Loews Corporation (NYSE: L) outlines CNA dominance, pipeline capex and hotel portfolio

Rhea-AI Filing Summary

Loews Corporation files its annual report describing a diversified holding company focused on insurance, energy infrastructure and hotels. CNA Financial provides commercial property and casualty coverage and generated over 80% of consolidated revenue in recent years, while Boardwalk Pipelines and Loews Hotels contributed smaller shares.

The filing outlines extensive risk factors, including reserve adequacy at CNA, mass tort and catastrophe exposure, regulatory and reinsurance dependence, technology and cyber risk, and investment market volatility. It also details Boardwalk Pipelines’ FERC- and PHMSA-regulated natural gas and NGL systems and approximately $3.3 billion of contracted growth projects adding 4.2 Bcf/d of pipeline capacity and 10 Bcf of gas storage through 2030.

Loews Hotels & Co operates or co-owns 27 hotels, many in joint ventures, and Altium Packaging manufactures rigid plastic packaging. As of June 30, 2025, non‑affiliate Loews common stock had an aggregate market value of about $15.4 billion, with 206,052,874 shares outstanding as of February 6, 2026.

Insights

Multi-line insurance and infrastructure analyst

Loews highlights insurance concentration, pipeline growth capex and rising regulatory, climate and cyber risks.

Loews remains heavily dependent on CNA Financial, which produced over 80% of consolidated revenue in each of the last three years. The report emphasizes reserve uncertainty, long-term care morbidity and persistency assumptions, and exposure to social inflation, abuse reviver statutes and mass tort developments.

Boardwalk Pipelines is committing about $3.3 billion to growth projects backed by precedent or firm transportation agreements, expected to add 4.2 Bcf/d of pipeline capacity and 10 Bcf of storage through 2030. These projects depend on timely FERC and environmental approvals, land rights and manageable construction costs.

Across segments, the company describes expanding regulatory frameworks (Solvency II/Solvency UK, NAIC group capital tools, PHMSA safety rules, NEPA and Clean Water Act processes), cybersecurity directives and climate-related obligations. Actual impact will turn on future rulemakings, catastrophe experience, litigation trends and execution on Boardwalk’s multi‑year capital program.

0000060086FALSE2025FYP1Yhttp://fasb.org/us-gaap/2025#ValuationTechniqueDiscountedCashFlowMemberhttp://fasb.org/us-gaap/2025#MeasurementInputCreditSpreadMemberhttp://fasb.org/us-gaap/2025#ValuationTechniqueDiscountedCashFlowMemberhttp://fasb.org/us-gaap/2025#MeasurementInputCreditSpreadMemberhttp://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#OtherLiabilitieshttp://fasb.org/us-gaap/2025#OtherLiabilities11http://fasb.org/us-gaap/2025#FairValueMeasuredAtNetAssetValuePerShareMemberhttp://fasb.org/us-gaap/2025#FairValueMeasuredAtNetAssetValuePerShareMemberiso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:purel:Investmentl:Positionl:Claiml:Extensionl:participantl:segmentl:subsidiaryutr:mil:Hotel00000600862025-01-012025-12-3100000600862025-06-3000000600862026-02-0600000600862025-12-3100000600862024-12-3100000600862024-01-012024-12-3100000600862023-01-012023-12-3100000600862022-12-310000060086us-gaap:CommonStockMember2022-12-310000060086us-gaap:AdditionalPaidInCapitalMember2022-12-310000060086us-gaap:RetainedEarningsMember2022-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000060086us-gaap:TreasuryStockCommonMember2022-12-310000060086us-gaap:NoncontrollingInterestMember2022-12-310000060086us-gaap:RetainedEarningsMember2023-01-012023-12-310000060086us-gaap:NoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-12-310000060086us-gaap:AdditionalPaidInCapitalMember2023-01-012023-12-310000060086us-gaap:TreasuryStockCommonMember2023-01-012023-12-3100000600862023-12-310000060086us-gaap:CommonStockMember2023-12-310000060086us-gaap:AdditionalPaidInCapitalMember2023-12-310000060086us-gaap:RetainedEarningsMember2023-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000060086us-gaap:TreasuryStockCommonMember2023-12-310000060086us-gaap:NoncontrollingInterestMember2023-12-310000060086us-gaap:RetainedEarningsMember2024-01-012024-12-310000060086us-gaap:NoncontrollingInterestMember2024-01-012024-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-12-310000060086us-gaap:TreasuryStockCommonMember2024-01-012024-12-310000060086us-gaap:AdditionalPaidInCapitalMember2024-01-012024-12-310000060086us-gaap:CommonStockMember2024-12-310000060086us-gaap:AdditionalPaidInCapitalMember2024-12-310000060086us-gaap:RetainedEarningsMember2024-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000060086us-gaap:TreasuryStockCommonMember2024-12-310000060086us-gaap:NoncontrollingInterestMember2024-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustmentMember2024-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2024-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMember2024-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:CommonStockMember2024-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AdditionalPaidInCapitalMember2024-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:RetainedEarningsMember2024-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:TreasuryStockCommonMember2024-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustedBalanceMemberus-gaap:NoncontrollingInterestMember2024-12-310000060086us-gaap:RetainedEarningsMember2025-01-012025-12-310000060086us-gaap:NoncontrollingInterestMember2025-01-012025-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-12-310000060086us-gaap:AdditionalPaidInCapitalMember2025-01-012025-12-310000060086us-gaap:TreasuryStockCommonMember2025-01-012025-12-310000060086us-gaap:CommonStockMember2025-12-310000060086us-gaap:AdditionalPaidInCapitalMember2025-12-310000060086us-gaap:RetainedEarningsMember2025-12-310000060086us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310000060086us-gaap:TreasuryStockCommonMember2025-12-310000060086us-gaap:NoncontrollingInterestMember2025-12-310000060086l:CnaFinancialCorporationMember2025-12-310000060086us-gaap:OtherNoncurrentAssetsMember2025-12-310000060086us-gaap:OtherNoncurrentAssetsMember2024-12-310000060086srt:MinimumMember2025-01-012025-12-310000060086srt:MaximumMember2025-01-012025-12-310000060086l:CnaFinancialCorporationMember2025-12-310000060086l:CnaFinancialCorporationMember2024-12-310000060086l:CnaFinancialCorporationMember2025-01-012025-12-310000060086l:CnaFinancialCorporationMember2024-01-012024-12-310000060086l:CnaFinancialCorporationMember2023-01-012023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberl:CnaFinancialCorporationMember2025-12-310000060086us-gaap:WorkersCompensationInsuranceMemberl:CnaFinancialCorporationMember2024-12-310000060086srt:MinimumMemberus-gaap:PipelinesMember2025-12-310000060086srt:MaximumMemberus-gaap:PipelinesMember2025-12-310000060086srt:MinimumMemberl:HotelPropertiesAndOtherMember2025-12-310000060086srt:MaximumMemberl:HotelPropertiesAndOtherMember2025-12-310000060086us-gaap:StockCompensationPlanMember2025-01-012025-12-310000060086us-gaap:StockCompensationPlanMember2023-01-012023-12-310000060086us-gaap:StockCompensationPlanMember2024-01-012024-12-310000060086country:CA2025-01-012025-12-310000060086country:CA2024-01-012024-12-310000060086country:CA2023-01-012023-12-310000060086us-gaap:ForeignTaxJurisdictionOtherMember2025-01-012025-12-310000060086us-gaap:ForeignTaxJurisdictionOtherMember2024-01-012024-12-310000060086us-gaap:ForeignTaxJurisdictionOtherMember2023-01-012023-12-310000060086srt:CumulativeEffectPeriodOfAdoptionAdjustmentMemberus-gaap:RetainedEarningsMember2025-01-010000060086l:LoewsHotelsAndCoMember2023-01-012023-12-310000060086l:LoewsHotelsAndCoMemberl:JointVentureMember2023-01-012023-12-310000060086l:LoewsHotelsAndCoMemberl:JointVentureMember2023-12-310000060086us-gaap:FixedMaturitiesMember2025-01-012025-12-310000060086us-gaap:FixedMaturitiesMember2024-01-012024-12-310000060086us-gaap:FixedMaturitiesMember2023-01-012023-12-310000060086srt:PartnershipInterestMember2025-01-012025-12-310000060086srt:PartnershipInterestMember2024-01-012024-12-310000060086srt:PartnershipInterestMember2023-01-012023-12-310000060086us-gaap:ShortTermInvestmentsMember2025-01-012025-12-310000060086us-gaap:ShortTermInvestmentsMember2024-01-012024-12-310000060086us-gaap:ShortTermInvestmentsMember2023-01-012023-12-310000060086us-gaap:EquitySecuritiesMember2025-01-012025-12-310000060086us-gaap:EquitySecuritiesMember2024-01-012024-12-310000060086us-gaap:EquitySecuritiesMember2023-01-012023-12-310000060086l:IncomeLossFromTradingPortfolioMember2025-01-012025-12-310000060086l:IncomeLossFromTradingPortfolioMember2024-01-012024-12-310000060086l:IncomeLossFromTradingPortfolioMember2023-01-012023-12-310000060086l:InvestmentsOtherMember2025-01-012025-12-310000060086l:InvestmentsOtherMember2024-01-012024-12-310000060086l:InvestmentsOtherMember2023-01-012023-12-310000060086us-gaap:DerivativeMember2025-01-012025-12-310000060086us-gaap:DerivativeMember2024-01-012024-12-310000060086us-gaap:DerivativeMember2023-01-012023-12-310000060086l:ShortTermInvestmentsAndOtherMember2025-01-012025-12-310000060086l:ShortTermInvestmentsAndOtherMember2024-01-012024-12-310000060086l:ShortTermInvestmentsAndOtherMember2023-01-012023-12-310000060086l:JointVentureMember2025-01-012025-12-310000060086l:JointVentureMember2024-01-012024-12-310000060086l:JointVentureMember2023-01-012023-12-310000060086us-gaap:NonredeemablePreferredStockMember2025-01-012025-12-310000060086us-gaap:NonredeemablePreferredStockMember2024-01-012024-12-310000060086us-gaap:NonredeemablePreferredStockMember2023-01-012023-12-310000060086us-gaap:CorporateDebtSecuritiesMember2025-01-012025-12-310000060086us-gaap:CorporateDebtSecuritiesMember2024-01-012024-12-310000060086us-gaap:CorporateDebtSecuritiesMember2023-01-012023-12-310000060086us-gaap:AssetBackedSecuritiesMember2025-01-012025-12-310000060086us-gaap:AssetBackedSecuritiesMember2024-01-012024-12-310000060086us-gaap:AssetBackedSecuritiesMember2023-01-012023-12-310000060086us-gaap:MortgageReceivablesMember2025-01-012025-12-310000060086us-gaap:MortgageReceivablesMember2023-01-012023-12-310000060086us-gaap:MortgageReceivablesMember2024-01-012024-12-310000060086us-gaap:CorporateDebtSecuritiesMember2025-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310000060086us-gaap:ResidentialMortgageBackedSecuritiesMember2025-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMember2025-12-310000060086us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2025-12-310000060086us-gaap:AssetBackedSecuritiesMember2025-12-310000060086us-gaap:USTreasurySecuritiesMember2025-12-310000060086us-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310000060086us-gaap:RedeemablePreferredStockMember2025-12-310000060086l:FixedMaturitiesAvailableForSaleMember2025-12-310000060086l:FixedMaturitiesTradingMember2025-12-310000060086us-gaap:CorporateDebtSecuritiesMember2024-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000060086us-gaap:ResidentialMortgageBackedSecuritiesMember2024-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMember2024-12-310000060086us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-12-310000060086us-gaap:AssetBackedSecuritiesMember2024-12-310000060086us-gaap:USTreasurySecuritiesMember2024-12-310000060086us-gaap:ForeignGovernmentDebtSecuritiesMember2024-12-310000060086l:FixedMaturitiesAvailableForSaleMember2024-12-310000060086l:FixedMaturitiesTradingMember2024-12-310000060086us-gaap:FixedMaturitiesMember2025-12-310000060086us-gaap:FixedMaturitiesMember2024-12-310000060086us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2025-12-310000060086us-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2024-12-310000060086srt:FitchAAARatingMember2025-12-310000060086srt:FitchAAARatingMember2024-12-310000060086srt:FitchAARatingMember2025-12-310000060086srt:FitchAARatingMember2024-12-310000060086srt:FitchARatingMember2025-12-310000060086srt:FitchARatingMember2024-12-310000060086srt:FitchBBBRatingMember2025-12-310000060086srt:FitchBBBRatingMember2024-12-310000060086us-gaap:InternalNoninvestmentGradeMember2025-12-310000060086us-gaap:InternalNoninvestmentGradeMember2024-12-310000060086us-gaap:CorporateDebtSecuritiesMember2023-12-310000060086us-gaap:AssetBackedSecuritiesMember2023-12-310000060086l:PrivateDebtAndEquityMember2025-12-310000060086l:PrivateDebtAndEquityMember2024-12-310000060086us-gaap:HedgeFundsMember2025-12-310000060086us-gaap:HedgeFundsMember2024-12-310000060086l:TenLargestLimitedPartnershipHoldingsMember2025-12-310000060086l:TenLargestLimitedPartnershipHoldingsMember2024-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioOneLoanToValueLessThan55PercentMember2025-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioOneLoanToValue55To65PercentMember2025-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioOneLoanToValueGreaterThan65PercentMember2025-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioTwoLoanToValueLessThan55PercentMember2025-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioTwoLoanToValue55To65PercentMember2025-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioTwoLoanToValueGreaterThan65PercentMember2025-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioThreeLoanToValueLessThan55PercentMember2025-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioThreeLoanToValue55To65PercentMember2025-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMemberl:DebtServiceCoverageRatioThreeLoanToValueGreaterThan65PercentMember2025-12-310000060086us-gaap:CommercialMortgageBackedSecuritiesMember2025-01-012025-12-310000060086us-gaap:ExchangeTradedOptionsMemberus-gaap:NondesignatedMemberus-gaap:LongMember2025-12-310000060086us-gaap:ExchangeTradedOptionsMemberus-gaap:NondesignatedMemberus-gaap:LongMember2024-12-310000060086us-gaap:ExchangeTradedOptionsMemberus-gaap:NondesignatedMemberus-gaap:ShortMember2025-12-310000060086us-gaap:ExchangeTradedOptionsMemberus-gaap:NondesignatedMemberus-gaap:ShortMember2024-12-310000060086us-gaap:WarrantMemberus-gaap:NondesignatedMember2025-12-310000060086us-gaap:WarrantMemberus-gaap:NondesignatedMember2024-12-310000060086us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2025-12-310000060086us-gaap:InterestRateSwapMemberus-gaap:NondesignatedMember2024-12-310000060086l:CreditDefaultSwapIndexPurchasedMemberus-gaap:NondesignatedMember2025-12-310000060086l:CreditDefaultSwapIndexPurchasedMemberus-gaap:NondesignatedMember2024-12-310000060086l:CreditDefaultSwapIndexPurchasedMemberus-gaap:NondesignatedMember2025-01-012025-12-310000060086l:CreditDefaultSwapIndexPurchasedMemberus-gaap:NondesignatedMember2024-01-012024-12-310000060086l:InvestmentsInAssetsRequiringFuturePurchaseSaleOrFundingCommitmentsMember2025-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2025-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2025-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2025-12-310000060086us-gaap:FairValueMeasurementsRecurringMember2025-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2024-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-12-310000060086us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-12-310000060086us-gaap:FairValueMeasurementsRecurringMember2024-12-310000060086us-gaap:CorporateDebtSecuritiesMember2024-12-310000060086us-gaap:CorporateDebtSecuritiesMember2025-01-012025-12-310000060086us-gaap:CorporateDebtSecuritiesMember2025-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2025-01-012025-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310000060086us-gaap:AssetBackedSecuritiesMember2024-12-310000060086us-gaap:AssetBackedSecuritiesMember2025-01-012025-12-310000060086us-gaap:AssetBackedSecuritiesMember2025-12-310000060086l:FixedMaturitiesAvailableForSaleMember2024-12-310000060086l:FixedMaturitiesAvailableForSaleMember2025-01-012025-12-310000060086l:FixedMaturitiesAvailableForSaleMember2025-12-310000060086us-gaap:EquitySecuritiesMember2024-12-310000060086us-gaap:EquitySecuritiesMember2025-01-012025-12-310000060086us-gaap:EquitySecuritiesMember2025-12-310000060086us-gaap:CorporateDebtSecuritiesMember2023-12-310000060086us-gaap:CorporateDebtSecuritiesMember2024-01-012024-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMember2024-01-012024-12-310000060086us-gaap:AssetBackedSecuritiesMember2023-12-310000060086us-gaap:AssetBackedSecuritiesMember2024-01-012024-12-310000060086l:FixedMaturitiesAvailableForSaleMember2023-12-310000060086l:FixedMaturitiesAvailableForSaleMember2024-01-012024-12-310000060086us-gaap:EquitySecuritiesMember2023-12-310000060086us-gaap:EquitySecuritiesMember2024-01-012024-12-310000060086us-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310000060086us-gaap:FixedMaturitiesMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2025-12-310000060086us-gaap:FixedMaturitiesMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2025-12-310000060086us-gaap:FixedMaturitiesMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2025-12-310000060086us-gaap:FixedMaturitiesMemberus-gaap:FairValueInputsLevel3Member2024-12-310000060086us-gaap:FixedMaturitiesMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MinimumMember2024-12-310000060086us-gaap:FixedMaturitiesMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:MaximumMember2024-12-310000060086us-gaap:FixedMaturitiesMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMembersrt:WeightedAverageMember2024-12-310000060086us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2025-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2025-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2025-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310000060086us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel1Member2024-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel2Member2024-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2024-12-310000060086us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-12-310000060086us-gaap:PipelinesMember2025-12-310000060086us-gaap:PipelinesMember2024-12-310000060086l:HotelPropertiesMember2025-12-310000060086l:HotelPropertiesMember2024-12-310000060086us-gaap:PropertyPlantAndEquipmentOtherTypesMember2025-12-310000060086us-gaap:PropertyPlantAndEquipmentOtherTypesMember2024-12-310000060086l:CnaFinancialCorporationMemberus-gaap:OperatingSegmentsMember2025-01-012025-12-310000060086l:CnaFinancialCorporationMemberus-gaap:OperatingSegmentsMember2024-01-012024-12-310000060086l:CnaFinancialCorporationMemberus-gaap:OperatingSegmentsMember2023-01-012023-12-310000060086l:BoardwalkPipelinePartnersLpMemberus-gaap:OperatingSegmentsMember2025-01-012025-12-310000060086l:BoardwalkPipelinePartnersLpMemberus-gaap:OperatingSegmentsMember2024-01-012024-12-310000060086l:BoardwalkPipelinePartnersLpMemberus-gaap:OperatingSegmentsMember2023-01-012023-12-310000060086l:LoewsHotelsHoldingCorporationMemberus-gaap:OperatingSegmentsMember2025-01-012025-12-310000060086l:LoewsHotelsHoldingCorporationMemberus-gaap:OperatingSegmentsMember2024-01-012024-12-310000060086l:LoewsHotelsHoldingCorporationMemberus-gaap:OperatingSegmentsMember2023-01-012023-12-310000060086us-gaap:CorporateAndOtherMemberus-gaap:MaterialReconcilingItemsMember2025-01-012025-12-310000060086us-gaap:CorporateAndOtherMemberus-gaap:MaterialReconcilingItemsMember2024-01-012024-12-310000060086us-gaap:CorporateAndOtherMemberus-gaap:MaterialReconcilingItemsMember2023-01-012023-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2025-12-310000060086us-gaap:OtherInsuranceProductLineMember2025-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2024-12-310000060086us-gaap:OtherInsuranceProductLineMember2024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2025-01-012025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2024-01-012024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2023-01-012023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2025-01-012025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2024-01-012024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2023-01-012023-12-310000060086us-gaap:SuretySegmentMember2025-01-012025-12-310000060086us-gaap:SuretySegmentMember2024-01-012024-12-310000060086us-gaap:SuretySegmentMember2023-01-012023-12-310000060086l:WarrantyInsuranceMember2025-01-012025-12-310000060086l:WarrantyInsuranceMember2024-01-012024-12-310000060086l:WarrantyInsuranceMember2023-01-012023-12-310000060086l:CommercialAutoInsuranceMember2025-01-012025-12-310000060086l:CommercialAutoInsuranceMember2024-01-012024-12-310000060086l:CommercialAutoInsuranceMember2023-01-012023-12-310000060086us-gaap:GeneralLiabilityMember2025-01-012025-12-310000060086us-gaap:GeneralLiabilityMember2024-01-012024-12-310000060086us-gaap:GeneralLiabilityMember2023-01-012023-12-310000060086us-gaap:WorkersCompensationInsuranceMember2025-01-012025-12-310000060086us-gaap:WorkersCompensationInsuranceMember2024-01-012024-12-310000060086us-gaap:WorkersCompensationInsuranceMember2023-01-012023-12-310000060086l:PropertyAndCasualtyOperationsOtherMember2025-01-012025-12-310000060086l:PropertyAndCasualtyOperationsOtherMember2024-01-012024-12-310000060086l:PropertyAndCasualtyOperationsOtherMember2023-01-012023-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2025-01-012025-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2024-01-012024-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMember2023-01-012023-12-310000060086us-gaap:OtherInsuranceProductLineMember2025-01-012025-12-310000060086us-gaap:OtherInsuranceProductLineMember2024-01-012024-12-310000060086us-gaap:OtherInsuranceProductLineMember2023-01-012023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2025-12-310000060086us-gaap:SuretySegmentMember2025-12-310000060086l:WarrantyInsuranceMember2025-12-310000060086l:CommercialAutoInsuranceMember2025-12-310000060086us-gaap:GeneralLiabilityMember2025-12-310000060086us-gaap:WorkersCompensationInsuranceMember2025-12-310000060086l:PropertyAndCasualtyOperationsOtherMember2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2016-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2017-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2018-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2019-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2020-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2021-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2022-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2017-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2018-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2019-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2020-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2021-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2022-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2018-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2019-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2020-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2021-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2022-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2019-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2020-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2021-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2022-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2020-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2021-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2022-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2022-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2024-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2025Member2025-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2023-12-310000060086l:MedicalProfessionalLiabilityInsuranceMember2024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2016-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2017-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2018-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2019-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2020-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2017-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2018-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2019-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2020-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2018-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2019-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2020-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2019-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2020-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2020-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2022-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2024-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2025Member2025-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2023-12-310000060086l:OtherProfessionalLiabilityAndManagementLiabilityInsuranceMember2024-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2016-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2017-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2018-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2019-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2020-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2021-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2024-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2025-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2017-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2018-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2019-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2020-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2021-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2024-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2025-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2018-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2019-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2020-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2021-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2024-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2025-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2019-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2020-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2021-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2024-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2025-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2020-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2021-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2024-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2025-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2024-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2025-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2022-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2024-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2025-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2023-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2024-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2025-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2024-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2025-12-310000060086us-gaap:SuretySegmentMemberus-gaap:ShortDurationInsuranceContractAccidentYear2025Member2025-12-310000060086us-gaap:SuretySegmentMember2023-12-310000060086us-gaap:SuretySegmentMember2024-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2016-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2017-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2018-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2019-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2020-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2021-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2022-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2023-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2024-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2025-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2017-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2018-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2019-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2020-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2021-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2022-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2023-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2024-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2025-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2018-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2019-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2020-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2021-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2022-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2023-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2024-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2025-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2019-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2020-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2021-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2022-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2023-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2024-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2025-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2020-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2021-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2022-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2023-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2024-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2025-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2024-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2025-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2022-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2023-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2024-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2025-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2023-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2024-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2025-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2024-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2025-12-310000060086l:CommercialAutoInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2025Member2025-12-310000060086l:CommercialAutoInsuranceMember2023-12-310000060086l:CommercialAutoInsuranceMember2024-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2016-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2017-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2018-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2019-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2020-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2021-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2022-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2023-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2024-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2025-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2017-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2018-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2019-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2020-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2021-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2022-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2023-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2024-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2025-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2018-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2019-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2020-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2021-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2022-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2023-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2024-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2025-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2019-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2020-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2021-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2022-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2023-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2024-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2025-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2020-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2021-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2022-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2023-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2024-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2025-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2024-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2025-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2022-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2023-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2024-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2025-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2023-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2024-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2025-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2024-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2025-12-310000060086us-gaap:GeneralLiabilityMemberus-gaap:ShortDurationInsuranceContractAccidentYear2025Member2025-12-310000060086us-gaap:GeneralLiabilityMember2023-12-310000060086us-gaap:GeneralLiabilityMember2024-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2016-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2017-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2018-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2019-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2020-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2021-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2022-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2024-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortdurationInsuranceContractsAccidentYear2016Member2025-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2017-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2018-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2019-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2020-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2021-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2022-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2024-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2017Member2025-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2018-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2019-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2020-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2021-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2022-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2024-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractsAccidentYear2018Member2025-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2019-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2020-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2021-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2022-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2024-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2019Member2025-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2020-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2021-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2022-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2024-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2020Member2025-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2021-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2022-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2024-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2021Member2025-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2022-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2024-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2022Member2025-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2023-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2024-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2023Member2025-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2024-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2024Member2025-12-310000060086us-gaap:WorkersCompensationInsuranceMemberus-gaap:ShortDurationInsuranceContractAccidentYear2025Member2025-12-310000060086us-gaap:WorkersCompensationInsuranceMember2023-12-310000060086us-gaap:WorkersCompensationInsuranceMember2024-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2010-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2010-01-012010-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2025-12-310000060086l:AsbestosAndEnvironmentalPollutionReservesMember2024-12-310000060086l:LossPortfolioTransferForWorkersCompensationLiabilitiesMemberl:CnaFinancialCorporationMember2020-01-010000060086l:LossPortfolioTransferForWorkersCompensationLiabilitiesMemberl:CnaFinancialCorporationMembersrt:MaximumMember2020-01-010000060086l:LossPortfolioTransferForWorkersCompensationLiabilitiesMemberl:CnaFinancialCorporationMember2021-02-052021-02-050000060086l:LossPortfolioTransferForWorkersCompensationLiabilitiesMemberl:CnaFinancialCorporationMember2025-01-012025-12-310000060086l:LossPortfolioTransferForWorkersCompensationLiabilitiesMemberl:CnaFinancialCorporationMember2025-12-3100000600862025-07-012025-09-3000000600862024-07-012024-09-300000060086us-gaap:OtherAssetsMember2025-12-310000060086us-gaap:OtherAssetsMember2024-12-310000060086us-gaap:ForeignCountryMember2025-12-310000060086us-gaap:StateAndLocalJurisdictionMember2025-01-012025-12-310000060086l:SeniorNotesDue2026Memberus-gaap:CorporateMember2025-12-310000060086l:SeniorNotesDue2026Memberus-gaap:CorporateMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2026Memberus-gaap:CorporateMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2026Memberus-gaap:CorporateMember2024-12-310000060086l:SeniorNotesDue20300515Memberus-gaap:CorporateMember2025-12-310000060086l:SeniorNotesDue20300515Memberus-gaap:CorporateMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue20300515Memberus-gaap:CorporateMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue20300515Memberus-gaap:CorporateMember2024-12-310000060086l:SeniorNotesDue2035Memberus-gaap:CorporateMember2025-12-310000060086l:SeniorNotesDue2035Memberus-gaap:CorporateMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2035Memberus-gaap:CorporateMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2035Memberus-gaap:CorporateMember2024-12-310000060086l:SeniorNotesDues2043Memberus-gaap:CorporateMember2025-12-310000060086l:SeniorNotesDues2043Memberus-gaap:CorporateMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDues2043Memberus-gaap:CorporateMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDues2043Memberus-gaap:CorporateMember2024-12-310000060086l:SeniorNotes2Due2026Memberl:CnaFinancialCorporationMember2025-12-310000060086l:SeniorNotes2Due2026Memberl:CnaFinancialCorporationMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotes2Due2026Memberl:CnaFinancialCorporationMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotes2Due2026Memberl:CnaFinancialCorporationMember2024-12-310000060086l:SeniorNotesDue2027Memberl:CnaFinancialCorporationMember2025-12-310000060086l:SeniorNotesDue2027Memberl:CnaFinancialCorporationMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2027Memberl:CnaFinancialCorporationMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2027Memberl:CnaFinancialCorporationMember2024-12-310000060086l:SeniorNotesDue2029Memberl:CnaFinancialCorporationMember2025-12-310000060086l:SeniorNotesDue2029Memberl:CnaFinancialCorporationMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2029Memberl:CnaFinancialCorporationMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2029Memberl:CnaFinancialCorporationMember2024-12-310000060086l:SeniorNotesDue20300815Memberl:CnaFinancialCorporationMember2025-12-310000060086l:SeniorNotesDue20300815Memberl:CnaFinancialCorporationMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue20300815Memberl:CnaFinancialCorporationMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue20300815Memberl:CnaFinancialCorporationMember2024-12-310000060086l:SeniorNotesDue2033Memberl:CnaFinancialCorporationMember2025-12-310000060086l:SeniorNotesDue2033Memberl:CnaFinancialCorporationMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2033Memberl:CnaFinancialCorporationMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2033Memberl:CnaFinancialCorporationMember2024-12-310000060086l:SeniorNotesDue2034Memberl:CnaFinancialCorporationMember2025-12-310000060086l:SeniorNotesDue2034Memberl:CnaFinancialCorporationMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2034Memberl:CnaFinancialCorporationMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2034Memberl:CnaFinancialCorporationMember2024-12-310000060086l:SeniorNotesDue2035815Memberl:CnaFinancialCorporationMember2025-12-310000060086l:SeniorNotesDue2035815Memberl:CnaFinancialCorporationMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2035815Memberl:CnaFinancialCorporationMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2035815Memberl:CnaFinancialCorporationMember2024-12-310000060086l:SeniorNotes3Due2026Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086l:SeniorNotes3Due2026Memberl:BoardwalkPipelinePartnersLpMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotes3Due2026Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotes3Due2026Memberl:BoardwalkPipelinePartnersLpMember2024-12-310000060086l:SeniorNotes2Due2027Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086l:SeniorNotes2Due2027Memberl:BoardwalkPipelinePartnersLpMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotes2Due2027Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotes2Due2027Memberl:BoardwalkPipelinePartnersLpMember2024-12-310000060086l:SeniorDebenturesDue2027Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086l:SeniorDebenturesDue2027Memberl:BoardwalkPipelinePartnersLpMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorDebenturesDue2027Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorDebenturesDue2027Memberl:BoardwalkPipelinePartnersLpMember2024-12-310000060086l:SeniorNotes2Due2029Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086l:SeniorNotes2Due2029Memberl:BoardwalkPipelinePartnersLpMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotes2Due2029Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotes2Due2029Memberl:BoardwalkPipelinePartnersLpMember2024-12-310000060086l:SeniorNotesDue20310215Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086l:SeniorNotesDue20310215Memberl:BoardwalkPipelinePartnersLpMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue20310215Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue20310215Memberl:BoardwalkPipelinePartnersLpMember2024-12-310000060086l:A36SeniorNotesDue2032Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086l:A36SeniorNotesDue2032Memberl:BoardwalkPipelinePartnersLpMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:A36SeniorNotesDue2032Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:A36SeniorNotesDue2032Memberl:BoardwalkPipelinePartnersLpMember2024-12-310000060086l:A5.6SeniorNotesDue2034Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086l:A5.6SeniorNotesDue2034Memberl:BoardwalkPipelinePartnersLpMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:A5.6SeniorNotesDue2034Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:A5.6SeniorNotesDue2034Memberl:BoardwalkPipelinePartnersLpMember2024-12-310000060086l:SeniorNotesDue2036Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086l:SeniorNotesDue2036Memberl:BoardwalkPipelinePartnersLpMember2025-01-012025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2036Memberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorNotesDue2036Memberl:BoardwalkPipelinePartnersLpMember2024-12-310000060086us-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:BoardwalkPipelinePartnersLpMember2024-12-310000060086l:SeniorDebtPrincipallyMortgagesMemberl:LoewsHotelsHoldingCorporationMember2025-12-310000060086l:SeniorDebtPrincipallyMortgagesMemberl:LoewsHotelsHoldingCorporationMember2024-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorDebtPrincipallyMortgagesMemberl:LoewsHotelsHoldingCorporationMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:SeniorDebtPrincipallyMortgagesMemberl:LoewsHotelsHoldingCorporationMember2024-12-310000060086us-gaap:OperatingSegmentsMember2025-12-310000060086us-gaap:OperatingSegmentsMember2024-12-310000060086us-gaap:IntersegmentEliminationMember2025-12-310000060086us-gaap:IntersegmentEliminationMember2024-12-310000060086us-gaap:OperatingSegmentsMemberus-gaap:CorporateMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:CnaFinancialCorporationMember2025-12-310000060086us-gaap:OperatingSegmentsMemberl:LoewsHotelsHoldingCorporationMember2025-12-310000060086l:CnaFinancialCorporationMember2025-12-310000060086l:CnaFinancialCorporationMember2024-12-310000060086l:SeniorUnsecuredRevolvingCreditFacilityMemberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:SeniorUnsecuredRevolvingCreditFacilityMemberl:CnaFinancialCorporationMember2023-12-310000060086l:SeniorUnsecuredRevolvingCreditFacilityMemberl:CnaFinancialCorporationMember2025-12-310000060086us-gaap:RevolvingCreditFacilityMemberl:BoardwalkPipelinePartnersLpMember2025-12-310000060086l:A6.0SeniorNotesDue2026Membersrt:ScenarioForecastMemberl:BoardwalkPipelinePartnersLpMember2026-03-012026-03-010000060086l:A6.0SeniorNotesDue2026Membersrt:ScenarioForecastMemberl:BoardwalkPipelinePartnersLpMember2026-03-010000060086l:SeniorDebtPrincipallyMortgagesMemberl:LoewsHotelsHoldingCorporationMember2025-01-012025-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2022-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2022-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2022-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2022-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2023-01-012023-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2023-12-310000060086us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2023-12-310000060086us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2023-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000060086us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2024-01-012024-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2024-01-012024-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2024-01-012024-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2024-01-012024-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2024-12-310000060086us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-12-310000060086us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2024-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-12-310000060086us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossIncludingNoncontrollingInterestMember2025-01-012025-12-310000060086us-gaap:AccumulatedNetInvestmentGainLossIncludingPortionAttributableToNoncontrollingInterestMember2025-01-012025-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitIncludingNoncontrollingInterestMember2025-01-012025-12-310000060086us-gaap:AccumulatedGainLossCashFlowHedgeIncludingNoncontrollingInterestMember2025-01-012025-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-01-012025-12-310000060086us-gaap:AccumulatedForeignCurrencyAdjustmentIncludingPortionAttributableToNoncontrollingInterestMember2025-01-012025-12-310000060086us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2025-12-310000060086us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-12-310000060086us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2025-12-310000060086us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember2025-12-310000060086us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2025-12-310000060086us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310000060086l:NonInsuranceWarrantyMemberl:CnaFinancialCorporationMember2025-01-012025-12-310000060086l:NonInsuranceWarrantyMemberl:CnaFinancialCorporationMember2024-01-012024-12-310000060086l:NonInsuranceWarrantyMemberl:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:TransportationAndStorageOfNaturalGasAndNGLsAndEthaneSupplyAndTransportationServicesMemberl:BoardwalkPipelinePartnersLpMember2025-01-012025-12-310000060086l:TransportationAndStorageOfNaturalGasAndNGLsAndEthaneSupplyAndTransportationServicesMemberl:BoardwalkPipelinePartnersLpMember2024-01-012024-12-310000060086l:TransportationAndStorageOfNaturalGasAndNGLsAndEthaneSupplyAndTransportationServicesMemberl:BoardwalkPipelinePartnersLpMember2023-01-012023-12-310000060086l:LodgingAndRelatedServicesMemberl:LoewsHotelsHoldingCorporationMember2025-01-012025-12-310000060086l:LodgingAndRelatedServicesMemberl:LoewsHotelsHoldingCorporationMember2024-01-012024-12-310000060086l:LodgingAndRelatedServicesMemberl:LoewsHotelsHoldingCorporationMember2023-01-012023-12-310000060086l:AccountsReceivablesMember2025-12-310000060086l:AccountsReceivablesMember2024-12-310000060086us-gaap:OtherLiabilitiesMember2025-12-310000060086us-gaap:OtherLiabilitiesMember2024-12-310000060086l:DeferredNonInsuranceWarrantyAcquisitionExpensesMember2025-12-310000060086l:DeferredNonInsuranceWarrantyAcquisitionExpensesMember2024-12-310000060086l:BoardwalkPipelinePartnersLpMember2025-12-3100000600862026-01-012025-12-3100000600862027-01-012025-12-310000060086l:CombinedContinentalCasualtyCompaniesMember2025-12-310000060086l:CombinedContinentalCasualtyCompaniesMember2025-01-012025-12-310000060086l:CombinedContinentalCasualtyCompaniesMember2024-12-310000060086l:CombinedContinentalCasualtyCompaniesMember2024-01-012024-12-310000060086l:CombinedContinentalCasualtyCompaniesMember2023-01-012023-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-12-310000060086srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2023-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000060086us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2025-01-012025-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2024-01-012024-12-310000060086us-gaap:OtherPostretirementBenefitPlansDefinedBenefitMember2023-01-012023-12-310000060086srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000060086srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2025-01-012025-12-310000060086srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000060086srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-12-310000060086srt:MinimumMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000060086srt:MaximumMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-12-310000060086srt:MinimumMember2025-12-310000060086srt:MaximumMember2025-12-310000060086srt:MinimumMember2024-12-310000060086srt:MaximumMember2024-12-310000060086srt:MinimumMember2023-12-310000060086srt:MaximumMember2023-12-310000060086srt:MinimumMember2024-01-012024-12-310000060086srt:MaximumMember2024-01-012024-12-310000060086srt:MinimumMember2023-01-012023-12-310000060086srt:MaximumMember2023-01-012023-12-310000060086l:CNAEmployeeRetirementPlanMember2024-01-012024-12-310000060086l:CNAEmployeeRetirementPlanMember2024-12-310000060086l:RetireesAndCertainParticipantsMembersrt:ParentCompanyMember2023-01-012023-12-310000060086l:CertainOtherParticipantsMembersrt:ParentCompanyMember2023-01-012023-12-310000060086l:CNAEmployeeRetirementPlanMember2023-01-012023-12-310000060086srt:MinimumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310000060086srt:MaximumMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310000060086l:PostretirementHealthcareAndLifeInsuranceBenefitPlansMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanDebtSecurityMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanDebtSecurityMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanDebtSecurityMember2025-12-310000060086us-gaap:DefinedBenefitPlanDebtSecurityMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2025-12-310000060086us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2025-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2025-12-310000060086us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherAssetsMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherAssetsMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherAssetsMember2025-12-310000060086l:DefinedBenefitPlanOtherAssetsMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086l:LimitedPartnershipsMemberus-gaap:PensionPlansDefinedBenefitMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000060086us-gaap:CorporateDebtSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000060086us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000060086us-gaap:AssetBackedSecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanDebtSecurityMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanDebtSecurityMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanDebtSecurityMember2024-12-310000060086us-gaap:DefinedBenefitPlanDebtSecurityMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:DefinedBenefitPlanEquitySecuritiesMember2024-12-310000060086us-gaap:DefinedBenefitPlanEquitySecuritiesMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-12-310000060086us-gaap:ShortTermInvestmentsMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2024-12-310000060086us-gaap:FixedIncomeFundsMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherAssetsMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherAssetsMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherAssetsMember2024-12-310000060086l:DefinedBenefitPlanOtherAssetsMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086l:LimitedPartnershipsMemberus-gaap:PensionPlansDefinedBenefitMember2024-12-310000060086us-gaap:HedgeFundsEquityMember2025-12-310000060086us-gaap:HedgeFundsMultistrategyMember2025-12-310000060086us-gaap:HedgeFundsEventDrivenMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMember2025-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2025-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2025-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2025-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMember2025-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMember2025-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMember2025-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMember2025-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:CorporateDebtSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:AssetBackedSecuritiesMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMember2024-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:SecuredDebtMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:ShortTermInvestmentsMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2024-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberus-gaap:FixedIncomeFundsMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2024-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanAssetsBeforeOtherLiabilitiesMember2024-12-310000060086us-gaap:FairValueInputsLevel1Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMember2024-12-310000060086us-gaap:FairValueInputsLevel2Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMember2024-12-310000060086us-gaap:FairValueInputsLevel3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMember2024-12-310000060086us-gaap:FairValueInputsLevel12And3Memberus-gaap:OtherPostretirementBenefitPlansDefinedBenefitMemberl:DefinedBenefitPlanOtherLiabilitiesMember2024-12-310000060086us-gaap:FairValueInputsLevel3Member2024-12-310000060086us-gaap:FairValueInputsLevel3Member2025-12-310000060086l:LoewsCorporation2025IncentiveCompensationPlanMember2025-12-310000060086srt:MaximumMemberl:LoewsCorporation2025IncentiveCompensationPlanMember2025-12-310000060086l:RestrictedStockUnitsAndPerformanceStockUnitsMember2025-01-012025-12-310000060086l:RestrictedStockUnitsAndPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2025-01-012025-12-310000060086l:RestrictedStockUnitsAndPerformanceStockUnitsMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2025-01-012025-12-310000060086us-gaap:StockAppreciationRightsSARSMember2025-01-012025-12-310000060086us-gaap:StockAppreciationRightsSARSMember2025-12-310000060086us-gaap:CommonStockMember2025-01-012025-12-310000060086us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-12-310000060086l:InternalCreditAssessmentAMinusToAPlusPlusRatingMember2025-12-310000060086l:InternalCreditAssessmentBMinusToBPlusPlusRatingMember2025-12-310000060086l:InsolventMember2025-12-310000060086l:SubsidiariesOfBerkshireHathawayInsuranceGroupMember2025-12-310000060086l:CavelloBayReinsuranceLimitedMember2025-12-310000060086l:GatewayRiversInsuranceCompanyMember2025-12-310000060086l:LongTermCareMember2025-01-012025-12-310000060086l:LongTermCareMember2024-01-012024-12-310000060086l:LongTermCareMember2023-01-012023-12-310000060086l:SignificantThirdPartyCaptiveProgramMember2025-01-012025-12-310000060086l:SignificantThirdPartyCaptiveProgramMember2024-01-012024-12-310000060086l:SignificantThirdPartyCaptiveProgramMember2023-01-012023-12-3100000600862021-11-120000060086us-gaap:CapitalAdditionsMember2025-12-310000060086l:LoewsHotelsHoldingCorporationMemberl:LoewsHotelsHoldingCorporationMember2025-01-012025-12-310000060086l:JointVenturesMemberl:LoewsHotelsHoldingCorporationMember2025-01-012025-12-310000060086l:UnaffiliatedOwnersMemberl:LoewsHotelsHoldingCorporationMember2025-01-012025-12-310000060086l:CnaFinancialCorporationMember2025-01-012025-12-310000060086l:BoardwalkPipelinePartnersLpMember2025-01-012025-12-310000060086l:LoewsHotelsHoldingCorporationMember2025-01-012025-12-310000060086us-gaap:CorporateAndOtherMember2025-01-012025-12-310000060086l:LoewsHotelsHoldingCorporationMember2025-12-310000060086us-gaap:CorporateAndOtherMember2025-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMemberl:CnaFinancialCorporationMember2025-01-012025-12-310000060086l:CnaFinancialCorporationMember2024-01-012024-12-310000060086l:BoardwalkPipelinePartnersLpMember2024-01-012024-12-310000060086l:LoewsHotelsHoldingCorporationMember2024-01-012024-12-310000060086us-gaap:CorporateAndOtherMember2024-01-012024-12-310000060086l:BoardwalkPipelinePartnersLpMember2024-12-310000060086l:LoewsHotelsHoldingCorporationMember2024-12-310000060086us-gaap:CorporateAndOtherMember2024-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMemberl:CnaFinancialCorporationMember2024-01-012024-12-310000060086l:CnaFinancialCorporationMember2023-01-012023-12-310000060086l:BoardwalkPipelinePartnersLpMember2023-01-012023-12-310000060086l:LoewsHotelsHoldingCorporationMember2023-01-012023-12-310000060086us-gaap:CorporateAndOtherMember2023-01-012023-12-310000060086us-gaap:PropertyLiabilityAndCasualtyInsuranceSegmentMemberl:CnaFinancialCorporationMember2023-01-012023-12-3100000600862025-10-012025-12-310000060086srt:ParentCompanyMember2025-12-310000060086srt:ParentCompanyMember2024-12-310000060086srt:ParentCompanyMember2025-01-012025-12-310000060086srt:ParentCompanyMember2024-01-012024-12-310000060086srt:ParentCompanyMember2023-01-012023-12-310000060086srt:ParentCompanyMember2023-12-310000060086srt:ParentCompanyMember2022-12-31

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, 2025

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 other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

9 West 57th Street, New York, NY 10019-2714

(Address of principal executive offices) (Zip Code)

(212) 521-2000

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common stock, par value $0.01 per share			L			New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

 Yes  ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

 Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

 Yes  ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

 Yes  ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

 ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

 ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

 ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

 ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

 Yes ☐ No ☒

The aggregate market value of common stock held by non-affiliates of the registrant as of June 30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter, was approximately $15,362,000,000.

As of February 6, 2026, there were 206,052,874 shares of the registrant’s common stock outstanding.

Documents Incorporated by Reference:

Portions of the registrant’s definitive proxy statement for the 2026 annual meeting of shareholders, intended to be filed by the registrant with the Commission not later than 120 days after the close of its fiscal year, are incorporated by reference into Part III of this Report.

1

Table of Contents

LOEWS CORPORATION

INDEX TO ANNUAL REPORT ON

FORM 10-K FILED WITH THE

SECURITIES AND EXCHANGE COMMISSION

For the Year Ended December 31, 2025

Item No.						Page No.
			PART I
1			Business
			CNA Financial Corporation			5
			Boardwalk Pipeline Partners, LP			9
			Loews Hotels Holding Corporation			17
			Altium Packaging LLC			18
			Human Capital			18
			Information about Our Executive Officers			19
			Available Information			19
1A			Risk Factors			19
1B			Unresolved Staff Comments			46
1C			Cybersecurity			46
2			Properties			47
3			Legal Proceedings			47
4			Mine Safety Disclosures			47
			PART II
5			Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			48
6			[Reserved]			49
7			Management’s Discussion and Analysis of Financial Condition and Results of Operations			49
7A			Quantitative and Qualitative Disclosures about Market Risk			76
8			Financial Statements and Supplementary Data			80
9			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			163
9A			Controls and Procedures			163
9B			Other Information			163
9C			Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			163
			PART III
10			Directors, Executive Officers and Corporate Governance			164
11			Executive Compensation			164
12			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			164
13			Certain Relationships and Related Transactions, and Director Independence			165
14			Principal Accounting Fees and Services			165
			PART IV
15			Exhibits and Financial Statement Schedules			166
16			Form 10-K Summary			169

2

Table of Contents

FORWARD-LOOKING STATEMENTS

Investors are cautioned that certain statements contained in this Report as well as in other filings with the Securities and Exchange Commission (“SEC”) and periodic press releases made by us and our subsidiaries and certain statements made by us and our subsidiaries and our and their officers in presentations may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include any statement that does not directly relate to any historical or current fact. Forward-looking statements may project, indicate or imply future results, events, performance or achievements, and such statements may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions. In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our or our subsidiaries’ control, that could cause actual results to differ materially from those anticipated or projected.

Developments in any of the risks or uncertainties facing us or our subsidiaries, including those described under Item 1A, Risk Factors of this Report and in our and our subsidiaries’ other filings with the SEC, could cause our and our subsidiaries’ results to differ materially from results that have been or may be anticipated or projected. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made and we and our subsidiaries expressly disclaim any obligation or undertaking to update these statements to reflect any change in expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based.

Unless the context otherwise requires, the term “Company” as used herein means Loews Corporation including its subsidiaries and the terms “Parent Company,” “we,” “our,” “us” or like terms as used herein mean Loews Corporation excluding its subsidiaries.

RISK FACTORS SUMMARY

Our business and the businesses of our subsidiaries face many risks and uncertainties. These risks and uncertainties could lead to events or circumstances that have a material adverse effect on our business, results of operations, cash flows, financial condition and/or equity and/or the business, results of operations, cash flows, financial condition and/or equity of one or more of our subsidiaries. You should carefully review and consider the full discussion of our risk factors described under Item 1A, Risk Factors of this Report, before investing in any security issued by us. Principal risks facing us and our subsidiaries include those relating to:

Risks Related to Us and Our Subsidiary, CNA Financial Corporation (“CNA”)

•CNA may need to increase its insurance reserves if it determines that its recorded reserves are insufficient;

•CNA’s actual experience could vary from the key assumptions used to determine future policy benefit reserves for its long-term care policies;

•CNA’s vulnerability to material losses from natural and man-made disasters or other catastrophes;

•CNA’s exposure related to asbestos and environmental pollution (“A&EP”) claims;

•CNA’s exposure to mass tort claims against its insureds and changes to the social and legal environment, such as those related to abuse reviver statutes, issues related to altered interpretation of coverage and other new and emerging claim theories;

•Intense competition in CNA’s industry; the cyclical nature of the property and casualty business and the evolving landscape of its distribution network;

•Risks relating to CNA’s reliance on reinsurance, including risks related to its ability to obtain sufficient reinsurance at a cost or on terms and conditions it deems acceptable, reinsurance counterparty risk and ineffective reinsurance coverage;

•Technological changes or disruptions in the insurance marketplace;

•Potential significant realized and unrealized investment losses and volatility in net investment income;

•CNA’s use of analytical models in key areas such as pricing, reserving catastrophe risks and capital modeling;

•Any significant interruption in the operation of CNA’s business functions, facilities or systems or its vendors’ facilities or systems could result in a material adverse effect on its operations;

•Any significant breach in CNA’s data security infrastructure or its vendors’ facilities or systems could disrupt business, cause financial losses and damage its reputation, and insurance coverage may not be available for claims related to a breach;

3

Table of Contents

•CNA’s potential inability to detect and prevent significant employee or service provider misconduct, inadvertent errors and omissions, or exposure relating to functions performed on CNA’s behalf;

•Capital adequacy requirements that CNA is subject to;

•Regulatory limitations on CNA’s insurance subsidiaries ability to pay dividends to CNA;

•Potential downgrades of CNA’s ratings by rating agencies; and

•Extensive state, local, federal and foreign governmental regulations to which CNA is subject.

Risks Related to Us and Our Subsidiary, Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”)

•Extensive regulation by the Federal Energy Regulatory Commission (“FERC”) of Boardwalk Pipelines’ natural gas transportation and storage operations and ethane transportation services;

•Actual results from Boardwalk Pipelines’ construction and growth projects not meeting its forecasts;

•Changes in U.S. trade policy and the impact of tariffs;

•Changes in the debt markets and increases in interest rates;

•Failure to comply with environmental or worker safety laws or regulations or an accidental release of pollutants into the environment;

•Legislative and regulatory initiatives relating to new or more stringent pipeline safety requirements;

•A failure in Boardwalk Pipelines’ computer systems or a cybersecurity attack;

•Boardwalk Pipelines’ and its customers’ operations are subject to a series of risks regarding climate change;

•Climatic conditions could adversely impact Boardwalk Pipelines’ operations, pipelines and facilities, or those of its customers or suppliers;

•Reputational risks and risks related to public opinion;

•Opposition to the operation of Boardwalk Pipelines’ pipelines and facilities, construction or expansion of facilities and new pipeline projects;

•Market conditions, including available supply, demand and the price differentials between natural gas supplies and market locations for natural gas, may affect the transportation rates that Boardwalk Pipelines can charge on certain portions of its pipeline systems;

•Changes in energy commodity prices and their impact on the supply of and demand for those commodities;

•Boardwalk Pipelines’ exposure to credit risk relating to default or bankruptcy by its customers;

•Boardwalk Pipelines’ reliance on a limited number of customers for a substantial portion of its revenues;

•Operating and financial covenants in Boardwalk Pipelines’ revolving credit facility;

•Boardwalk Pipelines’ indebtedness may affect its ability to meet its obligations and may otherwise restrict its activities;

•Boardwalk Pipelines does not own all of the land on which its pipelines and facilities are located;

•Boardwalk Pipelines may be unsuccessful in executing its strategy to grow and diversify its business;

•The impact of market conditions on Boardwalk Pipelines’ ability to replace expiring storage contracts at attractive rates or on a long-term basis and to sell short-term services at attractive rates or at all; and

•Boardwalk Pipelines’ operations are subject to catastrophic losses, operational hazards and unforeseen interruptions for which it may not be adequately insured.

Risks Related to Us and Our Subsidiary, Loews Hotels Holding Corporation (“Loews Hotels & Co”)

•Operating risks common to the hospitality industry, many of which are beyond Loews Hotels & Co’s control;

•Loews Hotels & Co’s exposure to risks resulting from significant investments in owned and leased real estate, including through ownership interests in partnerships and joint ventures;

•Seasonal and cyclical volatility in the hospitality industry;

•The high level of competition in the hospitality industry, both for customers and for the acquisition and/or development of new properties;

•The risk of deterioration in the quality or reputation of Loews Hotels & Co’s brands, including brands used in its joint ventures and those it licenses;

•The potential for delays or increased costs in connection with developing and renovating properties;

•Investing in hotel properties through ownership interests in partnerships and joint ventures is subject to inherent risk due to Loews Hotels & Co’s lack of unilateral control over the investment;

•The geographic concentration of Loews Hotels & Co’s properties;

•The growth and use of third-party reservation channels;

•The adequacy of Loews Hotels & Co’s insurance coverage;

•Potential labor shortages; and

•Portions of Loews Hotels & Co’s labor force are covered by collective bargaining agreements.

4

Table of Contents

Risks Related to Us and Our Unconsolidated Subsidiary, Altium Packaging LLC (“Altium Packaging”)

•Altium Packaging’s substantial indebtedness;

•Altium Packaging’s exposure to changes in consumer preferences;

•Fluctuations in raw material prices and raw material availability; and

•Self-manufacturing by Altium Packaging’s customers.

Risks Related to Us and Our Subsidiaries Generally

•Failures or interruptions in or breaches to our or our subsidiaries’ computer systems or those of certain third parties;

•Litigation to which we and our subsidiaries may be subject from time to time;

•Acts of terrorism;

•Compliance with environmental laws;

•Potential loss of key vendor relationships or issues relating to the transitioning of vendor relationships;

•Impairment charges related to the carrying value of long-lived assets and goodwill of our subsidiaries;

•Pandemics or other outbreaks of contagious diseases and efforts to mitigate their spread have had, and could in the future have, widespread impacts on the way we and our subsidiaries operate;

•We are a holding company and derive substantially all of our income and cash flow from our subsidiaries;

•Competition for senior executives and qualified specialized talent; and

•Scrutiny and changing expectations from stakeholders with respect to sustainability practices may impose additional costs on us and our subsidiaries or expose us and our subsidiaries to new or additional risks.

PART I

Item 1. Business.

Loews Corporation was incorporated in 1969 and is a holding company. Our subsidiaries are engaged in the following lines of business:

•commercial property and casualty insurance (CNA Financial Corporation, an approximately 92% owned subsidiary);

•transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP, a wholly owned subsidiary); and

•operation of a chain of hotels (Loews Hotels Holding Corporation, a wholly owned subsidiary).

We also own approximately 53% of Altium Packaging LLC, an unconsolidated subsidiary, which is engaged in the manufacture of rigid plastic packaging solutions.

We have four reportable segments comprised of three individual consolidated operating subsidiaries, CNA Financial Corporation, Boardwalk Pipeline Partners, LP and Loews Hotels Holding Corporation; and the Corporate segment. The Corporate segment is comprised of Loews Corporation, excluding these subsidiaries, and the equity method of accounting for Altium Packaging LLC, an unconsolidated subsidiary. Additional financial information on each of our segments is included under Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”).

CNA FINANCIAL CORPORATION

CNA Financial Corporation (together with its subsidiaries, “CNA”) is an insurance holding company. CNA’s property and casualty and remaining life and group insurance operations are primarily conducted by Continental Casualty Company (“CCC”), The Continental Insurance Company, Western Surety Company, CNA Insurance Company Limited, Hardy Underwriting Bermuda Limited and its subsidiaries (“Hardy”) and CNA Insurance Company (Europe) S.A. CNA accounted for 81.2%, 81.5% and 83.6% of our consolidated total revenue for the years ended December 31, 2025, 2024 and 2023.

CNA’s insurance products primarily include commercial property and casualty coverages, including surety. CNA’s services include warranty, risk management, information services and claims administration. CNA’s products and services are primarily marketed through independent agents, retail and wholesale brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals

5

Table of Contents

and other groups. The property and casualty insurance industry is highly competitive, both as it relates to rate and service. CNA competes with a large number of stock and mutual insurance companies, as well as other entities, for both distributors and customers.

Property & Casualty Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) includes its Specialty, Commercial and International lines of business.

Specialty

Specialty provides management and professional liability and other property and casualty coverages, products and services using a network of retail and wholesale brokers, independent agents and managing general underwriters. Specialty includes the following business groups:

Management & Professional Liability: Management & Professional Liability consists of the following coverages and products:

•professional liability coverages and risk management services to various professional firms, including architects, real estate agents, accounting firms and law firms;

•directors and officers (“D&O”), errors and omissions (“E&O”), employment practices, fiduciary, fidelity and cyber coverages. Specific areas of focus include small and mid-size firms, public as well as privately held firms and not-for-profit organizations;

•insurance products to serve the health care industry, including professional and general liability as well as associated casualty coverages. Key customer groups include aging services, allied medical facilities, dentists, physicians, nurses and other medical practitioners.

Surety: Surety offers small, medium and large contract and commercial surety bonds. Surety provides surety and fidelity bonds in all 50 states.

Warranty and Alternative Risks: Warranty and Alternative Risks provides extended service contracts and related insurance products covering mechanical breakdown and similar losses for vehicles, portable electronics and other consumer goods. These service contracts are primarily distributed through independent representatives and sold by automobile dealerships and retailers in North America. CNA’s insurance subsidiaries may issue contractual liability, inland marine, or guaranteed asset protection policies supporting these contracts, a significant portion of which are reinsured through third-party captive programs.

Commercial

Commercial works with a network of retail and wholesale brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds, targeting small business, construction, middle market and other commercial customers. Property products include standard and excess property, marine and boiler and machinery coverages. Casualty products include standard casualty insurance products such as workers’ compensation, general and product liability, commercial auto, umbrella, and excess and surplus coverages. Most insurance programs are provided on a guaranteed cost basis; however, CNA also offers specialized loss-sensitive insurance programs and total risk management services relating to claim and information services to the large commercial insurance marketplace.

International

International underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the United Kingdom and Luxembourg and Hardy, CNA’s Lloyd’s of London (“Lloyd’s”) syndicate.

6

Table of Contents

Property & Casualty Structure

CNA’s commercial property & casualty underwriting operations presence in the United States of America (“U.S.”) consists of field underwriting locations and centralized processing operations which handle policy processing, billing and collection activities and also act as call centers to optimize service. CNA’s claim operations presence in the U.S. consists of primary locations where it handles multiple claim types and key business functions, as well as regional claim offices which are aligned with CNA’s underwriting field structure. CNA also has property & casualty underwriting operations in Canada, the United Kingdom (“U.K.”) and Continental Europe, as well as access to business placed at Lloyd’s through Syndicate 382.

Other Insurance Operations

Other Insurance Operations include CNA’s run-off long-term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants, certain corporate expenses, including interest on CNA corporate debt, and certain property and casualty businesses in run-off, including A&EP, a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves.

Regulation

Current Regulation: The insurance industry is subject to comprehensive and detailed regulation and supervision. Regulatory oversight by applicable agencies is exercised through review of submitted filings and information, examinations (both financial and market conduct), direct inquiries and interviews. Each domestic and foreign jurisdiction has established supervisory agencies with broad administrative powers relative to licensing insurers and agents, approving policy forms, establishing reserve requirements, prescribing the form and content of statutory financial reports and regulating capital adequacy and the type, quality and amount of investments permitted. Such regulatory powers also extend to premium rate regulations requiring rates not be excessive, inadequate or unfairly discriminatory. In addition to regulation of dividends by insurance subsidiaries, intercompany transfers of assets or payments may be subject to prior notice or approval by insurance regulators, depending on the size of such transfers and payments in relation to the financial position of the insurance subsidiaries making the transfers or payments.

As CNA’s insurance operations are conducted in both domestic and foreign jurisdictions, CNA is subject to a number of regulatory agency requirements applicable to a portion, or all, of CNA’s operations. These include but are not limited to, the State of Illinois Department of Insurance (which is CNA’s global group-wide supervisor), the U.K. Prudential Regulatory Authority (“PRA”) and Financial Conduct Authority (“FCA”), the Office of Superintendent of Financial Institutions (“OSFI”) in Canada, the Luxembourg insurance regulator Commissariat aux Assurances (“CAA”) and the Bermuda Monetary Authority (“BMA”).

Domestic insurers are also required by state insurance regulators to provide coverage to certain insureds who would not otherwise be considered eligible by the insurers. Each state dictates the types of insurance and the level of coverage that must be provided to such involuntary risks. CNA’s share of these involuntary risks is mandatory and generally a function of its respective share of the voluntary market by line of insurance in each state.

Further, domestic insurance companies are subject to state guaranty fund and other insurance-related assessments. Guaranty funds are governed by state insurance guaranty associations which levy assessments to meet the funding needs of insolvent insurer estates. Other insurance-related assessments are generally levied by state agencies to fund various organizations including disaster relief funds, rating bureaus, insurance departments, and workers’ compensation second injury funds, and by industry organizations that assist in the statistical analysis and ratemaking process and CNA has the ability to recoup certain of these assessments from policyholders.

Although the U.S. federal government does not currently directly regulate the business of insurance, federal legislative and regulatory initiatives can affect the insurance industry. These initiatives and legislation include proposals relating to terrorism and natural catastrophe exposures, federal financial services reforms and certain tax reforms.

Hardy, a specialized Lloyd’s underwriter, is also supervised by the Council of Lloyd’s, which is the franchisor for all Lloyd’s operations. The Council of Lloyd’s has wide discretionary powers to regulate Lloyd’s underwriting, such as establishing the capital requirements for syndicate participation. In addition, the annual business plan of each syndicate is subject to the review and approval of the Lloyd’s Franchise Board, which is responsible for business planning and monitoring for all syndicates.

7

Table of Contents

Capital adequacy and risk management regulations, referred to as Solvency II, apply to CNA’s European Union (“E.U.”) operations and are enacted by the European Commission. CNA’s operations in the U.K. have been subject to the same regulations but are transitioning to a tailored version of Solvency II, known as Solvency UK, developed by the PRA. Additionally, the International Association of Insurance Supervisors (“IAIS”) continues to develop capital requirements as more fully discussed below.

Regulation Outlook: The IAIS has adopted a Common Framework (“ComFrame”) for the supervision of Internationally Active Insurance Groups (“IAIGs”) which is focused on the group-wide supervision of IAIGs, such as CNA. Elements of ComFrame have been incorporated into regulatory guidelines issued by the National Association of Insurance Commissioners (“NAIC”) for application by regulators in the U.S. These additions were adopted for the purpose of streamlining group-wide supervision, further leveraging existing risk and solvency measures and applying them on a group-wide basis.

The NAIC has developed an approach to group capital regulation and solvency-monitoring activities using the Group Capital Calculation (“GCC”). While historically the U.S. regulatory regime was primarily based on legal entity regulation, the GCC quantifies risk across the insurance group. The GCC was adopted by the NAIC along with model legislative language and attendant regulations, which have been adopted in a number of U.S. states where IAIGs are domiciled, including Illinois. Alongside the GCC, the NAIC has also developed the Aggregation Method (“AM”) approach to assessing group capital as an alternative to the Insurance Capital Standard (“ICS”) developed by the IAIS. The AM is influenced by the GCC and calculated in a similar manner. In 2024, the IAIS concluded that the AM provides comparable outcomes to the ICS. While as of December 31, 2025 the AM continues to undergo further refinement as a part of the implementation process, the finding of comparability by the IAIS represents recognition of existing U.S. solvency regulation.

In addition, the U.S. and foreign regulatory environment in which CNA operates is continuously evolving, with both existing and prospective regulations that implicate aspects of its corporate governance, public disclosures and risk management, climate change, artificial intelligence and cybersecurity practices.

Properties: CNA’s principal executive offices are based in Chicago, Illinois. CNA’s subsidiaries maintain office space in various cities throughout the United States and various countries. CNA leases all of its office space.

8

Table of Contents

BOARDWALK PIPELINE PARTNERS, LP

Boardwalk Pipeline Partners, LP (together with its subsidiaries, “Boardwalk Pipelines”) is engaged in the business of transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (herein referred to together as “NGLs”). Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas. Boardwalk Pipelines accounted for 12.6%, 11.8% and 10.3% of our consolidated total revenue for the years ended December 31, 2025, 2024 and 2023.

A wholly owned subsidiary of ours, Boardwalk Pipelines Holding Corp. (“BPHC”) owns, directly and indirectly, 100% of the general partner and limited partnership interests of Boardwalk Pipelines.

Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities. Boardwalk Pipelines 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 NGLs pipelines and underground storage caverns having aggregate capacity of approximately 199.5 billion cubic feet (“Bcf”) of working natural gas and 31.2 million barrels (“MMBbls”) of NGLs. Boardwalk Pipelines’ integrated natural gas pipeline and storage systems are located in the Gulf Coast region, Oklahoma, Arkansas, Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGLs pipelines and storage facilities are located in Louisiana and Texas.

Boardwalk Pipelines’ principal natural gas and natural gas liquids businesses are described below:

Natural Gas

Boardwalk Pipelines’ natural gas business, which provides transportation, storage and parking and lending (“PAL”) services for natural gas customers, consists of integrated interstate and intrastate natural gas pipelines and storage facilities. Boardwalk Pipelines owns and operates approximately 13,420 miles of interconnected natural gas pipelines, directly serving customers in thirteen states and indirectly serving customers throughout the northeastern and southeastern U.S. through numerous interconnections with unaffiliated pipelines. In 2025, its natural gas pipeline systems transported approximately 3.9 trillion cubic feet of natural gas. Average daily throughput on Boardwalk Pipelines’ natural gas pipeline systems during 2025 was approximately 10.7 Bcf. Boardwalk Pipelines’ natural gas storage facilities are comprised of fourteen underground storage fields located in four states with aggregate working gas capacity of approximately 199.5 Bcf.

Following is a summary of the primary subsidiaries comprising Boardwalk Pipelines’ natural gas business:

The Gulf South Pipeline Company, LLC (“Gulf South”) pipeline system is located along the Gulf Coast in the states of Oklahoma, Texas, Louisiana, Mississippi, Alabama and Florida. Gulf South has ten natural gas storage facilities. The two natural gas storage facilities located in Louisiana and Mississippi have approximately 78.0 Bcf of working gas storage capacity and the eight salt dome natural gas storage caverns in Mississippi have approximately 46.0 Bcf of total storage capacity, of which approximately 29.6 Bcf is working gas capacity. Gulf South also owns undeveloped land which is suitable for up to five additional storage caverns. Gulf South is regulated by the FERC.

The Texas Gas Transmission, LLC (“Texas Gas”) pipeline system is a bi-directional pipeline, located in Louisiana, East Texas, Arkansas, Mississippi, Tennessee, Kentucky, Indiana and Ohio, with smaller diameter lines extending into Illinois. Texas Gas owns nine natural gas storage fields, of which it owns the majority of the working and base gas. Texas Gas is regulated by the FERC.

Boardwalk Pipelines has minor intrastate and natural gas pipeline assets in South Texas and Louisiana serving end-use, electric power generator and industrial customers. It also owns natural gas salt dome storage capacity in its Choctaw Hub in Louisiana.

9

Table of Contents

The following table provides information for Boardwalk Pipelines’ natural gas assets owned and operated as of December 31, 2025:

Assets			Miles of Pipeline						Average Daily Throughput (Bcf/d) (a)						Peak-day Delivery Capacity (Bcf/d)						Working Gas Storage Capacity (Bcf)
Gulf South			7,140						7.1						10.9						107.6
Texas Gas			6,000						3.4						6.4						84.3
Other Natural Gas			280						0.2												7.6

(a) Bcf per day (Bcf/d)

Natural Gas Liquids

Boardwalk Pipelines’ natural gas liquids business, which provides transportation and storage services for NGLs and supply services for ethane and brine customers, consists primarily of NGLs pipelines, salt dome storage facilities and brine infrastructure. Boardwalk Pipelines owns and operates approximately 855 miles of NGLs pipelines in Louisiana and Texas. In 2025, Boardwalk Pipelines’ natural gas liquids pipeline systems transported approximately 144.2 MMBbls of NGLs. Boardwalk Pipelines’ NGLs storage facilities consist of 11 salt dome caverns located in Louisiana with an aggregate storage capacity of approximately 31.2 MMBbls. Boardwalk Pipelines also owns ten salt dome caverns and related brine infrastructure located in Louisiana for use in providing brine supply services and to support the NGLs storage operations. Boardwalk Pipelines’ NGLs pipeline systems access the Gulf Coast petrochemical industry through operations at its Choctaw Hub in Louisiana and its Sulphur Hub in Louisiana. Boardwalk Pipelines accesses ethylene supplies in Texas, which it delivers to petrochemical-industry customers in Louisiana. Boardwalk Pipelines purchases ethane in Texas and Louisiana and utilizes its NGLs pipelines to supply ethane to customers in Texas and Louisiana. The majority of Boardwalk Pipelines’ natural gas liquids customers are industrial and petrochemical end-users.

Following is a summary of the primary subsidiaries comprising Boardwalk Pipelines’ natural gas liquids business:

Boardwalk Louisiana Midstream, LLC (“Louisiana Midstream”) provides transportation and storage services for NGLs, primarily ethylene, and brine supply services for producers and consumers of petrochemicals through two hubs in southern Louisiana. These assets have approximately 31.2 MMBbls of salt dome storage capacity, significant brine supply infrastructure, and approximately 300 miles of pipeline assets, including an extensive ethylene distribution system.

Louisiana Midstream’s Choctaw pipeline network is a common carrier pipeline system situated along the Mississippi River Corridor that serves chemical complexes throughout southeastern Louisiana and provides connectivity to producers and consumers of ethylene. Through interconnections with Boardwalk Petrochemical Pipeline, LLC’s (“Boardwalk Petrochemical”) Evangeline Pipeline and other third-party pipelines, the system links ethylene producers in Texas and the Lake Charles area to the Mississippi River Corridor. Louisiana Midstream also owns eight salt dome caverns and related brine infrastructure located at its Choctaw Hub for use in providing brine supply services and supporting its NGLs storage operations.

Louisiana Midstream’s Sulphur pipeline network is located near Lake Charles, Louisiana, and is connected to local ethylene producers and consumers and area refineries. At its Sulphur Hub, Louisiana Midstream owns and operates five active storage caverns, which are currently in ethylene, ethane and propane service.

Boardwalk Petrochemical owns and operates the Evangeline Pipeline, an approximately 180-mile bi-directional, common carrier, interstate ethylene pipeline that is capable of transporting approximately 4.8 billion pounds of ethylene per year between Texas and Louisiana, and interconnects with Louisiana Midstream’s ethylene distribution system and storage facilities at its Sulphur and Choctaw Hubs. The Evangeline Pipeline links ethylene producers and consumers from Texas to Louisiana.

Boardwalk Ethane Pipeline Company, LLC (“Bayou Ethane”) owns and operates the Bayou Ethane Pipeline, an approximately 375-mile pipeline system originating in Texas, that transports ethane to Southeast Texas and to Louisiana. The Bayou Ethane Pipeline provides common carrier, interstate and intrastate transportation services and interconnects with Louisiana Midstream’s storage facilities at its Sulphur and Choctaw Hubs. The Bayou Ethane Pipeline has the ability to deliver approximately 55.0 MMBbls of ethane per year. Bayou Ethane provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas.

10

Table of Contents

The following table provides information for Boardwalk Pipelines’ natural gas liquids assets owned and operated as of December 31, 2025:

Assets			Miles of Pipeline						Annual Throughput (MMBbls)												Liquids Storage Capacity (MMBbls)
Louisiana Midstream			300						60.8												31.2
Boardwalk Petrochemical			180						38.9
Bayou Ethane			375						44.5

Current Growth Projects

Boardwalk Pipelines regularly reviews opportunities to expand its existing facilities and footprint to meet growing demand for transportation and storage services. The recent growth of liquefied natural gas (“LNG”) export and power generation demand has led to the announcement of additional growth projects for Boardwalk Pipelines. Through the date of this filing, Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 Bcf/d and its storage working gas capacity by 10 Bcf at an expected aggregate cost of approximately $3.3 billion and are scheduled to be completed through 2030. As of December 31, 2025, Boardwalk Pipelines has spent $135 million on these growth projects. These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits and are subject to construction risk.

These projects have lengthy planning and construction periods and, as a result, will not contribute to Boardwalk Pipelines’ earnings and cash flows until they receive the required regulatory approvals and permits and are constructed and placed into service over the next several years. 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. Factors in the estimates include, among other things, those related to pipeline costs based on mileage, size and type of pipe, materials, including compressors and related equipment, land, engineering and construction costs and timely receipt of all necessary permits and approvals. Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates. 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. Refer to Item 1A. Risk Factors of this Report for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.

11

Table of Contents

Boardwalk Pipelines’ more significant growth projects are listed and described below:

			Expected in-service date			Expected incremental capacity added to system (Bcf/d)
Eunice - Iowa (a)			Third quarter 2026			0.1
Carnation Project (b)			Fourth quarter 2027			0.2
Northeast Texas Power Plant Project (c)			Fourth quarter 2027			0.3
Kosciusko Junction project (Kosci project) (c)			First half 2028			1.2
Ohio Power Plant Project (c)			First half 2028			0.3
Southeast Compression for Utility Reliability Expansion project (SECURE project) (c)			First half 2028			0.3
Parks Line Upgrade and Sorrento Station Project (PLUSS project) (d)			First half 2028			0.2
Texas Gateway Project (e)			Second half 2029			1.5
Petal Gas Storage Expansion (f)			Second half 2030			(f)

(a)			This project has received approval from FERC and is in construction.
(b)			This project remains subject to FERC approval and receipt of environmental permits and authorizations.
(c)			These projects remain subject to FERC approval, acquisition of land rights, and receipt of environmental permits and authorizations.
(d)			This project received FERC approval in December 2025 and is expected to start construction in the first half of 2026.
(e)			This project remains subject to FERC approval, acquisition of land rights, receipt of environmental permits and authorizations and other conditions precedent.
(f)			This project remains subject to FERC approval and is expected to add 10 Bcf of storage working gas capacity.

The Eunice – Iowa project is expected to increase the capacity of Boardwalk Pipelines’ pipeline system by the addition of compression facilities to the Lake Charles, Louisiana area and is supported by precedent and long-term firm transportation agreements to serve industrial and power markets.

The Carnation Project is expected to increase the capacity of Boardwalk Pipelines’ pipeline system in Hamilton County, Ohio, through the installation of a compressor unit and auxiliary equipment. This project is supported by a precedent agreement with an LDC and is expected to support regional energy needs.

The Northeast Texas Power Plant Project is expected to increase the delivery capacity of Boardwalk Pipelines’ pipeline system in Northeast Texas, through the construction of 16 miles of natural gas pipeline and a delivery meter connected to a power plant. The project is supported by a precedent agreement with a utility customer.

The Kosci project is expected to increase the capacity of Boardwalk Pipelines’ pipeline system through the addition of compression facilities, the installation of 110 miles of natural gas pipeline, and other system modifications. The capacity for this project is supported by precedent agreements with utility customers. This project is designed to connect supply from the Haynesville, Utica/Marcellus, and Fayetteville basins to markets in the southeast U.S. that are either tied into Boardwalk Pipelines’ existing pipeline systems or will be served through third-party pipeline interconnects.

The Ohio Power Plant Project is expected to increase the delivery capacity of Boardwalk Pipelines’ pipeline system in Hamilton County, Ohio, through the construction of seven miles of natural gas pipeline and a delivery meter connected to a power plant. The project is supported by a precedent agreement with a utility customer.

Boardwalk Pipelines executed two precedent agreements for the SECURE project, which is expected to provide additional transportation from west to east across its pipeline systems. This project is expected to increase the peak-day transmission capacity by increasing the horsepower at three existing compressor stations and constructing a new compressor station. This project supports growing energy demand and power generation needs.

12

Table of Contents

The PLUSS project is supported by precedent agreements to serve industrial and power markets in the Mississippi River corridor. As part of the project, Boardwalk Pipelines intends to add compression facilities, modify its pipelines and perform other system modifications on its pipeline systems.

The Texas Gateway Project is expected to increase the capacity of Boardwalk Pipelines’ pipeline system through the construction of approximately 155 miles of natural gas pipeline and the addition of compression facilities. This project is designed to connect supply from the Katy and Carthage, Texas, hubs for delivery to growing demand in Southwest Louisiana near Gillis and increase liquidity, supply security and flow assurance for LNG exporters, electric utilities, industrial users and natural gas producers.

The Petal Gas Storage Expansion project is supported by precedent agreements and is expected to increase the working gas storage capacity of Boardwalk Pipelines’ Petal storage field by drilling and constructing a new natural gas storage cavern in Forrest County, Mississippi.

In addition to growth projects for which Boardwalk Pipelines has executed precedent agreements, it regularly considers other potential growth projects at earlier stages of development, and is currently evaluating additional growth projects involving substantial capital commitments. Boardwalk Pipelines may from time to time make public disclosures regarding these potential projects, for instance, through announcements of open seasons for potential future capacity. In addition to the risks, uncertainties and contingencies described above regarding the growth projects for which Boardwalk Pipelines has executed precedent agreements, these potential growth projects at earlier stages of development are subject to a variety of additional risks and uncertainties as Boardwalk Pipelines has not reached final investment decisions or secured executed precedent agreements for them. Therefore, these potential growth projects at earlier stages of development may not be consummated as contemplated in any such public disclosures or at all.

Refer to Subsidiaries portion of the Liquidity and Capital Resources section of MD&A in Item 7 for further discussion of capital expenditures and financing.

Customers: Boardwalk Pipelines serves a broad mix of customers, including end-use customers, such as electric power generators, local distribution companies, industrial and petrochemical users and exporters of LNG. Boardwalk Pipelines also contracts with other customers, including producers and marketers of natural gas and interstate and intrastate pipelines, who, in turn, provide transportation and storage services for end-users. These customers are located throughout the Gulf Coast, Midwest and Northeast regions of the U.S. Boardwalk Pipelines’ natural gas delivery markets continue to diversify, with increased deliveries to end-use customers, whereas, historically its natural gas delivery markets were primarily to other pipelines who then delivered to end-use customers.

Governmental Regulation: The FERC regulates Boardwalk Pipelines’ interstate natural gas transmission operating subsidiaries under the Natural Gas Act of 1938 (“NGA”) and the Natural Gas Policy Act of 1978 (“NGPA”). 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. 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. 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. Key determinants in the FERC’s cost-based rate-making process are the costs of providing service, the volumes of gas being transported, the rate design, the allocation of costs between services, the capital structure and the rate of return a pipeline is permitted to earn. The maximum applicable rates that Boardwalk Pipelines may charge for storage services on Texas Gas, except for services associated with a portion of the working gas capacity on that system, are also established through the FERC’s cost-based rate-making process. The FERC has authorized Boardwalk Pipelines to charge market-based rates for its firm and interruptible storage services for the majority of its other natural gas storage facilities. None of Boardwalk Pipelines’ FERC-regulated entities currently have an obligation to file a new rate case.

Some of Boardwalk Pipelines’ other subsidiaries transport natural gas in intrastate commerce under the rules and regulations established by the Texas Railroad Commission and in interstate commerce that is subject to FERC jurisdiction under Section 311 of the NGPA. The maximum rates for services are established under Section 311 of the NGPA and are generally subject to review every five years by the FERC. The rates and terms of service on Boardwalk Pipelines’ interstate ethane transportation pipeline are also subject to regulation by the FERC under, among other statutes, the Interstate Commerce Act (“ICA”) and the Energy Policy Act of 1992.

13

Table of Contents

Over time, the FERC may change, amend or announce that it will undertake a review of its existing policies. There were no major policy changes announced by the FERC during 2025 that materially impacted Boardwalk Pipelines.

The FERC has authority to impose civil penalties for violations of the NGA and NGPA, and the implementing regulations thereunder, up to a maximum amount that is adjusted annually for inflation, which for 2026 is approximately $1.5 million per day per violation. Should Boardwalk Pipelines fail to comply with applicable statutes, rules, regulations and orders administered by the FERC, it could be subject to substantial penalties and fines, in addition to reputational damage.

The Surface Transportation Board (“STB”) regulates the rates Boardwalk Pipelines charges for interstate service on its ethylene pipeline systems. The Louisiana Public Service Commission (“LPSC”) regulates the rates Boardwalk Pipelines charges for intrastate service within the state of Louisiana on its petrochemical and NGLs pipelines. The STB and LPSC require that Boardwalk Pipelines’ transportation rates are reasonable and that its practices cannot unreasonably discriminate among its shippers.

Boardwalk Pipelines is also regulated by the U.S. Department of Transportation (“DOT”) through the Pipeline and Hazardous Materials Safety Administration (“PHMSA”) under the Natural Gas Pipeline Safety Act of 1968, as amended (“NGPSA”) and the Hazardous Liquids Pipeline Safety Act of 1979, as amended (“HLPSA”). The NGPSA and HLPSA govern the design, installation, testing, construction, operation, replacement and management of interstate natural gas and NGLs pipeline facilities. Boardwalk Pipelines has authority from PHMSA to operate certain natural gas pipeline assets under issued permits with specific conditions that allow it to operate those pipeline assets at higher than normal operating pressures of up to 0.80 of the pipeline’s Specified Minimum Yield Strength (“SMYS”). Operating at these pressures allows these pipelines to transport all the existing natural gas volumes Boardwalk Pipelines has contracted for on those facilities with its customers. PHMSA retains discretion whether to grant or maintain authority for Boardwalk Pipelines to operate its natural gas pipeline assets at higher pressures and, in the event that PHMSA should elect not to allow Boardwalk Pipelines to operate at these higher pressures, it could affect its ability to transport all of its contracted quantities of natural gas on these pipeline assets, and Boardwalk Pipelines could incur significant additional costs to reinstate this authority or to develop alternate ways to meet its contractual obligations. PHMSA’s regulations also require transportation pipeline operators to implement integrity management programs to comprehensively evaluate certain high-risk areas, known as high consequence areas (“HCAs”) and moderate consequence areas (“MCAs”), along pipelines and take additional safety measures to protect people and property in these areas. The HCAs for natural gas pipelines are predicated on high-population density areas (which, for natural gas transmission lines, include Class 3 and 4 areas and, depending on the potential impacts of a risk event, may include Class 1 and 2 areas) whereas HCAs along Boardwalk Pipelines’ NGLs pipelines are based on high-population density areas, areas near certain drinking water sources and unusually sensitive ecological areas.

Legislation has resulted in more stringent mandates for pipeline safety and has charged PHMSA with developing and adopting regulations that impose increased pipeline safety requirements on pipeline operators. In particular, the NGPSA and HLPSA were amended by the Pipeline Safety, Regulatory Certainty, and Job Creation Act of 2011 (“2011 Act”), the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act of 2016 (“2016 Act”) and, most recently, the Protecting Our Infrastructure of Pipelines and Enhancing Safety Act of 2020 (“2020 Act”), each of which imposed increased pipeline safety obligations on pipeline operators. The 2011 Act increased the penalties for safety violations, established additional safety requirements for newly constructed pipelines and required studies of safety issues that could result in the adoption of new regulatory requirements by PHMSA for existing pipelines. The 2016 Act, among other things, required PHMSA to complete its outstanding mandates under the 2011 Act and develop new safety standards for natural gas storage facilities. The 2020 Act reauthorized PHMSA through fiscal year 2023 and directed the agency to move forward with several regulatory initiatives, including obligating operators of non-rural gas gathering lines and new and existing transmission and distribution pipeline facilities to conduct certain leak detection and repair programs and to require facility inspection and maintenance plans to align with those requirements.

As a result of the 2011 Act, the 2016 Act and the 2020 Act, PHMSA has issued a series of significant rulemakings for onshore gas transmission pipelines (e.g., relating to maximum allowable operating pressure (“MAOP”) reconfirmation and exceedance reporting, the integrity assessment of additional pipeline mileage and the consideration of seismicity as a risk factor in integrity management), and hazardous liquid transmission and gathering pipelines (e.g., expanding the reach of certain of PHMSA’s integrity management requirements, requiring the accommodation of in-line inspection tools by 2039 for certain pipelines, increasing annual, accident and safety-related conditional reporting requirements, and expanding the use of leak detection systems beyond HCAs). PHMSA also regulates the minimum safety requirements applicable to natural gas storage facilities, including wells, wellbore tubing and casing. In August 2022, PHMSA published a final rule that attempted to expand the Management of Change process, corrosion control requirements for gas transmission pipelines, requirements that operators ensure no conditions exist following an extreme weather event that could adversely affect the safe operation of the pipeline and repair criteria for non-HCAs. Five safety standards included in that rule were challenged by industry trade groups, and in August 2024, the U.S. Court of Appeals for the D.C. Circuit struck down four of the five

14

Table of Contents

challenged safety standards. These and any future regulations adopted by PHMSA have imposed and may impose more stringent requirements applicable to integrity management programs and other pipeline safety aspects of Boardwalk Pipelines operations, which could cause it to incur increased capital and operating costs and operational delays.

The Department of Homeland Security’s Transportation Safety Administration (“TSA”) has issued a series of security directives between 2022 and 2025 applicable to major pipeline owners and operators intended to strengthen the industry’s overall cybersecurity posture in light of the evolving threat landscape and its potential impacts to U.S. critical infrastructure. The security directives require, among other things, that pipeline owners and operators designate a cybersecurity coordinator, establish and implement a Cybersecurity Implementation Plan; develop, maintain and test no less than annually through tabletop exercises a Cybersecurity Incident Response Plan; and establish a Cybersecurity Assessment Plan (“CAP”) including a schedule for assessing and auditing the CAP. The directives also contain requirements for reporting cybersecurity incidents and the results of certain assessments and audits. Boardwalk Pipelines has implemented tools, policies and practices designed to comply with the security directives. Other regulators, such as PHMSA and the Securities and Exchange Commission (“SEC”), have also established requirements for reporting certain cybersecurity incidents.

Boardwalk Pipelines’ operations are also subject to extensive federal, state, and local laws and regulations relating to the protection of the environment and occupational health and safety. Such laws and regulations impose, among other things, restrictions, liabilities and obligations in connection with the generation, handling, use, storage, transportation, treatment and disposal of various substances including hazardous substances and waste and in connection with spills, releases, discharges and emissions of various substances into the environment. Environmental regulations also require that Boardwalk Pipelines’ facilities, sites and other properties be operated, maintained, abandoned and reclaimed to the satisfaction of applicable regulatory authorities. Occupational health and safety regulations establish standards protective of workers, both generally and within the pipeline industry.

Many state and local governments where Boardwalk Pipelines operates also have, or are developing, similar environmental or occupational health and safety legal requirements governing many of the same types of activities, and those requirements can be more stringent than those adopted under federal laws and regulations. Failure to comply with these federal, state and local laws and regulations may result in the assessment of administrative, civil and criminal penalties, the imposition of corrective or remedial obligations, the incurrence of capital expenditures, the occurrence of delays, denials or cancellations in permitting or the development or expansion of projects and the issuance of orders enjoining performance of some or all of Boardwalk Pipelines’ operations in the affected areas.

While the Biden Administration attempted to pursue additional actions to bolster environmental regulations, the Trump Administration has revised or rescinded many of these changes. For example, in January 2023, the White House’s Council on Environmental Quality (“CEQ”) released guidance to assist federal agencies in assessing the GHG emissions and climate change effects of their proposed actions under the National Environmental Policy Act (“NEPA”). In May 2024, the CEQ published a final rule revising the implementing regulations of the procedural provisions of NEPA and implementing amendments to NEPA included in the Fiscal Responsibility Act of 2023. However, in November 2024, the U.S. Court of Appeals for the D.C. Circuit held that the CEQ lacks authority to issue NEPA regulations, and pursuant to an energy-related Executive Order signed by President Trump in January 2025, in February 2025, the CEQ published an interim final rule rescinding its regulations implementing NEPA. Many federal agencies have updated or begun the process of preparing their own new or updated NEPA-implementing rules and procedures. In May 2025, the CEQ withdrew its interim guidance on considering GHG emissions and climate change under NEPA. In September 2025, the CEQ issued updated guidance and an updated template for NEPA implementation procedures to provide clarity to federal agencies and promote consistency in NEPA implementation. Notwithstanding this, the impact of changes to NEPA regulations and procedures remains uncertain. While Boardwalk Pipelines cannot predict the full impact of these continued developments, any legal challenges to NEPA reviews performed in connection with its projects may result in further permitting and approval delays. For more information, see Item 1A. Risk Factors of this Report.

Stricter environmental or worker safety laws, regulations or enforcement policies could significantly increase Boardwalk Pipelines’ operational or compliance costs and compliance with new or more stringent environmental legal requirements could delay or prohibit its ability to obtain permits for operations or require Boardwalk Pipelines to install additional pollution control equipment. For instance, the construction or expansion of pipelines often requires authorizations under the Clean Water Act, which authorizations may be subject to challenge. Boardwalk Pipelines relies on the U.S. Army Corps of Engineers (“the Corps”) Clean Water Act Section 404 Nationwide Permit (“NWP”) 12, alongside other NWPs, as blanket authority for construction, maintenance, repair and removal of pipelines. The NWP process relies upon the Clean Water Act Section 401 certification process. In September 2023, the Environmental Protection Agency (“EPA”) finalized its Clean Water Act Section 401 Water Quality Certification Improvement Rule, effective in November 2023, which expanded the scope of certification authority. In September 2023, several states challenged the final rule in federal court alleging that the rule exceeds the EPA’s statutory authority under the Clean Water Act, and the litigation has been held in abeyance pending the administration’s review of the rule and litigation. In January 2026, the EPA proposed a rule revising its regulations

15

Table of Contents

governing Section 401 Water Quality Certifications. The proposed rule seeks to streamline the permitting process, restrict the ability of state and tribal certifying authorities to reject federal permits, and ensure such reviews are completed within the one-year statutory deadline. A final rule is expected in Spring 2026. However, opponents of the January 2026 proposed rule are pushing back on these efforts, including the EPA’s efforts to narrow the scope of state authority. If NWP 12, or the underlying Section 401 certification process, is further amended or revoked, Boardwalk Pipelines may be required to apply for one or more Individual Permits, which would require additional time and resources to obtain. Additionally, there continues to be uncertainty with respect to the federal government’s jurisdictional reach under the Clean Water Act over “waters of the United States” (“WOTUS”), including wetlands, as the EPA and the Corps have pursued multiple rulemakings under different administrations since 2015 in an attempt to determine the scope of such reach. In September 2023, the EPA issued a version of the WOTUS rule that, due to injunctions in certain states, is currently in effect in only 24 states. Thus, the operative definition of WOTUS varies by state. However, in November 2025, the EPA and the Corps proposed a rule to further update and narrow the September 2023 definition of WOTUS, guided by the Supreme Court’s decision in Sackett v. EPA (adopting the “continuous surface connection” test to determine if wetlands are WOTUS). To the extent any judicial ruling or administrative rulemaking or other action further changes the scope of the Clean Water Act’s jurisdiction, Boardwalk Pipelines could face increased costs to comply and experience delays with respect to obtaining permits. For more information, see Item 1A. Risk Factors of this Report.

Historically, Boardwalk Pipelines’ environmental compliance costs have not had a material adverse effect on its business, but there can be no assurance that future compliance with existing requirements will not materially affect Boardwalk Pipelines, or that the current regulatory standards will not become more onerous in the future, resulting in more significant costs to maintain compliance and increased exposure to significant liabilities.

Climate Change: Climate change continues to attract considerable public, governmental and scientific attention. As a result, numerous proposals have been made and are likely to continue to be made at the international, national, regional, state and local levels of government to monitor and limit emissions of GHGs. These efforts have included consideration of cap-and-trade programs, carbon taxes and GHG reporting and tracking programs, and regulations that directly limit GHG emissions from certain sources. Due to the nature of Boardwalk Pipelines’ business, its operations emit various types of GHGs. Boardwalk Pipelines seeks to carefully monitor its emissions and expects to incur additional costs to mitigate emissions. New legislation or regulations could increase the costs related to operating and maintaining its facilities. Depending on the particular law, regulation or program, Boardwalk Pipelines could be required to incur capital expenditures for installing new monitoring equipment or emission controls on its facilities, acquire and surrender allowances for GHG emissions, pay taxes or fees related to GHG emissions and/or administer and manage a more comprehensive GHG emissions program. While Boardwalk Pipelines may be able to include some or all of the increased costs in the rates charged by its pipelines, recovery of costs is not certain and would require the FERC’s approval of a rate mechanism designed to recover those costs.

Boardwalk Pipelines recognizes that relative to certain other fossil fuels, natural gas has an important role in reducing GHG emissions and may act as a bridge to scaling up renewable energy or other alternative energy sources in the U.S. While Boardwalk Pipelines is seeking to reduce its GHG emissions, it cannot predict all risks that may be associated with climate change or other sustainability matters. For more information, see Boardwalk Pipelines’ risk factor titled “Boardwalk Pipelines’ operations, and those of Boardwalk Pipelines’ customers, are subject to a series of risks regarding climate change” under Item 1A.

Properties: Boardwalk Pipelines is headquartered in leased office space located in Houston, Texas. Boardwalk Pipelines also leases office space in Owensboro, Kentucky. Boardwalk Pipelines’ operating subsidiaries own their respective pipeline systems in fee. However, substantial portions of these systems are constructed and maintained on property owned by others pursuant to rights-of-way, easements, permits, licenses or consents.

16

Table of Contents

LOEWS HOTELS HOLDING CORPORATION

Loews Hotels Holding Corporation (together with its subsidiaries, “Loews Hotels & Co”) operates a chain of 27 hotels. 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. Loews Hotels & Co’s earnings are derived from the operation of its owned hotels, its share of earnings in joint venture hotels and hotel management fees earned from its joint venture and managed hotels. Loews Hotels & Co accounted for 5.1%, 5.3% and 5.4% of our consolidated total revenue for the years ended December 31, 2025, 2024 and 2023. The hotels are described below.

			Number of
Name and Location			Rooms
Owned:
Live! by Loews, Arlington, Texas			300
Loews Arlington Hotel and Convention Center, Arlington, Texas			888
Loews Chicago Hotel, Chicago, Illinois			400
Loews Chicago O’Hare Hotel, Chicago, Illinois			556
Loews Coronado Bay Resort, Coronado, California			440
Loews Kansas City Hotel, Kansas City, Missouri			800
Loews Miami Beach Hotel, Miami Beach, Florida			790
Loews Philadelphia Hotel, Philadelphia, Pennsylvania			581
Loews Regency New York Hotel, New York, New York			379
Loews Nashville Hotel at Vanderbilt Plaza, Nashville, Tennessee			339
Loews Ventana Canyon Resort, Tucson, Arizona			398
Joint Venture:
Hard Rock Hotel at Universal Orlando, Orlando, Florida			650
Live! by Loews, St. Louis, Missouri			216
Loews Atlanta Hotel, Atlanta, Georgia			414
Loews Coral Gables Hotel, Coral Gables, Florida			242
Loews Hollywood Hotel, Hollywood, California			628
Loews Portofino Bay Hotel at Universal Orlando, Orlando, Florida			750
Loews Royal Pacific Resort at Universal Orlando, Orlando, Florida			1,000
Loews Sapphire Falls Resort at Universal Orlando, Orlando, Florida			1,000
Universal Aventura Hotel, Orlando, Florida			600
Universal Cabana Bay Beach Resort, Orlando, Florida			2,200
Universal Endless Summer Resort – Dockside Inn and Suites, Orlando, Florida			2,050
Universal Endless Summer Resort – Surfside Inn and Suites, Orlando, Florida			750
Universal Helios Grand Hotel, a Loews Hotel, Orlando, Florida			500
Universal Stella Nova Resort, Orlando, Florida			750
Universal Terra Luna Resort, Orlando, Florida			750
Managed:
Loews New Orleans Hotel, New Orleans, Louisiana			285

Note:    Five owned hotels and eleven joint venture hotels are subject to land leases.

17

Table of Contents

Recent Developments and Growth Projects:

•In 2025, the management agreement ended for Bisha Hotel and Residences located in Toronto, Canada;

•In 2025, Live! by Loews, Arlington and the Loews Ventana Canyon Resort became wholly owned hotel properties, as Loews Hotels & Co acquired the remaining noncontrolling interests in these properties;

•In 2025, Universal Stella Nova Resort, a 750 guestroom hotel, Universal Terra Luna Resort, a 750 guestroom hotel, and Universal Helios Grand Hotel, a Loews Hotel, a 500 guestroom hotel, opened at Universal Orlando. As with Loews Hotels & Co’s other properties at Universal Orlando, Loews Hotels & Co serves as manager and has a noncontrolling joint venture equity interest in these hotels; and

•In 2026, Loews Hotels & Co expects to begin the replacement of the existing Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas. Loews Hotels & Co wholly owns the Arlington Sheraton Hotel but did not manage the hotel as Loews Hotels & Co leased the hotel to an unrelated third party. The new hotel, which Loews Hotels & Co will wholly own and manage, is expected to be completed in 2029, and is planned to be an approximately 500 guestroom hotel with more than 83,000 square feet of total indoor and outdoor function space.

Properties: Loews Hotels & Co’s principal executive offices are based in New York City, New York and it has a shared service center outside of Nashville, Tennessee. Loews Hotels & Co leases the office space in both of these locations.

ALTIUM PACKAGING LLC

Altium Packaging is a packaging solutions provider and manufacturer in North America. The business specializes in customized mid- and short-run packaging solutions, serving a diverse customer base in the pharmaceutical, dairy, household chemicals, food/nutraceuticals, industrial/specialty chemicals, water and beverage/juice industries. Altium Packaging develops, manufactures and markets a wide range of extrusion blow-molded and injection molded plastic containers. In addition, Altium Packaging manufactures commodity and differentiated plastic resins from recycled plastic materials. Altium Packaging sells its products throughout North America and its customers include a diverse customer base of many nationally recognized branded food, beverage, consumer products and pharmaceutical companies.

HUMAN CAPITAL

Including our consolidated subsidiaries, we employed approximately 13,100 persons at December 31, 2025. CNA employed approximately 6,600 persons. Boardwalk Pipelines employed approximately 1,300 persons, approximately 100 of whom were covered under collective bargaining agreements. Loews Hotels & Co employed approximately 5,100 persons, approximately 860 of whom were covered under collective bargaining agreements. We and our consolidated subsidiaries believe we have satisfactory labor relations. Separately, unconsolidated entities employ approximately 6,700 persons at properties managed by Loews Hotels & Co and approximately 4,000 persons at Altium Packaging.

We and our subsidiaries understand that seeking to hire qualified people and cultivate an engaging workplace is critical to our businesses’ long-term strategic success. Each of us has programs in place that are designed to help employees build their knowledge, skills and experience, as well as to guide their career development. We believe that by employing individuals with different backgrounds and experiences, we can better meet the diverse needs of our stakeholders.

We and our subsidiaries offer compensation and benefits packages that we believe are appropriate to each of our businesses. These packages may include 401k and other retirement plans, healthcare and insurance benefits, health savings and flexible spending accounts, paid time off and family assistance programs, including paid family leave. We and CNA also offer stock-based compensation to certain management and other senior personnel as a way to align their interests with shareholders and attract and retain key talent.

18

Table of Contents

INFORMATION ABOUT OUR EXECUTIVE OFFICERS

									First
									Became
Name			Position and Offices Held			Age			Executive Officer
Marc A. Alpert			Senior Vice President, General Counsel and Secretary			63			2016
David E. Czerniecki			Senior Vice President and Chief Investment Officer			61			2025
Kenneth I. Siegel			Senior Vice President			69			2009
Alexander H. Tisch			Vice President, Loews Corporation; President and Chief Executive Officer, Loews Hotels & Co			47			2023
Benjamin J. Tisch			President and Chief Executive Officer			43			2022
Jane J. Wang			Senior Vice President and Chief Financial Officer			44			2022

Both Marc A. Alpert and Kenneth I. Siegel have served in their current roles at Loews Corporation for at least the past five years.

Prior to assuming his current role in September of 2025, Mr. Czerniecki served as Chief Investment Officer of Nassau Financial Group for more than five years.

Alexander H. Tisch has served as Vice President, Loews Corporation, since 2014. He has also served as President of Loews Hotels & Co from September 2020 until December 2022, and in his current role at Loews Hotels & Co since January 2023.

Benjamin J. Tisch served as a Vice President of Loews Corporation from 2014 until May 2022, as Senior Vice President, Corporate Development and Strategy of Loews Corporation from May 2022 until December 2024 and in his current role since January 2025.

Jane J. Wang served as a Vice President of Loews Corporation from 2014 until assuming her current role in May 2022.

Benjamin J. Tisch is the son of James S. Tisch, Chairman of our Board, and the cousin of Alexander H. Tisch. Alexander H. Tisch is the nephew of James S. Tisch. None of our other executive officers or directors are related to any other. However, Andrew H. Tisch, a former director and current director emeritus, is the father of Alexander H. Tisch and the brother of James S. Tisch, and Jonathan M. Tisch, a former director and current director emeritus, is the cousin of Andrew H. Tisch and James S. Tisch.

Officers are elected annually and hold office until their successors are elected and qualified, and are subject to removal by the Board of Directors.

AVAILABLE INFORMATION

Our website address is www.loews.com. We make available, free of charge, through our website our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports, filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, as soon as reasonably practicable after these reports are electronically filed with or furnished to the SEC. Copies of our Code of Business Conduct and Ethics, Corporate Governance Guidelines, Audit Committee charter, Compensation Committee charter and Nominating and Governance Committee charter are also available on our website. Information on or accessible through our website is not incorporated by reference into this Report. This Annual Report on Form 10-K and our other SEC filings are also accessible through the SEC’s website at www.sec.gov.

Item 1A. Risk Factors.

Our business and the businesses of our subsidiaries face many risks and uncertainties. These risks and uncertainties could lead to events or circumstances that have a material adverse effect on our business, results of operations, cash flows, financial condition and/or equity and/or the business, results of operations, cash flows, financial condition, and/or equity of one or more of our subsidiaries. We have described below the material risks facing us and our subsidiaries. There may be

19

Table of Contents

additional risks that we do not yet know of or that we do not currently perceive to be material that may also materially adversely impact our business or the businesses of one or more of our subsidiaries.

You should carefully consider and evaluate all of the information included in this Report and any subsequent reports we may file with the SEC and the information we make available to the public before investing in any securities issued by us. Our subsidiaries, CNA Financial Corporation and Boardwalk Pipeline Partners, LP, also file reports with the SEC. You are also cautioned to carefully review and consider the information contained in the reports filed by those subsidiaries with the SEC and the information they make available to the public before investing in any of their securities.

Risks Related to Us and Our Subsidiary, CNA

If CNA determines that its recorded insurance reserves are insufficient to cover its estimated ultimate unpaid liability for claim and claim adjustment expenses, CNA may need to increase its insurance reserves which would result in a charge to CNA’s earnings.

CNA maintains insurance reserves to cover its estimated ultimate unpaid liability for claim and claim adjustment expenses, including the estimated cost of the claims adjudication process, for reported and unreported claims. Insurance reserves are not an exact calculation of liability but instead are complex management estimates developed utilizing a variety of actuarial reserve estimation techniques as of a given reporting date. The reserve estimation process involves a high degree of judgment and variability and is subject to a number of factors which are highly uncertain. These factors can be affected by both changes in internal processes and external events. Key variables include frequency of claims, claim severity, mortality, morbidity, discount rates, economic, social and medical inflation, claim handling policies and procedures, case reserving approach, underwriting and pricing policies, changes in the legal and regulatory environment and the lag time between the occurrence of an insured event and the time of its ultimate settlement. Mortality is the relative incidence of death. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted.

There is generally a higher degree of variability in estimating required reserves for long-tail coverages, such as long-term care, workers’ compensation, general liability and professional liability, as they require a relatively longer period of time for claims to be reported and settled. The impact of changes in economic and social inflation, and medical costs are also more pronounced for long-tail coverages due to the longer settlement period. Certain risks and uncertainties associated with CNA’s insurance reserves are outlined in the Insurance Reserves and Critical Accounting Estimates sections of MD&A in Item 7.

CNA is subject to the uncertain effects of emerging and potential claims and coverage issues that arise as industry practices and legal, judicial, social, economic, geopolitical and other environmental conditions change. The impact of social inflation continues to be significant, and the trajectory of its future impact remains uncertain. In addition, passage of reviver statutes that extend, or eliminate, the statute of limitations for the reporting of claims, including statutes passed in certain states with respect to sexual molestation and sexual abuse, increase the uncertainty of the frequency of claims, and the impact of social inflation has, and may continue to, increase the severity of these claims. Further, broader economic and geopolitical conditions, including the imposition of significant tariffs by the U.S., as well as any related retaliatory tariffs, may result in considerable increases in certain costs that would increase loss costs. These issues have had, and may continue to have, a negative effect on CNA’s business, results of operations and financial condition by either extending coverage beyond the original underwriting intent or by increasing the number or size of claims, resulting in further increases in CNA’s reserves. The effects of unforeseen emerging or potential claim and coverage issues are extremely difficult to predict and may be material.

In light of the many uncertainties associated with establishing the estimates and making the judgments necessary to establish reserve levels, CNA continually reviews and changes its reserve estimates in a regular and ongoing process as experience develops from the actual reporting and settlement of claims and as the legal, regulatory and economic environment evolves. When CNA’s recorded reserves are insufficient for any reason, the required increase in reserves is recorded as a charge against its earnings in the period in which reserves are determined to be insufficient. These charges have been and in the future could be substantial.

CNA’s actual experience could vary from the key assumptions used to determine future policy benefit reserves for long-term care policies.

CNA’s future policy benefit reserves for long-term care policies are based on CNA’s best estimate actuarial assumptions, which are assessed quarterly and updated at least annually. Key actuarial assumptions include morbidity, persistency, premium rate actions and expenses. The adequacy of the reserves is contingent upon actual experience and CNA’s future expectations related to these key assumptions. If actual or expected future experience differs from these assumptions, the reserves may not be adequate, requiring CNA to increase reserves. The required increase in reserves is recorded as a charge

20

Table of Contents

against its earnings in the period in which reserves are determined to be insufficient. These charges have been and in the future could be substantial. The reserves are discounted using upper-medium grade fixed income instrument yields as of each reporting date. Discount rates are subject to interest rate and market volatility. See the Life & Group Policyholder Reserves portion of the Insurance Reserves section of MD&A in Item 7 for more information.

Morbidity and persistency experience can be volatile and may be negatively affected by many factors including policyholder behavior, judicial decisions regarding policy terms, socioeconomic factors, cost of care inflation, changes in health trends and advances in medical care.

A prolonged period during which investment returns remain at low levels could result in shortfalls in investment income on assets supporting CNA’s obligations under long-term care policies. This risk may be more significant for CNA’s long-term care products when the long potential duration of the policy obligations exceeds the duration of the supporting investment assets. In addition, CNA may not receive regulatory approval for the level of premium rate increases it requests. Any adverse deviation between the level of premium rate actions approved and the level included in CNA’s reserving assumptions may require an increase to its reserves. Further, and as noted in the previous risk factor, the increasingly adverse impact of social inflation, particularly with respect to legal activity and judicial decisions, may impact CNA’s long-term care portfolio and reserves.

CNA is vulnerable to material losses from natural and man-made disasters.

Catastrophe losses are an inevitable part of CNA’s business. Various events can cause catastrophe losses. These events can be natural or man-made, and may include hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires, floods, riots, strikes, civil unrest, cyber-attacks, pandemics and acts of terrorism. The frequency and severity of these catastrophe events are inherently unpredictable. Exposure to cyber risk is increasing systematically due to greater digital dependence, which increases the potential for, and the potential losses due to, a catastrophic cyber event. Catastrophic cyber-attack scenarios are not bound by time or geographic limitations and cyber-related catastrophic perils do not have well-established definitions or fundamental physical properties. In addition, longer-term natural catastrophe trends may be changing and new types of, and heightened, catastrophe losses may be developing due to climate change, its associated extreme weather events linked to rising temperatures and its effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, rain, drought, hail and snow. Climate studies by government agencies, academic institutions, catastrophe modeling organizations and other groups indicate that climate change may be altering the frequency and/or severity of catastrophic weather events, such as hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires and floods.

The extent of CNA’s losses from catastrophes is a function of the total amount of its insured exposures in the affected areas, the frequency and severity of the events themselves, the level of CNA’s reinsurance coverage, reinsurance reinstatement premiums and state residual market assessments, if any. It can take a long time for the ultimate cost of any catastrophe losses to CNA to be finally determined, as a multitude of factors contribute to such costs, including evaluation of general liability and pollution exposures, infrastructure disruption, business interruption and reinsurance collectability. Further, significant catastrophic events or a series of catastrophic events have the potential to impose financial stress on the reinsurance industry, which could impact CNA’s ability to collect amounts owed to CNA by reinsurers, thereby resulting in higher net incurred losses.

Reinsurance coverage for “unconventional” terrorism events (such as nuclear, biological, chemical or radiological attacks) is provided only in limited circumstances. CNA’s principal reinsurance protection against these large-scale terrorist attacks is the coverage currently provided through the Terrorism Risk Insurance Program Reauthorization Act of 2019 (“TRIPRA”) through December 31, 2027. However, such coverage is subject to a mandatory deductible and other limitations. It is also possible that future legislation could change or eliminate the program, which could adversely affect CNA’s business by increasing its exposure to terrorism losses, or by lowering its business volume through efforts to avoid that exposure. For a further discussion of TRIPRA, see Part II, Item 7, MD&A - Catastrophes and Related Reinsurance.

As a result of the items discussed above, catastrophe losses are particularly difficult to estimate, could cause CNA to exhaust its available reinsurance limits, could lead to large losses and could adversely affect the cost and availability of reinsurance. Accordingly, catastrophic events could have a material adverse effect on CNA’s business, results of operations, financial condition and liquidity.

CNA has exposure related to A&EP claims, which could result in material losses.

CNA’s property and casualty insurance subsidiaries have exposures related to A&EP claims. CNA’s experience has been that establishing claim and claim adjustment expense reserves for casualty coverages relating to A&EP claims is subject to uncertainties that are greater than those presented by more traditional property and casualty claims. Additionally,

21

Table of Contents

traditional actuarial methods and techniques employed to estimate the ultimate cost of claims for more traditional property and casualty exposures are less precise in estimating claim and claim adjustment expense reserves for A&EP. As a result, estimating the ultimate cost of both reported and unreported A&EP claims is subject to a higher degree of variability. On August 31, 2010, CNA completed a retroactive reinsurance transaction under which substantially all of its legacy A&EP liabilities were ceded to National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., subject to an aggregate limit of $4.0 billion (“loss portfolio transfer” or “LPT”). The cumulative amount ceded under the loss portfolio transfer as of December 31, 2025 was $3.9 billion. If the other parties to the loss portfolio transfer do not fully perform their obligations, net losses incurred on A&EP claims covered by the loss portfolio transfer exceed the aggregate limit of $4.0 billion or CNA determines it has exposures to A&EP claims not covered by the loss portfolio transfer, CNA may need to increase its recorded net reserves which would result in a charge against earnings. These charges could be substantial. Additionally, if the A&EP claims exceed the limit of the loss portfolio transfer, CNA will need to assess whether to purchase additional limit or to reassume claim handling responsibility for A&EP claims from an affiliate of NICO. Any additional reinsurance premium or future claim handling costs would also reduce CNA’s earnings.

CNA is exposed to, and may face adverse developments related to, mass tort claims that could arise from, among other things, its insureds’ sale or use of potentially harmful products or substances, claims of sexual abuse and molestation against CNA’s insureds and changes to the social and legal environment, such as those related to abuse reviver statutes, issues related to altered interpretation of coverage and other new and emerging claim theories.

CNA faces potential exposure to various types of existing, new and emerging mass tort claims including, those related to exposure to potentially harmful products or substances, such as glyphosate, lead paint, per- and polyfluoroalkyl substances (“PFAS”) and opioids; sexual abuse and molestation claims, claims arising from changes that expand the right to sue, remove limitations on recovery, extend the statutes of limitations or otherwise repeal or weaken tort reforms, such as those related to abuse reviver statutes; and claims related to new and emerging theories of liability, such as those related to global warming and climate change. Evolving judicial interpretations, increased participation by plaintiff’s lawyers in insurance claims, rising litigation activity, higher monetary verdicts, abusive litigation practices, the growth of third-party litigation financing and new legislation regarding the application of various tort theories and defenses, including application of various theories of joint and several liability, as well as the application of insurance coverage to these claims, give rise to new and potentially more severe claim activity. For example, CNA has recorded, and may continue to record, increases in its mass tort reserves, driven substantially by abuse reviver statutes that have resulted in increased claims. Similar and continuing mass tort claim activity, including activity based on changing judicial interpretations and recent and proposed legislation could have a material adverse effect on CNA’s business, results of operations and financial condition.

CNA faces intense competition in its industry; it may be adversely affected by the cyclical nature of the property and casualty business and by the evolving landscape of its distribution network.

All aspects of the insurance industry are highly competitive and CNA must continuously allocate resources to refine and improve its insurance products and services to remain competitive. CNA competes with a large number of stock and mutual insurance companies and other entities, some of which may be larger or have greater financial or other resources than CNA does, for both distributors and customers. This includes agents, brokers and managing general underwriters who may increasingly compete with CNA, including as a result of markets continuing to provide them with direct access to providers of capital seeking exposure to insurance risk. Insurers compete on the basis of many factors, including products, price, services, ratings and financial strength. 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.

In addition, the property and casualty market is cyclical and has experienced periods characterized by relatively high levels of price competition, resulting in less restrictive underwriting standards and relatively low premium rates, followed by periods of relatively lower levels of competition, more selective underwriting standards and relatively high premium rates. CNA may lose business to competitors offering competitive insurance products at lower prices. As a result, CNA’s premium levels and expense ratio could be materially adversely impacted.

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. Any change in CNA’s relationships with its distribution network agents, brokers or managing general underwriters, including as a result of consolidation or their increased promotion and distribution of CNA’s competitors’ or their own products, could adversely affect CNA’s ability to sell its products. As a result, CNA’s business volume and results of operations could be materially adversely impacted.

22

Table of Contents

CNA’s underwriting strategies currently rely on the effectiveness of reinsurance arrangements and CNA accordingly faces risks relating to reinsurance, including obtaining reinsurance at a cost or on terms and conditions it deems acceptable, reinsurance counterparty risk and ineffective reinsurance coverage.

A primary reason CNA purchases reinsurance is to manage its exposure to risk, thereby facilitating its underwriting strategies in certain key areas. Under CNA’s ceded reinsurance arrangements, a reinsurer assumes a specified portion of its exposure in exchange for a specified portion of policy premiums. The availability and cost of the reinsurance protection CNA purchases, which affects the volatility and profitability of its business, as well as the level and types of risk CNA retains, is determined by many factors, including general economic conditions and conditions in the reinsurance market, such as the occurrence of significant reinsured events or unexpected adverse trends, including those associated with climate change. If CNA is unable to obtain sufficient reinsurance at a cost or on terms and conditions it deems acceptable, CNA’s risk exposure will not be mitigated to the degree desired or it may forego such increased risk, thereby adversely impacting its underwriting strategies. In addition, use of reinsurance exposes CNA to credit risk of the reinsurers, as the reinsurance arrangements do not relieve it of the liability to the customer. If a reinsurer is unable to meet its financial obligations under a reinsurance arrangement, CNA will remain obligated under the original policies issued to its customers. Furthermore, while CNA uses various risk management methods, including the use of reinsurance, to effectively manage risk, there is the possibility that one or more natural catastrophes and/or terrorism or other events could result in claims substantially exceeding expectations, thereby making the reinsurance strategy significantly less effective. Such reinsurance-related risks could have a material adverse effect on CNA’s business, results of operations and financial condition and adversely affect its underwriting strategies in certain lines of business.

CNA may be adversely affected by technological changes or disruptions in the insurance marketplace.

Technological changes in the way insurance transactions are completed in the marketplace, and CNA’s ability to react effectively to such change, may present significant competitive risks. For example, more insurers are utilizing or may begin utilizing “big data” analytics or artificial intelligence (“AI”) to make underwriting or other decisions that impact product design and pricing. If such utilization by CNA’s industry peers is more effective than how it uses its data and information, including through its own use of AI, CNA will be at a competitive disadvantage. There can be no assurance that CNA will continue to compete effectively with its industry peers due to technological changes; accordingly this may have a material adverse effect on CNA’s business, results of operations and financial condition.

In addition, agents and brokers, technology companies or other third parties may create alternate distribution channels for commercial business that may adversely impact product differentiation and pricing. For example, they may create a digitally enabled distribution channel that may adversely impact CNA’s competitive position. CNA’s efforts or the efforts of agents and brokers with respect to new products or alternate distribution channels, as well as changes in the way agents and brokers utilize greater levels of data and technology, including AI, could adversely impact CNA’s business relationships with independent agents and brokers who currently market its products, resulting in a lower volume and/or profitability of business generated from these sources.

Further, CNA’s business could be affected as its policyholders adopt AI technologies. Policyholder use of AI could introduce novel exposures that may result in new or increased claims. Widespread adoption of AI could fundamentally disrupt entire industries, which could impact the demand for certain products.

CNA may incur significant realized and unrealized investment losses and volatility in net investment income arising from changes in the financial markets.

CNA’s investment portfolio is exposed to various risks, such as interest rate, credit spread, issuer default, equity prices and foreign currency, which are unpredictable. Financial markets are highly sensitive to changes in economic conditions, monetary policies, tariff policies, tax policies, interest rates, domestic and international geopolitical issues and many other factors. Changes in financial markets, including fluctuations in interest rates, credit, equity prices and foreign currency prices, and many other factors beyond CNA’s control can adversely affect the value of its investments, the realization of investment income and the rate at which it discounts certain liabilities. CNA’s investment portfolio is also subject to increased valuation uncertainties when investment markets are illiquid. The valuation of investments is more subjective when markets are illiquid, thereby increasing the risk that the estimated fair value (i.e., the carrying amount) of the portion of CNA’s investment portfolio that is carried at fair value in the financial statements is not reflective of prices at which actual transactions could occur.

CNA has significant holdings in fixed maturity investments that are sensitive to changes in interest rates. A decline in interest rates may reduce the returns earned on new fixed maturity investments, thereby reducing CNA’s net investment income, while an increase in interest rates may reduce the value of its existing fixed maturity investments, which could

23

Table of Contents

increase CNA’s net unrealized losses or reduce its net unrealized gains included in Accumulated Other Comprehensive Income (“AOCI”). The value of CNA’s fixed maturity investments is also subject to risk that certain investments may default or become impaired due to deterioration in the financial condition of issuers of the investments CNA holds or in the underlying collateral of the security.

In addition, CNA invests a portion of its assets in limited partnerships and common stock which are subject to greater market volatility than its fixed maturity investments. Limited partnership investments generally provide a lower level of liquidity than fixed maturity or equity investments, which may also limit CNA’s ability to withdraw funds from these investments. The timing and amount of income or losses on such investments is inherently variable and can contribute to volatility in reported earnings.

Further, CNA holds a portfolio of commercial mortgage loans. CNA is subject to risk related to the recoverability of loan balances, which is influenced by declines in the estimated cash flows from underlying property leases, fair value of collateral, refinancing risk and the creditworthiness of tenants of the underlying properties, where lease payments directly service the loan. Any changes in actual or expected collections would result in a charge to earnings.

As a result of these factors, CNA may not earn an adequate return on its investments, may be required to write down the value of its investments and may incur losses on the disposition of its investments, all of which could materially adversely affect CNA’s business, results of operations and financial condition.

CNA uses analytical models to assist its decision making in key areas such as pricing, reserving, catastrophe risks and capital modeling and may be adversely affected if actual results differ materially from the model outputs and related analyses.

CNA uses various modeling techniques and data analytics (e.g., scenarios, predictive, stochastic and forecasting) to analyze and estimate exposures, loss trends and other risks associated with its assets and liabilities. This includes both proprietary and third party modeled outputs and related analyses to assist CNA in decision-making related to underwriting, pricing, capital allocation, reserving, investing, reinsurance and catastrophe risk, among other things. CNA incorporates numerous assumptions and forecasts about the future level and variability of policyholder behavior, loss frequency and severity, interest rates, equity markets, inflation, capital requirements, and currency exchange rates, among others. The modeled outputs and related analyses from both proprietary models and third parties are subject to various assumptions, uncertainties, model design errors and the inherent limitations of any statistical analysis. Further, climate change may make modeled outcomes less certain or produce new, non-modeled risks.

In addition, the effectiveness of any model can be degraded by operational risks, including the improper use of the model, input errors, data errors and human error. As a result, actual results may differ materially from CNA’s modeled results. CNA’s profitability and financial condition substantially depends on the extent to which its actual experience is consistent with the assumptions CNA uses in its models and ultimate model outputs. If, based upon these models or other factors, CNA misprices its products or fails to appropriately estimate the risks it is exposed to, its business, results of operations and financial condition may be materially adversely affected.

Any significant interruption in the operation of CNA’s business functions, facilities or systems or its vendors’ facilities or systems could result in a materially adverse effect on its operations.

CNA’s business is highly dependent upon its ability to perform, in an efficient and uninterrupted manner, through its employees or vendor relationships and using its and its vendors’ facilities and systems, necessary business functions, such as providing internet support and 24-hour call centers, processing new and renewal business, providing customer service, processing and paying claims and other obligations and issuing financial statements.

CNA’s, or its vendors’, facilities and systems could become unavailable, inoperable, or otherwise impaired from a variety of causes, including natural events, such as hurricanes, tornadoes, windstorms, earthquakes, severe winter weather and fires, or other events, such as explosions, terrorist attacks, computer security breaches or cyber attacks, riots, hazardous material releases, medical epidemics or pandemics, utility outages, interruptions of data processing and storage systems or unavailability of communications facilities or systems. Likewise, CNA could experience a significant failure, interruption or corruption of one or more of its vendors’ information technology, telecommunications, or other systems for various reasons, including significant failures or interruptions that might occur as existing systems are replaced or upgraded. The shut-down or unavailability of one or more of CNA’s or its vendors’ systems or facilities for these or any other reasons could significantly impair CNA’s ability to perform critical business functions on a timely basis.

24

Table of Contents

In addition, because CNA and its vendors’ information technology, telecommunications and other systems interface with and depend on third-party systems, CNA could experience service denials if demand for such service exceeds capacity or a third-party system fails or experiences an interruption. If sustained or repeated, such events could result in a deterioration of CNA’s ability to perform necessary business functions.

The foregoing risks could expose CNA to monetary and reputational damages. Potential additional exposures relating to significant interruptions to CNA’s operations may include substantially increased compliance costs, as well as increased costs relating to investments in computer system and security-related upgrades, and such costs may not be recoverable under its relevant insurance coverage. CNA has made, and continues to make, investments to improve its security and infrastructure.

If CNA’s business continuity plans or system security do not sufficiently address these risks, they could have a material adverse effect on CNA’s business, results of operations and financial condition.

Any significant breach in CNA’s data security infrastructure or its vendors’ facilities or systems could disrupt business, cause financial losses and damage its reputation, and insurance coverage may not be available for claims related to a breach.

A significant breach of CNA’s data security infrastructure may result from actions by its employees, vendors, third-party administrators, or unknown third parties or through cyber attacks. The risk of a breach can exist whether software services are in CNA’s or third party administered data centers or are cloud-based software services. The sophistication of cybersecurity threats continues to escalate, and the measures CNA takes to mitigate the risk of cyber incidents and to safeguard its systems and data may be insufficient. Further, the increasing use of AI, within CNA’s systems and those of its vendors and third-party administrators to achieve operational efficiencies and within threat actors’ attack strategies, may further expose its systems or those of its vendors and third-party administrators to the risk of cyber-attacks. Breaches have occurred, and may occur again, in CNA’s systems and in the systems of its vendors and third-party administrators, both current and former, in that past vendors and third-party administrators may still retain certain confidential and sensitive information in their systems. During the fourth quarter of 2025, CNA was notified of a data breach impacting a vendor of a business associate of its current employee health insurance administrator. The breach was traced to compromised credentials leveraged by a threat actor, with the impacted vendor shutting down and rebuilding the affected environment upon discovery of the breach. Following a forensics analysis, it was determined that a substantial number of CNA’s employees (and dependents of employees) were impacted. CNA understands that the subject vendor will be providing required breach notifications to all impacted individuals.

Breaches that affect CNA’s data security infrastructure or its vendors’ facilities or systems, may cause a failure to protect the personal information of its customers, claimants or employees, or sensitive and confidential information regarding its business or policyholders and may result in operational impairments and financial losses, significant harm to its reputation and the loss of business with existing or potential customers. The breach of confidential information also could give rise to legal liability and regulatory action under data protection and privacy laws, as well as evolving regulation in this regard. While CNA does not believe breaches that have occurred and resultant actions will have a material adverse effect on its business, these or similar incidents, or any other breach of CNA’s or its vendors’ data security infrastructure could have a material adverse effect on its business, results of operations and financial condition.

Although CNA maintains cybersecurity insurance coverage insuring against costs resulting from cyber attacks, CNA does not expect the amount available under its coverage policy to cover all potential losses from cyber-attacks. In addition, potential disputes with its insurers about the availability of insurance coverage could occur. Further, should CNA experience future cyber incidents, or should industry trends drive rate increases resulting from growth in volume and significance of cyber incidents broadly, it may incur higher costs for cybersecurity insurance coverage.

The risks relating to future breaches in CNA’s, or its vendors’ data security infrastructure or systems, including in connection with cyber incidents, could have a material adverse effect on its business, results of operations or financial condition or may result in significant operational impairments and financial losses, as well as significant harm to CNA’s reputation.

25

Table of Contents

Inability to detect and prevent significant employee or third party service provider misconduct, inadvertent errors and omissions, or exposure relating to functions performed on CNA’s behalf could result in a material adverse effect on CNA’s business, results of operations and financial condition.

CNA may incur losses which arise from employees or third party service providers engaging in intentional, negligent or inadvertent misconduct, fraud, errors and omissions, failure to comply with internal guidelines, including with respect to underwriting authority, or failure to comply with regulatory requirements. CNA’s or its third party service providers’ controls may not be able to detect all possible circumstances of such non-compliant activity and the internal structures in place to prevent this activity may not be effective in all cases. When new technologies, such as AI, are incorporated into CNA’s or its third-party service providers’ processes, they may introduce additional complexity and present greater risk to the effectiveness of these controls. For example, generative AI systems may “hallucinate” producing inaccurate or misleading information, and model performance may degrade over time, leading to flawed recommendations. AI models may perpetuate or amplify biases present in underlying data, which could result in discriminatory or unfair outcomes in areas such as underwriting and claims. The potential for employees or third-party service providers, through intentional or inadvertent actions, to enable AI models to be trained on CNA’s data or its insureds’ data introduces risks of unauthorized use or disclosure of sensitive information and erosion of data privacy. AI may also be used to perpetuate fraud, or to manipulate or evade monitoring and detection controls.

Portions of CNA’s insurance business are underwritten and serviced by third parties. With respect to underwriting, CNA’s contractual arrangements with third parties will typically grant them limited rights to write new and renewal policies, subject to contractual restrictions and obligations, including requiring them to underwrite within the terms of CNA’s licenses. Should these third parties issue policies that exceed these contractual restrictions, CNA could be deemed liable for such policies and subject to regulatory fines and penalties for any breach of licensing requirements. It is possible that in such circumstance CNA might not be fully indemnified for such third parties’ contractual breaches.

Additionally, CNA relies on certain third-party claims administrators, including the administrator of its long-term care claims, to handle policyholder services and perform significant claim administration and claim adjudication functions. Any failure by such administrator to properly perform service functions may result in losses as a result of over-payment of claims, legal claims against CNA and adverse regulatory enforcement exposure.

CNA has also licensed certain systems from third parties. CNA cannot be certain that it will have access to these systems or that its information technology or application systems will continue to operate as intended.

These risks could adversely impact CNA’s reputation and client relationships and have a material adverse effect on its business, results of operations and financial condition.

CNA is subject to capital adequacy requirements and, if it is unable to maintain or raise sufficient capital to meet these requirements, regulatory agencies may restrict or prohibit CNA from operating its business.

Insurance companies such as CNA are subject to capital adequacy standards set by regulators to help identify companies that merit further regulatory attention. In the U.S., these standards apply specified risk factors to various asset, premium and reserve components of CNA’s legal entity statutory basis of accounting financial statements. For IAIGs, such as CNA, the standards also seek to quantify risk across the insurance group in order to assess group capital. Current rules, including those promulgated by insurance regulators and specialized markets such as Lloyd’s, require companies to maintain statutory capital and surplus at a specified minimum level determined using the applicable jurisdiction’s regulatory capital adequacy formula. If CNA does not meet these minimum requirements, CNA may be restricted or prohibited from operating its business in the applicable jurisdictions and specialized markets. If CNA is required to record a material charge against earnings in connection with a change in estimated insurance reserves, or the occurrence of a catastrophic event or otherwise, or if it incurs significant losses related to its investment portfolio, which severely deteriorates its capital position, CNA may violate these minimum capital adequacy requirements unless it is able to raise sufficient additional capital. CNA may be limited in its ability to raise significant amounts of capital on favorable terms or at all.

CNA’s insurance subsidiaries, upon whom CNA depends for dividends in order to fund its corporate obligations, are limited by insurance regulators in their ability to pay dividends.

CNA is a holding company and is dependent upon dividends, loans and other sources of cash from its subsidiaries in order to meet its obligations. Ordinary dividend payments or dividends that do not require prior approval by the insurance subsidiaries’ domiciliary insurance regulator are generally limited to amounts determined by formulas that vary by jurisdiction. If CNA is restricted from paying or receiving intercompany dividends, by regulatory rule or otherwise, CNA may not be able to fund its corporate obligations and debt service requirements or pay stockholder dividends from available

26

Table of Contents

cash. As a result, CNA would need to pursue other sources of capital which may be more expensive or may not be available at all.

Rating agencies may downgrade their ratings of CNA, adversely affecting its ability to write insurance at competitive rates or at all and increasing its cost of capital.

Ratings are an important factor in establishing the competitive position of insurance companies. CNA’s insurance company subsidiaries, as well as CNA’s public debt, are rated by rating agencies, including, A.M. Best Company (“A.M. Best”), Moody’s Investors Service, Inc. (“Moody’s”), S&P Global Ratings (“S&P”) and Fitch Ratings, Inc. (“Fitch”). Ratings reflect the rating agency’s opinions of an insurance company’s or insurance holding company’s financial strength, capital adequacy, enterprise risk management practices, operating performance, strategic position and ability to meet its obligations to policyholders and debt holders, and may also reflect opinions on other areas such as information security and climate risk.

The rating agencies may take action to lower CNA’s ratings in the future as a result of any significant financial loss or changes in the methodology or criteria applied by the rating agencies. The severity of the impact on CNA’s business is dependent on the level of downgrade and, for certain products, which rating agency takes the rating action. Among the adverse effects in the event of such downgrades would be the inability to obtain a material volume of business from certain major insurance brokers, the inability to sell a material volume of CNA’s insurance products to certain markets and the required collateralization of certain future payment obligations or reserves. Further, if one or more of CNA’s corporate debt ratings were downgraded, CNA may find it more difficult to access the capital markets and may incur higher borrowing costs.

In addition, it is possible that a significant lowering of our corporate debt ratings by certain of the rating agencies could result in an adverse effect on CNA’s ratings, independent of any change in CNA’s circumstances.

For further discussion of CNA’s ratings, see the Subsidiaries portion of the Liquidity and Capital Resources section of MD&A in Item 7.

CNA is subject to extensive existing state, local, federal and foreign governmental regulations that restrict its ability to do business and generate revenues; additional regulation or significant modification to existing regulations or failure to comply with regulatory requirements may have a materially adverse effect on CNA’s business, results of operations and financial condition.

The insurance industry is subject to comprehensive and detailed regulation and supervision. Most insurance regulations are designed to protect the interests of CNA’s policyholders and third-party claimants rather than its investors. Each jurisdiction in which CNA does business has established supervisory agencies that regulate the manner in which CNA conducts its business. Any changes in regulation could impose significant burdens on CNA. In addition, the Lloyd’s marketplace sets rules under which its members, including CNA’s Hardy syndicate, operate.

These rules and regulations relate to, among other things, the standards of solvency (including risk-based capital measures), government-supported backstops for certain catastrophic events (including terrorism), investment restrictions, accounting and reporting methodology, establishment of reserves and potential assessments of funds to settle covered claims against impaired, insolvent or failed private or quasi-governmental insurers. In addition, rules and regulations are being introduced, or are being considered, in the areas of AI, information security and climate change, which may also affect CNA’s business. CNA also is subject to numerous regulations governing the protection of personal and confidential information of its customers and employees, including medical records, credit card data and financial information. These laws and regulations, including regulations related to cybersecurity protocols (which continue to evolve in breadth, sophistication and maturity in response to an ever-evolving threat landscape), are increasing in complexity and number, change frequently, sometimes conflict, and could expose CNA to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution in one or more jurisdictions. Regulators at the federal, state and international level have adopted or may adopt new regulations related to, among other matters, climate change and greenhouse emissions, and could impose new regulations requiring disclosure of underwriting or investment in certain industry sectors.

Regulatory powers also extend to premium rate regulations which require that rates not be excessive, inadequate or unfairly discriminatory. State jurisdictions ensure compliance with such regulations through market conduct exams, which may result in losses to the extent non-compliance is ascertained, either as a result of failure to document transactions properly, failure to comply with internal guidelines or otherwise. CNA may also be required by the jurisdictions in which it does business to provide coverage to persons who would not otherwise be considered eligible or restrict CNA from withdrawing from unprofitable lines of business or unprofitable market areas. Each jurisdiction dictates the types of insurance and the level of coverage that must be provided to such involuntary risks. CNA’s share of these involuntary risks

27

Table of Contents

is mandatory and generally a function of its respective share of the voluntary market by line of insurance in each jurisdiction.

Risks Related to Us and Our Subsidiary, Boardwalk Pipelines

Boardwalk Pipelines’ natural gas transportation and storage operations and ethane transportation services are subject to extensive regulation by the FERC, including rules and regulations related to the rates it can charge for its services and its ability to construct or abandon facilities. Boardwalk Pipelines may not be able to recover the full cost of operating its pipelines or storage operations, including earning a reasonable return.

Boardwalk Pipelines’ natural gas transportation and storage operations are subject to extensive regulation by the FERC, including with respect to the types, rates and terms of services Boardwalk Pipelines may offer to its customers, construction of new facilities, creation, modification or abandonment of services or facilities and recordkeeping and relationships with affiliated companies. An adverse FERC action in any of these areas could affect Boardwalk Pipelines’ ability to compete for business, construct new facilities, offer new services or recover the full cost of operating its pipelines or storage operations, including earning a reasonable return. This regulatory oversight can result in longer lead times to develop and complete any future project than competitors that are not subject to the FERC’s regulations. The FERC can also deny Boardwalk Pipelines the right to abandon certain facilities from service.

The FERC regulates the rates Boardwalk Pipelines can charge for its natural gas transportation and storage and interstate ethane transportation operations. For cost-based services, the FERC establishes both the maximum and minimum rates Boardwalk Pipelines can charge. The basic elements that the FERC considers are the costs of providing service, the volumes of gas being transported, the rate design, the allocation of costs between services, the capital structure and the rate of return a pipeline is permitted to earn. Boardwalk Pipelines may not be able to recover its costs, including certain costs associated with pipeline integrity, through existing or future rates.

The FERC and/or Boardwalk Pipelines’ customers could challenge the maximum applicable rates that any of its regulated pipelines can charge in accordance with Section 5 of the NGA. The adoption of potential legislation that would amend Section 5 of the NGA to add refund provisions could increase the likelihood of such a challenge. If such a challenge is successful for any of Boardwalk Pipelines’ pipelines or if its rates are found not to be just and reasonable, then the revenues associated with transportation and storage services the pipeline provides pursuant to cost-of-service rates could materially decrease in the future, which would adversely affect, perhaps substantially, the revenues on that pipeline going forward.

Over time, the FERC may change, amend or announce that it will undertake a review of its existing policies. There were no major policy changes announced by the FERC during 2025.

The FERC has authority to impose civil penalties for violations of the NGA and NGPA, and the implementing regulations thereunder, up to a maximum amount that is adjusted annually for inflation, which for 2026 is approximately $1.5 million per day per violation. Should Boardwalk Pipelines fail to comply with applicable statutes, rules, regulations and orders administered by the FERC, it could be subject to substantial penalties and fines, in addition to reputational damage.

Boardwalk Pipelines’ actual construction and development costs could exceed its forecasts; its anticipated cash flow from construction and development projects will not be immediate and can take several years; and its construction and development projects may not be completed on time or at all.

Boardwalk Pipelines is and has been engaged in several construction projects involving its existing assets and the construction of new facilities for which it has expended or will expend significant capital. Boardwalk Pipelines expects to continue to engage in the construction of additional growth projects and modifications of its system. These projects incur significant resources, including technological and human capital, and involve logistical challenges. When Boardwalk Pipelines builds a new pipeline or expands or modifies an existing facility, the design, construction and development occurs over an extended period of time, and it will not receive any revenue or cash flow from that project until after it is placed into commercial service. On Boardwalk Pipelines’ interstate pipelines, there are several years between when the project is announced and when customers begin using the new facilities. During this period, Boardwalk Pipelines spends capital and incurs costs without receiving any of the financial benefits associated with the projects.

The construction of new assets involves a number of risks, including risks related to regulations (federal, state and local), landowner opposition, environmental matters, activists, legal compliance, political matters and materials and labor costs or shortages, as well as operational and other risks that are difficult to predict and some of which are beyond Boardwalk Pipelines’ control. Boardwalk Pipelines’ cost and timing estimates for these projects are based on a variety of inputs such

28

Table of Contents

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, shortages and price increases for key materials (including pipe, compressor stations and related equipment), tariff implications and shortages and increased costs of qualified labor. Factors in the estimates include, among other things, those related to pipeline costs based on mileage, size and type of pipe, materials, including compressors and related equipment, land, engineering and construction costs and timely receipt of all necessary permits and approvals. Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates. 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. A project may not be completed on time or at all due to a variety of factors, may be impacted by significant cost overruns or may be materially changed prior to completion as a result of developments or circumstances that Boardwalk Pipelines is not aware of when it commits to the project. Any of these events could result in material, unexpected costs or have a material adverse effect on Boardwalk Pipelines’ ability to realize the anticipated benefits from its growth projects.

Changes in U.S. trade policy and the impact of tariffs may have a material adverse effect on Boardwalk Pipelines’ business and results of operations.

Boardwalk Pipelines’ business and results of operations may be adversely affected by uncertainty and changes in U.S. trade policies, including tariffs, trade agreements or other trade restrictions imposed by the U.S. or other governments. These actions have caused uncertainty and volatility in financial markets, may result in retaliatory measures on U.S. goods and may adversely impact both the U.S. and global economies.

Boardwalk Pipelines’ business requires access to steel and other materials to construct and maintain its pipelines. While Boardwalk Pipelines’ practice is to source steel through domestic producers in the U.S. in most instances, any imposition of or increase in tariffs on imports of steel or other materials, as well as corresponding price increases for such materials available domestically, could increase its construction costs and its costs to maintain its assets. To the extent that Boardwalk Pipelines is unable to pass all or any such cost increases on to its customers, such cost increases could adversely affect its returns on investment. Higher materials costs could also diminish Boardwalk Pipelines’ ability to develop new projects at acceptable returns, particularly during times of economic uncertainty, and limit its ability to pursue growth opportunities.

Tariffs or other trade restrictions may lead to continuing uncertainty and volatility in U.S. and global economies and commodity markets and inflation, and reduced demand for Boardwalk Pipelines’ and its customers’ products and services. Such conditions could have a material adverse impact on Boardwalk Pipelines’ business, results of operations and cash flows. Also, disruptions and volatility in the financial markets may lead to adverse changes in the availability, terms and cost of capital. Such adverse changes could increase Boardwalk Pipelines’ costs of capital and limit its access to external financing sources to fund acquisitions, capital projects, or refinancing of debt maturities on similar terms.

Changes in the debt markets and increases in interest rates could adversely affect Boardwalk Pipelines’ business.

Boardwalk Pipelines expects to construct approximately $3.3 billion of growth projects over the next five years and is evaluating additional growth projects involving substantial capital commitments. Boardwalk Pipelines anticipates funding its capital and other spending requirements through its available financing options, including cash generated from operations, borrowings under its revolving credit facility and issuances of additional debt. Changes in the debt markets, including market disruptions, limited liquidity, and an increase in interest rates, may increase the cost of financing for these growth projects as well as the risks of refinancing maturing debt. This may affect its ability to raise needed funding and reduce the amount of cash available to fund its operations or growth projects or refinance maturing debt. If the debt markets were not available, it is not certain if other adequate financing options would be available to Boardwalk Pipelines on terms and conditions that it would find acceptable.

Any disruption in the debt markets could require Boardwalk Pipelines to take additional measures to conserve cash until the markets stabilize or until it can arrange alternative credit arrangements or other funding for its business needs. Such measures could include reducing or delaying business activities, reducing its operations to lower expenses and reducing other discretionary uses of cash. Boardwalk Pipelines may be unable to execute its growth strategy or take advantage of certain business opportunities.

29

Table of Contents

Failure to comply with environmental or worker safety laws and regulations or an accidental release of pollutants into the environment may cause Boardwalk Pipelines to incur significant costs and liabilities.

Boardwalk Pipelines’ operations are subject to extensive federal, state, and local laws and regulations relating to protection of the environment and occupational health and safety. Such laws and regulations impose, among other things, restrictions, liabilities and obligations in connection with the generation, handling, use, storage, transportation, treatment and disposal of various substances, including hazardous substances and waste, and in connection with spills, releases, discharges and emissions of various substances into the environment. These laws include, for example, the CAA, the Clean Water Act, CERCLA, the RCRA, ESA, NEPA, OSHA and analogous state laws. These laws and regulations may restrict or impact Boardwalk Pipelines’ business activities, including requiring the acquisition or renewal of permits or other approvals to conduct regulated activities, restricting the manner in which Boardwalk Pipelines handles or disposes of wastes, imposing remedial obligations to remove or mitigate contamination resulting from a spill or other release, requiring capital expenditures to comply with pollution control requirements and imposing safety and health criteria addressing worker protection. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and criminal enforcement measures, including the assessment of monetary penalties, the imposition of remedial requirements, the incurrence of capital expenditures, the occurrence of delays, denials or cancellations in the permitting or performance or expansion of projects and the issuance of orders enjoining future operations in a particular area. Under certain of these environmental laws and regulations, Boardwalk Pipelines could be subject to joint and several strict liability for the removal or remediation of previously released pollutants or property contamination, regardless of whether it was responsible for the release or contamination or if its operations were in compliance with applicable laws. Boardwalk Pipelines may not be able to recover some or any of the costs incurred from insurance.

Stricter environmental or worker safety laws, regulations or enforcement policies could significantly increase Boardwalk Pipelines’ operational or compliance costs and compliance with new or more stringent environmental legal requirements could delay or prohibit its ability to obtain permits for operations or require it to install additional pollution control equipment. For instance, the construction or expansion of pipelines often requires authorizations under the Clean Water Act, which may be subject to challenge. Boardwalk Pipelines relies on NWP 12, alongside other NWPs, as blanket authority for construction, maintenance, repair and removal of pipelines. The NWP process relies upon the Clean Water Act Section 401 certification process, which is subject to ongoing litigation. In September 2023, the EPA finalized its Clean Water Act Section 401 Water Quality Certification Improvement Rule, effective in November 2023, which expanded the scope of certification authority. However, in September 2023, several states challenged the final rule in federal court, alleging that the rule exceeds the EPA’s statutory authority under the Clean Water Act, and the litigation has been held in abeyance pending the administration’s review of the rule and litigation. In January 2026, the EPA proposed a rule revising its regulations governing Section 401 Water Quality Certifications. The proposed rule seeks to streamline the permitting process, restrict the ability of state and tribal certifying authorities to reject federal permits, and ensure such reviews are completed within the one-year statutory deadline. A final rule is expected in Spring 2026. However, opponents of the January 2026 proposed rule are pushing back on these efforts, including the EPA’s efforts to narrow the scope of state authority. If NWP 12, or the underlying Section 401 certification process, is further amended or revoked, Boardwalk Pipelines may be required to apply for one or more Individual Permits, which would require additional time and resources to obtain, and may result in increased costs and project delays. Additionally, there continues to be uncertainty with respect to the federal government’s jurisdictional reach under the Clean Water Act over WOTUS, as the EPA and the Corps have pursued multiple rulemakings under different administrations since 2015 to determine the scope of such reach. In September 2023, the EPA issued a version of the WOTUS rule that, due to injunctions in certain states, is currently in effect in only 24 states. Thus, the operative definition of WOTUS varies by state. However, in November 2025, the EPA and the Corps proposed a rule to further update and narrow the September 2023 definition, guided by the Supreme Court’s decision in Sackett v. EPA (adopting the “continuous surface connection” test to determine if wetlands are WOTUS). To the extent any judicial ruling or administrative rulemaking or other action further changes the scope of the Clean Water Act’s jurisdiction, Boardwalk Pipelines could face increased costs to comply and experience delays with respect to obtaining permits.

Legislative and regulatory initiatives relating to new or more stringent pipeline safety requirements or substantial changes to existing integrity management programs or withdrawal of regulatory waivers could subject Boardwalk Pipelines to increased capital and operating costs and operational delays.

Boardwalk Pipelines’ interstate pipelines are subject to regulation by PHMSA, which is part of the DOT. PHMSA regulates the design, installation, testing, construction, operation, and maintenance of existing interstate natural gas and NGLs pipeline facilities. PHMSA regulation currently requires pipeline operators to implement integrity management programs, including frequent inspections, remediation of certain identified anomalies and other measures to promote pipeline safety in HCAs, MCAs, Class 1 and 2 areas (depending on the potential impacts of a risk event), Class 3 and Class 4 areas, as well as in areas unusually sensitive to environmental damage and commercially navigable waterways. PHMSA has revised its standards from time to time and recently issued a series of significant rulemakings for onshore gas

30

Table of Contents

distribution, transmission and gathering pipelines (e.g., relating to MAOP reconfirmation and exceedance reporting, the integrity assessment of additional pipeline mileage and the consideration of seismicity as a risk factor in integrity management), and hazardous liquid transmission and gathering pipelines (e.g., expanding the reach of certain of PHMSA’s integrity management requirements, requiring the accommodation of in-line inspection tools by 2039 for certain pipelines, increasing annual, accident and safety-related conditional reporting requirements, and expanding the use of leak detection systems beyond HCAs). PHMSA also regulates safety requirements applicable to natural gas storage facilities, including wells, wellbore tubing and casing. In August 2022, PHMSA published a final rule that attempted to expand the Management of Change process and corrosion control requirements for gas transmission pipelines, and add requirements that operators ensure no conditions exist following an extreme weather event that could adversely affect the safe operation of the pipeline and repair criteria for non-HCAs. Five safety standards included in that rule were challenged by industry trade groups, and in August 2024, the U.S. Court of Appeals for the D.C. Circuit struck down four of the five challenged safety standards. In January 2025, PHMSA adopted a rule enhancing the safety requirements for gas distribution pipelines and requiring updates to distribution integrity management programs, emergency response plans, operations and maintenance manuals, and other safety practices. However, this new rule was withdrawn by the Trump Administration before formal publication in the Federal Register. Any future regulations adopted by PHMSA may impose more stringent requirements applicable to integrity management programs and other pipeline safety aspects of Boardwalk Pipelines’ operations, which could cause Boardwalk Pipelines to incur increased capital and operating costs, may cause it to experience operational delays and may result in potential adverse impacts to its operations or its ability to reliably serve its customers.

States have jurisdiction over certain of Boardwalk Pipelines’ intrastate pipelines and have adopted regulations similar to existing PHMSA regulations. State regulations may impose more stringent requirements than those found under federal law that affect Boardwalk Pipelines’ intrastate operations. Compliance with these rules over time generally has resulted in an overall increase in maintenance costs. The imposition of new or more stringent pipeline safety rules applicable to natural gas or NGLs pipelines, or any issuance or reinterpretation of guidance from PHMSA or any state agencies, could cause Boardwalk Pipelines to install new or modified safety controls, pursue additional capital projects, forgo growth projects or conduct maintenance programs on an accelerated basis, any or all of which could result in Boardwalk Pipelines incurring increased capital and operating costs, experiencing operational delays and suffering potential adverse impacts to its operations, ability to grow its business or ability to reliably serve its customers. Requirements that are imposed under the 2011 Act, the 2016 Act, the 2020 Act or other pipeline safety legislation or implementing regulations, may also increase Boardwalk Pipelines’ capital and operating costs or impact the operation of its pipelines.

Boardwalk Pipelines has entered into certain firm transportation contracts with shippers that utilize the design capacity of certain of its pipeline assets, based upon the authority Boardwalk Pipelines received from PHMSA to operate those pipelines at higher than normal operating pressures of up to 0.80 of the pipeline’s SMYS under issued permits with specific conditions. PHMSA retains discretion to withdraw or modify this authority. If PHMSA were to withdraw or materially modify such authority, it could affect Boardwalk Pipelines’ ability to transport all of its contracted quantities of natural gas on these pipeline assets and it could incur significant additional costs to reinstate this authority or to develop alternate ways to meet its contractual obligations.

A failure in Boardwalk Pipelines’ computer systems or a cybersecurity attack on any of its computer systems, devices or telecommunications networks or those of certain third parties could cause substantial and catastrophic damage and may materially adversely affect its cash flows, financial condition and ability to operate its business.

Boardwalk Pipelines’ business is dependent upon its computer systems, devices and networks (operational and information technology), and those of its customers, suppliers and others with whom Boardwalk Pipelines does business, to collect, process and store the data necessary to conduct almost all aspects of its business, including the operation of its pipeline and storage facilities and the recording and reporting of commercial and financial information. Despite Boardwalk Pipelines’ security measures, the information and operational technology and infrastructure it relies on may be vulnerable to attacks by third parties, such as hackers, cybercriminals, nation-states, insiders or other third parties, or breached due to human error, malfeasance or other disruptions. Through government intelligence reports, Boardwalk Pipelines is aware of credible global threats to third-party, U.S. critical infrastructure sectors on which it depends, such as the telecommunications sector.

Cybersecurity threat actors have attacked and continue to threaten energy infrastructure. The U.S. government has issued public and industry-directed warnings that indicate that energy assets might be specific targets of cybersecurity attacks, which are increasing in sophistication, magnitude and frequency. Vulnerabilities in one environment may affect other interconnected systems. A cybersecurity incident that impacts a third party with whom Boardwalk Pipelines does business may impact Boardwalk Pipelines.

31

Table of Contents

Some cyber incidents, such as surveillance, may go unnoticed for a long period of time. Any investigation of a cybersecurity attack or other security incident will be inherently unpredictable and complex, and it may take significant time before the completion of any investigation and availability of full and reliable information. During such time, Boardwalk Pipelines may not know the extent of the harm or how best to remediate it, and certain errors or actions could be repeated or compounded before they are discovered and remediated, any or all of which could further increase the costs and consequences of a cybersecurity attack or other security incident, and its remediation efforts may not be successful.

As the cybersecurity threat landscape continues to evolve, Boardwalk Pipelines may be required to expend significant additional resources to continue to modify or enhance its protective measures or to investigate and remediate any information security vulnerabilities. Advances in computer capabilities, discoveries in the field of artificial intelligence, cryptography, inadequate facility security or other developments may result in a compromise or breach of the technology Boardwalk Pipelines uses to safeguard its operational and information technology systems and confidential, personal, or otherwise protected information. As the breadth and complexity of the technologies Boardwalk Pipelines uses continue to grow, including as a result of the use of mobile devices, cloud services, artificial intelligence, open-source software, social media and the increased reliance on devices connected to the internet, the potential risk of cyberattacks and cybersecurity incidents also increases. No security measure is infallible. Despite ongoing efforts to improve its ability to protect its systems from compromise, Boardwalk Pipelines may not be able to protect all of its diverse systems. Boardwalk Pipelines’ efforts to improve security and protect data and its systems may also identify previously undiscovered instances of security breaches or other cyber incidents.

TSA has issued a series of security directives applicable to pipeline owners and operators, which require the implementation of a variety of cybersecurity measures and reporting. Other regulators, such as PHMSA and the SEC, have also established requirements for reporting certain cybersecurity incidents. As cybersecurity incidents continue to evolve, more legislation could be enacted to seek to mitigate cybersecurity threats. This may require Boardwalk Pipelines to expend additional resources to continue to modify or enhance its protective measures or to investigate and remediate vulnerabilities to cybersecurity incidents at significantly increased costs. Boardwalk Pipelines cannot predict the potential impact to its business of potential future legislation, regulations or orders relating to cybersecurity.

A failure, security breach, disruption or degradation impacting Boardwalk Pipelines’ operational or information technology systems or those of third parties with whom it does business could negatively affect its ability to safely and reliably operate its assets and/or result in delays in providing services for its customers, contamination or degradation of the products it transports and store, damage to or destruction of its or third-party pipelines, property or facilities, catastrophic events, injury or death to its employees or other persons, the inadvertent release of hydrocarbons or the release or destruction of confidential, proprietary or business-critical information or intellectual property, which could result in outages, reduced revenue, unexpected costs and expenses, litigation and reputational damage, any or all of which may be irreversible and may materially adversely affect its results of operations, cash flows, financial condition and ability to operate its business.

In addition, access, disclosure or other loss of information or other consequences could result in legal claims or proceedings, liability under laws that protect the privacy of personal information or personally identifiable information, regulatory penalties for divulging or failing to adequately protect such information, disruption of Boardwalk Pipelines’ operations, incident response and remediation costs, damage to its reputation, and loss of confidence in its services.

Boardwalk Pipelines’ operations, and those of Boardwalk Pipelines’ customers, are subject to a series of risks regarding climate change.

Climate change remains a concern in the U.S. and in other countries. Numerous proposals have been made and could continue to be made at the international, national, regional, state and local levels of government to monitor, limit and eliminate both existing and future emissions of GHGs. These proposals expose Boardwalk Pipelines’ operations as well as the operations of its fossil fuel producer customers to a series of regulatory, political, litigation and financial risks.

In the U.S., no comprehensive climate change legislation has been implemented at the federal level, though the Inflation Reduction Act of 2022 (“IRA”) advanced numerous climate-related objectives. The IRA required the EPA to impose and collect a methane emissions fee that applies to excess methane emissions from certain facilities that exceed statutory methane emissions thresholds. In November 2024, the EPA issued a final rule implementing the methane emissions fee, although in February 2025, Congress repealed the rule under the Congressional Review Act. Additionally, in the One Big Beautiful Bill Act, Congress delayed the implementation of the methane emission fee until 2034. While the EPA cannot reissue its rule implementing the methane emissions fee (either in substantially the same form or in a new rule), the underlying requirement in the IRA remains unchanged. Boardwalk Pipelines cannot predict if the Trump Administration and/or Congress may take further actions with respect to the IRA or methane emissions fee. However, compliance with this and other air pollution control and permitting requirements has the potential to delay or increase the costs of development

32

Table of Contents

of Boardwalk Pipelines’ projects, which costs could be significant. Additionally, the EPA has the authority to regulate GHGs, including methane and carbon dioxide, under the CAA and has implemented various permitting, reporting and technology-based requirements to reduce GHG emissions by the oil and gas sectors. In December 2023, the EPA finalized its methane rules for new, modified, and reconstructed facilities, known as Subpart OOOOb, as well as standards for existing sources for the first time ever, known as Subpart OOOOc. Under the final rules, states have two years to prepare and submit their plans to impose methane emission controls on existing sources. The presumptive standards established under the final rules include advanced monitoring to encourage the deployment of innovative technologies to detect and reduce methane emissions, reduction of emissions by 95% through capture and control systems, zero-emission requirements for certain devices, and the establishment of the “super emitter” response program that would allow third parties to make reports to the EPA of large methane emission events. Fines and penalties for violations of these rules can be substantial. However, in March 2025, the EPA announced plans to reconsider Subparts OOOOb and OOOOc, in line with the Trump Administration’s deregulatory agenda. Additionally, in November 2025, the EPA finalized an interim rule extending the compliance deadlines for certain provisions provided in Subparts OOOOb and OOOOc. Litigation challenging the EPA’s final interim final rule extending such compliance deadlines for new and existing oil and gas sources remains pending.

Governmental entities, including certain states and groups of states, have adopted or are considering legislation, regulations or other initiatives such as GHG cap-and-trade programs, carbon taxes, GHG reporting and tracking programs, and emissions limits. At the international level, in 2021, the U.S. rejoined the Paris Agreement, which requires member nations to submit non-binding GHG emissions reduction goals every five years, and President Biden announced a new target for the U.S. to reduce GHG emissions 50%-52% from 2005 levels by 2030. However, in January 2025, President Trump signed an Executive Order once again withdrawing the U.S. from the Paris Agreement and in January 2026, announced the U.S. withdrawal from the United Nations Framework Convention on Climate Change. Additionally, President Trump revoked any purported financial commitment made by the U.S. pursuant to the same. The full impact these actions may have upon Boardwalk Pipelines’ business or financial condition remains uncertain at this time.

Governmental, scientific and public concern over the threat of climate change arising from GHG emissions has resulted in increasing political risks in the U.S. The Trump Administration rescinded many of the previous administration’s climate-related initiatives, which initiatives included curtailing oil and natural gas production and transportation, restricting flaring and venting during natural gas production, limiting or banning oil and gas leases on federal lands and offshore waters, increasing requirements for construction and permitting of pipeline infrastructure and LNG export facilities, and further restricting GHG emissions from oil and gas facilities. The Trump Administration has also taken a number of steps to repeal or otherwise modify several GHG regulations, including some applicable to the oil and gas industry. Boardwalk Pipelines cannot predict what additional actions the Trump Administration may take with respect to these matters, or others, or the timing or success of any such actions. Additionally, litigation risks are also increasing with respect to climate change, as a number of cities and other governmental entities have brought suit alleging that fossil fuel producers created public nuisances by producing fuels that contributed to global warming effects such as rising sea levels, are responsible for associated roadway and infrastructure damage, or defrauded investors or customers by failing to timely and adequately disclose adverse effects of climate change.

There have also been increasing financial risks for fossil fuel energy companies as certain investors become concerned about the potential effects of climate change and may elect in the future to shift some or all of their investments into non-fossil fuel energy related sectors. Some institutional lenders who provide financing to fossil fuel energy companies also have become more attentive to sustainable lending practices that favor alternative power sources (such as wind, solar, geothermal, tidal and biofuels), making those sources more attractive, and some of them may elect not to provide funding for fossil fuel energy companies, although this trend has decreased in recent times and is impacted by complex factors, including regional, political and legal considerations. While Boardwalk Pipelines cannot predict how or to what extent sustainable lending and investment practices may impact it, a material reduction in the capital available to the fossil fuel industry could make it more difficult to secure funding for exploration and production or midstream energy business activities, which could adversely impact its business and operations. There have also been efforts at the federal, state and international levels seeking more fulsome disclosures relating to climate risks, targets and metrics. Any climate-related disclosure requirements imposed in the future may result in increased compliance costs and increased costs of and restrictions on access to capital. These agency or state or international regulatory actions also could increase the potential for litigation.

The adoption and implementation of new or more stringent international, federal, regional, state or local legislation, regulations or other initiatives that impose more stringent standards for GHG emissions from the oil and gas sector or otherwise restrict fossil fuel production could result in increased costs of compliance for fossil fuel use, result in litigation and reduce demand for fossil fuels, which could reduce demand for Boardwalk Pipelines’ transportation and storage services. Political, litigation and financial risks may result in Boardwalk Pipelines’ fossil fuel producer customers restricting or canceling production activities, incurring liability for infrastructure and other damages as a result of climatic changes, or impairing their ability to continue to operate in an economic manner, which also could reduce demand for

33

Table of Contents

Boardwalk Pipelines’ services. Moreover, the increased competitiveness of alternative energy sources could reduce demand for hydrocarbons and for Boardwalk Pipelines’ services. Finally, Boardwalk Pipelines may also be subject to various physical risks from climate change. For more information on these physical risks, see Boardwalk Pipelines’ risk factor titled “Climatic conditions and events could adversely impact Boardwalk Pipelines’ operations, pipelines and facilities, or those of its customers or suppliers” below.

Climatic conditions and events could adversely impact Boardwalk Pipelines’ operations, pipelines and facilities, or those of its customers or suppliers.

Climatic events can cause disruptions to, delays in or suspension of Boardwalk Pipelines’ services, by interrupting its operations, causing loss of or damage to its facilities or equipment, or having similar impacts on its customers or third-party suppliers. In general, Boardwalk Pipelines’ operations could be significantly impacted by climatic conditions such as increased frequency and severity of storms, floods and wintry conditions. Boardwalk Pipelines’ pipeline operations along coastal waters and offshore could be adversely impacted by climatic conditions such as rising sea levels, subsidence and erosion, which could result in serious damage to Boardwalk Pipelines’ facilities and affect its ability to provide transportation services. Such damage could result in leakage, migration, releases or spills from Boardwalk Pipelines’ operations and could result in liability, remedial obligations or otherwise have a negative impact on operations. Such climatic conditions could also impact Boardwalk Pipelines’ customers’ ability to utilize Boardwalk Pipelines’ services and third-party suppliers’ ability to provide Boardwalk Pipelines with the products and services necessary to maintain operation of its facilities. Boardwalk Pipelines may incur significant damages as well as costs to repair or maintain its facilities, which could adversely affect its operations and the financial health of its business. In recent years, local governments and landowners in Louisiana have filed lawsuits against energy companies, including Boardwalk Pipelines, alleging that their operations contributed to increased coastal rising seas and erosion and are seeking, or have been awarded, substantial damages. Changing meteorological conditions, particularly temperature, may affect the amount, timing, or location of demand for energy or the products Boardwalk Pipelines transports, which may impact demand for its services.

Boardwalk Pipelines is subject to reputational risks and risks related to public opinion.

Boardwalk Pipelines’ business, operations and financial condition may be adversely impacted as a result of negative public opinion. Boardwalk Pipelines operates in an industry that receives negative portrayals and opposition to development projects. Boardwalk Pipelines’ reputation and public opinion could be impacted by the actions, activities and responses of other companies operating in the energy industry, particularly other energy infrastructure providers, over which Boardwalk Pipelines has no control. Boardwalk Pipelines’ reputation could also be impacted by negative publicity related to pipeline incidents, unpopular expansion projects and opposition to the development of hydrocarbons and energy infrastructure, including projects involving resources that are considered to increase GHG emissions and contribute to climate change. Negative impacts from a compromised reputation or changes in public opinion (including with respect to the production, transportation and use of hydrocarbons generally) could include increased regulatory oversight, delays in obtaining, or challenges to, regulatory approvals with respect to growth projects, blockades, project cancellations, difficulty securing financing at reasonable terms, revenue loss or a reduction in customer base.

Boardwalk Pipelines may face opposition to the operation of its pipelines and facilities, construction or expansion of facilities and new pipeline projects from various groups.

Boardwalk Pipelines may face opposition to the operation of its pipelines and facilities, construction or expansion of its facilities and new pipeline projects from governmental officials, environmental groups, landowners, communities, tribal or local groups and other advocates. Such opposition could take many forms, including organized protests, attempts to block or sabotage Boardwalk Pipelines’ operations, acts of eco-terrorism, intervention in regulatory or administrative proceedings involving Boardwalk Pipelines’ assets, or lawsuits or other actions designed to prevent, disrupt or delay the operation of its assets and business. For example, repairing Boardwalk Pipelines’ pipelines often involves securing consent from individual landowners to access their property, and one or more landowners may resist Boardwalk Pipelines’ efforts to make needed repairs, which could lead to an interruption in the operation of the affected pipeline or facility for a period of time that is significantly longer than would have otherwise been the case. Acts of sabotage or eco-terrorism could cause significant damage or injury or death to people, property or the environment and lead to extended interruptions of Boardwalk Pipelines’ operations and material damages and costs.

34

Table of Contents

Market conditions, including available supply, demand and the price differentials between natural gas supplies and market locations for natural gas, may affect the transportation rates that Boardwalk Pipelines can charge on certain portions of its pipeline systems.

Each year, a portion of Boardwalk Pipelines’ firm natural gas transportation contracts expire and need to be replaced or renewed. As a result of market conditions, Boardwalk Pipelines may renew some expiring contracts at lower rates or for shorter terms than in the past. The transportation rates Boardwalk Pipelines is able to charge customers are heavily influenced by market trends (both short and longer term), including the continued availability of supply from key supply basins, 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, petrochemical facilities, artificial intelligence data centers and LNG export facilities and the price differentials between the gas supplies and the market demand for the gas (basis differentials).

Changes in energy prices, including natural gas, oil and NGLs, impact the supply of and demand for those commodities, which impact Boardwalk Pipelines’ business.

Boardwalk Pipelines’ customers, especially producers and certain plant operators, are directly impacted by changes in commodity prices. The prices of natural gas, oil and NGLs fluctuate in response to changes in both domestic and worldwide supply and demand, market uncertainty and a variety of additional factors, including for natural gas, the realization of potential LNG exports and demand growth within the power generation market, including as a result of increased demand from AI data centers. Volatility in the pricing levels of natural gas, oil and NGLs could adversely affect the businesses of certain of Boardwalk Pipelines’ producer customers and could result in defaults or the non-renewal of Boardwalk Pipelines’ contracted capacity when existing contracts expire. Commodity prices could affect the operations of certain of Boardwalk Pipelines’ industrial customers, including the temporary closure or reduction of plant operations, resulting in decreased deliveries to those customers. Future increases in the price of natural gas and NGLs could make alternative energy and feedstock sources more competitive and decrease demand for natural gas and NGLs. A reduced level of demand for natural gas and NGLs could diminish the utilization of capacity on Boardwalk Pipelines’ systems and reduce the demand of its services.

Boardwalk Pipelines is exposed to credit risk relating to default or bankruptcy by its customers.

Credit risk relates to the risk of loss resulting from the default by a customer of its contractual obligations or the customer filing bankruptcy. Boardwalk Pipelines has credit risk with both its existing customers and those supporting its growth projects. Credit risk exists in relation to Boardwalk Pipelines’ growth projects because expansion customers make long-term firm capacity commitments to Boardwalk Pipelines for such projects and certain of those expansion customers agree to provide credit support as construction for such projects progresses. If a customer fails to post the required credit support or defaults during the growth project process, overall returns on the project may be reduced to the extent an adjustment to the scope of the project occurs or Boardwalk Pipelines is unable to replace the defaulting customer with a customer willing to pay similar rates.

Boardwalk Pipelines’ credit exposure also includes receivables for services provided, future performance under firm agreements and volumes of gas owed by customers for imbalances or gas loaned by Boardwalk Pipelines to them under certain no-notice service (“NNS”) and PAL services.

Boardwalk Pipelines relies on a limited number of customers for a significant portion of its revenues.

For 2025, one customer comprised 10% or more of Boardwalk Pipelines’ operating revenues. Additionally, as of December 31, 2025, the top ten customers under committed firm agreements comprised approximately 66% of Boardwalk Pipelines’ total projected operating revenues. If any of Boardwalk Pipelines’ significant customers have credit or financial problems that result in bankruptcy, a delay or failure to pay for services Boardwalk Pipelines provided, to post the required credit support for construction associated with Boardwalk Pipelines’ growth projects or existing contracts or to repay the gas they owe Boardwalk Pipelines, it could have a material adverse effect on Boardwalk Pipelines’ revenues, results of operations and financial condition.

Boardwalk Pipelines’ revolving credit facility contains operating and financial covenants that may restrict its business and financing activities.

Boardwalk Pipelines’ revolving credit facility contains operating and financial covenants that may restrict its ability to finance future operations or capital needs or to expand or pursue business activities. Its credit agreement limits its ability to make loans or investments, make material changes to the nature of its business, merge, consolidate or engage in asset sales, or grant liens or make negative pledges. This agreement also requires it to maintain a ratio of consolidated total debt to consolidated EBITDA (as defined in the credit agreement) of not more than 5.0 to 1.0, or up to 5.5 to 1.0 for the quarter in

35

Table of Contents

which the consummation of a qualified acquisition occurs where the purchase price exceeds $100.0 million and the three quarters following the qualified acquisition quarter, which limits the amount of additional indebtedness Boardwalk Pipelines can incur to grow its business, and could require it to reduce indebtedness if its earnings before interest, income taxes, depreciation and amortization (“EBITDA”) decreases to a level that would cause it to breach this covenant. Future financing agreements Boardwalk Pipelines may enter into could contain similar or more restrictive covenants or may not be as favorable as those under its existing indebtedness.

Boardwalk Pipelines’ ability to comply with the covenants and restrictions contained in its credit agreement may be affected by events beyond its control, including economic, financial and market conditions. If market or economic conditions or its financial performance deteriorate, its ability to comply with these covenants may be impaired. If Boardwalk Pipelines is not able to incur additional indebtedness, it may be required to seek other sources of funding that may be on less favorable terms. If it defaults under its credit agreement or another financing agreement, significant additional restrictions may become applicable. In addition, a default could result in a significant portion of its indebtedness becoming immediately due and payable, and its lenders could terminate their commitment to make further loans to it. If such an event occurs, Boardwalk Pipelines may not be able to obtain sufficient funds to make these accelerated payments.

Boardwalk Pipelines’ indebtedness could affect its ability to meet its obligations and may otherwise restrict its activities.

As of December 31, 2025, Boardwalk Pipelines had $3.8 billion in principal amount of debt outstanding, of which $550.0 million was called for redemption on January 31, 2026. Boardwalk Pipelines expects to construct approximately $3.3 billion of growth projects over the next five years (and is evaluating additional growth projects involving substantial capital commitments) and anticipates having to finance a substantial portion of these capital commitments. This level of debt requires significant interest payments. Boardwalk Pipelines’ inability to generate sufficient cash flow to satisfy its debt obligations, or to refinance its obligations on commercially reasonable terms, would have a material adverse effect on its business. Boardwalk Pipelines’ indebtedness could have important consequences. For example, it could:

•limit Boardwalk Pipelines’ ability to borrow money for its working capital, capital expenditures, including its growth projects, debt service requirements or other general business activities;

•impact Boardwalk Pipelines’ ratings received from credit rating agencies;

•increase Boardwalk Pipelines’ vulnerability to general adverse economic and industry conditions; and

•limit Boardwalk Pipelines’ ability to respond to business opportunities, including growing its business through acquisitions.

Boardwalk Pipelines is permitted, under its revolving credit facility and the indentures governing its notes, to incur additional debt, subject to certain limitations under its revolving credit facility and the indentures governing the notes. If Boardwalk Pipelines incurs additional debt, its increased leverage could also result in or exacerbate the consequences described above.

Boardwalk Pipelines does not own all of the land on which its pipelines and facilities are located, which could result in disruptions to its operations.

Substantial portions of Boardwalk Pipelines’ pipelines, storage and other facilities are constructed and maintained on property owned by others pursuant to rights-of-way, easements, permits, licenses or consents, and Boardwalk Pipelines is subject to the possibility of more onerous terms and/or increased costs to retain necessary land use rights if it does not have valid land use rights or if such land use rights lapse or terminate. Some of the rights Boardwalk Pipelines obtains to construct and operate its pipelines storage or other facilities on land owned by third parties and governmental agencies are for specific periods of time. Boardwalk Pipelines cannot guarantee that it will always be able to renew, when necessary, existing land use rights or obtain new land use rights without experiencing significant costs or experiencing landowner opposition. Any loss of these land use rights (or increased costs to renew) with respect to the operation of Boardwalk Pipelines’ pipelines, storage and other facilities, through its inability to acquire or renew right-of-way or easement contracts or permits, licenses, consents or otherwise (or increased costs in connection with the renewal thereof), could have a material adverse effect on its operations.

Boardwalk Pipelines may not be successful in executing its strategy to grow and diversify its business.

Boardwalk Pipelines relies primarily on the revenues generated from its natural gas transportation and storage services. Negative developments in these services have a significantly greater impact on Boardwalk Pipelines’ financial condition and results of operations than if it maintained more diverse assets. Boardwalk Pipelines’ ability to grow, diversify and

36

Table of Contents

increase cash flows will depend, in part, on its ability to expand its existing business lines, close and execute on accretive acquisitions and finance and construct its growth projects. Boardwalk Pipelines may not be successful in acquiring or developing such assets or may do so on terms that ultimately are not profitable.

Boardwalk Pipelines’ ability to replace expiring gas storage contracts at attractive rates or on a long-term basis and to sell short-term services at attractive rates or at all are subject to market conditions.

Boardwalk Pipelines owns and operates substantial natural gas storage facilities. The market for the storage and PAL services that it offers is impacted by the factors and market conditions discussed above for Boardwalk Pipelines’ transportation services, and is also impacted by natural gas price differentials between time periods, such as winter to summer (time period price spreads), and the volatility in time period price spreads. When market conditions cause a narrowing of time period price spreads and a decline in the price volatility of natural gas, these factors adversely impact the rates Boardwalk Pipelines can charge for its storage and PAL services.

Boardwalk Pipelines’ operations are subject to catastrophic losses, operational hazards and unforeseen interruptions for which it may not be adequately insured.

There are a variety of operating risks inherent in transporting and storing natural gas, ethylene and NGLs, such as leaks and other forms of releases, explosions, fires, cybersecurity attacks and mechanical problems, which could have catastrophic consequences. Additionally, the nature and location of Boardwalk Pipelines’ business may make it susceptible to catastrophic losses from hurricanes or other named storms, particularly with regard to its assets in the Gulf Coast region, cold freezes, snowstorms, windstorms, earthquakes, hail, tornados and other severe weather. Any of these or other similar occurrences could result in the disruption of Boardwalk Pipelines’ operations, substantial repair costs, personal injury or loss of life, significant damage to property, environmental pollution, impairment of its operations and substantial financial losses and reputational damage. The location of pipelines in HCAs, which includes populated areas, residential areas, commercial business centers and industrial sites, could significantly increase the level of damages resulting from some of these risks.

Boardwalk Pipelines currently possesses property, business interruption, cybersecurity and general liability insurance, but proceeds from such insurance coverage may not be adequate for all liabilities or expenses incurred or revenues lost. Moreover, such insurance may not be available in the future at commercially reasonable costs and terms. The insurance coverage Boardwalk Pipelines does obtain may contain large deductibles or fail to cover certain events, hazards or potential losses.

Risks Related to Us and Our Subsidiary, Loews Hotels & Co

Loews Hotels & Co’s business may be materially adversely affected by various operating risks common to the hospitality industry, many of which are beyond Loews Hotels & Co’s control.

Loews Hotels & Co owns and operates hotels that have different economic characteristics than many other real estate assets. A typical office property, for example, has long-term leases with third-party tenants, which provide a relatively stable long-term stream of revenue. Hotels, on the other hand, generate revenue from guests that typically stay at the hotel for only a few nights, which causes the room rate and occupancy levels at each hotel to change nearly every day, and results in earnings that can be highly volatile.

In addition, Loews Hotels & Co’s properties are subject to various operating risks common to the hospitality industry, many of which are beyond Loews Hotels & Co’s control, including:

•changes in general economic conditions, including the severity and duration of any downturn in the U.S. or global economy and financial markets, as well as more localized changes in the economy of each hotel’s geographic location;

•increases in the costs of supplies, furniture, fixtures, equipment, labor, workers’ compensation, benefits, insurance, food and beverage, commodities or energy and unanticipated costs or cost increases due to inflation or resulting from force majeure events, new or different federal, state or local governmental regulations, including tariffs and other factors that may not be offset by increased revenues;

•disruptions or delays in Loews Hotels & Co’s supply chain for goods and materials, including those used for hotel development, renovations and operations;

•labor supply disruptions or shortages;

37

Table of Contents

•war, political conditions or civil unrest, terrorist activities or threats and heightened travel security measures instituted in response to these events;

•outbreaks of pandemic or contagious diseases;

•federal, state or local government-mandated travel restrictions and/or shut-down orders of hotels or other drivers that reduce demand for hotel businesses;

•natural or man-made disasters or other catastrophes;

•material reductions or prolonged interruptions of public utilities and services;

•decreased corporate or government travel-related budgets and spending and cancellations, deferrals or renegotiations of group business due to self-imposed and/or government-mandated travel restrictions, adverse economic conditions or otherwise;

•decreased need for business-related travel due to innovations in business-related technology;

•the financial condition and general operational condition of the airline, automotive and other transportation-related industries and its impact on travel;

•decreased airline capacities and routes and disruption in airline operations;

•competition from other hotels, cruise lines and alternative accommodations, such as Airbnb, in the markets in which Loews Hotels & Co operates;

•requirements for periodic capital reinvestment to maintain and upgrade hotels;

•the costs and administrative burdens associated with compliance with applicable laws and regulations, including those associated with responding to requests or demands of regulators or other governmental authorities, whether currently existing or implemented in the future, including, those pertaining to the environmental impact of Loews Hotels & Co’s operations, those pertaining to privacy and the use, sharing, storage and retention of data, and those arising out of mitigation efforts associated with pandemics or outbreaks of contagious diseases;

•organized labor activities, which could cause a diversion of business from hotels involved in labor negotiations and loss of business for Loews Hotels & Co’s properties generally as a result of certain labor tactics;

•changes in the desirability of particular locations or travel patterns of customers, including as a result of an increase in, the occurrence of or the fear of, criminal activity, or the possibility that travelers may be inclined to seek alternatives to large public gatherings, such as conferences and conventions, out of safety concerns, including those associated with pandemics or outbreaks of contagious diseases and associated mitigation efforts, or with respect to the underlying attractions supporting the desirability of a particular location, such as, in the case of Loews Hotels & Co’s immersive destination properties, the Universal theme parks for its Orlando, Florida properties, and stadiums, arenas and convention centers for properties in other markets;

•geographic concentration of operations and customers;

•shortages of desirable locations for development; and

•risks related to relationships with third-party property owners, developers, landlords, tenants, suppliers, lenders and joint venture partners, including the risk that such third-parties may encounter financial difficulties, may not fulfill material obligations, may terminate management, lease, supply, credit, joint venture or other agreements with Loews Hotels & Co, may, in the case of landlords, seek material increases or improvements from Loews Hotels & Co in order to renew leases to Loews Hotels & Co, may, in the case of tenants, suffer the imposition of liens that Loews Hotels & Co may need to clear, or seek material discounts, allowances or concessions from Loews Hotels & Co in order to renew leases from Loews Hotels & Co, may, in the case of joint venture partners, not be willing to invest or reinvest capital to maintain or upgrade properties, or may prevent Loews Hotels & Co from making unilateral decisions with respect to material matters relating to specific properties, and/or may, in the case of third party property owners, not be willing to invest or reinvest capital to maintain or upgrade properties or may seek material discounts or concessions from Loews Hotels & Co in order to renew or extend hotel management agreements.

38

Table of Contents

In addition to materially affecting the business of Loews Hotels & Co generally, these factors, and the reputational repercussions of these factors, could materially adversely affect, and from time to time have materially adversely affected, individual hotels and hotels in particular regions.

Loews Hotels & Co is exposed to the risks resulting from significant investments in owned and leased real estate, including through ownership interests in partnerships and joint ventures, which could increase its costs, reduce its profits, limit its ability to respond to market conditions or restrict its growth strategy.

Loews Hotels & Co’s proportion of owned and leased properties, compared to the number of properties that it manages for third-party owners, may differ from that of some of its competitors. Real estate ownership and leasing is subject to risks not applicable to managed or franchised properties, including:

•real estate, insurance, zoning, tax, environmental and eminent domain laws;

•the ongoing need for owner-funded capital improvements and expenditures to maintain or upgrade properties;

•risks associated with mortgage debt, including the possibility of default, fluctuating interest rate levels, compliance with covenants that may include or result in principal amortization or the acceleration of repayment and the loss of the availability of financing, including the possibility of lenders electing to freeze or restrict loans secured by hospitality related assets, to not fund loans as anticipated or previously committed or to not fund protective advances to maintain operations of, or to take title to, non-performing assets;

•risks associated with the possibility that cost increases will outpace revenue increases and that, in the event of an economic slowdown or other circumstances negatively affecting revenues, a high proportion of fixed costs will make it difficult to reduce costs to the extent required to offset declining revenues;

•risks associated with real estate and property leases, including the possibility of rent increases and the inability to renew or extend upon favorable terms;

•the potential impact of changes in general or local economic and market conditions, including the severity and duration of any downturn in the U.S., global or local economies and financial markets, on tenants of space leases within properties in which Loews Hotels & Co invests;

•the ability to exit or enter markets may not be able to be implemented in a time frame favorable to Loews Hotels & Co or be solely within Loews Hotels & Co’s control, and Loews Hotels & Co does not currently own a lower-tier brand which would allow it to retain and operate properties in markets and locations which suffer an economic downturn;

•risks associated with real estate condominiums and similar structures, including the possibility of special assessments by condominiums that Loews Hotels & Co does not control;

•fluctuations in real estate values and potential impairments in the value of Loews Hotels & Co’s assets; and

•the relative illiquidity of real estate compared to some other assets.

39

Table of Contents

The hospitality industry is subject to seasonal and cyclical volatility.

The hospitality industry is seasonal in nature. The periods during which Loews Hotels & Co’s properties experience higher revenues vary from property to property, depending principally upon location and the consumer base served. Historically, Loews Hotels & Co generally has experienced revenues and earnings that are lower in the third quarter of each year than in each of the other quarters. In addition, the hospitality industry is cyclical and demand generally follows the general economy on a lagged basis. The seasonality and cyclicality of its industry may contribute to fluctuations in Loews Hotels & Co’s results of operations, financial condition, investment activity and cash flows.

Loews Hotels & Co operates in a highly competitive industry, both for customers and for the acquisition and/or development of new properties.

The hospitality industry is highly competitive. 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. New hotels may be constructed and these additions to supply create new competitors, in some cases without corresponding increases in demand for hotel rooms. Some of its competitors also have greater financial, sales, distribution and marketing resources than Loews Hotels & Co. In addition, travelers can book stays on websites and through applications that facilitate the short-term rental of homes and apartments from owners, thereby providing an alternative to hotel rooms.

Loews Hotels & Co also competes for hotel acquisitions and development projects with entities that have similar investment objectives as it does. This competition could limit the number of suitable investment opportunities. It may also increase the bargaining power of Loews Hotels & Co’s counterparties, making it more difficult for Loews Hotels & Co to acquire or develop new properties on attractive terms or on the terms contemplated in its business plans. Furthermore, Loews Hotels & Co benefits from financial incentives from governmental agencies or municipalities in connection with development in certain markets. The failure of counterparties to fulfill the terms of such incentive agreements, or of Loews Hotels & Co to achieve certain performance thresholds contained in those agreements, could materially impact the realized value of those incentives. Additionally, the granting by governmental agencies or municipalities of financial incentives to competitors of Loews Hotels & Co could materially impact Loews Hotels & Co’s financial results in applicable markets.

Any deterioration in the quality or reputation of Loews Hotels & Co’s brands, including brands used in its joint ventures and those it licenses, could have a material adverse effect on its reputation and business.

Loews Hotels & Co’s brands, including those associated with its joint ventures (e.g., at its properties at Universal Orlando) and those it licenses (e.g., at its Live! by Loews – St. Louis and Live! by Loews – Arlington hotels), are among its most important assets. Its ability to attract and retain guests depends, in part, on the public recognition of its brands and their associated reputation. If its brands become obsolete or consumers view them as unfashionable or lacking in quality, or its brands or reputation are otherwise harmed, Loews Hotels & Co may be unable to attract guests to its properties, and may further be unable to attract or retain joint venture partners or hotel owners. Loews Hotels & Co’s reputation may also suffer as a result of negative publicity regarding its hotels, including as a result of social media reports, regardless of the accuracy of such publicity. The continued expansion of media and social media formats has compounded the potential breadth and scope of negative publicity and has made it more difficult to control and effectively manage negative publicity.

Loews Hotels & Co’s efforts to develop new properties and renovate existing properties could be delayed or become more expensive.

Loews Hotels & Co, on its own and together with joint venture partners, from time to time renovates its properties and expands its portfolio through ground-up construction. Joint venture partners may also serve as developer. These renovation and construction efforts are subject to a number of risks, including:

•construction delays, changes to plans and specifications and cost overruns (including for labor and materials), including those that may be due to unforeseeable site conditions, construction errors, design defects, the imposition or increases of tariffs on building supplies and materials or furniture, fixtures and equipment, or changes in building codes, that may increase project costs, cause new development projects to not be completed by lender or municipal imposed required completion dates or subject Loews Hotels & Co to cancellation penalties for reservations accepted;

•obtaining and maintaining government subsidies or financial incentives in certain markets;

•obtaining zoning, occupancy and other required licenses, permits or authorizations;

40

Table of Contents

•changes in economic or other market conditions that may result in weakened or lack of demand or negative project returns;

•governmental restrictions on the size or kind of development;

•projects financed with construction debt are subject to risk that participating lenders may not fulfill their commitments when called upon as well as interest rate risk as uncertain timing and amount of draws may make effective hedging difficult or expensive to obtain, as well as the other risks associated with mortgage debt described above;

•delays resulting from pandemics or the outbreaks of contagious diseases and related containment efforts, including as they pertain to contractors, suppliers and inspectors required to review projects;

•weather delays and force majeure events, including earthquakes, tornados, hurricanes, floods, winter weather conditions and other natural or man-made catastrophes; and

•projects with adjacent demand generators under construction that become delayed causing opening delays of, or less revenue than anticipated from, hotels under development.

Additionally, renovating existing properties and developing new properties typically involve lengthy development periods during which significant amounts of capital must be funded before the properties begin to operate and generate revenue. If the cost of renovations or new development exceeds budgeted amounts, and/or the time period for development is longer than initially anticipated, Loews Hotels & Co’s operating results could be reduced. Loews Hotels & Co has seen construction timelines lengthen due to various factors, including competition for skilled construction labor, challenges related to financing, disruption in the supply chain for materials, and the impact of pandemics or other outbreaks of contagious diseases and related mitigation efforts, and these or similar circumstances could continue or worsen in the future. Accordingly, there can be no assurance that all development pipeline projects will result in new hotels entering Loews Hotel & Co’s system, or that those hotels will open when or perform as anticipated. Further, due to the lengthy development cycle, intervening adverse economic or other market conditions in general and as they apply to Loews Hotels & Co and its development partners may alter or impede the development plans, thereby resulting in incremental costs or potential impairment charges. In addition, using multiple sources of capital to develop new properties reduces or eliminates the ability of Loews Hotels & Co to cease commenced projects if the overall economic environment or other market conditions change. Moreover, during the early stages of operations, charges related to interest expense and depreciation may substantially detract from, or even outweigh, the profitability of certain new hotel investments.

Investing in hotel properties through ownership interests in partnerships and joint ventures is subject to inherent risks, including due to Loews Hotels & Co’s lack of unilateral control over the investment.

Loews Hotels & Co has invested, and expects to continue to invest, in hotel properties or businesses through ownership interests in partnerships and joint ventures. Partners and joint venturers often have shared control over the operation of the property or business. Therefore, the operation of such properties or businesses is subject to inherent risk due to the shared nature of the enterprise and the need to reach agreements on material matters, including matters that may impact taxes or the ability to invest or reinvest capital to maintain or upgrade the properties, or have other significant financial consequences. In addition, investments with other investors may involve risks such as the possibility that the partner or joint venturer might become bankrupt or not have the financial resources to meet its obligations, or have economic or business interests or goals that are inconsistent with Loews Hotels & Co’s business interests or goals. Further, Loews Hotels & Co may be unable to take action without the approval of its partners or joint venturers, or its partners or joint venturers could take actions binding on the property without the consent of Loews Hotels & Co. Additionally, should a partner or joint venturer become bankrupt or otherwise fail to honor its financial obligations, Loews Hotels & Co could become liable for its share of liabilities.

Loews Hotels & Co’s properties are geographically concentrated, which exposes its business to the effects of regional events and occurrences.

Loews Hotels & Co has a concentration of hotels in Florida. Specifically, as of December 31, 2025, eleven hotels, representing 59% of rooms in its system, were located at Universal Orlando in Orlando, Florida and thirteen hotels, representing approximately 64% of rooms in its system, were located in Florida. Loews Hotels & Co also has multiple hotels in other geographies, including Arlington, Texas (where a third hotel development has recently been announced) and the Chicago, Illinois metropolitan area. In the future, other existing or new geographies may present opportunities for new or additional investment that may create new or increased concentration risk. The concentration of hotels in one region, jurisdiction or a limited number of markets may expose Loews Hotels & Co to risks of adverse economic and other developments that are greater than if its portfolio were more geographically diverse. These developments could include,

41

Table of Contents

among others, regional economic downturns, an increase in burdensome governmental regulation, changes in the local political climate, a decline in the popularity of or access to area tourist attractions, such as theme parks and stadiums, the failure of new nearby tourist attractions to be developed or be successful in markets where new hotels are under development or of existing attractions to be maintained or upgraded in existing markets, significant increases in the number of Loews Hotels & Co’s competitors’ hotels in these markets, the development of new tourist attractions which are competitive with those nearby Loews Hotels & Co’s properties and potentially higher local property, sales and income taxes, property insurance costs or other expenses in the geographic markets in which it is concentrated. In addition, Loews Hotels & Co’s properties in Florida are subject to the effects of adverse acts of nature, such as hurricanes, strong winds and flooding, which have in the past caused damage to its hotels in Florida, and which may in the future be intensified as a result of climate change. Loews Hotels & Co’s business may be significantly affected by other risks common to the Florida tourism industry. For example, the cost and availability of air services and the impact of any events that disrupt or reduce air travel to and from Florida for any reason can materially adversely affect its business. Because all Loews Hotels & Co’s properties are located within the United States, its business is exposed directly and indirectly to risks arising from United States-specific risks, including economic downturns, regulatory changes, international arrival travel regulations and patterns and other disruptions.

The growth and use of third-party reservation channels adversely affects Loews Hotels & Co’s business.

A significant percentage of hotel rooms for guests at Loews Hotels & Co’s properties is booked through internet-based travel agencies and other intermediaries. In most cases, Loews Hotels & Co has agreements with such intermediaries and pays them commissions and/or fees for sales of its rooms through their systems. If such bookings increase, these intermediaries may be able to obtain higher commissions or fees, reduced room rates or other significant concessions from Loews Hotels & Co. There can be no assurance that Loews Hotels & Co will be able to negotiate such agreements in the future with terms as favorable as those that exist today. Moreover, these intermediaries generally employ aggressive marketing strategies, including expending significant resources for business partnerships and online and television advertising campaigns to drive consumers to their websites and other outlets. As a result, consumers may develop brand loyalties to the intermediaries’ offered brands, websites and reservations systems rather than to Loews Hotels & Co’s brands and reservation system.

Loews Hotels & Co’s insurance coverage may not cover all possible losses, and it may not be able to renew its insurance policies on favorable terms, or at all.

Although Loews Hotels & Co maintains various property, casualty and other insurance policies, proceeds from such insurance coverage may not be adequate for all liabilities or expenses incurred or revenues lost. Additionally, insurance policies that it maintains may not be available in the future at commercially reasonable costs and terms. The insurance coverage Loews Hotels & Co maintains may contain large deductibles or may not cover all risks to which Loews Hotels & Co is potentially subject.

Labor shortages could restrict Loews Hotels & Co’s ability to operate its properties or grow its business or result in increased labor costs that could reduce its results of operations.

Loews Hotels & Co’s properties are staffed 24 hours a day, seven days a week by thousands of employees. If it is unable to attract, retain, train and engage a sufficient number of skilled employees, its ability to manage and staff its properties adequately could be impaired, which could reduce customer satisfaction. Staffing shortages could also hinder its ability to grow and expand its business. Because payroll costs are a major component of the operating expenses at its properties, a shortage of skilled labor could also require higher wages that would increase its labor costs or temporarily cease to offer certain services, which could harm Loews Hotel & Co’s reputation or guest satisfaction and otherwise adversely affect Loews Hotels & Co.

A portion of Loews Hotels & Co’s labor force is covered by collective bargaining agreements.

A portion of Loews Hotels & Co’s labor force is covered by collective bargaining agreements. Work slowdowns and stoppages and other labor problems could negatively affect Loews Hotels & Co’s business and results of operations. A prolonged dispute with covered employees or any labor unrest, strikes or other business interruptions in connection with labor negotiations or otherwise could have an adverse impact on Loews Hotels & Co’s operations. Adverse publicity in the marketplace related to union messaging could further harm its reputation and reduce customer demand for its services. Also, wage and/or benefit increases and/or changes to operational protocols resulting from new labor agreements may be significant and could have an adverse impact on its results of operations. Furthermore, Loews Hotels & Co could experience demands from labor unions that represent its employees for additional compensation, healthcare benefits, operational protocols or other terms in response to pandemics, the outbreak of contagious diseases or other events that could increase costs. To the extent that Loews Hotels & Co’s non-union employees join unions, Loews Hotels & Co would have greater exposure to risks associated with such labor problems. Furthermore, Loews Hotels & Co may have, or acquire

42

Table of Contents

in the future, multi-employer plans that are classified as “endangered,” “seriously endangered,” or “critical” status and a withdrawal in the future could result in the incurrence of a contingent liability that would be payable in an amount and at such time (or over a period of time) that would vary based on a number of factors at the time of (and after) withdrawal. Any such events or additional costs may have materially adverse effects.

Risks Related to Us and Our Unconsolidated Subsidiary, Altium Packaging

Altium Packaging’s substantial indebtedness could affect its ability to meet its obligations and may otherwise restrict its activities.

Altium Packaging has a significant amount of indebtedness, which requires significant interest payments. Its inability to generate sufficient cash flow to satisfy its debt obligations, or to refinance its obligations on commercially reasonable terms, would have a material adverse effect on its business. Altium Packaging’s substantial indebtedness could have other important consequences. For example, it could:

•limit its ability to borrow money for its working capital, capital expenditures, debt service requirements or other corporate purposes;

•increase its vulnerability to general adverse economic and industry conditions; and

•limit its ability to respond to business opportunities, including growing its business through acquisitions.

In addition, the credit agreements governing its current indebtedness contain, and any future debt instruments would likely contain, financial and other restrictive covenants, which impose operating and financial restrictions on it. As a result of these covenants, Altium Packaging could be limited in the manner in which it conducts its business and may be unable to engage in certain business activities or finance future operations or capital needs. Furthermore, a failure to comply with these covenants could result in an event of default which, if not cured or waived, could have a material adverse effect on Altium Packaging.

Altium Packaging is exposed to changes in consumer preferences.

Sales of Altium Packaging’s plastic containers depend heavily on the volume of sales made by its customers to consumers. Consequently, changes in consumer preferences for products in the industries that Altium Packaging serves or the packaging formats in which such products are delivered, whether as a result of changes in cost, convenience or health, environmental and social concerns, perceptions regarding plastics or otherwise, may result in a decline in the demand for Altium Packaging’s plastic container products.

Fluctuations in raw material prices and raw material availability may materially affect Altium Packaging’s results of operations.

To produce its products, Altium Packaging uses large quantities of plastic resins and recycled plastic materials. It faces the risk that its access to these raw materials may be interrupted or that it may not be able to purchase these raw materials at prices that are acceptable to it. In general, Altium Packaging does not have long-term supply contracts with its suppliers, and its purchases of raw materials are subject to market price volatility. 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. It may not be able to pass through all future raw material price increases in a timely manner or at all due to competitive pressures. In addition, a sustained increase in resin and recycled plastic prices, relative to alternative packaging materials, would make plastic containers less economical for its customers and could result in reductions in the use of plastic containers. Any limitation on its ability to procure its primary raw materials or to pass through price increases in such materials in a timely manner could materially adversely affect Altium Packaging.

Altium Packaging’s customers may increase their self-manufacturing.

Increased self-manufacturing by Altium Packaging’s customers may have a material adverse impact on Altium Packaging’s sales volume and financial results. Altium Packaging believes that certain customers may engage in self-manufacturing over time at certain locations, particularly those where transportation costs are high, for products that have low complexity, and where customers have available space to install blow molding equipment.

43

Table of Contents

Risks Related to Us and Our Subsidiaries Generally

In addition to the specific risks and uncertainties faced by our subsidiaries, as discussed above, we and all of our subsidiaries face additional risks and uncertainties described below.

Failures or interruptions in or breaches to our or our subsidiaries’ computer systems or information technology or communication infrastructure or those of certain third parties could materially and adversely affect our or our subsidiaries’ operations.

We and our subsidiaries are dependent upon information technologies, computer and communication systems and networks, including those maintained by us and our subsidiaries and those maintained and provided to us and our subsidiaries by third parties (for example, “software-as-a-service” and cloud solutions), to conduct operations. We and our subsidiaries are dependent upon operational and financial computer and communication systems and information technology infrastructure to process the data necessary to conduct almost all aspects of our and their businesses. Any failure of our or our subsidiaries’ systems or information technology infrastructure, or those of our or their customers, vendors or others with whom we and they do business, could materially disrupt business operations. Computer, telecommunications and other business facilities and systems could become unavailable or impaired from a variety of causes, including cyber attacks or other cyber incidents, storms and other natural disasters, terrorist attacks, fires, utility outages, theft, design defects, human error or complications, including those encountered as existing systems are replaced or upgraded. Cyber attacks and other cyber incidents are occurring more frequently, are constantly evolving in nature, are becoming more difficult to prevent, detect and remediate, and are being carried out by groups and individuals with a wide range of expertise and motives, and that may have the backing of foreign governmental actors. The U.S. government has issued public warnings that indicate energy assets may be specific targets of cyber attacks, which can have catastrophic consequences, and hotel chains, among other consumer-facing businesses, have been subject to various cyber attacks targeting payment card and other sensitive consumer information. Cyber attacks and cyber incidents take many forms, including cyber extortion, denial of service, social engineering, introduction of viruses or malware, exploiting vulnerabilities in hardware, software or other infrastructure, hacking, website defacement, theft of passwords and other credentials, unauthorized use of computing resources for digital currency mining and business email compromise. Further, the increasing use of artificial intelligence and other advances in computer capabilities and technologies, by us and our subsidiaries and by our and their vendors and other third parties with whom we and they do business, may increase our and their exposure to risks of cyber attacks and other cyber incidents. As the cybersecurity threat landscape continues to evolve, we and our subsidiaries may be required to expend significant capital resources to continue to modify or enhance our protective measures or to investigate or remediate any vulnerabilities, including in response to future legislation or regulations related to cybersecurity.

As with other large companies, we and our subsidiaries and our and their third party vendors and other third parties with whom we and they do business have experienced cyber attacks and other cyber incidents and expect this to continue. If we and our subsidiaries and our and their third party vendors and other third parties with whom we and they do business do not allocate and effectively manage the resources necessary to continue to build and maintain our and their information technology security infrastructure, or if we or our subsidiaries or our or our subsidiaries’ vendors or other third parties with whom we and they do business fail to timely identify or appropriately respond to cyber attacks or other cyber incidents, then this may, in addition to other consequences, disrupt our and our subsidiaries’ operations, cause significant damage to our or their assets and surrounding areas, cause loss of life or serious bodily injury, impact our or their data framework or cause a failure to protect personal information of customers, employees or others.

The foregoing risks relating to disruption of service, interruption of operations and data loss could impact our and our subsidiaries’ ability to timely perform critical business functions, resulting in disruption or deterioration in our and our subsidiaries’ operations and business and expose us and our subsidiaries to significant financial losses and monetary and reputational damages. In addition, potential exposures include substantially increased compliance costs and required computer system upgrades and security related investments. The breach of confidential information also could give rise to legal liability and regulatory action under data protection and privacy laws and regulations, both in the U.S. and foreign jurisdictions.

From time to time we and our subsidiaries may be subject to litigation, for which we and they may be unable to accurately assess the level of exposure and which if adversely determined, may have a significant adverse effect on our or their financial condition or results of operations.

We and our subsidiaries are or may become parties to legal proceedings and disputes. These matters may include, among others, contract disputes, claims and coverage disputes, reinsurance disputes, personal injury and wrongful death claims, environmental claims or proceedings, asbestos and other toxic tort claims, intellectual property disputes, disputes related to employment, antitrust matters, tax matters and other litigation incidental to our or their businesses. For instance, we and certain of our Boardwalk Pipelines-related subsidiaries are defendants in a class action litigation in the State of Delaware

44

Table of Contents

related to our 2018 acquisition of the Boardwalk Pipelines limited partnership units not already owned by our affiliates. In addition, Loews Hotels & Co is a defendant in litigation alleging that it and certain other hotel chains engaged in a conspiracy to fix higher prices for hotel rooms in violation of antitrust laws. For additional information regarding these matters, see Note 17 of the Notes to Consolidated Financial Statements included under Item 8. Litigation is inherently subject to great uncertainty and it is difficult to predict the outcome or effect of any litigation matters. The outcome of any pending or future litigation could have a significant adverse impact on our or our subsidiaries’ financial condition or results of operations.

Acts of terrorism could harm us and our subsidiaries.

Terrorist attacks and the continued threat of terrorism in the United States or abroad, the continuation or escalation of armed hostilities or the outbreak of additional hostilities, including military and other action by the United States, its allies or other nations, could have a significant impact on us and the assets and businesses of our subsidiaries. CNA issues coverages that are exposed to risk of loss from an act of terrorism. Terrorist acts or the threat of terrorism could also result in increased political, economic and financial market instability, a decline in energy consumption and volatility in the price of oil and gas, which could affect the market for Boardwalk Pipelines’ transportation and storage services. In addition, terrorist attacks could lead to reductions in business travel and tourism which could harm Loews Hotels & Co. While our subsidiaries take steps that they believe are appropriate to secure their assets, there is no assurance that they can completely secure them against a terrorist attack or obtain adequate insurance coverage for terrorist acts at reasonable rates.

Our subsidiaries face significant risks related to compliance with environmental laws.

Our subsidiaries have extensive obligations and financial exposure related to compliance with federal, state, local, foreign and international environmental laws, including those relating to the discharge of substances into the environment, the disposal, removal or cleanup of hazardous wastes and other activities relating to the protection of the environment. Many of such laws have become increasingly stringent and may in some cases impose strict liability, which could be substantial, rendering a person liable for environmental damage without regard to negligence or fault on the part of that person. For example, Boardwalk Pipelines is subject to extensive federal, state and local laws and regulations relating to protection of the environment. Such laws and regulations impose, among other things, restrictions, liabilities and obligations in connection with the generation, handling, use, storage, transportation, treatment and disposal of various substances, including hazardous substances and waste and in connection with spills, releases, discharges and emissions of various substances into the environment. In addition, Altium Packaging may be adversely affected by laws or regulations concerning environmental matters that increase the cost of producing, or otherwise adversely affect the demand for, plastic products. Further, existing environmental laws or the interpretation or enforcement thereof may be amended and new laws may be adopted in the future.

Loss of key vendor relationships or issues relating to the transitioning of vendor relationships could result in a materially adverse effect on our and our subsidiaries’ operations.

We and our subsidiaries rely on products, equipment and services provided by many third-party suppliers, manufacturers and service providers in the United States and abroad, which exposes us and them to volatility in the quality, price and availability of such items. These include, for example, vendors of computer hardware, software and services, as well as other critical materials and services (including, in the case of CNA, claims administrators performing significant claims administration and adjudication functions). Certain products, equipment and services may be available from a limited number of sources. If one or more key vendors becomes unable to continue to provide products, equipment or services at the requisite level for any reason, or fails to protect our proprietary information, including in some cases personal information of employees, customers, hotel guests or others, we and our subsidiaries may experience a material adverse effect on our or their business, operations and reputation.

We could incur impairment charges related to the carrying value of the long-lived assets and goodwill of our subsidiaries and our equity method investments.

We and our subsidiaries regularly evaluate our and their long-lived assets and goodwill for impairment whenever events or changes in circumstances indicate the carrying value of these assets may not be recoverable. Most notably, we could incur impairment charges related to the carrying value of pipeline and storage assets at Boardwalk Pipelines, our equity method investment in Altium Packaging and hotel investments owned by Loews Hotels & Co.

We and our subsidiaries also test goodwill for impairment on an annual basis or when events or changes in circumstances indicate that a potential impairment exists. Asset impairment evaluations by us and our subsidiaries with respect to both long-lived assets and goodwill are, by nature, highly subjective. The use of different estimates and assumptions could result

45

Table of Contents

in materially different carrying values of our assets which could impact the need to record an impairment charge and the amount of any charge taken.

Pandemics or other outbreaks of contagious diseases and efforts to mitigate their spread have had, and could in the future have, widespread impacts on the way we and our subsidiaries operate.

The spread of COVID-19 and mitigating measures caused unprecedented disruptions to the global economy and normal business operations across sectors and countries, including the sectors and countries in which we and our subsidiaries operate. Future pandemics or other outbreaks of contagious diseases, and efforts to mitigate their spread, may result in similar or worse economic implications and disruptions, including on our and our subsidiaries’ businesses.

We are a holding company and derive substantially all of our income and cash flow from our subsidiaries.

We rely upon our invested cash balances and distributions from our subsidiaries to generate the funds necessary to meet our obligations and to declare and pay any dividends to holders of our common stock. Our subsidiaries are separate and independent legal entities and have no obligation, contingent or otherwise, to make funds available to us, whether in the form of loans, dividends or otherwise. The ability of our subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies, and their compliance with covenants in their respective loan agreements. Claims of creditors of our subsidiaries will generally have priority as to the assets of such subsidiaries over our claims and those of our creditors and shareholders.

We and our subsidiaries face competition for senior executives and qualified specialized talent.

We and our subsidiaries depend on the services of our key personnel, who possess skills critical to the operation of our and their businesses. Our and our subsidiaries’ executive management teams are highly experienced and possess extensive skills in their relevant industries. The ability to retain senior executives and to attract and retain highly skilled professionals and personnel with specialized industry and technical experience is important to our and our subsidiaries’ success and future growth. Competition for this talent can be intense, and we and our subsidiaries may not be successful in our efforts. The unexpected loss of the services of these individuals could have a detrimental effect on us and our subsidiaries and could hinder our and their ability to effectively compete in the various industries in which we and they operate.

Scrutiny and changing expectations from stakeholders with respect to sustainability practices may impose additional costs on us and our subsidiaries or expose us and our subsidiaries to new or additional risks.

Companies across all industries may face scrutiny from stakeholders related to their sustainability practices, including from both those who support and those who oppose such practices. Regardless of the industry, investors’ focus and activism related to sustainability and similar matters may hinder access to, or increase the cost of, capital, as investors may decide to reallocate capital or to not commit capital as a result of their assessment of a company’s sustainability practices. In addition, other stakeholders, including customers, employees, suppliers, regulators and ratings agencies, may also focus on sustainability matters.

Companies that do not adapt to or comply with investor or other stakeholder expectations and standards, which are evolving, or that are perceived to have not responded appropriately to concerns regarding sustainability issues, regardless of whether there is a legal requirement to do so, may suffer from reputational damage and other adverse consequences. Additionally, to the extent sustainability matters negatively impact our reputation, we may not be able to compete as effectively to recruit or retain employees, which may adversely affect our operations.

Item 1B. Unresolved Staff Comments.

None.

Item 1C. Cybersecurity.

Risk Management and Strategy

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.

46

Table of Contents

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.

Governance

Our Board has assigned oversight of cybersecurity risk management to the Audit Committee. The Audit Committee regularly receives reports from our and our subsidiaries’ management, including our and our subsidiaries’ senior information technology (“IT”) leadership, and third parties on cybersecurity matters. In addition, the Board receives reports addressing cybersecurity as part of our overall enterprise risk management program and to the extent cybersecurity matters are addressed in regular business updates.

Senior IT leadership (generally, chief information officers and/or chief information security officers) at 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 individuals’ expertise in IT and cybersecurity generally has been gained from a combination of education, including relevant degrees and/or certifications, and prior work experience. They are informed by their respective cybersecurity teams about, and monitor, the prevention, detection, mitigation and remediation of cybersecurity incidents as part of the cybersecurity programs described above.

Information regarding cybersecurity risks may be elevated from senior IT leadership through a variety of different channels, including discussions between or among subsidiary and parent company management, reports to subsidiary and parent company risk committees and reports to subsidiary and parent company boards and board committees. As noted above, the Audit Committee regularly receives reports on cybersecurity matters from our and our subsidiaries’ senior IT leadership.

Item 2. Properties.

Our corporate headquarters is located in leased office space in New York City. Information relating to our subsidiaries’ properties is contained under Item 1.

Item 3. Legal Proceedings.

Information on our legal proceedings is included in Note 17 of the Notes to Consolidated Financial Statements, included under Item 8.

Item 4. Mine Safety Disclosures.

Not applicable.

47

Table of Contents

PART II

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Our common stock is listed on the New York Stock Exchange under the symbol “L”.

The following graph compares annual total return of our Common Stock, the Standard & Poor’s 500 Composite Stock Index (“S&P 500 Index”) and our peer group set forth below (“Loews Peer Group”) for the five years ended December 31, 2025. The graph assumes that the value of the investment in our Common Stock, the S&P 500 Index and the Loews Peer Group was $100 on December 31, 2020 and that all dividends were reinvested.

			2020			2021			2022			2023			2024			2025
Loews Common Stock			100.0			128.89			130.70			156.56			191.14			238.31
S&P 500 Index			100.0			128.71			105.40			133.10			166.40			196.16
Loews Peer Group (a)			100.0			127.73			151.23			159.59			215.85			239.26

(a)The Loews Peer Group consists of the following companies that are industry peers of our principal operating subsidiaries or our investment in Altium Packaging: Berry Global, Inc. (included through April 30, 2025 when it was acquired by Amcor plc), Chubb Limited, Diamond Rock Hospitality Company, Enbridge Inc., Energy Transfer LP, Kinder Morgan, Inc., Ryman Hospitality Properties, Inc., Silgan Holdings Inc., Sunstone Hotel Investors, Inc., The Hartford Financial Services Group, Inc., The Travelers Companies, Inc., W.R. Berkley Corporation and Xenia Hotels & Resorts, Inc.

48

Table of Contents

Approximate Number of Equity Security Holders

As of February 2, 2026, we had approximately 510 holders of record of our common stock.

Common Stock Repurchases

Our Board of Directors has authorized our management, as it deems appropriate, to purchase our outstanding common stock. Depending on market and other conditions, we may purchase shares of our common stock in the open market (including in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise.

During the fourth quarter of 2025, we purchased shares of our common stock as follows:

Period

(a) Total number of shares purchased

(b) Average price paid per share

(c) Total number of shares purchased as part of publicly announced plans or programs

(d) Maximum number of shares (or approximate dollar value) of shares that may yet be purchased under the plans or programs (in millions)

October 1, 2025 - October 31, 2025

289,911

$

99.26

N/A

N/A

November 1, 2025 - November 30, 2025

467,038

$

104.33

N/A

N/A

December 1, 2025 - December 31, 2025

200,000

$

104.53

N/A

N/A

Item 6. [Reserved]

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

OVERVIEW

Loews Corporation is a holding company and has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA Financial Corporation (“CNA”), Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”) and Loews Hotels Holding Corporation (“Loews Hotels & Co”); and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its consolidated operating subsidiaries, and the equity method of accounting for Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary.

Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the terms “Parent Company,” “we,” “our,” “us” or like terms mean Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders.

We rely upon our invested cash balances and distributions from our subsidiaries to generate the funds necessary to meet our obligations and to declare and pay any dividends to our shareholders. The ability of our subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies (see Note 14 of the Notes to Consolidated Financial Statements included under Item 8) and compliance with covenants in their respective loan agreements. Claims of creditors of our subsidiaries will generally have priority as to the assets of such subsidiaries over our claims and those of our creditors and shareholders. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.

49

Table of Contents

The following discussion should be read in conjunction with Item 1A, Risk Factors, and Item 8, Financial Statements and Supplementary Data of this Form 10-K. For a discussion of changes in results of operations comparing the years ended December 31, 2024 and 2023 for Loews Corporation and its subsidiaries see Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 11, 2025.

RESULTS OF OPERATIONS

Consolidated Financial Results

The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the years ended December 31, 2025 and 2024:

Year Ended December 31			2025						2024
(In millions, except per share data)
CNA Financial			$	1,173					$	879
Boardwalk Pipelines			444						413
Loews Hotels & Co			31						70
Corporate			19						52
Net income attributable to Loews Corporation			$	1,667					$	1,414
Basic net income per share			$	7.98					$	6.42
Diluted net income per share			$	7.97					$	6.41

2025 Compared with 2024

Net income attributable to Loews Corporation for 2025 was $1.7 billion, or $7.97 diluted net income per share, compared to net income attributable to Loews Corporation of $1.4 billion, or $6.41 diluted net income per share, in 2024.

Net income attributable to Loews Corporation for 2024 includes a $265 million after-tax and noncontrolling interests pension settlement charge for CNA. Excluding this pension charge, CNA’s increase is primarily due to higher property and casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves. The increase at Boardwalk Pipelines is primarily due to increased transportation revenues from higher re-contracting rates, recently completed growth projects and higher utilization-based revenue, as well as increased storage and parking and lending revenues. Those positives were partially offset by higher operating costs and higher depreciation expense at Boardwalk Pipelines. The decrease at Loews Hotels & Co is primarily due to an asset impairment charge, higher interest expense, and renovations at the Loews Miami Beach Hotel, partially offset by improved results at the Universal Orlando Resort hotels and the Loews Arlington Hotel and Convention Center, which was open for the entirety of 2025. Parent company investment income decreased due to lower investment income from the parent company trading portfolio.

50

Table of Contents

CNA Financial

The following table summarizes the results of operations for CNA for the years ended December 31, 2025 and 2024 as presented in Note 19 of the Notes to Consolidated Financial Statements included under Item 8. For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Year Ended December 31			2025						2024
(In millions)
Revenues:
Insurance premiums			$	10,900					$	10,211
Net investment income			2,557						2,497
Investment losses			(81)						(81)
Non-insurance warranty revenue			1,577						1,609
Other revenues			36						34
Total			14,989						14,270
Expenses:
Insurance claims and policyholders’ benefits			8,294						7,738
Amortization of deferred acquisition costs			1,898						1,798
Non-insurance warranty expense			1,526						1,547
Other operating expenses			1,516						1,843
Interest			135						133
Total			13,369						13,059
Income before income tax			1,620						1,211
Income tax expense			(342)						(252)
Net income			1,278						959
Amounts attributable to noncontrolling interests			(105)						(80)
Net income attributable to Loews Corporation			$	1,173					$	879

2025 Compared with 2024

Net income attributable to Loews Corporation increased $294 million for 2025 as compared with 2024, which included a $265 million after-tax and noncontrolling interests pension settlement charge. Net income attributable to Loews Corporation also increased primarily due to higher property and casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves. For more information on the pension settlement charge see Note 15 of the Notes to Consolidated Financial Statements included under Item 8.

CNA’s Property & Casualty and Other Insurance Operations

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations 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 asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves. CNA’s products and services are primarily marketed through independent agents, retail and wholesale brokers and managing general underwriters to a wide variety of customers, including small, medium and large businesses, insurance companies, associations, professionals and other groups. We believe the presentation of CNA as one reportable segment is appropriate in accordance with applicable accounting standards on segment reporting. However, for purposes of this discussion and analysis of the results of operations, we provide greater detail with respect to CNA’s Property & Casualty Operations and Other Insurance Operations to enhance the reader’s understanding and to provide further transparency into key drivers of CNA’s financial results.

51

Table of Contents

In assessing its insurance operations, CNA utilizes the core income (loss) financial measure. Core income (loss) is calculated by excluding investment gains or losses and gains or losses resulting from pension settlement transactions from net income (loss). In addition, core income (loss) excludes the effects of noncontrolling interests. The calculation of core income (loss) excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations. Core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations. Please see the non-GAAP reconciliation of net income (loss) to core income (loss) in this MD&A.

In evaluating the results of Property & Casualty Operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on CNA’s reserves is provided in Note 7 of the Notes to Consolidated Financial Statements included under Item 8.

In addition, renewal premium change, rate, retention and new business are also utilized in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. 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. New business represents premiums from policies written with new customers and additional policies written with existing customers.

CNA also uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities which are managed separately from its investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, excluding the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance.

The following tables present a reconciliation of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain (loss) for the years ended December 31, 2025 and 2024:

52

Table of Contents

Year Ended December 31, 2025			Specialty						Commercial						International						Property & Casualty						Other Insurance Operations						Total
(In millions)
Net income (loss) attributable to Loews Corporation			$	564					$	723					$	188					$	1,475					$	(302)					$	1,173
Investment losses			22						32						2						56						8						64
Noncontrolling interests			51						65						17						133						(28)						105
Core income (loss)			$	637					$	820					$	207					$	1,664					$	(322)					$	1,342
Less:
Net investment income			650						775						156						1,581
Non-insurance warranty revenue			51																		51
Other revenue (expense), including interest expense			(55)						(12)						13						(54)
Income tax expense on core income			(173)						(215)						(77)						(465)
Underwriting gain			164						272						115						551
Effect of catastrophe losses									217						23						240
Effect of unfavorable (favorable) development-related items			37						52						(25)						64
Underlying underwriting gain			$	201					$	541					$	113					$	855

Year Ended December 31, 2024
Net income (loss) attributable to Loews Corporation			$	608					$	603					$	140					$	1,351					$	(472)					$	879
Investment (gains) losses			31						44												75						(11)						64
Pension settlement transaction losses																											293						293
Noncontrolling interests			55						55						13						123						(43)						80
Core income (loss)			$	694					$	702					$	153					$	1,549					$	(233)					$	1,316
Less:
Net investment income			626						733						131						1,490
Non-insurance warranty revenue			62																		62
Other expense, including interest expense			(53)						(14)						(10)						(77)
Income tax expense on core income			(190)						(188)						(44)						(422)
Underwriting gain			249						171						76						496
Effect of catastrophe losses									318						40						358
Effect of favorable development-related items			(8)												(6)						(14)
Underlying underwriting gain			$	241					$	489					$	110					$	840

53

Table of Contents

Property & Casualty Operations

The following tables summarize the results of CNA’s Property & Casualty Operations and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the years ended December 31, 2025 and 2024.

Year Ended December 31, 2025			Specialty						Commercial						International						Total
(In millions, except %)
Net written premiums			3,515						5,821						1,347						10,683
Net earned premiums			3,472						5,695						1,311						10,478
Underwriting gain			164						272						115						551
Net investment income			650						775						156						1,581
Core income			637						820						207						1,664
Other performance metrics:
Loss ratio			61.5		%				67.9		%				58.4		%				64.6		%
Expense ratio			33.5						26.8						32.8						29.7
Dividend ratio			0.3						0.5												0.4
Combined ratio			95.3		%				95.2		%				91.2		%				94.7		%
Less: Effect of catastrophe impacts									3.8						1.8						2.3
Less: Effect of unfavorable (favorable) development- related items			1.1						0.9						(1.9)						0.6
Underlying combined ratio			94.2		%				90.5		%				91.3		%				91.8		%
Underlying loss ratio			60.4		%				63.2		%				58.5		%				61.7		%
Rate			3		%				5		%				(4)		%				3		%
Renewal premium change			4						6						(1)						4
Retention			86						82						86						83
New business			$	487					$	1,491					$	370					$	2,348

Year Ended December 31, 2024
Net written premiums			3,445						5,469						1,262						10,176
Net earned premiums			3,361						5,158						1,256						9,775
Underwriting gain			249						171						76						496
Net investment income			626						733						131						1,490
Core income			694						702						153						1,549
Other performance metrics:
Loss ratio			59.5		%				68.3		%				60.9		%				64.3		%
Expense ratio			32.8						27.9						33.1						30.2
Dividend ratio			0.3						0.5												0.4
Combined ratio			92.6		%				96.7		%				94.0		%				94.9		%
Less: Effect of catastrophe impacts									6.2						3.2						3.6
Less: Effect of favorable development-related items			(0.3)						(0.1)						(0.4)						(0.2)
Underlying combined ratio			92.9		%				90.6		%				91.2		%				91.5		%
Underlying loss ratio			59.8		%				62.2		%				58.1		%				60.9		%
Rate			1		%				6		%				(1)		%				4		%
Renewal premium change			2						7												5
Retention			89						84						82						85
New business			$	462					$	1,512					$	288					$	2,262

54

Table of Contents

2025 Compared with 2024

Net written premiums for Specialty increased $70 million in 2025 as compared with 2024 driven by rate partially offset by lower retention. The increase in net earned premiums was consistent with the trend in net written premiums for Specialty.

Net written premiums for Commercial increased $352 million in 2025 as compared with 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. The increase in net earned premiums was consistent with the trend in net written premiums for Commercial.

Net written premiums for International increased $85 million in 2025 as compared with 2024. Excluding the effect of foreign currency exchange rates, net written premiums increased $76 million in 2025 as compared with 2024 driven by higher new business partially offset by lower rate. The increase in net earned premiums was consistent with the trend in net written premiums for International.

Core income increased $115 million in 2025 as compared with 2024 primarily due to higher underwriting income and net investment income.

Catastrophe losses were $240 million in 2025 as compared with $358 million in 2024. Catastrophe losses for 2025 and 2024 were driven by severe weather related events, including $64 million for the California wildfires in 2025 and $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024. For 2025 and 2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $217 million and $318 million and International had catastrophe losses of $23 million and $40 million.

Unfavorable net prior year loss reserve development for Property & Casualty Operations of $51 million and favorable net prior year loss reserve development of $31 million was recorded in 2025 and 2024. In 2025 and 2024, Specialty recorded unfavorable net prior year loss reserve development of $37 million and favorable net prior year loss reserve development of $9 million, Commercial recorded unfavorable net prior year loss reserve development of $39 million and favorable net prior year loss reserve development of $16 million and International recorded favorable net prior year loss reserve development of $25 million and $6 million. Further information on net prior year loss reserve development is included in Note 7 of the Notes to Consolidated Financial Statements included under Item 8.

Specialty’s combined ratio increased 2.7 points in 2025 as compared with 2024 due to a 2.0 point increase in the loss ratio and a 0.7 point increase in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in 2025 and an increase in the underlying loss ratio, primarily driven by continued pricing pressure in management liability lines. The increase in the expense ratio was driven by higher employee related costs and a non-recurring technology charge partially offset by higher net earned premiums.

Commercial’s combined ratio improved 1.5 points in 2025 as compared with 2024 due to a 1.1 point improvement in the expense ratio and a 0.4 point improvement in the loss ratio. The improvement in the expense ratio was primarily driven by higher net earned premiums and a lower acquisition ratio. The improvement in the loss ratio was driven by lower catastrophe losses, which were 3.8 points of the loss ratio in 2025, as compared with 6.2 points of the loss ratio in 2024 partially offset by unfavorable net prior year loss reserve development and an increase in the underlying loss ratio related to social inflation impacted lines.

International’s combined ratio improved 2.8 points in 2025 as compared with 2024 due to a 2.5 point improvement in the loss ratio and a 0.3 point improvement in the expense ratio. The improvement in the loss ratio was primarily driven by higher favorable net prior year loss reserve development and lower catastrophe losses, which were 1.8 points of the loss ratio for 2025, as compared with 3.2 points of the loss ratio for 2024. The improvement in the expense ratio was primarily driven by higher net earned premiums.

55

Other Insurance Operations

The following table summarizes the results of CNA’s Other Insurance Operations for the years ended December 31, 2025 and 2024.

Years Ended December 31			2025						2024
(In millions)
Net earned premiums			$	423					$	437
Net investment income			976						1,007
Core loss			(322)						(233)

2025 Compared with 2024

Core results decreased by $89 million in 2025 as compared with 2024. Results in 2025 include a $106 million after-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves compared with a $62 million after-tax charge in 2024. The current year also includes an unfavorable non-economic impact related to the A&EP loss portfolio transfer (“LPT”). Both years are inclusive of assumption updates as a result of the annual reserve review completed in the third quarter of each year. In addition, net investment income decreased in 2025 as compared with 2024.

The application of retroactive reinsurance accounting to additional cessions to the A&EP LPT resulted in after-tax charges of $36 million in 2025 as compared with an after-tax charge of $6 million in 2024, both of which have no economic impact. Further information on net prior year loss reserve development and the A&EP LPT is included in Note 7 of the Notes to Consolidated Financial Statements included under Item 8.

The cash flow assumption updates from the annual reserve review for 2025 and 2024 resulted in a pretax increase in long-term care reserves of $7 million and $15 million. The annual structured settlement reserve review resulted in a pretax increase in claim reserves of $2 million for 2025 and a reduction in claim reserves of $9 million for 2024.

Results in 2024 included a $16 million after-tax charge related to office consolidation.

Boardwalk Pipelines

Overview

Boardwalk Pipelines operates in the midstream portion of the natural gas and natural gas liquids (“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 is not in the business of buying and selling natural gas and NGLs other than for system management purposes and to facilitate its ethane supply operations, but changes in natural gas and NGLs prices may impact the volumes of natural gas or NGLs transported and stored by its customers or the ethane supply requirements on its systems. The pricing contained in the purchase and sales agreements associated with the ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee. Except for possible timing differences that may occur when volumes are purchased in one month and sold in another month, Boardwalk Pipelines’ ethane supply services, like its other businesses, have little to no direct commodity price exposure. Due to the capital-intensive nature of its business, Boardwalk Pipelines’ operating costs and expenses do not vary significantly based upon the volume of products transported, with the exception of costs recorded in costs associated with service revenues. For further information on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Notes to Consolidated Financial Statements included under Item 8. Boardwalk Pipelines’ operation and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, pipeline integrity maintenance regulations and its efforts to monitor, control and reduce emissions, as further discussed below.

Firm Agreements

A substantial portion of Boardwalk Pipelines’ transportation and storage capacity is contracted for under firm agreements. For the year ended December 31, 2025, approximately 87% of Boardwalk Pipelines’ revenues were derived from capacity reservation fees under firm contracts or from contracts with minimum volume commitments. 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.

During 2025, Boardwalk Pipelines entered into $7.0 billion of new firm agreements, of which approximately 82% were associated with new growth projects executed in 2025. For firm agreements associated with new growth projects, the associated assets may not be placed into commercial service until sometime in the future. 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. Each year, a portion of Boardwalk Pipelines’ firm transportation and storage agreements expire. 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). 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.

Pipeline System Maintenance and Greenhouse Gases (“GHGs”) Emission Reduction Initiatives

Boardwalk Pipelines incurs substantial costs for ongoing maintenance of its pipeline systems and related facilities, including those incurred for pipeline integrity management activities, equipment overhauls, general upkeep and repairs. These costs are not dependent on the amount of revenues earned from its transportation services. PHMSA’s regulations require transportation pipeline operators to implement integrity management programs to comprehensively evaluate certain high-risk areas, known as HCAs, and MCAs, along pipelines and take additional safety measures to protect people and property in these areas. These regulations have resulted in an overall increase in Boardwalk Pipelines’ ongoing maintenance costs, including maintenance capital and maintenance expense. Refer to Item 1. Business of this Report for further discussion of these regulations.

Due to the nature of Boardwalk Pipelines’ business, its operations emit various types of GHGs. Boardwalk Pipelines seeks to monitor its emissions and expects to incur additional costs to mitigate emissions. New legislation or regulations could increase the costs related to operating and maintaining Boardwalk Pipelines’ facilities. Depending on the particular law, regulation or program, Boardwalk Pipelines could be required to incur capital expenditures for installing new monitoring equipment or emission controls on its facilities, acquire and surrender allowances for GHG emissions, pay taxes or fees related to GHG emissions and/or administer and manage a more comprehensive GHG emissions program.

Boardwalk Pipelines has been focused on seeking to meet and, in certain instances, pursuing projects aimed at exceeding regulatory obligations (such as those found in the Clean Air Act (“CAA”)) by working to reduce emissions of regulated air pollutants, including methane, associated with its pipeline transportation and storage assets.

PHMSA regulations and efforts to reduce GHG emissions have caused Boardwalk Pipelines’ capital and operating costs to increase since 2021. Those costs are expected to stabilize for the foreseeable future, though PHMSA regulations and

57

Table of Contents

such efforts may cause Boardwalk Pipelines to experience operational delays and may result in potential adverse impacts to its ability to grow its business and reliably serve its customers. Additionally, any changes to these regulations could cause Boardwalk Pipelines’ costs to increase in the future. For more information, see Item 1. Business and Item 1A. Risk Factors of this Report.

Maintenance costs may be capitalized or expensed, depending on the nature of the activities. For any given reporting period, the mix of projects that Boardwalk Pipelines undertakes will affect the amounts it records as property, plant and equipment on the Consolidated Balance Sheets or recognizes as expenses, which impact earnings. In 2026, Boardwalk Pipelines expects to spend approximately $530 million to maintain its pipeline systems, comply with regulations and monitor, control and reduce its GHG emissions, of which approximately $225 million is expected to be maintenance capital. In 2025, Boardwalk Pipelines spent $516 million on these matters, of which $194 million was recorded as maintenance capital.

Results of Operations

The following table summarizes the results of operations for Boardwalk Pipelines for the years ended December 31, 2025 and 2024 as presented in Note 19 of the Notes to Consolidated Financial Statements included under Item 8. Boardwalk Pipelines also utilizes a non-GAAP measure, earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) as a financial measure to assess its operating and financial performance and return on invested capital. Management believes some investors may find this measure useful in evaluating Boardwalk Pipelines’ performance as EBITDA is a commonly used metric within the midstream industry.

Year Ended December 31			2025						2024
(In millions)
Revenues:
Operating revenues and other			$	2,310					$	2,034
Interest income			14						31
Total			2,324						2,065
Expenses:
Operating and other:
Operating costs and expenses			1,136						948
Depreciation and amortization			443						429
Interest			161						183
Total			1,740						1,560
Income before income tax			584						505
Income tax expense			(140)						(92)
Net income attributable to Loews Corporation			$	444					$	413
EBITDA			$	1,174					$	1,086

2025 Compared with 2024

Net income attributable to Loews Corporation and EBITDA increased $31 million and $88 million in 2025 as compared with 2024, primarily due to the reasons discussed below.

Total revenues increased $259 million in 2025 as compared with 2024. Boardwalk Pipelines’ transportation revenues increased $104 million, primarily due to re-contracting at higher rates, recently completed growth projects and higher utilization-based revenue; storage, parking and lending revenues increased $35 million due to favorable market conditions which allowed for contracting at higher rates; and product sales revenues increased $137 million primarily from higher volumes from the sale of ethane due to a customer outage in 2024, which impacted 2024 volumes, and higher ethane pricing in 2025.

Operating and other expenses increased $202 million in 2025 as compared with 2024, primarily from higher product costs of $137 million associated with increased ethane product sales; increased operation and maintenance costs of $12 million primarily due to higher maintenance project, employee-related, pipeline legal and utility costs; increased general

58

Table of Contents

and administrative expenses of $14 million primarily due to higher employee-related and outside service costs; increased depreciation and amortization expense of $14 million; increased property taxes of $8 million due to higher assessments and an increased asset base; and a 2024 gain from a contract settlement of $7 million.

Interest expenses decreased $22 million in 2025 as compared with 2024, primarily due to the pre-financing of Boardwalk Pipeline’s $600 million of debt that matured on December 15, 2024.

Income tax expense increased $48 million in 2025 as compared with 2024, primarily due to a $36 million income tax benefit recorded in 2024 from an adjustment to deferred state income taxes for a rate reduction effective in 2025.

Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA

The following table reconciles net income attributable to Loews Corporation to EBITDA for the years ended December 31, 2025 and 2024:

Year Ended December 31												2025						2024
(In millions)
Net income attributable to Loews Corporation												$	444					$	413
Interest, net												147						152
Income tax expense												140						92
Depreciation and amortization												443						429
EBITDA												$	1,174					$	1,086

Loews Hotels & Co

The following table summarizes the results of operations for Loews Hotels & Co for the years ended December 31, 2025 and 2024 as presented in Note 19 of the Notes to Consolidated Financial Statements included under Item 8:

Year Ended December 31			2025						2024
(In millions)
Revenues:
Operating revenue			$	818					$	806
Revenues related to reimbursable expenses			127						127
Total			945						933
Expenses:
Operating and other			674						653
Asset impairments			25
Reimbursable expenses			127						127
Depreciation and amortization			100						93
Equity income from joint ventures			(102)						(86)
Interest			69						51
Total			893						838
Income before income tax			52						95
Income tax expense			(21)						(25)
Net income attributable to Loews Corporation			$	31					$	70

59

Table of Contents

2025 Compared with 2024

Net income attributable to Loews Corporation decreased by $39 million in 2025 as compared with 2024 primarily due to the reasons discussed below.

Operating revenues improved by $12 million and operating and other expenses increased by $21 million in 2025 as compared with 2024. The increase in operating revenues was primarily due to higher average daily rates and higher food and beverage revenues, largely driven by the Loews Arlington Hotel and Convention Center being open for the entirety of 2025, partially offset by a decline in operating revenues at the Loews Miami Beach Hotel due to renovations. The increase in operating and other expenses was primarily due to higher costs associated with the Loews Arlington Hotel and Convention Center and the termination of a contract with a minority owner in the first quarter of 2025.

Equity income from joint ventures increased $16 million in 2025 as compared to 2024. Equity income from joint ventures was negatively impacted by impairment charges recorded at certain joint venture hotels, which reduced equity income by $9 million in 2025 and by $19 million in 2024. Excluding the impact of these charges, equity income from joint ventures increased $6 million. The increase was primarily driven by growth in the overall average daily rate and an increase in the number of occupied room nights at the Universal Orlando Resort hotels, including those attributable to the three new hotels that opened in the first half of 2025, partially offset by higher expenses, including pre-opening costs, depreciation and interest expense, related to these new hotels, as well as a reduction in net distributions, which reduced earnings at a Universal Orlando Resort joint venture, to support property improvement costs.

In 2025, Loews Hotels & Co recorded an impairment charge of $25 million to reduce the carrying value of certain assets related to the planned replacement of the Arlington Sheraton Hotel to their estimated fair value.

Depreciation and amortization expense increased $7 million in 2025 as compared with 2024, mainly due to the Loews Arlington Hotel and Convention Center being open for the entirety of 2025 and the accelerated depreciation of assets being replaced by renovations at certain properties.

Interest expense for 2025 increased $18 million as compared with 2024 primarily due to lower capitalized interest on projects under development and higher interest rates on certain debt refinanced in 2024.

Corporate

Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company. Investment income includes earnings on cash and short-term investments held at the Parent Company to meet current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company. Corporate also includes the equity method of accounting for Altium Packaging.

The following table summarizes the results of operations for Corporate for the years ended December 31, 2025 and 2024 as presented in Note 19 of the Notes to Consolidated Financial Statements included under Item 8:

Year Ended December 31			2025						2024
(In millions)
Revenues:
Net investment income			$	196					$	242
Expenses:
Operating and other			69						77
Equity method loss			28						28
Interest			72						74
Total			169						179
Income before income tax			27						63
Income tax expense			(8)						(11)
Net income attributable to Loews Corporation			$	19					$	52

60

Table of Contents

2025 Compared with 2024

Net income attributable to Loews Corporation decreased $33 million in 2025 as compared with 2024 primarily due to the decrease in net investment income for the Parent Company of $46 million in 2025 as compared with 2024 primarily due to results from the trading portfolio.

LIQUIDITY AND CAPITAL RESOURCES

Parent Company

Parent Company cash and investments, net of receivables and payables, totaled $3.9 billion at December 31, 2025 as compared to $3.3 billion at December 31, 2024. In 2025, we received $1.5 billion in cash dividends from our subsidiaries: $954 million from CNA, including a special cash dividend of $497 million, and distributions of $500 million from Boardwalk Pipelines. Cash outflows in 2025 included the payment of $806 million to fund treasury stock purchases and $52 million of cash dividends to our shareholders. In the first quarter of 2026, we expect to receive cash dividends of $616 million from CNA and $75 million from Boardwalk Pipelines. As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations. We also have an effective shelf registration statement on file with the Securities and Exchange Commission (“SEC”) under which we may publicly issue an unspecified amount of our debt, equity or hybrid securities from time to time. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees.

Depending on market and other conditions, we may purchase shares of our and our subsidiaries outstanding common stock in the open market (including, with respect to our common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise. In 2025, we purchased 8.9 million shares of Loews Corporation common stock. As of February 6, 2026, there were 206,052,874 shares of Loews Corporation common stock outstanding.

Loews Corporation has a corporate credit and senior debt rating of A with a stable outlook from S&P Global Ratings (“S&P”) and a senior debt rating of A3 with a stable outlook from Moody’s Investors Service (“Moody’s”).

Future uses of our cash may include purchases of our and our subsidiaries’ outstanding common stock, dividends, investing in our subsidiaries and/or to make opportunistic investments. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition and business needs.

Subsidiaries

CNA’s cash provided by operating activities was $2.5 billion in 2025 as compared with $2.6 billion in 2024. The decrease in cash provided by operating activities was driven by an increase in net claim payments and higher operating expenses, partially offset by an increase in premiums collected and higher cash from investment earnings.

CNA paid cash dividends of $3.84 per share on its common stock, including a special cash dividend of $2.00 per share, in 2025. On February 6, 2026, CNA’s Board of Directors declared a quarterly cash dividend of $0.48 per share and a special cash dividend of $2.00 per share, payable March 12, 2026 to shareholders of record on February 23, 2026. CNA’s declaration and payment of future dividends is at the discretion of its Board of Directors and will depend on many factors, including CNA’s earnings, financial condition, business needs and regulatory constraints. CNA believes that its present cash flows from operating, investing and financing activities are sufficient to fund its current and expected working capital and debt obligation needs and does not expect this to change in the near term.

Dividends to CNA from Continental Casualty Company (“CCC”), a subsidiary of CNA, are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance (the “Department”), 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. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2025, CCC was in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2026 that would not be subject to the Department’s prior approval is $1.3 billion, less dividends paid during the preceding twelve months measured at that point in time. CCC paid dividends of $1.1 billion in 2025. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

61

Table of Contents

In August of 2025, CNA completed a public offering of $500 million aggregate principal amount of its 5.2% senior notes due August 15, 2035 and redeemed the $500 million outstanding aggregate principal balance of its 4.5% senior notes in advance of the March 1, 2026 maturity date.

CNA has an insurer financial strength rating of A+ and senior debt rating of a- from A.M. Best Company (“A.M. Best”), an insurer financial strength rating of A2 and senior debt rating of Baa2 from Moody’s, an insurer financial strength rating of A+ and senior debt rating of A- from S&P and an insurer financial strength rating of A+ and senior debt rating of BBB+ from Fitch. A.M. Best upgraded CNA’s insurer financial strength and senior debt ratings and revised the outlook on the ratings to stable from positive in December 2025. Moody’s maintains a positive outlook on CNA’s ratings after revising it to positive from stable in November 2024. S&P and Fitch maintain stable outlooks across CNA’s insurer financial strength and senior debt ratings.

CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.

Boardwalk Pipelines’ cash provided by operating activities increased $142 million in 2025 compared to 2024, primarily due to changes in net income.

For 2025 and 2024, Boardwalk Pipelines’ capital expenditures were $354 million and $392 million, consisting of growth capital expenditures of $160 million and $190 million and maintenance capital expenditures of $194 million and $202 million. See Boardwalk Pipelines: Pipeline System Maintenance and GHGs Emission Reduction Initiatives in this MD&A for further information about factors impacting Boardwalk Pipelines’ maintenance capital spending.

Boardwalk Pipelines expects total capital expenditures to be approximately $845 million in 2026, including approximately $225 million for maintenance capital and $620 million related to growth projects. As described in Boardwalk Pipelines: Current Growth Projects in Item 1. Business of this Report, Boardwalk Pipelines is currently engaged in growth projects for which it has executed precedent or long-term firm transportation agreements. Through the date of this filing, the expected aggregate construction costs associated with these agreements is approximately $3.3 billion; this cost is expected to be spent through 2030. As of December 31, 2025, Boardwalk Pipelines has spent $135 million on these growth projects. 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. Boardwalk Pipelines is also evaluating additional growth projects involving substantial capital commitments. Boardwalk Pipelines expects to finance its growth projects through a combination of operating cash flows and the issuance of long-term debt, including borrowings under its revolving credit facility. Boardwalk Pipelines’ cost and timing estimates for its growth projects are subject to a variety of risks and uncertainties, and are based on the factors, described in Boardwalk Pipelines: Current Growth Projects in Item 1. Business of this Report. Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates. Refer to Part I, Item 1A, Risk Factors of this Annual Report on Form 10-K for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing.

The nature of Boardwalk Pipelines’ existing growth projects will require it to enhance or modify its existing assets to accommodate increased operating pressures or changing flow patterns. Boardwalk Pipelines considers capital expenditures associated with the modification or enhancement of existing assets in the context of a growth project to be growth capital to the extent that the modification would not have been made in the absence of the growth project without regard to the condition of the existing assets.

Additionally, as of December 31, 2025, Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $355 million, which are expected to be settled through 2028.

As of February 6, 2026, Boardwalk Pipelines has an effective shelf registration statement on file with the SEC, which expires in September 2026, under which it may publicly issue up to $350 million of debt securities, warrants or rights from time to time. Boardwalk Pipelines intends to update its shelf registration statement and access the debt markets to fund some or all capital expenditures for growth projects or acquisitions, to refinance maturing debt or for general partnership purposes. Boardwalk Pipelines believes that its existing capital resources, including its cash, cash equivalents and short-term investments, revolving credit facility and cash flows from operating activities, will be adequate to fund its anticipated obligations over the next twelve months.

In November of 2025, Boardwalk Pipelines completed a public offering of $550 million aggregate principal amount of its 5.4% senior notes due February 15, 2036, the proceeds of which will be used to redeem on March 1, 2026 the outstanding $550 million aggregate principal amount of its 6.0% debt due June 1, 2026 at a redemption price equal to par

62

Table of Contents

plus accrued and unpaid interest. As of December 31, 2025, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility and the full borrowing capacity of $1.0 billion available to it. In November 2025, Boardwalk Pipelines amended and restated its $1.0 billion revolving credit facility, extending the term to November 2030.

In 2025, Boardwalk Pipelines paid distributions of $500 million to the Company.

Boardwalk Pipelines has a senior debt rating of BBB with a stable outlook from S&P, a senior debt rating of Baa2 with a stable outlook from Moody’s and a senior debt rating of BBB with a stable outlook from Fitch.

In 2025, Loews Hotels & Co refinanced $363 million in loans. Loews Hotels & Co, through its subsidiaries, has loans, principally mortgage loans, all of which mature beyond twelve months as of December 31, 2025, which it may refinance before they mature. Refinancing any indebtedness, including loans of unconsolidated joint venture partnerships, may require Loews Hotels & Co to make principal pay downs, establish restricted cash reserves or provide guaranties of the subsidiary’s debt.

In 2025, Loews Hotels & Co acquired all the remaining outstanding noncontrolling equity interests of two owned and consolidated hotels for a total of $41 million.

In January 2026 Loews Hotels & Co announced the replacement of the existing Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas. Loews Hotels & Co wholly owns the Arlington Sheraton Hotel but did not manage the hotel as Loews Hotels & Co leased the hotel to an unrelated third party. The new hotel, which Loews Hotels & Co will wholly own and manage, is expected to open in 2029 with approximately 500 guestrooms and more than 83,000 square feet of total indoor and outdoor function space. The approximately $400 million hotel project is expected to be funded with cash from operations. Based on the timing of construction relative to the seasonality of Loews Hotels & Co’s business and restrictions on certain cash held by Loews Hotels & Co, a Loews Corporation capital contribution may be required to fund all or part of the construction costs.

63

Table of Contents

Contractual Obligations

We and our subsidiaries have contractual obligations which arise in the ordinary course of business. For a discussion regarding the obligations related to our and our subsidiaries long-term debt see Note 11 of the Notes to Consolidated Financial Statements included under Item 8. For contractual payment obligations related to the claim and claim adjustment expense reserves and future policy benefit reserves see the table below:

			Payments Due by Period
December 31, 2025			Total						Less than 1 year						1-3 years						3-5 years						More than 5 years
(In millions)
Claim and claim adjustment expense  reserves (a)			$	27,111					$	5,983					$	7,362					$	4,145					$	9,621
Future policy benefit reserves (b)			26,880						862						1,633						1,793						22,592

(a)The claim and claim adjustment expense reserves reflected above are not discounted and represent CNA’s estimate of the amount and timing of the ultimate settlement and administration of gross claims based on its assessment of facts and circumstances known as of December 31, 2025. See the Insurance Reserves section of this MD&A for further information.

(b)The future policy benefit reserves reflected above are not discounted, include maintenance costs, represent CNA’s estimate of the ultimate amount and timing of the settlement of benefits net of expected premiums and are based on its assessment of facts and circumstances known as of December 31, 2025. Additional information on future policy benefit reserves is included in Note 1 of the Notes to Consolidated Financial Statements included under Item 8.

Further information on our commitments, contingencies and guarantees is provided in the Notes to Consolidated Financial Statements included under Item 8.

INVESTMENTS

Investment activities of our non-insurance subsidiaries primarily consist of investments in fixed income securities, including short-term investments. The Parent Company portfolio also includes equity securities, including short sales and derivative instruments. Certain of these types of Parent Company investments generally have greater volatility, less liquidity and greater risk than fixed income investments and are included within Results of Operations – Corporate.

The Parent Company enters into short sales and invests in certain derivative instruments that are used for asset and liability management activities, income enhancements to its portfolio management strategy and to benefit from anticipated future movements in the underlying markets. If such movements do not occur as anticipated, significant losses may occur. Monitoring procedures include senior management review of daily reports of existing positions and valuation fluctuations to seek to ensure that open positions are consistent with the portfolio strategy.

Credit exposure associated with non-performance by counterparties to derivative instruments is generally limited to the uncollateralized change in fair value of the derivative instruments recognized in the Consolidated Balance Sheets. The risk of non-performance is mitigated by monitoring the creditworthiness of counterparties and diversifying derivatives by using multiple counterparties. Collateral is occasionally required from derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty.

Insurance

CNA maintains a large portfolio of fixed maturity and equity securities, including large amounts of corporate and government issued debt securities, residential and commercial mortgage-backed securities, other asset-backed securities and investments in limited partnerships which pursue a variety of long and short investment strategies across a broad array of asset classes. CNA’s investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an important part of CNA’s overall profitability.

64

Table of Contents

Net Investment Income

The significant components of CNA’s net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.

Year Ended December 31			2025						2024
(In millions)
Fixed income securities:
Taxable fixed income securities			$	2,012					$	1,940
Tax-exempt fixed income securities			165						144
Total fixed income securities			2,177						2,084
Limited partnership and common stock investments			302						320
Other, net of investment expense			78						93
Net investment income			$	2,557					$	2,497

Effective income yield for the fixed income securities portfolio			4.9		%				4.8		%
Limited partnership and common stock return for the period			11.1		%				13.3		%

CNA’s net investment income increased $60 million in 2025 as compared with 2024, driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates, partially offset by lower common stock returns.

Investment Gains (Losses)

The components of CNA’s investment gains (losses) are presented in the following table:

Year Ended December 31			2025						2024
(In millions)
Investment gains (losses):
Fixed maturity securities:
Corporate and other bonds			$	(64)					$	(57)
States, municipalities and political subdivisions			(1)						1
Asset-backed			(18)						(46)
Total fixed maturity securities			(83)						(102)
Non-redeemable preferred stock			7						21
Derivatives, short-term and other			(5)
Total investment losses			(81)						(81)
Income tax benefit			17						17
Amounts attributable to noncontrolling interests			5						5
Investment losses attributable to Loews Corporation			$	(59)					$	(59)

CNA’s pretax investment losses were consistent with 2024 as lower impairment losses were offset by a lower favorable change in the fair value of non-redeemable preferred stock and higher net losses on disposals of fixed maturity securities.

Further information on CNA’s investment gains and losses is set forth in Note 3 of the Notes to Consolidated Financial Statements included under Item 8.

65

Table of Contents

Portfolio Quality

The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution:

			December 31, 2025												December 31, 2024
			Estimated Fair Value						Net Unrealized Gains (Losses)						Estimated Fair Value						Net Unrealized Gains (Losses)
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises			$	3,274					$	(228)					$	2,936					$	(369)
AAA			3,997						(136)						3,010						(217)
AA			7,001						(428)						6,369						(567)
A			11,167						(140)						10,260						(379)
BBB			16,249						(223)						16,757						(729)
Non-investment grade			1,714						(42)						1,779						(64)
Total			$	43,402					$	(1,197)					$	41,111					$	(2,325)

As of December 31, 2025 and 2024, 1% of CNA’s fixed maturity portfolio was rated internally. Additionally, as of December 31, 2025 and 2024, CNA assigned an AAA rating to $661 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. government agency or sponsored enterprise.

The following table presents CNA’s available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution:

December 31, 2025			Estimated Fair Value						Gross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises			$	1,980					$	267
AAA			1,376						243
AA			3,827						623
A			5,025						440
BBB			7,758						639
Non-investment grade			678						74
Total			$	20,644					$	2,286

66

Table of Contents

The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life:

December 31, 2025			Estimated Fair Value						Gross Unrealized Losses
(In millions)
Due in one year or less			$	821					$	11
Due after one year through five years			5,277						224
Due after five years through ten years			5,752						607
Due after ten years			8,794						1,444
Total			$	20,644					$	2,286

Duration

A primary objective in the management of CNA’s investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. CNA’s views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. CNA also continually monitors exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on its views of a specific issuer or industry sector.

A further consideration in the management of CNA’s investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long-term in nature, CNA segregates investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in Other Insurance Operations.

The effective durations of CNA’s fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.

			December 31, 2025												December 31, 2024
			Estimated Fair Value						Effective Duration (Years)						Estimated Fair Value						Effective Duration (Years)
(In millions of dollars)
Life & Group			$	15,584					9.7						$	14,915					9.8
Property & Casualty and other			30,716						4.5						28,779						4.3
Total			$	46,300					6.3						$	43,694					6.2

CNA’s investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, CNA periodically reviews the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures about Market Risk included under Item 7A.

INSURANCE RESERVES

The level of reserves CNA maintains represents its best estimate, as of a particular point in time, of what the ultimate settlement and administration of claims will cost based on CNA’s assessment of facts and circumstances known at that time. Reserves are not an exact calculation of liability but instead are complex estimates that CNA derives, generally utilizing a variety of actuarial reserve estimation techniques, from numerous assumptions and expectations about future

67

Table of Contents

events, both internal and external, many of which are highly uncertain. As noted below, CNA reviews its reserves for each segment of its business periodically, and any such review could result in the need to increase reserves in amounts which could be material and could adversely affect our results of operations and equity and CNA’s equity, business and insurer financial strength and corporate debt ratings. Further information on reserves is provided in Notes 7 and 8 of the Notes to Consolidated Financial Statements included under Item 8.

Property and Casualty Claim and Claim Adjustment Expense Reserves

CNA maintains loss reserves to cover its estimated ultimate unpaid liability for claim and claim adjustment expenses, including the estimated cost of the claims adjudication process, for claims that have been reported but not yet settled (case reserves) and claims that have been incurred but not reported (“IBNR”). IBNR includes a provision for development on known cases as well as a provision for late reported incurred claims. Claim and claim adjustment expense reserves are reflected as liabilities and are included on the Consolidated Balance Sheets under the heading “Insurance Reserves.” Adjustments to prior year reserve estimates, if necessary, are reflected in results of operations in the period that the need for such adjustments is determined. The carried case and IBNR reserves as of each balance sheet date are provided in the discussion that follows and in Note 7 of the Notes to Consolidated Financial Statements included under Item 8.

There is a risk that CNA’s recorded reserves are insufficient to cover its estimated ultimate unpaid liability for claims and claim adjustment expenses. Unforeseen emerging or potential claims and coverage issues are also difficult to predict and could materially adversely affect the adequacy of CNA’s claim and claim adjustment expense reserves and could lead to future reserve increases.

In addition, CNA’s property and casualty insurance subsidiaries also have actual and potential exposures related to A&EP claims, which could result in material losses. To mitigate the risks posed by CNA’s exposure to A&EP claims and claim adjustment expenses, CNA completed a transaction with National Indemnity Company (“NICO”), under which substantially all of CNA’s legacy A&EP liabilities were ceded to NICO effective January 1, 2010. See Note 7 of the Notes to the Consolidated Financial Statements included under Item 8 for further discussion about the transaction with NICO, its impact on CNA’s results of operations and the deferred retroactive reinsurance gains and the amount of remaining reinsurance limit.

Establishing Property & Casualty Reserve Estimates

In developing claim and claim adjustment expense reserve estimates, CNA’s actuaries perform detailed reserve analyses that are staggered throughout the year. The data is organized at a reserve group level. A reserve group typically can be a line of business covering a subset of insureds such as commercial automobile liability for small or middle market customers, or it can be a particular type of claim such as construction defect. Every reserve group is reviewed at least once during the year, but most are reviewed more frequently. The analyses generally review losses gross of ceded reinsurance and apply the ceded reinsurance terms to the gross estimates to establish estimates net of reinsurance. In addition to the detailed analyses, CNA reviews actual loss emergence for all products each quarter.

Most of CNA’s business can be characterized as long-tail. For long-tail business, it will generally be several years between the time the business is written and the time when all claims are settled. CNA’s long-tail exposures include commercial automobile liability, workers’ compensation, general liability, medical professional liability, other professional liability and management liability coverages, assumed reinsurance run-off and products liability. Short-tail exposures include property, commercial automobile physical damage, marine, surety and warranty. Property & Casualty Operations contain both long-tail and short-tail exposures. Other Insurance Operations contain long-tail exposures.

Various methods are used to project ultimate losses for both long-tail and short-tail exposures.

The paid development method estimates ultimate losses by reviewing paid loss patterns and applying them to accident or policy years with further expected changes in paid losses. Selection of the paid loss pattern may require consideration of several factors including the impact of economic, social and medical inflation on claim costs, the rate at which claims professionals make claim payments and close claims, the impact of judicial decisions, the impact of underwriting changes, the impact of large claim payments and other factors. Claim cost inflation itself may require evaluation of changes in the cost of repairing or replacing property, changes in the cost of medical care, changes in the cost of wage replacement, judicial decisions, legislative changes and other factors. Because this method assumes that losses are paid at a consistent rate, changes in any of these factors can affect the results. Since the method does not rely on case reserves, it is not directly influenced by changes in their adequacy.

For many reserve groups, paid loss data for recent periods may be too immature or erratic for accurate predictions. This situation often exists for long-tail exposures. In addition, changes in the factors described above may result in inconsistent

68

Table of Contents

payment patterns. Finally, estimating the paid loss pattern subsequent to the most mature point available in the data analyzed often involves considerable uncertainty for long-tail products such as workers’ compensation.

The incurred development method is similar to the paid development method, but it uses case incurred losses instead of paid losses. Since the method uses more data (case reserves in addition to paid losses) than the paid development method, the incurred development patterns may be less variable than paid patterns. However, selection of the incurred loss pattern typically requires analysis of all of the same factors described above. In addition, the inclusion of case reserves can lead to distortions if changes in case reserving practices have taken place, and the use of case incurred losses may not eliminate the issues associated with estimating the incurred loss pattern subsequent to the most mature point available.

The loss ratio method multiplies earned premiums by an expected loss ratio to produce ultimate loss estimates for each accident or policy year. This method may be useful for immature accident or policy periods or if loss development patterns are inconsistent, losses emerge very slowly or there is relatively little loss history from which to estimate future losses. The selection of the expected loss ratio typically requires analysis of loss ratios from earlier accident or policy years or pricing studies and analysis of inflationary trends, frequency trends, rate changes, underwriting changes and other applicable factors.

The Bornhuetter-Ferguson method using paid loss is a combination of the paid development method and the loss ratio method. This method normally determines expected loss ratios similar to the approach used to estimate the expected loss ratio for the loss ratio method and typically requires analysis of the same factors described above. This method assumes that future losses will develop at the expected loss ratio level. The percent of paid loss to ultimate loss implied from the paid development method is used to determine what percentage of ultimate loss is yet to be paid. The use of the pattern from the paid development method typically requires consideration of the same factors listed in the description of the paid development method. The estimate of losses yet to be paid is added to current paid losses to estimate the ultimate loss for each year. For long-tail lines, this method will react very slowly if actual ultimate loss ratios are different from expectations due to changes not accounted for by the expected loss ratio calculation.

The Bornhuetter-Ferguson method using incurred loss is similar to the Bornhuetter-Ferguson method using paid loss except that it uses case incurred losses. The use of case incurred losses instead of paid losses can result in development patterns that are less variable than paid patterns. However, the inclusion of case reserves can lead to distortions if changes in case reserving have taken place, and the method typically requires analysis of the same factors that need to be reviewed for the loss ratio and incurred development methods.

The frequency times severity method multiplies a projected number of ultimate claims by an estimated ultimate average loss for each accident or policy year to produce ultimate loss estimates. Since projections of the ultimate number of claims are often less variable than projections of ultimate loss, this method can provide more reliable results for reserve groups where loss development patterns are inconsistent or too variable to be relied on exclusively. In addition, this method can more directly account for changes in coverage that affect the number and size of claims. However, this method can be difficult to apply to situations where very large claims or a substantial number of unusual claims result in volatile average claim sizes. Projecting the ultimate number of claims may require analysis of several factors, including the rate at which policyholders report claims to CNA, the impact of judicial decisions, the impact of underwriting changes and other factors. Estimating the ultimate average loss may require analysis of the impact of large losses and claim cost trends based on changes in the cost of repairing or replacing property, changes in the cost of medical care, changes in the cost of wage replacement, judicial decisions, legislative changes and other factors.

Stochastic modeling produces a range of possible outcomes based on varying assumptions related to the particular reserve group being modeled. For some reserve groups, CNA uses models which rely on historical development patterns at an aggregate level, while other reserve groups are modeled using individual claim variability assumptions supplied by the claims department. In either case, multiple simulations using varying assumptions are run and the results are analyzed to produce a range of potential outcomes. The results will typically include a mean and percentiles of the possible reserve distribution which aid in the selection of a point estimate.

For many exposures, especially those that can be considered long-tail, a particular accident or policy year may not have a sufficient volume of paid losses to produce a statistically reliable estimate of ultimate losses. In such a case, CNA’s actuaries typically assign more weight to the incurred development method than to the paid development method. As claims continue to settle and the volume of paid loss increases, the actuaries may assign additional weight to the paid development method. For most of CNA’s products, even the incurred losses for accident or policy years that are early in the claim settlement process will not be of sufficient volume to produce a reliable estimate of ultimate losses. In these cases, CNA may not assign much, if any, weight to the paid and incurred development methods. CNA may use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods. For short-tail exposures, the paid and incurred development methods can often be relied on sooner primarily because CNA’s history includes a sufficient number of years

69

Table of Contents

to cover the entire period over which paid and incurred losses are expected to change. However, CNA may also use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods for short-tail exposures.

For other more complex reserve groups where the above methods may not produce reliable indications, CNA uses additional methods tailored to the characteristics of the specific situation.

Periodic Reserve Reviews

The reserve analyses performed by CNA’s actuaries result in point estimates. Each quarter, the results of the detailed reserve reviews are summarized and discussed with CNA’s senior management to determine the best estimate of reserves. CNA’s senior management considers many factors in making this decision. CNA’s recorded reserves reflect its best estimate as of a particular point in time based upon known facts and circumstances, consideration of the factors cited above and its judgment. The carried reserve differs from the actuarial point estimate as discussed further below.

Currently, CNA’s recorded reserves are modestly higher than the actuarial point estimate. For Property & Casualty Operations, the difference between CNA’s reserves and the actuarial point estimate is primarily driven by uncertainty with respect to immature accident years, claim cost inflation, changes in claims handling, changes to the tort environment which may adversely affect claim costs and the effects from the economy. For CNA’s legacy A&EP liabilities, the difference between CNA’s reserves and the actuarial point estimate is primarily driven by the potential tail volatility of run-off exposures.

The key assumptions fundamental to the reserving process often vary for different reserve groups and accident or policy years. Some of these assumptions are explicit and required by specific methods, while most are implicit and cannot be precisely quantified. An example of an explicit assumption is the pattern used in the paid or incurred development method. However, this pattern is based on several implicit assumptions, such as the impact of inflation on claim costs and the rate at which claim professionals make claim payments and close claims. Consequently, the effect of changes in assumptions on reserve estimates typically cannot be specifically quantified, and these changes cannot be tracked over time.

CNA’s recorded reserves are management’s best estimate. To indicate the variability associated with CNA’s recorded reserves, the following discussion provides a sensitivity analysis showing the approximate estimated impact of variations in significant factors affecting CNA’s reserve estimates for particular types of business. These significant factors are those that CNA believes could most likely materially affect the reserves. This discussion covers the major types of business for which CNA believes a material deviation in its reserves is reasonably possible. There can be no assurance that actual experience will be consistent with the current assumptions or with the variation indicated in the discussion. Additionally, there can be no assurance that other factors and assumptions will not have a material impact on CNA’s reserves.

The areas for which CNA believes a significant deviation to its recorded reserves is reasonably possible are (i) medical professional liability (ii) other professional liability and management liability (iii) general liability (iv) workers’ compensation and (v) commercial automobile liability.

Medical professional liability, other professional liability and management liability, and general liability all have long development patterns with relatively immature paid data. This requires considerable judgment regarding development to ultimate losses and inherent risks due to economic, social and medical inflation, as well as legal fees, judicial decisions, legislative changes and other factors. The following table reflects the impact on CNA’s recorded reserves (which could be favorable or unfavorable) of changing the ultimate losses by one percentage point in the long-tail development:

			Recorded			Impact
As of December 31, 2025			Reserve			Amount (+/-)			Percent (+/-)
			(In billions)			(In millions)
Medical Professional Liability			$	1.5		$	120		8.0		%
Other Professional Liability and Management Liability			4.1			240			6.0
General Liability			4.8			280			6.0

Workers’ compensation also requires considerable judgment given its long development pattern and the impacts of medical inflation, the cost of wage replacement, expected claimant lifetimes, judicial decisions, legislative changes and other factors. Adjusting the ultimate losses by one percentage point change in the long-tail development would increase or

70

Table of Contents

decrease the recorded reserve of $3.5 billion as of December 31, 2025 by approximately $240 million, or 7% of the recorded reserves.

Commercial automobile liability is also considered long-tail; however, the frequency of claims and severity of loss assumptions for the latest few accident years are significantly influenced by social and economic inflation, driving habits and attorney involvement. If these trends accelerate beyond expectations, there may be significant deviation in CNA’s recorded reserves. CNA’s recorded reserves for commercial automobile liability were $1.6 billion as of December 31, 2025. The following table reflects the impact on CNA’s recorded reserves of increasing the frequency and severity assumptions in the ultimate commercial automobile liability losses on the three most recent accident years,

			Severity
Frequency			2.5%			5.0%			7.5%
(In millions, except frequency and severity assumptions)
—%			$	50		$	90		$	140
1.0%			70			110			160
2.0%			90			130			180

Given the factors described above, it is not possible to quantify precisely the ultimate exposure represented by claims and related litigation. As a result, CNA regularly reviews the adequacy of its reserves and reassesses its reserve estimates as historical loss experience develops, additional claims are reported and settled and additional information becomes available in subsequent periods. In reviewing CNA’s reserve estimates, CNA makes adjustments in the period that the need for such adjustments is determined. These reviews have resulted in CNA’s identification of information and trends that have caused CNA to change its reserves in prior periods and could lead to CNA’s identification of a need for additional material increases or decreases in claim and claim adjustment expense reserves, which could materially affect our results of operations and equity and CNA’s business and insurer financial strength and corporate debt ratings positively or negatively. See Note 7 of the Notes to the Consolidated Financial Statements included under Item 8 for additional information about reserve development.

The following table summarizes gross and net carried reserves for CNA’s Property & Casualty Operations:

December 31			2025						2024
(In millions)
Gross Case Reserves			$	7,311					$	6,589
Gross IBNR Reserves			16,098						15,093
Total Gross Carried Claim and Claim Adjustment Expense Reserves			$	23,409					$	21,682
Net Case Reserves			$	6,189					$	5,573
Net IBNR Reserves			13,536						12,761
Total Net Carried Claim and Claim Adjustment Expense Reserves			$	19,725					$	18,334

71

Table of Contents

The following table summarizes the gross and net carried reserves for other insurance businesses in run-off, including A&EP:

December 31			2025						2024
(In millions)
Gross Case Reserves			$	1,196					$	1,241
Gross IBNR Reserves			1,403						1,431
Total Gross Carried Claim and Claim Adjustment Expense Reserves			$	2,599					$	2,672
Net Case Reserves			$	119					$	120
Net IBNR Reserves			238						268
Total Net Carried Claim and Claim Adjustment Expense Reserves			$	357					$	388

Life & Group Policyholder Reserves

CNA’s Life & Group business includes its run-off long-term care business as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. Long-term care policies may provide benefits for nursing homes, assisted living facilities and home health care subject to various daily and lifetime caps. Generally, policyholders must continue to make periodic premium payments to keep the policy in force and CNA has the ability to increase policy premiums, subject to state regulatory approval.

CNA maintains future policy benefit reserves for its long-term care policies. Future policy benefit reserves for long-term care policies relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. In developing the future policy benefit reserves, CNA’s actuaries perform a reserve review on an annual basis. During the annual review, historical policyholder morbidity, persistency, premium rate actions and expense experience is reviewed and compared to the current best estimate actuarial assumption set for potential revision. On a quarterly basis, actuaries perform experience studies that monitor the appropriateness of best estimate actuarial assumptions against emerging experience to assess whether any updates to those assumptions are warranted. The determination of these reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policies. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. Future policy benefit reserves are discounted as discussed in Note 1 to the Consolidated Financial Statements included under Item 8.

In addition, claim and claim adjustment expense reserves are maintained for CNA’s structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for CNA’s structured settlement obligations, CNA’s actuaries monitor mortality and expense experience on an annual basis. CNA’s recorded claim and claim adjustment expense reserves reflect CNA’s best estimate after incorporating the results of the most recent reviews. Claim and claim adjustment expense reserves for structured settlement obligations are discounted as discussed in Note 1 to the Consolidated Financial Statements included under Item 8.

The actuarial assumptions related to future policy benefit reserves for long-term care policies that management believes are subject to the most variability are morbidity, persistency and premium rate actions. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Premium rate actions are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. As a result of this variability, CNA’s long-term care reserves may be subject to material increases if actual experience develops adversely to its expectations.

72

Table of Contents

The table below summarizes the estimated pretax impact on CNA’s results of operations from various hypothetical revisions to its liability for future policyholder benefits reserve assumptions. CNA has assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional premium rate actions. Although such hypothetical revisions are not currently required or anticipated, CNA believes they could occur based on past variances in experience and its expectations of the ranges of future experience that could reasonably occur. Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below. The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.

For the year ended December 31, 2025			Estimated Reduction to Pretax Income
(In millions)
Hypothetical revisions
Morbidity:
2.5% increase in morbidity			$	300
5% increase in morbidity			620
Persistency:
5% decrease in active life mortality and lapse			$	180
10% decrease in active life mortality and lapse			350
Premium rate actions:
25% decrease in anticipated future premium rate increases			$	30
50% decrease in anticipated future premium rate increases			50

As part of the annual reserve review completed in the third quarter of each year, statutory long-term care reserve adequacy is evaluated by premium deficiency testing, by comparing carried statutory reserves with best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of carried reserves over best estimate reserves. As of September 30, 2025, statutory long-term care margin increased to $1.5 billion from $1.4 billion.

The following tables summarize policyholder reserves for CNA’s long-term care operations:

December 31, 2025			Claim and claim adjustment expenses						Future policy benefits						Total
(In millions)
Long-term care									$	13,448					$	13,448
Structured settlement and other			$	535											535
Total			535						13,448						13,983
Ceded reserves			56												56
Total gross reserves			$	591					$	13,448					$	14,039
December 31, 2024
Long-term care									$	13,158					$	13,158
Structured settlement and other			$	541											541
Total			541						13,158						13,699
Ceded reserves			81												81
Total gross reserves			$	622					$	13,158					$	13,780

73

Table of Contents

CATASTROPHES AND RELATED REINSURANCE

Various events can cause catastrophe losses. These events can be natural or man-made, including hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, fires, floods, riots, strikes, civil unrest, cyber attacks, pandemics and acts of terrorism that produce unusually large aggregate losses. In most, but not all cases, CNA’s catastrophe losses from these events in the U.S. are defined consistent with the definition of the Property Claims Service (“PCS”). PCS defines a catastrophe as an event that causes damage of $25 million or more in direct insured losses to property and affects a significant number of policyholders and insurers. For events outside of the U.S., CNA defines a catastrophe as an industry recognized event that generates an accumulation of claims amounting to more than $1 million for the International line of business.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in CNA’s results of operations and/or equity. Catastrophe losses, net of reinsurance, of $240 million and $358 million were recorded for the years ended December 31, 2025 and 2024. Catastrophe losses for the years ended December 31, 2025 and 2024 were driven by severe weather related events, including $64 million for the California wildfires in 2025 and $71 million for Hurricane Helene and $33 million for Hurricane Milton in 2024.

CNA uses various analyses and methods, including using one of the industry standard natural catastrophe models, to estimate hurricane and earthquake losses at various return periods and to inform underwriting and reinsurance decisions designed to manage its exposure to catastrophic events. CNA generally seeks to manage its exposure through the purchase of catastrophe reinsurance and utilize various reinsurance programs to mitigate catastrophe losses, including excess-of-loss occurrence and aggregate treaties covering property and workers’ compensation, a property quota share treaty and the Terrorism Risk Insurance Program Reauthorization Act of 2019 (“TRIPRA”), as well as individual risk agreements that reinsure from losses from specific classes or lines of business. CNA conducts an ongoing review of its risk and catastrophe reinsurance coverages and from time to time makes changes as it deems appropriate.

The following discussion summarizes CNA’s most significant catastrophe reinsurance coverage at January 1, 2026.

Group North American Property Treaty

CNA purchased corporate catastrophe excess-of-loss treaty reinsurance covering its U.S. states and territories and Canadian property exposures underwritten in its North American and European companies. The treaty has a term of June 1, 2025 to June 1, 2026 and provides coverage for the accumulation of covered losses from catastrophe occurrences above CNA’s per occurrence retention of $275 million up to $1.4 billion for all losses. Losses stemming from terrorism events are covered unless they are due to a nuclear, biological, chemical or radiation event. All layers of the treaty provide for one full reinstatement.

Group Workers’ Compensation Treaty

CNA also purchased corporate workers’ compensation catastrophe excess-of-loss treaty reinsurance for the period January 1, 2026 to January 1, 2027 providing $275 million of coverage for the accumulation of covered losses related to natural catastrophes above CNA’s per occurrence retention of $25 million. The treaty also provides $775 million of coverage for the accumulation of covered losses related to terrorism events above CNA’s per occurrence retention of $25 million. Of the $775 million in terrorism coverage, $200 million is provided for nuclear, biological, chemical and radiation events. All layers of the treaty provide for one full reinstatement.

Terrorism Risk Insurance Program Reauthorization Act of 2019

CNA’s principal reinsurance protection against large-scale terrorist attacks, including nuclear, biological, chemical or radiation events, is the coverage currently provided through TRIPRA which runs through the end of 2027. TRIPRA provides a U.S. government backstop for insurance-related losses resulting from any “act of terrorism,” which is certified by the Secretary of Treasury in consultation with the Secretary of Homeland Security and the U.S. Attorney General for losses that exceed a threshold of $200 million industry-wide for the calendar year 2026. Under the current provisions of the program, in 2026 the federal government will reimburse 80% of CNA’s covered losses in excess of its applicable deductible up to a total industry program cap of $100 billion. CNA’s deductible is based on eligible commercial property and casualty earned premiums for the preceding calendar year. Based on 2025 earned premiums, CNA’s estimated deductible under the program is $1.4 billion for 2026. If an act of terrorism or acts of terrorism result in covered losses exceeding the $100 billion annual industry aggregate limit, Congress would be responsible for determining how additional losses in excess of $100 billion will be paid.

74

Table of Contents

CRITICAL ACCOUNTING ESTIMATES

The preparation of the Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the amounts reported on the Consolidated Financial Statements and the related notes. Actual results could differ from those estimates.

The Consolidated Financial Statements and accompanying notes have been prepared in accordance with GAAP, applied on a consistent basis. We continually evaluate the accounting policies and estimates used to prepare the Consolidated Financial Statements. In general, our estimates are based on historical experience, evaluation of current trends, information from third party professionals and various other assumptions that we believe are reasonable under the known facts and circumstances.

We consider the accounting policies discussed below to be critical to an understanding of our Consolidated Financial Statements as their application places the most significant demands on our judgment. Due to the inherent uncertainties involved with these types of judgments, actual results could differ significantly from estimates and may have a material adverse impact on our results of operations, financial condition, equity, business and/or CNA’s insurer financial strength and corporate debt ratings.

Insurance Reserves

Insurance reserves are established for both short and long-duration insurance contracts. Short-duration contracts are primarily related to property and casualty insurance policies where the reserving process is based on actuarial estimates of the amount of loss, including amounts for known and unknown claims. Long-duration contracts are primarily related to long-term care policies and the reserves are recorded as Future policy benefits reserves as discussed below. The reserve for unearned premiums represents the portion of premiums written related to the unexpired terms of coverage. If the recorded reserves are insufficient to cover the estimated ultimate unpaid liability, an increase to the insurance reserves may be needed. The reserving process is discussed in further detail in the Insurance Reserves section of this MD&A.

Long Term Care Reserves

Future policy benefits reserves for long-term care policies are based on certain actuarial assumptions, including morbidity, persistency, premium rate actions and expenses. The adequacy of the reserves is contingent upon actual experience and future expectations related to these key assumptions. If actual or expected future experience differs from these assumptions, the reserves may not be adequate, requiring an increase to reserves. The reserves are discounted using upper-medium grade fixed income instrument yields as of each reporting date. The reserving process is discussed in further detail in the Insurance Reserve section of this MD&A.

Valuation of Investments and Impairment of Securities

Fixed maturity and equity securities are carried at fair value on the balance sheet. Fair value represents the price that would be received in a sale of an asset in an orderly transaction between market participants on the measurement date, the determination of which may require us to make a significant number of assumptions and judgments. Securities with the greatest level of subjectivity around valuation are those that rely on inputs that are significant to the estimated fair value and that are not observable in the market or cannot be derived principally from or corroborated by observable market data. These unobservable inputs are based on assumptions consistent with what we believe other market participants would use to price such securities. Further information on fair value measurements is included in Note 4 of the Notes to Consolidated Financial Statements included under Item 8.

CNA’s fixed maturity securities are subject to market declines below amortized cost that may result in the recognition of impairment losses in earnings. Factors considered in the determination of whether or not an impairment loss is recognized in earnings include a current intention or need to sell the security or an indication that a credit loss exists. Significant judgment is required in the determination of whether a credit loss has occurred for a security. CNA considers all available evidence when determining whether a security requires a credit allowance to be recorded, including the financial condition and expected near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions, industry, sector or other specific factors and whether CNA expects to receive cash flows sufficient to recover the entire amortized cost basis of the security.

CNA’s mortgage loan portfolio is subject to the expected credit loss model, which requires immediate recognition of estimated credit losses over the life of the asset and the presentation of the asset at the net amount expected to be collected.

75

Table of Contents

Significant judgment is required in the determination of estimated credit losses and any changes in CNA’s expectation of the net amount to be collected are recognized in earnings.

Further information on CNA’s process for evaluating impairments and expected credit losses is included in Note 1 of the Notes to Consolidated Financial Statements included under Item 8.

ACCOUNTING STANDARDS UPDATE

For a discussion of accounting standards updates that have been adopted, please read Note 1 of the Notes to Consolidated Financial Statements included under Item 8.

RECENT LEGISLATION

On July 4, 2025, H.R. 1, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,” commonly referred to as the One Big Beautiful Bill Act (“OBBBA”), was enacted. The OBBBA includes significant federal tax law changes which, among other impacts, modify and make permanent certain business tax provisions originally enacted in the 2017 Tax Cuts and Jobs Act. The provisions of the OBBBA have not had a material impact on the Company’s results of operations or financial condition. The OBBBA is subject to further clarification from the issuance of future technical guidance by the U.S. Department of Treasury.

Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

We are a large diversified holding company. As such, we and our subsidiaries have significant amounts of financial instruments that involve market risk. Our measure of market risk exposure represents an estimate of the change in fair value of our financial instruments. Changes in the trading portfolio are recognized in the Consolidated Statements of Income. Market risk exposure is presented below for each class of financial instrument held by us and our subsidiaries at December 31, assuming immediate adverse market movements of the magnitude described below. We believe that the various rates of adverse market movements represent a measure of exposure to loss under hypothetically assumed adverse conditions. The estimated market risk exposure represents the hypothetical loss to future earnings and does not represent the maximum possible loss nor any expected actual loss, even under adverse conditions, because actual adverse fluctuations would likely differ. In addition, since our and our subsidiaries investment portfolios are subject to change based on portfolio management strategy as well as in response to changes in the market, these estimates are not necessarily indicative of the actual results which may occur.

Exposure to market risk is managed and monitored by senior management of the parent company and its subsidiaries. Senior management approves the overall investment strategy and has responsibility to ensure that the investment positions are consistent with that strategy with an acceptable level of risk. Management of risk may include buying or selling instruments or entering into offsetting positions.

Interest Rate Risk – We and our subsidiaries have exposure to interest rate risk arising from changes in the level or volatility of interest rates. We and our subsidiaries attempt to mitigate our exposure to interest rate risk by utilizing instruments such as interest rate swaps, commitments to purchase securities, options, futures and forwards. We and our subsidiaries monitor our sensitivity to interest rate changes by revaluing financial assets and liabilities using a variety of different interest rates. Duration and convexity at the security level are used to estimate the change in fair value that would result from a change in each security’s yield. Duration measures the price sensitivity of an asset to changes in yield. Convexity measures how the duration of the asset changes with interest rates. The duration and convexity analysis takes into account the unique characteristics (e.g., call and put options and prepayment expectations) of each security, in determining the hypothetical change in fair value. The analysis is performed at the security level and is aggregated up to the asset category level.

The evaluation is performed by applying an instantaneous change in the yield rates by varying magnitudes on a static balance sheet to determine the effect such a change in rates would have on the recorded market value of our investments and the resulting effect on shareholders’ equity. The analysis presents the sensitivity of the market value of our financial instruments to selected changes in market rates and prices which we believe are reasonably possible over a one year period.

The sensitivity analysis below estimates the change in the fair value of interest sensitive assets and liabilities that were held on December 31, 2025 and 2024 due to an instantaneous change in the yield of the security at the end of the period of 100 basis points, with all other variables held constant.

The interest rates on certain types of assets and liabilities may fluctuate in advance of changes in market interest rates, while interest rates on other types may lag behind changes in market rates. Accordingly, the analysis may not be indicative

76

Table of Contents

of, is not intended to provide, and does not provide a precise forecast of the effect of changes of market interest rates on our earnings or shareholders’ equity. Further, the computations do not contemplate any actions that could be undertaken in response to changes in interest rates.

Our and our subsidiaries’ debt is primarily denominated in U.S. dollars and has been primarily issued at fixed rates, therefore, interest expense would not be impacted by interest rate shifts. The impact of a 100 basis point increase in interest rates on fixed rate debt would result in a decrease in market value of $432 million and $381 million at December 31, 2025 and 2024. The impact of a 100 basis point decrease would result in an increase in market value of $451 million and $401 million at December 31, 2025 and 2024. At December 31, 2025 and 2024, the impact of a 100 basis point increase in interest rates on variable rate debt, net of the effects of the swaps, would result in no impact to interest expense and an increase of $2 million to interest expense.

Equity Price Risk – We and our subsidiaries have exposure to equity price risk as a result of investments in equity securities and equity derivatives. Equity price risk results from changes in the level or volatility of equity prices which affect the value of equity securities or instruments that derive their value from such securities or indexes. Equity price risk was measured below assuming an instantaneous 25% decrease in the underlying reference price or index from its level at December 31, 2025 and 2024, with all other variables held constant. For limited partnership holdings, the estimated change in value was largely derived from a beta analysis calculation of historical experience of the portfolio and indices with similar strategies relative to the S&P 500.

Foreign Exchange Rate Risk – Foreign exchange rate risk arises from the possibility that changes in foreign currency exchange rates will impact the value of financial instruments. We and our subsidiaries have foreign exchange rate exposure when we buy or sell foreign currencies or financial instruments denominated in a foreign currency, which is reduced through the use of forward contracts. The sensitivity analysis below assumes an instantaneous 20% decrease in the foreign currency exchange rates versus the U.S. dollar from their levels at December 31, 2025 and 2024, with all other variables held constant.

Credit Risk – We and our subsidiaries are exposed to credit risk relating to the risk of loss resulting from the nonperformance by a customer of its contractual obligations. Although nearly all customers pay for their services on a timely basis, the Company and its subsidiaries actively monitors the credit exposure to its customers. Certain of our subsidiaries may perform credit reviews of customers and may require customers to provide cash collateral, post a letter of credit, prepay for services or provide other credit enhancements.

Credit Spread Risk – In the fourth quarter of 2024, we entered into credit default swap index transactions with a notional value of $2 billion that potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprise the index. In addition to our exposure to tightening investment grade credit spreads as a result of these transactions, carrying costs associated with maintaining the positions could have adversely affected returns. The position was closed during the second quarter of 2025.

77

Table of Contents

The following tables present the estimated effects on the fair value of our and our subsidiaries’ financial instruments as of December 31, 2025 and 2024 due to an increase in yield rates of 100 basis points, a 20% decline in foreign currency exchange rates and a 25% decline in the S&P 500, with all other variables held constant, on the basis of those entered into for trading purposes and other than trading purposes.

Trading portfolio:

									Increase (Decrease)
December 31, 2025			Fair Value Asset (Liability)						Interest Rate Risk						Equity Price Risk
(In millions)
Fixed maturities – long			$	582					$	(4)
Equity securities – long			522												$	(131)
– short			(43)												11
Options – purchased			1												19
Other invested assets			12
Short-term investments			2,659						(6)

Other than trading portfolio:

									Increase (Decrease)
December 31, 2025			Fair Value Asset (Liability)						Interest Rate Risk						Foreign Currency Risk						Equity Price Risk
(In millions)
Fixed maturities			$	43,402					$	(2,869)					$	(798)
Equity securities			769						(22)												$	(59)
Limited partnership investments			2,861												(5)						(299)
Other invested assets			105												(20)
Mortgage loans			1,072						(34)
Short-term investments			3,385						(2)						(49)
Other derivatives			3																		62

78

Table of Contents

Trading portfolio:

									Increase (Decrease)
December 31, 2024			Fair Value Asset (Liability)						Interest Rate Risk						Equity Price Risk
(In millions)
Fixed maturities – long			$	716					$	(6)
Equity securities – long			403												$	(101)
– short			(88)												22
Options – purchased			2												44
Other invested assets			10
Short-term investments			2,180						(5)

Other than trading portfolio:

									Increase (Decrease)
December 31, 2024			Fair Value Asset (Liability)						Interest Rate Risk						Foreign Currency Risk						Equity Price Risk
(In millions)
Fixed maturities			$	41,111					$	(2,684)					$	(651)
Equity securities			659						(15)												$	(45)
Limited partnership investments			2,520												(2)						(252)
Other invested assets			85												(16)
Mortgage loans			987						(30)
Short-term investments			2,426						(1)						(45)
Other derivatives			6						1												40

Changes in discount rates used to measure CNA’s liability for future policyholder benefits (“LFPB”) would reduce the impact of the decrease in Fixed maturity securities within Other comprehensive income. The carrying value of the LFPB was $13.4 billion and $13.2 billion as of December 31, 2025 and 2024. The estimated decrease in the carrying value of the LFPB as of December 31, 2025 and 2024 due to an increase in yield rates of 100 basis points was $1.3 billion. The change in the carrying value of the LFPB due to interest rate changes was estimated by discounting the expected future cash flows.

79

Table of Contents

Item 8. Financial Statements and Supplementary Data.

Financial Statements and Supplementary Data are comprised of the following sections:

			Page No.
Management’s Report on Internal Control Over Financial Reporting			81
Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34)			82
Consolidated Balance Sheets			86
Consolidated Statements of Operations			88
Consolidated Statements of Comprehensive Income			89
Consolidated Statements of Equity			90
Consolidated Statements of Cash Flows			92
Notes to Consolidated Financial Statements:			94
1.Summary of Significant Accounting Policies			94
2.Acquisitions			102
3.Investments			103
4.Fair Value			111
5.Receivables			117
6.Property, Plant and Equipment			117
7.Claim and Claim Adjustment Expense Reserves			118
8.Future Policy Benefits Reserves			132
9.Leases			134
10.Income Taxes			135
11.Debt			139
12.Shareholders’ Equity			141
13.Revenue from Contracts with Customers			142
14.Statutory Accounting Practices			143
15.Benefit Plans			144
16.Reinsurance			152
17.Legal Proceedings			153
18.Commitments and Contingencies			155
19.Segments			155

80

Table of Contents

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for us. Our internal control system was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements.

There are inherent limitations to the effectiveness of any control system, however well designed, including the possibility of human error and the possible circumvention or overriding of controls. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Management must make judgments with respect to the relative cost and expected benefits of any specific control measure. The design of a control system also is based in part upon assumptions and judgments made by management about the likelihood of future events, and there can be no assurance that a control will be effective under all potential future conditions. As a result, even an effective system of internal control over financial reporting can provide no more than reasonable assurance with respect to the fair presentation of financial statements and the processes under which they were prepared.

Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control – Integrated Framework (2013). Based on this assessment, our management believes that, as of December 31, 2025, our internal control over financial reporting was effective.

Our independent registered public accounting firm, Deloitte & Touche LLP, has issued an audit report on the Company’s internal control over financial reporting. The report of Deloitte & Touche LLP follows this Report.

81

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Loews Corporation

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Loews Corporation and subsidiaries (the “Company”) as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income (loss), equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedules listed in the Index at Item 15 (a) (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 10, 2026, expressed an unqualified opinion on the Company’s internal control over financial reporting.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current-period audit of the financial statements that were communicated or required to be communicated to the audit committee and that (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Claim and claim adjustment expense reserves – Property & Casualty — Refer to Notes 1 and 7 to the financial statements.

Critical Audit Matter Description

The estimation of property and casualty claim and claim adjustment expense reserves (“P&C claim and claim adjustment expense reserves”), including those claims that are incurred but not reported, requires significant judgment. Estimating P&C claim and claim adjustment expense reserves is subject to a high degree of variability as it involves complex estimates that are generally derived using a variety of actuarial estimation techniques and numerous assumptions and expectations about future events, many of which are highly uncertain. Modest changes in judgments and assumptions can materially impact the valuation of these liabilities, particularly for claims with longer-tailed exposures such as workers’ compensation, general liability and professional liability claims and certain shorter-tailed exposures.

82

Table of Contents

Given the significant judgments made by management in estimating P&C claim and claim adjustment expense reserves, auditing P&C claim and claim adjustment expense reserves required a high degree of auditor judgment and an increased extent of effort, including the involvement of our actuarial specialists.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to P&C claim and claim adjustment expense reserves included the following, among others:

•We tested the effectiveness of controls related to the determination of P&C claim and claim adjustment expense reserves, including those controls related to the estimation of and management’s review of P&C claim and claim adjustment expense reserves.

•We tested the underlying data, including historical claims, that served as the basis for the actuarial analyses, to test that the inputs to the actuarial estimates were accurate and complete.

•With the assistance of our actuarial specialists:

◦We developed a range of independent estimates of P&C claim and claim adjustment expense reserves and compared the recorded reserves to our range of estimates.

◦We performed a retrospective review which involved comparing our prior year estimates of expected incurred losses to actual experience during the most recent year to identify potential bias in the Company’s determination of P&C claim and claim adjustment expense reserves.

Future policy benefit reserves – Long Term Care — Refer to Notes 1 and 8 to the financial statements

Critical Audit Matter Description

The estimation of long-term care future policy benefit reserves (“LTC future policy benefit reserves”) requires significant judgment in the selection of key assumptions, including the morbidity, specifically incidence, assumption. Estimating future experience for long term care policies is subject to significant estimation risk as the required projection period spans several decades. Morbidity and persistency experience can be volatile and modest changes in this assumption can materially impact the valuation of these liabilities.

Given the significant judgments made by management in estimating LTC future policy benefit reserves, auditing LTC future policy benefit reserves required a high degree of auditor judgment and an increased extent of effort, including the involvement of our actuarial specialists.

83

Table of Contents

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to LTC future policy benefit reserves included the following, among others:

•We tested the effectiveness of controls related to the determination of LTC future policy benefit reserves, including those controls related to the estimation of and management’s review of LTC future policy benefit reserves and determination of key assumptions.

•We tested the underlying data that served as the basis for the actuarial analyses, to test that the inputs to the actuarial estimates were accurate and complete.

•With the assistance of our actuarial specialists:

◦We independently recalculated cohort level LTC future policy benefit reserves and compared our estimates to the recorded reserves.

◦We evaluated the judgments made by management in setting assumptions, including comparing those assumptions to the Company’s historical experience used as the basis for setting those assumptions.

◦For a sample of policies, we evaluated management’s estimate of future cash flows. This included evaluating that assumptions were applied as intended.

/s/ DELOITTE & TOUCHE LLP

New York, New York

February 10, 2026

We have served as the Company's auditor since 1969.

84

Table of Contents

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the shareholders and the Board of Directors of Loews Corporation

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Loews Corporation and subsidiaries (the “Company”) as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 10, 2026, expressed an unqualified opinion on those financial statements.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management’s Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ DELOITTE & TOUCHE LLP

New York, New York

February 10, 2026

85

Table of Contents

Loews Corporation and Subsidiaries

CONSOLIDATED BALANCE SHEETS

Assets:
December 31			2025						2024
(Dollar amounts in millions, except per share data)
Investments:
Fixed maturities, amortized cost of $45,250 and $44,196, less allowance for credit  loss of $69 and $45			$	43,984					$	41,827
Equity securities, cost of $1,201 and $969			1,292						1,064
Limited partnership investments			2,861						2,520
Other invested assets, primarily mortgage loans, less allowance for credit loss of $15  and $35			1,195						1,113
Short-term investments			6,044						4,606
Total investments			55,376						51,130
Cash			495						541
Receivables			10,983						10,522
Property, plant and equipment			10,695						10,738
Goodwill			349						347
Deferred non-insurance warranty acquisition expenses			3,220						3,525
Deferred acquisition costs of insurance subsidiaries			986						959
Other assets			4,244						4,181
Total assets			$	86,348					$	81,943

See Notes to Consolidated Financial Statements.

86

Table of Contents

Loews Corporation and Subsidiaries

CONSOLIDATED BALANCE SHEETS

Liabilities and Equity:
December 31			2025						2024
(Dollar amounts in millions, except per share data)
Insurance reserves:
Claim and claim adjustment expense			$	26,599					$	24,976
Future policy benefits			13,448						13,158
Unearned premiums			7,635						7,346
Total insurance reserves			47,682						45,480
Payable to brokers			53						110
Short-term debt			1,052						5
Long-term debt			8,437						8,939
Deferred income taxes			839						550
Deferred non-insurance warranty revenue			4,138						4,530
Other liabilities			4,506						4,392
Total liabilities			66,707						64,006
Commitments and contingent liabilities
Shareholders’ equity:
Preferred stock, $0.10 par value:
Authorized – 100,000,000 shares
Common stock, $0.01 par value:
Authorized – 1,800,000,000 shares
Issued – 206,003,999 and 214,912,595 shares			2						2
Additional paid-in capital			2,374						2,490
Retained earnings			17,377						16,459
Accumulated other comprehensive loss			(1,067)						(1,867)
			18,686						17,084
Less treasury stock, at cost (0 and 212,251 shares)			—						(18)
Total shareholders’ equity			18,686						17,066
Noncontrolling interests			955						871
Total equity			19,641						17,937
Total liabilities and equity			$	86,348					$	81,943

See Notes to Consolidated Financial Statements.

87

Table of Contents

Loews Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF OPERATIONS

Year Ended December 31			2025						2024						2023
(In millions, except per share data)
Revenues:
Insurance premiums			$	10,900					$	10,211					$	9,480
Net investment income			2,779						2,780						2,395
Investment losses			(81)						(81)						(53)
Non-insurance warranty revenue			1,577						1,609						1,624
Operating revenues and other			3,279						2,991						2,455
Total			18,454						17,510						15,901
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $104, $125, and $88)			8,294						7,738						7,068
Amortization of deferred acquisition costs			1,898						1,798						1,644
Non-insurance warranty expense			1,526						1,547						1,544
Operating expenses and other			4,090						4,170						3,393
Equity method income			(74)						(58)						(120)
Interest			437						441						376
Total			16,171						15,636						13,905
Income before income tax			2,283						1,874						1,996
Income tax expense			(511)						(380)						(451)
Net income			1,772						1,494						1,545
Amounts attributable to noncontrolling interests			(105)						(80)						(111)
Net income attributable to Loews Corporation			$	1,667					$	1,414					$	1,434
Basic net income per share			$	7.98					$	6.42					$	6.30
Diluted net income per share			$	7.97					$	6.41					$	6.29
Basic weighted average number of shares outstanding			208.96						220.26						227.48
Diluted weighted average number of shares outstanding			209.10						220.53						227.81

See Notes to Consolidated Financial Statements.

88

Table of Contents

Loews Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

Year Ended December 31			2025						2024						2023
(In millions)
Net income			$	1,772					$	1,494					$	1,545
Other comprehensive income (loss), after tax
Changes in:
Net unrealized losses on investments with an allowance for    credit losses			(2)						(1)						(5)
Net unrealized gains (losses) on other investments			887						(262)						1,125
Total unrealized gains (losses) on investments			885						(263)						1,120
Impact of changes in discount rates used to measure long-duration contract liabilities			(161)						712						(318)
Unrealized losses on cash flow hedges			(7)												(5)
Pension and postretirement benefits			14						340						104
Foreign currency translation			144						(102)						60
Other comprehensive income			875						687						961
Comprehensive income			2,647						2,181						2,506
Amounts attributable to noncontrolling interests			(179)						(137)						(188)
Total comprehensive income attributable to Loews Corporation			$	2,468					$	2,044					$	2,318

See Notes to Consolidated Financial Statements.

89

Table of Contents

Loews Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF EQUITY

									Loews Corporation Shareholders
			Total						Common Stock						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Common Stock Held in Treasury						Noncontrolling Interests
(In millions)
Balance, January 1, 2023			$	15,201					$	2					$	2,748					$	14,931					$	(3,320)					$	(12)					$	852
Net income			1,545																		1,434																		111
Other comprehensive income			961																								884												77
Dividends paid ($0.25 per share)			(131)																		(57)																		(74)
Purchase of subsidiary stock from noncontrolling interests			(202)												27												(61)												(168)
Purchases of Loews Corporation treasury stock			(852)																														(852)
Retirement of treasury stock			—												(164)						(693)												857
Stock-based compensation			26												3																								23
Other			(23)												(25)						2
Balance, December 31, 2023			$	16,525					$	2					$	2,589					$	15,617					$	(2,497)					$	(7)					$	821
Net income			1,494																		1,414																		80
Other comprehensive income			687																								630												57
Dividends paid ($0.25 per share)			(140)																		(55)																		(85)
Purchase of subsidiary stock from noncontrolling interests			(20)																																				(20)
Purchases of Loews Corporation treasury stock			(617)																														(617)
Retirement of treasury stock			—												(89)						(517)												606
Stock-based compensation			19												(1)																								20
Other			(11)												(9)																								(2)
Balance, December 31, 2024			$	17,937					$	2					$	2,490					$	16,459					$	(1,867)					$	(18)					$	871

See Notes to Consolidated Financial Statements.

Loews Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF EQUITY

90

Table of Contents

									Loews Corporation Shareholders
			Total						Common Stock						Additional Paid-in Capital						Retained Earnings						Accumulated Other Comprehensive Income (Loss)						Common Stock Held in Treasury						Noncontrolling Interests
(In millions)
Balance, December 31, 2024, as reported			$	17,937					$	2					$	2,490					$	16,459					$	(1,867)					$	(18)					$	871
Cumulative effect adjustments from changes in    accounting standards (Note 1)			5																		5
Balance, January 1, 2025, as adjusted			17,942						2						2,490						16,464						(1,867)						(18)						871
Net income			1,772																		1,667																		105
Other comprehensive income			875																								801												74
Dividends paid ($0.25 per share)			(138)																		(52)																		(86)
Purchase of subsidiary stock from noncontrolling interests			(34)												(3)												(1)												(30)
Purchases of Loews Corporation treasury stock			(789)																														(789)
Retirement of treasury stock			—												(106)						(701)												807
Stock-based compensation			8												(12)																								20
Other			5												5						(1)																		1
Balance, December 31, 2025			$	19,641					$	2					$	2,374					$	17,377					$	(1,067)					$	—					$	955

See Notes to Consolidated Financial Statements.

91

Table of Contents

Loews Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31			2025						2024						2023
(In millions)
Operating Activities:
Net income			$	1,772					$	1,494					$	1,545
Adjustments to reconcile net income to net cash provided by operating activities:
Investment losses			81						81						53
Equity method investees			9						(66)						18
Amortization of investments			(208)						(200)						(191)
Depreciation and amortization			610						583						538
Provision for deferred income taxes			112						(45)						127
Other non-cash items			122						98						109
Changes in operating assets and liabilities, net:
Receivables			(408)						(929)						(268)
Deferred acquisition costs			(17)						(69)						(85)
Insurance reserves			1,670						2,365						1,667
Other assets			223						417						(88)
Other liabilities			(274)						(9)						(95)
Trading securities			(413)						(695)						577
Net cash flow provided by operating activities			3,279						3,025						3,907
Investing Activities:
Purchases of fixed maturities			(7,118)						(6,353)						(6,616)
Proceeds from sales of fixed maturities			2,946						2,793						4,029
Proceeds from maturities of fixed maturities			3,357						2,396						1,334
Purchases of equity securities			(593)						(444)						(293)
Proceeds from sales of equity securities			505						523						317
Purchases of limited partnership investments			(447)						(335)						(402)
Proceeds from sales of limited partnership investments			103						98						231
Purchases of property, plant and equipment			(579)						(632)						(686)
Acquisitions															(401)
Change in short-term investments			(920)						(30)						(80)
Other, net			(82)						9						(178)
Net cash flow used by investing activities			$	(2,828)					$	(1,975)					$	(2,745)

92

Table of Contents

Loews Corporation and Subsidiaries

CONSOLIDATED STATEMENTS OF CASH FLOWS

Year Ended December 31			2025						2024						2023
(In millions)
Financing Activities:
Dividends paid			$	(52)					$	(55)					$	(57)
Dividends paid to noncontrolling interests			(86)						(85)						(74)
Purchases of Loews Corporation treasury stock			(806)						(608)						(849)
Purchases of subsidiary stock from noncontrolling interests			(34)						(20)						(202)
Principal payments on debt			(869)						(1,366)						(878)
Issuance of debt			1,401						1,294						778
Other, net			(67)						(58)						(18)
Net cash flow used by financing activities			(513)						(898)						(1,300)
Effect of foreign exchange rate on cash			16						(10)						5
Net change in cash			(46)						142						(133)
Cash, beginning of year			541						399						532
Cash, end of year			$	495					$	541					$	399

See Notes to Consolidated Financial Statements.

93

Table of Contents

Loews Corporation and Subsidiaries

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Note 1. Summary of Significant Accounting Policies

Basis of presentation − Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders.

Accounting estimates and principles of consolidation – The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported on the consolidated financial statements and the related notes. Actual results could differ from those estimates. The Consolidated Financial Statements include all subsidiaries and intercompany accounts and transactions have been eliminated.

Investments – Fixed maturity securities are classified as either available-for-sale or trading, and in both cases, they are carried at fair value. Short-term investments are carried at fair value. Changes in fair value of trading securities are reported within Net investment income on the Consolidated Statements of Operations. Changes in fair value of available-for-sale securities are reported as a component of Other comprehensive income.

The cost of fixed maturity securities classified as available-for-sale is adjusted for amortization of premiums and accretion of discounts, which are included in Net investment income on the Consolidated Statements of Operations. The amortization of premium and accretion of discount for fixed maturity securities takes into consideration call and maturity dates that produce the lowest yield.

For asset-backed securities included in fixed maturity securities, income is recognized using an effective yield based on anticipated prepayments and the estimated economic life of the securities. When estimates of prepayments change, the effective yield is recalculated to reflect actual payments to date and anticipated future payments predominantly using the retrospective method.

Equity securities are carried at fair value. Non-redeemable preferred stock investments contain characteristics of debt securities, are priced similarly to bonds and are held primarily for income generation through periodic dividends. While recognition of gains and losses on these securities is not discretionary, the changes in fair value of non-redeemable preferred stock are not considered to be reflective of its primary operations. As such, the changes in the fair value of these securities are recorded through Investment gains (losses) on the Consolidated Statements of Operations. Common stock is owned with the intention of holding the securities primarily for market appreciation and as such, the changes in the fair value of these securities are recorded through Net investment income (loss).

Carrying value of investments in limited partnerships is the owner’s share of the net asset value of each partnership, as determined by the general partner. The majority of the Company’s limited partnerships are reported on a lag, primarily three months or less, as results are not available on a timely basis. These investments are accounted for under the equity method and changes in net asset values are recorded within Net investment income on the Consolidated Statements of Operations.

Mortgage loans are commercial in nature, are carried at unpaid principal balance, net of unamortized fees and an allowance for expected credit losses, and are recorded once funded. The allowance for expected credit losses on mortgage loans is developed by assessing the credit quality of pools of mortgage loans in good standing using debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios. The DSCR compares a property’s net operating income to its debt service payments, including principal and interest. The LTV ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. The pools developed to measure the credit loss allowance use increments of DSCR and LTV to draw distinctions between risk levels. Expected credit loss rates are applied by pool to the outstanding receivable balances. Changes in the allowance for mortgage loans are presented as a component of Investment gains (losses) on the Consolidated Statements of Operations. Mortgage loans are included in Other invested assets on the Consolidated Balance Sheets. Interest income from mortgage loans is recognized on an accrual basis using the effective yield method.

94

Table of Contents

Investments in derivative securities are carried at fair value with changes in fair value reported as a component of Investment gains (losses), Net investment income or Other comprehensive income (loss), depending on their hedge designation. A derivative is typically defined as an instrument whose value is “derived” from an underlying instrument, index or rate, has a notional amount, requires little or no initial investment and can be net settled. Derivatives include the following types of investments: interest rate swaps, interest rate caps and floors, put and call options, warrants, futures, forwards, commitments to purchase securities, credit default swaps and combinations of the foregoing. Derivatives embedded within non-derivative instruments (such as call options embedded in convertible bonds) must be split from the host instrument when the embedded derivative is not clearly and closely related to the host instrument.

An available-for-sale security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and allowance for credit losses. When a security is impaired, it is evaluated to determine whether there is an intent to sell the security before recovery of amortized cost or whether a credit loss exists. Losses on securities that are intended to be sold are recognized as impairment losses within Investment gains (losses) on the Consolidated Statements of Operations. If a credit loss exists, an allowance is established and the corresponding amount is recognized as an impairment loss within Investment gains (losses) on the Consolidated Statements of Operations. The allowance for credit losses related to available-for-sale fixed maturity securities is the difference between the present value of cash flows expected to be collected and the amortized cost basis. In subsequent periods, the allowance is reviewed, with any changes in the allowance presented as a component of Investment gains (losses) on the Consolidated Statements of Operations. Changes in the difference between the amortized cost basis, net of the allowance, and the fair value, are recognized in Other comprehensive income.

Significant judgment is required in the determination of whether an impairment loss has occurred for a security. A consistent and systematic process is followed for determining and recording an impairment loss, including the evaluation of securities in an unrealized loss position and securities with an allowance for credit losses on at least a quarterly basis.

The assessment of whether an impairment loss has occurred incorporates both quantitative and qualitative information. A credit loss exists if the present value of cash flows expected to be collected is less than the amortized cost basis. Significant assumptions enter into these cash flow projections including delinquency rates, probable risk of default, loss severity upon a default, over collateralization and interest coverage triggers and credit support from lower level tranches. All available evidence is considered when determining whether an investment requires a credit loss write-down or allowance to be recorded. Examples of such evidence may include the financial condition and near-term and long-term prospects of the issuer, whether the issuer is current with interest and principal payments, credit ratings on the security or changes in ratings over time, general market conditions and industry, sector or other specific factors and whether it is likely that the amortized cost will be recovered through the collection of cash flows.

Credit losses – The allowances for credit losses on fixed maturity securities, mortgage loans, reinsurance receivables, insurance receivables and trade receivables are valuation accounts that are reported as a reduction of a financial asset’s cost basis and are measured on a pool basis when similar risk characteristics exist. The allowance is estimated using relevant available information from both internal and external sources. Historical credit loss experience provides the basis for the estimation of expected credit losses and adjustments may be made to reflect current conditions and reasonable and supportable forecasts. Adjustments to historical loss information are made for additional factors that come to the Company’s attention. This could include significant shifts in counterparty financial strength ratings, aging of past due receivables, amounts sent to collection agencies, or other underlying portfolio changes. Current and forecast economic conditions are considered, using a variety of economic metrics and forecast indices. The sensitivity of expected credit losses relative to changes to the forecast of economic conditions can vary by financial asset class. A reasonable and supportable forecast period is up to 24 months from the balance sheet date. After the forecast period, the Company reverts to historical credit experience. Collateral arrangements such as letters of credit and amounts held in beneficiary trusts to mitigate credit risk are considered in the estimate of the net amount expected to be collected. Amounts are written off against the allowance when determined to be uncollectible.

A policy election has been made to present accrued interest balances separately from the amortized cost basis of assets, and a practical expedient has been elected to exclude the accrued interest from the tabular disclosures for mortgage loans and available-for-sale securities. An election has been made not to estimate an allowance for credit losses on accrued interest receivables. The accrual of interest income is discontinued and the asset is placed on nonaccrual status within 90 days of the interest becoming delinquent. Interest accrued but not received for assets on nonaccrual status is reversed through Net investment income. Interest received for assets that are on nonaccrual status is recognized as payment is received. The asset is returned to accrual status when the principal and interest amounts contractually due are brought current, and future payments are expected. Interest receivables are presented in Receivables on the Consolidated Balance Sheet.

95

Table of Contents

Equity method investments – Loews Hotels & Co has interests in operating joint ventures related to hotel properties over which it exercises significant influence but does not have control over them. Loews Hotels & Co uses the equity method of accounting for these investments, when applicable. The Company also has interests in Altium Packaging LLC (“Altium Packaging”), which is engaged in the manufacture of rigid packaging solutions. Loews Corporation shares certain participating rights related to capital allocation and other decisions with the joint venture partner, therefore, the investment in Altium Packaging is accounted for under the equity method of accounting. The Company’s total investment in entities accounted for under the equity method of accounting, excluding limited partnership investments, was $878 million and $937 million as of December 31, 2025 and 2024 and is reported in Other assets on the Consolidated Balance Sheets. Equity method income for investments accounted for under the equity method of accounting, excluding limited partnerships, was $74 million, $58 million and $120 million for the years ended December 31, 2025, 2024 and 2023 and is reported separately in expenses on the Consolidated Statements of Operations. Equity method investments are reviewed for impairment when changes in circumstances indicate that the carrying value of the asset may not be recoverable. See Note 3 for a discussion of limited partnership investments.

Hedging – The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk-management objective and strategy for undertaking various hedging transactions. The Company also formally assesses (both at the hedge’s inception and on an ongoing basis) whether the derivatives that are used in hedging transactions have been highly effective in offsetting changes in fair value or cash flows of hedged items and whether those derivatives may be expected to remain highly effective in future periods. When it is determined that a derivative for which hedge accounting has been designated is not (or ceases to be) highly effective, the Company discontinues hedge accounting prospectively. See Note 3 for additional information on the Company’s use of derivatives.

Securities lending activities – The Company lends securities for the purpose of enhancing income or to finance positions to unrelated parties who have been designated as primary dealers by the Federal Reserve Bank of New York. Borrowers of these securities must deposit and maintain collateral with the Company of no less than 100% of the fair value of the securities loaned. United States of America (“U.S.”) Government securities and cash are accepted as collateral. The Company maintains effective control over loaned securities and, therefore, continues to report such securities as investments on the Consolidated Balance Sheets.

Securities lending is typically done on a matched-book basis where the collateral is invested to substantially match the term of the loan. This matching of terms tends to limit risk. In accordance with the Company’s lending agreements, securities on loan are returned immediately to the Company upon notice. Collateral is not reflected as an asset of the Company. There was no collateral held at December 31, 2025 and 2024.

Revenue recognition – Premiums on property and casualty insurance contracts are recognized in proportion to the underlying risk insured and are primarily earned ratably over the term of the policies. Premiums on long-term care contracts are earned ratably over the policy year in which they are due. The reserve for unearned premiums represents the portion of premiums written relating to the unexpired terms of coverage.

Property and casualty contracts that are retrospectively rated or subject to audit premiums contain provisions that result in an adjustment to the initial policy premium depending on the contract provisions. These provisions stipulate the adjustment due to loss experience of the insured during the coverage period, or changes in the level of exposure to insurance risk. For such contracts, CNA estimates the amount of ultimate premiums that it may earn upon completion of the coverage period and recognizes either an asset or a liability for the difference between the initial policy premium and the estimated ultimate premium. CNA either adjusts such estimated ultimate premium amounts during the course of the coverage period based on actual results to date or by conducting premium audits after the policy has expired to determine the final exposure to insured risks. The resulting adjustment is recorded as either a reduction of or an increase to the earned premiums for the period.

Insurance receivables include balances due currently or in the future, including amounts due from insureds related to paid losses under high deductible policies, and are presented at unpaid balances, net of an allowance for doubtful accounts. As of December 31, 2025 and 2024, an allowance for doubtful accounts of $25 million and $26 million for insurance receivables has been established using a loss rate methodology to determine expected credit losses for premium receivables. This methodology uses CNA’s historical annual credit losses relative to gross premium written to develop a range of credit loss rates for each dollar of gross written premium underwritten. Additionally, an expected credit loss for amounts due from insureds under high deductible and retrospectively rated policies is calculated on a pool basis, informed by historical default rate data obtained from major rating agencies. Changes in the allowance are presented as a component of Other operating expenses on the Consolidated Statements of Operations. Amounts are considered past due based on policy payment terms. Insurance receivables and any related allowance are written off after collection efforts are exhausted or a negotiated settlement is reached.

96

Table of Contents

CNA’s non-insurance warranty revenues are primarily generated from separately-priced service contracts that provide mechanical breakdown and other coverages to vehicle or consumer goods owners, which generally provide coverage from one month to ten years. For warranty products where CNA acts as the principal in the transaction, Non-insurance warranty revenue is reported on a gross basis, with amounts paid by customers reported as Non-insurance warranty revenue and commissions paid to agents and dealers reported as Non-insurance warranty expense on the Consolidated Statements of Operations. Additionally, CNA provides warranty administration services for dealer and manufacturer warranty products. Non-insurance revenues are recognized when obligations under the terms of the contract with CNA’s customers are satisfied, which is generally over time as obligations are fulfilled. CNA recognizes non-insurance warranty revenue over the service period in proportion to the actuarially determined expected claims emergence pattern. Customers predominantly pay in full at the inception of the warranty contract. The liability for unearned warranty revenue, reported as Deferred non-insurance warranty revenue on the Consolidated Balance Sheets, represents the unearned portion of revenue in advance of CNA’s performance, including amounts which are refundable upon cancellation.

Contract costs to obtain or fulfill non-insurance warranty contracts with customers are deferred and recorded as Deferred non-insurance warranty acquisition expenses on the Consolidated Balance Sheets. These costs are expected to be recoverable over the term of the contract and are amortized in the same manner the related revenue is recognized. CNA evaluates deferred costs for recoverability including consideration of anticipated investment income. Adjustments to deferred costs, if necessary, are recorded in the current period results of operations.

Boardwalk Pipelines primarily earns revenues by providing transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (referred to together as “NGLs”) on a firm and interruptible basis and providing ethane supply and transportation services for petrochemical customers in Louisiana and Texas. Boardwalk Pipelines also provides interruptible natural gas parking and lending services. The majority of Boardwalk Pipelines’ operating subsidiaries are subject to Federal Energy Regulatory Commission (“FERC”) regulations and certain revenues collected, under certain circumstances, may be subject to possible refunds to its customers. An estimated refund liability is recorded considering regulatory proceedings, advice of counsel and estimated total exposure. The majority of Boardwalk Pipelines’ revenues are from firm service contracts which are accounted for as a single promise to stand ready each month of the contract term to provide the committed capacity for either transportation or storage services. The transaction price is comprised of a fixed fee based on the capacity reserved plus a usage fee paid on the volume of commodity transported or injected and withdrawn from storage. Both the fixed and the usage fees are allocated to the single performance obligation of providing transportation or storage service and recognized over time as control is passed to the customer. These service contracts can range in term from one to 20 years and are invoiced monthly. For the ethane supply contracts, the purchases and sales are with different counterparties and control transfers at different receipt and delivery points, resulting in the purchases and sales being presented on a gross basis in the Consolidated Statements of Operations.

Loews Hotels & Co provides lodging and related goods and services as well as management and marketing services. Lodging and related revenues are recognized as the guest takes possession of the goods or receives the services. Management and marketing services revenues are recognized as the services are provided and billed on a monthly basis. In addition, Loews Hotels & Co recognizes revenue for the reimbursement of payroll and other expenses as they are incurred on behalf of the owners of joint venture and managed hotel properties.

Claim and claim adjustment expense reserves – Claim and claim adjustment expense reserves, except reserves for structured settlements not associated with asbestos and environmental pollution (“A&EP”) and workers’ compensation lifetime claims, are not discounted and are based on (i) case basis estimates for losses reported on direct business, adjusted in the aggregate for ultimate loss expectations; (ii) estimates of incurred but not reported losses; (iii) estimates of losses on assumed reinsurance; (iv) estimates of future expenses to be incurred in the settlement of claims; (v) estimates of salvage and subrogation recoveries and (vi) estimates of amounts due from insureds related to losses under high deductible policies. Management considers current conditions and trends as well as past CNA and industry experience in establishing these estimates. The effects of inflation, which can be significant, are implicitly considered in the reserving process and are part of the recorded reserve balance. Ceded claim and claim adjustment expense reserves are reported as a component of Receivables on the Consolidated Balance Sheets.

Claim and claim adjustment expense reserves are presented net of anticipated amounts due from insureds related to losses under deductible policies of $1.6 billion and $1.3 billion as of December 31, 2025 and 2024. A significant portion of these amounts are supported by collateral. CNA also has an allowance for uncollectible deductible amounts, which is presented as a component of the allowance for doubtful accounts included in Receivables on the Consolidated Balance Sheets.

Structured settlements have been negotiated for certain property and casualty insurance claims. Structured settlements are agreements to provide fixed periodic payments to claimants. CNA’s obligations for structured settlements not funded by annuities are included in claim and claim adjustment expense reserves and are discounted at a weighted average interest

97

Table of Contents

rate of 6.5% and 6.6% as of December 31, 2025 and 2024. This interest rate is based on the expected yield of the assets that support the reserves and reinvestment assumptions. As of December 31, 2025 and 2024, the discounted reserves for unfunded structured settlements were $432 million and $444 million, net of discount of $505 million and $535 million. For the years ended December 31, 2025, 2024 and 2023, the amount of interest recognized on the discounted reserves of unfunded structured settlements was $32 million, $33 million and $34 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations but is excluded from the disclosure of prior year loss reserve development.

Workers’ compensation lifetime claim reserves are calculated using mortality assumptions determined through statutory regulation and economic factors. As of December 31, 2025 and 2024, workers’ compensation lifetime claim reserves are discounted at a 3.5% interest rate. As of December 31, 2025 and 2024, the discounted reserves for workers’ compensation lifetime claim reserves were $167 million and $179 million, net of discount of $78 million and $80 million. For the years ended December 31, 2025, 2024 and 2023, the amount of interest accretion recognized on the discounted reserves of workers’ compensation lifetime claim reserves was $6 million, $6 million and $9 million. This interest accretion is presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations, but is excluded from the disclosure of prior year loss reserve development.

Future policy benefit reserves – Future policy benefit reserves are associated with CNA’s run-off long-term care business and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits.

The liability for future policyholder benefits (“LFPB”) is computed using the net level premium method, which incorporates cash flow and discount rate assumptions. Under the net level premium method, the LFPB is equal to the present value of future benefits and claim settlement expenses less the present value of future net premiums. Net premiums are equal to gross premiums multiplied by the Net Premium Ratio (“NPR”). The NPR is generally the ratio of the present value of benefits and expense payments to the present value of gross premiums, expected over the lifetime of the policy. As a result of the modified retrospective adoption of ASU 2018-12, CNA’s NPR calculation incorporates the original locked in discount rate and the reserve balance as of the transition date of January 1, 2021.

The key cash flow assumptions used to estimate the LFPB are morbidity, persistency, premium rate actions and expenses. Morbidity is the frequency and severity of injury, illness, sickness and diseases contracted. Persistency is the percentage of policies remaining in force and can be affected by policy lapses, benefit reductions and death. Premium rate actions are generally subject to regulatory approval, and therefore the exact timing and size of the approved rate increases are unknown. Expense assumptions relate to claim adjudication. The practical expedient was not elected that allows locking in the expense assumption. The carried LFPB discount rate is determined using the upper-medium grade fixed income instrument yield curve.

CNA has elected to update the NPR and the LFPB for actual experience on a quarterly basis. A quarterly assessment is also made as to whether evidence suggests that cash flow assumptions should be updated. Annually, in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research and current macroeconomic conditions are also considered. The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in the results of operations within Insurance claims and policyholders’ benefits.

Quarterly, to derive the upper-medium grade fixed income instrument yield discount rate assumption, a published spot rate curve constructed from single-A rated U.S. dollar denominated corporate bonds is used. Linear interpolation to determine yield assumptions for tenors that fall between points for which observable rates are available is used. For cash flows that are projected to occur beyond the tenor for which market-observable rates are available, CNA applies judgment to estimate a normative rate which it grades to over 10 years. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss).

Quarterly, the updated NPR is used to derive an updated LFPB as of the beginning of the current quarter measured at the original locked in discount rate. The updated LFPB is then compared to the existing carrying amount of the liability as of the same date (measured at the original locked in discount rate) to determine the re-measurement gain (loss), which is presented parenthetically within the Insurance claims and policyholders’ benefits line on the Consolidated Statements of Operations.

98

Table of Contents

Insurance contracts are grouped into cohorts according to issue year. Contracts assumed through reinsurance are generally included within the same cohorts as contracts issued directly, according to issue year. The issue year for assumed contracts is defined according to the date that assumption of insurance risk incepted. For assumed contracts that were reinsured concurrently with the issuance of the underlying direct contract, issue year is defined as the year that the underlying policy was issued. For contracts that were already in-force when assumed, issue year is defined as the year in which the reinsurance agreement incepted. For group long-term care business, issue year is defined as the year the individual insurance certificate was issued. Long-term care is CNA’s only long-duration product line, therefore, cohorts are not further disaggregated by product.

Insurance-related assessments – Liabilities for insurance-related assessments are accrued when an assessment is probable, when it can be reasonably estimated and when the event obligating the entity to pay an imposed or probable assessment has occurred. Liabilities for insurance-related assessments are not discounted and are included as part of Other liabilities on the Consolidated Balance Sheets. As of December 31, 2025 and 2024, the liability balances were $89 million and $86 million.

Reinsurance – Reinsurance accounting allows for contractual cash flows to be reflected as premiums and losses. To qualify for reinsurance accounting, reinsurance agreements must include risk transfer. To meet risk transfer requirements, a reinsurance contract must include both insurance risk, consisting of underwriting and timing risk, and a reasonable possibility of a significant loss for the assuming entity.

Reinsurance receivables related to paid losses are presented at unpaid balances. Reinsurance receivables related to unpaid losses are estimated in a manner consistent with claim and claim adjustment expense reserves or future policy benefit reserves. Reinsurance receivables are reported net of an allowance for doubtful accounts on the Consolidated Balance Sheets. The cost of reinsurance is primarily accounted for over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies or over the reinsurance contract period. The ceding of insurance does not discharge the primary liability of CNA.

As of December 31, 2025 and 2024, an allowance for doubtful accounts of $27 million and $21 million have been established for each year for reinsurance receivables, which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. For assessing expected credit losses, CNA separates reinsurance receivables into two pools: voluntary reinsurance receivables and involuntary receivables related to mandatory pools. CNA has not recorded an allowance for involuntary pools as there is no perceived credit risk. The principal credit quality indicator used in the valuation of the allowance on voluntary reinsurance receivables is the financial strength rating of the reinsurer sourced from major rating agencies. If the reinsurer is unrated, an internal financial strength rating is assigned based on CNA’s historical loss experience and the assessment of the reinsurance counterparty’s risk profile, which generally corresponds with a B rating. Reinsurer financial strength ratings are updated and reviewed on an annual basis or sooner if CNA becomes aware of significant changes related to a reinsurer. The allowance for doubtful accounts on reinsurance receivables is estimated on the basis of periodic evaluations of balances due from reinsurers, reinsurer financial strength rating and solvency, industry experience and current and forecast economic conditions. Because billed receivables generally approximate 8% or less of total reinsurance receivables, the age of the reinsurance receivables related to paid losses is not a significant input into the allowance analysis. Changes in the allowance for doubtful accounts on reinsurance receivables are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations.

Amounts are considered past due based on the reinsurance contract terms. Reinsurance receivables related to paid losses and any related allowance are written off after collection efforts have been exhausted or a negotiated settlement is reached with the reinsurer. Reinsurance receivables from insolvent insurers related to paid losses are written off when the settlement due from the estate can be reasonably estimated. At the time reinsurance receivables related to paid losses are written off, any required adjustment to reinsurance receivables related to unpaid losses is recorded as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations.

A loss portfolio transfer is a retroactive reinsurance contract. If the cumulative claim and allocated claim adjustment expenses ceded under a loss portfolio transfer exceed the consideration paid, the resulting gain from such excess is deferred and amortized into earnings in future periods in proportion to actual recoveries under the loss portfolio transfer. In any period in which there is a revised estimate of claim and allocated claim adjustment expenses and the loss portfolio transfer is in a gain position, the deferred gain is recalculated as if the revised estimate was available at the inception date of the loss portfolio transfer and the change in the deferred gain is recognized in earnings.

Deferred acquisition costs – Deferrable acquisition costs include commissions, premium taxes and certain underwriting and policy issuance costs which are incremental direct costs of successful contract acquisitions. Acquisition costs related to

99

Table of Contents

property and casualty business are deferred and amortized ratably over the period the related premiums are earned. Deferred acquisition costs are presented net of ceding commissions and other ceded acquisition costs.

CNA evaluates deferred acquisition costs for recoverability. Anticipated investment income is considered in the determination of the recoverability of deferred acquisition costs. Adjustments, if necessary, are recorded in current period results of operations.

Policyholder dividends – Policyholder dividends are paid to participating policyholders within the workers’ compensation and surety lines of business. Net written premiums for participating dividend policies were approximately 2% of total net written premiums for each of the years ended December 31, 2025, 2024 and 2023. Dividends to policyholders are accrued according to CNA’s best estimate of the amount to be paid in accordance with contractual provisions and applicable state laws. Dividends to policyholders are presented as a component of Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations and Other liabilities on the Consolidated Balance Sheets.

Goodwill and other intangible assets – Goodwill represents the excess of purchase price over fair value of net assets of acquired entities. Goodwill is tested for impairment annually or when certain triggering events require additional tests. Subsequent reversal of a goodwill impairment charge is not permitted. Finite-lived intangible assets are amortized over their estimated useful lives. Indefinite-lived other intangible assets are tested for impairment annually or when certain triggering events require such tests.

Property, plant and equipment – Property, plant and equipment is carried at cost less accumulated depreciation and amortization. Depreciation is computed principally by the straight-line method over the estimated useful lives of the various classes of properties. Leaseholds and leasehold improvements are depreciated or amortized over the terms of the related leases (including optional renewal periods, where appropriate) or the estimated lives of improvements, if less than the lease term.

The principal service lives used in computing provisions for depreciation are as follows:

			Years
Pipeline equipment			30			to			50
Hotel properties and other			3			to			40

Impairment of long-lived assets – Long-lived and finite-lived intangible assets are reviewed for impairment when changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Long-lived assets and intangibles with finite lives, under certain circumstances, are reported at the lower of carrying amount or fair value. Assets to be disposed of and assets not expected to provide any future service potential are recorded at the lower of carrying amount or fair value less cost to sell.

Income taxes − The Company and its eligible subsidiaries file a consolidated tax return. Deferred income taxes are recognized for temporary differences between the financial statement and tax return bases of assets and liabilities, based on enacted tax rates and other provisions of the tax law. The effect of a change in tax laws or rates on deferred tax assets and liabilities is recognized in income in the period in which such change is enacted. Future tax benefits are recognized to the extent that realization of such benefits is more likely than not, and a valuation allowance is established for any portion of a deferred tax asset that management believes may not be realized.

The Company recognizes uncertain tax positions that it has taken or expects to take on a tax return. The tax benefit of a qualifying position is the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information.

The Company recognizes penalties and accrued interest related to unrecognized tax benefits and tax refund claims in Income tax expense on the Consolidated Statements of Operations. See Note 10 for additional information on the provision for income taxes.

Pension and postretirement benefits – The overfunded or underfunded status of defined benefit plans is recognized in Other assets or Other liabilities on the Consolidated Balance Sheets. Changes in funded status related to prior service costs and credits and actuarial gains and losses are recognized in the year in which the changes occur through Accumulated Other Comprehensive Income (“AOCI”). Benefit plan assets and obligations are measured at December 31. Annual service cost, interest cost, expected return on plan assets, amortization of prior service costs and credits and amortization of actuarial gains and losses are recognized in the Consolidated Statements of Operations.

100

Table of Contents

Stock-based compensation – Compensation expense is recorded upon issuance, modification or cancellation of all share-based payment awards granted, primarily on a straight-line basis over the requisite service period, generally three years. Restricted Stock Units are valued using the grant-date fair value of Loews Corporation’s stock.

Net income per share – Basic net income per share excludes dilution and is computed by dividing net income attributable to common stock by the weighted average number of Loews Corporation common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue Loews Corporation common stock were exercised or converted into common stock.

For the years ended December 31, 2025, 2024 and 2023, approximately 0.1 million, 0.3 million and 0.3 million potential shares attributable to issuances and exercises under incentive compensation plans were included in the calculation of diluted net income per share. For the year ended December 31, 2025 there were 1.2 million shares and for the years ended December 31, 2024 and 2023, there were no shares attributable to employee stock-based compensation awards excluded from the calculation of diluted net income per share because the effect would have been antidilutive.

Foreign currency – Foreign currency translation gains and losses are reflected in Shareholders’ equity as a component of AOCI. Foreign subsidiaries’ balance sheet accounts are translated at the exchange rates in effect at each reporting date and income statement accounts are translated at the average exchange rates during the reporting period. There were foreign currency transaction gains (losses) of $10 million, $(7) million and $8 million for the years ended December 31, 2025, 2024 and 2023 included in the Consolidated Statements of Operations.

Regulatory accounting – The majority of Boardwalk Pipelines’ revenues are earned from operating subsidiaries that are regulated by the FERC. Texas Gas Transmission, LLC (“Texas Gas”), a wholly owned subsidiary of Boardwalk Pipelines, applies regulatory accounting to certain assets for GAAP purposes, which records certain assets and liabilities consistent with the economic effect of the manner in which independent third party regulators establish rates. Gulf South Pipeline Company, LLC (“Gulf South”), a wholly owned subsidiary of Boardwalk Pipelines, has implemented fuel trackers, for which regulatory accounting is applied. Accordingly, the value of fuel received from customers paying the maximum tariff rate and the related value of fuel used in transportation are recorded to a regulatory asset or liability depending on whether Gulf South uses more fuel than it collects from customers or collects more fuel than it uses. Other than as described for Texas Gas and the fuel trackers for Gulf South, regulatory accounting is not applicable to Boardwalk Pipelines’ other FERC regulated entities or operations.

Supplementary cash flow information – Cash payments made for interest on long-term debt, net of capitalized interest, amounted to $421 million, $422 million and $385 million for the years ended December 31, 2025, 2024 and 2023. Investing activities exclude $25 million and $9 million of accrued capital expenditures for the years ended December 31, 2025 and 2023 and include $37 million of previously accrued capital expenditures for the year ended December 31, 2024. Cash payments for federal, state and local, and foreign income taxes are as follows:

Year Ended December 31			2025						2024						2023
(In millions)
Federal			$	298					$	287					$	263
State and local			35						33						37
Foreign
Canada			18						57						(5)
Other			30						26						9
Total			$	381					$	403					$	304

Accounting changes – In December of 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-08, “Intangibles-Goodwill and Other-Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets.” The updated accounting guidance requires that an entity measure crypto assets at fair value in the statement of financial position each reporting period and recognize changes from remeasurement in net income. The guidance was effective for fiscal years beginning after December 15, 2024, including interim periods within those fiscal years. The update required a cumulative-effect adjustment to the opening balance at the date of adoption. The Company adopted the guidance on January 1, 2025 and recorded an increase to Retained earnings of $5 million.

101

Table of Contents

In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including disaggregation of the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. The guidance was adopted retrospectively, with comparative period income tax disclosures adjusted to reflect the change in accounting guidance. See Note 10 for additional information.

Recently issued ASUs – In November of 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses.” The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.

In September of 2025, the FASB issued ASU 2025-06, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software.” The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software project and (2) it is probable that the software will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method or a modified prospective transition method. The Company is currently evaluating the effect the updated guidance will have on its financial statements.

Note 2. Acquisitions

Loews Hotels & Co

During 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.

102

Table of Contents

Note 3. Investments

Net investment income is as follows:

Year Ended December 31			2025						2024						2023
(In millions)
Fixed maturity securities			$	2,140					$	2,050					$	1,941
Limited partnership investments			278						271						177
Short-term investments			76						90						78
Equity securities (a)			60						82						63
Income from trading portfolio (a)			209						255						125
Other			118						129						105
Total investment income			2,881						2,877						2,489
Investment expenses			(102)						(97)						(94)
Net investment income			$	2,779					$	2,780					$	2,395
(a) Net investment income recognized due to the change in fair value of equity and trading portfolio securities held as of December 31, 2025, 2024 and 2023			$	63					$	93					$	38

As of December 31, 2025 and 2024, no investments in a single issuer exceeded 10% of shareholders’ equity, other than investments in securities issued by the U.S. Treasury and obligations of government-sponsored enterprises.

103

Table of Contents

Investment gains (losses) are as follows:

Year Ended December 31			2025						2024						2023
(In millions)
Fixed maturity securities:
Gross gains			$	42					$	48					$	75
Gross losses			(125)						(150)						(166)
Investment losses on fixed maturity securities			(83)						(102)						(91)
Equity securities (a)			7						21						4
Derivative instruments															(1)
Short-term investments and other			(5)												(11)
Gain on acquisition of a joint venture (see Note 2)															46
Investment losses			$	(81)					$	(81)					$	(53)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of December 31, 2025, 2024 and 2023			$	7					$	19					$	14

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

Year Ended December 31			2025						2024						2023
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds			$	25					$	34					$	33
Asset-backed			8						29						11
Impairment losses recognized in earnings			$	33					$	63					$	44

For the years ended December 31, 2025 and 2023, there were $5 million and $11 million of impairment losses related to mortgage loans due to changes in expected credit losses. No impairment losses were recognized on mortgage loans during the year ended December 31, 2024.

The net change in unrealized gains (losses) on fixed maturity securities, was $1.1 billion, $(352) million and $1.4 billion for the years ended December 31, 2025, 2024 and 2023.

104

Table of Contents

The amortized cost and fair values of fixed maturity securities are as follows:

December 31, 2025			Cost or Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Allowance for Credit Losses						Estimated Fair Value
(In millions)
Fixed maturity securities:
Corporate and other bonds			$	25,484					$	682					$	881					$	28					$	25,257
States, municipalities and political  subdivisions			8,870						303						742												8,431
Asset-backed:
Residential mortgage-backed			4,011						50						366												3,695
Commercial mortgage-backed			1,515						18						80						21						1,432
Other asset-backed			3,729						28						194						20						3,543
Total asset-backed			9,255						96						640						41						8,670
U.S. Treasury and obligations of  government sponsored enterprises			236						1						3												234
Foreign government			764						7						20												751
Redeemable preferred stock			8																								8
Fixed maturities available-for-sale			$	44,617					$	1,089					$	2,286					$	69					$	43,351
Fixed maturities trading			633																								633
Total fixed maturity securities			$	45,250					$	1,089					$	2,286					$	69					$	43,984

December 31, 2024
Fixed maturity securities:
Corporate and other bonds			$	25,839					$	423					$	1,305					$	13					$	24,944
States, municipalities and political  subdivisions			7,396						243						835												6,804
Asset-backed:
Residential mortgage-backed			3,725						7						488												3,244
Commercial mortgage-backed			1,779						11						141						18						1,631
Other asset-backed			3,770						24						239						14						3,541
Total asset-backed			9,274						42						868						32						8,416
U.S. Treasury and obligations of  government sponsored enterprises			220						1						1												220
Foreign government			701						6						30												677
Fixed maturities available-for-sale			$	43,430					$	715					$	3,039					$	45					$	41,061
Fixed maturities trading			766																								766
Total fixed maturity securities			$	44,196					$	715					$	3,039					$	45					$	41,827

105

Table of Contents

The available-for-sale fixed maturities securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

			Less than 12 Months												12 Months or Longer												Total
December 31, 2025			Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
(In millions)
Fixed maturity securities:
Corporate and other bonds			$	2,776					$	56					$	8,576					$	825					$	11,352					$	881
States, municipalities and political  subdivisions			403						8						3,471						734						3,874						742
Asset-backed:
Residential mortgage-backed			154						1						2,002						365						2,156						366
Commercial mortgage-backed			36						2						887						78						923						80
Other asset-backed			420						9						1,432						185						1,852						194
Total asset-backed			610						12						4,321						628						4,931						640
U.S. Treasury and obligations of  government-sponsored enterprises			78						2						18						1						96						3
Foreign government			131						1						260						19						391						20
Total fixed maturity securities			$	3,998					$	79					$	16,646					$	2,207					$	20,644					$	2,286
December 31, 2024
Fixed maturity securities:
Corporate and other bonds			$	5,846					$	165					$	10,388					$	1,140					$	16,234					$	1,305
States, municipalities and political  subdivisions			1,247						52						2,967						783						4,214						835
Asset-backed:
Residential mortgage-backed			849						22						2,010						466						2,859						488
Commercial mortgage-backed			180						2						988						139						1,168						141
Other asset-backed			680						21						1,557						218						2,237						239
Total asset-backed			1,709						45						4,555						823						6,264						868
U.S. Treasury and obligations of  government-sponsored enterprises			49						1						41												90						1
Foreign government			118						3						368						27						486						30
Total fixed maturity securities			$	8,969					$	266					$	18,319					$	2,773					$	27,288					$	3,039

106

Table of Contents

The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.

			December 31, 2025												December 31, 2024
			Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises			$	1,980					$	267					$	2,567					$	373
AAA			1,376						243						1,800						282
AA			3,827						623						4,247						730
A			5,025						440						6,330						582
BBB			7,758						639						11,548						980
Non-investment grade			678						74						796						92
Total			$	20,644					$	2,286					$	27,288					$	3,039

Based on current facts and circumstances, the unrealized losses presented in the December 31, 2025 securities in the gross unrealized loss position table above are not 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. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. 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 at December 31, 2025.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivables on available-for-sale fixed maturity securities totaled $470 million and $442 million as of December 31, 2025 and 2024 and are excluded from the estimate of expected credit losses and the amortized cost basis in the tables within this Note.

Year Ended December 31, 2025			Corporate and Other Bonds						Asset-backed						Total
(In millions)
Allowance for credit losses:
Balance as of January 1, 2025			$	13					$	32					$	45
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded			3						3						6
Available-for-sale securities accounted for as PCD assets			4												4
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)			6												6
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period			14						6						20
Total allowance for credit losses			$	28					$	41					$	69

107

Table of Contents

Year Ended December 31, 2024			Corporate and Other Bonds						Asset-backed						Total
(In millions)
Allowance for credit losses:
Balance as of January 1, 2024			$	4					$	12					$	16
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded			9						18						27
Available-for-sale securities accounted for as PCD assets			4												4
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)			3						1						4
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis			1												1
Write-offs charged against the allowance									9						9
Additional increases to the allowance for credit losses on securities that had an allowance recorded in a previous period									12						12
Total allowance for credit losses			$	13					$	32					$	45

Contractual Maturity

The following table presents available-for-sale fixed maturity securities by contractual maturity.

December 31			2025												2024
			Cost or Amortized Cost						Estimated Fair Value						Cost or Amortized Cost						Estimated Fair Value
(In millions)
Due in one year or less			$	1,392					$	1,389					$	1,761					$	1,753
Due after one year through five years			11,318						11,214						11,678						11,403
Due after five years through ten years			13,440						13,187						13,083						12,365
Due after ten years			18,467						17,561						16,908						15,540
Total			$	44,617					$	43,351					$	43,430					$	41,061

Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.

Limited Partnerships

The carrying value of limited partnership investments as of December 31, 2025 and 2024 was approximately $2.9 billion and $2.5 billion, which includes net undistributed earnings of $381 million and $334 million. Limited partnerships comprising 11% of the total carrying value are reported on a current basis through December 31, 2025 with no reporting lag, 2% of the total carrying value are reported on a one month lag and the remainder are reported on more than a one month lag. The number of limited partnerships held and the strategies employed provide diversification to the limited partnership portfolio and the overall invested asset portfolio.

108

Table of Contents

Limited partnerships comprising 88% and 86% of the carrying value at December 31, 2025 and 2024 were invested in private debt and equity. Limited partnerships comprising 12% and 14% of the carrying value as of December 31, 2025 and 2024 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, co-investment, private credit, growth capital, distressed investing and real estate. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments.

The ten largest limited partnership positions held totaled $698 million and $648 million as of December 31, 2025 and 2024. Based on the most recent information available regarding percentage ownership of the individual limited partnerships, the carrying value reflected on the Consolidated Balance Sheets represents approximately 1% of the aggregate partnership equity at December 31, 2025 and 2024, and the related income reflected on the Consolidated Statements of Operations represents approximately 1% of the changes in aggregate partnership equity for each of the years ended December 31, 2025, 2024 and 2023.

There are risks inherent in limited partnership investments which may result in losses due to short-selling, derivatives or other speculative investment practices. The use of leverage increases volatility generated by the underlying investment strategies.

Private debt, private equity and other non-hedge fund limited partnership investments generally do not permit voluntary withdrawals. Hedge fund limited partnership investments contain withdrawal provisions that generally limit liquidity for a period of thirty days up to one year or longer. Typically, hedge fund withdrawals require advance written notice of up to 90 days.

Mortgage Loans

The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (“DSCR”) and loan-to-value (“LTV”) ratios.

			Mortgage Loans Amortized Cost Basis by Origination Year (a)
As of December 31, 2025			2025						2024						2023						2022						2021						Prior						Total
(In millions)
DSCR ≥1.6x
LTV less than 55%			$	38											$	33											$	5					$	215					$	291
LTV 55% to 65%			37												12						$	14					6						12						81
LTV greater than 65%																					12						13												25
DSCR 1.2x - 1.6x
LTV less than 55%									$	68					28						5						2						75						178
LTV 55% to 65%			107						33						38						21						19						28						246
LTV greater than 65%			7																		46																		53
DSCR ≤1.2x
LTV less than 55%															6																		21						27
LTV 55% to 65%			37												17						38												15						107
LTV greater than 65%																					40						21						25						86
Total			$	226					$	101					$	134					$	176					$	66					$	391					$	1,094
Write-offs for the year    ended December 31,    2025																					(2)												(23)						(25)

(a) The values in the table above reflect DSCR on a standardized amortization period and LTV ratios based on the most recent appraised values trended forward using changes in a commercial real estate price index.

109

Table of Contents

Derivative Financial Instruments

Derivatives may be used in the normal course of business, primarily in an attempt to reduce exposure to market risk (principally interest rate risk, credit risk, equity price risk, commodity price risk and foreign currency risk) stemming from various assets and liabilities. The principal objective under such strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment.

Interest rate swaps, futures and forward commitments to purchase securities may be entered into to manage interest rate risk. Credit derivatives such as credit default swaps may be entered into to modify the credit risk inherent in certain investments. Forward contracts, futures, swaps and options may be used to manage foreign currency and commodity price risk.

In addition to the derivatives used for risk management purposes described above, derivatives may also be used for purposes of income enhancement. Income enhancement transactions include interest rate swaps, call options, put options, credit default swaps, index futures and foreign currency forwards. See Note 4 for information regarding the fair value of derivative instruments.

The following tables present the aggregate contractual or notional amount and estimated fair value related to derivative financial instruments.

December 31			2025																		2024
			Contractual/Notional Amount						Estimated Fair Value												Contractual/Notional Amount						Estimated Fair Value
									Asset						(Liability)												Asset						(Liability)
(In millions)
Without hedge designation:
Equity markets:
Options - purchased			$	98					$	1											$	268					$	2
Futures - short			249						2												167						1
Warrants			1						2												1						1
Interest rate swaps			473																		300						4
Credit default swap index - purchased																					2,000

In the fourth quarter of 2024, the Company entered into credit default swap index transactions that would potentially benefit from widening investment grade credit spreads associated with the underlying securities that comprised the index. The position was closed during the second quarter of 2025. As of December 31, 2024, the notional value of the credit default swap index was $2 billion and the fair value was less than $1 million, which was recognized in Payable to brokers in the Consolidated Balance Sheets. The fair value of the position was measured using observable market inputs, including credit spreads. For the years ended December 31, 2025 and 2024, Net investment income related to the position was $19 million and less than $1 million.

Investment Commitments

As part of the overall investment strategy, investments are made in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications and obligations related to private placement securities. As of December 31, 2025, commitments to purchase or fund were approximately $1.8 billion and to sell were approximately $45 million under the terms of these investments.

110

Table of Contents

Investments on Deposit

Cash and securities with carrying values of approximately $3.4 billion and $3.1 billion were deposited by CNA’s insurance subsidiaries under requirements of regulatory authorities and others as of December 31, 2025 and 2024.

Cash and securities with carrying values of approximately $0.6 billion and $0.7 billion were deposited with financial institutions in trust accounts or as collateral for letters of credit to secure obligations with various third parties as of December 31, 2025 and 2024.

Note 4. Fair Value

Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable:

•Level 1 – Quoted prices for identical instruments in active markets.

•Level 2 – Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

•Level 3 – Valuations derived from valuation techniques in which one or more significant inputs are not observable.

Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, securities are priced using third party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs that market participants presumably would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted.

Control procedures are performed over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include: (i) the review of pricing service methodologies or broker pricing qualifications, (ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, (iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria and (iv) detailed analysis, where an independent analysis of the inputs and assumptions used to price individual securities is performed.

Assets and liabilities measured at fair value on a recurring basis are summarized in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

111

Table of Contents

December 31, 2025			Level 1						Level 2						Level 3						Total
(In millions)
Fixed maturity securities:
Corporate bonds and other			$	238					$	24,529					$	1,483					$	26,250
States, municipalities and political subdivisions									8,386						45						8,431
Asset-backed									7,672						998						8,670
Fixed maturities available-for-sale			238						40,587						2,526						43,351
Fixed maturities trading			603						30												633
Total fixed maturities			$	841					$	40,617					$	2,526					$	43,984
Equity securities			$	762					$	497					$	33					$	1,292
Short-term and other			5,820						51												5,871
Payable to brokers			(43)																		(43)
December 31, 2024
Fixed maturity securities:
Corporate bonds and other			$	223					$	24,340					$	1,278					$	25,841
States, municipalities and political subdivisions									6,762						42						6,804
Asset-backed									7,540						876						8,416
Fixed maturities available-for-sale			223						38,642						2,196						41,061
Fixed maturities trading			766																		766
Total fixed maturities			$	989					$	38,642					$	2,196					$	41,827
Equity securities			$	603					$	441					$	20					$	1,064
Short-term and other			4,383						70												4,453
Receivables									5												5
Payable to brokers			(88)																		(88)

112

Table of Contents

The following tables present reconciliations for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the years ended December 31, 2025 and 2024:

									Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)																																																Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31						Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at December 31
2025			Balance, January 1						Included in Net Income						Included in OCI						Purchases						Sales						Settlements						Transfers into Level 3						Transfers out of Level 3						Balance, December 31
(In millions)
Fixed maturity securities:
Corporate bonds and other			$	1,278					$	(6)					$	57					$	197											$	(101)					$	58											$	1,483											$	57
States, municipalities and political subdivisions			42												3																																				45												3
Asset-backed			876						17						(3)						213												(105)																		998												(1)
Fixed maturities available-for-sale			$	2,196					$	11					$	57					$	410					$	—					$	(206)					$	58					$	—					$	2,526					$	—					$	59
Equity securities			$	20					$	4											$	20					$	(7)					$	(4)																	$	33					$	2

113

Table of Contents

									Net Realized Investment Gains (Losses) and Net Change in Unrealized Investment Gains (Losses)																																																Unrealized Gains (Losses) Recognized in Net Income (Loss) on Level 3 Assets and Liabilities Held at December 31						Unrealized Gains (Losses) Recognized in Other Comprehensive Income (Loss) on Level 3 Assets and Liabilities Held at December 31
2024			Balance, January 1						Included in Net Income						Included in OCI						Purchases						Sales						Settlements						Transfers into  Level 3						Transfers out of Level 3						Balance, December 31
(In millions)
Fixed maturity securities:
Corporate bonds and other			$	1,045					$	(1)					$	(15)					$	352					$	(10)					$	(104)					$	11											$	1,278					$	(1)					$	(21)
States, municipalities and political subdivisions			44												(2)																																				42												(2)
Asset-backed			901						9						(12)						125						(14)						(83)												$	(50)					876												(12)
Fixed maturities available-for-sale			$	1,990					$	8					$	(29)					$	477					$	(24)					$	(187)					$	11					$	(50)					$	2,196					$	(1)					$	(35)
Equity securities			$	24					$	12											$	3					$	(19)																							$	20					$	8

Net investment gains and losses are reported in Net income as follows:

Major Category of Assets and Liabilities			Consolidated Statements of Operations Line Items
Fixed maturity securities available-for-sale			Investment gains (losses)
Fixed maturity securities trading			Net investment income
Equity securities			Investment gains (losses) and Net investment income
Other invested assets			Investment gains (losses) and Net investment income
Derivative financial instruments held in a trading portfolio			Net investment income
Derivative financial instruments, other			Investment gains (losses) and Operating revenues and other

114

Table of Contents

Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume.

Valuation Methodologies and Inputs

The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified.

Fixed Maturity Securities

Level 1 securities include highly liquid government securities and exchange traded bonds valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation, and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable.

Equity Securities

Level 1 securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable.

Derivative Financial Instruments

Equity options are valued using quoted market prices and are classified within Level 1 of the fair value hierarchy. Over-the-counter derivatives, principally interest rate swaps, currency forwards, total return swaps, commodity swaps, credit default swaps, equity warrants and options, are valued using inputs including broker/dealer quotes and are classified within Level 2 or Level 3 of the valuation hierarchy, depending on the amount of transparency as to whether these quotes are based on information that is observable in the marketplace.

Short-Term and Other Invested Assets

Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds, treasury bills and exchange traded open-end funds valued using quoted market prices. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short-term investments as presented in the tables above differ from the amounts presented on the Consolidated Balance Sheets because certain short-term investments, such as time deposits, are not measured at fair value.

115

Table of Contents

Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs utilized in the fair value measurement of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of unobservable inputs from these broker quotes is neither provided nor reasonably available. The weighted average rate is calculated based on fair value.

December 31, 2025			Estimated Fair Value						Valuation Techniques						Unobservable Inputs						Range (Weighted Average)
			(In millions)
Fixed maturity securities			$	1,927					Discounted cash flow						Credit spread						1%			—			11%			(2%)
December 31, 2024
Fixed maturity securities			$	1,724					Discounted cash flow						Credit spread						1%			—			6%			(2%)

For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.

Financial Assets and Liabilities Not Measured at Fair Value

The carrying amount, estimated fair value and the level of the fair value hierarchy of the financial assets and liabilities which are not measured at fair value on the Consolidated Balance Sheets are presented in the following tables. The carrying amounts and estimated fair values of short-term debt and long-term debt exclude finance lease obligations. The carrying amounts reported on the Consolidated Balance Sheets for cash and short-term investments not carried at fair value and certain other assets and liabilities approximate fair value due to the short-term nature of these items.

			Carrying Amount						Estimated Fair Value
December 31, 2025									Level 1						Level 2						Level 3						Total
(In millions)
Assets:
Other invested assets, primarily mortgage loans			$	1,079																	$	1,072					$	1,072
Liabilities:
Short-term debt			1,051												$	1,051					2						1,053
Long-term debt			8,435												7,431						995						8,426
December 31, 2024
Assets:
Other invested assets, primarily mortgage loans			$	1,019																	$	987					$	987
Liabilities:
Short-term debt			4																		5						5
Long-term debt			8,936												$	7,702					966						8,668

116

Table of Contents

The fair values of debt were based on observable market prices when available. When observable market prices were not available, the fair values of debt were based on observable market prices of comparable instruments adjusted for differences between the observed instruments and the instruments being valued or is estimated using discounted cash flow analyses, based on current incremental borrowing rates for similar types of borrowing arrangements.

Note 5. Receivables

December 31			2025						2024
(In millions)
Reinsurance (Note 16)			$	6,408					$	6,072
Insurance			3,764						3,697
Receivable from brokers			58						50
Accrued investment income			485						458
Income taxes			3						9
Other, primarily customer accounts			318						284
Total			11,036						10,570
Less: allowance for doubtful accounts on reinsurance receivables			27						21
allowance for other doubtful accounts			26						27
Receivables			$	10,983					$	10,522

Note 6. Property, Plant and Equipment

December 31			2025						2024
(In millions)
Pipeline equipment (net of accumulated depreciation of $5,184 and $4,819)			$	8,330					$	8,478
Hotel properties (net of accumulated depreciation of $709 and $646)			1,522						1,517
Other (net of accumulated depreciation of $556 and $578)			486						496
Construction in process			357						247
Property, plant and equipment			$	10,695					$	10,738

Depreciation expense and capital expenditures are as follows:

Year Ended December 31			2025												2024												2023
			Depre-ciation						Capital Expend.						Depre-ciation						Capital Expend.						Depre-ciation						Capital Expend.
(In millions)
CNA Financial			$	65					$	73					$	59					$	105					$	54					$	97
Boardwalk Pipelines			440						386						426						365						410						383
Loews Hotels & Co			100						143						93						115						69						201
Corporate			2												2												1						12
Total			$	607					$	602					$	580					$	585					$	534					$	693

Capitalized interest related to the construction and upgrade of qualifying assets amounted to approximately $11 million, $27 million and $32 million for the years ended December 31, 2025, 2024 and 2023.

117

Table of Contents

Note 7. Claim and Claim Adjustment Expense Reserves

Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (“IBNR”) claims as of the reporting date. Reserve projections are based primarily on detailed analysis of the facts in each case, experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.

Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers’ compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the ultimate cost for insurance losses will not exceed current estimates.

CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and certain property and casualty businesses in run-off, including A&EP, a legacy portfolio of excess workers’ compensation policies and certain legacy mass tort reserves.

Liability for Unpaid Claim and Claim Adjustment Expenses

The table below reconciles the net liability for unpaid claim and claim adjustment expenses to the amount presented on the Consolidated Balance Sheets.

December 31			2025
(In millions)
Net liability for unpaid claim and claim adjustment expenses:
Property & Casualty Operations			$	19,725
Other Insurance Operations (a)			892
Total net claim and claim adjustment expenses			20,617
Reinsurance receivables: (b)
Property & Casualty Operations			3,684
Other Insurance Operations (c)			2,298
Total reinsurance receivables			5,982
Total gross liability for unpaid claims and claims adjustment expenses			$	26,599

(a) Other Insurance Operations amounts are related to unfunded structured settlements arising from short duration contracts.

(b) Reinsurance receivables presented are gross of the allowance for uncollectible reinsurance and do not include reinsurance receivables related to paid losses.

(c) The Other Insurance Operations reinsurance receivables are primarily related to A&EP claims covered under the A&EP loss portfolio transfer (“LPT”).

118

Table of Contents

The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.

Year Ended December 31			2025						2024						2023
(In millions)
Reserves, beginning of year:
Gross			$	24,976					$	23,304					$	22,120
Ceded			5,713						5,141						5,191
Net reserves, beginning of year			19,263						18,163						16,929
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year			6,724						6,330						5,667
Increase (decrease) in provision for insured events of prior years			189						42						48
Amortization of discount			39						39						44
Total net incurred (a)			6,952						6,411						5,759
Net payments attributable to:
Current year events			(1,089)						(1,093)						(922)
Prior year events			(4,685)						(4,096)						(3,679)
Total net payments			(5,774)						(5,189)						(4,601)
Foreign currency translation adjustment and other			176						(122)						76
Net reserves, end of year			20,617						19,263						18,163
Ceded reserves, end of year			5,982						5,713						5,141
Gross reserves, end of year			$	26,599					$	24,976					$	23,304

(a) Total net incurred does not agree to Insurance claims and policyholders’ benefits as reflected on the Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders’ dividends, which are not reflected in the table above.

Reserving Methodology

In developing claim and claim adjustment expense reserve estimates, CNA’s actuaries perform detailed reserve analyses that are staggered throughout the year. The data is organized at a reserve group level. Every reserve group is reviewed at least once during the year, but most are reviewed more frequently. The analyses generally review losses gross of ceded reinsurance and apply the ceded reinsurance terms to the gross estimates to establish estimates net of reinsurance. Factors considered include, but are not limited to, the historical pattern and volatility of the actuarial indications, the sensitivity of the actuarial indications to changes in paid and incurred loss patterns, the consistency of claims handling processes, the consistency of case reserving practices, changes in CNA’s pricing and underwriting, pricing and underwriting trends in the insurance market and legal, judicial, geopolitical, social and economic trends. In addition to the detailed analyses, CNA reviews actual loss emergence for all products each quarter.

In developing the loss reserve estimates for property and casualty contracts, CNA generally projects ultimate losses using several common actuarial methods as listed below. CNA reviews the indications from the various methods and applies judgment to select an actuarial point estimate. The carried reserve may differ from the actuarial point estimate as a result of CNA’s consideration of the factors noted above as well as the potential volatility of the projections associated with the specific product being analyzed and other factors affecting claims costs that may not be quantifiable through traditional actuarial analysis. The indicated required reserve is the difference between the selected ultimate loss and the inception-to-date paid losses. The difference between the selected ultimate loss and the case incurred or reported loss is IBNR. IBNR includes a provision for development on known cases as well as a provision for late reported incurred claims.

119

Table of Contents

The most frequently utilized methods to project ultimate losses include the following:

•Paid development: The paid development method estimates ultimate losses by reviewing paid loss patterns and applying them to accident years with further expected changes in paid losses.

•Incurred development: The incurred development method is similar to the paid development method, but it uses case incurred losses instead of paid losses.

•Loss ratio: The loss ratio method multiplies premiums by an expected loss ratio to produce ultimate loss estimates for each accident year.

•Bornhuetter-Ferguson paid loss: The Bornhuetter-Ferguson paid loss method is a combination of the paid development approach and the loss ratio approach. This method normally determines expected loss ratios similar to the approach used to estimate the expected loss ratio for the loss ratio method.

•Bornhuetter-Ferguson incurred loss: The Bornhuetter-Ferguson incurred loss method is similar to the Bornhuetter-Ferguson using premiums and paid loss method except that it uses case incurred losses.

•Frequency times severity: The frequency times severity method multiplies a projected number of ultimate claims by an estimated ultimate average loss for each accident year to produce ultimate loss estimates.

•Stochastic modeling: The stochastic modeling method produces a range of possible outcomes based on varying assumptions related to the particular product being modeled.

For many exposures, especially those that can be considered long-tail, a particular accident or policy year may not have a sufficient volume of paid losses to produce a statistically reliable estimate of ultimate losses. In such a case, CNA’s actuaries typically assign more weight to the incurred development method than to the paid development method. As claims continue to settle and the volume of paid loss increases, the actuaries may assign additional weight to the paid development method. For most of CNA’s products, even the incurred losses for accident or policy years that are early in the claim settlement process will not be of sufficient volume to produce a reliable estimate of ultimate losses. In these cases, CNA may not assign much, if any weight to the paid and incurred development methods. CNA may use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods. For short-tail exposures, the paid and incurred development methods can often be relied on sooner, primarily because CNA’s history includes a sufficient number of years to cover the entire period over which paid and incurred losses are expected to change. However, CNA may also use the loss ratio, Bornhuetter-Ferguson and/or frequency times severity methods for short-tail exposures. For other more complex reserve groups where the above methods may not produce reliable indications, CNA uses additional methods tailored to the characteristics of the specific situation.

CNA’s reserving methodologies for mass tort and A&EP are similar as both are based on detailed reviews of large accounts with estimates of ultimate payments based on the facts in each case and CNA’s view of applicable law and coverage litigation.

120

Table of Contents

Gross and Net Carried Reserves

The following tables present the gross and net carried reserves:

December 31, 2025			Property and Casualty Operations						Other Insurance Operations						Total
(In millions)
Gross Case Reserves			$	7,311					$	1,752					$	9,063
Gross IBNR Reserves			16,098						1,438						17,536
Total Gross Carried Claim and Claim Adjustment Expense Reserves			$	23,409					$	3,190					$	26,599
Net Case Reserves			$	6,189					$	625					$	6,814
Net IBNR Reserves			13,536						267						13,803
Total Net Carried Claim and Claim Adjustment Expense Reserves			$	19,725					$	892					$	20,617
December 31, 2024
Gross Case Reserves			$	6,589					$	1,813					$	8,402
Gross IBNR Reserves			15,093						1,481						16,574
Total Gross Carried Claim and Claim Adjustment Expense Reserves			$	21,682					$	3,294					$	24,976
Net Case Reserves			$	5,573					$	634					$	6,207
Net IBNR Reserves			12,761						295						13,056
Total Net Carried Claim and Claim Adjustment Expense Reserves			$	18,334					$	929					$	19,263

Net Prior Year Development

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development. These changes can be favorable or unfavorable.

121

Table of Contents

The following table and discussion present details of the net prior year loss reserve development in Property & Casualty Operations and Other Insurance Operations:

Year Ended December 31			2025						2024						2023
(In millions)
Medical professional liability									$	(8)					$	5
Other professional liability and management liability			$	69					49						37
Surety			(50)						(68)						(43)
Warranty			10						20						(11)
Commercial auto			74						107						33
General liability			114						75						149
Workers’ compensation			(135)						(202)						(203)
Other property and casualty operations			(31)						(4)						10
Total property & casualty operations			51						(31)						(23)
Other insurance operations			134						79						71
Total pretax unfavorable development			$	185					$	48					$	48

Development Tables

For CNA’s Property & Casualty Operations, the following tables present further detail and commentary on the development reflected in the financial statements for each of the periods presented. Also presented are loss reserve development tables that illustrate the change over time of reserves established for claim and allocated claim adjustment expenses arising from short-duration insurance contracts for certain lines of business within CNA’s Property & Casualty Operations. Not all lines of business are presented based on their context to CNA’s overall loss reserves, calendar year reserve development, or calendar year net earned premiums. Insurance contracts are considered to be short-duration contracts when the contracts are not expected to remain in force for an extended period of time.

The Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative net incurred claim and allocated claim adjustment expenses relating to each accident year at the end of the stated calendar year. Changes in the cumulative amount across time are the result of CNA’s expanded awareness of additional facts and circumstances that pertain to the unsettled claims. The Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses tables, reading across, show the cumulative amount paid for claims for each accident year as of the end of the stated calendar year. The Net Strengthening or (Releases) of Prior Accident Year Reserves tables, reading across, show the net increase or decrease in the cumulative net incurred accident year claim and allocated claim adjustment expenses during each stated calendar year and indicates whether the reserves for that accident year were strengthened or released.

The information in the tables is reported on a net basis after reinsurance and does not include the effects of discounting. The information contained in calendar years 2024 and prior is unaudited. To the extent CNA enters into a commutation, the transaction is reported on a prospective basis. To the extent that CNA enters into a disposition, the effects of the disposition are reported on a retrospective basis by removing the balances associated with it.

The amounts reported for the cumulative number of reported claims include direct and assumed open and closed claims by accident year at the claimant level. The number excludes claim counts for claims within a policy deductible where the insured is responsible for payment of losses in the deductible layer. Claim count data for certain assumed reinsurance contracts is unavailable.

In the loss reserve development tables, IBNR includes reserves for incurred but not reported losses and expected development on case reserves. CNA does not establish case reserves for allocated loss adjusted expenses (“ALAE”), therefore ALAE reserves are also included in the estimate of IBNR.

2025

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional errors and omissions (“E&O”) business.

122

Table of Contents

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.

Favorable development in other property and casualty operations was due to lower than expected loss emergence across multiple accident years in CNA’s marine and property businesses and favorable emergence in multiple accident years for property and other.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse claim activity, the on-going effects of social inflation and an agreement with the Diocese of Rochester.

2024

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O and cyber businesses.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse reserves.

2023

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in CNA’s professional E&O businesses in multiple accident years.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Favorable development in warranty was due to lower than expected loss emergence in a recent accident year.

Unfavorable development in commercial auto was due to higher than expected claim severity in CNA’s construction business in a recent accident year.

Unfavorable development in general liability was due to higher than expected claim severity in CNA’s construction and middle market businesses across multiple accident years.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.

Unfavorable development in other insurance operations was largely associated with legacy mass tort abuse reserves.

123

Table of Contents

Property & Casualty Operations – Line of Business Composition

The table below presents the net liability for unpaid claim and claim adjustment expenses, by line of business for Property & Casualty Operations:

December 31			2025
(In millions)
Medical professional liability			$	1,468
Other professional liability and management liability			4,073
Surety			521
Warranty			58
Commercial auto			1,573
General liability			4,837
Workers’ compensation			3,482
Other property and casualty operations			3,713
Total net liability for unpaid claim and claim adjustment expenses			$	19,725

124

Table of Contents

Medical Professional Liability

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																																																																		December 31, 2025
December 31						2016 (a)						2017 (a)						2018 (a)						2019 (a)						2020 (a)						2021 (a)						2022 (a)						2023 (a)						2024 (a)						2025						IBNR						Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016						$	427					$	487					$	485					$	499					$	508					$	510					$	508					$	514					$	513					$	509					$	12					16,205
2017												412						449						458						460						455						460						456						463						458						11						15,400
2018																		404						429						431						448						470						495						499						507						34						15,358
2019																								430						445						458						471						469						481						478						17						14,572
2020																														477						476						455						447						419						400						57						11,381
2021																																				377						376						374						349						318						57						10,085
2022																																										329						329						333						323						87						10,353
2023																																																340						350						382						129						11,129
2024																																																						343						376						199						11,002
2025																																																												390						317						9,107
																																																						Total						$	4,141					$	920
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016						$	18					$	121					$	246					$	339					$	401					$	436					$	460					$	483					$	489					$	491
2017												19						107						235						308						355						388						417						427						438
2018																		21						115						211						290						349						418						453						463
2019																								17						91						183						280						349						395						425
2020																														11						61						139						201						258						303
2021																																				11						49						118						170						223
2022																																										10						57						122						171
2023																																																14						86						160
2024																																																						13						82
2025																																																												15
																																																						Total						$	2,771
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																																																												$	1,370
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																																																												47
Liability for unallocated claim adjustment expenses for accident years presented																																																												51
Total net liability for unpaid claim and claim adjustment expenses																																																												$	1,468
Net Strengthening (Releases) of Prior Accident Year Reserves
Years Ended December 31																																																																		Total
Accident Year
2016												$	60					$	(2)					$	14					$	9					$	2					$	(2)					$	6					$	(1)					$	(4)					$	82
2017																		37						9						2						(5)						5						(4)						7						(5)						46
2018																								25						2						17						22						25						4						8						103
2019																														15						13						13						(2)						12						(3)						48
2020																																				(1)						(21)						(8)						(28)						(19)						(77)
2021																																										(1)						(2)						(25)						(31)						(59)
2022																																																—						4						(10)						(6)
2023																																																						10						32						42
2024																																																												33						33
Total net development for the accident years presented above																																																15						(17)						1
Total net development for accident years prior to 2016																																																(10)						9						1
Total unallocated claim adjustment expense development																																																—						—						(2)
Total																																																$	5					$	(8)					$	—

(a) Data presented for these calendar years is required supplemental information, which is unaudited.

125

Table of Contents

Other Professional Liability and Management Liability

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																																																																		December 31, 2025
December 31						2016 (a)						2017 (a)						2018 (a)						2019 (a)						2020 (a)						2021 (a)						2022 (a)						2023 (a)						2024 (a)						2025						IBNR						Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016						$	901					$	900					$	900					$	904					$	907					$	891					$	888					$	906					$	912					$	910					$	28					17,993
2017												847						845						813						791						775						758						746						752						744						25						18,223
2018																		850						864						869						906						923						941						987						1,003						44						20,083
2019																								837						845						856						876						939						970						984						79						19,577
2020																														930						944						951						945						945						936						106						19,558
2021																																				1,037						1,038						1,009						965						956						190						18,444
2022																																										1,120						1,112						1,084						1,049						265						18,534
2023																																																1,149						1,166						1,239						365						19,902
2024																																																						1,150						1,200						609						20,579
2025																																																												1,208						978						19,311
																																																						Total						$	10,229					$	2,689
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016						$	64					$	248					$	466					$	625					$	701					$	736					$	784					$	826					$	856					$	862
2017												57						222						394						498						557						596						630						672						699
2018																		54						282						473						599						706						779						847						886
2019																								64						263						422						567						699						801						864
2020																														67						248						400						523						660						751
2021																																				58						217						356						502						634
2022																																										64						225						453						638
2023																																																64						302						594
2024																																																						77						315
2025																																																												81
																																																						Total						$	6,324
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																																																												$	3,905
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																																																												101
Liability for unallocated claim adjustment expenses for accident years presented																																																												67
Total net liability for unpaid claim and claim adjustment expenses																																																												$	4,073
Net Strengthening (Releases) of Prior Accident Year Reserves
Years Ended December 31																																																																		Total
Accident Year
2016												$	(1)					$	—					$	4					$	3					$	(16)					$	(3)					$	18					$	6					$	(2)					$	9
2017																		(2)						(32)						(22)						(16)						(17)						(12)						6						(8)						(103)
2018																								14						5						37						17						18						46						16						153
2019																														8						11						20						63						31						14						147
2020																																				14						7						(6)						—						(9)						6
2021																																										1						(29)						(44)						(9)						(81)
2022																																																(8)						(28)						(35)						(71)
2023																																																						17						73						90
2024																																																												50						50
Total net development for the accident years presented above																																																44						34						90
Total net development for accident years prior to 2016																																																(7)						10						(18)
Total unallocated claim adjustment expense development																																																—						5						(3)
Total																																																$	37					$	49					$	69

(a) Data presented for these calendar years is required supplemental information, which is unaudited.

126

Table of Contents

Surety

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																																																																		December 31, 2025
December 31						2016 (a)						2017 (a)						2018 (a)						2019 (a)						2020 (a)						2021 (a)						2022 (a)						2023 (a)						2024 (a)						2025						IBNR						Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016						$	124					$	124					$	109					$	84					$	67					$	64					$	58					$	43					$	43					$	43					$	3					5,590
2017												120						115						103						84						71						66						67						67						66						3						5,928
2018																		114						108						91						62						56						51						49						58						2						6,322
2019																								119						112						98						87						82						82						81						6						6,286
2020																														128						119						81						67						57						67						6						4,918
2021																																				137						129						110						91						74						12						5,003
2022																																										155						158						132						118						53						5,131
2023																																																175						169						147						92						4,889
2024																																																						171						167						124						4,397
2025																																																												163						155						3,143
																																																						Total						$	984					$	456
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016						$	5					$	37					$	45					$	45					$	43					$	43					$	41					$	40					$	40					$	40
2017												23						37						41						46						49						62						62						63						63
2018																		5						25						34						39						40						41						41						46
2019																								12						34						44						59						70						74						75
2020																														4						20						28						33						44						57
2021																																				5						20						35						42						59
2022																																										12						35						52						59
2023																																																8						27						52
2024																																																						20						37
2025																																																												4
																																																						Total						$	492
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																																																												$	492
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																																																												13
Liability for unallocated claim adjustment expenses for accident years presented																																																												16
Total net liability for unpaid claim and claim adjustment expenses																																																												$	521
Net Strengthening (Releases) of Prior Accident Year Reserves
Years Ended December 31																																																																		Total
Accident Year
2016												$	—					$	(15)					$	(25)					$	(17)					$	(3)					$	(6)					$	(15)					$	—					$	—					$	(81)
2017																		(5)						(12)						(19)						(13)						(5)						1						—						(1)						(54)
2018																								(6)						(17)						(29)						(6)						(5)						(2)						9						(56)
2019																														(7)						(14)						(11)						(5)						—						(1)						(38)
2020																																				(9)						(38)						(14)						(10)						10						(61)
2021																																										(8)						(19)						(19)						(17)						(63)
2022																																																3						(26)						(14)						(37)
2023																																																						(6)						(22)						(28)
2024																																																												(4)						(4)
Total net development for the accident years presented above																																																(54)						(63)						(40)
Total net development for accident years prior to 2016																																																11						(5)						(7)
Total unallocated claim adjustment expense development																																																—						—						(3)
Total																																																$	(43)					$	(68)					$	(50)

(a) Data presented for these calendar years is required supplemental information, which is unaudited.

127

Table of Contents

Commercial Auto

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																																																																		December 31, 2025
December 31						2016 (a)						2017 (a)						2018 (a)						2019 (a)						2020 (a)						2021 (a)						2022 (a)						2023 (a)						2024 (a)						2025						IBNR						Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016						$	198					$	186					$	186					$	186					$	190					$	195					$	200					$	197					$	195					$	194					$	—					30,459
2017												199						198						200						221						232						239						241						241						237						—						30,948
2018																		229						227						227						245						254						255						260						259						1						34,333
2019																								257						266						289						323						325						327						323						—						37,281
2020																														310						303						304						298						303						299						7						29,192
2021																																				397						388						390						393						377						16						33,063
2022																																										437						465						496						506						55						37,327
2023																																																554						620						635						120						42,921
2024																																																						726						799						270						49,670
2025																																																												886						616						41,075
																																																						Total						$	4,515					$	1,085
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016						$	52					$	93					$	126					$	154					$	175					$	185					$	190					$	192					$	193					$	193
2017												58						107						150						178						203						225						232						235						237
2018																		66						128						175						212						238						249						256						257
2019																								77						147						203						257						295						312						319
2020																														71						134						197						246						276						287
2021																																				83						168						240						305						347
2022																																										112						236						334						411
2023																																																127						270						414
2024																																																						153						345
2025																																																												163
																																																						Total						$	2,973
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																																																												$	1,542
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																																																												5
Liability for unallocated claim adjustment expenses for accident years presented																																																												26
Total net liability for unpaid claim and claim adjustment expenses																																																												$	1,573
Net Strengthening (Releases) of Prior Accident Year Reserves
Years Ended December 31																																																																		Total
Accident Year
2016												$	(12)					$	—					$	—					$	4					$	5					$	5					$	(3)					$	(2)					$	(1)					$	(4)
2017																		(1)						2						21						11						7						2						—						(4)						38
2018																								(2)						—						18						9						1						5						(1)						30
2019																														9						23						34						2						2						(4)						66
2020																																				(7)						1						(6)						5						(4)						(11)
2021																																										(9)						2						3						(16)						(20)
2022																																																28						31						10						69
2023																																																						66						15						81
2024																																																												73						73
Total net development for the accident years presented above																																																26						110						68
Total net development for accident years prior to 2016																																																4						(3)						3
Total unallocated claim adjustment expense development																																																3						—						3
Total																																																$	33					$	107					$	74

(a) Data presented for these calendar years is required supplemental information, which is unaudited.

128

Table of Contents

General Liability

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																																																																		December 31, 2025
December 31						2016 (a)						2017 (a)						2018 (a)						2019 (a)						2020 (a)						2021 (a)						2022 (a)						2023 (a)						2024 (a)						2025						IBNR						Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016						$	623					$	659					$	667					$	671					$	673					$	683					$	684					$	704					$	712					$	723					$	23					24,982
2017												632						632						632						634						630						652						690						713						749						15						22,611
2018																		653						644						646						639						650						679						665						663						63						20,631
2019																								680						682						682						691						720						727						747						98						20,091
2020																														723						722						726						736						702						662						139						15,152
2021																																				782						784						793						814						833						189						16,349
2022																																										929						928						930						952						316						18,494
2023																																																1,071						1,106						1,146						516						18,905
2024																																																						1,271						1,295						833						20,250
2025																																																												1,381						1,218						15,771
																																																						Total						$	9,151					$	3,410
Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016						$	32					$	163					$	279					$	407					$	481					$	524					$	582					$	620					$	652					$	681
2017												23						118						250						399						471						553						606						657						705
2018																		33						107						228						307						428						491						546						573
2019																								25						98						181						322						455						532						607
2020																														23						99						192						280						367						450
2021																																				26						140						262						391						542
2022																																										29						123						260						439
2023																																																33						153						356
2024																																																						34						180
2025																																																												43
																																																						Total						$	4,576
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																																																												$	4,575
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																																																												179
Liability for unallocated claim adjustment expenses for accident years presented																																																												83
Total net liability for unpaid claim and claim adjustment expenses																																																												$	4,837

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																																																																		Total
Accident Year
2016												$	36					$	8					$	4					$	2					$	10					$	1					$	20					$	8					$	11					$	100
2017																		—						—						2						(4)						22						38						23						36						117
2018																								(9)						2						(7)						11						29						(14)						(2)						10
2019																														2						—						9						29						7						20						67
2020																																				(1)						4						10						(34)						(40)						(61)
2021																																										2						9						21						19						51
2022																																																(1)						2						22						23
2023																																																						35						40						75
2024																																																												24						24
Total net development for the accident years presented above																																																134						48						130
Total net development for accident years prior to 2016																																																15						27						(30)
Total unallocated claim adjustment expense development																																																—						—						14
Total																																																$	149					$	75					$	114

(a) Data presented for these calendar years is required supplemental information, which is unaudited.

129

Table of Contents

Workers’ Compensation

Cumulative Net Incurred Claim and Allocated Claim Adjustment Expenses																																																																		December 31, 2025
December 31						2016 (a)						2017 (a)						2018 (a)						2019 (a)						2020 (a)						2021 (a)						2022 (a)						2023 (a)						2024 (a)						2025						IBNR						Cumulative Number of Claims
(In millions, except reported claims data)
Accident Year
2016						$	426					$	405					$	396					$	382					$	366					$	355					$	331					$	308					$	293					$	287					$	40					32,007
2017												440						432						421						400						402						399						398						383						364						44						33,164
2018																		450						440						428						415						415						404						399						393						57						34,930
2019																								452						449						437						436						419						416						410						57						34,398
2020																														477						466						446						414						393						363						74						29,506
2021																																				468						454						432						421						412						97						30,150
2022																																										497						489						478						467						108						33,488
2023																																																555						551						541						161						37,037
2024																																																						574						586						196						38,866
2025																																																												646						348						36,112
																																																						Total						$	4,469					$	1,182

Cumulative Net Paid Claim and Allocated Claim Adjustment Expenses
Accident Year
2016						$	53					$	129					$	169					$	198					$	219					$	227					$	234					$	235					$	238					$	238
2017												63						151						207						243						265						279						287						293						295
2018																		68						163						229						259						280						298						307						313
2019																								71						169						223						262						291						310						320
2020																														65						147						200						228						246						257
2021																																				67						164						222						256						273
2022																																										79						192						258						299
2023																																																87						209						286
2024																																																						111						264
2025																																																												127
																																																						Total						$	2,672
Net liability for unpaid claim and allocated claim adjustment expenses for the accident years presented																																																												$	1,797
Net liability for unpaid claim and claim adjustment expenses for accident years prior to 2016																																																												1,648
Other (b)																																																												(23)
Liability for unallocated claim adjustment expenses for accident years presented																																																												60
Total net liability for unpaid claim and claim adjustment expenses																																																												$	3,482

Net Strengthening (Releases) of Prior Accident Year Reserves

Years Ended December 31																																																																		Total
Accident Year
2016												$	(21)					$	(9)					$	(14)					$	(16)					$	(11)					$	(24)					$	(23)					$	(15)					$	(6)					$	(139)
2017																		(8)						(11)						(21)						2						(3)						(1)						(15)						(19)						(76)
2018																								(10)						(12)						(13)						—						(11)						(5)						(6)						(57)
2019																														(3)						(12)						(1)						(17)						(3)						(6)						(42)
2020																																				(11)						(20)						(32)						(21)						(30)						(114)
2021																																										(14)						(22)						(11)						(9)						(56)
2022																																																(8)						(11)						(11)						(30)
2023																																																						(4)						(10)						(14)
2024																																																												12						12
Total net development for the accident years presented above																																																(114)						(85)						(85)
Adjustment for development on a discounted basis																																																(2)						(2)						2
Total net development for accident years prior to 2016																																																(93)						(115)						(52)
Total unallocated claim adjustment expense development																																																6						—						—
Total																																																$	(203)					$	(202)					$	(135)

(a)			Data presented for these calendar years is required supplemental information, which is unaudited.
(b)			Other includes the effect of discounting lifetime claim reserves.

130

Table of Contents

The table below presents information about average historical claims duration as of December 31, 2025 and is presented as required supplementary information, which is unaudited.

Average Annual Percentage Payout of Ultimate Net Incurred Claim and Allocated Claim Adjustment Expenses in Year:
			1						2						3						4						5						6						7						8						9						10
Medical professional liability			3.6		%				16.6		%				21.4		%				16.7		%				13.2		%				9.7		%				6.1		%				2.9		%				1.8		%				0.4		%
Other professional liability and management liability			6.4						19.5						19.8						15.0						11.5						7.3						5.8						4.7						3.5						0.7
Surety (a)			15.2						36.2						12.9						8.4						6.3						9.2						(0.9)						2.6						—						—
Commercial auto			22.6						22.5						19.1						15.2						10.7						5.5						2.6						0.9						0.7						—
General liability			3.4						12.1						15.5						16.6						14.5						9.8						8.4						5.4						5.4						4.0
Workers’ compensation			17.6						24.2						14.5						8.8						5.8						3.8						2.3						1.2						0.8						—

(a)Due to the nature of the Surety business, average annual percentage payout of ultimate net incurred claim and allocated claim adjustment expenses has been calculated using only the payouts of mature accident years presented in the loss reserve development tables.

A&EP Reserves

In 2010, Continental Casualty Company (“CCC”) together with several insurance subsidiaries completed a transaction with National Indemnity Company (“NICO”), a subsidiary of Berkshire Hathaway Inc., under which substantially all of their legacy A&EP liabilities were ceded to NICO through a loss portfolio transfer (“LPT”). At the effective date of the transaction, approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves were ceded to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third party reinsurance related to these liabilities. NICO was paid a reinsurance premium of $2.0 billion and billed third party reinsurance receivables related to A&EP claims with a net book value of $215 million were transferred to NICO, resulting in total consideration of $2.2 billion.

In years subsequent to the effective date of the LPT, adverse prior year development on A&EP reserves was recognized resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which a change in the estimate of A&EP reserves is recognized that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders’ benefits on the Consolidated Statements of Operations.

The following table presents the impact of the Loss Portfolio Transfer on the Consolidated Statements of Operations.

Year Ended December 31			2025						2024						2023
(In millions)
Additional amounts ceded under LPT			$	185					$	103					$	86
Retroactive reinsurance benefit recognized			(140)						(95)						(94)
Pretax impact of deferred retroactive reinsurance			$	45					$	8					$	(8)

131

Table of Contents

Additional amounts ceded under the LPT of $185 million, $103 million and $86 million for the years ended December 31, 2025, 2024 and 2023 were primarily driven by unfavorable development in each year as a result of higher than anticipated defense and indemnity costs on known direct asbestos and environmental accounts.

As of December 31, 2025 and 2024, the cumulative amounts ceded under the LPT were $3.9 billion and $3.7 billion. The unrecognized deferred retroactive reinsurance benefit was $470 million and $425 million as of December 31, 2025 and 2024 and is included within Other liabilities on the Consolidated Balance Sheets.

NICO established a collateral trust account as security for its obligations under the LPT. The fair value of the collateral trust account was $2.4 billion as of December 31, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to A&EP claims.

Excess Workers’ Compensation LPT

On February 5, 2021, CNA completed a transaction with Cavello Bay Reinsurance Limited (“Cavello”), a subsidiary of Enstar Group Limited, under which certain legacy excess workers’ compensation (“EWC”) liabilities were ceded to Cavello. Under the terms of the transaction, based on reserves in place as of January 1, 2020, approximately $690 million of net EWC claim and allocated claim adjustment expense reserves were ceded to Cavello under a loss portfolio transfer (“EWC LPT”) with an aggregate limit of $1.0 billion. Cavello was paid a reinsurance premium of $697 million.

Net favorable prior year development of $75 million was recognized before consideration of cessions to the EWC LPT for the year ended December 31, 2025 primarily driven by lower than expected severity in older accident years. This favorable development was entirely offset by ceded retroactive reserve development under the EWC LPT.

As of December 31, 2025, the cumulative amount ceded under the EWC LPT was $615 million.

Cavello established a collateral trust as security for its obligations. The fair value of the collateral trust was $247 million as of December 31, 2025.

Note 8. Future Policy Benefits Reserves

Future policy benefits reserves are associated with CNA’s run-off long-term care business, included in Other Insurance Operations, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the LFPB which is reflected as Insurance reserves: Future policy benefits on the Consolidated Balance Sheets.

The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, CNA’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to its expectations.

Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered.

The cash flow assumption updates completed in the third quarter of 2025 resulted in a $7 million pretax increase in the LFPB. Included in the assumption updates were unfavorable incidence, claim closure and cost of care inflation impacts offset by favorable premium rate actions.

The cash flow assumption updates completed in the third quarter of 2024 resulted in a $15 million pretax increase in the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and an unfavorable impact from higher cost of care inflation.

132

Table of Contents

The following table summarizes balances and changes in the LFPB.

			2025						2024						2023
(In millions)
Present value of future net premiums
Balance, January 1			$	3,425					$	3,710					$	3,991
Effect of changes in discount rate			(7)						(125)						(74)
Balance, January 1, at original locked in discount rate			3,418						3,585						3,917
Effect of changes in cash flow assumptions (a)			114						111						28
Effect of actual variances from expected experience (a)			(10)						(41)						(126)
Adjusted balance, January 1			3,522						3,655						3,819
Interest accrual			176						183						202
Net premiums: earned during period			(406)						(420)						(436)
Balance, end of period at original locked in discount rate			3,292						3,418						3,585
Effect of changes in discount rate			71						7						125
Balance, December 31			$	3,363					$	3,425					$	3,710
Present value of future benefits & expenses
Balance, January 1			$	16,583					$	17,669					$	17,471
Effect of changes in discount rate			440						(578)						(125)
Balance, January 1, at original locked in discount rate			17,023						17,091						17,346
Effect of changes in cash flow assumptions (a)			121						126						36
Effect of actual variances from expected experience (a)			87						69						(46)
Adjusted balance, January 1			17,231						17,286						17,336
Interest accrual			918						924						962
Benefit & expense payments			(1,165)						(1,187)						(1,207)
Balance, end of period at original locked in discount rate			16,984						17,023						17,091
Effect of changes in discount rate			(173)						(440)						578
Balance, December 31			$	16,811					$	16,583					$	17,669
Net LFPB, December 31			$	13,448					$	13,158					$	13,959

(a) As of December 31, 2025, 2024 and 2023, the re-measurement loss of $(104), $(125) and $(88) presented parenthetically on the Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

133

Table of Contents

The following table presents earned premiums and interest accretion associated with the long-term care business recognized on the Consolidated Statement of Operations.

Year Ended December 31			2025						2024						2023
(In millions)
Earned premiums			$	423					$	437					$	451
Interest accretion			742						741						760

The following table presents undiscounted expected future benefit and expense payments and undiscounted expected future gross premiums.

			December 31,
			2025						2024
(In millions)
Expected future benefit and expense payments			$	31,323					$	31,712
Expected future gross premiums			4,930						5,183

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3.5 billion and $3.6 billion as of December 31, 2025 and 2024.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of December 31, 2025 and 2024.

The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.

			December 31,
			2025						2024
Original locked in discount rate			5.16		%				5.20		%
Upper-medium grade fixed income instrument discount rate			5.32						5.51

For the years ended December 31, 2025 and 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $135 million and $159 million. For the years ended December 31, 2025 and 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $58 million and $29 million.

Note 9. Leases

Lease 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,

134

Table of Contents

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:

			Operating
As of December 31, 2025			Leases
(In millions)
2026			$	55
2027			55
2028			50
2029			51
2030			47
Thereafter			255
Total			513
Less: discount			138
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 term			10.1 years
Weighted average discount rate			4.2		%

Note 10. Income Taxes

Loews 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.

135

Table of Contents

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 31			2025						2024						2023
(In millions)
Income before income tax expense:
U.S.			$	1,999					$	1,672					$	1,798
Foreign			284						202						198
Total			$	2,283					$	1,874					$	1,996
Current tax expense
Federal			$	314					$	320					$	267
State and local			37						47						20
Foreign			48						58						37
Total current tax expense			399						425						324
Deferred tax expense (benefit)
Federal			81						(10)						81
State and local			10						(40)						31
Foreign			21						5						15
Total deferred tax expense (benefit)			112						(45)						127
Total income tax expense
Federal			395						310						348
State and local			47						7						51
Foreign			69						63						52
Total income tax expense			$	511					$	380					$	451

136

Table of Contents

A reconciliation of income tax expense at the federal statutory tax rate to income tax expense at the effective tax rate is as follows:

Year Ended December 31			2025						2024						2023
(In millions, except %)
			Amount			Percent			Amount			Percent			Amount			Percent
Income tax expense at federal statutory tax rate			$	479		21.0		%	$	393		21.0		%	$	419		21.0		%
State and local income taxes, net of federal    income tax effect (a)			38			1.7		%	7			0.4		%	42			2.1		%
Foreign tax effects
Canada			22			1.0		%	32			1.7		%	23			1.1		%
Other			9			0.4		%	7			0.4		%	7			0.4		%
Tax credits
Foreign tax credits			(25)			(1.1)		%	(36)			(1.9)		%	(26)			(1.3)		%
Other			(6)			(0.3)		%	(7)			(0.4)		%	(2)			(0.1)		%
Nontaxable or nondeductible items
Nontaxable investment income			(30)			(1.3)		%	(26)			(1.4)		%	(31)			(1.6)		%
Other			14			0.6		%	13			0.7		%	12			0.6		%
Other adjustments			10			0.4		%	(3)			(0.2)		%	7			0.4		%
Income tax expense			$	511		22.4		%	$	380		20.3		%	$	451		22.6		%

(a) In 2025, state taxes in Florida, Illinois and Louisiana made up the majority of the tax effect in this category. In 2024, state taxes in Florida made up the majority of the tax effect in this category. In 2023, state taxes in Florida, Illinois, Louisiana and New York made up the majority of the tax effect in this category.

For the year ended December 31, 2024, state and local income taxes include a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025 resulting from legislation enacted during the fourth quarter of 2024.

As of December 31, 2025, no deferred taxes are required on the undistributed earnings of subsidiaries subject to tax.

As of December 31, 2025, 2024 and 2023, there were no unrecognized tax benefits.

For the years ended December 31, 2025, 2024 and 2023, no interest expense or penalties were recorded in Income tax expense.

137

Table of Contents

The following table summarizes deferred tax assets and liabilities:

December 31			2025						2024
(In millions)
Deferred tax assets:
Insurance reserves:
Property and casualty claim and claim adjustment expense reserves			$	276					$	234
Unearned premium reserves			227						225
Deferred revenue			84						85
Employee benefits			81						79
Deferred retroactive reinsurance benefit			99						89
Net unrealized losses			258						485
Other assets			179						188
Total deferred tax assets			1,204						1,385
Valuation allowance			(25)						(19)
Net deferred tax assets			1,179						1,366
Deferred tax liabilities:
Deferred acquisition costs			(143)						(140)
Policyholder reserves			(25)						(48)
Property, plant and equipment			(1,056)						(963)
Basis differential in investment in subsidiary			(473)						(481)
Investment valuation differences			(218)						(176)
Other liabilities			(87)						(69)
Total deferred tax liabilities			(2,002)						(1,877)
Net deferred tax liabilities (a)			$	(823)					$	(511)
(a) Includes deferred tax assets reflected in Other assets on the Consolidated Balance Sheets at December 31, 2025 and 2024			$	16					$	39

As of December 31, 2025, the Company has a U.S. foreign tax credit carryforward of $6 million that expires in 2034. In addition, as of December 31, 2025, the Company has net operating loss carryforwards in foreign tax jurisdictions of $83 million and tax credit carryforwards in such jurisdictions of $13 million that do not expire.

Although realization of deferred tax assets is not assured, management believes it is more likely than not that the recognized deferred tax assets, net of valuation allowance, will be realized through recoupment of ordinary and capital taxes paid in prior carryback years and through future earnings, reversal of existing temporary differences and available tax planning strategies. As of December 31, 2025, a valuation allowance of $25 million has been recorded related to state net operating losses and disallowed business interest expense from joint ventures.

138

Table of Contents

Note 11. Debt

December 31			2025						2024
(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 obligation			3						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 costs			72						70
Less intercompany eliminations			51						51
Debt			$	9,489					$	8,944

139

Table of Contents

December 31, 2025			Principal						Unamortized Discount and Issuance Costs						Net						Short Term Debt						Long Term Debt
(In millions)
Loews Corporation			$	1,800					$	14					$	1,786					$	500					$	1,286
CNA Financial			3,000						29						2,971												2,971
Boardwalk Pipelines			3,803						21						3,782						550						3,232
Loews Hotels & Co			1,009						8						1,001						2						999
Less intercompany eliminations			51												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 $5.1 billion thereafter. Long-term debt is generally redeemable in whole or in part at the greater of the principal amount or the net present value of remaining scheduled payments discounted at the specified treasury rate plus a margin.

CNA is a member of the Federal Home Loan Bank of Chicago (“FHLBC”). FHLBC membership provides participants with access to additional sources of liquidity through various programs and services. As a requirement of membership in the FHLBC, CNA held $5 million of FHLBC stock as of December 31, 2025, giving it access to approximately $108 million of additional liquidity. As of December 31, 2025 and 2024, CNA had no outstanding borrowings from the FHLBC.

In 2023, CNA amended and restated its existing credit agreement with a syndicate of banks. The agreement provides a five-year $250 million senior unsecured revolving credit facility which is intended to be used for general corporate purposes. At CNA’s election, the commitments under the amended and restated credit agreement may be increased from time to time up to an additional aggregate amount of $100 million, and two one-year extensions are available prior to any anniversary of the closing date, each subject to applicable consents. As of December 31, 2025, CNA had no outstanding borrowings under the credit agreement and was in compliance with all covenants.

In 2025, CNA completed a public offering of $500 million aggregate principal amount of its 5.2% senior notes due August 15, 2035 and redeemed the $500 million outstanding aggregate principal amount of its 4.5% senior notes in advance of the March 1, 2026 maturity date.

In 2025, Boardwalk Pipelines amended and restated its existing revolving credit agreement with Wells Fargo Bank, N.A., providing for available borrowing capacity of $1 billion through November 10, 2030. As of December 31, 2025, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility. As of December 31, 2025, Boardwalk Pipelines was in compliance with its covenants under the amended and restated credit agreement.

In 2025, Boardwalk Pipelines completed a public offering of $550 million aggregate principal amount of its 5.4% senior notes due February 15, 2036, the proceeds of which will be used to redeem on March 1, 2026 the outstanding $550 million aggregate principal amount of its 6.0% senior notes due June 1, 2026 at a redemption price equal to par plus accrued and unpaid interest.

In 2025, Loews Hotels & Co refinanced $363 million in loans. Loews Hotels & Co, through its subsidiaries, has debt with various lenders which is generally secured by specific hotel properties. These loans include a range of financial and operational covenants.

140

Table of Contents

Note 12. Shareholders’ Equity

Accumulated other comprehensive income (loss)

The tables below present the changes in AOCI by component for the years ended December 31, 2023, 2024 and 2025:

			Net Unrealized Gains (Losses) on Investments with an Allowance for Credit Losses						Net Unrealized Gains (Losses) on Other Investments						Cumulative impact of changes in discount rates used to measure long duration contracts						Unrealized Gains (Losses) on Cash Flow Hedges						Pension and Postretirement Benefits						Foreign Currency Translation						Total Accumulated Other Comprehensive Income (Loss)
(In millions)
Balance, January 1, 2023			$	(7)					$	(2,469)					$	(36)					$	14					$	(622)					$	(200)					$	(3,320)
Other comprehensive income (loss) before reclassifications, after tax of $6, $(290), $85, $2, $(10) and $0			(24)						1,072						(318)						(5)						41						60						826
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(5), $(14), $0, $0, $(18) and $0			19						53																		63												135
Other comprehensive income (loss)			(5)						1,125						(318)						(5)						104						60						961
Amounts attributable to noncontrolling interests									(93)						26												(5)						(5)						(77)
Purchase of CNA shares									(46)						(1)												(10)						(4)						(61)
Balance, December 31, 2023			$	(12)					$	(1,483)					$	(329)					$	9					$	(533)					$	(149)					$	(2,497)
Other comprehensive income (loss) before reclassifications, after tax of $9, $81, $(189), $(1), $(6) and $1			(34)						(309)						712												22						(102)						289
Reclassification of (gains) losses from accumulated other comprehensive loss, after tax of $(9), $(13), $0, $0, $(86) and $0			33						47																		318												398
Other comprehensive income (loss)			(1)						(262)						712						—						340						(102)						687
Amounts attributable to noncontrolling interests									22						(59)												(28)						8						(57)
Other									3																		(3)												—
Balance, December 31, 2024			$	(13)					$	(1,720)					$	324					$	9					$	(224)					$	(243)					$	(1,867)
Other comprehensive income (loss) before reclassifications, after tax of $5, $(226), $43, $5, $(4) and $0			(22)						841						(161)						(7)						13						144						808
Reclassification of losses from accumulated other comprehensive loss, after tax of $(5), $(12), $0, $0, $1 and $0			20						46																		1												67
Other comprehensive income (loss)			(2)						887						(161)						(7)						14						144						875
Amounts attributable to noncontrolling interests									(73)						13												(2)						(12)						(74)
Other									(1)																														(1)
Balance, December 31, 2025			$	(15)					$	(907)					$	176					$	2					$	(212)					$	(111)					$	(1,067)

141

Table of Contents

Amounts reclassified from AOCI shown above are reported in Net income (loss) as follows:

Major Category of AOCI			Affected Line Item
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments			Investment gains (losses)
Unrealized gains (losses) on cash flow hedges			Operating revenues and other, Interest expense and Operating expenses and other
Pension and postretirement benefits			Operating expenses and other

Common Stock Dividends

Loews Corporation declared and paid dividends of $0.25 per share in the aggregate on its common stock in each of 2025, 2024 and 2023.

There are no restrictions on Loews Corporation’s retained earnings or net income with regard to payment of dividends. However, as a holding company, Loews Corporation relies upon invested cash balances and distributions from its subsidiaries to generate the funds necessary to declare and pay any dividends to holders of its common stock. The ability of Loews Corporation’s subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, compliance with covenants in their respective credit agreements and applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies. See Note 14 for a discussion of the regulatory restrictions on CNA’s availability to pay dividends.

Stock Purchases

Loews Corporation repurchased 8.9 million, 7.7 million and 14.0 million shares of its common stock at aggregate costs of $0.8 billion, $0.6 billion and $0.9 billion during the years ended December 31, 2025, 2024 and 2023. On December 31, 2025, 9.1 million shares of Loews Corporation common stock were retired. Upon retirement, treasury stock was eliminated through a reduction to common stock, APIC and retained earnings. Loews Corporation purchased 4.5 million shares of CNA’s common stock at an aggregate cost of $178 million in 2023.

Stock Issuances

Loews Corporation issued 0.2 million, 0.3 million and 0.2 million shares of its common stock to settle stock-based compensation awards during the years ended December 31, 2025, 2024 and 2023.

Note 13. Revenue from Contracts with Customers

Disaggregation 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 31			2025						2024						2023
(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 & Co			911						906						778
Total revenues from contracts with customers			3,174						2,893						2,360
Other revenues			105						98						95
Operating revenues and other			$	3,279					$	2,991					$	2,455

142

Table of Contents

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.

Performance obligations – As of December 31, 2025, approximately $23.6 billion of estimated operating revenues is expected to be recognized in the future related to outstanding performance obligations. The balance relates primarily to revenues for transportation and storage services for natural gas and natural gas liquids, olefins and other hydrocarbons (“NGLs”) and certain ethane supply contracts at Boardwalk Pipelines and non-insurance warranty revenue at CNA. Included in the balance are $9.9 billion of revenues that are anticipated under executed precedent or long-term firm transportation agreements associated with Boardwalk Pipelines’ growth projects. Approximately $2.9 billion is expected to be recognized during 2026, $2.3 billion in 2027 and the remainder in following years. The actual timing of recognition may vary due to factors outside of the Company’s control.

Note 14. Statutory Accounting Practices

CNA’s insurance subsidiaries are domiciled in various jurisdictions. These subsidiaries prepare statutory financial statements in accordance with accounting practices prescribed or permitted by the respective jurisdictions’ insurance regulators. Domestic prescribed statutory accounting practices are set forth in a variety of publications of the National Association of Insurance Commissioners (“NAIC”) as well as state laws, regulations and general administrative rules. These statutory accounting principles vary in certain respects from GAAP. In converting from statutory accounting principles to GAAP, the more significant adjustments include deferral of policy acquisition costs and the inclusion of net unrealized holding gains or losses in shareholders’ equity relating to certain fixed maturity securities.

CNA has a prescribed practice as it relates to the accounting under Statement of Statutory Accounting Principles No. 62, Property and Casualty Reinsurance, paragraphs 87 and 88 in conjunction with the 2010 loss portfolio transfer with NICO which is further discussed in Note 7. The prescribed practice allows CNA to aggregate all third party A&EP reinsurance balances administered by NICO in Schedule F and to utilize the LPT as collateral for the underlying third-party reinsurance balances for purposes of calculating the statutory reinsurance penalty. This prescribed practice increased statutory capital and surplus by $45 million and $55 million at December 31, 2025 and 2024.

The payment of dividends by CNA’s insurance subsidiaries without prior approval of the insurance department of each subsidiary’s domiciliary jurisdiction is generally limited by formula. Dividends in excess of these amounts are subject to prior approval by the respective insurance regulator.

Dividends from CCC are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance (the “Department”) 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. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of December 31, 2025, CCC was in a positive earned surplus position. The maximum allowable dividend CCC could pay during 2026 that would not be subject to the Department’s prior approval is $1.3 billion, less dividends paid during the preceding 12 months measured at that point in time. CCC paid dividends of $1.1 billion in 2025. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

143

Table of Contents

Combined statutory capital and surplus and statutory net income for the Combined Continental Casualty Companies are presented in the table below, determined in accordance with accounting practices prescribed or permitted by insurance and/or other regulatory authorities.

			Statutory Capital and Surplus												Statutory Net Income
			December 31												Year Ended December 31
			2025(a)						2024						2025(a)						2024(b)						2023
(In millions)
Combined Continental Casualty Companies			$11,578						$11,165						$1,258						$713						$1,172

(a)Information derived from the statutory-basis financial statements to be filed with insurance regulators.

(b)Includes a $293 million after-tax loss from pension settlement transactions. Pension settlement transactions are further discussed in Note 15.

CNA’s domestic insurance subsidiaries are subject to risk-based capital (“RBC”) requirements. RBC is a method developed by the NAIC to determine the minimum amount of statutory capital appropriate for an insurance company to support its overall business operations in consideration of its size and risk profile. The formula for determining the amount of RBC specifies various factors, weighted based on the perceived degree of risk, which are applied to certain financial balances and financial activity. The adequacy of a company’s actual capital is evaluated by a comparison to the RBC results, as determined by the formula. Companies below minimum RBC requirements are classified within certain levels, each of which requires specified corrective action.

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. 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 15. Benefit Plans

Pension Plans – Several non-contributory defined benefit plans are maintained for eligible employees. For benefits in certain plans, the accrued pension balance is credited with interest based on specified annual interest rates (which are established annually for all participants). The benefits for another plan which covers salaried employees are based on formulas which include, among others, years of service and average pay. The funding policy is to make contributions in accordance with applicable governmental regulatory requirements.

Other Postretirement Benefit Plans – Several postretirement benefit plans cover eligible employees and retirees. Participants generally become eligible after reaching age 55 with required years of service. Actual requirements for coverage vary by plan. Benefits for retirees who were covered by bargaining agreements vary by each unit and contract. Benefits for certain retirees are in the form of a health care account.

Benefits for retirees reaching age 65 are generally integrated with Medicare. Other retirees, based on plan provisions, must use Medicare as their primary coverage, with a portion of the unpaid amount being reimbursed by the employer; or are reimbursed for the Medicare Part B premium or have no employer coverage. The benefits provided are basically health and, for certain retirees, life insurance type benefits.

Certain of these benefit plans are funded and postretirement benefits are accrued during the active service of those employees who would become eligible for such benefits when they retire. December 31 is used as the measurement date for the plans.

144

Table of Contents

Weighted average assumptions used to determine benefit obligations:

			Pension Benefits																		Other Postretirement Benefits
December 31			2025						2024						2023						2025						2024						2023
Discount rate			5.1		%				5.4		%				5.0		%				5.3		%				5.5		%				5.1		%
Interest crediting rate			4.4		%				4.3		%				4.5		%
Rate of compensation increase			0.0% to 5.0%						0.0% to 4.5%						0.0% to 3.5%

Weighted average assumptions used to determine net periodic benefit cost:

			Pension Benefits																		Other Postretirement Benefits
Year Ended December 31			2025						2024						2023						2025						2024						2023
Discount rate			5.4		%				5.0		%				5.2		%				5.5		%				5.1		%				5.4		%
Expected long-term rate of return on plan assets			6.2		%				6.1		%				6.2		%				3.4		%				3.3		%				3.0		%
Interest crediting rate			4.3		%				4.5		%				3.5		%
Rate of compensation increase			0.0% to 4.5%						0.0% to 3.5%						0.0% to 3.8%

In determining the discount rate assumption, current market and liability information is utilized, including a discounted cash flow analysis of the pension and postretirement obligations. In particular, the basis for the discount rate selection was the yield on indices of highly rated fixed income debt securities with durations comparable to that of plan liabilities. The yield curve was applied to expected future retirement plan payments to adjust the discount rate to reflect the cash flow characteristics of the plans. The yield curves and indices evaluated in the selection of the discount rate are comprised of high quality corporate bonds that are rated AA by an accepted rating agency.

The expected long-term rate of return for plan assets is determined based on widely-accepted capital market principles, long-term return analysis for global fixed income and equity markets as well as the active total return oriented portfolio management style. Long-term trends are evaluated relative to market factors such as inflation, interest rates and fiscal and monetary policies, in order to assess the capital market assumptions as applied to the plan. Consideration of diversification needs and rebalancing is maintained.

Assumed health care cost trend rates:

December 31

2025

2024

2023

Health care cost trend rate assumed for next year

4.0% to 7.0%

4.0% to 8.0%

4.0% to 7.0%

Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)

4.0% to 5.3%

4.0% to 5.5%

4.0% to 5.5%

Year that the rate reaches the ultimate trend rate

2026-2033

2025-2029

2024-2028

In 2024, a subsidiary of CNA, as a sponsor of the CNA Employee Retirement Plan Trust (the “Plan”), paid $1 billion to purchase a nonparticipating single premium group annuity contract with Metropolitan Life Insurance Company (the “Insurer”) that transferred to the Insurer $1 billion of the Plan’s defined benefit pension obligations. The group annuity contract covers approximately 7,600 Plan participants and beneficiaries (the “Transferred Participants”), representing approximately 60% of the Plan’s obligations. Under the group annuity contract, the Insurer has made an irrevocable commitment, and will be solely responsible, to pay the pension benefits of each Transferred Participant that are due on and after January 1, 2025. The purchase of the group annuity contract was funded directly by assets of the Plan and required no cash or asset contributions from CNA. As a result of the transaction, CNA recognized a pretax pension settlement charge of $367 million ($265 million after tax and noncontrolling interest). This charge is largely driven by the accelerated recognition of the actuarial pension loss from Accumulated other comprehensive income into Net income, which does not impact Shareholders’ equity.

145

Table of Contents

In 2023, the Parent Company completed the termination of a non-contributory defined benefit plan. In total, the plan paid $66 million for the purchase of group annuity contracts from a third party insurance company to settle its obligations to retirees and certain participants and $34 million in lump sum payments to settle its obligations to certain other participants. The Company recorded a settlement expense of $47 million ($37 million after-tax) to recognize unrealized losses which were previously included in AOCI.

In 2023, the CNA Retirement Plan paid $80 million to settle its obligation to certain retirees through the purchase of a group annuity contract from a third party insurance company, which reduced the plan’s projected benefit obligation by $86 million.

146

Table of Contents

Net periodic (benefit) cost components:

			Pension Benefits																		Other Postretirement Benefits
Year Ended December 31			2025						2024						2023						2025						2024						2023
(In millions)
Service cost			$	2					$	2					$	2
Interest cost			45						96						110						$	2					$	2					$	2
Expected return on plan assets			(60)						(119)						(125)						(3)						(3)						(3)
Amortization of unrecognized net loss			7						29						35						1						1						1
Amortization of unrecognized prior service benefit																					(2)
Settlements			1						372						48						3
Regulatory asset decrease			1
Net periodic (benefit) cost			$	(4)					$	380					$	70					$	1					$	—					$	—

The following provides a reconciliation of benefit obligations and plan assets:

			Pension Benefits												Other Postretirement Benefits
			2025						2024						2025						2024
(In millions)
Change in benefit obligation:
Benefit obligation at January 1			$	857					$	1,991					$	31					$	34
Service cost			2						2
Interest cost			45						96						2						2
Plan participants’ contributions															1						2
Amendments															8
Actuarial (gain) loss			18						(29)						2
Benefits paid from plan assets			(58)						(149)						(7)						(7)
Settlements			(9)						(1,052)
Foreign exchange			5						(2)
Benefit obligation at December 31			$	860					$	857					$	37					$	31
Change in plan assets:
Fair value of plan assets at January 1			$	1,004					$	2,074					$	83					$	83
Actual return on plan assets			96						120						5						3
Company contributions			14						13						3						2
Plan participants' contributions															1						2
Benefits paid from plan assets			(58)						(149)						(7)						(7)
Settlements			(9)						(1,052)
Foreign exchange			6						(2)
Fair value of plan assets at December 31			$	1,053					$	1,004					$	85					$	83
Funded status			$	193					$	147					$	48					$	52

147

Table of Contents

			Pension Benefits												Other Postretirement Benefits
			2025						2024						2025						2024
(In millions)
Amounts recognized in the Consolidated Balance Sheets consist of:
Other assets			$	332					$	283					$	56					$	61
Other liabilities			(139)						(136)						(8)						(9)
Net amount recognized			$	193					$	147					$	48					$	52
Amounts recognized in Accumulated other comprehensive income (loss), not yet recognized in net periodic (benefit) cost:
Prior service credit			$	1					$	1					$	9
Net actuarial loss			216						241						(2)						$	2
Net amount recognized			$	217					$	242					$	7					$	2
Information for plans with projected and accumulated benefit obligations in excess of plan assets:
Projected benefit obligation			$	139					$	136
Accumulated benefit obligation			139						136						$	8					$	9
Fair value of plan assets			—						—

The accumulated benefit obligation for all defined benefit pension plans was $856 million and $854 million at December 31, 2025 and 2024.

A total return approach is employed whereby a mix of equity, limited partnerships and fixed maturity securities are used to maximize the long-term return of plan assets for a prudent level of risk and to manage cash flows according to plan requirements. The target allocation of plan assets is 0% to 40% invested in equity securities and limited partnerships, with the remainder primarily invested in fixed maturity securities. The intent of this strategy is to minimize expenses by generating investment returns that exceed the growth of the plan liabilities over the long run. Risk tolerance is established after careful consideration of the plan liabilities, plan funded status and corporate financial conditions. The investment portfolios contain a diversified blend of fixed maturity, equity and short-term securities. Alternative investments, including limited partnerships, are used to enhance risk adjusted long-term returns while improving portfolio diversification. At December 31, 2025, $86 million is committed to fund future capital calls from various third party limited partnership investments in exchange for an ownership interest in the related partnerships. Investment risk is monitored through annual liability measurements, periodic asset/liability studies and quarterly investment portfolio reviews.

148

Table of Contents

The table below presents the estimated future minimum benefit payments at December 31, 2025.

Expected future benefit payments			Pension Benefits						Other Postretirement Benefits
(In millions)
2026			$	85					$	4
2027			80						4
2028			76						3
2029			73						4
2030			71						3
2031 – 2035			310						11

In 2026, it is expected that contributions of approximately $19 million will be made to pension plans and $1 million to postretirement health care and life insurance benefit plans.

Pension plan assets measured at fair value on a recurring basis are summarized below.

December 31, 2025			Level 1						Level 2						Level 3						Total
(In millions)
Plan assets at fair value:
Fixed maturity securities:
Corporate and other bonds									$	473					$	4					$	477
States, municipalities and political subdivisions									11												11
Asset-backed									103						8						111
Total fixed maturities			$	—					587						12						599
Equity securities			35						36												71
Short-term investments			56																		56
Fixed income mutual funds			31																		31
Other assets									3												3
Total plan assets at fair value			$	122					$	626					$	12					$	760
Plan assets at net asset value: (a)
Limited partnerships																					293
Total plan assets			$	122					$	626					$	12					$	1,053

149

Table of Contents

December 31, 2024			Level 1						Level 2						Level 3						Total
(In millions)
Plan assets at fair value:
Fixed maturity securities:
Corporate and other bonds									$	408					$	5					$	413
States, municipalities and political subdivisions									6												6
Asset-backed									113						8						121
Total fixed maturities			—						527						13						540
Equity securities			44						15												59
Short-term investments			59																		59
Fixed income mutual funds			40																		40
Other assets									2												2
Total plan assets at fair value			$	143					$	544					$	13					$	700
Plan assets at net asset value: (a)
Limited partnerships																					304
Total plan assets			$	143					$	544					$	13					$	1,004

(a)Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table for these investments are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the statement of financial position.

The limited partnership investments held within the plans are recorded at fair value, which represents the plans’ shares of the net asset value of each partnership, as determined by the general partner. Limited partnerships comprising more than 99% of the carrying value as of December 31, 2025 and 2024 were invested in private debt and equity. Limited partnerships comprising less than 1% of the carrying value as of December 31, 2025 and 2024 employ hedge fund strategies. Private debt and equity funds cover a broad range of investment strategies including buyout, private credit, growth capital and distressed investing. Hedge fund strategies include both long and short positions in fixed income, equity and derivative instruments. Within hedge fund strategies, approximately 100% were equity related, none pursued a multi-strategy approach and none were focused on distressed investments at December 31, 2025.

For a discussion of the valuation methodologies used to measure fixed maturity securities, equities and short-term investments, see Note 4.

Other postretirement benefits plan assets measured at fair value on a recurring basis are summarized below.

December 31, 2025			Level 1						Level 2						Level 3						Total
(In millions)
Fixed maturity securities:
Corporate and other bonds									$	45											$	45
States, municipalities and political subdivisions									32												32
Asset-backed									1												1
Total fixed maturities			$	—					78						$	—					78
Short-term investments			6																		6
Fixed income mutual funds			2																		2
Total assets			$	8					$	78					$	—					$	86
Other liabilities			$	1																	$	1

150

Table of Contents

December 31, 2024			Level 1						Level 2						Level 3						Total
(In millions)
Fixed maturity securities:
Corporate and other bonds									$	48											$	48
States, municipalities and political subdivisions									35												35
Asset-backed									1												1
Total fixed maturities			$	—					84						$	—					84
Short-term investments			2																		2
Fixed income mutual funds			15																		15
Total			$	17					$	84					$	—					$	101
Other liabilities			$	18																	$	18

There were no Level 3 assets at December 31, 2025 and 2024.

Savings Plans – Several contributory savings plans are maintained which allow employees to make regular contributions based upon a percentage of their salaries. Matching contributions are made up to specified percentages of employees’ contributions. In addition, in certain plans, eligible employees also receive a contribution of a percentage of their annual eligible compensation. Employer contributions to these plans amounted to $119 million, $110 million and $103 million for the years ended December 31, 2025, 2024 and 2023.

Stock-based Compensation – In 2025, shareholders approved the Loews Corporation 2025 Incentive Compensation Plan (the “2025 Loews Plan”) which replaced a previously existing equity plan. The aggregate number of shares of Loews Corporation common stock authorized under the 2025 Loews Plan is 6,000,000 shares, plus up to 1,773,495 shares that were subject to outstanding awards and may be forfeited under the prior plan.

Loews Corporation stock-based compensation consists of time-based restricted stock units (“RSUs”), performance-based restricted stock units (“PSUs”), stock appreciation rights (“SARs”) and awards of common stock. RSUs and PSUs represent the right to receive one share of Loews Corporation common stock for each vested award. RSUs and PSUs vest 50% on the second anniversary of the grant date and 50% on the third anniversary of the grant date. PSUs are also subject to the achievement of specified performance goals by the Company. SARs represent the right to receive payment with respect to the difference, if any, between the value of a share of Loews Corporation common stock and the exercise price of the SAR on the exercise date. SARs become exercisable seven years after the grant date and expire ten years after the grant date.

In 2025, Loews Corporation granted an aggregate of 136,092 RSUs and PSUs at a weighted average grant-date fair value of $84.92 per unit, 1,237,500 SARs with a weighted average exercise price of $161.11 per share and 5,462 shares of common stock with a weighted average grant-date fair value of $100.12 per share. No RSUs were forfeited during the year and all 1,237,500 SARs remained outstanding at December 31, 2025.

The Company recognized compensation expense in connection with stock-based compensation that decreased net income by $41 million, $39 million and $36 million for the years ended December 31, 2025, 2024 and 2023. CNA also maintains its own stock-based compensation plan.

151

Table of Contents

Note 16. Reinsurance

CNA cedes insurance to reinsurers to limit its maximum loss, provide greater diversification of risk, minimize exposures on larger risks and to exit certain lines of business. The ceding of insurance does not discharge the primary liability of CNA. A credit exposure exists with respect to reinsurance ceded to the extent that any reinsurer is unable to meet its obligations. A collectability exposure also exists to the extent that the reinsurer disputes the liabilities assumed under reinsurance agreements. Property and casualty reinsurance coverages are tailored to the specific risk characteristics of each product line and CNA’s retained amount varies by type of coverage. Reinsurance contracts are purchased to protect specific lines of business such as property and workers’ compensation. Corporate catastrophe reinsurance is also purchased for property and workers’ compensation exposure. CNA also utilizes facultative reinsurance in certain lines. In addition, CNA assumes reinsurance, primarily through Hardy and as a member of various reinsurance pools and associations.

The following table presents the amounts receivable from reinsurers:

December 31			2025						2024
(In millions)
Reinsurance receivables related to insurance reserves:
Ceded claim and claim adjustment expenses			$	5,982					$	5,713
Reinsurance receivables related to paid losses			426						359
Reinsurance receivables			6,408						6,072
Less allowance for doubtful accounts			27						21
Reinsurance receivables, net of allowance for doubtful accounts			$	6,381					$	6,051

CNA has established an allowance for doubtful accounts on voluntary reinsurance receivables which relates to both amounts already billed on ceded paid losses as well as ceded reserves that will be billed when losses are paid in the future. The following table summarizes the outstanding amount of voluntary reinsurance receivables, gross of any collateral arrangements, by financial strength rating:

As of December 31, 2025
(In millions)
A- to A++			$	4,864
B- to B++			967
Insolvent			9
Total voluntary reinsurance outstanding balance (a)			$	5,840

(a) Expected credit losses for legacy A&EP receivables are ceded to NICO and the reinsurance limit on the LPT has not been exhausted, therefore no allowance is recorded for these receivables and they are excluded from the table above. See Note 7 for more information on the LPT. Also excluded are receivables from involuntary pools.

CNA attempts to mitigate its credit risk related to reinsurance by entering into reinsurance arrangements with reinsurers that have credit ratings above certain levels and by obtaining collateral. On a limited basis, CNA may enter into reinsurance agreements with reinsurers that are not rated, primarily captive reinsurers. Receivables from captive reinsurers are backed by collateral arrangements and comprise the majority of the voluntary reinsurance receivables within the B- to B++ rating distribution in the table above. The primary methods of obtaining collateral are through reinsurance trusts, letters of credit and funds withheld balances. Such collateral, limited by the balance of open recoverables, was approximately $3.8 billion and $3.4 billion at December 31, 2025 and 2024.

152

Table of Contents

CNA’s largest recoverables from a single reinsurer, including ceded unearned premium reserves as of December 31, 2025 were approximately $1.9 billion from subsidiaries of the Berkshire Hathaway Insurance Group, $466 million from Cavello Bay Reinsurance Limited and $390 million from the Swiss Reinsurance Group. These amounts are substantially collateralized or otherwise secured. The recoverable from subsidiaries of the Berkshire Hathaway Insurance Group includes amounts related to third party reinsurance for which NICO has assumed the credit risk under the terms of the loss portfolio transfer as discussed in Note 7.

The effects of reinsurance on earned premiums are presented in the following table:

																											Assumed/
			Direct						Assumed						Ceded						Net						Net %
(In millions)
Year Ended December 31, 2025
Property and casualty			$	14,974					$	253					$	4,750					$	10,477					2.4		%
Long-term care			383						40												423						9.5
Earned premiums			$	15,357					$	293					$	4,750					$	10,900					2.7		%
Year Ended December 31, 2024
Property and casualty			$	14,629					$	252					$	5,107					$	9,774					2.6		%
Long-term care			396						41												437						9.4
Earned premiums			$	15,025					$	293					$	5,107					$	10,211					2.9		%
Year Ended December 31, 2023
Property and casualty			$	13,908					$	223					$	5,102					$	9,029					2.5		%
Long-term care			407						44												451						9.8
Earned premiums			$	14,315					$	267					$	5,102					$	9,480					2.8		%

Included in the direct and ceded earned premiums for the years ended December 31, 2025, 2024 and 2023 are $2.3 billion, $2.7 billion and $2.9 billion related to insurance policies supporting service contracts associated with portable electronic devices, which are 100% reinsured under a significant third party warranty captive program. The third-party captives that participate in this program are affiliated with the non-insurance company policyholders, therefore this program provides a means for the policyholders to self-insure the risk. CNA receives and retains a ceding commission.

Insurance claims and policyholders’ benefits reported on the Consolidated Statements of Operations are net of estimated reinsurance recoveries of $2.9 billion, $3.5 billion and $2.8 billion for the years ended December 31, 2025, 2024 and 2023, including $1.3 billion, $1.7 billion and $1.5 billion related to the significant third party captive program discussed above.

Long-term care premiums are from long-duration contracts; property and casualty premiums are from short-duration contracts.

Note 17. Legal Proceedings

Loews Hotels & Co

On February 20, 2024, Jeanette Portillo and other plaintiffs filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Western District of Washington. On March 1, 2024, Ryan Segal filed a putative class action against Loews Hotels Holdings Corporation and other defendants in the United States District Court for the Northern District of Illinois. Both suits assert antitrust claims against defendants under the Sherman Act, 15 U.S.C. § 1. Defendants jointly filed motions to dismiss the complaints in Portillo and Segal on May 17, 2024 and June 24, 2024, respectively. On March 31, 2025, the court granted the defendants’ motion to dismiss in Segal, and granted plaintiff leave to amend the complaint. On April 28, 2025, Segal filed a third amended complaint alleging that

153

Table of Contents

Loews Hotels & Co and other defendants violated the Sherman Act. Defendants jointly filed a motion to dismiss the third amended complaint in Segal on June 12, 2025. The court has not ruled on the motion to dismiss the third amended complaint in Segal. On August 29, 2025, the court granted the defendants’ motion to dismiss in Portillo and granted plaintiffs leave to amend their complaint. On October 3, 2025, plaintiffs in Portillo filed an amended class action complaint alleging violations of the Sherman Act by Loews Hotels & Co and others. Defendants moved to dismiss the amended complaint in Portillo on November 3, 2025. The court has not ruled on the motion to dismiss the amended complaint in Portillo.

Boardwalk Pipelines

On May 25, 2018, plaintiffs Tsemach Mishal and Paul Berger (on behalf of themselves and the purported class, “Plaintiffs”) initiated a purported class action in the Court of Chancery of the State of Delaware (the “Trial Court”) against the following defendants: Boardwalk Pipelines, Boardwalk GP, LP (“General Partner”), Boardwalk GP, LLC and Boardwalk Pipelines Holding Corp. (“BPHC”) (together, “Defendants”), regarding the potential exercise by the General Partner of its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates.

On June 25, 2018, Plaintiffs and Defendants entered into a Stipulation and Agreement of Compromise and Settlement, subject to the approval of the Trial Court (the “Proposed Settlement”). Under the terms of the Proposed Settlement, the lawsuit would be dismissed, and related claims against the Defendants would be released by the Plaintiffs, if BPHC, the sole member of the General Partner, elected to cause the General Partner to exercise its right to purchase the issued and outstanding common units of Boardwalk Pipelines pursuant to Boardwalk Pipelines’ Third Amended and Restated Agreement of Limited Partnership, as amended (“Limited Partnership Agreement”), within a period specified by the Proposed Settlement. On June 29, 2018, the General Partner elected to exercise its right to purchase all of the issued and outstanding common units representing limited partnership interests in Boardwalk Pipelines not already owned by the General Partner or its affiliates pursuant to the Limited Partnership Agreement within the period specified by the Proposed Settlement. The transaction was completed on July 18, 2018.

On September 28, 2018, the Trial Court denied approval of the Proposed Settlement. On February 11, 2019, a substitute verified class action complaint was filed in this proceeding, which among other things, added the Parent Company as a Defendant. The Defendants filed a motion to dismiss, which was heard by the Trial Court in July of 2019. In October of 2019, the Trial Court ruled on the motion and granted a partial dismissal, with certain aspects of the case proceeding to trial. A trial was held the week of February 22, 2021 and post-trial oral arguments were held on July 14, 2021.

On November 12, 2021, the Trial Court issued a ruling in the case. The Trial Court held that the General Partner breached the Limited Partnership Agreement and awarded Plaintiffs approximately $690 million, plus pre-judgment interest (approximately $166 million), post-judgment interest and attorneys’ fees.

The Company believed that the Trial Court ruling included factual and legal errors. Therefore, on January 3, 2022, the Defendants appealed the Trial Court’s ruling to the Supreme Court of the State of Delaware (the “Supreme Court”). On January 17, 2022, the Plaintiffs filed a cross-appeal to the Supreme Court contesting the calculation of damages by the Trial Court. Oral arguments were held on September 14, 2022, and on December 19, 2022, the Supreme Court reversed the Trial Court’s ruling and remanded the case to the Trial Court for further proceedings related to claims not decided by the Trial Court’s ruling. Briefing by the parties at the Trial Court on the remanded issues was completed in September 2023. A hearing on the remanded issues was held at the Trial Court in April 2024. In September 2024, the Trial Court ruled in favor of the Defendants on all of the remanded issues.

On October 21, 2024, the Plaintiffs appealed the Trial Court’s ruling on the remanded issues to the Supreme Court. Briefing on this appeal was completed in March 2025 and a hearing on this appeal occurred in June 2025. On December 10, 2025, the Supreme Court affirmed in part and reversed in part the Trial Court’s ruling. In its decision the Supreme Court found that the General Partner had breached the Limited Partnership Agreement in its exercise of the Purchase Right. In its 2022 decision, the Supreme Court had previously determined that the General Partner was exculpated from damages. The remaining claims that have been remanded by the Supreme Court to the Trial Court for further proceedings are tortious interference and unjust enrichment claims related to the exercise of the Purchase Right against the non-General Partner defendants.

Litigation is inherently uncertain, and the ultimate outcome of this matter cannot be predicted with certainty. Based on currently available information, the Company is unable to reasonably estimate the amount of loss or range of loss, if any, associated with this matter. Accordingly, no accrual has been recorded. Although the Company is unable to estimate the amount of loss or range of loss at this time, it is possible that the resolution of this matter could be material to the Company’s consolidated financial position, results of operations and/or cash flows in a particular period. The Company will continue to evaluate developments in this matter and will record an accrual if it is determined that a loss is probable and reasonably estimable.

154

Table of Contents

Other Litigation

The Company is from time to time party to other litigation arising in the ordinary course of business. While it is difficult to predict the outcome or effect of any litigation, management does not believe that the outcome of any pending litigation, including the Loews Hotels & Co matter described above, will materially affect the Company’s results of operations or equity.

Note 18. Commitments and Contingencies

CNA Guarantees

CNA 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 Pipelines

Boardwalk 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.

Note 19. Segments

Loews 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.

In the following tables certain financial measures are presented to provide information used by management to monitor the Company’s operating performance. The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM uses the trend of net income attributable to Loews Corporation from the most recent years to evaluate the performance of the segments and to make decisions regarding the allocation of capital. The following schedules present the reportable segments of the Company and their contribution to the consolidated financial statements. Amounts presented

155

Table of Contents

will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

156

Table of Contents

Statements of Operations and Total assets by segment are presented in the following tables.

Year Ended December 31, 2025			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
(In millions)
Revenues:
Insurance premiums			$	10,900																													$	10,900
Net investment income			2,557						$	14					$	12					$	196											2,779
Investment losses			(81)																														(81)
Non-insurance warranty revenue			1,577																														1,577
Operating revenues and other			36						2,310						933																		3,279
Total			14,989						2,324						945						196												18,454
Expenses:
Insurance claims and policyholders’ benefits (a)			8,294																														8,294
Amortization of deferred acquisition costs			1,898																														1,898
Non-insurance warranty expense			1,526																														1,526
Operating expenses and other (b)			1,516						1,579						926						69												4,090
Equity method (income) loss															(102)						28												(74)
Interest			135						161						69						72												437
Total			13,369						1,740						893						169												16,171
Income before income tax			1,620						584						52						27												2,283
Income tax expense			(342)						(140)						(21)						(8)												(511)
Net income			1,278						444						31						19												1,772
Amounts attributable to noncontrolling interests			(105)																														(105)
Net income attributable to Loews Corporation			$	1,173					$	444					$	31					$	19											$	1,667
December 31, 2025
Total assets			$	69,381					$	10,586					$	2,487					$	3,894											$	86,348

(a) Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $240 million and unfavorable development of $185 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

157

Table of Contents

(b) Significant segment expenses included in Operating expenses and other:

Year Ended December 31, 2025			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
Insurance related administrative expenses			$	1,349																													$	1,349
Operating expenses									$	800					$	589																	1,389
Depreciation and amortization									443						100						$	2											545
Other (c)			167						336						237						67												807
Operating expenses and other			$	1,516					$	1,579					$	926					$	69											$	4,090

(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative, reimbursable and asset impairment expenses
			Corporate: general and administrative expenses

158

Table of Contents

Year Ended December 31, 2024			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
(In millions)
Revenues:
Insurance premiums			$	10,211																													$	10,211
Net investment income			2,497						$	32					$	9					$	242											2,780
Investment losses			(81)																														(81)
Non-insurance warranty revenue			1,609																														1,609
Operating revenues and other			34						2,033						924																		2,991
Total			14,270						2,065						933						242												17,510
Expenses:
Insurance claims and policyholders’ benefits (a)			7,738																														7,738
Amortization of deferred acquisition costs			1,798																														1,798
Non-insurance warranty expense			1,547																														1,547
Operating expenses and other (b)			1,843						1,377						873						77												4,170
Equity method (income) loss															(86)						28												(58)
Interest			133						183						51						74												441
Total			13,059						1,560						838						179												15,636
Income before income tax			1,211						505						95						63												1,874
Income tax expense			(252)						(92)						(25)						(11)												(380)
Net income			959						413						70						52												1,494
Amounts attributable to noncontrolling interests			(80)																														(80)
Net income attributable to Loews Corporation			$	879					$	413					$	70					$	52											$	1,414
December 31, 2024
Total assets			$	66,434					$	9,853					$	2,498					$	3,158											$	81,943

(a) Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $358 million and unfavorable development of $48 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

(b) Significant segment expenses included in Operating expenses and other:

159

Table of Contents

Year Ended December 31, 2024			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
Insurance related administrative expenses			$	1,275																													$	1,275
Operating expenses									$	633					$	580																	1,213
Depreciation and amortization									429						93						$	2											524
Other (c)			568						315						200						75												1,158
Operating expenses and other			$	1,843					$	1,377					$	873					$	77											$	4,170

(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses. For 2024, this also includes a pension settlement charge of $367 million; see Note 15 for more information.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative, reimbursable and asset impairment expenses
			Corporate: general and administrative expenses.

160

Table of Contents

Year Ended December 31, 2023			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
(In millions)
Revenues:
Insurance premiums			$	9,480																													$	9,480
Net investment income			2,264						$	11					$	6					$	114											2,395
Investment gains (losses)			(99)												46																		(53)
Non-insurance warranty revenue			1,624																														1,624
Operating revenues and other			30						1,625						800																		2,455
Total			13,299						1,636						852						114												15,901
Expenses:
Insurance claims and policyholders’ benefits (a)			7,068																														7,068
Amortization of deferred acquisition costs			1,644																														1,644
Non-insurance warranty expense			1,544																														1,544
Operating expenses and other (b)			1,398						1,108						767						120												3,393
Equity method (income) loss															(129)						9												(120)
Interest			127						155						14						80												376
Total			11,781						1,263						652						209												13,905
Income (loss) before income tax			1,518						373						200						(95)												1,996
Income tax (expense) benefit			(313)						(90)						(53)						5												(451)
Net income (loss)			1,205						283						147						(90)												1,545
Amounts attributable to noncontrolling interests			(111)																														(111)
Net income (loss) attributable to Loews Corporation			$	1,094					$	283					$	147					$	(90)											$	1,434

(a) Significant segment expenses within Insurance claims and policyholders' benefits include catastrophe losses of $236 million and unfavorable development of $48 million. Development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.

(b) Significant segment expenses included in Operating expenses and other:

161

Table of Contents

Year Ended December 31, 2023			CNA Financial						Boardwalk Pipelines						Loews Hotels & Co						Corporate												Total
Insurance related administrative expenses			$	1,251																													$	1,251
Operating expenses									$	395					$	485																	880
Depreciation and amortization									412						69						$	1											482
Other (c)			147						301						213						119												780
Operating expenses and other			$	1,398					$	1,108					$	767					$	120											$	3,393

(c)			Other expenses for each reportable segment include:
			CNA Financial: reflects expenses not directly related to insurance operations, which includes certain expenses related to non-insurance warranty business and claims services offerings, as well as foreign currency transaction gains and losses.
			Boardwalk Pipelines: general and administrative expenses
			Loews Hotels & Co: general and administrative, reimbursable and asset impairment expenses
			Corporate: general and administrative expenses. For 2023, this also includes a pension settlement charge of $47 million; see Note 15 for additional information.

162

Table of Contents

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Disclosure Controls and Procedures

The Company maintains a system of disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), which is designed to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act, including this Report, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed by the Company under the Exchange Act is accumulated and communicated to the Company’s management on a timely basis to allow decisions regarding required disclosure.

The Company’s management, including the Company’s principal executive officer (“CEO”) and principal financial officer (“CFO”) conducted an evaluation of the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this Report and, based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures were effective as of December 31, 2025.

Internal Control Over Financial Reporting

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, and the implementing rules of the Securities and Exchange Commission, the Company included a report of management’s assessment of the design and effectiveness of its internal control over financial reporting as part of this Annual Report on Form 10-K for the year ended December 31, 2025. The independent registered public accounting firm of the Company also reported on the effectiveness of the Company’s internal control over financial reporting as of December 31, 2025. Management’s report and the independent registered public accounting firm’s report are included under Item 8 of this Report under the captions entitled “Management’s Report on Internal Control Over Financial Reporting” and “Report of Independent Registered Public Accounting Firm.”

There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during the quarter ended December 31, 2025 that have materially affected or that are reasonably likely to materially affect the Company’s internal control over financial reporting.

Item 9B. Other Information.

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

163

Table of Contents

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

Information about our executive officers is reported under the caption “Information about our Executive Officers” in Part I of this Report.

We have a Code of Business Conduct and Ethics (“the Code”) which applies to all of our directors, officers and employees, including our principal executive officer, principal financial officer and principal accounting officer. The Code can be found on our website at www.loews.com and is available in print to any shareholder who requests a copy by writing to our Corporate Secretary at Loews Corporation, 9 West 57th Street, New York, N.Y. 10019-2714. In addition, we have filed a copy of the Code as Exhibit 19.01 to this Annual Report on Form 10-K. We intend to post any changes to or waivers of the Code for our directors and executive officers, including our principal executive officer, principal financial officer, principal accounting officer or persons performing similar functions, on our website. Any amendment to the Code and any waiver applicable to our executive officers or senior financial officers will be posted on our website within the time period required by the SEC and New York Stock Exchange.

Within the Code, we have adopted insider trading policies and procedures governing the purchase, sale and/or other dispositions of our securities by directors, officers and employees, and by the Company itself, that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to us.

Additional information required by this Item can be found in the “Proposal No. 1: Election of Directors” and “Board Governance Information” sections in our Proxy Statement for our 2026 Annual Meeting of Shareholders to be filed with the SEC within 120 days after December 31, 2025 (the “2026 Proxy Statement”) and is incorporated herein by reference.

Item 11. Executive Compensation.

Information required by this item can be found in the “Board Governance Information,” “Compensation Discussion & Analysis,” “Compensation Committee Report on Executive Compensation” and “2025 Executive Compensation Tables” sections in our 2026 Proxy Statement and is incorporated herein by reference.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

Securities Authorized for Issuance Under Equity Compensation Plans

The following table provides certain information as of December 31, 2025 with respect to our equity compensation plans under which our equity securities are authorized for issuance.

Plan category			Number of securities to be issued upon exercise of outstanding options, warrants and rights			Weighted average exercise price of outstanding options, warrants and rights			Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in the first column)
Equity compensation plans approved by  security holders (a)			1,657,002			$	161.11		5,996,440
Equity compensation plans not approved by  security holders (b)			N/A			N/A			N/A

(a)Reflects 1,237,500 outstanding unvested stock appreciation rights (“SARs”), 296,547 outstanding unvested time-based and/or performance-based restricted stock units (“RSUs”), 121,053 deferred vested RSUs and 1,902 deferred share grants awarded under Loews Corporation’s incentive compensation plans. The weighted average exercise price is calculated based solely on the exercise prices for the outstanding SARs because the other outstanding equity awards do not have exercise prices.

(b)We do not have equity compensation plans that have not been approved by our shareholders.

Additional information required by this item can be found in the “Stock Ownership” section in our 2026 Proxy Statement and is incorporated herein by reference.

164

Table of Contents

Item 13. Certain Relationships and Related Transactions, and Director Independence.

Information required by this item can be found in the “Proposal No. 1: Election of Directors” and “Board Governance Information” sections in our 2026 Proxy Statement and is incorporated herein by reference.

Item 14. Principal Accounting Fees and Services.

Information required by this Item can be found in the “Proposal No. 3: Ratification of the Appointment of Our Independent Auditors” section in our 2026 Proxy Statement and is incorporated herein by reference.

165

Table of Contents

PART IV

Item 15. Exhibits and Financial Statement Schedules.

(a) 1. Financial Statements:

The financial statements appear under Item 8. The following additional financial data should be read in conjunction with those financial statements. Schedules not included with these additional financial data have been omitted because they are not applicable or the required information is shown in the consolidated financial statements or notes to consolidated financial statements.

			Page Number
2.Financial Statement Schedules:
Loews Corporation and Subsidiaries:
Schedule I–Condensed financial information of Registrant as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023			172
Schedule V–Supplemental information concerning property and casualty insurance operations as of December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023			174

			Description			Exhibit Number
			3. Exhibits:
(3)			Articles of Incorporation and By-Laws
			Restated Certificate of Incorporation of Registrant, as amended as of May 9, 2023, incorporated herein by reference to Exhibit 3.01 to Registrant’s Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 6, 2024 (File No. 001-06541)			3.01
			By-Laws of Registrant as amended and restated as of November 8, 2022, incorporated herein by reference to Exhibit 3.02 to Registrant’s Report on Form 8-K filed with the SEC on November 8, 2022 (File No. 001-06541)			3.02
(4)			Instruments Defining the Rights of Security Holders, Including Indentures
			Description of Registrant’s Securities Registered under Section 12 of the Exchange Act, incorporated herein by reference to Exhibit 4.01 to Registrant’s Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 12, 2020 (File No. 001-06541)			4.01
			Registrant hereby agrees to furnish to the Commission upon request copies of instruments with respect to long-term debt, pursuant to Item 601(b)(4)(iii) of Regulation S-K			4.02
(10)			Material Contracts
			Loews Corporation 2025 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.1 to Registrant’s Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 4, 2025 (File No. 001-06541)			10.01+

166

Table of Contents

			Description			Exhibit Number
			Form of Performance-Based Restricted Stock Unit Award Notice under the Loews Corporation 2025 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.2 to Registrant’s Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 4, 2025 (File No. 001-06541)			10.02+
			Form of Time-Based Restricted Stock Unit Award Notice under the Loews Corporation 2025 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.3 to Registrant’s Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 4, 2025 (File No. 001-06541)			10.03+
			Form of Deferral Election Form for Equity Awards under the Loews Corporation 2025 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.4 to Registrant’s Report on Form 10-Q for the quarter ended June 30, 2025, filed with the SEC on August 4, 2025 (File No. 001-06541)			10.04+
			Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.1 to Registrant’s Report on Form 10-Q for the quarter ended June 30, 2016, filed with the SEC on August 1, 2016 (File No. 001-06541)			10.05+
			Form of Award Notice for Stock Appreciation Rights under the Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.01 to Registrant’s Report on Form 8-K filed with the SEC on February 18, 2025 (File No. 001-06541)			10.06+
			Form of Performance-Based Restricted Stock Unit Award Notice under the Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.02 to Registrant’s Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 7, 2023 (File No. 001-06541)			10.07+
			Form of Time-Vesting Restricted Stock Unit Award Notice under the Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.03 to Registrant’s Report on Form 10-K for the year ended December 31, 2022, filed with the SEC n February 7, 2023 (File No. 001-06541)			10.08+
			Form of Director Restricted Stock Unit Award Notice under the Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.04 to Registrant’s Report on Form 10-K for the year ended December 31, 2022, filed with the SEC on February 7, 2023 (File No. 001-06541)			10.09+
			Form of Deferral Election Form for Restricted Stock Units under the Loews Corporation 2016 Incentive Compensation Plan, incorporated herein by reference to Exhibit 10.5 to Registrant’s Report on Form 10-Q for the quarter ended June 30, 2016, filed with the SEC on August 1, 2016 (File No. 001-06541)			10.10+
			Loews Corporation Deferred Investment Plan, effective as of January 1, 2020, incorporated herein by reference to Exhibit 10.08 to Registrant’s Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on February 12, 2020 (File No. 001-06541)			10.11+
			Loews Corporation Executive Deferred Compensation Plan, effective as of January 1, 2016, incorporated herein by reference to Exhibit 10.01 to Registrant’s Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 19, 2016 (File No. 001-06541)			10.12+
			Loews Corporation Deferred Compensation Plan, amended and restated as of January 1, 2008, incorporated herein by reference to Exhibit 10.01 to Registrant’s Report on Form 10-K for the year ended December 31, 2008, filed with the SEC on February 25, 2009 (File No. 001-06541)			10.13+

167

Table of Contents

			Description			Exhibit Number
			Supplemental Retirement Agreement dated January 1, 2002 between Registrant and Andrew H. Tisch, incorporated herein by reference to Exhibit 10.30 to Registrant’s Report on Form 10-K for the year ended December 31, 2001, filed with the SEC on March 8, 2002 (File No. 001-06541)			10.14+
			Amendment No. 1 dated January 1, 2003 to Supplemental Retirement Agreement between Registrant and Andrew H. Tisch, incorporated herein by reference to Exhibit 10.33 to Registrant’s Report on Form 10-K for the year ended December 31, 2002, filed with the SEC on March 27, 2003 (File No. 001-06541)			10.15+
			Amendment No. 2 dated January 1, 2004 to Supplemental Retirement Agreement between Registrant and Andrew H. Tisch, incorporated herein by reference to Exhibit 10.27 to Registrant’s Report on Form 10-K for the year ended December 31, 2003, filed with the SEC on March 1, 2004 (File No. 001-06541)			10.16+
			Supplemental Retirement Agreement dated January 1, 2002 between Registrant and James S. Tisch, incorporated herein by reference to Exhibit 10.31 to Registrant’s Report on Form 10-K for the year ended December 31, 2001, filed with the SEC on March 8, 2002 (File No. 001-06541)			10.17+
			Amendment No. 1 dated January 1, 2003 to Supplemental Retirement Agreement between Registrant and James S. Tisch, incorporated herein by reference to Exhibit 10.35 to Registrant’s Report on Form 10-K for the year ended December 31, 2002, filed with the SEC on March 27, 2003 (File No. 001-06541)			10.18+
			Amendment No. 2 dated January 1, 2004 to Supplemental Retirement Agreement between Registrant and James S. Tisch, incorporated herein by reference to Exhibit 10.34 to Registrant’s Report on Form 10-K for the year ended December 31, 2003, filed with the SEC on March 1, 2004 (File No. 001-06541)			10.19+
			Supplemental Retirement Agreement dated January 1, 2002 between Registrant and Jonathan M. Tisch, incorporated herein by reference to Exhibit 10.32 to Registrant’s Report on Form 10-K for the year ended December 31, 2001, filed with the SEC on March 8, 2002 (File No. 001-06541)			10.20+
			Amendment No. 1 dated January 1, 2003 to Supplemental Retirement Agreement between Registrant and Jonathan M. Tisch, incorporated herein by reference to Exhibit 10.37 to Registrant’s Report on Form 10-K for the year ended December 31, 2002, filed with the SEC on March 27, 2003 (File No. 001-06541)			10.21+
			Amendment No. 2 dated January 1, 2004 to Supplemental Retirement Agreement between Registrant and Jonathan M. Tisch, incorporated herein by reference to Exhibit 10.41 to Registrant’s Report on Form 10-K for the year ended December 31, 2003, filed with the SEC on March 1, 2004 (File No. 001-06541)			10.22+
(19)			Insider Trading Policies and Procedures
			Code of Business Conduct and Ethics, incorporated herein by reference to Exhibit 19.01 to Registrant’s Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 11, 2025 (File No. 001-06541)			19.01
(21)			Subsidiaries of the Registrant
			List of subsidiaries of the Registrant			21.01*
(23)			Consent of Experts and Counsel

168

Table of Contents

			Description			Exhibit Number
			Consent of Deloitte & Touche LLP			23.01*
(24)			Power of Attorney			24.01*
(31)			Rule 13a-14(a)/15d-14(a) Certifications
			Certification by the Chief Executive Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14 (a) of the Exchange Act			31.01*
			Certification by the Chief Financial Officer of the Company pursuant to Rule 13a-14(a) and Rule 15d-14(a) of the Exchange Act			31.02*
(32)			Section 1350 Certifications
			Certification by the Chief Executive Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002)			32.01*
			Certification by the Chief Financial Officer of the Company pursuant to 18 U.S.C. Section 1350 (as adopted by Section 906 of the Sarbanes-Oxley Act of 2002)			32.02*
(97)			Loews Corporation Executive Incentive Compensation Clawback Policy, adopted May 9, 2023, incorporated herein by reference to Exhibit 97.01 to Registrant’s Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 6, 2024 (File No. 001-06541)			97.01+
(101)			XBRL Related Documents
			XBRL Instance Document – the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document			101.INS*
			Inline XBRL Taxonomy Extension Schema			101.SCH*
			Inline XBRL Taxonomy Extension Calculation Linkbase			101.CAL*
			Inline XBRL Taxonomy Extension Definition Linkbase			101.DEF*
			Inline XBRL Taxonomy Label Linkbase			101.LAB*
			Inline XBRL Taxonomy Extension Presentation Linkbase			101.PRE*
(104)			(Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)			104*

*Filed herewith.

+Management contract or compensatory plan or arrangement.

Item 16. Form 10-K Summary.

Not included.

169

Table of Contents

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

						LOEWS CORPORATION
Dated:			February 10, 2026			By			/s/ Jane J. Wang
									(Jane J. Wang, Senior Vice President and
									Chief Financial Officer)
Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
Dated:			February 10, 2026			By			*
									(Benjamin J. Tisch, President,
									Chief Executive Officer and Director)
Dated:			February 10, 2026			By			*
									(Jane J. Wang, Senior Vice President and
									Chief Financial Officer)
Dated:			February 10, 2026			By			*
									(Mark S. Schwartz, Vice President,
									Chief Accounting Officer and Treasurer)
Dated:			February 10, 2026			By			*
									(Ann E. Berman, Director)
Dated:			February 10, 2026			By			*
									(Charles D. Davidson, Director)
Dated:			February 10, 2026			By			*
									(Charles M. Diker, Director)

170

Table of Contents

Dated:			February 10, 2026			By			*
									(Paul J. Fribourg, Director)
Dated:			February 10, 2026			By			*
									(Walter L. Harris, Director)
Dated:			February 10, 2026			By			*
									(Jonathan C. Locker, Director)
Dated:			February 10, 2026			By			*
									(Susan P. Peters, Director)
Dated:			February 10, 2026			By			*
									(Dino E. Robusto, Director)
Dated:			February 10, 2026			By			*
									(Alexander H. Tisch, Director)
Dated:			February 10, 2026			By			*
									(James S. Tisch, Director)
Dated:			February 10, 2026			By			*
									(Jennifer VanBelle, Director)

*By:			/s/ Marc A. Alpert
			(Marc A. 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.

173

Table of Contents

SCHEDULE V

LOEWS CORPORATION AND SUBSIDIARIES

Supplemental Information Concerning Property and Casualty Insurance Operations

Consolidated Property and Casualty Operations
December 31			2025						2024
(In millions)
Deferred acquisition costs			$	986					$	959
Reserves for unpaid claim and claim adjustment expenses			26,599						24,976
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.5%)			583						615
Unearned premiums			7,635						7,346

Year Ended December 31			2025						2024						2023
(In millions)
Net written premiums			$	11,101					$	10,605					$	9,892
Net earned premiums			10,900						10,211						9,480
Net investment income			2,467						2,396						2,163
Incurred claim and claim adjustment expenses related to current year			6,724						6,330						5,667
Incurred claim and claim adjustment expenses related to prior years			189						42						48
Amortization of deferred acquisition costs			1,898						1,798						1,644
Paid claim and claim adjustment expenses			5,774						5,189						4,601

174

FAQ

What are the main business segments of Loews Corporation (L)?

Loews operates as a holding company with four reportable segments: CNA Financial’s commercial property and casualty insurance, Boardwalk Pipeline Partners’ natural gas and NGL transportation and storage, Loews Hotels & Co’s hotel chain, and a Corporate segment that includes the parent company and its equity interest in Altium Packaging.

How important is CNA Financial to Loews Corporation’s overall revenue?

CNA Financial is Loews’ largest subsidiary, accounting for 81.2%, 81.5% and 83.6% of consolidated total revenue in 2025, 2024 and 2023. CNA focuses on commercial property and casualty insurance, including specialty, commercial and international lines, along with a run-off long-term care and other legacy portfolios.

What growth projects is Boardwalk Pipeline Partners pursuing under Loews (L)?

Boardwalk Pipelines has growth projects backed by precedent or firm transportation agreements expected to add 4.2 Bcf/d of pipeline capacity and 10 Bcf of working gas storage at an aggregate cost of about $3.3 billion, scheduled for completion through 2030, subject to regulatory approvals and construction risks.

How large is Loews Corporation’s hotel portfolio through Loews Hotels & Co?

Loews Hotels & Co operates a chain of 27 hotels. Eleven are wholly owned, fifteen are held through joint ventures where Loews has noncontrolling stakes, and one is managed for an unaffiliated owner. Earnings come from owned hotel operations, joint venture income and management fees.

What are key risks highlighted for CNA Financial within Loews Corporation?

Key CNA risks include potential inadequacy of insurance and long-term care reserves, exposure to natural and man‑made catastrophes, asbestos and environmental pollution claims, mass tort and social inflation, reinsurance availability and counterparty strength, intense competition, regulatory capital constraints, cyber and operational disruptions, and investment market volatility.

How is Boardwalk Pipeline Partners regulated and what compliance risks does it face?

Boardwalk Pipelines’ interstate gas systems are regulated by FERC under the NGA and NGPA, while PHMSA oversees pipeline safety and integrity management. Additional oversight comes from TSA cybersecurity directives, environmental and worker safety laws, state commissions and Clean Water Act permitting, all of which can increase costs and delay projects.

What is Loews Corporation’s market value and share count as disclosed in the 10-K?

The filing reports aggregate market value of Loews common stock held by non‑affiliates of approximately $15,362,000,000 as of June 30, 2025. It also notes that 206,052,874 shares of Loews common stock were outstanding as of February 6, 2026, providing context for the company’s public equity base.