Segments

12 Months Ended

Dec. 31, 2022

Segment Reporting [Abstract]

Segments

SegmentsLoews Corporation has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment. In the first quarter of 2020, Diamond Offshore was a reportable segment; Diamond Offshore was deconsolidated during the second quarter of 2020. The Corporate segment is primarily comprised of Loews Corporation, excluding its subsidiaries, the consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021. For further information on the deconsolidations of Diamond Offshore and Altium Packaging see Note 2. 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.

CNA’s business is the sale of property and casualty insurance products and services, including surety, primarily through a network of independent agents, brokers and managing general underwriters. CNA’s operations also 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 CNA Re, A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves.

Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. Boardwalk Pipelines owns approximately 13,965 miles of natural gas and NGL pipelines and underground storage caverns. Boardwalk Pipelines’ natural gas pipeline systems are located in the Gulf Coast region, Oklahoma, Arkansas, Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGL pipelines and storage facilities are located in Louisiana and Texas.

Loews Hotels & Co operates a chain of 26 hotels, 25 of which are in the United States and one of which is in Canada.

The Corporate segment consists of investment income from the Parent Company’s cash and investments, Parent Company interest expense and other unallocated Parent Company expenses. Corporate also includes the consolidated operations of Altium Packaging through March 31, 2021 and the equity method of accounting for Altium Packaging subsequent to its deconsolidation on April 1, 2021. See Note 2 for further information. Purchase accounting adjustments have been pushed down to the appropriate subsidiary.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1.

In the following tables certain financial measures are presented to provide information used by management to monitor the Company’s operating performance. These schedules present the reportable segments of the Company and their contribution to the consolidated financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

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

Year Ended December 31, 2022	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate		Total
(In millions)
Revenues:
Insurance premiums	$	8,667							$	8,667
Net investment income (loss)	1,805		$	3	$	1	$	(7)	1,802
Investment losses	(199)								(199)
Non-insurance warranty revenue	1,574								1,574
Operating revenues and other	32		1,443		720		5		2,200
Total	11,879		1,446		721		(2)		14,044
Expenses:
Insurance claims and policyholders’ benefits	6,386								6,386
Amortization of deferred acquisition costs	1,490								1,490
Non-insurance warranty expense	1,471								1,471
Operating expenses and other	1,339		950		697		91		3,077
Equity method (income) loss					(148)		9		(139)
Interest	112		166		11		89		378
Total	10,798		1,116		560		189		12,663
Income (loss) before income tax	1,081		330		161		(191)		1,381
Income tax (expense) benefit	(188)		(83)		(44)		37		(278)
Net income (loss)	893		247		117		(154)		1,103
Amounts attributable to noncontrolling interests	(91)								(91)
Net income (loss) attributable to Loews Corporation	$	802	$	247	$	117	$	(154)	$	1,012
December 31, 2022
Total assets	$	60,872	$	9,640	$	1,935	$	3,047	$	75,494

Year Ended December 31, 2021	CNA Financial		Boardwalk Pipelines		Loews Hotels & Co		Corporate (a)		Total
(In millions)
Revenues:
Insurance premiums	$	8,175							$	8,175
Net investment income	2,159				$	1	$	99	2,259
Investment gains	120						540		660
Non-insurance warranty revenue	1,430								1,430
Operating revenues and other	24		$	1,349	479		281		2,133
Total	11,908		1,349		480		920		14,657
Expenses:
Insurance claims and policyholders’ benefits	6,349								6,349
Amortization of deferred acquisition costs	1,443								1,443
Non-insurance warranty expense	1,328								1,328
Operating expenses and other	1,191		885		503		378		2,957
Equity method (income) loss					(47)		21		(26)
Interest	113		161		36		114		424
Total	10,424		1,046		492		513		12,475
Income (loss) before income tax	1,484		303		(12)		407		2,182
Income tax expense	(282)		(68)		(2)		(127)		(479)
Net income (loss)	1,202		235		(14)		280		1,703
Amounts attributable to noncontrolling interests	(125)								(125)
Net income (loss) attributable to Loews Corporation	$	1,077	$	235	$	(14)	$	280	$	1,578
December 31, 2021
Total assets	$	66,588	$	9,418	$	1,671	$	3,949	$	81,626

(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.

	CNA		Boardwalk		Loews				Diamond
Year Ended December 31, 2020	Financial		Pipelines		Hotels & Co		Corporate (a)		Offshore (b)		Total
(In millions)
Revenues:
Insurance premiums	$	7,649									$	7,649
Net investment income	1,935				$	1	$	59			1,995
Investment losses	(35)						(1,211)				(1,246)
Non-insurance warranty revenue	1,252										1,252
Operating revenues and other	26		$	1,302	277		1,023		$	305	2,933
Total	10,827		1,302		278		(129)		305		12,583
Expenses:
Insurance claims and policyholders’ benefits	6,170										6,170
Amortization of deferred acquisition costs	1,410										1,410
Non-insurance warranty expense	1,159										1,159
Operating expenses and other	1,125		855		446		1,098		1,196		4,720
Equity method loss					73						73
Interest	142		170		33		127		43		515
Total	10,006		1,025		552		1,225		1,239		14,047
Income (loss) before income tax	821		277		(274)		(1,354)		(934)		(1,464)
Income tax (expense) benefit	(131)		(71)		62		287		26		173
Net income (loss)	690		206		(212)		(1,067)		(908)		(1,291)
Amounts attributable to noncontrolling interests	(72)								432		360
Net income (loss) attributable to Loews Corporation	$	618	$	206	$	(212)	$	(1,067)	$	(476)	$	(931)

(b) Amounts presented for Diamond Offshore reflects the period prior to its deconsolidation.