Loews Corporation

11/02/2026 | Press release | Distributed by Public on 11/02/2026 06:36

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

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
Results of Operations
Consolidated Financial Results
CNA Financial
Boardwalk Pipelines
Loews Hotels & Co
Corporate
Liquidity and Capital Resources
Parent Company
Subsidiaries
Investments
Critical Accounting Estimates
Accounting Standards Update
Forward-Looking Statements
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.
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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 and nine months ended September 30, 2026 and 2025:
Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
(In millions, except per share data)
CNA Financial $ 180 $ 371 $ 668 $ 897
Boardwalk Pipelines 85 94 344 334
Loews Hotels & Co 16 (3) 90 25
Corporate 25 42 (15) 9
Net income attributable to Loews Corporation $ 306 $ 504 $ 1,087 $ 1,265
Basic and diluted net income per share $ 1.50 $ 2.43 $ 5.29 $ 6.03
Net income attributable to Loews Corporation for the three months ended September 30, 2026 was $306 million, or $1.50 per share, compared to net income of $504 million, or $2.43 per share in the comparable 2025 period. Net income attributable to Loews Corporation for the nine months ended September 30, 2026 was $1,087 million, or $5.29 per share, compared to net income of $1,265 million, or $6.03 per share in the comparable 2025 period.
The decrease in net income attributable to Loews Corporation for the three months ended September 30, 2026 as compared to the comparable 2025 period was primarily driven by lower net income at CNA, Boardwalk Pipelines and Corporate, partially offset by higher net income at Loews Hotels & Co. The decrease at CNA is primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from its annual long-term care reserve assumption updates, as well as lower property and casualty underlying underwriting results and higher catastrophe losses. The decrease at Boardwalk Pipelines is primarily due to higher operating expenses, including $14 million (after-tax) of charges related to net unrealized losses at Boardwalk Continuum Marketing, LLC and an impairment charge associated with the relocation of Boardwalk's corporate office. Excluding those items, results improved year-over-year, benefiting from higher gas transportation revenues. The decrease at Corporate is primarily due to lower investment income from the parent company trading portfolio. The increase at Loews Hotels & Co is primarily due to a higher overall average daily rate and an increase in occupied room nights across most of the portfolio, partially offset by lower equity income from joint ventures.
The decrease in net income attributable to Loews Corporation for the nine months ended September 30, 2026 as compared to the comparable 2025 period was primarily driven by lower net income at CNA and lower results at Corporate, partially offset by higher net income at Loews Hotels & Co and Boardwalk Pipelines. The decrease at CNA is primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from its annual long-term care reserve assumption updates and lower property and casualty underwriting results, partially offset by higher net investment income. Corporate results decreased primarily due to lower investment income from the parent company trading portfolio and higher interest expense related to a recent debt refinancing. The increase at Loews Hotels & Co is primarily due to a higher overall average daily rate and an increase in occupied room nights across most of the portfolio and higher equity income from joint ventures, partially offset by higher operating expenses. The increase at Boardwalk Pipelines is primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization-based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses, including costs associated with growth projects.
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CNA Financial
The following table summarizes the results of operations for CNA for the three and nine months ended September 30, 2026 and 2025 as presented in Note 13 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 Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
(In millions)
Revenues:
Insurance premiums $ 2,831 $ 2,783 $ 8,291 $ 8,103
Net investment income 635 638 1,946 1,904
Investment losses (9) (7) (32) (62)
Non-insurance warranty revenue 357 393 1,098 1,188
Other revenues 7 10 24 28
Total 3,821 3,817 11,327 11,161
Expenses:
Insurance claims and policyholders' benefits 2,347 2,032 6,691 6,144
Amortization of deferred acquisition costs 492 483 1,449 1,423
Non-insurance warranty expense 339 377 1,051 1,146
Other operating expenses 374 376 1,129 1,107
Interest 32 36 98 99
Total 3,584 3,304 10,418 9,919
Income before income tax 237 513 909 1,242
Income tax expense (41) (110) (181) (266)
Net income 196 403 728 976
Amounts attributable to noncontrolling interests (16) (32) (60) (79)
Net income attributable to Loews Corporation $ 180 $ 371 $ 668 $ 897
Three Months Ended September 30, 2026 Compared to the Comparable 2025 Period
Net income attributable to Loews Corporation decreased $191 million for the three months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from CNA's annual long-term care reserve assumption updates, as well as lower property and casualty underlying underwriting results and higher catastrophe losses.
Nine Months Ended September 30, 2026 Compared to the Comparable 2025 Period
Net income attributable to Loews Corporation decreased $229 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from CNA's annual long-term care reserve assumption updates and lower property and casualty underwriting results, 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
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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 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 include 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 5 and 6 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.
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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 and nine months ended September 30, 2026 and 2025:
Three Months Ended September 30, 2026 Specialty Commercial International Property & Casualty Other Insurance Operations Total
(In millions)
Net income (loss) attributable to Loews Corporation $ 131 $ 147 $ 81 $ 359 $ (179) $ 180
Investment losses 3 2 1 6 1 7
Noncontrolling interests 12 13 7 32 (16) 16
Core income (loss) $ 146 $ 162 $ 89 $ 397 $ (194) $ 203
Less:
Net investment income 150 204 48 402
Non-insurance warranty revenue 18 18
Other revenue (expense), including interest expense (13) (5) 14 (4)
Income tax expense on core income (39) (40) (22) (101)
Underwriting gain 30 3 49 82
Catastrophe losses 70 8 78
Effect of unfavorable (favorable) development-related items 35 (35)
Underlying underwriting gain $ 30 $ 108 $ 22 $ 160
Three Months Ended September 30, 2025
Net income (loss) attributable to Loews Corporation $ 159 $ 211 $ 41 $ 411 $ (40) $ 371
Investment (gains) losses 3 4 3 10 (4) 6
Noncontrolling interests 14 18 3 35 (3) 32
Core income (loss) $ 176 $ 233 $ 47 $ 456 $ (47) $ 409
Less:
Net investment income 162 192 42 396
Non-insurance warranty revenue 16 16
Other revenue (expense), including interest expense (15) (3) 1 (17)
Income tax expense on core income (47) (62) (24) (133)
Underwriting gain 60 106 28 194
Catastrophe losses 39 2 41
Underlying underwriting gain $ 60 $ 145 $ 30 $ 235
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Nine Months Ended September 30, 2026 Specialty Commercial International Property & Casualty Other Insurance Operations Total
(In millions)
Net income (loss) attributable to Loews Corporation $ 362 $ 457 $ 147 $ 966 $ (298) $ 668
Investment losses 7 8 3 18 6 24
Noncontrolling interests 33 41 13 87 (27) 60
Core income (loss) $ 402 $ 506 $ 163 $ 1,071 $ (319) $ 752
Less:
Net investment income 463 640 135 1,238
Non-insurance warranty revenue 47 47
Other revenue (expense), including interest expense (39) (10) 12 (37)
Income tax expense on core income (107) (128) (57) (292)
Underwriting gain 38 4 73 115
Catastrophe-related reinstatement premiums 9 9
Catastrophe losses 207 19 226
Effect of unfavorable (favorable) development-related items 50 92 (35) 107
Underlying underwriting gain $ 88 $ 312 $ 57 $ 457
Nine Months Ended September 30, 2025
Net income (loss) attributable to Loews Corporation $ 448 $ 507 $ 124 $ 1,079 $ (182) $ 897
Investment losses 16 23 2 41 8 49
Noncontrolling interests 39 45 11 95 (16) 79
Core income (loss) $ 503 $ 575 $ 137 $ 1,215 $ (190) $ 1,025
Less:
Net investment income 483 575 114 1,172
Non-insurance warranty revenue 42 42
Other revenue (expense), including interest expense (40) (10) 12 (38)
Income tax expense on core income (137) (153) (55) (345)
Underwriting gain 155 163 66 384
Catastrophe losses 182 18 200
Effect of unfavorable development-related items 10 54 64
Underlying underwriting gain $ 165 $ 399 $ 84 $ 648
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Property & Casualty Operations
The following tables summarize the results of CNA's Property & Casualty Operations and provide the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three and nine months ended September 30, 2026 and 2025.
Three Months Ended September 30, 2026 Specialty Commercial International Total
(In millions, except %)
Net written premiums $ 900 $ 1,274 $ 333 $ 2,507
Net earned premiums 907 1,475 349 2,731
Underwriting gain 30 3 49 82
Net investment income 150 204 48 402
Core income 146 162 89 397
Other performance metrics:
Loss ratio 62.9 % 73.0 % 51.8 % 66.9 %
Expense ratio 33.6 26.2 34.3 29.7
Dividend ratio 0.3 0.5 0.4
Combined ratio 96.8 % 99.7 % 86.1 % 97.0 %
Less: Effect of catastrophe impacts 0.1 4.8 2.1 2.8
Less: Effect of unfavorable (favorable) development-related items 2.4 (10.1) -
Underlying combined ratio 96.7 % 92.5 % 94.1 % 94.2 %
Underlying loss ratio 62.8 % 65.8 % 59.8 % 64.1 %
Rate 4 % 2 % (4)% 2 %
Renewal premium change 5 3 (2) 3
Retention 83 83 87 83
New business $ 137 $ 332 $ 86 $ 555
Three Months Ended September 30, 2025
Net written premiums $ 867 $ 1,251 $ 319 $ 2,437
Net earned premiums 881 1,453 344 2,678
Underwriting gain 60 106 28 194
Net investment income 162 192 42 396
Core income 176 233 47 456
Other performance metrics:
Loss ratio 60.6 % 66.1 % 59.1 % 63.4 %
Expense ratio 32.5 26.1 32.7 29.1
Dividend ratio 0.2 0.5 0.3
Combined ratio 93.3 % 92.7 % 91.8 % 92.8 %
Less: Effect of catastrophe impacts 2.7 0.6 1.5
Underlying combined ratio 93.3 % 90.0 % 91.2 % 91.3 %
Underlying loss ratio 60.6 % 63.4 % 58.5 % 61.9 %
Rate 3 % 5 % (6)% 3 %
Renewal premium change 4 6 (3) 4
Retention 86 79 83 81
New business $ 131 $ 324 $ 94 $ 549
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Nine Months Ended September 30, 2026
Specialty
Commercial
International
Total
(In millions, except %)
Net written premiums $ 2,671 $ 4,397 $ 1,026 $ 8,094
Net earned premiums 2,637 4,328 1,020 7,985
Underwriting gain 38 4 73 115
Net investment income 463 640 135 1,238
Core income 402 506 163 1,071
Other performance metrics:
Loss ratio 64.7 % 72.9 % 58.2 % 68.3 %
Expense ratio 33.5 26.5 34.7 29.9
Dividend ratio 0.4 0.5 0.4
Combined ratio 98.6 % 99.9 % 92.9 % 98.6 %
Less: Effect of catastrophe impacts 5.0 1.8 2.9
Less: Effect of unfavorable (favorable) development-related items 1.9 2.1 (3.4) 1.3
Underlying combined ratio 96.7 % 92.8 % 94.5 % 94.4 %
Underlying loss ratio 62.8 % 65.8 % 59.8 % 64.1 %
Rate 4 % 1 % (5)% 1 %
Renewal premium change 5 3 (2) 3
Retention 84 81 86 83
New business $ 439 $ 1,147 $ 268 $ 1,854
Nine Months Ended September 30, 2025
Net written premiums $ 2,601 $ 4,312 $ 976 $ 7,889
Net earned premiums 2,573 4,235 978 7,786
Underwriting gain 155 163 66 384
Net investment income 483 575 114 1,172
Core income 503 575 137 1,215
Other performance metrics:
Loss ratio 60.7 % 68.7 % 60.3 % 65.0 %
Expense ratio 33.0 26.9 32.9 29.7
Dividend ratio 0.3 0.5 0.4
Combined ratio 94.0 % 96.1 % 93.2 % 95.1 %
Less: Effect of catastrophe impacts 4.3 1.8 2.6
Less: Effect of unfavorable development-related items 0.4 1.3 0.8
Underlying combined ratio 93.6 % 90.5 % 91.4 % 91.7 %
Underlying loss ratio 60.3 % 63.1 % 58.5 % 61.6 %
Rate 3 % 5 % (4)% 3 %
Renewal premium change 4 7 (1) 5
Retention 87 82 85 83
New business $ 365 $ 1,114 $ 280 $ 1,759
Three Months Ended September 30, 2026 Compared to the Comparable 2025 Period
Net written premiums for Specialty increased $33 million for the three months ended September 30, 2026 as compared with the comparable 2025 period driven by rate and higher new business. The increase in net earned premiums for the three months ended September 30, 2026 was consistent with the trend in net written premiums for Specialty.
Net written premiums for Commercial increased $23 million for the three months ended September 30, 2026 as compared with the comparable 2025 period driven by rate and higher new business. The increase in net earned premiums for the three months ended September 30, 2026 was consistent with the trend in net written premiums for Commercial.
Net written premiums for International increased $14 million for the three months ended September 30, 2026 as compared with the comparable 2025 period. Excluding the effect of foreign currency exchange rates, net written premiums
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increased $18 million for the three months ended September 30, 2026 as compared with the comparable 2025 period driven by higher retention partially offset by lower rate. The increase in net earned premiums for the three months ended September 30, 2026 was consistent with the trend in net written premiums for International.
Core income for Property & Casualty Operations decreased $59 million for the three months ended September 30, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results and higher catastrophe losses.
Catastrophe losses for Property & Casualty Operations were $78 million and $41 million for the three months ended September 30, 2026 and 2025 driven by severe weather related events. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended September 30, 2026 or 2025. For the three months ended September 30, 2026 and 2025, Commercial had catastrophe losses of $70 million and $39 million and International had catastrophe losses of $8 million and $2 million.
Favorable net prior year loss reserve development for Property & Casualty Operations of $1 million and $1 million was recorded for the three months ended September 30, 2026 and 2025. For the three months ended September 30, 2026 and 2025, Commercial recorded unfavorable net prior year loss reserve development of $34 million and favorable net prior year loss reserve development of $1 million and International recorded favorable net prior year loss reserve development of $35 million and no net prior year loss reserve development. Further information on net prior year loss reserve development is included in Note 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
Specialty's combined ratio increased 3.5 points for the three months ended September 30, 2026 as compared with the comparable 2025 period primarily due to a 2.3 point increase in the loss ratio and a 1.1 point increase in the expense ratio. The increase in the loss ratio reflected a higher underlying loss ratio across various lines. The underlying loss ratio was consistent with the first half of 2026. The increase in the expense ratio was primarily driven by higher acquisition costs.
Commercial's combined ratio increased 7.0 points for the three months ended September 30, 2026 as compared with the comparable 2025 period primarily due to a 6.9 point increase in the loss ratio. The increase in the loss ratio reflected a higher underlying loss ratio in excess casualty and workers' compensation, unfavorable net prior year loss reserve development and higher catastrophe losses. The underlying loss ratio was consistent with the first half of 2026. Catastrophe losses were 4.8 points of the loss ratio for the three months ended September 30, 2026 as compared with 2.7 points of the loss ratio for the comparable 2025 period. The expense ratio was generally consistent with the comparable 2025 period.
International's combined ratio improved 5.7 points for the three months ended September 30, 2026 as compared with the comparable 2025 period due to a 7.3 point improvement in the loss ratio partially offset by a 1.6 point increase in the expense ratio. The improvement in the loss ratio was due to favorable net prior year loss reserve development in the three months ended September 30, 2026 compared with no net prior year loss reserve development in the comparable 2025 period, partially offset by higher catastrophe losses, which were 2.1 points of the loss ratio for the three months ended September 30, 2026 as compared with 0.6 points of the loss ratio for the comparable 2025 period, and an increase in the underlying loss ratio across most lines. The underlying loss ratio was consistent with the first half of 2026. The increase in the expense ratio reflects higher acquisition costs.
Nine Months Ended September 30, 2026 Compared to the Comparable 2025 Period
Net written premiums for Specialty increased $70 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period driven by higher new business and rate partially offset by lower retention. The increase in net earned premiums for the nine months ended September 30, 2026 was consistent with the trend in net written premiums for Specialty.
Net written premiums for Commercial increased $85 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period driven by rate and higher new business. The increase in net earned premiums for the nine months ended September 30, 2026 was consistent with the trend in net written premiums for Commercial.
Net written premiums for International increased $50 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period. Excluding the effect of foreign currency exchange rates, net written premiums increased $26 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period driven by higher retention, partially offset by lower rate. The increase in net earned premiums for the nine months ended September 30, 2026 was consistent with the trend in net written premiums for International.
Core income for Property & Casualty Operations decreased $144 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results, higher
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unfavorable net prior year loss reserve development and higher catastrophe losses, partially offset by higher net investment income.
Catastrophe losses for Property & Casualty Operations were $226 million and catastrophe-related reinsurance reinstatement premiums were $9 million for the nine months ended September 30, 2026 driven by severe weather related events. Catastrophe losses were $200 million for the nine months ended September 30, 2025 driven by severe weather related events. There were no catastrophe-related reinsurance reinstatement premiums for the nine months ended September 30, 2025. For the nine months ended September 30, 2026 and 2025, Commercial had catastrophe losses of $207 million and $182 million and International had catastrophe losses of $19 million and $18 million. The nine months ended September 30, 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 $93 million and $56 million was recorded for the nine months ended September 30, 2026 and 2025. For the nine months ended September 30, 2026 and 2025, Specialty recorded unfavorable net prior year loss reserve development of $44 million and $10 million, Commercial recorded unfavorable net prior year loss reserve development of $84 million and $46 million and International recorded favorable net prior year loss reserve development of $35 million and no net prior year loss reserve development. Further information on net prior year loss reserve development is included in Note 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
Specialty's combined ratio increased 4.6 points for the nine months ended September 30, 2026 as compared with the comparable 2025 period primarily due to a 4.0 point increase in the loss ratio and a 0.5 point increase in the expense ratio. The increase in the loss ratio reflected both a higher underlying loss ratio across various lines and higher unfavorable net prior year loss reserve development. The increase in the expense ratio was primarily driven by higher acquisition costs.
Commercial's combined ratio increased 3.8 points for the nine months ended September 30, 2026 as compared with the comparable 2025 period due to a 4.2 point increase in the loss ratio partially offset by a 0.4 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, higher unfavorable net prior year loss reserve development and higher catastrophe losses. The effect of catastrophe impacts on the loss ratio was 5.0 points for the nine months ended September 30, 2026 as compared with 4.3 points for the comparable 2025 period. The improvement in the expense ratio was primarily driven by lower acquisition costs.
International's combined ratio improved 0.3 points for the nine months ended September 30, 2026 as compared with the comparable 2025 period due to a 2.1 point improvement in the loss ratio largely offset by a 1.8 point increase in the expense ratio. The improvement in the loss ratio was primarily due to favorable net prior year loss reserve development in the nine months ended September 30, 2026 compared with no net prior year loss reserve development in the comparable 2025 period, partially offset by an increase in the underlying loss ratio across most lines. The increase in the expense ratio was primarily driven by continued investments in talent and technology and higher acquisition costs, partially offset by higher net earned premiums.
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Other Insurance Operations
The following table summarizes the results of CNA's Other Insurance Operations for the three and nine months ended September 30, 2026 and 2025.
Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
(In millions)
Net earned premiums $ 101 $ 106 $ 307 $ 318
Net investment income 233 242 708 732
Core loss (194) (47) (319) (190)
Three Months Ended September 30, 2026 Compared to the Comparable 2025 Period
Core results for Other Insurance Operations decreased $147 million for the three months ended September 30, 2026 as compared with the comparable 2025 period. Both periods include assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year.
The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2026 resulted in a pretax increase in long-term care reserves of $173 million, primarily driven by unfavorable cost of care inflation and morbidity impacts, partially offset by favorable premium rate actions. However, the unfavorable expected cash flows from the reserve assumption updates are almost entirely offset by a favorable economic impact from anticipated future investment cash flows from recent investment portfolio actions. Under GAAP accounting, the anticipated benefits of these portfolio actions are not immediately reflected in earnings, but instead are recognized through net investment income over time.
The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2025 resulted in a pretax increase in long-term care reserves of $7 million.
Nine Months Ended September 30, 2026 Compared to the Comparable 2025 Period
Core results for Other Insurance Operations decreased $129 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period. The current period includes a $77 million after-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves as compared with a $106 million after-tax charge in the comparable 2025 period. The current period also includes an increase of $14 million after-tax associated with the amortization of the deferred gain related to the A&EP LPT as compared with the comparable 2025 period. Further information on the net prior year loss reserve development and the A&EP LPT is included in Note 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
The impact of the assumption updates as a result of the annual long-term care reserve reviews completed in the third quarter of each year is discussed in the three month summary above.
Future Policy Benefit Reserves
Annually in the third quarter, an actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the liability for future policyholder benefits ("LFPB"). For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.
The table below summarizes the estimated pretax impact on CNA's results of operations from various hypothetical revisions to its LFPB reserve assumptions. CNA has assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional future premium rate increases. Although such hypothetical revisions are not currently required or anticipated, CNA believes they could occur based on past variances in experience and its expectations of the ranges of future experience that could reasonably occur. Any actual adjustment would be dependent on the specific policies affected and,
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therefore, may differ from the estimates summarized below. The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.
September 30, 2026
Estimated Reduction to Pretax Income
(In millions)
Hypothetical revisions
Morbidity:
2.5% increase in morbidity $ 320
5% increase in morbidity 640
Persistency:
5% decrease in active life mortality and lapse $ 190
10% decrease in active life mortality and lapse 380
Premium rate actions:
25% decrease in future unapproved rate increase premium $ 30
50% decrease in future unapproved rate increase premium 60
The following table summarizes policyholder reserves for CNA's Other Insurance Operations:
September 30, 2026 Claim and claim adjustment expenses Future policy benefits Total
(In millions)
Long-term care $ 12,437 $ 12,437
Structured settlements and other $ 486 486
Total 486 12,437 12,923
Ceded reserves 53 53
Total gross reserves $ 539 $ 12,437 $ 12,976
December 31, 2025
(In millions)
Long-term care $ 13,448 $ 13,448
Structured settlements and other $ 535 535
Total 535 13,448 13,983
Ceded reserves 56 56
Total gross reserves $ 591 $ 13,448 $ 14,039
As part of the annual reserve review, statutory long-term care reserve adequacy is evaluated by premium deficiency testing, by comparing statutory policy level reserves on a carried basis with best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of policy level reserves on a carried basis over the corresponding reserves determined on a best estimate basis. As of September 30, 2026, CNA's statutory long-term care margin was $1.3 billion.
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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 4.7 billion cubic feet per day ("Bcf/d") and its storage working gas capacity by 10 Bcf at an expected aggregate cost of approximately $3.6 billion and are scheduled to be completed through 2030. Through September 30, 2026, Boardwalk Pipelines has spent $525 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.
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Boardwalk Pipelines' more significant growth projects are listed below:
Expected in-service date Expected incremental capacity added to system
(Bcf/d)
Eunice - Iowa (a) September 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 (b) First half 2028 0.3
Parks Line Upgrade and Sorrento Station Project (b) First half 2028 0.2
Texas Gateway Project (c) Second half 2029 1.8
Petal Gas Storage Expansion (d) Second half 2030 (d)
Carthage Crossing Project (c)(e) Second half 2030 0.2
(a) Eunice - Iowa went into service in September 2026.
(b)
These projects have received approval from the Federal Energy Regulatory Commission ("FERC") and construction has commenced.
(c) These projects remain subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations.
(d) This project remains subject to FERC approval and is expected to add 10 Bcf of storage working gas capacity.
(e)
The Carthage Crossing project is expected to increase the capacity of Boardwalk Pipelines' pipeline system from Carthage, Texas, to North Louisiana through the addition of compression facilities and auxiliary equipment. This project is supported by a precedent agreement with a utility customer and could expand based on the results of Boardwalk Pipelines' open season.
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 $9.6 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 and marketing of natural gas and related services throughout the United States of America ("U.S."). 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
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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 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' 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 and nine months ended September 30, 2026 and 2025, as presented in Note 13 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 Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
(In millions)
Revenues:
Operating revenues and other $ 615 $ 542 $ 1,815 $ 1,697
Interest income 1 4 8 8
Total 616 546 1,823 1,705
Expenses:
Operating and other:
Operating costs and expenses 353 275 914 810
Depreciation and amortization 114 107 337 333
Interest 35 40 114 119
Total 502 422 1,365 1,262
Income before income tax 114 124 458 443
Income tax expense (29) (30) (114) (109)
Net income attributable to Loews Corporation $ 85 $ 94 $ 344 $ 334
EBITDA $ 262 $ 267 $ 901 $ 887
Three Months Ended September 30, 2026 Compared to the Comparable 2025 Period
Net income attributable to Loews Corporation and EBITDA decreased $9 million and $5 million for the three months ended September 30, 2026 as compared with the comparable 2025 period.
Total revenues increased $70 million for the three months ended September 30, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $31 million for the three months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates and utilization. Product sales revenue increased $40 million for the three months ended September 30, 2026 as compared with the comparable 2025 period, with Boardwalk Continuum Marketing, LLC ("Continuum") contributing $26 million.
Operating and other expenses increased $85 million for the three months ended September 30, 2026 as compared with the comparable 2025 period. Costs associated with product sales increased $51 million for the three months ended September 30, 2026 as compared with the comparable 2025 period, including $10 million of net unrealized losses on derivative instruments, primarily from the Continuum acquisition. General and administrative expenses increased $12 million for the three months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to higher employee-related costs and the Continuum acquisition and related transaction costs. In the three months ended September 30, 2026, Boardwalk Pipelines also recognized a $9 million impairment charge related to the relocation of its Houston corporate headquarters.
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Nine Months Ended September 30, 2026 Compared to the Comparable 2025 Period
Net income attributable to Loews Corporation and EBITDA increased $10 million and $14 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period.
Total revenues increased $118 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $53 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates and higher utilization-based and growth project revenues. Transportation revenues for the natural gas liquids business increased by $7 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to higher volumes transported. Storage and parking and lending ("PAL") revenues for the natural gas business increased by $18 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to favorable market conditions which allowed for contracting at higher rates. Product sales revenues increased by $33 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to $44 million of product sales revenues from the Continuum acquisition, partially offset by decreases of $11 million for ethane supply services and other product sales due to lower volumes.
Operating and other expenses increased $108 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period. Costs associated with product sales increased $44 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, including $9 million of net unrealized losses on derivative instruments, primarily from the Continuum acquisition. Operation and maintenance expenses increased $9 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, primarily from higher employee-related costs due to an increase in employees to support Boardwalk Pipelines' growth and higher outside services and materials and supplies costs due to increased maintenance and reliability activities. General and administrative expenses increased $35 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, primarily from higher employee-related costs due to an increase in employees to support Boardwalk Pipelines' growth, including additional employees from the Continuum acquisition, higher outside service costs and Continuum related transaction costs. Costs associated with service revenues increased $9 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, primarily due to a storage gas loss adjustment. In the nine months ended September 30, 2026, Boardwalk Pipelines also recognized a $9 million impairment charge related to the relocation of its Houston corporate headquarters.
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 and nine months ended September 30, 2026 and 2025:
Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
(In millions)
Net income attributable to Loews Corporation $ 85 $ 94 $ 344 $ 334
Interest, net
34 36 106 111
Income tax expense
29 30 114 109
Depreciation and amortization
114 107 337 333
EBITDA
$ 262 $ 267 $ 901 $ 887
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Loews Hotels & Co
The following table summarizes the results of operations for Loews Hotels & Co for the three and nine months ended September 30, 2026 and 2025, as presented in Note 13 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
(In millions)
Revenues:
Operating revenue $ 220 $ 180 $ 683 $ 613
Revenues related to reimbursable expenses 30 31 97 97
Total 250 211 780 710
Expenses:
Operating and other 176 163 526 506
Asset impairments 9
Reimbursable expenses 30 31 97 97
Depreciation and amortization 27 27 80 75
Equity income from joint ventures (17) (25) (102) (60)
Interest 14 18 44 52
Total 230 214 654 670
Income (loss) before income tax 20 (3) 126 40
Income tax expense (4) (36) (15)
Net income (loss) attributable to Loews Corporation $ 16 $ (3) $ 90 $ 25
Net income (loss) attributable to Loews Corporation increased $19 million and $65 million for the three and nine months ended September 30, 2026 as compared with the comparable 2025 periods.
Operating revenues increased by $40 million and $70 million and operating and other expenses increased by $13 million and $20 million for the three and nine months ended September 30, 2026 as compared with the comparable 2025 periods. The increase in operating revenues was primarily due to a higher overall average daily rate and an increase in the number of occupied room nights across most of its portfolio, particularly at the Loews Miami Beach Hotel following the conclusion of its renovation at the end of 2025, as well as Loews Hotels & Co's Arlington hotel properties. Additionally, several hotel properties, including the Arlington hotels, benefited from the World Cup. Higher food and beverage revenues also contributed to the improvement in operating 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 decreased $8 million and increased $42 million for the three and nine months ended September 30, 2026 as compared with the comparable 2025 periods. The decrease for the three-month period was due to a lower overall average daily rate and higher operating costs at the Universal Orlando Resort hotels, partially offset by an increase in the number of occupied room nights at these hotels. The increase for the nine-month period was driven by growth in the overall average daily rate and an increase in both the 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, partially offset by higher operating costs. Equity income from joint ventures for the nine-months ended September 30, 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.
Depreciation and amortization expense increased $5 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period driven by new assets placed into service from property renovations at certain hotels, as well as accelerated depreciation of assets replaced by those renovations.
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Interest expense decreased $4 million and $8 million for the three and nine months ended September 30, 2026 as compared with the comparable 2025 periods primarily due to lower interest costs on certain debt refinanced in 2025. The decrease for the nine-month period was partially offset by lower capitalized interest on projects under development.
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 and nine months ended September 30, 2026 and 2025 as presented in Note 13 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
(In millions)
Revenues:
Net investment income $ 74 $ 97 $ 124 $ 144
Intercompany eliminations (2) (6)
Total 72 97 118 144
Expenses:
Operating and other 16 21 47 52
Equity method loss 1 3 22 21
Interest 20 18 61 54
Total 37 42 130 127
Income (loss) before income tax 35 55 (12) 17
Income tax expense (10) (13) (3) (8)
Net income (loss) attributable to Loews Corporation $ 25 $ 42 $ (15) $ 9
Net income attributable to Loews Corporation was $25 million for the three months ended September 30, 2026 as compared with $42 million for the comparable 2025 period. Net loss attributable to Loews Corporation was $15 million for the nine months ended September 30, 2026 as compared with net income of $9 million for the comparable 2025 period.
Net investment income for the Parent Company decreased $23 million and $20 million for the three and nine months ended September 30, 2026 as compared with the comparable 2025 periods, primarily due to lower results from the trading portfolio.
Interest expense increased $2 million and $7 million for the three and nine months ended September 30, 2026 as compared with the comparable 2025 periods, 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 $4.4 billion at September 30, 2026 as compared to $3.9 billion at December 31, 2025. During the nine months ended September 30, 2026, we received $1.1 billion in cash dividends and distributions from our subsidiaries: $855 million from CNA, including a special cash dividend of $497 million, and $225 million from Boardwalk Pipelines. Cash outflows during the nine months ended September 30, 2026 included the payment of $334 million to fund treasury stock purchases and $39 million of cash dividends to our shareholders. As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio
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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.
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 nine months ended September 30, 2026, we purchased 3.2 million shares of Loews Corporation common stock for $345 million. As of October 30, 2026, we purchased 0.6 million additional shares of Loews Corporation common stock in 2026 for $67 million. As of October 30, 2026, there were 202,225,230 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 $1.7 billion for the nine months ended September 30, 2026 as compared with $1.9 billion for the comparable 2025 period. The decrease in cash provided by operating activities was driven by an increase in net claim payments partially offset by an increase in premiums collected.
CNA paid cash dividends of $3.44 per share on its common stock, including a special cash dividend of $2.00 per share, during the nine months ended September 30, 2026. On October 30, 2026, CNA's Board of Directors declared a quarterly cash dividend of $0.48 per share, payable December 3, 2026 to shareholders of record on November 16, 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 September 30, 2026, CCC was in a positive earned surplus position. CCC paid dividends of $905 million and $755 million during the nine months ended September 30, 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 $786 million for the nine months ended September 30, 2026 as compared with $795 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 $3.6 billion; this cost is expected to be spent through 2030. Through September 30, 2026, Boardwalk Pipelines has spent $525 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, the issuance of long-term debt and borrowings under its revolving credit facility. Boardwalk Pipelines' cost and timing estimates for its growth projects are subject to a variety of risks and
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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.
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 nine months ended September 30, 2026 and 2025, Boardwalk Pipelines' capital expenditures were $547 million and $222 million, consisting of growth capital expenditures of $411 million and $98 million and maintenance capital expenditures of $136 million and $124 million.
Additionally, as of September 30, 2026, Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $606 million, which are expected to be settled through 2028.
Boardwalk Pipelines has a revolving credit facility that has aggregate lending commitments of $1.0 billion and a maturity date of November 10, 2030. As of September 30, 2026, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility. As of September 30, 2026, Boardwalk Pipelines had $16 million in outstanding letters of credit under its revolving credit facility, which reduced the available borrowing capacity to $984 million. As of September 30, 2026, Boardwalk Pipelines has an effective shelf registration statement on file with the SEC, under which it may publicly issue up to $3.5 billion of debt securities, warrants or rights from time to time. 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 expects to retire the outstanding $500 million aggregate principal amount of its 4.5% senior notes and $100 million aggregate principal amount of its 7.3% senior notes in July 2027 at maturity, through available capital resources, including borrowings under its revolving credit facility or the issuance of debt securities. 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 nine months ended September 30, 2026, Boardwalk Pipelines paid distributions of $225 million to the Company. On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.) for $206 million. Spire Marketing LLC (now known as Continuum) is engaged in the marketing of natural gas and related services throughout the U.S.
As of September 30, 2026, Loews Hotels & Co believes that its existing capital resources, including its cash and cash equivalents and cash flows from operating activities, will be adequate to fund its anticipated obligations over the next twelve months. 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
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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.
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 Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
(In millions)
Fixed income securities:
Taxable fixed income securities $ 520 $ 506 $ 1,527 $ 1,510
Tax-exempt fixed income securities 55 44 162 114
Total fixed income securities 575 550 1,689 1,624
Limited partnership and common stock investments 48 71 221 225
Other, net of investment expense 12 17 36 55
Net investment income $ 635 $ 638 $ 1,946 $ 1,904
Effective income yield for the fixed income securities portfolio 5.0 % 4.8 % 4.9 % 4.8 %
Limited partnership and common stock return for the period 1.5 % 2.5 % 7.3 % 8.3 %
CNA's net investment income decreased $3 million for the three months ended September 30, 2026 as compared with the comparable 2025 period, driven by lower limited partnership returns, partially offset by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates, as well as higher common stock returns.
CNA's net investment income increased $42 million for the nine months ended September 30, 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 as well as higher common stock returns, partially offset by lower limited partnership returns.
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Investment Gains (Losses)
The components of CNA's investment gains (losses) are presented in the following table:
Three Months Ended Nine Months Ended
September 30, September 30,
2026 2025 2026 2025
(In millions)
Investment gains (losses):
Fixed maturity securities:
Corporate and other bonds $ 6 $ (6) $ (4) $ (55)
States, municipalities and political subdivisions 1 (1)
Asset-backed (1) (5) (12) (12)
Total fixed maturity securities 5 (10) (17) (67)
Non-redeemable preferred stock (14) 4 (15) 10
Derivatives, short-term and other (1) (5)
Total investment losses (9) (7) (32) (62)
Income tax benefit 2 1 8 13
Amounts attributable to noncontrolling interests 1 1 4
Investment losses attributable to Loews Corporation $ (7) $ (5) $ (23) $ (45)
CNA's pretax investment losses increased $2 million for the three months ended September 30, 2026 as compared with the comparable 2025 period, driven by the unfavorable change in fair value of non-redeemable preferred stock, partially offset by net gains on disposals of fixed maturity securities in the current period compared with net losses in the comparable 2025 period.
CNA's pretax investment losses decreased $30 million for the nine months ended September 30, 2026 as compared with the comparable 2025 period, driven by net gains on disposals of fixed maturity securities in the current period compared with net losses in the comparable 2025 period, as well as lower impairment losses, partially offset by 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 3 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
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Portfolio Quality
The following table presents the estimated fair value and net unrealized gains (losses) of CNA's fixed maturity securities by rating distribution:
September 30, 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 $ 3,225 $ (469) $ 3,274 $ (228)
AAA 4,048 (419) 3,997 (136)
AA 7,404 (998) 7,001 (428)
A 10,720 (753) 11,167 (140)
BBB 14,791 (1,087) 16,249 (223)
Non-investment grade 1,879 (155) 1,714 (42)
Total $ 42,067 $ (3,881) $ 43,402 $ (1,197)
As of September 30, 2026 and December 31, 2025, 2% and 1% of CNA's fixed maturity portfolio was rated internally. Additionally, as of September 30, 2026 and December 31, 2025, CNA assigned an AAA rating to $741 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.
The following table presents CNA's available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution:
September 30, 2026
Estimated
Fair Value
Gross Unrealized Losses
(In millions)
U.S. Government, Government agencies and
Government-sponsored enterprises 		$ 3,200 $ 469
AAA 3,437 448
AA 6,113 1,062
A 8,314 843
BBB 12,137 1,181
Non-investment grade 1,268 168
Total $ 34,469 $ 4,171
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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:
September 30, 2026
Estimated
Fair Value
Gross Unrealized Losses
(In millions)
Due in one year or less $ 1,109 $ 14
Due after one year through five years 8,141 451
Due after five years through ten years 9,618 1,027
Due after ten years 15,601 2,679
Total $ 34,469 $ 4,171
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.
September 30, 2026
December 31, 2025
Estimated
Fair Value 		Effective Duration (Years) Estimated
Fair Value 		Effective Duration (Years)
(In millions of dollars)
Life & Group $ 14,181 9.8 $ 15,584 9.7
Property & Casualty and other 30,042 4.6 30,716 4.5
Total $ 44,223 6.3 $ 46,300 6.3
The effective duration of investments supporting Life & Group liabilities at September 30, 2026 lengthened slightly as compared with December 31, 2025, reflecting recent portfolio actions to reduce reinvestment risk partially offset by the impact of the increase in interest rates during the period.
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.
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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 pending adoption, 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.
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Loews Corporation published this content on November 02, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 02, 2026 at 12:37 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]