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Loews (L) - 2024 Q4 - Annual Results
LLoews (L)2025-02-10 11:11

Financial Performance - Loews Corporation reported net income of 187million,or187 million, or 0.86 per share, in Q4 2024, down from 446million,or446 million, or 1.99 per share, in Q4 2023[2] - For the full year 2024, net income was 1,414million,or1,414 million, or 6.41 per share, compared to 1,434million,or1,434 million, or 6.29 per share, in 2023[4] - The net income for 2024 includes a pension settlement charge of 265million,whichimpactedtheresultssignificantly[4]−NetincomeattributabletoLoewsCorporationdecreasedto265 million, which impacted the results significantly[4] - Net income attributable to Loews Corporation decreased to 187 million in Q4 2024, down 58.1% from 446millioninQ42023[15]−LoewsCorporation′snetincomepershareattributabletothecompanywas446 million in Q4 2023[15] - Loews Corporation's net income per share attributable to the company was 0.86 in Q4 2024, down from 1.99inQ42023[15]RevenueandPremiums−TotalrevenuesforLoewsCorporationincreasedto1.99 in Q4 2023[15] Revenue and Premiums - Total revenues for Loews Corporation increased to 4,546 million in Q4 2024, up 6.8% from 4,258millioninQ42023[15]−Insurancepremiumsroseto4,258 million in Q4 2023[15] - Insurance premiums rose to 2,679 million in Q4 2024, a 8.1% increase compared to 2,479millioninQ42023[15]−Netwrittenpremiumsgrewby102,479 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 1,835millioninQ42023,includingapensionsettlementchargeof1,835 million in Q4 2023, including a pension settlement charge of 367 million[15] Cash and Investments - The parent company had 3.3billionofcashandinvestmentsand3.3 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 611millionin2024[1]SegmentPerformance−BoardwalkPipelines′netincomeincreasedto611 million in 2024[1] Segment Performance - Boardwalk Pipelines' net income increased to 145 million in Q4 2024, up from 92millioninQ42023,duetohigherre−contractingratesandgrowthprojects[4]−LoewsHotels′netincomedecreasedto92 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 32millioninQ42023,primarilyduetohigherdepreciationandinterestexpenses[4]−BoardwalkPipelinesreportedanEBITDAof32 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 362millioninQ42023[19]−ThecombinedratioforCNAwas93.1362 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 81.92asofDecember31,2023[2]InvestmentIncome−Corporateinvestmentincomeimprovedyear−over−year,contributing81.92 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]