AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-2: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 18/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 2/4 · Boardwalk’s permitted infrastructure and firm reservation contracts establish a localized advantage, corroborated by realized renewal pricing. CNA’s nonexclusive distribution and hotel competition prevent extending that advantage across Loews.
durability · 2/4 · Renewal pricing gains recur across 2023–2025 and higher contracting rates continued in 2026. Contract expirations, competitive route economics and contingent projects limit the demonstrated horizon.
customer dependency · 2/4 · Firm capacity reservation commitments demonstrate customer dependence during contract terms. CNA retention is mixed, and the passages do not quantify physical switching costs or post-expiry dependence.
erosion resilience · 2/4 · Boardwalk’s continued pricing gains show resilience, but CNA has realized underwriting deterioration and lower Specialty retention. Pipeline concentration and market-sensitive renewals remain vulnerabilities rather than proven erosion.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Boardwalk realized repeated higher renewal rates and hotels achieved higher daily rates. CNA’s Specialty and Commercial pricing improved while International rates declined, producing mixed group evidence.
retention · 2/4 · Boardwalk renewals and reservation contracts demonstrate repeat demand. Specialty retention fell while International retention improved. Higher hotel occupied room nights indirectly support demand, but do not establish repeat-guest retention.
margin resilience · 2/4 · Boardwalk earnings benefited from pricing despite higher expenses, and hotel earnings improved. CNA’s lower underlying underwriting results and adverse reserve development offset these strengths. Altium’s disclosed pass-through ability includes timing limitations.
contractual freedom · 2/4 · Boardwalk can negotiate rates and secure capacity fees, but FERC sets applicable maximum rates and market conditions govern renewals. Insurance premium regulation also constrains terms. Pricing discretion exists within meaningful limits.
Predictability87
Financial-sector stability over five consecutive reported annual periods: equal weights for nondeclining revenue frequency, revenue-growth volatility (5–40pp), positive consolidated earnings frequency, and net-income/revenue margin volatility (3–20pp). Uses reported accounting scope; not industrial FCF or a growth forecast.
- Nondeclining revenue years (%)
- 100.00
- Revenue growth volatility (pp)
- 6.72
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 11.31
Financial strength56
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital adequacy · 2/4 · Under the disclosed domestic RBC regime, CCC’s year-end 2025 statutory capital and surplus was significantly above regulatory-action levels, and foreign subsidiaries met requirements. This establishes compliance and a qualitative cushion, but no numerical RBC denominator or current ratio is supplied. A prescribed accounting practice added $45 million to statutory capital and surplus.
liquidity funding · 3/4 · CNA generated $1.0 billion of operating cash in the first half of 2026 despite higher claim payments. Parent investments and completed refinancing support funding flexibility. CCC remained in positive earned surplus, permitting ordinary distributions subject to regulation. Detailed insurer liquid-asset coverage and funding concentrations are unavailable.
asset liability risk · 2/4 · Purchased catastrophe coverage and a relatively small disclosed fixed-maturity credit allowance provide mitigating evidence. Actual adverse casualty and legacy reserve development and the $44 million first-half long-term-care remeasurement loss demonstrate liability uncertainty. Management attributes unrealized investment losses primarily to rates, but duration matching and reinsurance recoverability are not established.
earnings resilience · 2/4 · Consolidated first-half net income remained positive and increased from $808 million to $825 million, with stronger hotel and pipeline contributions. P&C core income nevertheless fell $85 million because of weaker underlying underwriting and unfavorable reserve development. Diversification supports resilience without establishing stable insurance earnings through a full cycle.
Capital allocation50
Qualitative insurance assessment: equal-weight average of four current evidence-backed grades (0–4), scaled to 100. Policy financial-industry-1; not an industrial ratio score or credit rating.
capital efficiency · 2/4 · Parent-company net income of $1.667 billion against beginning and ending equity of $17.066 billion and $18.686 billion supports a moderate accounting return. This is parent equity-method accounting, not an insurer statutory return or segment incremental return. Reported book value per share growth excluding AOCI adds historical support but does not isolate returns from repurchases.
distributions and buffers · 2/4 · Actual parent buybacks and dividends coexist with substantial parent investments and positive earnings. CNA paid ordinary and special dividends, while CCC paid $725 million upstream and retained positive earned surplus. Qualitative year-end RBC compliance supports distributions, but current numerical solvency headroom after distributions is absent.
dilution and cost · 2/4 · Shares outstanding fell from 206.1 million in February to 204.4 million in July 2026 despite 0.1 million shares issued for compensation settlements. Buybacks offset issuance, but refinancing $500 million from 3.8% to 4.9% increased its coupon cost. Aggregate compensation expense and award overhang costs are incompletely disclosed.
investment discipline · 2/4 · Pipeline investments are supported by signed customer commitments and spending is largely scheduled after construction approval. Actual spending was $381 million against approximately $3.4 billion expected through 2030, while Boardwalk maintained operating cash generation. The $212 million acquisition and unfinished projects lack demonstrated investment returns; contingent contracted revenue is not realized value.
Management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Parent-company statements demonstrate substantial retained investments alongside affiliate distributions, buybacks and dividends. In 2026, debt repayments, restrained net share issuance and approval-linked pipeline spending support discipline. Acquisition returns and eventual project returns remain unproven.
incentive alignment · 2/4 · Actual granted PRSUs combine performance conditions with multiyear vesting, SARs have a long exercise horizon, and an adopted clawback and disclosed insider ownership support alignment. Excluding older reserve development and long-term-care remeasurement from performance measures weakens exposure to full economic outcomes. Ownership percentages are unavailable.
execution · 2/4 · Reported five-year book value per share growth excluding AOCI, Boardwalk pricing gains and hotel earnings growth support execution. CNA’s realized underwriting deterioration and the substantial unfinished project program make the record mixed. Operating outcomes provide indirect evidence of management effectiveness.
governance · 3/4 · Disclosed majority board independence, independent key committees, annual elections, a single common-stock class and an adopted clawback establish strong formal safeguards. Related-party dealings require continued scrutiny; disclosed structures alone do not demonstrate exceptional governance outcomes.
Evidence
The FERC regulates, among other things, the rates and charges for the transportation and storage of natural gas in interstate commerce and the construction, extension, enlargement or abandonment of facilities under its jurisdiction.
Business / Boardwalk governmental regulation · Filed 10/02/2026
Where required, Boardwalk Pipelines’ natural gas pipeline subsidiaries hold certificates of public convenience and necessity issued by the FERC covering certain of their facilities, activities and services.
Business / Boardwalk certificates of public convenience and necessity · Filed 10/02/2026
The maximum applicable rates that Boardwalk Pipelines’ FERC-regulated subsidiaries may charge for all aspects of the natural gas transportation services they provide, are established through the FERC’s cost-based rate-making process; however, the FERC also allows for discounted or negotiated rates as an alternative to cost-based rates.
Business / Boardwalk rate regulation · Filed 10/02/2026
Moreover, the increased competitiveness of alternative energy sources could reduce demand for hydrocarbons and for Boardwalk Pipelines’ services.
Risk Factors / alternative energy competition · Filed 10/02/2026
Loews Hotels & Co’s properties compete with other hotels, cruises and alternative accommodations based on a number of factors, including room rates, quality of accommodations, service levels and amenities, location, brand affiliation, reputation and reservation systems.
Risk Factors / hotel competition · Filed 10/02/2026
The table below shows a rollforward of projected operating revenues under committed firm agreements in place as of December 31, 56 Table of Contents 2024 to December 31, 2025, including agreements for transportation, storage, ethane supply and other services, over the remaining term of those agreements: As of December 31, 2025 (In millions) Total projected operating revenues under committed firm agreements as of December 31, 2024 $ 14,184 Adjustments for: Actual revenues recognized from firm agreements in 2025 (a) (1,639) Firm agreements entered into in 2025 7,011 Total projected operating revenues under committed firm agreements as of December 31, 2025 $ 19,556 (a)Reflects an increase of $128 million in Boardwalk Pipelines’ actual 2025 revenues recognized from fixed fees under firm agreements as compared with its expected 2025 revenues from fixed fees under firm agreements, including agreements for transportation, storage and other services as of December 31, 2024, primarily due to an increase from contract renewals at higher rates that occurred in 2025.
MD&A / Boardwalk committed firm agreements and realized renewal pricing · Filed 10/02/2026
The table above includes $9.9 billion of estimated revenues that are anticipated under executed precedent or long-term firm transportation agreements for growth projects that are contingent upon, among other things, receipt of required regulatory approvals and permits and are subject to construction risk.
MD&A / contingent growth-project contracted revenues · Filed 10/02/2026
Each year, a portion of Boardwalk Pipelines’ firm transportation and storage agreements expire.
MD&A / annual contract expirations · Filed 10/02/2026
The rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer term), including the available supply, geographical location of natural gas production, the competition between producing basins, competition with other pipelines for supply and markets, the demand for gas by end-users such as electric power generators (including as a result of increased demand by AI data centers), petrochemical facilities and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).
MD&A / Boardwalk market influences on rates · Filed 10/02/2026
As of December 31, 2025, Boardwalk Pipelines’ top ten customers under committed firm agreements comprised approximately 66% of its total projected operating revenues and the credit profile associated with Boardwalk Pipelines’ customers comprising the total projected operating revenues under committed firm agreements was 87% rated as investment grade, 2% rated as non-investment grade and 11% not rated.
MD&A / Boardwalk customer concentration and credit profile · Filed 10/02/2026
Alpert, Senior Vice President, General Counsel and Secretary) Attorney-in-Fact 171 Table of Contents SCHEDULE I Condensed Financial Information of Registrant LOEWS CORPORATION BALANCE SHEETS ASSETS December 31 2025 2024 (In millions) Current assets, principally investment in short-term instruments $ 2,676 $ 2,222 Investments in securities 1,245 1,170 Investments in capital stocks of subsidiaries, at equity 16,673 15,623 Other assets 95 95 Total assets $ 20,689 $ 19,110 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities $ 597 $ 143 Long-term debt 1,286 1,785 Deferred income tax and other 120 116 Total liabilities 2,003 2,044 Shareholders’ equity 18,686 17,066 Total liabilities and shareholders’ equity $ 20,689 $ 19,110 STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME Year Ended December 31 2025 2024 2023 (In millions) Revenues: Equity in income of subsidiaries (a) $ 1,614 $ 1,328 $ 1,501 Net investment income, interest and other 214 261 131 Total 1,828 1,589 1,632 Expenses: Administrative 68 76 119 Interest 75 75 80 Total 143 151 199 Income before income tax 1,685 1,438 1,433 Income tax (expense) benefit (18) (24) 1 Net income 1,667 1,414 1,434 Equity in other comprehensive income of subsidiaries 801 630 884 Total comprehensive income $ 2,468 $ 2,044 $ 2,318 172 Table of Contents SCHEDULE I (Continued) Condensed Financial Information of Registrant LOEWS CORPORATION STATEMENTS OF CASH FLOWS Year Ended December 31 2025 2024 2023 (In millions) Operating Activities: Net income $ 1,667 $ 1,414 $ 1,434 Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: Equity method investees (268) (67) (512) Provision (benefit) for deferred income taxes 2 4 (4) Changes in operating assets and liabilities, net: Receivables (3) (6) 10 Accounts payable and accrued liabilities 14 (12) (9) Trading securities (414) (695) 576 Other, net 31 2 109 1,029 640 1,604 Investing Activities: Investments in and advances to subsidiaries (1) 2 (217) Purchases of equity securities (20) Purchases of limited partnership investments (88) Change in investments, primarily short-term (50) 27 29 Other (11) (159) 29 (199) Financing Activities: Dividends paid (52) (55) (57) Purchases of treasury shares (806) (608) (849) Payment of debt (500) Other (13) (4) (5) (871) (667) (1,411) Net change in cash (1) 2 (6) Cash, beginning of year 6 4 10 Cash, end of year $ 5 $ 6 $ 4 (a) Cash dividends paid to the Company by affiliates amounted to approximately $1.5 billion, $1.3 billion and $1.0 billion for the years ended December 31, 2025, 2024 and 2023.
Schedule I / parent-company financial statements · Filed 10/02/2026
As of February 6, 2026, there were 206,052,874 shares of the registrant’s common stock outstanding.
Cover / shares outstanding February 6, 2026 · Filed 10/02/2026
Such regulatory powers also extend to premium rate regulations requiring rates not be excessive, inadequate or unfairly discriminatory.
Business / insurance premium rate regulation · Filed 10/02/2026
The competitor landscape has evolved substantially in recent years, with significant consolidation and new market entrants, such as insuretech firms, resulting in increased pressures on CNA’s ability to remain competitive, particularly in obtaining pricing that is both attractive to CNA’s customer base and risk appropriate to CNA.
Risk Factors / CNA competitive landscape · Filed 10/02/2026
CNA markets its insurance products worldwide primarily through independent insurance agents, insurance brokers and managing general underwriters who also promote and distribute the products of CNA’s competitors, and in certain cases their own products.
Risk Factors / nonexclusive insurance distribution · Filed 10/02/2026
Although Altium Packaging generally is able to pass changes in the prices of raw materials through to its customers over a period of time, it may not always be able to do so or there may be a lag between when its costs increase and when it passes those costs through to its customers.
Risk Factors / Altium raw-material price pass-through · Filed 10/02/2026
This prescribed practice increased statutory capital and surplus by $45 million and $55 million at December 31, 2025 and 2024.
Note 14 / prescribed practice effect on statutory capital · Filed 10/02/2026
CNA’s domestic insurance subsidiaries are subject to risk-based capital (“RBC”) requirements.
Note 14 / domestic insurance RBC regime · Filed 10/02/2026
The statutory capital and surplus presented above for CCC as of December 31, 2025 and 2024 was significantly above the level at which any RBC regulatory action would occur.
Note 14 / CCC capital relative to RBC regulatory action · Filed 10/02/2026
The statutory capital and surplus of CNA’s foreign insurance subsidiaries, which is not significant to the overall statutory capital and surplus, also met or exceeded their respective regulatory and other capital requirements.
Note 14 / foreign insurance capital compliance · Filed 10/02/2026
7 Table of contents Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30 2026 2025 (In millions) Operating Activities: Net income $ 825 $ 808 Adjustments to reconcile net income to net cash provided by operating activities, net 290 361 Changes in operating assets and liabilities, net: Receivables (594) (673) Deferred acquisition costs (43) (49) Insurance reserves 1,442 1,414 Other assets 45 (146) Other liabilities (372) 8 Trading securities (555) 19 Net cash flow provided by operating activities 1,038 1,742 Investing Activities: Purchases of fixed maturities (3,997) (3,756) Proceeds from sales of fixed maturities 1,573 1,497 Proceeds from maturities of fixed maturities 1,633 1,613 Purchases of equity securities (322) (296) Proceeds from sales of equity securities 312 261 Purchases of limited partnership investments (174) (280) Proceeds from sales of limited partnership investments 101 51 Purchases of property, plant and equipment (462) (232) Acquisitions (212) Change in short-term investments 1,368 163 Other, net 53 (34) Net cash flow used by investing activities (127) (1,013) Financing Activities: Dividends paid (26) (26) Dividends paid to noncontrolling interests (66) (65) Purchases of Loews Corporation treasury stock (185) (651) Purchases of subsidiary stock from noncontrolling interests (36) (34) Principal payments on debt (1,051) (3) Issuance of debt 495 Other, net (23) (63) Net cash flow used by financing activities (892) (842) Effect of foreign exchange rate on cash (6) 19 Net change in cash 13 (94) Cash, beginning of period 495 541 Cash, end of period $ 508 $ 447 See accompanying Notes to Consolidated Condensed Financial Statements.
Consolidated condensed cash flows / first half 2026 · Filed 03/08/2026
2. Acquisitions Boardwalk Pipelines On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.) for $212 million.
Note 2 / Boardwalk acquisition · Filed 03/08/2026
26 Table of contents The following table summarizes balances and changes in the LFPB: 2026 2025 (In millions) Present value of future net premiums Balance, January 1 $ 3,363 $ 3,425 Effect of changes in discount rate (71) (7) Balance, January 1, at original locked in discount rate 3,292 3,418 Effect of changes in cash flow assumptions (a) Effect of actual variances from expected experience (a) (8) (1) Adjusted balance, January 1 3,284 3,417 Interest accrual 84 88 Net premiums: earned during period (199) (203) Balance, end of period at original locked in discount rate 3,169 3,302 Effect of changes in discount rate 14 50 Balance, June 30 $ 3,183 $ 3,352 Present value of future benefits & expenses Balance, January 1 $ 16,811 $ 16,583 Effect of changes in discount rate 173 440 Balance, January 1, at original locked in discount rate 16,984 17,023 Effect of changes in cash flow assumptions (a) Effect of actual variances from expected experience (a) 36 22 Adjusted balance, January 1 17,020 17,045 Interest accrual 454 458 Benefit & expense payments (573) (574) Balance, end of period at original locked in discount rate 16,901 16,929 Effect of changes in discount rate (456) (248) Balance, June 30 $ 16,445 $ 16,681 Net LFPB, June 30 $ 13,262 $ 13,329 (a) As of June 30, 2026 and 2025, the re-measurement loss of $44 million and $23 million presented parenthetically on the Consolidated Condensed Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.
Insurance liabilities / long-term-care future policy benefits · Filed 03/08/2026
Stock Issuances Loews Corporation issued 0.1 million shares of its common stock to settle stock-based compensation awards during the six months ended June 30, 2026 and 2025.
Stock issuances / compensation settlements · Filed 03/08/2026
8. Debt In February of 2026, Loews Corporation completed a public offering of $500 million aggregate principal amount of 4.9% senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $500 million aggregate principal amount of its 3.8% senior notes due April 1, 2026.
Note 8 / parent debt refinancing · Filed 03/08/2026
Six Months Ended June 30, 2026 Compared to the Comparable 2025 Period Net written premiums for Specialty increased $37 million for the six months ended June 30, 2026 as compared with the comparable 2025 period driven by higher new business and rate partially offset by lower retention.
MD&A / Specialty first-half premium growth, rate and retention · Filed 03/08/2026
Net written premiums for Commercial increased $62 million for the six months ended June 30, 2026 as compared with the comparable 2025 period driven by rate and higher new business.
MD&A / Commercial first-half pricing and new business · Filed 03/08/2026
Excluding the effect of foreign currency exchange rates, net written premiums increased $8 million for the six months ended June 30, 2026 as compared with the comparable 2025 period driven by higher retention, partially offset by lower rate.
MD&A / International first-half rate and retention · Filed 03/08/2026
Core income for Property & Casualty Operations decreased $85 million for the six months ended June 30, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results and unfavorable net prior year loss reserve development partially offset by higher net investment income.
MD&A / P&C first-half core income deterioration · Filed 03/08/2026
Boardwalk Pipelines’ cost and timing estimates for these projects are based on a variety of inputs such as contractor indicative bids, quotes on materials and internally-developed financial models, metrics and timelines and are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals and the cost thereof, adverse weather conditions during construction, its ability to acquire and the cost of obtaining rights to construct and operate on land not owned by Boardwalk Pipelines, delays in obtaining and shortages and price increases for key materials (including pipe, compressor facilities and related equipment), tariff implications and shortages and increased costs of qualified labor.
MD&A / Boardwalk construction requirements and risks · Filed 03/08/2026
In addition, failure to timely meet development milestones may result in, among other things, contractual counterparties having the ability to terminate contracts with Boardwalk Pipelines.
MD&A / project milestone termination rights · Filed 03/08/2026
A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors as discussed in our Annual Report on Form 10-K for the year ended December 31, 2025.
MD&A / firm capacity reservation revenue · Filed 03/08/2026
As of July 31, 2026, there were 204,427,720 shares of Loews Corporation common stock outstanding.
Liquidity and capital resources / July 31 shares outstanding · Filed 03/08/2026
Subsidiaries CNA’s cash provided by operating activities was $1.0 billion for the six months ended June 30, 2026 as compared with $1.2 billion for the comparable 2025 period.
Liquidity and capital resources / CNA operating cash generation · Filed 03/08/2026
The decrease in cash provided by operating activities was driven by an increase in net claim payments partially offset by an increase in premiums collected.
Liquidity and capital resources / claims payments and premiums collected · Filed 03/08/2026
CNA paid cash dividends of $2.96 per share on its common stock, including a special cash dividend of $2.00 per share, during the six months ended June 30, 2026.
Liquidity and capital resources / CNA dividends paid · Filed 03/08/2026
Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance, are determined based on the greater of the prior year’s statutory net income or 10% of statutory surplus as of the end of the prior year, as well as the timing and amount of dividends paid in the preceding 12 months.
Liquidity and capital resources / Illinois ordinary dividend formula · Filed 03/08/2026
Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus.
Liquidity and capital resources / earned-surplus restriction · Filed 03/08/2026
As of June 30, 2026, CCC was in a positive earned surplus position.
Liquidity and capital resources / CCC earned surplus · Filed 03/08/2026
CCC paid dividends of $725 million and $610 million during the six months ended June 30, 2026 and 2025.
Liquidity and capital resources / CCC dividends paid · Filed 03/08/2026
Boardwalk Pipelines’ cash provided by operating activities was $541 million for the six months ended June 30, 2026 as compared with $542 million for the comparable 2025 period.
Liquidity and capital resources / Boardwalk operating cash generation · Filed 03/08/2026
Through the date of this filing, the expected aggregate cost associated with these agreements is approximately $3.4 billion; this cost is expected to be spent through 2030.
Liquidity and capital resources / expected growth-project commitments · Filed 03/08/2026
Through June 30, 2026, Boardwalk Pipelines has spent $381 million on these growth projects.
Liquidity and capital resources / actual growth-project spending · Filed 03/08/2026
The majority of the capital expenditures for each of these projects is expected to be spent upon receiving FERC approval to begin construction, which is generally 12-18 months prior to the project’s expected in-service date.
Liquidity and capital resources / capital spending tied to FERC approval · Filed 03/08/2026
The treaty has a term of June 1, 2026 to June 1, 2027 and provides coverage for the accumulation of covered losses from catastrophe occurrences above CNA’s per occurrence retention of $300 million up to $1.5 billion for all losses.
Catastrophe risk / purchased reinsurance treaty retention and coverage · Filed 03/08/2026
Fixed maturities, amortized cost of $45,697 and $45,250, less allowance for credit loss of $63 and $69
Balance sheet / fixed-maturity amortized cost and credit allowance · Filed 03/08/2026
Based on current facts and circumstances, the unrealized losses presented in the June 30, 2026 securities in the gross unrealized loss position table above are not believed to be 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.
Investments / management assessment of unrealized losses · Filed 03/08/2026
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, 2026.
Investments / sale expectations and impairment determination · Filed 03/08/2026
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
Insurance reserves / adverse general liability development · Filed 03/08/2026
Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claim activity, the ongoing effects of social inflation and an agreement with the Diocese of Rochester.
Insurance reserves / legacy mass tort development · Filed 03/08/2026
The increase at Loews Hotels & Co is primarily due to higher overall average daily rates and occupied room nights across most of its portfolio.
MD&A / hotel second-quarter rates and occupied room nights · Filed 03/08/2026
The increase in net income attributable to Loews Corporation for the six months ended June 30, 2026 as compared to the comparable 2025 period was primarily driven by higher net income at Loews Hotels & Co and Boardwalk Pipelines, partially offset by lower net income at CNA and lower results at Corporate.
MD&A / first-half segment earnings contributions · Filed 03/08/2026
The increase at Boardwalk Pipelines is primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization-based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses.
MD&A / Boardwalk first-half pricing, utilization and expenses · Filed 03/08/2026
Board Independence ▪The Board has determined that a majority of our directors and nominees are independent under our independence standards and the New York Stock Exchange listing standards.
Proxy / board independence · Filed 01/04/2026
Accountability to Shareholders ▪All of our directors are elected annually.
Proxy / annual director elections · Filed 01/04/2026
▪Each of our Audit, Compensation and Nominating and Governance Committees is composed entirely of independent directors.
Proxy / independent board committees · Filed 01/04/2026
Moreover, the Compensation Committee determined that any net income or loss relating to net reserve strengthening or adverse dividend or premium development for accident years prior to the 20 most recent years should not be considered when measuring current performance.
Compensation discussion / exclusions for older reserve development · Filed 01/04/2026
The Compensation Committee determined that any income statement impact from a remeasurement gain or loss for CNA’s long term care liabilities, net reserve strengthening for CNA’s benefit settlement option liabilities or a transaction that is intended to fix or limit CNA’s exposure to its run-off Life & Group business should not be taken into account when measuring current performance.
Compensation discussion / long-term-care performance exclusions · Filed 01/04/2026
The PRSUs, similar to the time-vesting RSUs granted in 2025 to our non-executive officers and certain other managerial and professional employees (“non-executive RSUs”), will vest in two equal tranches (subject to earlier vesting in the case of death, disability, termination without cause and certain retirements, as further discussed below under “Potential Payments Upon Termination” on page 42 below): ▪50% on the second anniversary of the grant date; and ▪50% on the third anniversary of the grant date.
Compensation discussion / granted PRSU time-vesting terms · Filed 01/04/2026
The terms of the PRSUs awarded in the first quarter of 2025 provided that they would be earned by our executive officer recipients as follows (subject to the time-vesting provisions of the PRSUs): PERFORMANCE-BASED INCOME PER SHARE: At or Above Target 100% of PRSUs earned At 50% to 100% of Target Pro rata portion of PRSUs earned Below 50% of Target No PRSUs earned In connection with the grant of PRSUs to our executive officers in the first quarter of 2025, the Compensation Committee established the performance-based income per share target for PRSUs at $4.55 per share.
Compensation discussion / granted 2025 PRSU performance conditions · Filed 01/04/2026
Clawback Policy. We have adopted a policy that requires the recoupment of incentive compensation (cash and equity-based) received by our executive officers if we are required to restate our financial statements due to material noncompliance with the federal securities laws, including any required restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period.
Compensation governance / adopted clawback policy · Filed 01/04/2026
▪Our executive officers and directors as a group, and members of their families, own a substantial percentage of our outstanding common stock.
Proxy / disclosed executive, director and family ownership · Filed 01/04/2026
▪We only have a single class of common stock, which directly aligns the interests of our executive officers and directors with those of our other shareholders.
Proxy / single class of common stock · Filed 01/04/2026
Beginning in February 2026, a member of the Tisch family began leasing an apartment at the Loews Regency New York Hotel on a month-to-month basis at an initial rate of $65,000 per month (subject to renegotiation if the term is extended beyond January 31, 2027).
Related-party transactions / family apartment lease · Filed 01/04/2026
▪the company’s book value per share (excluding accumulated other comprehensive income) increased approximately 49.4% during the past five years.
Compensation discussion / five-year book value per share growth excluding AOCI · Filed 01/04/2026
The SARs have a 10-year term and become exercisable seven years after the grant date.
Compensation discussion / granted SAR exercise horizon · Filed 01/04/2026
(a)Reflects an increase of $114 million in Boardwalk Pipelines’ actual 2024 revenues recognized from fixed fees under firm agreements as compared with its expected 2024 revenues from fixed fees under firm agreements, including agreements for transportation, storage and other services as of December 31, 2023, primarily due to an increase from contract renewals at higher rates that occurred in 2024.
MD&A / realized 2024 Boardwalk renewal pricing · Filed 11/02/2025
(a)Reflects an increase of $76 million in Boardwalk Pipelines’ actual 2023 revenues recognized from fixed fees under firm agreements as compared with its expected 2023 revenues from fixed fees under firm agreements, including agreements for transportation, storage and other services as of December 31, 2022, primarily due to an increase from contract renewals at higher rates that occurred in 2023.
MD&A / realized 2023 Boardwalk renewal pricing · Filed 06/02/2024
