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LOEWS CORPORATION REPORTS NET INCOME OF $187 MILLION FOR THE FOURTH QUARTER OF 2024 AND $1,414 MILLION FOR THE FULL YEAR
LLoews (L) Prnewswire·2025-02-10 11:00

Core Insights - Loews Corporation reported a net income of 187million,or187 million, or 0.86 per share, in Q4 2024, a decrease from 446million,or446 million, or 1.99 per share, in Q4 2023, primarily due to a pension settlement charge of 265million[2][4][7]−Thecompanyrepurchased7.7millioncommonsharesforatotalcostof265 million [2][4][7] - The company repurchased 7.7 million common shares for a total cost of 611 million in 2024, including 4.2 million shares for 349millioninQ42024[1][9]FinancialPerformance−NetincomeattributabletoLoewsCorporationfortheyear2024was349 million in Q4 2024 [1][9] Financial Performance - Net income attributable to Loews Corporation for the year 2024 was 1,414 million, or 6.41pershare,comparedto6.41 per share, compared to 1,434 million, or 6.29pershare,in2023[2][7]−Excludingthepensioncharge,netincomegrew176.29 per share, in 2023 [2][7] - Excluding the pension charge, net income grew 17% year-over-year [7] - Book value per share, excluding AOCI, increased to 88.18 as of December 31, 2024, from 81.92asofDecember31,2023[3]SegmentPerformance−CNAFinancial′snetincomeattributabletoLoewsdecreasedto81.92 as of December 31, 2023 [3] Segment Performance - CNA Financial's net income attributable to Loews decreased to 19 million in Q4 2024 from 336millioninQ42023,impactedbyhighercatastrophelossesandinvestmentlosses[3][4]−BoardwalkPipelinesreportedimprovedresultswithnetincomeincreasingto336 million in Q4 2023, impacted by higher catastrophe losses and investment losses [3][4] - Boardwalk Pipelines reported improved results with net income increasing to 145 million in Q4 2024 from 92millioninQ42023,drivenbyhigherrevenuesfromre−contractingandgrowthprojects[3][9]−LoewsHotels′netincomedecreasedto92 million in Q4 2023, driven by higher revenues from re-contracting and growth projects [3][9] - Loews Hotels' net income decreased to 27 million in Q4 2024 from 32millioninQ42023,primarilyduetohigherdepreciationandinterestexpensesrelatedtonewhotelopenings[3][9]InvestmentIncome−Theparentcompany′sinvestmentincomeimprovedyear−over−yearduetohigherreturnsonequitysecurities,withnetinvestmentincomegrowthdrivenbyreturnsfromlimitedpartnershipsandcommonstockinvestments[3][9]−Corporateinvestmentincomeincreasedto32 million in Q4 2023, primarily due to higher depreciation and interest expenses related to new hotel openings [3][9] Investment Income - The parent company's investment income improved year-over-year due to higher returns on equity securities, with net investment income growth driven by returns from limited partnerships and common stock investments [3][9] - Corporate investment income increased to 40 million in Q4 2024 from $30 million in Q4 2023 [17] Shareholder Returns - The company has been actively repurchasing shares, with a total of 7.7 million shares repurchased in 2024, reflecting a commitment to returning capital to shareholders [1][9] - The weighted average number of shares outstanding decreased to 220.53 million in 2024 from 227.81 million in 2023 [21]