Loews (US:L)2025-05-05 13:39Financial Performance - Net income attributable to Loews Corporation for Q1 2025 was $370 million, a decrease of 19.1% from $457 million in Q1 2024[111] - Basic and diluted net income per share for Q1 2025 was $1.74, down from $2.05 in Q1 2024, reflecting a 15.1% decline[111] - Net income attributable to Loews Corporation for Q1 2025 was $252 million, a decrease from $310 million in Q1 2024[124] - Net income attributable to Loews Corporation increased by $31 million to $152 million for the three months ended March 31, 2025, compared to $121 million in 2024[141] - Corporate net loss attributable to Loews Corporation was $34 million for the three months ended March 31, 2025, compared to net income of $10 million in 2024[152] Insurance Operations - CNA Financial reported insurance premiums of $2.626 billion in Q1 2025, an increase of 7.6% from $2.441 billion in Q1 2024[115] - The decrease in net income at CNA was primarily due to lower underwriting income driven by unfavorable net prior year loss reserve development[112] - CNA's total revenues for Q1 2025 were $3.627 billion, an increase of 5.3% from $3.444 billion in Q1 2024[115] - Core income for Property & Casualty Operations decreased by $61 million to $311 million for Q1 2025 compared to Q1 2024[131] - Catastrophe losses for Property & Casualty Operations increased to $97 million in Q1 2025 from $88 million in Q1 2024, with $53 million attributed to California wildfires[132] Investment Income - Net investment income for CNA Financial was $604 million in Q1 2025, slightly down from $609 million in Q1 2024[115] - Net investment income for Property & Casualty Operations was $362 million in Q1 2025, consistent with $357 million in Q1 2024[126] - Net investment income declined by $10 million to $242 million for the three months ended March 31, 2025, compared to $252 million in 2024[138] - CNA's net investment income for the three months ended March 31, 2025, was $604 million, a decrease of $5 million compared to the same period in 2024[171] - CNA's investment losses for the three months ended March 31, 2025, were $9 million, a decrease of $13 million compared to the same period in 2024[172] Revenue and Premiums - Gross written premiums for Specialty increased by $50 million to $930 million in Q1 2025 compared to Q1 2024[128] - Gross written premiums for Commercial rose by $167 million to $1,853 million in Q1 2025 compared to Q1 2024[129] - New business for Property & Casualty Operations totaled $565 million in Q1 2025, an increase from $529 million in Q1 2024[126] Ratios and Performance Metrics - The combined ratio for Specialty increased by 4.4 points to 95.1% in Q1 2025, primarily due to a 2.8 point increase in the loss ratio[134] - The combined ratio for Commercial increased by 3.5 points to 101.1% in Q1 2025, driven by a 4.2 point increase in the loss ratio[135] - The underlying combined ratio for Property & Casualty Operations improved to 92.1% in Q1 2025 from 94.6% in Q1 2024[126] Boardwalk Pipelines Performance - Boardwalk Pipelines achieved net income of $152 million in Q1 2025, up 25.6% from $121 million in Q1 2024[111] - Total revenues for Boardwalk Pipelines increased by $105 million to $622 million for the three months ended March 31, 2025, compared to $517 million in 2024[142] - Boardwalk Pipelines' capital expenditures were $52 million for the three months ended March 31, 2025, down from $97 million in 2024[162] - Boardwalk Pipelines anticipates that its existing capital resources will be adequate to fund its operations and capital expenditures for 2025[163] Loews Hotels & Co Performance - Loews Hotels & Co reported a net income of $16 million in Q1 2025, a significant increase from a net loss of $10 million in Q1 2024[111] - Operating revenues for Loews Hotels & Co increased by $28 million to $211 million for the three months ended March 31, 2025, compared to $183 million in 2024[146] - Equity income from joint ventures for Loews Hotels & Co decreased by $21 million to a loss of $6 million for the three months ended March 31, 2025, compared to a loss of $27 million in 2024[148] Cash Flow and Financial Position - Cash provided by operating activities for CNA increased by $134 million to $638 million for the three months ended March 31, 2025, compared to $504 million in 2024[157] - As of March 31, 2025, Boardwalk Pipelines had a full borrowing capacity of $1.0 billion available under its revolving credit facility[163] Accounting and Forward-Looking Statements - The company acknowledges that certain accounting policies require estimates and judgments that may lead to future adjustments in financial statements[179] - Forward-looking statements may include projections about future revenues, earnings, or growth rates, which are subject to various risks and uncertainties[181] - Investors are cautioned against placing undue reliance on forward-looking statements, as actual results may differ materially from projections[182]