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:
Consolidated highlights:
December 31,
Three Months
Years Ended
(In millions)
2025
2024
2025
2024
Net Income (Loss) Attributable to Loews Corporation:
CNA Financial
$ 276
$ 19
$ 1,173
$ 879
Boardwalk Pipelines
110
145
444
413
Loews Hotels & Co
6
27
31
70
Corporate
10
(4)
19
52
Net income attributable to Loews Corporation
$ 402
$ 187
$ 1,667
$ 1,414
Net income per share attributable to Loews Corporation
$ 1.94
$ 0.86
$ 7.97
$ 6.41
December 31, 2025
December 31, 2024
Book value per share
$ 90.71
$ 79.49
Book value per share excluding AOCI
$ 95.89
$ 88.18
Shares of common stock outstanding (in millions)
206.0
214.7
Three months ended December 31, 2025 compared to 2024
CNA:
Boardwalk:
Loews Hotels:
Corporate:
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).
Share Purchases:
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 which any forward-looking statement is based.
Loews Corporation and Subsidiaries
Selected Financial Information
December 31,
Three Months
Years Ended
(In millions)
2025
2024
2025
2024
Revenues:
CNA Financial (a)
$ 3,828
$ 3,689
$ 14,989
$ 14,270
Boardwalk Pipelines
619
577
2,324
2,065
Loews Hotels & Co
235
240
945
933
Corporate investment income, net
52
40
196
242
Total
$ 4,734
$ 4,546
$ 18,454
$ 17,510
Income (Loss) Before Income Tax:
CNA Financial (a) (b)
$ 378
$ 21
$ 1,620
$ 1,211
Boardwalk Pipelines
141
145
584
505
Loews Hotels & Co (c)
12
32
52
95
Corporate:
Investment income, net
53
40
199
243
Other (d)
(43)
(50)
(172)
(180)
Total
$ 541
$ 188
$ 2,283
$ 1,874
Net Income (Loss) Attributable to Loews Corporation:
CNA Financial (a) (b)
$ 276
$ 19
$ 1,173
$ 879
Boardwalk Pipelines (e)
110
145
444
413
Loews Hotels & Co (c)
6
27
31
70
Corporate:
Investment income, net
41
33
158
193
Other (d)
(31)
(37)
(139)
(141)
Net income attributable to Loews Corporation
$ 402
$ 187
$ 1,667
$ 1,414
(a) The three months ended December 31, 2025 and 2024 include net investment losses of $19 million and $39 million
($14 million and $29 million after tax and noncontrolling interests). The years ended December 31, 2025 and 2024
include net investment losses of $81 million and $81 million ($59 million and $59 million after tax and noncontrolling
interests).
(b) Includes a pension settlement charge of $367 million ($265 million after tax and noncontrolling interests) for the
three months and year ended December 31, 2024.
(c) Includes an asset impairment charge of $25 million ($20 million after tax) for the three months and year ended
December 31, 2025 related to the replacement of the Arlington Sheraton Hotel with the Americana by Loews Hotels
in Arlington, Texas. The years ended December 31, 2025 and 2024 include Loews Hotels & Co's portion of joint
venture impairment charges which reduced equity income from joint ventures by $9 million ($6 million after tax) and
$19 million ($15 million after tax).
(d) Consists of parent company interest expense, corporate expenses and the equity income (loss) of Altium Packaging.
(e) Includes a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction
effective in 2025 for the three months and year ended December 31, 2024.
Loews Corporation and Subsidiaries
Consolidated Financial Review
December 31,
Three Months
Years Ended
(In millions, except per share data)
2025
2024
2025
2024
Revenues:
Insurance premiums
$ 2,797
$ 2,679
$ 10,900
$ 10,211
Net investment income
714
696
2,779
2,780
Investment losses
(19)
(39)
(81)
(81)
Operating revenues and other
1,242
1,210
4,856
4,600
Total
4,734
4,546
18,454
17,510
Expenses:
Insurance claims and policyholders' benefits
2,150
2,030
8,294
7,738
Operating expenses and other (a)
2,043
2,328
7,877
7,898
Total
4,193
4,358
16,171
15,636
Income before income tax
541
188
2,283
1,874
Income tax (expense) benefit (b)
(113)
1
(511)
(380)
Net income
428
189
1,772
1,494
Amounts attributable to noncontrolling interests
(26)
(2)
(105)
(80)
Net income attributable to Loews Corporation
$ 402
$ 187
$ 1,667
$ 1,414
Net income per share attributable to Loews Corporation
$ 1.94
$ 0.86
$ 7.97
$ 6.41
Weighted average number of shares
206.80
217.83
209.10
220.53
(a) Includes a pension settlement charge of $367 million ($265 million after tax and noncontrolling interests) for the
three months and year ended December 31, 2024.
(b) Includes a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction
effective in 2025 for the three months and year ended December 31, 2024.
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:
December 31,
Three Months
Years Ended
(In millions)
2025
2024
2025
2024
CNA net income attributable to Loews Corporation
$ 276
$ 19
$ 1,173
$ 879
Investment losses
15
31
64
64
Pension settlement losses
290
293
Noncontrolling interests
26
2
105
80
Core income
$ 317
$ 342
$ 1,342
$ 1,316
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 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:
December 31,
Three Months
Years Ended
2025
2024
2025
2024
Loss ratio
63.4 %
62.8 %
64.6 %
64.3 %
Expense ratio
30.1
30.0
29.7
30.2
Dividend ratio
0.3
0.3
0.4
0.4
Combined ratio
93.8 %
93.1 %
94.7 %
94.9 %
Less: Effect of catastrophe impacts
1.5
1.8
2.3
3.6
Less: Effect of development-related items
(0.1)
0.6
(0.2)
Underlying combined ratio
92.3 %
91.4 %
91.8 %
91.5 %
Underlying loss ratio
61.9 %
61.1 %
61.7 %
60.9 %
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:
December 31,
Three Months
Years Ended
(In millions)
2025
2024
2025
2024
Boardwalk net income attributable to Loews
Corporation
$ 110
$ 145
$ 444
$ 413
Interest, net
36
37
147
152
Income tax expense
31
140
92
Depreciation and amortization
110
108
443
429
EBITDA
$ 287
$ 290
$ 1,174
$ 1,086
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:
December 31,
Three Months
Years Ended
(In millions)
2025
2024
2025
2024
Loews Hotels & Co net income attributable to Loews
Corporation
$ 6
$ 27
$ 31
$ 70
Interest, net
14
12
57
42
Income tax expense
6
5
21
25
Depreciation and amortization
25
24
100
93
EBITDA
51
68
209
230
Noncontrolling interest share of EBITDA adjustments
(1)
(2)
(6)
Asset impairments
25
25
Equity investment adjustments:
Loews Hotels & Co's equity method income
(42)
(27)
(102)
(86)
Pro rata Adjusted EBITDA of equity method
investments
76
44
240
188
Consolidation adjustments
3
2
Adjusted EBITDA
$ 113
$ 84
$ 372
$ 326
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:
December 31,
Three Months
Years Ended
(In millions)
2025
2024
2025
2024
Loews Hotels & Co's equity method income
$ 42
$ 27
$ 102
$ 86
Pro rata share of equity method investments:
Interest, net
19
10
62
40
Income tax expense
Depreciation and amortization
16
12
61
47
Asset impairments
9
19
Distributions in excess of basis
(1)
(5)
6
(4)
Pro rata Adjusted EBITDA of equity method
investments
$ 76
$ 44
$ 240
$ 188
SOURCE Loews Corporation