Segments (Tables)

9 Months Ended

Sep. 30, 2022

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


Three Months Ended September 30, 2022	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,221							$	2,221
Net investment income (loss)	422		$	1			$	(19)	404
Investment losses	(96)								(96)
Non-insurance warranty revenue	399								399
Operating revenues and other	11		338		$	180	4		533
Total	2,957		339		180		(15)		3,461

Expenses:

Insurance claims and policyholders’ benefits	1,665								1,665
Amortization of deferred acquisition costs	383								383
Non-insurance warranty expense	371								371
Operating expenses and other	346		250		147		17		760
Interest	28		42		(1)		23		92
Total	2,793		292		146		40		3,271
Income (loss) before income tax	164		47		34		(55)		190
Income tax (expense) benefit	(36)		(13)		(9)		11		(47)
Net income (loss)	128		34		25		(44)		143
Amounts attributable to noncontrolling interests	(13)								(13)
Net income (loss) attributable to Loews Corporation	$	115	$	34	$	25	$	(44)	$	130


Three Months Ended September 30, 2021	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	2,059							$	2,059
Net investment income (loss)	513						$	(30)	483
Investment gains	22								22
Non-insurance warranty revenue	357								357
Operating revenues and other	8		$	307	$	134	1		450
Total	2,959		307		134		(29)		3,371

Expenses:

Insurance claims and policyholders’ benefits	1,632								1,632
Amortization of deferred acquisition costs	368								368
Non-insurance warranty expense	330								330
Operating expenses and other	287		215		109		27		638
Interest	28		40		8		23		99
Total	2,645		255		117		50		3,067
Income (loss) before income tax	314		52		17		(79)		304
Income tax (expense) benefit	(59)		(14)		(4)		19		(58)
Net income (loss)	255		38		13		(60)		246
Amounts attributable to noncontrolling interests	(26)								(26)
Net income (loss) attributable to Loews Corporation	$	229	$	38	$	13	$	(60)	$	220


Nine Months Ended September 30, 2022	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)

Revenues:

Insurance premiums	$	6,435							$	6,435
Net investment income (loss)	1,302		$	1	$	(1)	$	(100)	1,202
Investment losses	(166)								(166)
Non-insurance warranty revenue	1,173								1,173
Operating revenues and other	24		1,044		533		6		1,607
Total	8,768		1,045		532		(94)		10,251

Expenses:

Insurance claims and policyholders’ benefits	4,703								4,703
Amortization of deferred acquisition costs	1,101								1,101
Non-insurance warranty expense	1,092								1,092
Operating expenses and other	1,001		698		405		62		2,166
Interest	84		126		7		67		284
Total	7,981		824		412		129		9,346
Income (loss) before income tax	787		221		120		(223)		905
Income tax (expense) benefit	(141)		(57)		(36)		44		(190)
Net income (loss)	646		164		84		(179)		715
Amounts attributable to noncontrolling interests	(67)								(67)
Net income (loss) attributable to Loews Corporation	$	579	$	164	$	84	$	(179)	$	648


Nine Months Ended September 30, 2021	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate (a)		Total
(In millions)

Revenues:

Insurance premiums	$	6,056							$	6,056
Net investment income	1,608				$	1	$	40	1,649
Investment gains	117						540		657
Non-insurance warranty revenue	1,054								1,054
Operating revenues and other	19		$	991	288		282		1,580
Total	8,854		991		289		862		10,996

Expenses:

Insurance claims and policyholders’ benefits	4,684								4,684
Amortization of deferred acquisition costs	1,084								1,084
Non-insurance warranty expense	973								973
Operating expenses and other	874		641		328		365		2,208
Interest	85		121		25		93		324
Total	7,700		762		353		458		9,273
Income (loss) before income tax	1,154		229		(64)		404		1,723
Income tax (expense) benefit	(219)		(59)		13		(126)		(391)
Net income (loss)	935		170		(51)		278		1,332
Amounts attributable to noncontrolling interests	(97)								(97)
Net income (loss) attributable to Loews Corporation	$	838	$	170	$	(51)	$	278	$	1,235


(a)			Amounts include the consolidated results of Altium Packaging through March 31, 2021. Beginning April 1, 2021, Altium Packaging is recorded as an equity method investment.