Sentences and paragraphs of L's Risk Factors and MD&A, 10-K 2026-02-10 against 10-K 2025-02-11.
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AddedRisk Factors
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.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedRisk Factors
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.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedRisk Factors
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.
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedRisk Factors
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.
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RemovedRisk Factors
The COVID-19 pandemic, including new or emerging variants, other potential pandemics and related measures to mitigate the spread of the foregoing may continue to have adverse impacts on its business, results of operations and financial condition and could be material.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedRisk Factors
CNA has experienced, and may continue to experience, claim submissions and litigation related to denial of claims based on policy coverage, or the facts of the claim, in certain lines of business that are implicated by the COVID-19 pandemic and mitigating actions taken by its customers and governmental authorities in response to its spread. These lines include primarily commercial property-related business interruption coverage, healthcare professional liability, management liability (directors and officers, employment practices and professional liability lines) and workers’ compensation. CNA
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RemovedRisk Factors
recorded significant losses during 2020, a portion of which remain classified as incurred but not reported (“IBNR”) reserves, in these areas and may experience continued losses, which could be material.
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RemovedRisk Factors
Increased frequency or severity in any or all of the foregoing lines, or others where the exposure has yet to emerge, relating to long-term effects of COVID-19, new or emerging variants, or other potential pandemics, and related measures to mitigate the spread of the foregoing may have a material impact on CNA’s business, results of operations and financial condition.
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RemovedRisk Factors
CNA has incurred and may continue to incur substantial expenses related to litigation activity in connection with COVID-related legal claims. These actions primarily relate to denial of claims submitted as a result of the pandemic and the mitigating actions taken, including lockdowns and closing of certain businesses. The significance of such litigation or any other litigation relating to new or emerging variants of COVID-19 or other potential pandemics and related measures to mitigate the spread of the foregoing, both in substance and volume, and the resultant CNA-initiated activities, including external counsel engagement, and the costs related thereto, may have a material impact on CNA’s business, results of operations and financial condition.
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RemovedRisk Factors
As previously disclosed, CNA sustained a sophisticated cybersecurity attack in March 2021 involving ransomware that caused a network disruption and impacted certain of its systems. CNA’s investigation into the incident revealed that an unauthorized third party copied some personal information relating to certain current and former employees, contract workers and their dependents and certain other persons, including some policyholders. Although CNA currently has no indication that the impacted data has been misused, or that CNA or its policyholder data was specifically targeted by the unauthorized third party, it may be subject to subsequent investigations, claims or actions in addition to other costs, fines, penalties, or other obligations related to impacted data, whether or not such data is misused. In addition, the misuse, or perceived misuse, of sensitive or confidential information regarding its business or policyholders could cause harm to CNA’s reputation and result in the loss of business with existing or potential customers, which could adversely impact its business, results of operations and financial condition.
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RemovedRisk Factors
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.
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RemovedRisk Factors
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.
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RemovedRisk Factors
Pandemics or other outbreaks of contagious diseases and the measures to mitigate their spread could materially adversely affect Boardwalk Pipelines’ business, financial condition and results of operations and those of its customers, suppliers and other business partners.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedRisk Factors
The global outbreak of the COVID-19 pandemic and measures to mitigate the spread of COVID-19 caused unprecedented disruptions to the global and U.S. economies and impacted global demand for oil and petrochemical products. Future pandemics or other outbreaks of contagious diseases could result in similar or worse impacts and significant business and operational disruptions, including business closures, supply chain disruptions, travel restrictions, stay-at-home orders and limitations on the availability of workforces. Although Boardwalk Pipelines’ operations are considered essential critical infrastructure under current Cybersecurity and Infrastructure Security Agency guidelines, if significant portions of Boardwalk Pipelines’ workforce are unable to work effectively, including because of illness or quarantines or from the impacts of any potential future pandemics or other outbreaks of contagious diseases, its business could be materially adversely affected. Boardwalk Pipelines may also be unable to perform fully on its contracts, and its costs may increase as a result of any potential future pandemics or other outbreaks of contagious diseases. These cost increases may not be fully recoverable. It is possible that future pandemics or other outbreaks of contagious diseases could cause disruption in Boardwalk Pipelines’ customers’ businesses, cause delays, or limit the ability of its customers to perform, including in making timely payments to it. Future pandemics or other outbreaks of contagious diseases could impact capital markets, which may impact Boardwalk Pipelines’ customers’ financial position. Future pandemics or other outbreaks of contagious diseases may also have the effect of exacerbating several of the other risk factors contained herein.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedRisk Factors
In response to the spread of COVID-19, governments across the globe implemented measures to mitigate the spread of the virus, such as through lockdowns or stay-at-home orders, business closures, restrictions on travel, limitations on large group gatherings and quarantines, among others. Beyond the existence of governmental restrictions, the perception of health risks associated with COVID-19 limited business and leisure travel. The spread of the coronavirus and related containment efforts caused unprecedented disruptions to the global economy, including supply chains, air travel and normal business operations across sectors, including the hospitality industry that depends on active levels of business and leisure travel. Future pandemics or other outbreaks of contagious diseases may result in similar or more severe mitigation measures, perceptions of health risks and economic disruptions.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedRisk Factors
In response to COVID-19, Loews Hotels & Co temporarily suspended operations at the majority of its properties and, for a period after general operations resumed, occupancy rates were considerably lower for certain of its hotels compared to occupancy rates prior to the pandemic. As a result of the suspended operations and lower occupancy levels, revenues were lower, while operating costs were not reduced to the same extent. In addition, Loews Hotels & Co had to implement a number of new measures for the health and safety of its guests and employees, which increased its costs. Loews Hotels & Co may have to implement similar responses to future pandemics or other outbreaks of contagious diseases, which may lead to similar or more severe effects.
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RewordedRisk Factors
This agreement also requires it to maintain a ratio of consolidated total consolidated 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 three quarters following a qualified acquisition or series of acquisitions, where the purchase price exceeds $100.0 million over a rolling 12-month period, 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. quarter in
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
Governmental, scientific and public concern over The Trump Administration rescinded many of the threat of climate change arising from GHG emissions has resulted in increasing political risks in the U.S. and the federal government has and could in the future take various actions to seek to curtail previous administration’s climate-related initiatives, which initiatives included curtailing oil and natural gas production and transportation, including limiting fracturing of oil and natural gas wells, restricting flaring and venting during natural gas production on federal properties, 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.
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RewordedRisk Factors
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.
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RewordedRisk Factors
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.
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RewordedRisk Factors
Evolving judicial interpretations 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.
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RewordedRisk Factors
During the third fourth quarter of 2024, 2025, CNA was notified of a data breach resulting from impacting a ransomware attack that impacted vendor of a former vendor. business associate of its current employee health insurance administrator.
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RewordedRisk Factors
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. companies, although this trend has decreased in recent times and is impacted by complex factors, including regional, political and legal considerations.
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RewordedRisk Factors
Further, the increasing use of artificial intelligence, both 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.
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RewordedRisk Factors
As of December 31, 2024, 2025, Boardwalk Pipelines had $3.3 $3.8 billion in principal amount of long-term debt outstanding. outstanding, of which $550.0 million was called for redemption on January 31, 2026.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedRisk Factors
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 increase CNA’s net unrealized losses or reduce its net unrealized gains included in Accumulated Other Comprehensive Income (“AOCI”).
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RewordedRisk Factors
Fines and penalties for violations of these rules can be substantial and compliance with the new rules may affect the amount Boardwalk Pipelines owes under the IRA. substantial.
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RewordedRisk Factors
For instance, we and certain of our Boardwalk Pipelines-related subsidiaries are defendants in a class action litigation in the State of Delaware related to our 2018 acquisition of the Boardwalk Pipelines limited partnership units not already owned by our affiliates.
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AddedMD&A
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
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedMD&A
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.
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AddedMD&A
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.
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AddedMD&A
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.
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AddedMD&A
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.
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AddedMD&A
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.
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AddedMD&A
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.
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AddedMD&A
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:
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AddedMD&A
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
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AddedMD&A
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
Read it in 10-K 2026-02-10 at sec.gov ↗
AddedMD&A
decrease the recorded reserve of $3.5 billion as of December 31, 2025 by approximately $240 million, or 7% of the recorded reserves.
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AddedMD&A
The following discussion summarizes CNA’s most significant catastrophe reinsurance coverage at January 1, 2026.
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RemovedMD&A
Net income attributable to Loews Corporation for 2024 includes a $265 million after-tax and noncontrolling interests pension settlement charge for CNA.
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
enhance the safety requirements for gas distribution pipelines and would require updates to distribution integrity management programs, emergency response plans, operations and maintenance manuals and other safety practices.
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RemovedMD&A
Boardwalk Pipelines has identified the reduction of GHG emissions as an area of focus and looks for opportunities to reduce emissions using a variety of strategies, including the following:
Read it in 10-K 2025-02-11 at sec.gov ↗
RemovedMD&A
•evaluating replacing older compression equipment with electric drive compression or new low emission, fuel efficient units when practical;
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RemovedMD&A
•modifying fuel systems on certain reciprocating compression equipment to lower fuel consumption and emissions;
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RemovedMD&A
•conducting emissions surveys and performing maintenance and repairs on identified component leaks;
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RemovedMD&A
•performing annual leak surveys along Boardwalk Pipelines’ pipelines with the aid of helicopters and fixed-wing planes, and analytical field surveys when appropriate;
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RemovedMD&A
•performing measurement surveys on all of Boardwalk Pipelines’ compressor stations at least twice a year, exceeding Environmental Protection Agency (“EPA”) requirements;
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RemovedMD&A
•using optical gas imaging cameras to scan natural gas piping and components at Boardwalk Pipelines’ compressor stations to visualize any leaks in real time;
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RemovedMD&A
•installing continuous monitoring emission detection equipment at certain compression stations;
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RemovedMD&A
•employing experts in air emissions to develop and monitor efforts in reducing emissions;
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RemovedMD&A
•reducing methane emissions vented to the atmosphere from transmission pipeline blowdowns by using existing and portable compression and flaring when feasible;
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RewordedMD&A
Net investment income 626 733 131 1,490 650 775 156 1,581 Non-insurance warranty revenue 62 62 51 51 Other expense, revenue (expense), including interest expense (53) (14) (10) (77) (55) (12) 13 (54) Income tax expense on core income (190) (188) (44) (422) (173) (215) (77) (465) Underwriting gain 249 171 76 496 164 272 115 551 Effect of catastrophe losses 318 40 358 217 23 240 Effect of favorable unfavorable (favorable) development-related items (8) (6) (14) 37 52 (25) 64 Underlying underwriting gain $ 241 201 $ 489 541 $ 110 113 $ 840 855
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
Net investment income 558 645 103 1,306 626 733 131 1,490 Non-insurance warranty revenue 80 80 62 62 Other revenue (expense), expense, including interest expense (52) (1) 4 (49) (53) (14) (10) (77) Income tax expense on core income (195) (174) (48) (417) (190) (188) (44) (422) Underwriting gain 317 182 86 585 249 171 76 496 Effect of catastrophe losses 207 29 236 318 40 358 Effect of (favorable) unfavorable favorable development-related items (12) (4) 13 (3) (8) (6) (14) Underlying underwriting gain $ 305 241 $ 385 489 $ 128 110 $ 818 840
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RewordedMD&A
Boardwalk Pipelines’ transportation revenues increased $93 $104 million, primarily due to re-contracting at higher rates and rates, recently completed growth projects; projects and higher utilization-based revenue; storage, parking and lending revenues increased $31 $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 natural gas, ethylene and propane increased by $23 million ethane due to opportunistic market conditions; a customer outage in 2024, which impacted 2024 volumes, and the Bayou Ethane acquisition contributed $262 million of incremental operating revenues, primarily resulting from higher ethane product sales. pricing in 2025.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
The increase improvement in the loss ratio was primarily driven by higher 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, as compared with 4.5 points of the 2024 partially offset by unfavorable net prior year loss ratio in 2023 reserve development and an increase in the underlying loss ratio, driven by the continuation of elevated loss cost trends in commercial auto and mix of business. ratio related to social inflation impacted lines.
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RewordedMD&A
Year Ended December 31, 2023 2024 Net income (loss) attributable to Loews Corporation $ 605 608 $ 539 603 $ 133 140 $ 1,277 1,351 $ (183) $1,094 (472) $ 879 Investment (gains) losses 42 58 (2) 98 (19) 79 31 44 75 (11) 64 Pension settlement transaction losses 293 293 Noncontrolling interests 61 55 14 130 (19) 111 55 13 123 (43) 80 Core income (loss) $ 708 694 $ 652 702 $ 145 153 $ 1,505 1,549 $ (221) $1,284 (233) $ 1,316 Less:
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
Year Ended December 31, 2024 2025 Specialty Commercial International Property & Casualty Other Insurance Operations Total (In millions) Net income (loss) attributable to Loews Corporation $ 608 564 $ 603 723 $ 140 188 $ 1,351 1,475 $ (472) (302) $ 879 1,173 Investment (gains) losses 31 44 75 (11) 22 32 2 56 8 64 Pension settlement losses 293 293 Noncontrolling interests 55 55 13 123 (43) 80 51 65 17 133 (28) 105 Core income (loss) $ 694 637 $ 702 820 $ 153 207 $ 1,549 1,664 $ (233) (322) $ 1,316 1,342 Less:
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
In February November of 2024, CNA 2025, Boardwalk Pipelines completed a public offering of $500 $550 million aggregate principal amount of its 5.1% 5.4% senior notes due February 15, 2034 and in May 2036, the proceeds of 2024, CNA repaid at maturity which will be used to redeem on March 1, 2026 the outstanding $550 million aggregate principal amount of its 4.0% senior notes. 6.0% debt due June 1, 2026 at a redemption price equal to par
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
In 2024 2025 and 2023, 2024, Specialty recorded unfavorable net prior year loss reserve development of $37 million and favorable net prior year loss reserve development of $9 million and $14 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 $22 million and International recorded favorable net prior year loss reserve development of $6 $25 million and unfavorable net prior year loss reserve development of $13 $6 million.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
The increase at Boardwalk Pipelines’ results improved Pipelines is primarily due to increased transportation revenues from higher re-contracting rates and rates, recently completed growth projects, projects and higher utilization-based revenue, as well as increased storage and parking and lending revenues and the contribution from the acquisition of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) in 2023. revenues.
Read it in 10-K 2026-02-10 at sec.gov ↗
RewordedMD&A
In February August of 2024, 2025, CNA completed a public offering of $500 million aggregate principal amount of its 5.1% 5.2% senior notes due February August 15, 2034 2035 and in May of 2024, CNA repaid at maturity redeemed the $500 million outstanding $550 million aggregate principal amount balance of its 4.0% 4.5% senior notes. notes in advance of the March 1, 2026 maturity date.
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RewordedMD&A
The improvement in the loss ratio was primarily driven by higher favorable net prior year loss reserve development, partially offset by higher development and lower catastrophe losses. losses, which were 1.8 points of the loss ratio for 2025, as compared with 3.2 points of the loss ratio for 2024.
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RewordedMD&A
Depreciation and amortization expense increased $24 $7 million in 2024 2025 as compared with 2023, 2024, mainly due to the opening of the Loews Arlington Hotel and Convention Center in being open for the first quarter entirety of 2024. 2025 and the accelerated depreciation of assets being replaced by renovations at certain properties.
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