Segments

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

Segments

Segments

Loews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, the consolidated operations of Altium Packaging for the three months ended March 31, 2021 and the equity method of accounting for Altium Packaging for the three months ended March 31, 2022. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding the composition of Loews Corporation’s segments, see Note 19 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

The following tables present the reportable segments and their contribution to the Consolidated Condensed Statements of Operations. Amounts presented will not necessarily be the same as those in the individual financial statements of the subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

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

Three Months Ended March 31, 2022	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)
Revenues:
Insurance premiums	$	2,059							$	2,059
Net investment income (loss)	448						$	(16)	432
Investment losses	(11)								(11)
Non-insurance warranty revenue	382								382
Operating revenues and other	7		$	381	$	152			540
Total	2,885		381		152		(16)		3,402
Expenses:
Insurance claims and policyholders’ benefits	1,455								1,455
Amortization of deferred acquisition costs	344								344
Non-insurance warranty expense	354								354
Operating expenses and other	326		217		126		22		691
Interest	28		42		4		22		96
Total	2,507		259		130		44		2,940
Income (loss) before income tax	378		122		22		(60)		462
Income tax (expense) benefit	(65)		(31)		(7)		11		(92)
Net income (loss)	313		91		15		(49)		370
Amounts attributable to noncontrolling interests	(32)								(32)
Net income (loss) attributable to Loews Corporation	$	281	$	91	$	15	$	(49)	$	338

Three Months Ended March 31, 2021	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate (a)		Total
(In millions)
Revenues:
Insurance premiums	$	1,962							$	1,962
Net investment income	504						$	46	550
Investment losses	57								57
Non-insurance warranty revenue	338								338
Operating revenues and other	5		$	372	$	57	281		715
Total	2,866		372		57		327		3,622
Expenses:
Insurance claims and policyholders’ benefits	1,506								1,506
Amortization of deferred acquisition costs	359								359
Non-insurance warranty expense	311								311
Operating expenses and other	285		217		104		308		914
Interest	28		41		8		48		125
Total	2,489		258		112		356		3,215
Income (loss) before income tax	377		114		(55)		(29)		407
Income tax (expense) benefit	(66)		(29)		12		(31)		(114)
Net income (loss)	311		85		(43)		(60)		293
Amounts attributable to noncontrolling interests	(32)								(32)
Net income (loss) attributable to Loews Corporation	$	279	$	85	$	(43)	$	(60)	$	261

(a) Amounts include the consolidated results of Altium Packaging for the three months ended March 31, 2021.