Loews (US:L)2025-11-03 12:18Financial Performance - Net income attributable to Loews Corporation for Q3 2025 was $504 million, or $2.43 per share, compared to $401 million, or $1.82 per share in Q3 2024, representing a 25.7% increase in net income [142]. - For the nine months ended September 30, 2025, net income attributable to Loews Corporation was $1,265 million, or $6.03 per share, compared to $1,227 million, or $5.54 per share in the same period of 2024, reflecting a 3.1% increase [142]. - Net income attributable to Loews Corporation for Q3 2025 was $371 million, compared to $259 million in Q3 2024, representing a 43.2% increase [156]. - Core income for Q3 2025 was $409 million, up from $293 million in Q3 2024, reflecting a 39.6% year-over-year growth [156]. - For the nine months ended September 30, 2025, net income attributable to Loews Corporation was $897 million, compared to $860 million for the same period in 2024, a 4.3% increase [157]. - Core income for the nine months ended September 30, 2025, was $1.025 billion, up from $974 million in 2024, marking a 5.2% increase [157]. Insurance Operations - CNA Financial's insurance premiums for Q3 2025 were $2,783 million, up from $2,593 million in Q3 2024, marking a 7.3% increase [146]. - The total revenues for CNA Financial in Q3 2025 were $3,817 million, compared to $3,618 million in Q3 2024, reflecting a 5.5% increase [146]. - The underwriting gain for Q3 2025 was $194 million, compared to a gain of $68 million in Q3 2024, indicating a significant improvement [159]. - The combined ratio for Q3 2025 was 92.8%, improving from 97.2% in Q3 2024, demonstrating enhanced underwriting performance [159]. - The loss ratio for Q3 2025 was 63.4%, compared to 66.7% in Q3 2024, indicating improved loss management [159]. - Gross written premiums for Q3 2025 totaled $3.591 billion, slightly down from $3.595 billion in Q3 2024 [159]. - New business written in Q3 2025 amounted to $549 million, compared to $547 million in Q3 2024, showing stable growth [159]. Investment Income - Net investment income for CNA Financial in Q3 2025 was $638 million, compared to $626 million in Q3 2024, indicating a 1.9% increase [146]. - For the nine months ended September 30, 2025, CNA's net investment income was $1,904 million, compared to $1,853 million in the same period of 2024, a 2.8% increase [146]. - Net investment income for the nine months ended September 30, 2025, was $1,172 million, an increase from $1,090 million in the comparable 2024 period [176]. - CNA's total fixed income securities net investment income was $1.624 billion for the nine months ended September 30, 2025, compared to $1.555 billion in 2024 [244]. - CNA's net investment income increased by $12 million and $51 million for the three and nine months ended September 30, 2025, compared to the same periods in 2024 [244]. Capital Expenditures and Projects - Boardwalk Pipelines has growth projects expected to increase capacity by 4.2 billion cubic feet per day at a cost of approximately $3.0 billion, scheduled for completion through 2029 [192]. - The Kosciusko Junction Project is expected to increase capacity by 1.2 Bcf/d and has an expected in-service date in the first half of 2029 [194]. - The Texas Gateway Project is expected to increase capacity by approximately 1.5 Bcf/d with an expected in-service date in the second half of 2029 [202]. - The Eunice – Iowa project is expected to increase capacity by approximately 0.1 Bcf/d with an expected in-service date in the first half of 2027 [198]. - The Ohio Power Plant Project is expected to increase delivery capacity by approximately 0.3 Bcf/d with an expected in-service date in the first half of 2028 [200]. - Boardwalk Pipelines' capital expenditures were $222 million for the nine months ended September 30, 2025, compared to $292 million in 2024 [234]. Cash Flow and Dividends - CNA's cash provided by operating activities was $1.9 billion for the nine months ended September 30, 2025, unchanged from 2024, driven by increased premiums collected and higher cash from investment earnings [227]. - CNA paid cash dividends of $3.38 per share during the nine months ended September 30, 2025, including a special cash dividend of $2.00 per share [228]. - Continental Casualty Company paid dividends of $755 million and $635 million during the nine months ended September 30, 2025 and 2024, respectively [229]. - Interest expenses for the nine months ended September 30, 2025, decreased by $18 million to $54 million, attributed to the pre-financing of a debt maturity [213]. - The Parent Company's cash and investments totaled $3.6 billion as of September 30, 2025, an increase from $3.3 billion at the end of 2024 [224]. Operational Challenges and Adjustments - The corporate segment reported a net income of $42 million for Q3 2025, down from $73 million in Q3 2024, primarily due to lower investment income [142]. - For the nine months ended September 30, 2025, core results decreased by $66 million, primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development [185]. - Long-term care reserves increased by $7 million and $15 million for the three months ended September 30, 2025 and 2024, respectively, due to cash flow assumption updates [184]. - The enactment of the One Big Beautiful Bill Act (OBBBA) on July 4, 2025, has not materially impacted the company's results of operations or financial condition [258]. - Forward-looking statements in the report are subject to various risks and uncertainties that could cause actual results to differ materially from projections [259]. - The company emphasizes that certain accounting estimates may be adjusted in the future based on new information and changing circumstances [255].