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]

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].