Loews (US:L)2025-02-10 11:11Financial 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]