Loews Corporation — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net income of $306 million ($1.50 per share) for the third quarter of 2026, a decrease from $504 million ($2.43 per share) in the third quarter of 2025.
• Net income for the nine months ended September 30, 2026, was $1,087 million ($5.29 per share), down from $1,265 million ($6.03 per share) in the prior year period.
• Consolidated revenues were $4,759 million for the three months ended September 30, 2026, compared to $4,671 million in 2025; for the nine months, revenues were $14,048 million versus $13,720 million.
• CNA Financial net income attributable to Loews dropped to $180 million in Q3 2026 from $371 million in Q3 2025, driven by a $125 million after-tax unfavorable impact from long-term care reserve assumption updates.
• Boardwalk Pipelines net income was $85 million in Q3 2026, down from $94 million in Q3 2025, impacted by $10 million in net unrealized losses at Continuum and a $9 million impairment charge for corporate office relocation.
• Loews Hotels & Co net income increased to $16 million in Q3 2026 from a $3 million loss in Q3 2025.
• Corporate segment net income was $25 million in Q3 2026, down from $42 million in Q3 2025, 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.
• CNA's Property and Casualty combined ratio increased to 97.0% in Q3 2026 from 92.8% in Q3 2025; the underlying combined ratio rose to 94.2% from 91.3%.
• CNA's underlying loss ratio was 64.1% in Q3 2026, an increase of 2.2 points from the prior year quarter.
• Boardwalk EBITDA was $262 million for Q3 2026, down from $267 million in Q3 2025.
• Loews Hotels Adjusted EBITDA increased 25% to $86 million in Q3 2026 from $69 million in Q3 2025.
• As of September 30, 2026, the parent company held $4.4 billion in cash and investments and $1.8 billion in debt.

Guidance and Future Outlook:

• No specific forward guidance or future outlook figures were provided in the press release.
• Management noted that the $125 million unfavorable long-term care reserve charge will almost entirely be offset by higher investment yields from recent investment portfolio actions, with benefits flowing through investment income over time.

Business Segments and Product Lines:

• CNA Financial: Net earned premiums grew 2% and net written premiums grew 3% for the Property and Casualty business. Core income decreased to $203 million in Q3 2026 from $409 million in Q3 2025. Net investment income remained relatively flat, with lower limited partnership returns offset by higher income from fixed income securities and common stock returns.
• Boardwalk Pipelines: Excluding specific charges, net income and EBITDA improved due to higher gas transportation revenues driven by higher contracting rates and utilization. Nine-month net income improved due to higher storage, parking, and lending revenues, partially offset by higher operating expenses related to growth projects.
• Loews Hotels: Performance was driven by higher overall average daily rates and increased occupied room nights across most of the portfolio, particularly following the renovation of the Loews Miami Beach Hotel and performance at the Arlington properties. Equity income from joint ventures decreased due to lower average daily rates and higher operating expenses at the Universal Orlando Resort.
• Corporate: Results were impacted by lower investment income from the parent company trading portfolio and, for the nine-month period, higher interest expense related to a recent debt refinancing.

Market and Competitive Landscape:

• CNA's underlying loss ratio increased due to higher loss cost trends and lower-than-expected rate increases in certain lines in recent quarters.
• CNA's nine-month combined ratio increased to 98.6% from 95.1%, largely due to higher underlying loss ratios and unfavorable net prior year loss reserve development.

Risks and Challenges:

• CNA faced unfavorable long-term care reserve assumption updates and higher catastrophe losses.
• Boardwalk incurred charges related to net unrealized losses at Continuum and an impairment charge for corporate office relocation.
• Loews Hotels experienced lower equity income from joint ventures due to specific property performance issues.
• The press release includes a standard "Forward-Looking Statements" disclaimer noting that actual results may differ materially from expectations due to various risks, urging investors to review SEC reports for detailed risk factors.

Management Commentary and Tone:

• Management highlighted that excluding specific one-time charges, Boardwalk's results improved year-over-year.
• Management noted that the anticipated benefit from higher investment yields will offset the long-term care reserve charge over time.
• Remarks from the president and chief executive officer and chief financial officer for both Loews Corporation and CNA Financial were scheduled to be available on their respective investor relations websites on November 2, 2026.

Other Key Points:

• Loews Corporation repurchased 1.6 million shares of common stock during the third quarter of 2026 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.
• Shares of common stock outstanding were 202.9 million as of September 30, 2026, down from 206.0 million as of December 31, 2025.
• The company operates in the insurance, energy, hospitality, and packaging industries.