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 ...

Loews Corporation (NYSE:L) Q2 2022 Earnings Conference Call August 1, 2022 10:00 AM ET Company Participants Chris Nugent - Investor and Public Relations Jim Tisch - Chief Executive Officer Jane Wang - Senior Vice President and Chief Financial Officer Conference Call Participants Operator Good day, everyone and welcome to today’s Loews Corporation Q2 Earnings Conference Call. [Operator Instructions] Please note this call maybe recorded and I will be standing by if you need any assistance. It is now my pleasu ...