Loews (US:L)2026-02-09 11:05Financial Performance - Loews Corporation reported a net income of $402 million, or $1.94 per share, for Q4 2025, compared to $187 million, or $0.86 per share, in Q4 2024[2] - For the full year 2025, net income attributable to Loews Corporation was $1,667 million, or $7.97 per share, up from $1,414 million, or $6.41 per share, in 2024[5] - CNA Financial's net income attributable to Loews Corporation was $276 million in Q4 2025, a significant increase from $19 million in Q4 2024[3] - Boardwalk Pipelines reported a net income of $110 million in Q4 2025, down from $145 million in Q4 2024, primarily due to the non-recurrence of a $36 million income tax benefit[3] - Loews Hotels' net income decreased to $6 million in Q4 2025 from $27 million in Q4 2024, impacted by a $20 million asset impairment charge[3] - Net income attributable to Loews Corporation for the year ended December 31, 2025, was $1,667 million, a 17.9% increase from $1,414 million in 2024[18] Revenue and Premiums - Total revenues for Loews Corporation increased to $4,734 million in Q4 2025, up from $4,546 million in Q4 2024, representing a growth of 4.1%[18] - Insurance premiums for Loews Corporation rose to $2,797 million in Q4 2025, up from $2,679 million in Q4 2024, reflecting a growth of 4.4%[18] - Net earned premiums for CNA Financial grew by 5% and net written premiums grew by 2% in 2025[6] Operational Efficiency - The underlying combined ratio for CNA was 92.3% in Q4 2025, an improvement from 91.4% in Q4 2024, reflecting better operational efficiency[23] - The loss ratio for CNA Financial Corporation was 63.4% in Q4 2025, compared to 62.8% in Q4 2024, indicating a slight deterioration in underwriting performance[23] - Corporate segment results improved year-over-year due to higher investment income from the parent company trading portfolio[3] Shareholder Actions - Loews Corporation repurchased 8.9 million shares of its common stock in 2025 for a total cost of $782 million[1] - The weighted average number of shares for Loews Corporation decreased to 206.80 million in Q4 2025 from 217.83 million in Q4 2024, indicating a reduction in share dilution[18] Expenses and EBITDA - Operating expenses for Loews Corporation decreased to $2,043 million in Q4 2025 from $2,328 million in Q4 2024, a reduction of 12.3%[18] - Adjusted EBITDA for Loews Hotels increased by 35% to $113 million compared to $84 million in the previous year[6] - Loews Hotels & Co's Adjusted EBITDA increased to $113 million in Q4 2025, compared to $84 million in Q4 2024, marking a significant growth of 34.5%[26] - Boardwalk Pipelines reported an EBITDA of $287 million for Q4 2025, slightly down from $290 million in Q4 2024[24] Book Value - Book value per share increased to $90.71 as of December 31, 2025, from $79.49 as of December 31, 2024[3]