l-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ____________ to _____________

Commission File Number 1-06541

LOEWS CORPORATION

(Exact name of registrant as specified in its charter)


Delaware			13-2646102
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

9 West 57th Street, New York, NY 10019-2714

(Address of principal executive offices) (Zip Code)

(212) 521-2000

(Registrant’s telephone number, including area code)

NOT APPLICABLE

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common stock, par value $0.01 per share	L	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes

☒

No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes

☒

No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐


			Emerging growth company			☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes

☐

☒

As of May 1, 2026, there were 205,768,873 shares of the registrant’s common stock outstanding.


			1

Table of contents

INDEX


			Page
			No.

Part I. Financial Information

Item 1. Financial Statements (unaudited)

Consolidated Condensed Balance Sheets			3
March 31, 2026 and December 31, 2025

Consolidated Condensed Statements of Operations			4
Three months ended March 31, 2026 and 2025

Consolidated Condensed Statements of Comprehensive Income (Loss)			5
Three months ended March 31, 2026 and 2025

Consolidated Condensed Statements of Equity			6
Three months ended March 31, 2026 and 2025

Consolidated Condensed Statements of Cash Flows			7
Three months ended March 31, 2026 and 2025

Notes to Consolidated Condensed Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			34

Item 3. Quantitative and Qualitative Disclosures about Market Risk			54

Item 4. Controls and Procedures			54

Part II. Other Information			54

Item 1. Legal Proceedings			54

Item 1A. Risk Factors			54

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			55

Item 5. Other Information			55

Item 6. Exhibits			56


			2

Table of contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED BALANCE SHEETS

(Unaudited)


	March 31,		December 31,
	2026		2025
(Dollar amounts in millions, except per share data)

Assets:

Investments:
Fixed maturities, amortized cost of $45,400 and $45,250, less allowance for credit loss of $75 and $69	$	43,570	$	43,984
Equity securities, cost of $1,372 and $1,201	1,354		1,292
Limited partnership investments	2,912		2,861
Other invested assets, primarily mortgage loans, less allowance for credit loss of $15 and $15	1,177		1,195
Short-term investments	5,274		6,044
Total investments	54,287		55,376
Cash	843		495
Receivables	10,990		10,983
Property, plant and equipment	10,775		10,695
Goodwill	348		349
Deferred non-insurance warranty acquisition expenses	3,098		3,220
Deferred acquisition costs of insurance subsidiaries	1,008		986
Other assets	4,303		4,244
Total assets	$	85,652	$	86,348

Liabilities and Equity:

Insurance reserves:
Claim and claim adjustment expense	$	26,933	$	26,599
Future policy benefits	13,195		13,448
Unearned premiums	7,646		7,635
Total insurance reserves	47,774		47,682
Payable to brokers	206		53
Short-term debt	1		1,052
Long-term debt	8,933		8,437
Deferred income taxes	793		839
Deferred non-insurance warranty revenue	3,976		4,138
Other liabilities	4,378		4,506
Total liabilities	66,061		66,707

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 – 206,054,049 and 206,003,999 shares	2		2
Additional paid-in capital	2,330		2,374
Retained earnings	17,701		17,377
Accumulated other comprehensive loss	(1,298)		(1,067)
	18,735		18,686
Less treasury stock, at cost (285,176 and 0 shares)	(31)		—
Total shareholders’ equity	18,704		18,686
Noncontrolling interests	887		955
Total equity	19,591		19,641
Total liabilities and equity	$	85,652	$	86,348

See accompanying Notes to Consolidated Condensed Financial Statements.


			3

Table of contents

Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS

(Unaudited)





Three Months Ended March 31	2026		2025
(In millions, except per share data)

Revenues:
Insurance premiums	$	2,699	$	2,626
Net investment income	613		608
Investment losses	(18)		(9)
Non-insurance warranty revenue	374		397
Operating revenues and other	887		872
Total	4,555		4,494

Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $19 and $8)	2,175		2,027
Amortization of deferred acquisition costs	476		471
Non-insurance warranty expense	356		385
Operating expenses and other	1,009		991
Equity method (income) loss	(37)		1
Interest	113		105
Total	4,092		3,980
Income before income tax	463		514
Income tax expense	(109)		(122)
Net income	354		392
Amounts attributable to noncontrolling interests	(17)		(22)
Net income attributable to Loews Corporation	$	337	$	370

Basic and diluted net income per share	$	1.63	$	1.74


Weighted average shares outstanding:
Shares of common stock	206.18		212.45
Dilutive potential shares of common stock	0.09		0.15
Total weighted average shares outstanding assuming dilution	206.27		212.60

See accompanying Notes to Consolidated Condensed Financial Statements.


			4

Table of contents

Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)





Three Months Ended March 31	2026		2025
(In millions)

Net income	$	354	$	392

Other comprehensive income (loss), after tax
Changes in:
Net unrealized losses on investments with an allowance for credit losses	(7)		(3)
Net unrealized gains (losses) on other investments	(425)		282
Total unrealized gains (losses) on investments	(432)		279
Impact of changes in discount rates used to measure long-duration contract liabilities	214		(114)
Unrealized gains (losses) on cash flow hedges	1		(3)
Pension and postretirement benefits	1		1
Foreign currency translation	(35)		37

Other comprehensive income (loss)	(251)		200

Comprehensive income	103		592

Amounts attributable to noncontrolling interests	3		(39)

Total comprehensive income attributable to Loews Corporation	$	106	$	553

See accompanying Notes to Consolidated Condensed Financial Statements.


			5

Table of contents

Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF EQUITY

(Unaudited)


			Loews Corporation Shareholders
	Total		Common Stock		Additional Paid-in Capital		Retained Earnings		Accumulated Other Comprehensive Income (Loss)		Common Stock Held in Treasury		Noncontrolling Interests
(In millions)

Balance, December 31, 2024, as reported	$	17,937	$	2	$	2,490	$	16,459	$	(1,867)	$	(18)	$	871
Cumulative effect adjustments from changes in accounting standards	5						5
Balance, January 1, 2025, as adjusted	17,942		2		2,490		16,464		(1,867)		(18)		871
Net income	392						370						22
Other comprehensive income	200								183				17
Dividends paid ($0.0625 per share)	(68)						(13)						(55)
Purchase of subsidiary stock from noncontrolling interests	(34)				(3)				(1)				(30)
Purchases of Loews Corporation treasury stock	(380)										(380)

Stock-based compensation	(16)				(34)								18
Other	(2)				(2)
Balance, March 31, 2025	$	18,034	$	2	$	2,451	$	16,821	$	(1,685)	$	(398)	$	843



Balance, January 1, 2026	$	19,641	$	2	$	2,374	$	17,377	$	(1,067)	$	—	$	955
Net income	354						337						17
Other comprehensive loss	(251)								(231)				(20)
Dividends paid ($0.0625 per share)	(68)						(13)						(55)

Purchase of subsidiary stock from noncontrolling interests	(36)				(2)								(34)
Purchases of Loews Corporation treasury stock	(31)										(31)

Stock-based compensation	(18)				(42)								24

Balance, March 31, 2026	$	19,591	$	2	$	2,330	$	17,701	$	(1,298)	$	(31)	$	887

See accompanying Notes to Consolidated Condensed Financial Statements.


			6

Table of contents

Loews Corporation and Subsidiaries

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(Unaudited)


Three Months Ended March 31	2026		2025
(In millions)

Operating Activities:

Net income	$	354	$	392
Adjustments to reconcile net income to net cash provided by operating activities, net	200		180







Changes in operating assets and liabilities, net:
Receivables	1		(246)
Deferred acquisition costs	(24)		(37)
Insurance reserves	446		656
Other assets	83		(92)
Other liabilities	(406)		27
Trading securities	(582)		(144)
Net cash flow provided by operating activities	72		736

Investing Activities:

Purchases of fixed maturities	(1,502)		(1,775)
Proceeds from sales of fixed maturities	364		643
Proceeds from maturities of fixed maturities	813		814
Purchases of equity securities	(174)		(124)
Proceeds from sales of equity securities	136		104
Purchases of limited partnership investments	(83)		(78)
Proceeds from sales of limited partnership investments	33		25
Purchases of property, plant and equipment	(204)		(98)



Change in short-term investments	1,576		330
Other, net	35		(45)
Net cash flow provided (used) by investing activities	994		(204)

Financing Activities:

Dividends paid	(13)		(13)
Dividends paid to noncontrolling interests	(55)		(55)
Purchases of Loews Corporation treasury stock	(31)		(394)
Purchases of subsidiary stock from noncontrolling interests	(36)		(34)
Principal payments on debt	(1,051)		(1)
Issuance of debt	495
Other, net	(23)		(23)
Net cash flow used by financing activities	(714)		(520)

Effect of foreign exchange rate on cash	(4)		7

Net change in cash	348		19
Cash, beginning of period	495		541
Cash, end of period	$	843	$	560

See accompanying Notes to Consolidated Condensed Financial Statements.


			7

Table of contents

Loews Corporation and Subsidiaries

NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS

(Unaudited)

1. Basis of Presentation

Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders. In addition, we own approximately 53% of Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary accounted for under the equity method of accounting, which is engaged in the manufacture of rigid plastic packaging solutions.

In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of March 31, 2026 and December 31, 2025, and its results of operations, comprehensive income (loss), changes in shareholders’ equity and cash flows for the three months ended March 31, 2026 and 2025, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

The Company presents basic and diluted net income per share on the Consolidated Condensed Statements of Operations. Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2026 and 2025, there were 1.2 million shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares calculations because the effect would have been antidilutive.

Accounting Standards Pending Adoption - In November of 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.

In September of 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software project and (2) it is probable that the software will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method or a modified prospective transition method. The Company does not currently expect the updated guidance to have a material impact on its financial statements.


			8

Table of contents

2. Investments

Net investment income is as follows:





Three Months Ended March 31	2026		2025
(In millions)

Fixed maturity securities	$	543	$	521
Limited partnership investments	55		56
Short-term investments	20		19
Equity securities (a)	(4)		6
Income (loss) from trading portfolio (a)	(2)		4
Other	27		26
Total investment income	639		632
Investment expenses	(26)		(24)
Net investment income	$	613	$	608
(a) Aggregate income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2026 and 2025	$	(74)	$	(49)

Investment gains (losses) are as follows:





Three Months Ended March 31	2026		2025
(In millions)

Fixed maturity securities:
Gross gains	$	6	$	13
Gross losses	(20)		(22)
Investment losses on fixed maturity securities	(14)		(9)
Equity securities (a)	(4)




Investment losses	$	(18)	$	(9)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2026 and 2025	$	(5)	$	(2)


			9

Table of contents

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:





Three Months Ended March 31	2026		2025
(In millions)

Fixed maturity securities available-for-sale:
Corporate and other bonds	$	8	$	7
Asset-backed	3
Impairment losses recognized in earnings	$	11	$	7

There were no impairment losses recognized on mortgage loans during the three months ended March 31, 2026 or 2025.


			10

Table of contents

The following tables present a summary of fixed maturity securities:


March 31, 2026	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	$	25,624	$	482	$	1,074	$	31	$	25,001
States, municipalities and political subdivisions	9,110		255		793				8,572
Asset-backed:
Residential mortgage-backed	4,035		37		372				3,700
Commercial mortgage-backed	1,498		13		81		21		1,409
Other asset-backed	3,722		19		219		23		3,499
Total asset-backed	9,255		69		672		44		8,608
U.S. Treasury and obligations of government sponsored enterprises	244		1		3				242
Foreign government	769		6		26				749
Redeemable preferred stock	8								8
Fixed maturities available-for-sale	$	45,010	$	813	$	2,568	$	75	$	43,180
Fixed maturities trading	390								390
Total fixed maturity securities	$	45,400	$	813	$	2,568	$	75	$	43,570


December 31, 2025


Fixed maturity securities:
Corporate and other bonds	$	25,484	$	682	$	881	$	28	$	25,257
States, municipalities and political subdivisions	8,870		303		742				8,431
Asset-backed:
Residential mortgage-backed	4,011		50		366				3,695
Commercial mortgage-backed	1,515		18		80		21		1,432
Other asset-backed	3,729		28		194		20		3,543
Total asset-backed	9,255		96		640		41		8,670
U.S. Treasury and obligations of government sponsored enterprises	236		1		3				234
Foreign government	764		7		20				751
Redeemable preferred stock	8								8
Fixed maturities available-for-sale	$	44,617	$	1,089	$	2,286	$	69	$	43,351
Fixed maturities trading	633								633
Total fixed maturity securities	$	45,250	$	1,089	$	2,286	$	69	$	43,984


			11

Table of contents

The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:


	Less than 12 Months				12 Months or Longer				Total
March 31, 2026	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

Fixed maturity securities:
Corporate and other bonds	$	6,698	$	142	$	7,903	$	932	$	14,601	$	1,074
States, municipalities and political subdivisions	718		12		3,398		781		4,116		793
Asset-backed:
Residential mortgage-backed	365		5		1,882		367		2,247		372
Commercial mortgage-backed	126		3		825		78		951		81
Other asset-backed	819		13		1,334		206		2,153		219
Total asset-backed	1,310		21		4,041		651		5,351		672
U.S. Treasury and obligations of government-sponsored enterprises	98		2		14		1		112		3
Foreign government	285		5		236		21		521		26
Total fixed maturity securities	$	9,109	$	182	$	15,592	$	2,386	$	24,701	$	2,568

December 31, 2025

Fixed maturity securities:
Corporate and other bonds	$	2,776	$	56	$	8,576	$	825	$	11,352	$	881
States, municipalities and political subdivisions	403		8		3,471		734		3,874		742
Asset-backed:
Residential mortgage-backed	154		1		2,002		365		2,156		366
Commercial mortgage-backed	36		2		887		78		923		80
Other asset-backed	420		9		1,432		185		1,852		194
Total asset-backed	610		12		4,321		628		4,931		640
U.S. Treasury and obligations of government-sponsored enterprises	78		2		18		1		96		3
Foreign government	131		1		260		19		391		20
Total fixed maturity securities	$	3,998	$	79	$	16,646	$	2,207	$	20,644	$	2,286


			12

Table of contents

The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.


	March 31, 2026				December 31, 2025
	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	2,053	$	271	$	1,980	$	267
AAA	1,521		256		1,376		243
AA	4,256		678		3,827		623
A	6,408		513		5,025		440
BBB	9,446		749		7,758		639
Non-investment grade	1,017		101		678		74
Total	$	24,701	$	2,568	$	20,644	$	2,286

Based on current facts and circumstances, the unrealized losses presented in the March 31, 2026 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of March 31, 2026.

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 receivable on available-for-sale fixed maturity securities totaled $477 million, $470 million and $456 million as of March 31, 2026, December 31, 2025 and March 31, 2025 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.


Three months ended March 31, 2026	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2026	$	28	$	41	$	69
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	3				3







Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			3		3
Total allowance for credit losses	$	31	$	44	$	75


			13

Table of contents


Three months ended March 31, 2025	Corporate and Other Bonds		Asset-backed		Total
(In millions)

Allowance for credit losses:
Balance as of January 1, 2025	$	13	$	32	$	45
Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded







Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period	2				2
Total allowance for credit losses	$	15	$	32	$	47

Contractual Maturity

The following table presents available-for-sale fixed maturity securities by contractual maturity.


	March 31, 2026				December 31, 2025
	Cost or Amortized Cost		Estimated Fair Value		Cost or Amortized Cost		Estimated Fair Value
(In millions)

Due in one year or less	$	1,403	$	1,397	$	1,392	$	1,389
Due after one year through five years	11,744		11,529		11,318		11,214
Due after five years through ten years	13,199		12,789		13,440		13,187
Due after ten years	18,664		17,465		18,467		17,561
Total	$	45,010	$	43,180	$	44,617	$	43,351

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.


			14

Table of contents

Mortgage Loans

The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.


	Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of March 31, 2026	2026		2025		2024		2023		2022		Prior		Total
(In millions)

DSCR ≥1.6x
LTV less than 55%			$	38			$	33			$	219	$	290
LTV 55% to 65%			37				12		$	26	12		87
LTV greater than 65%											13		13
DSCR 1.2x - 1.6x
LTV less than 55%	$	6			$	68	29		4		80		187
LTV 55% to 65%			107		33		38		21		28		227
LTV greater than 65%	5		7						46				58
DSCR ≤1.2x
LTV less than 55%							22				21		43
LTV 55% to 65%			37						45		15		97
LTV greater than 65%									22		46		68
Total	$	11	$	226	$	101	$	134	$	164	$	434	$	1,070


(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.

Investment Commitments

As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of March 31, 2026, commitments to purchase or fund were approximately $1.8 billion and to sell were approximately $40 million under the terms of these investments.


			15

Table of contents

3. Fair Value

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.


March 31, 2026	Level 1		Level 2		Level 3		Total
(In millions)

Fixed maturity securities:
Corporate bonds and other	$	246	$	24,240	$	1,514	$	26,000
States, municipalities and political subdivisions			8,528		44		8,572
Asset-backed			7,653		955		8,608
Fixed maturities available-for-sale	246		40,421		2,513		43,180
Fixed maturities trading	390						390
Total fixed maturities	$	636	$	40,421	$	2,513	$	43,570

Equity securities	$	818	$	504	$	32	$	1,354
Short-term and other	5,019		31				5,050


Payable to brokers	(37)						(37)

December 31, 2025


Fixed maturity securities:
Corporate bonds and other	$	238	$	24,529	$	1,483	$	26,250
States, municipalities and political subdivisions			8,386		45		8,431
Asset-backed			7,672		998		8,670
Fixed maturities available-for-sale	238		40,587		2,526		43,351
Fixed maturities trading	603		30				633
Total fixed maturities	$	841	$	40,617	$	2,526	$	43,984

Equity securities	$	762	$	497	$	33	$	1,292
Short-term and other	5,820		51				5,871

Payable to brokers	(43)						(43)


			16

Table of contents

The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2026 and 2025:


			Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)																Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at March 31		Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at March 31
2026	Balance, January 1		Included in Net Income		Included in OCI		Purchases		Sales		Settlements		Transfers into Level 3		Transfers out of Level 3		Balance, March 31
(In millions)

Fixed maturity securities:
Corporate bonds and other	$	1,483	$	(3)	$	(24)	$	63			$	(5)					$	1,514			$	(24)
States, municipalities and political subdivisions	45				(1)												44				(1)
Asset-backed	998		2		(16)		40				(20)				$	(49)	955				(16)
Fixed maturities available-for-sale	$	2,526	$	(1)	$	(41)	$	103	$	—	$	(25)	$	—	$	(49)	$	2,513	$	—	$	(41)



Equity securities	$	33	$	(1)													$	32	$	(1)


2025

Fixed maturity securities:
Corporate bonds and other	$	1,278			$	21	$	55			$	(18)	$	15			$	1,351			$	21
States, municipalities and political subdivisions	42				2												44				2
Asset-backed	876		$	4	1		27				(19)						889				1
Fixed maturities available-for-sale	$	2,196	$	4	$	24	$	82	$	—	$	(37)	$	15	$	—	$	2,284	$	—	$	24



Equity securities	$	20	$	1							$	(4)					$	17	$	(1)


			17

Table of contents

Net investment gains and losses are reported in Net income as follows:


Category of Assets and Liabilities			Consolidated Condensed Statements of Operations Line Items

Fixed maturity securities available-for-sale			Investment gains (losses)
Fixed maturity securities trading			Net investment income
Equity securities			Investment gains (losses) and Net investment income
Other invested assets			Investment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolio			Net investment income
Derivative financial instruments, other			Investment gains (losses) and Operating revenues and other

Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.


March 31, 2026	Estimated Fair Value		Valuation Techniques	Unobservable Inputs	Range (Weighted Average)
	(In millions)

Fixed maturity securities	$	1,981	Discounted cash flow	Credit spread	1	%	—	11	%	(2	%)

December 31, 2025

Fixed maturity securities	$	1,927	Discounted cash flow	Credit spread	1	%	—	11	%	(2	%)

For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.

Financial Assets and Liabilities Not Measured at Fair Value

The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items.


			18

Table of contents


	Carrying Amount		Estimated Fair Value
March 31, 2026			Level 1	Level 2		Level 3		Total
(In millions)

Assets:
Other invested assets, primarily mortgage loans	$	1,055				$	1,043	$	1,043

Liabilities:
Short-term debt	1					1		1
Long-term debt	8,933			$	7,801	992		8,793

December 31, 2025

Assets:
Other invested assets, primarily mortgage loans	$	1,079				$	1,072	$	1,072

Liabilities:
Short-term debt	1,051			$	1,051	2		1,053
Long-term debt	8,435			7,431		995		8,426

4. Claim and Claim Adjustment Expense Reserves

Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.

Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. Catastrophe-related reinstatement premiums represent additional consideration paid under certain reinsurance agreements to reinstate coverage limits that have been exhausted as a result of losses. Catastrophe losses, net of reinsurance, of $88 million and catastrophe-related reinsurance reinstatement premiums of $9 million were recorded for the three months ended March 31, 2026, driven by severe weather-related events. Catastrophe losses, net of reinsurance, of $97 million were recorded for the three months ended March 31, 2025, driven by severe weather-related events, including $53 million for the California wildfires. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended March 31, 2025.


			19

Table of contents

Liability for Unpaid Claim and Claim Adjustment Expenses

The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.


Three Months Ended March 31	2026		2025
(In millions)

Reserves, beginning of year:
Gross	$	26,599	$	24,976
Ceded	5,982		5,713
Net reserves, beginning of year	20,617		19,263



Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	1,763		1,650
Increase (decrease) in provision for insured events of prior years	102		80
Amortization of discount	10		10
Total net incurred (a)	1,875		1,740

Net payments attributable to:
Current year events	(96)		(80)
Prior year events	(1,381)		(1,212)
Total net payments	(1,477)		(1,292)

Foreign currency translation adjustment and other	(50)		53

Net reserves, end of period	20,965		19,764
Ceded reserves, end of period	5,968		5,817
Gross reserves, end of period	$	26,933	$	25,581


(a)			Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.

Net Prior Year Development

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable.

Unfavorable net prior year loss reserve development of $100 million and $61 million for the three months ended March 31, 2026 and 2025 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). No net prior year loss reserve development and unfavorable net prior year loss reserve development of $22 million for the three months ended March 31, 2026 and 2025 was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”).


			20

Table of contents

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 March 31	2026		2025
(In millions)


Other professional liability and management liability	$	45


Warranty			$	10
Commercial auto			50
General liability	55
Workers’ compensation			1

Total property & casualty operations	100		61
Other insurance operations			22
Total pretax unfavorable development	$	100	$	83

2026

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional errors and omissions (“E&O”) business in recent accident years.

Unfavorable development in general liability was due to higher than expected claim severity and frequency in the excess casualty line in recent accident years.

2025

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.

Unfavorable development in commercial auto was due to higher than expected claim severity, largely in CNA’s construction business in the most recent accident year.

Unfavorable development in Other insurance operations was associated with legacy mass tort abuse claim activity.

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.


			21

Table of contents

The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $22 million and $17 million for the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, the cumulative amounts ceded under the LPT were $3.9 billion. The unrecognized deferred retroactive reinsurance benefit was $448 million and $470 million as of March 31, 2026 and December 31, 2025 and is included within Other liabilities on the Consolidated Condensed Balance Sheets.

NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $2.6 billion as of March 31, 2026. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims.

Credit Risk for Ceded Reserves

The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.

5. Future Policy Benefits Reserves

Future policy benefits reserves are associated with CNA’s run-off long-term care business, which is included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheets.

The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations.

For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.


			22

Table of contents

The following table summarizes balances and changes in the LFPB:


	2026		2025
(In millions)

Present value of future net premiums
Balance, January 1	$	3,363	$	3,425
Effect of changes in discount rate	(71)		(7)
Balance, January 1, at original locked in discount rate	3,292		3,418
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a)			5
Adjusted balance, January 1	3,292		3,423
Interest accrual	42		44
Net premiums: earned during period	(99)		(101)
Balance, end of period at original locked in discount rate	3,235		3,366
Effect of changes in discount rate	23		38
Balance, March 31	$	3,258	$	3,404

Present value of future benefits & expenses
Balance, January 1	$	16,811	$	16,583
Effect of changes in discount rate	173		440
Balance, January 1, at original locked in discount rate	16,984		17,023
Effect of changes in cash flow assumptions (a)
Effect of actual variances from expected experience (a)	19		13
Adjusted balance, January 1	17,003		17,036
Interest accrual	227		229
Benefit & expense payments	(285)		(293)
Balance, end of period at original locked in discount rate	16,945		16,972
Effect of changes in discount rate	(492)		(264)
Balance, March 31	$	16,453	$	16,708


Net LFPB, March 31	$	13,195	$	13,304


(a)			As of March 31, 2026 and 2025, the re-measurement loss of $19 million and $8 million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.


			23

Table of contents

The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.





Three Months Ended March 31	2026		2025
(In millions)

Earned premiums	$	103	$	106
Interest accretion	185		185

The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.


	March 31,
	2026		2025

(In millions)

Expected future benefit and expense payments	$	31,077	$	31,433
Expected future gross premiums	4,821		5,089

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.4 billion and $3.6 billion as of March 31, 2026 and 2025.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of March 31, 2026 and 2025.

The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.


	March 31,				December 31,
	2026		2025		2025


Original locked in discount rate	5.15	%	5.19	%	5.16	%
Upper-medium grade fixed income instrument discount rate	5.51		5.40		5.32

For the three months ended March 31, 2026 and 2025, immediate charges to net income resulting from adverse development in certain cohorts where the net premium ratio (“NPR”) exceeded 100% were $22 million and $14 million. For the three months ended March 31, 2026 and 2025, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $8 million and $6 million.


			24

Table of contents

6. Shareholders’ Equity

Accumulated other comprehensive income (loss)

The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three months ended March 31, 2025 and 2026:


	Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses		Net Unrealized Gains (Losses) on Other Investments		Cumulative impact of changes in discount rates used to measure long duration contracts		Unrealized Gains (Losses) on Cash Flow Hedges		Pension and Postretirement Benefits		Foreign Currency Translation		Total Accumulated Other Comprehensive Income (Loss)
(In millions)










Balance, January 1, 2025	$	(13)	$	(1,720)	$	324	$	9	$	(224)	$	(243)	$	(1,867)
Other comprehensive income (loss) before reclassifications, after tax of $1, $(73), $31, $2, $0 and $0	(5)		276		(114)		(3)		(1)		37		190
Reclassification of losses from accumulated other comprehensive loss, after tax of $0, $(1), $0, $0, $0 and $0	2		6						2				10
Other comprehensive income (loss)	(3)		282		(114)		(3)		1		37		200
Amounts attributable to noncontrolling interests	1		(24)		9						(3)		(17)
Other			(1)										(1)
Balance, March 31, 2025	$	(15)	$	(1,463)	$	219	$	6	$	(223)	$	(209)	$	(1,685)



Balance, January 1, 2026	$	(15)	$	(907)	$	176	$	2	$	(212)	$	(111)	$	(1,067)
Other comprehensive income (loss) before reclassifications, after tax of $3, $117, $(57), $0, $0 and $0	(12)		(431)		214		1		(1)		(35)		(264)
Reclassification of losses from accumulated other comprehensive loss, after tax of $(1), $(2), $0, $0, $0 and $0	5		6						2				13
Other comprehensive income (loss)	(7)		(425)		214		1		1		(35)		(251)
Amounts attributable to noncontrolling interests	1		34		(17)						2		20

Balance, March 31, 2026	$	(21)	$	(1,298)	$	373	$	3	$	(211)	$	(144)	$	(1,298)

Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:


Major Category of AOCI			Affected Line Item

Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments			Investment gains (losses)
Unrealized gains (losses) on cash flow hedges			Operating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefits			Operating expenses and other


			25

Table of contents

Stock Purchases

Loews Corporation repurchased 0.3 million and 4.5 million shares of its common stock at aggregate costs of $31 million and $380 million during the three months ended March 31, 2026 and 2025.

Stock Issuances

Loews Corporation issued 0.1 million shares of its common stock to settle stock-based compensation awards during the three months ended March 31, 2026 and 2025.

7. Debt

In February of 2026, Loews Corporation completed a public offering of $500 million aggregate principal amount of 4.9% senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $500 million aggregate principal amount of its 3.8% senior notes due April 1, 2026.

In March of 2026, Boardwalk Pipelines redeemed the outstanding $550 million aggregate principal amount of its 6.0% senior notes due June 1, 2026.

8. Revenue from Contracts with Customers

Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 12:





Three Months Ended March 31	2026		2025
(In millions)

Non-insurance warranty – CNA Financial	$	374	$	397

Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines	$	612	$	609
Lodging and related services – Loews Hotels & Co	246		237


Total revenues from contracts with customers	858		846
Other revenues	29		26
Operating revenues and other	$	887	$	872

Receivables from contracts with customers – As of March 31, 2026 and December 31, 2025, receivables from contracts with customers were approximately $253 million and $252 million and are included within Receivables on the Consolidated Condensed Balance Sheets.

Deferred revenue – As of March 31, 2026 and December 31, 2025, deferred revenue resulting from contracts with customers was approximately $4.1 billion and $4.2 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $397 million and $413 million of revenues recognized during the three months ended March 31, 2026 and 2025 were included in deferred revenue as of December 31, 2025 and 2024.

Performance obligations – As of March 31, 2026, approximately $23.7 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Included in the balance are $9.5 billion of revenues that are anticipated under executed precedent or long-term firm transportation agreements associated with Boardwalk Pipelines’ growth projects. Approximately $2.3 billion is expected to be recognized during the remaining nine months of 2026, $2.5 billion in 2027 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.


			26

Table of contents

9. Benefit Plans

Several non-contributory defined benefit plans and postretirement benefit plans cover eligible employees and retirees.

The following table presents the components of net periodic (benefit) cost for the defined benefit plans:


	Pension Benefits				Other Postretirement Benefits
Three Months Ended March 31	2026		2025			2026		2025
(In millions)

Service cost			$	1
Interest cost	$	11	11			$	1	$	1
Expected return on plan assets	(14)		(15)			(1)		(1)
Amortization of unrecognized net loss	2		2



Net periodic benefit	$	(1)	$	(1)		$	—	$	—

CNA sponsors a noncontributory defined benefit pension plan, the CNA Retirement Plan (the “Plan”), covering certain eligible employees. The Plan has been closed to new entrants since 2000. In the first quarter of 2026, a subsidiary of CNA, as sponsor of the Plan, approved the decision to pursue termination of the Plan, effective June 30, 2026. The Plan will continue to be reflected in the consolidated condensed financial statements until the termination process, including the settlement or transfer of remaining benefit obligations, has been completed, which CNA currently anticipates will be in approximately 18 months.

10. Legal Proceedings

Loews Hotels & Co

On February 20, 2024, Jeanette Portillo and other plaintiffs filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington asserting antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed a motion to dismiss the complaint in Portillo on May 17, 2024. On August 29, 2025, the court granted the defendants’ motion to dismiss in Portillo and granted plaintiffs leave to amend their complaint. On October 3, 2025, plaintiffs in Portillo filed an amended class action complaint, which defendants jointly moved to dismiss on November 3, 2025. The court has not ruled on the motion to dismiss the amended complaint in Portillo. On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois asserting antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed a motion to dismiss the complaint in Segal on June 24, 2024. On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal, and granted plaintiff leave to amend the complaint. On April 28, 2025, Segal filed a third amended complaint, which defendants jointly moved to dismiss on June 12, 2025. On March 31, 2026, the court granted defendants’ motion to dismiss the third amended complaint in Segal with prejudice and entered judgment. On April 29, 2026, Segal filed a notice of appeal to the United States Court of Appeals for the Seventh Circuit of the district court’s March 31, 2026 order granting defendants’ motion to dismiss the third amended complaint.

Boardwalk Pipelines Litigation

On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates.

On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated


			27

Table of contents

Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018.

On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021.

On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $690 million, plus pre-judgment interest (approximately $166 million), post-judgment interest and attorneys’ fees.

The Company believed that the Trial Court ruling included factual and legal errors. Therefore, on January 3, 2022, the Defendants appealed the Trial Court’s ruling to the Supreme Court of the State of Delaware (the “Supreme Court”). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. Oral arguments were held on September 14, 2022, and on December 19, 2022, the Supreme Court reversed the Trial Court’s ruling and remanded the case to the Trial Court for further proceedings related to claims not decided by the Trial Court’s ruling. Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023. A hearing on the remanded issues was held at the Trial Court in April 2024. In September 2024, the Trial Court ruled in favor of the Defendants on all of the remanded issues.

On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court. Briefing on this appeal was completed in March 2025 and a hearing on this appeal occurred in June 2025. On December 10, 2025, the Supreme Court affirmed in part and reversed in part the Trial Court’s ruling. In its decision the Supreme Court found that the General Partner had breached the Limited Partnership Agreement in its exercise of the Purchase Right. In its 2022 decision, the Supreme Court had previously determined that the General Partner was exculpated from damages. The remaining claims that have been remanded by the Supreme Court to the Trial Court for further proceedings are tortious interference and unjust enrichment claims related to the exercise of the Purchase Right against the non-General Partner defendants.

Litigation is inherently uncertain, and the ultimate outcome of this matter cannot be predicted with certainty. Based on currently available information, the Company is unable to reasonably estimate the amount of loss or range of loss, if any, associated with this matter. Accordingly, no accrual has been recorded. Although the Company is unable to estimate the amount of loss or range of loss at this time, it is possible that the resolution of this matter could be material to the Company’s consolidated financial position, results of operations and/or cash flows in a particular period. The Company will continue to evaluate developments in this matter and will record an accrual if it is determined that a loss is probable and reasonably estimable.

Other Litigation

The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the Loews Hotels & Co matters described above, will materially affect the Company’s results of operations or equity.

11. Commitments and Contingencies

CNA Guarantees

CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of March 31, 2026, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.9 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.


			28

Table of contents

Boardwalk Pipelines

Boardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received. As of March 31, 2026, the commitments totaled approximately $467 million, which are expected to be settled through 2028.

12. Segments

Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is comprised of Loews Corporation, excluding its consolidated subsidiaries, and includes the equity method of accounting for Altium Packaging. 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 Loews Corporation’s segments, see Note 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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.


			29

Table of contents

Statements of Operations by segment are presented in the following tables.


Three Months Ended March 31, 2026	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,701					$	(2)	$	2,699
Net investment income (loss)	610		$	5	$	3	(5)		613
Investment losses	(18)								(18)
Non-insurance warranty revenue	374								374
Operating revenues and other	10		626		251				887
Total	3,677		631		254		$	(7)	4,555

Expenses:

Insurance claims and policyholders’ benefits (a)	2,175								2,175
Amortization of deferred acquisition costs	476								476
Non-insurance warranty expense	356								356
Operating expenses and other (b)	370		377		246		16		1,009
Equity method (income) loss					(44)		7		(37)
Interest	33		43		15		22		113
Total	3,410		420		217		45		4,092
Income (loss) before income tax	267		211		37		(52)		463
Income tax (expense) benefit	(56)		(52)		(11)		10		(109)
Net income (loss)	211		159		26		(42)		354
Amounts attributable to noncontrolling interests	(17)								(17)
Net income (loss) attributable to Loews Corporation	$	194	$	159	$	26	$	(42)	$	337

March 31, 2026

Total assets	$	68,520	$	10,189	$	2,532	$	4,411	$	85,652


(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $88 million and unfavorable net prior year loss reserve development of $100 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.


			30

Table of contents


(b)			Significant segment expenses included in Operating expenses and other:


Three Months Ended March 31, 2026	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	332							$	332
Operating expenses			$	176	$	153			329
Depreciation and amortization			111		26		$	1	138
Other (c)	38		90		67		15		210
Operating expenses and other	$	370	$	377	$	246	$	16	$	1,009


(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative and reimbursable expenses
			Corporate: general and administrative expenses


			31

Table of contents


Three Months Ended March 31, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,626							$	2,626
Net investment income	604		$	1	$	3			608
Investment losses	(9)								(9)
Non-insurance warranty revenue	397								397
Operating revenues and other	9		621		242				872
Total	3,627		622		245		$	—	4,494

Expenses:

Insurance claims and policyholders’ benefits (a)	2,027								2,027
Amortization of deferred acquisition costs	471								471
Non-insurance warranty expense	385								385
Operating expenses and other (b)	363		381		231		16		991
Equity method (income) loss					(6)		7		1
Interest	32		39		16		18		105
Total	3,278		420		241		41		3,980
Income (loss) before income tax	349		202		4		(41)		514
Income tax (expense) benefit	(75)		(50)		(4)		7		(122)
Net income (loss)	274		152		—		(34)		392
Amounts attributable to noncontrolling interests	(22)								(22)
Net income (loss) attributable to Loews Corporation	$	252	$	152	$	—	$	(34)	$	370

March 31, 2025

Total assets	$	67,288	$	9,919	$	2,500	$	3,435	$	83,142


(a)			Significant segment expenses within Insurance claims and policyholders’ benefits include catastrophe losses of $97 million and unfavorable net prior year loss reserve development of $83 million. Net prior year loss reserve development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.


			32

Table of contents


(b)			Significant segment expenses included in Operating expenses and other:


Three Months Ended March 31, 2025	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total

Insurance related administrative expenses	$	321							$	321
Operating expenses			$	192	$	153			345
Depreciation and amortization			106		24		$	1	131
Other (c)	42		83		54		15		194
Operating expenses and other	$	363	$	381	$	231	$	16	$	991


(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to its non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative and reimbursable expenses
			Corporate: general and administrative expenses


			33

Table of contents

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

Management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read in conjunction with our Consolidated Condensed Financial Statements included under Item 1 of this Report and the Consolidated Financial Statements, Risk Factors, and MD&A included in our Annual Report on Form 10-K for the year ended December 31, 2025. This MD&A is comprised of the following sections:


			Page No.

Overview			34
Results of Operations			35
Consolidated Financial Results			35
CNA Financial			36
Boardwalk Pipelines			43
Loews Hotels & Co			46
Corporate			47
Liquidity and Capital Resources			47
Parent Company			47
Subsidiaries			48
Investments			49
Critical Accounting Estimates			53
Accounting Standards Update			53
Forward-Looking Statements			53

OVERVIEW

Loews Corporation is a holding company and has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA Financial Corporation (“CNA”), Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”) and Loews Hotels Holding Corporation (“Loews Hotels & Co”); and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its consolidated operating subsidiaries, and the equity method of accounting for Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary.

Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the terms “Parent Company,” “we,” “our,” “us” or like terms mean Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders.

We rely upon our invested cash balances and distributions from our subsidiaries to generate the funds necessary to meet our obligations and to declare and pay any dividends to our shareholders. The ability of our subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies (see Note 14 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025) and compliance with covenants in their respective loan agreements. Claims of creditors of our subsidiaries will generally have priority as to the assets of such subsidiaries over our claims and those of our creditors and shareholders. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.


			34

Table of contents

RESULTS OF OPERATIONS

Consolidated Financial Results

The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three months ended March 31, 2026 and 2025:





Three Months Ended March 31	2026		2025
(In millions, except per share data)

CNA Financial	$	194	$	252
Boardwalk Pipelines	159		152
Loews Hotels & Co	26
Corporate	(42)		(34)

Net income attributable to Loews Corporation	$	337	$	370

Basic and diluted net income per share	$	1.63	$	1.74

Net income attributable to Loews Corporation for the three months ended March 31, 2026 was $337 million, or $1.63 per share, compared to net income of $370 million, or $1.74 per share in the comparable 2025 period.

The decrease in net income attributable to Loews Corporation for the three months ended March 31, 2026 as compared to the comparable 2025 period was primarily driven by lower net income at CNA and lower results at the parent company, partially offset by higher net income at Loews Hotels & Co and Boardwalk Pipelines. The decrease at CNA is primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income. Parent company results decreased primarily due to lower investment income from the parent company trading portfolio and higher interest expense. The increase at Loews Hotels & Co is primarily due to higher equity income from joint ventures, driven mainly by the Universal Orlando Resort joint ventures. The increase at Boardwalk Pipelines is primarily due to higher contracting rates and utilization-based revenues on gas transportation, as well as higher rates on storage, parking and lending.


			35

Table of contents

CNA Financial

The following table summarizes the results of operations for CNA for the three months ended March 31, 2026 and 2025 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.





Three Months Ended March 31	2026		2025
(In millions)

Revenues:
Insurance premiums	$	2,701	$	2,626
Net investment income	610		604
Investment losses	(18)		(9)
Non-insurance warranty revenue	374		397
Other revenues	10		9
Total	3,677		3,627
Expenses:
Insurance claims and policyholders’ benefits	2,175		2,027
Amortization of deferred acquisition costs	476		471
Non-insurance warranty expense	356		385
Other operating expenses	370		363
Interest	33		32
Total	3,410		3,278
Income before income tax	267		349
Income tax expense	(56)		(75)
Net income	211		274
Amounts attributable to noncontrolling interests	(17)		(22)
Net income attributable to Loews Corporation	$	194	$	252

Net income attributable to Loews Corporation decreased $58 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income.

CNA’s Property & Casualty and Other Insurance Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves. We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting. However, for purposes of this discussion and analysis of the results of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results.

In assessing its insurance operations, CNA utilizes the core income (loss) financial measure. Core income (loss) is calculated by excluding investment gains or losses and gains or losses resulting from pension settlement transactions from net income (loss). In addition, core income (loss) excludes the effects of noncontrolling interests. The calculation of core income (loss) excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations. Core income (loss) is deemed to be a non-GAAP


			36

Table of contents

financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations. Please see the non-GAAP reconciliation of net income (loss) to core income (loss) in this MD&A.

In evaluating the results of Property & Casualty Operations CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophes which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

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 within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on CNA’s reserves is provided in Notes 4 and 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

In addition, renewal premium change, rate, retention and new business are also utilized in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written with existing customers.

CNA also uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, which are managed separately from its investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe-related reinstatement premiums, catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, excluding the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.


			37

Table of contents

The following tables present reconciliations of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain for the three months ended March 31, 2026 and 2025:


Three Months Ended March 31, 2026	Specialty		Commercial		International		Property & Casualty		Other Insurance Operations		Total
(In millions)

Net income (loss) attributable to Loews Corporation	$	87	$	97	$	33	$	217	$	(23)	$	194
Investment losses	4		7		1		12		2		14

Noncontrolling interests	8		8		3		19		(2)		17
Core income (loss)	$	99	$	112	$	37	$	248	$	(23)	$	225
Less:
Net investment income	142		190		43		375
Non-insurance warranty revenue	18						18
Other expense, including interest expense	(11)		(2)		(2)		(15)
Income tax expense on core income	(26)		(27)		(18)		(71)
Underwriting gain (loss)	(24)		(49)		14		(59)
Catastrophe-related reinstatement premiums			9				9
Catastrophe losses			84		4		88
Effect of unfavorable development-related items	50		56				106
Underlying underwriting gain	$	26	$	100	$	18	$	144


			38

Table of contents


Three Months Ended March 31, 2025


Net income (loss) attributable to Loews Corporation	$	137	$	114	$	35	$	286	$	(34)	$	252
Investment (gains) losses	1				(1)		—		7		7

Noncontrolling interests	12		10		3		25		(3)		22
Core income (loss)	$	150	$	124	$	37	$	311	$	(30)	$	281
Less:
Net investment income	151		177		34		362
Non-insurance warranty revenue	12						12
Other revenue (expense), including interest expense	(14)		(2)		1		(15)
Income tax expense on core income	(41)		(34)		(13)		(88)
Underwriting gain (loss)	42		(17)		15		40
Catastrophe losses			86		11		97
Effect of unfavorable development-related items	10		53				63
Underlying underwriting gain	$	52	$	122	$	26	$	200


			39

Table of contents

Property & Casualty Operations

The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three months ended March 31, 2026 and 2025.


Three Months Ended March 31, 2026	Specialty			Commercial			International			Total
(In millions, except %)



Net written premiums	$	834		$	1,480		$	308		$	2,622
Net earned premiums	852			1,412			334			2,598
Underwriting gain (loss)	(24)			(49)			14			(59)
Net investment income	142			190			43			375
Core income	99			112			37			248

Other performance metrics:
Loss ratio	68.7		%	76.2		%	61.0		%	71.8		%
Expense ratio	33.6			26.7			34.9			29.9
Dividend ratio	0.4			0.6						0.5
Combined ratio	102.7		%	103.5		%	95.9		%	102.2		%
Less: Effect of catastrophe impacts				6.4			1.2			3.6
Less: Effect of unfavorable development-related items	5.9			4.0						4.1
Underlying combined ratio	96.8		%	93.1		%	94.7		%	94.5		%
Underlying loss ratio	62.8		%	65.8		%	59.8		%	64.1		%

Rate	3		%	2		%	(4)%			2		%
Renewal premium change	5			3			(2)			3
Retention	86			81			85			83
New business	$	127		$	369		$	85		$	581


Three Months Ended March 31, 2025



Net written premiums	$	842		$	1,498		$	266		$	2,606
Net earned premiums	830			1,380			310			2,520
Underwriting gain (loss)	42			(17)			15			40
Net investment income	151			177			34			362
Core income	150			124			37			311

Other performance metrics:
Loss ratio	61.4		%	73.0		%	62.1		%	67.8		%
Expense ratio	33.4			27.6			33.3			30.2
Dividend ratio	0.3			0.5						0.4
Combined ratio	95.1		%	101.1		%	95.4		%	98.4		%
Less: Effect of catastrophe impacts				6.3			3.6			3.8
Less: Effect of favorable development-related items	1.3			3.8						2.5
Underlying combined ratio	93.8		%	91.0		%	91.8		%	92.1		%
Underlying loss ratio	60.1		%	62.9		%	58.5		%	61.5		%

Rate	3		%	6		%	(2)%			4		%
Renewal premium change	4			7			1			6
Retention	89			84			85			86
New business	$	112		$	370		$	83		$	565

Net written premiums for Specialty decreased $8 million for the three months ended March 31, 2026 as compared with the comparable 2025 period driven by lower retention partially offset by rate and new business. The increase in net earned premiums for the three months ended March 31, 2026 was consistent with the trend in net written premiums in recent quarters for Specialty.


			40

Table of contents

Net written premiums for Commercial decreased $18 million for the three months ended March 31, 2026 as compared with the comparable 2025 period driven by lower retention. The increase in net earned premiums for the three months ended March 31, 2026 was consistent with the trend in net written premiums in recent quarters for Commercial.

Net written premiums for International increased $42 million for the three months ended March 31, 2026 as compared with the comparable 2025 period. Excluding the effect of foreign currency exchange rates, net written premiums increased $19 million for the three months ended March 31, 2026 as compared with the comparable 2025 period driven by timing of reinsurance costs, partially offset by lower rate. The increase in net earned premiums for the three months ended March 31, 2026 was consistent with the trend in net written premiums for International.

Core income for Property & Casualty Operations decreased $63 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income.

Catastrophe losses for Property & Casualty Operations were $88 million and catastrophe-related reinsurance reinstatement premiums were $9 million for the three months ended March 31, 2026 driven by severe weather related events. Catastrophe losses were $97 million for the comparable 2025 period, driven by severe weather related events, including $53 million for the California wildfires. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended March 31, 2025. For the three months ended March 31, 2026 and 2025, Specialty had no catastrophe losses, Commercial had catastrophe losses of $84 million and $86 million and International had catastrophe losses of $4 million and $11 million. The three months ended March 31, 2026 also includes $9 million of catastrophe-related reinsurance reinstatement premiums for Commercial.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $100 million and $61 million was recorded for the three months ended March 31, 2026 and 2025. For the three months ended March 31, 2026 and 2025, Specialty recorded unfavorable net prior year loss reserve development of $45 million and $10 million, Commercial recorded unfavorable net prior year loss reserve development of $55 million and $51 million and International recorded no net prior year loss reserve development. Further information on net prior year loss reserve development is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 7.6 points for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to a 7.3 point increase in the loss ratio. The increase in the loss ratio was due to higher unfavorable net prior year loss reserve development driven by CNA’s professional errors and omissions (“E&O”) business in recent accident years and an increase in the underlying loss ratio driven by loss cost trends exceeding rate for certain lines in recent quarters. The expense ratio was generally consistent with the comparable 2025 period.

Commercial’s combined ratio increased 2.4 points for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to a 3.2 point increase in the loss ratio partially offset by a 0.9 point improvement in the expense ratio. The increase in the loss ratio was driven by a higher underlying loss ratio in excess casualty and workers’ compensation. The improvement in the expense ratio was primarily driven by a lower acquisition ratio. The effect of catastrophe impacts on the loss ratio was 6.4 points for the three months ended March 31, 2026 as compared with 6.3 points for the comparable 2025 period.

International’s combined ratio increased 0.5 points for the three months ended March 31, 2026 as compared with the comparable 2025 period due to a 1.6 point increase in the expense ratio, partially offset by a 1.1 point improvement in the loss ratio. The increase in the expense ratio was primarily driven by higher employee related costs and acquisition costs partially offset by higher net earned premiums. The improvement in the loss ratio was primarily driven by lower catastrophe losses, which were 1.2 points of the loss ratio for the three months ended March 31, 2026 as compared with 3.6 points of the loss ratio for the comparable 2025 period, partially offset by an increase in the underlying loss ratio driven by continued pricing pressure.


			41

Table of contents

Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the three months ended March 31, 2026 and 2025.





Three Months Ended March 31	2026		2025
(In millions)

Net earned premiums	$	103	$	106
Net investment income	235		242
Core loss	(23)		(30)

Core results for Other Insurance Operations improved $7 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to no net prior year loss reserve development in the current year as compared with a $17 million after-tax charge in 2025 related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves. Core loss also includes amortization of the deferred gain related to the asbestos and environmental pollution (“A&EP”) loss portfolio transfer (“LPT”). Further information on the net prior year loss reserve development and the A&EP LPT is included in Note 4 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Long-term care results for the three months ended March 31, 2026 reflect unfavorable morbidity partially offset by favorable persistency. Long-term care results for the comparable 2025 period reflected favorable persistency.


			42

Table of contents

Boardwalk Pipelines

Current Growth Projects

Boardwalk Pipelines regularly reviews opportunities to expand its existing facilities and footprint to meet growing demand for transportation and storage services. The recent growth of liquefied natural gas export and power generation demand has led to the announcement of additional growth projects for Boardwalk Pipelines. Through the date of this filing, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 billion cubic feet per day (“Bcf/d”) and its storage working gas capacity by 10 Bcf at an expected aggregate cost of approximately $3.2 billion and are scheduled to be completed through 2030. As of March 31, 2026, Boardwalk Pipelines has spent $245 million on these growth projects. These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits and are subject to construction risk.

These projects have lengthy planning and construction periods and, as a result, will not contribute to Boardwalk Pipelines’ earnings and cash flows until they receive the required regulatory approvals and permits and are constructed and placed into service over the next several years. For further discussion of capital expenditures and financing, please see Liquidity and Capital Resources: Subsidiaries of this MD&A. Boardwalk Pipelines’ cost and timing estimates for these projects are based on a variety of inputs such as contractor indicative bids, quotes on materials and internally-developed financial models, metrics and timelines and are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals and the cost thereof, adverse weather conditions during construction, its ability to acquire and the cost of obtaining rights to construct and operate on land not owned by Boardwalk Pipelines, delays in obtaining and shortages and price increases for key materials (including pipe, compressor facilities and related equipment), tariff implications and shortages and increased costs of qualified labor. Factors in the estimates include, among other things, those related to pipeline costs based on mileage, size and type of pipe, materials including compressors and related equipment, land, engineering and construction costs and timely receipt of all necessary permits and approvals. Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates. In addition, failure to timely meet development milestones may result in, among other things, contractual counterparties having the ability to terminate contracts with Boardwalk Pipelines. Refer to Part I, Item 1. Business and Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 for project descriptions and additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.


			43

Table of contents

Boardwalk Pipelines’ more significant growth projects are listed below:


	Expected in-service date	Expected incremental capacity added to system (Bcf/d)
Eunice - Iowa (a)	Third quarter 2026	0.1
Carnation Project (b)	Fourth quarter 2027	0.2
Northeast Texas Power Plant Project (c)	Fourth quarter 2027	0.3
Kosciusko Junction Project (c)	First half 2028	1.2
Ohio Power Plant Project (c)	First half 2028	0.3
Southeast Compression for Utility Reliability Expansion Project (c)	First half 2028	0.3
Parks Line Upgrade and Sorrento Station Project (d)	First half 2028	0.2
Texas Gateway Project (c)	Second half 2029	1.5
Petal Gas Storage Expansion (e)	Second half 2030	(e)


(a)			This project has received approval from the Federal Energy Regulatory Commission (“FERC”) and is in construction.
(b)			This project remains subject to FERC approval and receipt of environmental permits and authorizations.
(c)			These projects remain subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations.
(d)			This project received FERC approval in December 2025 and is expected to start construction in the first half of 2026.
(e)			This project remains subject to FERC approval and is expected to add 10 Bcf of storage working gas capacity.

Refer to Current Growth Projects in Part I, Item 1. Business in our Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion of Boardwalk Pipelines’ significant growth projects. Boardwalk Pipelines’ growth projects include $9.5 billion of estimated revenues that are anticipated under executed precedent or long-term firm transportation agreements for growth projects that are contingent upon, among other things, receipt of required regulatory approvals and permits and are subject to construction risk.

In addition to growth projects for which Boardwalk Pipelines has executed precedent agreements, it regularly considers other potential growth projects at earlier stages of development, and is currently evaluating additional growth projects involving substantial capital commitments. Boardwalk Pipelines may from time to time make public disclosures regarding these potential projects, for instance, through announcements of open seasons for potential future capacity. In addition to the risks, uncertainties and contingencies described above regarding the growth projects for which Boardwalk Pipelines has executed precedent agreements, these potential growth projects at earlier stages of development are subject to a variety of additional risks and uncertainties as Boardwalk Pipelines has not reached final investment decisions or secured executed precedent agreements for them. Therefore, these potential growth projects at earlier stages of development may not be consummated as contemplated in any such public disclosures or at all.

Results of Operations

Boardwalk Pipelines operates in the midstream portion of the natural gas and natural gas liquids, olefins and other hydrocarbons industry, providing transportation and storage for those commodities. Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas. A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors as discussed in our Annual Report on Form 10-K for the year ended December 31, 2025. The pricing contained in the purchase and sales agreements associated with Boardwalk Pipelines’ ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee. As a result, except for possible timing differences that may occur when volumes are purchased in one month and sold in another month, Boardwalk Pipelines’ ethane supply services, like its other businesses, has little to no direct commodity price exposure. For further information on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025. Boardwalk Pipelines’


			44

Table of contents

operation and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, pipeline integrity maintenance regulations and its efforts to monitor, control and reduce emissions, as further discussed in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.

The following table summarizes the results of operations for Boardwalk Pipelines for the three months ended March 31, 2026 and 2025, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Boardwalk Pipelines also utilizes a non-GAAP measure, earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) as a financial measure to assess its operating and financial performance and return on invested capital. Management believes some investors may find this measure useful in evaluating Boardwalk Pipelines’ performance as EBITDA is a commonly used metric within the midstream industry.





Three Months Ended March 31	2026		2025
(In millions)

Revenues:
Operating revenues and other	$	626	$	621
Interest income	5		1
Total	631		622
Expenses:
Operating and other:
Operating costs and expenses	266		275
Depreciation and amortization	111		106
Interest	43		39
Total	420		420
Income before income tax	211		202
Income tax expense	(52)		(50)
Net income attributable to Loews Corporation	$	159	$	152

EBITDA	$	360	$	346

Net income attributable to Loews Corporation and EBITDA increased $7 million and $14 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to the reasons discussed below.

Total revenues increased $9 million for the three months ended March 31, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $8 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates, recently completed growth projects and higher utilization-based revenue. Transportation revenues for the natural gas liquids business increased by $7 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher volumes. Storage and parking and lending (“PAL”) revenues for the natural gas business increased by $15 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to favorable market conditions which allowed for contracting at higher rates. In the natural gas liquids business, ethane product sales decreased by $33 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to lower volumes, partially offset by higher propane and ethylene product sales of $7 million.

Operating and other expenses decreased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily from lower product costs of $30 million related to lower ethane product sales, partially offset by increased product costs of $15 million related to higher propane and ethylene sales. These decreases were partially offset by increased general and administrative costs of $5 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to higher employee-related and outside services costs and increased depreciation and amortization expense of $5 million.

Interest expenses increased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period due to the pre-financing of a June 2026 debt maturity that was redeemed in March 2026.


			45

Table of contents

Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three months ended March 31, 2026 and 2025:





Three Months Ended March 31	2026		2025
(In millions)


Net income attributable to Loews Corporation	$	159	$	152
Interest, net	38		38
Income tax expense	52		50
Depreciation and amortization	111		106
EBITDA	$	360	$	346

Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the three months ended March 31, 2026 and 2025, as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.





Three Months Ended March 31	2026		2025
(In millions)

Revenues:
Operating revenue	$	218	$	211


Revenues related to reimbursable expenses	36		34
Total	254		245
Expenses:
Operating and other	175		173
Asset impairments	9
Reimbursable expenses	36		34
Depreciation and amortization	26		24
Equity income from joint ventures	(44)		(6)
Interest	15		16
Total	217		241
Income before income tax	37		4
Income tax expense	(11)		(4)
Net income attributable to Loews Corporation	$	26	$	—

Net income attributable to Loews Corporation increased $26 million for the three months ended March 31, 2026 as compared with the comparable 2025 period primarily due to higher equity income from joint ventures, driven mainly by the Universal Orlando Resort joint ventures, and the other factors discussed below.

Operating revenues increased by $7 million and operating and other expenses increased by $2 million for the three months ended March 31, 2026 as compared with the comparable 2025 period. The increase in operating revenues was primarily due to a higher overall average daily rate and higher food and beverage revenues. The increase in operating and other expenses was from higher hotel operating costs in support of the higher operating revenues.

Equity income from joint ventures increased $38 million for the three months ended March 31, 2026 as compared with the comparable 2025 period. The increase was driven by growth in the overall average daily rate and an increase in both the


			46

Table of contents

number of available and the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened in 2025. Equity income from joint ventures for the three months ended March 31, 2025 was impacted by an impairment charge recorded at a joint venture hotel that reduced Loews Hotels & Co’s equity income by $9 million and the reduction in distributions for one joint venture property due to property improvement costs.

Corporate

Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company. Investment income includes earnings on cash and short-term investments held at the Parent Company to meet current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company. Corporate also includes the equity method of accounting for Altium Packaging and intercompany eliminations.

The following table summarizes the results of operations for Corporate for the three months ended March 31, 2026 and 2025 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:





Three Months Ended March 31	2026		2025
(In millions)

Revenues:
Net investment loss	$	(5)
Intercompany eliminations	(2)


Total	(7)		$	—
Expenses:
Operating and other	16		16
Equity method loss	7		7
Interest	22		18
Total	45		41
Loss before income tax	(52)		(41)
Income tax benefit	10		7
Net loss attributable to Loews Corporation	$	(42)	$	(34)

Net loss attributable to Loews Corporation increased $8 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to the reasons discussed below.

Net investment results for the Parent Company decreased $5 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to lower results from the trading portfolio.

Interest expense increased $4 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, due to the issuance in February of 2026 of the Parent Company’s $500 million aggregate principal amount of 4.9% senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $500 million aggregate principal amount of our 3.8% senior notes due April 1, 2026.

LIQUIDITY AND CAPITAL RESOURCES

Parent Company

Parent Company cash and investments, net of receivables and payables, totaled $4.5 billion at March 31, 2026 as compared to $3.9 billion at December 31, 2025. During the three months ended March 31, 2026, we received $691 million in cash dividends and distributions from our subsidiaries: $616 million from CNA, including a special cash dividend of $497 million, and $75 million from Boardwalk Pipelines. Cash outflows during the three months ended March 31, 2026 included the payment of $31 million to fund treasury stock purchases and $13 million of cash dividends to our shareholders. As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations. We also have an effective shelf registration statement on file with the Securities and Exchange Commission (“SEC”) under which we may publicly issue an unspecified amount of our debt, equity or hybrid securities from time to time. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.


			47

Table of contents

In February of 2026, we completed a public offering of $500 million aggregate principal amount of 4.9% senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $500 million aggregate principal amount of our 3.8% senior notes due April 1, 2026.

Depending on market and other conditions, we may purchase shares of our and our subsidiaries outstanding common stock in the open market (including, with respect to our common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise. During the three months ended March 31, 2026, we purchased 0.3 million shares of Loews Corporation common stock for $31 million. As of May 1, 2026, there were 205,768,873 shares of Loews Corporation common stock outstanding.

Future uses of our cash may include purchases of our and our subsidiaries’ outstanding common stock, dividends, investing in our subsidiaries and/or to make opportunistic investments. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition and business needs.

Subsidiaries

CNA’s cash provided by operating activities was $393 million for the three months ended March 31, 2026 as compared with $638 million for the comparable 2025 period. The decrease in cash provided by operating activities was impacted by payments related to specific reinsurance treaties, which occurred during the first quarter of 2026, with such similar amounts paid in the second quarter of 2025. In addition, the decrease quarter over quarter was attributable to an increase in net claim payments, partially offset by increased investment earnings.

CNA paid cash dividends of $2.48 per share on its common stock, including a special cash dividend of $2.00 per share, during the three months ended March 31, 2026. On May 1, 2026, CNA’s Board of Directors declared a quarterly cash dividend of $0.48 per share, payable June 4, 2026 to shareholders of record on May 18, 2026. CNA’s declaration and payment of future dividends is at the discretion of its Board of Directors and will depend on many factors, including CNA’s earnings, financial condition, business needs and regulatory constraints. CNA believes that its present cash flows from operating, investing and financing activities are sufficient to fund its current and expected working capital and debt obligation needs and does not expect this to change in the near term.

Dividends to CNA from Continental Casualty Company (“CCC”), a subsidiary of CNA, are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance, are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding 12 months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of March 31, 2026, CCC was in a positive earned surplus position. CCC paid dividends of $585 million and $440 million during the three months ended March 31, 2026 and 2025. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.

Boardwalk Pipelines’ cash provided by operating activities was $246 million for the three months ended March 31, 2026 as compared with $244 million for the comparable 2025 period.

As described in Current Growth Projects above, Boardwalk Pipelines is currently engaged in growth projects for which it has executed precedent or long-term firm transportation agreements. Through the date of this filing, the expected aggregate cost associated with these agreements is approximately $3.2 billion; this cost is expected to be spent through 2030. As of March 31, 2026, Boardwalk Pipelines has spent $245 million on these growth projects. The majority of the capital expenditures for each of these projects is expected to be spent upon receiving FERC approval to begin construction, which is generally 12-18 months prior to the project’s expected in-service date. Boardwalk Pipelines is also evaluating additional growth projects involving substantial capital commitments. Boardwalk Pipelines expects to finance its growth projects through a combination of operating cash flows and the issuance of long-term debt, including borrowings under its revolving credit facility. Boardwalk Pipelines’ cost and timing estimates for its growth projects are subject to a variety of risks and uncertainties, and are based on the factors described in Boardwalk Pipelines: Current Growth Projects in this MD&A. Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates. Refer to Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.


			48

Table of contents

The nature of Boardwalk Pipelines’ existing growth projects will require it to enhance or modify its existing assets to accommodate increased operating pressures or changing flow patterns. Boardwalk Pipelines considers capital expenditures associated with the modification or enhancement of existing assets in the context of a growth project to be growth capital to the extent that the modification would not have been made in the absence of the growth project without regard to the condition of the existing assets.

For the three months ended March 31, 2026 and 2025, Boardwalk Pipelines’ capital expenditures were $144 million and $52 million, consisting of growth capital expenditures of $110 million and $16 million and maintenance capital expenditures of $34 million and $36 million.

Additionally, as of March 31, 2026, Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $467 million, which are expected to be settled through 2028.

As of March 31, 2026, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility and had the full borrowing capacity of $1.0 billion available. During the first quarter 2026, Boardwalk Pipelines filed a $3.5 billion shelf registration statement with the SEC, under which it may publicly issue debt securities, warrants or rights from time to time, which was declared effective on March 19, 2026. On March 1, 2026, Boardwalk Pipelines redeemed the outstanding $550 million aggregate principal amount of its 6.0% senior notes due June 1, 2026 at a redemption price equal to par plus unpaid and accrued interest. The redemption was funded from the proceeds of the $550 million aggregate principal amount of its 5.4% senior notes due February 15, 2036 issued in 2025. Boardwalk Pipelines believes that its existing capital resources, including its cash and cash equivalents, revolving credit facility and cash flows from operating activities, will be adequate to fund its anticipated obligations over the next twelve months.

During the three months ended March 31, 2026, Boardwalk Pipelines paid a distribution of $75 million to the Company. On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.), a business engaged in natural gas marketing activities, for $215 million in cash, subject to customary purchase price adjustments. The acquisition is expected to broaden Boardwalk Pipelines’ marketing capabilities and customer reach.

Loews Hotels & Co, through its subsidiaries, has loans, principally mortgage loans, all of which mature beyond twelve months as of March 31, 2026, which it may refinance before they mature. Refinancing any indebtedness, including loans of unconsolidated joint venture partnerships, may require Loews Hotels & Co to make principal pay downs, establish restricted cash reserves or provide guaranties of the subsidiary’s debt.

INVESTMENTS

Investment activities of our non-insurance subsidiaries primarily consist of investments in fixed income securities, including short-term investments. The Parent Company portfolio also includes equity securities, including short sales and derivative instruments. Certain of these types of Parent Company investments generally have greater volatility, less liquidity and greater risk than fixed income investments and are included within Results of Operations – Corporate.

The Parent Company enters into short sales and invests in certain derivative instruments that are used for asset and liability management activities, income enhancements to its portfolio management strategy and to benefit from anticipated future movements in the underlying markets. If such movements do not occur as anticipated, significant losses may occur. Monitoring procedures include senior management review of daily reports of existing positions and valuation fluctuations to seek to ensure that open positions are consistent with the portfolio strategy.

Credit exposure associated with non-performance by counterparties to derivative instruments is generally limited to the uncollateralized change in fair value of the derivative instruments recognized in the Consolidated Condensed Balance Sheets. The risk of non-performance is mitigated by monitoring the creditworthiness of counterparties and diversifying derivatives by using multiple counterparties. Collateral is occasionally required from derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty.

Insurance

CNA maintains a large portfolio of fixed maturity and equity securities, including large amounts of corporate and government issued debt securities, residential and commercial mortgage-backed securities, other asset-backed securities and investments in limited partnerships which pursue a variety of long and short investment strategies across a broad array of asset classes. CNA’s investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an important part of CNA’s overall profitability.


			49

Table of contents

Net Investment Income

The significant components of CNA’s net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.





Three Months Ended March 31	2026		2025
(In millions)

Fixed income securities:
Taxable fixed income securities	$	500	$	496
Tax-exempt fixed income securities	52		34
Total fixed income securities	552		530
Limited partnership and common stock investments	42		54
Other, net of investment expense	16		20
Net investment income	$	610	$	604


Effective income yield for the fixed income securities portfolio	4.9	%	4.8	%
Limited partnership and common stock return for the period	1.4	%	2.0	%

CNA’s net investment income increased $6 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates partially offset by lower common stock returns.


			50

Table of contents

Investment Gains (Losses)

The components of CNA’s investment gains (losses) are presented in the following table:





Three Months Ended March 31	2026		2025
(In millions)

Investment gains (losses):
Fixed maturity securities:
Corporate and other bonds	$	(7)	$	(9)
States, municipalities and political subdivisions	(1)		(1)
Asset-backed	(6)		1
Total fixed maturity securities	(14)		(9)
Non-redeemable preferred stock	(4)

Total investment losses	(18)		(9)
Income tax benefit	4		2
Amounts attributable to noncontrolling interests	1		1
Investment losses attributable to Loews Corporation	$	(13)	$	(6)

CNA’s pretax investment losses increased $9 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, driven by higher impairment losses and the unfavorable change in fair value of non-redeemable preferred stock.

Further information on CNA’s investment gains and losses is set forth in Note 2 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Portfolio Quality

The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution:


	March 31, 2026				December 31, 2025
	Estimated Fair Value		Net Unrealized Gains (Losses)		Estimated Fair Value		Net Unrealized Gains (Losses)
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	3,241	$	(242)	$	3,274	$	(228)
AAA	4,057		(176)		3,997		(136)
AA	7,125		(514)		7,001		(428)
A	11,088		(278)		11,167		(140)
BBB	15,974		(462)		16,249		(223)
Non-investment grade	1,745		(83)		1,714		(42)
Total	$	43,230	$	(1,755)	$	43,402	$	(1,197)

As of March 31, 2026 and December 31, 2025, 1% of CNA’s fixed maturity portfolio was rated internally. Additionally, as of March 31, 2026 and December 31, 2025, CNA assigned an AAA rating to $688 million and $661 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. government agency or sponsored enterprise.


			51

Table of contents

The following table presents CNA’s available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution:


March 31, 2026	Estimated Fair Value		Gross Unrealized Losses
(In millions)

U.S. Government, Government agencies and Government-sponsored enterprises	$	2,053	$	271
AAA	1,521		256
AA	4,256		678
A	6,408		513
BBB	9,446		749
Non-investment grade	1,017		101
Total	$	24,701	$	2,568

The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life:


March 31, 2026	Estimated Fair Value		Gross Unrealized Losses
(In millions)

Due in one year or less	$	886	$	10
Due after one year through five years	6,626		294
Due after five years through ten years	7,157		658
Due after ten years	10,032		1,606
Total	$	24,701	$	2,568

Duration

A primary objective in the management of CNA’s investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. CNA’s views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. CNA also continually monitors exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on its views of a specific issuer or industry sector.

A further consideration in the management of CNA’s investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long-term in nature, CNA segregates investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in Other Insurance Operations. The effective durations of CNA’s fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.


			52

Table of contents


	March 31, 2026			December 31, 2025
	Estimated Fair Value		Effective Duration (Years)	Estimated Fair Value		Effective Duration (Years)
(In millions of dollars)

Life & Group	$	15,271	9.5	$	15,584	9.7
Property & Casualty and other	29,884		4.6	30,716		4.5
Total	$	45,155	6.3	$	46,300	6.3

CNA’s investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, CNA periodically reviews the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures about Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025.

CRITICAL ACCOUNTING ESTIMATES

Certain accounting policies require us to make estimates and judgments that affect the amounts reflected in the Consolidated Condensed Financial Statements. Such estimates and judgments necessarily involve varying, and possibly significant, degrees of uncertainty. Accordingly, certain amounts currently recorded or disclosed in the financial statements will likely be adjusted in the future based on new available information and changes in other facts and circumstances. See the Critical Accounting Estimates and the Insurance Reserves sections of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025 for further information.

ACCOUNTING STANDARDS UPDATE

For a discussion of accounting standards updates that have been adopted, please see Note 1 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

FORWARD-LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this Report as well as in other of our and our subsidiaries’ SEC filings and press releases and certain statements made by us and our subsidiaries and our and their officials in presentations or remarks may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include, without limitation, any statement that does not directly relate to any historical or current fact and may project, indicate or imply future results, events, performance or achievements. Such statements may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions. In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those anticipated or projected.

Developments in any of the risks or uncertainties facing us or our subsidiaries, including those described under Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our and our subsidiaries’ other filings with the SEC, could cause our and our subsidiaries’ results to differ materially from results that have been or may be anticipated or projected. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made and we and our subsidiaries expressly disclaim any obligation or undertaking to update these statements to reflect any change in expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.


			53

Table of contents

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

There were no material changes in our market risk components as of March 31, 2026 from those discussed in the Quantitative and Qualitative Disclosures about Market Risk section included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025. Additional information related to portfolio duration and market conditions is discussed in the Investments section of Management’s Discussion and Analysis of Financial Condition and Results of Operations included under Part I, Item 2.

Item 4. Controls and Procedures.

The Company maintains a system of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), which is designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act, including this Report, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Company under the Exchange Act is accumulated and communicated to the Company’s management on a timely basis to allow decisions regarding required disclosure.

The Company’s management, including the Company’s principal executive officer (“CEO”) and principal financial officer (“CFO”) conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Report and, based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of March 31, 2026.

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended March 31, 2026 that have materially affected or that are reasonably likely to materially affect the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1. Legal Proceedings.

Information on our legal proceedings is set forth in Note 10 to the Consolidated Condensed Financial Statements included under Part I, Item 1.

Item 1A. Risk Factors.

Our Annual Report on Form 10-K for the year ended December 31, 2025 includes a discussion of material risk factors facing the Company. There have been no material changes to such risk factors as of the date of this Report.


			54

Table of contents

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

Items 2 (a) and (b) are inapplicable.

Period

(a) Total number

of shares

purchased

(b) Average

price paid per

(d) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs (in millions)

January 1, 2026 - January 31, 2026

N/A

February 1, 2026 - February 28, 2026

144,525

108.90

N/A

March 1, 2026 - March 31, 2026

140,651

108.72

N/A

Item 5. Other Information

None


			55

Table of contents

Item 6. Exhibits.


Description of Exhibit			Exhibit Number




Certification by the Chief Executive Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a)			31.1*

Certification by the Chief Financial Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a)			31.2*

Certification by the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002)			32.1*

Certification by the Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002)			32.2*

XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document			101.INS *

Inline XBRL Taxonomy Extension Schema			101.SCH *

Inline XBRL Taxonomy Extension Calculation Linkbase			101.CAL *

Inline XBRL Taxonomy Extension Definition Linkbase			101.DEF *

Inline XBRL Taxonomy Label Linkbase			101.LAB *

Inline XBRL Taxonomy Extension Presentation Linkbase			101.PRE *

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)			104*

*Filed herewith.


			56

Table of contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.


	LOEWS CORPORATION
	(Registrant)

Dated: May 4, 2026	By:	/s/ Jane J. Wang
		JANE J. WANG
		Senior Vice President and Chief Financial Officer (Duly authorized officer and principal financial officer)


			57