AI interpretation based on checked source excerpts. Issuer assertions and evidence limitations remain explicit.
Policy quality-scores-3: six equally weighted categories. The overall score requires full coverage. Missing inputs are not zero. Qualitative grades are sourced interpretations, not probabilities. 6/6 · 31/10/2026
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 capacity fees, corroborated by realized renewal gains, establish a localized advantage. The passages do not establish exclusive routes or superior costs. CNA’s nonexclusive distribution and broad hotel competition prevent extending the advantage across Loews.
durability · 2/4 · Renewal-related pricing gains recur in 2023–2025, with higher contracting rates continuing in 2026. This supports persistence beyond a single period. Annual expirations and market-sensitive rates limit demonstrated durability; contingent growth-project commitments do not establish completed infrastructure returns.
customer dependency · 2/4 · Firm capacity reservation commitments demonstrate dependence during contract terms, and recurring renewals support repeat demand. CNA reported 83% second-quarter retention, but segment trends differ. Physical switching costs, post-expiry dependence and durable hotel customer attachment remain unquantified.
erosion resilience · 2/4 · Boardwalk’s continued higher rates and earnings demonstrate current resilience. CNA shows realized erosion: loss-cost trends exceeded rate and P&C core income fell. Pipeline customer concentration and market-sensitive renewals add vulnerabilities, although these disclosures do not establish realized pipeline competitive deterioration.
Pricing power50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 2/4 · Boardwalk repeatedly realized higher renewal rates, while hotel daily rates improved. CNA’s first-quarter 2% rate increase is separately disclosed from 1% exposure growth; six-month segment pricing was mixed and aggregate loss trends exceeded rate. Observed pricing supports a mixed group assessment, not strong insurance pricing power.
retention · 2/4 · CNA reported steady 83% retention in the second quarter, using premium dollars renewed excluding rate and exposure changes. Specialty retention weakened while International improved. Boardwalk’s realized renewals demonstrate repeat demand; increased occupied hotel nights are indirect demand evidence, not a repeat-guest retention rate.
margin resilience · 2/4 · Boardwalk’s earnings increased as higher contracting rates and other revenues outweighed higher operating expenses. CNA’s lower underlying underwriting results and adverse reserve development demonstrate weaker pricing relative to claims costs. The combined evidence supports mixed earnings protection, without inferring a moat from profitability alone.
contractual freedom · 2/4 · Boardwalk can negotiate or discount rates and obtain firm capacity fees, providing meaningful contractual discretion. FERC establishes applicable maximum transportation rates, market conditions shape renewal economics, and insurance premium regulation constrains CNA’s terms. These are demonstrated freedoms within material limits.
Predictability93
Financial-sector stability over 5 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 (%)
- 75.00
- Revenue growth volatility (pp)
- 6.58
- positiveEarningsShare
- 100.00
- netMarginStdDev
- 1.19
- observedAnnualPeriods
- 5.00
Financial strength63
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 · 3/4 · Continental Casualty Company’s December 31, 2025 total adjusted capital of $11,577,937,065 divided by $2,781,771,038 Authorized Control Level RBC equals approximately 416.2%, demonstrating a substantial subsidiary cushion. Freshness uses the reviewed February 17, 2026 sworn attestation. This is neither company action level RBC nor consolidated Loews or June 2026 solvency.
liquidity funding · 3/4 · CNA generated $1.0 billion operating cash in first-half 2026 despite higher net claim payments. Parent cash and investments of $4.4 billion, completed refinancing and Boardwalk’s $984 million available revolving capacity support funding flexibility. Insurance-specific liquid-asset coverage and funding concentration remain incomplete; parent resources are separate from subsidiary solvency.
asset liability risk · 2/4 · Adverse casualty and legacy reserve development and a $44 million first-half long-term-care remeasurement loss demonstrate liability uncertainty. Catastrophe reinsurance and an executed higher-rated, longer-duration LTC bond trade mitigate risk. The trade extended asset duration to roughly ten years, but liability duration and reinsurance recoverability are not established.
earnings resilience · 2/4 · First-half 2026 earnings attributable to Loews remained positive and increased to $781 million from $761 million, with stronger pipeline and hotel contributions offsetting weaker CNA results. P&C core income fell $85 million due to underwriting deterioration and reserve development. Diversification demonstrates partial 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-only 2025 net income of $1.667 billion against average beginning and ending equity of $17.876 billion implies approximately 9.3% accounting return on equity. This equity-method scope includes subsidiary earnings and is not an insurance statutory or incremental project return. Mixed subsidiary earnings prevent a strong group capital-efficiency conclusion.
distributions and buffers · 2/4 · Actual buybacks and dividends coexist with positive earnings and substantial parent investments. CCC paid $725 million upstream in first-half 2026 while retaining positive earned surplus. Its year-end statutory cushion supports context, but does not establish June solvency after distributions; statutory dividend limits and elevated project spending remain relevant constraints.
dilution and cost · 2/4 · Shares outstanding declined from approximately 206.1 million in February to 204.4 million in July 2026 despite 0.1 million shares issued for compensation settlements. Repurchases offset issuance, but refinancing $500 million from a 3.8% to 4.9% coupon increased borrowing cost. Full compensation cost and economic award overhang remain incompletely established.
investment discipline · 2/4 · Boardwalk’s projects have executed customer agreements, with $381 million spent against approximately $3.4 billion expected through 2030. Operating cash generation supports funding, but approval-linked spending remains prospective. The $212 million marketing acquisition and contingent growth projects lack demonstrated incremental returns; the executed LTC investment trade provides a concrete risk-management action.
Management56
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 3/4 · Actual subsidiary cash generation, parent investments, distributions and repurchases demonstrate funding discipline. Parent cash and investments reached $4.4 billion against $1.8 billion debt in June 2026. Project spending remains limited relative to commitments, but approval-linked future spending is a plan and acquisition returns remain unproven.
incentive alignment · 2/4 · Granted PRSUs have performance conditions and multiyear vesting; an adopted clawback and actual director ownership compliance support alignment. However, compensation excludes specified older reserve development and long-term-care impacts. These exclusions weaken exposure to full economic outcomes, and quantified executive ownership is unavailable here.
execution · 2/4 · Operating outcomes indirectly demonstrate execution: first-half earnings attributable to Loews rose from $761 million to $781 million, supported by Boardwalk and hotels. CNA’s contribution declined and underwriting weakened. The substantial unfinished pipeline program and recently completed acquisition prevent concluding that all investment plans have delivered.
governance · 2/4 · Majority board independence, independent key committees, annual elections and an adopted clawback support formal oversight. Against this, the Supreme Court found the Boardwalk general partner breached its partnership agreement. Remaining claims against Loews were remanded, while other claims were resolved favorably; unresolved liability is not an established damages award.
Evidence
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.
2025 Form 10-K, Boardwalk business: FERC certificates · 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.
2025 Form 10-K, Boardwalk regulation: maximum and negotiated rates · Filed 10/02/2026
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.
June 2026 Form 10-Q, Boardwalk MD&A: capacity reservation revenue · Filed 03/08/2026
(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.
2023 Form 10-K, Boardwalk MD&A: 2023 realized firm-fee revenue adjustment · Filed 06/02/2024
(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.
2024 Form 10-K, Boardwalk MD&A: 2024 realized firm-fee revenue adjustment · Filed 11/02/2025
(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.
2025 Form 10-K, Boardwalk MD&A: 2025 realized firm-fee revenue adjustment · Filed 10/02/2026
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.
June 2026 Form 10-Q, results discussion: Boardwalk earnings drivers · Filed 03/08/2026
Each year, a portion of Boardwalk Pipelines’ firm transportation and storage agreements expire.
2025 Form 10-K, Boardwalk MD&A: agreement 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).
2025 Form 10-K, Boardwalk MD&A: market and competitive pricing determinants · 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.
2025 Form 10-K, Boardwalk MD&A: committed-revenue customer concentration and credit profile · 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.
2025 Form 10-K, Boardwalk MD&A: contingent growth-project revenues · Filed 10/02/2026
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.
June 2026 Form 10-Q, Boardwalk growth projects: milestone termination rights · Filed 03/08/2026
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.
2025 Form 10-K, CNA competition risk: nonexclusive distribution · 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.
2025 Form 10-K, hotels business: competitive factors · Filed 10/02/2026
Such regulatory powers also extend to premium rate regulations requiring rates not be excessive, inadequate or unfairly discriminatory.
2025 Form 10-K, CNA regulation: premium-rate constraints · Filed 10/02/2026
Rate represents the average change in price on policies that renew excluding exposure change.
June 2026 Form 10-Q, CNA operating measures: rate definition · Filed 03/08/2026
Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew.
June 2026 Form 10-Q, CNA operating measures: retention definition · 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.
June 2026 Form 10-Q, Specialty: six-month premium drivers · 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.
June 2026 Form 10-Q, Commercial: six-month premium drivers · 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.
June 2026 Form 10-Q, International: six-month premium drivers excluding currency effects · 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.
June 2026 Form 10-Q, Property & Casualty: six-month core-income deterioration · 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.
June 2026 Form 10-Q, hotels results: daily rates and occupied room nights · Filed 03/08/2026
Renewal premium change was a modest 2% and retention remained steady at 83%.
August 3, 2026 filed earnings remarks: second-quarter CNA renewal premium change and retention · Filed 03/08/2026
As we discussed last quarter, CNA increased its 2026 underlying loss picks due to aggregate loss cost trends exceeding rate in recent quarters.
August 3, 2026 filed earnings remarks: loss-cost trends exceeding rate · Filed 03/08/2026
Growth in net written premiums in the quarter slowed to 1%, which reflects rate increases of 2%, exposure growth of 1%, and retention of 83%.
May 4, 2026 filed earnings remarks: first-quarter premium growth, rate, exposure and retention · Filed 04/05/2026
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.
2025 Form 10-K, Schedule I: parent-only balance sheets, income and cash flows · Filed 10/02/2026
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.
June 2026 Form 10-Q, CNA liquidity: 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.
June 2026 Form 10-Q, CNA liquidity: claim payments and premiums collected · 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.
June 2026 Form 10-Q, CCC dividends: ordinary-dividend limits · Filed 03/08/2026
Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus.
June 2026 Form 10-Q, CCC dividends: earned-surplus restriction · Filed 03/08/2026
As of June 30, 2026, CCC was in a positive earned surplus position.
June 2026 Form 10-Q, CCC dividends: positive 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.
June 2026 Form 10-Q, CCC dividends: actual upstream payments · 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.
June 2026 Form 10-Q, Boardwalk liquidity: operating cash generation · Filed 03/08/2026
As described in Current Growth Projects above, Boardwalk Pipelines is currently engaged in growth projects for which it has executed precedent or long-term firm transportation agreements.
June 2026 Form 10-Q, Boardwalk growth projects: executed customer agreements · 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.
June 2026 Form 10-Q, Boardwalk growth projects: expected aggregate cost through 2030 · Filed 03/08/2026
Through June 30, 2026, Boardwalk Pipelines has spent $381 million on these growth projects.
June 2026 Form 10-Q, Boardwalk growth projects: actual 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.
June 2026 Form 10-Q, Boardwalk growth projects: expected approval-linked spending · Filed 03/08/2026
As of June 30, 2026, Boardwalk Pipelines had $16 million in outstanding letters of credit under its revolving credit facility, which reduced the available borrowing capacity to $984 million.
June 2026 Form 10-Q, Boardwalk liquidity: available revolving borrowing capacity · Filed 03/08/2026
On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.) for $212 million.
June 2026 Form 10-Q, Boardwalk: completed marketing acquisition · Filed 03/08/2026
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.
June 2026 Form 10-Q, consolidated cash-flow statement: six months ended June 30, 2026 and 2025 · 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.
June 2026 Form 10-Q, 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.
June 2026 Form 10-Q, debt note: parent refinancing terms · Filed 03/08/2026
As of July 31, 2026, there were 204,427,720 shares of Loews Corporation common stock outstanding.
June 2026 Form 10-Q: July 31, 2026 shares outstanding · Filed 03/08/2026
As of February 6, 2026, there were 206,052,874 shares of the registrant’s common stock outstanding.
2025 Form 10-K: February 6, 2026 shares outstanding · Filed 10/02/2026
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.
June 2026 Form 10-Q, reinsurance: catastrophe treaty limits, retention and term · 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.
June 2026 Form 10-Q, reserves: general-liability adverse 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.
June 2026 Form 10-Q, reserves: legacy adverse development · 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.
June 2026 Form 10-Q, long-duration insurance: future policy benefits and remeasurement losses · Filed 03/08/2026
•On June 30, 2026, the parent company had $4.4 billion of cash and investments and $1.8 billion of debt.
August 3, 2026 filed earnings release: June 30 parent cash, investments and debt · Filed 03/08/2026
Consolidated highlights:
June 30,
Three Months
Six Months
(In millions)
2026
2025
2026
2025
Net Income (Loss) Attributable to Loews Corporation:
CNA Financial
$
294
$
274
$
488
$
526
Boardwalk Pipelines
100
88
259
240
Loews Hotels & Co
48
28
74
28
Corporate
2
1
(40)
(33)
Net income attributable to Loews Corporation
$
444
$
391
$
781
$
761
Net income per share attributable to Loews Corporation
$
2.16
$
1.87
$
3.79
$
3.61
June 30, 2026
December 31, 2025
Book value per share
$
93.52
$
90.71
Book value per share excluding AOCI
$
99.27
$
95.89
Shares of common stock outstanding (in millions)
204.4
206.0
Page 1 of 8
Three months ended June 30, 2026 compared to 2025
CNA:
•Net income attributable to Loews Corporation increased to $294 million compared to $274 million.
August 3, 2026 filed earnings release: quarterly and six-month segment earnings attributable to Loews · Filed 03/08/2026
On the asset side, CNA executed a $1 billion extension trade in its long-term care portfolio, swapping out of 5.2% BBB+ five-year duration bonds, and buying 6.1% A+ rated long bonds.
August 3, 2026 filed earnings remarks: executed long-term-care investment extension trade · Filed 03/08/2026
These trades extended the duration of the LTC portfolio from approximately 9.5 years to 10 years.
August 3, 2026 filed earnings remarks: long-term-care asset portfolio duration · 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.
2026 proxy statement: board independence determination · Filed 01/04/2026
▪Each of our Audit, Compensation and Nominating and Governance Committees is composed entirely of independent directors.
2026 proxy statement: independent key committees · Filed 01/04/2026
Accountability to Shareholders
▪All of our directors are elected annually.
2026 proxy statement: annual director elections · Filed 01/04/2026
All non-employee directors were in compliance with these guidelines as of the date of this proxy statement.
2026 proxy statement: actual compliance with director ownership guidelines · Filed 01/04/2026
Under these guidelines, each non-management director is required to own shares having a value (determined as of the time the shares are acquired) of at least three times the value of the annual equity awards granted to directors (which is currently $100,000 per year).
2026 proxy statement: director ownership guideline requirement · 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.
2026 proxy statement: adopted incentive-compensation clawback · 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.
2026 proxy statement: exclusion of older reserve development from compensation performance · 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.
2026 proxy statement: long-term-care and run-off compensation adjustments · 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.
2026 proxy statement: granted PRSU 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.
2026 proxy statement: granted 2025 PRSU performance conditions · Filed 01/04/2026
The Supreme Court found that the Boardwalk general partner, an indirect subsidiary of Loews Corporation, breached the underlying partnership agreement in connection with its exercise of the purchase right to acquire the minority limited partner interests.
February 9, 2026 filed earnings release: Supreme Court finding concerning Boardwalk purchase right · Filed 09/02/2026
The remaining claims that have been remanded back to the Delaware Chancery Court for further proceedings following the Supreme Court’s latest decision are tortious interference and unjust enrichment claims against Loews and certain of its Boardwalk-related subsidiaries.
February 9, 2026 filed earnings release: remaining remanded claims · Filed 09/02/2026
The Supreme Court resolved the other remaining claims in Loews’s favor.
February 9, 2026 filed earnings release: other claims resolved for Loews · Filed 09/02/2026
OF THE CONDITION AND AFFAIRS OF THE
Continental Casualty Company
NAIC Group Code 0218 0218 NAIC Company Code 20443 Employer's ID Number 36-2114545
(Current) (Prior)
Organized under the Laws of IL , State of Domicile or Port of Entry IL
2025 statutory annual statement, cover: Continental Casualty Company identity and domicile · Created 16/02/2026
ANNUAL STATEMENT FOR THE YEAR 2025 OF THE CONTINENTAL CASUALTY COMPANY
FIVE-YEAR HISTORICAL DATA
Show amounts in whole dollars only, no cents; show percentages to one decimal place, i.e.
2025 Continental Casualty Company statutory statement, Five-Year Historical Data: reporting year and whole-dollar units · Created 16/02/2026
17.6.
1
2025
2
2024
3
2023
4
2022
5
2021
Gross Premiums Written (Page 8, Part 1B Cols.
2025 Continental Casualty Company statutory statement, Five-Year Historical Data: year-column order · Created 16/02/2026
Total adjusted capital ................................................
2025 Continental Casualty Company statutory statement, Risk-Based Capital Analysis: total adjusted capital row label, read with e1279 · Created 16/02/2026
........... 11,577,937,065 ..........
2025 Continental Casualty Company statutory statement, Risk-Based Capital Analysis: 2025 total adjusted capital, whole USD · Created 16/02/2026
29. Authorized control level risk-based capital ............................
2025 Continental Casualty Company statutory statement, Risk-Based Capital Analysis: Authorized Control Level denominator label, read with e1283 · Created 16/02/2026
2,781,771,038 ............ 2,600,228,630 ............
2025 Continental Casualty Company statutory statement, Risk-Based Capital Analysis: 2025 and 2024 Authorized Control Level RBC, whole USD · Created 16/02/2026
