LOEWS CORPORATION REPORTS NET INCOME OF $306 MILLION
New York, NY, November 2, 2026: Loews Corporation (NYSE: L) today released its third quarter 2026 financial results.
Loews Corporation reported net income of $306 million, or $1.50 per share, in the third quarter of 2026, compared to $504 million, or $2.43 per share, in the third quarter of 2025. The following are key highlights of our third quarter results:
• CNA Financial Corporation’s (NYSE: CNA) net income attributable to Loews Corporation decreased year-over-year primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from its annual long-term care reserve assumption updates, as well as lower Property and Casualty underlying underwriting results and higher catastrophe losses. The unfavorable long-term care reserve charge will almost entirely be offset by higher investment yields from recent investment portfolio actions. This anticipated benefit will flow through investment income over time.
• Boardwalk Pipelines’ net income decreased year-over-year primarily due to higher operating expenses, including $14 million (after-tax) of charges related to net unrealized losses at Continuum and an impairment charge associated with the relocation of Boardwalk’s corporate office. Excluding those items, results improved year-over-year, benefiting from higher gas transportation revenues.
• Loews Hotels’ net income increased year-over-year primarily due to a higher overall average daily rate and an increase in occupied room nights across most of the portfolio, partially offset by lower equity income from joint ventures.
• Corporate segment net income decreased year-over-year primarily due to lower investment income from the parent company trading portfolio.
• Book value per share decreased to $90.24 as of September 30, 2026, from $90.71 as of December 31, 2025.
• Book value per share, excluding AOCI, increased to $100.67 as of September 30, 2026, from $95.89 as of December 31, 2025.
• On September 30, 2026, the parent company had $4.4 billion of cash and investments and $1.8 billion of debt.
• Loews Corporation repurchased 1.6 million shares of its common stock during the third quarter of 2026 for a total cost of $167 million.
CNA: • Net income attributable to Loews Corporation is $180 million compared to $371 million.
• Core income decreased to $203 million compared to $409 million primarily driven by an increase in long-term care reserves in 2026 resulting from the annual reserve review, lower Property and Casualty underlying underwriting results and higher catastrophe losses.
• The unfavorable impact of $125 million (after-tax and noncontrolling interest) due to CNA’s long-term care reserve charge will almost entirely be offset by higher investment yields from recent investment portfolio actions. This anticipated benefit will flow through investment income over time.
• Net earned premiums grew by 2% and net written premiums grew by 3% for CNA’s Property and Casualty business.
• Property and Casualty’s combined ratio increased by 4.2 points to 97.0% compared to 92.8% largely due to a higher underlying loss ratio and higher catastrophe losses. Property and Casualty’s underlying combined ratio increased to 94.2% from 91.3%.
• Property and Casualty’s underlying loss ratio of 64.1% was consistent with the second quarter of 2026, but increased by 2.2 points compared to the prior year third quarter, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters.
• Net investment income was relatively flat as lower limited partnership returns were partially offset by higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, and higher common stock returns. Boardwalk: • Net income is $85 million compared to $94 million.
• EBITDA decreased to $262 million compared to $267 million. • Net income and EBITDA declined primarily due to $10 million ($7 million after tax) of net unrealized losses at Continuum and a $9 million ($7 million after tax) impairment charge related to the relocation of Boardwalk’s corporate office.
• Excluding these two items, net income and EBITDA increased by $5 million and $14 million, driven by higher revenues from gas transportation due to higher contracting rates and utilization. Loews Hotels:
• Net income and adjusted EBITDA improved primarily due to higher overall average daily rates and an increase in occupied room nights across most of the portfolio, particularly at the Loews Miami Beach Hotel following the conclusion of its renovation at the end of 2025, as well as the Loews Hotels & Co Arlington hotel properties.
• Net income decreased primarily due to lower investment income from the parent company trading portfolio.
Loews Corporation reported net income of $1,087 million, or $5.29 per share, compared to $1,265 million, or $6.03 per share, in 2025. The following are key highlights:
• CNA’s net income attributable to Loews Corporation decreased primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from its annual long-term care reserve assumption updates and lower Property and Casualty underwriting results, partially offset by higher net investment income.
• Property and Casualty’s combined ratio increased by 3.5 points to 98.6% compared to 95.1% largely due to a higher underlying loss ratio and unfavorable net prior year loss reserve development. Property and Casualty’s underlying combined ratio was 94.4% compared to 91.7%.
• Property and Casualty’s underlying loss ratio increased by 2.5 points, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters.
• CNA’s net investment income increased due to higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, as well as higher common stock returns, partially offset by lower limited partnership returns.
• Boardwalk’s net income improved primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization- based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses, including costs associated with growth projects.
• Loews Hotels’ net income improved primarily due to a higher overall average daily rate and an increase in occupied room nights across most of the portfolio and higher equity income from joint ventures, driven by the Universal Orlando Resort, partially offset by higher operating expenses.
• Corporate segment results declined year-over-year primarily driven by lower investment income from the parent company trading portfolio and higher interest expense related to a recent debt refinancing. Page 2 of 8 Share Purchases:
• On September 30, 2026, there were 202.9 million shares of Loews common stock outstanding.
• During the three months ended September 30, 2026, Loews Corporation repurchased 1.6 million shares of its common stock for a total cost of $167 million.
• An additional 0.6 million shares were repurchased for $67 million between October 1, 2026 and October 30, 2026.
• Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries’ outstanding common stock in the open market (including, with respect to Loews common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise. Reconciliation of GAAP Measures to Non-GAAP Measures This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries’ financial performance. CNA utilizes core income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization (“EBITDA”), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures on pages 6 through 8 of this release.
– Today, November 2, 2026, earnings remarks will be available on the Investors section of our website at www.loews.com .
– Remarks will include commentary from Loews’s president and chief executive officer and chief financial officer. For CNA – Today, November 2, 2026, earnings remarks will be available on the Investor Relations section of CNA’s website at www.cna.com .
– Remarks will include commentary from CNA’s president and chief executive officer and chief financial officer.
Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.
Statements contained in this news release which are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company’s overall business and financial performance, can be found in the Company’s reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based. Investor relations and media relations contact:
(a) The three months ended September 30, 2026 and 2025 include net investment losses of $9 million and $7 million ($7 million and $5 million after tax and noncontrolling interests). The nine months ended September 30, 2026 and 2025 include net investment losses of $32 million and $62 million ($23 million and $45 million after tax and noncontrolling interests).
(b) Includes $10 million ($7 million after tax) of charges related to net unrealized losses at Continuum and a $9 million ($7 million after tax) impairment charge related to the relocation of Boardwalk’s corporate office for the three and nine months ended September 30, 2026.
(c) Consists of parent company interest expense, corporate expenses and the equity loss of Altium Packaging. Page 4 of 8
Page 5 of 8 Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:
Core income is calculated by excluding from CNA’s net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations.
The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income:
In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and include the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophes which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.
The following table presents a reconciliation of CNA’s loss ratio to underlying loss ratio and CNA’s combined ratio to underlying combined ratio:
EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization . The following table presents a reconciliation of Boardwalk’s net income attributable to Loews Corporation to its EBITDA:
Adjusted EBITDA is calculated by excluding from Loews Hotels & Co’s EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co’s pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co’s ownership percentage to the underlying equity method investment’s components of Adjusted EBITDA and excluding distributions in excess of basis.
The following table presents a reconciliation of Loews Hotels & Co net income (loss) attributable to Loews Corporation to its Adjusted EBITDA:
Page 7 of 8 The following table presents a reconciliation of Loews Hotels & Co’s equity method income to the Pro rata Adjusted EBITDA of its equity method investments:
Full text with the tables
Exhibit 99.1
NEWS RELEASE
LOEWS CORPORATION REPORTS NET INCOME OF $306 MILLION
FOR THE THIRD QUARTER OF 2026
New York, NY, November 2, 2026: Loews Corporation (NYSE: L) today released its
third quarter 2026 financial results.
Third Quarter 2026 highlights:
Loews Corporation reported net income of $306 million, or $1.50 per share, in
the third quarter of 2026, compared to $504 million, or $2.43 per share, in the
third quarter of 2025. The following are key highlights of our third quarter
results:
• CNA Financial Corporation’s (NYSE: CNA) net income attributable to Loews
Corporation decreased year-over-year primarily due to an unfavorable impact of
$125 million (after-tax and noncontrolling interest) in 2026 from its annual
long-term care reserve assumption updates, as well as lower Property and
Casualty underlying underwriting results and higher catastrophe losses. The
unfavorable long-term care reserve charge will almost entirely be offset by
higher investment yields from recent investment portfolio actions. This
anticipated benefit will flow through investment income over time.
• Boardwalk Pipelines’ net income decreased year-over-year primarily due to
higher operating expenses, including $14 million (after-tax) of charges related
to net unrealized losses at Continuum and an impairment charge associated with
the relocation of Boardwalk’s corporate office. Excluding those items, results
improved year-over-year, benefiting from higher gas transportation revenues.
• Loews Hotels’ net income increased year-over-year primarily due to a higher
overall average daily rate and an increase in occupied room nights across most
of the portfolio, partially offset by lower equity income from joint ventures.
• Corporate segment net income decreased year-over-year primarily due to lower
investment income from the parent company trading portfolio.
• Book value per share decreased to $90.24 as of September 30, 2026, from $90.71
as of December 31, 2025.
• Book value per share, excluding AOCI, increased to $100.67 as of September 30,
2026, from $95.89 as of December 31, 2025.
• On September 30, 2026, the parent company had $4.4 billion of cash and
investments and $1.8 billion of debt.
• Loews Corporation repurchased 1.6 million shares of its common stock during
the third quarter of 2026 for a total cost of $167 million.
Consolidated highlights:
(In
million…
Net
Income September
(Loss) 30,
Attribu… Three Nine
to Loews Months Months
Corpora… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
CNA $ 180 $ 371 $ 668 $ 897
Financi…
Boardwa… 85 94 344 334
Pipelin…
Loews
Hotels & 16 -3 90 25
Co
Corpora… 25 42 -15 9
Net
income
attribu… $ 306 $ 504 $ 1,087 $ 1,265
to Loews
Corpora…
Net
income
per
share $ 1.50 $ 2.43 $ 5.29 $ 6.03
attribu…
to
Loews
Corpora…
September 30, 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
Book value per share $ 90.24 $ 90.71
Book value per share $ 100.67 $ 95.89
excluding AOCI
Shares of common stock
outstanding (in 202.9 206.0
millions)
Page 1 of 8
Three months ended September 30, 2026 compared to 2025
CNA:
• Net income attributable to Loews Corporation is $180 million compared to $371
million.
• Core income decreased to $203 million compared to $409 million primarily
driven by an increase in long-term care reserves in 2026 resulting from the
annual reserve review, lower Property and Casualty underlying underwriting
results and higher catastrophe losses.
• The unfavorable impact of $125 million (after-tax and noncontrolling interest)
due to CNA’s long-term care reserve charge will almost entirely be offset by
higher investment yields from recent investment portfolio actions. This
anticipated benefit will flow through investment income over time.
• Net earned premiums grew by 2% and net written premiums grew by 3% for CNA’s
Property and Casualty business.
• Property and Casualty’s combined ratio increased by 4.2 points to 97.0%
compared to 92.8% largely due to a higher underlying loss ratio and higher
catastrophe losses. Property and Casualty’s underlying combined ratio increased
to 94.2% from 91.3%.
• Property and Casualty’s underlying loss ratio of 64.1% was consistent with the
second quarter of 2026, but increased by 2.2 points compared to the prior year
third quarter, mainly driven by higher loss cost trends and lower-than-expected
rate in certain lines in recent quarters.
• Net investment income was relatively flat as lower limited partnership returns
were partially offset by higher income from fixed income securities, as a result
of a larger invested asset base and favorable reinvestment rates, and higher
common stock returns.
Boardwalk:
• Net income is $85 million compared to $94 million.
• EBITDA decreased to $262 million compared to $267 million.
• Net income and EBITDA declined primarily due to $10 million ($7 million after
tax) of net unrealized losses at Continuum and a $9 million ($7 million after
tax) impairment charge related to the relocation of Boardwalk’s corporate
office.
• Excluding these two items, net income and EBITDA increased by $5 million and
$14 million, driven by higher revenues from gas transportation due to higher
contracting rates and utilization.
Loews Hotels:
• Net income increased to $16 million compared to a net loss of $3 million.
• A djusted EBITDA increased 25% to $86 million compared to $69 million.
• Net income and adjusted EBITDA improved primarily due to higher overall
average daily rates and an increase in occupied room nights across most of the
portfolio, particularly at the Loews Miami Beach Hotel following the conclusion
of its renovation at the end of 2025, as well as the Loews Hotels & Co Arlington
hotel properties.
• Equity income from joint ventures decreased primarily due to lower average
daily rate and higher operating expenses at the Universal Orlando Resort.
Corporate:
• Net income is $25 million compared to $42 million.
• Net income decreased primarily due to lower investment income from the parent
company trading portfolio.
Nine months ended September 30, 2026 compared to 2025
Loews Corporation reported net income of $1,087 million, or $5.29 per share,
compared to $1,265 million, or $6.03 per share, in 2025. The following are key
highlights:
• CNA’s net income attributable to Loews Corporation decreased primarily due to
an unfavorable impact of $125 million (after-tax and noncontrolling interest) in
2026 from its annual long-term care reserve assumption updates and lower
Property and Casualty underwriting results, partially offset by higher net
investment income.
• Property and Casualty’s combined ratio increased by 3.5 points to 98.6%
compared to 95.1% largely due to a higher underlying loss ratio and unfavorable
net prior year loss reserve development. Property and Casualty’s underlying
combined ratio was 94.4% compared to 91.7%.
• Property and Casualty’s underlying loss ratio increased by 2.5 points, mainly
driven by higher loss cost trends and lower-than-expected rate in certain lines
in recent quarters.
• CNA’s net investment income increased due to higher income from fixed income
securities, as a result of a larger invested asset base and favorable
reinvestment rates, as well as higher common stock returns, partially offset by
lower limited partnership returns.
• Boardwalk’s net income improved primarily due to an increase in gas
transportation revenues from higher contracting rates and higher utilization-
based and growth project revenues, as well as higher storage and parking and
lending revenues, partially offset by higher operating expenses, including costs
associated with growth projects.
• Loews Hotels’ net income improved primarily due to a higher overall average
daily rate and an increase in occupied room nights across most of the portfolio
and higher equity income from joint ventures, driven by the Universal Orlando
Resort, partially offset by higher operating expenses.
• Corporate segment results declined year-over-year primarily driven by lower
investment income from the parent company trading portfolio and higher interest
expense related to a recent debt refinancing.
Page 2 of 8
Share Purchases:
• On September 30, 2026, there were 202.9 million shares of Loews common stock
outstanding.
• During the three months ended September 30, 2026, Loews Corporation
repurchased 1.6 million shares of its common stock for a total cost of $167
million.
• An additional 0.6 million shares were repurchased for $67 million between
October 1, 2026 and October 30, 2026.
• Depending on market conditions, Loews may from time to time purchase shares of
its and its subsidiaries’ outstanding common stock in the open market
(including, with respect to Loews common stock, in open market transactions that
may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe
harbor), in privately negotiated transactions or otherwise.
Reconciliation of GAAP Measures to Non-GAAP Measures
This news release contains financial measures that are not in accordance with
accounting principles generally accepted in the United States of America
("GAAP"). Management believes some investors may find these measures useful to
evaluate our and our subsidiaries’ financial performance. CNA utilizes core
income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes
earnings before interest, income tax expense, depreciation and amortization
(“EBITDA”), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures
are defined and reconciled to the most comparable GAAP measures on pages 6
through 8 of this release.
Earnings Remarks
For Loews Corporation
– Today, November 2, 2026, earnings remarks will be available on the Investors
section of our website at www.loews.com .
– Remarks will include commentary from Loews’s president and chief executive
officer and chief financial officer.
For CNA
– Today, November 2, 2026, earnings remarks will be available on the Investor
Relations section of CNA’s website at www.cna.com .
– Remarks will include commentary from CNA’s president and chief executive
officer and chief financial officer.
About Loews Corporation
Loews Corporation is a diversified company with businesses in the insurance,
energy, hospitality and packaging industries. For more information, please visit
www.loews.com.
Forward-Looking Statements
Statements contained in this news release which are not historical facts are
“forward-looking statements” within the meaning of the federal securities laws.
Forward-looking statements are inherently uncertain and subject to a variety of
risks that could cause actual results to differ materially from those expected
by the Company. A discussion of the important risk factors and other
considerations that could materially impact these matters, as well as the
Company’s overall business and financial performance, can be found in the
Company’s reports filed with the Securities and Exchange Commission and readers
of this release are urged to review those reports carefully when considering
these forward-looking statements. Copies of these reports are available through
the Company’s website (www.loews.com). Given these risk factors, investors and
analysts should not place undue reliance on forward-looking statements. Any such
forward-looking statements speak only as of the date of this news release. The
Company expressly disclaims any obligation or undertaking to release publicly
any updates or revisions to any forward-looking statement to reflect any change
in the Company’s expectations with regard thereto or any change in events,
conditions or circumstances on which any forward-looking statement is based.
Investor relations and media relations contact:
Chris Nugent
1-212-521-2403
Page 3 of 8
Loews Corporation and Subsidiaries
Selected Financial Information
Septem…
30,
(In Three Nine
millio… Months Months
Revenu… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
CNA
Financ… $ 3,821 $ 3,817 $ 11,327 $ 11,161
(a)
Boardw… 616 546 1,823 1,705
Pipeli…
Loews
Hotels 250 211 780 710
& Co
Corpor…
invest… 72 97 118 144
income,
net
Total $ 4,759 $ 4,671 $ 14,048 $ 13,720
Income
(Loss)
Before
Income
Tax:
CNA
Financ… $ 237 $ 513 $ 909 $ 1,242
(a)
Boardw…
Pipeli… 114 124 458 443
(b)
Loews
Hotels 20 -3 126 40
& Co
Corpor…
Invest…
income, 75 97 126 146
net
Other -40 -42 -138 -129
(c)
Total $ 406 $ 689 $ 1,481 $ 1,742
Net
Income
(Loss)
Attrib…
to
Loews
Corpor…
CNA
Financ… $ 180 $ 371 $ 668 $ 897
(a)
Boardw…
Pipeli… 85 94 344 334
(b)
Loews
Hotels 16 -3 90 25
& Co
Corpor…
Invest…
income, 59 77 100 117
net
Other -34 -35 -115 -108
(c)
Net
income
attrib… $ 306 $ 504 $ 1,087 $ 1,265
to
Loews
Corpor…
(a) The three months ended September 30, 2026 and 2025 include net investment
losses of $9 million and $7 million ($7 million and $5 million after tax and
noncontrolling interests). The nine months ended September 30, 2026 and 2025
include net investment losses of $32 million and $62 million ($23 million and
$45 million after tax and noncontrolling interests).
(b) Includes $10 million ($7 million after tax) of charges related to net
unrealized losses at Continuum and a $9 million ($7 million after tax)
impairment charge related to the relocation of Boardwalk’s corporate office for
the three and nine months ended September 30, 2026.
(c) Consists of parent company interest expense, corporate expenses and the
equity loss of Altium Packaging.
Page 4 of 8
Loews Corporation and Subsidiaries
Consolidated Financial Review
(In
milli…
except Septem…
per 30,
share Three Nine
data) Months Months
Reven… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Insur… $ 2,829 $ 2,783 $ 8,285 $ 8,103
premi…
Net
inves… 713 743 2,087 2,065
income
Inves… -9 -7 -32 -62
losses
Opera…
reven… 1,226 1,152 3,708 3,614
and
other
Total 4,759 4,671 14,048 13,720
Expen…
Insur…
claims
and 2,347 2,032 6,691 6,144
polic…
benef…
Opera…
expen… 2,006 1,950 5,876 5,834
and
other
Total 4,353 3,982 12,567 11,978
Income
before 406 689 1,481 1,742
income
tax
Income
tax -84 -153 -334 -398
expen…
Net 322 536 1,147 1,344
income
Amoun…
attri…
to -16 -32 -60 -79
nonco…
inter…
Net
income
attri… $ 306 $ 504 $ 1,087 $ 1,265
to
Loews
Corpo…
Net
income
per
share $ 1.50 $ 2.43 $ 5.29 $ 6.03
attri…
to
Loews
Corpo…
Weigh…
avera…
number 204.57 207.71 205.46 209.88
of
shares
Page 5 of 8
Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP
Measures:
CNA Financial Corporation
Core income is calculated by excluding from CNA’s net income attributable to
Loews Corporation the after-tax effects of investment gains or losses and gains
or losses resulting from pension settlement transactions. In addition, core
income excludes the effects of noncontrolling interests. The calculation of core
income excludes investment gains or losses because they are generally driven by
economic factors that are not necessarily reflective of CNA’s primary insurance
operations. The calculation of core income excludes gains or losses resulting
from pension settlement transactions as they result from decisions regarding
CNA’s defined benefit pension plans which are unrelated to its primary insurance
operations.
The following table presents a reconciliation of CNA net income attributable to
Loews Corporation to core income:
September
30,
(In Three Nine
million… Months 2026 2025 Months 2026 2025
──────────────────────────────────────────────────────────────────────────────
CNA net
income
attribu… $ 180 $ 371 $ 668 $ 897
to Loews
Corpora…
Investm… 7 6 24 49
losses
Noncont… 16 32 60 79
interes…
Core $ 203 $ 409 $ 752 $ 1,025
income
In evaluating the results of Property & Casualty operations, CNA utilizes the
loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio,
the combined ratio and the underlying combined ratio. These ratios are
calculated using GAAP financial results. The loss ratio is the percentage of net
incurred claim and claim adjustment expenses to net earned premiums. The
underlying loss ratio excludes the impact of catastrophe-related reinstatement
premiums, catastrophe losses and development-related items from the loss ratio.
Development-related items represent net prior year loss reserve and premium
development, and include the effects of interest accretion and change in
allowance for uncollectible reinsurance. The expense ratio is the percentage of
insurance underwriting and acquisition expenses, including the amortization of
deferred acquisition costs, to net earned premiums. The dividend ratio is the
ratio of policyholders’ dividends incurred to net earned premiums. The combined
ratio is the sum of the loss ratio, the expense ratio and the dividend ratio.
The underlying combined ratio is the sum of the underlying loss ratio, the
expense ratio and the dividend ratio. The underlying loss ratio and the
underlying combined ratio are deemed to be non-GAAP financial measures, and
management believes some investors may find these ratios useful to evaluate
CNA’s underwriting performance since they remove the impact of catastrophes
which are unpredictable as to timing and amount, and development-related items
as they are not indicative of current year underwriting performance.
The following table presents a reconciliation of CNA’s loss ratio to underlying
loss ratio and CNA’s combined ratio to underlying combined ratio:
Septem…
30,
Three Nine
Months Months
2026 2025 2026 2025
Loss 66.9 % 63.4 % 68.3 % 65.0 %
ratio
Expense 29.7 29.1 29.9 29.7
ratio
Divide… 0.4 0.3 0.4 0.4
ratio
Combin… 97.0 % 92.8 % 98.6 % 95.1 %
ratio
Less:
Effect
of 2.8 1.5 2.9 2.6
catast…
impacts
Less:
Effect
of 1.3 0.8
develo…
items
Underl…
combin… 94.2 % 91.3 % 94.4 % 91.7 %
ratio
Underl…
loss 64.1 % 61.9 % 64.1 % 61.6 %
ratio
Page 6 of 8
Boardwalk Pipelines
EBITDA is defined as earnings before interest, income tax expense, depreciation
and amortization . The following table presents a reconciliation of Boardwalk’s
net income attributable to Loews Corporation to its EBITDA:
September
30,
(In Three Nine
millions) Months 2026 2025 Months 2026 2025
──────────────────────────────────────────────────────────────────────────────
Boardwa…
net
income
attribu… $ 85 $ 94 $ 344 $ 334
to
Loews
Corpora…
Interes… 34 36 106 111
net
Income
tax 29 30 114 109
expense
Depreci…
and 114 107 337 333
amortiz…
EBITDA $ 262 $ 267 $ 901 $ 887
Loews Hotels & Co
Adjusted EBITDA is calculated by excluding from Loews Hotels & Co’s EBITDA, the
noncontrolling interest share of EBITDA adjustments, gains or losses on asset
acquisitions and dispositions, asset impairments, and equity method income, and
including Loews Hotels & Co’s pro rata Adjusted EBITDA of equity method
investments. Pro rata Adjusted EBITDA of equity method investments is calculated
by applying Loews Hotels & Co’s ownership percentage to the underlying equity
method investment’s components of Adjusted EBITDA and excluding distributions in
excess of basis.
The following table presents a reconciliation of Loews Hotels & Co net income
(loss) attributable to Loews Corporation to its Adjusted EBITDA:
September
30,
(In Three Nine
millions) Months 2026 2025 Months 2026 2025
──────────────────────────────────────────────────────────────────────────────
Loews
Hotels &
Co net
income $ 16 $ -3 $ 90 $ 25
(loss)
attribu…
to Loews
Corpora…
Interes… 11 14 35 43
net
Income
tax 4 36 15
expense
Depreci…
and 27 27 80 75
amortiz…
EBITDA 58 38 241 158
Noncont…
interest
share of -2
EBITDA
adjustm…
Asset 9
impairm…
Equity
investm…
adjustm…
Loews
Hotels &
Co’s -17 -25 -102 -60
equity
method
income
Pro rata
Adjusted
EBITDA
of 47 58 201 164
equity
method
investm…
Consoli… -2 -2 -2 -1
adjustm…
Adjusted $ 86 $ 69 $ 347 $ 259
EBITDA
Page 7 of 8
The following table presents a reconciliation of Loews Hotels & Co’s equity
method income to the Pro rata Adjusted EBITDA of its equity method investments:
September
30,
(In Three Nine
millions) Months 2026 2025 Months 2026 2025
──────────────────────────────────────────────────────────────────────────────
Loews
Hotels &
Co’s $ 17 $ 25 $ 102 $ 60
equity
method
income
Pro rata
share of
equity
method
investm…
Interes… 17 17 53 43
net
Income
tax
expense
Depreci…
and 16 17 51 45
amortiz…
Asset 9
impairm…
Distrib…
in -2 -1 1 7
excess
of basis
Other -1 -6
adjustm…
Pro rata
Adjusted
EBITDA
of $ 47 $ 58 $ 201 $ 164
equity
method
investm…
Page 8 of 8