Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ____________ to _____________ Commission File Number 1-06541 LOEWS CORPORATION (Exact name of registrant as specified in its charter) Delaware 13-2646102 (S ...

14.0 MILLION COMMON SHARES REPURCHASED IN 2023 FOR $852 MILLION NEW YORK, Feb. 5, 2024 /PRNewswire/ -- Loews Corporation (NYSE: L) today released its fourth quarter 2023 financial results.  Fourth Quarter highlights: Loews Corporation reported net income of $446 million, or $1.99 per share, in the fourth quarter of 2023, which represents a 26% increase over $355 million, or $1.49 per share, in the fourth quarter of 2022. The following are the highlights for the fourth quarter: CNA Financial Corporation's ( ...

NEW YORK, Jan. 16, 2024 /PRNewswire/ -- Loews Corporation (NYSE: L) will report fourth quarter 2023 financial results on Monday, February 5, 2024. On that date the Company will also post earnings remarks on its website. These remarks will include commentary from the Company's Chief Executive Officer, James S. Tisch, and Chief Financial Officer, Jane Wang. Loews invites shareholders to submit questions for management in advance of earnings. Management may address some or all of these questions in the earning ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ____________ to _____________ Commission File Number 1-06541 LOEWS CORPORATION (Exact name of registrant as specified in its charter) Delaware 13-2646102 (State or o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ____________ to _____________ Commission File Number 1-06541 LOEWS CORPORATION (Exact name of registrant as specified in its charter) | Securities registered pursuant to ...

Financial Data and Key Metrics Changes - Core income increased by $27 million to $325 million in Q1 2023, representing a 9% year-over-year growth [6][24] - Net investment income rose by $77 million year-over-year to $525 million pretax, a 17% increase [6][24] - The all-in combined ratio was strong at 93.9%, with pretax catastrophe losses of $52 million, which is below the 10-year Q1 average [6][7] Business Line Data and Key Metrics Changes - The P&C underlying combined ratio improved to 90.8%, down 0.6 points year-over-year [7] - Specialty segment's all-in and underlying combined ratios were both strong at 90% [11] - Commercial segment's all-in combined ratio was 96%, with an underlying combined ratio of 91.8%, the lowest on record [15] - International segment's all-in combined ratio was 97.2%, with an underlying combined ratio of 89.3%, a record low [22] Market Data and Key Metrics Changes - Gross written premiums in the commercial segment grew by 19% in Q1 2023 [15] - International gross written premiums increased by 10% or 17% excluding currency fluctuations [22] - Retention rates remained high at 86% for commercial and 83% for international segments [11][22] Company Strategy and Development Direction - The company is focused on growing profit dollars across business segments and strengthening industry verticals [10][11] - There is a continued emphasis on securing high-quality new business opportunities, particularly in commercial and international markets [11][21] - The company aims to maintain strong retention levels and capitalize on improved terms and conditions in the marketplace [18][36] Management's Comments on Operating Environment and Future Outlook - Management highlighted strong top and bottom line performance, with pricing resiliency persisting in several lines of business [36] - The company does not foresee significant changes in the marketplace, with rates expected to continue to rise in certain areas [18] - Management remains conservative in underwriting and is focused on maintaining appropriate insurance to value during inflationary times [18][19] Other Important Information - The effective tax rate on core income was 20% for Q1 2023, with expectations for similar rates throughout the year [35] - The company announced a regular quarterly dividend of $0.42 per share to be paid on June 1, 2023 [35] Q&A Session Summary Question: Can you discuss reserve development in the Specialty and Commercial segments? - Management noted that development was flat for both segments, with unfavorable claim settlements in older accident years offset by favorable reserve development in other parts of the specialty portfolio [39][40] Question: What is the outlook for catastrophe losses in 2023? - Management refrained from providing specific guidance but emphasized conservative management practices [41] Question: How has D&O pricing been affected by recent banking sector issues? - Management indicated that D&O pricing had stabilized closer to flat after a negative trend in Q4 [44]

Financial Performance - For the three months ended March 31, 2023, net income attributable to Loews Corporation was $375 million, an increase from $322 million in the same period of 2022, representing a 16.5% year-over-year growth [128]. - The basic net income per share attributable to Loews Corporation for Q1 2023 was $1.61, compared to $1.30 for Q1 2022, marking a 24% increase [128]. - Loews Hotels & Co reported a net income of $24 million for Q1 2023, up from $15 million in Q1 2022, reflecting a 60% increase [128]. - Net income attributable to Loews Corporation for the three months ended March 31, 2023, was $268 million, compared to $265 million for the same period in 2022 [153]. - Net income attributable to Loews Corporation increased by $9 million to $24 million for the three months ended March 31, 2023, compared to $15 million in the same period of 2022 [163]. - Net income attributable to Loews Corporation for 2022 was reported at $1,578 million, with an adjusted figure of $1,562 million after accounting for the effect of ASU 2018-12 [215]. Revenue and Premiums - CNA Financial reported revenues of $3.152 billion for Q1 2023, up from $2.885 billion in Q1 2022, reflecting an increase of 9.3% [132]. - CNA's gross written premiums for Q1 2023 totaled $3.620 billion, a rise from $3.200 billion in Q1 2022, indicating a 13.1% increase [139]. - Gross written premiums for Commercial increased by $234 million for the three months ended March 31, 2023, compared to the same period in 2022, driven by higher new business and rate [142]. - Net written premiums for International increased by $20 million for the three months ended March 31, 2023, with a $35 million increase when excluding foreign currency exchange effects [143]. Investment Income - Net investment income for CNA increased to $525 million in Q1 2023 from $448 million in Q1 2022, representing a growth of 17.2% [132]. - Net investment income for the Parent Company was $42 million for Q1 2023, compared to a net investment loss of $16 million in Q1 2022, marking a significant turnaround [169]. - CNA's net investment income increased by $77 million to $525 million for the three months ended March 31, 2023, compared to $448 million in the same period of 2022 [189]. Loss Ratios and Combined Ratios - The combined ratio for CNA's Property & Casualty Operations was 93.9% for Q1 2023, compared to 95.5% in Q1 2022, showing an improvement of 1.6 percentage points [139]. - The loss ratio for CNA's Property & Casualty Operations was 62.9% for Q1 2023, compared to 65.4% in Q1 2022, indicating a decrease of 2.5 percentage points [139]. - Specialty's combined ratio increased by 1.3 points for the three months ended March 31, 2023, due to a 0.8 point increase in the loss ratio [147]. - Commercial's combined ratio increased by 1.5 points for the three months ended March 31, 2023, driven by higher catastrophe losses [148]. - International's combined ratio increased by 4.8 points for the three months ended March 31, 2023, largely due to unfavorable net prior period loss reserve development [149]. Catastrophe Losses - Catastrophe losses for CNA were $52 million in Q1 2023, significantly higher than $19 million in Q1 2022, reflecting an increase of 173.7% [133]. - Total catastrophe losses were $52 million for the three months ended March 31, 2023, compared to $19 million for the same period in 2022 [145]. Operating Costs and Expenses - Operating costs and expenses for Boardwalk Pipelines increased by $18 million for the three months ended March 31, 2023, primarily due to increased maintenance project costs [159]. - Boardwalk Pipelines' capital expenditures for Q1 2023 were $86 million, up from $60 million in Q1 2022, indicating increased investment in growth [180]. Assets and Liabilities - As of March 31, 2023, the Parent Company's cash and investments totaled $3.1 billion, a slight decrease from $3.2 billion at the end of 2022 [171]. - Total assets as of December 31, 2022, were $75,494 million, adjusted to $75,567 million after the effect of ASU 2018-12 [219]. - Total liabilities as of December 31, 2022, were reported at $60,016 million, adjusted to $60,366 million after the adoption of ASU 2018-12 [219]. Forward-Looking Statements - The company noted that forward-looking statements are subject to various risks and uncertainties that could materially affect actual results [220]. - Investors are cautioned against placing undue reliance on forward-looking statements, which are based on current expectations and projections [221]. - The company does not undertake any obligation to update forward-looking statements to reflect changes in expectations or circumstances [221].

Insurance Reserves and Financial Risks - CNA Financial Corporation may need to increase its insurance reserves if it determines that its recorded reserves are insufficient [25]. - The company anticipates potential significant realized and unrealized investment losses and volatility in net investment income [25]. - CNA's actual experience could vary from the key assumptions used to determine future policy benefit reserves for its long-term care policies [25]. - CNA's vulnerability to material losses from natural and man-made disasters or other catastrophes poses a significant risk [25]. - CNA's data security infrastructure is at risk of significant breaches, which could disrupt business and lead to financial losses [29]. Climate Change and Regulatory Risks - Boardwalk Pipeline Partners faces risks related to climate change and regulatory initiatives regarding pipeline safety [29]. - Boardwalk Pipelines faces extensive regulatory scrutiny from the Federal Energy Regulatory Commission (FERC) regarding its natural gas operations [29]. - Boardwalk Pipelines is exposed to climate change risks that could adversely impact its operations and those of its customers [29]. - The company is subject to extensive state, local, federal, and foreign governmental regulations [25]. Hospitality Industry Challenges - Loews Hotels Holding Corporation is exposed to seasonal and cyclical volatility in the hospitality industry [29]. - The high level of competition in the hospitality industry affects Loews Hotels Holding Corporation's ability to attract customers and develop new properties [29]. - Loews Hotels & Co is subject to seasonal and cyclical volatility in the hospitality industry, affecting its financial performance [29]. - The hospitality industry is highly competitive, impacting Loews Hotels & Co's ability to attract customers and acquire new properties [29]. - The impact of pandemics on Loews Hotels & Co has been significant, affecting operations and revenue [29]. Operational and Financial Constraints - Boardwalk Pipeline Partners has substantial indebtedness and limited access to debt markets, which could impact its operations [29]. - Boardwalk Pipelines has substantial indebtedness, which may limit its access to debt markets and increase financial risk [29]. - Loews Hotels & Co's investments in real estate through partnerships may limit its risk management capabilities [29]. - The geographic concentration of Loews Hotels & Co's properties poses additional operational risks [29]. - Boardwalk Pipelines may face challenges in replacing expiring storage contracts at attractive rates due to market conditions [29]. - Loews Hotels Holding Corporation's operations are subject to catastrophic losses and unforeseen interruptions for which it may not be adequately insured [29].

Loews Corporation (NYSE:L) Q3 2022 Earnings Conference Call October 31, 2022 10:00 AM ET Company Participants Chris Nugent - Investor Relations Jim Tisch - Chief Executive Officer Jane Wang - Chief Financial Officer Operator Good day, everyone, and welcome to today's Loews Corporation Q3 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please note this call is recorded. I will be standing by if you should need any assistance. And it's now my pleasure to turn the confe ...