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-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and include 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 catastrophes 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 5 and 6 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.

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-related reinstatement premiums, 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 catastrophes, 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, 2026 and 2025:

Property & Casualty Operations

The following tables summarize the results of CNA’s Property & Casualty Operations and provide 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, 2026 and 2025.

Net written premiums for Specialty increased $33 million for the three months ended September 30, 2026 as compared with the comparable 2025 period driven by rate and higher new business. The increase in net earned premiums for the three months ended September 30, 2026 was consistent with the trend in net written premiums for Specialty.

Net written premiums for Commercial increased $23 million for the three months ended September 30, 2026 as compared with the comparable 2025 period driven by rate and higher new business. The increase in net earned premiums for the three months ended September 30, 2026 was consistent with the trend in net written premiums for Commercial.

Net written premiums for International increased $14 million for the three months ended September 30, 2026 as compared with the comparable 2025 period. Excluding the effect of foreign currency exchange rates, net written premiums increased $18 million for the three months ended September 30, 2026 as compared with the comparable 2025 period driven by higher retention partially offset by lower rate. The increase in net earned premiums for the three months ended September 30, 2026 was consistent with the trend in net written premiums for International.

Core income for Property & Casualty Operations decreased $59 million for the three months ended September 30, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results and higher catastrophe losses.

Catastrophe losses for Property & Casualty Operations were $78 million and $41 million for the three months ended September 30, 2026 and 2025 driven by severe weather related events. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended September 30, 2026 or 2025. For the three months ended September 30, 2026 and 2025, Commercial had catastrophe losses of $70 million and $39 million and International had catastrophe losses of $8 million and $2 million.

Favorable net prior year loss reserve development for Property & Casualty Operations of $1 million and $1 million was recorded for the three months ended September 30, 2026 and 2025. For the three months ended September 30, 2026 and 2025, Commercial recorded unfavorable net prior year loss reserve development of $34 million and favorable net prior year loss reserve development of $1 million and International recorded favorable net prior year loss reserve development of $35 million and no net prior year loss reserve development. Further information on net prior year loss reserve development is included in Note 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 3.5 points for the three months ended September 30, 2026 as compared with the comparable 2025 period primarily due to a 2.3 point increase in the loss ratio and a 1.1 point increase in the expense ratio. The increase in the loss ratio reflected a higher underlying loss ratio across various lines. The underlying loss ratio was consistent with the first half of 2026. The increase in the expense ratio was primarily driven by higher acquisition costs.

Commercial’s combined ratio increased 7.0 points for the three months ended September 30, 2026 as compared with the comparable 2025 period primarily due to a 6.9 point increase in the loss ratio. The increase in the loss ratio reflected a higher underlying loss ratio in excess casualty and workers’ compensation, unfavorable net prior year loss reserve development and higher catastrophe losses. The underlying loss ratio was consistent with the first half of 2026. Catastrophe losses were 4.8 points of the loss ratio for the three months ended September 30, 2026 as compared with 2.7 points of the loss ratio for the comparable 2025 period. The expense ratio was generally consistent with the comparable 2025 period.

International’s combined ratio improved 5.7 points for the three months ended September 30, 2026 as compared with the comparable 2025 period due to a 7.3 point improvement in the loss ratio partially offset by a 1.6 point increase in the expense ratio. The improvement in the loss ratio was due to favorable net prior year loss reserve development in the three months ended September 30, 2026 compared with no net prior year loss reserve development in the comparable 2025 period, partially offset by higher catastrophe losses, which were 2.1 points of the loss ratio for the three months ended September 30, 2026 as compared with 0.6 points of the loss ratio for the comparable 2025 period, and an increase in the underlying loss ratio across most lines. The underlying loss ratio was consistent with the first half of 2026. The increase in the expense ratio reflects higher acquisition costs.

Net written premiums for Specialty increased $70 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period driven by higher new business and rate partially offset by lower retention. The increase in net earned premiums for the nine months ended September 30, 2026 was consistent with the trend in net written premiums for Specialty.

Net written premiums for Commercial increased $85 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period driven by rate and higher new business. The increase in net earned premiums for the nine months ended September 30, 2026 was consistent with the trend in net written premiums for Commercial.

Net written premiums for International increased $50 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period. Excluding the effect of foreign currency exchange rates, net written premiums increased $26 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period driven by higher retention, partially offset by lower rate. The increase in net earned premiums for the nine months ended September 30, 2026 was consistent with the trend in net written premiums for International.

Core income for Property & Casualty Operations decreased $144 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results, higher unfavorable net prior year loss reserve development and higher catastrophe losses, partially offset by higher net investment income.

Catastrophe losses for Property & Casualty Operations were $226 million and catastrophe-related reinsurance reinstatement premiums were $9 million for the nine months ended September 30, 2026 driven by severe weather related events. Catastrophe losses were $200 million for the nine months ended September 30, 2025 driven by severe weather related events. There were no catastrophe-related reinsurance reinstatement premiums for the nine months ended September 30, 2025. For the nine months ended September 30, 2026 and 2025, Commercial had catastrophe losses of $207 million and $182 million and International had catastrophe losses of $19 million and $18 million. The nine months ended September 30, 2026 also includes $9 million of catastrophe-related reinsurance reinstatement premiums for Commercial.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $93 million and $56 million was recorded for the nine months ended September 30, 2026 and 2025. For the nine months ended September 30, 2026 and 2025, Specialty recorded unfavorable net prior year loss reserve development of $44 million and $10 million, Commercial recorded unfavorable net prior year loss reserve development of $84 million and $46 million and International recorded favorable net prior year loss reserve development of $35 million and no net prior year loss reserve development. Further information on net prior year loss reserve development is included in Note 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 4.6 points for the nine months ended September 30, 2026 as compared with the comparable 2025 period primarily due to a 4.0 point increase in the loss ratio and a 0.5 point increase in the expense ratio. The increase in the loss ratio reflected both a higher underlying loss ratio across various lines and higher unfavorable net prior year loss reserve development. The increase in the expense ratio was primarily driven by higher acquisition costs.

Commercial’s combined ratio increased 3.8 points for the nine months ended September 30, 2026 as compared with the comparable 2025 period due to a 4.2 point increase in the loss ratio partially offset by a 0.4 point improvement in the expense ratio. The increase in the loss ratio was driven by a higher underlying loss ratio in excess casualty and workers’ compensation, higher unfavorable net prior year loss reserve development and higher catastrophe losses. The effect of catastrophe impacts on the loss ratio was 5.0 points for thenine months ended September 30, 2026 as compared with 4.3 points for the comparable 2025 period. Theimprovement in the expense ratio was primarily driven by lower acquisition costs.

International’s combined ratio improved 0.3 points for the nine months ended September 30, 2026 as compared with the comparable 2025 period due to a 2.1 point improvement in the loss ratio largely offset by a 1.8 point increase in the expense ratio. The improvement in the loss ratio was primarily due to favorable net prior year loss reserve development in the nine months ended September 30, 2026 compared with no net prior year loss reserve development in the comparable 2025 period, partially offset by an increase in the underlying loss ratio across most lines. The increase in the expense ratio was primarily driven by continued investments in talent and technology and higher acquisition costs, partially offset 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, 2026 and 2025.

Core results for Other Insurance Operations decreased $147 million for thethree months ended September 30, 2026 as compared with the comparable 2025 period. 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, 2026 resulted in a pretax increase in long-term care reserves of $173 million, primarily driven by unfavorable cost of care inflation and morbidity impacts, partially offset by favorable premium rate actions. However, the unfavorable expected cash flows from the reserve assumption updates are almost entirely offset by a favorable economic impact from anticipated future investment cash flows from recent investment portfolio actions. Under GAAP accounting, the anticipated benefits of these portfolio actions are not immediately reflected in earnings, but instead are recognized through net investment income over time.

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

Core results for Other Insurance Operations decreased $129 million for thenine months ended September 30, 2026 as compared with the comparable 2025 period. The current period includes a $77 million after-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves as compared with a $106 million after-tax charge in the comparable 2025 period. The current period also includes an increase of $14 million after-tax associated with the amortization of the deferred gain related to the A&EP LPT as compared with the comparable 2025 period. Further information on the net prior year loss reserve development and the A&EP LPT is included in Note 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

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, 2025.

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 statutory policy level reserves on a carried basis with best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of policy level reserves on a carried basis over the corresponding reserves determined on a best estimate basis. As of September 30, 2026, CNA’s statutory long-term care margin was $1.3 billion.