Loews (L) 10-Q 31 Oct 22 2022 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Sep. 30, 2022	Oct. 28, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
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	667 Madison Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10065-8087
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		237,427,052
Entity Central Index Key	0000060086
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments:
Fixed maturities, amortized cost of $41,588 and $39,952, less allowance for credit loss of $3 and $18	$ 37,504	$ 44,380
Equity securities, cost of $1,581 and $1,546	1,340	1,674
Limited partnership investments	1,975	1,933
Other invested assets, primarily mortgage loans, less allowance for credit loss of $24 and $16	1,053	1,091
Short term investments	4,125	4,860
Total investments	45,997	53,938
Cash	886	621
Receivables	9,458	9,273
Property, plant and equipment	9,949	9,888
Goodwill	344	349
Deferred non-insurance warranty acquisition expenses	3,653	3,476
Deferred acquisition costs of insurance subsidiaries	787	737
Other assets	4,037	3,344
Total assets	75,111	81,626
Insurance reserves:
Claim and claim adjustment expense	24,700	24,174
Future policy benefits	10,454	13,236
Unearned premiums	6,195	5,761
Total insurance reserves	41,349	43,171
Payable to brokers	359	90
Short term debt	814	93
Long term debt	8,475	8,986
Deferred income taxes	245	1,079
Deferred non-insurance warranty revenue	4,706	4,503
Other liabilities	4,510	4,529
Total liabilities	60,458	62,451
Commitments and contingent liabilities
Shareholders' equity:
Common stock, $0.01 par value, Authorized- 1,800,000,000 shares, Issued -248,665,240 and 248,467,051 shares	2	2
Additional paid-in capital	2,886	2,885
Retained earnings	15,377	14,776
Accumulated other comprehensive income (loss)	(3,803)	186
Shareholders' equity before treasury stock, total	14,462	17,849
Less treasury stock, at cost (10,515,975 and 50,000 shares)	(616)	(3)
Total shareholders’ equity	13,846	17,846
Noncontrolling interests	807	1,329
Total equity	14,653	19,175
Total liabilities and equity	$ 75,111	$ 81,626

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Investments:
Cost or Amortized Cost	$ 41,588	$ 39,952
Fixed maturities, allowance for credit loss	3	18
Equity securities, cost	1,581	1,546
Other invested assets, primarily mortgage loans, allowance for credit loss	$ 24	$ 16
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)	248,665,240	248,467,051
Treasury stock, shares (in shares)	10,515,975	50,000

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
Insurance premiums	$ 2,221	$ 2,059	$ 6,435	$ 6,056
Net investment income	404	483	1,202	1,649
Investment gains (losses)	(96)	22	(166)	657
Non-insurance warranty revenue	399	357	1,173	1,054
Operating revenues and other	533	450	1,607	1,580
Total	3,461	3,371	10,251	10,996
Expenses:
Insurance claims and policyholders’ benefits	1,665	1,632	4,703	4,684
Amortization of deferred acquisition costs	383	368	1,101	1,084
Non-insurance warranty expense	371	330	1,092	973
Operating expenses and other	760	638	2,166	2,208
Interest	92	99	284	324
Total	3,271	3,067	9,346	9,273
Income (loss) before income tax	190	304	905	1,723
Income tax expense	(47)	(58)	(190)	(391)
Net income	143	246	715	1,332
Amounts attributable to noncontrolling interests	(13)	(26)	(67)	(97)
Net income (loss) attributable to Loews Corporation	$ 130	$ 220	$ 648	$ 1,235
Basic net income per share (in dollars per share)	$ 0.54	$ 0.86	$ 2.65	$ 4.71
Diluted net income per share (in dollars per share)	$ 0.54	$ 0.85	$ 2.64	$ 4.70
Weighted average shares outstanding:
Shares of common stock (in shares)	240,370	256,760	244,570	262,270
Dilutive potential shares of common stock (in shares)	390	540	460	500
Total weighted average shares outstanding assuming dilution (in shares)	240,760	257,300	245,030	262,770

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Comprehensive Income [Abstract]
Net income	$ 143	$ 246	$ 715	$ 1,332
Other comprehensive income (loss), after tax
Net unrealized losses on investments with an allowance for credit losses	(2)		(8)
Net unrealized losses on other investments	(1,327)	(138)	(4,284)	(465)
Total unrealized losses on investments	(1,329)	(138)	(4,292)	(465)
Unrealized gains on cash flow hedges	4	2	28	14
Pension and postretirement benefits	6	16	18	32
Foreign currency translation	(106)	(33)	(189)	(19)
Other comprehensive loss	(1,425)	(153)	(4,435)	(438)
Comprehensive income (loss)	(1,282)	93	(3,720)	894
Amounts attributable to noncontrolling interests	119	(9)	379	(49)
Total comprehensive income (loss) attributable to Loews Corporation	$ (1,163)	$ 84	$ (3,341)	$ 845

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Common Stock Held in Treasury	Noncontrolling Interests
Balance at beginning of period at Dec. 31, 2020	$ 19,181	$ 3	$ 3,133	$ 14,150	$ 581	$ (7)	$ 1,321
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	1,332			1,235			97
Other comprehensive loss	(438)				(390)		(48)
Dividends paid	(103)			(49)
Dividends paid							(54)
Purchase of subsidiary stock from noncontrolling interests	(18)						(18)
Purchases of Loews Corporation treasury stock	(826)					(826)
Stock-based compensation	5		(11)				16
Other	(3)		(2)				(1)
Balance at end of period at Sep. 30, 2021	19,130	3	3,120	15,336	191	(833)	1,313
Balance at beginning of period at Jun. 30, 2021	19,398	3	3,121	15,132	327	(500)	1,315
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	246			220			26
Other comprehensive loss	(153)				(136)		(17)
Dividends paid	(27)			(16)
Dividends paid							(11)
Purchases of Loews Corporation treasury stock	(333)					(333)
Stock-based compensation	(2)		(2)
Other	1		1
Balance at end of period at Sep. 30, 2021	19,130	3	3,120	15,336	191	(833)	1,313
Balance at beginning of period at Dec. 31, 2021	19,175	2	2,885	14,776	186	(3)	1,329
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	715			648			67
Other comprehensive loss	(4,435)				(3,989)		(446)
Dividends paid	(133)			(46)
Dividends paid							(87)
Purchase of subsidiary stock from noncontrolling interests	(66)		4				(70)
Purchases of Loews Corporation treasury stock	(614)					(614)
Stock-based compensation	11		(6)				17
Other	0		3	(1)		1	(3)
Balance at end of period at Sep. 30, 2022	14,653	2	2,886	15,377	(3,803)	(616)	807
Balance at beginning of period at Jun. 30, 2022	16,221	2	2,869	15,261	(2,510)	(386)	985
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	143			130			13
Other comprehensive loss	(1,425)				(1,293)		(132)
Dividends paid	(23)			(15)
Dividends paid							(8)
Purchase of subsidiary stock from noncontrolling interests	(45)		5				(50)
Purchases of Loews Corporation treasury stock	(230)					(230)
Stock-based compensation	9		8				1
Other	3		4	1			(2)
Balance at end of period at Sep. 30, 2022	$ 14,653	$ 2	$ 2,886	$ 15,377	$ (3,803)	$ (616)	$ 807

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.0625	$ 0.0625	$ 0.1875	$ 0.1875

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating Activities:
Net income	$ 715	$ 1,332
Adjustments to reconcile net income to net cash provided by operating activities, net	779	(85)
Changes in operating assets and liabilities, net:
Receivables	(447)	(1,115)
Deferred acquisition costs	(66)	(15)
Insurance reserves	1,743	1,891
Other assets	(486)	(853)
Other liabilities	161	701
Trading securities	293	(180)
Net cash flow provided by operating activities	2,692	1,676
Investing Activities:
Purchases of fixed maturities	(8,768)	(7,127)
Proceeds from sales of fixed maturities	4,885	2,510
Proceeds from maturities of fixed maturities	2,095	3,360
Purchases of equity securities	(245)	(242)
Proceeds from sales of equity securities	230	237
Purchases of limited partnership investments	(265)	(281)
Proceeds from sales of limited partnership investments	156	239
Purchases of property, plant and equipment	(437)	(327)
Dispositions	16	52
(Investment in) sale of interest in Altium Packaging	(79)	417
Change in short term investments	568	725
Other, net	65	13
Net cash flow used by investing activities	(1,779)	(424)
Financing Activities:
Dividends paid	(46)	(49)
Dividends paid to noncontrolling interests	(87)	(54)
Purchases of Loews Corporation treasury stock	(611)	(825)
Purchases of subsidiary stock from noncontrolling interests	(66)	(18)
Principal payments on debt	(327)	(1,154)
Issuance of debt	532	1,199
Other, net	(16)	(12)
Net cash flow used by financing activities	(621)	(913)
Effect of foreign exchange rate on cash	(27)	(6)
Net change in cash	265	333
Cash, beginning of period	621	478
Cash, end of year	$ 886	$ 811

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2022
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”), a 90% owned subsidiary); transportation and storage of natural gas and natural gas liquids (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, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries. On April 1, 2021, Loews Corporation sold 47% of Altium Packaging LLC (“Altium Packaging”), previously a 99% owned subsidiary, for $420 million in cash consideration, and following the transaction Loews Corporation deconsolidated Altium Packaging. Effective April 1, 2021, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with the investment reported in Other assets on the Consolidated Condensed Balance Sheets and equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations. The transaction resulted in a gain of $555 million ($438 million after tax) for the nine months ended September 30, 2021, which was recorded in Investment gains (losses) on the Consolidated Condensed Statement of Operations. For additional information regarding the deconsolidation of Altium Packaging, see Note 2 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 September 30, 2022 and December 31, 2021 and results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Net income for the third quarter and first nine months of each of the years is not necessarily indicative of net income for that 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, 2021. 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 and nine months ended September 30, 2022 and 2021 there were 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. Recently issued Accounting Standards Updates (“ASUs”) – In August of 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-12, “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. For the Company, this includes CNA’s l ong term care a nd fully-ceded single premium immediate annuity business. Entities will be required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) at least annually and to update quarterly discount rate assumptions using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income (“OCI”). The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted, and may be applied using either a modified retrospective transition method or a full retrospective transition method. Financial statements for prior periods presented will be adjusted to reflect the effects of applying the new accounting guidance. The Company will adopt the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. A published spot rate curve constructed from A+, A and A- rated U.S. dollar denominated corporate bonds matched to the duration of the corresponding insurance liabilities will be used to calculate discount rates. Long-duration contracts will be grouped into calendar year cohorts based on the contract issue date and product line. Long term care contracts will be grouped separately from the fully-ceded single premium immediate annuity contracts. The most significant impact at the transition date will be the effect of updating the discount rate assumption to reflect an upper-medium grade fixed-income instrument yield, which will be partially offset by the de-recognition of Shadow Adjustments associated with long-duration contracts. The Company expects the net impact of these changes will be a decrease of approximately $2.1 billion (after tax and noncontrolling interests) in Accumulated other comprehensive income (“AOCI”) as of the transition date of January 1, 2021. There is a minimal transition impact expected to retained earnings. The requirement to review, and update if there is a change, cash flow assumptions at least annually is expected to change the pattern of earnings being recognized. Adoption will also significantly expand the Company’s disclosures, and will impact systems, processes and controls. While the requirements of the new guidance represent a material change from existing accounting guidance, the new guidance will not impact capital and surplus under statutory accounting practices, cash flows, or the underlying economics of the business. The Company continues to make progress in connection with these matters and is in the process of refining key accounting policy decisions, technology solutions and updates to internal controls associated with adoption of the new guidance. These in-progress activities include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes.

Investments

Investments	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Net investment income is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Fixed maturity securities $ 454 $ 425 $ 1,324 $ 1,278 Limited partnership investments (32) 89 (5) 285 Equity securities (a) 2 4 (7) 53 Income (loss) from trading portfolio (a) (18) (30) (95) 46 Other 19 13 47 43 Total investment income 425 501 1,264 1,705 Investment expenses (21) (18) (62) (56) Net investment income $ 404 $ 483 $ 1,202 $ 1,649 (a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2022 and 2021 $ (68) $ (55) $ (179) $ (9) Investment gains (losses) are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Fixed maturity securities: Gross gains $ 23 $ 50 $ 94 $ 159 Gross losses (134) (28) (222) (68) Investment gains (losses) on fixed maturity securities (111) 22 (128) 91 Equity securities (a) (2) (2) (111) 17 Derivative instruments 24 2 79 7 Short term investments and other (7) (6) (13) Altium Packaging (see Note 1) 555 Investment gains (losses) $ (96) $ 22 $ (166) $ 657 (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2022 and 2021 $ (2) $ (2) $ (109) $ 15 Investment gains (losses) for the three months ended September 30, 2022 in the table above include a $35 million net loss related to the expected novation of a coinsurance agreement on CNA’s legacy annuity business, which was transacted on a funds withheld basis and gave rise to an embedded derivative. The net loss of $35 million is comprised of a $59 million loss on the fixed maturity securities supporting the funds withheld liability to recognize unrealized losses which had been included in AOCI since the inception of the coinsurance agreement, partially offset by a $24 million gain on the associated embedded derivative. Taken together, this net loss is the final recognition of changes in the valuation of the funds held assets and offsets previously recognized investment gains on the associated embedded derivative. The components of 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 24 $ 53 $ 5 Asset-backed 1 $ 11 2 11 Impairment losses (gains) recognized in earnings $ 25 $ 11 $ 55 $ 16 There were $8 million of losses on mortgage loans recognized during the three and nine months ended September 30, 2022 primarily due to changes in expected credit losses. T here were no losses recognized on mortgage loans during the three and nine months ended September 30, 2021. The following tables present a summary of fixed maturity securities: September 30, 2022 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 23,082 $ 231 $ 2,398 $ 20,915 States, municipalities and political 9,244 259 1,080 8,423 Asset-backed: Residential mortgage-backed 3,153 6 470 2,689 Commercial mortgage-backed 1,921 4 237 1,688 Other asset-backed 3,264 2 349 $ 3 2,914 Total asset-backed 8,338 12 1,056 3 7,291 U.S. Treasury and obligations of 107 3 1 109 Foreign government 544 2 48 498 Redeemable preferred stock 3 3 Fixed maturities available-for-sale 41,318 507 4,583 3 37,239 Fixed maturities trading 270 5 265 Total fixed maturity securities $ 41,588 $ 507 $ 4,588 $ 3 $ 37,504 December 31, 2021 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 21,444 $ 2,755 $ 56 $ 11 $ 24,132 States, municipalities and political 10,358 1,599 14 11,943 Asset-backed: Residential mortgage-backed 2,893 71 8 2,956 Commercial mortgage-backed 1,987 63 19 2,031 Other asset-backed 2,561 54 10 7 2,598 Total asset-backed 7,441 188 37 7 7,585 U.S. Treasury and obligations of 132 1 3 130 Foreign government 570 15 2 583 Fixed maturities available-for-sale 39,945 4,558 112 18 44,373 Fixed maturities trading 7 7 Total fixed maturity securities $ 39,952 $ 4,558 $ 112 $ 18 $ 44,380 The net unrealized gains and losses on available-for-sale investments included in the tables above are recorded as a component of AOCI. When presented in AOCI, these amounts are net of tax and noncontrolling interests and any required Shadow Adjustments. To the extent there are unrealized gains on fixed income securities supporting the reserves of certain products within the Life & Group business that would result in a premium deficiency, or would impact the reserve balance if realized, a related increase in Insurance reserves is recorded as a reduction of net unrealized gains (losses), net of tax and noncontrolling interests, through Other comprehensive income (loss) (“Shadow Adjustments”). As of September 30, 2022 and December 31, 2021, the net unrealized gains and losses on investments included in AOCI were correspondingly reduced by Shadow Adjustments of $41 million and $2.2 billion (after tax and noncontrolling interests). The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows: Less than 12 Months 12 Months or Longer Total September 30, 2022 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) Fixed maturity securities: Corporate and other bonds $ 16,707 $ 2,117 $ 914 $ 281 $ 17,621 $ 2,398 States, municipalities and political 4,793 1,029 128 51 4,921 1,080 Asset-backed: Residential mortgage-backed 2,582 462 17 8 2,599 470 Commercial mortgage-backed 1,372 194 233 43 1,605 237 Other asset-backed 2,433 307 233 42 2,666 349 Total asset-backed 6,387 963 483 93 6,870 1,056 U.S. Treasury and obligations of 61 1 61 1 Foreign government 446 42 25 6 471 48 Total fixed maturity securities $ 28,394 $ 4,152 $ 1,550 $ 431 $ 29,944 $ 4,583 December 31, 2021 Fixed maturity securities: Corporate and other bonds $ 2,389 $ 48 $ 136 $ 8 $ 2,525 $ 56 States, municipalities and political 730 14 730 14 Asset-backed: Residential mortgage-backed 1,043 8 1,043 8 Commercial mortgage-backed 527 7 167 12 694 19 Other asset-backed 840 10 62 902 10 Total asset-backed 2,410 25 229 12 2,639 37 U.S. Treasury and obligations of 69 3 5 74 3 Foreign government 97 2 97 2 Total fixed maturity securities $ 5,695 $ 92 $ 370 $ 20 $ 6,065 $ 112 The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution. September 30, 2022 December 31, 2021 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) U.S. Government, Government agencies and Government-sponsored enterprises $ 2,360 $ 360 $ 898 $ 8 AAA 1,566 318 368 6 AA 4,430 917 875 17 A 6,548 838 1,516 23 BBB 13,394 1,902 1,812 42 Non-investment grade 1,646 248 596 16 Total $ 29,944 $ 4,583 $ 6,065 $ 112 Based on current facts and circumstances, the unrealized losses presented in the September 30, 2022 securities in the gross unrealized loss position table above are not believed to be indicative of the ultimate collectibility of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates and a general market widening of credit spreads. In reaching this determination, the recent 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 at September 30, 2022. 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 receivables on available-for-sale fixed maturity securities totaled $401 million, $369 million and $387 million as of September 30, 2022, December 31, 2021 and September 30, 2021 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Three months ended September 30, 2022 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2022 $ — $ 5 $ 5 Additions to the allowance for credit losses: Available-for-sale securities accounted for as PCD assets — Reductions to the allowance for credit losses: Write-offs charged against the allowance — Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period (2) (2) Total allowance for credit losses $ — $ 3 $ 3 Three months ended September 30, 2021 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2021 $ 24 $ 21 $ 45 Additions to the allowance for credit losses: Available-for-sale securities accounted for as PCD assets 2 2 Reductions to the allowance for credit losses: Write-offs charged against the allowance 16 16 Total allowance for credit losses $ 10 $ 21 $ 31 Nine months ended September 30, 2022 Allowance for credit losses: Balance as of January 1, 2022 $ 11 $ 7 $ 18 Additions to the allowance for credit losses: Available-for-sale securities accounted for as PCD assets 3 3 Reductions to the allowance for credit losses: Write-offs charged against the allowance 12 12 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 (7) (6) Total allowance for credit losses $ — $ 3 $ 3 Nine months ended September 30, 2021 Allowance for credit losses: Balance as of January 1, 2021 $ 23 $ 17 $ 40 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 14 14 Available-for-sale securities accounted for as PCD assets 4 4 8 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 6 Write-offs charged against the allowance 16 16 Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period (9) (9) Total allowance for credit losses $ 10 $ 21 $ 31 Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2022 December 31, 2021 Cost or Amortized Cost Estimated Fair Cost or Amortized Cost Estimated (In millions) Due in one year or less $ 952 $ 948 $ 1,603 $ 1,624 Due after one year through five years 9,487 9,000 10,637 11,229 Due after five years through ten years 14,323 12,765 13,294 14,338 Due after ten years 16,556 14,526 14,411 17,182 Total $ 41,318 $ 37,239 $ 39,945 $ 44,373 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 September 30, 2022 2022 2021 2020 2019 2018 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 9 $ 13 $ 112 $ 29 $ 54 $ 275 $ 492 LTV 55% to 65% — LTV greater than 65% 18 11 29 DSCR 1.2x - 1.6x LTV less than 55% 5 49 18 56 10 42 180 LTV 55% to 65% 87 20 8 115 LTV greater than 65% — DSCR ≤1.2x LTV less than 55% 57 57 LTV 55% to 65% 21 44 65 LTV greater than 65% 10 22 7 39 Total $ 129 $ 94 $ 150 $ 208 $ 64 $ 332 $ 977 (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. September 30, 2022 December 31, 2021 Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value Asset (Liability) Asset (Liability) (In millions) Without hedge designation: Interest rate swaps $ 240 $ 19 $ 100 Embedded derivative on funds withheld liability 220 1 270 $ (12) Other 127 7 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 September 30, 2022, commitments to purchase or fund were approximately $1.6 billion and to sell were approximately $100 million under the terms of these investments.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2022
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 U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. September 30, 2022 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 118 $ 20,605 $ 802 $ 21,525 States, municipalities and political subdivisions 8,381 42 8,423 Asset-backed 6,575 716 7,291 Fixed maturities available-for-sale 118 35,561 1,560 37,239 Fixed maturities trading 183 82 265 Total fixed maturities $ 301 $ 35,643 $ 1,560 $ 37,504 Equity securities $ 685 $ 625 $ 30 $ 1,340 Short term and other 3,847 163 4,010 Receivables 19 19 Payable to brokers (90) (90) December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 140 $ 23,768 $ 937 $ 24,845 States, municipalities and political subdivisions 11,887 56 11,943 Asset-backed 7,029 556 7,585 Fixed maturities available-for-sale 140 42,684 1,549 44,373 Fixed maturities trading 7 7 Total fixed maturities $ 140 $ 42,691 $ 1,549 $ 44,380 Equity securities $ 924 $ 721 $ 29 $ 1,674 Short term and other 4,696 74 4,770 Payable to brokers (70) (70) 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 and nine months ended September 30, 2022 and 2021: 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 September 30 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30 2022 Balance, July 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 846 $ 1 $ (50) $ 9 $ (4) $ 802 $ (51) States, municipalities and political subdivisions 46 (4) 42 (4) Asset-backed 641 7 (38) 116 (14) $ 47 $ (43) 716 (38) Fixed maturities available-for-sale 1,533 8 (92) 125 $ — (18) 47 (43) 1,560 $ — (93) Fixed maturities trading — — Total fixed maturities $ 1,533 $ 8 $ (92) $ 125 $ — $ (18) $ 47 $ (43) $ 1,560 $ — $ (93) Equity securities $ 47 $ (7) $ (10) $ 30 $ (7) 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 September 30 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30 2021 Balance, July 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 883 $ 1 $ 1 $ 55 $ (11) $ (52) $ 877 $ 2 States, municipalities and political subdivisions 57 57 Asset-backed 410 1 1 83 $ (9) (11) $ 41 (38) 478 Fixed maturities available-for-sale 1,350 2 2 138 (9) (22) 41 (90) 1,412 $ — 2 Fixed maturities trading — — Total fixed maturities $ 1,350 $ 2 $ 2 $ 138 $ (9) $ (22) $ 41 $ (90) $ 1,412 $ — $ 2 Equity securities $ 36 $ (2) $ 1 $ (11) $ 11 $ (10) $ 25 $ (3) 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 September 30 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30 2022 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 937 $ (1) $ (203) $ 127 $ (5) $ (63) $ 10 $ 802 $ (203) States, municipalities and political subdivisions 56 (14) 42 (14) Asset-backed 556 18 (122) 348 (2) (54) 66 $ (94) 716 (121) Fixed maturities available-for-sale 1,549 17 (339) 475 (7) (117) 76 $ (94) 1,560 $ — (338) Fixed maturities trading — — Total fixed maturities $ 1,549 $ 17 $ (339) $ 475 $ (7) $ (117) $ 76 $ (94) $ 1,560 $ — $ (338) Equity securities $ 29 $ (7) $ 12 $ (3) $ 9 $ (10) $ 30 $ (8) 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 September 30 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30 2021 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 770 $ (9) $ (23) $ 219 $ (3) $ (35) $ 10 $ (52) $ 877 $ (22) States, municipalities and political subdivisions 46 12 (1) 57 Asset-backed 308 4 (4) 197 (9) (38) 71 (51) 478 (5) Fixed maturities available-for-sale 1,124 (5) (27) 428 (12) (74) 81 (103) 1,412 $ — (27) Fixed maturities trading 8 (6) (2) — Total fixed maturities $ 1,132 $ (11) $ (27) $ 428 $ (12) $ (76) $ 81 $ (103) $ 1,412 $ — $ (27) Equity securities $ 43 $ (15) $ 11 $ (15) $ 11 $ (10) $ 25 $ (1) Net investment gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Operations Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment 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. September 30, 2022 Estimated Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,111 Discounted cash flow Credit spread 1% — 11% (3%) December 31, 2021 Fixed maturity securities $ 1,225 Discounted cash flow Credit spread 1% — 7% (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 Amount Estimated Fair Value September 30, 2022 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 953 $ 880 $ 880 Liabilities: Short term debt 813 $ 794 14 808 Long term debt 8,470 7,135 666 7,801 December 31, 2021 Assets: Other invested assets, primarily mortgage loans $ 973 $ 1,018 $ 1,018 Liabilities: Short term debt 93 93 93 Long term debt 8,981 $ 9,170 611 9,781

Claim and Claim Adjustment Expe

Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves	Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves Property and casualty insurance 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, as well as court decisions and economic conditions including 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. 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 $114 million and $178 million were recorded for the three months ended September 30, 2022 and 2021 and $171 million and $357 million were recorded for the nine months ended September 30, 2022 and 2021. Catastrophe losses for the three and nine months ended September 30, 2022 were driven primarily by severe weather related events, including $87 million for Hurricane Ian. Catastrophe losses for the three months ended September 30, 2021 included $114 million for Hurricane Ida. Catastrophe losses for the nine months ended September 30, 2021 were driven by severe weather related events, primarily Hurricane Ida and Winter Storms Uri and Viola. Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of the Life & Group business. Nine Months Ended September 30 2022 2021 (In millions) Reserves, beginning of year: Gross $ 24,174 $ 22,706 Ceded 4,969 4,005 Net reserves, beginning of year 19,205 18,701 Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer (632) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,638 4,474 Decrease in provision for insured events of prior years (144) (130) Amortization of discount 131 137 Total net incurred (a) 4,625 4,481 Net payments attributable to: Current year events (523) (629) Prior year events (3,371) (2,874) Total net payments (3,894) (3,503) Foreign currency translation adjustment and other (383) (51) Net reserves, end of period 19,553 18,996 Ceded reserves, end of period 5,147 4,836 Gross reserves, end of period $ 24,700 $ 23,832 (a) Total net incurred above 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, the loss on the excess workers’ compensation loss portfolio transfer, uncollectible reinsurance and benefit expenses related to future policy benefits, 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. For commercial property and casualty operations (“Property & Casualty Operations”) favorable net prior year development of $17 million and $10 million was recorded for the three months ended September 30, 2022 and 2021 and favorable net prior year development of $66 million and $36 million was recorded for the nine months ended September 30, 2022 and 2021. Unfavorable net prior year loss reserve development of $64 million and $40 million was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”) for the nine months ended September 30, 2022 and 2021. The following table and discussion presents details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Medical professional liability $ 8 $ 8 $ 17 $ 16 Other professional liability and management liability 9 22 10 Surety (20) (15) (48) (53) Commercial auto 21 30 General liability 41 Workers’ compensation (2) 2 (86) (40) Property and other (12) (5) (33) 1 Other insurance operations 64 40 Total pretax (favorable) unfavorable development $ (17) $ (10) $ (2) $ 4 Three Months 2022 Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. 2021 Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. Nine Months 2022 Unfavorable development in medical professional liability was due to higher than expected large loss activity in recent accident years. Unfavorable development in other professional liability and management liability was due to higher than expected claim severity and frequency in CNA’s cyber and professional errors and omissions businesses in multiple accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction business in multiple accident years. Unfavorable development in general liability was due to higher than expected claim severity in construction, middle market and small business across multiple accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Favorable development in property and other was mainly due to lower than expected loss emergence in a recent accident year for warranty. Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims, including the recent Diocese of Rochester proposed settlement. 2021 Unfavorable development in medical professional liability was due to higher than expected frequency of large losses in recent accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction and middle market businesses in recent accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Unfavorable development in property and other was due to higher than expected claim severity in CNA’s medical treatment business mostly offset by favorable development due to lower than expected loss emergence across multiple accident years in commercial. Unfavorable development in other insurance operations was due to legacy mass tort exposures, primarily related to abuse. 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 $8 million for the three months ended September 30, 2022 and 2021 and $40 million and $30 million for the nine months ended September 30, 2022 and 2021 . As of September 30, 2022 and December 31, 2021, the cumulative amounts ceded under the LPT were $3.4 billion. The unrecognized deferred retroactive reinsurance benefit was $389 million and $429 million as of September 30, 2022 and December 31, 2021 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 September 30, 2022. 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 the majority of the 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. Life & Group Policyholder Reserves CNA’s Life & Group business includes its run-off long term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Long term care policies provide benefits for nursing homes, assisted living facilities and home health care subject to various daily and lifetime caps. Generally, policyholders must continue to make periodic premium payments to keep the policy in force and CNA has the ability to increase policy premiums, subject to state regulatory approval. CNA maintains both claim and claim adjustment expense reserves as well as future policy benefit reserves for policyholder benefits for its Life & Group business. Claim and claim adjustment expense reserves consist of estimated reserves for long term care policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported. In developing the claim and claim adjustment expense reserve estimates for long term care policies, CNA’s actuaries perform a detailed claim reserve review on an annual basis. The review analyzes the sufficiency of existing reserves for policyholders currently on claim and includes an evaluation of expected benefit utilization and claim duration. In addition, claim and claim adjustment expense reserves are also maintained for the structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, CNA’s actuaries review mortality experience on an annual basis. CNA’s recorded claim and claim adjustment expense reserves reflect management’s best estimate after incorporating the results of the most recent reviews. CNA’s most recent annual claim reserve reviews were completed in the third quarter of 2022. The long term care claim reserve review resulted in a $25 million pretax reduction in reserves driven by a $107 million favorable impact from the release of all remaining IBNR reserves established during 2020 and 2021 in response to the COVID-19 pandemic partially offset by an $82 million unfavorable impact from higher claim severity, including utilization and cost of care inflation, than anticipated in the reserve estimates. The structured settlement claim reserve review resulted in a $5 million pretax reduction in reserves due to discount rate assumption changes. CNA’s 2021 annual claim reserve reviews were completed in the third quarter of 2021 resulting in a $40 million pretax reduction in long term care reserves primarily due to lower claim severity than anticipated in the reserve estimates and a $2 million pretax increase in the structured settlement claim reserves primarily due to lower discount rate assumptions and mortality assumption changes. Future policy benefit reserves consist of active life reserves related to CNA’s long term care policies for policyholders that are not currently receiving benefits and represent the present value of expected future benefit payments and expenses less expected future premium. The determination of these reserves requires management to make estimates and assumptions about expected investment and policyholder experience over the life of the contract. Since many of these contracts may be in force for several decades, these assumptions are subject to significant estimation risk. The actuarial assumptions that CNA believes are subject to the most variability are morbidity, persistency, discount rates and anticipated future premium rate increases. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Discount rates are influenced by the investment yield on assets supporting long term care reserves which is subject to interest rate and market volatility and may also be affected by changes to the Internal Revenue Code. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. As a result of this variability, CNA’s long term care reserves may be subject to material increases if actual experience develops adversely to CNA’s expectations. Annually, in the third quarter, CNA assesses the adequacy of its long term care future policy benefit reserves by performing a gross premium valuation (“GPV”) to determine if there is a premium deficiency. Under the GPV, management estimates required reserves using best estimate assumptions as of the date of the assessment without provisions for adverse deviation. The GPV required reserves are then compared to the existing recorded reserves. If the GPV required reserves are greater than the existing recorded reserves, the existing assumptions are unlocked and future policy benefit reserves are increased to the greater amount. Any such increase is reflected in the Company’s results of operations in the period in which the need for such adjustment is determined. If the GPV required reserves are less than the existing recorded reserves, assumptions remain locked in and no adjustment is made. The GPV for the long term care future policy benefit reserves, performed in the third quarters of 2022 and 2021, indicated recorded reserves included a pretax margin of approximately $125 million and $72 million as of September 30, 2022 and 2021.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the three and nine months ended September 30, 2021 and 2022 : Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, July 1, 2021 $ — $ 1,271 $ (11) $ (863) $ (70) $ 327 Other comprehensive income (loss) before reclassifications, after tax of $0, $32, $0, $0 and $0 (121) 1 3 (33) (150) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $5, $0, $(2) and $0 (17) 1 13 (3) Other comprehensive income (loss) — (138) 2 16 (33) (153) Amounts attributable to noncontrolling interests 14 (1) 4 17 Balance, September 30, 2021 $ — $ 1,147 $ (9) $ (848) $ (99) $ 191 Balance, July 1, 2022 $ (7) $ (1,721) $ 18 $ (625) $ (175) $ (2,510) Other comprehensive income (loss) before reclassifications, after tax of $1, $381, $0, $0 and $0 (1,429) 6 (106) (1,529) Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $0, $(11), $(1), $(2) and $0 (2) 102 (2) 6 104 Other comprehensive income (loss) (2) (1,327) 4 6 (106) (1,425) Amounts attributable to noncontrolling interests (1) 124 (1) 10 132 Balance, September 30, 2022 $ (10) $ (2,924) $ 22 $ (620) $ (271) $ (3,803) Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments 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, 2021 $ — $ 1,563 $ (23) $ (877) $ (82) $ 581 Other comprehensive income (loss) before reclassifications, after tax of $1, $104, $(3), $0 and $0 (2) (391) 12 1 (19) (399) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $(1), $20, $(2), $(7) and $0 2 (74) 2 31 (39) Other comprehensive income (loss) — (465) 14 32 (19) (438) Amounts attributable to noncontrolling interests 49 (3) 2 48 Balance, September 30, 2021 $ — $ 1,147 $ (9) $ (848) $ (99) $ 191 Balance, January 1, 2022 $ (2) $ 930 $ (6) $ (636) $ (100) $ 186 Other comprehensive income (loss) before reclassifications, after tax of $1, $1,165, $3, $0 and $0 (5) (4,401) 27 (189) (4,568) Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $1, $(15), $0, $(5) and $0 (3) 117 1 18 133 Other comprehensive income (loss) (8) (4,284) 28 18 (189) (4,435) Amounts attributable to noncontrolling interests 430 (2) 18 446 Balance, September 30, 2022 $ (10) $ (2,924) $ 22 $ (620) $ (271) $ (3,803) 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 Treasury Stock Loews Corporation repurchased 10.5 million and 15.7 million shares of its common stock at aggregate costs of $614 million and $826 million during the nine months ended September 30, 2022 and 2021. Loews Corporation purchased 0.7 million shares of CNA’s common stock at an aggregate cost of $26 million during the nine months ended September 30, 2022.

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	DebtIn February of 2022, Boardwalk Pipelines completed a public offering of $500 million aggregate principal amount of its 3.6% senior notes due September 1, 2032. Boardwalk Pipelines used the proceeds to retire the outstanding $300 million aggregate principal amount of its 4.0% senior notes due June 2022 in March of 2022, to fund growth capital expenditures and for general corporate purposes.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2022
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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Non-insurance warranty – CNA Financial $ 399 $ 357 $ 1,173 $ 1,054 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines $ 329 $ 296 $ 1,013 $ 959 Lodging and related services – Loews Hotels & Co 171 129 507 279 Rigid plastic packaging and recycled resin – Corporate (a) 280 Total revenues from contracts with customers 500 425 1,520 1,518 Other revenues 33 25 87 62 Operating revenues and other $ 533 $ 450 $ 1,607 $ 1,580 (a) Revenues presented reflect the consolidated results of Altium Packaging through March 31, 2021. Receivables from contracts with customers – As of September 30, 2022 and December 31, 2021, receivables from contracts with customers were approximately $144 million and $145 million and are included within Receivables on the Consolidated Condensed Balance Sheets. Deferred revenue – As of September 30, 2022 and December 31, 2021, deferred revenue resulting from contracts with customers was approximately $4.8 billion and $4.6 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $1.0 billion and $916 million of revenues recognized during the nine months ended September 30, 2022 and 2021 were included in deferred revenue as of December 31, 2021 and 2020. Performance obligations – As of September 30, 2022, approximately $13.4 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 hydrocarbons (“NGLs”) at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $0.8 billion will be recognized during the remaining three months of 2022 , $2.7 billion in 2023 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 30, 2022
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 tables present the components of net periodic (benefit) cost for the defined benefit plans: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 20 17 57 53 Expected return on plan assets (41) (41) (124) (127) Amortization of unrecognized net loss 8 12 24 37 Settlements 2 2 Regulatory asset (increase) decrease (1) 1 1 1 Net periodic benefit $ (13) $ (10) $ (38) $ (32) Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Interest cost $ 1 $ 1 Expected return on plan assets $ (1) (1) (2) Net periodic benefit $ — $ (1) $ — $ (1)

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	Legal Proceedings 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 believes that the Trial Court ruling includes 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 for this case on September 14, 2022. At this time, given the Trial Court’s ruling and the pending appeals, the Company believes that it is reasonably possible that a loss has occurred, although the Company is unable to estimate any potential loss as it may range from zero up to the full amount of the Trial Court’s award of $690 million, plus pre- and post-judgment interest and attorneys’ fees, or more, depending on the extent of the Defendants’ and Plaintiffs’ success on appeal. The Company has not recorded a liability related to this matter. As litigation is inherently unpredictable, if an unfavorable final outcome occurs, there is a possibility of a material adverse impact to the Company’s consolidated financial statements in the period in which the effects become known. 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 such pending litigation will materially affect the Company’s results of operations or equity.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
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 September 30, 2022, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.6 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. Loews Hotels & Co In October of 2022, Loews Hotels & Co contributed $34 million as an initial investment in two joint venture development projects expected to open in 2025. These projects are currently estimated to require an aggregate investment of approximately $200 million in capital contributions from Loews Hotels & Co.

Segments

Segments	9 Months Ended
	Sep. 30, 2022
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, the consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021. 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 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 September 30, 2022 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,221 $ 2,221 Net investment income (loss) 422 $ 1 $ (19) 404 Investment losses (96) (96) Non-insurance warranty revenue 399 399 Operating revenues and other 11 338 $ 180 4 533 Total 2,957 339 180 (15) 3,461 Expenses: Insurance claims and policyholders’ benefits 1,665 1,665 Amortization of deferred acquisition costs 383 383 Non-insurance warranty expense 371 371 Operating expenses and other 346 250 147 17 760 Interest 28 42 (1) 23 92 Total 2,793 292 146 40 3,271 Income (loss) before income tax 164 47 34 (55) 190 Income tax (expense) benefit (36) (13) (9) 11 (47) Net income (loss) 128 34 25 (44) 143 Amounts attributable to noncontrolling interests (13) (13) Net income (loss) attributable to Loews Corporation $ 115 $ 34 $ 25 $ (44) $ 130 Three Months Ended September 30, 2021 CNA Financial Boardwalk Pipelines Loews Corporate Total (In millions) Revenues: Insurance premiums $ 2,059 $ 2,059 Net investment income (loss) 513 $ (30) 483 Investment gains 22 22 Non-insurance warranty revenue 357 357 Operating revenues and other 8 $ 307 $ 134 1 450 Total 2,959 307 134 (29) 3,371 Expenses: Insurance claims and policyholders’ benefits 1,632 1,632 Amortization of deferred acquisition costs 368 368 Non-insurance warranty expense 330 330 Operating expenses and other 287 215 109 27 638 Interest 28 40 8 23 99 Total 2,645 255 117 50 3,067 Income (loss) before income tax 314 52 17 (79) 304 Income tax (expense) benefit (59) (14) (4) 19 (58) Net income (loss) 255 38 13 (60) 246 Amounts attributable to noncontrolling interests (26) (26) Net income (loss) attributable to Loews Corporation $ 229 $ 38 $ 13 $ (60) $ 220 Nine Months Ended September 30, 2022 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 6,435 $ 6,435 Net investment income (loss) 1,302 $ 1 $ (1) $ (100) 1,202 Investment losses (166) (166) Non-insurance warranty revenue 1,173 1,173 Operating revenues and other 24 1,044 533 6 1,607 Total 8,768 1,045 532 (94) 10,251 Expenses: Insurance claims and policyholders’ benefits 4,703 4,703 Amortization of deferred acquisition costs 1,101 1,101 Non-insurance warranty expense 1,092 1,092 Operating expenses and other 1,001 698 405 62 2,166 Interest 84 126 7 67 284 Total 7,981 824 412 129 9,346 Income (loss) before income tax 787 221 120 (223) 905 Income tax (expense) benefit (141) (57) (36) 44 (190) Net income (loss) 646 164 84 (179) 715 Amounts attributable to noncontrolling interests (67) (67) Net income (loss) attributable to Loews Corporation $ 579 $ 164 $ 84 $ (179) $ 648 Nine Months Ended September 30, 2021 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (a) Total (In millions) Revenues: Insurance premiums $ 6,056 $ 6,056 Net investment income 1,608 $ 1 $ 40 1,649 Investment gains 117 540 657 Non-insurance warranty revenue 1,054 1,054 Operating revenues and other 19 $ 991 288 282 1,580 Total 8,854 991 289 862 10,996 Expenses: Insurance claims and policyholders’ benefits 4,684 4,684 Amortization of deferred acquisition costs 1,084 1,084 Non-insurance warranty expense 973 973 Operating expenses and other 874 641 328 365 2,208 Interest 85 121 25 93 324 Total 7,700 762 353 458 9,273 Income (loss) before income tax 1,154 229 (64) 404 1,723 Income tax (expense) benefit (219) (59) 13 (126) (391) Net income (loss) 935 170 (51) 278 1,332 Amounts attributable to noncontrolling interests (97) (97) Net income (loss) attributable to Loews Corporation $ 838 $ 170 $ (51) $ 278 $ 1,235 (a) Amounts include the consolidated results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2022
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”), a 90% owned subsidiary); transportation and storage of natural gas and natural gas liquids (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, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries. On April 1, 2021, Loews Corporation sold 47% of Altium Packaging LLC (“Altium Packaging”), previously a 99% owned subsidiary, for $420 million in cash consideration, and following the transaction Loews Corporation deconsolidated Altium Packaging. Effective April 1, 2021, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with the investment reported in Other assets on the Consolidated Condensed Balance Sheets and equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations. The transaction resulted in a gain of $555 million ($438 million after tax) for the nine months ended September 30, 2021, which was recorded in Investment gains (losses) on the Consolidated Condensed Statement of Operations. For additional information regarding the deconsolidation of Altium Packaging, see Note 2 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. 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 September 30, 2022 and December 31, 2021 and results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Net income for the third quarter and first nine months of each of the years is not necessarily indicative of net income for that 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, 2021.
Recently issued Accounting Standards Updates ("ASUs")	Recently issued Accounting Standards Updates (“ASUs”) – In August of 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-12, “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. For the Company, this includes CNA’s l ong term care a nd fully-ceded single premium immediate annuity business. Entities will be required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) at least annually and to update quarterly discount rate assumptions using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income (“OCI”). The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted, and may be applied using either a modified retrospective transition method or a full retrospective transition method. Financial statements for prior periods presented will be adjusted to reflect the effects of applying the new accounting guidance. The Company will adopt the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. A published spot rate curve constructed from A+, A and A- rated U.S. dollar denominated corporate bonds matched to the duration of the corresponding insurance liabilities will be used to calculate discount rates. Long-duration contracts will be grouped into calendar year cohorts based on the contract issue date and product line. Long term care contracts will be grouped separately from the fully-ceded single premium immediate annuity contracts. The most significant impact at the transition date will be the effect of updating the discount rate assumption to reflect an upper-medium grade fixed-income instrument yield, which will be partially offset by the de-recognition of Shadow Adjustments associated with long-duration contracts. The Company expects the net impact of these changes will be a decrease of approximately $2.1 billion (after tax and noncontrolling interests) in Accumulated other comprehensive income (“AOCI”) as of the transition date of January 1, 2021. There is a minimal transition impact expected to retained earnings. The requirement to review, and update if there is a change, cash flow assumptions at least annually is expected to change the pattern of earnings being recognized. Adoption will also significantly expand the Company’s disclosures, and will impact systems, processes and controls. While the requirements of the new guidance represent a material change from existing accounting guidance, the new guidance will not impact capital and surplus under statutory accounting practices, cash flows, or the underlying economics of the business. The Company continues to make progress in connection with these matters and is in the process of refining key accounting policy decisions, technology solutions and updates to internal controls associated with adoption of the new guidance. These in-progress activities include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Net Investment Income	Net investment income is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Fixed maturity securities $ 454 $ 425 $ 1,324 $ 1,278 Limited partnership investments (32) 89 (5) 285 Equity securities (a) 2 4 (7) 53 Income (loss) from trading portfolio (a) (18) (30) (95) 46 Other 19 13 47 43 Total investment income 425 501 1,264 1,705 Investment expenses (21) (18) (62) (56) Net investment income $ 404 $ 483 $ 1,202 $ 1,649 (a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2022 and 2021 $ (68) $ (55) $ (179) $ (9)
Investment Gains (Losses)	Investment gains (losses) are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Fixed maturity securities: Gross gains $ 23 $ 50 $ 94 $ 159 Gross losses (134) (28) (222) (68) Investment gains (losses) on fixed maturity securities (111) 22 (128) 91 Equity securities (a) (2) (2) (111) 17 Derivative instruments 24 2 79 7 Short term investments and other (7) (6) (13) Altium Packaging (see Note 1) 555 Investment gains (losses) $ (96) $ 22 $ (166) $ 657 (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2022 and 2021 $ (2) $ (2) $ (109) $ 15 Investment gains (losses) for the three months ended September 30, 2022 in the table above include a $35 million net loss related to the expected novation of a coinsurance agreement on CNA’s legacy annuity business, which was transacted on a funds withheld basis and gave rise to an embedded derivative. The net loss of $35 million is comprised of a $59 million loss on the fixed maturity securities supporting the funds withheld liability to recognize unrealized losses which had been included in AOCI since the inception of the coinsurance agreement, partially offset by a $24 million gain on the associated embedded derivative. Taken together, this net loss is the final recognition of changes in the valuation of the funds held assets and offsets previously recognized investment gains on the associated embedded derivative.
Impairment Losses (Gains) on Earnings	The components of 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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 24 $ 53 $ 5 Asset-backed 1 $ 11 2 11 Impairment losses (gains) recognized in earnings $ 25 $ 11 $ 55 $ 16
Amortized Cost and Fair Values of Fixed Maturity Securities	The following tables present a summary of fixed maturity securities: September 30, 2022 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 23,082 $ 231 $ 2,398 $ 20,915 States, municipalities and political 9,244 259 1,080 8,423 Asset-backed: Residential mortgage-backed 3,153 6 470 2,689 Commercial mortgage-backed 1,921 4 237 1,688 Other asset-backed 3,264 2 349 $ 3 2,914 Total asset-backed 8,338 12 1,056 3 7,291 U.S. Treasury and obligations of 107 3 1 109 Foreign government 544 2 48 498 Redeemable preferred stock 3 3 Fixed maturities available-for-sale 41,318 507 4,583 3 37,239 Fixed maturities trading 270 5 265 Total fixed maturity securities $ 41,588 $ 507 $ 4,588 $ 3 $ 37,504 December 31, 2021 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 21,444 $ 2,755 $ 56 $ 11 $ 24,132 States, municipalities and political 10,358 1,599 14 11,943 Asset-backed: Residential mortgage-backed 2,893 71 8 2,956 Commercial mortgage-backed 1,987 63 19 2,031 Other asset-backed 2,561 54 10 7 2,598 Total asset-backed 7,441 188 37 7 7,585 U.S. Treasury and obligations of 132 1 3 130 Foreign government 570 15 2 583 Fixed maturities available-for-sale 39,945 4,558 112 18 44,373 Fixed maturities trading 7 7 Total fixed maturity securities $ 39,952 $ 4,558 $ 112 $ 18 $ 44,380
Available-for-sale Securities in Gross Unrealized Loss Position	The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows: Less than 12 Months 12 Months or Longer Total September 30, 2022 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) Fixed maturity securities: Corporate and other bonds $ 16,707 $ 2,117 $ 914 $ 281 $ 17,621 $ 2,398 States, municipalities and political 4,793 1,029 128 51 4,921 1,080 Asset-backed: Residential mortgage-backed 2,582 462 17 8 2,599 470 Commercial mortgage-backed 1,372 194 233 43 1,605 237 Other asset-backed 2,433 307 233 42 2,666 349 Total asset-backed 6,387 963 483 93 6,870 1,056 U.S. Treasury and obligations of 61 1 61 1 Foreign government 446 42 25 6 471 48 Total fixed maturity securities $ 28,394 $ 4,152 $ 1,550 $ 431 $ 29,944 $ 4,583 December 31, 2021 Fixed maturity securities: Corporate and other bonds $ 2,389 $ 48 $ 136 $ 8 $ 2,525 $ 56 States, municipalities and political 730 14 730 14 Asset-backed: Residential mortgage-backed 1,043 8 1,043 8 Commercial mortgage-backed 527 7 167 12 694 19 Other asset-backed 840 10 62 902 10 Total asset-backed 2,410 25 229 12 2,639 37 U.S. Treasury and obligations of 69 3 5 74 3 Foreign government 97 2 97 2 Total fixed maturity securities $ 5,695 $ 92 $ 370 $ 20 $ 6,065 $ 112 The following table presents the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution. September 30, 2022 December 31, 2021 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) U.S. Government, Government agencies and Government-sponsored enterprises $ 2,360 $ 360 $ 898 $ 8 AAA 1,566 318 368 6 AA 4,430 917 875 17 A 6,548 838 1,516 23 BBB 13,394 1,902 1,812 42 Non-investment grade 1,646 248 596 16 Total $ 29,944 $ 4,583 $ 6,065 $ 112
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 receivables on available-for-sale fixed maturity securities totaled $401 million, $369 million and $387 million as of September 30, 2022, December 31, 2021 and September 30, 2021 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Three months ended September 30, 2022 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2022 $ — $ 5 $ 5 Additions to the allowance for credit losses: Available-for-sale securities accounted for as PCD assets — Reductions to the allowance for credit losses: Write-offs charged against the allowance — Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period (2) (2) Total allowance for credit losses $ — $ 3 $ 3 Three months ended September 30, 2021 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2021 $ 24 $ 21 $ 45 Additions to the allowance for credit losses: Available-for-sale securities accounted for as PCD assets 2 2 Reductions to the allowance for credit losses: Write-offs charged against the allowance 16 16 Total allowance for credit losses $ 10 $ 21 $ 31 Nine months ended September 30, 2022 Allowance for credit losses: Balance as of January 1, 2022 $ 11 $ 7 $ 18 Additions to the allowance for credit losses: Available-for-sale securities accounted for as PCD assets 3 3 Reductions to the allowance for credit losses: Write-offs charged against the allowance 12 12 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 (7) (6) Total allowance for credit losses $ — $ 3 $ 3 Nine months ended September 30, 2021 Allowance for credit losses: Balance as of January 1, 2021 $ 23 $ 17 $ 40 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 14 14 Available-for-sale securities accounted for as PCD assets 4 4 8 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 6 Write-offs charged against the allowance 16 16 Additional decreases to the allowance for credit losses on securities that had an allowance recorded in a previous period (9) (9) Total allowance for credit losses $ 10 $ 21 $ 31
Available-for-sale Fixed Maturity Securities by Contractual Maturity	The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2022 December 31, 2021 Cost or Amortized Cost Estimated Fair Cost or Amortized Cost Estimated (In millions) Due in one year or less $ 952 $ 948 $ 1,603 $ 1,624 Due after one year through five years 9,487 9,000 10,637 11,229 Due after five years through ten years 14,323 12,765 13,294 14,338 Due after ten years 16,556 14,526 14,411 17,182 Total $ 41,318 $ 37,239 $ 39,945 $ 44,373
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 September 30, 2022 2022 2021 2020 2019 2018 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 9 $ 13 $ 112 $ 29 $ 54 $ 275 $ 492 LTV 55% to 65% — LTV greater than 65% 18 11 29 DSCR 1.2x - 1.6x LTV less than 55% 5 49 18 56 10 42 180 LTV 55% to 65% 87 20 8 115 LTV greater than 65% — DSCR ≤1.2x LTV less than 55% 57 57 LTV 55% to 65% 21 44 65 LTV greater than 65% 10 22 7 39 Total $ 129 $ 94 $ 150 $ 208 $ 64 $ 332 $ 977 (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.
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. September 30, 2022 December 31, 2021 Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value Asset (Liability) Asset (Liability) (In millions) Without hedge designation: Interest rate swaps $ 240 $ 19 $ 100 Embedded derivative on funds withheld liability 220 1 270 $ (12) Other 127 7

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
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 U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. September 30, 2022 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 118 $ 20,605 $ 802 $ 21,525 States, municipalities and political subdivisions 8,381 42 8,423 Asset-backed 6,575 716 7,291 Fixed maturities available-for-sale 118 35,561 1,560 37,239 Fixed maturities trading 183 82 265 Total fixed maturities $ 301 $ 35,643 $ 1,560 $ 37,504 Equity securities $ 685 $ 625 $ 30 $ 1,340 Short term and other 3,847 163 4,010 Receivables 19 19 Payable to brokers (90) (90) December 31, 2021 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 140 $ 23,768 $ 937 $ 24,845 States, municipalities and political subdivisions 11,887 56 11,943 Asset-backed 7,029 556 7,585 Fixed maturities available-for-sale 140 42,684 1,549 44,373 Fixed maturities trading 7 7 Total fixed maturities $ 140 $ 42,691 $ 1,549 $ 44,380 Equity securities $ 924 $ 721 $ 29 $ 1,674 Short term and other 4,696 74 4,770 Payable to brokers (70) (70)
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 and nine months ended September 30, 2022 and 2021: 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 September 30 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30 2022 Balance, July 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 846 $ 1 $ (50) $ 9 $ (4) $ 802 $ (51) States, municipalities and political subdivisions 46 (4) 42 (4) Asset-backed 641 7 (38) 116 (14) $ 47 $ (43) 716 (38) Fixed maturities available-for-sale 1,533 8 (92) 125 $ — (18) 47 (43) 1,560 $ — (93) Fixed maturities trading — — Total fixed maturities $ 1,533 $ 8 $ (92) $ 125 $ — $ (18) $ 47 $ (43) $ 1,560 $ — $ (93) Equity securities $ 47 $ (7) $ (10) $ 30 $ (7) 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 September 30 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30 2021 Balance, July 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 883 $ 1 $ 1 $ 55 $ (11) $ (52) $ 877 $ 2 States, municipalities and political subdivisions 57 57 Asset-backed 410 1 1 83 $ (9) (11) $ 41 (38) 478 Fixed maturities available-for-sale 1,350 2 2 138 (9) (22) 41 (90) 1,412 $ — 2 Fixed maturities trading — — Total fixed maturities $ 1,350 $ 2 $ 2 $ 138 $ (9) $ (22) $ 41 $ (90) $ 1,412 $ — $ 2 Equity securities $ 36 $ (2) $ 1 $ (11) $ 11 $ (10) $ 25 $ (3) 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 September 30 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30 2022 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 937 $ (1) $ (203) $ 127 $ (5) $ (63) $ 10 $ 802 $ (203) States, municipalities and political subdivisions 56 (14) 42 (14) Asset-backed 556 18 (122) 348 (2) (54) 66 $ (94) 716 (121) Fixed maturities available-for-sale 1,549 17 (339) 475 (7) (117) 76 $ (94) 1,560 $ — (338) Fixed maturities trading — — Total fixed maturities $ 1,549 $ 17 $ (339) $ 475 $ (7) $ (117) $ 76 $ (94) $ 1,560 $ — $ (338) Equity securities $ 29 $ (7) $ 12 $ (3) $ 9 $ (10) $ 30 $ (8) 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 September 30 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30 2021 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 770 $ (9) $ (23) $ 219 $ (3) $ (35) $ 10 $ (52) $ 877 $ (22) States, municipalities and political subdivisions 46 12 (1) 57 Asset-backed 308 4 (4) 197 (9) (38) 71 (51) 478 (5) Fixed maturities available-for-sale 1,124 (5) (27) 428 (12) (74) 81 (103) 1,412 $ — (27) Fixed maturities trading 8 (6) (2) — Total fixed maturities $ 1,132 $ (11) $ (27) $ 428 $ (12) $ (76) $ 81 $ (103) $ 1,412 $ — $ (27) Equity securities $ 43 $ (15) $ 11 $ (15) $ 11 $ (10) $ 25 $ (1) Net investment gains and losses are reported in Net income as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Operations Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment 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. September 30, 2022 Estimated Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,111 Discounted cash flow Credit spread 1% — 11% (3%) December 31, 2021 Fixed maturity securities $ 1,225 Discounted cash flow Credit spread 1% — 7% (2%)
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 Amount Estimated Fair Value September 30, 2022 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 953 $ 880 $ 880 Liabilities: Short term debt 813 $ 794 14 808 Long term debt 8,470 7,135 666 7,801 December 31, 2021 Assets: Other invested assets, primarily mortgage loans $ 973 $ 1,018 $ 1,018 Liabilities: Short term debt 93 93 93 Long term debt 8,981 $ 9,170 611 9,781

Claim and Claim Adjustment Ex_2

Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves (Tables)	9 Months Ended
	Sep. 30, 2022
Insurance [Abstract]
Reconciliation of Claim and Claim Adjustment Expense Reserves	The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of the Life & Group business. Nine Months Ended September 30 2022 2021 (In millions) Reserves, beginning of year: Gross $ 24,174 $ 22,706 Ceded 4,969 4,005 Net reserves, beginning of year 19,205 18,701 Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer (632) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,638 4,474 Decrease in provision for insured events of prior years (144) (130) Amortization of discount 131 137 Total net incurred (a) 4,625 4,481 Net payments attributable to: Current year events (523) (629) Prior year events (3,371) (2,874) Total net payments (3,894) (3,503) Foreign currency translation adjustment and other (383) (51) Net reserves, end of period 19,553 18,996 Ceded reserves, end of period 5,147 4,836 Gross reserves, end of period $ 24,700 $ 23,832 (a) Total net incurred above 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, the loss on the excess workers’ compensation loss portfolio transfer, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above.
Net Prior Year Loss Reserve Development in Property and Casualty Operations	The following table and discussion presents details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations: Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Medical professional liability $ 8 $ 8 $ 17 $ 16 Other professional liability and management liability 9 22 10 Surety (20) (15) (48) (53) Commercial auto 21 30 General liability 41 Workers’ compensation (2) 2 (86) (40) Property and other (12) (5) (33) 1 Other insurance operations 64 40 Total pretax (favorable) unfavorable development $ (17) $ (10) $ (2) $ 4

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
Components of Accumulated Other Comprehensive Income	The tables below present the changes in AOCI by component for the three and nine months ended September 30, 2021 and 2022 : Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, July 1, 2021 $ — $ 1,271 $ (11) $ (863) $ (70) $ 327 Other comprehensive income (loss) before reclassifications, after tax of $0, $32, $0, $0 and $0 (121) 1 3 (33) (150) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $5, $0, $(2) and $0 (17) 1 13 (3) Other comprehensive income (loss) — (138) 2 16 (33) (153) Amounts attributable to noncontrolling interests 14 (1) 4 17 Balance, September 30, 2021 $ — $ 1,147 $ (9) $ (848) $ (99) $ 191 Balance, July 1, 2022 $ (7) $ (1,721) $ 18 $ (625) $ (175) $ (2,510) Other comprehensive income (loss) before reclassifications, after tax of $1, $381, $0, $0 and $0 (1,429) 6 (106) (1,529) Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $0, $(11), $(1), $(2) and $0 (2) 102 (2) 6 104 Other comprehensive income (loss) (2) (1,327) 4 6 (106) (1,425) Amounts attributable to noncontrolling interests (1) 124 (1) 10 132 Balance, September 30, 2022 $ (10) $ (2,924) $ 22 $ (620) $ (271) $ (3,803) Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments 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, 2021 $ — $ 1,563 $ (23) $ (877) $ (82) $ 581 Other comprehensive income (loss) before reclassifications, after tax of $1, $104, $(3), $0 and $0 (2) (391) 12 1 (19) (399) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $(1), $20, $(2), $(7) and $0 2 (74) 2 31 (39) Other comprehensive income (loss) — (465) 14 32 (19) (438) Amounts attributable to noncontrolling interests 49 (3) 2 48 Balance, September 30, 2021 $ — $ 1,147 $ (9) $ (848) $ (99) $ 191 Balance, January 1, 2022 $ (2) $ 930 $ (6) $ (636) $ (100) $ 186 Other comprehensive income (loss) before reclassifications, after tax of $1, $1,165, $3, $0 and $0 (5) (4,401) 27 (189) (4,568) Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $1, $(15), $0, $(5) and $0 (3) 117 1 18 133 Other comprehensive income (loss) (8) (4,284) 28 18 (189) (4,435) Amounts attributable to noncontrolling interests 430 (2) 18 446 Balance, September 30, 2022 $ (10) $ (2,924) $ 22 $ (620) $ (271) $ (3,803) 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

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
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 Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Non-insurance warranty – CNA Financial $ 399 $ 357 $ 1,173 $ 1,054 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines $ 329 $ 296 $ 1,013 $ 959 Lodging and related services – Loews Hotels & Co 171 129 507 279 Rigid plastic packaging and recycled resin – Corporate (a) 280 Total revenues from contracts with customers 500 425 1,520 1,518 Other revenues 33 25 87 62 Operating revenues and other $ 533 $ 450 $ 1,607 $ 1,580

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2022
Retirement Benefits [Abstract]
Net Periodic (Benefit) Cost Components	The following tables present the components of net periodic (benefit) cost for the defined benefit plans: Pension Benefits Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 20 17 57 53 Expected return on plan assets (41) (41) (124) (127) Amortization of unrecognized net loss 8 12 24 37 Settlements 2 2 Regulatory asset (increase) decrease (1) 1 1 1 Net periodic benefit $ (13) $ (10) $ (38) $ (32) Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2022 2021 2022 2021 (In millions) Interest cost $ 1 $ 1 Expected return on plan assets $ (1) (1) (2) Net periodic benefit $ — $ (1) $ — $ (1)

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Statements of Operations by segment are presented in the following tables. Three Months Ended September 30, 2022 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,221 $ 2,221 Net investment income (loss) 422 $ 1 $ (19) 404 Investment losses (96) (96) Non-insurance warranty revenue 399 399 Operating revenues and other 11 338 $ 180 4 533 Total 2,957 339 180 (15) 3,461 Expenses: Insurance claims and policyholders’ benefits 1,665 1,665 Amortization of deferred acquisition costs 383 383 Non-insurance warranty expense 371 371 Operating expenses and other 346 250 147 17 760 Interest 28 42 (1) 23 92 Total 2,793 292 146 40 3,271 Income (loss) before income tax 164 47 34 (55) 190 Income tax (expense) benefit (36) (13) (9) 11 (47) Net income (loss) 128 34 25 (44) 143 Amounts attributable to noncontrolling interests (13) (13) Net income (loss) attributable to Loews Corporation $ 115 $ 34 $ 25 $ (44) $ 130 Three Months Ended September 30, 2021 CNA Financial Boardwalk Pipelines Loews Corporate Total (In millions) Revenues: Insurance premiums $ 2,059 $ 2,059 Net investment income (loss) 513 $ (30) 483 Investment gains 22 22 Non-insurance warranty revenue 357 357 Operating revenues and other 8 $ 307 $ 134 1 450 Total 2,959 307 134 (29) 3,371 Expenses: Insurance claims and policyholders’ benefits 1,632 1,632 Amortization of deferred acquisition costs 368 368 Non-insurance warranty expense 330 330 Operating expenses and other 287 215 109 27 638 Interest 28 40 8 23 99 Total 2,645 255 117 50 3,067 Income (loss) before income tax 314 52 17 (79) 304 Income tax (expense) benefit (59) (14) (4) 19 (58) Net income (loss) 255 38 13 (60) 246 Amounts attributable to noncontrolling interests (26) (26) Net income (loss) attributable to Loews Corporation $ 229 $ 38 $ 13 $ (60) $ 220 Nine Months Ended September 30, 2022 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 6,435 $ 6,435 Net investment income (loss) 1,302 $ 1 $ (1) $ (100) 1,202 Investment losses (166) (166) Non-insurance warranty revenue 1,173 1,173 Operating revenues and other 24 1,044 533 6 1,607 Total 8,768 1,045 532 (94) 10,251 Expenses: Insurance claims and policyholders’ benefits 4,703 4,703 Amortization of deferred acquisition costs 1,101 1,101 Non-insurance warranty expense 1,092 1,092 Operating expenses and other 1,001 698 405 62 2,166 Interest 84 126 7 67 284 Total 7,981 824 412 129 9,346 Income (loss) before income tax 787 221 120 (223) 905 Income tax (expense) benefit (141) (57) (36) 44 (190) Net income (loss) 646 164 84 (179) 715 Amounts attributable to noncontrolling interests (67) (67) Net income (loss) attributable to Loews Corporation $ 579 $ 164 $ 84 $ (179) $ 648 Nine Months Ended September 30, 2021 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (a) Total (In millions) Revenues: Insurance premiums $ 6,056 $ 6,056 Net investment income 1,608 $ 1 $ 40 1,649 Investment gains 117 540 657 Non-insurance warranty revenue 1,054 1,054 Operating revenues and other 19 $ 991 288 282 1,580 Total 8,854 991 289 862 10,996 Expenses: Insurance claims and policyholders’ benefits 4,684 4,684 Amortization of deferred acquisition costs 1,084 1,084 Non-insurance warranty expense 973 973 Operating expenses and other 874 641 328 365 2,208 Interest 85 121 25 93 324 Total 7,700 762 353 458 9,273 Income (loss) before income tax 1,154 229 (64) 404 1,723 Income tax (expense) benefit (219) (59) 13 (126) (391) Net income (loss) 935 170 (51) 278 1,332 Amounts attributable to noncontrolling interests (97) (97) Net income (loss) attributable to Loews Corporation $ 838 $ 170 $ (51) $ 278 $ 1,235 (a) Amounts include the consolidated results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details) - USD ($) $ in Millions		9 Months Ended
	Apr. 01, 2021	Sep. 30, 2021	Sep. 30, 2022
Altium Packaging LLC | Discontinued Operations, Disposed of by Sale
Basis of Presentation [Abstract]
Percentage of equity method investments in associated companies	47%
Proceeds from sale of equity method investments	$ 420
Gain on disposal		$ 555
Gain on disposal after tax		$ 438
CNA
Basis of Presentation [Abstract]
Subsidiary ownership percentage			90%
Altium Packaging LLC
Basis of Presentation [Abstract]
Subsidiary ownership percentage	99%

Basis of Presentation - Summary

Basis of Presentation - Summary of Significant Accounting Policies, Accounting Changes (Details) $ in Billions	Jan. 01, 2021 USD ($)
Accounting Standards Update 2018-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Decrease in AOCI	$ 2.1

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Investment Income [Line Items]
Investment income, operating	$ 425	$ 501	$ 1,264	$ 1,705
Investment expenses	(21)	(18)	(62)	(56)
Net investment income	404	483	1,202	1,649
Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2022 and 2021	(68)	(55)	(179)	(9)
Fixed maturity securities
Net Investment Income [Line Items]
Investment income, operating	454	425	1,324	1,278
Limited partnership investments
Net Investment Income [Line Items]
Gain (losses) on investments, before investment expenses	(32)	89	(5)	285
Equity securities
Net Investment Income [Line Items]
Gain (losses) on investments, before investment expenses	2	4	(7)	53
Income (loss) from trading portfolio
Net Investment Income [Line Items]
Gain (losses) on investments, before investment expenses	(18)	(30)	(95)	46
Other
Net Investment Income [Line Items]
Investment income, operating	$ 19	$ 13	$ 47	$ 43

Investments - Investment Gains

Investments - Investment Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investment Gains (Losses) [Abstract]
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2022 and 2021	$ (96)	$ 22	$ (166)	$ 657
Net loss related to the expected novation of a coinsurance agreement	35
Loss on fixed maturity securities supporting the funds withheld liability	59
Gain on embedded derivative	24
Nonredeemable Preferred Stock
Investment Gains (Losses) [Abstract]
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2022 and 2021	(2)	(2)	(109)	15
Fixed maturity securities
Investment Gains (Losses) [Abstract]
Gross gains	23	50	94	159
Gross losses	(134)	(28)	(222)	(68)
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2022 and 2021	(111)	22	(128)	91
Equity securities
Investment Gains (Losses) [Abstract]
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2022 and 2021	(2)	(2)	(111)	17
Derivative instruments
Investment Gains (Losses) [Abstract]
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2022 and 2021	24	2	79	7
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 held as of September 30, 2022 and 2021	(7)		(6)	(13)
Altium Packaging
Investment Gains (Losses) [Abstract]
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2022 and 2021				$ 555

Investments - Available-For-Sal

Investments - Available-For-Sale Impairment Losses Recognized in Earnings (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Available-For-Sale Impairment Losses [Abstract]
Impairment losses (gains) recognized in earnings	$ 25	$ 11	$ 55	$ 16
Gain (loss) on mortgage loans due to changes in expected credit losses	8	0	8	0
Corporate and other bonds
Available-For-Sale Impairment Losses [Abstract]
Impairment losses (gains) recognized in earnings	24		53	5
Asset-backed
Available-For-Sale Impairment Losses [Abstract]
Impairment losses (gains) recognized in earnings	$ 1	$ 11	$ 2	$ 11

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	$ 41,588	$ 39,952
Gross Unrealized Gains	507	4,558
Gross Unrealized Losses	4,588	112
Allowance for Credit Losses	3	18
Estimated Fair Value	37,504	44,380
Shadow adjustments	41	2,200
Corporate and other bonds
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	23,082	21,444
Gross Unrealized Gains	231	2,755
Gross Unrealized Losses	2,398	56
Allowance for Credit Losses		11
Estimated Fair Value	20,915	24,132
States, municipalities and political subdivisions
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	9,244	10,358
Gross Unrealized Gains	259	1,599
Gross Unrealized Losses	1,080	14
Allowance for Credit Losses
Estimated Fair Value	8,423	11,943
Residential mortgage-backed
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	3,153	2,893
Gross Unrealized Gains	6	71
Gross Unrealized Losses	470	8
Allowance for Credit Losses
Estimated Fair Value	2,689	2,956
Commercial mortgage-backed
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	1,921	1,987
Gross Unrealized Gains	4	63
Gross Unrealized Losses	237	19
Allowance for Credit Losses
Estimated Fair Value	1,688	2,031
Other asset-backed
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	3,264	2,561
Gross Unrealized Gains	2	54
Gross Unrealized Losses	349	10
Allowance for Credit Losses	3	7
Estimated Fair Value	2,914	2,598
Asset-backed
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	8,338	7,441
Gross Unrealized Gains	12	188
Gross Unrealized Losses	1,056	37
Allowance for Credit Losses	3	7
Estimated Fair Value	7,291	7,585
U.S. Treasury and obligations of government-sponsored enterprises
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	107	132
Gross Unrealized Gains	3	1
Gross Unrealized Losses	1	3
Allowance for Credit Losses
Estimated Fair Value	109	130
Foreign government
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	544	570
Gross Unrealized Gains	2	15
Gross Unrealized Losses	48	2
Allowance for Credit Losses
Estimated Fair Value	498	583
Redeemable preferred stock
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	3
Gross Unrealized Gains
Gross Unrealized Losses
Allowance for Credit Losses
Estimated Fair Value	3
Fixed maturities available-for-sale
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	41,318	39,945
Gross Unrealized Gains	507	4,558
Gross Unrealized Losses	4,583	112
Allowance for Credit Losses	3	18
Estimated Fair Value	37,239	44,373
Fixed maturities trading
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	270	7
Gross Unrealized Gains
Gross Unrealized Losses	5
Allowance for Credit Losses
Estimated Fair Value	$ 265	$ 7

Investments - Available-for-s_2

Investments - Available-for-sale Securities in Gross Unrealized Loss Position (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Gross Unrealized Losses [Abstract]
Total, Estimated Fair Value	$ 29,944	$ 6,065
Total, Gross Unrealized Losses	4,583	112
Fixed maturity securities
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	28,394	5,695
Less than 12 Months, Gross Unrealized Losses	4,152	92
12 Months or Longer, Estimated Fair Value	1,550	370
12 Months or Longer, Gross Unrealized Losses	431	20
Total, Estimated Fair Value	29,944	6,065
Total, Gross Unrealized Losses	4,583	112
Corporate and Other Bonds
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	16,707	2,389
Less than 12 Months, Gross Unrealized Losses	2,117	48
12 Months or Longer, Estimated Fair Value	914	136
12 Months or Longer, Gross Unrealized Losses	281	8
Total, Estimated Fair Value	17,621	2,525
Total, Gross Unrealized Losses	2,398	56
States, municipalities and political subdivisions
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	4,793	730
Less than 12 Months, Gross Unrealized Losses	1,029	14
12 Months or Longer, Estimated Fair Value	128
12 Months or Longer, Gross Unrealized Losses	51
Total, Estimated Fair Value	4,921	730
Total, Gross Unrealized Losses	1,080	14
Residential mortgage-backed
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	2,582	1,043
Less than 12 Months, Gross Unrealized Losses	462	8
12 Months or Longer, Estimated Fair Value	17
12 Months or Longer, Gross Unrealized Losses	8
Total, Estimated Fair Value	2,599	1,043
Total, Gross Unrealized Losses	470	8
Commercial mortgage-backed
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	1,372	527
Less than 12 Months, Gross Unrealized Losses	194	7
12 Months or Longer, Estimated Fair Value	233	167
12 Months or Longer, Gross Unrealized Losses	43	12
Total, Estimated Fair Value	1,605	694
Total, Gross Unrealized Losses	237	19
Other asset-backed
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	2,433	840
Less than 12 Months, Gross Unrealized Losses	307	10
12 Months or Longer, Estimated Fair Value	233	62
12 Months or Longer, Gross Unrealized Losses	42
Total, Estimated Fair Value	2,666	902
Total, Gross Unrealized Losses	349	10
Total asset-backed
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	6,387	2,410
Less than 12 Months, Gross Unrealized Losses	963	25
12 Months or Longer, Estimated Fair Value	483	229
12 Months or Longer, Gross Unrealized Losses	93	12
Total, Estimated Fair Value	6,870	2,639
Total, Gross Unrealized Losses	1,056	37
U.S. Treasury and obligations of government-sponsored enterprises
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	61	69
Less than 12 Months, Gross Unrealized Losses	1	3
12 Months or Longer, Estimated Fair Value		5
12 Months or Longer, Gross Unrealized Losses
Total, Estimated Fair Value	61	74
Total, Gross Unrealized Losses	1	3
Foreign government
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	446	97
Less than 12 Months, Gross Unrealized Losses	42	2
12 Months or Longer, Estimated Fair Value	25
12 Months or Longer, Gross Unrealized Losses	6
Total, Estimated Fair Value	471	97
Total, Gross Unrealized Losses	$ 48	$ 2

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Loss (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 29,944	$ 6,065
Gross Unrealized Losses	4,583	112
Additional impairment losses	0
AAA
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,566	368
Gross Unrealized Losses	318	6
AA
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,430	875
Gross Unrealized Losses	917	17
A
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	6,548	1,516
Gross Unrealized Losses	838	23
BBB
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	13,394	1,812
Gross Unrealized Losses	1,902	42
U.S. Government, Government agencies and Government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,360	898
Gross Unrealized Losses	360	8
Non-investment grade
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,646	596
Gross Unrealized Losses	$ 248	$ 16

Investments - Allowance for Cre

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Investments, Debt and Equity Securities [Abstract]
Accrued interest receivables on available-for-sale fixed maturity securities	$ 401	$ 387	$ 401	$ 387	$ 369
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	5	45	18	40
Securities for which credit losses were not previously recorded				14
Available-for-sale securities accounted for as PCD assets	0	2	3	8
Securities sold during the period (realized)				6
Write-offs charged against the allowance	0	16	12	16
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	(2)		(6)	(9)
Ending balance	3	31	3	31
Corporate and Other Bonds
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	0	24	11	23
Securities for which credit losses were not previously recorded				14
Available-for-sale securities accounted for as PCD assets		2		4
Securities sold during the period (realized)				6
Write-offs charged against the allowance		16	12	16
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period			1	(9)
Ending balance	0	10	0	10
Asset-backed
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	5	21	7	17
Securities for which credit losses were not previously recorded
Available-for-sale securities accounted for as PCD assets			3	4
Securities sold during the period (realized)
Write-offs charged against the allowance
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	(2)		(7)
Ending balance	$ 3	$ 21	$ 3	$ 21

Investments - Available-for-s_3

Investments - Available-for-sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Cost or Amortized Cost
Cost or Amortized Cost	$ 41,588	$ 39,952
Estimated Fair Value
Estimated Fair Value	37,504	44,380
Available-for-sale Fixed Maturities
Cost or Amortized Cost
Due in one year or less	952	1,603
Due after one year through five years	9,487	10,637
Due after five years through ten years	14,323	13,294
Due after ten years	16,556	14,411
Cost or Amortized Cost	41,318	39,945
Estimated Fair Value
Due in one year or less	948	1,624
Due after one year through five years	9,000	11,229
Due after five years through ten years	12,765	14,338
Due after ten years	14,526	17,182
Estimated Fair Value	$ 37,239	$ 44,373

Investments - Amortized Cost Ba

Investments - Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination (Details) - Commercial mortgage-backed $ in Millions	Sep. 30, 2022 USD ($)
Credit Quality Information [Abstract]
2022	$ 129
2021	94
2020	150
2019	208
2018	64
Prior	332
Total	977
DSCR Greater than or Equal to 1.6x, LTV Less than 55%
Credit Quality Information [Abstract]
2022	9
2021	13
2020	112
2019	29
2018	54
Prior	275
Total	492
DSCR Greater than or Equal to 1.6x, LTV 55% to 65%
Credit Quality Information [Abstract]
2022
2021
2020
2019
2018
Prior
Total	0
DSCR Greater than or Equal to 1.6x, LTV Greater than 65%
Credit Quality Information [Abstract]
2022	18
2021	11
2020
2019
2018
Prior
Total	29
DSCR Between 1.2 to 1.6x, LTV Less than 55%
Credit Quality Information [Abstract]
2022	5
2021	49
2020	18
2019	56
2018	10
Prior	42
Total	180
DSCR Between 1.2 to 1.6x, LTV 55% to 65%
Credit Quality Information [Abstract]
2022	87
2021
2020	20
2019
2018
Prior	8
Total	115
DSCR Between 1.2 to 1.6x, LTV Greater than 65%
Credit Quality Information [Abstract]
2022
2021
2020
2019
2018
Prior
Total	0
DSCR Less than or Equal to 1.2x, LTV Less than 55%
Credit Quality Information [Abstract]
2022
2021
2020
2019	57
2018
Prior
Total	57
DSCR Three, LTV 55 to 65%
Credit Quality Information [Abstract]
2022
2021	21
2020
2019	44
2018
Prior
Total	65
DSCR Less than or Equal to 1.2x, LTV Greater than 65%
Credit Quality Information [Abstract]
2022	10
2021
2020
2019	22
2018
Prior	7
Total	$ 39

Investments - Aggregate Contrac

Investments - Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments (Details) - Without hedge designation - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Interest rate swaps
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	$ 240	$ 100
Asset, estimated fair value	19
Liability, estimated fair value
Embedded derivative on funds withheld liability
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	220	270
Asset, estimated fair value	1
Liability, estimated fair value		(12)
Other
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	127
Asset, estimated fair value	7
Liability, estimated fair value

Investments - Investment Commit

Investments - Investment Commitments (Details) - Investments in Assets Requiring Future Purchase, Sale or Funding Commitments $ in Millions	Sep. 30, 2022 USD ($)
Investment Commitments [Abstract]
Commitments to purchase or fund investments	$ 1,600
Commitments to sell investments	$ 100

Fair Value - Assets and Liabili

Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Payable to brokers
Assets and Liabilities Measured at Fair Value [Abstract]
Liabilities	$ (90)	$ (70)
Corporate and other bonds
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	21,525	24,845
States, municipalities and political subdivisions
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	8,423	11,943
Asset-backed
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	7,291	7,585
Fixed maturities available-for-sale
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	37,239	44,373
Fixed maturities trading
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	265	7
Fixed maturity securities
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	37,504	44,380
Equity securities
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	1,340	1,674
Short term investments and other
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	4,010	4,770
Receivables
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	19
Level 1 | Payable to brokers
Assets and Liabilities Measured at Fair Value [Abstract]
Liabilities	(90)	(70)
Level 1 | Corporate and other bonds
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	118	140
Level 1 | States, municipalities and political subdivisions
Assets and Liabilities Measured at Fair Value [Abstract]
Assets
Level 1 | Asset-backed
Assets and Liabilities Measured at Fair Value [Abstract]
Assets
Level 1 | Fixed maturities available-for-sale
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	118	140
Level 1 | Fixed maturities trading
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	183
Level 1 | Fixed maturity securities
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	301	140
Level 1 | Equity securities
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	685	924
Level 1 | Short term investments and other
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	3,847	4,696
Level 1 | Receivables
Assets and Liabilities Measured at Fair Value [Abstract]
Assets
Level 2 | Payable to brokers
Assets and Liabilities Measured at Fair Value [Abstract]
Liabilities
Level 2 | Corporate and other bonds
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	20,605	23,768
Level 2 | States, municipalities and political subdivisions
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	8,381	11,887
Level 2 | Asset-backed
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	6,575	7,029
Level 2 | Fixed maturities available-for-sale
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	35,561	42,684
Level 2 | Fixed maturities trading
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	82	7
Level 2 | Fixed maturity securities
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	35,643	42,691
Level 2 | Equity securities
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	625	721
Level 2 | Short term investments and other
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	163	74
Level 2 | Receivables
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	19
Level 3 | Payable to brokers
Assets and Liabilities Measured at Fair Value [Abstract]
Liabilities
Level 3 | Corporate and other bonds
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	802	937
Level 3 | States, municipalities and political subdivisions
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	42	56
Level 3 | Asset-backed
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	716	556
Level 3 | Fixed maturities available-for-sale
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	1,560	1,549
Level 3 | Fixed maturities trading
Assets and Liabilities Measured at Fair Value [Abstract]
Assets
Level 3 | Fixed maturity securities
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	1,560	1,549
Level 3 | Equity securities
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	30	29
Level 3 | Short term investments and other
Assets and Liabilities Measured at Fair Value [Abstract]
Assets
Level 3 | Receivables
Assets and Liabilities Measured at Fair Value [Abstract]
Assets

Fair Value - Reconciliations of

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Corporate and Other Bonds
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	$ 846	$ 883	$ 937	$ 770
Included in Net Income	1	1	(1)	(9)
Included in OCI	(50)	1	(203)	(23)
Purchases	9	55	127	219
Sales			(5)	(3)
Settlements	(4)	(11)	(63)	(35)
Transfers into Level 3			10	10
Transfers out of Level 3		(52)		(52)
Balance at end of period	802	877	802	877
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30	(51)	2	(203)	(22)
States, municipalities and political subdivisions
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	46	57	56	46
Included in Net Income
Included in OCI	(4)		(14)
Purchases				12
Sales
Settlements				(1)
Transfers into Level 3
Transfers out of Level 3
Balance at end of period	42	57	42	57
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30	(4)		(14)
Total asset-backed
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	641	410	556	308
Included in Net Income	7	1	18	4
Included in OCI	(38)	1	(122)	(4)
Purchases	116	83	348	197
Sales		(9)	(2)	(9)
Settlements	(14)	(11)	(54)	(38)
Transfers into Level 3	47	41	66	71
Transfers out of Level 3	(43)	(38)	(94)	(51)
Balance at end of period	716	478	716	478
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30	(38)		(121)	(5)
Fixed maturities available-for-sale
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	1,533	1,350	1,549	1,124
Included in Net Income	8	2	17	(5)
Included in OCI	(92)	2	(339)	(27)
Purchases	125	138	475	428
Sales	0	(9)	(7)	(12)
Settlements	(18)	(22)	(117)	(74)
Transfers into Level 3	47	41	76	81
Transfers out of Level 3	(43)	(90)	(94)	(103)
Balance at end of period	1,560	1,412	1,560	1,412
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30	0	0	0	0
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30	(93)	2	(338)	(27)
Fixed maturities trading
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	0	0	0	8
Included in Net Income				(6)
Included in OCI
Purchases
Sales
Settlements				(2)
Transfers into Level 3
Transfers out of Level 3
Balance at end of period	0	0	0	0
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30
Fixed maturity securities
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	1,533	1,350	1,549	1,132
Included in Net Income	8	2	17	(11)
Included in OCI	(92)	2	(339)	(27)
Purchases	125	138	475	428
Sales	0	(9)	(7)	(12)
Settlements	(18)	(22)	(117)	(76)
Transfers into Level 3	47	41	76	81
Transfers out of Level 3	(43)	(90)	(94)	(103)
Balance at end of period	1,560	1,412	1,560	1,412
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30	0	0	0	0
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30	(93)	2	(338)	(27)
Equity securities
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	47	36	29	43
Included in Net Income	(7)	(2)	(7)	(15)
Included in OCI
Purchases		1	12	11
Sales		(11)	(3)	(15)
Settlements			9
Transfers into Level 3		11		11
Transfers out of Level 3	(10)	(10)	(10)	(10)
Balance at end of period	30	25	30	25
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30	(7)	(3)	(8)	(1)
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at September 30

Fair Value - Significant Unobse

Fair Value - Significant Unobservable Inputs (Details) $ in Millions	Sep. 30, 2022 USD ($)	Dec. 31, 2021 USD ($)
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Estimated Fair Value	$ 37,504	$ 44,380
Level 3 | Fixed maturity securities
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Estimated Fair Value	$ 1,111	$ 1,225
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
Credit spread | Minimum | Level 3 | Fixed maturity securities | Discounted cash flow
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.01	0.01
Credit spread | Maximum | Level 3 | Fixed maturity securities | Discounted cash flow
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.11	0.07
Credit spread | Weighted Average | Level 3 | Fixed maturity securities | Discounted cash flow
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.03	0.02

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Carrying Amount
Assets:
Other invested assets, primarily mortgage loans	$ 953	$ 973
Liabilities:
Short term debt	813	93
Long term debt	8,470	8,981
Estimated Fair Value
Assets:
Other invested assets, primarily mortgage loans	880	1,018
Liabilities:
Short term debt	808	93
Long term debt	7,801	9,781
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	794
Long term debt	7,135	9,170
Estimated Fair Value | Level 3
Assets:
Other invested assets, primarily mortgage loans	880	1,018
Liabilities:
Short term debt	14	93
Long term debt	$ 666	$ 611

Claim and Claim Adjustment Ex_3

Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Loss from catastrophes, net of reinsurance	$ 114	$ 178	$ 171	$ 357
Decrease in provision for insured events of prior years			(144)	(130)
Commercial Property and Casualty Operations
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Decrease in provision for insured events of prior years	(17)	(10)	(66)	(36)
Other insurance operations
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Decrease in provision for insured events of prior years			64	$ 40
Hurricane
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Catastrophe losses, net of reinsurance	$ 87	$ 114	$ 87

Claim and Claim Adjustment Ex_4

Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves, beginning of year	$ 24,174	$ 22,706
Ceded reserves, beginning of year	4,969	4,005
Net reserves, beginning of year	19,205	18,701
Net incurred claim and claim adjustment expenses [Abstract]
Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer		(632)
Provision for insured events of current year	4,638	4,474
Decrease in provision for insured events of prior years	(144)	(130)
Amortization of discount	131	137
Total net incurred	4,625	4,481
Net payments attributable to [Abstract]
Current year events	(523)	(629)
Prior year events	(3,371)	(2,874)
Total net payments	(3,894)	(3,503)
Foreign currency translation adjustment and other	(383)	(51)
Net reserves, end of period	19,553	18,996
Ceded reserves, end of period	5,147	4,836
Gross reserves, end of period	$ 24,700	$ 23,832

Claim and Claim Adjustment Ex_5

Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves - Net Prior Year Loss Reserve Development in Property and Casualty Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Net Prior Year Development [Abstract]
Pretax favorable development	$ (17)	$ (10)	$ (2)	$ 4
Medical professional liability
Net Prior Year Development [Abstract]
Pretax favorable development	8	8	17	16
Other professional liability and management liability
Net Prior Year Development [Abstract]
Pretax favorable development	9		22	10
Surety
Net Prior Year Development [Abstract]
Pretax favorable development	(20)	(15)	(48)	(53)
Commercial auto
Net Prior Year Development [Abstract]
Pretax favorable development			21	30
General liability
Net Prior Year Development [Abstract]
Pretax favorable development			41
Workers’ compensation
Net Prior Year Development [Abstract]
Pretax favorable development	(2)	2	(86)	(40)
Property and other
Net Prior Year Development [Abstract]
Pretax favorable development	(12)	(5)	$ (33)	$ 1
Other insurance operations
Net Prior Year Development [Abstract]
Pretax favorable development

Claim and Claim Adjustment Ex_6

Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves - A&EP Reserves (Details) - A&EP Reserves - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2010	Dec. 31, 2021
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	$ 8	$ 40	$ 30
Cumulative amounts ceded under loss portfolio transfer	3,400		3,400			$ 3,400
Unrecognized deferred retroactive reinsurance benefit	389		389			$ 429
Fair value of collateral trust account	$ 2,300		$ 2,300

Claim and Claim Adjustment Ex_7

Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves - Life & Group Policyholder Reserves (Details) - USD ($) $ in Millions	3 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Pretax margin included in long term care future policy benefit reserves	$ 125	$ 72
CNA Financial | Release of IBNR Reserves and Higher Claim Severity
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Pretax reductions in claim tax and claim adjustment expense reserves	(25)
CNA Financial | Release of IBNR Reserves
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Pretax reductions in claim tax and claim adjustment expense reserves	(107)
CNA Financial | Higher Claim Severity
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Pretax reductions in claim tax and claim adjustment expense reserves	82
CNA Financial | Lower Discount Rate Assumptions and Mortality Assumption Changes
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Pretax reductions in claim tax and claim adjustment expense reserves	$ (5)	2
CNA Financial | Lower Claim Severity
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Pretax reductions in claim tax and claim adjustment expense reserves		$ (40)

Shareholders' Equity - Componen

Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 16,221	$ 19,398	$ 19,175	$ 19,181
Other comprehensive income (loss) before reclassifications, after tax	(1,529)	(150)	(4,568)	(399)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax	104	(3)	133	(39)
Other comprehensive loss	(1,425)	(153)	(4,435)	(438)
Amounts attributable to noncontrolling interests	132	17	446	48
Balance at end of period	14,653	19,130	14,653	19,130
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	(7)	0	(2)	0
Other comprehensive income (loss) before reclassifications, after tax			(5)	(2)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax	(2)		(3)	2
Other comprehensive loss	(2)	0	(8)	0
Amounts attributable to noncontrolling interests	(1)
Balance at end of period	(10)	0	(10)	0
Other comprehensive income (loss) before reclassifications, tax	1	0	1	1
Reclassification from AOCI, current period, tax	0	0	1	(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	(1,721)	1,271	930	1,563
Other comprehensive income (loss) before reclassifications, after tax	(1,429)	(121)	(4,401)	(391)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax	102	(17)	117	(74)
Other comprehensive loss	(1,327)	(138)	(4,284)	(465)
Amounts attributable to noncontrolling interests	124	14	430	49
Balance at end of period	(2,924)	1,147	(2,924)	1,147
Other comprehensive income (loss) before reclassifications, tax	381	32	1,165	104
Reclassification from AOCI, current period, tax	(11)	5	(15)	20
Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	18	(11)	(6)	(23)
Other comprehensive income (loss) before reclassifications, after tax	6	1	27	12
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax	(2)	1	1	2
Other comprehensive loss	4	2	28	14
Amounts attributable to noncontrolling interests
Balance at end of period	22	(9)	22	(9)
Other comprehensive income (loss) before reclassifications, tax	0	0	3	(3)
Reclassification from AOCI, current period, tax	(1)	0	0	(2)
Pension and Postretirement Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(625)	(863)	(636)	(877)
Other comprehensive income (loss) before reclassifications, after tax		3		1
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax	6	13	18	31
Other comprehensive loss	6	16	18	32
Amounts attributable to noncontrolling interests	(1)	(1)	(2)	(3)
Balance at end of period	(620)	(848)	(620)	(848)
Other comprehensive income (loss) before reclassifications, tax	0	0	0	0
Reclassification from AOCI, current period, tax	(2)	(2)	(5)	(7)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(175)	(70)	(100)	(82)
Other comprehensive income (loss) before reclassifications, after tax	(106)	(33)	(189)	(19)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax
Other comprehensive loss	(106)	(33)	(189)	(19)
Amounts attributable to noncontrolling interests	10	4	18	2
Balance at end of period	(271)	(99)	(271)	(99)
Other comprehensive income (loss) before reclassifications, tax	0	0	0	0
Reclassification from AOCI, current period, tax	0	0	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	(2,510)	327	186	581
Balance at end of period	$ (3,803)	$ 191	$ (3,803)	$ 191

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Equity, Class of Treasury Stock [Line Items]
Purchases of Loews treasury stock (in shares)			10.5	15.7
Purchases of treasury stock	$ 230	$ 333	$ 614	$ 826
CNA
Equity, Class of Treasury Stock [Line Items]
Purchases of Loews treasury stock (in shares)			0.7
Purchases of treasury stock			$ 26

Debt (Details)

Debt (Details) - Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines - USD ($) $ in Millions	Mar. 31, 2022	Feb. 28, 2022
3.6 % Senior Notes Due 2032
Debt [Abstract]
Face amount		$ 500
Interest rate		3.60%
4.0% Senior Notes Due 2022
Debt [Abstract]
Face amount	$ 300
Interest rate	4%

Revenue from Contracts with C_3

Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	$ 500	$ 425	$ 1,520	$ 1,518
Other revenues	33	25	87	62
Operating revenues and other	533	450	1,607	1,580
Non-insurance warranty – CNA Financial | CNA Financial
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	399	357	1,173	1,054
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	329	296	1,013	959
Lodging and related services – Loews Hotels & Co | Lodging and related services – Loews Hotels & Co
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	171	129	507	279
Rigid plastic packaging and recycled resin - Corporate | Rigid plastic packaging and recycled resin - Corporate
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers				$ 280

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Disaggregation of Revenues [Abstract]
Deferred revenue	$ 4,706		$ 4,503
Revenue recognized	1,000	$ 916
Receivables
Disaggregation of Revenues [Abstract]
Receivables from contracts with customers	144		145
Other Liabilities
Disaggregation of Revenues [Abstract]
Deferred revenue	$ 4,800		$ 4,600

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Billions	Sep. 30, 2022 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 13.4
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 0.8
Expected timing of satisfaction	3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 2.7
Expected timing of satisfaction	1 year

Benefit Plans - Components of N

Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1	$ 1	$ 2	$ 2
Interest cost	20	17	57	53
Expected return on plan assets	(41)	(41)	(124)	(127)
Amortization of unrecognized net loss	8	12	24	37
Settlements			2	2
Regulatory asset (increase) decrease	(1)	1	1	1
Net periodic benefit	(13)	(10)	(38)	(32)
Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost			1	1
Expected return on plan assets		(1)	(1)	(2)
Net periodic benefit	$ 0	$ (1)	$ 0	$ (1)

Legal Proceedings (Details)

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

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	1 Months Ended
	Oct. 31, 2022 USD ($) jointVenture	Sep. 30, 2022 USD ($)
Subsequent Event | Joint Venture Development Projects | Loews Hotel & Co
Commitments and Contingencies [Abstract]
Payments to acquire investments	$ 34
Number of joint venture | jointVenture	2
Capital contributions	$ 200
CNA Financial
Commitments and Contingencies [Abstract]
Potential amount of future payments under guarantees		$ 1,600

Segments (Details)

Segments (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) subsidiary Segment	Sep. 30, 2021 USD ($)
Segments [Abstract]
Number of reportable segments | Segment			4
Number of individual operating subsidiaries | subsidiary			3
Revenues:
Insurance premiums	$ 2,221	$ 2,059	$ 6,435	$ 6,056
Net investment income (loss)	404	483	1,202	1,649
Investment losses	(96)	22	(166)	657
Non-insurance warranty revenue	399	357	1,173	1,054
Operating revenues and other	533	450	1,607	1,580
Total	3,461	3,371	10,251	10,996
Expenses:
Insurance claims and policyholders’ benefits	1,665	1,632	4,703	4,684
Amortization of deferred acquisition costs	383	368	1,101	1,084
Non-insurance warranty expense	371	330	1,092	973
Operating expenses and other	760	638	2,166	2,208
Interest	92	99	284	324
Total	3,271	3,067	9,346	9,273
Income tax expense	(47)	(58)	(190)	(391)
Net income	143	246	715	1,332
Amounts attributable to noncontrolling interests	(13)	(26)	(67)	(97)
Net income (loss) attributable to Loews Corporation	130	220	648	1,235
Operating Segments
Revenues:
Insurance premiums	2,221	2,059	6,435	6,056
Net investment income (loss)	404	483	1,202	1,649
Investment losses	(96)	22	(166)	657
Non-insurance warranty revenue	399	357	1,173	1,054
Operating revenues and other	533	450	1,607	1,580
Total	3,461	3,371	10,251	10,996
Expenses:
Insurance claims and policyholders’ benefits	1,665	1,632	4,703	4,684
Amortization of deferred acquisition costs	383	368	1,101	1,084
Non-insurance warranty expense	371	330	1,092	973
Operating expenses and other	760	638	2,166	2,208
Interest	92	99	284	324
Total	3,271	3,067	9,346	9,273
Income (loss) before income tax	190	304	905	1,723
Income tax expense	(47)	(58)	(190)	(391)
Net income	143	246	715	1,332
Amounts attributable to noncontrolling interests	(13)	(26)	(67)	(97)
Net income (loss) attributable to Loews Corporation	130	220	648	1,235
Operating Segments | CNA Financial
Revenues:
Insurance premiums	2,221	2,059	6,435	6,056
Net investment income (loss)	422	513	1,302	1,608
Investment losses	(96)	22	(166)	117
Non-insurance warranty revenue	399	357	1,173	1,054
Operating revenues and other	11	8	24	19
Total	2,957	2,959	8,768	8,854
Expenses:
Insurance claims and policyholders’ benefits	1,665	1,632	4,703	4,684
Amortization of deferred acquisition costs	383	368	1,101	1,084
Non-insurance warranty expense	371	330	1,092	973
Operating expenses and other	346	287	1,001	874
Interest	28	28	84	85
Total	2,793	2,645	7,981	7,700
Income (loss) before income tax	164	314	787	1,154
Income tax expense	(36)	(59)	(141)	(219)
Net income	128	255	646	935
Amounts attributable to noncontrolling interests	(13)	(26)	(67)	(97)
Net income (loss) attributable to Loews Corporation	115	229	579	838
Operating Segments | Boardwalk Pipelines
Revenues:
Insurance premiums
Net investment income (loss)	1		1
Investment losses
Non-insurance warranty revenue
Operating revenues and other	338	307	1,044	991
Total	339	307	1,045	991
Expenses:
Insurance claims and policyholders’ benefits
Amortization of deferred acquisition costs
Non-insurance warranty expense
Operating expenses and other	250	215	698	641
Interest	42	40	126	121
Total	292	255	824	762
Income (loss) before income tax	47	52	221	229
Income tax expense	(13)	(14)	(57)	(59)
Net income	34	38	164	170
Amounts attributable to noncontrolling interests
Net income (loss) attributable to Loews Corporation	34	38	164	170
Operating Segments | Loews Hotels & Co
Revenues:
Insurance premiums
Net investment income (loss)			(1)	1
Investment losses
Non-insurance warranty revenue
Operating revenues and other	180	134	533	288
Total	180	134	532	289
Expenses:
Insurance claims and policyholders’ benefits
Amortization of deferred acquisition costs
Non-insurance warranty expense
Operating expenses and other	147	109	405	328
Interest	(1)	8	7	25
Total	146	117	412	353
Income (loss) before income tax	34	17	120	(64)
Income tax expense	(9)	(4)	(36)	13
Net income	25	13	84	(51)
Amounts attributable to noncontrolling interests
Net income (loss) attributable to Loews Corporation	25	13	84	(51)
Operating Segments | Corporate
Revenues:
Insurance premiums
Net investment income (loss)	(19)	(30)	(100)	40
Investment losses				540
Non-insurance warranty revenue
Operating revenues and other	4	1	6	282
Total	(15)	(29)	(94)	862
Expenses:
Insurance claims and policyholders’ benefits
Amortization of deferred acquisition costs
Non-insurance warranty expense
Operating expenses and other	17	27	62	365
Interest	23	23	67	93
Total	40	50	129	458
Income (loss) before income tax	(55)	(79)	(223)	404
Income tax expense	11	19	44	(126)
Net income	(44)	(60)	(179)	278
Amounts attributable to noncontrolling interests
Net income (loss) attributable to Loews Corporation	$ (44)	$ (60)	$ (179)	$ 278