LOEWS CORPORATION REPORTS NET INCOME OF $337 MILLION FOR THE FIRST QUARTER OF 2026

NEW YORK, May 4, 2026 /PRNewswire/ -- Loews Corporation (NYSE: L) today released its first quarter 2026 financial results.

First Quarter 2026 highlights:

Loews Corporation reported net income of $337 million, or $1.63 per share, in the first quarter of 2026, compared to $370 million, or $1.74 per share, in the first quarter of 2025. The following are key highlights of our first quarter results:

Consolidated highlights:

Three Months Ended March 31,

(In millions)

2026

2025

Net Income (Loss) Attributable to Loews Corporation:

CNA Financial

$ 194

$ 252

Boardwalk Pipelines

159

152

Loews Hotels & Co

—

Corporate

(42)

(34)

Net income attributable to Loews Corporation

$ 337

$ 370

Net income per share attributable to Loews Corporation

$ 1.63

$ 1.74

March 31, 2026

December 31, 2025

Book value per share

$ 90.90

$ 90.71

Book value per share excluding AOCI

$ 97.20

$ 95.89

Shares of common stock outstanding (in millions)

205.8

206.0

Three months ended March 31, 2026 compared to 2025

CNA:

Boardwalk:

Loews Hotels:

Corporate:

Share Purchases:

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 6 and 7 of this release.

Earnings Remarks

For Loews Corporation

For CNA

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 which any forward-looking statement is based.

Loews Corporation and Subsidiaries

Selected Financial Information

Three Months Ended March 31,

(In millions)

2026

2025

Revenues:

CNA Financial (a)

$ 3,677

$ 3,627

Boardwalk Pipelines

631

622

Loews Hotels & Co

254

245

Corporate investment income (loss), net and other

(7)

—

Total

$ 4,555

$ 4,494

Income (Loss) Before Income Tax:

CNA Financial (a)

$ 267

$ 349

Boardwalk Pipelines

211

202

Loews Hotels & Co

Corporate:

Investment income (loss), net

(4)

—

Other (b)

(48)

(41)

Total

$ 463

$ 514

Net Income (Loss) Attributable to Loews Corporation:

CNA Financial (a)

$ 194

$ 252

Boardwalk Pipelines

159

152

Loews Hotels & Co

—

Corporate:

Investment income (loss), net

(3)

—

Other (b)

(39)

(34)

Net income attributable to Loews Corporation

$ 337

$ 370

(a)

The three months ended March 31, 2026 and 2025 include net investment losses of $18 million and $9 million ($13 million and $6 million after tax and noncontrolling interests).

(b)

Consists of parent company interest expense, corporate expenses and the equity income (loss) of Altium Packaging.

Loews Corporation and Subsidiaries

Consolidated Financial Review

Three Months Ended March 31,

(In millions, except per share data)

2026

2025

Revenues:

Insurance premiums

$ 2,699

$ 2,626

Net investment income

613

608

Investment losses

(18)

(9)

Operating revenues and other

1,261

1,269

Total

4,555

4,494

Expenses:

Insurance claims and policyholders' benefits

2,175

2,027

Operating expenses and other

1,917

1,953

Total

4,092

3,980

Income before income tax

463

514

Income tax expense

(109)

(122)

Net income

354

392

Amounts attributable to noncontrolling interests

(17)

(22)

Net income attributable to Loews Corporation

$ 337

$ 370

Net income per share attributable to Loews Corporation

$ 1.63

$ 1.74

Weighted average number of shares

206.27

212.60

Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:

CNA Financial Corporation

Core income is calculated by excluding from CNA's net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA's primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA's defined benefit pension plans which are unrelated to its primary insurance operations.

The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income:

Three Months Ended March 31,

(In millions)

2026

2025

CNA net income attributable to Loews Corporation

$ 194

$ 252

Investment losses

Noncontrolling interests

Core income

$ 225

$ 281

In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA's underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

The following table presents a reconciliation of CNA's loss ratio to underlying loss ratio and CNA's combined ratio to underlying combined ratio:

Three Months Ended March 31,

2026

2025

Loss ratio

71.8 %

67.8 %

Expense ratio

29.9

30.2

Dividend ratio

0.5

0.4

Combined ratio

102.2 %

98.4 %

Less: Effect of catastrophe impacts

3.6

3.8

Less: Effect of development-related items

4.1

2.5

Underlying combined ratio

94.5 %

92.1 %

Underlying loss ratio

64.1 %

61.5 %

Boardwalk Pipelines

EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk's net income attributable to Loews Corporation to its EBITDA:

Three Months Ended March 31,

(In millions)

2026

2025

Boardwalk net income attributable to Loews Corporation

$ 159

$ 152

Interest, net

Income tax expense

Depreciation and amortization

111

106

EBITDA

$ 360

$ 346

Loews Hotels & Co

Adjusted EBITDA is calculated by excluding from Loews Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co's ownership percentage to the underlying equity method investment's components of Adjusted EBITDA and excluding distributions in excess of basis.

The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA:

Three Months Ended March 31,

(In millions)

2026

2025

Loews Hotels & Co net income attributable to Loews Corporation

$ 26

$ —

Interest, net

Income tax expense

Depreciation and amortization

EBITDA

Noncontrolling interest share of EBITDA adjustments

(1)

Asset impairments

Equity investment adjustments:

Loews Hotels & Co's equity method income

(44)

(6)

Pro rata Adjusted EBITDA of equity method investments

Consolidation adjustments

Adjusted EBITDA

$ 124

$ 81

The following table presents a reconciliation of Loews Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments:

Three Months Ended March 31,

(In millions)

2026

2025

Loews Hotels & Co's equity method income

$ 44

$ 6

Pro rata share of equity method investments:

Interest, net

Income tax expense

Depreciation and amortization

Asset impairments

Distributions in excess of basis

Other adjustments

(2)

(1)

Pro rata Adjusted EBITDA of equity method investments

$ 83

$ 46

SOURCE Loews Corporation