Financial Performance - Net income attributable to Loews Corporation for Q3 2025 was $504 million, or $2.43 per share, compared to $401 million, or $1.82 per share in Q3 2024, representing a 25.7% increase in net income [142]. - For the nine months ended September 30, 2025, net income attributable to Loews Corporation was $1,265 million, or $6.03 per share, compared to $1,227 million, or $5.54 per share in the same period of 2024, reflecting a 3.1% increase [142]. - Net income attributable to Loews Corporation for Q3 2025 was $371 million, compared to $259 million in Q3 2024, representing a 43.2% increase [156]. - Core income for Q3 2025 was $409 million, up from $293 million in Q3 2024, reflecting a 39.6% year-over-year growth [156]. - For the nine months ended September 30, 2025, net income attributable to Loews Corporation was $897 million, compared to $860 million for the same period in 2024, a 4.3% increase [157]. - Core income for the nine months ended September 30, 2025, was $1.025 billion, up from $974 million in 2024, marking a 5.2% increase [157]. Insurance Operations - CNA Financial's insurance premiums for Q3 2025 were $2,783 million, up from $2,593 million in Q3 2024, marking a 7.3% increase [146]. - The total revenues for CNA Financial in Q3 2025 were $3,817 million, compared to $3,618 million in Q3 2024, reflecting a 5.5% increase [146]. - The underwriting gain for Q3 2025 was $194 million, compared to a gain of $68 million in Q3 2024, indicating a significant improvement [159]. - The combined ratio for Q3 2025 was 92.8%, improving from 97.2% in Q3 2024, demonstrating enhanced underwriting performance [159]. - The loss ratio for Q3 2025 was 63.4%, compared to 66.7% in Q3 2024, indicating improved loss management [159]. - Gross written premiums for Q3 2025 totaled $3.591 billion, slightly down from $3.595 billion in Q3 2024 [159]. - New business written in Q3 2025 amounted to $549 million, compared to $547 million in Q3 2024, showing stable growth [159]. Investment Income - Net investment income for CNA Financial in Q3 2025 was $638 million, compared to $626 million in Q3 2024, indicating a 1.9% increase [146]. - For the nine months ended September 30, 2025, CNA's net investment income was $1,904 million, compared to $1,853 million in the same period of 2024, a 2.8% increase [146]. - Net investment income for the nine months ended September 30, 2025, was $1,172 million, an increase from $1,090 million in the comparable 2024 period [176]. - CNA's total fixed income securities net investment income was $1.624 billion for the nine months ended September 30, 2025, compared to $1.555 billion in 2024 [244]. - CNA's net investment income increased by $12 million and $51 million for the three and nine months ended September 30, 2025, compared to the same periods in 2024 [244]. Capital Expenditures and Projects - Boardwalk Pipelines has growth projects expected to increase capacity by 4.2 billion cubic feet per day at a cost of approximately $3.0 billion, scheduled for completion through 2029 [192]. - The Kosciusko Junction Project is expected to increase capacity by 1.2 Bcf/d and has an expected in-service date in the first half of 2029 [194]. - The Texas Gateway Project is expected to increase capacity by approximately 1.5 Bcf/d with an expected in-service date in the second half of 2029 [202]. - The Eunice – Iowa project is expected to increase capacity by approximately 0.1 Bcf/d with an expected in-service date in the first half of 2027 [198]. - The Ohio Power Plant Project is expected to increase delivery capacity by approximately 0.3 Bcf/d with an expected in-service date in the first half of 2028 [200]. - Boardwalk Pipelines' capital expenditures were $222 million for the nine months ended September 30, 2025, compared to $292 million in 2024 [234]. Cash Flow and Dividends - CNA's cash provided by operating activities was $1.9 billion for the nine months ended September 30, 2025, unchanged from 2024, driven by increased premiums collected and higher cash from investment earnings [227]. - CNA paid cash dividends of $3.38 per share during the nine months ended September 30, 2025, including a special cash dividend of $2.00 per share [228]. - Continental Casualty Company paid dividends of $755 million and $635 million during the nine months ended September 30, 2025 and 2024, respectively [229]. - Interest expenses for the nine months ended September 30, 2025, decreased by $18 million to $54 million, attributed to the pre-financing of a debt maturity [213]. - The Parent Company's cash and investments totaled $3.6 billion as of September 30, 2025, an increase from $3.3 billion at the end of 2024 [224]. Operational Challenges and Adjustments - The corporate segment reported a net income of $42 million for Q3 2025, down from $73 million in Q3 2024, primarily due to lower investment income [142]. - For the nine months ended September 30, 2025, core results decreased by $66 million, primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development [185]. - Long-term care reserves increased by $7 million and $15 million for the three months ended September 30, 2025 and 2024, respectively, due to cash flow assumption updates [184]. - The enactment of the One Big Beautiful Bill Act (OBBBA) on July 4, 2025, has not materially impacted the company's results of operations or financial condition [258]. - Forward-looking statements in the report are subject to various risks and uncertainties that could cause actual results to differ materially from projections [259]. - The company emphasizes that certain accounting estimates may be adjusted in the future based on new information and changing circumstances [255].

Financial Performance - Loews Corporation reported net income of $504 million, or $2.43 per share, for Q3 2025, up from $401 million, or $1.82 per share, in Q3 2024, representing a 25.7% increase in net income year-over-year[3] - CNA Financial's net income attributable to Loews increased by 43% year-over-year to $371 million, driven by improved underwriting results and higher net investment income[4] - Boardwalk Pipelines' net income improved by 22% year-over-year to $94 million, supported by higher re-contracting rates and completed growth projects[4] - Loews Corporation reported total revenues of $4,671 million for the three months ended September 30, 2025, an increase of 4.6% from $4,466 million in the same period of 2024[18] - Net income attributable to Loews Corporation for the three months ended September 30, 2025, was $504 million, up 25.7% from $401 million in the same period of 2024[18] - CNA's core income for the three months ended September 30, 2025, was $409 million, a 39.6% increase compared to $293 million in Q3 2024[20] Shareholder Returns - Loews Corporation repurchased 0.6 million shares of its common stock during Q3 2025 for a total cost of $56 million[4] - Loews Corporation's weighted average number of shares decreased to 207.71 million in Q3 2025 from 219.94 million in Q3 2024, reflecting a reduction in share count[18] Insurance Operations - Net earned premiums for CNA grew by 8%, while net written premiums increased by 3% due to new business[8] - Total insurance premiums for Loews Corporation increased to $2,783 million in Q3 2025, up 7.3% from $2,593 million in Q3 2024[18] - The loss ratio for CNA Financial Corporation improved to 63.4% in Q3 2025 from 66.7% in Q3 2024, indicating better underwriting performance[21] - The combined ratio for CNA Financial Corporation improved to 92.8% in Q3 2025 from 97.2% in Q3 2024, indicating enhanced operational efficiency[21] - Property and Casualty combined ratio improved by 4.4 points to 92.8% in Q3 2025, compared to 97.2% in Q3 2024, largely due to lower catastrophe losses[8] EBITDA and Growth - Boardwalk Pipelines reported EBITDA of $267 million for the three months ended September 30, 2025, compared to $249 million in the same period of 2024, reflecting a 7.2% increase[22] - Loews Hotels & Co achieved Adjusted EBITDA of $69 million for the three months ended September 30, 2025, up from $64 million in Q3 2024[24] Book Value - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024, reflecting a 11.9% increase[4] Project Announcements - Boardwalk Pipelines announced a precedent agreement for its Texas Gateway Project, which will add 1.5 Bcf/d of capacity at an estimated cost of $3.0 billion[4] Segment Performance - Corporate segment results decreased year-over-year due to lower investment income from the parent company's trading portfolio[4] - Loews Hotels' net income improved year-over-year primarily due to higher equity income from Universal Orlando Resort joint ventures[4]

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Financial Performance - Q3 2025 - Loews Corporation's net income increased to $504 million, or $2.43 per share, compared to $401 million, or $1.82 per share, in Q3 2024[13] - The company repurchased 0.9 million shares at a cost of $85 million since June 30, 2025[13] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024[13] - Dividends from subsidiaries totaled $189 million in Q3 2025[13] - The company held $3.6 billion in cash and investments at the parent company level as of September 30, 2025[8, 13] Subsidiary Highlights - CNA's net income attributable to Loews increased 43% year-over-year due to improved Property and Casualty underwriting results[17] - Boardwalk's net income improved 22% year-over-year due to increased transportation revenues[17] - Boardwalk executed a precedent agreement for its Texas Gateway Project, which would add 1.5 Bcf/d of capacity[17] - Loews Hotels' results improved year-over-year due to new properties and higher average daily rates and occupancy in Orlando[17] CNA Financial Highlights - CNA's net written premiums increased to $2.437 billion in Q3 2025 from $2.360 billion in Q3 2024[29] - CNA's invested assets (fair value) increased to $50.536 billion as of September 30, 2025, from $47.482 billion as of December 31, 2024[29] Boardwalk Pipeline Highlights - Boardwalk's operating revenue increased to $541 million in Q3 2025 from $474 million in Q3 2024[32] - Boardwalk's net income attributable to Loews increased to $94 million in Q3 2025 from $77 million in Q3 2024[32]

Core Insights - Loews Corporation reported a net income of $504 million, or $2.43 per share, for Q3 2025, an increase from $401 million, or $1.82 per share, in Q3 2024 [1][3][8] - The company’s total revenues for Q3 2025 were $4.671 billion, compared to $4.466 billion in Q3 2024, reflecting a year-over-year growth [1][14] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024 [3][8] CNA Financial - CNA Financial's net income attributable to Loews increased by 43% year-over-year to $371 million, driven by improved underwriting results and higher net investment income [3][4] - The Property and Casualty combined ratio improved to 92.8% in Q3 2025 from 97.2% in Q3 2024, largely due to lower catastrophe losses [4][22] - Net earned premiums grew by 8%, while net written premiums increased by 3% due to new business [4][19] Boardwalk Pipelines - Boardwalk Pipelines reported a net income of $94 million for Q3 2025, up 22% from $77 million in Q3 2024, attributed to higher re-contracting rates and completed growth projects [3][9] - The company executed a precedent agreement for its Texas Gateway Project, which will add 1.5 Bcf/d of capacity, bringing total announced growth projects to 4.2 Bcf/d at an estimated cost of $3.0 billion [3][9] - Boardwalk's revenue backlog as of September 30, 2025, was $15.6 billion, with $5.7 billion associated with growth projects under precedent agreements [9] Loews Hotels & Co - Loews Hotels reported a net loss of $3 million in Q3 2025, an improvement from a loss of $8 million in Q3 2024, primarily due to higher equity income from Universal Orlando Resort joint ventures [3][9] - Adjusted EBITDA for Loews Hotels increased by 8% to $69 million in Q3 2025, driven by new properties and improved performance at existing locations [9][24] Corporate Segment - The corporate segment reported a net income of $42 million in Q3 2025, down from $73 million in Q3 2024, mainly due to lower investment income from the parent company's trading portfolio [3][9] - The parent company had $3.6 billion in cash and investments and $1.8 billion in debt as of September 30, 2025 [3][9]

Group 1 - Loews Corporation will report its third quarter 2025 financial results on November 3, 2025 [1] - The company will also post earnings remarks on its website, which will include commentary from CEO Ben Tisch and CFO Jane Wang [1] - The news release and earnings remarks will be available online at the Loews Corporation website [1] Group 2 - Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality, and packaging industries [2] - For more information about the company, the website www.loews.com can be visited [2]

Core Viewpoint - Loews Corporation is a diversified company with significant operations in insurance, energy, hospitality, and plastics, showcasing its ability to compete across multiple industries [1][3]. Company Overview - Loews Corporation has a market capitalization of approximately $20.1 billion, categorizing it as a large-cap company [2][3]. - The company operates in various sectors, including overseeing natural gas transport, managing a chain of 25 hotels, and manufacturing plastics and resins [2]. Stock Performance - Loews stock (L) experienced a 1.7% decline from its September peak of $98.33 but has gained 9.5% over the past three months, closely trailing the Dow Jones Industrial Average's 9.8% increase during the same period [4]. - Over the past 52 weeks, L shares surged by 22%, outperforming the Dow Jones, which rose by 10.2% in the same timeframe [5]. - The stock has consistently traded above its 50-day and 200-day moving averages, indicating strong investor confidence and bullish momentum [6]. Financial Results - In Q2 2025, Loews reported revenue of $4.6 billion, reflecting a 6.7% year-over-year increase, with earnings per share (EPS) of $1.87, a 12% rise from the previous year [7]. Challenges - Despite positive financial results, CNA Financial, a key subsidiary, reported higher-than-expected catastrophe losses, raising concerns about profitability and underwriting risks [8]. - Insider selling by directors, including Walter L. Harris and Charles M. Diker, has also negatively impacted market sentiment [8].

Group 1 - Loews, AFLAC, and Marketaxess Holdings will trade ex-dividend on 8/20/25, with respective dividends of $0.0625, $0.58, and $0.76 to be paid on 9/2/25 and 9/3/25 [1][2] - The expected price adjustments for the stocks are approximately 0.07% lower for Loews, 0.55% lower for AFLAC, and 0.40% lower for Marketaxess Holdings when they open for trading [2] - Marketaxess Holdings is a contender for the "Dividend Aristocrats" index, having over 16 years of dividend increases [3] Group 2 - The estimated annualized yields based on the most recent dividends are 0.26% for Loews, 2.20% for AFLAC, and 1.60% for Marketaxess Holdings [10] - In Monday trading, Loews shares decreased by about 0.6%, while AFLAC shares increased by about 0.1%, and Marketaxess Holdings shares rose by about 1.3% [11]

Group 1 - Loews Corporation announced the election of Jennifer VanBelle as a director and her appointment to the Audit Committee [1] - Jennifer VanBelle has over 25 years of experience at General Electric Company, where she held multiple senior roles simultaneously [2] - Loews Corporation operates in diversified sectors including insurance, energy, hospitality, and packaging [3]

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Presents Loews Corporation's unaudited consolidated financial statements, including balance sheets, statements of operations, cash flows, and detailed notes [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | $84,668 million | $81,943 million | | **Total Liabilities** | $66,279 million | $64,006 million | | **Total Equity** | $18,389 million | $17,937 million | [Consolidated Condensed Statements of Operations](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | $4,555 million | $4,267 million | | **Net Income** | $416 million | $395 million | | **Net Income Attributable to Loews** | $391 million | $369 million | | **Diluted Net Income Per Share** | $1.87 | $1.67 | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | $9,049 million | $8,498 million | | **Net Income** | $808 million | $880 million | | **Net Income Attributable to Loews** | $761 million | $826 million | | **Diluted Net Income Per Share** | $3.61 | $3.72 | [Consolidated Condensed Statements of Cash Flows](index=10&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) | Cash Flow Activity (Six Months Ended June 30) | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $1,742 million | $1,150 million | | **Net Cash Used by Investing Activities** | ($1,013 million) | ($1,276 million) | | **Net Cash Provided by (Used by) Financing Activities** | ($842 million) | $200 million | [Notes to Consolidated Condensed Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) - Loews Corporation is a holding company with consolidated operating subsidiaries in commercial property and casualty insurance (**CNA, ~92% owned**), natural gas transportation and storage (**Boardwalk Pipelines, wholly owned**), and hotels (**Loews Hotels & Co, wholly owned**). It also owns approximately **53% of Altium Packaging**, accounted for under the equity method[20](index=20&type=chunk) - Catastrophe losses, net of reinsurance, were **$62 million for Q2 2025**, down from **$82 million in Q2 2024**. For the six-month period, they were **$159 million in 2025** compared to **$170 million in 2024**[57](index=57&type=chunk) - For the six months ended June 30, 2025, Loews Corporation repurchased **7.4 million shares** of its common stock at an aggregate cost of **$633 million**[97](index=97&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial performance across segments, detailing revenue and income drivers, liquidity, and investment portfolio performance [Consolidated Financial Results](index=46&type=section&id=Consolidated%20Financial%20Results) - Q2 2025 net income attributable to Loews Corporation increased to **$391 million ($1.87/share)** from **$369 million ($1.67/share)** in Q2 2024. The increase was primarily driven by higher net income at Boardwalk Pipelines and improved investment income at the parent company[138](index=138&type=chunk)[139](index=139&type=chunk) - For the six months ended June 30, 2025, net income attributable to Loews Corporation decreased to **$761 million ($3.61/share)** from **$826 million ($3.72/share)** in the prior year period. The decrease was mainly due to lower net income at CNA and Loews Hotels & Co[138](index=138&type=chunk)[140](index=140&type=chunk) [CNA Financial](index=47&type=section&id=CNA%20Financial) - CNA's net income attributable to Loews decreased in Q2 and the first six months of 2025 compared to 2024. This was primarily due to unfavorable net prior year loss reserve development, particularly related to legacy mass tort abuse reserves, and higher investment losses. These negative impacts were partially offset by higher net investment income and improved underlying underwriting results in its commercial property and casualty operations[144](index=144&type=chunk)[145](index=145&type=chunk) - Core results for CNA's Other Insurance Operations decreased significantly due to an **$88 million after-tax charge in Q2 2025** for unfavorable prior year loss reserve development associated with legacy mass tort abuse reserves, compared to a **$28 million charge in Q2 2024**[179](index=179&type=chunk) [Boardwalk Pipelines](index=56&type=section&id=Boardwalk%20Pipelines) - Net income and EBITDA increased for both the three and six-month periods ended June 30, 2025, driven by increased transportation revenues from re-contracting at higher rates and recently completed growth projects[194](index=194&type=chunk)[195](index=195&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) - As of June 30, 2025, Boardwalk has growth projects with executed agreements expected to increase capacity by **2.6 Bcf/d** at an aggregate cost of approximately **$1.7 billion**, scheduled for completion through 2029[182](index=182&type=chunk) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Income** | $88 million | $70 million | | **EBITDA** | $274 million | $240 million | [Loews Hotels & Co](index=60&type=section&id=Loews%20Hotels%20%26%20Co) - Net income decreased by **$7 million for Q2 2025** and **$23 million for the six months ended June 30, 2025**, compared to the prior year periods. The decline was primarily driven by lower equity income from joint ventures due to increased expenses related to three new hotels at Universal Orlando Resort and a **$9 million impairment charge** at another joint venture property[204](index=204&type=chunk)[206](index=206&type=chunk) [Corporate](index=62&type=section&id=Corporate) - Corporate segment reported net income of **$1 million in Q2 2025**, a significant improvement from a net loss of **$27 million in Q2 2024**. The change was primarily due to a **$38 million increase** in net investment income from the Parent Company's trading portfolio[210](index=210&type=chunk)[211](index=211&type=chunk) [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) - The Parent Company's cash and investments totaled **$3.4 billion** at June 30, 2025. During the first six months of 2025, it received **$875 million in dividends** from subsidiaries (**$725 million from CNA, $150 million from Boardwalk**)[212](index=212&type=chunk) - The company repurchased **7.4 million shares** of its common stock for **$627 million** during the first six months of 2025[213](index=213&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=70&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes occurred in the company's market risk components since the 2024 Annual Report on Form 10-K - There were **no material changes** in market risk components from those discussed in the 2024 Annual Report on Form 10-K[252](index=252&type=chunk) [Item 4. Controls and Procedures](index=70&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective as of June 30, 2025**[254](index=254&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control[255](index=255&type=chunk) [Part II. Other Information](index=70&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) Details legal proceedings, including antitrust class actions and litigation, with no expected material impact on the company - Information on legal proceedings is provided in Note 9 to the Consolidated Condensed Financial Statements[257](index=257&type=chunk) [Item 1A. Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported since the 2024 Annual Report on Form 10-K - There have been **no material changes** to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[258](index=258&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=71&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Provides a monthly breakdown of the company's common stock repurchases during the second quarter of 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 651,700 | $81.63 | | May 2025 | 1,250,538 | $88.09 | | June 2025 | 992,653 | $88.35 | [Item 6. Exhibits](index=72&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the report, including incentive plans, officer certifications, and XBRL data files - Lists exhibits filed with the report, including certifications by the CEO and CFO, the Loews Corporation 2025 Incentive Compensation Plan, and XBRL data files[262](index=262&type=chunk)