Loews L · USD

SegmentsLoews 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 comprised of Loews Corporation, excluding its consolidated subsidiaries, and includes the equity method of accounting for Altium Packaging. Each of the consolidated 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.CNA’s business is the sale of property and casualty insurance products and services, including surety, primarily through a network of independent agents, retail and wholesale brokers and managing general underwriters. CNA’s operations also include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including A&EP, a legacy portfolio of EWC policies and certain legacy mass tort reserves. Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. It also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas. Boardwalk Pipelines owns approximately 14,275 miles of natural gas and NGL pipelines and underground storage caverns. Boardwalk Pipelines’ natural gas pipeline systems are located in the Gulf Coast region, Oklahoma, Arkansas, Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGL pipelines and storage facilities are located in Louisiana and Texas.Loews Hotels & Co operates a chain of 27 hotels in the United States. Eleven of these hotels are owned by Loews Hotels & Co, fifteen are owned by joint ventures in which Loews Hotels & Co has noncontrolling equity interests and one is managed for an unaffiliated owner.The Corporate segment consists of investment income from the Parent Company’s cash and investments, Parent Company interest expense and other unallocated Parent Company expenses. Corporate also includes the equity method of accounting for Altium Packaging. Purchase accounting adjustments have been pushed down to the appropriate subsidiary.The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1.

Revenue from Contracts with CustomersDisaggregation 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 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 19:Year Ended December 31202520242023(In millions) Non-insurance warranty – CNA Financial$1,577 $1,609 $1,624 Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines$2,263 $1,987 $1,582 Lodging and related services – Loews Hotels & Co911 906 778 Total revenues from contracts with customers3,174 2,893 2,360 Other revenues105 98 95 Operating revenues and other$3,279 $2,991 $2,455 Receivables from contracts with customers – As of December 31, 2025 and 2024, receivables from contracts with customers were approximately $252 million and $240 million and are included within Receivables on the Consolidated Balance Sheets.Deferred revenue – As of December 31, 2025 and 2024, deferred revenue resulting from contracts with customers was approximately $4.2 billion and $4.6 billion and is reported as Deferred non-insurance warranty revenue and within Other liabilities on the Consolidated Balance Sheets. The decrease in the deferred revenue balance for the year ended December 31, 2025 was primarily driven by recognized revenue from prior periods outpacing new growth in CNA’s non-insurance warranty business. Approximately $1.4 billion and $1.5 billion of revenues recognized during each of the years ended December 31, 2025 and 2024 were included in deferred revenue as of January 1, 2025 and 2024.Contract costs – As of December 31, 2025 and 2024, the Company had approximately $3.2 billion and $3.5 billion of costs to obtain contracts with customers related to CNA for amounts paid to dealers and other agents to obtain non-insurance warranty contracts, which are reported as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets. For the years ended December 31, 2025 and 2024, amortization expense of $1.2 billion is reported as Non-insurance warranty expense on the Consolidated Statement of Operations. There were no adjustments to deferred costs recorded for the years ended December 31, 2025 and 2024.

Commitments and ContingenciesCNA GuaranteesCNA has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of December 31, 2025, the potential amount of future payments CNA could be required to pay under these guarantees was approximately $1.9 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.Boardwalk PipelinesBoardwalk Pipelines’ future capital commitments are comprised of binding commitments under purchase orders for materials ordered but not received. As of December 31, 2025, the commitments totaled approximately $355 million, which are expected to be settled through 2028.

DebtDecember 3120252024(In millions) Loews Corporation (Parent Company): Senior: 3.8% notes due 2026 (effective interest rate of 3.9%) (authorized, $500)$500 $500 3.2% notes due 2030 (effective interest rate of 3.3%) (authorized, $500)500 500 6.0% notes due 2035 (effective interest rate of 6.2%) (authorized, $300)300 300 4.1% notes due 2043 (effective interest rate of 4.3%) (authorized, $500)500 500 CNA Financial:Senior:4.5% notes due 2026 (effective interest rate of 4.5%) (authorized, $500)500 3.5% notes due 2027 (effective interest rate of 3.5%) (authorized, $500)500 500 3.9% notes due 2029 (effective interest rate of 3.9%) (authorized, $500)500 500 2.1% notes due 2030 (effective interest rate of 2.1%) (authorized, $500)500 500 5.5% notes due 2033 (effective interest rate of 5.7%) (authorized, $500)500 500 5.1% notes due 2034 (effective interest rate of 5.3%) (authorized, $500)500 500 5.2% notes due 2035 (effective interest rate of 5.2%) (authorized, $500)500 Boardwalk Pipelines:Senior:6.0% notes due 2026 (effective interest rate of 6.2%) (authorized, $550)550 550 4.5% notes due 2027 (effective interest rate of 4.6%) (authorized, $500)500 500 7.3% debentures due 2027 (effective interest rate of 8.1%) (authorized, $100)100 100 4.8% notes due 2029 (effective interest rate of 4.9%) (authorized, $500)500 500 3.4% notes due 2031 (effective interest rate of 3.5%) (authorized, $500)500 500 3.6% notes due 2032 (effective interest rate of 3.7%) (authorized, $500)500 500 5.6% notes due 2034 (effective interest rate of 5.8%) (authorized, $600)600 600 5.4% notes due 2036 (effective interest rate of 5.5%) (authorized, $550)550 Finance lease obligation3 4 Loews Hotels & Co:Senior debt, principally mortgages (effective interest rates approximate 5.9% and 6.7%)1,009 1,011 9,612 9,065 Less unamortized discount and issuance costs72 70 Less intercompany eliminations51 51 Debt$9,489 $8,944 December 31, 2025PrincipalUnamortized Discount and Issuance CostsNetShort Term DebtLong Term Debt(In millions) Loews Corporation$1,800 $14 $1,786 $500 $1,286 CNA Financial3,000 29 2,971 2,971 Boardwalk Pipelines3,803 21 3,782 550 3,232 Loews Hotels & Co1,009 8 1,001 2 999 Less intercompany eliminations51 51 51 Total$9,561 $72 $9,489 $1,052 $8,437 At December 31, 2025, the aggregate long-term debt maturing in each of the next five years is approximately as follows: $1.1 billion in 2026, $1.1 billion in 2027, $56 million in 2028, $1.2 billion in 2029, $1.1 billion in 2030 and $5.

Income TaxesLoews Corporation and its eligible subsidiaries file a consolidated federal income tax return. Loews Corporation has entered into a separate tax allocation agreement with CNA. The agreement provides that Loews Corporation will: (i) pay to CNA the amount, if any, by which Loews Corporation’s consolidated federal income tax is reduced by virtue of inclusion of CNA in Loews Corporation’s return or (ii) be paid by CNA an amount, if any, equal to the federal income tax that would have been payable by CNA if it had filed a separate consolidated return. The agreement may be canceled by either of the parties upon thirty days written notice.For 2023 through 2025, the Company participates in the Internal Revenue Service (“IRS”) Compliance Assurance Process (“CAP”), which is a voluntary program for large corporations. Under CAP, the IRS conducts a real-time audit and works contemporaneously with the Company to resolve any issues prior to the filing of the tax return. For 2023, the Company was selected to participate in the phase of CAP reserved for taxpayers whose risk of noncompliance did not support use of IRS resources. The Company believes that participation in CAP should reduce tax-related uncertainties, if any. Although the outcome of tax audits is always uncertain, the Company believes that any adjustments resulting from audits will not have a material impact on its results of operations, financial position or cash flows. The Company and/or its subsidiaries also file income tax returns in various state, local and foreign jurisdictions. These returns, with few exceptions, are no longer subject to examination by the various taxing authorities before 2021.The components of U.S. and foreign income before income tax expense and the current and deferred components of income tax expense (benefit) are as follows:Year Ended December 31202520242023(In millions)Income before income tax expense:U.S.

LeasesLease agreements primarily cover office facilities and machinery and equipment and expire at various dates. Leases, predominantly operating leases, are included in Other assets and Other liabilities on the Consolidated Balance Sheets. The lease agreements do not contain significant residual value guarantees, restrictions or covenants.Operating lease right of use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. The discount rate used to determine the commencement date present value of lease payments is typically the applicable secured borrowing rate, as most of the leases do not provide an implicit rate. The operating lease right of use asset was $301 million and $320 million and the operating lease liability was $375 million and $406 million at December 31, 2025 and 2024.Total lease expense was $77 million, $79 million and $87 million for the years ended December 31, 2025, 2024 and 2023 which includes operating lease expense of $53 million, $51 million and $58 million, variable lease expense of $20 million, $23 million and $24 million and short-term lease expense of $4 million, $5 million and $5 million. Cash paid for amounts included in operating lease liabilities was $59 million, $80 million and $60 million for years ended December 31, 2025, 2024 and 2023. Operating lease right of use assets obtained in exchange for lease obligations was $27 million, $73 million and $39 million for the years ended December 31, 2025, 2024 and 2023.The table below presents the maturities of lease liabilities:OperatingAs of December 31, 2025Leases(In millions) 2026$55 202755 202850 202951 203047 Thereafter255 Total513 Less: discount138 Total lease liabilities$375 The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating the operating lease asset and liability.As of December 31, 2025 Weighted average remaining lease term10.1 yearsWeighted average discount rate4.

AcquisitionsLoews Hotels & CoDuring 2023, Loews Hotels & Co paid $46 million to acquire an additional equity interest in a previously unconsolidated joint venture property. The acquisition resulted in Loews Hotels & Co consolidating the joint venture property and recording a gain of $46 million ($36 million after tax). Upon acquisition, $232 million in assets and $120 million in liabilities were consolidated at fair value.

Identifying, assessing, and managing material cybersecurity risks is an important component of our overall enterprise risk management program. As with the management of risks generally, given our holding company structure, the management of cybersecurity risks involves coordination between the parent company and our subsidiaries.The parent company and each subsidiary are responsible for developing cybersecurity programs appropriate for their respective entities, including as may be required by applicable law or regulation. These programs have been developed based on the National Institute of Standards and Technology Cybersecurity Framework and seek to protect each entity against cybersecurity risks and foster each entity’s ability to respond to cybersecurity events. Among other things, these programs generally involve maturity evaluations and assessments by third parties, vulnerability scanning, employee testing and training, technical and business team-focused tabletop exercises, incident response plans and data security assessments of third-party service providers as a part of vendor management.Risks from cybersecurity threats, in the future may, among other things, cause material disruptions to our or our subsidiaries’ operations, which may materially affect our and/or their business, results of operations, cash flows, financial condition and/or equity. For more information, see Item 1A. Risk Factors of this Report.