LOEWS CORPORATION REPORTS NET INCOME OF $402 MILLION FOR THE FOURTH QUARTER OF 2025 AND $1,667 MILLION FOR THE FULL YEAR

8.9 MILLION COMMON SHARES REPURCHASED IN 2025 FOR $782 MILLION

NEW YORK, Feb. 9, 2026 /PRNewswire/ — Loews Corporation (NYSE:L) today released its fourth quarter 2025 financial results.

Fourth Quarter 2025 highlights:
Loews Corporation reported net income of $402 million, or $1.94 per share, in the fourth quarter of 2025, compared to $187 million, or $0.86 per share, in the fourth quarter of 2024. The fourth quarter results for 2024 included a pension settlement charge for CNA of $265 million (after-tax and noncontrolling interests). The following are key highlights of our fourth quarter results:

• CNA Financial Corporation’s (NYSE:CNA) net income attributable to Loews Corporation excluding the 2024 pension charge decreased slightly year-over-year due to an unfavorable non-economic charge related to the asbestos and environmental pollution loss portfolio transfer and lower underwriting income, partially offset by higher net investment income.
• Boardwalk Pipelines’ net income decreased year-over-year primarily due to the non-recurrence of an income tax benefit of $36 million recorded in the fourth quarter of 2024.
• Loews Hotels’ net income decreased year-over-year primarily due to an asset impairment charge of $20 million (after tax) related to the planned replacement of the Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas.
• Corporate segment results improved year-over-year due to higher investment income from the parent company trading portfolio.
• Book value per share increased to $90.71 as of December 31, 2025, from $79.49 as of December 31, 2024.
• Book value per share, excluding AOCI, increased to $95.89 as of December 31, 2025, from $88.18 as of December 31, 2024.
• On December 31, 2025, the parent company had $3.9 billion of cash and investments and $1.8 billion of debt.
• Loews Corporation repurchased 1.0 million shares of its common stock during the fourth quarter of 2025 for a total cost of $98 million.

Consolidated highlights:

 

Three months ended December 31, 2025 compared to 2024

CNA:

• Net income attributable to Loews Corporation was $276 million compared to $19 million.
• Net income for 2024 includes a pension settlement charge of $265 million. Excluding this pension charge, net income attributable to Loews Corporation was $284 million in the fourth quarter of 2024.
• Core income decreased to $317 million compared to $342 million, driven by an unfavorable non-economic charge related to the asbestos and environmental pollution loss portfolio transfer. Underwriting income was also lower, partially offset by higher net investment income.
• Net earned premiums grew by 5% and net written premiums grew by 2%.
• Property and Casualty’s combined ratio increased by 0.7 points to 93.8% compared to 93.1% largely due to a higher underlying loss ratio. Property and Casualty’s underlying combined ratio increased to 92.3% from 91.4%.
• 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, partially offset by lower common stock returns.

Boardwalk:

• Net income decreased to $110 million compared to $145 million.
• Net income for 2024 included a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025.
• EBITDA decreased to $287 million compared to $290 million.
• Net income and EBITDA were impacted by an increase in legal expenses, offset by increased transportation revenues from higher re-contracting rates and recently completed growth projects, as well as increased storage and parking and lending revenues.

Loews Hotels:

• Net income decreased to $6 million compared to $27 million.
• Adjusted EBITDA increased 35% to $113 million compared to $84 million.
• Net income for 2025 was negatively impacted by an asset impairment charge of $20 million (after tax) related to the planned replacement of the Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas.
• Adjusted EBITDA improvement was driven by the addition of three new properties at the Universal Orlando Resort as well as higher average daily rates and occupancy at the other Universal Orlando Resort properties. In addition, results improved at the Loews Arlington Hotel and Convention Center. These positives were partially offset by the reduction in available room nights at the Loews Miami Beach Hotel due to renovations at the property.

Corporate:

• Net income of $10 million compared to a net loss of $4 million.
• The improved results are primarily due to higher investment income from the parent company trading portfolio.

Year ended December 31, 2025 compared to 2024

Loews Corporation reported net income of $1,667 million, or $7.97 per share, compared to $1,414 million, or $6.41 per share, in 2024. Net income for 2024 includes a pension settlement charge for CNA of $265 million (after-tax and noncontrolling interests).

• Excluding the pension charge in 2024, CNA’s net income attributable to Loews Corporation increased due to higher Property and Casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves.
• Boardwalk’s net income and EBITDA improved due to increased transportation revenues from higher re-contracting rates, recently completed growth projects and higher utilization-based revenue, as well as increased storage and parking and lending revenues. Those positives were partially offset by higher operating costs and higher depreciation expense.
• Loews Hotels’ net income decreased primarily due to an asset impairment charge, higher interest expense and renovations at the Loews Miami Beach Hotel, partially offset by improved results at the Universal Orlando Resort properties and the Loews Arlington Hotel and Convention Center, which was open for the entirety of 2025.
• Corporate net income decreased primarily due to lower investment income from the parent company trading portfolio.

Share Purchases:

• On December 31, 2025, there were 206.0 million shares of Loews common stock outstanding.
• For the three months and year ended December 31, 2025, Loews Corporation repurchased 1.0 million and 8.9 million shares of its common stock for a total cost of $98 million and $782 million, respectively.
• 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.

Boardwalk Litigation

As a reminder, in December, the Delaware Supreme Court issued a ruling in the litigation related to Loews Corporation’s 2018 acquisition of the minority limited partner interests in its Boardwalk Pipelines subsidiary. The Supreme Court found that the Boardwalk general partner, an indirect subsidiary of Loews Corporation, breached the underlying partnership agreement in connection with its exercise of the purchase right to acquire the minority limited partner interests. In its previous ruling in 2022, the Delaware Supreme Court had ruled that the Boardwalk general partner was exculpated from damages related to its exercise of the purchase right. The remaining claims that have been remanded back to the Delaware Chancery Court for further proceedings following the Supreme Court’s latest decision are tortious interference and unjust enrichment claims against Loews and certain of its Boardwalk-related subsidiaries. The Supreme Court resolved the other remaining claims in Loews’s favor.

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 7 through 9 of this release.

Earnings Remarks

For Loews Corporation

     –      Today, February 9, 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, February 9, 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 …

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