Loews (L) 10-Q 30 Oct 23 2023 Q3 Quarterly report Financial data

COVER

COVER - shares	9 Months Ended
	Sep. 30, 2023	Oct. 27, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2023
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	9 West 57th Street
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019-2714
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		223,250,642
Entity Central Index Key	0000060086
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturities, amortized cost of $42,753 and $41,102, less allowance for credit loss of $18 and $1	$ 38,243	$ 37,697
Equity securities, cost of $1,081 and $1,161	1,055	1,139
Limited partnership investments	2,074	1,954
Other invested assets, primarily mortgage loans, less allowance for credit loss of $35 and $24	1,072	1,124
Short term investments	3,969	4,854
Total investments	46,413	46,768
Cash	762	532
Receivables	9,437	9,403
Property, plant and equipment	10,674	10,027
Goodwill	346	346
Deferred non-insurance warranty acquisition expenses	3,688	3,671
Deferred acquisition costs of insurance subsidiaries	880	806
Other assets	4,269	4,014
Total assets	76,469	75,567
Insurance reserves:
Claim and claim adjustment expense	22,836	22,120
Future policy benefits	12,654	13,480
Unearned premiums	6,789	6,374
Total insurance reserves	42,279	41,974
Payable to brokers	444	133
Short term debt	1,261	854
Long term debt	7,925	8,165
Deferred income taxes	258	243
Deferred non-insurance warranty revenue	4,736	4,714
Other liabilities	4,408	4,283
Total liabilities	61,311	60,366
Commitments and contingent liabilities
Shareholders' equity:
Preferred stock, $0.10 par value: Authorized – 100,000,000 shares
Common stock, $0.01 par value: Authorized- 1,800,000,000 shares, Issued – 236,321,095 and 236,159,866 shares	2	2
Additional paid-in capital	2,764	2,748
Retained earnings	15,877	14,931
Accumulated other comprehensive loss	(3,473)	(3,320)
Shareholders' equity before treasury stock, total	15,170	14,361
Less treasury stock, at cost (12,066,137 and 198,875 shares)	(722)	(12)
Total shareholders’ equity	14,448	14,349
Noncontrolling interests	710	852
Total equity	15,158	15,201
Total liabilities and equity	$ 76,469	$ 75,567

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Investments:
Fixed maturities, amortized cost	$ 42,753	$ 41,102
Fixed maturities, allowance for credit loss	18	1
Equity securities, cost	1,081	1,161
Other invested assets, primarily mortgage loans, allowance for credit loss	$ 35	$ 24
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)	236,321,095	236,159,866
Treasury stock, shares (in shares)	12,066,137	198,875

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues:
Insurance premiums	$ 2,406	$ 2,221	$ 7,001	$ 6,435
Net investment income	592	404	1,752	1,202
Investment losses	(38)	(96)	(59)	(166)
Non-insurance warranty revenue	407	399	1,221	1,173
Operating revenues and other	559	533	1,728	1,607
Total	3,926	3,461	11,643	10,251
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $(41), $(211), $(75), and $(205))	1,826	1,880	5,258	4,959
Amortization of deferred acquisition costs	426	383	1,208	1,101
Non-insurance warranty expense	386	371	1,154	1,092
Operating expenses and other	860	795	2,449	2,277
Equity method income	(22)	(35)	(89)	(111)
Interest	94	92	280	284
Total	3,570	3,486	10,260	9,602
Income (loss) before income tax	356	(25)	1,383	649
Income tax expense	(80)	(2)	(315)	(137)
Net income (loss)	276	(27)	1,068	512
Amounts attributable to noncontrolling interests	(23)	5	(80)	(45)
Net income (loss) attributable to Loews Corporation	$ 253	$ (22)	$ 988	$ 467
Basic net income (loss) per share (in dollars per share)	$ 1.12	$ (0.09)	$ 4.32	$ 1.91
Diluted net income (loss) per share (in dollars per share)	$ 1.12	$ (0.09)	$ 4.31	$ 1.90
Weighted average shares outstanding:
Shares of common stock (in shares)	225,640	240,370	228,850	244,570
Dilutive potential shares of common stock (in shares)	350	390	310	460
Total weighted average shares outstanding assuming dilution (in shares)	225,990	240,760	229,160	245,030

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Re-measurement loss of insurance claims and policyholders’ benefits	$ (41)	$ (211)	$ (75)	$ (205)

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 276	$ (27)	$ 1,068	$ 512
Other comprehensive income (loss), after tax
Net unrealized losses on investments with an allowance for credit losses	(1)	(2)	(10)	(8)
Net unrealized losses on other investments	(1,084)	(1,735)	(827)	(6,604)
Total unrealized losses on investments	(1,085)	(1,737)	(837)	(6,612)
Impact of changes in discount rates used to measure long-duration contract liabilities	818	994	678	4,136
Unrealized gains (losses) on cash flow hedges	(1)	4	5	28
Pension and postretirement benefits	40	6	55	18
Foreign currency translation	(55)	(106)	(4)	(189)
Other comprehensive loss	(283)	(839)	(103)	(2,619)
Comprehensive income (loss)	(7)	(866)	965	(2,107)
Amounts attributable to noncontrolling interests	8	78	(69)	215
Total comprehensive income (loss) attributable to Loews Corporation	$ 1	$ (788)	$ 896	$ (1,892)

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	As Reported	Common Stock	Common Stock As Reported	Additional Paid-in Capital	Additional Paid-in Capital As Reported	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Retained Earnings As Reported	Accumulated Other Comprehensive Income (Loss)	Accumulated Other Comprehensive Income (Loss) Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Income (Loss) As Reported	Common Stock Held in Treasury	Common Stock Held in Treasury As Reported	Noncontrolling Interests	Noncontrolling Interests Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests As Reported
Balance at beginning of period at Dec. 31, 2021	$ 17,471	$ (1,704)	$ 19,175	$ 2	$ 2	$ 2,885	$ 2,885	$ 14,754	$ (22)	$ 14,776	$ (1,320)	$ (1,506)	$ 186	$ (3)	$ (3)	$ 1,153	$ (176)	$ 1,329
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	512		715					467								45
Other comprehensive income (loss)	(2,619)		(4,435)								(2,359)					(260)
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	1					3		(3)						1
Balance at end of period at Sep. 30, 2022	14,563			2		2,886		15,172			(3,679)			(616)		798
Balance at beginning of period at Jun. 30, 2022	15,714	(507)	16,221	2	2	2,869	2,869	15,210	(51)	15,261	(2,913)	(403)	(2,510)	(386)	(386)	932	(53)	985
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	(27)		143					(22)								(5)
Other comprehensive income (loss)	(839)		(1,425)								(766)					(73)
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	4					4		(1)								1
Balance at end of period at Sep. 30, 2022	14,563			2		2,886		15,172			(3,679)			(616)		798
Balance at beginning of period at Dec. 31, 2022	15,201	$ (277)	$ 15,478	2	$ 2	2,748	$ 2,748	14,931	$ (213)	$ 15,144	(3,320)	$ (36)	$ (3,284)	(12)	$ (12)	852	$ (28)	$ 880
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	1,068							988								80
Other comprehensive income (loss)	(103)										(92)					(11)
Dividends paid	(108)							(43)
Dividends paid																(65)
Purchase of subsidiary stock from noncontrolling interests	(203)					27					(61)					(169)
Purchases of Loews Corporation treasury stock	(711)													(711)
Stock-based compensation	16					(7)										23
Other	(2)					(4)		1						1
Balance at end of period at Sep. 30, 2023	15,158			2		2,764		15,877			(3,473)			(722)		710
Balance at beginning of period at Jun. 30, 2023	15,470			2		2,728		15,637			(3,160)			(604)		867
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net Income (loss)	276							253								23
Other comprehensive income (loss)	(283)										(252)					(31)
Dividends paid	(24)							(14)
Dividends paid																(10)
Purchase of subsidiary stock from noncontrolling interests	(177)					27					(61)					(143)
Purchases of Loews Corporation treasury stock	(118)													(118)
Stock-based compensation	11					10										1
Other	3					(1)		1								3
Balance at end of period at Sep. 30, 2023	$ 15,158			$ 2		$ 2,764		$ 15,877			$ (3,473)			$ (722)		$ 710

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Statement of Stockholders' Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.0625	$ 0.0625	$ 0.1875	$ 0.1875

CONSOLIDATED CONDENSED STATEM_6

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Operating Activities:
Net income	$ 1,068	$ 512
Adjustments to reconcile net income to net cash provided by operating activities, net	519	726
Changes in operating assets and liabilities, net:
Receivables	(71)	(447)
Deferred acquisition costs	(74)	(66)
Insurance reserves	1,184	1,999
Other assets	(152)	(486)
Other liabilities	51	161
Trading securities	905	293
Net cash flow provided by operating activities	3,430	2,692
Investing Activities:
Purchases of fixed maturities	(5,459)	(8,768)
Proceeds from sales of fixed maturities	3,284	4,885
Proceeds from maturities of fixed maturities	960	2,095
Purchases of equity securities	(200)	(245)
Proceeds from sales of equity securities	192	230
Purchases of limited partnership investments	(322)	(265)
Proceeds from sales of limited partnership investments	205	156
Purchases of property, plant and equipment	(463)	(437)
Acquisitions	(348)
Dispositions		16
Investment in Altium Packaging		(79)
Change in short term investments	60	568
Other, net	(162)	65
Net cash flow used by investing activities	(2,253)	(1,779)
Financing Activities:
Dividends paid	(43)	(46)
Dividends paid to noncontrolling interests	(65)	(87)
Purchases of Loews Corporation treasury stock	(709)	(611)
Purchases of subsidiary stock from noncontrolling interests	(203)	(66)
Principal payments on debt	(503)	(327)
Issuance of debt	593	532
Other, net	(17)	(16)
Net cash flow used by financing activities	(947)	(621)
Effect of foreign exchange rate on cash		(27)
Net change in cash	230	265
Cash, beginning of period	532	621
Cash, end of period	$ 762	$ 886

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2023
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 91.7% 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, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders. 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, 2023 and December 31, 2022, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2023 and 2022 and cash flows for the nine months ended September 30, 2023 and 2022, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the 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, 2022. 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, 2023 and 2022 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. Accounting changes – In August of 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. Entities are required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) used to measure the liability for future policyholder benefits (“LFPB”) at least annually. The LFPB must also be updated for actual experience at least annually. The LFPB is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheets. The discount rate assumption used to measure the LFPB must be updated quarterly using an upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted as a single-A rate. The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in results of operations within Insurance claims and policyholders’ benefits. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss) (“OCI”). In contrast, under legacy accounting guidance, cash flow and discount rate assumptions were locked in unless a premium deficiency emerged. The discount rate assumption under legacy accounting guidance was determined using CNA’s internal investment portfolio yield, which was generally higher than a single-A yield. The new guidance eliminates the need to hold shadow reserves associated with long term care reserves. Under legacy accounting guidance, to the extent that unrealized gains on fixed maturity securities supporting long term care reserves would have resulted in a premium deficiency if realized, a related increase to Insurance reserves was recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss) (shadow reserves). The unit of account is the level at which reserves are measured. Under the new guidance, the unit of account used to measure the LFPB is the cohort. Cohorts are comprised of insurance contracts issued no more than one year apart, and must be further disaggregated according to policy benefit and insurance risk characteristics. Under legacy accounting guidance, the LFPB was generally measured at the individual policy level. Under the new guidance, the net premium ratio (“NPR”) is capped at 100%. To the extent that NPR would otherwise exceed 100%, the LFPB is increased, and a loss is recognized immediately in the results of operations. The NPR cap is applied at the cohort level each quarter when NPR is updated. In contrast, under legacy accounting guidance, premium deficiency testing was performed annually at the product level. See Note 6 to the Consolidated Condensed Financial Statements for further explanation of the NPR and LFPB calculations. The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. CNA’s run-off long term care business is in scope of the new guidance. All prior periods presented in the financial statements have been adjusted to reflect application of the new guidance. The original locked in discount rate, utilized for purposes of calculating the NPR under the new guidance, was based on the discount rate assumption used to calculate the LFPB immediately prior to the transition date. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business. In December of 2022, the FASB issued ASU 2022-05, “Financial Services-Insurance (Topic 944): Transition for Sold Contracts” (“ASU 2022-05”). This guidance permits companies to make an election to exclude from the scope of ASU 2018-12 any insurance contracts that have been de-recognized prior to the effective date of ASU 2018-12, assuming that the company has no significant continuing involvement with the de-recognized contracts. In the fourth quarter of 2022, CNA novated its block of legacy annuity business, which was fully-ceded prior to novation. The Company has elected the ASU 2022-05 transition relief, and has excluded the novated legacy annuity business from the scope of ASU 2018-12. Explanation of ASU 2018-12 Transition Impacts: The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021: (In millions) Balance as of December 31, 2020, as reported $ 13,318 Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (a) 2,844 De-recognition of shadow reserves (3,293) Re-measurement using an upper-medium grade fixed income instrument yield discount rate 6,255 Other adjustments 8 Balance as of January 1, 2021, as adjusted $ 19,132 (a) In conjunction with the adoption of ASU 2018-12 Shadow reserves associated with the long term care business were de-recognized as of the transition date in Accumulated other comprehensive income (“AOCI”). The effect of re-measuring the LFPB at the single-A discount rate as of the transition date was similarly recorded in AOCI. There are no cohorts for which the NPR exceeded 100% at the transition date. CNA’s practice under legacy accounting guidance was to calculate and record premium deficiency reserves at the policy level. Accordingly, an allocation methodology was not required to assign historical premium deficiency reserves to cohorts upon transition to ASU 2018-12. The following table presents after tax adjustments to the opening balance of Shareholders’ equity and Noncontrolling interests resulting from adoption of ASU 2018-12: Accumulated other comprehensive income (loss) Retained earnings Noncontrolling interests (In millions) Balance as of December 31, 2020, as reported $ 581 $ 14,150 $ 1,321 De-recognition of shadow reserves 2,331 270 Re-measurement of LFPB using an upper-medium grade fixed (4,428) (513) Other adjustments (5) (1) Balance as of January 1, 2021, as adjusted $ (1,516) $ 14,145 $ 1,077 The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statement of Operations were as follows: Three Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Insurance claims and policyholders’ benefits (a) $ 1,665 $ 215 $ 1,880 Income (loss) before income tax 190 (215) (25) Income tax expense (47) 45 (2) Net income (loss) 143 (170) (27) Amounts attributable to noncontrolling interests (13) 18 5 Net income (loss) attributable to Loews Corporation 130 (152) (22) Basic net income (loss) per share 0.54 (0.63) (0.09) Diluted net income (loss) per share 0.54 (0.63) (0.09) (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $211 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations. Nine Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Insurance claims and policyholders’ benefits (a) $ 4,703 $ 256 $ 4,959 Income before income tax 905 (256) 649 Income tax expense (190) 53 (137) Net income 715 (203) 512 Amounts attributable to noncontrolling interests (67) 22 (45) Net income attributable to Loews Corporation 648 (181) 467 Basic net income per share 2.65 (0.74) 1.91 Diluted net income per share 2.64 (0.74) 1.90 (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $205 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations. The effects of adoption of ASU 2018-12 on the Consolidated Condensed Balance Sheet were as follows: December 31, 2022 As Reported Effect of Adoption As Adjusted (In millions) Other assets $ 3,941 $ 73 $ 4,014 Total assets 75,494 73 75,567 Claim and claim adjustment expenses (a) 25,099 (2,979) 22,120 Future policy benefits (a) 10,151 3,329 13,480 Total liabilities 60,016 350 60,366 Retained earnings 15,144 (213) 14,931 Accumulated other comprehensive income (loss) (3,284) (36) (3,320) Noncontrolling interests 880 (28) 852 Total equity 15,478 (277) 15,201 (a) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021. The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statement of Comprehensive Income (Loss) were as follows: Three Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Changes in: Net unrealized losses on other investments $ (1,327) $ (408) $ (1,735) Total unrealized losses on investments (1,329) (408) (1,737) Impact of changes in discount rates used to measure long-duration 994 994 Other comprehensive (loss) (1,425) 586 (839) Comprehensive (loss) (1,282) 416 (866) Amounts attributable to noncontrolling interests 119 (41) 78 Total comprehensive (loss) attributable to Loews Corporation (1,163) 375 (788) Nine Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Changes in: Net unrealized losses on other investments $ (4,284) $ (2,320) $ (6,604) Total unrealized losses on investments (4,292) (2,320) (6,612) Impact of changes in discount rates used to measure long-duration 4,136 4,136 Other comprehensive (loss) (4,435) 1,816 (2,619) Comprehensive (loss) (3,720) 1,613 (2,107) Amounts attributable to noncontrolling interests 379 (164) 215 Total comprehensive (loss) attributable to Loews Corporation (3,341) 1,449 (1,892) The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statements of Cash Flows were as follows: Nine Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Net income $ 715 $ (203) $ 512 Adjustments to reconcile net income to net cash provided by operating 779 (53) 726 Changes in: Insurance reserves 1,743 256 1,999 The effects of adoption of ASU 2018-12 on segment results of operations of CNA were as follows: Three Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Insurance claims and policyholders’ benefits (a) $ 1,665 $ 215 $ 1,880 Income (loss) before income tax 164 (215) (51) Income tax (expense) benefit (36) 45 9 Net income (loss) 128 (170) (42) Amounts attributable to noncontrolling interests (13) 18 5 Net income (loss) attributable to Loews Corporation 115 (152) (37) (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $211 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations. Nine Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Insurance claims and policyholders’ benefits (a) $ 4,703 $ 256 $ 4,959 Income before income tax 787 (256) 531 Income tax expense (141) 53 (88) Net income 646 (203) 443 Amounts attributable to noncontrolling interests (67) 22 (45) Net income attributable to Loews Corporation 579 (181) 398 (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $205 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2023
Business Acquisitions, Equity Method Investments And Joint Ventures [Abstract]
Acquisitions	Acquisitions Boardwalk Pipelines On September 29, 2023, Boardwalk Pipelines acquired 100% of the equity interests of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) from Williams Field Services Group, LLC for $348 million in cash, including working capital. Bayou Ethane owns an approximately 380-mile ethane pipeline system from Mont Belvieu, Texas, to the Mississippi River corridor in Louisiana and two 15-mile pipelines in the Houston Ship Channel area that carry ammonia and hydrogen chloride. Bayou Ethane provides ethane supply and transportation services for industrial customers in Louisiana and Texas. The purchase price was allocated to the assets acquired and liabilities assumed based on their estimated fair values on the date of acquisition. As of September 29, 2023, Boardwalk Pipelines recorded $369 million of assets and $21 million of liabilities, which include $296 million of property, plant and equipment and $34 million of finite lived intangible assets. The purchase price allocation is preliminary and is expected to be finalized by the first quarter of 2024. Loews Hotels & Co During the second quarter of 2023, Loews Hotels & Co paid $46 million to acquire an additional equity interest in a previously unconsolidated joint venture property. The acquisition resulted in Loews Hotels & Co consolidating the joint venture property and recording a gain of $46 million ($36 million after tax) . Upon acquisition, $232 million in assets and $120 million in liabilities, including mezzanine equity representing the remaining noncontrolling owner’s interest, were consolidated at fair value .

Investments

Investments	9 Months Ended
	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Investments	Investments Net investment income is as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In millions) Fixed maturity securities $ 491 $ 454 $ 1,443 $ 1,324 Limited partnership investments 29 (32) 111 (5) Short term investments 24 54 Equity securities (a) 9 2 42 (7) Income (loss) from trading portfolio (a) 32 (18) 91 (95) Other 30 19 78 47 Total investment income 615 425 1,819 1,264 Investment expenses (23) (21) (67) (62) Net investment income $ 592 $ 404 $ 1,752 $ 1,202 (a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2023 and 2022 $ (14) $ (68) $ 3 $ (179) Investment gains (losses) are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In millions) Fixed maturity securities: Gross gains $ 12 $ 23 $ 55 $ 94 Gross losses (49) (134) (141) (222) Investment losses on fixed maturity securities (37) (111) (86) (128) Equity securities (a) 2 (2) (9) (111) Derivative instruments 24 79 Short term investments and other (3) (7) (10) (6) Gain on acquisition of a joint venture (see Note 2) 46 Investment losses $ (38) $ (96) $ (59) $ (166) (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, 2023 and 2022 $ 2 $ (2) $ 2 $ (109) Net investment losses for the three months ended September 30, 2022 in the table above included a $35 million net loss related to the 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 was 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 was the final recognition of changes in the valuation of the funds held assets and offsets previously recognized net investment gains on the associated embedded derivative. The coinsurance agreement was novated in the fourth quarter of 2022. 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, 2023 2022 2023 2022 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 8 $ 24 $ 25 $ 53 Asset-backed 4 1 12 2 Impairment losses recognized in earnings $ 12 $ 25 $ 37 $ 55 T here were $5 million and $11 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2023 due to changes in expected credit losses. There were $8 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2022. The following tables present a summary of fixed maturity securities: September 30, 2023 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 24,757 $ 196 $ 2,437 $ 5 $ 22,511 States, municipalities and political 8,003 183 1,152 7,034 Asset-backed: Residential mortgage-backed 3,425 4 599 2,830 Commercial mortgage-backed 1,833 4 276 7 1,554 Other asset-backed 3,483 7 366 6 3,118 Total asset-backed 8,741 15 1,241 13 7,502 U.S. Treasury and obligations of 150 1 2 149 Foreign government 713 1 56 658 Fixed maturities available-for-sale $ 42,364 $ 396 $ 4,888 $ 18 $ 37,854 Fixed maturities trading 389 389 Total fixed maturity securities $ 42,753 $ 396 $ 4,888 $ 18 $ 38,243 December 31, 2022 Fixed maturity securities: Corporate and other bonds $ 23,137 $ 301 $ 2,009 $ 21,429 States, municipalities and political 8,918 338 939 8,317 Asset-backed: Residential mortgage-backed 3,073 5 447 2,631 Commercial mortgage-backed 1,886 4 255 1,635 Other asset-backed 3,287 2 361 $ 1 2,927 Total asset-backed 8,246 11 1,063 1 7,193 U.S. Treasury and obligations of 111 1 2 110 Foreign government 617 1 43 575 Redeemable preferred stock 3 3 Fixed maturities available-for-sale $ 41,032 $ 652 $ 4,056 $ 1 $ 37,627 Fixed maturities trading 70 70 Total fixed maturity securities $ 41,102 $ 652 $ 4,056 $ 1 $ 37,697 The available-for-sale fixed maturity 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, 2023 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 $ 6,374 $ 378 $ 12,794 $ 2,059 $ 19,168 $ 2,437 States, municipalities and political 1,593 138 2,902 1,014 4,495 1,152 Asset-backed: Residential mortgage-backed 680 30 2,094 569 2,774 599 Commercial mortgage-backed 273 9 1,161 267 1,434 276 Other asset-backed 609 40 1,873 326 2,482 366 Total asset-backed 1,562 79 5,128 1,162 6,690 1,241 U.S. Treasury and obligations of 106 1 21 1 127 2 Foreign government 201 9 436 47 637 56 Total fixed maturity securities $ 9,836 $ 605 $ 21,281 $ 4,283 $ 31,117 $ 4,888 December 31, 2022 Fixed maturity securities: Corporate and other bonds $ 15,946 $ 1,585 $ 1,634 $ 424 $ 17,580 $ 2,009 States, municipalities and political 4,079 769 456 170 4,535 939 Asset-backed: Residential mortgage-backed 1,406 144 1,143 303 2,549 447 Commercial mortgage-backed 1,167 159 408 96 1,575 255 Other asset-backed 2,087 262 542 99 2,629 361 Total asset-backed 4,660 565 2,093 498 6,753 1,063 U.S. Treasury and obligations of 76 1 16 1 92 2 Foreign government 473 26 78 17 551 43 Total fixed maturity securities $ 25,234 $ 2,946 $ 4,277 $ 1,110 $ 29,511 $ 4,056 The following table presents the estimated fair value and gross unrealized losses of available-for-sale 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, 2023 December 31, 2022 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) U.S. Government, Government agencies and Government-sponsored enterprises $ 2,620 $ 466 $ 2,355 $ 337 AAA 1,893 382 1,559 298 AA 4,458 1,037 4,327 817 A 7,240 913 6,615 749 BBB 13,704 1,881 13,226 1,621 Non-investment grade 1,202 209 1,429 234 Total $ 31,117 $ 4,888 $ 29,511 $ 4,056 Based on current facts and circumstances, the unrealized losses presented in the September 30, 2023 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. In reaching this determination, the continued 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 as of September 30, 2023. 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 $430 million, $394 million and $401 million as of September 30, 2023, December 31, 2022 and September 30, 2022 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, 2023 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2023 $ 13 $ 9 $ 22 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 5 5 Available-for-sale securities accounted for as PCD assets 2 2 Reductions to the allowance for credit losses: Write-offs charged against the allowance 15 15 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 4 4 Total allowance for credit losses $ 5 $ 13 $ 18 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 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 Nine months ended September 30, 2023 Allowance for credit losses: Balance as of January 1, 2023 $ — $ 1 $ 1 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 6 7 13 Available-for-sale securities accounted for as PCD assets 22 22 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 3 3 Write-offs charged against the allowance 15 15 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 5 6 Total allowance for credit losses $ 5 $ 13 $ 18 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 Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2023 December 31, 2022 Cost or Amortized Cost Estimated Fair Cost or Amortized Cost Estimated (In millions) Due in one year or less $ 1,137 $ 1,096 $ 1,012 $ 1,001 Due after one year through five years 11,320 10,651 9,880 9,399 Due after five years through ten years 13,044 11,610 13,788 12,453 Due after ten years 16,863 14,497 16,352 14,774 Total $ 42,364 $ 37,854 $ 41,032 $ 37,627 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, 2023 2023 2022 2021 2020 2019 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 9 $ 8 $ 97 $ 61 $ 242 $ 417 LTV 55% to 65% 5 8 13 LTV greater than 65% 31 11 42 DSCR 1.2x - 1.6x LTV less than 55% $ 28 5 14 29 28 104 LTV 55% to 65% 15 36 36 24 32 143 LTV greater than 65% 65 65 DSCR ≤1.2x LTV less than 55% 22 34 56 LTV 55% to 65% 10 41 43 94 LTV greater than 65% 27 21 41 7 96 Total $ 75 $ 248 $ 81 $ 135 $ 182 $ 309 $ 1,030 (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, 2023 December 31, 2022 Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value Asset (Liability) Asset (Liability) (In millions) Without hedge designation: Equity markets: Options – purchased $ 152 $ 4 Futures – short 159 $ 169 Warrants 85 6 117 $ 6 Interest rate swaps 240 18 240 19 Currency forwards 12 $ (1) 12 $ (1) 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, 2023, commitments to purchase or fund were approximately $1.6 billion and to sell were approximately $65 million under the terms of these investments.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2023
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 United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. September 30, 2023 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 159 $ 22,214 $ 945 $ 23,318 States, municipalities and political subdivisions 6,993 41 7,034 Asset-backed 6,605 897 7,502 Fixed maturities available-for-sale 159 35,812 1,883 37,854 Fixed maturities trading 387 2 389 Total fixed maturities $ 546 $ 35,814 $ 1,883 $ 38,243 Equity securities $ 605 $ 427 $ 23 $ 1,055 Short term and other 3,773 35 3,808 Receivables 18 18 Payable to brokers (87) (87) December 31, 2022 Fixed maturity securities: Corporate bonds and other $ 120 $ 21,187 $ 810 $ 22,117 States, municipalities and political subdivisions 8,274 43 8,317 Asset-backed 6,405 788 7,193 Fixed maturities available-for-sale 120 35,866 1,641 37,627 Fixed maturities trading 1 69 70 Total fixed maturities $ 121 $ 35,935 $ 1,641 $ 37,697 Equity securities $ 669 $ 435 $ 35 $ 1,139 Short term and other 4,539 167 4,706 Receivables 19 19 Payable to brokers (82) (82) 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, 2023 and 2022: 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 2023 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 $ 971 $ (36) $ 29 $ (19) $ 945 $ (36) States, municipalities and political subdivisions 43 (2) 41 (2) Asset-backed 883 $ 1 (28) 61 (13) $ (7) 897 (28) Fixed maturities available-for-sale $ 1,897 $ 1 $ (66) $ 90 $ — $ (32) $ — $ (7) $ 1,883 $ — $ (66) Equity securities $ 26 $ (1) $ (2) $ 23 $ (1) 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) 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 2023 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 $ 810 $ (27) $ 178 $ (27) $ 11 $ 945 $ (27) States, municipalities and political subdivisions 43 (2) 41 (2) Asset-backed 788 $ 10 (28) 203 (39) 23 $ (60) 897 (28) Fixed maturities available-for-sale $ 1,641 $ 10 $ (57) $ 381 $ — $ (66) $ 34 $ (60) $ 1,883 $ — $ (57) Equity securities $ 35 $ (8) $ (4) $ 23 $ (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 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) Equity securities $ 29 $ (7) $ 12 $ (3) $ 9 $ (10) $ 30 $ (8) 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, 2023 Estimated Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,359 Discounted cash flow Credit spread 1 % — 7 % (2 %) December 31, 2022 Fixed maturity securities $ 1,177 Discounted cash flow Credit spread 1 % — 8 % (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, 2023 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 995 $ 929 $ 929 Liabilities: Short term debt 1,260 $ 786 469 1,255 Long term debt 7,921 6,867 401 7,268 December 31, 2022 Assets: Other invested assets, primarily mortgage loans $ 1,040 $ 973 $ 973 Liabilities: Short term debt 853 $ 744 111 855 Long term debt 8,160 7,035 586 7,621

Claim and Claim Adjustment Expe

Claim and Claim Adjustment Expense Reserves	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Claim and Claim Adjustment Expense Reserves	Claim and Claim Adjustment Expense Reserves 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, economic, medical and social 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. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. 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. The Company reported catastrophe losses, net of reinsurance, of $94 million and $114 million for the three months ended September 30, 2023 and 2022 and $214 million and $171 million for the nine months ended September 30, 2023 and 2022. Catastrophe losses for the three and nine months ended September 30, 2023 were driven primarily by severe weather related events. 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. Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves. Nine Months Ended September 30 2023 2022 (a) (In millions) Reserves, beginning of year: Gross $ 22,120 $ 21,269 Ceded 5,191 4,969 Net reserves, beginning of year 16,929 16,300 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,221 3,830 Increase (decrease) in provision for insured events of prior years 43 (4) Amortization of discount 33 33 Total net incurred (b) 4,297 3,859 Net payments attributable to: Current year events (588) (482) Prior year events (2,953) (2,700) Total net payments (3,541) (3,182) Foreign currency translation adjustment and other (30) (383) Net reserves, end of period 17,655 16,594 Ceded reserves, end of period 5,181 5,147 Gross reserves, end of period $ 22,836 $ 21,741 (a) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021. For additional information see Note 1. (b) 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 and uncollectible reinsurance, 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. Favorable net prior year loss reserve development of $7 million and $17 million was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”) for the three months ended September 30, 2023 and 2022 and favorable net prior year loss reserve development of $11 million and $66 million was recorded for the nine months ended September 30, 2023 and 2022. Unfavorable net prior year loss reserve development of $20 million was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”) for the three months ended September 30, 2023 and unfavorable net prior year loss reserve development of $55 million and $64 million was recorded for the nine months ended September 30, 2023 and 2022. The following table and discussion present 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, 2023 2022 2023 2022 (In millions) Medical professional liability $ 8 $ 9 $ 17 Other professional liability and management liability $ 17 9 16 22 Surety (21) (20) (28) (48) Commercial auto 11 21 General liability 70 41 Workers’ compensation (2) (2) (100) (86) Warranty (2) (13) (11) (22) Property and other 1 1 22 (11) Other insurance operations 20 55 64 Total pretax (favorable) unfavorable development $ 13 $ (17) $ 44 $ (2) Three Months 2023 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s cyber and professional errors and omissions (“E&O”) businesses in multiple accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Unfavorable development in other insurance operations was primarily driven by higher than expected frequency and severity in legacy mass tort abuse claims in older accident years. 2022 Favorable development in surety was primarily due to lower than expected loss emergence in multiple accident years and lack of systemic activity in recent accident years. Nine Months 2023 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s cyber and professional E&O businesses in multiple accident years. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and middle market businesses across multiple 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 large loss emergence in CNA’s professional liability business in accident year 2017. Unfavorable development in other insurance operations was primarily driven by higher than expected frequency and severity in legacy mass tort abuse claims in older accident years. 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 E&O 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 CNA’s construction , middle market and small businesses 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 warranty was due to lower than expected loss emergence in a recent accident year. Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims, including the Diocese of Rochester proposed settlement. 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 $15 million and $17 million for the three months ended September 30, 2023 and 2022 and $38 million and $40 million for the nine months ended September 30, 2023 and 2022 . As of September 30, 2023 and December 31, 2022, the cumulative amounts ceded under the LPT were $3.5 billion. The unrecognized deferred retroactive reinsurance benefit was $388 million and $425 million as of September 30, 2023 and December 31, 2022 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, 2023. 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 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.

Future Policy Benefits Reserves

Future Policy Benefits Reserves	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Future Policy Benefit Reserves	Future Policy Benefits Reserves Future policy benefits reserves are related to CNA’s run-off long term care business, which is included in Other Insurance Operations. The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations. The LFPB is computed using the net level premium method, which incorporates cash flow assumptions and discount rate assumptions. Under the net level premium method, the LFPB is equal to the present value of future benefits and claim settlement expenses less the present value of future net premiums. Net premiums are equal to gross premiums multiplied by the NPR. The NPR is generally the ratio of the present value of benefits and expense payments to the present value of gross premiums, expected over the lifetime of the policy. As a result of the modified retrospective adoption of ASU 2018-12, the NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021. The key cash flow assumptions used to estimate the LFPB are morbidity, persistency (inclusive of mortality), anticipated future premium rate increases and expenses. 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. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. Expense assumptions relate to claim adjudication. The practical expedient that allows locking in the expense assumption has not been elected. The discount rate is determined using the upper-medium grade fixed income instrument yield curve. CNA has elected to update the NPR and the LFPB for actual experience on a quarterly basis. A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated. Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate increases and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered. The cash flow assumption updates for the third quarter of 2023 resulted in an $8 million pretax increase in the LFPB. Persistency updates were unfavorable due to revisions to lapse rates. Morbidity updates were favorable, driven by claim severity assumption updates, and there was a favorable impact from outperformance on premium rate assumptions. Adjusted to reflect the application of ASU 2018-12, the cash flow assumption updates for the third quarter of 2022 resulted in a $186 million pretax increase to the LFPB, primarily driven by the unfavorable impact of increased cost of care inflation offset by favorable premium rate assumptions. Quarterly, to derive the upper-medium grade fixed income instrument yield discount rate assumption, a published spot rate curve constructed from single-A rated U.S. dollar denominated corporate bonds is used. Linear interpolation is used to determine yield assumptions for tenors that fall between points for which observable rates are available. For cash flows that are projected to occur beyond the tenor for which market-observable rates are available, judgment is applied to estimate a normative rate which is graded to over 10 years. Quarterly, the updated NPR is used to derive an updated LFPB as of the beginning of the current quarter measured at the original locked in discount rate. The updated LFPB is then compared to the existing carrying amount of the liability as of the same date (measured at the original locked in discount rate) to determine the re-measurement gain (loss), which is presented parenthetically within the Insurance claims and policyholders’ benefits line on the Consolidated Condensed Statements of Operations. Insurance contracts are grouped into cohorts according to issue year. Contracts assumed through reinsurance are generally included within the same cohorts as contracts issued directly by CNA, according to issue year. The issue year for assumed contracts is defined according to the date that the assumption of insurance risk incepted. For assumed contracts that were reinsured concurrently with the issuance of the underlying direct contract, issue year is defined as the year that the underlying policy was issued. For contracts that were already in-force when assumed, issue year is defined as the year in which the reinsurance agreement incepted. For group long term care business, issue year is defined as the year the individual insurance certificate was issued. Long term care is CNA’s only long-duration product line, therefore, cohorts are not further disaggregated by product. The following table summarizes balances and changes in the LFPB. 2023 2022 (In millions) Present value of future net premiums Balance, January 1 $ 3,993 $ 4,735 Effect of changes in discount rate (74) (880) Balance, January 1, at original locked in discount rate 3,919 3,855 Effect of changes in cash flow assumptions (a) 28 352 Effect of actual variances from expected experience (a) (112) (40) Adjusted balance, January 1 3,835 4,167 Interest accrual 153 161 Net premiums: earned during period (332) (341) Balance, end of period at original locked in discount rate 3,656 3,987 Effect of changes in discount rate (67) 40 Balance, September 30 $ 3,589 $ 4,027 Present value of future benefits & expenses Balance, January 1 $ 17,472 $ 22,745 Effect of changes in discount rate (125) (5,942) Balance, January 1, at original locked in discount rate 17,347 16,803 Effect of changes in cash flow assumptions (a) 36 538 Effect of actual variances from expected experience (a) (45) (21) Adjusted balance, January 1 17,338 17,320 Interest accrual 723 730 Benefit & expense payments (945) (708) Balance, end of period at original locked in discount rate 17,116 17,342 Effect of changes in discount rate (873) (134) Balance, September 30 $ 16,243 $ 17,208 Net LFPB, September 30 $ 12,654 $ 13,181 (a) As of September 30, 2023 and 2022 , the re-measurement loss of $(75) million and $(205) million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience. The following table presents earned premiums and interest expense associated with the long term care business recognized on the Condensed Consolidated Statement of Operations. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In millions) Earned premiums $ 112 $ 118 $ 340 $ 356 Interest expense 191 192 570 569 The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums. September 30, 2023 2022 (In millions) Expected future benefit and expense payments $ 33,217 $ 34,496 Expected future gross premiums 5,557 6,034 Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.7 billion and $4.1 billion as of September 30, 2023 and 2022. The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 12 years as of September 30, 2023 and 2022. The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows. September 30, December 31, 2023 2022 2022 Original locked in discount rate 5.24 % 5.28 % 5.27 % Upper-medium grade fixed income instrument discount rate 5.78 5.39 5.23 For the three and nine months ended September 30, 2023, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% for certain cohorts were $109 million and $152 million. For each of the three and nine months ended September 30, 2022, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% for certain cohorts were $154 million.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2023
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, 2022 and 2023 : Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative 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, 2022, as reported $ (7) $ (1,721) $ — $ 18 $ (625) $ (175) $ (2,510) Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $(108), $228, $0, $0 and $0 365 (768) (403) Balance, July 1, 2022, as adjusted (7) (1,356) (768) 18 (625) (175) (2,913) Other comprehensive income (loss) before reclassifications, after tax of $1, $487, $(265), $0, $0, and $0 (1,837) 994 6 (106) (943) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $(11), $0, $(1), $(2) and $0 (2) 102 (2) 6 104 Other comprehensive income (loss) (2) (1,735) 994 4 6 (106) (839) Amounts attributable to noncontrolling interests (1) 169 (104) (1) 10 73 Balance, September 30, 2022 $ (10) $ (2,922) $ 122 $ 22 $ (620) $ (271) $ (3,679) Balance, July 1, 2023 $ (16) $ (2,238) $ (163) $ 20 $ (609) $ (154) $ (3,160) Other comprehensive income (loss) before reclassifications, after tax of $3, $295, $(217), $(2), $0 and $0 (9) (1,105) 818 (1) (55) (352) Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(6), $0, $0, $(11) and $0 8 21 40 69 Other comprehensive income (loss) (1) (1,084) 818 (1) 40 (55) (283) Amounts attributable to noncontrolling interests 1 95 (69) (1) 5 31 Purchase of CNA shares (46) (1) (10) (4) (61) Balance, September 30, 2023 $ (16) $ (3,273) $ 585 $ 19 $ (580) $ (208) $ (3,473) Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative 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, 2022, as reported $ (2) $ 930 $ — $ (6) $ (636) $ (100) $ 186 Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $(617), $1,063, $0, $0 and $0 2,079 (3,585) (1,506) Balance, January 1, 2022, as adjusted (2) 3,009 (3,585) (6) (636) (100) (1,320) Other comprehensive income (loss) before reclassifications, after tax of $1, $1,779, $(1,100), $3, $0 and $0 (5) (6,721) 4,136 27 (189) (2,752) Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $1, $(15), $0, $0, $(5) and $0 (3) 117 1 18 133 Other comprehensive income (loss) (8) (6,604) 4,136 28 18 (189) (2,619) Amounts attributable to noncontrolling interests 673 (429) (2) 18 260 Balance, September 30, 2022 $ (10) $ (2,922) $ 122 $ 22 $ (620) $ (271) $ (3,679) Balance, January 1, 2023, as reported $ (7) $ (2,469) $ — $ 14 $ (622) $ (200) $ (3,284) Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $0, $11, $0, $0 and $0 (36) (36) Balance, January 1, 2023, as adjusted (7) (2,469) (36) 14 (622) (200) (3,320) Other comprehensive income (loss) before reclassifications, after tax of $7, $235, $(180), $(1), $0 and $0 (25) (880) 678 5 (4) (226) Reclassification of losses from accumulated other comprehensive loss, after tax of $(4), $(14), $0, $0, $(15) and $0 15 53 55 123 Other comprehensive income (loss) (10) (827) 678 5 55 (4) (103) Amounts attributable to noncontrolling interests 1 69 (56) (3) 11 Purchase of CNA shares (46) (1) (10) (4) (61) Balance, September 30, 2023 $ (16) $ (3,273) $ 585 $ 19 $ (580) $ (208) $ (3,473) 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 Stock Purchases Loews Corporation repurchased 11.9 million and 10.5 million shares of its common stock at aggregate costs of $711 million and $614 million during the nine months ended September 30, 2023 and 2022. Loews Corporation purchased 4.5 million shares of CNA’s common stock at an aggregate cost of $178 million during the nine months ended September 30, 2023.

Debt

Debt	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Debt	Debt In June of 2023, Boardwalk Pipelines entered into an amendment to its revolving credit agreement, which extended the maturity date of its revolving credit facility from May 27, 2027 to May 26, 2028, while preserving the two one-year extensions that can be exercised at Boardwalk Pipelines’ election. The available borrowing capacity under the credit agreement will decrease from $1 billion to $912 million after May 27, 2027. In May of 2023 , CNA completed a public offering of $400 million aggregate principal amount of its 5.5% senior notes due June 15, 2033 and in August of 2023, CNA completed a public offering of an additional $100 million aggregate principal amount of its 5.5% senior notes due June 15, 2033. In May of 2023, Loews Corporation retired at maturity with available cash the outstanding $500 million aggregate principal amount of its 2.6% senior notes.

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2023
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 13 : Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In millions) Non-insurance warranty – CNA Financial $ 407 $ 399 $ 1,221 $ 1,173 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines $ 347 $ 329 $ 1,083 $ 1,013 Lodging and related services – Loews Hotels & Co 190 171 577 507 Total revenues from contracts with customers 537 500 1,660 1,520 Other revenues 22 33 68 87 Operating revenues and other $ 559 $ 533 $ 1,728 $ 1,607 Receivables from contracts with customers – As of September 30, 2023 and December 31, 2022, receivables from contracts with customers were approximately $194 million and $168 million and are included within Receivables on the Consolidated Condensed Balance Sheets. Deferred revenue – As of September 30, 2023 and December 31, 2022, deferred revenue resulting from contracts with customers was approximately $4.8 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $905 million and $1.0 billion of revenues recognized during the nine months ended September 30, 2023 and 2022 were included in deferred revenue as of December 31, 2022 and 2021. Performance obligations – As of September 30, 2023, approximately $14.0 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 other 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 2023 , $2.6 billion in 2024 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, 2023
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, 2023 2022 2023 2022 (In millions) Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 28 20 84 57 Expected return on plan assets (32) (41) (96) (124) Amortization of unrecognized net loss 9 8 27 24 Settlements 47 48 2 Regulatory asset decrease (1) 1 Net periodic (benefit) cost $ 53 $ (13) $ 65 $ (38) During the third quarter of 2023 , the Company terminated a non-contributory defined benefit plan through lump sum settlement payments to certain participants and the transfer of the remaining liability to a third party insurance company through the purchase of group annuity contracts. The Company recorded a settlement expense of $47 million ($37 million after-tax) to recognize unrealized losses which were previously included in AOCI. Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In millions) Interest cost $ 1 $ 1 Expected return on plan assets $ (1) (2) (1) Amortization of unrecognized net loss 1 1 Net periodic benefit $ — $ — $ — $ —

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2023
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 believed that the Trial Court ruling included 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 on September 14, 2022, and on December 19, 2022, the Supreme Court reversed the Trial Court’s ruling and remanded the case to the Trial Court for further proceedings related to claims not decided by the Trial Court’s ruling. Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023. Other Litigation

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2023
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, 2023, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.5 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.

Segments

Segments	9 Months Ended
	Sep. 30, 2023
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, and the equity method of accounting for Altium Packaging LLC. 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, 2022. 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, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,406 $ 2,406 Net investment income 553 $ 6 $ 2 $ 31 592 Investment losses (38) (38) Non-insurance warranty revenue 407 407 Operating revenues and other 8 357 194 559 Total 3,336 363 196 31 3,926 Expenses: Insurance claims and policyholders’ benefits 1,826 1,826 Amortization of deferred acquisition costs 426 426 Non-insurance warranty expense 386 386 Operating expenses and other 338 258 195 69 860 Equity method (income) loss (26) 4 (22) Interest 34 39 3 18 94 Total 3,010 297 172 91 3,570 Income (loss) before income tax 326 66 24 (60) 356 Income tax (expense) benefit (68) (17) (7) 12 (80) Net income (loss) 258 49 17 (48) 276 Amounts attributable to noncontrolling interests (23) (23) Net income (loss) attributable to Loews Corporation $ 235 $ 49 $ 17 $ (48) $ 253 Three Months Ended September 30, 2022 CNA Financial (a) Boardwalk Pipelines Loews Corporate Total (a) (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 1,880 1,880 Amortization of deferred acquisition costs 383 383 Non-insurance warranty expense 371 371 Operating expenses and other 346 250 183 16 795 Equity method (income) loss (36) 1 (35) Interest 28 42 (1) 23 92 Total 3,008 292 146 40 3,486 Income (loss) before income tax (51) 47 34 (55) (25) Income tax (expense) benefit 9 (13) (9) 11 (2) Net income (loss) (42) 34 25 (44) (27) Amounts attributable to noncontrolling interests 5 5 Net income (loss) attributable to Loews Corporation $ (37) $ 34 $ 25 $ (44) $ (22) (a) As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1. Nine Months Ended September 30, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 7,001 $ 7,001 Net investment income 1,653 $ 11 $ 4 $ 84 1,752 Investment gains (losses) (105) 46 (59) Non-insurance warranty revenue 1,221 1,221 Operating revenues and other 22 1,114 592 1,728 Total 9,792 1,125 642 84 11,643 Expenses: Insurance claims and policyholders’ benefits 5,258 5,258 Amortization of deferred acquisition costs 1,208 1,208 Non-insurance warranty expense 1,154 1,154 Operating expenses and other 1,021 751 572 105 2,449 Equity method (income) loss (98) 9 (89) Interest 93 117 9 61 280 Total 8,734 868 483 175 10,260 Income (loss) before income tax 1,058 257 159 (91) 1,383 Income tax (expense) benefit (220) (66) (44) 15 (315) Net income (loss) 838 191 115 (76) 1,068 Amounts attributable to noncontrolling interests (80) (80) Net income (loss) attributable to Loews Corporation $ 758 $ 191 $ 115 $ (76) $ 988 Nine Months Ended September 30, 2022 CNA Financial (a) Boardwalk Pipelines Loews Hotels & Co Corporate Total (a) (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 4,959 4,959 Amortization of deferred acquisition costs 1,101 1,101 Non-insurance warranty expense 1,092 1,092 Operating expenses and other 1,001 698 520 58 2,277 Equity method (income) loss (115) 4 (111) Interest 84 126 7 67 284 Total 8,237 824 412 129 9,602 Income (loss) before income tax 531 221 120 (223) 649 Income tax (expense) benefit (88) (57) (36) 44 (137) Net income (loss) 443 164 84 (179) 512 Amounts attributable to noncontrolling interests (45) (45) Net income (loss) attributable to Loews Corporation $ 398 $ 164 $ 84 $ (179) $ 467 (a) As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pay vs Performance Disclosure
Net income (loss) attributable to Loews Corporation	$ 253	$ (22)	$ 988	$ 467

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2023 shares	Sep. 30, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		The directors of the Company set forth in the table below adopted trading plans on the dates set forth in the table below with respect to the exercise of expiring stock appreciation rights (“SARs”) granted to them as director compensation in 2014. Each plan is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. Pursuant to each plan, if the market price of the Company’s common stock exceeds the exercise price for the applicable SARs by a specified amount during the applicable trading window, the applicable SARs will be exercised and the percentage of net shares received from such exercise set forth in the table below will be sold at market prices. For each director, 2,250 SARs expire on each of March 31, 2024, June 30, 2024, September 30, 2024 and December 31, 2024. The trading window under each plan for each such expiration begins on the first trading day of the expiration month and ends on the expiration date. Director Date of Adoption Percentage of Net Shares to Be Sold Ann E. Berman August 16, 2023 100% Joseph L. Bower September 12, 2023 50% Charles M. Diker August 22, 2023 100% Paul J. Fribourg August 16, 2023 100% Walter L. Harris August 16, 2023 100% In addition, on August 21, 2023, Andrew H. Tisch, Co-Chairman of the Board of Directors of the Company, adopted a trading plan with respect to the exercise of expiring SARs granted to him as executive compensation in 2014. The plan is
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Ann E. Berman [Member]
Trading Arrangements, by Individual
Name	Ann E. Berman
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2023
Arrangement Duration	305 days
Aggregate Available	2,250	2,250
Joseph L. Bower [Member]
Trading Arrangements, by Individual
Name	Joseph L. Bower
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2023
Arrangement Duration	305 days
Aggregate Available	2,250	2,250
Paul J. Fribourg [Member]
Trading Arrangements, by Individual
Name	Paul J. Fribourg
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2023
Arrangement Duration	305 days
Aggregate Available	2,250	2,250
Walter L. Harris [Member]
Trading Arrangements, by Individual
Name	Walter L. Harris
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 16, 2023
Arrangement Duration	305 days
Aggregate Available	2,250	2,250
Charles M. Diker [Member]
Trading Arrangements, by Individual
Name	Charles M. Diker
Title	Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 22, 2023
Arrangement Duration	305 days
Aggregate Available	2,250	2,250
Andrew H Tisch [Member]
Trading Arrangements, by Individual
Name	Andrew H. Tisch
Title	Co-Chairman of the Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 21, 2023
Aggregate Available	60,000	60,000
January 2, 2024 Arrangement [Member] | Andrew H Tisch [Member]
Trading Arrangements, by Individual
Arrangement Duration	12 days
Aggregate Available	30,000	30,000
January 3, 2024 Arrangement [Member] | Andrew H Tisch [Member]
Trading Arrangements, by Individual
Arrangement Duration	11 days
Aggregate Available	30,000	30,000

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2023
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 91.7% 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, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders. 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, 2023 and December 31, 2022, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2023 and 2022 and cash flows for the nine months ended September 30, 2023 and 2022, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the 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, 2022.
Accounting changes	Accounting changes – In August of 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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. Entities are required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) used to measure the liability for future policyholder benefits (“LFPB”) at least annually. The LFPB must also be updated for actual experience at least annually. The LFPB is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheets. The discount rate assumption used to measure the LFPB must be updated quarterly using an upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted as a single-A rate. The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in results of operations within Insurance claims and policyholders’ benefits. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss) (“OCI”). In contrast, under legacy accounting guidance, cash flow and discount rate assumptions were locked in unless a premium deficiency emerged. The discount rate assumption under legacy accounting guidance was determined using CNA’s internal investment portfolio yield, which was generally higher than a single-A yield. The new guidance eliminates the need to hold shadow reserves associated with long term care reserves. Under legacy accounting guidance, to the extent that unrealized gains on fixed maturity securities supporting long term care reserves would have resulted in a premium deficiency if realized, a related increase to Insurance reserves was recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss) (shadow reserves). The unit of account is the level at which reserves are measured. Under the new guidance, the unit of account used to measure the LFPB is the cohort. Cohorts are comprised of insurance contracts issued no more than one year apart, and must be further disaggregated according to policy benefit and insurance risk characteristics. Under legacy accounting guidance, the LFPB was generally measured at the individual policy level. Under the new guidance, the net premium ratio (“NPR”) is capped at 100%. To the extent that NPR would otherwise exceed 100%, the LFPB is increased, and a loss is recognized immediately in the results of operations. The NPR cap is applied at the cohort level each quarter when NPR is updated. In contrast, under legacy accounting guidance, premium deficiency testing was performed annually at the product level. See Note 6 to the Consolidated Condensed Financial Statements for further explanation of the NPR and LFPB calculations. The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. CNA’s run-off long term care business is in scope of the new guidance. All prior periods presented in the financial statements have been adjusted to reflect application of the new guidance. The original locked in discount rate, utilized for purposes of calculating the NPR under the new guidance, was based on the discount rate assumption used to calculate the LFPB immediately prior to the transition date. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business. In December of 2022, the FASB issued ASU 2022-05, “Financial Services-Insurance (Topic 944): Transition for Sold Contracts” (“ASU 2022-05”). This guidance permits companies to make an election to exclude from the scope of ASU 2018-12 any insurance contracts that have been de-recognized prior to the effective date of ASU 2018-12, assuming that the company has no significant continuing involvement with the de-recognized contracts. In the fourth quarter of 2022, CNA novated its block of legacy annuity business, which was fully-ceded prior to novation. The Company has elected the ASU 2022-05 transition relief, and has excluded the novated legacy annuity business from the scope of ASU 2018-12.

Basis of Presentation (Tables)

Basis of Presentation (Tables)	9 Months Ended
	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Accounting Standards Update	The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021: (In millions) Balance as of December 31, 2020, as reported $ 13,318 Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (a) 2,844 De-recognition of shadow reserves (3,293) Re-measurement using an upper-medium grade fixed income instrument yield discount rate 6,255 Other adjustments 8 Balance as of January 1, 2021, as adjusted $ 19,132 (a) In conjunction with the adoption of ASU 2018-12 The following table presents after tax adjustments to the opening balance of Shareholders’ equity and Noncontrolling interests resulting from adoption of ASU 2018-12: Accumulated other comprehensive income (loss) Retained earnings Noncontrolling interests (In millions) Balance as of December 31, 2020, as reported $ 581 $ 14,150 $ 1,321 De-recognition of shadow reserves 2,331 270 Re-measurement of LFPB using an upper-medium grade fixed (4,428) (513) Other adjustments (5) (1) Balance as of January 1, 2021, as adjusted $ (1,516) $ 14,145 $ 1,077 The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statement of Operations were as follows: Three Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Insurance claims and policyholders’ benefits (a) $ 1,665 $ 215 $ 1,880 Income (loss) before income tax 190 (215) (25) Income tax expense (47) 45 (2) Net income (loss) 143 (170) (27) Amounts attributable to noncontrolling interests (13) 18 5 Net income (loss) attributable to Loews Corporation 130 (152) (22) Basic net income (loss) per share 0.54 (0.63) (0.09) Diluted net income (loss) per share 0.54 (0.63) (0.09) (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $211 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations. Nine Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Insurance claims and policyholders’ benefits (a) $ 4,703 $ 256 $ 4,959 Income before income tax 905 (256) 649 Income tax expense (190) 53 (137) Net income 715 (203) 512 Amounts attributable to noncontrolling interests (67) 22 (45) Net income attributable to Loews Corporation 648 (181) 467 Basic net income per share 2.65 (0.74) 1.91 Diluted net income per share 2.64 (0.74) 1.90 (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $205 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations. The effects of adoption of ASU 2018-12 on the Consolidated Condensed Balance Sheet were as follows: December 31, 2022 As Reported Effect of Adoption As Adjusted (In millions) Other assets $ 3,941 $ 73 $ 4,014 Total assets 75,494 73 75,567 Claim and claim adjustment expenses (a) 25,099 (2,979) 22,120 Future policy benefits (a) 10,151 3,329 13,480 Total liabilities 60,016 350 60,366 Retained earnings 15,144 (213) 14,931 Accumulated other comprehensive income (loss) (3,284) (36) (3,320) Noncontrolling interests 880 (28) 852 Total equity 15,478 (277) 15,201 (a) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021. The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statement of Comprehensive Income (Loss) were as follows: Three Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Changes in: Net unrealized losses on other investments $ (1,327) $ (408) $ (1,735) Total unrealized losses on investments (1,329) (408) (1,737) Impact of changes in discount rates used to measure long-duration 994 994 Other comprehensive (loss) (1,425) 586 (839) Comprehensive (loss) (1,282) 416 (866) Amounts attributable to noncontrolling interests 119 (41) 78 Total comprehensive (loss) attributable to Loews Corporation (1,163) 375 (788) Nine Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Changes in: Net unrealized losses on other investments $ (4,284) $ (2,320) $ (6,604) Total unrealized losses on investments (4,292) (2,320) (6,612) Impact of changes in discount rates used to measure long-duration 4,136 4,136 Other comprehensive (loss) (4,435) 1,816 (2,619) Comprehensive (loss) (3,720) 1,613 (2,107) Amounts attributable to noncontrolling interests 379 (164) 215 Total comprehensive (loss) attributable to Loews Corporation (3,341) 1,449 (1,892) The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statements of Cash Flows were as follows: Nine Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Net income $ 715 $ (203) $ 512 Adjustments to reconcile net income to net cash provided by operating 779 (53) 726 Changes in: Insurance reserves 1,743 256 1,999 The effects of adoption of ASU 2018-12 on segment results of operations of CNA were as follows: Three Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Insurance claims and policyholders’ benefits (a) $ 1,665 $ 215 $ 1,880 Income (loss) before income tax 164 (215) (51) Income tax (expense) benefit (36) 45 9 Net income (loss) 128 (170) (42) Amounts attributable to noncontrolling interests (13) 18 5 Net income (loss) attributable to Loews Corporation 115 (152) (37) (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $211 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations. Nine Months Ended September 30, 2022 As Reported Effect of Adoption As Adjusted (In millions) Insurance claims and policyholders’ benefits (a) $ 4,703 $ 256 $ 4,959 Income before income tax 787 (256) 531 Income tax expense (141) 53 (88) Net income 646 (203) 443 Amounts attributable to noncontrolling interests (67) 22 (45) Net income attributable to Loews Corporation 579 (181) 398 (a) The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement loss of $205 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 2023 2022 (In millions) Fixed maturity securities $ 491 $ 454 $ 1,443 $ 1,324 Limited partnership investments 29 (32) 111 (5) Short term investments 24 54 Equity securities (a) 9 2 42 (7) Income (loss) from trading portfolio (a) 32 (18) 91 (95) Other 30 19 78 47 Total investment income 615 425 1,819 1,264 Investment expenses (23) (21) (67) (62) Net investment income $ 592 $ 404 $ 1,752 $ 1,202 (a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2023 and 2022 $ (14) $ (68) $ 3 $ (179)
Investment Gains (Losses)	Investment gains (losses) are as follows: Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In millions) Fixed maturity securities: Gross gains $ 12 $ 23 $ 55 $ 94 Gross losses (49) (134) (141) (222) Investment losses on fixed maturity securities (37) (111) (86) (128) Equity securities (a) 2 (2) (9) (111) Derivative instruments 24 79 Short term investments and other (3) (7) (10) (6) Gain on acquisition of a joint venture (see Note 2) 46 Investment losses $ (38) $ (96) $ (59) $ (166) (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, 2023 and 2022 $ 2 $ (2) $ 2 $ (109)
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, 2023 2022 2023 2022 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 8 $ 24 $ 25 $ 53 Asset-backed 4 1 12 2 Impairment losses recognized in earnings $ 12 $ 25 $ 37 $ 55
Amortized Cost and Fair Values of Fixed Maturity Securities	The following tables present a summary of fixed maturity securities: September 30, 2023 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 24,757 $ 196 $ 2,437 $ 5 $ 22,511 States, municipalities and political 8,003 183 1,152 7,034 Asset-backed: Residential mortgage-backed 3,425 4 599 2,830 Commercial mortgage-backed 1,833 4 276 7 1,554 Other asset-backed 3,483 7 366 6 3,118 Total asset-backed 8,741 15 1,241 13 7,502 U.S. Treasury and obligations of 150 1 2 149 Foreign government 713 1 56 658 Fixed maturities available-for-sale $ 42,364 $ 396 $ 4,888 $ 18 $ 37,854 Fixed maturities trading 389 389 Total fixed maturity securities $ 42,753 $ 396 $ 4,888 $ 18 $ 38,243 December 31, 2022 Fixed maturity securities: Corporate and other bonds $ 23,137 $ 301 $ 2,009 $ 21,429 States, municipalities and political 8,918 338 939 8,317 Asset-backed: Residential mortgage-backed 3,073 5 447 2,631 Commercial mortgage-backed 1,886 4 255 1,635 Other asset-backed 3,287 2 361 $ 1 2,927 Total asset-backed 8,246 11 1,063 1 7,193 U.S. Treasury and obligations of 111 1 2 110 Foreign government 617 1 43 575 Redeemable preferred stock 3 3 Fixed maturities available-for-sale $ 41,032 $ 652 $ 4,056 $ 1 $ 37,627 Fixed maturities trading 70 70 Total fixed maturity securities $ 41,102 $ 652 $ 4,056 $ 1 $ 37,697
Available-for-sale Fixed Maturity Securities in Gross Unrealized Loss Position	The available-for-sale fixed maturity 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, 2023 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 $ 6,374 $ 378 $ 12,794 $ 2,059 $ 19,168 $ 2,437 States, municipalities and political 1,593 138 2,902 1,014 4,495 1,152 Asset-backed: Residential mortgage-backed 680 30 2,094 569 2,774 599 Commercial mortgage-backed 273 9 1,161 267 1,434 276 Other asset-backed 609 40 1,873 326 2,482 366 Total asset-backed 1,562 79 5,128 1,162 6,690 1,241 U.S. Treasury and obligations of 106 1 21 1 127 2 Foreign government 201 9 436 47 637 56 Total fixed maturity securities $ 9,836 $ 605 $ 21,281 $ 4,283 $ 31,117 $ 4,888 December 31, 2022 Fixed maturity securities: Corporate and other bonds $ 15,946 $ 1,585 $ 1,634 $ 424 $ 17,580 $ 2,009 States, municipalities and political 4,079 769 456 170 4,535 939 Asset-backed: Residential mortgage-backed 1,406 144 1,143 303 2,549 447 Commercial mortgage-backed 1,167 159 408 96 1,575 255 Other asset-backed 2,087 262 542 99 2,629 361 Total asset-backed 4,660 565 2,093 498 6,753 1,063 U.S. Treasury and obligations of 76 1 16 1 92 2 Foreign government 473 26 78 17 551 43 Total fixed maturity securities $ 25,234 $ 2,946 $ 4,277 $ 1,110 $ 29,511 $ 4,056 The following table presents the estimated fair value and gross unrealized losses of available-for-sale 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, 2023 December 31, 2022 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) U.S. Government, Government agencies and Government-sponsored enterprises $ 2,620 $ 466 $ 2,355 $ 337 AAA 1,893 382 1,559 298 AA 4,458 1,037 4,327 817 A 7,240 913 6,615 749 BBB 13,704 1,881 13,226 1,621 Non-investment grade 1,202 209 1,429 234 Total $ 31,117 $ 4,888 $ 29,511 $ 4,056
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 $430 million, $394 million and $401 million as of September 30, 2023, December 31, 2022 and September 30, 2022 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, 2023 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2023 $ 13 $ 9 $ 22 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 5 5 Available-for-sale securities accounted for as PCD assets 2 2 Reductions to the allowance for credit losses: Write-offs charged against the allowance 15 15 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 4 4 Total allowance for credit losses $ 5 $ 13 $ 18 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 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 Nine months ended September 30, 2023 Allowance for credit losses: Balance as of January 1, 2023 $ — $ 1 $ 1 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 6 7 13 Available-for-sale securities accounted for as PCD assets 22 22 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 3 3 Write-offs charged against the allowance 15 15 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 5 6 Total allowance for credit losses $ 5 $ 13 $ 18 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
Available-for-sale Fixed Maturity Securities by Contractual Maturity	The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2023 December 31, 2022 Cost or Amortized Cost Estimated Fair Cost or Amortized Cost Estimated (In millions) Due in one year or less $ 1,137 $ 1,096 $ 1,012 $ 1,001 Due after one year through five years 11,320 10,651 9,880 9,399 Due after five years through ten years 13,044 11,610 13,788 12,453 Due after ten years 16,863 14,497 16,352 14,774 Total $ 42,364 $ 37,854 $ 41,032 $ 37,627
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, 2023 2023 2022 2021 2020 2019 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 9 $ 8 $ 97 $ 61 $ 242 $ 417 LTV 55% to 65% 5 8 13 LTV greater than 65% 31 11 42 DSCR 1.2x - 1.6x LTV less than 55% $ 28 5 14 29 28 104 LTV 55% to 65% 15 36 36 24 32 143 LTV greater than 65% 65 65 DSCR ≤1.2x LTV less than 55% 22 34 56 LTV 55% to 65% 10 41 43 94 LTV greater than 65% 27 21 41 7 96 Total $ 75 $ 248 $ 81 $ 135 $ 182 $ 309 $ 1,030 (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, 2023 December 31, 2022 Contractual/Notional Amount Estimated Fair Value Contractual/Notional Amount Estimated Fair Value Asset (Liability) Asset (Liability) (In millions) Without hedge designation: Equity markets: Options – purchased $ 152 $ 4 Futures – short 159 $ 169 Warrants 85 6 117 $ 6 Interest rate swaps 240 18 240 19 Currency forwards 12 $ (1) 12 $ (1)

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2023
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 United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. September 30, 2023 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 159 $ 22,214 $ 945 $ 23,318 States, municipalities and political subdivisions 6,993 41 7,034 Asset-backed 6,605 897 7,502 Fixed maturities available-for-sale 159 35,812 1,883 37,854 Fixed maturities trading 387 2 389 Total fixed maturities $ 546 $ 35,814 $ 1,883 $ 38,243 Equity securities $ 605 $ 427 $ 23 $ 1,055 Short term and other 3,773 35 3,808 Receivables 18 18 Payable to brokers (87) (87) December 31, 2022 Fixed maturity securities: Corporate bonds and other $ 120 $ 21,187 $ 810 $ 22,117 States, municipalities and political subdivisions 8,274 43 8,317 Asset-backed 6,405 788 7,193 Fixed maturities available-for-sale 120 35,866 1,641 37,627 Fixed maturities trading 1 69 70 Total fixed maturities $ 121 $ 35,935 $ 1,641 $ 37,697 Equity securities $ 669 $ 435 $ 35 $ 1,139 Short term and other 4,539 167 4,706 Receivables 19 19 Payable to brokers (82) (82)
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, 2023 and 2022: 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 2023 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 $ 971 $ (36) $ 29 $ (19) $ 945 $ (36) States, municipalities and political subdivisions 43 (2) 41 (2) Asset-backed 883 $ 1 (28) 61 (13) $ (7) 897 (28) Fixed maturities available-for-sale $ 1,897 $ 1 $ (66) $ 90 $ — $ (32) $ — $ (7) $ 1,883 $ — $ (66) Equity securities $ 26 $ (1) $ (2) $ 23 $ (1) 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) 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 2023 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 $ 810 $ (27) $ 178 $ (27) $ 11 $ 945 $ (27) States, municipalities and political subdivisions 43 (2) 41 (2) Asset-backed 788 $ 10 (28) 203 (39) 23 $ (60) 897 (28) Fixed maturities available-for-sale $ 1,641 $ 10 $ (57) $ 381 $ — $ (66) $ 34 $ (60) $ 1,883 $ — $ (57) Equity securities $ 35 $ (8) $ (4) $ 23 $ (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 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) Equity securities $ 29 $ (7) $ 12 $ (3) $ 9 $ (10) $ 30 $ (8) 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, 2023 Estimated Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,359 Discounted cash flow Credit spread 1 % — 7 % (2 %) December 31, 2022 Fixed maturity securities $ 1,177 Discounted cash flow Credit spread 1 % — 8 % (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, 2023 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 995 $ 929 $ 929 Liabilities: Short term debt 1,260 $ 786 469 1,255 Long term debt 7,921 6,867 401 7,268 December 31, 2022 Assets: Other invested assets, primarily mortgage loans $ 1,040 $ 973 $ 973 Liabilities: Short term debt 853 $ 744 111 855 Long term debt 8,160 7,035 586 7,621

Claim and Claim Adjustment Ex_2

Claim and Claim Adjustment Expense Reserves (Tables)	9 Months Ended
	Sep. 30, 2023
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. Nine Months Ended September 30 2023 2022 (a) (In millions) Reserves, beginning of year: Gross $ 22,120 $ 21,269 Ceded 5,191 4,969 Net reserves, beginning of year 16,929 16,300 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,221 3,830 Increase (decrease) in provision for insured events of prior years 43 (4) Amortization of discount 33 33 Total net incurred (b) 4,297 3,859 Net payments attributable to: Current year events (588) (482) Prior year events (2,953) (2,700) Total net payments (3,541) (3,182) Foreign currency translation adjustment and other (30) (383) Net reserves, end of period 17,655 16,594 Ceded reserves, end of period 5,181 5,147 Gross reserves, end of period $ 22,836 $ 21,741 (a) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expenses into Future policy benefits and this change was applied retrospectively as of January 1, 2021. For additional information see Note 1. (b) 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 and uncollectible reinsurance, which are not reflected in the table above.
Net Prior Year Loss Reserve Development in Property and Casualty Operations	The following table and discussion present 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, 2023 2022 2023 2022 (In millions) Medical professional liability $ 8 $ 9 $ 17 Other professional liability and management liability $ 17 9 16 22 Surety (21) (20) (28) (48) Commercial auto 11 21 General liability 70 41 Workers’ compensation (2) (2) (100) (86) Warranty (2) (13) (11) (22) Property and other 1 1 22 (11) Other insurance operations 20 55 64 Total pretax (favorable) unfavorable development $ 13 $ (17) $ 44 $ (2)

Future Policy Benefits Reserv_2

Future Policy Benefits Reserves (Tables)	9 Months Ended
	Sep. 30, 2023
Insurance [Abstract]
Schedule of Liability for Future Policy Benefit	The following table summarizes balances and changes in the LFPB. 2023 2022 (In millions) Present value of future net premiums Balance, January 1 $ 3,993 $ 4,735 Effect of changes in discount rate (74) (880) Balance, January 1, at original locked in discount rate 3,919 3,855 Effect of changes in cash flow assumptions (a) 28 352 Effect of actual variances from expected experience (a) (112) (40) Adjusted balance, January 1 3,835 4,167 Interest accrual 153 161 Net premiums: earned during period (332) (341) Balance, end of period at original locked in discount rate 3,656 3,987 Effect of changes in discount rate (67) 40 Balance, September 30 $ 3,589 $ 4,027 Present value of future benefits & expenses Balance, January 1 $ 17,472 $ 22,745 Effect of changes in discount rate (125) (5,942) Balance, January 1, at original locked in discount rate 17,347 16,803 Effect of changes in cash flow assumptions (a) 36 538 Effect of actual variances from expected experience (a) (45) (21) Adjusted balance, January 1 17,338 17,320 Interest accrual 723 730 Benefit & expense payments (945) (708) Balance, end of period at original locked in discount rate 17,116 17,342 Effect of changes in discount rate (873) (134) Balance, September 30 $ 16,243 $ 17,208 Net LFPB, September 30 $ 12,654 $ 13,181 (a) As of September 30, 2023 and 2022 , the re-measurement loss of $(75) million and $(205) million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience. The following table presents earned premiums and interest expense associated with the long term care business recognized on the Condensed Consolidated Statement of Operations. Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In millions) Earned premiums $ 112 $ 118 $ 340 $ 356 Interest expense 191 192 570 569 The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums. September 30, 2023 2022 (In millions) Expected future benefit and expense payments $ 33,217 $ 34,496 Expected future gross premiums 5,557 6,034 The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows. September 30, December 31, 2023 2022 2022 Original locked in discount rate 5.24 % 5.28 % 5.27 % Upper-medium grade fixed income instrument discount rate 5.78 5.39 5.23

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2022 and 2023 : Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative 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, 2022, as reported $ (7) $ (1,721) $ — $ 18 $ (625) $ (175) $ (2,510) Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $(108), $228, $0, $0 and $0 365 (768) (403) Balance, July 1, 2022, as adjusted (7) (1,356) (768) 18 (625) (175) (2,913) Other comprehensive income (loss) before reclassifications, after tax of $1, $487, $(265), $0, $0, and $0 (1,837) 994 6 (106) (943) Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $(11), $0, $(1), $(2) and $0 (2) 102 (2) 6 104 Other comprehensive income (loss) (2) (1,735) 994 4 6 (106) (839) Amounts attributable to noncontrolling interests (1) 169 (104) (1) 10 73 Balance, September 30, 2022 $ (10) $ (2,922) $ 122 $ 22 $ (620) $ (271) $ (3,679) Balance, July 1, 2023 $ (16) $ (2,238) $ (163) $ 20 $ (609) $ (154) $ (3,160) Other comprehensive income (loss) before reclassifications, after tax of $3, $295, $(217), $(2), $0 and $0 (9) (1,105) 818 (1) (55) (352) Reclassification of losses from accumulated other comprehensive loss, after tax of $(2), $(6), $0, $0, $(11) and $0 8 21 40 69 Other comprehensive income (loss) (1) (1,084) 818 (1) 40 (55) (283) Amounts attributable to noncontrolling interests 1 95 (69) (1) 5 31 Purchase of CNA shares (46) (1) (10) (4) (61) Balance, September 30, 2023 $ (16) $ (3,273) $ 585 $ 19 $ (580) $ (208) $ (3,473) Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Cumulative 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, 2022, as reported $ (2) $ 930 $ — $ (6) $ (636) $ (100) $ 186 Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $(617), $1,063, $0, $0 and $0 2,079 (3,585) (1,506) Balance, January 1, 2022, as adjusted (2) 3,009 (3,585) (6) (636) (100) (1,320) Other comprehensive income (loss) before reclassifications, after tax of $1, $1,779, $(1,100), $3, $0 and $0 (5) (6,721) 4,136 27 (189) (2,752) Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $1, $(15), $0, $0, $(5) and $0 (3) 117 1 18 133 Other comprehensive income (loss) (8) (6,604) 4,136 28 18 (189) (2,619) Amounts attributable to noncontrolling interests 673 (429) (2) 18 260 Balance, September 30, 2022 $ (10) $ (2,922) $ 122 $ 22 $ (620) $ (271) $ (3,679) Balance, January 1, 2023, as reported $ (7) $ (2,469) $ — $ 14 $ (622) $ (200) $ (3,284) Cumulative effect adjustments from changes in accounting standards (Note 1), after tax of $0, $0, $11, $0, $0 and $0 (36) (36) Balance, January 1, 2023, as adjusted (7) (2,469) (36) 14 (622) (200) (3,320) Other comprehensive income (loss) before reclassifications, after tax of $7, $235, $(180), $(1), $0 and $0 (25) (880) 678 5 (4) (226) Reclassification of losses from accumulated other comprehensive loss, after tax of $(4), $(14), $0, $0, $(15) and $0 15 53 55 123 Other comprehensive income (loss) (10) (827) 678 5 55 (4) (103) Amounts attributable to noncontrolling interests 1 69 (56) (3) 11 Purchase of CNA shares (46) (1) (10) (4) (61) Balance, September 30, 2023 $ (16) $ (3,273) $ 585 $ 19 $ (580) $ (208) $ (3,473)
Reclassification out of Accumulated Other Comprehensive Income	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, 2023
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 13 : Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In millions) Non-insurance warranty – CNA Financial $ 407 $ 399 $ 1,221 $ 1,173 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines $ 347 $ 329 $ 1,083 $ 1,013 Lodging and related services – Loews Hotels & Co 190 171 577 507 Total revenues from contracts with customers 537 500 1,660 1,520 Other revenues 22 33 68 87 Operating revenues and other $ 559 $ 533 $ 1,728 $ 1,607

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 2022 2023 2022 (In millions) Service cost $ 1 $ 1 $ 2 $ 2 Interest cost 28 20 84 57 Expected return on plan assets (32) (41) (96) (124) Amortization of unrecognized net loss 9 8 27 24 Settlements 47 48 2 Regulatory asset decrease (1) 1 Net periodic (benefit) cost $ 53 $ (13) $ 65 $ (38) During the third quarter of 2023 , the Company terminated a non-contributory defined benefit plan through lump sum settlement payments to certain participants and the transfer of the remaining liability to a third party insurance company through the purchase of group annuity contracts. The Company recorded a settlement expense of $47 million ($37 million after-tax) to recognize unrealized losses which were previously included in AOCI. Other Postretirement Benefits Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 (In millions) Interest cost $ 1 $ 1 Expected return on plan assets $ (1) (2) (1) Amortization of unrecognized net loss 1 1 Net periodic benefit $ — $ — $ — $ —

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2023
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, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,406 $ 2,406 Net investment income 553 $ 6 $ 2 $ 31 592 Investment losses (38) (38) Non-insurance warranty revenue 407 407 Operating revenues and other 8 357 194 559 Total 3,336 363 196 31 3,926 Expenses: Insurance claims and policyholders’ benefits 1,826 1,826 Amortization of deferred acquisition costs 426 426 Non-insurance warranty expense 386 386 Operating expenses and other 338 258 195 69 860 Equity method (income) loss (26) 4 (22) Interest 34 39 3 18 94 Total 3,010 297 172 91 3,570 Income (loss) before income tax 326 66 24 (60) 356 Income tax (expense) benefit (68) (17) (7) 12 (80) Net income (loss) 258 49 17 (48) 276 Amounts attributable to noncontrolling interests (23) (23) Net income (loss) attributable to Loews Corporation $ 235 $ 49 $ 17 $ (48) $ 253 Three Months Ended September 30, 2022 CNA Financial (a) Boardwalk Pipelines Loews Corporate Total (a) (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 1,880 1,880 Amortization of deferred acquisition costs 383 383 Non-insurance warranty expense 371 371 Operating expenses and other 346 250 183 16 795 Equity method (income) loss (36) 1 (35) Interest 28 42 (1) 23 92 Total 3,008 292 146 40 3,486 Income (loss) before income tax (51) 47 34 (55) (25) Income tax (expense) benefit 9 (13) (9) 11 (2) Net income (loss) (42) 34 25 (44) (27) Amounts attributable to noncontrolling interests 5 5 Net income (loss) attributable to Loews Corporation $ (37) $ 34 $ 25 $ (44) $ (22) (a) As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1. Nine Months Ended September 30, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 7,001 $ 7,001 Net investment income 1,653 $ 11 $ 4 $ 84 1,752 Investment gains (losses) (105) 46 (59) Non-insurance warranty revenue 1,221 1,221 Operating revenues and other 22 1,114 592 1,728 Total 9,792 1,125 642 84 11,643 Expenses: Insurance claims and policyholders’ benefits 5,258 5,258 Amortization of deferred acquisition costs 1,208 1,208 Non-insurance warranty expense 1,154 1,154 Operating expenses and other 1,021 751 572 105 2,449 Equity method (income) loss (98) 9 (89) Interest 93 117 9 61 280 Total 8,734 868 483 175 10,260 Income (loss) before income tax 1,058 257 159 (91) 1,383 Income tax (expense) benefit (220) (66) (44) 15 (315) Net income (loss) 838 191 115 (76) 1,068 Amounts attributable to noncontrolling interests (80) (80) Net income (loss) attributable to Loews Corporation $ 758 $ 191 $ 115 $ (76) $ 988 Nine Months Ended September 30, 2022 CNA Financial (a) Boardwalk Pipelines Loews Hotels & Co Corporate Total (a) (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 4,959 4,959 Amortization of deferred acquisition costs 1,101 1,101 Non-insurance warranty expense 1,092 1,092 Operating expenses and other 1,001 698 520 58 2,277 Equity method (income) loss (115) 4 (111) Interest 84 126 7 67 284 Total 8,237 824 412 129 9,602 Income (loss) before income tax 531 221 120 (223) 649 Income tax (expense) benefit (88) (57) (36) 44 (137) Net income (loss) 443 164 84 (179) 512 Amounts attributable to noncontrolling interests (45) (45) Net income (loss) attributable to Loews Corporation $ 398 $ 164 $ 84 $ (179) $ 467 (a) As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts in the financial statements have been adjusted to reflect application of the new standard. For additional information see Note 1.

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Details)	Sep. 30, 2023
CNA
Basis of Presentation [Abstract]
Subsidiary ownership percentage	91.70%

Basis of Presentation - Pre-Tra

Basis of Presentation - Pre-Transition LFPB to Adjusted Opening Balance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Present value of future net premiums
Effect of changes in cash flow assumptions	$ 36	$ 538
Balance as of January 1, 2021, as adjusted	$ 13,480
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2018-12 [Member]
As Reported
Present value of future net premiums
Balance as of January 1, 2021, as adjusted	$ 10,151
Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits
Present value of future net premiums
Effect of changes in cash flow assumptions			$ 2,844
De-recognition of shadow reserves
Present value of future net premiums
Effect of changes in cash flow assumptions			(3,293)
Re-measurement using an upper-medium grade fixed income instrument yield discount rate
Present value of future net premiums
Effect of changes in cash flow assumptions			6,255
Other adjustments
Present value of future net premiums
Effect of changes in cash flow assumptions			$ 8

Basis of Presentation - Effects

Basis of Presentation - Effects of Adoption of ASU 2018-12, Stockholders' Equity (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	$ 15,158	$ 15,470	$ 15,201	$ 14,563	$ 15,714	$ 17,471
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			15,478		16,221	19,175
Accumulated Other Comprehensive Income (Loss)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	(3,473)	(3,160)	(3,320)	(3,679)	(2,913)	(1,320)	$ (1,516)
Accumulated Other Comprehensive Income (Loss) | As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			(3,284)		(2,510)	186	581
Accumulated Other Comprehensive Income (Loss) | De-recognition of shadow reserves
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity							2,331
Accumulated Other Comprehensive Income (Loss) | Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity							(4,428)
Accumulated Other Comprehensive Income (Loss) | Other adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity
Retained Earnings
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	15,877	15,637	14,931	15,172	15,210	14,754	14,145
Retained Earnings | As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			15,144		15,261	14,776	14,150
Retained Earnings | De-recognition of shadow reserves
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity
Retained Earnings | Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity
Retained Earnings | Other adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity							(5)
Noncontrolling Interests
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity	$ 710	$ 867	852	$ 798	932	1,153	1,077
Noncontrolling Interests | As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity			$ 880		$ 985	$ 1,329	1,321
Noncontrolling Interests | De-recognition of shadow reserves
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity							270
Noncontrolling Interests | Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity							(513)
Noncontrolling Interests | Other adjustments
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Total equity							$ (1)

Basis of Presentation - Effec_2

Basis of Presentation - Effects of Adoption of ASU 2018-12, Operations (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders’ benefits	$ 1,826	$ 1,880	$ 5,258	$ 4,959
Income (loss) before income tax	356	(25)	1,383	649
Income tax expense	(80)	(2)	(315)	(137)
Net income (loss)	276	(27)	1,068	512
Amounts attributable to noncontrolling interests	(23)	5	(80)	(45)
Net income (loss) attributable to Loews Corporation	$ 253	$ (22)	$ 988	$ 467
Basic net income (loss) per share (in dollars per share)	$ 1.12	$ (0.09)	$ 4.32	$ 1.91
Diluted net income (loss) per share (in dollars per share)	$ 1.12	$ (0.09)	$ 4.31	$ 1.90
Re-measurement loss of insurance claims and policyholders’ benefits	$ (41)	$ (211)	$ (75)	$ (205)
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders’ benefits		1,665		4,703
Income (loss) before income tax		190		905
Income tax expense		(47)		(190)
Net income (loss)		143		715
Amounts attributable to noncontrolling interests		(13)		(67)
Net income (loss) attributable to Loews Corporation		$ 130		$ 648
Basic net income (loss) per share (in dollars per share)		$ 0.54		$ 2.65
Diluted net income (loss) per share (in dollars per share)		$ 0.54		$ 2.64
Effect of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders’ benefits		$ 215		$ 256
Income (loss) before income tax		(215)		(256)
Income tax expense		45		53
Net income (loss)		(170)		(203)
Amounts attributable to noncontrolling interests		18		22
Net income (loss) attributable to Loews Corporation		$ (152)		$ (181)
Basic net income (loss) per share (in dollars per share)		$ (0.63)		$ (0.74)
Diluted net income (loss) per share (in dollars per share)		$ (0.63)		$ (0.74)

Basis of Presentation - Adoptio

Basis of Presentation - Adoption on Consolidated Condensed Balance Sheets (Details) - USD ($) $ in Millions	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets	$ 4,269		$ 4,014
Total assets	76,469		75,567
Claim and claim adjustment expense	22,836		22,120	$ 21,741		$ 21,269
Future policy benefits	12,654		13,480	13,181			$ 19,132
Total liabilities	61,311		60,366
Retained earnings	15,877		14,931
Accumulated other comprehensive loss	(3,473)		(3,320)
Noncontrolling interests	710		852
Total equity	$ 15,158	$ 15,470	15,201	$ 14,563	$ 15,714	17,471
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets			3,941
Total assets			75,494
Claim and claim adjustment expense			25,099
Future policy benefits			10,151				$ 13,318
Total liabilities			60,016
Retained earnings			15,144
Accumulated other comprehensive loss			(3,284)
Noncontrolling interests			880
Total equity			15,478		$ 16,221	$ 19,175
Effect of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Other assets			73
Total assets			73
Claim and claim adjustment expense			(2,979)
Future policy benefits			3,329
Total liabilities			350
Retained earnings			(213)
Accumulated other comprehensive loss			(36)
Noncontrolling interests			(28)
Total equity			$ (277)

Basis of Presentation - Adopt_2

Basis of Presentation - Adoption on Consolidated Condensed Statement of Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Changes in: Net unrealized losses on other investments	$ (1,084)	$ (1,735)	$ (827)	$ (6,604)
Total unrealized losses on investments	(1,085)	(1,737)	(837)	(6,612)
Impact of changes in discount rates used to measure long-duration contract liabilities	818	994	678	4,136
Other comprehensive (loss)	(283)	(839)	(103)	(2,619)
Comprehensive (loss)	(7)	(866)	965	(2,107)
Amounts attributable to noncontrolling interests	8	78	(69)	215
Total comprehensive (loss) attributable to Loews Corporation	$ 1	(788)	$ 896	(1,892)
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Changes in: Net unrealized losses on other investments		(1,327)		(4,284)
Total unrealized losses on investments		(1,329)		(4,292)
Other comprehensive (loss)		(1,425)		(4,435)
Comprehensive (loss)		(1,282)		(3,720)
Amounts attributable to noncontrolling interests		119		379
Total comprehensive (loss) attributable to Loews Corporation		(1,163)		(3,341)
Effect of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Changes in: Net unrealized losses on other investments		(408)		(2,320)
Total unrealized losses on investments		(408)		(2,320)
Impact of changes in discount rates used to measure long-duration contract liabilities		994		4,136
Other comprehensive (loss)		586		1,816
Comprehensive (loss)		416		1,613
Amounts attributable to noncontrolling interests		(41)		(164)
Total comprehensive (loss) attributable to Loews Corporation		$ 375		$ 1,449

Basis of Presentation - Adopt_3

Basis of Presentation - Adoption on Consolidated Condensed Statements of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Income (loss)	$ 276	$ (27)	$ 1,068	$ 512
Adjustments to reconcile net income to net cash provided by operating activities, net			519	726
Changes in: Insurance reserves			$ 1,184	1,999
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Income (loss)		143		715
Adjustments to reconcile net income to net cash provided by operating activities, net				779
Changes in: Insurance reserves				1,743
Effect of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net Income (loss)		$ (170)		(203)
Adjustments to reconcile net income to net cash provided by operating activities, net				(53)
Changes in: Insurance reserves				$ 256

Basis of Presentation - Adopt_4

Basis of Presentation - Adoption on Segment Results of Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders’ benefits	$ 1,826	$ 1,880	$ 5,258	$ 4,959
Income (loss) before income tax	356	(25)	1,383	649
Income tax expense	(80)	(2)	(315)	(137)
Net income (loss)	276	(27)	1,068	512
Amounts attributable to noncontrolling interests	(23)	5	(80)	(45)
Net income (loss) attributable to Loews Corporation	253	(22)	988	467
Re-measurement loss of insurance claims and policyholders’ benefits	$ (41)	(211)	$ (75)	(205)
CNA Financial
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders’ benefits		1,880		4,959
Income (loss) before income tax		(51)		531
Income tax expense		9		(88)
Net income (loss)		(42)		443
Amounts attributable to noncontrolling interests		5		(45)
Net income (loss) attributable to Loews Corporation		(37)		398
As Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders’ benefits		1,665		4,703
Income (loss) before income tax		190		905
Income tax expense		(47)		(190)
Net income (loss)		143		715
Amounts attributable to noncontrolling interests		(13)		(67)
Net income (loss) attributable to Loews Corporation		130		648
As Reported | CNA Financial
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders’ benefits		1,665		4,703
Income (loss) before income tax		164		787
Income tax expense		(36)		(141)
Net income (loss)		128		646
Amounts attributable to noncontrolling interests		(13)		(67)
Net income (loss) attributable to Loews Corporation		115		579
Effect of Adoption
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders’ benefits		215		256
Income (loss) before income tax		(215)		(256)
Income tax expense		45		53
Net income (loss)		(170)		(203)
Amounts attributable to noncontrolling interests		18		22
Net income (loss) attributable to Loews Corporation		(152)		(181)
Effect of Adoption | CNA Financial
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Insurance claims and policyholders’ benefits		215		256
Income (loss) before income tax		(215)		(256)
Income tax expense		45		53
Net income (loss)		(170)		(203)
Amounts attributable to noncontrolling interests		18		22
Net income (loss) attributable to Loews Corporation		$ (152)		$ (181)

Acquisitions - Boardwalk Pipeli

Acquisitions - Boardwalk Pipelines (Details) $ in Millions	Sep. 29, 2023 USD ($) pipeline	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Business Acquisition [Line Items]
Assets		$ 76,469	$ 75,567
Liabilities		61,311	60,366
Property, plant and equipment		$ 10,674	$ 10,027
Bayou Ethane
Business Acquisition [Line Items]
Number of pipelines | pipeline	2
Boardwalk Pipelines
Business Acquisition [Line Items]
Assets	$ 369
Liabilities	21
Property, plant and equipment	296
Intangible assets recognized	$ 34
Boardwalk Pipelines | Bayou Ethane
Business Acquisition [Line Items]
Percentage of voting interests acquired	100%
Payments to acquire businesses	$ 348

Acquisitions - Loews Hotels & C

Acquisitions - Loews Hotels & Co (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
Investment gains (losses)	$ (38)		$ (96)	$ (59)	$ (166)
Total assets	76,469			76,469		$ 75,567
Total liabilities	$ 61,311			61,311		$ 60,366
Joint Venture
Subsidiary, Sale of Stock [Line Items]
Investment gains (losses)				$ 46
Loews Hotels And Co
Subsidiary, Sale of Stock [Line Items]
Payments to acquire an additional equity interest in joint venture property		$ 46
Loews Hotels And Co | Joint Venture
Subsidiary, Sale of Stock [Line Items]
Investment gains (losses)		46
Gain on investments, net of tax		36
Total assets		232
Total liabilities		$ 120

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Investment Income [Line Items]
Investment income, operating	$ 615	$ 425	$ 1,819	$ 1,264
Investment expenses	(23)	(21)	(67)	(62)
Net investment income	592	404	1,752	1,202
Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2023 and 2022	(14)	(68)	3	(179)
Fixed maturity securities
Net Investment Income [Line Items]
Investment income, operating	491	454	1,443	1,324
Limited partnership investments
Net Investment Income [Line Items]
Gain (losses) on investments, before investment expenses	29	(32)	111	(5)
Short term investments
Net Investment Income [Line Items]
Investment income, operating	24		54
Equity securities
Net Investment Income [Line Items]
Gain (losses) on investments, before investment expenses	9	2	42	(7)
Income (loss) from trading portfolio
Net Investment Income [Line Items]
Gain (losses) on investments, before investment expenses	32	(18)	91	(95)
Other
Net Investment Income [Line Items]
Investment income, operating	$ 30	$ 19	$ 78	$ 47

Investments - Investment Gains

Investments - Investment Gains (Losses) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Investment Gains (Losses) [Abstract]
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, 2023 and 2022	$ (38)	$ (96)	$ (59)	$ (166)
Net loss related to novation of coinsurance agreement		35
Gain (loss) on fixed maturity securities related to funds with held 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 included within equity securities held as of September 30, 2023 and 2022	2	(2)	2	(109)
Joint Venture
Investment Gains (Losses) [Abstract]
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, 2023 and 2022			46
Fixed maturity securities
Investment Gains (Losses) [Abstract]
Gross gains	12	23	55	94
Gross losses	(49)	(134)	(141)	(222)
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, 2023 and 2022	(37)	(111)	(86)	(128)
Equity securities
Investment Gains (Losses) [Abstract]
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, 2023 and 2022	2	(2)	(9)	(111)
Derivative instruments
Investment Gains (Losses) [Abstract]
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, 2023 and 2022		24		79
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 included within equity securities held as of September 30, 2023 and 2022	$ (3)	$ (7)	$ (10)	$ (6)

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Available-For-Sale Impairment Losses [Abstract]
Impairment losses recognized in earnings	$ 12	$ 25	$ 37	$ 55
Mortgage Receivable
Available-For-Sale Impairment Losses [Abstract]
Gain (loss) on mortgage loans due to changes in expected credit losses	5	8	11	8
Corporate and other bonds
Available-For-Sale Impairment Losses [Abstract]
Impairment losses recognized in earnings	8	24	25	53
Asset-backed
Available-For-Sale Impairment Losses [Abstract]
Impairment losses recognized in earnings	$ 4	$ 1	$ 12	$ 2

Investments - Amortized Cost an

Investments - Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	$ 42,753	$ 41,102
Gross Unrealized Gains	396	652
Gross Unrealized Losses	4,888	4,056
Allowance for Credit Losses	18	1
Estimated Fair Value	38,243	37,697
Corporate and other bonds
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	24,757	23,137
Gross Unrealized Gains	196	301
Gross Unrealized Losses	2,437	2,009
Allowance for Credit Losses	5
Estimated Fair Value	22,511	21,429
States, municipalities and political subdivisions
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	8,003	8,918
Gross Unrealized Gains	183	338
Gross Unrealized Losses	1,152	939
Allowance for Credit Losses
Estimated Fair Value	7,034	8,317
Residential mortgage-backed
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	3,425	3,073
Gross Unrealized Gains	4	5
Gross Unrealized Losses	599	447
Allowance for Credit Losses
Estimated Fair Value	2,830	2,631
Commercial mortgage-backed
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	1,833	1,886
Gross Unrealized Gains	4	4
Gross Unrealized Losses	276	255
Allowance for Credit Losses	7
Estimated Fair Value	1,554	1,635
Other asset-backed
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	3,483	3,287
Gross Unrealized Gains	7	2
Gross Unrealized Losses	366	361
Allowance for Credit Losses	6	1
Estimated Fair Value	3,118	2,927
Asset-backed
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	8,741	8,246
Gross Unrealized Gains	15	11
Gross Unrealized Losses	1,241	1,063
Allowance for Credit Losses	13	1
Estimated Fair Value	7,502	7,193
U.S. Treasury and obligations of government-sponsored enterprises
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	150	111
Gross Unrealized Gains	1	1
Gross Unrealized Losses	2	2
Allowance for Credit Losses
Estimated Fair Value	149	110
Foreign government
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	713	617
Gross Unrealized Gains	1	1
Gross Unrealized Losses	56	43
Allowance for Credit Losses
Estimated Fair Value	658	575
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	42,364	41,032
Gross Unrealized Gains	396	652
Gross Unrealized Losses	4,888	4,056
Allowance for Credit Losses	18	1
Estimated Fair Value	37,854	37,627
Fixed maturities trading
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or Amortized Cost	389	70
Gross Unrealized Gains
Gross Unrealized Losses
Allowance for Credit Losses
Estimated Fair Value	$ 389	$ 70

Investments - Available-for-s_2

Investments - Available-for-sale Securities in Gross Unrealized Loss Position (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Gross Unrealized Losses [Abstract]
Total, Estimated Fair Value	$ 31,117	$ 29,511
Total, Gross Unrealized Losses	4,888	4,056
Fixed maturity securities
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	9,836	25,234
Less than 12 Months, Gross Unrealized Losses	605	2,946
12 Months or Longer, Estimated Fair Value	21,281	4,277
12 Months or Longer, Gross Unrealized Losses	4,283	1,110
Total, Estimated Fair Value	31,117	29,511
Total, Gross Unrealized Losses	4,888	4,056
Corporate bonds and other
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	6,374	15,946
Less than 12 Months, Gross Unrealized Losses	378	1,585
12 Months or Longer, Estimated Fair Value	12,794	1,634
12 Months or Longer, Gross Unrealized Losses	2,059	424
Total, Estimated Fair Value	19,168	17,580
Total, Gross Unrealized Losses	2,437	2,009
States, municipalities and political subdivisions
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	1,593	4,079
Less than 12 Months, Gross Unrealized Losses	138	769
12 Months or Longer, Estimated Fair Value	2,902	456
12 Months or Longer, Gross Unrealized Losses	1,014	170
Total, Estimated Fair Value	4,495	4,535
Total, Gross Unrealized Losses	1,152	939
Residential mortgage-backed
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	680	1,406
Less than 12 Months, Gross Unrealized Losses	30	144
12 Months or Longer, Estimated Fair Value	2,094	1,143
12 Months or Longer, Gross Unrealized Losses	569	303
Total, Estimated Fair Value	2,774	2,549
Total, Gross Unrealized Losses	599	447
Commercial mortgage-backed
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	273	1,167
Less than 12 Months, Gross Unrealized Losses	9	159
12 Months or Longer, Estimated Fair Value	1,161	408
12 Months or Longer, Gross Unrealized Losses	267	96
Total, Estimated Fair Value	1,434	1,575
Total, Gross Unrealized Losses	276	255
Other asset-backed
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	609	2,087
Less than 12 Months, Gross Unrealized Losses	40	262
12 Months or Longer, Estimated Fair Value	1,873	542
12 Months or Longer, Gross Unrealized Losses	326	99
Total, Estimated Fair Value	2,482	2,629
Total, Gross Unrealized Losses	366	361
Total asset-backed
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	1,562	4,660
Less than 12 Months, Gross Unrealized Losses	79	565
12 Months or Longer, Estimated Fair Value	5,128	2,093
12 Months or Longer, Gross Unrealized Losses	1,162	498
Total, Estimated Fair Value	6,690	6,753
Total, Gross Unrealized Losses	1,241	1,063
U.S. Treasury and obligations of government-sponsored enterprises
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	106	76
Less than 12 Months, Gross Unrealized Losses	1	1
12 Months or Longer, Estimated Fair Value	21	16
12 Months or Longer, Gross Unrealized Losses	1	1
Total, Estimated Fair Value	127	92
Total, Gross Unrealized Losses	2	2
Foreign government
Gross Unrealized Losses [Abstract]
Less than 12 Months, Estimated Fair Value	201	473
Less than 12 Months, Gross Unrealized Losses	9	26
12 Months or Longer, Estimated Fair Value	436	78
12 Months or Longer, Gross Unrealized Losses	47	17
Total, Estimated Fair Value	637	551
Total, Gross Unrealized Losses	$ 56	$ 43

Investments - Schedule of Unrea

Investments - Schedule of Unrealized Loss (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	$ 31,117	$ 29,511
Gross Unrealized Losses	4,888	4,056
Additional impairment losses	0
AAA
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,893	1,559
Gross Unrealized Losses	382	298
AA
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	4,458	4,327
Gross Unrealized Losses	1,037	817
A
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	7,240	6,615
Gross Unrealized Losses	913	749
BBB
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	13,704	13,226
Gross Unrealized Losses	1,881	1,621
U.S. Government, Government agencies and Government-sponsored enterprises
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	2,620	2,355
Gross Unrealized Losses	466	337
Non-investment grade
Debt Securities, Available-for-sale [Line Items]
Estimated Fair Value	1,202	1,429
Gross Unrealized Losses	$ 209	$ 234

Investments - Allowance for Cre

Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Accrued interest receivables on available-for-sale fixed maturity securities	$ 430	$ 401	$ 430	$ 401	$ 394
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	22	5	1	18
Securities for which credit losses were not previously recorded	5		13
Available-for-sale securities accounted for as PCD assets	2		22	3
Write-offs charged against the allowance	15		15	12
Securities sold during the period (realized)			6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis			3
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	4	(2)	6	(6)
Ending balance	18	3	18	3
Corporate bonds and other
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	13	0	0	11
Securities for which credit losses were not previously recorded	5		6
Available-for-sale securities accounted for as PCD assets	2		22
Write-offs charged against the allowance	15		15	12
Securities sold during the period (realized)			6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis			3
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period			1	1
Ending balance	5	0	5	0
Asset-backed
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Beginning balance	9	5	1	7
Securities for which credit losses were not previously recorded			7
Available-for-sale securities accounted for as PCD assets				3
Write-offs charged against the allowance
Securities sold during the period (realized)
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	4	(2)	5	(7)
Ending balance	$ 13	$ 3	$ 13	$ 3

Investments - Available-for-s_3

Investments - Available-for-sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Cost or Amortized Cost
Cost or Amortized Cost	$ 42,753	$ 41,102
Estimated Fair Value
Estimated Fair Value	38,243	37,697
Available-for-sale Fixed Maturities
Cost or Amortized Cost
Due in one year or less	1,137	1,012
Due after one year through five years	11,320	9,880
Due after five years through ten years	13,044	13,788
Due after ten years	16,863	16,352
Cost or Amortized Cost	42,364	41,032
Estimated Fair Value
Due in one year or less	1,096	1,001
Due after one year through five years	10,651	9,399
Due after five years through ten years	11,610	12,453
Due after ten years	14,497	14,774
Estimated Fair Value	$ 37,854	$ 37,627

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, 2023 USD ($)
Credit Quality Information [Abstract]
2023	$ 75
2022	248
2021	81
2020	135
2019	182
Prior	309
Total	1,030
DSCR Greater than or Equal to 1.6x, LTV Less than 55%
Credit Quality Information [Abstract]
2023
2022	9
2021	8
2020	97
2019	61
Prior	242
Total	417
DSCR Greater than or Equal to 1.6x, LTV 55% to 65%
Credit Quality Information [Abstract]
2023
2022
2021	5
2020
2019	8
Prior
Total	13
DSCR Greater than or Equal to 1.6x, LTV Greater than 65%
Credit Quality Information [Abstract]
2023
2022	31
2021	11
2020
2019
Prior
Total	42
DSCR Between 1.2 to 1.6x, LTV Less than 55%
Credit Quality Information [Abstract]
2023	28
2022	5
2021
2020	14
2019	29
Prior	28
Total	104
DSCR Between 1.2 to 1.6x, LTV 55% to 65%
Credit Quality Information [Abstract]
2023	15
2022	36
2021	36
2020	24
2019
Prior	32
Total	143
DSCR Between 1.2 to 1.6x, LTV Greater than 65%
Credit Quality Information [Abstract]
2023
2022	65
2021
2020
2019
Prior
Total	65
DSCR Less than or Equal to 1.2x, LTV Less than 55%
Credit Quality Information [Abstract]
2023	22
2022	34
2021
2020
2019
Prior
Total	56
DSCR Less than or Equal to 1.2x, LTV 55 to 65%
Credit Quality Information [Abstract]
2023	10
2022	41
2021
2020
2019	43
Prior
Total	94
DSCR Less than or Equal to 1.2x, LTV Greater than 65%
Credit Quality Information [Abstract]
2023
2022	27
2021	21
2020
2019	41
Prior	7
Total	$ 96

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, 2023	Dec. 31, 2022
Futures | Options – purchased
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	$ 152
Asset, estimated fair value	4
Liability, estimated fair value
Futures | Futures – short
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	159	169
Asset, estimated fair value
Liability, estimated fair value
Warrants
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	85	117
Asset, estimated fair value	6	6
Liability, estimated fair value
Interest rate swaps
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	240	240
Asset, estimated fair value	18	19
Liability, estimated fair value
Currency forwards
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	12	12
Asset, estimated fair value
Liability, estimated fair value	$ (1)	$ (1)

Investments - Investment Commit

Investments - Investment Commitments (Details) - Investments in Assets Requiring Future Purchase, Sale or Funding Commitments $ in Millions	Sep. 30, 2023 USD ($)
Investment Commitments [Abstract]
Commitments to purchase or fund investments	$ 1,600
Commitments to sell investments	$ 65

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, 2023	Dec. 31, 2022
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	$ 37,854	$ 37,627
Fixed maturities trading	389	70
Total fixed maturities	38,243	37,697
Equity securities	1,055	1,139
Short term and other	3,808	4,706
Receivables	18	19
Payable to brokers	(87)	(82)
Corporate bonds and other
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	23,318	22,117
States, municipalities and political subdivisions
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	7,034	8,317
Asset-backed
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	7,502	7,193
Level 1
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	159	120
Fixed maturities trading	387	1
Total fixed maturities	546	121
Equity securities	605	669
Short term and other	3,773	4,539
Receivables
Payable to brokers	(87)	(82)
Level 1 | Corporate bonds and other
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	159	120
Level 1 | States, municipalities and political subdivisions
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities
Level 1 | Asset-backed
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities
Level 2
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	35,812	35,866
Fixed maturities trading	2	69
Total fixed maturities	35,814	35,935
Equity securities	427	435
Short term and other	35	167
Receivables	18	19
Payable to brokers
Level 2 | Corporate bonds and other
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	22,214	21,187
Level 2 | States, municipalities and political subdivisions
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	6,993	8,274
Level 2 | Asset-backed
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	6,605	6,405
Level 3
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	1,883	1,641
Fixed maturities trading
Total fixed maturities	1,883	1,641
Equity securities	23	35
Short term and other
Receivables
Payable to brokers
Level 3 | Corporate bonds and other
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	945	810
Level 3 | States, municipalities and political subdivisions
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	41	43
Level 3 | Asset-backed
Assets and Liabilities Measured at Fair Value [Abstract]
Debt securities	$ 897	$ 788

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Corporate bonds and other
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	$ 971	$ 846	$ 810	$ 937
Included in Net Income		1		(1)
Included in OCI	(36)	(50)	(27)	(203)
Purchases	29	9	178	127
Sales				(5)
Settlements	(19)	(4)	(27)	(63)
Transfers into Level 3			11	10
Transfers out of Level 3
Balance at ending of period	945	802	945	802
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	(36)	(51)	(27)	(203)
States, municipalities and political subdivisions
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	43	46	43	56
Included in Net Income
Included in OCI	(2)	(4)	(2)	(14)
Purchases
Sales
Settlements
Transfers into Level 3
Transfers out of Level 3
Balance at ending of period	41	42	41	42
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	(2)	(4)	(2)	(14)
Asset-backed
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	883	641	788	556
Included in Net Income	1	7	10	18
Included in OCI	(28)	(38)	(28)	(122)
Purchases	61	116	203	348
Sales				(2)
Settlements	(13)	(14)	(39)	(54)
Transfers into Level 3		47	23	66
Transfers out of Level 3	(7)	(43)	(60)	(94)
Balance at ending of period	897	716	897	716
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	(28)	(38)	(28)	(121)
Fixed maturities available-for-sale
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	1,897	1,533	1,641	1,549
Included in Net Income	1	8	10	17
Included in OCI	(66)	(92)	(57)	(339)
Purchases	90	125	381	475
Sales	0	0	0	(7)
Settlements	(32)	(18)	(66)	(117)
Transfers into Level 3	0	47	34	76
Transfers out of Level 3	(7)	(43)	(60)	(94)
Balance at ending of period	1,883	1,560	1,883	1,560
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	(66)	(93)	(57)	(338)
Equity securities
Reconciliations for All Assets and Liabilities [Roll Forward]
Balance at beginning of period	26	47	35	29
Included in Net Income	(1)	(7)	(8)	(7)
Included in OCI
Purchases				12
Sales	(2)		(4)	(3)
Settlements				9
Transfers into Level 3
Transfers out of Level 3		(10)		(10)
Balance at ending of period	23	30	23	30
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at September 30	(1)	(7)	(8)	(8)
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, 2023 USD ($)	Dec. 31, 2022 USD ($)
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Estimated Fair Value	$ 38,243	$ 37,697
Level 3 | Fixed maturity securities
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Estimated Fair Value	$ 1,359	$ 1,177
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
Level 3 | Fixed maturity securities | Credit spread | Discounted cash flow | Minimum
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.01	0.01
Level 3 | Fixed maturity securities | Credit spread | Discounted cash flow | Maximum
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.07	0.08
Level 3 | Fixed maturity securities | Credit spread | Discounted cash flow | Weighted Average
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	(0.02)	(0.02)

Fair Value - Financial Assets a

Fair Value - Financial Assets and Liabilities not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2023	Dec. 31, 2022
Carrying Amount
Assets:
Other invested assets, primarily mortgage loans	$ 995	$ 1,040
Liabilities:
Short term debt	1,260	853
Long term debt	7,921	8,160
Estimated Fair Value
Assets:
Other invested assets, primarily mortgage loans	929	973
Liabilities:
Short term debt	1,255	855
Long term debt	7,268	7,621
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	786	744
Long term debt	6,867	7,035
Estimated Fair Value | Level 3
Assets:
Other invested assets, primarily mortgage loans	929	973
Liabilities:
Short term debt	469	111
Long term debt	$ 401	$ 586

Claim and Claim Adjustment Ex_3

Claim and Claim Adjustment Expense Reserves - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Loss from catastrophes, net of reinsurance	$ 94	$ 114	$ 214	$ 171
Pretax (favorable) unfavorable development	13	(17)	44	(2)
Commercial Property and Casualty Operations | CNA Financial
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Pretax (favorable) unfavorable development	(7)	(17)	(11)	(66)
Other Insurance Operations
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Pretax (favorable) unfavorable development	$ 20		$ 55	64
Hurricane
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items]
Loss from catastrophes, net of reinsurance		$ 87		$ 87

Claim and Claim Adjustment Ex_4

Claim and Claim Adjustment Expense Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward]
Gross reserves, beginning of year	$ 22,120	$ 21,269
Ceded reserves, beginning of year	5,191	4,969
Net reserves, beginning of year	16,929	16,300
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	4,221	3,830
Increase (decrease) in provision for insured events of prior years	43	(4)
Amortization of discount	33	33
Total net incurred	4,297	3,859
Net payments attributable to:
Current year events	(588)	(482)
Prior year events	(2,953)	(2,700)
Total net payments	(3,541)	(3,182)
Foreign currency translation adjustment and other	(30)	(383)
Net reserves, end of period	17,655	16,594
Ceded reserves, end of period	5,181	5,147
Gross reserves, end of period	$ 22,836	$ 21,741

Claim and Claim Adjustment Ex_5

Claim and Claim Adjustment Expense Reserves - Net Prior Year Loss Reserve Development in Property and Casualty Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Net Prior Year Development [Abstract]
Total pretax (favorable) unfavorable development	$ 13	$ (17)	$ 44	$ (2)
Medical professional liability
Net Prior Year Development [Abstract]
Total pretax (favorable) unfavorable development		8	9	17
Other professional liability and management liability
Net Prior Year Development [Abstract]
Total pretax (favorable) unfavorable development	17	9	16	22
Surety
Net Prior Year Development [Abstract]
Total pretax (favorable) unfavorable development	(21)	(20)	(28)	(48)
Commercial auto
Net Prior Year Development [Abstract]
Total pretax (favorable) unfavorable development			11	21
General liability
Net Prior Year Development [Abstract]
Total pretax (favorable) unfavorable development			70	41
Workers’ compensation
Net Prior Year Development [Abstract]
Total pretax (favorable) unfavorable development	(2)	(2)	(100)	(86)
Warranty
Net Prior Year Development [Abstract]
Total pretax (favorable) unfavorable development	(2)	(13)	(11)	(22)
Property and other
Net Prior Year Development [Abstract]
Total pretax (favorable) unfavorable development	1	1	22	(11)
Other insurance operations
Net Prior Year Development [Abstract]
Total pretax (favorable) unfavorable development	$ 20		$ 55	$ 64

Claim and Claim Adjustment Ex_6

Claim and Claim Adjustment Expense Reserves - A&EP Reserves (Details) - A&EP Reserves - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2010	Dec. 31, 2022
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	$ 15	$ 17	$ 38	$ 40
Cumulative amounts ceded under loss portfolio transfer	3,500		3,500			$ 3,500
Unrecognized deferred retroactive reinsurance benefit	388		388			$ 425
Fair value of collateral trust account	$ 2,300		$ 2,300

Future Policy Benefits Reserv_3

Future Policy Benefits Reserves - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Insurance [Abstract]
Pretax change in LFPB	$ 8	$ 186
Liability for future policy benefit, expected future gross premium, discounted, before reinsurance	$ 3,700	$ 4,100	$ 3,700	$ 4,100
Liability for future policy benefit, weighted-average duration	12 years	12 years	12 years	12 years
Liability for future policy benefit, adverse development, expense	$ 109	$ 154	$ 152	$ 154
Liability future policy benefit, losses recognized in prior period	$ 26	$ 1	$ 37	$ 1

Future Policy Benefits Reserv_4

Future Policy Benefits Reserves - Schedule of Balances and Changes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Present value of future net premiums
Balance, January 1					$ 3,993	$ 4,735
Effect of changes in discount rate	$ (67)	$ 40	$ (67)	$ 40	(74)	(880)
Balance, January 1, at original locked in discount rate					3,919	3,855
Effect of changes in cash flow assumptions					28	352
Expect of actual variances from expected experience					(112)	(40)
Adjusted balance, January 1	3,656	3,987	3,656	3,987	3,835	4,167
Interest accrual			153	161
Net premiums: earned during period			(332)	(341)
Balance, end of period at original locked in discount rate	3,656	3,987	3,656	3,987
Effect of changes in discount rate	(67)	40	(67)	40	(74)	(880)
Balance, September 30	3,589	4,027	3,589	4,027
Present value of future benefits & expenses
Balance, January 1					17,472	22,745
Effect of changes in discount rate	(873)	(134)	(873)	(134)	(125)	(5,942)
Balance, January 1, at original locked in discount rate			17,347	16,803
Effect of changes in cash flow assumptions					36	538
Effect of actual variances from expected experience					(45)	(21)
Adjusted balance, January 1					17,338	17,320
Interest accrual			723	730
Benefit & expense payments			(945)	(708)
Balance, end of period at original locked in discount rate	17,116	17,342	17,116	17,342
Effect of changes in discount rate	(873)	(134)	(873)	(134)	(125)	$ (5,942)
Balance, September 30	16,243	17,208	16,243	17,208
Net LFPB	12,654	13,181	12,654	13,181	$ 13,480		$ 19,132
Re-measurement loss of insurance claims and policyholders’ benefits	$ (41)	$ (211)	$ (75)	$ (205)

Future Policy Benefits Reserv_5

Future Policy Benefits Reserves - Schedule of Earned Premiums and Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Insurance [Abstract]
Earned premiums	$ 112	$ 118	$ 340	$ 356
Interest expense	$ 191	$ 192	$ 570	$ 569

Future Policy Benefits Reserv_6

Future Policy Benefits Reserves - Undiscounted Expected Future Benefit and Expense Payments and Undiscounted Expected Future Gross Premiums (Details) - USD ($) $ in Millions	Sep. 30, 2023	Sep. 30, 2022
Insurance [Abstract]
Expected future benefit and expense payments	$ 33,217	$ 34,496
Expected future gross premiums	$ 5,557	$ 6,034

Future Policy Benefits Reserv_7

Future Policy Benefits Reserves - Weighted Average Interest Rates (Details)	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Insurance [Abstract]
Original locked in discount rate	5.24%	5.27%	5.28%
Upper-medium grade fixed income instrument discount rate	5.78%	5.23%	5.39%

Shareholders' Equity - Componen

Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	$ 15,470	$ 15,714	$ 15,201	$ 17,471
Other comprehensive income (loss) before reclassifications, after tax	(352)	(943)	(226)	(2,752)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax	69	104	123	133
Other comprehensive loss	(283)	(839)	(103)	(2,619)
Amounts attributable to noncontrolling interests	31	73	11	260
Change in AOCI	(61)		(61)
Balance at end of period	15,158	14,563	15,158	14,563
Cumulative Effect, Period of Adoption, Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		(507)	(277)	(1,704)
As Reported
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		16,221	15,478	19,175
Other comprehensive loss		(1,425)		(4,435)
Effect of Adoption
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period			(277)
Other comprehensive loss		586		1,816
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	(16)	(7)	(7)	(2)
Other comprehensive income (loss) before reclassifications, after tax	(9)		(25)	(5)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax	8	(2)	15	(3)
Other comprehensive loss	(1)	(2)	(10)	(8)
Amounts attributable to noncontrolling interests	1	(1)	1
Change in AOCI
Balance at end of period	(16)	(10)	(16)	(10)
Other comprehensive income (loss) before reclassifications, tax	3	1	7	1
Reclassification of (gains) losses from accumulated other comprehensive income (loss), tax	(2)	0	(4)	1
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses | Cumulative Effect, Period of Adoption, Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Cumulative effect adjustments from changes in accounting standards, tax					$ 0	$ 0	$ 0
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses | As Reported
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		(7)	(7)	(2)
Net Unrealized Gains (Losses) on Other Investments
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(2,238)	(1,356)	(2,469)	3,009
Other comprehensive income (loss) before reclassifications, after tax	(1,105)	(1,837)	(880)	(6,721)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax	21	102	53	117
Other comprehensive loss	(1,084)	(1,735)	(827)	(6,604)
Amounts attributable to noncontrolling interests	95	169	69	673
Change in AOCI	(46)		(46)
Balance at end of period	(3,273)	(2,922)	(3,273)	(2,922)
Other comprehensive income (loss) before reclassifications, tax	295	487	235	1,779
Reclassification of (gains) losses from accumulated other comprehensive income (loss), tax	(6)	(11)	(14)	(15)
Net Unrealized Gains (Losses) on Other Investments | Cumulative Effect, Period of Adoption, Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Cumulative effect adjustments from changes in accounting standards, tax					0	(108)	(617)
Net Unrealized Gains (Losses) on Other Investments | As Reported
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		(1,721)	(2,469)	930
Net Unrealized Gains (Losses) on Other Investments | Effect of Adoption
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		365		2,079
Cumulative impact of changes in discount rates used to measure long duration contracts
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(163)	(768)	(36)	(3,585)
Other comprehensive income (loss) before reclassifications, after tax	818	994	678	4,136
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax
Other comprehensive loss	818	994	678	4,136
Amounts attributable to noncontrolling interests	(69)	(104)	(56)	(429)
Change in AOCI	(1)		(1)
Balance at end of period	585	122	585	122
Other comprehensive income (loss) before reclassifications, tax	(217)	(265)	(180)	(1,100)
Reclassification of (gains) losses from accumulated other comprehensive income (loss), tax	0	0	0	0
Cumulative impact of changes in discount rates used to measure long duration contracts | Cumulative Effect, Period of Adoption, Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Cumulative effect adjustments from changes in accounting standards, tax					11	228	1,063
Cumulative impact of changes in discount rates used to measure long duration contracts | As Reported
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		0	0	0
Cumulative impact of changes in discount rates used to measure long duration contracts | Effect of Adoption
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		(768)	(36)	(3,585)
Unrealized Gains (Losses) on Cash Flow Hedges
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	20	18	14	(6)
Other comprehensive income (loss) before reclassifications, after tax	(1)	6	5	27
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax		(2)		1
Other comprehensive loss	(1)	4	5	28
Amounts attributable to noncontrolling interests
Change in AOCI
Balance at end of period	19	22	19	22
Other comprehensive income (loss) before reclassifications, tax	(2)	0	(1)	3
Reclassification of (gains) losses from accumulated other comprehensive income (loss), tax	0	(1)	0	0
Unrealized Gains (Losses) on Cash Flow Hedges | Cumulative Effect, Period of Adoption, Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Cumulative effect adjustments from changes in accounting standards, tax					0	0	0
Unrealized Gains (Losses) on Cash Flow Hedges | As Reported
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		18	14	(6)
Pension and Postretirement Benefits
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(609)	(625)	(622)	(636)
Other comprehensive income (loss) before reclassifications, after tax
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax	40	6	55	18
Other comprehensive loss	40	6	55	18
Amounts attributable to noncontrolling interests	(1)	(1)	(3)	(2)
Change in AOCI	(10)		(10)
Balance at end of period	(580)	(620)	(580)	(620)
Other comprehensive income (loss) before reclassifications, tax	0	0	0	0
Reclassification of (gains) losses from accumulated other comprehensive income (loss), tax	(11)	(2)	(15)	(5)
Pension and Postretirement Benefits | Cumulative Effect, Period of Adoption, Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Cumulative effect adjustments from changes in accounting standards, tax					0	0	0
Pension and Postretirement Benefits | As Reported
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		(625)	(622)	(636)
Foreign Currency Translation
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(154)	(175)	(200)	(100)
Other comprehensive income (loss) before reclassifications, after tax	(55)	(106)	(4)	(189)
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax
Other comprehensive loss	(55)	(106)	(4)	(189)
Amounts attributable to noncontrolling interests	5	10		18
Change in AOCI	(4)		(4)
Balance at end of period	(208)	(271)	(208)	(271)
Other comprehensive income (loss) before reclassifications, tax	0	0	0	0
Reclassification of (gains) losses from accumulated other comprehensive income (loss), tax	0	0	0	0
Foreign Currency Translation | Cumulative Effect, Period of Adoption, Adjustment
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Cumulative effect adjustments from changes in accounting standards, tax					$ 0	$ 0	$ 0
Foreign Currency Translation | As Reported
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		(175)	(200)	(100)
Total Accumulated Other Comprehensive Income (Loss)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period	(3,160)	(2,913)	(3,320)	(1,320)
Balance at end of period	$ (3,473)	(3,679)	(3,473)	(3,679)
Total Accumulated Other Comprehensive Income (Loss) | As Reported
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		(2,510)	(3,284)	186
Total Accumulated Other Comprehensive Income (Loss) | Effect of Adoption
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance at beginning of period		$ (403)	$ (36)	$ (1,506)

Shareholders' Equity - Addition

Shareholders' Equity - Additional Information (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Equity, Class of Treasury Stock [Line Items]
Purchases of treasury stock (in shares)			11.9	10.5
Purchases of treasury stock	$ 118	$ 230	$ 711	$ 614
CNA Financial
Equity, Class of Treasury Stock [Line Items]
Number of stocks purchased during period (in shares)			4.5
Value of stocks purchased during period			$ 178

Debt (Details)

Debt (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($) Extension	Aug. 31, 2023 USD ($)	May 31, 2023 USD ($)
2.6% Senior Notes Due 2023 | Senior Notes
Debt [Abstract]
Face amount			$ 500
Interest rate			2.60%
Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines | Senior Variable Rate Revolving Credit Facility
Debt [Abstract]
Number of extensions | Extension	2
Term of extension	1 year
Remaining borrowing capacity	$ 912		$ 1,000
CNA Financial | 5.5% Senior Notes Due 2033 | Senior Notes
Debt [Abstract]
Face amount		$ 100	$ 400
Interest rate		5.50%	5.50%

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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	$ 537	$ 500	$ 1,660	$ 1,520
Other revenues	22	33	68	87
Operating revenues and other	559	533	1,728	1,607
CNA Financial | Non-insurance warranty
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	407	399	1,221	1,173
Boardwalk Pipelines | Transportation and storage of natural gas and NGLs and other services
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	347	329	1,083	1,013
Loews Hotels & Co | Lodging and related services
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	$ 190	$ 171	$ 577	$ 507

Revenue from Contracts with C_4

Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 4,800		$ 4,800
Revenue recognized	905	$ 1,000
Receivables
Disaggregation of Revenue [Line Items]
Receivables from contracts with customers	$ 194		$ 168

Revenue from Contracts with C_5

Revenue from Contracts with Customers - Performance Obligations (Details) $ in Billions	Sep. 30, 2023 USD ($)
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 14
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01
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]: 2024-01-01
Disaggregation of Revenue [Line Items]
Remaining performance obligations	$ 2.6
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, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Pension Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Service cost	$ 1	$ 1	$ 2	$ 2
Interest cost	28	20	84	57
Expected return on plan assets	(32)	(41)	(96)	(124)
Amortization of unrecognized net loss	9	8	27	24
Settlements	47		48	2
Regulatory asset decrease		(1)		1
Net periodic (benefit) cost	53	(13)	65	(38)
Other Postretirement Benefits
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract]
Interest cost			1	1
Expected return on plan assets	(1)		(2)	(1)
Amortization of unrecognized net loss	1		1
Net periodic (benefit) cost	$ 0	$ 0	$ 0	$ 0

Benefit Plans - Additional Info

Benefit Plans - Additional Information (Details) $ in Millions	3 Months Ended
	Sep. 30, 2023 USD ($)
Retirement Benefits [Abstract]
Unrecognized losses included in AOCI	$ 47
Unrecognized losses included in AOCI, after-tax	$ 37

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 Billions	Sep. 30, 2023 USD ($)
CNA Financial
Commitments and Contingencies [Abstract]
Potential amount of future payments under guarantees	$ 1.5

Segments (Details)

Segments (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) subsidiary Segment	Sep. 30, 2022 USD ($)
Segments [Abstract]
Number of reportable segments | Segment			4
Number of individual operating subsidiaries | subsidiary			3
Revenues:
Insurance premiums	$ 2,406	$ 2,221	$ 7,001	$ 6,435
Net investment income	592	404	1,752	1,202
Investment gains (losses)	(38)	(96)	(59)	(166)
Non-insurance warranty revenue	407	399	1,221	1,173
Operating revenues and other	559	533	1,728	1,607
Total	3,926	3,461	11,643	10,251
Expenses:
Insurance claims and policyholders’ benefits	1,826	1,880	5,258	4,959
Amortization of deferred acquisition costs	426	383	1,208	1,101
Non-insurance warranty expense	386	371	1,154	1,092
Operating expenses and other	860	795	2,449	2,277
Equity method (income) loss	(22)	(35)	(89)	(111)
Interest	94	92	280	284
Total	3,570	3,486	10,260	9,602
Income (loss) before income tax	356	(25)	1,383	649
Income tax (expense) benefit	(80)	(2)	(315)	(137)
Net income (loss)	276	(27)	1,068	512
Amounts attributable to noncontrolling interests	(23)	5	(80)	(45)
Net income (loss) attributable to Loews Corporation	253	(22)	988	467
CNA Financial
Expenses:
Insurance claims and policyholders’ benefits		1,880		4,959
Income tax (expense) benefit		9		(88)
Net income (loss)		(42)		443
Amounts attributable to noncontrolling interests		5		(45)
Net income (loss) attributable to Loews Corporation		(37)		398
Operating Segments | CNA Financial
Revenues:
Insurance premiums	2,406	2,221	7,001	6,435
Net investment income	553	422	1,653	1,302
Investment gains (losses)	(38)	(96)	(105)	(166)
Non-insurance warranty revenue	407	399	1,221	1,173
Operating revenues and other	8	11	22	24
Total	3,336	2,957	9,792	8,768
Expenses:
Insurance claims and policyholders’ benefits	1,826	1,880	5,258	4,959
Amortization of deferred acquisition costs	426	383	1,208	1,101
Non-insurance warranty expense	386	371	1,154	1,092
Operating expenses and other	338	346	1,021	1,001
Equity method (income) loss
Interest	34	28	93	84
Total	3,010	3,008	8,734	8,237
Income (loss) before income tax	326	(51)	1,058	531
Income tax (expense) benefit	(68)	9	(220)	(88)
Net income (loss)	258	(42)	838	443
Amounts attributable to noncontrolling interests	(23)	5	(80)	(45)
Net income (loss) attributable to Loews Corporation	235	(37)	758	398
Operating Segments | Boardwalk Pipelines
Revenues:
Insurance premiums
Net investment income	6	1	11	1
Investment gains (losses)
Non-insurance warranty revenue
Operating revenues and other	357	338	1,114	1,044
Total	363	339	1,125	1,045
Expenses:
Insurance claims and policyholders’ benefits
Amortization of deferred acquisition costs
Non-insurance warranty expense
Operating expenses and other	258	250	751	698
Equity method (income) loss
Interest	39	42	117	126
Total	297	292	868	824
Income (loss) before income tax	66	47	257	221
Income tax (expense) benefit	(17)	(13)	(66)	(57)
Net income (loss)	49	34	191	164
Amounts attributable to noncontrolling interests
Net income (loss) attributable to Loews Corporation	49	34	191	164
Operating Segments | Loews Hotels & Co
Revenues:
Insurance premiums
Net investment income	2		4	(1)
Investment gains (losses)			46
Non-insurance warranty revenue
Operating revenues and other	194	180	592	533
Total	196	180	642	532
Expenses:
Insurance claims and policyholders’ benefits
Amortization of deferred acquisition costs
Non-insurance warranty expense
Operating expenses and other	195	183	572	520
Equity method (income) loss	(26)	(36)	(98)	(115)
Interest	3	(1)	9	7
Total	172	146	483	412
Income (loss) before income tax	24	34	159	120
Income tax (expense) benefit	(7)	(9)	(44)	(36)
Net income (loss)	17	25	115	84
Amounts attributable to noncontrolling interests
Net income (loss) attributable to Loews Corporation	17	25	115	84
Segment Reconciling Items | Corporate
Revenues:
Insurance premiums
Net investment income	31	(19)	84	(100)
Investment gains (losses)
Non-insurance warranty revenue
Operating revenues and other		4		6
Total	31	(15)	84	(94)
Expenses:
Insurance claims and policyholders’ benefits
Amortization of deferred acquisition costs
Non-insurance warranty expense
Operating expenses and other	69	16	105	58
Equity method (income) loss	4	1	9	4
Interest	18	23	61	67
Total	91	40	175	129
Income (loss) before income tax	(60)	(55)	(91)	(223)
Income tax (expense) benefit	12	11	15	44
Net income (loss)	(48)	(44)	(76)	(179)
Amounts attributable to noncontrolling interests
Net income (loss) attributable to Loews Corporation	$ (48)	$ (44)	$ (76)	$ (179)