Core Viewpoint - Loews Corporation will report its first quarter 2025 financial results on May 5, 2025, along with earnings remarks from its CEO and CFO [1] Group 1: Financial Reporting - The financial results for the first quarter of 2025 will be disclosed on May 5, 2025 [1] - Earnings remarks will be available on the company's website, featuring commentary from CEO Ben Tisch and CFO Jane Wang [1] Group 2: Company Overview - Loews Corporation is a diversified company involved in the insurance, energy, hospitality, and packaging industries [2] - Additional information about the company can be found on its official website [2]

Core Insights - The House Edge is recognized as a unique marketplace service in the casino, gaming, and online sports betting sectors, providing superior returns through in-depth research and industry insights [1][2] Company Insights - Howard Jay Klein, with 30 years of experience in major casino operations, leads The House Edge, focusing on actionable research for investments in the casino and entertainment industries [2] - Klein's background includes significant roles at Ballys, Trump Taj Mahal, Mohegan Sun, and Caesars Palace, emphasizing his extensive industry knowledge [2] Industry Insights - The House Edge benefits from a vast intelligence network across the US gambling and entertainment sectors, including insights from various levels of employees and management [2]

Insurance and Financial Reserves - CNA may need to increase its insurance reserves if it determines that its recorded reserves are insufficient [27] - CNA's actual experience could vary from the key assumptions used to determine future policy benefit reserves for its long-term care policies [27] - Potential significant realized and unrealized investment losses and volatility in net investment income for CNA [27] - Regulatory limitations on CNA's insurance subsidiaries' ability to pay dividends to CNA [27] - Regulatory limitations may restrict CNA's insurance subsidiaries from paying dividends to the parent company [31] Operational Risks - Boardwalk Pipelines' operations are subject to catastrophic losses, operational hazards, and unforeseen interruptions for which it may not be adequately insured [30] - Boardwalk Pipelines faces risks from climate change and regulatory initiatives, impacting its natural gas transportation and storage operations [31] - Boardwalk Pipelines' substantial indebtedness and exposure to credit risk from customer defaults could affect its financial stability [31] - Loews Hotels & Co's exposure to risks resulting from significant investments in owned and leased real estate, including through ownership interests in partnerships and joint ventures [30] - Loews Hotels & Co's investments in partnerships and joint ventures carry inherent risks due to lack of unilateral control [31] Market Competition - Intense competition in CNA's industry and the cyclical nature of the property and casualty business [27] - The high level of competition in the hospitality industry, both for customers and for the acquisition and/or development of new properties [30] - The hospitality industry competition poses risks for Loews Hotels & Co in acquiring and developing new properties [31] Economic and Environmental Factors - The impact of the coronavirus disease ("COVID-19") and other potential pandemics on CNA [27] - The impact of pandemics on Loews Hotels & Co's operations has been significant and may continue to affect performance [31] - Loews Hotels & Co's geographic concentration of properties may expose it to localized economic downturns [31] - Boardwalk Pipelines' ability to replace expiring storage contracts at attractive rates is influenced by market conditions [31] Seasonal and Cyclical Volatility - Loews Hotels & Co is subject to seasonal and cyclical volatility in the hospitality industry, impacting revenue consistency [31]

Earnings Supplement February 2025 2024 Q4 Legal Disclaimers Forward Looking Statements and Risk Factors. The information presented herein is generally available from public sources, including our and our subsidiaries' earnings releases and SEC filings. We urge you to read those documents, and we specifically direct you to the forward-looking statements disclaimers and risk factors they contain. The primary purpose of this presentation is to help you understand how we view our Company and our subsidiaries, n ...

Financial Performance - Loews Corporation reported net income of $187 million, or $0.86 per share, in Q4 2024, down from $446 million, or $1.99 per share, in Q4 2023[2] - For the full year 2024, net income was $1,414 million, or $6.41 per share, compared to $1,434 million, or $6.29 per share, in 2023[4] - The net income for 2024 includes a pension settlement charge of $265 million, which impacted the results significantly[4] - Net income attributable to Loews Corporation decreased to $187 million in Q4 2024, down 58.1% from $446 million in Q4 2023[15] - Loews Corporation's net income per share attributable to the company was $0.86 in Q4 2024, down from $1.99 in Q4 2023[15] Revenue and Premiums - Total revenues for Loews Corporation increased to $4,546 million in Q4 2024, up 6.8% from $4,258 million in Q4 2023[15] - Insurance premiums rose to $2,679 million in Q4 2024, a 8.1% increase compared to $2,479 million in Q4 2023[15] - Net written premiums grew by 10% in 2024, driven by strong retention and new business[4] Operating Expenses - Operating expenses increased to $2,328 million in Q4 2024, up 27% from $1,835 million in Q4 2023, including a pension settlement charge of $367 million[15] Cash and Investments - The parent company had $3.3 billion of cash and investments and $1.8 billion of debt as of December 31, 2024[2] Shareholder Actions - Loews Corporation repurchased 7.7 million shares of its common stock for a total cost of $611 million in 2024[1] Segment Performance - Boardwalk Pipelines' net income increased to $145 million in Q4 2024, up from $92 million in Q4 2023, due to higher re-contracting rates and growth projects[4] - Loews Hotels' net income decreased to $27 million in Q4 2024 from $32 million in Q4 2023, primarily due to higher depreciation and interest expenses[4] - Boardwalk Pipelines reported an EBITDA of $290 million in Q4 2024, an increase of 11.5% from $260 million in Q4 2023[21] - Loews Hotels & Co's Adjusted EBITDA was $84 million in Q4 2024, slightly up from $83 million in Q4 2023[23] Insurance Operations - The loss ratio for CNA's Property & Casualty operations was 62.8% in Q4 2024, compared to 60.6% in Q4 2023[20] - Core income for CNA was $342 million in Q4 2024, down 5.5% from $362 million in Q4 2023[19] - The combined ratio for CNA was 93.1% in Q4 2024, compared to 92.1% in Q4 2023, indicating a slight deterioration in underwriting performance[20] Book Value - Book value per share, excluding AOCI, increased to $88.18 as of December 31, 2024, from $81.92 as of December 31, 2023[2] Investment Income - Corporate investment income improved year-over-year, contributing $40 million in Q4 2024 compared to $30 million in Q4 2023[10]

Core Insights - Loews Corporation reported a net income of $187 million, or $0.86 per share, in Q4 2024, a decrease from $446 million, or $1.99 per share, in Q4 2023, primarily due to a pension settlement charge of $265 million [2][4][7] - The company repurchased 7.7 million common shares for a total cost of $611 million in 2024, including 4.2 million shares for $349 million in Q4 2024 [1][9] Financial Performance - Net income attributable to Loews Corporation for the year 2024 was $1,414 million, or $6.41 per share, compared to $1,434 million, or $6.29 per share, in 2023 [2][7] - Excluding the pension charge, net income grew 17% year-over-year [7] - Book value per share, excluding AOCI, increased to $88.18 as of December 31, 2024, from $81.92 as of December 31, 2023 [3] Segment Performance - CNA Financial's net income attributable to Loews decreased to $19 million in Q4 2024 from $336 million in Q4 2023, impacted by higher catastrophe losses and investment losses [3][4] - Boardwalk Pipelines reported improved results with net income increasing to $145 million in Q4 2024 from $92 million in Q4 2023, driven by higher revenues from re-contracting and growth projects [3][9] - Loews Hotels' net income decreased to $27 million in Q4 2024 from $32 million in Q4 2023, primarily due to higher depreciation and interest expenses related to new hotel openings [3][9] Investment Income - The parent company's investment income improved year-over-year due to higher returns on equity securities, with net investment income growth driven by returns from limited partnerships and common stock investments [3][9] - Corporate investment income increased to $40 million in Q4 2024 from $30 million in Q4 2023 [17] Shareholder Returns - The company has been actively repurchasing shares, with a total of 7.7 million shares repurchased in 2024, reflecting a commitment to returning capital to shareholders [1][9] - The weighted average number of shares outstanding decreased to 220.53 million in 2024 from 227.81 million in 2023 [21]

Core Points - Loews Corporation will report its fourth quarter 2024 financial results on February 10, 2025 [1] - The earnings remarks will include commentary from CEO Ben Tisch and CFO Jane Wang [1] - Shareholders are invited to submit questions for management in advance of the earnings report [2] - The news release and earnings remarks will be available on the Loews Corporation website [2] - Loews Corporation operates in diversified sectors including insurance, energy, hospitality, and packaging [3]

Core Insights - Akeso, Inc. announced positive results from a Phase Ib/II clinical study of cadonilimab for advanced non-small cell lung cancer (NSCLC) patients who progressed after prior PD-(L)1 inhibitor treatment [1][2][3] Study Overview - The AK104-IIT-018 study is a prospective, open-label, single-arm, multicenter trial conducted across four centers in China, initiated in February 2023 [3] - The study enrolled patients with unresectable, incurable locally advanced or metastatic NSCLC who had previously received PD-1/L1 inhibitors and platinum-based chemotherapy [3][4] Efficacy Results - The treatment demonstrated a 6-month progression-free survival (PFS) rate of 56.9%, with a median PFS of 6.5 months, and a disease control rate (DCR) of 94.0% [2][5][7] - The overall objective response rate (ORR) was 30.3%, significantly higher than the 14% observed with docetaxel monotherapy [6] Patient Demographics - As of May 31, 2024, 46 patients were enrolled, with 41.3% having non-squamous NSCLC and 58.7% having squamous NSCLC [4] - 10.9% of patients had brain metastasis, 6.5% had liver metastasis, and 23.9% had bone metastasis [4] Safety Profile - The combination therapy of cadonilimab, anlotinib, and docetaxel was well-tolerated, with manageable adverse events and a favorable safety profile [8] Treatment Context - Current treatment options for advanced, driver gene-negative NSCLC after first-line immunotherapy are limited, with standard chemotherapy showing an ORR of 14%-17% and a 6-month PFS rate of approximately 30% [9] - Cadonilimab, a bispecific antibody targeting PD-1 and CTLA-4, shows potential as a new treatment option for immune-resistant NSCLC [9][10] Company Background - Akeso is a biopharmaceutical company focused on innovative biological medicines, with a robust pipeline of over 50 assets in various disease areas, including cancer [12] - The company has developed a unique integrated R&D innovation system and has 22 candidates in clinical trials, with 5 new drugs commercially available [12]

Financial Performance - Net income attributable to Loews Corporation for Q3 2024 was $401 million, or $1.82 per share, compared to $253 million, or $1.12 per share in Q3 2023, representing a 58.5% increase in net income [160]. - For the nine months ended September 30, 2024, net income attributable to Loews Corporation was $1,227 million, or $5.54 per share, up from $988 million, or $4.31 per share in the same period of 2023, reflecting a 24.2% increase [160]. - Net income attributable to Loews Corporation for the latest quarter was $150 million, up from $107 million in the previous quarter, representing an increase of 40.2% [178]. - Core income for the latest quarter was $178 million, compared to $133 million in the previous quarter, reflecting a growth of 33.8% [178]. - The company reported a total core income of $1,098 million for the nine months ended September 30, 2024, compared to $974 million for the same period in the previous year, marking a 12.7% increase [181]. Insurance Operations - CNA Financial reported insurance premiums of $2,593 million for Q3 2024, an increase from $2,406 million in Q3 2023, marking an 7.8% growth [165]. - CNA's total revenues for the nine months ended September 30, 2024, reached $10,581 million, up from $9,792 million in the same period of 2023, representing an 8.0% increase [165]. - Gross written premiums for the latest quarter totaled $3,595 million, with net earned premiums at $2,484 million [184]. - Gross written premiums for the nine months ended September 30, 2024, totaled $11,409 million, an increase from $10,953 million in the comparable 2023 period [188][190]. - Net written premiums for the nine months ended September 30, 2024, reached $7,424 million, up from $6,938 million in the same period last year, reflecting a growth of approximately 7% [188][190]. Investment Income - Net investment income for CNA Financial increased to $626 million in Q3 2024 from $553 million in Q3 2023, a rise of 13.2% [165]. - Net investment income for the latest quarter was $(136) million, a decline from $(470) million in the previous quarter [182]. - Net investment income for the nine months ended September 30, 2024, was $1,090 million, compared to $951 million in the same period last year, showing an increase of approximately 14.6% [188][190]. - CNA's total fixed income securities net investment income was $1,555 million for the nine months ended September 30, 2024, compared to $1,469 million in 2023 [266]. - CNA's net investment income increased by $73 million and $200 million for the three and nine months ended September 30, 2024, compared to the same periods in 2023 [266]. Catastrophe Losses - The effect of catastrophe losses in the latest quarter was $190 million, impacting overall profitability [182]. - Catastrophe losses for the three months ended September 30, 2024, were $143 million, up from $94 million in the same period last year, primarily due to severe weather events [195]. - Catastrophe losses for Property & Casualty Operations rose to $313 million for the nine months ended September 30, 2024, compared to $214 million in the same period of 2023 [205]. Operational Metrics - The loss ratio for the latest quarter was 60.1%, while the combined ratio stood at 93.0% [185]. - The loss ratio for the nine months ended September 30, 2024, was 64.9%, compared to 63.1% in the comparable 2023 period, showing a deterioration of 1.8 percentage points [189][190]. - The combined ratio for the nine months ended September 30, 2024, was 95.6%, an increase from 94.0% in the same period last year, reflecting a decline in underwriting performance [189][190]. - The expense ratio for the nine months ended September 30, 2024, was 30.3%, compared to 30.6% in the same period last year, indicating a slight improvement [189][190]. - The retention rate for the nine months ended September 30, 2024, was 85%, consistent with the previous year, reflecting stable customer loyalty [189][190]. Corporate Developments - Loews Hotels & Co reported a net loss of $8 million in Q3 2024, down from a net income of $17 million in Q3 2023, reflecting a significant decline [160]. - The Corporate segment recorded a net income of $73 million in Q3 2024, compared to a net loss of $48 million in Q3 2023, showing a turnaround [160]. - Operating revenues for Loews Hotels & Co improved by $100 million for the nine months ended September 30, 2024, attributed to the opening of the Loews Arlington Hotel and Convention Center and higher occupancy levels [236]. - Loews Corporation repurchased 4.6 million shares of its common stock in 2024 for a total cost of $353 million as of November 1, 2024 [248]. - CNA paid cash dividends of $3.32 per share during the nine months ended September 30, 2024, including a special cash dividend of $2.00 per share [251]. Capital Expenditures and Financing - Boardwalk Pipelines' capital expenditures for the nine months ended September 30, 2024, were $292 million, up from $232 million in 2023 [255]. - Interest expenses increased by $20 million for the nine months ended September 30, 2024, mainly due to pre-financing Boardwalk Pipeline's $600 million of debt maturing in December 2024 [232]. - As of September 30, 2024, Boardwalk Pipelines had $1.0 billion available under its revolving credit facility [256]. - Loews Hotels & Co refinanced $413 million in mortgage loans due within twelve months in 2024 [259]. Market Conditions and Risks - Forward-looking statements indicate that future financial performance is subject to various risks and uncertainties that could materially affect actual results [279]. - The company acknowledges that certain accounting estimates may be adjusted in the future based on new information and changing circumstances [276]. - CNA periodically reviews the sensitivity of its investment portfolio to foreign exchange rates and other market price changes [275]. - The company emphasizes the importance of aligning the duration of its investment portfolio with corresponding liabilities to manage interest rate risk [274].

Financial Performance - Loews Corporation reported net income of $401 million, or $1.82 per share, for Q3 2024, a 58% increase from $253 million, or $1.12 per share, in Q3 2023[2] - For the nine months ended September 30, 2024, net income was $1,227 million, or $5.54 per share, compared to $988 million, or $4.31 per share, in the same period of 2023[8] - Net income attributable to Loews Corporation for Q3 2024 was $401 million, up 58.5% from $253 million in Q3 2023[17] - The net income per share attributable to Loews Corporation increased to $1.82 in Q3 2024, compared to $1.12 in Q3 2023, marking a 62.5% rise[17] Revenue and Investment - Total revenues for the nine months ended September 30, 2024, reached $12,964 million, a 11.3% increase from $11,643 million in the same period of 2023[17] - Net investment income increased to $776 million in Q3 2024, compared to $592 million in Q3 2023, representing a 31.1% growth[17] - CNA Financial's net income attributable to Loews improved by 10% to $259 million in Q3 2024, driven by higher net investment income despite increased catastrophe losses[4] Insurance Operations - CNA's net written premiums grew by 8% in Q3 2024, driven by strong retention and new business[4] - The Property and Casualty combined ratio for CNA was 97.2% in Q3 2024, up from 94.3% in Q3 2023, reflecting higher catastrophe losses[4] - Insurance premiums for Q3 2024 were $2,593 million, up 7.8% from $2,406 million in Q3 2023[17] - CNA's core income for Q3 2024 was $293 million, slightly up from $289 million in Q3 2023[20] - The loss ratio for CNA in Q3 2024 was 66.7%, compared to 63.9% in Q3 2023, indicating a deterioration in underwriting performance[21] Segment Performance - Boardwalk Pipelines' net income rose 57% to $77 million in Q3 2024, supported by increased revenues from re-contracting at higher rates and growth projects[5] - Boardwalk Pipelines reported an EBITDA of $249 million for Q3 2024, up from $202 million in Q3 2023, reflecting a 23.3% increase[22] - Loews Hotels reported a net loss of $8 million in Q3 2024, down from a net income of $17 million in Q3 2023, primarily due to an impairment charge[6] - Loews Hotels & Co's Adjusted EBITDA for Q3 2024 was $64 million, compared to $60 million in Q3 2023, showing a 6.7% growth[24] - Loews Hotels & Co's net income attributable to Loews Corporation for Q3 2024 was a loss of $8 million, down from a profit of $17 million in Q3 2023[24] Shareholder Returns - Book value per share, excluding AOCI, increased to $87.22 as of September 30, 2024, from $81.92 as of December 31, 2023, reflecting strong operating results and share repurchases[2] - Loews Corporation repurchased 0.8 million shares for $64 million in Q3 2024 and an additional 1.2 million shares for $92 million in Q4 2024[9]