COVER
COVER - shares | 3 Months Ended | |
Mar. 31, 2024 | May 03, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
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 $0.01 per share | |
Trading Symbol | L | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 221,406,259 | |
Entity Central Index Key | 0000060086 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED CONDENSED BALANCE
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments: | ||
Fixed maturities, amortized cost of $43,113 and $42,615, less allowance for credit loss of $20 and $16 | $ 40,840 | $ 40,626 |
Equity securities, cost of $1,027 and $1,015 | 1,104 | 1,050 |
Limited partnership investments | 2,274 | 2,174 |
Other invested assets, primarily mortgage loans, less allowance for credit loss of $35 and $35 | 1,117 | 1,123 |
Short-term investments | 5,388 | 4,396 |
Total investments | 50,723 | 49,369 |
Cash | 556 | 399 |
Receivables | 9,754 | 9,660 |
Property, plant and equipment | 10,723 | 10,718 |
Goodwill | 347 | 347 |
Deferred non-insurance warranty acquisition expenses | 3,621 | 3,661 |
Deferred acquisition costs of insurance subsidiaries | 927 | 896 |
Other assets | 4,255 | 4,147 |
Total assets | 80,906 | 79,197 |
Insurance reserves: | ||
Claim and claim adjustment expense | 23,588 | 23,304 |
Future policy benefits | 13,513 | 13,959 |
Unearned premiums | 7,046 | 6,933 |
Total insurance reserves | 44,147 | 44,196 |
Payable to brokers | 202 | 79 |
Short-term debt | 1,678 | 1,084 |
Long-term debt | 8,425 | 7,919 |
Deferred income taxes | 500 | 398 |
Deferred non-insurance warranty revenue | 4,645 | 4,694 |
Other liabilities | 4,311 | 4,302 |
Total liabilities | 63,908 | 62,672 |
Commitments and contingent liabilities | ||
Shareholders' equity: | ||
Preferred stock | ||
Common stock | 2 | 2 |
Additional paid-in capital | 2,547 | 2,589 |
Retained earnings | 16,060 | 15,617 |
Accumulated other comprehensive loss | (2,401) | (2,497) |
Shareholders' equity before treasury stock, total | 16,208 | 15,711 |
Less treasury stock, at cost (335,123 and 100,000 shares) | (24) | (7) |
Total shareholders’ equity | 16,184 | 15,704 |
Noncontrolling interests | 814 | 821 |
Total equity | 16,998 | 16,525 |
Total liabilities and equity | $ 80,906 | $ 79,197 |
CONSOLIDATED CONDENSED BALANC_2
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Investments: | ||
Fixed maturities, amortized cost | $ 43,113 | $ 42,615 |
Fixed maturities, allowance for credit loss | 20 | 16 |
Equity securities, cost | 1,027 | 1,015 |
Other invested assets, primarily mortgage loans, allowance for credit loss | $ 35 | $ 35 |
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) | 222,421,077 | 222,268,150 |
Treasury stock, shares (in shares) | 335,123 | 100,000 |
CONSOLIDATED CONDENSED STATEMEN
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues: | ||
Insurance premiums | $ 2,441 | $ 2,248 |
Net investment income | 669 | 569 |
Investment losses | (22) | (35) |
Non-insurance warranty revenue | 407 | 407 |
Operating revenues and other | 736 | 594 |
Total | 4,231 | 3,783 |
Expenses: | ||
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $(15) and $1) | 1,807 | 1,653 |
Amortization of deferred acquisition costs | 444 | 379 |
Non-insurance warranty expense | 394 | 384 |
Operating expenses and other | 880 | 781 |
Equity method income | (26) | (28) |
Interest | 103 | 95 |
Total | 3,602 | 3,264 |
Income before income tax | 629 | 519 |
Income tax expense | (144) | (115) |
Net income | 485 | 404 |
Amounts attributable to noncontrolling interests | (28) | (29) |
Net income attributable to Loews Corporation | $ 457 | $ 375 |
Basic net income per share (in dollars per share) | $ 2.05 | $ 1.61 |
Diluted net income per share (in dollars per share) | $ 2.05 | $ 1.61 |
Weighted average shares outstanding: | ||
Shares of common stock (in shares) | 222,470 | 233,300 |
Dilutive potential shares of common stock (in shares) | 310 | 320 |
Total weighted average shares outstanding assuming dilution (in shares) | 222,780 | 233,620 |
CONSOLIDATED CONDENSED STATEM_2
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Re-measurement loss of insurance claims and policyholders’ benefits | $ (15) | $ 1 |
CONSOLIDATED CONDENSED STATEM_3
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 485 | $ 404 |
Other comprehensive income (loss), after tax | ||
Net unrealized gains (losses) on investments with an allowance for credit losses | 2 | (8) |
Net unrealized gains (losses) on other investments | (217) | 670 |
Total unrealized gains (losses) on investments | (215) | 662 |
Impact of changes in discount rates used to measure long-duration contract liabilities | 341 | (396) |
Unrealized gains (losses) on cash flow hedges | 2 | (2) |
Pension and postretirement benefits | 6 | 9 |
Foreign currency translation | (33) | 16 |
Other comprehensive income (loss) | 101 | 289 |
Comprehensive income | 586 | 693 |
Amounts attributable to noncontrolling interests | (36) | (60) |
Total comprehensive income attributable to Loews Corporation | $ 550 | $ 633 |
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, 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 | 404 | 375 | 29 | |||||||||||||||
Other comprehensive income | 289 | 258 | 31 | |||||||||||||||
Dividends paid ($0.0625 per share) | (59) | (15) | ||||||||||||||||
Dividends paid ($0.0625 per share) | (44) | |||||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | (24) | (24) | ||||||||||||||||
Purchases of Loews Corporation treasury stock | (486) | (486) | ||||||||||||||||
Stock-based compensation | (4) | (26) | 22 | |||||||||||||||
Other | (7) | (6) | 2 | (3) | ||||||||||||||
Balance at end of period at Mar. 31, 2023 | 15,314 | 2 | 2,716 | 15,293 | (3,062) | (498) | 863 | |||||||||||
Balance at beginning of period at Dec. 31, 2023 | 16,525 | 2 | 2,589 | 15,617 | (2,497) | (7) | 821 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 485 | 457 | 28 | |||||||||||||||
Other comprehensive income | 101 | 93 | 8 | |||||||||||||||
Dividends paid ($0.0625 per share) | (70) | (14) | ||||||||||||||||
Dividends paid ($0.0625 per share) | (56) | |||||||||||||||||
Purchases of Loews Corporation treasury stock | (17) | (17) | ||||||||||||||||
Stock-based compensation | (14) | (33) | 19 | |||||||||||||||
Other | (12) | (9) | 3 | (6) | ||||||||||||||
Balance at end of period at Mar. 31, 2024 | $ 16,998 | $ 2 | $ 2,547 | $ 16,060 | $ (2,401) | $ (24) | $ 814 |
CONSOLIDATED CONDENSED STATEM_5
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends paid (in dollars per share) | $ 0.0625 | $ 0.0625 |
CONSOLIDATED CONDENSED STATEM_6
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities: | ||
Net income | $ 485 | $ 404 |
Adjustments to reconcile net income to net cash provided by operating activities, net | 175 | 204 |
Changes in operating assets and liabilities, net: | ||
Receivables | (113) | 5 |
Deferred acquisition costs | (34) | (45) |
Insurance reserves | 443 | 432 |
Other assets | (114) | (85) |
Other liabilities | (37) | (238) |
Trading securities | (607) | 42 |
Net cash flow provided by operating activities | 198 | 719 |
Investing Activities: | ||
Purchases of fixed maturities | (1,621) | (2,258) |
Proceeds from sales of fixed maturities | 736 | 1,414 |
Proceeds from maturities of fixed maturities | 507 | 317 |
Purchases of equity securities | (169) | (82) |
Proceeds from sales of equity securities | 186 | 62 |
Purchases of limited partnership investments | (77) | (116) |
Proceeds from sales of limited partnership investments | 13 | 75 |
Purchases of property, plant and equipment | (159) | (159) |
Dispositions | 23 | |
Change in short-term investments | (455) | 647 |
Other, net | (10) | (34) |
Net cash flow used by investing activities | (1,026) | (134) |
Financing Activities: | ||
Dividends paid | (14) | (15) |
Dividends paid to noncontrolling interests | (56) | (44) |
Purchases of Loews Corporation treasury stock | (24) | (462) |
Purchases of subsidiary stock from noncontrolling interests | (24) | |
Principal payments on debt | (201) | (1) |
Issuance of debt | 1,299 | 37 |
Other, net | (17) | (15) |
Net cash flow provided by (used by) financing activities | 987 | (524) |
Effect of foreign exchange rate on cash | (2) | 1 |
Net change in cash | 157 | 62 |
Cash, beginning of period | 399 | 532 |
Cash, end of period | $ 556 | $ 594 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids and other hydrocarbons (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 consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries. 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 March 31, 2024 and December 31, 2023 and results of operations, comprehensive income (loss), changes in shareholders’ equity and cash flows for the three months ended March 31, 2024 and 2023, 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, 2023. 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 months ended March 31, 2024 and 2023 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive. Recently issued Accounting Standards Updates (“ASUs”) - In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Net investment income is as follows: Three Months Ended March 31 2024 2023 (In millions) Fixed maturity securities $ 502 $ 470 Limited partnership investments 54 27 Short-term investments 29 16 Equity securities (a) 22 12 Income from trading portfolio (a) 58 45 Other 28 20 Total investment income 693 590 Investment expenses (24) (21) Net investment income $ 669 $ 569 (a) Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2024 and 2023 $ 48 $ 11 Investment gains (losses) are as follows: Three Months Ended March 31 2024 2023 (In millions) Fixed maturity securities: Gross gains $ 14 $ 35 Gross losses (46) (57) Investment losses on fixed maturity securities (32) (22) Equity securities (a) 11 (14) Short-term investments and other (1) 1 Investment losses $ (22) $ (35) (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2024 and 2023 $ 11 $ (2) The 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 March 31 2024 2023 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 9 $ 8 Asset-backed 5 Impairment losses recognized in earnings $ 14 $ 8 T here were no losses recognized on mortgage loans during the three months ended March 31, 2024 or 2023. The following tables present a summary of fixed maturity securities: March 31, 2024 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 25,221 $ 485 $ 1,374 $ 3 $ 24,329 States, municipalities and political 7,726 318 756 7,288 Asset-backed: Residential mortgage-backed 3,563 10 483 3,090 Commercial mortgage-backed 1,838 8 193 8 1,645 Other asset-backed 3,586 19 251 9 3,345 Total asset-backed 8,987 37 927 17 8,080 U.S. Treasury and obligations of 181 2 179 Foreign government 763 3 37 729 Fixed maturities available-for-sale $ 42,878 $ 843 $ 3,096 $ 20 $ 40,605 Fixed maturities trading 235 235 Total fixed maturity securities $ 43,113 $ 843 $ 3,096 $ 20 $ 40,840 December 31, 2023 Fixed maturity securities: Corporate and other bonds $ 25,020 $ 597 $ 1,345 $ 4 $ 24,268 States, municipalities and political 7,713 382 703 7,392 Asset-backed: Residential mortgage-backed 3,411 16 425 3,002 Commercial mortgage-backed 1,862 7 230 8 1,631 Other asset-backed 3,515 13 256 4 3,268 Total asset-backed 8,788 36 911 12 7,901 U.S. Treasury and obligations of 152 1 2 151 Foreign government 741 6 34 713 Fixed maturities available-for-sale $ 42,414 $ 1,022 $ 2,995 $ 16 $ 40,425 Fixed maturities trading 201 201 Total fixed maturity securities $ 42,615 $ 1,022 $ 2,995 $ 16 $ 40,626 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 March 31, 2024 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 $ 2,578 $ 48 $ 13,459 $ 1,326 $ 16,037 $ 1,374 States, municipalities and political 686 17 3,266 739 3,952 756 Asset-backed: Residential mortgage-backed 434 8 2,159 475 2,593 483 Commercial mortgage-backed 131 2 1,162 191 1,293 193 Other asset-backed 588 9 1,833 242 2,421 251 Total asset-backed 1,153 19 5,154 908 6,307 927 U.S. Treasury and obligations of 100 1 28 1 128 2 Foreign government 136 2 452 35 588 37 Total fixed maturity securities $ 4,653 $ 87 $ 22,359 $ 3,009 $ 27,012 $ 3,096 December 31, 2023 Fixed maturity securities: Corporate and other bonds $ 1,943 $ 37 $ 13,406 $ 1,308 $ 15,349 $ 1,345 States, municipalities and political 598 18 3,104 685 3,702 703 Asset-backed: Residential mortgage-backed 233 4 2,212 421 2,445 425 Commercial mortgage-backed 200 5 1,184 225 1,384 230 Other asset-backed 392 8 1,869 248 2,261 256 Total asset-backed 825 17 5,265 894 6,090 911 U.S. Treasury and obligations of 65 1 23 1 88 2 Foreign government 52 1 450 33 502 34 Total fixed maturity securities $ 3,483 $ 74 $ 22,248 $ 2,921 $ 25,731 $ 2,995 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. March 31, 2024 December 31, 2023 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) U.S. Government, Government agencies and Government-sponsored enterprises $ 2,426 $ 361 $ 2,273 $ 309 AAA 1,661 280 1,524 261 AA 4,109 690 3,817 658 A 6,324 570 5,652 517 BBB 11,672 1,083 11,523 1,095 Non-investment grade 820 112 942 155 Total $ 27,012 $ 3,096 $ 25,731 $ 2,995 Based on current facts and circumstances, the unrealized losses presented in the March 31, 2024 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 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 March 31, 2024. 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 $437 million, $435 million and $407 million as of March 31, 2024, December 31, 2023 and March 31, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Three months ended March 31, 2024 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2024 $ 4 $ 12 $ 16 Additions to the allowance for credit losses: Available-for-sale securities accounted for as PCD assets — Reductions to the allowance for credit losses: 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 1 1 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 5 5 Total allowance for credit losses $ 3 $ 17 $ 20 Three months ended March 31, 2023 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2023 $ — $ 1 $ 1 Additions to the allowance for credit losses: Available-for-sale securities accounted for as PCD assets 9 9 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 3 3 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 1 Total allowance for credit losses $ 1 $ 1 $ 2 Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. March 31, 2024 December 31, 2023 Cost or Amortized Cost Estimated Fair Cost or Amortized Cost Estimated (In millions) Due in one year or less $ 1,238 $ 1,207 $ 1,121 $ 1,091 Due after one year through five years 11,680 11,308 11,563 11,180 Due after five years through ten years 13,283 12,461 13,359 12,573 Due after ten years 16,677 15,629 16,371 15,581 Total $ 42,878 $ 40,605 $ 42,414 $ 40,425 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 March 31, 2024 2024 2023 2022 2021 2020 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 33 $ 9 $ 2 $ 97 $ 283 $ 424 LTV 55% to 65% 5 5 LTV greater than 65% 30 12 42 DSCR 1.2x - 1.6x LTV less than 55% 28 5 13 63 109 LTV 55% to 65% $ 12 21 36 36 24 31 160 LTV greater than 65% 12 65 77 DSCR ≤1.2x LTV less than 55% — LTV 55% to 65% 32 75 43 150 LTV greater than 65% 28 21 48 97 Total $ 12 $ 126 $ 248 $ 76 $ 134 $ 468 $ 1,064 (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. March 31, 2024 December 31, 2023 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 $ 235 $ 1 $ 202 $ 1 Futures – short 127 116 Warrants 84 3 84 3 Interest rate swaps 300 12 300 13 Currency forwards 13 $ (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 March 31, 2024, commitments to purchase or fund were approximately $1.6 billion and to sell were approximately $25 million under the terms of these investments. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2024 | |
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. March 31, 2024 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 189 $ 23,966 $ 1,082 $ 25,237 States, municipalities and political subdivisions 7,245 43 7,288 Asset-backed 7,209 871 8,080 Fixed maturities available-for-sale 189 38,420 1,996 40,605 Fixed maturities trading 235 235 Total fixed maturities $ 424 $ 38,420 $ 1,996 $ 40,840 Equity securities $ 654 $ 439 $ 11 $ 1,104 Short-term and other 5,203 19 5,222 Receivables 12 12 Payable to brokers (38) (38) December 31, 2023 Fixed maturity securities: Corporate bonds and other $ 161 $ 23,926 $ 1,045 $ 25,132 States, municipalities and political subdivisions 7,348 44 7,392 Asset-backed 7,000 901 7,901 Fixed maturities available-for-sale 161 38,274 1,990 40,425 Fixed maturities trading 201 201 Total fixed maturities $ 362 $ 38,274 $ 1,990 $ 40,626 Equity securities $ 586 $ 440 $ 24 $ 1,050 Short-term and other 4,215 32 4,247 Receivables 13 13 Payable to brokers (62) (62) 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 months ended March 31, 2024 and 2023: 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 March 31 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31 2024 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, March 31 (In millions) Fixed maturity securities: Corporate bonds and other $ 1,045 $ (12) $ 74 $ (36) $ 11 $ 1,082 $ (14) States, municipalities and political subdivisions 44 (1) 43 (1) Asset-backed 901 $ 2 (5) 18 $ (9) (17) $ (19) 871 (5) Fixed maturities available-for-sale $ 1,990 $ 2 $ (18) $ 92 $ (9) $ (53) $ 11 $ (19) $ 1,996 $ — $ (20) Equity securities $ 24 $ 6 $ (19) $ 11 $ 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 March 31 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31 2023 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, March 31 (In millions) Fixed maturity securities: Corporate bonds and other $ 810 $ 24 $ 81 $ (3) $ 912 $ 24 States, municipalities and political subdivisions 43 1 44 1 Asset-backed 788 $ 5 7 55 (9) $ 23 $ (10) 859 7 Fixed maturities available-for-sale $ 1,641 $ 5 $ 32 $ 136 $ — $ (12) $ 23 $ (10) $ 1,815 $ — $ 32 Equity securities $ 35 $ (6) $ 29 $ (6) 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. March 31, 2024 Estimated Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,521 Discounted cash flow Credit spread 1 % — 7 % (2 %) December 31, 2023 Fixed maturity securities $ 1,495 Discounted cash flow Credit spread 1 % — 7 % (2 %) For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. Financial Assets and Liabilities Not Measured at Fair Value The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items. Carrying Amount Estimated Fair Value March 31, 2024 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 1,029 $ 987 $ 987 Liabilities: Short-term debt 1,677 $ 1,145 519 1,664 Long-term debt 8,422 7,663 431 8,094 December 31, 2023 Assets: Other invested assets, primarily mortgage loans $ 1,035 $ 997 $ 997 Liabilities: Short-term debt 1,083 $ 546 520 1,066 Long-term debt 7,915 7,255 385 7,640 |
Claim and Claim Adjustment Expe
Claim and Claim Adjustment Expense Reserves | 3 Months Ended |
Mar. 31, 2024 | |
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, 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 $88 million and $52 million for the three months ended March 31, 2024 and 2023 primarily related to severe weather related events. Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves. Three Months Ended March 31 2024 2023 (In millions) Reserves, beginning of year: Gross $ 23,304 $ 22,120 Ceded 5,141 5,191 Net reserves, beginning of year 18,163 16,929 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 1,502 1,326 Increase (decrease) in provision for insured events of prior years (6) 13 Amortization of discount 10 11 Total net incurred (a) 1,506 1,350 Net payments attributable to: Current year events (113) (72) Prior year events (1,168) (1,042) Total net payments (1,281) (1,114) Foreign currency translation adjustment and other (41) 35 Net reserves, end of period 18,347 17,200 Ceded reserves, end of period 5,241 5,209 Gross reserves, end of period $ 23,588 $ 22,409 (a) Total net incurred 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, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders’ dividends, 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. CNA’s commercial property and casualty operations (“Property & Casualty Operations”) recorded favorable net prior year loss reserve development of $7 million and unfavorable net prior year loss reserve development of $13 million for the three months ended March 31, 2024 and 2023. The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations: Three Months Ended March 31 2024 2023 (In millions) Medical professional liability $ 9 Surety $ (18) Warranty 13 (9) Workers’ compensation (2) (2) Other property and casualty operations 15 Total pretax (favorable) unfavorable development $ (7) $ 13 2024 Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year. 2023 Unfavorable development in other property and casualty operations was due to higher than expected large loss emergence in CNA’s professional liability business in accident year 2017. 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 in 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 $12 million and $8 million for the three months ended March 31, 2024 and 2023 . As of March 31, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $3.6 billion. The unrecognized deferred retroactive reinsurance benefit was $405 million and $417 million as of March 31, 2024 and December 31, 2023 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 $2.6 billion as of March 31, 2024. 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 | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Future Policy Benefit Reserves | Future Policy Benefits Reserves Future policy benefits reserves are associated with CNA’s run-off long-term care business, included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheet. 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. For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The following table summarizes balances and changes in the LFPB: 2024 2023 (In millions) Present value of future net premiums Balance, January 1 $ 3,710 $ 3,993 Effect of changes in discount rate (125) (74) Balance, January 1, at original locked in discount rate 3,585 3,919 Effect of changes in cash flow assumptions (a) Effect of actual variances from expected experience (a) (28) (49) Adjusted balance, January 1 3,557 3,870 Interest accrual 47 52 Net premiums: earned during period (107) (111) Balance, end of period at original locked in discount rate 3,497 3,811 Effect of changes in discount rate 56 154 Balance, March 31 $ 3,553 $ 3,965 Present value of future benefits & expenses Balance, January 1 $ 17,669 $ 17,472 Effect of changes in discount rate (578) (125) Balance, January 1, at original locked in discount rate 17,091 17,347 Effect of changes in cash flow assumptions (a) Effect of actual variances from expected experience (a) (13) (50) Adjusted balance, January 1 17,078 17,297 Interest accrual 231 242 Benefit & expense payments (321) (302) Balance, end of period at original locked in discount rate 16,988 17,237 Effect of changes in discount rate 78 704 Balance, March 31 $ 17,066 $ 17,941 Net LFPB, March 31 $ 13,513 $ 13,976 (a) As of March 31, 2024 and 2023 , the re-measurement gain (loss) of $(15) million and $1 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 March 31 2024 2023 (In millions) Earned premiums $ 110 $ 115 Interest expense 184 190 The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums. March 31, 2024 2023 (In millions) Expected future benefit and expense payments $ 32,474 $ 33,759 Expected future gross premiums 5,270 5,729 Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.7 billion and $4.0 billion as of March 31, 2024 and 2023. The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of March 31, 2024 and 2023. The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows. March 31, December 31, 2024 2023 2023 Original locked in discount rate 5.22 % 5.26 % 5.22 % Upper-medium grade fixed income instrument discount rate 5.20 4.92 4.94 |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three months ended March 31, 2023 and 2024 : 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, 2023, as reported $ (7) $ (2,469) $ — $ 14 $ (622) $ (200) $ (3,284) Cumulative effect adjustments from changes in accounting standard s, 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 $2, $(176), $105, $1, $0 and $0 (8) 652 (396) (2) 16 262 Reclassification of losses from accumulated other comprehensive loss, after tax of $0, $(4), $0, $0, $(2) and $0 18 9 27 Other comprehensive income (loss) (8) 670 (396) (2) 9 16 289 Amounts attributable to noncontrolling interests 1 (68) 39 (1) (2) (31) Balance, March 31, 2023 $ (14) $ (1,867) $ (393) $ 12 $ (614) $ (186) $ (3,062) Balance, January 1, 2024 $ (12) $ (1,483) $ (329) $ 9 $ (533) $ (149) $ (2,497) Other comprehensive income (loss) before reclassifications, after tax of $0, $64, $(91), $(1), $0 and $0 (1) (239) 341 2 (33) 70 Reclassification of losses from accumulated other comprehensive loss, after tax of $(1), $(6), $0, $0, $(1) and $0 3 22 6 31 Other comprehensive income (loss) 2 (217) 341 2 6 (33) 101 Amounts attributable to noncontrolling interests 19 (29) (1) 3 (8) Other 1 5 (1) (2) 3 Balance, March 31, 2024 $ (9) $ (1,676) $ (17) $ 10 $ (530) $ (179) $ (2,401) 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 0.2 million and 8.2 million shares of its common stock at aggregate costs of $17 million and $486 million during the three months ended March 31, 2024 and 2023. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt In February of 2024 , CNA completed a public offering of $500 million aggregate principal amount of its 5.1% senior notes due February 15, 2034 . CNA intends to use the net proceeds towards retiring the outstanding $550 million aggregate principal amount of its 4.0% senior notes due May 2024. In February of 2024 , Boardwalk Pipelines completed a public offering of $600 million aggregate principal amount of its 5.6% senior notes due August 1, 2034 . Boardwalk Pipelines intends to use the net proceeds to retire the outstanding $600 million aggregate principal amount of its 5.0% notes due December 2024 . |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2024 | |
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 12 : Three Months Ended March 31 2024 2023 (In millions) Non-insurance warranty – CNA Financial $ 407 $ 407 Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines $ 501 $ 386 Lodging and related services – Loews Hotels & Co 209 185 Total revenues from contracts with customers 710 571 Other revenues 26 23 Operating revenues and other $ 736 $ 594 Receivables from contracts with customers – As of March 31, 2024 and December 31, 2023, receivables from contracts with customers were approximately $201 million and $228 million and are included within Receivables on the Consolidated Condensed Balance Sheets. Deferred revenue – As of March 31, 2024 and December 31, 2023, deferred revenue resulting from contracts with customers was approximately $4.7 billion and $4.8 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $410 million and $397 million of revenues recognized during the three months ended March 31, 2024 and 2023 were included in deferred revenue as of December 31, 2023 and 2022. Performance obligations – As of March 31, 2024, approximately $15.1 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”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $2.2 billion will be recognized during the remaining nine months of 2024 , $2.5 billion in 2025 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 table presents the components of net periodic (benefit) cost for the defined benefit plans: Pension Benefits Other Postretirement Benefits Three Months Ended March 31 2024 2023 2024 2023 (In millions) Service cost $ 1 $ 1 Interest cost 24 28 $ 1 $ 1 Expected return on plan assets (29) (32) (1) (1) Amortization of unrecognized net loss 7 9 Net periodic cost $ 3 $ 6 $ — $ — |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2024 | |
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. A hearing on the remanded issues was held at the Trial Court in April 2024. Other Litigation The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the Boardwalk Pipelines matter described above, will materially affect the Company’s results of operations or equity. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 March 31, 2024, 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 | 3 Months Ended |
Mar. 31, 2024 | |
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 21 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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 March 31, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,441 $ 2,441 Net investment income 609 $ 4 $ 2 $ 54 669 Investment losses (22) (22) Non-insurance warranty revenue 407 407 Operating revenues and other 9 513 214 736 Total 3,444 517 216 54 4,231 Expenses: Insurance claims and policyholders’ benefits 1,807 1,807 Amortization of deferred acquisition costs 444 444 Non-insurance warranty expense 394 394 Operating expenses and other 337 312 209 22 880 Equity method (income) loss (27) 1 (26) Interest 35 43 6 19 103 Total 3,017 355 188 42 3,602 Income before income tax 427 162 28 12 629 Income tax expense (89) (41) (12) (2) (144) Net income 338 121 16 10 485 Amounts attributable to noncontrolling interests (28) (28) Net income attributable to Loews Corporation $ 310 $ 121 $ 16 $ 10 $ 457 Three Months Ended March 31, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,248 $ 2,248 Net investment income 525 $ 1 $ 1 $ 42 569 Investment losses (35) (35) Non-insurance warranty revenue 407 407 Operating revenues and other 7 396 191 594 Total 3,152 397 192 42 3,783 Expenses: Insurance claims and policyholders’ benefits 1,653 1,653 Amortization of deferred acquisition costs 379 379 Non-insurance warranty expense 384 384 Operating expenses and other 337 242 183 19 781 Equity method (income) loss (31) 3 (28) Interest 28 39 6 22 95 Total 2,781 281 158 44 3,264 Income (loss) before income tax 371 116 34 (2) 519 Income tax expense (74) (30) (10) (1) (115) Net income (loss) 297 86 24 (3) 404 Amounts attributable to noncontrolling interests (29) (29) Net income (loss) attributable to Loews Corporation $ 268 $ 86 $ 24 $ (3) $ 375 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net Income (Loss) | $ 457 | $ 375 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 shares | |
Trading Arrangements, by Individual | |
Material Terms of Trading Arrangement | |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Jonathan M. Tisch [Member] | |
Trading Arrangements, by Individual | |
Name | Jonathan M. Tisch |
Title | Co-Chairman of the Board and a member of the Office of the President, and Executive Chairman |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | February 22, 2024 |
RSUs Vesting On February 6, 2025 [Member] | Jonathan M. Tisch [Member] | |
Trading Arrangements, by Individual | |
Arrangement Duration | 22 days |
Aggregate Available | 8,258 |
RSUs Vesting On February 7, 2025 [Member] | Jonathan M. Tisch [Member] | |
Trading Arrangements, by Individual | |
Arrangement Duration | 21 days |
Aggregate Available | 8,224 |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
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”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids and other hydrocarbons (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 consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries. 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 March 31, 2024 and December 31, 2023 and results of operations, comprehensive income (loss), changes in shareholders’ equity and cash flows for the three months ended March 31, 2024 and 2023, 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, 2023. 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 months ended March 31, 2024 and 2023 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive. Recently issued Accounting Standards Updates (“ASUs”) - In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Net Investment Income | Net investment income is as follows: Three Months Ended March 31 2024 2023 (In millions) Fixed maturity securities $ 502 $ 470 Limited partnership investments 54 27 Short-term investments 29 16 Equity securities (a) 22 12 Income from trading portfolio (a) 58 45 Other 28 20 Total investment income 693 590 Investment expenses (24) (21) Net investment income $ 669 $ 569 (a) Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2024 and 2023 $ 48 $ 11 |
Schedule of Investment Gains (Losses) | Investment gains (losses) are as follows: Three Months Ended March 31 2024 2023 (In millions) Fixed maturity securities: Gross gains $ 14 $ 35 Gross losses (46) (57) Investment losses on fixed maturity securities (32) (22) Equity securities (a) 11 (14) Short-term investments and other (1) 1 Investment losses $ (22) $ (35) (a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2024 and 2023 $ 11 $ (2) |
Schedule of Impairment Losses (Gains) on Earnings | The 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 March 31 2024 2023 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 9 $ 8 Asset-backed 5 Impairment losses recognized in earnings $ 14 $ 8 |
Schedule of Amortized Cost and Fair Values of Fixed Maturity Securities | The following tables present a summary of fixed maturity securities: March 31, 2024 Cost or Amortized Cost Gross Unrealized Gross Unrealized Allowance Estimated (In millions) Fixed maturity securities: Corporate and other bonds $ 25,221 $ 485 $ 1,374 $ 3 $ 24,329 States, municipalities and political 7,726 318 756 7,288 Asset-backed: Residential mortgage-backed 3,563 10 483 3,090 Commercial mortgage-backed 1,838 8 193 8 1,645 Other asset-backed 3,586 19 251 9 3,345 Total asset-backed 8,987 37 927 17 8,080 U.S. Treasury and obligations of 181 2 179 Foreign government 763 3 37 729 Fixed maturities available-for-sale $ 42,878 $ 843 $ 3,096 $ 20 $ 40,605 Fixed maturities trading 235 235 Total fixed maturity securities $ 43,113 $ 843 $ 3,096 $ 20 $ 40,840 December 31, 2023 Fixed maturity securities: Corporate and other bonds $ 25,020 $ 597 $ 1,345 $ 4 $ 24,268 States, municipalities and political 7,713 382 703 7,392 Asset-backed: Residential mortgage-backed 3,411 16 425 3,002 Commercial mortgage-backed 1,862 7 230 8 1,631 Other asset-backed 3,515 13 256 4 3,268 Total asset-backed 8,788 36 911 12 7,901 U.S. Treasury and obligations of 152 1 2 151 Foreign government 741 6 34 713 Fixed maturities available-for-sale $ 42,414 $ 1,022 $ 2,995 $ 16 $ 40,425 Fixed maturities trading 201 201 Total fixed maturity securities $ 42,615 $ 1,022 $ 2,995 $ 16 $ 40,626 |
Schedule of 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 March 31, 2024 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 $ 2,578 $ 48 $ 13,459 $ 1,326 $ 16,037 $ 1,374 States, municipalities and political 686 17 3,266 739 3,952 756 Asset-backed: Residential mortgage-backed 434 8 2,159 475 2,593 483 Commercial mortgage-backed 131 2 1,162 191 1,293 193 Other asset-backed 588 9 1,833 242 2,421 251 Total asset-backed 1,153 19 5,154 908 6,307 927 U.S. Treasury and obligations of 100 1 28 1 128 2 Foreign government 136 2 452 35 588 37 Total fixed maturity securities $ 4,653 $ 87 $ 22,359 $ 3,009 $ 27,012 $ 3,096 December 31, 2023 Fixed maturity securities: Corporate and other bonds $ 1,943 $ 37 $ 13,406 $ 1,308 $ 15,349 $ 1,345 States, municipalities and political 598 18 3,104 685 3,702 703 Asset-backed: Residential mortgage-backed 233 4 2,212 421 2,445 425 Commercial mortgage-backed 200 5 1,184 225 1,384 230 Other asset-backed 392 8 1,869 248 2,261 256 Total asset-backed 825 17 5,265 894 6,090 911 U.S. Treasury and obligations of 65 1 23 1 88 2 Foreign government 52 1 450 33 502 34 Total fixed maturity securities $ 3,483 $ 74 $ 22,248 $ 2,921 $ 25,731 $ 2,995 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. March 31, 2024 December 31, 2023 Estimated Fair Value Gross Unrealized Losses Estimated Fair Value Gross Unrealized Losses (In millions) U.S. Government, Government agencies and Government-sponsored enterprises $ 2,426 $ 361 $ 2,273 $ 309 AAA 1,661 280 1,524 261 AA 4,109 690 3,817 658 A 6,324 570 5,652 517 BBB 11,672 1,083 11,523 1,095 Non-investment grade 820 112 942 155 Total $ 27,012 $ 3,096 $ 25,731 $ 2,995 |
Schedule of 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 $437 million, $435 million and $407 million as of March 31, 2024, December 31, 2023 and March 31, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Three months ended March 31, 2024 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2024 $ 4 $ 12 $ 16 Additions to the allowance for credit losses: Available-for-sale securities accounted for as PCD assets — Reductions to the allowance for credit losses: 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 1 1 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 5 5 Total allowance for credit losses $ 3 $ 17 $ 20 Three months ended March 31, 2023 Corporate and Other Bonds Asset-backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2023 $ — $ 1 $ 1 Additions to the allowance for credit losses: Available-for-sale securities accounted for as PCD assets 9 9 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 3 3 Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period 1 1 Total allowance for credit losses $ 1 $ 1 $ 2 |
Schedule of Available-for-sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale fixed maturity securities by contractual maturity. March 31, 2024 December 31, 2023 Cost or Amortized Cost Estimated Fair Cost or Amortized Cost Estimated (In millions) Due in one year or less $ 1,238 $ 1,207 $ 1,121 $ 1,091 Due after one year through five years 11,680 11,308 11,563 11,180 Due after five years through ten years 13,283 12,461 13,359 12,573 Due after ten years 16,677 15,629 16,371 15,581 Total $ 42,878 $ 40,605 $ 42,414 $ 40,425 |
Schedule of 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 March 31, 2024 2024 2023 2022 2021 2020 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 33 $ 9 $ 2 $ 97 $ 283 $ 424 LTV 55% to 65% 5 5 LTV greater than 65% 30 12 42 DSCR 1.2x - 1.6x LTV less than 55% 28 5 13 63 109 LTV 55% to 65% $ 12 21 36 36 24 31 160 LTV greater than 65% 12 65 77 DSCR ≤1.2x LTV less than 55% — LTV 55% to 65% 32 75 43 150 LTV greater than 65% 28 21 48 97 Total $ 12 $ 126 $ 248 $ 76 $ 134 $ 468 $ 1,064 (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. |
Schedule of 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. March 31, 2024 December 31, 2023 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 $ 235 $ 1 $ 202 $ 1 Futures – short 127 116 Warrants 84 3 84 3 Interest rate swaps 300 12 300 13 Currency forwards 13 $ (1) |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of 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. March 31, 2024 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 189 $ 23,966 $ 1,082 $ 25,237 States, municipalities and political subdivisions 7,245 43 7,288 Asset-backed 7,209 871 8,080 Fixed maturities available-for-sale 189 38,420 1,996 40,605 Fixed maturities trading 235 235 Total fixed maturities $ 424 $ 38,420 $ 1,996 $ 40,840 Equity securities $ 654 $ 439 $ 11 $ 1,104 Short-term and other 5,203 19 5,222 Receivables 12 12 Payable to brokers (38) (38) December 31, 2023 Fixed maturity securities: Corporate bonds and other $ 161 $ 23,926 $ 1,045 $ 25,132 States, municipalities and political subdivisions 7,348 44 7,392 Asset-backed 7,000 901 7,901 Fixed maturities available-for-sale 161 38,274 1,990 40,425 Fixed maturities trading 201 201 Total fixed maturities $ 362 $ 38,274 $ 1,990 $ 40,626 Equity securities $ 586 $ 440 $ 24 $ 1,050 Short-term and other 4,215 32 4,247 Receivables 13 13 Payable to brokers (62) (62) |
Schedule of 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 months ended March 31, 2024 and 2023: 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 March 31 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31 2024 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, March 31 (In millions) Fixed maturity securities: Corporate bonds and other $ 1,045 $ (12) $ 74 $ (36) $ 11 $ 1,082 $ (14) States, municipalities and political subdivisions 44 (1) 43 (1) Asset-backed 901 $ 2 (5) 18 $ (9) (17) $ (19) 871 (5) Fixed maturities available-for-sale $ 1,990 $ 2 $ (18) $ 92 $ (9) $ (53) $ 11 $ (19) $ 1,996 $ — $ (20) Equity securities $ 24 $ 6 $ (19) $ 11 $ 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 March 31 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31 2023 Balance, January 1 Included in Net Income Included in OCI Purchases Sales Settlements Transfers into Transfers out of Level 3 Balance, March 31 (In millions) Fixed maturity securities: Corporate bonds and other $ 810 $ 24 $ 81 $ (3) $ 912 $ 24 States, municipalities and political subdivisions 43 1 44 1 Asset-backed 788 $ 5 7 55 (9) $ 23 $ (10) 859 7 Fixed maturities available-for-sale $ 1,641 $ 5 $ 32 $ 136 $ — $ (12) $ 23 $ (10) $ 1,815 $ — $ 32 Equity securities $ 35 $ (6) $ 29 $ (6) 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 |
Schedule of 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. March 31, 2024 Estimated Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,521 Discounted cash flow Credit spread 1 % — 7 % (2 %) December 31, 2023 Fixed maturity securities $ 1,495 Discounted cash flow Credit spread 1 % — 7 % (2 %) |
Schedule of 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 March 31, 2024 Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 1,029 $ 987 $ 987 Liabilities: Short-term debt 1,677 $ 1,145 519 1,664 Long-term debt 8,422 7,663 431 8,094 December 31, 2023 Assets: Other invested assets, primarily mortgage loans $ 1,035 $ 997 $ 997 Liabilities: Short-term debt 1,083 $ 546 520 1,066 Long-term debt 7,915 7,255 385 7,640 |
Claim and Claim Adjustment Ex_2
Claim and Claim Adjustment Expense Reserves (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Schedule of Reconciliation of Claim and Claim Adjustment Expense Reserves | The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves. Three Months Ended March 31 2024 2023 (In millions) Reserves, beginning of year: Gross $ 23,304 $ 22,120 Ceded 5,141 5,191 Net reserves, beginning of year 18,163 16,929 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 1,502 1,326 Increase (decrease) in provision for insured events of prior years (6) 13 Amortization of discount 10 11 Total net incurred (a) 1,506 1,350 Net payments attributable to: Current year events (113) (72) Prior year events (1,168) (1,042) Total net payments (1,281) (1,114) Foreign currency translation adjustment and other (41) 35 Net reserves, end of period 18,347 17,200 Ceded reserves, end of period 5,241 5,209 Gross reserves, end of period $ 23,588 $ 22,409 (a) Total net incurred 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, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above. |
Schedule of 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: Three Months Ended March 31 2024 2023 (In millions) Medical professional liability $ 9 Surety $ (18) Warranty 13 (9) Workers’ compensation (2) (2) Other property and casualty operations 15 Total pretax (favorable) unfavorable development $ (7) $ 13 |
Future Policy Benefits Reserv_2
Future Policy Benefits Reserves (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Insurance [Abstract] | |
Schedule of Liability for Future Policy Benefit | 2024 2023 (In millions) Present value of future net premiums Balance, January 1 $ 3,710 $ 3,993 Effect of changes in discount rate (125) (74) Balance, January 1, at original locked in discount rate 3,585 3,919 Effect of changes in cash flow assumptions (a) Effect of actual variances from expected experience (a) (28) (49) Adjusted balance, January 1 3,557 3,870 Interest accrual 47 52 Net premiums: earned during period (107) (111) Balance, end of period at original locked in discount rate 3,497 3,811 Effect of changes in discount rate 56 154 Balance, March 31 $ 3,553 $ 3,965 Present value of future benefits & expenses Balance, January 1 $ 17,669 $ 17,472 Effect of changes in discount rate (578) (125) Balance, January 1, at original locked in discount rate 17,091 17,347 Effect of changes in cash flow assumptions (a) Effect of actual variances from expected experience (a) (13) (50) Adjusted balance, January 1 17,078 17,297 Interest accrual 231 242 Benefit & expense payments (321) (302) Balance, end of period at original locked in discount rate 16,988 17,237 Effect of changes in discount rate 78 704 Balance, March 31 $ 17,066 $ 17,941 Net LFPB, March 31 $ 13,513 $ 13,976 (a) As of March 31, 2024 and 2023 , the re-measurement gain (loss) of $(15) million and $1 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 March 31 2024 2023 (In millions) Earned premiums $ 110 $ 115 Interest expense 184 190 The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums. March 31, 2024 2023 (In millions) Expected future benefit and expense payments $ 32,474 $ 33,759 Expected future gross premiums 5,270 5,729 The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows. March 31, December 31, 2024 2023 2023 Original locked in discount rate 5.22 % 5.26 % 5.22 % Upper-medium grade fixed income instrument discount rate 5.20 4.92 4.94 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule of Components of Accumulated Other Comprehensive Income | The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three months ended March 31, 2023 and 2024 : 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, 2023, as reported $ (7) $ (2,469) $ — $ 14 $ (622) $ (200) $ (3,284) Cumulative effect adjustments from changes in accounting standard s, 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 $2, $(176), $105, $1, $0 and $0 (8) 652 (396) (2) 16 262 Reclassification of losses from accumulated other comprehensive loss, after tax of $0, $(4), $0, $0, $(2) and $0 18 9 27 Other comprehensive income (loss) (8) 670 (396) (2) 9 16 289 Amounts attributable to noncontrolling interests 1 (68) 39 (1) (2) (31) Balance, March 31, 2023 $ (14) $ (1,867) $ (393) $ 12 $ (614) $ (186) $ (3,062) Balance, January 1, 2024 $ (12) $ (1,483) $ (329) $ 9 $ (533) $ (149) $ (2,497) Other comprehensive income (loss) before reclassifications, after tax of $0, $64, $(91), $(1), $0 and $0 (1) (239) 341 2 (33) 70 Reclassification of losses from accumulated other comprehensive loss, after tax of $(1), $(6), $0, $0, $(1) and $0 3 22 6 31 Other comprehensive income (loss) 2 (217) 341 2 6 (33) 101 Amounts attributable to noncontrolling interests 19 (29) (1) 3 (8) Other 1 5 (1) (2) 3 Balance, March 31, 2024 $ (9) $ (1,676) $ (17) $ 10 $ (530) $ (179) $ (2,401) |
Schedule of 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) | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of 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 12 : Three Months Ended March 31 2024 2023 (In millions) Non-insurance warranty – CNA Financial $ 407 $ 407 Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines $ 501 $ 386 Lodging and related services – Loews Hotels & Co 209 185 Total revenues from contracts with customers 710 571 Other revenues 26 23 Operating revenues and other $ 736 $ 594 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Net Periodic (Benefit) Cost Components | The following table presents the components of net periodic (benefit) cost for the defined benefit plans: Pension Benefits Other Postretirement Benefits Three Months Ended March 31 2024 2023 2024 2023 (In millions) Service cost $ 1 $ 1 Interest cost 24 28 $ 1 $ 1 Expected return on plan assets (29) (32) (1) (1) Amortization of unrecognized net loss 7 9 Net periodic cost $ 3 $ 6 $ — $ — |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | Statements of Operations by segment are presented in the following tables. Three Months Ended March 31, 2024 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,441 $ 2,441 Net investment income 609 $ 4 $ 2 $ 54 669 Investment losses (22) (22) Non-insurance warranty revenue 407 407 Operating revenues and other 9 513 214 736 Total 3,444 517 216 54 4,231 Expenses: Insurance claims and policyholders’ benefits 1,807 1,807 Amortization of deferred acquisition costs 444 444 Non-insurance warranty expense 394 394 Operating expenses and other 337 312 209 22 880 Equity method (income) loss (27) 1 (26) Interest 35 43 6 19 103 Total 3,017 355 188 42 3,602 Income before income tax 427 162 28 12 629 Income tax expense (89) (41) (12) (2) (144) Net income 338 121 16 10 485 Amounts attributable to noncontrolling interests (28) (28) Net income attributable to Loews Corporation $ 310 $ 121 $ 16 $ 10 $ 457 Three Months Ended March 31, 2023 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,248 $ 2,248 Net investment income 525 $ 1 $ 1 $ 42 569 Investment losses (35) (35) Non-insurance warranty revenue 407 407 Operating revenues and other 7 396 191 594 Total 3,152 397 192 42 3,783 Expenses: Insurance claims and policyholders’ benefits 1,653 1,653 Amortization of deferred acquisition costs 379 379 Non-insurance warranty expense 384 384 Operating expenses and other 337 242 183 19 781 Equity method (income) loss (31) 3 (28) Interest 28 39 6 22 95 Total 2,781 281 158 44 3,264 Income (loss) before income tax 371 116 34 (2) 519 Income tax expense (74) (30) (10) (1) (115) Net income (loss) 297 86 24 (3) 404 Amounts attributable to noncontrolling interests (29) (29) Net income (loss) attributable to Loews Corporation $ 268 $ 86 $ 24 $ (3) $ 375 |
Basis of Presentation (Details)
Basis of Presentation (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CNA | ||
Basis of Presentation [Abstract] | ||
Subsidiary ownership (as a percent) | 92% | |
Share-Based Payment Arrangement | ||
Basis of Presentation [Abstract] | ||
Shares excluded from diluted EPS calculation (in shares) | 0 | 0 |
Investments - Net Investment In
Investments - Net Investment Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Investment Income [Line Items] | ||
Investment income, operating | $ 693 | $ 590 |
Investment expenses | (24) | (21) |
Net investment income | 669 | 569 |
Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2024 and 2023 | 48 | 11 |
Fixed maturity securities | ||
Net Investment Income [Line Items] | ||
Investment income, operating | 502 | 470 |
Limited partnership investments | ||
Net Investment Income [Line Items] | ||
Gain (losses) on investments, before investment expenses | 54 | 27 |
Short-term investments | ||
Net Investment Income [Line Items] | ||
Investment income, operating | 29 | 16 |
Equity securities | ||
Net Investment Income [Line Items] | ||
Gain (losses) on investments, before investment expenses | 22 | 12 |
Income from trading portfolio | ||
Net Investment Income [Line Items] | ||
Gain (losses) on investments, before investment expenses | 58 | 45 |
Other | ||
Net Investment Income [Line Items] | ||
Investment income, operating | $ 28 | $ 20 |
Investments - Investment Gains
Investments - Investment Gains (Losses) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
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 March 31, 2024 and 2023 | $ (22) | $ (35) |
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 March 31, 2024 and 2023 | 11 | (2) |
Fixed maturity securities | ||
Investment Gains (Losses) [Abstract] | ||
Gross gains | 14 | 35 |
Gross losses | (46) | (57) |
Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2024 and 2023 | (32) | (22) |
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 March 31, 2024 and 2023 | 11 | (14) |
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 March 31, 2024 and 2023 | $ (1) | $ 1 |
Investments - Available-for-sal
Investments - Available-for-sale Impairment Losses Recognized in Earnings (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Available-For-Sale Impairment Losses [Abstract] | ||
Impairment losses recognized in earnings | $ 14 | $ 8 |
Mortgage Receivable | ||
Available-For-Sale Impairment Losses [Abstract] | ||
Gain (loss) on mortgage loans due to changes in expected credit losses | 0 | 0 |
Corporate and other bonds | ||
Available-For-Sale Impairment Losses [Abstract] | ||
Impairment losses recognized in earnings | 9 | 8 |
Asset-backed | ||
Available-For-Sale Impairment Losses [Abstract] | ||
Impairment losses recognized in earnings | $ 5 |
Investments - Amortized Cost an
Investments - Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | $ 43,113 | $ 42,615 |
Gross Unrealized Gains | 843 | 1,022 |
Gross Unrealized Losses | 3,096 | 2,995 |
Allowance for Credit Losses | 20 | 16 |
Estimated Fair Value | 40,840 | 40,626 |
Corporate and other bonds | ||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | 25,221 | 25,020 |
Gross Unrealized Gains | 485 | 597 |
Gross Unrealized Losses | 1,374 | 1,345 |
Allowance for Credit Losses | 3 | 4 |
Estimated Fair Value | 24,329 | 24,268 |
States, municipalities and political subdivisions | ||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | 7,726 | 7,713 |
Gross Unrealized Gains | 318 | 382 |
Gross Unrealized Losses | 756 | 703 |
Allowance for Credit Losses | ||
Estimated Fair Value | 7,288 | 7,392 |
Residential mortgage-backed | ||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | 3,563 | 3,411 |
Gross Unrealized Gains | 10 | 16 |
Gross Unrealized Losses | 483 | 425 |
Allowance for Credit Losses | ||
Estimated Fair Value | 3,090 | 3,002 |
Commercial mortgage-backed | ||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | 1,838 | 1,862 |
Gross Unrealized Gains | 8 | 7 |
Gross Unrealized Losses | 193 | 230 |
Allowance for Credit Losses | 8 | 8 |
Estimated Fair Value | 1,645 | 1,631 |
Other asset-backed | ||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | 3,586 | 3,515 |
Gross Unrealized Gains | 19 | 13 |
Gross Unrealized Losses | 251 | 256 |
Allowance for Credit Losses | 9 | 4 |
Estimated Fair Value | 3,345 | 3,268 |
Asset-backed | ||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | 8,987 | 8,788 |
Gross Unrealized Gains | 37 | 36 |
Gross Unrealized Losses | 927 | 911 |
Allowance for Credit Losses | 17 | 12 |
Estimated Fair Value | 8,080 | 7,901 |
U.S. Treasury and obligations of government-sponsored enterprises | ||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | 181 | 152 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | 2 | 2 |
Allowance for Credit Losses | ||
Estimated Fair Value | 179 | 151 |
Foreign government | ||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | 763 | 741 |
Gross Unrealized Gains | 3 | 6 |
Gross Unrealized Losses | 37 | 34 |
Allowance for Credit Losses | ||
Estimated Fair Value | 729 | 713 |
Fixed maturities available-for-sale | ||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | 42,878 | 42,414 |
Gross Unrealized Gains | 843 | 1,022 |
Gross Unrealized Losses | 3,096 | 2,995 |
Allowance for Credit Losses | 20 | 16 |
Estimated Fair Value | 40,605 | 40,425 |
Fixed maturities trading | ||
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract] | ||
Cost or Amortized Cost | 235 | 201 |
Gross Unrealized Gains | ||
Gross Unrealized Losses | ||
Allowance for Credit Losses | ||
Estimated Fair Value | $ 235 | $ 201 |
Investments - Available-for-s_2
Investments - Available-for-sale Securities in Gross Unrealized Loss Position (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Gross Unrealized Losses [Abstract] | ||
Total, Estimated Fair Value | $ 27,012 | $ 25,731 |
Total, Gross Unrealized Losses | 3,096 | 2,995 |
Fixed maturity securities | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 4,653 | 3,483 |
Less than 12 Months, Gross Unrealized Losses | 87 | 74 |
12 Months or Longer, Estimated Fair Value | 22,359 | 22,248 |
12 Months or Longer, Gross Unrealized Losses | 3,009 | 2,921 |
Total, Estimated Fair Value | 27,012 | 25,731 |
Total, Gross Unrealized Losses | 3,096 | 2,995 |
Corporate bonds and other | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 2,578 | 1,943 |
Less than 12 Months, Gross Unrealized Losses | 48 | 37 |
12 Months or Longer, Estimated Fair Value | 13,459 | 13,406 |
12 Months or Longer, Gross Unrealized Losses | 1,326 | 1,308 |
Total, Estimated Fair Value | 16,037 | 15,349 |
Total, Gross Unrealized Losses | 1,374 | 1,345 |
States, municipalities and political subdivisions | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 686 | 598 |
Less than 12 Months, Gross Unrealized Losses | 17 | 18 |
12 Months or Longer, Estimated Fair Value | 3,266 | 3,104 |
12 Months or Longer, Gross Unrealized Losses | 739 | 685 |
Total, Estimated Fair Value | 3,952 | 3,702 |
Total, Gross Unrealized Losses | 756 | 703 |
Residential mortgage-backed | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 434 | 233 |
Less than 12 Months, Gross Unrealized Losses | 8 | 4 |
12 Months or Longer, Estimated Fair Value | 2,159 | 2,212 |
12 Months or Longer, Gross Unrealized Losses | 475 | 421 |
Total, Estimated Fair Value | 2,593 | 2,445 |
Total, Gross Unrealized Losses | 483 | 425 |
Commercial mortgage-backed | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 131 | 200 |
Less than 12 Months, Gross Unrealized Losses | 2 | 5 |
12 Months or Longer, Estimated Fair Value | 1,162 | 1,184 |
12 Months or Longer, Gross Unrealized Losses | 191 | 225 |
Total, Estimated Fair Value | 1,293 | 1,384 |
Total, Gross Unrealized Losses | 193 | 230 |
Other asset-backed | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 588 | 392 |
Less than 12 Months, Gross Unrealized Losses | 9 | 8 |
12 Months or Longer, Estimated Fair Value | 1,833 | 1,869 |
12 Months or Longer, Gross Unrealized Losses | 242 | 248 |
Total, Estimated Fair Value | 2,421 | 2,261 |
Total, Gross Unrealized Losses | 251 | 256 |
Total asset-backed | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 1,153 | 825 |
Less than 12 Months, Gross Unrealized Losses | 19 | 17 |
12 Months or Longer, Estimated Fair Value | 5,154 | 5,265 |
12 Months or Longer, Gross Unrealized Losses | 908 | 894 |
Total, Estimated Fair Value | 6,307 | 6,090 |
Total, Gross Unrealized Losses | 927 | 911 |
U.S. Treasury and obligations of government-sponsored enterprises | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 100 | 65 |
Less than 12 Months, Gross Unrealized Losses | 1 | 1 |
12 Months or Longer, Estimated Fair Value | 28 | 23 |
12 Months or Longer, Gross Unrealized Losses | 1 | 1 |
Total, Estimated Fair Value | 128 | 88 |
Total, Gross Unrealized Losses | 2 | 2 |
Foreign government | ||
Gross Unrealized Losses [Abstract] | ||
Less than 12 Months, Estimated Fair Value | 136 | 52 |
Less than 12 Months, Gross Unrealized Losses | 2 | 1 |
12 Months or Longer, Estimated Fair Value | 452 | 450 |
12 Months or Longer, Gross Unrealized Losses | 35 | 33 |
Total, Estimated Fair Value | 588 | 502 |
Total, Gross Unrealized Losses | $ 37 | $ 34 |
Investments - Unrealized Loss (
Investments - Unrealized Loss (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | $ 27,012 | $ 25,731 |
Gross Unrealized Losses | 3,096 | 2,995 |
Additional impairment losses | 0 | |
AAA | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 1,661 | 1,524 |
Gross Unrealized Losses | 280 | 261 |
AA | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 4,109 | 3,817 |
Gross Unrealized Losses | 690 | 658 |
A | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 6,324 | 5,652 |
Gross Unrealized Losses | 570 | 517 |
BBB | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 11,672 | 11,523 |
Gross Unrealized Losses | 1,083 | 1,095 |
U.S. Government, Government agencies and Government-sponsored enterprises | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 2,426 | 2,273 |
Gross Unrealized Losses | 361 | 309 |
Non-investment grade | ||
Debt Securities, Available-for-sale [Line Items] | ||
Estimated Fair Value | 820 | 942 |
Gross Unrealized Losses | $ 112 | $ 155 |
Investments - Allowance for Cre
Investments - Allowance for Credit Losses (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |||
Accrued interest receivables on available-for-sale fixed maturity securities | $ 437 | $ 407 | $ 435 |
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 16 | 1 | |
Available-for-sale securities accounted for as PCD assets | 0 | 9 | |
Securities sold during the period (realized) | 0 | 6 | |
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | 1 | ||
Write-offs charged against the allowance | 3 | ||
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period | 5 | 1 | |
Ending balance | 20 | 2 | |
Corporate bonds and other | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 4 | 0 | |
Available-for-sale securities accounted for as PCD assets | 9 | ||
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 | 1 | ||
Write-offs charged against the allowance | 3 | ||
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period | 1 | ||
Ending balance | 3 | 1 | |
Asset-backed | |||
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 12 | 1 | |
Available-for-sale securities accounted for as PCD assets | |||
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 | |||
Write-offs charged against the allowance | |||
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period | 5 | ||
Ending balance | $ 17 | $ 1 |
Investments - Available-for-s_3
Investments - Available-for-sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Cost or Amortized Cost | ||
Cost or Amortized Cost | $ 43,113 | $ 42,615 |
Estimated Fair Value | ||
Estimated Fair Value | 40,840 | 40,626 |
Available-for-sale Fixed Maturities | ||
Cost or Amortized Cost | ||
Due in one year or less | 1,238 | 1,121 |
Due after one year through five years | 11,680 | 11,563 |
Due after five years through ten years | 13,283 | 13,359 |
Due after ten years | 16,677 | 16,371 |
Cost or Amortized Cost | 42,878 | 42,414 |
Estimated Fair Value | ||
Due in one year or less | 1,207 | 1,091 |
Due after one year through five years | 11,308 | 11,180 |
Due after five years through ten years | 12,461 | 12,573 |
Due after ten years | 15,629 | 15,581 |
Estimated Fair Value | $ 40,605 | $ 40,425 |
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 | Mar. 31, 2024 USD ($) |
Credit Quality Information [Abstract] | |
2024 | $ 12 |
2023 | 126 |
2022 | 248 |
2021 | 76 |
2020 | 134 |
Prior | 468 |
Total | 1,064 |
DSCR Greater than or Equal to 1.6x, LTV Less than 55% | |
Credit Quality Information [Abstract] | |
2024 | |
2023 | 33 |
2022 | 9 |
2021 | 2 |
2020 | 97 |
Prior | 283 |
Total | 424 |
DSCR Greater than or Equal to 1.6x, LTV 55% to 65% | |
Credit Quality Information [Abstract] | |
2024 | |
2023 | |
2022 | |
2021 | 5 |
2020 | |
Prior | |
Total | 5 |
DSCR Greater than or Equal to 1.6x, LTV Greater than 65% | |
Credit Quality Information [Abstract] | |
2024 | |
2023 | |
2022 | 30 |
2021 | 12 |
2020 | |
Prior | |
Total | 42 |
DSCR Between 1.2 to 1.6x, LTV Less than 55% | |
Credit Quality Information [Abstract] | |
2024 | |
2023 | 28 |
2022 | 5 |
2021 | |
2020 | 13 |
Prior | 63 |
Total | 109 |
DSCR Between 1.2 to 1.6x, LTV 55% to 65% | |
Credit Quality Information [Abstract] | |
2024 | 12 |
2023 | 21 |
2022 | 36 |
2021 | 36 |
2020 | 24 |
Prior | 31 |
Total | 160 |
DSCR Between 1.2 to 1.6x, LTV Greater than 65% | |
Credit Quality Information [Abstract] | |
2024 | |
2023 | 12 |
2022 | 65 |
2021 | |
2020 | |
Prior | |
Total | 77 |
DSCR Less than or Equal to 1.2x, LTV Less than 55% | |
Credit Quality Information [Abstract] | |
2024 | |
2023 | |
2022 | |
2021 | |
2020 | |
Prior | |
Total | 0 |
DSCR Less than or Equal to 1.2x, LTV 55 to 65% | |
Credit Quality Information [Abstract] | |
2024 | |
2023 | 32 |
2022 | 75 |
2021 | |
2020 | |
Prior | 43 |
Total | 150 |
DSCR Less than or Equal to 1.2x, LTV Greater than 65% | |
Credit Quality Information [Abstract] | |
2024 | |
2023 | |
2022 | 28 |
2021 | 21 |
2020 | |
Prior | 48 |
Total | $ 97 |
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Futures | Options – purchased | ||
Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
Contractual/Notional Amount | $ 235 | $ 202 |
Estimated Fair Value, Asset | 1 | 1 |
Estimated Fair Value, Liability | ||
Futures | Futures – short | ||
Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
Contractual/Notional Amount | 127 | 116 |
Estimated Fair Value, Asset | ||
Estimated Fair Value, Liability | ||
Warrants | ||
Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
Contractual/Notional Amount | 84 | 84 |
Estimated Fair Value, Asset | 3 | 3 |
Estimated Fair Value, Liability | ||
Interest rate swaps | ||
Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
Contractual/Notional Amount | 300 | 300 |
Estimated Fair Value, Asset | 12 | 13 |
Estimated Fair Value, Liability | ||
Currency forwards | ||
Gross Estimated Fair Values of Derivative Positions [Abstract] | ||
Contractual/Notional Amount | 13 | |
Estimated Fair Value, Asset | ||
Estimated Fair Value, Liability | $ (1) |
Investments - Investment Commit
Investments - Investment Commitments (Details) - Investments in Assets Requiring Future Purchase, Sale or Funding Commitments $ in Millions | Mar. 31, 2024 USD ($) |
Other Commitments [Line Items] | |
Commitments to purchase or fund investments | $ 1,600 |
Commitments to sell investments | $ 25 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | $ 40,605 | $ 40,425 |
Fixed maturities trading | 235 | 201 |
Total fixed maturities | 40,840 | 40,626 |
Equity securities | 1,104 | 1,050 |
Short-term and other | 5,222 | 4,247 |
Receivables | 12 | 13 |
Payable to brokers | (38) | (62) |
Corporate bonds and other | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 25,237 | 25,132 |
States, municipalities and political subdivisions | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 7,288 | 7,392 |
Asset-backed | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 8,080 | 7,901 |
Level 1 | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 189 | 161 |
Fixed maturities trading | 235 | 201 |
Total fixed maturities | 424 | 362 |
Equity securities | 654 | 586 |
Short-term and other | 5,203 | 4,215 |
Receivables | ||
Payable to brokers | (38) | (62) |
Level 1 | Corporate bonds and other | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 189 | 161 |
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 | 38,420 | 38,274 |
Fixed maturities trading | ||
Total fixed maturities | 38,420 | 38,274 |
Equity securities | 439 | 440 |
Short-term and other | 19 | 32 |
Receivables | 12 | 13 |
Payable to brokers | ||
Level 2 | Corporate bonds and other | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 23,966 | 23,926 |
Level 2 | States, municipalities and political subdivisions | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 7,245 | 7,348 |
Level 2 | Asset-backed | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 7,209 | 7,000 |
Level 3 | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 1,996 | 1,990 |
Fixed maturities trading | ||
Total fixed maturities | 1,996 | 1,990 |
Equity securities | 11 | 24 |
Short-term and other | ||
Receivables | ||
Payable to brokers | ||
Level 3 | Corporate bonds and other | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 1,082 | 1,045 |
Level 3 | States, municipalities and political subdivisions | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | 43 | 44 |
Level 3 | Asset-backed | ||
Assets and Liabilities Measured at Fair Value [Abstract] | ||
Debt securities | $ 871 | $ 901 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Corporate bonds and other | ||
Reconciliations for All Assets and Liabilities [Roll Forward] | ||
Balance at beginning of period | $ 1,045 | $ 810 |
Included in Net Income | ||
Included in OCI | (12) | 24 |
Purchases | 74 | 81 |
Sales | ||
Settlements | (36) | (3) |
Transfers into Level 3 | 11 | |
Transfers out of Level 3 | ||
Balance at ending of period | 1,082 | 912 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31 | ||
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31 | (14) | 24 |
States, municipalities and political subdivisions | ||
Reconciliations for All Assets and Liabilities [Roll Forward] | ||
Balance at beginning of period | 44 | 43 |
Included in Net Income | ||
Included in OCI | (1) | 1 |
Purchases | ||
Sales | ||
Settlements | ||
Transfers into Level 3 | ||
Transfers out of Level 3 | ||
Balance at ending of period | 43 | 44 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31 | ||
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31 | (1) | 1 |
Asset-backed | ||
Reconciliations for All Assets and Liabilities [Roll Forward] | ||
Balance at beginning of period | 901 | 788 |
Included in Net Income | 2 | 5 |
Included in OCI | (5) | 7 |
Purchases | 18 | 55 |
Sales | (9) | |
Settlements | (17) | (9) |
Transfers into Level 3 | 23 | |
Transfers out of Level 3 | (19) | (10) |
Balance at ending of period | 871 | 859 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31 | ||
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31 | (5) | 7 |
Fixed maturities available-for-sale | ||
Reconciliations for All Assets and Liabilities [Roll Forward] | ||
Balance at beginning of period | 1,990 | 1,641 |
Included in Net Income | 2 | 5 |
Included in OCI | (18) | 32 |
Purchases | 92 | 136 |
Sales | (9) | 0 |
Settlements | (53) | (12) |
Transfers into Level 3 | 11 | 23 |
Transfers out of Level 3 | (19) | (10) |
Balance at ending of period | 1,996 | 1,815 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31 | 0 | 0 |
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31 | (20) | 32 |
Equity securities | ||
Reconciliations for All Assets and Liabilities [Roll Forward] | ||
Balance at beginning of period | 24 | 35 |
Included in Net Income | 6 | (6) |
Included in OCI | ||
Purchases | ||
Sales | (19) | |
Settlements | ||
Transfers into Level 3 | ||
Transfers out of Level 3 | ||
Balance at ending of period | 11 | 29 |
Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31 | 1 | (6) |
Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31 |
Fair Value - Significant Unobse
Fair Value - Significant Unobservable Inputs (Details) $ in Millions | Mar. 31, 2024 USD ($) | Dec. 31, 2023 USD ($) |
Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
Estimated Fair Value | $ 40,840 | $ 40,626 |
Level 3 | Fixed maturity securities | ||
Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
Estimated Fair Value | $ 1,521 | $ 1,495 |
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 (as a percent) | 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 (as a percent) | 0.07 | 0.07 |
Level 3 | Fixed maturity securities | Credit spread | Discounted cash flow | Weighted Average | ||
Quantitative Information About the Significant Unobservable Inputs [Abstract] | ||
Measurement input (as a percent) | (0.02) | (0.02) |
Fair Value - Financial Assets a
Fair Value - Financial Assets and Liabilities not Measured at Fair Value (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Carrying Amount | ||
Assets: | ||
Other invested assets, primarily mortgage loans | $ 1,029 | $ 1,035 |
Liabilities: | ||
Short-term debt | 1,677 | 1,083 |
Long-term debt | 8,422 | 7,915 |
Estimated Fair Value | ||
Assets: | ||
Other invested assets, primarily mortgage loans | 987 | 997 |
Liabilities: | ||
Short-term debt | 1,664 | 1,066 |
Long-term debt | 8,094 | 7,640 |
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 | 1,145 | 546 |
Long-term debt | 7,663 | 7,255 |
Estimated Fair Value | Level 3 | ||
Assets: | ||
Other invested assets, primarily mortgage loans | 987 | 997 |
Liabilities: | ||
Short-term debt | 519 | 520 |
Long-term debt | $ 431 | $ 385 |
Claim and Claim Adjustment Ex_3
Claim and Claim Adjustment Expense Reserves - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Loss from catastrophes, net of reinsurance | $ 88 | $ 52 |
Pretax (favorable) unfavorable development | (7) | 13 |
Commercial auto | CNA Financial | ||
Causes of Increase (Decrease) in Liability for Unpaid Claims and Claims Adjustment Expense [Line Items] | ||
Pretax (favorable) unfavorable development | $ (7) | $ 13 |
Claim and Claim Adjustment Ex_4
Claim and Claim Adjustment Expense Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross reserves, beginning of year | $ 23,304 | $ 22,120 |
Ceded reserves, beginning of year | 5,141 | 5,191 |
Net reserves, beginning of year | 18,163 | 16,929 |
Net incurred claim and claim adjustment expenses: | ||
Provision for insured events of current year | 1,502 | 1,326 |
Increase (decrease) in provision for insured events of prior years | (6) | 13 |
Amortization of discount | 10 | 11 |
Total net incurred | 1,506 | 1,350 |
Net payments attributable to: | ||
Current year events | (113) | (72) |
Prior year events | (1,168) | (1,042) |
Total net payments | (1,281) | (1,114) |
Foreign currency translation adjustment and other | (41) | 35 |
Net reserves, end of period | 18,347 | 17,200 |
Ceded reserves, end of period | 5,241 | 5,209 |
Gross reserves, end of period | $ 23,588 | $ 22,409 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net Prior Year Development [Abstract] | ||
Total pretax (favorable) unfavorable development | $ (7) | $ 13 |
Medical professional liability | ||
Net Prior Year Development [Abstract] | ||
Total pretax (favorable) unfavorable development | 9 | |
Surety | ||
Net Prior Year Development [Abstract] | ||
Total pretax (favorable) unfavorable development | (18) | |
Warranty | ||
Net Prior Year Development [Abstract] | ||
Total pretax (favorable) unfavorable development | 13 | (9) |
Workers’ compensation | ||
Net Prior Year Development [Abstract] | ||
Total pretax (favorable) unfavorable development | (2) | (2) |
Other property and casualty operations | ||
Net Prior Year Development [Abstract] | ||
Total pretax (favorable) unfavorable development | $ 15 |
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 | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2010 | Dec. 31, 2023 | |
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 | $ 12 | $ 8 | ||
Cumulative amounts ceded under loss portfolio transfer | 3,600 | $ 3,600 | ||
Unrecognized deferred retroactive reinsurance benefit | 405 | $ 417 | ||
Fair value of collateral trust account | $ 2,600 |
Future Policy Benefits Reserv_3
Future Policy Benefits Reserves - Balances and Changes (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Present value of future net premiums | ||||
Balance, January 1 | $ 3,710 | $ 3,993 | ||
Effect of changes in discount rate | $ 56 | $ 154 | (125) | (74) |
Balance, January 1, at original locked in discount rate | 3,585 | 3,919 | ||
Effect of changes in cash flow assumptions | ||||
Expect of actual variances from expected experience | (28) | (49) | ||
Adjusted balance, January 1 | 3,497 | 3,811 | 3,557 | 3,870 |
Interest accrual | 47 | 52 | ||
Net premiums: earned during period | (107) | (111) | ||
Balance, end of period at original locked in discount rate | 3,497 | 3,811 | ||
Effect of changes in discount rate | 56 | 154 | (125) | (74) |
Balance, March 31 | 3,553 | 3,965 | ||
Present value of future benefits & expenses | ||||
Balance, January 1 | 17,669 | 17,472 | ||
Effect of changes in discount rate | 78 | 704 | (578) | (125) |
Balance, January 1, at original locked in discount rate | 17,091 | 17,347 | ||
Effect of changes in cash flow assumptions | ||||
Effect of actual variances from expected experience | (13) | (50) | ||
Adjusted balance, January 1 | 17,078 | 17,297 | ||
Interest accrual | 231 | 242 | ||
Benefit & expense payments | (321) | (302) | ||
Balance, end of period at original locked in discount rate | 16,988 | 17,237 | ||
Effect of changes in discount rate | 78 | 704 | (578) | $ (125) |
Balance, March 31 | 17,066 | 17,941 | ||
Net LFPB | 13,513 | 13,976 | $ 13,959 | |
Re-measurement loss of insurance claims and policyholders’ benefits | $ (15) | $ 1 |
Future Policy Benefits Reserv_4
Future Policy Benefits Reserves - Earned Premiums and Interest Expense (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Insurance [Abstract] | ||
Earned premiums | $ 110 | $ 115 |
Interest expense | $ 184 | $ 190 |
Future Policy Benefits Reserv_5
Future Policy Benefits Reserves - Undiscounted Expected Future Benefit and Expense Payments and Undiscounted Expected Future Gross Premiums (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Mar. 31, 2023 |
Insurance [Abstract] | ||
Expected future benefit and expense payments | $ 32,474 | $ 33,759 |
Expected future gross premiums | $ 5,270 | $ 5,729 |
Future Policy Benefits Reserv_6
Future Policy Benefits Reserves - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Insurance [Abstract] | ||
Liability for future policy benefit, expected future gross premium, discounted, before reinsurance | $ 3,700 | $ 4,000 |
Liability for future policy benefit, weighted-average duration (in years) | 11 years | 12 years |
Liability for future policy benefit, adverse development, expense | $ 20 | $ 13 |
Liability future policy benefit, losses recognized in prior period | $ 2 | $ 11 |
Future Policy Benefits Reserv_7
Future Policy Benefits Reserves - Weighted Average Interest Rates (Details) | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Insurance [Abstract] | |||
Original locked in discount rate | 5.22% | 5.22% | 5.26% |
Upper-medium grade fixed income instrument discount rate | 5.20% | 4.94% | 4.92% |
Shareholders' Equity - Componen
Shareholders' Equity - Components of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 16,525 | $ 15,201 | |
Other comprehensive income (loss) before reclassifications, after tax | 70 | 262 | |
Reclassification of losses from accumulated other comprehensive loss, after tax | 31 | 27 | |
Other comprehensive income (loss) | 101 | 289 | |
Amounts attributable to noncontrolling interests | (8) | (31) | |
Other | 3 | ||
Balance at end of period | 16,998 | 15,314 | |
Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (277) | ||
As Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 15,478 | ||
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 | (12) | (7) | |
Other comprehensive income (loss) before reclassifications, after tax | (1) | (8) | |
Reclassification of losses from accumulated other comprehensive loss, after tax | 3 | ||
Other comprehensive income (loss) | 2 | (8) | |
Amounts attributable to noncontrolling interests | 1 | ||
Other | 1 | ||
Balance at end of period | (9) | (14) | |
Other comprehensive income (loss) before reclassifications, tax | 0 | 2 | |
Reclassification of losses from accumulated other comprehensive loss, tax | (1) | 0 | |
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] | |||
Balance at beginning of period | |||
Cumulative effect adjustments from changes in accounting standards, tax | $ 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) | ||
Net Unrealized Gains (Losses) on Other Investments | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (1,483) | (2,469) | |
Other comprehensive income (loss) before reclassifications, after tax | (239) | 652 | |
Reclassification of losses from accumulated other comprehensive loss, after tax | 22 | 18 | |
Other comprehensive income (loss) | (217) | 670 | |
Amounts attributable to noncontrolling interests | 19 | (68) | |
Other | 5 | ||
Balance at end of period | (1,676) | (1,867) | |
Other comprehensive income (loss) before reclassifications, tax | 64 | (176) | |
Reclassification of losses from accumulated other comprehensive loss, tax | (6) | (4) | |
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] | |||
Balance at beginning of period | |||
Cumulative effect adjustments from changes in accounting standards, tax | 0 | ||
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 | (2,469) | ||
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 | (329) | (36) | |
Other comprehensive income (loss) before reclassifications, after tax | 341 | (396) | |
Reclassification of losses from accumulated other comprehensive loss, after tax | |||
Other comprehensive income (loss) | 341 | (396) | |
Amounts attributable to noncontrolling interests | (29) | 39 | |
Other | |||
Balance at end of period | (17) | (393) | |
Other comprehensive income (loss) before reclassifications, tax | (91) | 105 | |
Reclassification of losses from accumulated other comprehensive loss, tax | 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] | |||
Balance at beginning of period | (36) | ||
Cumulative effect adjustments from changes in accounting standards, tax | 11 | ||
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 | ||
Unrealized Gains (Losses) on Cash Flow Hedges | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | 9 | 14 | |
Other comprehensive income (loss) before reclassifications, after tax | 2 | (2) | |
Reclassification of losses from accumulated other comprehensive loss, after tax | |||
Other comprehensive income (loss) | 2 | (2) | |
Amounts attributable to noncontrolling interests | |||
Other | (1) | ||
Balance at end of period | 10 | 12 | |
Other comprehensive income (loss) before reclassifications, tax | (1) | 1 | |
Reclassification of losses from accumulated other comprehensive loss, tax | 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] | |||
Balance at beginning of period | |||
Cumulative effect adjustments from changes in accounting standards, tax | 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 | 14 | ||
Pension and Postretirement Benefits | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (533) | (622) | |
Other comprehensive income (loss) before reclassifications, after tax | |||
Reclassification of losses from accumulated other comprehensive loss, after tax | 6 | 9 | |
Other comprehensive income (loss) | 6 | 9 | |
Amounts attributable to noncontrolling interests | (1) | (1) | |
Other | (2) | ||
Balance at end of period | (530) | (614) | |
Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | |
Reclassification of losses from accumulated other comprehensive loss, tax | (1) | (2) | |
Pension and Postretirement Benefits | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | |||
Cumulative effect adjustments from changes in accounting standards, tax | 0 | ||
Pension and Postretirement Benefits | As Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (622) | ||
Foreign Currency Translation | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (149) | (200) | |
Other comprehensive income (loss) before reclassifications, after tax | (33) | 16 | |
Reclassification of losses from accumulated other comprehensive loss, after tax | |||
Other comprehensive income (loss) | (33) | 16 | |
Amounts attributable to noncontrolling interests | 3 | (2) | |
Other | |||
Balance at end of period | (179) | (186) | |
Other comprehensive income (loss) before reclassifications, tax | 0 | 0 | |
Reclassification of losses from accumulated other comprehensive loss, tax | 0 | 0 | |
Foreign Currency Translation | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | |||
Cumulative effect adjustments from changes in accounting standards, tax | $ 0 | ||
Foreign Currency Translation | As Reported | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (200) | ||
Total Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (2,497) | (3,320) | |
Balance at end of period | $ (2,401) | (3,062) | |
Total Accumulated Other Comprehensive Income (Loss) | Cumulative Effect, Period of Adoption, Adjustment | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (36) | ||
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 | $ (3,284) |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Equity, Class of Treasury Stock [Line Items] | ||
Purchases of treasury stock (in shares) | 0.2 | 8.2 |
Purchases of treasury stock | $ 17 | $ 486 |
Debt (Details)
Debt (Details) - Senior Notes $ in Millions | Feb. 29, 2024 USD ($) |
CNA Financial | 5.1% Senior Notes Due February 15, 2034 | |
Debt [Abstract] | |
Face amount | $ 500 |
Interest rate (as a percent) | 5.10% |
CNA Financial | 4.0% Senior Notes Due May, 2024 | |
Debt [Abstract] | |
Interest rate (as a percent) | 4% |
Long term debt | $ 550 |
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines | 5.6% Senior Notes Due August 1, 2034 | |
Debt [Abstract] | |
Face amount | $ 600 |
Interest rate (as a percent) | 5.60% |
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines | 5.0% Notes Due December 2024 | |
Debt [Abstract] | |
Interest rate (as a percent) | 5% |
Long term debt | $ 600 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation of Revenues [Abstract] | ||
Revenues from contracts with customers | $ 710 | $ 571 |
Other revenues | 26 | 23 |
Operating revenues and other | 736 | 594 |
CNA Financial | Non-insurance warranty | ||
Disaggregation of Revenues [Abstract] | ||
Revenues from contracts with customers | 407 | 407 |
Boardwalk Pipelines | Transportation and storage of natural gas and NGLs and other services | ||
Disaggregation of Revenues [Abstract] | ||
Revenues from contracts with customers | 501 | 386 |
Loews Hotels & Co | Lodging and related services | ||
Disaggregation of Revenues [Abstract] | ||
Revenues from contracts with customers | $ 209 | $ 185 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | $ 410 | $ 397 | |
Receivables | |||
Disaggregation of Revenue [Line Items] | |||
Receivables from contracts with customers | 201 | $ 228 | |
Other Liabilities | |||
Disaggregation of Revenue [Line Items] | |||
Deferred revenue | $ 4,700 | $ 4,800 |
Revenue from Contracts with C_5
Revenue from Contracts with Customers - Performance Obligations (Details) $ in Billions | Mar. 31, 2024 USD ($) |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 15.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 2.2 |
Expected timing of satisfaction | 9 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 2.5 |
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 | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pension Benefits | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | $ 1 | $ 1 |
Interest cost | 24 | 28 |
Expected return on plan assets | (29) | (32) |
Amortization of unrecognized net loss | 7 | 9 |
Net periodic cost | 3 | 6 |
Other Postretirement Benefits | ||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||
Service cost | ||
Interest cost | 1 | 1 |
Expected return on plan assets | (1) | (1) |
Amortization of unrecognized net loss | ||
Net periodic cost | $ 0 | $ 0 |
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 | Mar. 31, 2024 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 | |
Mar. 31, 2024 USD ($) Segment subsidiary | Mar. 31, 2023 USD ($) | |
Segments [Abstract] | ||
Number of reportable segments | Segment | 4 | |
Number of individual operating subsidiaries | subsidiary | 3 | |
Revenues: | ||
Insurance premiums | $ 2,441 | $ 2,248 |
Net investment income | 669 | 569 |
Investment losses | (22) | (35) |
Non-insurance warranty revenue | 407 | 407 |
Operating revenues and other | 736 | 594 |
Total | 4,231 | 3,783 |
Expenses: | ||
Insurance claims and policyholders’ benefits | 1,807 | 1,653 |
Amortization of deferred acquisition costs | 444 | 379 |
Non-insurance warranty expense | 394 | 384 |
Operating expenses and other | 880 | 781 |
Equity method (income) loss | (26) | (28) |
Interest | 103 | 95 |
Total | 3,602 | 3,264 |
Income before income tax | 629 | 519 |
Income tax expense | (144) | (115) |
Net income | 485 | 404 |
Amounts attributable to noncontrolling interests | (28) | (29) |
Net income attributable to Loews Corporation | 457 | 375 |
Operating Segments | CNA Financial | ||
Revenues: | ||
Insurance premiums | 2,441 | 2,248 |
Net investment income | 609 | 525 |
Investment losses | (22) | (35) |
Non-insurance warranty revenue | 407 | 407 |
Operating revenues and other | 9 | 7 |
Total | 3,444 | 3,152 |
Expenses: | ||
Insurance claims and policyholders’ benefits | 1,807 | 1,653 |
Amortization of deferred acquisition costs | 444 | 379 |
Non-insurance warranty expense | 394 | 384 |
Operating expenses and other | 337 | 337 |
Equity method (income) loss | ||
Interest | 35 | 28 |
Total | 3,017 | 2,781 |
Income before income tax | 427 | 371 |
Income tax expense | (89) | (74) |
Net income | 338 | 297 |
Amounts attributable to noncontrolling interests | (28) | (29) |
Net income attributable to Loews Corporation | 310 | 268 |
Operating Segments | Boardwalk Pipelines | ||
Revenues: | ||
Insurance premiums | ||
Net investment income | 4 | 1 |
Investment losses | ||
Non-insurance warranty revenue | ||
Operating revenues and other | 513 | 396 |
Total | 517 | 397 |
Expenses: | ||
Insurance claims and policyholders’ benefits | ||
Amortization of deferred acquisition costs | ||
Non-insurance warranty expense | ||
Operating expenses and other | 312 | 242 |
Equity method (income) loss | ||
Interest | 43 | 39 |
Total | 355 | 281 |
Income before income tax | 162 | 116 |
Income tax expense | (41) | (30) |
Net income | 121 | 86 |
Amounts attributable to noncontrolling interests | ||
Net income attributable to Loews Corporation | 121 | 86 |
Operating Segments | Loews Hotels & Co | ||
Revenues: | ||
Insurance premiums | ||
Net investment income | 2 | 1 |
Investment losses | ||
Non-insurance warranty revenue | ||
Operating revenues and other | 214 | 191 |
Total | 216 | 192 |
Expenses: | ||
Insurance claims and policyholders’ benefits | ||
Amortization of deferred acquisition costs | ||
Non-insurance warranty expense | ||
Operating expenses and other | 209 | 183 |
Equity method (income) loss | (27) | (31) |
Interest | 6 | 6 |
Total | 188 | 158 |
Income before income tax | 28 | 34 |
Income tax expense | (12) | (10) |
Net income | 16 | 24 |
Amounts attributable to noncontrolling interests | ||
Net income attributable to Loews Corporation | 16 | 24 |
Segment Reconciling Items | Corporate | ||
Revenues: | ||
Insurance premiums | ||
Net investment income | 54 | 42 |
Investment losses | ||
Non-insurance warranty revenue | ||
Operating revenues and other | ||
Total | 54 | 42 |
Expenses: | ||
Insurance claims and policyholders’ benefits | ||
Amortization of deferred acquisition costs | ||
Non-insurance warranty expense | ||
Operating expenses and other | 22 | 19 |
Equity method (income) loss | 1 | 3 |
Interest | 19 | 22 |
Total | 42 | 44 |
Income before income tax | 12 | (2) |
Income tax expense | (2) | (1) |
Net income | 10 | (3) |
Amounts attributable to noncontrolling interests | ||
Net income attributable to Loews Corporation | $ 10 | $ (3) |