洛斯保险 2025年季度报告

FORM10-Q☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OFTHE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period endedSeptember30, 2025 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From ____________ to _____________ Commission File Number1-06541 LOEWS CORPORATION(Exact name of registrant as specified in its charter) Delaware13-2646102(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.) 9 West 57Street,New York,NY10019-2714(Address of principal executive offices) (Zip Code)th (212)521-2000(Registrant’s telephone number, including area code) NOT APPLICABLE(Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Name of each exchange on which registered Common stock, par value $0.01 per share Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to suchfiling requirements for the past 90 days. Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles). Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, oran emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. ☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). No☒ As of October31, 2025, there were206,659,567shares of the registrant’s common stock outstanding. Part I. Financial InformationItem 1. Financial Statements (unaudited)Consolidated Condensed Balance Sheets3September30, 2025 and December31, 2024Consolidated Condensed Statements of Operations4Three and nine months ended September30, 2025 and 2024Consolidated Condensed Statements of Comprehensive Income (Loss)5Three and nine months ended September30, 2025 and 2024Consolidated Condensed Statements of Equity6Three and nine months ended September30, 2025 and 2024Consolidated Condensed Statements of Cash Flows8Nine months ended September30, 2025 and 2024Notes to Consolidated Condensed Financial Statements9Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations43Item 3. Quantitative and Qualitative Disclosures about Market Risk67Item 4. Controls and Procedures67Part II. Other Information68Item 1. Legal Proceedings68Item 1A. Risk Factors68Item 2. Unregistered Sales of Equity Securities and Use of Proceeds68Item 5. Other Information68Item 6. Exhibits692 Loews Corporation and SubsidiariesCONSOLIDATED CONDENSED BALANCE SHEETS(Unaudited) Loews Corporation and SubsidiariesNOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS(Unaudited) 1.Basis of Presentation Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business:commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately92% owned subsidiary);transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP(“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation(“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” meansLoews Corporation including its subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries and theterm “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders. Inaddition, we own approximately53% of Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary accounted forunder the equity method of accounting, which is engaged in the manufacture of rigid plastic packaging solutions. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments(consisting of normal recurring accruals) necessary t