Management’s discussion and analysis of financial condition and results of operations (“MD&A”) should be read in conjunction with our Consolidated Condensed Financial Statements included under Item 1 of this Report and the Consolidated Financial Statements, Risk Factors, and MD&A included in our Annual Report on Form 10-K for the year ended December 31, 2025. This MD&A is comprised of the following sections: PageNo. Overview 43 Results of Operations 44 Consolidated Financial Results 44 CNA Financial 45 Boardwalk Pipelines 54 Loews Hotels & Co 58 Corporate 59 Liquidity and Capital Resources 59 Parent Company 59 Subsidiaries 60 Investments 61 Catastrophes and Related Reinsurance 65 Critical Accounting Estimates 65 Accounting Standards Update 66 Forward-Looking Statements 66 OVERVIEW Loews Corporation is a holding company and has four reportable segments comprised of three individual consolidated operating subsidiaries, CNA Financial Corporation (“CNA”), Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”) and Loews Hotels Holding Corporation (“Loews Hotels & Co”); and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation, excluding its consolidated operating subsidiaries, and the equity method of accounting for Altium Packaging LLC (“Altium Packaging”), an unconsolidated subsidiary. Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its subsidiaries, the terms “Parent Company,” “we,” “our,” “us” or like terms mean Loews Corporation excluding its subsidiaries and the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders. We rely upon our invested cash balances and distributions from our subsidiaries to generate the funds necessary to meet our obligations and to declare and pay any dividends to our shareholders. The ability of our subsidiaries to pay dividends is subject to, among other things, the availability of sufficient earnings and funds in such subsidiaries, applicable state laws, including in the case of the insurance subsidiaries of CNA, laws and rules governing the payment of dividends by regulated insurance companies (see Note 14 of the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025) and compliance with covenants in their respective loan agreements. Claims of creditors of our subsidiaries will generally have priority as to the assets of such subsidiaries over our claims and those of our creditors and shareholders. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees. 43 Table of contents RESULTS OF OPERATIONS Consolidated Financial Results The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (In millions, except per share data) CNA Financial $ 294 $ 274 $ 488 $ 526 Boardwalk Pipelines 100 88 259 240 Loews Hotels & Co 48 28 74 28 Corporate 2 1 (40) (33) Net income attributable to Loews Corporation $ 444 $ 391 $ 781 $ 761 Basic and diluted net income per share $ 2.16 $ 1.87 $ 3.79 $ 3.61 Net income attributable to Loews Corporation for the three months ended June 30, 2026 was $444 million, or $2.16 per share, compared to net income of $391 million, or $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 increase in net income attributable to Loews Corporation for the three months ended June 30, 2026 as compared to the comparable 2025 period was primarily driven by higher net income at CNA, Loews Hotels & Co and Boardwalk Pipelines. The increase at CNA is primarily due to higher net investment income and lower investment losses, partially offset by lower underlying underwriting results. The increase at Loews Hotels & Co is primarily due to higher overall average daily rates and occupied room nights across most of its portfolio. The increase at Boardwalk Pipelines is primarily due to higher contracting rates on gas transportation and higher product sales, partially offset by higher operating expenses. Corporate net income for the three months ended June 30, 2026 was essentially unchanged compared with the comparable 2025 period. The increase in net income attributable to Loews Corporation for the six months ended June 30, 2026 as compared to the comparable 2025 period was primarily driven by higher net income at Loews Hotels & Co and Boardwalk Pipelines, partially offset by lower net income at CNA and lower results at Corporate. The increase at Loews Hotels & Co is primarily due to higher equity income from joint ventures, driven by growth in the overall average daily rate and an increase in the number of occupied room nights at Universal Orlando Resort properties. The increase at Boardwalk Pipelines is primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization-based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses. The decrease at CNA is primarily due to lower underlying underwriting results, partially offset by higher net investment income and lower investment losses. Corporate results decreased primarily due to higher interest expense related to a recent debt refinancing. 44 Table of contents CNA Financial The following table summarizes the results of operations for CNA for the three and six months ended June 30, 2026 and 2025 as presented in Note 13 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. Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (In millions) Revenues: Insurance premiums $ 2,759 $ 2,694 $ 5,460 $ 5,320 Net investment income 701 662 1,311 1,266 Investment losses (5) (46) (23) (55) Non-insurance warranty revenue 367 398 741 795 Other revenues 7 9 17 18 Total 3,829 3,717 7,506 7,344 Expenses: Insurance claims and policyholders’ benefits 2,169 2,085 4,344 4,112 Amortization of deferred acquisition costs 481 469 957 940 Non-insurance warranty expense 356 384 712 769 Other operating expenses 385 368 755 731 Interest 33 31 66 63 Total 3,424 3,337 6,834 6,615 Income before income tax 405 380 672 729 Income tax expense (84) (81) (140) (156) Net income 321 299 532 573 Amounts attributable to noncontrolling interests (27) (25) (44) (47) Net income attributable to Loews Corporation $ 294 $ 274 $ 488 $ 526 Three Months Ended June 30, 2026 Compared to the Comparable 2025 Period Net income attributable to Loews Corporation increased $20 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher net investment income and lower investment losses, partially offset by lower underlying underwriting results. Six Months Ended June 30, 2026 Compared to the Comparable 2025 Period Net income attributable to Loews Corporation decreased $38 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to lower underlying underwriting results partially offset by higher net investment income and lower investment losses. CNA’s Property & Casualty and Other Insurance Operations CNA’s commercial property and casualty insurance operations (“Property & Casualty Operations”) include its Specialty, Commercial and International lines of business. CNA’s Other Insurance Operations outside of Property & Casualty Operations include its long-term care business that is in run-off, certain corporate expenses, including interest on CNA’s corporate debt, and the results of certain property and casualty businesses in run-off, including asbestos and environmental pollution (“A&EP”), a legacy portfolio of excess workers’ compensation (“EWC”) policies and certain legacy mass tort reserves. 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 45 Table of contents 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 assessing its insurance operations, CNA utilizes the core income (loss) financial measure. Core income (loss) is calculated by excluding investment gains or losses and gains or losses resulting from pension settlement transactions from net income (loss). In addition, core income (loss) excludes the effects of noncontrolling interests. The calculation of core income (loss) excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations. Core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate CNA’s insurance operations. Please see the non-GAAP reconciliation of net income (loss) to core income (loss) in this MD&A. In evaluating the results of Property & Casualty Operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-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 include 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. Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on CNA’s reserves is provided in Notes 5 and 6 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. In addition, renewal premium change, rate, retention and new business are also utilized in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written with existing customers. CNA also uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders’ benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, which are managed separately from its investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe-related reinstatement premiums, catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from CNA’s underwriting activities, excluding the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of CNA’s current year underwriting performance. 46 Table of contents 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 June 30, 2026 and 2025: Three Months Ended June 30, 2026 Specialty Commercial International Property & Casualty Other Insurance Operations Total (In millions) Net income (loss) attributable to Loews Corporation $ 144 $ 213 $ 33 $ 390 $ (96) $ 294 Investment (gains) losses (1) 1 — 3 3 Noncontrolling interests 13 20 3 36 (9) 27 Core income (loss) $ 157 $ 232 $ 37 $ 426 $ (102) $ 324 Less: Net investment income 171 246 44 461 Non-insurance warranty revenue 11 11 Other expense, including interest expense (15) (3) (18) Income tax expense on core income (42) (61) (17) (120) Underwriting gain 32 50 10 92 Catastrophe losses 53 7 60 Effect of unfavorable development-related items 1 1 Underlying underwriting gain $ 32 $ 104 $ 17 $ 153 Three Months Ended June 30, 2025 Net income (loss) attributable to Loews Corporation $ 151 $ 182 $ 49 $ 382 $ (108) $ 274 Investment losses 12 19 31 5 36 Noncontrolling interests 14 17 4 35 (10) 25 Core income (loss) $ 177 $ 218 $ 53 $ 448 $ (113) $ 335 Less: Net investment income 170 206 38 414 Non-insurance warranty revenue 14 14 Other revenue (expense), including interest expense (11) (5) 10 (6) Income tax expense on core income (49) (57) (18) (124) Underwriting gain 53 74 23 150 Catastrophe losses 57 5 62 Effect of unfavorable development-related items 1 1 Underlying underwriting gain $ 53 $ 132 $ 28 $ 213 47 Table of contents Six Months Ended June 30, 2026 Specialty Commercial International Property & Casualty Other Insurance Operations Total (In millions) Net income (loss) attributable to Loews Corporation $ 231 $ 310 $ 66 $ 607 $ (119) $ 488 Investment losses 4 6 2 12 5 17 Noncontrolling interests 21 28 6 55 (11) 44 Core income (loss) $ 256 $ 344 $ 74 $ 674 $ (125) $ 549 Less: Net investment income 313 436 87 836 Non-insurance warranty revenue 29 29 Other expense, including interest expense (26) (5) (2) (33) Income tax expense on core income (68) (88) (35) (191) Underwriting gain 8 1 24 33 Catastrophe-related reinstatement premiums 9 9 Catastrophe losses 137 11 148 Effect of unfavorable development-related items 50 57 107 Underlying underwriting gain $ 58 $ 204 $ 35 $ 297 Six Months Ended June 30, 2025 Net income (loss) attributable to Loews Corporation $ 288 $ 297 $ 84 $ 669 $ (143) $ 526 Investment (gains) losses 13 19 (1) 31 12 43 Noncontrolling interests 26 26 7 59 (12) 47 Core income (loss) $ 327 $ 342 $ 90 $ 759 $ (143) $ 616 Less: Net investment income 321 383 72 776 Non-insurance warranty revenue 26 26 Other revenue (expense), including interest expense (25) (7) 11 (21) Income tax expense on core income (90) (91) (31) (212) Underwriting gain 95 57 38 190 Catastrophe losses 143 16 159 Effect of unfavorable development-related items 10 53 63 Underlying underwriting gain $ 105 $ 253 $ 54 $ 412 48 Table of contents Property & Casualty Operations The following tables summarize the results of CNA’s Property & Casualty Operations and provide 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 June 30, 2026 and 2025. Three Months Ended June 30, 2026 Specialty Commercial International Total (In millions, except %) Net written premiums $ 937 $ 1,643 $ 385 $ 2,965 Net earned premiums 878 1,441 337 2,656 Underwriting gain 32 50 10 92 Net investment income 171 246 44 461 Core income 157 232 37 426 Other performance metrics: Loss ratio 62.8 % 69.5 % 62.0 % 66.4 % Expense ratio 33.3 26.6 34.9 29.7 Dividend ratio 0.4 0.4 0.4 Combined ratio 96.5 % 96.5 % 96.9 % 96.5 % Less: Effect of catastrophe impacts 3.7 2.2 2.3 Underlying combined ratio 96.5 % 92.8 % 94.7 % 94.2 % Underlying loss ratio 62.8 % 65.8 % 59.8 % 64.1 % Rate 4 % (5)% Renewal premium change 4 2 % (2) 2 % Retention 85 81 87 83 New business $ 175 $ 446 $ 97 $ 718 Three Months Ended June 30, 2025 Net written premiums $ 892 $ 1,563 $ 391 $ 2,846 Net earned premiums 862 1,402 324 2,588 Underwriting gain 53 74 23 150 Net investment income 170 206 38 414 Core income 177 218 53 448 Other performance metrics: Loss ratio 60.1 % 67.1 % 59.9 % 63.9 % Expense ratio 33.2 27.2 32.9 29.8 Dividend ratio 0.3 0.5 0.4 Combined ratio 93.6 % 94.8 % 92.8 % 94.1 % Less: Effect of catastrophe impacts 4.2 1.4 2.4 Underlying combined ratio 93.6 % 90.6 % 91.4 % 91.7 % Underlying loss ratio 60.1 % 62.9 % 58.5 % 61.5 % Rate 3 % 5 % (4)% 3 % Renewal premium change 4 6 (1) 5 Retention 86 81 86 83 New business $ 122 $ 420 $ 103 $ 645 49 Table of contents Six Months Ended June 30, 2026 Specialty Commercial International Total (In millions, except %) Net written premiums $ 1,771 $ 3,123 $ 693 $ 5,587 Net earned premiums 1,730 2,853 671 5,254 Underwriting gain 8 1 24 33 Net investment income 313 436 87 836 Core income 256 344 74 674 Other performance metrics: Loss ratio 65.7 % 72.8 % 61.5 % 69.0 % Expense ratio 33.4 26.6 34.9 30.0 Dividend ratio 0.4 0.5 0.4 Combined ratio 99.5 % 99.9 % 96.4 % 99.4 % Less: Effect of catastrophe impacts 5.1 1.7 2.9 Less: Effect of unfavorable development-related items 2.9 1.9 2.0 Underlying combined ratio 96.6 % 92.9 % 94.7 % 94.5 % Underlying loss ratio 62.8 % 65.8 % 59.8 % 64.1 % Rate 4 % 1 % (5)% 1 % Renewal premium change 4 3 (2) 2 Retention 85 81 86 83 New business $ 302 $ 815 $ 182 $ 1,299 Six Months Ended June 30, 2025 Net written premiums $ 1,734 $ 3,061 $ 657 $ 5,452 Net earned premiums 1,692 2,782 634 5,108 Underwriting gain 95 57 38 190 Net investment income 321 383 72 776 Core income 327 342 90 759 Other performance metrics: Loss ratio 60.7 % 70.0 % 61.0 % 65.8 % Expense ratio 33.3 27.4 33.0 30.1 Dividend ratio 0.3 0.5 0.4 Combined ratio 94.3 % 97.9 % 94.0 % 96.3 % Less: Effect of catastrophe impacts 5.2 2.5 3.1 Less: Effect of unfavorable development-related items 0.6 1.9 1.2 Underlying combined ratio 93.7 % 90.8 % 91.5 % 92.0 % Underlying loss ratio 60.1 % 62.9 % 58.5 % 61.5 % Rate 3 % 6 % (3)% 4 % Renewal premium change 4 7 5 Retention 88 83 85 84 New business $ 234 $ 790 $ 186 $ 1,210 Three Months Ended June 30, 2026 Compared to the Comparable 2025 Period Net written premiums for Specialty increased $45 million for the three months ended June 30, 2026 as compared with the comparable 2025 period driven by higher new business and rate. The increase in net earned premiums for the three months ended June 30, 2026 was consistent with the trend in net written premiums for Specialty. Net written premiums for Commercial increased $80 million for the three months ended June 30, 2026 as compared with the comparable 2025 period driven by favorable renewal premium change and higher new business. The increase in net earned premiums for the three months ended June 30, 2026 was consistent with the trend in net written premiums for Commercial. Net written premiums for International decreased $6 million for the three months ended June 30, 2026 as compared with the comparable 2025 period. Excluding the effect of foreign currency exchange rates, net written premiums decreased $11 50 Table of contents million for the three months ended June 30, 2026 as compared with the comparable 2025 period driven by lower rate and timing of reinsurance costs, partially offset by higher retention. The increase in net earned premiums for the three months ended June 30, 2026 was consistent with the trend in net written premiums in recent quarters for International. Core income for Property & Casualty Operations decreased $22 million for the three months ended June 30, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results, partially offset by higher net investment income. Catastrophe losses for Property & Casualty Operations were $60 million and $62 million for the three months ended June 30, 2026 and 2025 driven by severe weather related events. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended June 30, 2026 or 2025. For the three months ended June 30, 2026 and 2025, Specialty had no catastrophe losses, Commercial had catastrophe losses of $53 million and $57 million and International had catastrophe losses of $7 million and $5 million. Favorable net prior year loss reserve development for Property & Casualty Operations of $6 million and $4 million was recorded for the three months ended June 30, 2026 and 2025. For the three months ended June 30, 2026 and 2025, Specialty recorded favorable net prior year loss reserve development of $1 million and no net prior year loss reserve development, Commercial recorded favorable net prior year loss reserve development of $5 million and $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 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Specialty’s combined ratio increased 2.9 points for the three months ended June 30, 2026 as compared with the comparable 2025 period primarily due to a 2.7 point increase in the loss ratio. The increase in the loss ratio reflected a higher underlying loss ratio across various lines. The expense ratio was generally consistent with the comparable 2025 period. Commercial’s combined ratio increased 1.7 points for the three months ended June 30, 2026 as compared with the comparable 2025 period primarily due to a 2.4 point increase in the loss ratio partially offset by a 0.6 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. Catastrophe losses were 3.7 points of the loss ratio for the three months ended June 30, 2026 as compared with 4.2 points of the loss ratio for the comparable 2025 period. International’s combined ratio increased 4.1 points for the three months ended June 30, 2026 as compared with the comparable 2025 period due to a 2.1 point increase in the loss ratio and a 2.0 point increase in the expense ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio across most lines and higher catastrophe losses, which were 2.2 points of the loss ratio for the three months ended June 30, 2026 as compared with 1.4 points of the loss ratio for the comparable 2025 period. The increase in the expense ratio was primarily driven by continued investments in talent and technology and higher acquisition costs, partially offset by higher net earned premiums. Six Months Ended June 30, 2026 Compared to the Comparable 2025 Period Net written premiums for Specialty increased $37 million for the six months ended June 30, 2026 as compared with the comparable 2025 period driven by higher new business and rate partially offset by lower retention. The increase in net earned premiums for the six months ended June 30, 2026 was consistent with the trend in net written premiums for Specialty. Net written premiums for Commercial increased $62 million for the six months ended June 30, 2026 as compared with the comparable 2025 period driven by rate and higher new business. The increase in net earned premiums for the six months ended June 30, 2026 was consistent with the trend in net written premiums for Commercial. Net written premiums for International increased $36 million for the six months ended June 30, 2026 as compared with the comparable 2025 period. Excluding the effect of foreign currency exchange rates, net written premiums increased $8 million for the six months ended June 30, 2026 as compared with the comparable 2025 period driven by higher retention, partially offset by lower rate. The increase in net earned premiums for the six months ended June 30, 2026 was consistent with the trend in net written premiums for International. Core income for Property & Casualty Operations decreased $85 million for the six months ended June 30, 2026 as compared with the comparable 2025 period primarily driven by lower underlying underwriting results and unfavorable net prior year loss reserve development partially offset by higher net investment income. 51 Table of contents Catastrophe losses for Property & Casualty Operations were $148 million and catastrophe-related reinsurance reinstatement premiums were $9 million for the six months ended June 30, 2026 driven by severe weather related events. Catastrophe losses were $159 million for the six months ended June 30, 2025 driven by severe weather related events. There were no catastrophe-related reinsurance reinstatement premiums for the six months ended June 30, 2025. For the six months ended June 30, 2026 and 2025, Specialty had no catastrophe losses, Commercial had catastrophe losses of $137 million and $143 million and International had catastrophe losses of $11 million and $16 million. The six months ended June 30, 2026 also includes $9 million of catastrophe-related reinsurance reinstatement premiums for Commercial. Unfavorable net prior year loss reserve development for Property & Casualty Operations of $94 million and $57 million was recorded for the six months ended June 30, 2026 and 2025. For the six months ended June 30, 2026 and 2025, Specialty recorded unfavorable net prior year loss reserve development of $44 million and $10 million, Commercial recorded unfavorable net prior year loss reserve development of $50 million and $47 million and International recorded no net prior year loss reserve development. Further information on net prior year loss reserve development is included in Note 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Specialty’s combined ratio increased 5.2 points for the six months ended June 30, 2026 as compared with the comparable 2025 period primarily due to a 5.0 point increase in the loss ratio. The increase in the loss ratio reflected both a higher underlying loss ratio across various lines and higher unfavorable net prior year loss reserve development. The expense ratio was generally consistent with the comparable 2025 period. Commercial’s combined ratio increased 2.0 points for the six months ended June 30, 2026 as compared with the comparable 2025 period due to a 2.8 point increase in the loss ratio partially offset by a 0.8 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. The effect of catastrophe impacts on the loss ratio was 5.1 points for the six months ended June 30, 2026 as compared with 5.2 points for the comparable 2025 period. International’s combined ratio increased 2.4 points for the six months ended June 30, 2026 as compared with the comparable 2025 period due to a 1.9 point increase in the expense ratio and a 0.5 point increase in the loss ratio. The increase in the expense ratio was primarily driven by continued investments in talent and technology and higher acquisition costs, partially offset by higher net earned premiums. The increase in the loss ratio was due to an increase in the underlying loss ratio across most lines partially offset by lower catastrophe losses, which were 1.7 points of the loss ratio for the six months ended June 30, 2026 as compared with 2.5 points of the loss ratio for the comparable 2025 period. 52 Table of contents Other Insurance Operations The following table summarizes the results of CNA’s Other Insurance Operations for the three and six months ended June 30, 2026 and 2025. Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (In millions) Net earned premiums $ 103 $ 106 $ 206 $ 212 Net investment income 240 248 475 490 Core loss (102) (113) (125) (143) Three Months Ended June 30, 2026 Compared to the Comparable 2025 Period Core results for Other Insurance Operations improved $11 million for the three months ended June 30, 2026 as compared with the comparable 2025 period. The current quarter includes a $77 million after-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves as compared 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 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. These improvements were partially offset by lower net investment income for the three months ended June 30, 2026 as compared with the comparable 2025 period. Six Months Ended June 30, 2026 Compared to the Comparable 2025 Period Core results for Other Insurance Operations improved $18 million for the six months ended June 30, 2026 as compared with the comparable 2025 period. The current period includes a $77 million after-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves as compared with a $106 million after-tax charge in 2025. The current period also includes an increase of $17 million after-tax associated with the amortization of the deferred gain related to the A&EP 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 5 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. These improvements were partially offset by lower net investment income for the six months ended June 30, 2026 as compared with the comparable 2025 period. 53 Table of contents Boardwalk Pipelines Current Growth Projects Boardwalk Pipelines regularly reviews opportunities to expand its existing facilities and footprint to meet growing demand for transportation and storage services. The recent growth of liquefied natural gas 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 4.5 billion cubic feet per day (“Bcf/d”) and its storage working gas capacity by 10 Bcf at an expected aggregate cost of approximately $3.4 billion and are scheduled to be completed through 2030. Through June 30, 2026, Boardwalk Pipelines has spent $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. These projects have lengthy planning and construction periods and, as a result, will not contribute to Boardwalk Pipelines’ earnings and cash flows until they receive the required regulatory approvals and permits and are constructed and placed into service over the next several years. For further discussion of capital expenditures and financing, please see Liquidity and Capital Resources: Subsidiaries of this MD&A. Boardwalk Pipelines’ cost and timing estimates for these projects are based on a variety of inputs such as contractor indicative bids, quotes on materials and internally-developed financial models, metrics and timelines and are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals and the cost thereof, adverse weather conditions during construction, its ability to acquire and the cost of obtaining rights to construct and operate on land not owned by Boardwalk Pipelines, delays in obtaining and shortages and price increases for key materials (including pipe, compressor facilities and related equipment), tariff implications and shortages and increased costs of qualified labor. Factors in the estimates include, among other things, those related to pipeline costs based on mileage, size and type of pipe, materials including compressors and related equipment, land, engineering and construction costs and timely receipt of all necessary permits and approvals. Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from its estimates. In addition, failure to timely meet development milestones may result in, among other things, contractual counterparties having the ability to terminate contracts with Boardwalk Pipelines. Refer to Part I, Item 1. Business and Part I, Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 for project descriptions and additional risks associated with Boardwalk Pipelines’ growth projects and the related financing. 54 Table of contents Boardwalk Pipelines’ more significant growth projects are listed below: Expected in-service date Expected incremental capacity added to system (Bcf/d) Eunice - Iowa (a) September 2026 0.1 Carnation Project (b) Fourth quarter 2027 0.2 Northeast Texas Power Plant Project (c) Fourth quarter 2027 0.3 Kosciusko Junction Project (c) First half 2028 1.2 Ohio Power Plant Project (c) First half 2028 0.3 Southeast Compression for Utility Reliability Expansion Project (c) First half 2028 0.3 Parks Line Upgrade and Sorrento Station Project (a) First half 2028 0.2 Texas Gateway Project (c) Second half 2029 1.8 Petal Gas Storage Expansion (d) Second half 2030 (d) (a) These projects have received approval from the Federal Energy Regulatory Commission (“FERC”) and construction has commenced. (b) This project remains subject to FERC approval and receipt of environmental permits and authorizations. (c) These projects remain subject to FERC approval, acquisition of land rights and receipt of environmental permits and authorizations. (d) This project remains subject to FERC approval and is expected to add 10 Bcf of storage working gas capacity. Refer to Current Growth Projects in Part I, Item 1. Business in our Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion of Boardwalk Pipelines’ significant growth projects. Boardwalk Pipelines’ growth projects include $9.4 billion of estimated revenues that are anticipated under executed precedent or long-term firm transportation agreements for growth projects that are contingent upon, among other things, receipt of required regulatory approvals and permits and are subject to construction risk. In addition to growth projects for which Boardwalk Pipelines has executed precedent agreements, it regularly considers other potential growth projects at earlier stages of development, and is currently evaluating additional growth projects involving substantial capital commitments. Boardwalk Pipelines may from time to time make public disclosures regarding these potential projects, for instance, through announcements of open seasons for potential future capacity. In addition to the risks, uncertainties and contingencies described above regarding the growth projects for which Boardwalk Pipelines has executed precedent agreements, these potential growth projects at earlier stages of development are subject to a variety of additional risks and uncertainties as Boardwalk Pipelines has not reached final investment decisions or secured executed precedent agreements for them. Therefore, these potential growth projects at earlier stages of development may not be consummated as contemplated in any such public disclosures or at all. Results of Operations 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 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 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 55 Table of contents 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 June 30, 2026 and 2025, as presented in Note 13 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. Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (In millions) Revenues: Operating revenues and other $ 574 $ 534 $ 1,200 $ 1,155 Interest income 2 3 7 4 Total 576 537 1,207 1,159 Expenses: Operating and other: Operating costs and expenses 295 260 561 535 Depreciation and amortization 112 120 223 226 Interest 36 40 79 79 Total 443 420 863 840 Income before income tax 133 117 344 319 Income tax expense (33) (29) (85) (79) Net income attributable to Loews Corporation $ 100 $ 88 $ 259 $ 240 EBITDA $ 279 $ 274 $ 639 $ 620 Three Months Ended June 30, 2026 Compared to the Comparable 2025 Period Net income attributable to Loews Corporation and EBITDA increased $12 million and $5 million for the three months ended June 30, 2026 as compared with the comparable 2025 period. Total revenues increased $39 million for the three months ended June 30, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $14 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates and growth project revenues. Product sales revenue increased $22 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to additional product sales of $18 million from the Boardwalk Continuum Marketing, LLC (“Continuum”) acquisition and increased propane and ethylene product sales of $12 million, partially offset by lower ethane product sales of $7 million. Operating and other expenses increased $27 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to increased general and administrative costs of $18 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily from higher employee-related costs due to an increase in employees due to Boardwalk Pipelines’ growth, including new employees from the Continuum acquisition, higher outside service costs and Continuum related transaction costs, partially offset by lower depreciation expense. Costs associated with service revenues increased $9 million primarily due to a storage gas loss adjustment. Costs associated with product sales increased $8 million for the three months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to additional product costs from the Continuum acquisition and higher propane and ethylene product costs of $2 million, partially offset by lower product costs of $9 million related to lower ethane product sales. 56 Table of contents Six Months Ended June 30, 2026 Compared to the Comparable 2025 Period Net income attributable to Loews Corporation and EBITDA each increased $19 million for the six months ended June 30, 2026 as compared with the comparable 2025 period. Total revenues increased $48 million for the six months ended June 30, 2026 as compared with the comparable 2025 period. Transportation revenues for the natural gas business increased $22 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher contracting rates and higher utilization-based and growth project revenues. Transportation revenues for the natural gas liquids business increased by $7 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to higher volumes transported. Storage and parking and lending (“PAL”) revenues for the natural gas business increased by $17 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to favorable market conditions which allowed for contracting at higher rates. Product sales decreased by $7 million for the six months ended June 30, 2026 as compared with the comparable 2025 period primarily due to ethane product sales, which decreased by $40 million primarily due to lower volumes, partially offset by higher propane and ethylene product sales of $18 million and product sales revenues of $18 million from the Continuum acquisition. Operating and other expenses increased $23 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily due to increased general and administrative costs of $23 million for the six months ended June 30, 2026 as compared with the comparable 2025 period, primarily from higher employee-related costs due to an increase in employees due to Boardwalk Pipelines’ growth, including new employees from the Continuum acquisition, higher outside service costs and Continuum related transaction costs. Costs associated with service revenues increased $9 million primarily due to a storage gas loss adjustment. These increases were partially offset by a $7 million decrease in costs associated with product sales, which includes lower product costs of $38 million related to lower ethane product sales, partially offset by increased product costs of $18 million related to higher propane and ethylene sales. Non-GAAP Reconciliation of Net Income Attributable to Loews Corporation to EBITDA The following table reconciles net income attributable to Loews Corporation to EBITDA for the three and six months ended June 30, 2026 and 2025: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (In millions) Net income attributable to Loews Corporation $ 100 $ 88 $ 259 $ 240 Interest, net 34 37 72 75 Income tax expense 33 29 85 79 Depreciation and amortization 112 120 223 226 EBITDA $ 279 $ 274 $ 639 $ 620 57 Table of contents Loews Hotels & Co The following table summarizes the results of operations for Loews Hotels & Co for the three and six months ended June 30, 2026 and 2025, as presented in Note 13 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (In millions) Revenues: Operating revenue $ 245 $ 222 $ 463 $ 433 Revenues related to reimbursable expenses 31 32 67 66 Total 276 254 530 499 Expenses: Operating and other 175 170 350 343 Asset impairments 9 Reimbursable expenses 31 32 67 66 Depreciation and amortization 27 24 53 48 Equity income from joint ventures (41) (29) (85) (35) Interest 15 18 30 34 Total 207 215 424 456 Income before income tax 69 39 106 43 Income tax expense (21) (11) (32) (15) Net income attributable to Loews Corporation $ 48 $ 28 $ 74 $ 28 Net income attributable to Loews Corporation increased $20 million and $46 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 periods. Operating revenues increased by $23 million and $30 million and operating and other expenses increased by $5 million and $7 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 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 $12 million and $50 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 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 in the first quarter 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. Depreciation and amortization expense increased $3 million and $5 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 periods driven by new assets placed into service from property renovations at certain hotels, as well as accelerated depreciation of assets replaced by those renovations. Interest expense decreased $3 million and $4 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 periods primarily due to lower interest costs on certain debt refinanced in 2025, partially offset by lower capitalized interest on projects under development. 58 Table of contents Corporate Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company. Investment income includes earnings on cash and short-term investments held at the Parent Company to meet current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company. Corporate also includes the equity method of accounting for Altium Packaging and intercompany eliminations. The following table summarizes the results of operations for Corporate for the three and six months ended June 30, 2026 and 2025 as presented in Note 13 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (In millions) Revenues: Net investment income $ 55 $ 47 $ 50 47 Intercompany eliminations (2) (4) Total 53 47 46 $ 47 Expenses: Operating and other 15 15 31 31 Equity method loss 14 11 21 18 Interest 19 18 41 36 Total 48 44 93 85 Income (loss) before income tax 5 3 (47) (38) Income tax (expense) benefit (3) (2) 7 5 Net income (loss) attributable to Loews Corporation $ 2 $ 1 $ (40) $ (33) 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 $7 million for the six months ended June 30, 2026 as compared with the comparable 2025 periods. Net investment income for the Parent Company increased $8 million and $3 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 periods, primarily due to improved results from the trading portfolio. Equity method loss was $14 million and $21 million for the three and six months ended June 30, 2026, compared with $11 million and $18 million for the comparable 2025 periods. The losses in the current periods primarily reflect the timing impact of higher resin costs at Altium Packaging, as customer price adjustments are implemented prospectively and generally offset the higher resin costs over time. Interest expense increased $1 million and $5 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 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. LIQUIDITY AND CAPITAL RESOURCES Parent Company Parent Company cash and investments, net of receivables and payables, totaled $4.4 billion at June 30, 2026 as compared to $3.9 billion at December 31, 2025. During the six months ended June 30, 2026, we received $885 million in cash dividends and distributions from our subsidiaries: $735 million from CNA, including a special cash dividend of $497 million, and $150 million from Boardwalk Pipelines. Cash outflows during the six months ended June 30, 2026 included the payment of $185 million to fund treasury stock purchases and $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 59 Table of contents 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. In February of 2026, we completed a public offering of $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. Depending on market and other conditions, we may purchase shares of our and our subsidiaries’ outstanding common stock in the open market (including, with respect to our common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise. During the six months ended June 30, 2026, we purchased 1.7 million shares of Loews Corporation common stock for $177 million. As of July 31, 2026, there were 204,427,720 shares of Loews Corporation common stock outstanding. Future uses of our cash may include purchases of our and our subsidiaries’ outstanding common stock, dividends, investing in our subsidiaries and/or to make opportunistic investments. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition and business needs. Subsidiaries CNA’s cash provided by operating activities was $1.0 billion for the six months ended June 30, 2026 as compared with $1.2 billion for the comparable 2025 period. The decrease in cash provided by operating activities was driven by an increase in net claim payments partially offset by an increase in premiums collected. CNA paid cash dividends of $2.96 per share on its common stock, including a special cash dividend of $2.00 per share, during the six months ended June 30, 2026. On July 31, 2026, CNA’s Board of Directors declared a quarterly cash dividend of $0.48 per share, payable September 3, 2026 to shareholders of record on August 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 June 30, 2026, CCC was in a positive earned surplus position. CCC paid dividends of $725 million and $610 million during the six months ended June 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. CNA has an effective shelf registration statement on file with the SEC under which it may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time. Boardwalk Pipelines’ cash provided by operating activities was $541 million for the six months ended June 30, 2026 as compared with $542 million for the comparable 2025 period. As described in Current Growth Projects above, Boardwalk Pipelines is currently engaged in growth projects for which it has executed precedent or long-term firm transportation agreements. Through the date of this filing, the expected aggregate cost associated with these agreements is approximately $3.4 billion; this cost is expected to be spent through 2030. Through June 30, 2026, Boardwalk Pipelines has spent $381 million on these growth projects. The majority of the capital expenditures for each of these projects is expected to be spent upon receiving FERC approval to begin construction, which is generally 12-18 months prior to the project’s expected in-service date. Boardwalk Pipelines is also evaluating additional growth projects involving substantial capital commitments. Boardwalk Pipelines expects to finance its growth projects through a combination of operating cash flows, the issuance of long-term debt and borrowings under its revolving credit facility. Boardwalk Pipelines’ cost and timing estimates for its growth projects are subject to a variety of risks and uncertainties, and are based on the factors described in Boardwalk Pipelines: Current Growth Projects in this MD&A. Actual costs and timing of in-service dates for Boardwalk Pipelines’ growth projects may differ, perhaps materially, from 60 Table of contents its estimates. Refer to Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 for additional risks associated with Boardwalk Pipelines’ growth projects and the related financing. The nature of Boardwalk Pipelines’ existing growth projects will require it to enhance or modify its existing assets to accommodate increased operating pressures or changing flow patterns. Boardwalk Pipelines considers capital expenditures associated with the modification or enhancement of existing assets in the context of a growth project to be growth capital to the extent that the modification would not have been made in the absence of the growth project without regard to the condition of the existing assets. For the six months ended June 30, 2026 and 2025, Boardwalk Pipelines’ capital expenditures were $344 million and $122 million, consisting of growth capital expenditures of $269 million and $51 million and maintenance capital expenditures of $75 million and $71 million. Additionally, as of June 30, 2026, Boardwalk Pipelines has future capital commitments comprised of binding commitments under purchase orders for materials ordered but not received totaling approximately $626 million, which are expected to be settled through 2028. As of June 30, 2026, Boardwalk Pipelines had no outstanding borrowings under its revolving credit facility. As of June 30, 2026, Boardwalk Pipelines had $16 million in outstanding letters of credit under its revolving credit facility, which reduced the available borrowing capacity to $984 million. As of June 30, 2026, Boardwalk Pipelines has an effective shelf registration statement on file with the SEC, under which it may publicly issue up to $3.5 billion of debt securities, warrants or rights from time to time. On March 1, 2026, Boardwalk Pipelines redeemed the outstanding $550 million aggregate principal amount of its 6.0% senior notes due June 1, 2026 at a redemption price equal to par plus unpaid and accrued interest. The redemption was funded from the proceeds of the $550 million aggregate principal amount of its 5.4% senior notes due February 15, 2036 issued in 2025. Boardwalk Pipelines believes that its existing capital resources, including its cash and cash equivalents, revolving credit facility and cash flows from operating activities, will be adequate to fund its anticipated obligations over the next twelve months. During the six months ended June 30, 2026, Boardwalk Pipelines paid distributions of $150 million to the Company. On April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC (previously known as Spire Marketing Inc.) for $212 million. Spire Marketing LLC (now known as Continuum) is engaged in the marketing of natural gas and related services throughout the U.S. As of June 30, 2026, Loews Hotels & Co believes that its existing capital resources, including its cash and cash equivalents and cash flows from operating activities, will be adequate to fund its anticipated obligations over the next twelve months. Refinancing any indebtedness, including loans of unconsolidated joint venture partnerships, may require Loews Hotels & Co to make principal pay downs, establish restricted cash reserves or provide guaranties of the subsidiary’s debt. INVESTMENTS Investment activities of our non-insurance subsidiaries primarily consist of investments in fixed income securities, including short-term investments. The Parent Company portfolio also includes equity securities, including short sales and derivative instruments. Certain of these types of Parent Company investments generally have greater volatility, less liquidity and greater risk than fixed income investments and are included within Results of Operations – Corporate. The Parent Company enters into short sales and invests in certain derivative instruments that are used for asset and liability management activities, income enhancements to its portfolio management strategy and to benefit from anticipated future movements in the underlying markets. If such movements do not occur as anticipated, significant losses may occur. Monitoring procedures include senior management review of daily reports of existing positions and valuation fluctuations to seek to ensure that open positions are consistent with the portfolio strategy. Credit exposure associated with non-performance by counterparties to derivative instruments is generally limited to the uncollateralized change in fair value of the derivative instruments recognized in the Consolidated Condensed Balance Sheets. The risk of non-performance is mitigated by monitoring the creditworthiness of counterparties and diversifying derivatives by using multiple counterparties. Collateral is occasionally required from derivative investment counterparties depending on the amount of the exposure and the credit rating of the counterparty. Insurance CNA maintains a large portfolio of fixed maturity and equity securities, including large amounts of corporate and government issued debt securities, residential and commercial mortgage-backed securities, other asset-backed securities 61 Table of contents and investments in limited partnerships which pursue a variety of long and short investment strategies across a broad array of asset classes. CNA’s investment portfolio supports its obligation to pay future insurance claims and provides investment returns which are an important part of CNA’s overall profitability. Net Investment Income The significant components of CNA’s net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock. Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (In millions) Fixed income securities: Taxable fixed income securities $ 507 $ 508 $ 1,007 $ 1,004 Tax-exempt fixed income securities 55 36 107 70 Total fixed income securities 562 544 1,114 1,074 Limited partnership and common stock investments 131 100 173 154 Other, net of investment expense 8 18 24 38 Net investment income $ 701 $ 662 $ 1,311 $ 1,266 Effective income yield for the fixed income securities portfolio 4.9 % 4.9 % 4.9 % 4.8 % Limited partnership and common stock return for the period 4.3 % 3.6 % 5.7 % 5.7 % CNA’s net investment income increased $39 million and $45 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 periods, driven by higher limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates. 62 Table of contents Investment Gains (Losses) The components of CNA’s investment gains (losses) are presented in the following table: Three Months Ended Six Months Ended June 30, June 30, 2026 2025 2026 2025 (In millions) Investment gains (losses): Fixed maturity securities: Corporate and other bonds $ (3) $ (40) $ (10) $ (49) States, municipalities and political subdivisions (1) (1) Asset-backed (5) (8) (11) (7) Total fixed maturity securities (8) (48) (22) (57) Non-redeemable preferred stock 3 6 (1) 6 Derivatives, short-term and other (4) (4) Total investment losses (5) (46) (23) (55) Income tax benefit 2 10 6 12 Amounts attributable to noncontrolling interests 2 1 3 Investment losses attributable to Loews Corporation $ (3) $ (34) $ (16) $ (40) CNA’s pretax investment losses decreased $41 million and $32 million for the three and six months ended June 30, 2026 as compared with the comparable 2025 period, driven by lower net losses on disposals of fixed maturity securities and lower impairment losses. Further information on CNA’s investment gains and losses is set forth in Note 3 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. Portfolio Quality The following table presents the estimated fair value and net unrealized gains (losses) of CNA’s fixed maturity securities by rating distribution: June 30, 2026 December 31, 2025 Estimated Fair Value Net Unrealized Gains (Losses) Estimated Fair Value Net Unrealized Gains (Losses) (In millions) U.S. Government, Government agencies and Government-sponsored enterprises $ 3,323 $ (260) $ 3,274 $ (228) AAA 4,066 (144) 3,997 (136) AA 7,684 (434) 7,001 (428) A 11,133 (243) 11,167 (140) BBB 15,918 (362) 16,249 (223) Non-investment grade 1,758 (70) 1,714 (42) Total $ 43,882 $ (1,513) $ 43,402 $ (1,197) As of June 30, 2026 and December 31, 2025, 1% of CNA’s fixed maturity portfolio was rated internally. Additionally, as of June 30, 2026 and December 31, 2025, CNA assigned an AAA rating to $714 million and $661 million of municipal 63 Table of contents bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. government agency or sponsored enterprise. The following table presents CNA’s available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution: June 30, 2026 Estimated Fair Value Gross Unrealized Losses (In millions) U.S. Government, Government agencies and Government-sponsored enterprises $ 2,198 $ 283 AAA 1,400 241 AA 4,127 630 A 5,854 477 BBB 8,741 670 Non-investment grade 916 95 Total $ 23,236 $ 2,396 The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life: June 30, 2026 Estimated Fair Value Gross Unrealized Losses (In millions) Due in one year or less $ 977 $ 12 Due after one year through five years 6,568 289 Due after five years through ten years 6,421 636 Due after ten years 9,270 1,459 Total $ 23,236 $ 2,396 Duration A primary objective in the management of CNA’s investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. CNA’s views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. CNA also continually monitors exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on its views of a specific issuer or industry sector. A further consideration in the management of CNA’s investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long-term in nature, CNA segregates investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in Other Insurance Operations. The effective durations of CNA’s fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled. 64 Table of contents June 30, 2026 December 31, 2025 Estimated Fair Value Effective Duration (Years) Estimated Fair Value Effective Duration (Years) (In millions of dollars) Life & Group $ 15,405 10.0 $ 15,584 9.7 Property & Casualty and other 30,691 4.6 30,716 4.5 Total $ 46,096 6.4 $ 46,300 6.3 The effective duration of investments supporting Life & Group liabilities at June 30, 2026 lengthened as compared with December 31, 2025, reflecting repositioning to capitalize on higher rates and reduce reinvestment risk. CNA’s investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, CNA periodically reviews the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures about Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2025. CATASTROPHES AND RELATED REINSURANCE Various events can cause catastrophe losses. These events can be natural or man-made, including hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires, floods, riots, strikes, civil unrest, cyber attacks, pandemics and acts of terrorism that produce unusually large aggregate losses. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in CNA’s results of operations and/or equity. CNA uses various analyses and methods, including using one of the industry standard natural catastrophe models, to estimate hurricane and earthquake losses at various return periods and to inform underwriting and reinsurance decisions designed to manage its exposure to catastrophic events. CNA also generally seeks to manage its exposure through the purchase of catastrophe reinsurance and utilizes various reinsurance programs to mitigate catastrophe losses, including excess-of-loss treaties covering property and workers’ compensation, a property quota share treaty and the Terrorism Risk Insurance Program Reauthorization Act of 2019 (“TRIPRA”), as well as individual risk agreements that reinsure from losses from specific classes or lines of business. CNA regularly reviews its risk and catastrophe reinsurance coverages and from time to time makes changes as it deems appropriate. In the second quarter of 2026, CNA renewed its excess-of-loss property catastrophe reinsurance as described below. Group North American Property Treaty CNA purchased corporate catastrophe excess-of-loss treaty reinsurance covering its U.S. states and territories and Canadian property exposures underwritten in its North American and European companies. The treaty has a term of June 1, 2026 to June 1, 2027 and provides coverage for the accumulation of covered losses from catastrophe occurrences above CNA’s per occurrence retention of $300 million up to $1.5 billion for all losses. Losses stemming from terrorism events are covered unless they are due to a nuclear, biological, chemical or radiation event. All layers of the treaty provide for one full reinstatement. CRITICAL ACCOUNTING ESTIMATES Certain accounting policies require us to make estimates and judgments that affect the amounts reflected in the Consolidated Condensed Financial Statements. Such estimates and judgments necessarily involve varying, and possibly significant, degrees of uncertainty. Accordingly, certain amounts currently recorded or disclosed in the financial statements will likely be adjusted in the future based on new available information and changes in other facts and circumstances. See the Critical Accounting Estimates and the Insurance Reserves sections of our MD&A included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2025 for further information. 65 Table of contents ACCOUNTING STANDARDS UPDATE For a discussion of accounting standards pending adoption, please see Note 1 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. FORWARD-LOOKING STATEMENTS Investors are cautioned that certain statements contained in this Report as well as in other of our and our subsidiaries’ SEC filings and press releases and certain statements made by us and our subsidiaries and our and their officials in presentations or remarks may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). Forward-looking statements include, without limitation, any statement that does not directly relate to any historical or current fact and may project, indicate or imply future results, events, performance or achievements. Such statements may contain the words “expect,” “intend,” “plan,” “anticipate,” “estimate,” “believe,” “will be,” “will continue,” “will likely result,” and similar expressions. In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our control, that could cause actual results to differ materially from those anticipated or projected. Developments in any of the risks or uncertainties facing us or our subsidiaries, including those described under Part I, Item 1A, Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025 and in our and our subsidiaries’ other filings with the SEC, could cause our and our subsidiaries’ results to differ materially from results that have been or may be anticipated or projected. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made and we and our subsidiaries expressly disclaim any obligation or undertaking to update these statements to reflect any change in expectations or beliefs or any change in events, conditions or circumstances on which any forward-looking statement is based. 66 Table of contents