CNA evaluating pension transfer of $800M-$1B obligations; Loews expects $300-400M charge in Q4

LOEWS CORP

Potential group annuity contract would transfer 50-60% of CNA's pension obligations (~$800M-$1B) to an insurer.
Covered participants: 6,000-8,000; benefits unchanged; funding from plan assets, no cash contribution from CNA.
Loews expects one-time non-cash pretax charge of $300-400M ($215-290M net) in Q4 2024, no cash flow impact.
Closing targeted for Q4 2024; subject to final commitment agreement and customary conditions; no assurances.
Charge driven by accelerated recognition of actuarial loss from AOCI; does not affect shareholders' equity.

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