L 10-K & 10-Q changes, risk factors and insider trading

CNA is subject to the uncertain effects of emerging and potential claims and coverage issues that arise as industry practices and legal, judicial, geopolitical, social, economiceconomic, geopolitical and other environmental conditions change. Further, theThe impact of social inflation continues to be significant, and the trajectory of its future impact remains uncertain. Any 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 the cost of claims. 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.

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, anticipated future premium rate increasesactions 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 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.

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 future premium rate increasesactions 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.

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 ofof, 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 collectibility.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.

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, including New York reviver statutes; and claims related to new and emerging theories of liability, such as those related to global warming and climate change. Evolving judicial interpretationsinterpretations, 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.

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 CNAit 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 artificial intelligence,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.

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. Any imposition of significant tariffs by the U.S., as well as any related retaliatory tariffs, may adversely impact the general economy and the financial markets, and adversely affect the valuation of CNA’s investments. 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’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 vendor’svendors’ 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. An interruption in CNA’s system availability occurred in March 2021 as a result of a cybersecurity attack sustained by CNA. Please refer to the immediately following risk factor for further information regarding this incident. 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 inon a timely basis.

In addition, because CNA and its vendors’ information technologytechnology, telecommunications and telecommunicationsother 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.

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 artificial intelligence, bothAI, 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 thirdfourth quarter of 2024,2025, CNA was notified of a data breach resulting fromimpacting a ransomwarevendor attackof 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 impacted a formersubstantial vendor.number Thisof incidentCNA’s resultedemployees in(and dependents of employees) were impacted. CNA understands that the subject vendor will be providing required breach notifications to CNA’sall impacted long-term care policyholders, with such notifications made by the subject vendor. In the same quarter, CNA was notified of a data breach resulting from a ransomware attack that impacted a current vendor. This incident resulted in required breach notifications to impacted individuals, which included insurance claimants and their representatives, with such notifications made by the subject vendor.individuals.

Breaches couldthat affect CNA’s data frameworksecurity 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 such breaches that have occurred and resultant actions will have a material adverse effect on its business, these or similar incidents, or any other such 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 (including the March 2021 attack),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.

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. AnyWhen lossesnew relatingtechnologies, 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 suchthe non-complianteffectiveness activityof 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 materiallyresult adverselyin affectdiscriminatory 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 business,data resultsor its insureds’ data introduces risks of operationsunauthorized use or disclosure of sensitive information and financialerosion condition.of data privacy. AI may also be used to perpetuate fraud, or to manipulate or evade monitoring and detection controls.

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 artificial intelligence,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.

The threat of climateClimate change continuesremains toa attract considerable attentionconcern 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.level, Although the Biden Administration has taken legislative, regulatory and executive action to address climate change, policy priorities, such as climate change, are likely to change with the new presidential administration. For example, in August 2022,though the Inflation Reduction Act of 2022 (“IRA”) passed, which advanced numerous climate-related objectives,objectives. includingThe IRA required the EPA to impose and collect a methane emissions fee that applies to excess methane emissions from certain facilities that startsexceed at $900 per metric ton of leakedstatutory methane inemissions 2024 and increases to $1,200 in 2025 and $1,500 in 2026 and thereafter.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; however,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 actionfurther to repeal or revise the IRA,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 of Boardwalk Pipelines’ projects, which costs could be significant. Additionally, the EPA regulateshas 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 substantialsubstantial. However, in March 2025, the EPA announced plans to reconsider Subparts OOOOb and complianceOOOOc, in line with the newTrump rulesAdministration’s mayderegulatory affectagenda. Additionally, in November 2025, the amountEPA Boardwalkfinalized Pipelinesan owesinterim underrule extending the IRA.compliance Thedeadlines EPA'sfor finalcertain methaneprovisions rulesprovided arein currentlySubparts being challenged by 23 statesOOOOb and aOOOOc. coalitionLitigation of industry groups in the U.S. Circuit Court of Appeals for the D.C. Circuit. To the extent not timely repealed or modified by the Trump Administration, the requirements ofchallenging the EPA’s final methaneinterim rulesfinal couldrule increaseextending Boardwalksuch Pipelines’compliance operatingdeadlines costsfor new and theexisting costsoil ofand Boardwalkgas Pipelines’sources customers,remains thereby adversely affecting its operations.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, onin January 20, 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 any other commitments made under 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 isremains 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. andThe Trump Administration rescinded many of the federalprevious governmentadministration’s hasclimate-related andinitiatives, couldwhich ininitiatives theincluded future take various actions to seek to curtailcurtailing 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. However, on his first day in office, PresidentThe Trump signedAdministration has also taken a number of steps to repeal or otherwise modify several ExecutiveGHG Ordersregulations, rescindingincluding manysome ofapplicable to the previousoil administration’sand climate-relatedgas initiatives, that included many of the actions noted above.industry. Boardwalk Pipelines cannot predict what additional actions the Trump Administration may take with respect to these mattersmatters, or others, or the timing foror success of any such actions. LitigationAdditionally, litigation risks are also increasing,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 increasingly 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.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. Additionally,There inhave Marchalso 2024,been efforts at the SECfederal, releasedstate aand finalinternational rulelevels thatseeking establishesmore afulsome frameworkdisclosures forrelating the reporting ofto climate risks, targets and metrics. However, the future of the SEC climate change rule is uncertain given that its implementation has been stayed pending the outcome of legal challenges; moreover, the SEC under the Trump Administration may seek to repeal or revoke the rule, though Boardwalk Pipelines cannot predict whether such action will occur or its timing. As a result, the ultimate impact of the SEC rule, or any similarAny climate-related disclosure requirements imposed in the future, on Boardwalk Pipelines’ business is uncertain andfuture 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.

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 in the Gulf of Mexico 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 seekingare 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’ 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, particularlyincluding 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.

Each yearyear, 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 facilitiesfacilities, 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).

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.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’ 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 parking and lending (“PAL”) services.

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 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 threequarter quartersin followingwhich the consummation of a qualified acquisition or series of acquisitions,occurs where the purchase price exceeds $100.0 million overand athe rollingthree 12-monthquarters period,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.

Net income attributable to Loews Corporation decreasedincreased $215$294 million for 20242025 as compared with 2023.2024, Thewhich decrease was primarily due toincluded a pension settlement charge of $265 million after-tax and noncontrolling interests andpension settlement charge. Net income attributable to Loews Corporation also increased primarily due to higher catastropheproperty losses,and casualty underwriting income and net investment income, partially offset by higherunfavorable net investmentprior incomeyear drivenloss byreserve favorabledevelopment returnsrelated fromto limitedlegacy partnershipmass andtort commonabuse stock investments and higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates and improved underlying underwriting results.reserves. For more information on the pension settlement charge see Note 1615 of the Notes to Consolidated Financial Statements included under Item 8.

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 CNA Re, 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.

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 and deductible amounts.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.

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. Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.

Gross written premiums, excluding third-party captives, for Specialty increased $95 million in 2024 as compared with 2023 driven by retention and favorable renewal premium change. Net written premiums for Specialty increased $116$70 million in 20242025 as compared with 2023.2024 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.

GrossNet written premiums for Commercial increased $844$352 million in 20242025 as compared with 20232024 driven by favorable renewal premium change, rateinclusive andof higherrate, newpartially business.offset Netby writtenlower premiums for Commercial increased $589 million in 2024 as compared with 2023.retention. The increase in net earned premiums was consistent with the trend in net written premiums for Commercial.

Gross written premiums for International decreased $2 million in 2024 as compared with 2023. Excluding the effect of foreign currency exchange rates, gross written premiums decreased $14 million driven by lower new business and rate. Net written premiums for International increased $25$85 million in 20242025 as compared with 2023.2024. Excluding the effect of foreign currency exchange rates, net written premiums increased $21$76 million in 20242025 as compared with 20232024 driven by favorablehigher adjustmentsnew onbusiness priorpartially yearoffset reinsuranceby treaties,lower in the current year.rate. The increase in net earned premiums was consistent with the trend in net written premiums for International.

Core income increased $44$115 million in 20242025 as compared with 20232024 drivenprimarily bydue to higher underwriting income and net investment income and improved underlying underwriting results, partially offset by higher catastrophe losses.income.

Catastrophe losses were $240 million in 2025 as compared with $358 million in 2024. Catastrophe losses for 2025 and 2024 as compared with $236 million in 2023, primarilywere 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 20242025 and 2023,2024, Specialty had no catastrophe losses, Commercial had catastrophe losses of $318$217 million and $207$318 million and International had catastrophe losses of $40$23 million and $29$40 million.

FavorableUnfavorable net prior year loss reserve development for Property & Casualty Operations of $51 million and favorable net prior year loss reserve development of $31 million and $23 million was recorded in 20242025 and 2023.2024. In 20242025 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. Further information on net prior year loss reserve development is included in Note 87 of the Notes to Consolidated Financial Statements included under Item 8.

Specialty’s combined ratio increased 2.22.7 points in 20242025 as compared with 2023 primarily2024 due to a 1.32.0 point increase in the loss ratio and a 0.80.7 point increase in the expense ratio. The increase in the loss ratio was primarily 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 over the last several quarters.lines. The increase in the expense ratio was driven by lowerhigher employee related costs and a non-recurring technology charge partially offset by higher net earned premium growth.premiums.

International’sCommercial’s combined ratio increasedimproved 1.41.5 points in 20242025 as compared with 20232024 due to a 1.91.1 point increaseimprovement in the expense ratio partially offset byand a 0.50.4 point improvement in the loss ratio. The increaseimprovement in the expense ratio was primarily driven by higher employee related costs and a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year, partially offset by higher net earned premiums.premiums and a lower acquisition ratio. The improvement in the loss ratio was primarily driven by favorablelower 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,development partiallyand offsetan byincrease higher catastrophe losses. Catastrophe losses were 3.2 points ofin the underlying loss ratio forrelated 2024,to associal comparedinflation withimpacted 2.5 points of the loss ratio for 2023.lines.

Core results decreased by $12$89 million in 20242025 as compared with 2023.2024. Results in 20242025 include highera corporate$106 expensesmillion asafter-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves compared with a result$62 ofmillion continuedafter-tax investmentscharge in technology2024. andThe current year also includes an unfavorable non-economic impact related to the A&EP loss portfolio transfer (“LPT”). Results in 2024 also include a $62 million after-tax charge related to unfavorable net prior year loss reserve development for legacy mass tort claims as compared with a $56 million after-tax charge for legacy mass tort claims in 2023. Both years are inclusive of assumption updates as a result of the annual reserve review completed in the third quarter of each year. TheseIn decreases were partially offset by higheraddition, net investment income.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 compared to an after-tax benefit of $6 million in 2023,2024, both of which have no economic impact. Further information on the A&EP LPT and net prior year loss reserve development and the A&EP LPT is included in Note 87 of the Notes to Consolidated Financial Statements included under Item 8.

The cash flow assumption updates from the annual reserve review for 20242025 and 20232024 resulted in a pretax increase in long-term care reserves of $15$7 million and $8$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 and $6 million for 2024 and 2023.2024.

In addition, resultsResults in 2024 includeincluded a $16 million after-tax charge related to office consolidation as compared with a $19 million after-tax charge in 2023.consolidation.

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 industrialpetrochemical 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’ operationsoperation and maintenance expenses are impacted by its compliance with the requirements of, among other regulations, thepipeline Pipelineintegrity maintenance regulations and Hazardous Materials Safety Administration Mega Rule (“Mega Rule”) and Boardwalk Pipelines’its efforts to monitor, control and reduce emissions, as further discussed below.

During 2024,2025, Boardwalk Pipelines entered into $6.0$7.0 billion of new firm agreements, of which approximately 78%82% were associated with new growth projects executed in 2024.2025. For firm agreements associated with new growth projects, the associated assets may not be placed into commercial service until sometime in the future. Further, theThe table above includes $3.8$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 regulatoryconstruction approvals.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,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, 2024,2025, Boardwalk Pipelines’ top ten customers under committed firm agreements comprised approximately 62%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 82%87% rated as investment grade, 3%2% rated as non-investment grade and 15%11% not rated.

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 has developedPHMSA’s regulations that 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. 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. These regulations have resulted in an overall increase in Boardwalk Pipelines’ ongoing maintenance costs, including maintenance capital and maintenance expense. PHMSARefer hasto issuedItem a1. seriesBusiness of significantthis rulemakingsReport for onshorefurther gas transmission pipelines (e.g., relating to MAOP reconfirmation and exceedance reporting, the integrity assessmentdiscussion of additionalthese pipeline mileage and the consideration of seismicity as a risk factor in integrity management). 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 challenged safety standards. In September 2023, PHMSA published a proposed rule that, if finalized, would 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.regulations.

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. For example, when selecting new compression equipment for growth or asset reliability projects, Boardwalk Pipelines considers air emissions as a component in the decision-making process and, when appropriate, places increased emphasis on equipment with emissions performance that exceeds applicable federal standards. Several of Boardwalk Pipelines’ reliability projects over the last few years have resulted in the replacement of older, higher-emitting compressor drivers with units equipped with advanced emission control systems. As a result, these projects have resulted in decreases in emissions of nitrogen oxides and other air pollutants.

These new and any futurePHMSA regulations adopted by PHMSA and efforts to reduce GHG emissions arehave expected to causecaused Boardwalk Pipelines’ capital and operating costs to increase insince 20252021. Those costs are expected to stabilize for the foreseeable future, though PHMSA regulations and insuch future years,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. Boardwalk Pipelines began incurring costs to implement the Mega Rule’s requirements in 2021, and based on its current projections, it believes that these costs have stabilized. In 2025,2026, Boardwalk Pipelines expects to spend approximately $504$530 million to maintain its pipeline systems, comply with regulations and monitor, control and reduce its GHG emissions, of which approximately $203$225 million is expected to be maintenance capital. In 2024,2025, Boardwalk Pipelines spent $513$516 million on these matters, of which $202$194 million was recorded as maintenance capital.

Total revenues increased $429$259 million in 20242025 as compared with 2023.2024. Boardwalk Pipelines’ transportation revenues increased $93$104 million, primarily due to re-contracting at higher rates andrates, recently completed growth 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 millionethane due to opportunistica marketcustomer conditions;outage in 2024, which impacted 2024 volumes, and the Bayou Ethane acquisition contributed $262 million of incremental operating revenues, primarily resulting fromhigher ethane productpricing sales.in 2025.

Operating costsand andother expenses increased $252$202 million in 20242025 as compared with 20232024, primarily reflectingfrom operationshigher product costs of the$137 Bayoumillion Ethaneassociated acquisition.with Additionally,increased Boardwalkethane Pipelines’product sales; increased operation and maintenance expensescosts increasedof $12 million primarily due to higher maintenance projectsproject, associatedemployee-related, withpipeline compliancelegal activitiesand utility costs; increased general and administrative andexpenses generalof costs$14 increasedmillion fromprimarily due to higher employee-related costs.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 increaseddecreased $28$22 million in 20242025 as compared with 2023,2024, primarily due to the pre-financing of Boardwalk Pipeline’s $600 million of debt that matured on December 15, 2024.

Income tax expense increased $2$48 million in 20242025 as compared with 2023,2024, andprimarily includesdue 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.

Net income attributable to Loews Corporation decreased by $77$39 million in 20242025 as compared with 2023.2024 Resultsprimarily for 2023 include a gain of $46 million ($36 million after tax) relateddue to the acquisitionreasons ofdiscussed an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.below.

In 2023,2025, Loews Hotels & Co recorded an impairment chargescharge of $12$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 $24$7 million in 20242025 as compared with 2023,2024, mainly due to the opening of the Loews Arlington Hotel and Convention Center inbeing open for the first quarterentirety of 2024.2025 and the accelerated depreciation of assets being replaced by renovations at certain properties.

Interest expense for 20242025 increased $37$18 million as compared with 20232024 primarily due to placing the Loews Arlington Hotel and Convention Center into service during the first quarter of 2024, after which Loews Hotels & Co no longerlower capitalized interest on thatprojects project.under development and higher interest rates on certain debt refinanced in 2024.

Net income attributable to Loews Corporation increaseddecreased $142$33 million in 20242025 as compared with 20232024 primarily due to the reasonsdecrease discussedin below.net investment income for the Parent Company of $46 million in 2025 as compared with 2024 primarily due to results from the trading portfolio.

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 as compared to $2.6 billion at December 31, 2023.2024. In 2024,2025, we received $1.3$1.5 billion in cash dividends from our subsidiaries,subsidiaries: $954 million from CNA, including a special cash dividend of $497 million from CNAmillion, and distributions of $400$500 million from Boardwalk Pipelines. Cash outflows in 20242025 included the payment of $608$806 million to fund treasury stock purchases and $55$52 million of cash dividends to our shareholders. In the first quarter of 2025,2026, we expect to receive cash dividends of $611$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.

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 three and six months ended MarchJune 31,30, 2026 and 2025:

Net income attributable to Loews Corporation for the three months ended MarchJune 31,30, 2026 was $337$444 million, or $1.63$2.16 per share, compared to net income of $370$391 million, or $1.74$1.87 per share in the comparable 2025 period. Net income attributable to Loews Corporation for the six months ended June 30, 2026 was $781 million, or $3.79 per share, compared to net income of $761 million, or $3.61 per share in the comparable 2025 period.

The decreaseincrease in net income attributable to Loews Corporation for the three months ended MarchJune 31,30, 2026 as compared to the comparable 2025 period was primarily driven by lowerhigher net income at CNA and lower results at the parent company, partially offset by higher net income atCNA, Loews Hotels & Co and Boardwalk Pipelines. The decreaseincrease at CNA is primarily due to lowerhigher underlyingnet underwritinginvestment resultsincome and unfavorablelower netinvestment prior year loss reserve development,losses, partially offset by higher net investment income. Parent company results decreased primarily due to lower investmentunderlying incomeunderwriting from the parent company trading portfolio and higher interest expense.results. The increase at Loews Hotels & Co is primarily due to higher equityoverall incomeaverage fromdaily jointrates ventures,and drivenoccupied mainlyroom bynights theacross Universalmost Orlandoof Resortits joint ventures.portfolio. The increase at Boardwalk Pipelines is primarily due to higher contracting rates and utilization-based revenues on gas transportation,transportation as well asand higher ratesproduct onsales, storage,partially parkingoffset andby lending.higher operating expenses. Corporate net income for the three months ended June 30, 2026 was essentially unchanged compared with the comparable 2025 period.

The following table summarizes the results of operations for CNA for the three and six months ended MarchJune 31,30, 2026 and 2025 as presented in Note 1213 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Net income attributable to Loews Corporation decreasedincreased $58$20 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period, primarily due to lowerhigher underlyingnet underwritinginvestment resultsincome and unfavorablelower netinvestment prior year loss reserve development,losses, partially offset by higherlower netunderlying investmentunderwriting income.results.

In evaluating the results of Property & Casualty OperationsOperations, 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-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includesinclude 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 catastrophes which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

The following tables present reconciliations of net income attributable to Loews Corporation to core income (loss), underwriting gain (loss) and underlying underwriting gain for the three and six months ended MarchJune 31,30, 2026 and 2025:

The following tables summarize the results of CNA’s Property & Casualty Operations and providesprovide the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for the three and six months ended MarchJune 31,30, 2026 and 2025.

Net written premiums for Specialty decreasedincreased $8$45 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period driven by lowerhigher retentionnew partially offset by ratebusiness and new business.rate. The increase in net earned premiums for the three months ended MarchJune 31,30, 2026 was consistent with the trend in net written premiums in recent quarters for Specialty.

Net written premiums for Commercial decreasedincreased $18$80 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period driven by lowerfavorable retention.renewal premium change and higher new business. The increase in net earned premiums for the three months ended MarchJune 31,30, 2026 was consistent with the trend in net written premiums in recent quarters for Commercial.

Net written premiums for International increaseddecreased $42$6 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period. Excluding the effect of foreign currency exchange rates, net written premiums increaseddecreased $19$11 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period driven by lower rate and timing of reinsurance costs, partially offset by lowerhigher rate.retention. The increase in net earned premiums for the three months ended MarchJune 31,30, 2026 was consistent with the trend in net written premiums in recent quarters for International.

Core income for Property & Casualty Operations decreased $63$22 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results and unfavorable net prior year loss reserve development,results, partially offset by higher net investment income.

Catastrophe losses for Property & Casualty Operations were $88$60 million and catastrophe-related reinsurance reinstatement premiums were $9$62 million for the three months ended MarchJune 31,30, 2026 and 2025 driven by severe weather related events. Catastrophe losses were $97 million for the comparable 2025 period, driven by severe weather related events, including $53 million for the California wildfires. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended MarchJune 31,30, 2026 or 2025. For the three months ended MarchJune 31,30, 2026 and 2025, Specialty had no catastrophe losses, Commercial had catastrophe losses of $84$53 million and $86$57 million and International had catastrophe losses of $4$7 million and $11$5 million. The three months ended March 31, 2026 also includes $9 million of catastrophe-related reinsurance reinstatement premiums for Commercial.

UnfavorableFavorable net prior year loss reserve development for Property & Casualty Operations of $100$6 million and $61$4 million was recorded for the three months ended MarchJune 31,30, 2026 and 2025. For the three months ended MarchJune 31,30, 2026 and 2025, Specialty recorded unfavorablefavorable net prior year loss reserve development of $45$1 million and $10no million,net prior year loss reserve development, Commercial recorded unfavorablefavorable net prior year loss reserve development of $55$5 million and $51$4 million and International recorded no net prior year loss reserve development. Further information on net prior year loss reserve development is included in Note 45 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Specialty’s combined ratio increased 7.62.9 points for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period primarily due to a 7.32.7 point increase in the loss ratio. The increase in the loss ratio wasreflected due toa higher unfavorable net prior year loss reserve development driven by CNA’s professional errors and omissions (“E&O”) business in recent accident years and an increase in the underlying loss ratio drivenacross byvarious loss cost trends exceeding rate for certain lines in recent quarters.lines. The expense ratio was generally consistent with the comparable 2025 period.

Commercial’s combined ratio increased 2.41.7 points for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period primarily due to a 3.22.4 point increase in the loss ratio partially offset by a 0.90.6 point improvement in the expense ratio. The increase in the loss ratio was primarily driven by a higher underlying loss ratio in excess casualty and workers’ compensation. The improvement in the expense ratio was primarily driven by a lower acquisition ratio. TheCatastrophe effectlosses were 3.7 points of catastrophe impacts on the loss ratio was 6.4 points for the three months ended MarchJune 31,30, 2026 as compared with 6.34.2 points of the loss ratio for the comparable 2025 period.

International’sCommercial’s combined ratio increased 0.52.0 points for the threesix months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period due to a 1.62.8 point increase in the expenseloss ratio,ratio partially offset by a 1.10.8 point improvement in the lossexpense ratio. The increase in the loss ratio was primarily driven by a higher underlying loss ratio in excess casualty and workers’ compensation. The improvement in the expense ratio was primarily driven by highera employee related costs andlower acquisition costs partially offset by higher net earned premiums.ratio. The improvementeffect inof catastrophe impacts on the loss ratio was primarily driven by lower catastrophe losses, which were 1.25.1 points of the loss ratio for the threesix months ended MarchJune 31,30, 2026 as compared with 3.65.2 points of the loss ratio for the comparable 2025 period, partially offset by an increase in the underlying loss ratio driven by continued pricing pressure.period.

The following table summarizes the results of CNA’s Other Insurance Operations for the three and six months ended MarchJune 31,30, 2026 and 2025.

Core results for Other Insurance Operations improved $7$11 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period,period. primarily due to no net prior year loss reserve development in theThe current yearquarter as compared withincludes a $17$77 million after-tax charge in 2025 related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves.reserves Coreas losscompared with an $88 million after-tax charge in 2025. The current quarter also includes an increase of $13 million after-tax associated with the amortization of the deferred gain related to the asbestos and environmental pollution (“A&EP”) loss portfolio transfer (“LPT”). as compared with the comparable 2025 period. Further information on the net prior year loss reserve development and the A&EP LPT is included in Note 45 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Long-termThese careimprovements resultswere partially offset by lower net investment income for the three months ended MarchJune 31,30, 2026 reflectas unfavorablecompared morbidity partially offset by favorable persistency. Long-term care results forwith the comparable 2025 period reflected favorable persistency.period.

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 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 4.24.5 billion cubic feet per day (“Bcf/d”) and its storage working gas capacity by 10 Bcf at an expected aggregate cost of approximately $3.2$3.4 billion and are scheduled to be completed through 2030. AsThrough ofJune March 31,30, 2026, Boardwalk Pipelines has spent $245$381 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.

Boardwalk Pipelines operates in the midstream portion of the natural gas and natural gas liquids, olefins and other hydrocarbons industry, providing transportation and storage for those commodities. Boardwalk Pipelines also provides ethane supply and transportation services for petrochemical customers in Louisiana and Texas.Texas and marketing of natural gas and related services throughout the United States of America (“U.S.”). A significant portion of Boardwalk Pipelines’ revenues is fee-based, being derived from capacity reservation charges under firm agreements with customers, which do not vary significantly period to period, but are impacted by longer term trends in its business such as changes in pricing on contract renewals and other factors as discussed in our Annual Report on Form 10-K for the year ended December 31, 2025. The pricing contained in the purchase and sales agreements associated with Boardwalk Pipelines’ ethane supply services is generally based on the same ethane commodity index, plus a fixed delivery fee. As a result, 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,services has little to no direct commodity price exposure. For further information on Boardwalk Pipelines’ revenue recognition policies see Note 1 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025. 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 in Results of Operations of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025.

The following table summarizes the results of operations for Boardwalk Pipelines for the three and six months ended MarchJune 31,30, 2026 and 2025, as presented in Note 1213 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. 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.

Net income attributable to Loews Corporation and EBITDA increased $7$12 million and $14$5 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period, primarily due to the reasons discussed below.period.

Total revenues increased $9$39 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $8$14 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates,rates recently completedand growth projectsproject andrevenues. higherProduct utilization-basedsales revenue. Transportation revenues for the natural gas liquids businessrevenue increased by $7$22 million for the three months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period, primarily due to higher volumes. Storage and parking and lending (“PAL”) revenues for the natural gas business increased by $15 million for the three months ended March 31, 2026 as compared with the comparable 2025 period, primarily due to favorable market conditions which allowed for contracting at higher rates. In the natural gas liquids business, ethaneadditional product sales decreasedof by $33$18 million forfrom the threeBoardwalk monthsContinuum endedMarketing, MarchLLC 31,(“Continuum”) 2026acquisition asand compared with the comparable 2025 period primarily due to lower volumes, partially offset by higherincreased propane and ethylene product sales of $12 million, partially offset by lower ethane product sales of $7 million.

InterestNet expensesincome attributable to Loews Corporation and EBITDA each increased $4$19 million for the threesix months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period due to the pre-financing of a June 2026 debt maturity that was redeemed in March 2026.period.

The following table reconciles net income attributable to Loews Corporation to EBITDA for the three and six months ended MarchJune 31,30, 2026 and 2025:

The following table summarizes the results of operations for Loews Hotels & Co for the three and six months ended MarchJune 31,30, 2026 and 2025, as presented in Note 1213 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.

Net income attributable to Loews Corporation increased $26$20 million and $46 million for the three and six months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period primarily due to higher equity income from joint ventures, driven mainly by the Universal Orlando Resort joint ventures, and the other factors discussed below.periods.

Operating revenues increased by $7$23 million and $30 million and operating and other expenses increased by $2$5 million and $7 million for the three and six months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period.periods. The increase in operating revenues was primarily due to a higher overall average daily rate and an increase in the number of occupied room nights across most of its portfolio, particularly at the Loews Miami Beach Hotel following the conclusion of its renovation, as well as higher food and beverage revenues. The increase in operating and other expenses was from higher hotel operating costs in support of the higher operating revenues.

Equity income from joint ventures increased $38$12 million and $50 million for the three and six months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period.periods. The increase was driven by growth in the overall average daily rate and an increase in both the number of available and the number of occupied room nights at the Universal Orlando Resort, including those attributable to the three new hotels that opened in 2025. Equity income from joint ventures forin the threefirst monthsquarter ended March 31,of 2025 was impacted by an impairment charge recorded at a joint venture hotel that reduced Loews Hotels & Co’s equity income by $9 million and the reduction in distributions for one joint venture property due to property improvement costs.

The following table summarizes the results of operations for Corporate for the three and six months ended MarchJune 31,30, 2026 and 2025 as presented in Note 1213 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:Report.

Net income attributable to Loews Corporation increased $1 million for the three months ended June 30, 2026 and net loss attributable to Loews Corporation increased $8$7 million for the threesix months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period, primarily due to the reasons discussed below.periods.

Net investment resultsincome for the Parent Company decreasedincreased $5$8 million and $3 million for the three and six months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period,periods, primarily due to lowerimproved results from the trading portfolio.

Interest expense increased $4$1 million and $5 million for the three and six months ended MarchJune 31,30, 2026 as compared with the comparable 2025 period,periods, due to the issuance in February of 2026 of the Parent Company’s $500 million aggregate principal amount of 4.9% senior notes due April 1, 2036, the proceeds of which were used to redeem on March 19, 2026 the outstanding $500 million aggregate principal amount of our 3.8% senior notes due April 1, 2026.

Parent Company cash and investments, net of receivables and payables, totaled $4.5$4.4 billion at MarchJune 31,30, 2026 as compared to $3.9 billion at December 31, 2025. During the threesix months ended MarchJune 31,30, 2026, we received $691$885 million in cash dividends and distributions from our subsidiaries: $616$735 million from CNA, including a special cash dividend of $497 million, and $75$150 million from Boardwalk Pipelines. Cash outflows during the threesix months ended MarchJune 31,30, 2026 included the payment of $31$185 million to fund treasury stock purchases and $13$26 million of cash dividends to our shareholders. 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 subsidiariessubsidiaries’ 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. During the threesix months ended MarchJune 31,30, 2026, we purchased 0.31.7 million shares of Loews Corporation common stock for $31$177 million. As of MayJuly 1,31, 2026, there were 205,768,873204,427,720 shares of Loews Corporation common stock outstanding.

CNA’s cash provided by operating activities was $393$1.0 millionbillion for the threesix months ended MarchJune 31,30, 2026 as compared with $638$1.2 millionbillion for the comparable 2025 period. The decrease in cash provided by operating activities was impacteddriven by payments related to specific reinsurance treaties, which occurred during the first quarter of 2026, with such similar amounts paid in the second quarter of 2025. In addition, the decrease quarter over quarter was attributable to an increase in net claim payments,payments partially offset by increasedan investmentincrease earnings.in premiums collected.

CNA paid cash dividends of $2.48$2.96 per share on its common stock, including a special cash dividend of $2.00 per share, during the threesix months ended MarchJune 31,30, 2026. On MayJuly 1,31, 2026, CNA’s Board of Directors declared a quarterly cash dividend of $0.48 per share, payable JuneSeptember 4,3, 2026 to shareholders of record on MayAugust 18,17, 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, 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 MarchJune 31,30, 2026, CCC was in a positive earned surplus position. CCC paid dividends of $585$725 million and $440$610 million during the threesix months ended MarchJune 31,30, 2026 and 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.