Loews (L) 10-Q 2 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Jul. 30, 2021
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	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
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		257,273,034

CONSOLIDATED CONDENSED BALANCE

CONSOLIDATED CONDENSED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments:
Fixed maturities, amortized cost of $39,826 and $38,963, less allowance for credit loss of $45 and $40	$ 44,910	$ 44,646
Equity securities, cost of $1,496 and $1,456	1,663	1,561
Limited partnership investments	1,898	1,798
Other invested assets, primarily mortgage loans, less allowance for credit loss of $26 and $26	1,101	1,165
Short term investments	4,802	4,674
Total investments	54,374	53,844
Cash	578	478
Receivables	9,162	7,833
Property, plant and equipment	9,847	10,451
Goodwill	350	785
Deferred non-insurance warranty acquisition expenses	3,305	3,068
Deferred acquisition costs of insurance subsidiaries	721	708
Other assets	3,271	3,069
Total assets	81,608	80,236
Insurance reserves:
Claim and claim adjustment expense	23,480	22,706
Future policy benefits	13,285	13,318
Unearned premiums	5,592	5,119
Total insurance reserves	42,357	41,143
Payable to brokers	654	92
Short term debt	122	37
Long term debt	8,988	10,072
Deferred income taxes	1,083	1,065
Deferred non-insurance warranty revenue	4,309	4,023
Other liabilities	4,697	4,623
Total liabilities	62,210	61,055
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 - 269,514,991 and 269,360,973 shares	3	3
Additional paid-in capital	3,121	3,133
Retained earnings	15,132	14,150
Accumulated other comprehensive income	327	581
Shareholders' equity before treasury stock, total	18,583	17,867
Less treasury stock, at cost (9,652,672 and 150,000 shares)	(500)	(7)
Total shareholders' equity	18,083	17,860
Noncontrolling interests	1,315	1,321
Total equity	19,398	19,181
Total liabilities and equity	$ 81,608	$ 80,236

CONSOLIDATED CONDENSED BALANC_2

CONSOLIDATED CONDENSED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Investments:
Fixed maturities, amortized cost	$ 39,826	$ 38,963
Fixed maturities, amortized cost, allowance for credit loss	45	40
Equity securities, cost	1,496	1,456
Other invested assets, primarily mortgage loans, allowance for credit loss	$ 26	$ 26
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)	269,514,991	269,360,973
Treasury stock, shares (in shares)	9,652,672	150,000

CONSOLIDATED CONDENSED STATEMEN

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Revenues:
Insurance premiums		$ 2,035	$ 1,850	$ 3,997	$ 3,719
Net investment income		616	644	1,166	807
Investment gains (losses) (Note 2)	[1]	578	(1,142)	635	(1,358)
Non-insurance warranty revenue		359	308	697	609
Operating revenues and other		415	650	1,130	1,632
Total		4,003	2,310	7,625	5,409
Expenses:
Insurance claims and policyholders' benefits		1,546	1,642	3,052	3,067
Amortization of deferred acquisition costs		357	342	716	686
Non-insurance warranty expense		332	285	643	566
Operating expenses and other		656	992	1,570	3,018
Interest		100	123	225	267
Total		2,991	3,384	6,206	7,604
Income (loss) before income tax		1,012	(1,074)	1,419	(2,195)
Income tax (expense) benefit		(219)	228	(333)	305
Net income (loss)		793	(846)	1,086	(1,890)
Amounts attributable to noncontrolling interests		(39)	11	(71)	423
Net income (loss) attributable to Loews Corporation		$ 754	$ (835)	$ 1,015	$ (1,467)
Basic net income (loss) per share (in dollars per share)		$ 2.87	$ (2.96)	$ 3.83	$ (5.16)
Diluted net income (loss) per share (in dollars per share)		$ 2.86	$ (2.96)	$ 3.82	$ (5.16)
Weighted average shares outstanding:
Shares of common stock (in shares)		262,760	281,480	265,060	284,260
Dilutive potential shares of common stock (in shares)		580		490
Total weighted average shares outstanding assuming dilution (in shares)		263,340	281,480	265,550	284,260
[1]	Gross investment gains on available-for-sale securities were $51 and $102 for the three months ended June 30, 2021 and 2020 and $109 and $131 for the six months ended June 30, 2021 and 2020. Gross investment losses on available-for-sale securities were $20 and $85 for the three months ended June 30, 2021 and 2020 and $40 and $189 for the six months ended June 30, 2021 and 2020. During the three and six months ended June 30, 2021, $15 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of June 30, 2021. During the three and six months ended June 30, 2020, $63 of investment gains and $70 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of June 30, 2020.

CONSOLIDATED CONDENSED STATEM_2

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]
Net income (loss)	$ 793	$ (846)	$ 1,086	$ (1,890)
Other comprehensive income (loss), after tax
Net unrealized gains (losses) on investments with an allowance for credit losses		2		(9)
Net unrealized gains (losses) on other investments	300	1,191	(327)	147
Total unrealized gains (losses) on investments	300	1,193	(327)	138
Unrealized gains (losses) on cash flow hedges	8		12	(19)
Pension and postretirement benefits	7	6	16	20
Foreign currency translation	11	29	14	(55)
Other comprehensive income (loss)	326	1,228	(285)	84
Comprehensive income (loss)	1,119	382	801	(1,806)
Amounts attributable to noncontrolling interests	(72)	(119)	(40)	412
Total comprehensive income (loss) attributable to Loews Corporation	$ 1,047	$ 263	$ 761	$ (1,394)

CONSOLIDATED CONDENSED STATEM_3

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY - 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, Adjustment [Member]	Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [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]
Balance at Dec. 31, 2019	$ 21,930	$ 3	$ 3,374	$ 15,823	$ (68)	$ (13)	$ 2,811	$ (5)	$ (5)	$ 21,925	$ 3	$ 3,374	$ 15,818	$ (68)	$ (13)	$ 2,811
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	(1,890)			(1,467)			(423)
Other comprehensive income (loss)	84				73		11
Dividends paid per share	(114)			(36)
Dividends paid per share							(78)
Deconsolidation of Diamond Offshore	(1,087)						(1,087)
Purchases of Loews Corporation treasury stock	(478)					(478)
Purchases of subsidiary stock from non-controlling interests	(37)		5				(42)
Stock-based compensation	9		(9)				18
Other	1		1	1			(1)
Balance at Jun. 30, 2020	18,413	3	3,371	14,316	5	(491)	1,209
Balance at Mar. 31, 2020	19,178	3	3,347	15,167	(1,093)	(458)	2,212
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	(846)			(835)			(11)
Other comprehensive income (loss)	1,228				1,098		130
Dividends paid per share	(27)			(18)
Dividends paid per share							(9)
Deconsolidation of Diamond Offshore	(1,087)						(1,087)
Purchases of Loews Corporation treasury stock	(33)					(33)
Purchases of subsidiary stock from non-controlling interests	(19)		5				(24)
Stock-based compensation	13		13
Other	6		6	2			(2)
Balance at Jun. 30, 2020	18,413	3	3,371	14,316	5	(491)	1,209
Balance at Dec. 31, 2020	19,181	3	3,133	14,150	581	(7)	1,321
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	1,086			1,015			71
Other comprehensive income (loss)	(285)				(254)		(31)
Dividends paid per share	(76)			(33)
Dividends paid per share							(43)
Purchases of Loews Corporation treasury stock	(493)					(493)
Purchases of subsidiary stock from non-controlling interests	(18)						(18)
Stock-based compensation	7		(9)				16
Other	(4)		(3)				(1)
Balance at Jun. 30, 2021	19,398	3	3,121	15,132	327	(500)	1,315
Balance at Mar. 31, 2021	18,537	3	3,119	14,394	34	(280)	1,267
Increase (Decrease) in Shareholders' Equity [Roll Forward]
Net income (loss)	793			754			39
Other comprehensive income (loss)	326				293		33
Dividends paid per share	(27)			(16)
Dividends paid per share							(11)
Purchases of Loews Corporation treasury stock	(219)					(219)
Purchases of subsidiary stock from non-controlling interests	(15)						(15)
Stock-based compensation	3		2				1
Other	0					(1)	1
Balance at Jun. 30, 2021	$ 19,398	$ 3	$ 3,121	$ 15,132	$ 327	$ (500)	$ 1,315

CONSOLIDATED CONDENSED STATEM_4

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY [Abstract]
Dividends paid per share (in dollars per share)	$ 0.0625	$ 0.0625	$ 0.125	$ 0.125

CONSOLIDATED CONDENSED STATEM_5

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating Activities:
Net income (loss)	$ 1,086	$ (1,890)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities, net	(187)	2,430
Changes in operating assets and liabilities, net:
Receivables	(1,087)	(574)
Deferred acquisition costs	(12)	(41)
Insurance reserves	1,373	1,181
Other assets	(720)	(280)
Other liabilities	598	(46)
Trading securities	(508)	(340)
Net cash flow provided by operating activities	543	440
Investing Activities:
Purchases of fixed maturities	(4,615)	(5,356)
Proceeds from sales of fixed maturities	1,846	3,773
Proceeds from maturities of fixed maturities	2,104	1,622
Purchases of equity securities	(181)	(312)
Proceeds from sales of equity securities	193	230
Purchases of limited partnership investments	(169)	(90)
Proceeds from sales of limited partnership investments	185	259
Purchases of property, plant and equipment	(183)	(440)
Dispositions	52	11
Sale of interest in Altium Packaging	417
Deconsolidation of Diamond Offshore		(483)
Change in short term investments	405	526
Other, net	39	(65)
Net cash flow provided (used) by investing activities	93	(325)
Financing Activities:
Dividends paid	(33)	(36)
Dividends paid to noncontrolling interests	(43)	(78)
Purchases of Loews Corporation treasury stock	(484)	(491)
Purchases of subsidiary stock from noncontrolling interests	(18)	(37)
Principal payments on debt	(1,146)	(465)
Issuance of debt	1,199	1,342
Other, net	(12)	(13)
Net cash flow (used) provided by financing activities	(537)	222
Effect of foreign exchange rate on cash	1	(5)
Net change in cash	100	332
Cash, beginning of period	478	336
Cash, end of period	$ 578	$ 668

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2021
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”), an owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary); and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging, previously a 99% owned subsidiary. 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 June 30, 2021 and December 31, 2020, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020. Net income (loss) for the second quarter and first half 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, 2020. The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and six months ended June 30, 2021 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive. Recently issued ASUs – In August of 2018 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-12 “Financial Services – Insurance (Topic 944 : Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. 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”).

Significant Transactions

Significant Transactions	6 Months Ended
	Jun. 30, 2021
Significant Transactions [Abstract]
Significant Transactions	2. Significant Transactions Altium Packaging On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging to GIC, Singapore’s sovereign wealth fund for $420 million in cash consideration. Loews Corporation will share certain participating rights with GIC related to capital allocation and other decisions by Altium Packaging. Therefore, in accordance with Accounting Standards Codification (“ASC”) 810, “Consolidation,” Altium Packaging was deconsolidated from Loews Corporation’s consolidated financial statements effective as of April 1, 2021. Effective April 1, 2021, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with the investment reported in Other assets on the Consolidated Condensed Balance Sheets and equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations. The transaction resulted in a gain of $555 million ($438 million after tax) for the three and six months ended June 30, 2021, which is recorded in Investment gains (losses) on the Consolidated Condensed Statement of Operations. Loews Corporation’s retained investment in Altium Packaging was recorded at an estimated fair value of $473 million. The difference between the fair value of Loews Corporation’s investment in Altium Packaging and Loews Corporation’s 53% share of the carrying value of Altium Packaging’s net assets was attributed to definite lived intangible assets and goodwill. The amortization of the amounts attributed to definite lived intangible assets will be recognized as a component of equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations. The assets and liabilities deconsolidated from the Consolidated Condensed Balance Sheets were property, plant and equipment of $490 million, goodwill of $436 million, intangible assets of $488 million, other assets of approximately $370 million, long term debt of $1.1 billion and other liabilities of approximately $380 million. Diamond Offshore As a result of the April 26, 2020 (“the Filing Date”) bankruptcy filing of Diamond Offshore Drilling, Inc. (“Diamond Offshore”) and certain of its subsidiaries and applicable accounting principles generally accepted in the United States of America (“GAAP”), Diamond Offshore was deconsolidated from Loews Corporation’s consolidated financial statements in the second quarter of 2020. 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 three and six months ended June 30, 2020, which is reported within Investment gains (losses) on the Consolidated Condensed Statements of Operations. During the first quarter of 2020, Diamond Offshore recorded an aggregate asset impairment charge of $774 million ($408 million after tax and noncontrolling interests), which is reported within Operating expenses and other on the Consolidated Condensed Statements of Operations. For additional information regarding the deconsolidation of Diamond Offshore and the Diamond Offshore asset impairments, see Notes 2 and 6 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

Investments

Investments	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Investments	3. Investments Net investment income is as follows: Three Months Ended June 30, Six Months Ended June 30 2021 2020 2021 2020 (In millions) Fixed maturity securities $ 425 $ 430 $ 853 $ 868 Limited partnership investments 149 57 196 (45 ) Short term investments 2 9 Equity securities 20 50 49 6 Income (loss) from trading portfolio (a) 26 107 76 (22 ) Other 14 16 30 30 Total investment income 634 662 1,204 846 Investment expenses (18 ) (18 ) (38 ) (39 ) Net investment income $ 616 $ 644 $ 1,166 $ 807 (a) Net unrealized gains (losses) related to changes in fair value on securities still held were $ and $ for the and 021 and 2020 . Investment gains (losses) are as follows: Three Months Ended June 30, Six Months Ended June 30 2021 2020 2021 2020 (In millions) Fixed maturity securities $ 31 $ 17 $ 69 $ (58 ) Equity securities 17 63 19 (70 ) Derivative instruments (12 ) (10 ) 5 (5 ) Short term investments and other 2 (1 ) 2 (14 ) Sale of 47 555 555 Deconsolidation of Diamond Offshore (15 ) (1,211 ) (15 ) (1,211 ) Investment gains (losses) (a) $ 578 $ (1,142 ) $ 635 $ (1,358 ) (a) Gross investment gains on available-for-sale securities were $ and $ . Gross investment losses on available-for-sale securities were $ and $ . The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $374 million, $371 million and $373 million as of June 30, 2021, December 31, 2020 and June 30, 2020 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Three months ended June 30, 2021 Corporate and Other Bonds Asset- backed Total (In millions) Allowance for credit losses: Balance as of April 1, 2021 $ 27 $ 16 $ 43 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded Available-for-sale securities accounted for as PCD assets 4 4 Reductions to the allowance for credit losses: Securities sold during the period (realized) Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (3 ) 1 (2 ) Total allowance for credit losses $ 24 $ 21 $ 45 Three months ended June 30, 2020 Allowance for credit losses: Balance as of April 1, 2020 $ 49 $ - $ 49 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 10 12 22 Available-for-sale securities accounted for as PCD assets 1 1 Reductions to the allowance for credit losses: Securities sold during the period (realized) 1 1 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (20 ) (20 ) Total allowance for credit losses $ 39 $ 12 $ 51 Six months ended June 30, 2021 Corporate and Other Bonds Asset- backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2021 $ 23 $ 17 $ 40 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 14 14 Available-for-sale securities accounted for as PCD assets 2 4 6 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period (9 ) (9 ) Total allowance for credit losses $ 24 $ 21 $ 45 Six months ended June 30, 2020 Allowance for credit losses: Balance as of January 1, 2020 $ - $ - $ - Additions to the allowance for credit losses: Impact of adopting ASC 326 6 6 Securities for which credit losses were not previously recorded 58 12 70 Available-for-sale securities accounted for as PCD assets 2 2 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 1 Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period (20 ) (20 ) Total allowance for credit losses $ 39 $ 12 $ 51 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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ (2 ) $ (1 ) $ 5 $ 90 Asset-backed 1 12 13 Impairment losses (gains) recognized in earnings $ (1 ) $ 11 $ 5 $ 103 There were $13 million of losses on mortgage loans recognized during the six months ended June 30, 2020 due to changes in expected credit losses. There were no losses recognized on mortgage loans during the three and six months ended June 30, 2021 or during the three months ended June 30, 2020. The amortized cost and fair values of fixed maturity securities are as follows: June 30 2021 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value (In millions) Fixed maturity securities: Corporate and other bonds $ 21,291 $ 3,153 $ 35 $ 24 $ 24,385 States, municipalities and political subdivisions 10,125 1,743 2 11,866 Asset-backed: Residential mortgage-backed 3,337 99 10 3,426 Commercial mortgage-backed 2,068 98 14 17 2,135 Other asset-backed 2,338 84 3 4 2,415 Total asset-backed 7,743 281 27 21 7,976 U.S. Treasury and obligations of government-sponsored enterprises 142 5 137 Foreign government 515 22 1 536 Fixed maturities available-for-sale 39,816 5,199 70 45 44,900 Fixed maturities trading 10 10 Total fixed maturity securities $ 39,826 $ 5,199 $ 70 $ 45 $ 44,910 December 31 2020 Fixed maturity securities: Corporate and other bonds $ 20,792 $ 3,578 $ 22 $ 23 $ 24,325 States, municipalities and political subdivisions 9,729 1,863 11,592 Asset-backed: Residential mortgage-backed 3,442 146 1 3,587 Commercial mortgage-backed 1,933 93 42 17 1,967 Other asset-backed 2,179 81 9 2,251 Total asset-backed 7,554 320 52 17 7,805 U.S. Treasury and obligations of government-sponsored enterprises 339 2 3 338 Foreign government 512 32 544 Fixed maturities available-for-sale 38,926 5,795 77 40 44,604 Fixed maturities trading 37 5 42 Total fixed maturity securities $ 38,963 $ 5,800 $ 77 $ 40 $ 44,646 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 June 30, 2021 and December 31, 2020, the net unrealized gains on investments included in AOCI were correspondingly reduced by Shadow Adjustments of $2.4 billion and $2.5 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 June 30 2021 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 $ 1,190 $ 33 $ 61 $ 2 $ 1,251 $ 35 States, municipalities and political subdivisions 128 2 128 2 Asset-backed: Residential mortgage-backed 932 10 10 942 10 Commercial mortgage-backed 153 2 206 12 359 14 Other asset-backed 255 2 74 1 329 3 Total asset-backed 1,340 14 290 13 1,630 27 U.S. Treasury and obligations of government-sponsored enterprises 80 5 80 5 Foreign government 48 1 48 1 Total fixed maturity securities $ 2,786 $ 55 $ 351 $ 15 $ 3,137 $ 70 December 31 2020 Fixed maturity securities: Corporate and other bonds $ 609 $ 21 $ 12 $ 1 $ 621 $ 22 States, municipalities and political subdivisions 33 33 Asset-backed: Residential mortgage-backed 71 1 11 82 1 Commercial mortgage-backed 533 40 28 2 561 42 Other asset-backed 344 9 13 357 9 Total asset-backed 948 50 52 2 1,000 52 U.S. Treasury and obligations of government-sponsored enterprises 63 3 63 3 Foreign government 13 13 Total fixed maturity securities $ 1,666 $ 74 $ 64 $ 3 $ 1,730 $ 77 Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2021 securities in a gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are attributable to changes in interest rates, credit spreads and other factors. There is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are additional impairment losses to be recorded at Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity. June 30, 2021 December 31, 2020 Cost or Amortized Cost Estimated Fair Value Cost or Amortized Cost Estimated Fair Value (In millions) Due in one year or less $ 1,685 $ 1,702 $ 1,456 $ 1,458 Due after one year through five years 10,723 11,479 12,304 13,098 Due after five years through ten years 13,775 15,012 12,319 13,878 Due after ten years 13,633 16,707 12,847 16,170 Total $ 39,816 $ 44,900 $ 38,926 $ 44,604 Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. Mortgage Loans The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. Mortgage Loans Amortized Cost Basis by Origination Year (a) As of June 30 2021 2021 2020 2019 2018 2017 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 89 $ 33 $ 50 $ 113 $ 183 $ 468 LTV 55% to 65% 19 9 4 32 LTV greater than 65% $ 5 6 24 35 DSCR 1.2x - 1.6x LTV less than 55% 16 5 71 92 LTV 55% to 65% 10 38 39 42 27 156 LTV greater than 65% 34 44 8 12 98 DSCR ≤1.2x LTV less than 55% 50 8 10 68 LTV 55% to 65% 47 47 LTV greater than 65% 29 7 36 Total $ 15 $ 161 $ 283 $ 92 $ 170 $ 311 $ 1,032 (a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index. Derivative Financial Instruments A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. June 30, 2021 December 31, 2020 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 $ (26) Without hedge designation: Equity markets: Options – purchased $ 6 135 $ 3 Interest rate swaps 100 $ (2) 100 (3) Embedded derivative on funds withheld liability 274 (13) 190 (19) 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 June 30, 2021, commitments to purchase or fund were approximately $1.3 billion and to sell were approximately $95 million under the terms of these investments.

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2021
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 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 an independent analysis of the inputs and assumptions used to price individual securities is performed . Assets and liabilities . June 30 2021 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 158 $ 24,017 $ 883 $ 25,058 States, municipalities and political subdivisions 11,809 57 11,866 Asset-backed 7,566 410 7,976 Fixed maturities available-for-sale 158 43,392 1,350 44,900 Fixed maturities trading 10 10 Total fixed maturities $ 158 $ 43,402 $ 1,350 $ 44,910 Equity securities $ 884 $ 743 $ 36 $ 1,663 Short term and other 4,661 37 4,698 Payable to brokers (94 ) (2 ) (96 ) December 31 2020 Fixed maturity securities: Corporate bonds and other $ 355 $ 24,082 $ 770 $ 25,207 States, municipalities and political subdivisions 11,546 46 11,592 Asset-backed 7,497 308 7,805 Fixed maturities available-for-sale 355 43,125 1,124 44,604 Fixed maturities trading 34 8 42 Total fixed maturities $ 355 $ 43,159 $ 1,132 $ 44,646 Equity securities $ 796 $ 722 $ 43 $ 1,561 Short term and other 4,538 39 4,577 Payable to brokers (14 ) (29 ) (43 ) 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 : Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2021 April 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 767 $ 3 $ 16 $ 122 $ (3 ) $ (22 ) $ 883 $ 16 States, municipalities and political subdivisions 44 2 12 (1 ) 57 2 Asset-backed 315 1 4 84 (10 ) $ 21 $ (5 ) 410 4 Fixed maturities available-for-sale 1,126 4 22 218 (3 ) (33 ) 21 (5 ) 1,350 $ - 22 Fixed maturities trading 5 (3 ) (2 ) Total fixed maturities $ 1,131 $ 1 $ 22 $ 218 $ (3 ) $ (35 ) $ 21 $ (5 ) $ 1,350 $ - $ 22 Equity securities $ 45 $ (15 ) $ 10 $ (4 ) $ 36 Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2020 April 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 496 $ 59 $ 4 $ (4 ) $ 555 $ 58 Asset-backed 197 18 35 $ (9 ) (5 ) $ (14 ) 222 18 Fixed maturities available-for-sale 693 $ - 77 39 (9 ) (9 ) $ - (14 ) 777 $ - 76 Fixed maturities trading 3 1 4 1 Total fixed maturities $ 696 $ 1 $ 77 $ 39 $ (9 ) $ (9 ) $ - $ (14 ) $ 781 $ 1 $ 76 Equity securities $ 16 $ (4 ) $ 15 $ 27 $ (4 ) Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2021 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 770 $ (10 ) $ (24 ) $ 164 $ (3 ) $ (24 ) $ 10 $ 883 $ (24 ) States, municipalities and political subdivisions 46 12 (1 ) 57 Asset-backed 308 3 (5 ) 114 (27 ) 30 $ (13 ) 410 (5 ) Fixed maturities available-for-sale 1,124 (7 ) (29 ) 290 (3 ) (52 ) 40 (13 ) 1,350 $ - (29 ) Fixed maturities trading 8 (6 ) (2 ) Total fixed maturities $ 1,132 $ (13 ) $ (29 ) $ 290 $ (3 ) $ (54 ) $ 40 $ (13 ) $ 1,350 $ - $ (29 ) Equity securities $ 43 $ (13 ) $ 10 $ (4 ) $ 36 $ 2 Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2020 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 468 $ 22 $ 71 $ (6 ) $ 555 $ 24 Asset-backed 165 10 80 $ (9 ) (9 ) $ (15 ) 222 10 Fixed maturities available-for-sale 633 $ - 32 151 (9 ) (15 ) $ - (15 ) 777 $ - 34 Fixed maturities trading 4 4 Total fixed maturities $ 637 $ - $ 32 $ 151 $ (9 ) $ (15 ) $ - $ (15 ) $ 781 $ - $ 34 Equity securities $ 19 $ (7 ) $ 15 $ 27 $ (7 ) 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. June 30 2021 Estimated Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,067 Discounted cash flow Credit spread 1% – 8% (2 %) December 31 2020 Fixed maturity securities $ 966 Discounted cash flow Credit spread 1% – 8% (3 %) 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 June 30 2021 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 1,006 $ 1,079 $ 1,079 Liabilities: Short term debt 121 125 125 Long term debt 8,982 $ 9,397 621 10,018 December 31 2020 Assets: Other invested assets, primarily mortgage loans $ 1,068 $ 1,151 $ 1,151 Liabilities: Short term debt 35 $ 19 17 36 Long term debt 10,042 10,482 765 11,247

Claim and Claim Adjustment Expe

Claim and Claim Adjustment Expense Reserves	6 Months Ended
	Jun. 30, 2021
Claim and Claim Adjustment Expense Reserves [Abstract]
Claim and Claim Adjustment Expense Reserves	5. 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 $54 million and $301 million for the three months ended June 30, 2021 and 2020 and $179 million and $376 million for the six months ended June 30, 2021 and 2020. Net catastrophe losses for the three and six months ended June 30, 2021 were related primarily to severe weather-related events. Net catastrophe losses for the three months ended June 30, 2020 included $182 million related to the coronavirus (“COVID-19”) pandemic, $61 million related to civil unrest and $58 million related primarily to severe weather-related events. Net catastrophe losses for the six months ended June 30, 2020 included $195 million related to the COVID-19 pandemic, $61 million related to civil unrest and $120 million related primarily to severe weather-related events. Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of other insurance operations. Six Months Ended June 30 2021 2020 (In millions) Reserves, beginning of year: Gross $ 22,706 $ 21,720 Ceded 4,005 3,835 Net reserves, beginning of year 18,701 17,885 Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer (632 ) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 2,930 2,899 Increase (decrease) in provision for insured events of prior years (78 ) 19 Amortization of discount 95 98 Total net incurred (a) 2,947 3,016 Net payments attributable to: Current year events (317 ) (256 ) Prior year events (1,949 ) (2,342 ) Total net payments (2,266 ) (2,598 ) Foreign currency translation adjustment and other (5 ) (35 ) Net reserves, end of period 18,745 18,268 Ceded reserves, end of period 4,735 4,002 Gross reserves, end of period $ 23,480 $ 22,270 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, the loss on the excess workers’ compensation loss portfolio transfer, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above . Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable. Favorable net prior year loss reserve development of $11 million and $28 million was recorded for commercial property and casualty operations (“Property & Casualty Operations”) for the three months ended June 30, 2021 and 2020 and favorable net prior year loss reserve development of $26 million and $43 million was recorded for the six months ended June 30, 2021 and 2020. Unfavorable net prior year loss reserve development of $40 million and $50 million was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”) for the three and six months ended June 30, 2021 and 2020. The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Medical professional liability $ 8 $ 10 Other professional liability and management liability $ 10 $ (9 ) 10 (6 ) Surety (23 ) (38 ) (30 ) Commercial auto 30 15 30 24 Workers’ compensation (42 ) (61 ) (42 ) (74 ) Property and other 14 27 6 33 Other insurance operations 40 50 40 50 Total pretax (favorable) unfavorable development $ 29 $ 22 $ 14 $ 7 Three Months 2021 Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction and middle market businesses in recent accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Unfavorable development in other insurance operations was due to higher than expected emergence in mass tort exposures in older accident years primarily related to abuse. 2020 Unfavorable development in commercial auto was due to unfavorable claim severity in CNA’s middle market and construction businesses in accident years 2017 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 CNA’s middle market, national accounts and marine business units in accident year 2019. Unfavorable development in other insurance operations was due to higher than expected emergence in mass tort exposures in older accident years primarily related to abuse. Six Months 2021 Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in recent accident years. Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction and middle market businesses in recent accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Unfavorable development in other insurance operations was primarily due to higher than expected emergence in mass tort exposures in older accident years primarily related to abuse. 2020 Favorable development in surety was primarily due to lower than expected frequency for accident years 2017 and prior. Unfavorable development in commercial auto was due to unfavorable claim severity in CNA’s middle market and construction businesses in accident years 2017 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 CNA’s middle market, national accounts and marine business units in accident year 2019. Unfavorable development in other insurance operations was due to higher than expected emergence in mass tort exposures in older accident years primarily related to abuse. Asbestos & Environmental Pollution (“A&EP”) Reserves In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million were transferred to NICO, resulting in total consideration of $2.2 billion. In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Condensed Statements of Operations. The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of and for the months ended June and As of June 30, 2021 and December 31, 2020, the cumulative amounts ceded under the LPT were $ billion. The unrecognized deferred retroactive reinsurance benefit was $ million and $ million as of June 30, 2021 and December 31, 2020 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 $ billion as of June 30, 2021 In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the A&EP claims. Excess Workers’ Compensation LPT On February 5, 2021, CNA completed a transaction with Cavello Bay Reinsurance Limited (“Cavello”), a subsidiary of Enstar Group Limited, under which certain legacy excess workers’ compensation (“EWC”) liabilities were ceded to Cavello. Under the terms of the transaction, based on reserves in place as of January 1, 2020, approximately $ million of net EWC claim and allocated claim adjustment expense reserves were ceded to Cavello under a loss portfolio transfer (“EWC LPT”) with an aggregate limit of $ billion. Cavello was paid a reinsurance premium of $ million, less claims paid between January 1, 2020 and the closing date of the agreement of $ million. As of June 30, 2021, the cumulative amounts ceded under the EWC LPT were $690 million and the remaining amount available under the $1.0 billion aggregate limit was $310 million. Cavello established a collateral trust account as security for its obligations, which will be maintained at 105% of outstanding reserves. Credit Risk for Ceded Reserves The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2021
Shareholders' Equity [Abstract]
Shareholders' Equity	6. Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in AOCI by component for the three and six months ended June 30, 2020 and 2021: Net Unrealized Gains (Losses) Total on Investments Net Unrealized Unrealized Accumulated with an Gains (Losses) Gains (Losses) Pension and Foreign Other Allowance for on Other on Cash Flow Postretirement Currency Comprehensive Credit Losses Investments Hedges Benefits Translation Income (Loss) (In millions) Balance, April 1, 2020 $ (10 ) $ (15 ) $ (25 ) $ (842 ) $ (201 ) $ (1,093 ) Other comprehensive income (loss) before reclassifications, after tax of $ 0 321 2 0 0 (2 ) 1,209 (1 ) (2 ) 29 1,233 Reclassification of (income) losses from accumulated other comprehensive income, after tax of $( 1 4 1 2 0 4 (18 ) 1 8 (5 ) Other comprehensive income 2 1,191 - 6 29 1,228 Amounts attributable to noncontrolling interests (126 ) (1 ) (3 ) (130 ) Balance, June 30, 2020 $ (8 ) $ 1,050 $ (25 ) $ (837 ) $ (175 ) $ 5 Balance, April 1, 2021 $ - $ 1,002 $ (19 ) $ (869 ) $ (80 ) $ 34 Other comprehensive income (loss) before reclassifications, after tax of $ 0 82 1 0 0 1 323 8 (2 ) 11 341 Reclassification of (income) losses from accumulated other comprehensive income, after tax of $ 0 , $ 7 , $ 1 , $ 3 and $ 0 (1 ) (23 ) 9 (15 ) Other comprehensive income - 300 8 7 11 326 Amounts attributable to noncontrolling interests (31 ) (1 ) (1 ) (33 ) Balance, June 30, 2021 $ - $ 1,271 $ (11 ) $ (863 ) $ (70 ) $ 327 Net Unrealized Gains (Losses) Total on Investments Net Unrealized Unrealized Accumulated with an Gains (Losses) Gains (Losses) Pension and Foreign Other Allowance for on Other on Cash Flow Postretirement Currency Comprehensive Credit Losses Investments Hedges Benefits Translation Income (Loss) (In millions) Balance, January 1, 2020 $ - $ 918 $ (6 ) $ (855 ) $ (125 ) $ (68 ) Other comprehensive income (loss) before reclassifications, after tax of $ 13 34 8 0 0 (50 ) 143 (20 ) (1 ) (55 ) 17 Reclassification of losses from accumulated other comprehensive income, after tax of $ 11 , $ 2 , $ 1 , $ 5 and $ 0 41 4 1 21 67 Other comprehensive income (loss) (9 ) 147 (19 ) 20 (55 ) 84 Amounts attributable to noncontrolling interests 1 (15 ) (2 ) 5 (11 ) Balance, June 30, 2020 $ (8 ) $ 1,050 $ (25 ) $ (837 ) $ (175 ) $ 5 Balance, January 1, 2021 $ - $ 1,563 $ (23 ) $ (877 ) $ (82 ) $ 581 Other comprehensive income (loss) before reclassifications, after tax of $ 1 72 3 0 0 (2 ) (270 ) 11 (2 ) 14 (249 ) Reclassification of (income) losses from accumulated other comprehensive income, after tax of $( 1 15 2 5 0 2 (57 ) 1 18 (36 ) Other comprehensive income (loss) - (327 ) 12 16 14 (285 ) Amounts attributable to noncontrolling interests 35 (2 ) (2 ) 31 Balance, June 30, 2021 $ - $ 1,271 $ (11 ) $ (863 ) $ (70 ) $ 327 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 six months ended and .

Revenue from Contracts with Cus

Revenue from Contracts with Customers	6 Months Ended
	Jun. 30, 2021
Revenue from Contracts with Customers [Abstract]
Revenue from Contracts with Customers	7. Revenue from Contracts with Customers Disaggregation of revenues – Three Months Ended June 30, Six Months Ended June 30 2021 2020 2021 2020 (In millions) Non-insurance warranty – CNA Financial $ 359 $ 308 $ 697 $ 609 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines 302 286 663 618 Lodging and related services – Loews Hotels & Co 94 16 150 158 Rigid plastic packaging and recycled resin – Corporate (a) 244 280 500 Contract drilling – Diamond Offshore (b) 71 300 Total revenues from contracts with customers 396 617 1,093 1,576 Other revenues 19 33 37 56 Operating revenues and other $ 415 $ 650 $ 1,130 $ 1,632 (a) R (b) Revenues presented for Diamond Offshore reflect the periods prior to its deconsolidation. in the second quarter of 2020. See Note 2 for further discussion. Receivables from contracts with customers Deferred revenue Performance obligations – As of June 30, 2021, 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 2021, $ billion in 2022 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

Benefit Plans

Benefit Plans	6 Months Ended
	Jun. 30, 2021
Benefit Plans [Abstract]
Benefit Plans	8. Benefit Plans The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees. The following tables present the components of net periodic (benefit) cost for these plans: Pension Benefits Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Service cost $ 1 $ 1 $ 2 Interest cost $ 18 23 36 46 Expected return on plan assets (43 ) (44 ) (86 ) (87 ) Amortization of unrecognized net loss 13 12 25 23 Amortization of unrecognized prior service cost 1 1 Settlement charge 2 3 2 7 Net periodic benefit $ (10 ) $ (4 ) $ (22 ) $ (8 ) Other Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Interest cost $ 1 $ 1 $ 1 $ 1 Expected return on plan assets (1 ) (1 ) (2 ) Net periodic (benefit) cost $ 1 $ - $ - $ (1 )

Legal Proceedings

Legal Proceedings	6 Months Ended
	Jun. 30, 2021
Legal Proceedings [Abstract]
Legal Proceedings	9. 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. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021 The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the Boardwalk Pipelines matter described above, will materially affect the Company’s results of operations or equity.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies [Abstract]
Commitments and Contingencies	10. Commitments and Contingencies CNA Data Breach-related Contingency As previously disclosed, CNA sustained a sophisticated cybersecurity attack in March of 2021 involving ransomware. CNA’s investigation revealed that an unauthorized third party copied some personal information relating to certain current and former employees, contractor workers and their dependents and certain other persons, including some policyholders. In July of 2021, CNA provided notifications to the impacted individuals and to regulators, in accordance with applicable law. CNA may be subject to subsequent investigations, fines or penalties, as well as other legal claims and actions, related to the foregoing. The likelihood is reasonably possible, but the amount of such fines, penalties or costs, if any, cannot be estimated at this time. Based on the information currently known, CNA does not believe that the March 2021 cybersecurity attack will have a material impact on its business, results of operations or financial condition, but no assurances can be given as it continues to assess the full impact from the incident, including costs, expenses and insurance coverage. CNA 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 June 30, 2021, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.6 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

Segments

Segments	6 Months Ended
	Jun. 30, 2021
Segments [Abstract]
Segments	11. Segments Loews Corporation has reportable segments comprised of individual Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding the composition of Loews Corporation’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. Statements of Operations by segment are presented in the following tables. Three Months Ended June 30 2021 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,035 $ 2,035 Net investment income 591 $ 1 $ 24 616 Investment gains 38 540 578 Non-insurance warranty revenue 359 359 Operating revenues and other 6 $ 312 97 415 Total 3,029 312 98 564 4,003 Expenses: Insurance claims and policyholders’ benefits 1,546 1,546 Amortization of deferred acquisition costs 357 357 Non-insurance warranty expense 332 332 Operating expenses and other 302 209 115 30 656 Interest 29 40 9 22 100 Total 2,566 249 124 52 2,991 Income (loss) before income tax 463 63 (26 ) 512 1,012 Income tax (expense) benefit (94 ) (16 ) 5 (114 ) (219 ) Net income (loss) 369 47 (21 ) 398 793 Amounts attributable to noncontrolling interests (39 ) (39 ) Net income (loss) attributable to Loews Corporation $ 330 $ 47 $ (21 ) $ 398 $ 754 Three Months Ended June 30 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (a) Diamond Offshore (b) Total (In millions) Revenues: Insurance premiums $ 1,850 $ 1,850 Net investment income 534 $ 110 644 Investment gains (losses) 69 (1,211 ) (1,142 ) Non-insurance warranty revenue 308 308 Operating revenues and other 5 $ 296 $ 34 244 $ 71 650 Total 2,766 296 34 (857 ) 71 2,310 Expenses: Insurance claims and policyholders’ benefits 1,642 1,642 Amortization of deferred acquisition costs 342 342 Non-insurance warranty expense 285 285 Operating expenses and other 283 210 123 260 116 992 Interest 31 41 8 32 11 123 Total 2,583 251 131 292 127 3,384 Income (loss) before income tax 183 45 (97 ) (1,149 ) (56 ) (1,074 ) Income tax (expense) benefit (32 ) (11 ) 25 241 5 228 Net income (loss) 151 34 (72 ) (908 ) (51 ) (846 ) Amounts attributable to noncontrolling interests (16 ) 27 11 Net income (loss) attributable to Loews Corporation $ 135 $ 34 $ (72 ) $ (908 ) $ (24 ) $ (835 ) (a) Amounts presented for Corporate include the operating results of Altium Packaging prior to the deconsolidation. (b) Amounts presented for Diamond Offshore reflect the periods prior to the deconsolidation. Six Months Ended June 30, 2021 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (c) Total (In millions) Revenues: Insurance premiums $ 3,997 $ 3,997 Net investment income 1,095 $ 1 $ 70 1,166 Investment gains 95 540 635 Non-insurance warranty revenue 697 697 Operating revenues and other 11 $ 684 154 281 1,130 Total 5,895 684 155 891 7,625 Expenses: Insurance claims and policyholders’ benefits 3,052 3,052 Amortization of deferred acquisition costs 716 716 Non-insurance warranty expense 643 643 Operating expenses and other 587 426 219 338 1,570 Interest 57 81 17 70 225 Total 5,055 507 236 408 6,206 Income (loss) before income tax 840 177 (81 ) 483 1,419 Income tax (expense) benefit (160 ) (45 ) 17 (145 ) (333 ) Net income (loss) 680 132 (64 ) 338 1,086 Amounts attributable to noncontrolling interests (71 ) (71 ) Net income (loss) attributable to Loews Corporation $ 609 $ 132 $ (64 ) $ 338 $ 1,015 (c) Amounts presented for Corporate include the operating results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment. Six June 30 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (a) Diamond Offshore (b) Total (In millions) Revenues: Insurance premiums $ 3,719 $ 3,719 Net investment income (loss) 863 $ (56 ) 807 Investment losses (147 ) (1,211 ) (1,358 ) Non-insurance warranty revenue 609 609 Operating revenues and other 13 $ 637 $ 176 501 $ 305 1,632 Total 5,057 637 176 (766 ) 305 5,409 Expenses: Insurance claims and policyholders’ benefits 3,067 3,067 Amortization of deferred acquisition costs 686 686 Non-insurance warranty expense 566 566 Operating expenses and other 583 421 290 528 1,196 3,018 Interest 62 83 16 63 43 267 Total 4,964 504 306 591 1,239 7,604 Income (loss) before income tax 93 133 (130 ) (1,357 ) (934 ) (2,195 ) Income tax (expense) benefit (4 ) (34 ) 33 284 26 305 Net income (loss) 89 99 (97 ) (1,073 ) (908 ) (1,890 ) Amounts attributable to noncontrolling interests (9 ) 432 423 Net income (loss) attributable to Loews Corporation $ 80 $ 99 $ (97 ) $ (1,073 ) $ (476 ) $ (1,467 )

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2021
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”), an owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary); and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” as used herein means Net income (loss) attributable to Loews Corporation shareholders On April 1, 2021, Loews Corporation sold 47% of its interest in Altium Packaging, previously a 99% owned subsidiary. 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 June 30, 2021 and December 31, 2020, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2021 and 2020 and cash flows for the six months ended June 30, 2021 and 2020. Net income (loss) for the second quarter and first half 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, 2020.
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 and six months ended June 30, 2021 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.
Recently Issued ASUs	Recently issued ASUs – In August of 2018 the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-12 “Financial Services – Insurance (Topic 944 : Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. 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)	6 Months Ended
	Jun. 30, 2021
Investments [Abstract]
Net Investment Income	Net investment income is as follows: Three Months Ended June 30, Six Months Ended June 30 2021 2020 2021 2020 (In millions) Fixed maturity securities $ 425 $ 430 $ 853 $ 868 Limited partnership investments 149 57 196 (45 ) Short term investments 2 9 Equity securities 20 50 49 6 Income (loss) from trading portfolio (a) 26 107 76 (22 ) Other 14 16 30 30 Total investment income 634 662 1,204 846 Investment expenses (18 ) (18 ) (38 ) (39 ) Net investment income $ 616 $ 644 $ 1,166 $ 807 (a) Net unrealized gains (losses) related to changes in fair value on securities still held were $ and $ for the and 021 and 2020 .
Investment Gains (Losses)	Investment gains (losses) are as follows: Three Months Ended June 30, Six Months Ended June 30 2021 2020 2021 2020 (In millions) Fixed maturity securities $ 31 $ 17 $ 69 $ (58 ) Equity securities 17 63 19 (70 ) Derivative instruments (12 ) (10 ) 5 (5 ) Short term investments and other 2 (1 ) 2 (14 ) Sale of 47 555 555 Deconsolidation of Diamond Offshore (15 ) (1,211 ) (15 ) (1,211 ) Investment gains (losses) (a) $ 578 $ (1,142 ) $ 635 $ (1,358 ) (a) Gross investment gains on available-for-sale securities were $ and $ . Gross investment losses on available-for-sale securities were $ and $ .
Allowance for Credit Losses	The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $374 million, $371 million and $373 million as of June 30, 2021, December 31, 2020 and June 30, 2020 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note. Three months ended June 30, 2021 Corporate and Other Bonds Asset- backed Total (In millions) Allowance for credit losses: Balance as of April 1, 2021 $ 27 $ 16 $ 43 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded Available-for-sale securities accounted for as PCD assets 4 4 Reductions to the allowance for credit losses: Securities sold during the period (realized) Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (3 ) 1 (2 ) Total allowance for credit losses $ 24 $ 21 $ 45 Three months ended June 30, 2020 Allowance for credit losses: Balance as of April 1, 2020 $ 49 $ - $ 49 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 10 12 22 Available-for-sale securities accounted for as PCD assets 1 1 Reductions to the allowance for credit losses: Securities sold during the period (realized) 1 1 Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period (20 ) (20 ) Total allowance for credit losses $ 39 $ 12 $ 51 Six months ended June 30, 2021 Corporate and Other Bonds Asset- backed Total (In millions) Allowance for credit losses: Balance as of January 1, 2021 $ 23 $ 17 $ 40 Additions to the allowance for credit losses: Securities for which credit losses were not previously recorded 14 14 Available-for-sale securities accounted for as PCD assets 2 4 6 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period (9 ) (9 ) Total allowance for credit losses $ 24 $ 21 $ 45 Six months ended June 30, 2020 Allowance for credit losses: Balance as of January 1, 2020 $ - $ - $ - Additions to the allowance for credit losses: Impact of adopting ASC 326 6 6 Securities for which credit losses were not previously recorded 58 12 70 Available-for-sale securities accounted for as PCD assets 2 2 Reductions to the allowance for credit losses: Securities sold during the period (realized) 6 6 Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis 1 1 Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period (20 ) (20 ) Total allowance for credit losses $ 39 $ 12 $ 51
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 June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Fixed maturity securities available-for-sale: Corporate and other bonds $ (2 ) $ (1 ) $ 5 $ 90 Asset-backed 1 12 13 Impairment losses (gains) recognized in earnings $ (1 ) $ 11 $ 5 $ 103
Amortized Cost and Fair Values of Fixed Maturity Securities	The amortized cost and fair values of fixed maturity securities are as follows: June 30 2021 Cost or Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Allowance for Credit Losses Estimated Fair Value (In millions) Fixed maturity securities: Corporate and other bonds $ 21,291 $ 3,153 $ 35 $ 24 $ 24,385 States, municipalities and political subdivisions 10,125 1,743 2 11,866 Asset-backed: Residential mortgage-backed 3,337 99 10 3,426 Commercial mortgage-backed 2,068 98 14 17 2,135 Other asset-backed 2,338 84 3 4 2,415 Total asset-backed 7,743 281 27 21 7,976 U.S. Treasury and obligations of government-sponsored enterprises 142 5 137 Foreign government 515 22 1 536 Fixed maturities available-for-sale 39,816 5,199 70 45 44,900 Fixed maturities trading 10 10 Total fixed maturity securities $ 39,826 $ 5,199 $ 70 $ 45 $ 44,910 December 31 2020 Fixed maturity securities: Corporate and other bonds $ 20,792 $ 3,578 $ 22 $ 23 $ 24,325 States, municipalities and political subdivisions 9,729 1,863 11,592 Asset-backed: Residential mortgage-backed 3,442 146 1 3,587 Commercial mortgage-backed 1,933 93 42 17 1,967 Other asset-backed 2,179 81 9 2,251 Total asset-backed 7,554 320 52 17 7,805 U.S. Treasury and obligations of government-sponsored enterprises 339 2 3 338 Foreign government 512 32 544 Fixed maturities available-for-sale 38,926 5,795 77 40 44,604 Fixed maturities trading 37 5 42 Total fixed maturity securities $ 38,963 $ 5,800 $ 77 $ 40 $ 44,646
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 June 30 2021 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 $ 1,190 $ 33 $ 61 $ 2 $ 1,251 $ 35 States, municipalities and political subdivisions 128 2 128 2 Asset-backed: Residential mortgage-backed 932 10 10 942 10 Commercial mortgage-backed 153 2 206 12 359 14 Other asset-backed 255 2 74 1 329 3 Total asset-backed 1,340 14 290 13 1,630 27 U.S. Treasury and obligations of government-sponsored enterprises 80 5 80 5 Foreign government 48 1 48 1 Total fixed maturity securities $ 2,786 $ 55 $ 351 $ 15 $ 3,137 $ 70 December 31 2020 Fixed maturity securities: Corporate and other bonds $ 609 $ 21 $ 12 $ 1 $ 621 $ 22 States, municipalities and political subdivisions 33 33 Asset-backed: Residential mortgage-backed 71 1 11 82 1 Commercial mortgage-backed 533 40 28 2 561 42 Other asset-backed 344 9 13 357 9 Total asset-backed 948 50 52 2 1,000 52 U.S. Treasury and obligations of government-sponsored enterprises 63 3 63 3 Foreign government 13 13 Total fixed maturity securities $ 1,666 $ 74 $ 64 $ 3 $ 1,730 $ 77
Available-for-Sale Fixed Maturity Securities by Contractual Maturity	The following table presents available-for-sale fixed maturity securities by contractual maturity. June 30, 2021 December 31, 2020 Cost or Amortized Cost Estimated Fair Value Cost or Amortized Cost Estimated Fair Value (In millions) Due in one year or less $ 1,685 $ 1,702 $ 1,456 $ 1,458 Due after one year through five years 10,723 11,479 12,304 13,098 Due after five years through ten years 13,775 15,012 12,319 13,878 Due after ten years 13,633 16,707 12,847 16,170 Total $ 39,816 $ 44,900 $ 38,926 $ 44,604
Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination	The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. Mortgage Loans Amortized Cost Basis by Origination Year (a) As of June 30 2021 2021 2020 2019 2018 2017 Prior Total (In millions) DSCR ≥1.6x LTV less than 55% $ 89 $ 33 $ 50 $ 113 $ 183 $ 468 LTV 55% to 65% 19 9 4 32 LTV greater than 65% $ 5 6 24 35 DSCR 1.2x - 1.6x LTV less than 55% 16 5 71 92 LTV 55% to 65% 10 38 39 42 27 156 LTV greater than 65% 34 44 8 12 98 DSCR ≤1.2x LTV less than 55% 50 8 10 68 LTV 55% to 65% 47 47 LTV greater than 65% 29 7 36 Total $ 15 $ 161 $ 283 $ 92 $ 170 $ 311 $ 1,032 (a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.
Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments	A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets. June 30, 2021 December 31, 2020 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 $ (26) Without hedge designation: Equity markets: Options – purchased $ 6 135 $ 3 Interest rate swaps 100 $ (2) 100 (3) Embedded derivative on funds withheld liability 274 (13) 190 (19)

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value [Abstract]
Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities . June 30 2021 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: Corporate bonds and other $ 158 $ 24,017 $ 883 $ 25,058 States, municipalities and political subdivisions 11,809 57 11,866 Asset-backed 7,566 410 7,976 Fixed maturities available-for-sale 158 43,392 1,350 44,900 Fixed maturities trading 10 10 Total fixed maturities $ 158 $ 43,402 $ 1,350 $ 44,910 Equity securities $ 884 $ 743 $ 36 $ 1,663 Short term and other 4,661 37 4,698 Payable to brokers (94 ) (2 ) (96 ) December 31 2020 Fixed maturity securities: Corporate bonds and other $ 355 $ 24,082 $ 770 $ 25,207 States, municipalities and political subdivisions 11,546 46 11,592 Asset-backed 7,497 308 7,805 Fixed maturities available-for-sale 355 43,125 1,124 44,604 Fixed maturities trading 34 8 42 Total fixed maturities $ 355 $ 43,159 $ 1,132 $ 44,646 Equity securities $ 796 $ 722 $ 43 $ 1,561 Short term and other 4,538 39 4,577 Payable to brokers (14 ) (29 ) (43 )
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 : Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2021 April 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 767 $ 3 $ 16 $ 122 $ (3 ) $ (22 ) $ 883 $ 16 States, municipalities and political subdivisions 44 2 12 (1 ) 57 2 Asset-backed 315 1 4 84 (10 ) $ 21 $ (5 ) 410 4 Fixed maturities available-for-sale 1,126 4 22 218 (3 ) (33 ) 21 (5 ) 1,350 $ - 22 Fixed maturities trading 5 (3 ) (2 ) Total fixed maturities $ 1,131 $ 1 $ 22 $ 218 $ (3 ) $ (35 ) $ 21 $ (5 ) $ 1,350 $ - $ 22 Equity securities $ 45 $ (15 ) $ 10 $ (4 ) $ 36 Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2020 April 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 496 $ 59 $ 4 $ (4 ) $ 555 $ 58 Asset-backed 197 18 35 $ (9 ) (5 ) $ (14 ) 222 18 Fixed maturities available-for-sale 693 $ - 77 39 (9 ) (9 ) $ - (14 ) 777 $ - 76 Fixed maturities trading 3 1 4 1 Total fixed maturities $ 696 $ 1 $ 77 $ 39 $ (9 ) $ (9 ) $ - $ (14 ) $ 781 $ 1 $ 76 Equity securities $ 16 $ (4 ) $ 15 $ 27 $ (4 ) Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2021 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 770 $ (10 ) $ (24 ) $ 164 $ (3 ) $ (24 ) $ 10 $ 883 $ (24 ) States, municipalities and political subdivisions 46 12 (1 ) 57 Asset-backed 308 3 (5 ) 114 (27 ) 30 $ (13 ) 410 (5 ) Fixed maturities available-for-sale 1,124 (7 ) (29 ) 290 (3 ) (52 ) 40 (13 ) 1,350 $ - (29 ) Fixed maturities trading 8 (6 ) (2 ) Total fixed maturities $ 1,132 $ (13 ) $ (29 ) $ 290 $ (3 ) $ (54 ) $ 40 $ (13 ) $ 1,350 $ - $ (29 ) Equity securities $ 43 $ (13 ) $ 10 $ (4 ) $ 36 $ 2 Unrealized Gains Unrealized (Losses) Gains Recognized in Net Realized (Losses) Other Investment Gains Recognized in Comprehensive (Losses) and Net Change Net Income Income (Loss) in Unrealized Investment (Loss) on Level on Level 3 Gains (Losses) 3 Assets and Assets and Included in Transfers Transfers Liabilities Liabilities Balance, Net Income Included in into out of Balance, Held at Held at 2020 January 1 (Loss) OCI Purchases Sales Settlements Level 3 Level 3 June 30 June 30 June 30 (In millions) Fixed maturity securities: Corporate bonds and other $ 468 $ 22 $ 71 $ (6 ) $ 555 $ 24 Asset-backed 165 10 80 $ (9 ) (9 ) $ (15 ) 222 10 Fixed maturities available-for-sale 633 $ - 32 151 (9 ) (15 ) $ - (15 ) 777 $ - 34 Fixed maturities trading 4 4 Total fixed maturities $ 637 $ - $ 32 $ 151 $ (9 ) $ (15 ) $ - $ (15 ) $ 781 $ - $ 34 Equity securities $ 19 $ (7 ) $ 15 $ 27 $ (7 ) 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. June 30 2021 Estimated Fair Value Valuation Techniques Unobservable Inputs Range (Weighted Average) (In millions) Fixed maturity securities $ 1,067 Discounted cash flow Credit spread 1% – 8% (2 %) December 31 2020 Fixed maturity securities $ 966 Discounted cash flow Credit spread 1% – 8% (3 %)
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 June 30 2021 Amount Level 1 Level 2 Level 3 Total (In millions) Assets: Other invested assets, primarily mortgage loans $ 1,006 $ 1,079 $ 1,079 Liabilities: Short term debt 121 125 125 Long term debt 8,982 $ 9,397 621 10,018 December 31 2020 Assets: Other invested assets, primarily mortgage loans $ 1,068 $ 1,151 $ 1,151 Liabilities: Short term debt 35 $ 19 17 36 Long term debt 10,042 10,482 765 11,247

Claim and Claim Adjustment Ex_2

Claim and Claim Adjustment Expense Reserves (Tables)	6 Months Ended
	Jun. 30, 2021
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. Six Months Ended June 30 2021 2020 (In millions) Reserves, beginning of year: Gross $ 22,706 $ 21,720 Ceded 4,005 3,835 Net reserves, beginning of year 18,701 17,885 Reduction of net reserves due to the excess workers’ compensation loss portfolio transfer (632 ) Net incurred claim and claim adjustment expenses: Provision for insured events of current year 2,930 2,899 Increase (decrease) in provision for insured events of prior years (78 ) 19 Amortization of discount 95 98 Total net incurred (a) 2,947 3,016 Net payments attributable to: Current year events (317 ) (256 ) Prior year events (1,949 ) (2,342 ) Total net payments (2,266 ) (2,598 ) Foreign currency translation adjustment and other (5 ) (35 ) Net reserves, end of period 18,745 18,268 Ceded reserves, end of period 4,735 4,002 Gross reserves, end of period $ 23,480 $ 22,270 (a) Total net incurred above does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, the loss on the excess workers’ compensation loss portfolio transfer, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above .
Net Prior Year Loss Reserve Development in Property and Casualty Operations	The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations: Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Medical professional liability $ 8 $ 10 Other professional liability and management liability $ 10 $ (9 ) 10 (6 ) Surety (23 ) (38 ) (30 ) Commercial auto 30 15 30 24 Workers’ compensation (42 ) (61 ) (42 ) (74 ) Property and other 14 27 6 33 Other insurance operations 40 50 40 50 Total pretax (favorable) unfavorable development $ 29 $ 22 $ 14 $ 7

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Shareholders' Equity [Abstract]
Components of Accumulated Other Comprehensive Income (Loss)	The tables below present the changes in AOCI by component for the three and six months ended June 30, 2020 and 2021: Net Unrealized Gains (Losses) Total on Investments Net Unrealized Unrealized Accumulated with an Gains (Losses) Gains (Losses) Pension and Foreign Other Allowance for on Other on Cash Flow Postretirement Currency Comprehensive Credit Losses Investments Hedges Benefits Translation Income (Loss) (In millions) Balance, April 1, 2020 $ (10 ) $ (15 ) $ (25 ) $ (842 ) $ (201 ) $ (1,093 ) Other comprehensive income (loss) before reclassifications, after tax of $ 0 321 2 0 0 (2 ) 1,209 (1 ) (2 ) 29 1,233 Reclassification of (income) losses from accumulated other comprehensive income, after tax of $( 1 4 1 2 0 4 (18 ) 1 8 (5 ) Other comprehensive income 2 1,191 - 6 29 1,228 Amounts attributable to noncontrolling interests (126 ) (1 ) (3 ) (130 ) Balance, June 30, 2020 $ (8 ) $ 1,050 $ (25 ) $ (837 ) $ (175 ) $ 5 Balance, April 1, 2021 $ - $ 1,002 $ (19 ) $ (869 ) $ (80 ) $ 34 Other comprehensive income (loss) before reclassifications, after tax of $ 0 82 1 0 0 1 323 8 (2 ) 11 341 Reclassification of (income) losses from accumulated other comprehensive income, after tax of $ 0 , $ 7 , $ 1 , $ 3 and $ 0 (1 ) (23 ) 9 (15 ) Other comprehensive income - 300 8 7 11 326 Amounts attributable to noncontrolling interests (31 ) (1 ) (1 ) (33 ) Balance, June 30, 2021 $ - $ 1,271 $ (11 ) $ (863 ) $ (70 ) $ 327 Net Unrealized Gains (Losses) Total on Investments Net Unrealized Unrealized Accumulated with an Gains (Losses) Gains (Losses) Pension and Foreign Other Allowance for on Other on Cash Flow Postretirement Currency Comprehensive Credit Losses Investments Hedges Benefits Translation Income (Loss) (In millions) Balance, January 1, 2020 $ - $ 918 $ (6 ) $ (855 ) $ (125 ) $ (68 ) Other comprehensive income (loss) before reclassifications, after tax of $ 13 34 8 0 0 (50 ) 143 (20 ) (1 ) (55 ) 17 Reclassification of losses from accumulated other comprehensive income, after tax of $ 11 , $ 2 , $ 1 , $ 5 and $ 0 41 4 1 21 67 Other comprehensive income (loss) (9 ) 147 (19 ) 20 (55 ) 84 Amounts attributable to noncontrolling interests 1 (15 ) (2 ) 5 (11 ) Balance, June 30, 2020 $ (8 ) $ 1,050 $ (25 ) $ (837 ) $ (175 ) $ 5 Balance, January 1, 2021 $ - $ 1,563 $ (23 ) $ (877 ) $ (82 ) $ 581 Other comprehensive income (loss) before reclassifications, after tax of $ 1 72 3 0 0 (2 ) (270 ) 11 (2 ) 14 (249 ) Reclassification of (income) losses from accumulated other comprehensive income, after tax of $( 1 15 2 5 0 2 (57 ) 1 18 (36 ) Other comprehensive income (loss) - (327 ) 12 16 14 (285 ) Amounts attributable to noncontrolling interests 35 (2 ) (2 ) 31 Balance, June 30, 2021 $ - $ 1,271 $ (11 ) $ (863 ) $ (70 ) $ 327 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

Revenue from Contracts with C_2

Revenue from Contracts with Customers (Tables)	6 Months Ended
	Jun. 30, 2021
Revenue from Contracts with Customers [Abstract]
Revenues from Contracts with Customers Disaggregated of Revenue	Disaggregation of revenues – Three Months Ended June 30, Six Months Ended June 30 2021 2020 2021 2020 (In millions) Non-insurance warranty – CNA Financial $ 359 $ 308 $ 697 $ 609 Transportation and storage of natural gas and NGLs and other services – Boardwalk Pipelines 302 286 663 618 Lodging and related services – Loews Hotels & Co 94 16 150 158 Rigid plastic packaging and recycled resin – Corporate (a) 244 280 500 Contract drilling – Diamond Offshore (b) 71 300 Total revenues from contracts with customers 396 617 1,093 1,576 Other revenues 19 33 37 56 Operating revenues and other $ 415 $ 650 $ 1,130 $ 1,632 (a) R (b) Revenues presented for Diamond Offshore reflect the periods prior to its deconsolidation. in the second quarter of 2020. See Note 2 for further discussion.

Benefit Plans (Tables)

Benefit Plans (Tables)	6 Months Ended
	Jun. 30, 2021
Benefit Plans [Abstract]
Components of Net Periodic Benefit	The following tables present the components of net periodic (benefit) cost for these plans: Pension Benefits Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Service cost $ 1 $ 1 $ 2 Interest cost $ 18 23 36 46 Expected return on plan assets (43 ) (44 ) (86 ) (87 ) Amortization of unrecognized net loss 13 12 25 23 Amortization of unrecognized prior service cost 1 1 Settlement charge 2 3 2 7 Net periodic benefit $ (10 ) $ (4 ) $ (22 ) $ (8 ) Other Postretirement Benefits Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 (In millions) Interest cost $ 1 $ 1 $ 1 $ 1 Expected return on plan assets (1 ) (1 ) (2 ) Net periodic (benefit) cost $ 1 $ - $ - $ (1 )

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2021
Segments [Abstract]
Statements of Operations by Segment	Statements of Operations by segment are presented in the following tables. Three Months Ended June 30 2021 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate Total (In millions) Revenues: Insurance premiums $ 2,035 $ 2,035 Net investment income 591 $ 1 $ 24 616 Investment gains 38 540 578 Non-insurance warranty revenue 359 359 Operating revenues and other 6 $ 312 97 415 Total 3,029 312 98 564 4,003 Expenses: Insurance claims and policyholders’ benefits 1,546 1,546 Amortization of deferred acquisition costs 357 357 Non-insurance warranty expense 332 332 Operating expenses and other 302 209 115 30 656 Interest 29 40 9 22 100 Total 2,566 249 124 52 2,991 Income (loss) before income tax 463 63 (26 ) 512 1,012 Income tax (expense) benefit (94 ) (16 ) 5 (114 ) (219 ) Net income (loss) 369 47 (21 ) 398 793 Amounts attributable to noncontrolling interests (39 ) (39 ) Net income (loss) attributable to Loews Corporation $ 330 $ 47 $ (21 ) $ 398 $ 754 Three Months Ended June 30 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (a) Diamond Offshore (b) Total (In millions) Revenues: Insurance premiums $ 1,850 $ 1,850 Net investment income 534 $ 110 644 Investment gains (losses) 69 (1,211 ) (1,142 ) Non-insurance warranty revenue 308 308 Operating revenues and other 5 $ 296 $ 34 244 $ 71 650 Total 2,766 296 34 (857 ) 71 2,310 Expenses: Insurance claims and policyholders’ benefits 1,642 1,642 Amortization of deferred acquisition costs 342 342 Non-insurance warranty expense 285 285 Operating expenses and other 283 210 123 260 116 992 Interest 31 41 8 32 11 123 Total 2,583 251 131 292 127 3,384 Income (loss) before income tax 183 45 (97 ) (1,149 ) (56 ) (1,074 ) Income tax (expense) benefit (32 ) (11 ) 25 241 5 228 Net income (loss) 151 34 (72 ) (908 ) (51 ) (846 ) Amounts attributable to noncontrolling interests (16 ) 27 11 Net income (loss) attributable to Loews Corporation $ 135 $ 34 $ (72 ) $ (908 ) $ (24 ) $ (835 ) (a) Amounts presented for Corporate include the operating results of Altium Packaging prior to the deconsolidation. (b) Amounts presented for Diamond Offshore reflect the periods prior to the deconsolidation. Six Months Ended June 30, 2021 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (c) Total (In millions) Revenues: Insurance premiums $ 3,997 $ 3,997 Net investment income 1,095 $ 1 $ 70 1,166 Investment gains 95 540 635 Non-insurance warranty revenue 697 697 Operating revenues and other 11 $ 684 154 281 1,130 Total 5,895 684 155 891 7,625 Expenses: Insurance claims and policyholders’ benefits 3,052 3,052 Amortization of deferred acquisition costs 716 716 Non-insurance warranty expense 643 643 Operating expenses and other 587 426 219 338 1,570 Interest 57 81 17 70 225 Total 5,055 507 236 408 6,206 Income (loss) before income tax 840 177 (81 ) 483 1,419 Income tax (expense) benefit (160 ) (45 ) 17 (145 ) (333 ) Net income (loss) 680 132 (64 ) 338 1,086 Amounts attributable to noncontrolling interests (71 ) (71 ) Net income (loss) attributable to Loews Corporation $ 609 $ 132 $ (64 ) $ 338 $ 1,015 (c) Amounts presented for Corporate include the operating results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment. Six June 30 2020 CNA Financial Boardwalk Pipelines Loews Hotels & Co Corporate (a) Diamond Offshore (b) Total (In millions) Revenues: Insurance premiums $ 3,719 $ 3,719 Net investment income (loss) 863 $ (56 ) 807 Investment losses (147 ) (1,211 ) (1,358 ) Non-insurance warranty revenue 609 609 Operating revenues and other 13 $ 637 $ 176 501 $ 305 1,632 Total 5,057 637 176 (766 ) 305 5,409 Expenses: Insurance claims and policyholders’ benefits 3,067 3,067 Amortization of deferred acquisition costs 686 686 Non-insurance warranty expense 566 566 Operating expenses and other 583 421 290 528 1,196 3,018 Interest 62 83 16 63 43 267 Total 4,964 504 306 591 1,239 7,604 Income (loss) before income tax 93 133 (130 ) (1,357 ) (934 ) (2,195 ) Income tax (expense) benefit (4 ) (34 ) 33 284 26 305 Net income (loss) 89 99 (97 ) (1,073 ) (908 ) (1,890 ) Amounts attributable to noncontrolling interests (9 ) 432 423 Net income (loss) attributable to Loews Corporation $ 80 $ 99 $ (97 ) $ (1,073 ) $ (476 ) $ (1,467 )

Basis of Presentation (Details)

Basis of Presentation (Details) - shares	Apr. 01, 2021	Jun. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Stock-based Compensation Awards [Member]
Basis of Presentation [Abstract]
Antidilutive securities excluded from diluted EPS calculation (in shares)		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%
Percentage interest of subsidiary sold	47.00%

Significant Transactions (Detai

Significant Transactions (Details) - USD ($) $ in Millions	Apr. 01, 2021	Jun. 30, 2021	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2021	Jun. 30, 2020
Altium Packaging LLC [Member] | Sale of Interest [Member]
Significant Transactions [Abstract]
Percentage interest of subsidiary sold	47.00%
Cash consideration from sale of interest in subsidiary		$ 420			$ 420
Pretax gain from sale of interest in subsidiary		555			555
After tax gain from sale of interest in subsidiary		438			438
Investment at fair value		$ 473			$ 473
Subsidiary ownership percentage		53.00%			53.00%
Property, plant and equipment		$ 490			$ 490
Goodwill		436			436
Intangible assets		488			488
Other assets		370			370
Long term debt		1,100			1,100
Other liabilities		$ 380			$ 380
Diamond Offshore [Member]
Significant Transactions [Abstract]
Deconsolidation loss			$ 1,200			$ 1,200
Deconsolidation loss, after tax			$ 957			$ 957
Pretax asset impairment charge				$ 774
Asset impairment charge, after tax and noncontrolling interests				$ 408

Investments, Net Investment Inc

Investments, Net Investment Income (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Investment Income [Abstract]
Investment income		$ 634	$ 662	$ 1,204	$ 846
Investment expenses		(18)	(18)	(38)	(39)
Net investment income		616	644	1,166	807
Net unrealized gains (losses) on securities		28	80	58	7
Fixed Maturity Securities [Member]
Net Investment Income [Abstract]
Investment income		425	430	853	868
Limited Partnership Investments [Member]
Net Investment Income [Abstract]
Investment income		149	57	196	(45)
Short Term Investments [Member]
Net Investment Income [Abstract]
Investment income			2		9
Equity Securities [Member]
Net Investment Income [Abstract]
Investment income				49	6
Investment income		20	50
Income (Loss) from Trading Portfolio [Member]
Net Investment Income [Abstract]
Investment income	[1]	26	107	76	(22)
Other [Member]
Net Investment Income [Abstract]
Investment income		$ 14	$ 16	$ 30	$ 30
[1]	Net unrealized gains (losses) related to changes in fair value on securities still held were $28 and $80 for the three months ended June 30, 2021 and 2020 and $58 and $7 for the six months ended June 30, 2021 and 2020.

Investments, Investment Gains (

Investments, Investment Gains (Losses) (Details) - USD ($) $ in Millions		Apr. 01, 2021	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Investment Gains (Losses) [Abstract]
Investment gains (losses)	[1]		$ 578	$ (1,142)	$ 635	$ (1,358)
Gross investment gains on available-for-sale securities			51	102	109	131
Gross investment losses on available-for-sale securities			20	85	40	189
Fixed Maturity Securities [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)			31	17	69	(58)
Equity Securities [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)			17	63	19	(70)
Derivative Instruments [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)			(12)	(10)	5	(5)
Short Term Investments and Other [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)			2	(1)	2	(14)
Altium Packaging [Member] | Sale of Interest [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)			555		555
Percentage interest of subsidiary sold		47.00%
Diamond Offshore [Member]
Investment Gains (Losses) [Abstract]
Investment gains (losses)			(15)	(1,211)	(15)	(1,211)
Nonredeemable Preferred Stock [Member]
Investment Gains (Losses) [Abstract]
Recognized gains (losses) on securities			$ 15	$ 63	$ 15	$ (70)
[1]	Gross investment gains on available-for-sale securities were $51 and $102 for the three months ended June 30, 2021 and 2020 and $109 and $131 for the six months ended June 30, 2021 and 2020. Gross investment losses on available-for-sale securities were $20 and $85 for the three months ended June 30, 2021 and 2020 and $40 and $189 for the six months ended June 30, 2021 and 2020. During the three and six months ended June 30, 2021, $15 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of June 30, 2021. During the three and six months ended June 30, 2020, $63 of investment gains and $70 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of June 30, 2020.

Investments, Allowance for Cred

Investments, Allowance for Credit Losses (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Investments [Abstract]
Accrued interest receivables on available-for-sale fixed maturity securities	$ 374	$ 373	$ 374	$ 373	$ 371
Allowance for Credit Losses [Roll Forward]
Beginning balance	43	49	40	0
Additions to allowance for securities for which credit losses were not previously recorded		22	14	70
Additions to allowance for available-for-sale securities accounted for as PCD assets	4	1	6	2
Reductions for securities sold during the period (realized)		1	6	6
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 (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period	(2)	(20)	(9)	(20)
Total allowance for credit losses	45	51	45	51
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	27	49	23	0
Additions to allowance for securities for which credit losses were not previously recorded		10	14	58
Additions to allowance for available-for-sale securities accounted for as PCD assets		1	2	2
Reductions for securities sold during the period (realized)		1	6	6
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 (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period	(3)	(20)	(9)	(20)
Total allowance for credit losses	24	39	24	39
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	16	0	17	0
Additions to allowance for securities for which credit losses were not previously recorded		12		12
Additions to allowance for available-for-sale securities accounted for as PCD assets	4		4
Additional increases or (decrease) to the allowance for credit losses on securities that had an allowance recorded in a previous period	1
Total allowance for credit losses	$ 21	$ 12	$ 21	$ 12

Investments, Available-for-sale

Investments, Available-for-sale Impairment Losses Recognized in Earnings (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Available-For-Sale Impairment Losses [Abstract]
Losses on mortgage loans due to changes in expected credit losses	$ 0	$ 0	$ 0	$ 13
Fixed Maturity Securities Available-for-sale [Member]
Available-For-Sale Impairment Losses [Abstract]
Impairment losses (gains) recognized in earnings	(1)	11	5	103
Fixed Maturity Securities Available-for-sale [Member] | Corporate and Other Bonds [Member]
Available-For-Sale Impairment Losses [Abstract]
Impairment losses (gains) recognized in earnings	(2)	(1)	$ 5	90
Fixed Maturity Securities Available-for-sale [Member] | Asset-Backed [Member]
Available-For-Sale Impairment Losses [Abstract]
Impairment losses (gains) recognized in earnings	$ 1	$ 12		$ 13

Investments, Amortized Cost and

Investments, Amortized Cost and Fair Values of Fixed Maturity Securities (Details) - USD ($) $ in Millions	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	$ 39,826		$ 38,963
Gross unrealized gains	5,199		5,800
Gross unrealized losses	70		77
Allowance for credit loss	45	$ 43	40	$ 51	$ 49	$ 0
Estimated fair value	44,910		44,646
Shadow adjustments	2,400		2,500
Fixed Maturities Available-for-Sale [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	39,816		38,926
Gross unrealized gains	5,199		5,795
Gross unrealized losses	70		77
Allowance for credit loss	45		40
Estimated fair value	44,900		44,604
Corporate and Other Bonds [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	21,291		20,792
Gross unrealized gains	3,153		3,578
Gross unrealized losses	35		22
Allowance for credit loss	24	27	23	39	49	0
Estimated fair value	24,385		24,325
States, Municipalities and Political Subdivisions [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	10,125		9,729
Gross unrealized gains	1,743		1,863
Gross unrealized losses	2
Estimated fair value	11,866		11,592
Asset-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	7,743		7,554
Gross unrealized gains	281		320
Gross unrealized losses	27		52
Allowance for credit loss	21	$ 16	17	$ 12	$ 0	$ 0
Estimated fair value	7,976		7,805
Residential Mortgage-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	3,337		3,442
Gross unrealized gains	99		146
Gross unrealized losses	10		1
Estimated fair value	3,426		3,587
Commercial Mortgage-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	2,068		1,933
Gross unrealized gains	98		93
Gross unrealized losses	14		42
Allowance for credit loss	17		17
Estimated fair value	2,135		1,967
Other Asset-Backed [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	2,338		2,179
Gross unrealized gains	84		81
Gross unrealized losses	3		9
Allowance for credit loss	4
Estimated fair value	2,415		2,251
U.S. Treasury and Obligations of Government-sponsored Enterprises [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	142		339
Gross unrealized gains			2
Gross unrealized losses	5		3
Estimated fair value	137		338
Foreign Government [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	515		512
Gross unrealized gains	22		32
Gross unrealized losses	1
Estimated fair value	536		544
Fixed Maturities Trading [Member]
Amortized Cost and Fair Values of Fixed Maturity Securities [Abstract]
Cost or amortized cost	10		37
Gross unrealized gains			5
Estimated fair value	$ 10		$ 42

Investments, Available-for-Sa_2

Investments, Available-for-Sale Securities in Gross Unrealized Loss Position (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Gross Unrealized Losses [Abstract]
Additional impairment losses	$ 0
Fixed Maturity Securities [Member]
Estimated Fair Value [Abstract]
Less than 12 months	2,786	$ 1,666
12 months or longer	351	64
Total	3,137	1,730
Gross Unrealized Losses [Abstract]
Less than 12 months	55	74
12 months or longer	15	3
Total	70	77
Corporate and Other Bonds [Member]
Estimated Fair Value [Abstract]
Less than 12 months	1,190	609
12 months or longer	61	12
Total	1,251	621
Gross Unrealized Losses [Abstract]
Less than 12 months	33	21
12 months or longer	2	1
Total	35	22
States, Municipalities and Political Subdivisions [Member]
Estimated Fair Value [Abstract]
Less than 12 months	128	33
Total	128	33
Gross Unrealized Losses [Abstract]
Less than 12 months	2
Total	2
Total Asset-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	1,340	948
12 months or longer	290	52
Total	1,630	1,000
Gross Unrealized Losses [Abstract]
Less than 12 months	14	50
12 months or longer	13	2
Total	27	52
Residential Mortgage-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	932	71
12 months or longer	10	11
Total	942	82
Gross Unrealized Losses [Abstract]
Less than 12 months	10	1
Total	10	1
Commercial Mortgage-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	153	533
12 months or longer	206	28
Total	359	561
Gross Unrealized Losses [Abstract]
Less than 12 months	2	40
12 months or longer	12	2
Total	14	42
Other Asset-Backed [Member]
Estimated Fair Value [Abstract]
Less than 12 months	255	344
12 months or longer	74	13
Total	329	357
Gross Unrealized Losses [Abstract]
Less than 12 months	2	9
12 months or longer	1
Total	3	9
U.S. Treasury and Obligations of Government-sponsored Enterprises [Member]
Estimated Fair Value [Abstract]
Less than 12 months	80	63
Total	80	63
Gross Unrealized Losses [Abstract]
Less than 12 months	5	3
Total	5	3
Foreign Government [Member]
Estimated Fair Value [Abstract]
Less than 12 months	48	13
Total	48	$ 13
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	Jun. 30, 2021	Dec. 31, 2020
Cost or Amortized Cost [Abstract]
Cost or amortized cost	$ 39,826	$ 38,963
Estimated Fair Value [Abstract]
Estimated fair value	44,910	44,646
Available-for-Sale Fixed Maturities [Member]
Cost or Amortized Cost [Abstract]
Due in one year or less	1,685	1,456
Due after one year through five years	10,723	12,304
Due after five years through ten years	13,775	12,319
Due after ten years	13,633	12,847
Cost or amortized cost	39,816	38,926
Estimated Fair Value [Abstract]
Due in one year or less	1,702	1,458
Due after one year through five years	11,479	13,098
Due after five years through ten years	15,012	13,878
Due after ten years	16,707	16,170
Estimated fair value	$ 44,900	$ 44,604

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	Jun. 30, 2021USD ($)	[1]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2021	$ 15
2020	161
2019	283
2018	92
2017	170
Prior	311
Total	1,032
DSCR Greater than or Equal to 1.6x, LTV Less than 55% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2020	89
2019	33
2018	50
2017	113
Prior	183
Total	468
DSCR Greater than or Equal to 1.6x, LTV 55% to 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	19
2017	9
Prior	4
Total	32
DSCR Greater than or Equal to 1.6x, LTV Greater than 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2021	5
2019	6
Prior	24
Total	35
DSCR Between 1.2 to 1.6x, LTV Less than 55% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	16
2017	5
Prior	71
Total	92
DSCR Between 1.2 to 1.6x, LTV 55% to 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2021	10
2020	38
2019	39
2018	42
2017	27
Total	156
DSCR Between 1.2 to 1.6x, LTV Greater than 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2020	34
2019	44
2017	8
Prior	12
Total	98
DSCR Less than or Equal to 1.2x, LTV Less than 55% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	50
2017	8
Prior	10
Total	68
DSCR Less than or Equal to 1.2x, LTV 55% to 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	47
Total	47
DSCR Less than or Equal to 1.2x, LTV Greater than 65% [Member]
Mortgage Loans Amortized Cost Basis by Origination Year [Abstract]
2019	29
Prior	7
Total	$ 36
[1]	The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.

Investments, Aggregate Contract

Investments, Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
With Hedge Designation [Member] | Interest Rate Swaps [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount		$ 675
Liability, estimated fair value		(26)
Without Hedge Designation [Member] | Interest Rate Swaps [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	$ 100	100
Liability, estimated fair value	(2)	(3)
Without Hedge Designation [Member] | Options [Member] | Purchased [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	6	135
Asset, estimated fair value		3
Without Hedge Designation [Member] | Embedded Derivative on Funds Withheld Liability [Member]
Gross Estimated Fair Values of Derivative Positions [Abstract]
Contractual/notional amount	274	190
Liability, estimated fair value	$ (13)	$ (19)

Investments, Investment Commitm

Investments, Investment Commitments (Details) - Investments in Assets Requiring Future Purchase, Sale or Funding Commitments [Member] $ in Millions	Jun. 30, 2021USD ($)
Investment Commitments [Abstract]
Commitments to purchase or fund investments	$ 1,300
Commitments to sell investments	$ 95

Fair Value, Assets and Liabilit

Fair Value, Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Recurring Basis [Member] - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Payable to Brokers [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Liabilities	$ (96)	$ (43)
Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	44,900	44,604
Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	25,058	25,207
States, Municipalities and Political Subdivisions [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	11,866	11,592
Asset-Backed [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	7,976	7,805
Fixed Maturities Trading [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	10	42
Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	44,910	44,646
Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	1,663	1,561
Short Term and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	4,698	4,577
Level 1 [Member] | Payable to Brokers [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Liabilities	(94)	(14)
Level 1 [Member] | Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	158	355
Level 1 [Member] | Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	158	355
Level 1 [Member] | Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	158	355
Level 1 [Member] | Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	884	796
Level 1 [Member] | Short Term and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	4,661	4,538
Level 2 [Member] | Payable to Brokers [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Liabilities	(2)	(29)
Level 2 [Member] | Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	43,392	43,125
Level 2 [Member] | Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	24,017	24,082
Level 2 [Member] | States, Municipalities and Political Subdivisions [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	11,809	11,546
Level 2 [Member] | Asset-Backed [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	7,566	7,497
Level 2 [Member] | Fixed Maturities Trading [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	10	34
Level 2 [Member] | Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	43,402	43,159
Level 2 [Member] | Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	743	722
Level 2 [Member] | Short Term and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	37	39
Level 3 [Member] | Fixed Maturities Available-for-Sale [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	1,350	1,124
Level 3 [Member] | Corporate Bonds and Other [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	883	770
Level 3 [Member] | States, Municipalities and Political Subdivisions [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	57	46
Level 3 [Member] | Asset-Backed [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	410	308
Level 3 [Member] | Fixed Maturities Trading [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets		8
Level 3 [Member] | Total Fixed Maturities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	1,350	1,132
Level 3 [Member] | Equity Securities [Member]
Assets and Liabilities Measured at Fair Value [Abstract]
Assets	$ 36	$ 43

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Fixed Maturities Available-for-Sale [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	$ 1,126	$ 693	$ 1,124	$ 633
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	4	0	(7)	0
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	22	77	(29)	32
Purchases	218	39	290	151
Sales	(3)	(9)	(3)	(9)
Settlements	(33)	(9)	(52)	(15)
Transfers into Level 3	21	0	40	0
Transfers out of Level 3	(5)	(14)	(13)	(15)
Ending balance	1,350	777	1,350	777
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	22	76	(29)	34
Corporate Bonds and Other [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	767	496	770	468
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	3		(10)
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	16	59	(24)	22
Purchases	122	4	164	71
Sales	(3)		(3)
Settlements	(22)	(4)	(24)	(6)
Transfers into Level 3			10
Ending balance	883	555	883	555
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	16	58	(24)	24
States, Municipalities and Political Subdivisions [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	44		46
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	2
Purchases	12		12
Settlements	(1)		(1)
Ending balance	57		57
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	2
Asset-Backed [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	315	197	308	165
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	1		3
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	4	18	(5)	10
Purchases	84	35	114	80
Sales		(9)		(9)
Settlements	(10)	(5)	(27)	(9)
Transfers into Level 3	21		30
Transfers out of Level 3	(5)	(14)	(13)	(15)
Ending balance	410	222	410	222
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	4	18	(5)	10
Fixed Maturities Trading [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	5	3	8	4
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	(3)	1	(6)
Settlements	(2)		(2)
Ending balance		4		4
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities		1
Total Fixed Maturities [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	1,131	696	1,132	637
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	1	1	(13)	0
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in OCI	22	77	(29)	32
Purchases	218	39	290	151
Sales	(3)	(9)	(3)	(9)
Settlements	(35)	(9)	(54)	(15)
Transfers into Level 3	21	0	40	0
Transfers out of Level 3	(5)	(14)	(13)	(15)
Ending balance	1,350	781	1,350	781
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities	0	1	0	0
Unrealized gains (losses) recognized in other comprehensive income (loss) on level 3 assets and liabilities	22	76	(29)	34
Equity Securities [Member]
Reconciliations for All Assets and Liabilities [Roll Forward]
Beginning balance	45	16	43	19
Net realized investment gains (losses) and net change in unrealized investment gains (losses), included in net income	(15)	(4)	(13)	(7)
Purchases	10		10
Sales	(4)		(4)
Transfers into Level 3		15		15
Ending balance	$ 36	27	36	27
Unrealized gains (losses) recognized in net income (loss) on level 3 assets and liabilities		$ (4)	$ 2	$ (7)

Fair Value, Significant Unobser

Fair Value, Significant Unobservable Inputs (Details) $ in Millions	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Estimated fair value	$ 44,910	$ 44,646
Level 3 [Member] | Fixed Maturity Securities [Member]
Quantitative Information About the Significant Unobservable Inputs [Abstract]
Estimated fair value	$ 1,067	$ 966
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	0.08	0.08
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	0.02	0.03

Fair Value, Financial Assets an

Fair Value, Financial Assets and Liabilities Not Measured at Fair Value (Details) - USD ($) $ in Millions	Jun. 30, 2021	Dec. 31, 2020
Carrying Amount [Member]
Assets [Abstract]
Other invested assets, primarily mortgage loans	$ 1,006	$ 1,068
Liabilities [Abstract]
Short term debt	121	35
Long term debt	8,982	10,042
Estimated Fair Value [Member]
Assets [Abstract]
Other invested assets, primarily mortgage loans	1,079	1,151
Liabilities [Abstract]
Short term debt	125	36
Long term debt	10,018	11,247
Estimated Fair Value [Member] | Level 2 [Member]
Liabilities [Abstract]
Short term debt		19
Long term debt	9,397	10,482
Estimated Fair Value [Member] | Level 3 [Member]
Assets [Abstract]
Other invested assets, primarily mortgage loans	1,079	1,151
Liabilities [Abstract]
Short term debt	125	17
Long term debt	$ 621	$ 765

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		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance		$ 54	$ 301	$ 179	$ 376
Liability for Unpaid Claim and Claim Adjustment Expenses [Roll Forward]
Gross reserves, beginning of year				22,706	21,720
Ceded reserves, beginning of year				4,005	3,835
Net reserves, beginning of year				18,701	17,885
Reduction of net reserves due to the excess workers' compensation loss portfolio transfer				(632)
Net incurred claim and claim adjustment expenses [Abstract]
Provision for insured events of current year				2,930	2,899
Increase (decrease) in provision for insured events of prior years				(78)	19
Amortization of discount				95	98
Total net incurred	[1]			2,947	3,016
Net payments attributable to [Abstract]
Current year events				(317)	(256)
Prior year events				(1,949)	(2,342)
Total net payments				(2,266)	(2,598)
Foreign currency translation adjustment and other				(5)	(35)
Net reserves, end of period		18,745	18,268	18,745	18,268
Ceded reserves, end of period		4,735	4,002	4,735	4,002
Gross reserves, end of period		$ 23,480	22,270	$ 23,480	22,270
COVID-19 Pandemic [Member]
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance			182		195
Civil Unrest [Member]
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance			61		61
Severe Weather-Related Events [Member]
Claim and Claim Adjustment Expense Reserves [Abstract]
Catastrophe losses, net of reinsurance			$ 58		$ 120
[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, the loss on the excess workers’ compensation loss portfolio transfer, uncollectible reinsurance and benefit expenses related to future policy benefits, which are not reflected in the table above.

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		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	$ 29	$ 22	$ 14	$ 7
Property and Casualty Operations [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	11	28	26	43
Medical Professional Liability [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development			8	10
Other Professional Liability and Management Liability [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	10	(9)	10	(6)
Surety [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	(23)		(38)	(30)
Commercial Auto [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	30	15	30	24
Workers' Compensation [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	(42)	(61)	(42)	(74)
Property and Other [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	14	27	6	33
Other Insurance Operations [Member]
Net Prior Year Development [Abstract]
Pretax (favorable) unfavorable development	$ 40	$ 50	$ 40	$ 50

Claim and Claim Adjustment Ex_5

Claim and Claim Adjustment Expense Reserves, Asbestos and Environmental Pollution Reserves (Details) - A&EP Reserves [Member] - USD ($) $ in Millions	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2010	Dec. 31, 2020
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	$ 12	$ 20	$ 22	$ 34
Cumulative amounts ceded under loss portfolio transfer	3,300		3,300			$ 3,300
Unrecognized deferred retroactive reinsurance benefit	376		376			$ 398
Fair value of collateral trust account	$ 2,900		$ 2,900

Claim and Claim Adjustment Ex_6

Claim and Claim Adjustment Expense Reserves, Reinsurance of Excess Workers' Compensation Policies (Details) - USD ($) $ in Millions	Feb. 05, 2021	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2021	Jun. 30, 2020	Feb. 05, 2021	Dec. 31, 2019
Reinsurance of Excess Workers' Compensation Policies [Abstract]
Claims paid				$ 2,266	$ 2,598
Cavello [Member]
Reinsurance of Excess Workers' Compensation Policies [Abstract]
Percentage of outstanding reserves maintained as security in collateral trust account		105.00%
CNA Financial [Member]
Reinsurance of Excess Workers' Compensation Policies [Abstract]
Reinsurance recoverable		$ 310		310
CNA Financial [Member] | Loss Portfolio Transfer for Workers' Compensation Liabilities [Member]
Reinsurance of Excess Workers' Compensation Policies [Abstract]
Reinsurance recoverable		690		690			$ 690
Reinsurance premium paid	$ 697
Claims paid						$ 64
Loss contingency, after tax and noncontrolling interests			$ 11
CNA Financial [Member] | Loss Portfolio Transfer for Workers' Compensation Liabilities [Member] | Maximum [Member]
Reinsurance of Excess Workers' Compensation Policies [Abstract]
Reinsurance recoverable	$ 1,000	$ 1,000		$ 1,000		$ 1,000

Shareholders' Equity, Component

Shareholders' Equity, Components of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	$ 18,537	$ 19,178	$ 19,181	$ 21,930
Other comprehensive income (loss)	326	1,228	(285)	84
Balance	19,398	18,413	19,398	18,413
Accumulated Other Comprehensive Income (Loss) [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	34	(1,093)	581	(68)
Other comprehensive income (loss) before reclassifications, after tax	341	1,233	(249)	17
Reclassification of (income) losses from accumulated other comprehensive income, after tax	(15)	(5)	(36)	67
Other comprehensive income (loss)	326	1,228	(285)	84
Amounts attributable to noncontrolling interests	(33)	(130)	31	(11)
Balance	327	5	327	5
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	0	(10)	0	0
Other comprehensive income (loss) before reclassifications, after tax	1	(2)	(2)	(50)
Reclassification of (income) losses from accumulated other comprehensive income, after tax	(1)	4	2	41
Other comprehensive income (loss)	0	2	0	(9)
Amounts attributable to noncontrolling interests				1
Balance	0	(8)	0	(8)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	0	0	1	13
Reclassification of (income) losses from accumulated other comprehensive income, tax	0	(1)	(1)	(11)
Net Unrealized Gains (Losses) on Other Investments [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	1,002	(15)	1,563	918
Other comprehensive income (loss) before reclassifications, after tax	323	1,209	(270)	143
Reclassification of (income) losses from accumulated other comprehensive income, after tax	(23)	(18)	(57)	4
Other comprehensive income (loss)	300	1,191	(327)	147
Amounts attributable to noncontrolling interests	(31)	(126)	35	(15)
Balance	1,271	1,050	1,271	1,050
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	(82)	(321)	72	(34)
Reclassification of (income) losses from accumulated other comprehensive income, tax	7	4	15	(2)
Unrealized Gains (Losses) on Cash Flow Hedges [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(19)	(25)	(23)	(6)
Other comprehensive income (loss) before reclassifications, after tax	8	(1)	11	(20)
Reclassification of (income) losses from accumulated other comprehensive income, after tax		1	1	1
Other comprehensive income (loss)	8	0	12	(19)
Balance	(11)	(25)	(11)	(25)
Other Comprehensive Income (Loss), Tax [Abstract]
Other comprehensive income (loss) before reclassifications, tax	(1)	2	(3)	8
Reclassification of (income) losses from accumulated other comprehensive income, tax	(1)	(1)	(2)	(1)
Pension and Postretirement Benefits [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(869)	(842)	(877)	(855)
Other comprehensive income (loss) before reclassifications, after tax	(2)	(2)	(2)	(1)
Reclassification of (income) losses from accumulated other comprehensive income, after tax	9	8	18	21
Other comprehensive income (loss)	7	6	16	20
Amounts attributable to noncontrolling interests	(1)	(1)	(2)	(2)
Balance	(863)	(837)	(863)	(837)
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)	(5)	(5)
Foreign Currency Translation [Member]
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]
Balance	(80)	(201)	(82)	(125)
Other comprehensive income (loss) before reclassifications, after tax	11	29	14	(55)
Other comprehensive income (loss)	11	29	14	(55)
Amounts attributable to noncontrolling interests	(1)	(3)	(2)	5
Balance	(70)	(175)	(70)	(175)
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

Shareholders' Equity, Treasury

Shareholders' Equity, Treasury Stock (Details) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Treasury Stock [Abstract]
Purchases of Loews treasury stock (in shares)			9.5	10.7
Purchase of treasury stock	$ 219	$ 33	$ 493	$ 478

Revenue from Contracts with C_3

Revenue from Contracts with Customers (Details) - USD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers		$ 396	$ 617	$ 1,093	$ 1,576
Other revenues		19	33	37	56
Operating revenues and other		415	650	1,130	1,632
Deferred Revenue [Abstract]
Deferred revenue		4,309		4,309		$ 4,023
Revenue recognized				624	574
Performance Obligations [Abstract]
Remaining performance obligations		13,300		13,300
Receivables [Member]
Receivables from Contracts with Customers [Abstract]
Receivables from contracts with customers		106		106		246
Other Liabilities [Member]
Deferred Revenue [Abstract]
Deferred revenue		4,400		4,400		$ 4,100
CNA Financial [Member] | Non-Insurance Warranty [Member]
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers		359	308	697	609
Boardwalk Pipelines [Member] | Transportation and Storage of Natural Gas and NGLs and Other Services [Member]
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers		302	286	663	618
Loews Hotels & Co [Member] | Lodging and Related Services [Member]
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers		94	16	150	158
Corporate [Member] | Rigid Plastic Packaging and Recycled Resin [Member]
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	[1]		244	280	500
Diamond Offshore [Member] | Contract Drilling [Member]
Disaggregation of Revenues [Abstract]
Revenues from contracts with customers	[2]		$ 71		$ 300
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01
Performance Obligations [Abstract]
Remaining performance obligations		$ 1,200		$ 1,200
Expected timing of satisfaction		6 months		6 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Performance Obligations [Abstract]
Remaining performance obligations		$ 2,200		$ 2,200
Expected timing of satisfaction		1 year		1 year
[1]	Revenues presented for Corporate reflect the periods prior to the deconsolidation of Altium Packaging in the second quarter of 2021. See Note 2 for further discussion.
[2]	Revenues presented for Diamond Offshore reflect the periods prior to its deconsolidation. in the second quarter of 2020. See Note 2 for further discussion.

Benefit Plans (Details)

Benefit Plans (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Pension Benefits [Member]
Components of Net Periodic Benefit [Abstract]
Service cost		$ 1	$ 1	$ 2
Interest cost	$ 18	23	36	46
Expected return on plan assets	(43)	(44)	(86)	(87)
Amortization of unrecognized net loss	13	12	25	23
Amortization of unrecognized prior service benefit		1		1
Settlement charge	2	3	2	7
Net periodic (benefit) cost	(10)	(4)	(22)	(8)
Other Postretirement Benefits [Member]
Components of Net Periodic Benefit [Abstract]
Interest cost	1	1	1	1
Expected return on plan assets		(1)	(1)	(2)
Net periodic (benefit) cost	$ 1	$ 0	$ 0	$ (1)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Billions	Jun. 30, 2021USD ($)
CNA [Member]
CNA Financial [Abstract]
Potential amount of future payments under guarantees	$ 1.6

Segments (Details)

Segments (Details) $ in Millions		Apr. 01, 2021	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)		Jun. 30, 2021USD ($)SubsidiariesSegment		Jun. 30, 2020USD ($)
Segments [Abstract]
Number of reportable segments | Segment						4
Number of individual operating subsidiaries | Subsidiaries						3
Revenues [Abstract]
Insurance premiums			$ 2,035	$ 1,850		$ 3,997		$ 3,719
Net investment income (loss)			616	644		1,166		807
Investment gains (losses)	[1]		578	(1,142)		635		(1,358)
Non-insurance warranty revenue			359	308		697		609
Operating revenues and other			415	650		1,130		1,632
Total			4,003	2,310		7,625		5,409
Expenses [Abstract]
Insurance claims and policyholders' benefits			1,546	1,642		3,052		3,067
Amortization of deferred acquisition costs			357	342		716		686
Non-insurance warranty expense			332	285		643		566
Operating expenses and other			656	992		1,570		3,018
Interest			100	123		225		267
Total			2,991	3,384		6,206		7,604
Income (loss) before income tax			1,012	(1,074)		1,419		(2,195)
Income tax (expense) benefit			(219)	228		(333)		305
Net income (loss)			793	(846)		1,086		(1,890)
Amounts attributable to noncontrolling interests			(39)	11		(71)		423
Net income (loss) attributable to Loews Corporation			754	(835)		1,015		(1,467)
Altium Packaging LLC [Member]
Segments [Abstract]
Percentage interest of subsidiary sold		47.00%
Operating Segments [Member]
Revenues [Abstract]
Insurance premiums			2,035	1,850		3,997		3,719
Net investment income (loss)			616	644		1,166		807
Investment gains (losses)			578	(1,142)		635		(1,358)
Non-insurance warranty revenue			359	308		697		609
Operating revenues and other			415	650		1,130		1,632
Total			4,003	2,310		7,625		5,409
Expenses [Abstract]
Insurance claims and policyholders' benefits			1,546	1,642		3,052		3,067
Amortization of deferred acquisition costs			357	342		716		686
Non-insurance warranty expense			332	285		643		566
Operating expenses and other			656	992		1,570		3,018
Interest			100	123		225		267
Total			2,991	3,384		6,206		7,604
Income (loss) before income tax			1,012	(1,074)		1,419		(2,195)
Income tax (expense) benefit			(219)	228		(333)		305
Net income (loss)			793	(846)		1,086		(1,890)
Amounts attributable to noncontrolling interests			(39)	11		(71)		423
Net income (loss) attributable to Loews Corporation			754	(835)		1,015		(1,467)
Operating Segments [Member] | CNA Financial [Member]
Revenues [Abstract]
Insurance premiums			2,035	1,850		3,997		3,719
Net investment income (loss)			591	534		1,095		863
Investment gains (losses)			38	69		95		(147)
Non-insurance warranty revenue			359	308		697		609
Operating revenues and other			6	5		11		13
Total			3,029	2,766		5,895		5,057
Expenses [Abstract]
Insurance claims and policyholders' benefits			1,546	1,642		3,052		3,067
Amortization of deferred acquisition costs			357	342		716		686
Non-insurance warranty expense			332	285		643		566
Operating expenses and other			302	283		587		583
Interest			29	31		57		62
Total			2,566	2,583		5,055		4,964
Income (loss) before income tax			463	183		840		93
Income tax (expense) benefit			(94)	(32)		(160)		(4)
Net income (loss)			369	151		680		89
Amounts attributable to noncontrolling interests			(39)	(16)		(71)		(9)
Net income (loss) attributable to Loews Corporation			330	135		609		80
Operating Segments [Member] | Boardwalk Pipelines [Member]
Revenues [Abstract]
Operating revenues and other			312	296		684		637
Total			312	296		684		637
Expenses [Abstract]
Operating expenses and other			209	210		426		421
Interest			40	41		81		83
Total			249	251		507		504
Income (loss) before income tax			63	45		177		133
Income tax (expense) benefit			(16)	(11)		(45)		(34)
Net income (loss)			47	34		132		99
Net income (loss) attributable to Loews Corporation			47	34		132		99
Operating Segments [Member] | Loews Hotels & Co [Member]
Revenues [Abstract]
Net investment income (loss)			1			1	[2]
Operating revenues and other			97	34		154		176
Total			98	34		155		176
Expenses [Abstract]
Operating expenses and other			115	123		219		290
Interest			9	8		17		16
Total			124	131		236		306
Income (loss) before income tax			(26)	(97)		(81)		(130)
Income tax (expense) benefit			5	25		17		33
Net income (loss)			(21)	(72)		(64)		(97)
Net income (loss) attributable to Loews Corporation			(21)	(72)		(64)		(97)
Operating Segments [Member] | Corporate [Member]
Revenues [Abstract]
Net investment income (loss)			24	110	[3]	70	[2]	(56)	[3]
Investment gains (losses)			540	(1,211)	[3]	540	[2]	(1,211)	[3]
Operating revenues and other				244	[3]	281	[2]	501	[3]
Total			564	(857)	[3]	891	[2]	(766)	[3]
Expenses [Abstract]
Operating expenses and other			30	260	[3]	338	[2]	528	[3]
Interest			22	32	[3]	70	[2]	63	[3]
Total			52	292	[3]	408	[2]	591	[3]
Income (loss) before income tax			512	(1,149)	[3]	483	[2]	(1,357)	[3]
Income tax (expense) benefit			(114)	241	[3]	(145)	[2]	284	[3]
Net income (loss)			398	(908)	[3]	338	[2]	(1,073)	[3]
Net income (loss) attributable to Loews Corporation			$ 398	(908)	[3]	$ 338	[2]	(1,073)	[3]
Operating Segments [Member] | Diamond Offshore [Member]
Revenues [Abstract]
Operating revenues and other	[4]			71				305
Total	[4]			71				305
Expenses [Abstract]
Operating expenses and other	[4]			116				1,196
Interest	[4]			11				43
Total	[4]			127				1,239
Income (loss) before income tax	[4]			(56)				(934)
Income tax (expense) benefit	[4]			5				26
Net income (loss)	[4]			(51)				(908)
Amounts attributable to noncontrolling interests	[4]			27				432
Net income (loss) attributable to Loews Corporation	[4]			$ (24)				$ (476)
[1]	Gross investment gains on available-for-sale securities were $51 and $102 for the three months ended June 30, 2021 and 2020 and $109 and $131 for the six months ended June 30, 2021 and 2020. Gross investment losses on available-for-sale securities were $20 and $85 for the three months ended June 30, 2021 and 2020 and $40 and $189 for the six months ended June 30, 2021 and 2020. During the three and six months ended June 30, 2021, $15 of investment gains were recognized due to the change in fair value of non-redeemable preferred stock still held as of June 30, 2021. During the three and six months ended June 30, 2020, $63 of investment gains and $70 of investment losses were recognized due to the change in fair value of non-redeemable preferred stock still held as of June 30, 2020.
[2]	Amounts presented for Corporate include the operating results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.
[3]	Amounts presented for Corporate include the operating results of Altium Packaging prior to the deconsolidation.
[4]	Amounts presented for Diamond Offshore reflect the periods prior to the deconsolidation.