Core Insights - Loews Corporation reported a net income of $504 million, or $2.43 per share, for Q3 2025, an increase from $401 million, or $1.82 per share, in Q3 2024 [1][3][8] - The company’s total revenues for Q3 2025 were $4.671 billion, compared to $4.466 billion in Q3 2024, reflecting a year-over-year growth [1][14] - Book value per share increased to $88.39 as of September 30, 2025, from $79.49 as of December 31, 2024 [3][8] CNA Financial - 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 [3][4] - The Property and Casualty combined ratio improved to 92.8% in Q3 2025 from 97.2% in Q3 2024, largely due to lower catastrophe losses [4][22] - Net earned premiums grew by 8%, while net written premiums increased by 3% due to new business [4][19] Boardwalk Pipelines - Boardwalk Pipelines reported a net income of $94 million for Q3 2025, up 22% from $77 million in Q3 2024, attributed to higher re-contracting rates and completed growth projects [3][9] - The company executed a precedent agreement for its Texas Gateway Project, which will add 1.5 Bcf/d of capacity, bringing total announced growth projects to 4.2 Bcf/d at an estimated cost of $3.0 billion [3][9] - Boardwalk's revenue backlog as of September 30, 2025, was $15.6 billion, with $5.7 billion associated with growth projects under precedent agreements [9] Loews Hotels & Co - Loews Hotels reported a net loss of $3 million in Q3 2025, an improvement from a loss of $8 million in Q3 2024, primarily due to higher equity income from Universal Orlando Resort joint ventures [3][9] - Adjusted EBITDA for Loews Hotels increased by 8% to $69 million in Q3 2025, driven by new properties and improved performance at existing locations [9][24] Corporate Segment - The corporate segment reported a net income of $42 million in Q3 2025, down from $73 million in Q3 2024, mainly due to lower investment income from the parent company's trading portfolio [3][9] - The parent company had $3.6 billion in cash and investments and $1.8 billion in debt as of September 30, 2025 [3][9]

Group 1 - Loews Corporation will report its third quarter 2025 financial results on November 3, 2025 [1] - The company will also post earnings remarks on its website, which will include commentary from CEO Ben Tisch and CFO Jane Wang [1] - The news release and earnings remarks will be available online at the Loews Corporation website [1] Group 2 - Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality, and packaging industries [2] - For more information about the company, the website www.loews.com can be visited [2]

Core Viewpoint - Loews Corporation is a diversified company with significant operations in insurance, energy, hospitality, and plastics, showcasing its ability to compete across multiple industries [1][3]. Company Overview - Loews Corporation has a market capitalization of approximately $20.1 billion, categorizing it as a large-cap company [2][3]. - The company operates in various sectors, including overseeing natural gas transport, managing a chain of 25 hotels, and manufacturing plastics and resins [2]. Stock Performance - Loews stock (L) experienced a 1.7% decline from its September peak of $98.33 but has gained 9.5% over the past three months, closely trailing the Dow Jones Industrial Average's 9.8% increase during the same period [4]. - Over the past 52 weeks, L shares surged by 22%, outperforming the Dow Jones, which rose by 10.2% in the same timeframe [5]. - The stock has consistently traded above its 50-day and 200-day moving averages, indicating strong investor confidence and bullish momentum [6]. Financial Results - In Q2 2025, Loews reported revenue of $4.6 billion, reflecting a 6.7% year-over-year increase, with earnings per share (EPS) of $1.87, a 12% rise from the previous year [7]. Challenges - Despite positive financial results, CNA Financial, a key subsidiary, reported higher-than-expected catastrophe losses, raising concerns about profitability and underwriting risks [8]. - Insider selling by directors, including Walter L. Harris and Charles M. Diker, has also negatively impacted market sentiment [8].

Group 1 - Loews, AFLAC, and Marketaxess Holdings will trade ex-dividend on 8/20/25, with respective dividends of $0.0625, $0.58, and $0.76 to be paid on 9/2/25 and 9/3/25 [1][2] - The expected price adjustments for the stocks are approximately 0.07% lower for Loews, 0.55% lower for AFLAC, and 0.40% lower for Marketaxess Holdings when they open for trading [2] - Marketaxess Holdings is a contender for the "Dividend Aristocrats" index, having over 16 years of dividend increases [3] Group 2 - The estimated annualized yields based on the most recent dividends are 0.26% for Loews, 2.20% for AFLAC, and 1.60% for Marketaxess Holdings [10] - In Monday trading, Loews shares decreased by about 0.6%, while AFLAC shares increased by about 0.1%, and Marketaxess Holdings shares rose by about 1.3% [11]

Group 1 - Loews Corporation announced the election of Jennifer VanBelle as a director and her appointment to the Audit Committee [1] - Jennifer VanBelle has over 25 years of experience at General Electric Company, where she held multiple senior roles simultaneously [2] - Loews Corporation operates in diversified sectors including insurance, energy, hospitality, and packaging [3]

[Part I. Financial Information](index=4&type=section&id=Part%20I.%20Financial%20Information) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) Presents Loews Corporation's unaudited consolidated financial statements, including balance sheets, statements of operations, cash flows, and detailed notes [Consolidated Condensed Balance Sheets](index=4&type=section&id=Consolidated%20Condensed%20Balance%20Sheets) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total Assets** | $84,668 million | $81,943 million | | **Total Liabilities** | $66,279 million | $64,006 million | | **Total Equity** | $18,389 million | $17,937 million | [Consolidated Condensed Statements of Operations](index=6&type=section&id=Consolidated%20Condensed%20Statements%20of%20Operations) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | $4,555 million | $4,267 million | | **Net Income** | $416 million | $395 million | | **Net Income Attributable to Loews** | $391 million | $369 million | | **Diluted Net Income Per Share** | $1.87 | $1.67 | | Metric | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Total Revenues** | $9,049 million | $8,498 million | | **Net Income** | $808 million | $880 million | | **Net Income Attributable to Loews** | $761 million | $826 million | | **Diluted Net Income Per Share** | $3.61 | $3.72 | [Consolidated Condensed Statements of Cash Flows](index=10&type=section&id=Consolidated%20Condensed%20Statements%20of%20Cash%20Flows) | Cash Flow Activity (Six Months Ended June 30) | 2025 | 2024 | | :--- | :--- | :--- | | **Net Cash Provided by Operating Activities** | $1,742 million | $1,150 million | | **Net Cash Used by Investing Activities** | ($1,013 million) | ($1,276 million) | | **Net Cash Provided by (Used by) Financing Activities** | ($842 million) | $200 million | [Notes to Consolidated Condensed Financial Statements](index=11&type=section&id=Notes%20to%20Consolidated%20Condensed%20Financial%20Statements) - Loews Corporation is a holding company with consolidated operating subsidiaries in commercial property and casualty insurance (**CNA, ~92% owned**), natural gas transportation and storage (**Boardwalk Pipelines, wholly owned**), and hotels (**Loews Hotels & Co, wholly owned**). It also owns approximately **53% of Altium Packaging**, accounted for under the equity method[20](index=20&type=chunk) - Catastrophe losses, net of reinsurance, were **$62 million for Q2 2025**, down from **$82 million in Q2 2024**. For the six-month period, they were **$159 million in 2025** compared to **$170 million in 2024**[57](index=57&type=chunk) - For the six months ended June 30, 2025, Loews Corporation repurchased **7.4 million shares** of its common stock at an aggregate cost of **$633 million**[97](index=97&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=45&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management analyzes financial performance across segments, detailing revenue and income drivers, liquidity, and investment portfolio performance [Consolidated Financial Results](index=46&type=section&id=Consolidated%20Financial%20Results) - Q2 2025 net income attributable to Loews Corporation increased to **$391 million ($1.87/share)** from **$369 million ($1.67/share)** in Q2 2024. The increase was primarily driven by higher net income at Boardwalk Pipelines and improved investment income at the parent company[138](index=138&type=chunk)[139](index=139&type=chunk) - For the six months ended June 30, 2025, net income attributable to Loews Corporation decreased to **$761 million ($3.61/share)** from **$826 million ($3.72/share)** in the prior year period. The decrease was mainly due to lower net income at CNA and Loews Hotels & Co[138](index=138&type=chunk)[140](index=140&type=chunk) [CNA Financial](index=47&type=section&id=CNA%20Financial) - CNA's net income attributable to Loews decreased in Q2 and the first six months of 2025 compared to 2024. This was primarily due to unfavorable net prior year loss reserve development, particularly related to legacy mass tort abuse reserves, and higher investment losses. These negative impacts were partially offset by higher net investment income and improved underlying underwriting results in its commercial property and casualty operations[144](index=144&type=chunk)[145](index=145&type=chunk) - Core results for CNA's Other Insurance Operations decreased significantly due to an **$88 million after-tax charge in Q2 2025** for unfavorable prior year loss reserve development associated with legacy mass tort abuse reserves, compared to a **$28 million charge in Q2 2024**[179](index=179&type=chunk) [Boardwalk Pipelines](index=56&type=section&id=Boardwalk%20Pipelines) - Net income and EBITDA increased for both the three and six-month periods ended June 30, 2025, driven by increased transportation revenues from re-contracting at higher rates and recently completed growth projects[194](index=194&type=chunk)[195](index=195&type=chunk)[198](index=198&type=chunk)[199](index=199&type=chunk) - As of June 30, 2025, Boardwalk has growth projects with executed agreements expected to increase capacity by **2.6 Bcf/d** at an aggregate cost of approximately **$1.7 billion**, scheduled for completion through 2029[182](index=182&type=chunk) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | **Net Income** | $88 million | $70 million | | **EBITDA** | $274 million | $240 million | [Loews Hotels & Co](index=60&type=section&id=Loews%20Hotels%20%26%20Co) - Net income decreased by **$7 million for Q2 2025** and **$23 million for the six months ended June 30, 2025**, compared to the prior year periods. The decline was primarily driven by lower equity income from joint ventures due to increased expenses related to three new hotels at Universal Orlando Resort and a **$9 million impairment charge** at another joint venture property[204](index=204&type=chunk)[206](index=206&type=chunk) [Corporate](index=62&type=section&id=Corporate) - Corporate segment reported net income of **$1 million in Q2 2025**, a significant improvement from a net loss of **$27 million in Q2 2024**. The change was primarily due to a **$38 million increase** in net investment income from the Parent Company's trading portfolio[210](index=210&type=chunk)[211](index=211&type=chunk) [Liquidity and Capital Resources](index=62&type=section&id=Liquidity%20and%20Capital%20Resources) - The Parent Company's cash and investments totaled **$3.4 billion** at June 30, 2025. During the first six months of 2025, it received **$875 million in dividends** from subsidiaries (**$725 million from CNA, $150 million from Boardwalk**)[212](index=212&type=chunk) - The company repurchased **7.4 million shares** of its common stock for **$627 million** during the first six months of 2025[213](index=213&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=70&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) No material changes occurred in the company's market risk components since the 2024 Annual Report on Form 10-K - There were **no material changes** in market risk components from those discussed in the 2024 Annual Report on Form 10-K[252](index=252&type=chunk) [Item 4. Controls and Procedures](index=70&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective as of June 30, 2025**[254](index=254&type=chunk) - **No changes** in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal control[255](index=255&type=chunk) [Part II. Other Information](index=70&type=section&id=Part%20II.%20Other%20Information) [Item 1. Legal Proceedings](index=70&type=section&id=Item%201.%20Legal%20Proceedings) Details legal proceedings, including antitrust class actions and litigation, with no expected material impact on the company - Information on legal proceedings is provided in Note 9 to the Consolidated Condensed Financial Statements[257](index=257&type=chunk) [Item 1A. Risk Factors](index=70&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors were reported since the 2024 Annual Report on Form 10-K - There have been **no material changes** to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2024[258](index=258&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=71&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) Provides a monthly breakdown of the company's common stock repurchases during the second quarter of 2025 | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2025 | 651,700 | $81.63 | | May 2025 | 1,250,538 | $88.09 | | June 2025 | 992,653 | $88.35 | [Item 6. Exhibits](index=72&type=section&id=Item%206.%20Exhibits) Lists exhibits filed with the report, including incentive plans, officer certifications, and XBRL data files - Lists exhibits filed with the report, including certifications by the CEO and CFO, the Loews Corporation 2025 Incentive Compensation Plan, and XBRL data files[262](index=262&type=chunk)

Financial Performance - Q2 2025 - Loews Corporation's net income was $391 million, or $1.87 per share, compared to $369 million, or $1.67 per share in Q2 2024[14] - The company repurchased 3.0 million shares at a cost of $260 million since March 31, 2025[14] - Book value per share increased to $84.42 as of June 30, 2025, from $79.49 as of December 31, 2024[14] - Dividends from subsidiaries totaled $189 million in Q2 2025[14] - The parent company held $3.4 billion in cash and investments as of June 30, 2025[8, 14] Subsidiary Performance - Q2 2025 - CNA's net income attributable to Loews was $274 million, down from $291 million year-over-year[15, 27] - Boardwalk's net income attributable to Loews increased to $88 million from $70 million year-over-year[15, 30] - Loews Hotels' net income attributable to Loews decreased to $28 million from $35 million year-over-year[15, 32] CNA Financial Highlights - CNA's net written premiums increased to $2.846 billion in Q2 2025 from $2.674 billion in Q2 2024[27] - CNA's underlying combined ratio was 91.7% in Q2 2025, compared to 91.6% in Q2 2024[27] Boardwalk Pipeline Highlights - Boardwalk's operating revenue increased to $534 million in Q2 2025 from $477 million in Q2 2024[30] - Boardwalk's EBITDA was $274 million in Q2 2025, compared to $240 million in Q2 2024[30] Loews Hotels & Co Highlights - Loews Hotels & Co's revenue increased to $254 million in Q2 2025 from $251 million in Q2 2024[32] - Loews Hotels & Co's Adjusted EBITDA was $109 million in Q2 2025, compared to $98 million in Q2 2024[32]

Financial Performance Overview [Second Quarter 2025 Performance](index=1&type=section&id=Second%20Quarter%202025%20Performance) Loews Corporation's net income for the second quarter of 2025 increased to $391 million, or $1.87 per share, compared to $369 million, or $1.67 per share, in the same period of 2024, driven by improved performance in Boardwalk Pipelines and Corporate segments offsetting declines at CNA Financial and Loews Hotels Net Income and Per Share Performance | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (in millions) | $391 | $369 | | Net Income per Share | $1.87 | $1.67 | Segment Net Income | Segment Net Income (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | CNA Financial | $274 | $291 | | Boardwalk Pipelines | $88 | $70 | | Loews Hotels & Co | $28 | $35 | | Corporate | $1 | $(27) | [Six Months 2025 Performance](index=1&type=section&id=Six%20Months%202025%20Performance) For the first six months of 2025, net income attributable to Loews Corporation was $761 million, or $3.61 per share, a decrease from $826 million, or $3.72 per share, in the first half of 2024, mainly due to lower net income from CNA Financial and Loews Hotels Net Income and Per Share Performance | Metric | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | Net Income (in millions) | $761 | $826 | | Net Income per Share | $3.61 | $3.72 | Segment Net Income | Segment Net Income (in millions) | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | | CNA Financial | $526 | $601 | | Boardwalk Pipelines | $240 | $191 | | Loews Hotels & Co | $28 | $51 | | Corporate | $(33) | $(17) | [Key Metrics and Financial Position](index=1&type=section&id=Key%20Metrics%20and%20Financial%20Position) As of June 30, 2025, the company's book value per share increased to $84.42 from $79.49 at year-end 2024, with the parent company maintaining a strong balance sheet holding $3.4 billion in cash and investments and $1.8 billion of debt Book Value Per Share | Metric | June 30, 2025 | Dec 31, 2024 | | :--- | :--- | :--- | | Book value per share | $84.42 | $79.49 | | Book value per share excluding AOCI | $91.66 | $88.18 | - The parent company held **$3.4 billion** in cash and investments and had **$1.8 billion** of debt as of June 30, 2025[4](index=4&type=chunk) - Shares of common stock outstanding decreased to **207.5 million** as of June 30, 2025, from **214.7 million** at the end of 2024, reflecting share repurchase activity[3](index=3&type=chunk) Segment Performance Analysis [CNA Financial](index=2&type=section&id=CNA%20Financial) CNA's Q2 net income attributable to Loews decreased to $274 million from $291 million year-over-year, driven by unfavorable development in legacy mass tort abuse reserves and higher investment losses, partially offset by a 3% increase in core income, higher net investment income, and improved Property and Casualty (P&C) underwriting results, with the P&C combined ratio improving slightly to 94.1% from 94.8% - Q2 net income decreased due to unfavorable prior year loss reserve development related to legacy mass tort abuse reserves and higher investment losses[4](index=4&type=chunk)[6](index=6&type=chunk) - Positive factors included higher net investment income from a larger asset base and favorable reinvestment rates, and a **6%** growth in net written premiums[6](index=6&type=chunk) Property & Casualty Key Metrics | P&C Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Combined Ratio | 94.1% | 94.8% | | Underlying Combined Ratio | 91.7% | 91.6% | | Catastrophe Losses (in millions) | $62 | $82 | [Boardwalk Pipelines](index=2&type=section&id=Boardwalk%20Pipelines) Boardwalk Pipelines reported strong year-over-year growth, with Q2 net income rising to $88 million from $70 million and EBITDA increasing **14%** to $274 million, attributed to higher transportation revenues from favorable re-contracting rates and contributions from recently completed growth projects - Net income and EBITDA improved due to increased transportation revenues from higher re-contracting rates and recently completed growth projects[4](index=4&type=chunk)[6](index=6&type=chunk) Boardwalk Pipelines Financial Performance | Metric (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income | $88 | $70 | | EBITDA | $274 | $240 | [Loews Hotels & Co](index=2&type=section&id=Loews%20Hotels%20%26%20Co) Loews Hotels' Q2 net income decreased to $28 million from $35 million year-over-year, primarily due to lower equity income from joint ventures impacted by increased expenses at three new hotels, despite Adjusted EBITDA growing **11%** to $109 million driven by the new hotels' opening and growth in average daily rates - Net income decreased mainly due to lower equity income from joint ventures, driven by higher expenses (including depreciation and interest) related to three new hotels at Universal Orlando Resort[4](index=4&type=chunk)[6](index=6&type=chunk) - Adjusted EBITDA increased **11%** to **$109 million**, reflecting contributions from the new hotels, growth in average daily rate (ADR), and an increase in occupied room nights[6](index=6&type=chunk) [Corporate Segment](index=2&type=section&id=Corporate%20Segment) The Corporate segment showed a significant turnaround in the second quarter, reporting net income of $1 million compared to a net loss of $27 million in the prior-year period, primarily resulting from higher investment income from the parent company's trading portfolio - The segment's results improved from a **$27 million** loss to a **$1 million** profit, driven by higher investment income from the parent company trading portfolio[4](index=4&type=chunk)[6](index=6&type=chunk) Shareholder Activities [Share Repurchases](index=3&type=section&id=Share%20Repurchases) Loews Corporation continued its share repurchase program, buying back **2.9 million** shares for **$251 million** in the second quarter of 2025, and an additional **0.1 million** shares for **$9 million** subsequent to the quarter's end - During Q2 2025, Loews repurchased **2.9 million** shares of its common stock for a total cost of **$251 million**[4](index=4&type=chunk)[11](index=11&type=chunk) - Between July 1, 2025, and August 1, 2025, an additional **0.1 million** shares were repurchased for **$9 million**[11](index=11&type=chunk) - As of June 30, 2025, there were **207.5 million** shares of Loews common stock outstanding[11](index=11&type=chunk) Consolidated Financial Statements [Selected Financial Information](index=4&type=section&id=Selected%20Financial%20Information) For Q2 2025, total revenues increased to **$4.56 billion** from **$4.27 billion** in Q2 2024, with revenue growth across all major segments, and total income before tax rose to **$539 million** from **$507 million** over the same period Consolidated Revenues by Segment | Revenues (in millions) | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | CNA Financial | $3,717 | $3,519 | $7,344 | $6,963 | | Boardwalk Pipelines | $537 | $488 | $1,159 | $1,005 | | Loews Hotels & Co | $254 | $251 | $499 | $467 | | **Total** | **$4,555** | **$4,267** | **$9,049** | **$8,498** | Consolidated Income Before Tax by Segment | Income Before Tax (in millions) | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | CNA Financial | $380 | $402 | $729 | $829 | | Boardwalk Pipelines | $117 | $94 | $319 | $256 | | Loews Hotels & Co | $39 | $44 | $43 | $72 | | **Total** | **$539** | **$507** | **$1,053** | **$1,136** | [Consolidated Financial Review](index=5&type=section&id=Consolidated%20Financial%20Review) The consolidated income statement for Q2 2025 shows total revenues of **$4.56 billion** and net income attributable to Loews Corporation of **$391 million**, compared to revenues of **$4.27 billion** and net income of **$369 million** in the prior-year quarter Consolidated Income Statement Summary | Consolidated Income Statement (in millions) | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | Total Revenues | $4,555 | $4,267 | $9,049 | $8,498 | | Total Expenses | $4,016 | $3,760 | $7,996 | $7,362 | | Income before income tax | $539 | $507 | $1,053 | $1,136 | | Net income attributable to Loews Corp. | $391 | $369 | $761 | $826 | Non-GAAP Financial Measures [CNA Financial Reconciliation](index=6&type=section&id=CNA%20Financial%20Reconciliation) CNA's Core Income, a non-GAAP measure excluding investment gains/losses, was $335 million for Q2 2025, up from $326 million in Q2 2024, while the Underlying Combined Ratio, which excludes catastrophe losses and development items, was stable at 91.7% compared to 91.6% in the prior year CNA Financial Core Income Reconciliation | Reconciliation to Core Income (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | CNA net income attributable to Loews | $274 | $291 | | Investment losses | $36 | $9 | | Noncontrolling interests | $25 | $26 | | **Core income** | **$335** | **$326** | CNA Financial Underlying Combined Ratio Reconciliation | Reconciliation to Underlying Combined Ratio | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Combined ratio | 94.1% | 94.8% | | Less: Effect of catastrophe impacts | 2.4% | 3.5% | | Less: Effect of development-related items | 0.0% | (0.3%) | | **Underlying combined ratio** | **91.7%** | **91.6%** | [Boardwalk Pipelines Reconciliation](index=7&type=section&id=Boardwalk%20Pipelines%20Reconciliation) Boardwalk Pipelines' EBITDA, a non-GAAP measure, is reconciled from its net income, showing an increase to $274 million in Q2 2025 from $240 million in Q2 2024, reflecting strong operational performance Boardwalk Pipelines EBITDA Reconciliation | Reconciliation to EBITDA (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Boardwalk net income | $88 | $70 | | Interest, net | $37 | $38 | | Income tax expense | $29 | $24 | | Depreciation and amortization | $120 | $108 | | **EBITDA** | **$274** | **$240** | [Loews Hotels & Co Reconciliation](index=7&type=section&id=Loews%20Hotels%20%26%20Co%20Reconciliation) Loews Hotels' Adjusted EBITDA, a non-GAAP measure, increased to $109 million in Q2 2025 from $98 million in Q2 2024, with its reconciliation from net income including adjustments for interest, taxes, depreciation, and equity investment performance Loews Hotels & Co Adjusted EBITDA Reconciliation | Reconciliation to Adjusted EBITDA (in millions) | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Loews Hotels net income | $28 | $35 | | Interest, net | $16 | $12 | | Income tax expense | $11 | $9 | | Depreciation and amortization | $24 | $24 | | Equity investment adjustments & other | $30 | $18 | | **Adjusted EBITDA** | **$109** | **$98** |

Core Insights - Loews Corporation reported a net income of $391 million, or $1.87 per share, for Q2 2025, an increase from $369 million, or $1.67 per share, in Q2 2024 [2][4][19] - The company’s total revenues for Q2 2025 were $4.555 billion, compared to $4.267 billion in Q2 2024, reflecting a year-over-year growth [16][18] - The book value per share increased to $84.42 as of June 30, 2025, from $79.49 at the end of 2024 [4][19] Consolidated Highlights - Net income attributable to Loews Corporation for the first half of 2025 was $761 million, or $3.61 per share, down from $826 million, or $3.72 per share, in the same period of 2024 [2][7] - The company repurchased 2.9 million shares of its common stock for a total cost of $251 million during Q2 2025 [4][15] - As of June 30, 2025, Loews Corporation had $3.4 billion in cash and investments and $1.8 billion in debt [4] Segment Performance CNA Financial - Net income attributable to Loews from CNA decreased to $274 million in Q2 2025 from $291 million in Q2 2024 [5][24] - Core income for CNA increased by 3% to $335 million compared to $326 million in the previous year [5][21] - Net written premiums grew by 6%, while net earned premiums increased by 8% [5] Boardwalk Pipelines - Boardwalk Pipelines reported a net income of $88 million in Q2 2025, up from $70 million in Q2 2024, driven by higher re-contracting rates and growth projects [4][24] - EBITDA for Boardwalk increased by 14% to $274 million compared to $240 million in the previous year [8][24] Loews Hotels - Loews Hotels reported a net income of $28 million in Q2 2025, down from $35 million in Q2 2024, primarily due to increased expenses related to new hotel openings [4][26] - Adjusted EBITDA for Loews Hotels increased by 11% to $109 million compared to $98 million in the previous year [8][26] Financial Ratios - The Property and Casualty combined ratio improved to 94.1% in Q2 2025 from 94.8% in Q2 2024, largely due to lower catastrophe losses [8][23] - The underlying combined ratio remained stable at 91.7% compared to 91.6% in the previous year [8][23]

Group 1 - Loews Corporation will report its second quarter 2025 financial results on August 4, 2025 [1] - The earnings remarks will include commentary from CEO Ben Tisch and CFO Jane Wang [1] - The news release and earnings remarks will be available on the Loews Corporation website [1] Group 2 - Loews Corporation operates in diversified sectors including insurance, energy, hospitality, and packaging [2] - Additional information about the company can be found on its website [2]