(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
☒ | No ☐ |
☒ | No ☐ |
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | Smaller reporting company |
Emerging growth company | |
Yes | No ☒ |
1 |
Page | |||||
No. | |||||
June 30, 2024 and December 31, 2023 | |||||
Three and six months ended June 30, 2024 and 2023 | |||||
Three and six months ended June 30, 2024 and 2023 | |||||
Three and six months ended June 30, 2024 and 2023 | |||||
Six months ended June 30, 2024 and 2023 | |||||
2 |
June 30, | December 31, | ||||||||||
2024 | 2023 | ||||||||||
(Dollar amounts in millions, except per share data) | |||||||||||
Assets: | |||||||||||
Investments: | |||||||||||
Fixed maturities, amortized cost of $ | $ | $ | |||||||||
Equity securities, cost of $ | |||||||||||
Limited partnership investments | |||||||||||
Other invested assets, primarily mortgage loans, less allowance for credit loss of $ | |||||||||||
Short-term investments | |||||||||||
Total investments | |||||||||||
Cash | |||||||||||
Receivables | |||||||||||
Property, plant and equipment | |||||||||||
Goodwill | |||||||||||
Deferred non-insurance warranty acquisition expenses | |||||||||||
Deferred acquisition costs of insurance subsidiaries | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and Equity: | |||||||||||
Insurance reserves: | |||||||||||
Claim and claim adjustment expense | $ | $ | |||||||||
Future policy benefits | |||||||||||
Unearned premiums | |||||||||||
Total insurance reserves | |||||||||||
Payable to brokers | |||||||||||
Short-term debt | |||||||||||
Long-term debt | |||||||||||
Deferred income taxes | |||||||||||
Deferred non-insurance warranty revenue | |||||||||||
Other liabilities | |||||||||||
Total liabilities | |||||||||||
Commitments and contingent liabilities | |||||||||||
Preferred stock, $ | |||||||||||
Authorized – | |||||||||||
Common stock, $ | |||||||||||
Authorized – | |||||||||||
Issued – | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Less treasury stock, at cost ( | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Noncontrolling interests | |||||||||||
Total equity | |||||||||||
Total liabilities and equity | $ | $ |
3 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Insurance premiums | $ | $ | $ | $ | ||||||||||||||||
Net investment income | ||||||||||||||||||||
Investment gains (losses) | ( | ( | ( | |||||||||||||||||
Non-insurance warranty revenue | ||||||||||||||||||||
Operating revenues and other | ||||||||||||||||||||
Total | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $( | ||||||||||||||||||||
Amortization of deferred acquisition costs | ||||||||||||||||||||
Non-insurance warranty expense | ||||||||||||||||||||
Operating expenses and other | ||||||||||||||||||||
Equity method income | ( | ( | ( | ( | ||||||||||||||||
Interest | ||||||||||||||||||||
Total | ||||||||||||||||||||
Income before income tax | ||||||||||||||||||||
Income tax expense | ( | ( | ( | ( | ||||||||||||||||
Net income | ||||||||||||||||||||
Amounts attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||
Net income attributable to Loews Corporation | $ | $ | $ | $ | ||||||||||||||||
Basic and diluted net income per share | $ | $ | $ | $ | ||||||||||||||||
Weighted average shares outstanding: | ||||||||||||||||||||
Shares of common stock | ||||||||||||||||||||
Dilutive potential shares of common stock | ||||||||||||||||||||
Total weighted average shares outstanding assuming dilution |
4 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Net income | $ | $ | $ | $ | ||||||||||||||||
Other comprehensive income (loss), after tax | ||||||||||||||||||||
Changes in: | ||||||||||||||||||||
Net unrealized gains (losses) on investments with an allowance for credit losses | ( | ( | ||||||||||||||||||
Net unrealized gains (losses) on other investments | ( | ( | ( | |||||||||||||||||
Total unrealized gains (losses) on investments | ( | ( | ( | |||||||||||||||||
Impact of changes in discount rates used to measure long-duration contract liabilities | ( | |||||||||||||||||||
Unrealized gains (losses) on cash flow hedges | ( | |||||||||||||||||||
Pension and postretirement benefits | ||||||||||||||||||||
Foreign currency translation | ( | ( | ||||||||||||||||||
Other comprehensive income (loss) | ( | |||||||||||||||||||
Comprehensive income | ||||||||||||||||||||
Amounts attributable to noncontrolling interests | ( | ( | ( | ( | ||||||||||||||||
Total comprehensive income attributable to Loews Corporation | $ | $ | $ | $ |
5 |
Loews Corporation Shareholders | |||||||||||||||||||||||||||||||||||||||||
Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock Held in Treasury | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance, April 1, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Dividends paid ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchases of Loews Corporation treasury stock | ( | ( | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Balance, April 1, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Dividends paid ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchases of Loews Corporation treasury stock | ( | ( | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | |||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ |
6 |
Loews Corporation Shareholders | |||||||||||||||||||||||||||||||||||||||||
Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Common Stock Held in Treasury | Noncontrolling Interests | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023, as reported | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Cumulative effect adjustments from changes in accounting standards | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023, as adjusted | ( | ( | |||||||||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Dividends paid ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchases of Loews Corporation treasury stock | ( | ( | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | ( | ||||||||||||||||||||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Balance, January 1, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ | ||||||||||||||||||||||||||||||||
Net income | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||||||||||||||||||||
Dividends paid ($ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||
Purchases of Loews Corporation treasury stock | ( | ( | |||||||||||||||||||||||||||||||||||||||
Stock-based compensation | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2024 | $ | $ | $ | $ | $ | ( | $ | ( | $ |
7 |
Six Months Ended June 30 | 2024 | 2023 | |||||||||
(In millions) | |||||||||||
Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to net cash provided by operating activities, net | |||||||||||
Changes in operating assets and liabilities, net: | |||||||||||
Receivables | ( | ( | |||||||||
Deferred acquisition costs | ( | ( | |||||||||
Insurance reserves | |||||||||||
Other assets | ( | ( | |||||||||
Other liabilities | ( | ||||||||||
Trading securities | ( | ||||||||||
Net cash flow provided by operating activities | |||||||||||
Investing Activities: | |||||||||||
Purchases of fixed maturities | ( | ( | |||||||||
Proceeds from sales of fixed maturities | |||||||||||
Proceeds from maturities of fixed maturities | |||||||||||
Purchases of equity securities | ( | ( | |||||||||
Proceeds from sales of equity securities | |||||||||||
Purchases of limited partnership investments | ( | ( | |||||||||
Proceeds from sales of limited partnership investments | |||||||||||
Purchases of property, plant and equipment | ( | ( | |||||||||
Dispositions | |||||||||||
Change in short-term investments | ( | ( | |||||||||
Other, net | ( | ||||||||||
Net cash flow used by investing activities | ( | ( | |||||||||
Financing Activities: | |||||||||||
Dividends paid | ( | ( | |||||||||
Dividends paid to noncontrolling interests | ( | ( | |||||||||
Purchases of Loews Corporation treasury stock | ( | ( | |||||||||
Purchases of subsidiary stock from noncontrolling interests | ( | ( | |||||||||
Principal payments on debt | ( | ( | |||||||||
Issuance of debt | |||||||||||
Other, net | ( | ( | |||||||||
Net cash flow provided by (used by) financing activities | ( | ||||||||||
Effect of foreign exchange rate on cash | ( | ||||||||||
Net change in cash | ( | ||||||||||
Cash, beginning of period | |||||||||||
Cash, end of period | $ | $ |
8 |
9 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Fixed maturity securities | $ | $ | $ | $ | ||||||||||||||||
Limited partnership investments | ||||||||||||||||||||
Short-term investments | ||||||||||||||||||||
Equity securities (a) | ||||||||||||||||||||
Income from trading portfolio (a) | ||||||||||||||||||||
Other | ||||||||||||||||||||
Total investment income | ||||||||||||||||||||
Investment expenses | ( | ( | ( | ( | ||||||||||||||||
Net investment income | $ | $ | $ | $ | ||||||||||||||||
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of June 30, 2024 and 2023 | $ | ( | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||
Gross gains | $ | $ | $ | $ | ||||||||||||||||
Gross losses | ( | ( | ( | ( | ||||||||||||||||
Investment losses on fixed maturity securities | ( | ( | ( | ( | ||||||||||||||||
Equity securities (a) | ( | |||||||||||||||||||
Short-term investments and other | ( | ( | ||||||||||||||||||
Gain on acquisition of a joint venture | ||||||||||||||||||||
Investment gains (losses) | $ | ( | $ | $ | ( | $ | ( | |||||||||||||
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of June 30, 2024 and 2023 | $ | $ | $ | $ |
10 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Fixed maturity securities available-for-sale: | ||||||||||||||||||||
Corporate and other bonds | $ | $ | $ | $ | ||||||||||||||||
Asset-backed | ||||||||||||||||||||
Impairment losses recognized in earnings | $ | $ | $ | $ |
11 |
June 30, 2024 | Cost or Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Allowance for Credit Losses | Estimated Fair Value | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||
Corporate and other bonds | $ | $ | $ | $ | |||||||||||||||||||||||||
States, municipalities and political subdivisions | |||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||
Commercial mortgage-backed | $ | ||||||||||||||||||||||||||||
Other asset-backed | |||||||||||||||||||||||||||||
Total asset-backed | |||||||||||||||||||||||||||||
U.S. Treasury and obligations of government sponsored enterprises | |||||||||||||||||||||||||||||
Foreign government | |||||||||||||||||||||||||||||
Fixed maturities available-for-sale | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Fixed maturities trading | |||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | $ | $ | $ |
December 31, 2023 | |||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||
Corporate and other bonds | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
States, municipalities and political subdivisions | |||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||||||||
Other asset-backed | |||||||||||||||||||||||||||||
Total asset-backed | |||||||||||||||||||||||||||||
U.S. Treasury and obligations of government sponsored enterprises | |||||||||||||||||||||||||||||
Foreign government | |||||||||||||||||||||||||||||
Fixed maturities available-for-sale | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Fixed maturities trading | |||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | $ | $ | $ |
12 |
Less than 12 Months | 12 Months or Longer | Total | |||||||||||||||||||||||||||||||||
June 30, 2024 | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | |||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
States, municipalities and political subdivisions | |||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||||||||||||||
Other asset-backed | |||||||||||||||||||||||||||||||||||
Total asset-backed | |||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | |||||||||||||||||||||||||||||||||||
Foreign government | |||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||
Corporate and other bonds | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||
States, municipalities and political subdivisions | |||||||||||||||||||||||||||||||||||
Asset-backed: | |||||||||||||||||||||||||||||||||||
Residential mortgage-backed | |||||||||||||||||||||||||||||||||||
Commercial mortgage-backed | |||||||||||||||||||||||||||||||||||
Other asset-backed | |||||||||||||||||||||||||||||||||||
Total asset-backed | |||||||||||||||||||||||||||||||||||
U.S. Treasury and obligations of government-sponsored enterprises | |||||||||||||||||||||||||||||||||||
Foreign government | |||||||||||||||||||||||||||||||||||
Total fixed maturity securities | $ | $ | $ | $ | $ | $ |
13 |
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Estimated Fair Value | Gross Unrealized Losses | Estimated Fair Value | Gross Unrealized Losses | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
U.S. Government, Government agencies and Government-sponsored enterprises | $ | $ | $ | $ | |||||||||||||||||||
AAA | |||||||||||||||||||||||
AA | |||||||||||||||||||||||
A | |||||||||||||||||||||||
BBB | |||||||||||||||||||||||
Non-investment grade | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three months ended June 30, 2024 | Corporate and Other Bonds | Asset-backed | Total | ||||||||||||||
(In millions) | |||||||||||||||||
Allowance for credit losses: | |||||||||||||||||
Balance as of April 1, 2024 | $ | $ | $ | ||||||||||||||
Reductions to the allowance for credit losses: | |||||||||||||||||
Securities sold during the period (realized) | |||||||||||||||||
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period | |||||||||||||||||
Total allowance for credit losses | $ | $ | $ |
14 |
Three months ended June 30, 2023 | Corporate and Other Bonds | Asset-backed | Total | ||||||||||||||
(In millions) | |||||||||||||||||
Allowance for credit losses: | |||||||||||||||||
Balance as of April 1, 2023 | $ | $ | $ | ||||||||||||||
Additions to the allowance for credit losses: | |||||||||||||||||
Securities for which credit losses were not previously recorded | |||||||||||||||||
Available-for-sale securities accounted for as PCD assets | |||||||||||||||||
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period | |||||||||||||||||
Total allowance for credit losses | $ | $ | $ |
Six months ended June 30, 2024 | Corporate and Other Bonds | Asset-backed | Total | ||||||||||||||
(In millions) | |||||||||||||||||
Allowance for credit losses: | |||||||||||||||||
Balance as of January 1, 2024 | $ | $ | $ | ||||||||||||||
Reductions to the allowance for credit losses: | |||||||||||||||||
Securities sold during the period (realized) | |||||||||||||||||
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | |||||||||||||||||
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period | |||||||||||||||||
Total allowance for credit losses | $ | $ | $ |
Six months ended June 30, 2023 | Corporate and Other Bonds | Asset-backed | Total | ||||||||||||||
(In millions) | |||||||||||||||||
Allowance for credit losses: | |||||||||||||||||
Balance as of January 1, 2023 | $ | $ | $ | ||||||||||||||
Additions to the allowance for credit losses: | |||||||||||||||||
Securities for which credit losses were not previously recorded | |||||||||||||||||
Available-for-sale securities accounted for as PCD assets | |||||||||||||||||
Reductions to the allowance for credit losses: | |||||||||||||||||
Securities sold during the period (realized) | |||||||||||||||||
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | |||||||||||||||||
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period | |||||||||||||||||
Total allowance for credit losses | $ | $ | $ |
15 |
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Cost or Amortized Cost | Estimated Fair Value | Cost or Amortized Cost | Estimated Fair Value | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Due in one year or less | $ | $ | $ | $ | |||||||||||||||||||
Due after one year through five years | |||||||||||||||||||||||
Due after five years through ten years | |||||||||||||||||||||||
Due after ten years | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Mortgage Loans Amortized Cost Basis by Origination Year (a) | |||||||||||||||||||||||||||||||||||||||||
As of June 30, 2024 | 2024 | 2023 | 2022 | 2021 | 2020 | Prior | Total | ||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
DSCR ≥1.6x | |||||||||||||||||||||||||||||||||||||||||
LTV less than 55% | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
LTV 55% to 65% | |||||||||||||||||||||||||||||||||||||||||
LTV greater than 65% | |||||||||||||||||||||||||||||||||||||||||
DSCR 1.2x - 1.6x | |||||||||||||||||||||||||||||||||||||||||
LTV less than 55% | |||||||||||||||||||||||||||||||||||||||||
LTV 55% to 65% | $ | ||||||||||||||||||||||||||||||||||||||||
LTV greater than 65% | |||||||||||||||||||||||||||||||||||||||||
DSCR ≤1.2x | |||||||||||||||||||||||||||||||||||||||||
LTV less than 55% | |||||||||||||||||||||||||||||||||||||||||
LTV 55% to 65% | |||||||||||||||||||||||||||||||||||||||||
LTV greater than 65% | |||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ |
(a) | The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index. |
16 |
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||||||||||||||
Contractual/Notional Amount | Estimated Fair Value | Contractual/Notional Amount | Estimated Fair Value | ||||||||||||||||||||||||||||||||
Asset | (Liability) | Asset | (Liability) | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Without hedge designation: | |||||||||||||||||||||||||||||||||||
Equity markets: | |||||||||||||||||||||||||||||||||||
Options – purchased | $ | $ | $ | $ | |||||||||||||||||||||||||||||||
Futures – short | |||||||||||||||||||||||||||||||||||
Warrants | |||||||||||||||||||||||||||||||||||
Interest rate swaps | |||||||||||||||||||||||||||||||||||
Currency forwards | $ | ( | |||||||||||||||||||||||||||||||||
17 |
June 30, 2024 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Corporate bonds and other | $ | $ | $ | $ | |||||||||||||||||||
States, municipalities and political subdivisions | |||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||
Fixed maturities available-for-sale | |||||||||||||||||||||||
Fixed maturities trading | |||||||||||||||||||||||
Total fixed maturities | $ | $ | $ | $ | |||||||||||||||||||
Equity securities | $ | $ | $ | $ | |||||||||||||||||||
Short-term and other | |||||||||||||||||||||||
Receivables | |||||||||||||||||||||||
Payable to brokers | ( | ( | |||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||
Corporate bonds and other | $ | $ | $ | $ | |||||||||||||||||||
States, municipalities and political subdivisions | |||||||||||||||||||||||
Asset-backed | |||||||||||||||||||||||
Fixed maturities available-for-sale | |||||||||||||||||||||||
Fixed maturities trading | |||||||||||||||||||||||
Total fixed maturities | $ | $ | $ | $ | |||||||||||||||||||
Equity securities | $ | $ | $ | $ | |||||||||||||||||||
Short-term and other | |||||||||||||||||||||||
Receivables | |||||||||||||||||||||||
Payable to brokers | ( | ( |
18 |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) | Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30 | Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | Balance, April 1 | Included in Net Income | Included in OCI | Purchases | Sales | Settlements | Transfers into Level 3 | Transfers out of Level 3 | Balance, June 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and other | $ | $ | ( | $ | $ | ( | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
States, municipalities and political | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
subdivisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | $ | ( | $ | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | $ | $ |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) | Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30 | Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | Balance, April 1 | Included in Net Income | Included in OCI | Purchases | Sales | Settlements | Transfers into Level 3 | Transfers out of Level 3 | Balance, June 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and other | $ | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
States, municipalities and political | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
subdivisions | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | $ | ( | ( | $ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | $ | $ | $ | ( | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | $ | ( | $ | ( | $ | $ | ( |
19 |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) | Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30 | Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2024 | Balance, January 1 | Included in Net Income | Included in OCI | Purchases | Sales | Settlements | Transfers into Level 3 | Transfers out of Level 3 | Balance, June 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and other | $ | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
States, municipalities and political | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
subdivisions | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | $ | ( | $ | ( | ( | $ | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | $ | $ | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | $ | $ | $ | ( | $ | $ |
Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses) | Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at June 30 | Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at June 30 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2023 | Balance, January 1 | Included in Net Income | Included in OCI | Purchases | Sales | Settlements | Transfers into Level 3 | Transfers out of Level 3 | Balance, June 30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturity securities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate bonds and other | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
States, municipalities and political | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
subdivisions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Asset-backed | $ | ( | $ | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed maturities available-for-sale | $ | $ | $ | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | $ | ( | $ | ( | $ | $ | ( |
20 |
Major Category of Assets and Liabilities | Consolidated Condensed Statements of Operations Line Items | ||||
Fixed maturity securities available-for-sale | Investment gains (losses) | ||||
Fixed maturity securities trading | Net investment income | ||||
Equity securities | Investment gains (losses) and Net investment income | ||||
Other invested assets | Investment gains (losses) and Net investment income | ||||
Derivative financial instruments held in a trading portfolio | Net investment income | ||||
Derivative financial instruments, other | Investment gains (losses) and Operating revenues and other |
21 |
June 30, 2024 | Estimated Fair Value | Valuation Techniques | Unobservable Inputs | Range (Weighted Average) | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | % | — | % | ( | %) | ||||||||||||||||||||||||||
December 31, 2023 | ||||||||||||||||||||||||||||||||
Fixed maturity securities | $ | % | — | % | ( | %) |
Carrying Amount | Estimated Fair Value | ||||||||||||||||||||||||||||
June 30, 2024 | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Other invested assets, primarily mortgage loans | $ | $ | $ | ||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Short-term debt | $ | ||||||||||||||||||||||||||||
Long-term debt | |||||||||||||||||||||||||||||
December 31, 2023 | |||||||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||||||
Other invested assets, primarily mortgage loans | $ | $ | $ | ||||||||||||||||||||||||||
Liabilities: | |||||||||||||||||||||||||||||
Short-term debt | $ | ||||||||||||||||||||||||||||
Long-term debt |
22 |
23 |
Six Months Ended June 30 | 2024 | 2023 | |||||||||
(In millions) | |||||||||||
Reserves, beginning of year: | |||||||||||
Gross | $ | $ | |||||||||
Ceded | |||||||||||
Net reserves, beginning of year | |||||||||||
Net incurred claim and claim adjustment expenses: | |||||||||||
Provision for insured events of current year | |||||||||||
Increase (decrease) in provision for insured events of prior years | |||||||||||
Amortization of discount | |||||||||||
Total net incurred (a) | |||||||||||
Net payments attributable to: | |||||||||||
Current year events | ( | ( | |||||||||
Prior year events | ( | ( | |||||||||
Total net payments | ( | ( | |||||||||
Foreign currency translation adjustment and other | ( | ||||||||||
Net reserves, end of period | |||||||||||
Ceded reserves, end of period | |||||||||||
Gross reserves, end of period | $ | $ |
(a) | Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Condensed Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance, benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above. |
24 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Medical professional liability | $ | ( | $ | ( | $ | |||||||||||||||
Other professional liability and management liability | $ | ( | ( | |||||||||||||||||
Surety | ( | ( | ( | ( | ||||||||||||||||
Warranty | ( | |||||||||||||||||||
Commercial auto | ||||||||||||||||||||
General liability | ||||||||||||||||||||
Workers’ compensation | ( | ( | ( | ( | ||||||||||||||||
Other property and casualty operations | ( | ( | ||||||||||||||||||
Other insurance operations | ||||||||||||||||||||
Total pretax (favorable) unfavorable development | $ | $ | $ | $ |
25 |
26 |
27 |
2024 | 2023 | ||||||||||
(In millions) | |||||||||||
Present value of future net premiums | |||||||||||
Balance, January 1 | $ | $ | |||||||||
Effect of changes in discount rate | ( | ( | |||||||||
Balance, January 1, at original locked in discount rate | |||||||||||
Effect of changes in cash flow assumptions (a) | |||||||||||
Effect of actual variances from expected experience (a) | ( | ( | |||||||||
Adjusted balance, January 1 | |||||||||||
Interest accrual | |||||||||||
Net premiums: earned during period | ( | ( | |||||||||
Balance, end of period at original locked in discount rate | |||||||||||
Effect of changes in discount rate | |||||||||||
Balance, June 30 | $ | $ | |||||||||
Present value of future benefits & expenses | |||||||||||
Balance, January 1 | $ | $ | |||||||||
Effect of changes in discount rate | ( | ( | |||||||||
Balance, January 1, at original locked in discount rate | |||||||||||
Effect of changes in cash flow assumptions (a) | |||||||||||
Effect of actual variances from expected experience (a) | ( | ||||||||||
Adjusted balance, January 1 | |||||||||||
Interest accrual | |||||||||||
Benefit & expense payments | ( | ( | |||||||||
Balance, end of period at original locked in discount rate | |||||||||||
Effect of changes in discount rate | ( | ||||||||||
Balance, June 30 | $ | $ | |||||||||
Net LFPB, June 30 | $ | $ |
(a) | As of June 30, 2024 and 2023, the re-measurement gain (loss) of $( |
28 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Earned premiums | $ | $ | $ | $ | ||||||||||||||||
Interest expense |
June 30, | |||||||||||
2024 | 2023 | ||||||||||
(In millions) | |||||||||||
Expected future benefit and expense payments | $ | $ | |||||||||
Expected future gross premiums |
June 30, | December 31, | ||||||||||||||||
2024 | 2023 | 2023 | |||||||||||||||
Original locked in discount rate | % | % | % | ||||||||||||||
Upper-medium grade fixed income instrument discount rate |
29 |
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses | Net Unrealized Gains (Losses) on Other Investments | Cumulative impact of changes in discount rates used to measure long duration contracts | Unrealized Gains (Losses) on Cash Flow Hedges | Pension and Postretirement Benefits | Foreign Currency Translation | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance, April 1, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Reclassification of losses from accumulated other comprehensive loss, after tax of $( | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Balance, April 1, 2024 | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $ | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Reclassification of losses from accumulated other comprehensive loss, after tax of $( | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||||||||||||||
Other | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2024 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( |
30 |
Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses | Net Unrealized Gains (Losses) on Other Investments | Cumulative impact of changes in discount rates used to measure long duration contracts | Unrealized Gains (Losses) on Cash Flow Hedges | Pension and Postretirement Benefits | Foreign Currency Translation | Total Accumulated Other Comprehensive Income (Loss) | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023, as reported | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||
Cumulative effect adjustments from changes in accounting standards, after tax of $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Balance, January 1, 2023, as adjusted | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $ | ( | ( | |||||||||||||||||||||||||||||||||||||||
Reclassification of losses from accumulated other comprehensive loss, after tax of $( | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||
Balance, June 30, 2023 | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Balance, January 1, 2024 | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||||
Other comprehensive income (loss) before reclassifications, after tax of $ | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Reclassification of losses from accumulated other comprehensive loss, after tax of $( | |||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( | ( | |||||||||||||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||
Other | ( | ||||||||||||||||||||||||||||||||||||||||
Balance, June 30, 2024 | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | $ | ( |
Major Category of AOCI | Affected Line Item | ||||
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments | Investment gains (losses) | ||||
Unrealized gains (losses) on cash flow hedges | Operating revenues and other, Interest expense and Operating expenses and other | ||||
Pension and postretirement benefits | Operating expenses and other |
31 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Non-insurance warranty – CNA Financial | $ | $ | $ | $ | ||||||||||||||||
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines | $ | $ | $ | $ | ||||||||||||||||
Lodging and related services – Loews Hotels & Co | ||||||||||||||||||||
Total revenues from contracts with customers | ||||||||||||||||||||
Other revenues | ||||||||||||||||||||
Operating revenues and other | $ | $ | $ | $ |
32 |
Pension Benefits | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Service cost | $ | $ | |||||||||||||||||||||
Interest cost | $ | $ | |||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of unrecognized net loss | |||||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Net periodic cost | $ | $ | $ | $ |
Other Postretirement Benefits | |||||||||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, | June 30, | ||||||||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Interest cost | $ | $ | |||||||||||||||||||||
Expected return on plan assets | ( | ( | |||||||||||||||||||||
Net periodic benefit | $ | $ | $ | $ |
33 |
34 |
Three Months Ended June 30, 2024 | CNA Financial | Boardwalk Pipelines | Loews Hotels & Co | Corporate | Total | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | $ | |||||||||||||||||||||||||||
Net investment income | $ | $ | $ | ||||||||||||||||||||||||||
Investment losses | ( | ( | |||||||||||||||||||||||||||
Non-insurance warranty revenue | |||||||||||||||||||||||||||||
Operating revenues and other | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | |||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | |||||||||||||||||||||||||||||
Non-insurance warranty expense | |||||||||||||||||||||||||||||
Operating expenses and other | |||||||||||||||||||||||||||||
Equity method (income) loss | ( | ( | |||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Income (loss) before income tax | ( | ||||||||||||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ( | |||||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | $ | $ | $ | ( | $ |
35 |
Three Months Ended June 30, 2023 | CNA Financial | Boardwalk Pipelines | Loews Hotels & Co | Corporate | Total | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | $ | |||||||||||||||||||||||||||
Net investment income | $ | $ | $ | ||||||||||||||||||||||||||
Investment gains (losses) | ( | ||||||||||||||||||||||||||||
Non-insurance warranty revenue | |||||||||||||||||||||||||||||
Operating revenues and other | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | |||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | |||||||||||||||||||||||||||||
Non-insurance warranty expense | |||||||||||||||||||||||||||||
Operating expenses and other | |||||||||||||||||||||||||||||
Equity method (income) loss | ( | ( | |||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Income (loss) before income tax | ( | ||||||||||||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ( | |||||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | $ | $ | $ | ( | $ |
36 |
Six Months Ended June 30, 2024 | CNA Financial | Boardwalk Pipelines | Loews Hotels & Co | Corporate | Total | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | $ | |||||||||||||||||||||||||||
Net investment income | $ | $ | $ | ||||||||||||||||||||||||||
Investment losses | ( | ( | |||||||||||||||||||||||||||
Non-insurance warranty revenue | |||||||||||||||||||||||||||||
Operating revenues and other | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | |||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | |||||||||||||||||||||||||||||
Non-insurance warranty expense | |||||||||||||||||||||||||||||
Operating expenses and other | |||||||||||||||||||||||||||||
Equity method (income) loss | ( | ( | |||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Income (loss) before income tax | ( | ||||||||||||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ( | |||||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | $ | $ | $ | ( | $ |
37 |
Six Months Ended June 30, 2023 | CNA Financial | Boardwalk Pipelines | Loews Hotels & Co | Corporate | Total | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||
Insurance premiums | $ | $ | |||||||||||||||||||||||||||
Net investment income | $ | $ | $ | ||||||||||||||||||||||||||
Investment gains (losses) | ( | ( | |||||||||||||||||||||||||||
Non-insurance warranty revenue | |||||||||||||||||||||||||||||
Operating revenues and other | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||
Insurance claims and policyholders’ benefits | |||||||||||||||||||||||||||||
Amortization of deferred acquisition costs | |||||||||||||||||||||||||||||
Non-insurance warranty expense | |||||||||||||||||||||||||||||
Operating expenses and other | |||||||||||||||||||||||||||||
Equity method (income) loss | ( | ( | |||||||||||||||||||||||||||
Interest | |||||||||||||||||||||||||||||
Total | |||||||||||||||||||||||||||||
Income (loss) before income tax | ( | ||||||||||||||||||||||||||||
Income tax (expense) benefit | ( | ( | ( | ( | |||||||||||||||||||||||||
Net income (loss) | ( | ||||||||||||||||||||||||||||
Amounts attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | $ | $ | $ | ( | $ |
38 |
Page No. | |||||
39 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions, except per share data) | ||||||||||||||||||||
CNA Financial | $ | 291 | $ | 255 | $ | 601 | $ | 523 | ||||||||||||
Boardwalk Pipelines | 70 | 57 | 191 | 143 | ||||||||||||||||
Loews Hotels & Co | 35 | 74 | 51 | 98 | ||||||||||||||||
Corporate | (27) | (26) | (17) | (29) | ||||||||||||||||
Net income attributable to Loews Corporation | $ | 369 | $ | 360 | $ | 826 | $ | 735 | ||||||||||||
Basic and diluted net income per share | $ | 1.67 | $ | 1.58 | $ | 3.72 | $ | 3.19 | ||||||||||||
40 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Insurance premiums | $ | 2,498 | $ | 2,347 | $ | 4,939 | $ | 4,595 | ||||||||||||
Net investment income | 618 | 575 | 1,227 | 1,100 | ||||||||||||||||
Investment losses | (10) | (32) | (32) | (67) | ||||||||||||||||
Non-insurance warranty revenue | 404 | 407 | 811 | 814 | ||||||||||||||||
Other revenues | 9 | 7 | 18 | 14 | ||||||||||||||||
Total | 3,519 | 3,304 | 6,963 | 6,456 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Insurance claims and policyholders’ benefits | 1,882 | 1,779 | 3,689 | 3,432 | ||||||||||||||||
Amortization of deferred acquisition costs | 435 | 403 | 879 | 782 | ||||||||||||||||
Non-insurance warranty expense | 388 | 384 | 782 | 768 | ||||||||||||||||
Other operating expenses | 378 | 346 | 715 | 683 | ||||||||||||||||
Interest | 34 | 31 | 69 | 59 | ||||||||||||||||
Total | 3,117 | 2,943 | 6,134 | 5,724 | ||||||||||||||||
Income before income tax | 402 | 361 | 829 | 732 | ||||||||||||||||
Income tax expense | (85) | (78) | (174) | (152) | ||||||||||||||||
Net income | 317 | 283 | 655 | 580 | ||||||||||||||||
Amounts attributable to noncontrolling interests | (26) | (28) | (54) | (57) | ||||||||||||||||
Net income attributable to Loews Corporation | $ | 291 | $ | 255 | $ | 601 | $ | 523 |
41 |
42 |
Three Months Ended June 30, 2024 | Specialty | Commercial | International | Total | |||||||||||||||||||
(In millions, except %) | |||||||||||||||||||||||
Gross written premiums | $ | 1,728 | $ | 1,927 | $ | 417 | $ | 4,072 | |||||||||||||||
Gross written premiums excluding third-party captives | 984 | 1,802 | 417 | 3,203 | |||||||||||||||||||
Net written premiums | 857 | 1,458 | 359 | 2,674 | |||||||||||||||||||
Net earned premiums | 831 | 1,247 | 311 | 2,389 | |||||||||||||||||||
Underwriting gain | 60 | 39 | 25 | 124 | |||||||||||||||||||
Net investment income | 154 | 175 | 32 | 361 | |||||||||||||||||||
Core income | 169 | 167 | 44 | 380 | |||||||||||||||||||
Other performance metrics: | |||||||||||||||||||||||
Loss ratio excluding catastrophes and development | 59.6 | % | 62.0 | % | 58.1 | % | 60.6 | % | |||||||||||||||
Effect of catastrophe impacts | 6.1 | 2.0 | 3.5 | ||||||||||||||||||||
Effect of development-related items | (0.4) | (0.1) | (1.0) | (0.3) | |||||||||||||||||||
Loss ratio | 59.2 | % | 68.0 | % | 59.1 | % | 63.8 | % | |||||||||||||||
Expense ratio | 33.2 | 28.5 | 32.8 | 30.7 | |||||||||||||||||||
Dividend ratio | 0.3 | 0.5 | 0.3 | ||||||||||||||||||||
Combined ratio | 92.7 | % | 97.0 | % | 91.9 | % | 94.8 | % | |||||||||||||||
Combined ratio excluding catastrophes and development | 93.1 | % | 91.0 | % | 90.9 | % | 91.6 | % | |||||||||||||||
Rate | 7 | % | 4 | % | |||||||||||||||||||
Renewal premium change | 1 | % | 7 | 2 | % | 5 | |||||||||||||||||
Retention | 90 | 84 | 80 | 85 | |||||||||||||||||||
New business | $ | 118 | $ | 405 | $ | 72 | $ | 595 |
Three Months Ended June 30, 2023 | |||||||||||||||||||||||
Gross written premiums | $ | 1,769 | $ | 1,719 | $ | 421 | $ | 3,909 | |||||||||||||||
Gross written premiums excluding third-party captives | 961 | 1,604 | 421 | 2,986 | |||||||||||||||||||
Net written premiums | 825 | 1,329 | 359 | 2,513 | |||||||||||||||||||
Net earned premiums | 812 | 1,120 | 302 | 2,234 | |||||||||||||||||||
Underwriting gain | 74 | 42 | 22 | 138 | |||||||||||||||||||
Net investment income | 142 | 165 | 25 | 332 | |||||||||||||||||||
Core income | 177 | 159 | 38 | 374 | |||||||||||||||||||
Other performance metrics: | |||||||||||||||||||||||
Loss ratio excluding catastrophes and development | 58.6 | % | 61.5 | % | 57.9 | % | 59.9 | % | |||||||||||||||
Effect of catastrophe impacts | 5.2 | 3.1 | 3.1 | ||||||||||||||||||||
Effect of development-related items | (0.3) | (0.5) | (0.4) | ||||||||||||||||||||
Loss ratio | 58.3 | % | 66.2 | % | 61.0 | % | 62.6 | % | |||||||||||||||
Expense ratio | 32.4 | 29.6 | 31.2 | 30.9 | |||||||||||||||||||
Dividend ratio | 0.2 | 0.5 | 0.3 | ||||||||||||||||||||
Combined ratio | 90.9 | % | 96.3 | % | 92.2 | % | 93.8 | % | |||||||||||||||
Combined ratio excluding catastrophes and development | 91.2 | % | 91.6 | % | 89.1 | % | 91.1 | % | |||||||||||||||
Rate | (1)% | 8 | % | 4 | % | 5 | % | ||||||||||||||||
Renewal premium change | 11 | 7 | 7 | ||||||||||||||||||||
Retention | 89 | 85 | 83 | 86 | |||||||||||||||||||
New business | $ | 120 | $ | 343 | $ | 92 | $ | 555 |
43 |
Six Months Ended June 30, 2024 | Specialty | Commercial | International | Total | |||||||||||||||||||
(In millions, except %) | |||||||||||||||||||||||
Gross written premiums | $ | 3,410 | $ | 3,613 | $ | 791 | $ | 7,814 | |||||||||||||||
Gross written premiums excluding third-party captives | 1,864 | 3,484 | 791 | 6,139 | |||||||||||||||||||
Net written premiums | 1,649 | 2,796 | 619 | 5,064 | |||||||||||||||||||
Net earned premiums | 1,645 | 2,449 | 626 | 4,720 | |||||||||||||||||||
Underwriting gain | 136 | 68 | 46 | 250 | |||||||||||||||||||
Net investment income | 304 | 351 | 63 | 718 | |||||||||||||||||||
Core income | 346 | 325 | 81 | 752 | |||||||||||||||||||
Other performance metrics: | |||||||||||||||||||||||
Underlying loss ratio | 59.4 | % | 62.0 | % | 58.1 | % | 60.6 | % | |||||||||||||||
Effect of catastrophe impacts | 6.4 | 2.0 | 3.6 | ||||||||||||||||||||
Effect of development-related items | (0.5) | (0.5) | (0.3) | ||||||||||||||||||||
Loss ratio | 58.9 | % | 68.4 | % | 59.6 | % | 63.9 | % | |||||||||||||||
Expense ratio | 32.5 | 28.4 | 33.0 | 30.4 | |||||||||||||||||||
Dividend ratio | 0.3 | 0.5 | 0.4 | ||||||||||||||||||||
Combined ratio | 91.7 | % | 97.3 | % | 92.6 | % | 94.7 | % | |||||||||||||||
Underlying combined ratio | 92.2 | % | 90.9 | % | 91.1 | % | 91.4 | % | |||||||||||||||
Rate | 1 | % | 7 | % | 4 | % | |||||||||||||||||
Renewal premium change | 2 | 8 | 3 | % | 5 | ||||||||||||||||||
Retention | 89 | 84 | 81 | 85 | |||||||||||||||||||
New business | $ | 212 | $ | 772 | $ | 140 | $ | 1,124 |
Six Months Ended June 30, 2023 | |||||||||||||||||||||||
Gross written premiums | $ | 3,549 | $ | 3,161 | $ | 819 | $ | 7,529 | |||||||||||||||
Gross written premiums excluding third-party captives | 1,847 | 3,044 | 819 | 5,710 | |||||||||||||||||||
Net written premiums | 1,613 | 2,517 | 630 | 4,760 | |||||||||||||||||||
Net earned premiums | 1,609 | 2,166 | 592 | 4,367 | |||||||||||||||||||
Underwriting gain | 154 | 83 | 31 | 268 | |||||||||||||||||||
Net investment income | 271 | 314 | 48 | 633 | |||||||||||||||||||
Core income | 348 | 310 | 62 | 720 | |||||||||||||||||||
Other performance metrics: | |||||||||||||||||||||||
Underlying loss ratio | 58.5 | % | 61.5 | % | 57.7 | % | 59.9 | % | |||||||||||||||
Effect of catastrophe impacts | 4.7 | 2.9 | 2.7 | ||||||||||||||||||||
Effect of development-related items | (0.2) | (0.3) | 2.5 | 0.2 | |||||||||||||||||||
Loss ratio | 58.3 | % | 65.9 | % | 63.1 | % | 62.8 | % | |||||||||||||||
Expense ratio | 31.9 | 29.8 | 31.5 | 30.8 | |||||||||||||||||||
Dividend ratio | 0.2 | 0.5 | 0.3 | ||||||||||||||||||||
Combined ratio | 90.4 | % | 96.2 | % | 94.6 | % | 93.9 | % | |||||||||||||||
Underlying combined ratio | 90.6 | % | 91.8 | % | 89.2 | % | 91.0 | % | |||||||||||||||
Rate | 8 | % | 4 | % | 5 | % | |||||||||||||||||
Renewal premium change | 2 | % | 10 | 7 | 7 | ||||||||||||||||||
Retention | 89 | 85 | 83 | 86 | |||||||||||||||||||
New business | $ | 228 | $ | 653 | $ | 177 | $ | 1,058 |
44 |
45 |
46 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Net earned premiums | $ | 109 | $ | 113 | $ | 219 | $ | 228 | ||||||||||||
Net investment income | 257 | 243 | 509 | 467 | ||||||||||||||||
Core loss | (54) | (66) | (71) | (87) |
47 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 291 | $ | 255 | $ | 601 | $ | 523 | ||||||||||||
Investment losses | 9 | 25 | 26 | 53 | ||||||||||||||||
Noncontrolling interests | 26 | 28 | 54 | 57 | ||||||||||||||||
Total core income | $ | 326 | $ | 308 | $ | 681 | $ | 633 | ||||||||||||
Core income (loss): | ||||||||||||||||||||
Property & Casualty Operations | $ | 380 | $ | 374 | $ | 752 | $ | 720 | ||||||||||||
Other Insurance Operations | (54) | (66) | (71) | (87) | ||||||||||||||||
Total core income | $ | 326 | $ | 308 | $ | 681 | $ | 633 |
48 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Operating revenues and other | $ | 479 | $ | 361 | $ | 992 | $ | 756 | ||||||||||||
Interest income | 9 | 4 | 13 | 6 | ||||||||||||||||
Total | 488 | 365 | 1,005 | 762 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Operating and other: | ||||||||||||||||||||
Operating costs and expenses | 239 | 148 | 445 | 289 | ||||||||||||||||
Depreciation and amortization | 108 | 102 | 214 | 203 | ||||||||||||||||
Interest | 47 | 39 | 90 | 78 | ||||||||||||||||
Total | 394 | 289 | 749 | 570 | ||||||||||||||||
Income before income tax | 94 | 76 | 256 | 192 | ||||||||||||||||
Income tax expense | (24) | (19) | (65) | (49) | ||||||||||||||||
Net income attributable to Loews Corporation | $ | 70 | $ | 57 | $ | 191 | $ | 143 | ||||||||||||
EBITDA | $ | 240 | $ | 213 | $ | 547 | $ | 467 |
49 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 70 | $ | 57 | $ | 191 | $ | 143 | ||||||||||||
Interest, net | 38 | 35 | 77 | 72 | ||||||||||||||||
Income tax expense | 24 | 19 | 65 | 49 | ||||||||||||||||
Depreciation and amortization | 108 | 102 | 214 | 203 | ||||||||||||||||
EBITDA | $ | 240 | $ | 213 | $ | 547 | $ | 467 |
50 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Operating revenue | $ | 219 | $ | 182 | $ | 402 | $ | 337 | ||||||||||||
Gain on acquisition of a joint venture | 46 | 46 | ||||||||||||||||||
Revenues related to reimbursable expenses | 32 | 26 | 65 | 63 | ||||||||||||||||
Total | 251 | 254 | 467 | 446 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Operating and other: | ||||||||||||||||||||
Operating | 169 | 142 | 324 | 272 | ||||||||||||||||
Asset impairments | 9 | 9 | ||||||||||||||||||
Reimbursable expenses | 32 | 26 | 65 | 63 | ||||||||||||||||
Depreciation and amortization | 24 | 17 | 45 | 33 | ||||||||||||||||
Equity income from joint ventures | (32) | (41) | (59) | (72) | ||||||||||||||||
Interest | 14 | 20 | 6 | |||||||||||||||||
Total | 207 | 153 | 395 | 311 | ||||||||||||||||
Income before income tax | 44 | 101 | 72 | 135 | ||||||||||||||||
Income tax expense | (9) | (27) | (21) | (37) | ||||||||||||||||
Net income attributable to Loews Corporation | $ | 35 | $ | 74 | $ | 51 | $ | 98 |
51 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||
Net investment income | $ | 9 | $ | 11 | $ | 63 | $ | 53 | ||||||||||||
Total | 9 | 11 | 63 | 53 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Operating and other | 18 | 18 | 40 | 37 | ||||||||||||||||
Equity method loss | 5 | 2 | 6 | 5 | ||||||||||||||||
Interest | 19 | 21 | 38 | 43 | ||||||||||||||||
Total | 42 | 41 | 84 | 85 | ||||||||||||||||
Loss before income tax | (33) | (30) | (21) | (32) | ||||||||||||||||
Income tax benefit | 6 | 4 | 4 | 3 | ||||||||||||||||
Net loss attributable to Loews Corporation | $ | (27) | $ | (26) | $ | (17) | $ | (29) |
52 |
53 |
54 |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Fixed income securities: | ||||||||||||||||||||
Taxable fixed income securities | $ | 484 | $ | 444 | $ | 956 | $ | 874 | ||||||||||||
Tax-exempt fixed income securities | 36 | 46 | 74 | 95 | ||||||||||||||||
Total fixed income securities | 520 | 490 | 1,030 | 969 | ||||||||||||||||
Limited partnership and common stock investments | 78 | 68 | 146 | 96 | ||||||||||||||||
Other, net of investment expense | 20 | 17 | 51 | 35 | ||||||||||||||||
Net investment income | $ | 618 | $ | 575 | $ | 1,227 | $ | 1,100 |
Effective income yield for the fixed income securities portfolio | 4.8 | % | 4.6 | % | 4.8 | % | 4.6 | % | ||||||||||||
Limited partnership and common stock return | 3.1 | % | 3.1 | % | 6.1 | % | 4.5 | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, | June 30, | |||||||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||||||
(In millions) | ||||||||||||||||||||
Investment gains (losses): | ||||||||||||||||||||
Fixed maturity securities: | ||||||||||||||||||||
Corporate and other bonds | $ | (4) | $ | (12) | $ | (21) | $ | (35) | ||||||||||||
States, municipalities and political subdivisions | (2) | (3) | (2) | 7 | ||||||||||||||||
Asset-backed | (6) | (12) | (21) | (21) | ||||||||||||||||
Total fixed maturity securities | (12) | (27) | (44) | (49) | ||||||||||||||||
Non-redeemable preferred stock | 1 | 3 | 12 | (11) | ||||||||||||||||
Derivatives, short-term and other | 1 | (8) | (7) | |||||||||||||||||
Total investment losses | (10) | (32) | (32) | (67) | ||||||||||||||||
Income tax benefit | 1 | 7 | 6 | 14 | ||||||||||||||||
Amounts attributable to noncontrolling interests | 2 | 2 | 3 | 5 | ||||||||||||||||
Investment losses attributable to Loews Corporation | $ | (7) | $ | (23) | $ | (23) | $ | (48) |
55 |
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
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 | $ | 2,841 | $ | (374) | $ | 2,795 | $ | (298) | |||||||||||||||
AAA | 2,886 | (225) | 2,727 | (169) | |||||||||||||||||||
AA | 6,323 | (559) | 6,444 | (420) | |||||||||||||||||||
A | 10,126 | (426) | 9,910 | (223) | |||||||||||||||||||
BBB | 16,314 | (884) | 16,670 | (744) | |||||||||||||||||||
Non-investment grade | 1,913 | (105) | 1,879 | (119) | |||||||||||||||||||
Total | $ | 40,403 | $ | (2,573) | $ | 40,425 | $ | (1,973) |
June 30, 2024 | Estimated Fair Value | Gross Unrealized Losses | |||||||||
(In millions) | |||||||||||
U.S. Government, Government agencies and Government-sponsored enterprises | $ | 2,599 | $ | 378 | |||||||
AAA | 1,841 | 288 | |||||||||
AA | 4,371 | 730 | |||||||||
A | 6,587 | 629 | |||||||||
BBB | 11,813 | 1,119 | |||||||||
Non-investment grade | 880 | 134 | |||||||||
Total | $ | 28,091 | $ | 3,278 |
56 |
June 30, 2024 | Estimated Fair Value | Gross Unrealized Losses | |||||||||
(In millions) | |||||||||||
Due in one year or less | $ | 1,308 | $ | 38 | |||||||
Due after one year through five years | 8,384 | 458 | |||||||||
Due after five years through ten years | 8,280 | 1,084 | |||||||||
Due after ten years | 10,119 | 1,698 | |||||||||
Total | $ | 28,091 | $ | 3,278 |
June 30, 2024 | December 31, 2023 | ||||||||||||||||||||||
Estimated Fair Value | Effective Duration (Years) | Estimated Fair Value | Effective Duration (Years) | ||||||||||||||||||||
(In millions of dollars) | |||||||||||||||||||||||
Life & Group | $ | 15,055 | 9.9 | $ | 15,137 | 10.2 | |||||||||||||||||
Property & Casualty and other | 27,578 | 4.4 | 27,981 | 4.5 | |||||||||||||||||||
Total | $ | 42,633 | 6.4 | $ | 43,118 | 6.5 |
57 |
58 |
59 |
60 |
Period | (a) Total number of shares purchased | (b) Average price paid per share | (c) Total number of shares purchased as part of publicly announced plans or programs | (d) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs (in millions) | |||||||||||||||||||
April 1, 2024 - April 30, 2024 | 679,695 | $ | 73.92 | N/A | N/A | ||||||||||||||||||
May 1, 2024 - May 31, 2024 | 576,298 | 75.32 | N/A | N/A | |||||||||||||||||||
June 1, 2024 - June 30, 2024 | 1,158,616 | 74.74 | N/A | N/A |
61 |
Description of Exhibit | Exhibit Number | ||||
XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | 101.INS * | ||||
Inline XBRL Taxonomy Extension Schema | 101.SCH * | ||||
Inline XBRL Taxonomy Extension Calculation Linkbase | 101.CAL * | ||||
Inline XBRL Taxonomy Extension Definition Linkbase | 101.DEF * | ||||
Inline XBRL Taxonomy Label Linkbase | 101.LAB * | ||||
Inline XBRL Taxonomy Extension Presentation Linkbase | 101.PRE * | ||||
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | 104* |
62 |
LOEWS CORPORATION | |||||||||||
(Registrant) | |||||||||||
Dated: July 29, 2024 | By: | /s/ Jane J. Wang | |||||||||
JANE J. WANG | |||||||||||
Senior Vice President and Chief Financial Officer (Duly authorized officer and principal financial officer) |
63 |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: July 29, 2024 | By: | /s/ James S. Tisch | ||||||
JAMES S. TISCH | ||||||||
Chief Executive Officer |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. |
Date: July 29, 2024 | By: | /s/ Jane J. Wang | ||||||
JANE J. WANG | ||||||||
Chief Financial Officer |
Date: July 29, 2024 | By: | /s/ James S. Tisch | ||||||
JAMES S. TISCH | ||||||||
Chief Executive Officer |
Date: July 29, 2024 | By: | /s/ Jane J. Wang | ||||||
JANE J. WANG | ||||||||
Chief Financial Officer |
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Investments: | ||
Fixed maturities, amortized cost | $ 43,469 | $ 42,615 |
Fixed maturities, allowance for credit loss | 17 | 16 |
Equity securities, cost | 1,076 | 1,015 |
Other invested assets, primarily mortgage loans, allowance for credit loss | $ 35 | $ 35 |
Shareholders' equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,800,000,000 | 1,800,000,000 |
Common stock, shares issued (in shares) | 222,456,544 | 222,268,150 |
Treasury stock, shares (in shares) | 2,749,732 | 100,000 |
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Income Statement [Abstract] | ||||
Re-measurement impact of insurance claims and policyholders’ benefits | $ (25) | $ (33) | $ (40) | $ (34) |
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) - USD ($) $ in Millions |
Total |
Cumulative Effect, Period of Adoption, Adjustment |
As Reported |
Common Stock |
Common Stock
As Reported
|
Additional Paid-in Capital |
Additional Paid-in Capital
As Reported
|
Retained Earnings |
Retained Earnings
Cumulative Effect, Period of Adoption, Adjustment
|
Retained Earnings
As Reported
|
Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss)
Cumulative Effect, Period of Adoption, Adjustment
|
Accumulated Other Comprehensive Income (Loss)
As Reported
|
Common Stock Held in Treasury |
Common Stock Held in Treasury
As Reported
|
Noncontrolling Interests |
Noncontrolling Interests
Cumulative Effect, Period of Adoption, Adjustment
|
Noncontrolling Interests
As Reported
|
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Balance at beginning of period at Dec. 31, 2022 | $ 15,201 | $ (277) | $ 15,478 | $ 2 | $ 2 | $ 2,748 | $ 2,748 | $ 14,931 | $ (213) | $ 15,144 | $ (3,320) | $ (36) | $ (3,284) | $ (12) | $ (12) | $ 852 | $ (28) | $ 880 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 792 | 735 | 57 | |||||||||||||||
Other comprehensive income (loss) | 180 | 160 | 20 | |||||||||||||||
Dividends paid | (84) | (29) | ||||||||||||||||
Dividends paid | (55) | |||||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | (26) | (26) | ||||||||||||||||
Purchases of Loews Corporation treasury stock | (593) | (593) | ||||||||||||||||
Stock-based compensation | 5 | (17) | 22 | |||||||||||||||
Other | (5) | (3) | 1 | (3) | ||||||||||||||
Balance at end of period at Jun. 30, 2023 | 15,470 | 2 | 2,728 | 15,637 | (3,160) | (604) | 867 | |||||||||||
Balance at beginning of period at Mar. 31, 2023 | 15,314 | 2 | 2,716 | 15,293 | (3,062) | (498) | 863 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 388 | 360 | 28 | |||||||||||||||
Other comprehensive income (loss) | (109) | (98) | (11) | |||||||||||||||
Dividends paid | (25) | (14) | ||||||||||||||||
Dividends paid | (11) | |||||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | (2) | (2) | ||||||||||||||||
Purchases of Loews Corporation treasury stock | (107) | (107) | ||||||||||||||||
Stock-based compensation | 9 | 9 | ||||||||||||||||
Other | 2 | 3 | (2) | 1 | ||||||||||||||
Balance at end of period at Jun. 30, 2023 | 15,470 | 2 | 2,728 | 15,637 | (3,160) | (604) | 867 | |||||||||||
Balance at beginning of period at Dec. 31, 2023 | 16,525 | 2 | 2,589 | 15,617 | (2,497) | (7) | 821 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 880 | 826 | 54 | |||||||||||||||
Other comprehensive income (loss) | 125 | 114 | 11 | |||||||||||||||
Dividends paid | (93) | (28) | ||||||||||||||||
Dividends paid | (65) | |||||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | (20) | (20) | ||||||||||||||||
Purchases of Loews Corporation treasury stock | (199) | (199) | ||||||||||||||||
Stock-based compensation | (3) | (22) | 19 | |||||||||||||||
Other | (14) | (11) | (3) | |||||||||||||||
Balance at end of period at Jun. 30, 2024 | 17,201 | 2 | 2,556 | 16,415 | (2,383) | (206) | 817 | |||||||||||
Balance at beginning of period at Mar. 31, 2024 | 16,998 | 2 | 2,547 | 16,060 | (2,401) | (24) | 814 | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||
Net income | 395 | 369 | 26 | |||||||||||||||
Other comprehensive income (loss) | 24 | 21 | 3 | |||||||||||||||
Dividends paid | (23) | (14) | ||||||||||||||||
Dividends paid | (9) | |||||||||||||||||
Purchase of subsidiary stock from noncontrolling interests | (20) | (20) | ||||||||||||||||
Purchases of Loews Corporation treasury stock | (182) | (182) | ||||||||||||||||
Stock-based compensation | 11 | 11 | ||||||||||||||||
Other | (2) | (2) | (3) | 3 | ||||||||||||||
Balance at end of period at Jun. 30, 2024 | $ 17,201 | $ 2 | $ 2,556 | $ 16,415 | $ (2,383) | $ (206) | $ 817 |
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends paid (in dollars per share) | $ 0.0625 | $ 0.0625 | $ 0.125 | $ 0.125 |
Basis of Presentation |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of June 30, 2024 and December 31, 2023, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2024 and 2023 and cash flows for the six months ended June 30, 2024 and 2023, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and six months ended June 30, 2024 and 2023 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive. Recently issued Accounting Standards Updates (“ASUs”) - In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker (“CODM”). The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the segment measures of profit or loss. In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
|
Investments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments | Investments Net investment income is as follows:
Investment gains (losses) are as follows:
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:
There were no losses recognized on mortgage loans during the three and six months ended June 30, 2024. There were $6 million of losses recognized on mortgage loans during the three and six months ended June 30, 2023. The following tables present a summary of fixed maturity securities:
The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
Based on current facts and circumstances, the unrealized losses presented in the June 30, 2024 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of June 30, 2024. The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $444 million, $435 million and $413 million as of June 30, 2024, December 31, 2023 and June 30, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.
Contractual Maturity The following table presents available-for-sale fixed maturity securities by contractual maturity.
Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life. Mortgage Loans The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.
Derivative Financial Instruments A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.
Investment Commitments As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of June 30, 2024, commitments to purchase or fund were approximately $1.8 billion and to sell were approximately $145 million under the terms of these investments.
|
Fair Value |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2024 and 2023:
Net investment gains and losses are reported in Net income as follows:
Significant Unobservable Inputs The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement. Financial Assets and Liabilities Not Measured at Fair Value The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items.
|
Claim and Claim Adjustment Expense Reserves |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Claim and Claim Adjustment Expense Reserves | Claim and Claim Adjustment Expense Reserves Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Company’s results of operations and/or equity. Catastrophe losses, net of reinsurance, of $82 million and $68 million for the three months ended June 30, 2024 and 2023 and $170 million and $120 million for the six months ended June 30, 2024 and 2023 were recorded primarily related to severe weather related events. Liability for Unpaid Claim and Claim Adjustment Expenses The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
Net Prior Year Development Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable. Favorable net prior year loss reserve development of $12 million and $17 million for the three months ended June 30, 2024 and 2023 and $19 million and $4 million for the six months ended June 30, 2024 and 2023 was recorded for CNA’s commercial property and casualty operations (“Property & Casualty Operations”). Unfavorable net prior year loss reserve development of $35 million was recorded for CNA’s operations outside of Property & Casualty Operations (“Other Insurance Operations”) for the three and six months ended June 30, 2024 and 2023. The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:
Three Months 2024 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional errors and omissions (“E&O”) and cyber businesses. Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years. Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products. Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims. 2023 Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction business in a recent accident year. Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and middle market businesses across multiple accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims. Six Months 2024 Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses. Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years. Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year. Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years. Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Favorable development in other property and casualty operations was primarily due to favorable loss emergence in casualty coverages associated with healthcare products. Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims. 2023 Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction business in a recent accident year. Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and middle market businesses across multiple accident years. Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years. Unfavorable development in other property and casualty operations was due to higher than expected large loss emergence in CNA’s professional liability business in accident year 2017. Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claims. Asbestos & Environmental Pollution (“A&EP”) Reserves In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million were transferred to NICO, resulting in total consideration of $2.2 billion. In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits in the Consolidated Condensed Statements of Operations. The impact of the LPT on the Consolidated Condensed Statements of Operations was the recognition of a retroactive reinsurance benefit of $13 million and $15 million for the three months ended June 30, 2024 and 2023 and $25 million and $23 million for the six months ended June 30, 2024 and 2023. As of June 30, 2024 and December 31, 2023, the cumulative amounts ceded under the LPT were $3.6 billion. The unrecognized deferred retroactive reinsurance benefit was $392 million and $417 million as of June 30, 2024 and December 31, 2023 and is included within Other liabilities on the Consolidated Condensed Balance Sheets. NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $2.2 billion as of June 30, 2024. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims. Credit Risk for Ceded Reserves The majority of CNA’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.
|
Future Policy Benefits Reserves |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Future Policy Benefit Reserves | Future Policy Benefits Reserves Future policy benefits reserves are associated with CNA’s run-off long-term care business, included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (“LFPB”) which is reflected as Insurance reserves: Future policy benefits on the Consolidated Condensed Balance Sheet. The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations. For further information on the long-term care reserving process see Note 1 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The following table summarizes balances and changes in the LFPB:
The following table presents earned premiums and interest expense associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.
The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.
Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.5 billion and $3.9 billion as of June 30, 2024 and 2023. The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years and 12 years as of June 30, 2024 and 2023. The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
For the three and six months ended June 30, 2024, immediate charges to net income resulting from adverse development that caused the net premium ratio (“NPR”) to exceed 100% for certain cohorts were $24 million and $44 million. For the three and six months ended June 30, 2023, immediate charges to net income resulting from adverse development that caused the NPR to exceed 100% were $29 million and $42 million. For the three and six months ended June 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $6 million and $8 million. For the three and six months ended June 30, 2023, the portion of losses recognized in a prior period due to NPR exceeding 100% which, due to favorable development, was reversed through net income was less than $1 million and $11 million.
|
Shareholders' Equity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity Accumulated other comprehensive income (loss) The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and six months ended June 30, 2023 and 2024:
Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:
Stock Purchases Loews Corporation repurchased 2.6 million and 10.0 million shares of its common stock at aggregate costs of $199 million and $593 million during the six months ended June 30, 2024 and 2023.
|
Debt |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt In February of 2024, CNA completed a public offering of $500 million aggregate principal amount of its 5.1% senior notes due February 15, 2034 and in May of 2024, CNA repaid at maturity the outstanding $550 million aggregate principal amount of its 4.0% senior notes. In February of 2024, Boardwalk Pipelines completed a public offering of $600 million aggregate principal amount of its 5.6% senior notes due August 1, 2034. Boardwalk Pipelines intends to use the net proceeds to retire the outstanding $600 million aggregate principal amount of its 5.0% notes due December 2024.
|
Revenue from Contracts with Customers |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contracts with Customers | Revenue from Contracts with Customers Disaggregation of revenues – Revenue from contracts with customers, other than insurance premiums, is reported as Non-insurance warranty revenue and within Operating revenues and other on the Consolidated Condensed Statements of Operations. The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 12:
Receivables from contracts with customers – As of June 30, 2024 and December 31, 2023, receivables from contracts with customers were approximately $204 million and $228 million and are included within Receivables on the Consolidated Condensed Balance Sheets. Deferred revenue – As of June 30, 2024 and December 31, 2023, deferred revenue resulting from contracts with customers were approximately $4.7 billion and $4.8 billion and are reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Condensed Balance Sheets. Approximately $786 million and $660 million of revenues recognized during the six months ended June 30, 2024 and 2023 were included in deferred revenue as of December 31, 2023 and 2022. Performance obligations – As of June 30, 2024, approximately $15.1 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Approximately $1.5 billion will be recognized during the remaining six months of 2024, $2.6 billion in 2025 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.
|
Benefit Plans |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Benefit Plans | Benefit Plans The Company has several non-contributory defined benefit plans and postretirement benefit plans covering eligible employees and retirees. The following tables present the components of net periodic (benefit) cost for the defined benefit plans:
|
Legal Proceedings |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | Legal Proceedings Boardwalk Pipelines Litigation On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates. On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018. On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021. On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $690 million, plus pre-judgment interest (approximately $166 million), post-judgment interest and attorneys’ fees. The Company believed that the Trial Court ruling included factual and legal errors. Therefore, on January 3, 2022, the Defendants appealed the Trial Court’s ruling to the Supreme Court of the State of Delaware (the “Supreme Court”). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. Oral arguments were held on September 14, 2022, and on December 19, 2022, the Supreme Court reversed the Trial Court’s ruling and remanded the case to the Trial Court for further proceedings related to claims not decided by the Trial Court’s ruling. Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023. A hearing on the remanded issues was held at the Trial Court in April 2024. Other Litigation The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the Boardwalk Pipelines matter described above, will materially affect the Company’s results of operations or equity.
|
Commitments and Contingencies |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies CNA Guarantees CNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of June 30, 2024, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.4 billion, which will be paid over the lifetime of the annuitants. CNA does not believe any payment is likely under these guarantees, as CNA is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.
|
Segments |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, and the equity method of accounting for Altium Packaging LLC. 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 21 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. 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.
|
Basis of Presentation (Policies) |
6 Months Ended |
---|---|
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of June 30, 2024 and December 31, 2023, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2024 and 2023 and cash flows for the six months ended June 30, 2024 and 2023, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and six months ended June 30, 2024 and 2023 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.
|
Recently issued Accounting Standards Updates (“ASUs”) | Recently issued Accounting Standards Updates (“ASUs”) - In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker (“CODM”). The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the segment measures of profit or loss. In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
|
Investments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Investment Income | Net investment income is as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Investment Gains (Losses) | Investment gains (losses) are as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Impairment Losses (Gains) on Earnings | The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost and Fair Values of Fixed Maturity Securities | The following tables present a summary of fixed maturity securities:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Fixed Maturity Securities in Gross Unrealized Loss Position | The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Allowance for Credit Losses | The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $444 million, $435 million and $413 million as of June 30, 2024, December 31, 2023 and June 30, 2023 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Fixed Maturity Securities by Contractual Maturity | The following table presents available-for-sale fixed maturity securities by contractual maturity.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Amortized Cost Basis of Mortgage Loans for Each Credit Quality Indicator by Year of Origination | The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Aggregate Contractual or Notional Amounts and Estimated Fair Values Related to Derivative Financial Instruments | A summary of the aggregate contractual or notional amounts and gross estimated fair values related to derivative financial instruments follows. The contractual or notional amounts for derivatives are used to calculate the exchange of contractual payments under related agreements and may not be representative of the potential for gain or loss on these instruments. Gross estimated fair values of derivative positions are currently presented in Equity securities, Receivables and Payable to brokers on the Consolidated Condensed Balance Sheets.
|
Fair Value (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the United States of America (“U.S.”) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliations of Assets and Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs | The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2024 and 2023:
Net investment gains and losses are reported in Net income as follows:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Significant Unobservable Inputs | The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Assets and Liabilities not Measured at Fair Value | The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Condensed Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Condensed Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items.
|
Claim and Claim Adjustment Expense Reserves (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reconciliation of Claim and Claim Adjustment Expense Reserves | The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Prior Year Loss Reserve Development in Property and Casualty Operations | The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:
|
Future Policy Benefits Reserves (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Insurance [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Liability for Future Policy Benefit | The following table summarizes balances and changes in the LFPB:
The following table presents earned premiums and interest expense associated with the long-term care business recognized on the Condensed Consolidated Statement of Operations.
The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
|
Shareholders' Equity (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Accumulated Other Comprehensive Income (Loss) | The tables below present the changes in Accumulated other comprehensive income (loss) (“AOCI”) by component for the three and six months ended June 30, 2023 and 2024:
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Reclassification out of Accumulated Other Comprehensive Income | Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:
|
Revenue from Contracts with Customers (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table presents revenues from contracts with customers disaggregated by revenue type along with the reportable segment and a reconciliation to Operating revenues and other as reported in Note 12:
|
Benefit Plans (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic (Benefit) Cost Components | The following tables present the components of net periodic (benefit) cost for the defined benefit plans:
|
Segments (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment | Statements of Operations by segment are presented in the following tables.
|
Basis of Presentation (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Share-Based Payment Arrangement | ||||
Basis of Presentation [Abstract] | ||||
Shares excluded from diluted EPS calculation (in shares) | 0 | 0 | 0 | 0 |
CNA | ||||
Basis of Presentation [Abstract] | ||||
Subsidiary ownership (as a percent) | 92.00% | 92.00% |
Investments - Available-for-sale Impairment Losses Recognized in Earnings (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Fixed maturity securities available-for-sale: | ||||
Impairment losses recognized in earnings | $ 6 | $ 17 | $ 20 | $ 25 |
Mortgage Receivable | ||||
Fixed maturity securities available-for-sale: | ||||
Gain (loss) on mortgage loans due to changes in expected credit losses | 0 | 6 | 0 | 6 |
Corporate and other bonds | ||||
Fixed maturity securities available-for-sale: | ||||
Impairment losses recognized in earnings | 6 | 9 | 15 | 17 |
Asset-backed | ||||
Fixed maturity securities available-for-sale: | ||||
Impairment losses recognized in earnings | $ 8 | $ 5 | $ 8 |
Investments - Available-for-sale Fixed Maturity Securities by Contractual Maturity (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Cost or Amortized Cost | ||
Cost or Amortized Cost | $ 43,469 | $ 42,615 |
Estimated Fair Value | ||
Estimated Fair Value | 40,879 | 40,626 |
Available-for-sale Fixed Maturities | ||
Cost or Amortized Cost | ||
Due in one year or less | 1,528 | 1,121 |
Due after one year through five years | 11,521 | 11,563 |
Due after five years through ten years | 13,115 | 13,359 |
Due after ten years | 16,825 | 16,371 |
Cost or Amortized Cost | 42,989 | 42,414 |
Estimated Fair Value | ||
Due in one year or less | 1,493 | 1,091 |
Due after one year through five years | 11,129 | 11,180 |
Due after five years through ten years | 12,225 | 12,573 |
Due after ten years | 15,552 | 15,581 |
Estimated Fair Value | $ 40,399 | $ 40,425 |
Investments - Investment Commitments (Details) - Investments in Assets Requiring Future Purchase, Sale or Funding Commitments $ in Millions |
Jun. 30, 2024
USD ($)
|
---|---|
Other Commitments [Line Items] | |
Commitments to purchase or fund investments | $ 1,800 |
Commitments to sell investments | $ 145 |
Fair Value - Financial Assets and Liabilities not Measured at Fair Value (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Dec. 31, 2023 |
---|---|---|
Carrying Amount | ||
Assets: | ||
Other invested assets, primarily mortgage loans | $ 986 | $ 1,035 |
Liabilities: | ||
Short-term debt | 1,013 | 1,083 |
Long-term debt | 8,555 | 7,915 |
Estimated Fair Value | ||
Assets: | ||
Other invested assets, primarily mortgage loans | 944 | 997 |
Liabilities: | ||
Short-term debt | 1,002 | 1,066 |
Long-term debt | 8,177 | 7,640 |
Estimated Fair Value | Level 1 | ||
Assets: | ||
Other invested assets, primarily mortgage loans | ||
Liabilities: | ||
Short-term debt | ||
Long-term debt | ||
Estimated Fair Value | Level 2 | ||
Assets: | ||
Other invested assets, primarily mortgage loans | ||
Liabilities: | ||
Short-term debt | 598 | 546 |
Long-term debt | 7,611 | 7,255 |
Estimated Fair Value | Level 3 | ||
Assets: | ||
Other invested assets, primarily mortgage loans | 944 | 997 |
Liabilities: | ||
Short-term debt | 404 | 520 |
Long-term debt | $ 566 | $ 385 |
Claim and Claim Adjustment Expense Reserves - Reconciliation of Claim and Claim Adjustment Expense Reserves (Details) - USD ($) $ in Millions |
6 Months Ended | |
---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Liability for Unpaid Claims and Claims Adjustment Expense [Roll Forward] | ||
Gross reserves, beginning of year | $ 23,304 | $ 22,120 |
Ceded reserves, beginning of year | 5,141 | 5,191 |
Net reserves, beginning of year | 18,163 | 16,929 |
Net incurred claim and claim adjustment expenses: | ||
Provision for insured events of current year | 3,039 | 2,746 |
Increase (decrease) in provision for insured events of prior years | 19 | 37 |
Amortization of discount | 20 | 22 |
Total net incurred | 3,078 | 2,805 |
Net payments attributable to: | ||
Current year events | (308) | (287) |
Prior year events | (2,259) | (2,014) |
Total net payments | (2,567) | (2,301) |
Foreign currency translation adjustment and other | (58) | 57 |
Net reserves, end of period | 18,616 | 17,490 |
Ceded reserves, end of period | 5,358 | 5,312 |
Gross reserves, end of period | $ 23,974 | $ 22,802 |
Future Policy Benefits Reserves - Earned Premiums and Interest Expense (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Insurance [Abstract] | ||||
Earned premiums | $ 109 | $ 113 | $ 219 | $ 228 |
Interest expense | $ 185 | $ 189 | $ 369 | $ 379 |
Future Policy Benefits Reserves - Undiscounted Expected Future Benefit and Expense Payments and Undiscounted Expected Future Gross Premiums (Details) - USD ($) $ in Millions |
Jun. 30, 2024 |
Jun. 30, 2023 |
---|---|---|
Insurance [Abstract] | ||
Expected future benefit and expense payments | $ 32,212 | $ 33,287 |
Expected future gross premiums | $ 5,149 | $ 5,536 |
Future Policy Benefits Reserves - Additional Information (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Insurance [Abstract] | ||||
Liability for future policy benefit, expected future gross premium, discounted, before reinsurance | $ 3,500 | $ 3,900 | $ 3,500 | $ 3,900 |
Liability for future policy benefit, weighted-average duration (in years) | 11 years | 12 years | 11 years | 12 years |
Liability for future policy benefit, adverse development, expense | $ 24 | $ 29 | $ 44 | $ 42 |
Liability future policy benefit, losses recognized in prior period | $ 6 | $ 1 | $ 8 | $ 11 |
Future Policy Benefits Reserves - Weighted Average Interest Rates (Details) |
Jun. 30, 2024 |
Dec. 31, 2023 |
Jun. 30, 2023 |
---|---|---|---|
Insurance [Abstract] | |||
Original locked in discount rate | 5.21% | 5.22% | 5.25% |
Upper-medium grade fixed income instrument discount rate | 5.43% | 4.94% | 5.10% |
Shareholders' Equity - Additional Information (Details) - USD ($) shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Equity [Abstract] | ||||
Purchases of treasury stock (in shares) | 2.6 | 10.0 | ||
Purchases of treasury stock | $ 182 | $ 107 | $ 199 | $ 593 |
Debt (Details) - Senior Notes - USD ($) $ in Millions |
May 31, 2024 |
Feb. 29, 2024 |
---|---|---|
CNA Financial | 5.1% Senior Notes Due February 15, 2034 | ||
Debt [Abstract] | ||
Face amount | $ 500 | |
Interest rate (as a percent) | 5.10% | |
CNA Financial | 4.0% Senior Notes Due May, 2024 | ||
Debt [Abstract] | ||
Interest rate (as a percent) | 4.00% | |
Long term debt | $ 550 | |
Boardwalk Pipelines | 5.6% Senior Notes Due August 1, 2034 | ||
Debt [Abstract] | ||
Face amount | $ 600 | |
Interest rate (as a percent) | 5.60% | |
Boardwalk Pipelines | 5.0% Notes Due December 2024 | ||
Debt [Abstract] | ||
Interest rate (as a percent) | 5.00% | |
Long term debt | $ 600 |
Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Disaggregation of Revenues [Abstract] | ||||
Revenues from contracts with customers | $ 711 | $ 552 | $ 1,421 | $ 1,123 |
Other revenues | 25 | 22 | 51 | 45 |
Operating revenues and other | 736 | 574 | 1,472 | 1,168 |
CNA Financial | Non-insurance warranty | ||||
Disaggregation of Revenues [Abstract] | ||||
Revenues from contracts with customers | 404 | 407 | 811 | 814 |
Boardwalk Pipelines | Transportation and storage of natural gas and NGLs and other services | ||||
Disaggregation of Revenues [Abstract] | ||||
Revenues from contracts with customers | 467 | 350 | 968 | 736 |
Loews Hotels & Co | Lodging and related services | ||||
Disaggregation of Revenues [Abstract] | ||||
Revenues from contracts with customers | $ 244 | $ 202 | $ 453 | $ 387 |
Revenue from Contracts with Customers - Additional Information (Details) - USD ($) $ in Millions |
6 Months Ended | ||
---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
Disaggregation of Revenue [Line Items] | |||
Revenue recognized | $ 786 | $ 660 | |
Receivables | |||
Disaggregation of Revenue [Line Items] | |||
Receivables from contracts with customers | 204 | $ 228 | |
Other Liabilities | |||
Disaggregation of Revenue [Line Items] | |||
Deferred revenue | $ 4,700 | $ 4,800 |
Revenue from Contracts with Customers - Performance Obligations (Details) $ in Billions |
Jun. 30, 2024
USD ($)
|
---|---|
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 15.1 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 1.5 |
Expected timing of satisfaction | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Disaggregation of Revenue [Line Items] | |
Remaining performance obligations | $ 2.6 |
Expected timing of satisfaction | 1 year |
Benefit Plans - Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
Pension Benefits | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Service cost | $ 1 | $ 1 | ||
Interest cost | 25 | 28 | 49 | 56 |
Expected return on plan assets | (30) | (32) | (59) | (64) |
Amortization of unrecognized net loss | 8 | 9 | 15 | 18 |
Settlements | 1 | 1 | ||
Net periodic cost | 3 | 6 | 6 | 12 |
Other Postretirement Benefits | ||||
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | ||||
Interest cost | 1 | 1 | ||
Expected return on plan assets | (1) | (1) | ||
Net periodic cost | $ 0 | $ 0 | $ 0 | $ 0 |
Legal Proceedings (Details) $ in Millions |
Nov. 12, 2021
USD ($)
|
---|---|
Commitments and Contingencies Disclosure [Abstract] | |
Trial court, plaintiff award | $ 690 |
Trial court, plaintiff award, plus pre-judgement interest | $ 166 |
Commitments and Contingencies (Details) $ in Billions |
Jun. 30, 2024
USD ($)
|
---|---|
CNA Financial | |
Commitments and Contingencies [Abstract] | |
Potential amount of future payments under guarantees | $ 1.4 |
FGC&\3IMVFSBC=/-I)U^D$&VF05$A;"3
M?]\KL"&;BFO*K/,A!LPYUH,D="1=;*3ZDJR$T.0E#*+DLK72.C[O=!)W)4*>
M',M81/#-0JJ0:SA5RTX2*\&]3!0&'>8X@T[(_:@UO,BN3=7P0J8Z\",Q521)
MPY"KURL1R,UEB[9V%Q[\Y4J;"YWA1
MX94$B,3?3/2#4\;?*9W-3^DL.I&S@RD*VRD*?QA_)87*)<_^)0E:0\4BZLDA
MXAQ!@9#1%R*D2B("=CR9(@Q%0PYE"Z8Q05 H9@3V%90;6.:QMX1F/DATPS6
M?H*]"+UPM$#O0EPMS U.QN8H'[82#G].0E8M@STA32(-N^-R?5];ZP:0[WB:
M!B90J D5=4%N,#3K,&IU&/7J\,0DSM\<3"8-1F_1P #R'0TT-X&"L:9!%^3Z
M([,&XU:#<:\&MP5$ B-1W9/$GBM6A1#]5\R1!D\5JT:(AJD70(C7@M6C.1U&S&:]&2
M*:4]-[2KW5V6%;-%L;A^][#XG 6+[>?59J>LL]N2[_T\*JMM5Y_O7G\H\H?W
M%^J%\BDOBOS^\/ N6RRS[7Z!\M]O\[QX^>&J])_R[>^'&M?_!5!+ P04
M" X/OU8F\RV%<," "" & 'AL+W=O =>%2[ $OL>9QO$
MM;5BTXNJ^A5:U8M0?4\BR=4N43CI3Z\NHZO/Y\%X'@9("4%X&:E5-%>*B_!R
M'J&K,Q1^N3Z?_T!'UQ27"9&0'*.C&>9 90J2Q#@[1F_12V0BD2JM\$RI(M/\
M9MQ$,:FCL)^(PD$73)$)%-($D@Y\L!\_V(,W547:LMC;LDSLO82?2MI#CO4&
MV9;M=L0S/1SN=*7S?][#?_;^H!A.>T> HFI,.UJ\03=I54.3
MG?/<_+5?H'XX&60V6B2M'@M"ZP8#DT ;TLNRY%4:WNI^MI0F2ZN,YE4B S.+
M,3)'P^J"6HUQDJ>-_!8>8E\0E^)-K6"$0- (Y==UE9.6AN0_!BL3B05)X.PZ
MS;Y@@E@$^'N_)\@# C2C.9$Q5;@$XF? "H*\I4M5S_0'JS90R!5"6KQ-@?\<
M2R$!DV29?42T!M !H"^F(D,#M6013\7Z
M0J09&2$PG2C&)+?ICO-HU/-*]8@2Z;#&F;H<)F,*^G!WOP;X1+F#BV6T84@R
M5K)D(73URIU9I4KJO@5_R,P."SLJ.W??*@"2-- 'U,LY6!X[BY^D34HIPE $X'TIM5]N8(S'0W%<.A_O[VW
M;81!(EEUO[_LWW&*XPFM>45K3BA:7P&-2-=G#&P(/IR[?T##S6JC1S(2YA'_
M7(B$&C7R5AQ';U0G5898Y$D6)_\1OS+">K!=78S\"NK.OVM>L ]@O[1*2B]
MUR+;.Y"$M]G6=;S>WF[KG=FL@RF5O4M\?+\[R@$W:"8%="HZD7]MS.(06O
MU[+;?B_?8EFN,OF\H^%7Y/U]1MV@W_6]7>K[AFY3Y.VMXM)4]M^H?&"I(AP6
M"'3.NNA!%L5RT=%BE=>;]T)C]9HWE_B! =(8X/N%$/JE8TK8ZI-E]#]02P,$
M% @ .#[]6"Z'7PL?!P NR !@ !X;"]W;W)K
%>=>/W5TJ2^3KQYF_^KY[#V<^K-%L;A^M\V?E.U^^=+;/SCTC\/Z
MY1F_VNQ;75ILRW]=E>L5U],H3"/?F?WZT9@IY0\S(TS+1^G'\A>!$7Y,E?JY(V[EXWTC\:VV'+DA?BG4K^*<,RONS->RP4$:^2
M\DZM_R9J>R8D+U!)8?ZRM5WKN3T65$6ITGHS$*0RL[_\J?;#SH;Y^,@&M][@
M&MQ6D4'YGI?\ZD*K-=.T&M+HPIAJ=@.
>,#