Earnings Releases·Nov 2, 2026, 6:03 AM ET

Loews Corporation — Third Quarter 2026 Earnings Summary

Consolidated net income fell to $306 million ($1.50/share) in Q3 2026 from $504 million ($2.43/share) in the prior year, driven by a $125 million after-tax unfavorable long-term care reserve charge at CNA Financial and lower investment income at the corporate level, despite a 1.9% revenue increase to $4.76 billion.
CNA's underlying combined ratio deteriorated to 94.2% (from 91.3%) and loss ratio rose 2.2 points due to higher loss cost trends and lower rate increases, while Boardwalk Pipelines and Loews Hotels reported improved adjusted EBITDA of $262 million and $86 million, respectively.
The company executed significant capital returns, repurchasing 1.6 million shares for $167 million in Q3 and an additional 0.6 million shares for $67 million in October, reducing shares outstanding to 202.9 million.
Management indicated that higher investment yields from recent portfolio actions will almost entirely offset the long-term care reserve charge over time, though no specific forward guidance figures were provided.
Book value per share decreased to $90.24 as of September 30, 2026, from $90.71 at year-end 2025, while book value excluding AOCI rose to $100.67 from $95.89.