Loews (US:L)2025-11-03 11:08Financial Performance - Loews Corporation reported net income of $504 million, or $2.43 per share, for Q3 2025, up from $401 million, or $1.82 per share, in Q3 2024, representing a 25.7% increase in net income year-over-year[3] - CNA Financial's net income attributable to Loews increased by 43% year-over-year to $371 million, driven by improved underwriting results and higher net investment income[4] - Boardwalk Pipelines' net income improved by 22% year-over-year to $94 million, supported by higher re-contracting rates and completed growth projects[4] - Loews Corporation reported total revenues of $4,671 million for the three months ended September 30, 2025, an increase of 4.6% from $4,466 million in the same period of 2024[18] - Net income attributable to Loews Corporation for the three months ended September 30, 2025, was $504 million, up 25.7% from $401 million in the same period of 2024[18] - CNA's core income for the three months ended September 30, 2025, was $409 million, a 39.6% increase compared to $293 million in Q3 2024[20] Shareholder Returns - Loews Corporation repurchased 0.6 million shares of its common stock during Q3 2025 for a total cost of $56 million[4] - Loews Corporation's weighted average number of shares decreased to 207.71 million in Q3 2025 from 219.94 million in Q3 2024, reflecting a reduction in share count[18] Insurance Operations - Net earned premiums for CNA grew by 8%, while net written premiums increased by 3% due to new business[8] - Total insurance premiums for Loews Corporation increased to $2,783 million in Q3 2025, up 7.3% from $2,593 million in Q3 2024[18] - The loss ratio for CNA Financial Corporation improved to 63.4% in Q3 2025 from 66.7% in Q3 2024, indicating better underwriting performance[21] - The combined ratio for CNA Financial Corporation improved to 92.8% in Q3 2025 from 97.2% in Q3 2024, indicating enhanced operational efficiency[21] - Property and Casualty combined ratio improved by 4.4 points to 92.8% in Q3 2025, compared to 97.2% in Q3 2024, largely due to lower catastrophe losses[8] EBITDA and Growth - Boardwalk Pipelines reported EBITDA of $267 million for the three months ended September 30, 2025, compared to $249 million in the same period of 2024, reflecting a 7.2% increase[22] - Loews Hotels & Co achieved Adjusted EBITDA of $69 million for the three months ended September 30, 2025, up from $64 million in Q3 2024[24] Book Value - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024, reflecting a 11.9% increase[4] Project Announcements - Boardwalk Pipelines announced a precedent agreement for its Texas Gateway Project, which will add 1.5 Bcf/d of capacity at an estimated cost of $3.0 billion[4] Segment Performance - Corporate segment results decreased year-over-year due to lower investment income from the parent company's trading portfolio[4] - Loews Hotels' net income improved year-over-year primarily due to higher equity income from Universal Orlando Resort joint ventures[4]