Core Viewpoint - Loews Corporation is involved in ongoing litigation regarding its 2018 acquisition of minority limited partner interests in Boardwalk Pipelines, with the Delaware Supreme Court ruling on the matter and remanding certain issues back to the Delaware Court of Chancery [1][3]. Legal Proceedings - The Delaware Supreme Court found a breach related to the partnership agreement and remanded the issue of tortious interference liability back to the Delaware Court of Chancery [1]. - In November 2021, the Delaware Court of Chancery awarded former minority unitholders approximately $690 million plus interest, but this ruling was reversed by the Delaware Supreme Court in December 2022 [3]. - The Court of Chancery ruled in favor of Loews on remaining claims in September 2024, finding no liability, but this ruling was appealed by the plaintiffs [3]. Company Statements - The President and CEO of Loews Corporation expressed frustration over the prolonged litigation, which has lasted more than seven years, and reiterated the appropriateness of the acquisition process undertaken in 2018 [2]. Company Overview - Loews Corporation operates in diversified sectors including insurance, energy, hospitality, and packaging [4].

Core Viewpoint - AM Best has upgraded the credit ratings of CNA Financial Corporation and its subsidiaries, reflecting strong financial performance and support from its parent company, Loews Corporation [1][4]. Group 1: Credit Ratings Upgrade - Financial Strength Rating (FSR) upgraded to A+ from A, and Long-Term Issuer Credit Ratings (Long-Term ICRs) upgraded to "aa-" from "a+" [2]. - CNAF's Long-Term Issue Credit Ratings (Long-Term IRs) also upgraded, with Long-Term ICR rising to "a-" from "bbb+" [2]. Group 2: Financial Performance and Support - CNA's ratings are based on a very strong balance sheet, strong operating performance, favorable business profile, and appropriate Enterprise Risk Management (ERM) [3]. - The supportive ownership by Loews Corporation and historical financial backing contribute positively to CNA's ratings [4]. Group 3: Operating Platform and Profitability - CNA's favorable operating platform includes considerable geographic and product scope, strong service capabilities, and diversified distribution [5]. - Successful underwriting and expense management initiatives have made commercial insurance a significant source of profitability [5]. Group 4: Risk Factors - The ratings consider the impact of discontinued long-term care business, which has affected overall profitability and risk-adjusted capitalization [6]. - Moderate underwriting exposures to catastrophe losses and reserve uncertainties in litigation-sensitive casualty lines could affect the credit profile [7]. Group 5: Western Surety Group (WSG) Ratings - WSG's strong financial profile reflects strong risk-adjusted capitalization, favorable loss reserves, and modest underwriting leverage [8]. - However, WSG's narrow product focus in a competitive surety market is a potential weakness that may pressure underwriting margins [9].

Group 1 - The conference call is hosted by EQB Inc. to discuss the acquisition of PC Financial and a partnership with Loblaw Companies Limited [3] - Key executives present include Chadwick Westlake (President and CEO), Richard Dufresne (President and CEO of George Weston Limited and CFO of Loblaw), and other senior management [2] - The call is part of a busy earnings season, indicating the importance of the financial results being discussed [2] Group 2 - The call will open for questions from prequalified analysts after prepared remarks, with a follow-up earnings call scheduled for the next morning [3]

Core Insights - EQB Inc. has entered into a definitive agreement to acquire President's Choice Bank and related entities for an estimated total consideration of $800 million, which will be financed through a combination of cash and the issuance of 7.2 million common shares to Loblaw, representing approximately 16% of EQB's outstanding shares [1][2] - The acquisition is expected to enhance EQB's customer base to nearly 3.5 million Canadians and add $5.8 billion in assets, including over $800 million in direct retail deposits [1][2] - The transaction will create one of Canada's largest loyalty-linked banking ecosystems, providing significant benefits to millions of Canadians through enhanced rewards and banking services [1][2] Transaction Details - EQB will acquire PC Financial at a valuation of 1.15 times book value, excluding excess capital above a 13% CET1 ratio, with Loblaw expected to release approximately $500 million of excess capital from PC Bank [1][2] - The transaction is anticipated to be mid-single digit accretive to adjusted EPS in the first full year post-closing and is expected to generate annual run-rate cost synergies of $30 million [1][2] - Closing of the acquisition is expected within calendar 2026, subject to regulatory approvals and customary closing conditions [1][2] Strategic Implications - The partnership will allow EQB to leverage Loblaw's extensive retail channels to market financial services products, focusing initially on credit cards and deposit accounts [2] - The combined organization aims to drive innovation in Canadian banking, enhancing customer experience through EQB's digital platform and PC Financial's established customer base [1][2] - The transaction will maintain the trusted brands of EQ Bank and PC Financial while transitioning PC Financial into EQB's digital brand over time [1][2]

Group 1: Cardinal Health - Cardinal Health's share prices have surged nearly 74% year to date, with significant gains following a strong quarterly earnings report [3][4] - Fiscal first-quarter 2026 revenue reached $64 billion, a 22% increase from the previous year, exceeding analyst expectations [3][5] - Adjusted earnings per share (EPS) of $2.55 surpassed Wall Street's forecasts, with estimates predicting EPS growth of 19% and 12.6% for the current and next fiscal years, respectively [5] Group 2: Loews - Loews shares have increased by 24% year to date, reflecting a turnaround from weak returns in the 2010s [6][8] - The company, controlled by the Tisch family, focuses on increasing intrinsic value per share and is actively repurchasing shares [9] - Loews owns significant stakes in CNA Financial and has interests in energy pipelines, hotels, and packaging, making it an attractive option for conservative investors seeking steady returns [8][9] Group 3: SanDisk - SanDisk's shares have surged over sixfold since splitting from Western Digital in February, with a 70% increase in the past month [10][11] - The company benefits from a NAND shortage, with robust demand for memory chips driven by artificial intelligence infrastructure [10] - SanDisk has raised NAND flash contract prices by 50%, and the market currently values its shares at a forward price-to-earnings (P/E) ratio of around 19, indicating potential for continued growth [10][12]

Core Insights - The article discusses the importance of enabling Javascript and cookies in browsers to ensure proper functionality and access to content [1] Group 1 - The article emphasizes that users may face access issues if they have an ad-blocker enabled, suggesting the need to disable it for a better experience [1]

Financial 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].

Financial 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]

Group 1 - The article emphasizes the importance of enabling Javascript and cookies in browsers to prevent access issues [1] - It mentions that users with ad-blockers may face restrictions when trying to access the content [1]

Financial Performance - Q3 2025 - Loews Corporation's net income increased to $504 million, or $2.43 per share, compared to $401 million, or $1.82 per share, in Q3 2024[13] - The company repurchased 0.9 million shares at a cost of $85 million since June 30, 2025[13] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024[13] - Dividends from subsidiaries totaled $189 million in Q3 2025[13] - The company held $3.6 billion in cash and investments at the parent company level as of September 30, 2025[8, 13] Subsidiary Highlights - CNA's net income attributable to Loews increased 43% year-over-year due to improved Property and Casualty underwriting results[17] - Boardwalk's net income improved 22% year-over-year due to increased transportation revenues[17] - Boardwalk executed a precedent agreement for its Texas Gateway Project, which would add 1.5 Bcf/d of capacity[17] - Loews Hotels' results improved year-over-year due to new properties and higher average daily rates and occupancy in Orlando[17] CNA Financial Highlights - CNA's net written premiums increased to $2.437 billion in Q3 2025 from $2.360 billion in Q3 2024[29] - CNA's invested assets (fair value) increased to $50.536 billion as of September 30, 2025, from $47.482 billion as of December 31, 2024[29] Boardwalk Pipeline Highlights - Boardwalk's operating revenue increased to $541 million in Q3 2025 from $474 million in Q3 2024[32] - Boardwalk's net income attributable to Loews increased to $94 million in Q3 2025 from $77 million in Q3 2024[32]