Segments

3 Months Ended

Mar. 31, 2021

Segments [Abstract]

Segments

12. 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. In the first quarter of 2020 Diamond Offshore was a reportable segment. The Corporate segment is primarily comprised of Loews Corporation excluding its subsidiaries and the operations of Altium Packaging. Diamond Offshore was deconsolidated during the second quarter of 2020. Each of the operating subsidiaries and Diamond Offshore are 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 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020.

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

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

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

Three Months Ended March 31, 2020	CNA Financial			Boardwalk Pipelines			Loews Hotels & Co			Corporate			Diamond Offshore			Total
(In millions)
Revenues:
Insurance premiums	$	1,869														$	1,869
Net investment income (loss)		329								$	(166	)					163
Investment losses		(216	)														(216	)
Non-insurance warranty revenue		301															301
Operating revenues and other		8		$	341		$	142			257		$	234			982
Total		2,291			341			142			91			234			3,099
Expenses:
Insurance claims and policyholders’ benefits		1,425															1,425
Amortization of deferred acquisition costs		344															344
Non-insurance warranty expense		281															281
Operating expenses and other		300			211			167			268			1,080			2,026
Interest		31			42			8			31			32			144
Total		2,381			253			175			299			1,112			4,220
Income (loss) before income tax		(90	)		88			(33	)		(208	)		(878	)		(1,121	)
Income tax (expense) benefit		28			(23	)		8			43			21			77
Net income (loss)		(62	)		65			(25	)		(165	)		(857	)		(1,044	)
Amounts attributable to noncontrolling interests		7												405			412
Net income (loss) attributable to Loews Corporation	$	(55	)	$	65		$	(25	)	$	(165	)	$	(452	)	$	(632	)