Loews (L) 10-Q 2 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 23, 2020
Cover [Abstract]
Entity Registrant Name	LOEWS CORP
Entity Central Index Key	0000060086
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Document Transition Report	false
Entity File Number	1-6541
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	13-2646102
Entity Address, Address Line One	667 Madison Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10065-8087
City Area Code	212
Local Phone Number	521-2000
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	L
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		274,872,872

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Investments:
Fixed maturities, amortized cost of $38,979 and $38,157, less allowance for credit loss of $47 and $0	$ 43,917	$ 42,240
Equity securities, cost of $1,391 and $1,244	1,368	1,306
Limited partnership investments	1,758	2,004
Other invested assets, primarily mortgage loans, less allowance for credit loss of $21 and $0	1,176	1,072
Short term investments	4,553	4,628
Total investments	52,772	51,250
Cash	886	336
Receivables	7,850	7,675
Property, plant and equipment	10,468	15,568
Goodwill	765	767
Deferred non-insurance warranty acquisition expenses	2,998	2,840
Deferred acquisition costs of insurance subsidiaries	697	662
Other assets	3,028	3,145
Total assets	79,464	82,243
Insurance reserves:
Claim and claim adjustment expense	22,534	21,720
Future policy benefits	12,978	12,311
Unearned premiums	5,020	4,583
Total insurance reserves	40,532	38,614
Payable to brokers	466	108
Short term debt	35	77
Long term debt	10,373	11,456
Deferred income taxes	913	1,168
Deferred non-insurance warranty revenue	3,951	3,779
Other liabilities	4,574	5,111
Total liabilities	60,844	60,313
Commitments and contingent liabilities
Preferred stock, $0.10 par value: Authorized - 100,000,000 shares
Common stock, $0.01 par value: Authorized - 1,800,000,000 shares Issued - 291,393,899 and 291,210,222 shares	3	3
Additional paid-in capital	3,379	3,374
Retained earnings	14,437	15,823
Accumulated other comprehensive income (loss)	238	(68)
Shareholders' equity before treasury stock, total	18,057	19,132
Less treasury stock, at cost (16,353,956 and 240,000 shares)	(685)	(13)
Total shareholders' equity	17,372	19,119
Noncontrolling interests	1,248	2,811
Total equity	18,620	21,930
Total liabilities and equity	$ 79,464	$ 82,243

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Sep. 30, 2020		Dec. 31, 2019
Investments:
Fixed maturities, amortized cost	$ 38,979		$ 38,157
Fixed maturities, amortized cost, allowance for credit loss	47	[1]	0
Equity securities, cost	1,391		1,244
Other invested assets, primarily mortgage loans, allowance for credit loss	$ 21		$ 0
Liabilities and 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)	291,393,899		291,210,222
Treasury stock, shares (in shares)	16,353,956		240,000
[1]	On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Unrealized OTTI Losses (Gains) column that tracked subsequent valuation changes on securities for which a credit loss had previously been recorded has been replaced with the Allowance for Credit Losses column. Prior period amounts were not adjusted for the adoption of this standard.

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Insurance premiums		$ 1,953	$ 1,890	$ 5,672	$ 5,517
Net investment income		540	525	1,347	1,733
Investment gains (losses) (Note 2)	[1]	46	8	(1,312)	41
Non-insurance warranty revenue		317	292	926	858
Operating revenues and other		609	960	2,241	2,906
Total		3,465	3,675	8,874	11,055
Expenses:
Insurance claims and policyholders' benefits		1,616	1,614	4,683	4,323
Amortization of deferred acquisition costs		360	345	1,046	1,025
Non-insurance warranty expense		293	278	859	801
Operating expenses and other		876	1,234	3,894	3,614
Interest		137	144	404	449
Total		3,282	3,615	10,886	10,212
Income (loss) before income tax		183	60	(2,012)	843
Income tax (expense) benefit		(21)	(21)	284	(183)
Net income (loss)		162	39	(1,728)	660
Amounts attributable to noncontrolling interests		(23)	33	400	55
Net income (loss) attributable to Loews Corporation		$ 139	$ 72	$ (1,328)	$ 715
Basic net income (loss) per share (in dollars per share)		$ 0.50	$ 0.24	$ (4.70)	$ 2.34
Diluted net income (loss) per share (in dollars per share)		$ 0.50	$ 0.24	$ (4.70)	$ 2.34
Weighted average shares outstanding:
Shares of common stock (in shares)		279,400	301,650	282,630	305,080
Dilutive potential shares of common stock (in shares)		90	700		650
Total weighted average shares outstanding assuming dilution (in shares)		279,490	302,350	282,630	305,730
[1]	Gross investment gains on available-for-sale securities were $44 and $34 for the three months ended September 30, 2020 and 2019 and $175 and $98 for the nine months ended September 30, 2020 and 2019. Gross investment losses on available-for-sale securities were $18 and $31 for the three months ended September 30, 2020 and 2019 and $207 and $104 for the nine months ended September 30, 2020 and 2019. During the three and nine months ended September 30, 2020, $25 of investment gains and $44 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2020. During the three and nine months ended September 30, 2019, $7 and $60 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2019.

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) [Abstract]
Net income (loss)	$ 162	$ 39	$ (1,728)	$ 660
Other comprehensive income (loss), after tax
Net unrealized gains (losses) on investments with an allowance for credit losses	6		(3)
Net unrealized gains on other investments	207	41	354	1,007
Total unrealized gains on investments	213	41	351	1,007
Unrealized gains (losses) on cash flow hedges	1	(4)	(18)	(16)
Pension and postretirement benefits	7	10	27	25
Foreign currency translation	38	(31)	(17)	(11)
Other comprehensive income	259	16	343	1,005
Comprehensive income (loss)	421	55	(1,385)	1,665
Amounts attributable to noncontrolling interests	(49)	31	363	(53)
Total comprehensive income (loss) attributable to Loews Corporation	$ 372	$ 86	$ (1,022)	$ 1,612

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Millions	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Common Stock Held in Treasury [Member]	Noncontrolling Interests [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Accumulated Other Comprehensive Income (Loss) [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock Held in Treasury [Member]	Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Noncontrolling Interests [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member]
Balance at Dec. 31, 2018	$ 21,386	$ 3	$ 3,627	$ 15,773	$ (880)	$ (5)	$ 2,868
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	660			715			(55)
Other comprehensive income	1,005				897		108
Dividends paid	(145)			(57)
Dividends paid							(88)
Purchases of Loews Corporation treasury stock	(642)					(642)
Purchases of subsidiary stock from noncontrolling interests	(18)						(18)
Stock-based compensation	17		(5)				22
Other	(5)		(2)	(4)			1
Balance at Sep. 30, 2019	22,258	3	3,620	16,427	17	(647)	2,838
Balance at Jun. 30, 2019	22,394	3	3,612	16,374	3	(478)	2,880
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	39			72			(33)
Other comprehensive income	16				14		2
Dividends paid	(29)			(19)
Dividends paid							(10)
Purchases of Loews Corporation treasury stock	(169)					(169)
Purchases of subsidiary stock from noncontrolling interests	(2)						(2)
Stock-based compensation	9		8				1
Balance at Sep. 30, 2019	22,258	3	3,620	16,427	17	(647)	2,838
Balance at Dec. 31, 2019	21,930	3	3,374	15,823	(68)	(13)	2,811	$ 21,925	$ 3	$ 3,374	$ 15,818	$ (68)	$ (13)	$ 2,811
Balance (ASU 2016-13 [Member]) at Dec. 31, 2019															$ (5)	$ (5)
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	(1,728)			(1,328)			(400)
Other comprehensive income	343				306		37
Dividends paid	(141)			(53)
Dividends paid							(88)
Deconsolidation of Diamond Offshore	(1,087)						(1,087)
Purchases of Loews Corporation treasury stock	(673)					(673)
Purchases of subsidiary stock from noncontrolling interests	(37)		5				(42)
Stock-based compensation	17		(1)				18
Other	1		1			1	(1)
Balance at Sep. 30, 2020	18,620	3	3,379	14,437	238	(685)	1,248
Balance at Jun. 30, 2020	18,413	3	3,371	14,316	5	(491)	1,209
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	162			139			23
Other comprehensive income	259				233		26
Dividends paid	(27)			(17)
Dividends paid							(10)
Purchases of Loews Corporation treasury stock	(195)					(195)
Stock-based compensation	8		8
Other	0			(1)		1
Balance at Sep. 30, 2020	$ 18,620	$ 3	$ 3,379	$ 14,437	$ 238	$ (685)	$ 1,248

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) [Abstract]
Dividends paid per share (in dollars per share)	$ 0.0625	$ 0.0625	$ 0.1875	$ 0.1875

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating Activities:
Net income (loss)	$ (1,728)	$ 660
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities, net	2,503	747
Changes in operating assets and liabilities, net:
Receivables	(273)	179
Deferred acquisition costs	(36)	(37)
Insurance reserves	1,479	337
Other assets	(411)	(386)
Other liabilities	238	315
Trading securities	(481)	(544)
Net cash flow provided by operating activities	1,291	1,271
Investing Activities:
Purchases of fixed maturities	(8,466)	(7,053)
Proceeds from sales of fixed maturities	5,023	4,872
Proceeds from maturities of fixed maturities	2,706	2,116
Purchases of limited partnership investments	(144)	(167)
Proceeds from sales of limited partnership investments	305	680
Purchases of property, plant and equipment	(584)	(743)
Acquisitions	0	(257)
Dispositions	47	137
Deconsolidation of Diamond Offshore	(483)	0
Change in short term investments	706	26
Other, net	(218)	(95)
Net cash flow used by investing activities	(1,108)	(484)
Financing Activities:
Dividends paid	(53)	(57)
Dividends paid to noncontrolling interests	(88)	(88)
Purchases of Loews Corporation treasury stock	(678)	(643)
Purchases of subsidiary stock from noncontrolling interests	(37)	(18)
Principal payments on debt	(1,157)	(1,796)
Issuance of debt	2,393	1,870
Other, net	(13)	(15)
Net cash flow provided (used) by financing activities	367	(747)
Effect of foreign exchange rate on cash	0	(3)
Net change in cash	550	37
Cash, beginning of period	336	405
Cash, end of period	$ 886	$ 442

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2020
Basis of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), a owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary); the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary); and the manufacture of rigid plastic packaging solutions (Altium Packaging LLC (“Altium Packaging”), a owned subsidiary). Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders. In the second quarter of 2020, Diamond Offshore Drilling, Inc. (“Diamond Offshore”) was deconsolidated from the Company’s consolidated financial statements. See Note 2 for further discussion. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of September 30, 2020 and December 31, 2019 and results of operations, comprehensive income and changes in shareholders’ equity for the three and nine months ended September 30, 2020 and 2019 and cash flows for the nine months ended September 30, 2020 and 2019. Net income (loss) for the third quarter and first nine months of each of the years is not necessarily indicative of net income (loss) for that entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. 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 September 30, 2020 there were 0.4 million shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive. For the three months ended September 30, 2019 and the nine months ended September 30, 2020 and 2019 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive. Accounting changes – In June of 2016 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments-Credit Losses (Topic 326 : Measurement of Credit Losses on Financial Instruments.” The updated accounting guidance requires changes to the recognition of credit losses on financial instruments not accounted for at fair value through net income. For financial assets measured at cost, the expected credit loss model requires immediate recognition of estimated credit losses over the life of the asset and presentation of the asset at the net amount expected to be collected. This new guidance applies to mortgage loan investments, reinsurance and insurance receivables and other financing and trade receivables. For available-for-sale fixed maturity securities carried at fair value, estimated credit losses will continue to be measured at the present value of expected cash flows, however, the other than temporary impairment (“OTTI”) concept has been eliminated. Under the previous guidance, estimated credit impairments resulted in a write down of amortized cost. Under the new guidance, estimated credit losses are recognized through an allowance and reversals of the allowance are permitted if the estimate of credit losses declines. For available-for-sale fixed maturity securities where there is an intent to sell, impairment will continue to result in a write down of amortized cost. On January 1, 2020 the Company adopted the updated guidance using a modified retrospective method with a cumulative effect adjustment recorded to beginning Retained earnings. Prior period amounts have not been adjusted and continue to be reported in accordance with the previous accounting guidance. A prospective transition approach is required for available-for-sale fixed maturity securities that were purchased with credit deterioration (“PCD assets”) or have recognized an OTTI write down prior to the effective date. The cumulative effect of the accounting change resulted in a decrease in Retained earnings, after tax and noncontrolling interests. The allowance for doubtful accounts for insurance, reinsurance and trade receivables was unchanged as a result of adopting the new guidance. At adoption, an allowance for credit losses of was established for available-for-sale fixed maturity securities that were PCD assets, with a corresponding increase to amortized cost, resulting in no adjustment to the carrying value of the securities. Below is a summary of the significant accounting policies impacted by the adoption of ASU 2016-13 The allowance for credit losses is a valuation account that is reported as a reduction of a financial asset’s cost basis and is measured on a pool basis when similar risk characteristics exist. The allowance is estimated using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Current and forecast economic conditions are considered, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to the forecast of economic conditions can vary by financial asset class. A reasonable and supportable forecast period is up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. Collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk are considered in the estimate of the net amount expected to be collected. A policy election has been made to present accrued interest balances separately from the amortized cost basis of assets, and a practical expedient has been elected to exclude the accrued interest from the tabular disclosures for mortgage loans and available-for-sale securities. An election has been made not to estimate an allowance for credit losses on accrued interest receivables. The accrual of interest income is discontinued and the asset is placed on nonaccrual status within 90 days of the interest becoming delinquent. Interest accrued but not received for assets on nonaccrual status is reversed through Net investment income. Interest received for assets that are on nonaccrual status is recognized as payment is received. The asset is returned to accrual status when the principal and interest amounts contractually due are brought current, and future payments are expected. Interest receivables are presented in Receivables on the Consolidated Condensed Balance Sheet. See Notes 3 and 10 for more information on credit losses. Recently issued ASUs – In August of 2018 the FASB issued ASU 2018-12 “Financial Services – Insurance (Topic 944 : Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. The guidance requires entities to update annually cash flow assumptions, including morbidity and persistency, and update quarterly discount rate assumptions using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income (“OCI”).

Deconsolidation of Diamond Offs

Deconsolidation of Diamond Offshore	9 Months Ended
	Sep. 30, 2020
Deconsolidation of Diamond Offshore [Abstract]
Deconsolidation of Diamond Offshore	2. Deconsolidation of Diamond Offshore On April 26, 2020 (the “Filing Date”), Diamond Offshore and certain of its direct and indirect subsidiaries filed voluntary petitions in the United States Bankruptcy Court for the Southern District of Texas seeking relief under Chapter 11 of the United States Bankruptcy Code (the “Chapter 11 Filing”). As a result of Diamond Offshore’s Chapter 11 Filing and applicable U.S. generally accepted accounting principles, Loews Corporation no longer controls Diamond Offshore for accounting purposes and, therefore, Diamond Offshore was deconsolidated from its consolidated financial statements effective as of the Filing Date. See Note 14 for Diamond Offshore’s revenues and expenses through the Filing Date. Through the Filing Date, Diamond Offshore’s results were included in Loews Corporation’s consolidated financial statements and Loews Corporation recognized in its earnings its proportionate share of Diamond Offshore’s losses through such date. The deconsolidation resulted in the recognition of a loss of $1.2 billion ($957 million after tax) during the nine months ended September 30, 2020, which is reported within Investment gains (losses) on the Consolidated Condensed Statements of Operations. This loss represents the difference between the carrying value and the estimated fair value, which was immaterial, of Loews Corporation’s investment in equity securities of Diamond Offshore as of the Filing Date.

Investments

Investments	9 Months Ended
	Sep. 30, 2020
Investments [Abstract]
Investments	3. Investments Net investment income is as follows: Three Months Ended September 30, Nine Months Ended September 30 2020 2019 2020 2019 (In millions) Fixed maturity securities $ 432 $ 452 $ 1,300 $ 1,362 Limited partnership investments 71 16 26 140 Short term investments 2 13 11 42 Equity securities 18 16 24 62 Income from trading portfolio (a) 22 34 144 Other 14 13 44 39 Total investment income 559 544 1,405 1,789 Investment expenses (19 ) (19 ) (58 ) (56 ) Net investment income $ 540 $ 525 $ 1,347 $ 1,733 (a) Net unrealized gains (losses) related to changes in fair value on securities still held were $ and $ for the three months ended September 30, 2020 and 2019 and September . Investment gains (losses) are as follows: Three Months Ended September 30, Nine Months Ended September 30 2020 2019 2020 2019 (In millions) Fixed maturity securities $ 26 $ 3 $ (32 ) $ (6 ) Equity securities 25 7 (45 ) 60 Derivative instruments (2 ) (2 ) (7 ) (13 ) Short term investments and other (3 ) (17 ) Deconsolidation of Diamond Offshore (see Note 2) (1,211 ) Investment gains (losses) (a) $ 46 $ 8 $ (1,312 ) $ 41 (a) Gross investment gains on available-for-sale securities were $ and $ September . Gross investment losses on available-for-sale securities were $ and $ September September , $ September September September . The allowance for credit loss related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis. All available evidence is considered when determining whether an investment requires a credit loss write-down or allowance to be recorded. Examples of such evidence may include the financial condition and near term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions and industry, sector or other specific factors and whether it is likely that the amortized cost will be recovered through the collection of cash flows. Changes in the allowance are presented as a component of Investment gains (losses) on the Consolidated Condensed Statements of Operations. The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and PCD assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Three months ended September 30 , 2020 Corporate and Other Bonds Asset- backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2020 $ 39 $ 12 $ 51 Additions to the allowance for credit losses: For securities for which credit losses were not previously recorded 4 4 For available-for-sale securities accounted for as PCD assets 1 1 Reductions to the allowance for credit losses: Securities sold during the period (realized) 9 9 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (1 ) 1 Total allowance for credit losses $ 34 $ 13 $ 47 Nine months ended September 30 , 2020 Allowance for credit losses: Balance as of December 31, 2019 $ - $ - $ - Additions to the allowance for credit losses: Impact of adopting ASC 326 6 6 For securities for which credit losses were not previously recorded 62 12 74 For available-for-sale securities accounted for as PCD assets 3 3 Reductions to the allowance for credit losses: Securities sold during the period (realized) 15 15 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 or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period (21 ) 1 (20 ) Total allowance for credit losses $ 34 $ 13 $ 47 The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 4 $ 12 $ 94 $ 24 Asset-backed 1 2 14 10 Impairment losses recognized in earnings $ 5 $ 14 $ 108 $ 34 The amortized cost and fair values of fixed maturity securities are as follows: September 30, 2020 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses (a) Estimated Fair Value (In millions) Fixed maturity securities: Corporate and other bonds $ 20,734 $ 3,047 $ 89 $ 34 $ 23,658 States, municipalities and political subdivisions 9,459 1,766 1 11,224 Asset-backed: Residential mortgage-backed 3,796 153 1 3,948 Commercial mortgage-backed 2,048 85 70 13 2,050 Other asset-backed 2,097 76 19 2,154 Total asset-backed 7,941 314 90 13 8,152 U.S. Treasury and obligations of government-sponsored enterprises 347 4 1 350 Foreign government 481 29 510 Fixed maturities available-for-sale 38,962 5,160 181 47 43,894 Fixed maturities trading 17 6 23 Total fixed maturity securities $ 38,979 $ 5,166 $ 181 $ 47 $ 43,917 December 31, 2019 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Unrealized OTTI Losses (Gains) (a) Fixed maturity securities: Corporate and other bonds $ 19,789 $ 2,292 $ 32 $ 22,049 States, municipalities and political subdivisions 9,093 1,559 10,652 Asset-backed: Residential mortgage-backed 4,387 133 1 4,519 $ (17 ) Commercial mortgage-backed 2,265 86 5 2,346 1 Other asset-backed 1,925 41 4 1,962 (3 ) Total asset-backed 8,577 260 10 8,827 (19 ) U.S. Treasury and obligations of government-sponsored enterprises 146 1 2 145 Foreign government 491 14 1 504 Redeemable preferred stock 10 10 Fixed maturities available-for-sale 38,106 4,126 45 42,187 (19 ) Fixed maturities trading 51 2 53 Total fixed maturities $ 38,157 $ 4,128 $ 45 $ 42,240 $ (19 ) (a) On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Unrealized OTTI Losses (Gains) column that tracked subsequent valuation changes on securities for which a credit loss had previously been recorded has been replaced with the Allowance for Credit Losses column. Prior period amounts were not adjusted for the adoption of this standard. The net unrealized gains on available-for-sale investments included in the tables above are recorded as a component of Accumulated other comprehensive income (loss) (“AOCI”). When presented in AOCI, these amounts are net of tax and noncontrolling interests and any required Shadow Adjustments. To the extent that unrealized gains on fixed income securities supporting long term care products and structured settlements not funded by annuities would result in a premium deficiency if those gains were realized, a related increase in Insurance reserves is recorded, net of tax and noncontrolling interests, as a reduction of net unrealized gains through Other comprehensive income (loss) (“Shadow Adjustments”). As of September 30, 2020 and December 31, 2019, the net unrealized gains on investments included in AOCI were correspondingly reduced by Shadow Adjustments of $2.3 billion and $2.0 billion (after tax and noncontrolling interests). The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows: Less than 12 Months 12 Months or Longer Total September 30, 2020 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 $ 1,579 $ 86 $ 56 $ 3 $ 1,635 $ 89 States, municipalities and political subdivisions 154 1 154 1 Asset-backed: Residential mortgage-backed 98 1 13 111 1 Commercial mortgage-backed 693 69 19 1 712 70 Other asset-backed 432 18 13 1 445 19 Total asset-backed 1,223 88 45 2 1,268 90 U.S. Treasury and obligations of government-sponsored enterprises 25 1 25 1 Foreign government 20 20 Total fixed maturity securities $ 3,001 $ 176 $ 101 $ 5 $ 3,102 $ 181 December 31, 2019 Fixed maturity securities: Corporate and other bonds $ 914 $ 21 $ 186 $ 11 $ 1,100 $ 32 States, municipalities and political subdivisions 34 34 Asset-backed: Residential mortgage-backed 249 1 30 279 1 Commercial mortgage-backed 381 3 20 2 401 5 Other asset-backed 449 3 33 1 482 4 Total asset-backed 1,079 7 83 3 1,162 10 U.S. Treasury and obligations of government-sponsored enterprises 62 2 2 64 2 Foreign government 59 1 1 60 1 Total fixed maturity securities $ 2,148 $ 31 $ 272 $ 14 $ 2,420 $ 45 Based on current facts and circumstances, the Company believes the unrealized losses presented in the September additional impairment losses to be recorded as of Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2020 December 31, 2019 Cost or Amortized Cost Estimated Fair Value Cost or Amortized Cost Estimated Fair Value (In millions) Due in one year or less $ 1,372 $ 1,392 $ 1,334 $ 1,356 Due after one year through five years 11,955 12,625 9,746 10,186 Due after five years through ten years 13,026 14,359 14,892 15,931 Due after ten years 12,609 15,518 12,134 14,714 Total $ 38,962 $ 43,894 $ 38,106 $ 42,187 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 allowance for expected credit losses on mortgage loans is developed by assessing the credit quality of pools of mortgage loans in good standing using debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. The DSCR compares a property’s net operating income to its debt service payments, including principal and interest. The LTV ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. The pools developed to measure the credit loss allowance use increments of DSCR and LTV to draw distinctions between risk levels. Changes in the allowance for mortgage loans are presented as a component of Investment gains (losses) on the Consolidated Condensed Statements of Operations. Mortgage loans are included in Other invested assets on the Consolidated Condensed Balance Sheets. The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination: Mortgage Loans Amortized Cost Basis by Origination Year (a) As of September 30, 2020 2020 2019 2018 2017 2016 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 75 $ 33 $ 19 $ 85 $ 33 $ 161 $ 406 LTV 55% to 65% 33 29 55 12 129 LTV greater than 65% 5 12 17 DSCR 1.2x - 1.6x LTV less than 55% 31 10 13 16 79 149 LTV 55% to 65% 20 54 32 24 130 LTV greater than 65% 48 103 151 DSCR ≤1.2x LTV less than 55% LTV 55% to 65% 14 14 28 LTV greater than 65% 23 45 24 7 99 Total $ 143 $ 296 $ 104 $ 222 $ 85 $ 259 $ 1,109 (a) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index. Derivative Financial Instruments A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. September 30, 2020 December 31, 2019 Contractual/ Notional Estimated Fair Value Contractual/ Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 675 $ (28 ) $ 715 $ (8 ) Without hedge designation: Equity Options – purchased 57 $ 1 – written 100 (1 ) Interest rate swaps 80 (3 ) Embedded derivative on funds withheld liability 193 (16 ) 182 (7 ) Investment Commitments As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of September

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2020
Fair Value [Abstract]
Fair Value	4. Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: ● Level 1 – Quoted prices for identical instruments in active markets. ● Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. ● Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable. Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted. Control procedures are performed over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria and (iv) detailed analysis, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities. Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. September 30, 2020 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 372 $ 23,452 $ 694 $ 24,518 States, municipalities and political subdivisions 11,179 45 11,224 Asset-backed 7,917 235 8,152 Fixed maturities available-for-sale 372 42,548 974 43,894 Fixed maturities trading 15 8 23 Total fixed maturities $ 372 $ 42,563 $ 982 $ 43,917 Equity securities $ 655 $ 674 $ 39 $ 1,368 Short term and other 4,379 56 4,435 Payable to brokers (40 ) (31 ) (71 ) December 31, 2019 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 175 $ 22,065 $ 468 $ 22,708 States, municipalities and political subdivisions 10,652 10,652 Asset-backed 8,662 165 8,827 Fixed maturities available-for-sale 175 41,379 633 42,187 Fixed maturities trading 49 4 53 Total fixed maturities $ 175 $ 41,428 $ 637 $ 42,240 Equity securities $ 629 $ 658 $ 19 $ 1,306 Short term and other 3,138 1,383 4,521 Receivables 2 2 Payable to brokers (18 ) (10 ) (28 ) The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2020 and 2019: 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 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and 2020 Balance, July 1 Included in Net Income (Loss) Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, September 30 Liabilities Held at September 30 Liabilities Held at September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 555 $ 5 $ 129 $ (3 ) $ 8 $ 694 $ 5 States, municipalities and political subdivisions - 45 45 Asset-backed 222 9 20 (14 ) $ (2 ) 235 8 Fixed maturities available-for-sale 777 $ - 14 194 $ - (17 ) 8 (2 ) 974 $ - 13 Fixed maturities trading 4 4 8 4 Total fixed maturities $ 781 $ 4 $ 14 $ 194 $ - $ (17 ) $ 8 $ (2 ) $ 982 $ 4 $ 13 Equity securities $ 27 $ 12 $ 39 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 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and 2019 Balance, July 1 Included in Net Income (Loss) Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, September 30 Liabilities Held at September 30 Liabilities Held at September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 338 $ 14 $ 79 $ (3 ) $ 428 $ 14 Asset-backed 193 1 22 (4 ) $ (16 ) 196 2 Fixed maturities available-for-sale 531 $ - 15 101 $ - (7 ) $ - (16 ) 624 $ - 16 Fixed maturities trading 4 4 Total fixed maturities $ 535 $ - $ 15 $ 101 $ - $ (7 ) $ - $ (16 ) $ 628 $ - $ 16 Equity securities $ 23 $ 23 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 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and 2020 Balance, January 1 Included in Net Income (Loss) Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, September 30 Liabilities Held at September 30 Liabilities Held at September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 468 $ 27 $ 200 $ (9 ) $ 8 $ 694 $ 29 States, municipalities and political subdivisions - 45 45 Asset-backed 165 18 100 $ (9 ) (22 ) $ (17 ) 235 19 Fixed maturities available-for-sale 633 $ - 45 345 (9 ) (31 ) 8 (17 ) 974 $ - 48 Fixed maturities trading 4 4 8 4 Total fixed maturities $ 637 $ 4 $ 45 $ 345 $ (9 ) $ (31 ) $ 8 $ (17 ) $ 982 $ 4 $ 48 Equity securities $ 19 $ (7 ) $ 12 $ 15 $ 39 $ (7 ) Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and 2019 Balance, January 1 Included in Net Income (Loss) Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, September 30 Liabilities Held at September 30 Liabilities Held at September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 222 $ 34 $ 211 $ (7 ) $ (32 ) $ 428 $ 29 Asset-backed 197 8 42 (12 ) $ 45 (84 ) 196 9 Fixed maturities available-for-sale 419 $ - 42 253 $ - (19 ) 45 (116 ) 624 $ - 38 Fixed maturities trading 6 (2 ) 4 (2 ) Total fixed maturities $ 425 $ (2 ) $ 42 $ 253 $ - $ (19 ) $ 45 $ (116 ) $ 628 $ (2 ) $ 38 Equity securities $ 19 $ 2 $ 2 $ 23 $ 2 Net investment gains and losses are reported in Net income (loss) 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 Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume. Valuation Methodologies and Inputs The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified. Fixed Maturity Securities Level 1 securities include highly liquid government securities and exchange traded bonds valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation, and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable. Equity Securities Level 1 securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable. Derivative Financial Instruments Equity options are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Over-the-counter derivatives, principally interest rate swaps, currency forwards, total return swaps, commodity swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace. Short Term and Other Invested Assets Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds, treasury bills and exchange traded open-end funds valued using quoted market prices. Level 2 primarily includes commercial paper, for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short term investments as presented in the tables above differ from the amounts presented in the Consolidated Condensed Balance Sheets because certain short term investments, such as time deposits, are not measured at fair value. Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value. September 30, 2020 Estimated Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 888 Discounted cash flow Credit spread 1% – 10% (3%) December 31, 2019 Fixed maturity securities $ 525 Discounted cash flow Credit spread 1% – 6% (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 Estimated Fair Value September 30, 2020 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 1,088 $ 1,159 $ 1,159 Liabilities: Short term debt 32 $ 8 25 33 Long term debt 10,343 10,641 757 11,398 December 31, 2019 Assets: Other invested assets, primarily mortgage loans $ 994 $ 1,025 $ 1,025 Liabilities: Short term debt 75 $ 9 66 75 Long term debt 11,443 10,884 626 11,510

Property, Plant and Equipment

Property, Plant and Equipment	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment	5. Property, Plant and Equipment Asset Impairments During the first quarter of 2020, the offshore drilling business climate experienced a significant adverse change, primarily as a result of the market impacts of the oil price war between Saudi Arabia and Russia and regulatory, market and commercial challenges arising as a result of the COVID-19 pandemic and efforts to mitigate the spread of the virus, both of which resulted in a dramatic decline in oil prices. During the first quarter of 2020, drilling rigs that had indicators of impairment were evaluated. Based on the assumptions and analysis at that time, it was determined that the carrying values of of these rigs were impaired. The fair values of these rigs were estimated using an income approach, whereby the fair value of each rig was estimated based on a calculation of the rig’s future net cash flows. These calculations utilized significant unobservable inputs, including management’s assumptions related to estimated dayrate revenue, rig utilization, estimated capital expenditures, repair and regulatory survey costs, as well as estimated proceeds that may be received on ultimate disposition of each rig. These fair value estimates were representative of Level fair value measurements due to the significant level of estimation involved and the lack of transparency as to the inputs used. An aggregate asset impairment charge of ( after tax and noncontrolling interests) was recorded for the nine months ended September and is reported within Operating expenses and other on the Consolidated Condensed Statements of Operations.

Claim and Claim Adjustment Expe

Claim and Claim Adjustment Expense Reserves	9 Months Ended
	Sep. 30, 2020
Claim and Claim Adjustment Expense Reserves [Abstract]
Claim and Claim Adjustment Expense Reserves	6. Claim and Claim Adjustment Expense Reserves Property and casualty insurance claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions and economic conditions, including inflation and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $160 million and $32 million for the three months ended September 30, 2020 and 2019 and $536 million and $128 million for the nine months ended September 30, 2020 and 2019. Net catastrophe losses for the three months ended September 30, 2020 were driven by severe weather-related events, primarily Hurricanes Laura, Isaias and Sally and the Midwest derecho. Net catastrophe losses for the nine months ended September 30, 2020 included $273 million primarily related to severe weather-related events, $195 million related to the COVID-19 pandemic and $68 million related to civil unrest. Net catastrophe losses in 2019 primarily related to U.S. 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, including claim and claim adjustment expense reserves of Other Insurance Operations. Nine Months Ended September 30 2020 2019 (In millions) Reserves, beginning of year: Gross $ 21,720 $ 21,984 Ceded 3,835 4,019 Net reserves, beginning of year 17,885 17,965 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,425 3,968 Increase (decrease) in provision for insured events of prior years (68 ) (65 ) Amortization of discount 143 143 Total net incurred (a) 4,500 4,046 Net payments attributable to: Current year events (556 ) (599 ) Prior year events (3,285 ) (3,547 ) Total net payments (3,841 ) (4,146 ) Foreign currency translation adjustment and other 39 29 Net reserves, end of period 18,583 17,894 Ceded reserves, end of period 3,951 3,702 Gross reserves, end of period $ 22,534 $ 21,596 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above. Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable. Favorable net prior year development of $15 million and unfavorable net prior year development of $16 million was recorded for commercial property and casualty operations (“Property & Casualty Operations”) for the three months ended September 30, 2020 and 2019 and favorable net prior year development of $8 million and $29 million was recorded for the nine months ended September 30, 2020 and 2019. The following table and discussion present details of the net prior year claim and claim adjustment expense reserve development in Property & Casualty Operations: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Medical professional liability $ 25 $ 29 $ 35 $ 59 Other professional liability and management liability (18 ) (6 ) (37 ) Surety (40 ) (43 ) (70 ) (83 ) Commercial auto 9 (16 ) 33 (24 ) General liability 15 43 65 36 Workers’ compensation (23 ) 7 (97 ) 2 Property and other (1 ) 14 32 18 Total pretax (favorable) unfavorable development $ (15 ) $ 16 $ (8 ) $ (29 ) Three Months 2020 Unfavorable development in medical professional liability was primarily due to higher than expected frequency of large losses in recent accident years and unfavorable development on a latent claim for an older accident year. Favorable development in surety was due to lower than expected frequency and lack of systemic activity for accident years 2019 and prior. Unfavorable development in general liability was primarily due to increased bodily injury severities in accident years 2012 through 2016 and higher than expected frequency and severity in CNA’s umbrella business in accident years 2015 through 2019. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. 2019 Unfavorable development in medical professional liability was primarily due to higher than expected indemnity severity in accident years 2016 through 2018 in CNA’s aging services business. Favorable development in other professional liability and management liability was due to lower than expected large claim losses in recent accident years in CNA’s public company directors and officers liability (“D&O”) business. Favorable development in surety was due to lower than expected frequency for accident years 2015 through 2018. Favorable development in commercial auto was primarily due to a decline in bodily injury frequency in accident year 2018 and continued lower than expected severity across accident years 2013 through 2016. Unfavorable development in general liability was primarily due to higher than expected emergence in mass tort exposures related to accident years 2009 and prior, 2015 and 2016. Unfavorable development in other was primarily due to higher than expected severity in aging services related to auto liability coverages. Nine Months 2020 Unfavorable development in medical professional liability was primarily due to higher than expected frequency of large losses in recent accident years, unfavorable development on a latent claim for an older accident year and unfavorable outcomes on specific claims in accident years 2015 and 2016 in CNA’s aging services business. Favorable development in surety was due to lower than expected frequency and lack of systemic activity for accident years 2019 and prior. Unfavorable development in commercial auto was due to unfavorable claim severity in CNA’s middle market and construction business in accident years 2017 through 2019. Unfavorable development in general liability was driven by higher than expected emergence in mass tort exposures, primarily due to New York reviver statute-related claims from accident years prior to 2010, increased bodily injury severities in accident years 2012 through 2016 and higher than expected frequency and severity in CNA’s umbrella business in accident years 2015 through 2019. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Unfavorable development in property and other was primarily due to higher than expected large loss activity in accident year 2019 in CNA’s middle market, national accounts and marine business units. 2019 Unfavorable business. Favorable development in other professional liability and management liability was primarily due to lower than expected claim frequency and favorable outcomes on individual claims in accident years 2017 and prior related to financial institutions and lower than expected large claim losses in recent accident years in CNA’s public company D&O business. Favorable development in surety was due to lower than expected frequency for accident years 2018 and prior. Favorable development in commercial auto was primarily due to a decline in bodily injury frequency in accident year 2018 and continued lower than expected severity across accident years 2016 and prior. Unfavorable development in general liability was primarily due to higher than expected emergence in mass tort exposures as well as higher than expected large loss experience in CNA’s excess and umbrella business in accident year 2017. Unfavorable development in other was primarily due to higher than expected severity in aging services related to auto liability coverages and higher than expected claims in Hardy on 2018 accident year catastrophes in property partially offset by favorable development in casualty, driven by lower than expected large losses and claim severity in accident years 2014 and prior in Hardy and Europe. Asbestos and 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 the legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“loss portfolio transfer” or “LPT”). At the effective date of the transaction, approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million were transferred to NICO, resulting in total consideration of $2.2 billion. In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations. The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $ million and $ million for the three months ended September 30, 2020 and 2019 and $ million for the nine months ended September 30, 2020 and 2019. As of September 30, 2020 and December 31, 2019, the cumulative amounts ceded under the LPT were $ billion. The unrecognized deferred retroactive reinsurance benefit was $ million and $ million as of September 30, 2020 and December 31, 2019 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 $3.5 billion and $3.7 billion as of September 30, 2020 and December 31, 2019. Life & Group Policyholder Reserves CNA’s Life & Group business includes its run-off long term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Long term care policies provide benefits for nursing homes, assisted living facilities and home health care subject to various daily and lifetime caps. Generally, policyholders must continue to make periodic premium payments to keep the policy in force and CNA has the ability to increase policy premiums, subject to state regulatory approval. CNA maintains both claim and claim adjustment expense reserves as well as future policy benefit reserves for policyholder benefits for its long term care business. Claim and claim adjustment expense reserves consist of estimated reserves for long term care policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported. In developing the claim and claim adjustment expense reserve estimates for long term care policies, CNA’s actuaries perform a detailed claim experience study on an annual basis. The study reviews the sufficiency of existing reserves for policyholders currently on claim and includes an evaluation of expected benefit utilization and claim duration. In addition, claim and claim adjustment expense reserves are also maintained for the structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, CNA’s actuaries monitor mortality experience on an annual basis. CNA’s recorded claim and claim adjustment expense reserves reflect management’s best estimate after incorporating the results of the most recent studies. CNA’s most recent annual claim experience studies were completed in the third quarter of 2020 and resulted in a $46 million pretax increase in claim and claim adjustment expense reserve estimates for structured settlement obligations primarily due to lower discount rate assumptions and mortality assumption changes and a $37 million pretax reduction in claim and claim adjustment expense reserves for long term care policies primarily due to lower claim severity than anticipated in the reserve estimates. CNA’s 2019 annual claim experience studies were completed in the third quarter of 2019 and resulted in a $56 million pretax reduction in claim and claim adjustment expense reserves for long term care policies primarily due to lower claim severity than anticipated in the reserve estimates. Future policy benefit reserves represent the active life reserves related to CNA’s long term care policies for policyholders that are not currently receiving benefits, which represent the present value of expected future benefit payments and expenses less expected future premium. The determination of these reserves requires management to make estimates and assumptions about expected investment and policyholder experience over the life of the contract. Since many of these contracts may be in force for several decades, these assumptions are subject to significant estimation risk. The actuarial assumptions that management believes are subject to the most variability are morbidity, persistency, discount rates and anticipated future premium rate increases. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Discount rates are influenced by the investment yield on assets supporting long term care reserves which is subject to interest rate and market volatility and may also be affected by changes to the Internal Revenue Code. Future premium rate increases are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. As a result of this variability, CNA’s long term care future policy benefit reserves may be subject to material increases if actual experience develops adversely to CNA’s expectations. Annually, in the third quarter, management assesses the adequacy of its long term care future policy benefit reserves by performing a gross premium valuation (“GPV”) to determine if there is a premium deficiency. Under the GPV, management estimates required reserves using best estimate assumptions as of the date of the assessment without provisions for adverse deviation. The GPV required reserves are then compared to the existing recorded reserves. If the GPV required reserves are greater than the existing recorded reserves, the existing assumptions are unlocked and future policy benefit reserves are increased to the greater amount. Any such increase is reflected in the Company’s results of operations in the period in which the need for such adjustment is determined. If the GPV required reserves are less than the existing recorded reserves, assumptions remain locked in and no adjustment is required. Periodically, management engages independent third parties to assess the appropriateness of its best estimate assumptions. The most recent third party assessment, performed in 2019, validated the assumption setting process and confirmed the best estimate assumptions appropriately reflected the experience data at that time. The GPV for the long term care future policy benefit reserves performed in the third quarter of 2020 and 2019 indicated a premium deficiency primarily driven by lower discount rate assumptions. Recognition of the premium deficiency resulted in a $74 million and a $216 million pretax increase in policyholders’ benefits reflected in the Company’s results of operations for the three and nine months ended September 30, 2020 and 2019.

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt [Abstract]
Debt	7. Debt In May of 2020, Loews Corporation completed a public offering of $ million aggregate principal amount of senior notes due . The proceeds of this offering are available for general corporate purposes. In August of 2020, CNA completed a public offering of $500 million aggregate principal amount of its 2.1% senior notes due August 15, 2030 and used the net proceeds to redeem the entire $400 million outstanding aggregate principal balance of its 5.8% senior notes due August 15, 2021 and for general corporate purposes. In August of 2020, Boardwalk Pipelines completed a public offering of $500 million aggregate principal amount of its 3.4% senior notes due February 15, 2031. Boardwalk Pipelines intends to use the proceeds to retire the outstanding $440 million aggregate principal amount of its 4.5% senior notes due 2021 in November of 2020, to fund growth capital expenditures and for general corporate purposes. Initially, the proceeds were used to reduce outstanding borrowings under its revolving credit facility. As of September 30, 2020, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility and had available the full borrowing capacity of $1.5 billion. As of October 30, 2020, Boardwalk Pipelines had $80 million of outstanding borrowings under its revolving credit facility and had $1.4 billion of available borrowing capacity.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2020
Shareholders' Equity [Abstract]
Shareholders' Equity	8. Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the three and nine months ended September 30, 2019 and 2020: Net Unrealized Gains (Losses) on Investments with OTTI Losses Net Unrealized Gains (Losses) on Other Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, July 1, 2019 $ 18 $ 917 $ (7 ) $ (780 ) $ (145 ) $ 3 Other comprehensive income (loss) before reclassifications, after tax of $0, $(11), $1, $0 and $0 44 (4 ) (31 ) 9 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $0, $0, $(2) and $0 (3 ) 10 7 Other comprehensive income (loss) - 41 (4 ) 10 (31 ) 16 Amounts attributable to noncontrolling interests (5 ) 3 (2 ) Balance, September 30, 2019 $ 18 $ 953 $ (11 ) $ (770 ) $ (173 ) $ 17 Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) ( In millions) Balance, July 1, 2020 $ (8 ) $ 1,050 $ (25 ) $ (837 ) $ (175 ) $ 5 Other comprehensive income (loss) before reclassifications, after tax of $0, $(63), $0, $0 and $0 2 231 (2 ) (2 ) 38 267 Reclassification of (income) losses from accumulated other comprehensive income, after tax of $ , $ , $ , $ and $ 4 (24 ) 3 9 (8 ) Other comprehensive income 6 207 1 7 38 259 Amounts attributable to noncontrolling interests (1 ) (22 ) (3 ) (26 ) Balance, September 30, 2020 $ (3 ) $ 1,235 $ (24 ) $ (830 ) $ (140 ) $ 238 Net Unrealized Gains (Losses) on Investments with OTTI Losses Net Unrealized Gains (Losses) on Other Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, January 1, 2019 $ 14 $ 57 $ 5 $ (793 ) $ (163 ) $ (880 ) Other comprehensive income (loss) before reclassifications, after tax of $(2), $(265), $5, $0 and $0 3 999 (16 ) (1 ) (11 ) 974 Reclassification of losses from accumulated other comprehensive income, after tax of $ , $ , $ , $ and $ 1 4 26 31 Other comprehensive income (loss) 4 1,003 (16 ) 25 (11 ) 1,005 Amounts attributable to noncontrolling interests (107 ) (2 ) 1 (108 ) Balance, September 30, 2019 $ 18 $ 953 $ (11 ) $ (770 ) $ (173 ) $ 17 Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, January 1, 2020 (a) $ - $ 918 $ (6 ) $ (855 ) $ (125 ) $ (68 ) Other comprehensive income (loss) before reclassifications, after tax of $13, $(97), $8, $0 and $0 (48 ) 374 (22 ) (3 ) (17 ) 284 Reclassification of (income) losses from accumulated other comprehensive income, after tax of $(12), $5, $(1), $(8) and $0 45 (20 ) 4 30 59 Other comprehensive income (loss) (3 ) 354 (18 ) 27 (17 ) 343 Amounts attributable to noncontrolling interests (37 ) (2 ) 2 (37 ) Balance, September 30, 2020 $ (3 ) $ 1,235 $ (24 ) $ (830 ) $ (140 ) $ 238 (a) On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Net Unrealized Gains (Losses) on Investments with OTTI Losses column that tracked the change in unrealized gains (losses) on investments with OTTI losses has been replaced with the Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses column. The balance as of January 1, 2020 in the Net Unrealized Gains (Losses) on Investments with OTTI Losses column is now reported in the Net Unrealized Gains (Losses) on Other Investments column. Prior period amounts were not adjusted for the adoption of this standard. 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, Net unrealized gains (losses) on investments with OTTI losses and Net unrealized gains (losses) on other investments Investment gains (losses) Unrealized gains (losses) on cash flow hedges Operating revenues and other, Interest expense and Operating expenses and other Pension and postretirement benefits Operating expenses and other Treasury Stock Loews Corporation repurchased million and million shares of its common stock at an aggregate cost of $ million and $ million during the nine months ended and .

Revenue from Contracts with Cus

Revenue from Contracts with Customers	9 Months Ended
	Sep. 30, 2020
Revenue from Contracts with Customers [Abstract]
Revenue from Contracts with Customers	9. Revenue from Contracts with Customers Disaggregation of revenues – Three Months Ended September 30, Nine Months Ended September 30 2020 2019 2020 2019 (In millions) Non-insurance warranty – CNA Financial $ 317 $ 292 $ 926 $ 858 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines 280 287 898 947 Lodging and related services – Loews Hotels & Co 36 147 194 512 Rigid plastic packaging and recycled resin – Corporate 253 252 753 689 Contract drilling – Diamond Offshore (a) 254 300 704 Total revenues from contracts with customers 569 940 2,145 2,852 Other revenues 40 20 96 54 Operating revenues and other $ 609 $ 960 $ 2,241 $ 2,906 (a) Revenues presented for Diamond Offshore reflect the periods prior to the deconsolidation. See Notes 2 and 14 for further discussion. Receivables from contracts with customers Deferred revenue Performance obligations – As of September 30, 2020, approximately $ billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. Approximately $ billion will be recognized during the remaining of 2020, $ billion in 2021 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

Expected Credit Losses - Reinsu

Expected Credit Losses - Reinsurance and Insurance Receivables	9 Months Ended
	Sep. 30, 2020
Expected Credit Losses - Reinsurance and Insurance Receivables [Abstract]
Expected Credit Losses - Reinsurance and Insurance Receivables	10. Expected Credit Losses Reinsurance and Insurance Receivables As of September 30, 2020, an allowance for doubtful accounts of $24 million for reinsurance receivables has been established which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. For assessing expected credit losses, reinsurance receivables are separated into two pools; voluntary reinsurance receivables and involuntary reinsurance exposures to mandatory pools. An allowance for involuntary pools has not been recorded as there is no perceived credit risk. The principal credit quality indicator used in the valuation of the allowance on voluntary reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. If the reinsurer is unrated, an internal financial strength rating is assigned based on historical loss experience and assessment of the reinsurance counterparty risk profile, which generally corresponds with a B rating. Changes in the allowance are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations. The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating: As of September 30, 2020 (In millions) A- to A++ $ 2,729 B- to B++ 874 Insolvent 4 Total voluntary reinsurance outstanding balance (a) $ 3,607 (a) Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. See Note 6 for more information on the LPT. Also excluded are receivables from involuntary pools. Voluntary reinsurance receivables within the B- to B++ rating distribution are primarily due from captive reinsurers and backed by collateral arrangements. As of September 30, 2020, an allowance for doubtful accounts of $32 million for insurance receivables has been established using a loss rate methodology to determine expected credit losses for premium receivables. This methodology uses historical annual credit losses relative to gross premium written to develop a range of credit loss rates for each dollar of gross written premium underwritten. The expected credit loss for loss sensitive business in good standing is calculated on a pool basis, using historical default rate data obtained from major rating agencies. Changes in the allowance are presented as a component of Operating expenses and other on the Consolidated Condensed Statements of Operations .

Benefit Plans

Benefit Plans	9 Months Ended
	Sep. 30, 2020
Benefit Plans [Abstract]
Benefit Plans	11. 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 plans: Pension Benefits Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Service cost $ 2 $ 2 $ 5 Interest cost $ 24 29 70 88 Expected return on plan assets (43 ) (39 ) (130 ) (119 ) Amortization of unrecognized net loss 12 10 35 33 Amortization of unrecognized prior service cost 1 Settlement charge 1 1 8 3 Curtailment gain (1 ) (1 ) Net periodic (benefit) cost $ (6 ) $ 2 $ (14 ) $ 9 Other Postretirement Benefits Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Interest cost - $ 1 $ 1 $ 2 Expected return on plan assets (2 ) (2 ) Amortization of unrecognized net gain (1 ) (1 ) Net periodic benefit $ - $ - $ (1 ) $ (1 )

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2020
Legal Proceedings [Abstract]
Legal Proceedings	12. Legal Proceedings 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 “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 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 Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding. The Defendants filed a motion to dismiss, which was heard by the Court in July of 2019. In October of 2019, the Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. 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 such litigation, management does not believe that the outcome of any such pending litigation will materially affect the Company’s results of operations or equity.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies [Abstract]
Commitments and Contingencies	13. Commitments and Contingencies CNA Guarantees CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of September 30, 2020, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.7 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

Segments

Segments	9 Months Ended
	Sep. 30, 2020
Segments [Abstract]
Segments	14. Segments Loews Corporation has reportable segments comprised of individual The following tables present the reportable segments and their contribution to the Consolidated Condensed Financial Statements. 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. Total assets by segment are presented in the following tables. September 30, 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Diamond Offshore (a) Total (In millions) Total assets $ 62,728 $ 9,666 $ 1,685 $ 5,385 $ - $ 79,464 December 31, 2019 Total assets $ 60,583 $ 9,248 $ 1,728 $ 4,850 $ 5,834 $ 82,243 Statements of Operations by segment are presented in the following tables. Three Months Ended September 30, 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 1,953 $ 1,953 Net investment income 517 $ 23 540 Investment gains 46 46 Non-insurance warranty revenue 317 317 Operating revenues and other 7 $ 289 $ 60 253 609 Total 2,840 289 60 276 3,465 Expenses: Insurance claims and policyholders’ benefits 1,616 1,616 Amortization of deferred acquisition costs 360 360 Non-insurance warranty expense 293 293 Operating expenses and other 268 219 114 275 876 Interest 52 44 8 33 137 Total 2,589 263 122 308 3,282 Income (loss) before income tax 251 26 (62 ) (32 ) 183 Income tax (expense) benefit (36 ) (6 ) 15 6 (21 ) Net income (loss) 215 20 (47 ) (26 ) 162 Amounts attributable to noncontrolling interests (23 ) (23 ) Net income (loss) attributable to Loews Corporation $ 192 $ 20 $ (47 ) $ (26 ) $ 139 Three Months Ended September 30, 2019 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Diamond Offshore (a) Total (In millions) Revenues: Insurance premiums $ 1,890 $ 1,890 Net investment income 487 $ 36 $ 2 525 Investment gains 8 8 Non-insurance warranty revenue 292 292 Operating revenues and other 9 $ 296 $ 156 250 249 960 Total 2,686 296 156 286 251 3,675 Expenses: Insurance claims and policyholders’ benefits 1,614 1,614 Amortization of deferred acquisition costs 345 345 Non-insurance warranty expense 278 278 Operating expenses and other 291 212 145 264 322 1,234 Interest 31 45 6 31 31 144 Total 2,559 257 151 295 353 3,615 Income (loss) before income tax 127 39 5 (9 ) (102 ) 60 Income tax (expense) benefit (20 ) (10 ) (2 ) 1 10 (21 ) Net income (loss) 107 29 3 (8 ) (92 ) 39 Amounts attributable to noncontrolling interests (11 ) 44 33 Net income (loss) attributable to Loews Corporation $ 96 $ 29 $ 3 $ (8 ) $ (48 ) $ 72 Nine Months Ended September 30, 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Diamond Offshore (a) Total (In millions) Revenues: Insurance premiums $ 5,672 $ 5,672 Net investment income (loss) 1,380 $ (33 ) 1,347 Investment losses (101 ) (1,211 ) (1,312 ) Non-insurance warranty revenue 926 926 Operating revenues and other 20 $ 926 $ 236 754 $ 305 2,241 Total 7,897 926 236 (490 ) 305 8,874 Expenses: Insurance claims and policyholders’ benefits 4,683 4,683 Amortization of deferred acquisition costs 1,046 1,046 Non-insurance warranty expense 859 859 Operating expenses and other 851 633 404 810 1,196 3,894 Interest 114 127 24 96 43 404 Total 7,553 760 428 906 1,239 10,886 Income (loss) before income tax 344 166 (192 ) (1,396 ) (934 ) (2,012 ) Income tax (expense) benefit (40 ) (43 ) 48 293 26 284 Net income (loss) 304 123 (144 ) (1,103 ) (908 ) (1,728 ) Amounts attributable to noncontrolling interests (32 ) 432 400 Net income (loss) attributable to Loews Corporation $ 272 $ 123 $ (144 ) $ (1,103 ) $ (476 ) $ (1,328 ) Nine Months Ended September 30, 2019 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Diamond Offshore (a) Total (In millions) Revenues: Insurance premiums $ 5,517 $ 5,517 Net investment income 1,573 $ 1 $ 153 $ 6 1,733 Investment gains 41 41 Non-insurance warranty revenue 858 858 Operating revenues and other 22 $ 969 521 689 705 2,906 Total 8,011 969 522 842 711 11,055 Expenses: Insurance claims and policyholders’ benefits 4,323 4,323 Amortization of deferred acquisition costs 1,025 1,025 Non-insurance warranty expense 801 801 Operating expenses and other 854 616 464 740 940 3,614 Interest 120 136 16 85 92 449 Total 7,123 752 480 825 1,032 10,212 Income (loss) before income tax 888 217 42 17 (321 ) 843 Income tax (expense) benefit (161 ) (56 ) (14 ) (4 ) 52 (183 ) Net income (loss) 727 161 28 13 (269 ) 660 Amounts attributable to noncontrolling interests (77 ) 132 55 Net income (loss) attributable to Loews Corporation $ 650 $ 161 $ 28 $ 13 $ (137 ) $ 715 (a) Amounts presented for Diamond Offshore reflect the periods prior to the deconsolidation.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2020
Basis of Presentation [Abstract]
Basis of Presentation	Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), a owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary); the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary); and the manufacture of rigid plastic packaging solutions (Altium Packaging LLC (“Altium Packaging”), a owned subsidiary). Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders. In the second quarter of 2020, Diamond Offshore Drilling, Inc. (“Diamond Offshore”) was deconsolidated from the Company’s consolidated financial statements. See Note 2 for further discussion.
Income (Loss) per Share	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 September 30, 2020 there were 0.4 million shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive. For the three months ended September 30, 2019 and the nine months ended September 30, 2020 and 2019 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.
Credit Losses	Accounting changes – In June of 2016 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13 “Financial Instruments-Credit Losses (Topic 326 : Measurement of Credit Losses on Financial Instruments.” The updated accounting guidance requires changes to the recognition of credit losses on financial instruments not accounted for at fair value through net income. For financial assets measured at cost, the expected credit loss model requires immediate recognition of estimated credit losses over the life of the asset and presentation of the asset at the net amount expected to be collected. This new guidance applies to mortgage loan investments, reinsurance and insurance receivables and other financing and trade receivables. For available-for-sale fixed maturity securities carried at fair value, estimated credit losses will continue to be measured at the present value of expected cash flows, however, the other than temporary impairment (“OTTI”) concept has been eliminated. Under the previous guidance, estimated credit impairments resulted in a write down of amortized cost. Under the new guidance, estimated credit losses are recognized through an allowance and reversals of the allowance are permitted if the estimate of credit losses declines. For available-for-sale fixed maturity securities where there is an intent to sell, impairment will continue to result in a write down of amortized cost. On January 1, 2020 the Company adopted the updated guidance using a modified retrospective method with a cumulative effect adjustment recorded to beginning Retained earnings. Prior period amounts have not been adjusted and continue to be reported in accordance with the previous accounting guidance. A prospective transition approach is required for available-for-sale fixed maturity securities that were purchased with credit deterioration (“PCD assets”) or have recognized an OTTI write down prior to the effective date. The cumulative effect of the accounting change resulted in a decrease in Retained earnings, after tax and noncontrolling interests. The allowance for doubtful accounts for insurance, reinsurance and trade receivables was unchanged as a result of adopting the new guidance. At adoption, an allowance for credit losses of was established for available-for-sale fixed maturity securities that were PCD assets, with a corresponding increase to amortized cost, resulting in no adjustment to the carrying value of the securities. Below is a summary of the significant accounting policies impacted by the adoption of ASU 2016-13 The allowance for credit losses is a valuation account that is reported as a reduction of a financial asset’s cost basis and is measured on a pool basis when similar risk characteristics exist. The allowance is estimated using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Current and forecast economic conditions are considered, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to the forecast of economic conditions can vary by financial asset class. A reasonable and supportable forecast period is up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. Collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk are considered in the estimate of the net amount expected to be collected. A policy election has been made to present accrued interest balances separately from the amortized cost basis of assets, and a practical expedient has been elected to exclude the accrued interest from the tabular disclosures for mortgage loans and available-for-sale securities. An election has been made not to estimate an allowance for credit losses on accrued interest receivables. The accrual of interest income is discontinued and the asset is placed on nonaccrual status within 90 days of the interest becoming delinquent. Interest accrued but not received for assets on nonaccrual status is reversed through Net investment income. Interest received for assets that are on nonaccrual status is recognized as payment is received. The asset is returned to accrual status when the principal and interest amounts contractually due are brought current, and future payments are expected. Interest receivables are presented in Receivables on the Consolidated Condensed Balance Sheet.
Recently Issued ASUs	Recently issued ASUs – In August of 2018 the FASB issued ASU 2018-12 “Financial Services – Insurance (Topic 944 : Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. The guidance requires entities to update annually cash flow assumptions, including morbidity and persistency, and update quarterly discount rate assumptions using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income (“OCI”).

Investments (Tables)

Investments (Tables)	9 Months Ended
	Sep. 30, 2020
Investments [Abstract]
Net Investment Income	Net investment income is as follows: Three Months Ended September 30, Nine Months Ended September 30 2020 2019 2020 2019 (In millions) Fixed maturity securities $ 432 $ 452 $ 1,300 $ 1,362 Limited partnership investments 71 16 26 140 Short term investments 2 13 11 42 Equity securities 18 16 24 62 Income from trading portfolio (a) 22 34 144 Other 14 13 44 39 Total investment income 559 544 1,405 1,789 Investment expenses (19 ) (19 ) (58 ) (56 ) Net investment income $ 540 $ 525 $ 1,347 $ 1,733 (a) Net unrealized gains (losses) related to changes in fair value on securities still held were $ and $ for the three months ended September 30, 2020 and 2019 and September .
Investment Gains (Losses)	Investment gains (losses) are as follows: Three Months Ended September 30, Nine Months Ended September 30 2020 2019 2020 2019 (In millions) Fixed maturity securities $ 26 $ 3 $ (32 ) $ (6 ) Equity securities 25 7 (45 ) 60 Derivative instruments (2 ) (2 ) (7 ) (13 ) Short term investments and other (3 ) (17 ) Deconsolidation of Diamond Offshore (see Note 2) (1,211 ) Investment gains (losses) (a) $ 46 $ 8 $ (1,312 ) $ 41 (a) Gross investment gains on available-for-sale securities were $ and $ September . Gross investment losses on available-for-sale securities were $ and $ September September , $ September September September .
Allowance for Credit Losses	The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and PCD assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Three months ended September 30 , 2020 Corporate and Other Bonds Asset- backed Total (In millions) Allowance for credit losses: Balance as of July 1, 2020 $ 39 $ 12 $ 51 Additions to the allowance for credit losses: For securities for which credit losses were not previously recorded 4 4 For available-for-sale securities accounted for as PCD assets 1 1 Reductions to the allowance for credit losses: Securities sold during the period (realized) 9 9 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (1 ) 1 Total allowance for credit losses $ 34 $ 13 $ 47 Nine months ended September 30 , 2020 Allowance for credit losses: Balance as of December 31, 2019 $ - $ - $ - Additions to the allowance for credit losses: Impact of adopting ASC 326 6 6 For securities for which credit losses were not previously recorded 62 12 74 For available-for-sale securities accounted for as PCD assets 3 3 Reductions to the allowance for credit losses: Securities sold during the period (realized) 15 15 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 or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period (21 ) 1 (20 ) Total allowance for credit losses $ 34 $ 13 $ 47
Available-for-Sale Impairment Losses Recognized in Earnings	The components of available-for-sale impairment losses recognized in earnings by asset type are presented in the following table. The table includes losses on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ 4 $ 12 $ 94 $ 24 Asset-backed 1 2 14 10 Impairment losses recognized in earnings $ 5 $ 14 $ 108 $ 34
Amortized Cost and Fair Values of Fixed Maturity Securities	The amortized cost and fair values of fixed maturity securities are as follows: September 30, 2020 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses (a) Estimated Fair Value (In millions) Fixed maturity securities: Corporate and other bonds $ 20,734 $ 3,047 $ 89 $ 34 $ 23,658 States, municipalities and political subdivisions 9,459 1,766 1 11,224 Asset-backed: Residential mortgage-backed 3,796 153 1 3,948 Commercial mortgage-backed 2,048 85 70 13 2,050 Other asset-backed 2,097 76 19 2,154 Total asset-backed 7,941 314 90 13 8,152 U.S. Treasury and obligations of government-sponsored enterprises 347 4 1 350 Foreign government 481 29 510 Fixed maturities available-for-sale 38,962 5,160 181 47 43,894 Fixed maturities trading 17 6 23 Total fixed maturity securities $ 38,979 $ 5,166 $ 181 $ 47 $ 43,917 December 31, 2019 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Unrealized OTTI Losses (Gains) (a) Fixed maturity securities: Corporate and other bonds $ 19,789 $ 2,292 $ 32 $ 22,049 States, municipalities and political subdivisions 9,093 1,559 10,652 Asset-backed: Residential mortgage-backed 4,387 133 1 4,519 $ (17 ) Commercial mortgage-backed 2,265 86 5 2,346 1 Other asset-backed 1,925 41 4 1,962 (3 ) Total asset-backed 8,577 260 10 8,827 (19 ) U.S. Treasury and obligations of government-sponsored enterprises 146 1 2 145 Foreign government 491 14 1 504 Redeemable preferred stock 10 10 Fixed maturities available-for-sale 38,106 4,126 45 42,187 (19 ) Fixed maturities trading 51 2 53 Total fixed maturities $ 38,157 $ 4,128 $ 45 $ 42,240 $ (19 ) (a) On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Unrealized OTTI Losses (Gains) column that tracked subsequent valuation changes on securities for which a credit loss had previously been recorded has been replaced with the Allowance for Credit Losses column. Prior period amounts were not adjusted for the adoption of this standard.
Available-for-Sale Securities in Gross Unrealized Loss Position	The available-for-sale securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows: Less than 12 Months 12 Months or Longer Total September 30, 2020 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 $ 1,579 $ 86 $ 56 $ 3 $ 1,635 $ 89 States, municipalities and political subdivisions 154 1 154 1 Asset-backed: Residential mortgage-backed 98 1 13 111 1 Commercial mortgage-backed 693 69 19 1 712 70 Other asset-backed 432 18 13 1 445 19 Total asset-backed 1,223 88 45 2 1,268 90 U.S. Treasury and obligations of government-sponsored enterprises 25 1 25 1 Foreign government 20 20 Total fixed maturity securities $ 3,001 $ 176 $ 101 $ 5 $ 3,102 $ 181 December 31, 2019 Fixed maturity securities: Corporate and other bonds $ 914 $ 21 $ 186 $ 11 $ 1,100 $ 32 States, municipalities and political subdivisions 34 34 Asset-backed: Residential mortgage-backed 249 1 30 279 1 Commercial mortgage-backed 381 3 20 2 401 5 Other asset-backed 449 3 33 1 482 4 Total asset-backed 1,079 7 83 3 1,162 10 U.S. Treasury and obligations of government-sponsored enterprises 62 2 2 64 2 Foreign government 59 1 1 60 1 Total fixed maturity securities $ 2,148 $ 31 $ 272 $ 14 $ 2,420 $ 45
Available-for-Sale Fixed Maturity Securities by Contractual Maturity	The following table presents available-for-sale fixed maturity securities by contractual maturity. September 30, 2020 December 31, 2019 Cost or Amortized Cost Estimated Fair Value Cost or Amortized Cost Estimated Fair Value (In millions) Due in one year or less $ 1,372 $ 1,392 $ 1,334 $ 1,356 Due after one year through five years 11,955 12,625 9,746 10,186 Due after five years through ten years 13,026 14,359 14,892 15,931 Due after ten years 12,609 15,518 12,134 14,714 Total $ 38,962 $ 43,894 $ 38,106 $ 42,187
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: Mortgage Loans Amortized Cost Basis by Origination Year (a) As of September 30, 2020 2020 2019 2018 2017 2016 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 75 $ 33 $ 19 $ 85 $ 33 $ 161 $ 406 LTV 55% to 65% 33 29 55 12 129 LTV greater than 65% 5 12 17 DSCR 1.2x - 1.6x LTV less than 55% 31 10 13 16 79 149 LTV 55% to 65% 20 54 32 24 130 LTV greater than 65% 48 103 151 DSCR ≤1.2x LTV less than 55% LTV 55% to 65% 14 14 28 LTV greater than 65% 23 45 24 7 99 Total $ 143 $ 296 $ 104 $ 222 $ 85 $ 259 $ 1,109 (a) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments	A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. September 30, 2020 December 31, 2019 Contractual/ Notional Estimated Fair Value Contractual/ Notional Estimated Fair Value Amount Asset (Liability) Amount Asset (Liability) (In millions) With hedge designation: Interest rate swaps $ 675 $ (28 ) $ 715 $ (8 ) Without hedge designation: Equity Options – purchased 57 $ 1 – written 100 (1 ) Interest rate swaps 80 (3 ) Embedded derivative on funds withheld liability 193 (16 ) 182 (7 )

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock. September 30, 2020 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 372 $ 23,452 $ 694 $ 24,518 States, municipalities and political subdivisions 11,179 45 11,224 Asset-backed 7,917 235 8,152 Fixed maturities available-for-sale 372 42,548 974 43,894 Fixed maturities trading 15 8 23 Total fixed maturities $ 372 $ 42,563 $ 982 $ 43,917 Equity securities $ 655 $ 674 $ 39 $ 1,368 Short term and other 4,379 56 4,435 Payable to brokers (40 ) (31 ) (71 ) December 31, 2019 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 175 $ 22,065 $ 468 $ 22,708 States, municipalities and political subdivisions 10,652 10,652 Asset-backed 8,662 165 8,827 Fixed maturities available-for-sale 175 41,379 633 42,187 Fixed maturities trading 49 4 53 Total fixed maturities $ 175 $ 41,428 $ 637 $ 42,240 Equity securities $ 629 $ 658 $ 19 $ 1,306 Short term and other 3,138 1,383 4,521 Receivables 2 2 Payable to brokers (18 ) (10 ) (28 )
Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs	The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2020 and 2019: 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 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and 2020 Balance, July 1 Included in Net Income (Loss) Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, September 30 Liabilities Held at September 30 Liabilities Held at September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 555 $ 5 $ 129 $ (3 ) $ 8 $ 694 $ 5 States, municipalities and political subdivisions - 45 45 Asset-backed 222 9 20 (14 ) $ (2 ) 235 8 Fixed maturities available-for-sale 777 $ - 14 194 $ - (17 ) 8 (2 ) 974 $ - 13 Fixed maturities trading 4 4 8 4 Total fixed maturities $ 781 $ 4 $ 14 $ 194 $ - $ (17 ) $ 8 $ (2 ) $ 982 $ 4 $ 13 Equity securities $ 27 $ 12 $ 39 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 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and 2019 Balance, July 1 Included in Net Income (Loss) Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, September 30 Liabilities Held at September 30 Liabilities Held at September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 338 $ 14 $ 79 $ (3 ) $ 428 $ 14 Asset-backed 193 1 22 (4 ) $ (16 ) 196 2 Fixed maturities available-for-sale 531 $ - 15 101 $ - (7 ) $ - (16 ) 624 $ - 16 Fixed maturities trading 4 4 Total fixed maturities $ 535 $ - $ 15 $ 101 $ - $ (7 ) $ - $ (16 ) $ 628 $ - $ 16 Equity securities $ 23 $ 23 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 Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and 2020 Balance, January 1 Included in Net Income (Loss) Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, September 30 Liabilities Held at September 30 Liabilities Held at September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 468 $ 27 $ 200 $ (9 ) $ 8 $ 694 $ 29 States, municipalities and political subdivisions - 45 45 Asset-backed 165 18 100 $ (9 ) (22 ) $ (17 ) 235 19 Fixed maturities available-for-sale 633 $ - 45 345 (9 ) (31 ) 8 (17 ) 974 $ - 48 Fixed maturities trading 4 4 8 4 Total fixed maturities $ 637 $ 4 $ 45 $ 345 $ (9 ) $ (31 ) $ 8 $ (17 ) $ 982 $ 4 $ 48 Equity securities $ 19 $ (7 ) $ 12 $ 15 $ 39 $ (7 ) Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and 2019 Balance, January 1 Included in Net Income (Loss) Included in OCI Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Balance, September 30 Liabilities Held at September 30 Liabilities Held at September 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 222 $ 34 $ 211 $ (7 ) $ (32 ) $ 428 $ 29 Asset-backed 197 8 42 (12 ) $ 45 (84 ) 196 9 Fixed maturities available-for-sale 419 $ - 42 253 $ - (19 ) 45 (116 ) 624 $ - 38 Fixed maturities trading 6 (2 ) 4 (2 ) Total fixed maturities $ 425 $ (2 ) $ 42 $ 253 $ - $ (19 ) $ 45 $ (116 ) $ 628 $ (2 ) $ 38 Equity securities $ 19 $ 2 $ 2 $ 23 $ 2 Net investment gains and losses are reported in Net income (loss) as follows: Major Category of Assets and Liabilities Consolidated Condensed Statements of Operations Line Items Fixed maturity securities available-for-sale Investment gains (losses) Fixed maturity securities trading Net investment income Equity securities Investment gains (losses) and Net investment income Other invested assets Investment gains (losses) and Net investment income Derivative financial instruments held in a trading portfolio Net investment income Derivative financial instruments, other Investment gains (losses) and Operating revenues and other
Significant Unobservable Inputs	The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value. September 30, 2020 Estimated Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 888 Discounted cash flow Credit spread 1% – 10% (3%) December 31, 2019 Fixed maturity securities $ 525 Discounted cash flow Credit spread 1% – 6% (2%)
Financial Assets and Liabilities Not Measured at Fair Value	The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short term debt and long term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short term nature of these items. Carrying Estimated Fair Value September 30, 2020 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 1,088 $ 1,159 $ 1,159 Liabilities: Short term debt 32 $ 8 25 33 Long term debt 10,343 10,641 757 11,398 December 31, 2019 Assets: Other invested assets, primarily mortgage loans $ 994 $ 1,025 $ 1,025 Liabilities: Short term debt 75 $ 9 66 75 Long term debt 11,443 10,884 626 11,510

Claim and Claim Adjustment Ex_2

Claim and Claim Adjustment Expense Reserves (Tables)	9 Months Ended
	Sep. 30, 2020
Claim and Claim Adjustment Expense Reserves [Abstract]
Reconciliation of Claim and Claim Adjustment Expense Reserves	The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of Other Insurance Operations. Nine Months Ended September 30 2020 2019 (In millions) Reserves, beginning of year: Gross $ 21,720 $ 21,984 Ceded 3,835 4,019 Net reserves, beginning of year 17,885 17,965 Net incurred claim and claim adjustment expenses: Provision for insured events of current year 4,425 3,968 Increase (decrease) in provision for insured events of prior years (68 ) (65 ) Amortization of discount 143 143 Total net incurred (a) 4,500 4,046 Net payments attributable to: Current year events (556 ) (599 ) Prior year events (3,285 ) (3,547 ) Total net payments (3,841 ) (4,146 ) Foreign currency translation adjustment and other 39 29 Net reserves, end of period 18,583 17,894 Ceded reserves, end of period 3,951 3,702 Gross reserves, end of period $ 22,534 $ 21,596 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above.
Net Prior Year Development in Property and Casualty Operations	The following table and discussion present details of the net prior year claim and claim adjustment expense reserve development in Property & Casualty Operations: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Medical professional liability $ 25 $ 29 $ 35 $ 59 Other professional liability and management liability (18 ) (6 ) (37 ) Surety (40 ) (43 ) (70 ) (83 ) Commercial auto 9 (16 ) 33 (24 ) General liability 15 43 65 36 Workers’ compensation (23 ) 7 (97 ) 2 Property and other (1 ) 14 32 18 Total pretax (favorable) unfavorable development $ (15 ) $ 16 $ (8 ) $ (29 )

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2020
Shareholders' Equity [Abstract]
Components of Accumulated Other Comprehensive Income	The tables below present the changes in AOCI by component for the three and nine months ended September 30, 2019 and 2020: Net Unrealized Gains (Losses) on Investments with OTTI Losses Net Unrealized Gains (Losses) on Other Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, July 1, 2019 $ 18 $ 917 $ (7 ) $ (780 ) $ (145 ) $ 3 Other comprehensive income (loss) before reclassifications, after tax of $0, $(11), $1, $0 and $0 44 (4 ) (31 ) 9 Reclassification of (gains) losses from accumulated other comprehensive income, after tax of $0, $0, $0, $(2) and $0 (3 ) 10 7 Other comprehensive income (loss) - 41 (4 ) 10 (31 ) 16 Amounts attributable to noncontrolling interests (5 ) 3 (2 ) Balance, September 30, 2019 $ 18 $ 953 $ (11 ) $ (770 ) $ (173 ) $ 17 Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) ( In millions) Balance, July 1, 2020 $ (8 ) $ 1,050 $ (25 ) $ (837 ) $ (175 ) $ 5 Other comprehensive income (loss) before reclassifications, after tax of $0, $(63), $0, $0 and $0 2 231 (2 ) (2 ) 38 267 Reclassification of (income) losses from accumulated other comprehensive income, after tax of $ , $ , $ , $ and $ 4 (24 ) 3 9 (8 ) Other comprehensive income 6 207 1 7 38 259 Amounts attributable to noncontrolling interests (1 ) (22 ) (3 ) (26 ) Balance, September 30, 2020 $ (3 ) $ 1,235 $ (24 ) $ (830 ) $ (140 ) $ 238 Net Unrealized Gains (Losses) on Investments with OTTI Losses Net Unrealized Gains (Losses) on Other Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, January 1, 2019 $ 14 $ 57 $ 5 $ (793 ) $ (163 ) $ (880 ) Other comprehensive income (loss) before reclassifications, after tax of $(2), $(265), $5, $0 and $0 3 999 (16 ) (1 ) (11 ) 974 Reclassification of losses from accumulated other comprehensive income, after tax of $ , $ , $ , $ and $ 1 4 26 31 Other comprehensive income (loss) 4 1,003 (16 ) 25 (11 ) 1,005 Amounts attributable to noncontrolling interests (107 ) (2 ) 1 (108 ) Balance, September 30, 2019 $ 18 $ 953 $ (11 ) $ (770 ) $ (173 ) $ 17 Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses Net Unrealized Gains (Losses) on Other Investments Unrealized Gains (Losses) on Cash Flow Hedges Pension and Postretirement Benefits Foreign Currency Translation Total Accumulated Other Comprehensive Income (Loss) (In millions) Balance, January 1, 2020 (a) $ - $ 918 $ (6 ) $ (855 ) $ (125 ) $ (68 ) Other comprehensive income (loss) before reclassifications, after tax of $13, $(97), $8, $0 and $0 (48 ) 374 (22 ) (3 ) (17 ) 284 Reclassification of (income) losses from accumulated other comprehensive income, after tax of $(12), $5, $(1), $(8) and $0 45 (20 ) 4 30 59 Other comprehensive income (loss) (3 ) 354 (18 ) 27 (17 ) 343 Amounts attributable to noncontrolling interests (37 ) (2 ) 2 (37 ) Balance, September 30, 2020 $ (3 ) $ 1,235 $ (24 ) $ (830 ) $ (140 ) $ 238 (a) On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Net Unrealized Gains (Losses) on Investments with OTTI Losses column that tracked the change in unrealized gains (losses) on investments with OTTI losses has been replaced with the Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses column. The balance as of January 1, 2020 in the Net Unrealized Gains (Losses) on Investments with OTTI Losses column is now reported in the Net Unrealized Gains (Losses) on Other Investments column. Prior period amounts were not adjusted for the adoption of this standard.

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue from Contracts with Customers [Abstract]
Revenues from Contracts with Customers Disaggregated of Revenue	Disaggregation of revenues – Three Months Ended September 30, Nine Months Ended September 30 2020 2019 2020 2019 (In millions) Non-insurance warranty – CNA Financial $ 317 $ 292 $ 926 $ 858 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines 280 287 898 947 Lodging and related services – Loews Hotels & Co 36 147 194 512 Rigid plastic packaging and recycled resin – Corporate 253 252 753 689 Contract drilling – Diamond Offshore (a) 254 300 704 Total revenues from contracts with customers 569 940 2,145 2,852 Other revenues 40 20 96 54 Operating revenues and other $ 609 $ 960 $ 2,241 $ 2,906 (a) Revenues presented for Diamond Offshore reflect the periods prior to the deconsolidation. See Notes 2 and 14 for further discussion.

Expected Credit Losses - Rein_2

Expected Credit Losses - Reinsurance and Insurance Receivables (Tables)	9 Months Ended
	Sep. 30, 2020
Expected Credit Losses - Reinsurance and Insurance Receivables [Abstract]
Voluntary Reinsurance Receivables by Financial Strength Rating	The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating: As of September 30, 2020 (In millions) A- to A++ $ 2,729 B- to B++ 874 Insolvent 4 Total voluntary reinsurance outstanding balance (a) $ 3,607 (a) Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. See Note 6 for more information on the LPT. Also excluded are receivables from involuntary pools.

Benefit Plans (Tables)

Benefit Plans (Tables)	9 Months Ended
	Sep. 30, 2020
Benefit Plans [Abstract]
Components of Net Periodic (Benefit) Cost	The following table presents the components of net periodic (benefit) cost for the plans: Pension Benefits Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Service cost $ 2 $ 2 $ 5 Interest cost $ 24 29 70 88 Expected return on plan assets (43 ) (39 ) (130 ) (119 ) Amortization of unrecognized net loss 12 10 35 33 Amortization of unrecognized prior service cost 1 Settlement charge 1 1 8 3 Curtailment gain (1 ) (1 ) Net periodic (benefit) cost $ (6 ) $ 2 $ (14 ) $ 9 Other Postretirement Benefits Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 (In millions) Interest cost - $ 1 $ 1 $ 2 Expected return on plan assets (2 ) (2 ) Amortization of unrecognized net gain (1 ) (1 ) Net periodic benefit $ - $ - $ (1 ) $ (1 )

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 2020
Segments [Abstract]
Total Assets and Statements of Operations by Segment	Total assets by segment are presented in the following tables. September 30, 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Diamond Offshore (a) Total (In millions) Total assets $ 62,728 $ 9,666 $ 1,685 $ 5,385 $ - $ 79,464 December 31, 2019 Total assets $ 60,583 $ 9,248 $ 1,728 $ 4,850 $ 5,834 $ 82,243 Statements of Operations by segment are presented in the following tables. Three Months Ended September 30, 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 1,953 $ 1,953 Net investment income 517 $ 23 540 Investment gains 46 46 Non-insurance warranty revenue 317 317 Operating revenues and other 7 $ 289 $ 60 253 609 Total 2,840 289 60 276 3,465 Expenses: Insurance claims and policyholders’ benefits 1,616 1,616 Amortization of deferred acquisition costs 360 360 Non-insurance warranty expense 293 293 Operating expenses and other 268 219 114 275 876 Interest 52 44 8 33 137 Total 2,589 263 122 308 3,282 Income (loss) before income tax 251 26 (62 ) (32 ) 183 Income tax (expense) benefit (36 ) (6 ) 15 6 (21 ) Net income (loss) 215 20 (47 ) (26 ) 162 Amounts attributable to noncontrolling interests (23 ) (23 ) Net income (loss) attributable to Loews Corporation $ 192 $ 20 $ (47 ) $ (26 ) $ 139 Three Months Ended September 30, 2019 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Diamond Offshore (a) Total (In millions) Revenues: Insurance premiums $ 1,890 $ 1,890 Net investment income 487 $ 36 $ 2 525 Investment gains 8 8 Non-insurance warranty revenue 292 292 Operating revenues and other 9 $ 296 $ 156 250 249 960 Total 2,686 296 156 286 251 3,675 Expenses: Insurance claims and policyholders’ benefits 1,614 1,614 Amortization of deferred acquisition costs 345 345 Non-insurance warranty expense 278 278 Operating expenses and other 291 212 145 264 322 1,234 Interest 31 45 6 31 31 144 Total 2,559 257 151 295 353 3,615 Income (loss) before income tax 127 39 5 (9 ) (102 ) 60 Income tax (expense) benefit (20 ) (10 ) (2 ) 1 10 (21 ) Net income (loss) 107 29 3 (8 ) (92 ) 39 Amounts attributable to noncontrolling interests (11 ) 44 33 Net income (loss) attributable to Loews Corporation $ 96 $ 29 $ 3 $ (8 ) $ (48 ) $ 72 Nine Months Ended September 30, 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Diamond Offshore (a) Total (In millions) Revenues: Insurance premiums $ 5,672 $ 5,672 Net investment income (loss) 1,380 $ (33 ) 1,347 Investment losses (101 ) (1,211 ) (1,312 ) Non-insurance warranty revenue 926 926 Operating revenues and other 20 $ 926 $ 236 754 $ 305 2,241 Total 7,897 926 236 (490 ) 305 8,874 Expenses: Insurance claims and policyholders’ benefits 4,683 4,683 Amortization of deferred acquisition costs 1,046 1,046 Non-insurance warranty expense 859 859 Operating expenses and other 851 633 404 810 1,196 3,894 Interest 114 127 24 96 43 404 Total 7,553 760 428 906 1,239 10,886 Income (loss) before income tax 344 166 (192 ) (1,396 ) (934 ) (2,012 ) Income tax (expense) benefit (40 ) (43 ) 48 293 26 284 Net income (loss) 304 123 (144 ) (1,103 ) (908 ) (1,728 ) Amounts attributable to noncontrolling interests (32 ) 432 400 Net income (loss) attributable to Loews Corporation $ 272 $ 123 $ (144 ) $ (1,103 ) $ (476 ) $ (1,328 ) Nine Months Ended September 30, 2019 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Diamond Offshore (a) Total (In millions) Revenues: Insurance premiums $ 5,517 $ 5,517 Net investment income 1,573 $ 1 $ 153 $ 6 1,733 Investment gains 41 41 Non-insurance warranty revenue 858 858 Operating revenues and other 22 $ 969 521 689 705 2,906 Total 8,011 969 522 842 711 11,055 Expenses: Insurance claims and policyholders’ benefits 4,323 4,323 Amortization of deferred acquisition costs 1,025 1,025 Non-insurance warranty expense 801 801 Operating expenses and other 854 616 464 740 940 3,614 Interest 120 136 16 85 92 449 Total 7,123 752 480 825 1,032 10,212 Income (loss) before income tax 888 217 42 17 (321 ) 843 Income tax (expense) benefit (161 ) (56 ) (14 ) (4 ) 52 (183 ) Net income (loss) 727 161 28 13 (269 ) 660 Amounts attributable to noncontrolling interests (77 ) 132 55 Net income (loss) attributable to Loews Corporation $ 650 $ 161 $ 28 $ 13 $ (137 ) $ 715 (a) Amounts presented for Diamond Offshore reflect the periods prior to the deconsolidation.

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Sep. 30, 2020		Sep. 30, 2019	Sep. 30, 2020		Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Basis of Presentation [Abstract]
Cumulative effect of accounting change	$ 18,620		$ 22,258	$ 18,620		$ 22,258	$ 18,413	$ 21,930	$ 22,394	$ 21,386
Allowance for credit losses	47	[1]		$ 47	[1]		51	0
Period of time after interest becomes delinquent that asset is placed on nonaccrual status				90 days
ASU 2016-13 [Member]
Basis of Presentation [Abstract]
Allowance for credit losses								6
Retained Earnings [Member]
Basis of Presentation [Abstract]
Cumulative effect of accounting change	$ 14,437		$ 16,427	$ 14,437		$ 16,427	$ 14,316	15,823	$ 16,374	$ 15,773
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASU 2016-13 [Member]
Basis of Presentation [Abstract]
Cumulative effect of accounting change								(5)
Allowance for credit losses								6
Cumulative Effect, Period of Adoption, Adjustment [Member] | Retained Earnings [Member] | ASU 2016-13 [Member]
Basis of Presentation [Abstract]
Cumulative effect of accounting change								$ (5)
Stock-based Compensation Awards [Member]
Basis of Presentation [Abstract]
Antidilutive securities excluded from computation of diluted weighted average shares outstanding (in shares)	400,000		0	0		0
CNA [Member]
Basis of Presentation [Abstract]
Subsidiary ownership percentage	89.60%			89.60%
Altium Packaging LLC [Member]
Basis of Presentation [Abstract]
Subsidiary ownership percentage	99.00%			99.00%
[1]	On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Unrealized OTTI Losses (Gains) column that tracked subsequent valuation changes on securities for which a credit loss had previously been recorded has been replaced with the Allowance for Credit Losses column. Prior period amounts were not adjusted for the adoption of this standard.

Deconsolidation of Diamond Of_2

Deconsolidation of Diamond Offshore (Details) - Diamond Offshore [Member] $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Deconsolidation of Diamond Offshore [Abstract]
Deconsolidation loss	$ (1,211)
Deconsolidation loss, after tax	$ (957)

Investments, Net Investment Inc

Investments, Net Investment Income (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Investment Income [Abstract]
Investment income		$ 559	$ 544	$ 1,405	$ 1,789
Investment expenses		(19)	(19)	(58)	(56)
Net investment income		540	525	1,347	1,733
Net unrealized gains (losses) on securities		11	17	13	55
Fixed Maturity Securities [Member]
Net Investment Income [Abstract]
Investment income		432	452	1,300	1,362
Limited Partnership Investments [Member]
Net Investment Income [Abstract]
Investment income		71	16	26	140
Short Term Investments [Member]
Net Investment Income [Abstract]
Investment income		2	13	11	42
Equity Securities [Member]
Net Investment Income [Abstract]
Investment income		18	16	24	62
Income from Trading Portfolio [Member]
Net Investment Income [Abstract]
Investment income	[1]	22	34		144
Other [Member]
Net Investment Income [Abstract]
Investment income		$ 14	$ 13	$ 44	$ 39
[1]	Net unrealized gains (losses) related to changes in fair value on securities still held were $11 and $17 for the three months ended September 30, 2020 and 2019 and $13 and $55 for the nine months ended September 30, 2020 and 2019.

Investments, Investment Gains (

Investments, Investment Gains (Losses) (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investment Gains (Losses) [Abstract]
Investment gains (losses)	[1]	$ 46	$ 8	$ (1,312)	$ 41
Gross investment gains on available-for-sale securities		44	34	175	98
Gross investment losses on available-for-sale securities		18	31	207	104
Fixed Maturity Securities [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)		26	3	(32)	(6)
Equity Securities [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)		25	7	(45)	60
Derivative Instruments [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)		(2)	(2)	(7)	(13)
Short Term Investments and Other [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)		(3)		(17)
Diamond Offshore [Member]
Investment Gains (Losses) [Abstract]
Deconsolidation loss				(1,211)
Nonredeemable Preferred Stock [Member]
Investment Gains (Losses) [Abstract]
Recognized gains (losses) on securities		$ 25	$ 7	$ (44)	$ 60
[1]	Gross investment gains on available-for-sale securities were $44 and $34 for the three months ended September 30, 2020 and 2019 and $175 and $98 for the nine months ended September 30, 2020 and 2019. Gross investment losses on available-for-sale securities were $18 and $31 for the three months ended September 30, 2020 and 2019 and $207 and $104 for the nine months ended September 30, 2020 and 2019. During the three and nine months ended September 30, 2020, $25 of investment gains and $44 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2020. During the three and nine months ended September 30, 2019, $7 and $60 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2019.

Investments, Allowance for Cred

Investments, Allowance for Credit Losses (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)		Sep. 30, 2020USD ($)
Investments [Abstract]
Accrued interest receivables on available-for-sale fixed maturity securities	$ 390		$ 390
Allowance for Credit Losses [Roll Forward]
Beginning balance	51		0
Additions to allowance for securities for which credit losses were not previously recorded	4		74
Additions to allowance for available-for-sale securities accounted for as PCD assets	1		3
Reductions for securities sold during the period (realized)	9		15
Reductions for intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis			1
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period			(20)
Total allowance for credit losses	47	[1]	47	[1]
ASC 326 [Member]
Allowance for Credit Losses [Roll Forward]
Beginning balance			6
Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member]
Allowance for Credit Losses [Roll Forward]
Beginning balance			6
Corporate and Other Bonds [Member]
Allowance for Credit Losses [Roll Forward]
Beginning balance	39		0
Additions to allowance for securities for which credit losses were not previously recorded	4		62
Additions to allowance for available-for-sale securities accounted for as PCD assets	1		3
Reductions for securities sold during the period (realized)	9		15
Reductions for intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis			1
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	(1)		(21)
Total allowance for credit losses	34	[1]	34	[1]
Corporate and Other Bonds [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ASC 326 [Member]
Allowance for Credit Losses [Roll Forward]
Beginning balance			6
Asset-Backed [Member]
Allowance for Credit Losses [Roll Forward]
Beginning balance	12		0
Additions to allowance for securities for which credit losses were not previously recorded			12
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	1		1
Total allowance for credit losses	$ 13	[1]	$ 13	[1]
[1]	On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Unrealized OTTI Losses (Gains) column that tracked subsequent valuation changes on securities for which a credit loss had previously been recorded has been replaced with the Allowance for Credit Losses column. Prior period amounts were not adjusted for the adoption of this standard.

Investments, Available-for-sale

Investments, Available-for-sale Impairment Losses Recognized in Earnings (Details) - Fixed Maturity Securities Available-for-sale [Member] - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Available-For-Sale Impairment Losses [Abstract]
Impairment losses recognized in earnings	$ 5	$ 14	$ 108	$ 34
Corporate and Other Bonds [Member]
Available-For-Sale Impairment Losses [Abstract]
Impairment losses recognized in earnings	4	12	94	24
Asset-Backed [Member]
Available-For-Sale Impairment Losses [Abstract]
Impairment losses recognized in earnings	$ 1	$ 2	$ 14	$ 10

Investments, Amortized Cost and

Investments, Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2019	Sep. 30, 2020		Jun. 30, 2020
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		$ 38,157	$ 38,979
Gross unrealized gains		4,128	5,166
Gross unrealized losses		45	181
Allowance for credit loss		0	47	[1]	$ 51
Estimated fair value		42,240	43,917
Unrealized OTTI losses (gains)	[1]	(19)
Shadow adjustments		2,000	2,300
Fixed Maturities Available-for-Sale [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		38,106	38,962
Gross unrealized gains		4,126	5,160
Gross unrealized losses		45	181
Allowance for credit loss	[1]		47
Estimated fair value		42,187	43,894
Unrealized OTTI losses (gains)	[1]	(19)
Corporate and Other Bonds [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		19,789	20,734
Gross unrealized gains		2,292	3,047
Gross unrealized losses		32	89
Allowance for credit loss		0	34	[1]	39
Estimated fair value		22,049	23,658
States, Municipalities and Political Subdivisions [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		9,093	9,459
Gross unrealized gains		1,559	1,766
Gross unrealized losses			1
Estimated fair value		10,652	11,224
Asset-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		8,577	7,941
Gross unrealized gains		260	314
Gross unrealized losses		10	90
Allowance for credit loss		0	13	[1]	$ 12
Estimated fair value		8,827	8,152
Unrealized OTTI losses (gains)	[1]	(19)
Residential Mortgage-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		4,387	3,796
Gross unrealized gains		133	153
Gross unrealized losses		1	1
Estimated fair value		4,519	3,948
Unrealized OTTI losses (gains)	[1]	(17)
Commercial Mortgage-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		2,265	2,048
Gross unrealized gains		86	85
Gross unrealized losses		5	70
Allowance for credit loss	[1]		13
Estimated fair value		2,346	2,050
Unrealized OTTI losses (gains)	[1]	1
Other Asset-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		1,925	2,097
Gross unrealized gains		41	76
Gross unrealized losses		4	19
Estimated fair value		1,962	2,154
Unrealized OTTI losses (gains)	[1]	(3)
U.S. Treasury and Obligations of Government-sponsored Enterprises [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		146	347
Gross unrealized gains		1	4
Gross unrealized losses		2	1
Estimated fair value		145	350
Foreign Government [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		491	481
Gross unrealized gains		14	29
Gross unrealized losses		1
Estimated fair value		504	510
Redeemable Preferred Stock [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		10
Estimated fair value		10
Fixed Maturities Trading [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost		51	17
Gross unrealized gains		2	6
Estimated fair value		$ 53	$ 23
[1]	On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Unrealized OTTI Losses (Gains) column that tracked subsequent valuation changes on securities for which a credit loss had previously been recorded has been replaced with the Allowance for Credit Losses column. Prior period amounts were not adjusted for the adoption of this standard.

Investments, Available-for-Sa_2

Investments, Available-for-Sale Securities in Gross Unrealized Loss Position (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Gross Unrealized Losses [Abstract]
Additional impairment losses	$ 0
Fixed Maturity Securities [Member]
Estimated Fair Value [Abstract]
Less than 12 months	3,001	$ 2,148
12 months or longer	101	272
Total	3,102	2,420
Gross Unrealized Losses [Abstract]
Less than 12 months	176	31
12 months or longer	5	14
Total	181	45
Corporate and Other Bonds [Member]
Estimated Fair Value [Abstract]
Less than 12 months	1,579	914
12 months or longer	56	186
Total	1,635	1,100
Gross Unrealized Losses [Abstract]
Less than 12 months	86	21
12 months or longer	3	11
Total	89	32
States, Municipalities and Political Subdivisions [Member]
Estimated Fair Value [Abstract]
Less than 12 months	154	34
Total	154	34
Gross Unrealized Losses [Abstract]
Less than 12 months	1
Total	1
Total Asset-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	1,223	1,079
12 months or longer	45	83
Total	1,268	1,162
Gross Unrealized Losses [Abstract]
Less than 12 months	88	7
12 months or longer	2	3
Total	90	10
Residential Mortgage-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	98	249
12 months or longer	13	30
Total	111	279
Gross Unrealized Losses [Abstract]
Less than 12 months	1	1
Total	1	1
Commercial Mortgage-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	693	381
12 months or longer	19	20
Total	712	401
Gross Unrealized Losses [Abstract]
Less than 12 months	69	3
12 months or longer	1	2
Total	70	5
Other Asset-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	432	449
12 months or longer	13	33
Total	445	482
Gross Unrealized Losses [Abstract]
Less than 12 months	18	3
12 months or longer	1	1
Total	19	4
U.S. Treasury and Obligations of Government-sponsored Enterprises [Member]
Estimated Fair Value [Abstract]
Less than 12 months	25	62
12 months or longer		2
Total	25	64
Gross Unrealized Losses [Abstract]
Less than 12 months	1	2
Total	1	2
Foreign Government [Member]
Estimated Fair Value [Abstract]
Less than 12 months	20	59
12 months or longer		1
Total	$ 20	60
Gross Unrealized Losses [Abstract]
Less than 12 months		1
Total		$ 1

Investments, Available-for-Sa_3

Investments, Available-for-Sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Cost or Amortized Cost [Abstract]
Cost or amortized cost	$ 38,979	$ 38,157
Estimated Fair Value [Abstract]
Estimated fair value	43,917	42,240
Available-for-Sale Fixed Maturities [Member]
Cost or Amortized Cost [Abstract]
Due in one year or less	1,372	1,334
Due after one year through five years	11,955	9,746
Due after five years through ten years	13,026	14,892
Due after ten years	12,609	12,134
Cost or amortized cost	38,962	38,106
Estimated Fair Value [Abstract]
Due in one year or less	1,392	1,356
Due after one year through five years	12,625	10,186
Due after five years through ten years	14,359	15,931
Due after ten years	15,518	14,714
Estimated fair value	$ 43,894	$ 42,187

Investments, Amortized Cost Bas

Investments, Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination (Details) - Mortgage Loans [Member] $ in Millions	Sep. 30, 2020USD ($)	[1]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2020	$ 143
2019	296
2018	104
2017	222
2016	85
Prior	259
Total	1,109
DSCR Greater than or Equal to 1.6x, LTV Less than 55% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2020	75
2019	33
2018	19
2017	85
2016	33
Prior	161
Total	406
DSCR Greater than or Equal to 1.6x, LTV 55% to 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	33
2018	29
2017	55
2016	12
Total	129
DSCR Greater than or Equal to 1.6x, LTV Greater than 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	5
Prior	12
Total	17
DSCR Between 1.2 to 1.6x, LTV Less than 55% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	31
2018	10
2017	13
2016	16
Prior	79
Total	149
DSCR Between 1.2 to 1.6x, LTV 55% to 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2020	20
2019	54
2018	32
2017	24
Total	130
DSCR Between 1.2 to 1.6x, LTV Greater than 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2020	48
2019	103
Total	151
DSCR Less than or Equal to 1.2x, LTV 55% to 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	14
2018	14
Total	28
DSCR Less than or Equal to 1.2x, LTV Greater than 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	23
2017	45
2016	24
Prior	7
Total	$ 99
[1]	The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.

Investments, Aggregate Contract

Investments, Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
With Hedge Designation [Member] | Interest Rate Swaps [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	$ 675	$ 715
Liability, estimated fair value	(28)	(8)
Without Hedge Designation [Member] | Interest Rate Swaps [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	80
Liability, estimated fair value	(3)
Without Hedge Designation [Member] | Options [Member] | Purchased [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount		57
Asset, estimated fair value		1
Without Hedge Designation [Member] | Options [Member] | Written [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount		100
Liability, estimated fair value		(1)
Without Hedge Designation [Member] | Embedded Derivative on Funds Withheld Liability [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	193	182
Liability, estimated fair value	$ (16)	$ (7)

Investments, Investment Commitm

Investments, Investment Commitments (Details) - Investments in Assets Requiring Future Purchase, Sale or Funding Commitments [Member] $ in Millions	Sep. 30, 2020USD ($)
Investment Commitments [Abstract]
Commitments to purchase or fund investments	$ 1,200
Commitments to sell investments	$ 55

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring Basis [Member] - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Payable to Brokers [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Liabilities	$ (71)	$ (28)
Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	43,894	42,187
Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	24,518	22,708
States, Municipalities and Political Subdivisions [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	11,224	10,652
Asset-Backed [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	8,152	8,827
Fixed Maturities Trading [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	23	53
Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	43,917	42,240
Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	1,368	1,306
Short Term and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	4,435	4,521
Receivables [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets		2
Level 1 [Member] | Payable to Brokers [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Liabilities	(40)	(18)
Level 1 [Member] | Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	372	175
Level 1 [Member] | Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	372	175
Level 1 [Member] | Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	372	175
Level 1 [Member] | Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	655	629
Level 1 [Member] | Short Term and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	4,379	3,138
Level 2 [Member] | Payable to Brokers [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Liabilities	(31)	(10)
Level 2 [Member] | Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	42,548	41,379
Level 2 [Member] | Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	23,452	22,065
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	11,179	10,652
Level 2 [Member] | Asset-Backed [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	7,917	8,662
Level 2 [Member] | Fixed Maturities Trading [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	15	49
Level 2 [Member] | Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	42,563	41,428
Level 2 [Member] | Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	674	658
Level 2 [Member] | Short Term and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	56	1,383
Level 2 [Member] | Receivables [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets		2
Level 3 [Member] | Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	974	633
Level 3 [Member] | Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	694	468
Level 3 [Member] | States, Municipalities and Political Subdivisions [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	45
Level 3 [Member] | Asset-Backed [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	235	165
Level 3 [Member] | Fixed Maturities Trading [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	8	4
Level 3 [Member] | Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	982	637
Level 3 [Member] | Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	$ 39	$ 19

Fair Value, Reconciliations of

Fair Value, Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Fixed Maturities Available-for-Sale [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	$ 777	$ 531	$ 633	$ 419
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	0	0	0	0
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	14	15	45	42
Purchases	194	101	345	253
Sales	0	0	(9)	0
Settlements	(17)	(7)	(31)	(19)
Transfers into Level 3	8	0	8	45
Transfers out of Level 3	(2)	(16)	(17)	(116)
Ending balance	974	624	974	624
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities	0	0	0	0
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	13	16	48	38
Corporate Bonds and Other [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	555	338	468	222
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	5	14	27	34
Purchases	129	79	200	211
Settlements	(3)	(3)	(9)	(7)
Transfers into Level 3	8		8
Transfers out of Level 3				(32)
Ending balance	694	428	694	428
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	5	14	29	29
States, Municipalities and Political Subdivisions [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	0		0
Purchases	45		45
Ending balance	45		45
Asset-Backed [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	222	193	165	197
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	9	1	18	8
Purchases	20	22	100	42
Sales			(9)
Settlements	(14)	(4)	(22)	(12)
Transfers into Level 3				45
Transfers out of Level 3	(2)	(16)	(17)	(84)
Ending balance	235	196	235	196
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	8	2	19	9
Fixed Maturities Trading [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	4	4	4	6
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	4		4	(2)
Ending balance	8	4	8	4
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities	4		4	(2)
Total Fixed Maturities [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	781	535	637	425
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	4	0	4	(2)
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	14	15	45	42
Purchases	194	101	345	253
Sales	0	0	(9)	0
Settlements	(17)	(7)	(31)	(19)
Transfers into Level 3	8	0	8	45
Transfers out of Level 3	(2)	(16)	(17)	(116)
Ending balance	982	628	982	628
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities	4	0	4	(2)
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	13	16	48	38
Equity Securities [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	27	23	19	19
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income			(7)	2
Purchases	12		12	2
Transfers into Level 3			15
Ending balance	$ 39	$ 23	39	23
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities			$ (7)	$ 2

Fair Value, Significant Unobser

Fair Value, Significant Unobservable Inputs (Details) $ in Millions	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Estimated fair value	$ 43,917	$ 42,240
Level 3 [Member] | Fixed Maturity Securities [Member]
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Estimated fair value	$ 888	$ 525
Debt Securities, Available-for-sale, Valuation Technique [Extensible List]	us-gaap:ValuationTechniqueDiscountedCashFlowMember	us-gaap:ValuationTechniqueDiscountedCashFlowMember
Debt Securities, Available-for-sale, Measurement Input [Extensible List]	us-gaap:MeasurementInputCreditSpreadMember	us-gaap:MeasurementInputCreditSpreadMember
Level 3 [Member] | Fixed Maturity Securities [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Minimum [Member]
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.01	0.01
Level 3 [Member] | Fixed Maturity Securities [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Maximum [Member]
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.10	0.06
Level 3 [Member] | Fixed Maturity Securities [Member] | Credit Spread [Member] | Discounted Cash Flow [Member] | Weighted Average [Member]
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Measurement input	0.03	0.02

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Carrying Amount [Member]
Assets [Abstract]
Other invested assets, primarily mortgage loans	$ 1,088	$ 994
Liabilities [Abstract]
Short term debt	32	75
Long term debt	10,343	11,443
Estimated Fair Value [Member]
Assets [Abstract]
Other invested assets, primarily mortgage loans	1,159	1,025
Liabilities [Abstract]
Short term debt	33	75
Long term debt	11,398	11,510
Estimated Fair Value [Member] | Level 2 [Member]
Liabilities [Abstract]
Short term debt	8	9
Long term debt	10,641	10,884
Estimated Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Other invested assets, primarily mortgage loans	1,159	1,025
Liabilities [Abstract]
Short term debt	25	66
Long term debt	$ 757	$ 626

Property, Plant and Equipment (

Property, Plant and Equipment (Details) $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2020Rig	Sep. 30, 2020USD ($)
Asset Impairments [Abstract]
Number of drilling rigs evaluated for impairment | Rig	5
Number of drilling rigs impaired | Rig	4
Asset impairment charge, after tax and noncontrolling interests | $		$ 408
Operating Expenses and Other [Member]
Asset Impairments [Abstract]
Asset impairment charge | $		$ 774

Claim and Claim Adjustment Ex_3

Claim and Claim Adjustment Expense Reserves, Reconciliation of Claim and Claim Adjustment Expense Reserves (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance		$ 160	$ 32	$ 536	$ 128
Liability for Unpaid Claim and Claim Adjustment Expenses [Roll Forward]
Gross reserves, beginning of year				21,720	21,984
Ceded reserves, beginning of year				3,835	4,019
Net reserves, beginning of year				17,885	17,965
Net incurred claim and claim adjustment expenses [Abstract]
Provision for insured events of current year				4,425	3,968
Increase (decrease) in provision for insured events of prior years				(68)	(65)
Amortization of discount				143	143
Total net incurred	[1]			4,500	4,046
Net payments attributable to [Abstract]
Current year events				(556)	(599)
Prior year events				(3,285)	(3,547)
Total net payments				(3,841)	(4,146)
Foreign currency translation adjustment and other				39	29
Net reserves, end of period		18,583	17,894	18,583	17,894
Ceded reserves, end of period		3,951	3,702	3,951	3,702
Gross reserves, end of period		$ 22,534	$ 21,596	22,534	$ 21,596
COVID-19 Pandemic [Member]
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance				195
Civil Unrest [Member]
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance				68
Severe Weather-Related Events [Member]
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance				$ 273
[1]	Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above.

Claim and Claim Adjustment Ex_4

Claim and Claim Adjustment Expense Reserves, Net Prior Year Development in Property and Casualty Operations (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	$ (15)	$ 16	$ (8)	$ (29)
Medical Professional Liability [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	25	29	35	59
Other Professional Liability and Management Liability [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development		(18)	(6)	(37)
Surety [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	(40)	(43)	(70)	(83)
Commercial Auto [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	9	(16)	33	(24)
General Liability [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	15	43	65	36
Workers' Compensation [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	(23)	7	(97)	2
Property and Other [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	$ (1)	$ 14	$ 32	$ 18

Claim and Claim Adjustment Ex_5

Claim and Claim Adjustment Expense Reserves, Asbestos and Environmental Pollution Reserves (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2010	Dec. 31, 2019	Aug. 31, 2010
Asbestos and Environmental Pollution Reserves ("A&EP") [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 book value of billed third party reinsurance receivables transferred to NICO under A&EP loss portfolio transfer							$ 215
Total consideration					$ 2,200
Retroactive reinsurance benefit recognized	$ 9	$ 7	$ 43	$ 43
Cumulative amounts ceded under loss portfolio transfer	3,200		3,200			$ 3,200
Unrecognized deferred retroactive reinsurance benefit	349		349			392
Fair value of collateral trust account	$ 3,500		$ 3,500			$ 3,700

Claim and Claim Adjustment Ex_6

Claim and Claim Adjustment Expense Reserves, Long Term Care Policyholder Reserves (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Life and Group Policyholder Reserves [Abstract]
Premium deficiency in long term future policy benefit reserves	$ 74	$ 216	$ 74	$ 216
Lower Discount Rate Assumptions and Mortality Assumption Changes [Member]
Life and Group Policyholder Reserves [Abstract]
Increase (decrease) in claim and claim adjustment expense reserves	46
Lower Claim Severity [Member]
Life and Group Policyholder Reserves [Abstract]
Increase (decrease) in claim and claim adjustment expense reserves	$ (37)	$ (56)

Debt (Details)

Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Oct. 30, 2020	Aug. 31, 2020	May 31, 2020
3.2% Senior Notes Due May 15, 2030 [Member]
Debt [Abstract]
Face amount				$ 500
Interest rate				3.20%
Maturity date	May 15, 2030
CNA Financial [Member] | 2.1% Senior Notes Due August 15, 2030 [Member]
Debt [Abstract]
Face amount			$ 500
Interest rate			2.10%
Maturity date	Aug. 15, 2030
CNA Financial [Member] | 5.8% Senior Notes Due August 15, 2021 [Member]
Debt [Abstract]
Face amount			$ 400
Interest rate			5.80%
Maturity date	Aug. 15, 2021
Boardwalk Pipelines [Member] | 3.4% Senior Notes Due February 15, 2031 [Member]
Debt [Abstract]
Face amount			$ 500
Interest rate			3.40%
Maturity date	Feb. 15, 2031
Boardwalk Pipelines [Member] | 4.5% Senior Notes Due 2021 [Member]
Debt [Abstract]
Face amount	$ 440
Interest rate	4.50%
Boardwalk Pipelines [Member] | Revolving Credit Facility [Member]
Debt [Abstract]
Outstanding borrowings	$ 0
Available borrowing capacity	1,500
Maximum borrowing capacity	$ 1,500
Boardwalk Pipelines [Member] | Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt [Abstract]
Outstanding borrowings		$ 80
Available borrowing capacity		$ 1,400

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020		Sep. 30, 2019
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 18,413	$ 22,394	$ 21,930		$ 21,386
Other comprehensive income	259	16	343		1,005
Balance	18,620	22,258	$ 18,620		$ 22,258
Treasury Stock [Abstract]
Treasury stock repurchased (in shares)			16.1		13.2
Purchase of treasury stock	195	169	$ 673		$ 642
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	5	3	(68)	[1]	(880)
Other comprehensive income (loss) before reclassifications, after tax	267	9	284		974
Reclassification of (income) losses from accumulated other comprehensive income, after tax	(8)	7	59		31
Other comprehensive income	259	16	343		1,005
Amounts attributable to noncontrolling interests	(26)	(2)	(37)		(108)
Balance	238	17	238		17
Net Unrealized Gains (Losses) on Investments OTTI Losses [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(8)	18	0	[1]	14
Other comprehensive income (loss) before reclassifications, after tax	2		(48)		3
Reclassification of (income) losses from accumulated other comprehensive income, after tax	4		45		1
Other comprehensive income	6	0	(3)		4
Amounts attributable to noncontrolling interests	(1)
Balance	(3)	18	(3)		18
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	0	0	13		(2)
Reclassification of (income) losses from accumulated other comprehensive income, tax	(1)	0	(12)		0
Net Unrealized Gains (Losses) on Other Investments [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	1,050	917	918	[1]	57
Other comprehensive income (loss) before reclassifications, after tax	231	44	374		999
Reclassification of (income) losses from accumulated other comprehensive income, after tax	(24)	(3)	(20)		4
Other comprehensive income	207	41	354		1,003
Amounts attributable to noncontrolling interests	(22)	(5)	(37)		(107)
Balance	1,235	953	1,235		953
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	(63)	(11)	(97)		(265)
Reclassification of (income) losses from accumulated other comprehensive income, tax	7	0	5		(1)
Unrealized Gains (Losses) on Cash Flow Hedges [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(25)	(7)	(6)	[1]	5
Other comprehensive income (loss) before reclassifications, after tax	(2)	(4)	(22)		(16)
Reclassification of (income) losses from accumulated other comprehensive income, after tax	3		4
Other comprehensive income	1	(4)	(18)		(16)
Balance	(24)	(11)	(24)		(11)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	0	1	8		5
Reclassification of (income) losses from accumulated other comprehensive income, tax	0	0	(1)		0
Pension and Postretirement Benefits [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(837)	(780)	(855)	[1]	(793)
Other comprehensive income (loss) before reclassifications, after tax	(2)		(3)		(1)
Reclassification of (income) losses from accumulated other comprehensive income, after tax	9	10	30		26
Other comprehensive income	7	10	27		25
Amounts attributable to noncontrolling interests			(2)		(2)
Balance	(830)	(770)	(830)		(770)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	0	0	0		0
Reclassification of (income) losses from accumulated other comprehensive income, tax	(3)	(2)	(8)		(7)
Foreign Currency Translation [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(175)	(145)	(125)	[1]	(163)
Other comprehensive income (loss) before reclassifications, after tax	38	(31)	(17)		(11)
Other comprehensive income	38	(31)	(17)		(11)
Amounts attributable to noncontrolling interests	(3)	3	2		1
Balance	(140)	(173)	(140)		(173)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	0	0	0		0
Reclassification of (income) losses from accumulated other comprehensive income, tax	$ 0	$ 0	0		$ 0
Cumulative Effect, Period of Adoption, Adjusted Balance [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance			$ 21,925
[1]	On January 1, 2020, the Company adopted ASU 2016-13; see Note 1. The Net Unrealized Gains (Losses) on Investments with OTTI Losses column that tracked the change in unrealized gains (losses) on investments with OTTI losses has been replaced with the Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses column. The balance as of January 1, 2020 in the Net Unrealized Gains (Losses) on Investments with OTTI Losses column is now reported in the Net Unrealized Gains (Losses) on Other Investments column. Prior period amounts were not adjusted for the adoption of this standard.

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Disaggregation of Revenues [Abstract]
Total revenues from contracts with customers		$ 569	$ 940	$ 2,145	$ 2,852
Other revenues		40	20	96	54
Operating revenues and other		609	960	2,241	2,906
Receivables from Contracts with Customers [Abstract]
Receivables from contracts with customers		223		223		$ 458
Deferred Revenue [Abstract]
Deferred revenue		3,951		3,951		3,779
Revenue recognized				839	778
Performance Obligations [Abstract]
Remaining performance obligations		13,000		13,000
Deferred Non-insurance Warranty Revenue and Other Liabilities [Member]
Deferred Revenue [Abstract]
Deferred revenue		4,000		4,000		$ 3,900
CNA Financial [Member] | Non-Insurance Warranty [Member]
Disaggregation of Revenues [Abstract]
Total revenues from contracts with customers		317	292	926	858
Boardwalk Pipelines [Member] | Transportation and Storage of Natural Gas and NGLs and Other Services [Member]
Disaggregation of Revenues [Abstract]
Total revenues from contracts with customers		280	287	898	947
Loews Hotels & Co [Member] | Lodging and Related Services [Member]
Disaggregation of Revenues [Abstract]
Total revenues from contracts with customers		36	147	194	512
Corporate [Member] | Rigid Plastic Packaging and Recycled Resin [Member]
Disaggregation of Revenues [Abstract]
Total revenues from contracts with customers		253	252	753	689
Diamond Offshore [Member] | Contract Drilling [Member]
Disaggregation of Revenues [Abstract]
Total revenues from contracts with customers	[1]		$ 254	300	$ 704
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-10-01
Performance Obligations [Abstract]
Remaining performance obligations		$ 600		$ 600
Expected timing of satisfaction		3 months		3 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Performance Obligations [Abstract]
Remaining performance obligations		$ 2,200		$ 2,200
Expected timing of satisfaction		1 year		1 year
[1]	Revenues presented for Diamond Offshore reflect the periods prior to the deconsolidation. See Notes 2 and 14 for further discussion.

Expected Credit Losses - Rein_3

Expected Credit Losses - Reinsurance and Insurance Receivables (Details) $ in Millions	Sep. 30, 2020USD ($)
Voluntary Reinsurance Receivable [Abstract]
Allowance for doubtful accounts for reinsurance receivables	$ 24
Voluntary reinsurance outstanding balance	3,607	[1]
Allowance for doubtful accounts for insurance receivables	32
A- to A++ [Member]
Voluntary Reinsurance Receivable [Abstract]
Voluntary reinsurance outstanding balance	2,729
B- to B++ [Member]
Voluntary Reinsurance Receivable [Abstract]
Voluntary reinsurance outstanding balance	874
Insolvent [Member]
Voluntary Reinsurance Receivable [Abstract]
Voluntary reinsurance outstanding balance	$ 4
[1]	Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. See Note 6 for more information on the LPT. Also excluded are receivables from involuntary pools.

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Pension Benefits [Member]
Components of Net Periodic (Benefit) Cost [Abstract]
Service cost		$ 2	$ 2	$ 5
Interest cost	$ 24	29	70	88
Expected return on plan assets	(43)	(39)	(130)	(119)
Amortization of unrecognized net loss (gain)	12	10	35	33
Amortization of unrecognized prior service cost			1
Settlement charge	1	1	8	3
Curtailment gain		(1)		(1)
Net periodic (benefit) cost	(6)	2	(14)	9
Other Postretirement Benefits [Member]
Components of Net Periodic (Benefit) Cost [Abstract]
Interest cost		1	1	2
Expected return on plan assets			(2)	(2)
Amortization of unrecognized net loss (gain)		(1)		(1)
Net periodic (benefit) cost	$ 0	$ 0	$ (1)	$ (1)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Billions	Sep. 30, 2020USD ($)
CNA [Member]
CNA Guarantees [Abstract]
Potential amount of future payments under guarantees	$ 1.7

Segments (Details)

Segments (Details) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)SegmentSubsidiaries	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Segments [Abstract]
Number of reportable segments | Segment				5
Number of individual operating subsidiaries | Subsidiaries				3
Assets [Abstract]
Assets		$ 79,464		$ 79,464		$ 82,243
Revenues [Abstract]
Insurance premiums		1,953	$ 1,890	5,672	$ 5,517
Net investment income (loss)		540	525	1,347	1,733
Investment gains (losses)	[1]	46	8	(1,312)	41
Non-insurance warranty revenue		317	292	926	858
Operating revenues and other		609	960	2,241	2,906
Total		3,465	3,675	8,874	11,055
Expenses [Abstract]
Insurance claims and policyholders' benefits		1,616	1,614	4,683	4,323
Amortization of deferred acquisition costs		360	345	1,046	1,025
Non-insurance warranty expense		293	278	859	801
Operating expenses and other		876	1,234	3,894	3,614
Interest		137	144	404	449
Total		3,282	3,615	10,886	10,212
Income (loss) before income tax		183	60	(2,012)	843
Income tax (expense) benefit		(21)	(21)	284	(183)
Net income (loss)		162	39	(1,728)	660
Amounts attributable to noncontrolling interests		(23)	33	400	55
Net income (loss) attributable to Loews Corporation		139	72	(1,328)	715
Operating Segments [Member]
Assets [Abstract]
Assets		79,464		79,464		82,243
Revenues [Abstract]
Insurance premiums		1,953	1,890	5,672	5,517
Net investment income (loss)		540	525	1,347	1,733
Investment gains (losses)		46	8	(1,312)	41
Non-insurance warranty revenue		317	292	926	858
Operating revenues and other		609	960	2,241	2,906
Total		3,465	3,675	8,874	11,055
Expenses [Abstract]
Insurance claims and policyholders' benefits		1,616	1,614	4,683	4,323
Amortization of deferred acquisition costs		360	345	1,046	1,025
Non-insurance warranty expense		293	278	859	801
Operating expenses and other		876	1,234	3,894	3,614
Interest		137	144	404	449
Total		3,282	3,615	10,886	10,212
Income (loss) before income tax		183	60	(2,012)	843
Income tax (expense) benefit		(21)	(21)	284	(183)
Net income (loss)		162	39	(1,728)	660
Amounts attributable to noncontrolling interests		(23)	33	400	55
Net income (loss) attributable to Loews Corporation		139	72	(1,328)	715
Operating Segments [Member] | CNA Financial [Member]
Assets [Abstract]
Assets		62,728		62,728		60,583
Revenues [Abstract]
Insurance premiums		1,953	1,890	5,672	5,517
Net investment income (loss)		517	487	1,380	1,573
Investment gains (losses)		46	8	(101)	41
Non-insurance warranty revenue		317	292	926	858
Operating revenues and other		7	9	20	22
Total		2,840	2,686	7,897	8,011
Expenses [Abstract]
Insurance claims and policyholders' benefits		1,616	1,614	4,683	4,323
Amortization of deferred acquisition costs		360	345	1,046	1,025
Non-insurance warranty expense		293	278	859	801
Operating expenses and other		268	291	851	854
Interest		52	31	114	120
Total		2,589	2,559	7,553	7,123
Income (loss) before income tax		251	127	344	888
Income tax (expense) benefit		(36)	(20)	(40)	(161)
Net income (loss)		215	107	304	727
Amounts attributable to noncontrolling interests		(23)	(11)	(32)	(77)
Net income (loss) attributable to Loews Corporation		192	96	272	650
Operating Segments [Member] | Boardwalk Pipelines [Member]
Assets [Abstract]
Assets		9,666		9,666		9,248
Revenues [Abstract]
Operating revenues and other		289	296	926	969
Total		289	296	926	969
Expenses [Abstract]
Operating expenses and other		219	212	633	616
Interest		44	45	127	136
Total		263	257	760	752
Income (loss) before income tax		26	39	166	217
Income tax (expense) benefit		(6)	(10)	(43)	(56)
Net income (loss)		20	29	123	161
Net income (loss) attributable to Loews Corporation		20	29	123	161
Operating Segments [Member] | Loews Hotels & Co [Member]
Assets [Abstract]
Assets		1,685		1,685		1,728
Revenues [Abstract]
Net investment income (loss)					1
Operating revenues and other		60	156	236	521
Total		60	156	236	522
Expenses [Abstract]
Operating expenses and other		114	145	404	464
Interest		8	6	24	16
Total		122	151	428	480
Income (loss) before income tax		(62)	5	(192)	42
Income tax (expense) benefit		15	(2)	48	(14)
Net income (loss)		(47)	3	(144)	28
Net income (loss) attributable to Loews Corporation		(47)	3	(144)	28
Operating Segments [Member] | Corporate [Member]
Assets [Abstract]
Assets		5,385		5,385		4,850
Revenues [Abstract]
Net investment income (loss)		23	36	(33)	153
Investment gains (losses)				(1,211)
Operating revenues and other		253	250	754	689
Total		276	286	(490)	842
Expenses [Abstract]
Operating expenses and other		275	264	810	740
Interest		33	31	96	85
Total		308	295	906	825
Income (loss) before income tax		(32)	(9)	(1,396)	17
Income tax (expense) benefit		6	1	293	(4)
Net income (loss)		(26)	(8)	(1,103)	13
Net income (loss) attributable to Loews Corporation		(26)	(8)	(1,103)	13
Operating Segments [Member] | Diamond Offshore [Member]
Assets [Abstract]
Assets	[2]	$ 0		0		$ 5,834
Revenues [Abstract]
Net investment income (loss)	[2]		2		6
Operating revenues and other	[2]		249	305	705
Total	[2]		251	305	711
Expenses [Abstract]
Operating expenses and other	[2]		322	1,196	940
Interest	[2]		31	43	92
Total	[2]		353	1,239	1,032
Income (loss) before income tax	[2]		(102)	(934)	(321)
Income tax (expense) benefit	[2]		10	26	52
Net income (loss)	[2]		(92)	(908)	(269)
Amounts attributable to noncontrolling interests	[2]		44	432	132
Net income (loss) attributable to Loews Corporation	[2]		$ (48)	$ (476)	$ (137)
[1]	Gross investment gains on available-for-sale securities were $44 and $34 for the three months ended September 30, 2020 and 2019 and $175 and $98 for the nine months ended September 30, 2020 and 2019. Gross investment losses on available-for-sale securities were $18 and $31 for the three months ended September 30, 2020 and 2019 and $207 and $104 for the nine months ended September 30, 2020 and 2019. During the three and nine months ended September 30, 2020, $25 of investment gains and $44 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2020. During the three and nine months ended September 30, 2019, $7 and $60 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of September 30, 2019.
[2]	Amounts presented for Diamond Offshore reflect the periods prior to the deconsolidation.