Financial Performance - Q1 2025 - Loews Corporation's net income was $370 million, or $1.74 per share, compared to $457 million, or $2.05 per share, in Q1 2024[13] - Dividends from subsidiaries totaled $686 million in Q1 2025[13] - Parent company cash and investments stood at $3.5 billion as of March 31, 2025[8, 13] - Book value per share excluding AOCI increased to $89.74 as of March 31, 2025, from $88.18 as of December 31, 2024[13] Subsidiary Performance - Q1 2025 - CNA's net income attributable to Loews decreased to $252 million, primarily due to lower underwriting income[14, 16] - Boardwalk's net income attributable to Loews increased to $152 million due to increased revenues[14, 16] - Loews Hotels' net income attributable to Loews decreased to $0 million primarily due to lower equity income from joint ventures[14, 16] CNA Financial Highlights - Q1 2025 - CNA's net written premiums increased to $2.606 billion from $2.390 billion[27] - CNA's underlying combined ratio was 92.1%, while the combined ratio was 98.4%[27] Boardwalk Pipelines Highlights - Q1 2025 - Boardwalk's operating revenue increased to $619 million from $511 million[30] - Boardwalk's net income attributable to Loews increased to $152 million from $121 million[30] - Boardwalk's EBITDA was $346 million[30] Loews Hotels & Co Highlights - Q1 2025 - Loews Hotels & Co's revenue increased to $245 million from $216 million[32] - Loews Hotels & Co's Adjusted EBITDA was $81 million[32]

Financial Performance - Loews Corporation reported net income of $370 million, or $1.74 per share, for Q1 2025, down from $457 million, or $2.05 per share, in Q1 2024, representing a decrease of 19.1% in net income [2]. - CNA Financial's net income attributable to Loews decreased to $252 million in Q1 2025 from $310 million in Q1 2024, primarily due to lower underwriting income [3]. - Boardwalk Pipelines' net income increased to $152 million in Q1 2025, up from $121 million in Q1 2024, driven by higher revenues from re-contracting at increased rates [3]. - Loews Hotels reported a net income of $0 million in Q1 2025, down from $16 million in Q1 2024, mainly due to lower equity income from joint ventures [3]. - Total revenues for Loews Corporation increased to $4.494 billion in Q1 2025, compared to $4.231 billion in Q1 2024, marking a growth of 6.2% [12]. Financial Ratios and Metrics - The combined ratio for CNA Financial increased to 98.4% in Q1 2025 from 94.6% in Q1 2024, largely due to unfavorable net prior year loss reserve development [18]. - Property and Casualty catastrophe losses were $97 million in Q1 2025, including $53 million from California wildfires, compared to $88 million in the previous year [6]. - Book value per share, excluding AOCI, increased to $89.74 as of March 31, 2025, from $88.18 as of December 31, 2024 [3]. Cash and Investments - Loews Corporation had $3.5 billion in cash and investments and $1.8 billion in debt as of March 31, 2025 [3]. - Loews Corporation repurchased 5.1 million shares of its common stock for a total cost of $429 million since December 31, 2024 [3]. Loews Hotels Performance - Loews Hotels & Co reported a net income attributable to Loews Corporation of -$0 million for Q1 2025, compared to $16 million in Q1 2024 [21]. - Adjusted EBITDA for Loews Hotels & Co increased to $81 million in Q1 2025, up from $80 million in Q1 2024, reflecting a slight growth of 1.25% [21]. - The company's EBITDA decreased to $41 million in Q1 2025, down from $54 million in Q1 2024, representing a decline of approximately 24% [21]. - Loews Hotels & Co's equity method income decreased to $6 million in Q1 2025 from $27 million in Q1 2024, a decline of about 77.78% [21]. - Pro rata Adjusted EBITDA of equity method investments decreased to $46 million in Q1 2025, down from $56 million in Q1 2024, a decrease of 17.86% [21]. Expenses and Impairments - Interest expense increased to $13 million in Q1 2025 from $5 million in Q1 2024, marking a significant increase of 160% [21]. - Depreciation and amortization expenses rose to $24 million in Q1 2025, compared to $21 million in Q1 2024, an increase of approximately 14.29% [21]. - Asset impairments were recorded at $9 million in Q1 2025, indicating new challenges in asset valuation [21]. - Distributions in excess of basis increased to $9 million in Q1 2025 from $7 million in Q1 2024, a rise of 28.57% [21]. - Noncontrolling interest share of EBITDA adjustments improved slightly, with a reduction in adjustments from -$2 million in Q1 2024 to -$1 million in Q1 2025 [21].

Financial Performance - Loews Corporation reported net income of $370 million, or $1.74 per share, in Q1 2025, down from $457 million, or $2.05 per share, in Q1 2024 [2][14] - Total revenues increased to $4.494 billion in Q1 2025 from $4.231 billion in Q1 2024, driven by higher insurance premiums and operating revenues [14][16] - Book value per share increased to $89.74 as of March 31, 2025, from $88.18 as of December 31, 2024 [4] Segment Performance - CNA Financial's net income attributable to Loews decreased to $252 million in Q1 2025 from $310 million in Q1 2024, primarily due to lower underwriting income [4][5] - Boardwalk Pipelines reported improved results with net income increasing to $152 million in Q1 2025 from $121 million in Q1 2024, attributed to higher re-contracting rates and growth projects [4][10] - Loews Hotels & Co experienced a decline in net income to $0 million in Q1 2025 from $16 million in Q1 2024, mainly due to lower equity income from joint ventures [10][24] Share Repurchase - The company repurchased 5.1 million shares of its common stock for a total cost of $429 million since December 31, 2024 [1][4] - During Q1 2025, Loews Corporation repurchased 4.5 million shares for $376 million, with an additional 0.6 million shares repurchased for $53 million between April 1, 2025, and May 2, 2025 [10][4] Investment and Debt Position - As of March 31, 2025, the parent company had $3.5 billion in cash and investments and $1.8 billion in debt [4] - Net investment income decreased year-over-year due to unfavorable changes in the fair value of equity-based investments [4][10]

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]

Financial Performance - Loews Corporation's Q4 2024 net income was $187 million, or $0.86 per share, compared to $446 million, or $1.99 per share, in Q4 2023[10] - For the year ended December 31, 2024, Loews' net income was $1.414 billion, compared to $1.434 billion in 2023[10] - Revenues for Q4 2024 were $4.546 billion, compared to $4.258 billion in Q4 2023[10] - Revenues for the year ended December 31, 2024 were $17.510 billion, compared to $15.901 billion in 2023[10] Segment Performance - CNA's net income attributable to Loews was $19 million in Q4 2024, down from $336 million in Q4 2023, and $879 million for the year 2024, down from $1.094 billion in 2023[12] - Boardwalk's net income attributable to Loews was $145 million in Q4 2024, up from $92 million in Q4 2023, and $413 million for the year 2024, up from $283 million in 2023[12] - Loews Hotels' net income attributable to Loews was $27 million in Q4 2024, down from $32 million in Q4 2023, and $70 million for the year 2024, down from $147 million in 2023[12] Capital Allocation - Loews repurchased 4.2 million shares at an aggregate cost of $349 million[11] - Dividends from subsidiaries totaled $359 million[11] - Parent company cash and investments were $3.3 billion as of December 31, 2024[8, 11] CNA Financial Highlights - CNA's net written premiums were $2.752 billion in Q4 2024, compared to $2.508 billion in Q4 2023, and $10.176 billion for the year 2024, compared to $9.446 billion in 2023[24] - CNA's underlying combined ratio was 91.4% in Q4 2024, the same as in Q4 2023, and 91.5% for the year 2024, compared to 90.9% in 2023[24] Boardwalk Pipelines Highlights - Boardwalk's operating revenue was $566 million in Q4 2024, compared to $509 million in Q4 2023, and $2.028 billion for the year 2024, compared to $1.618 billion in 2023[27] - Boardwalk's EBITDA was $290 million in Q4 2024, compared to $260 million in Q4 2023, and $1.086 billion for the year 2024, compared to $929 million in 2023[27] Loews Hotels & Co Highlights - Loews Hotels & Co's revenue was $240 million in Q4 2024, compared to $210 million in Q4 2023, and $933 million for the year 2024, compared to $852 million in 2023[29] - Loews Hotels & Co's Adjusted EBITDA was $84 million in Q4 2024, compared to $83 million in Q4 2023, and $326 million for the year 2024, compared to $328 million in 2023[29]

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]