Loews (L) investor relations material

Executive summary

• Q2 2025 net income was $391 million ($1.87/share), up from $369 million ($1.67/share) in Q2 2024, driven by Boardwalk Pipelines and investment gains, partially offset by declines at CNA and Loews Hotels.

• Book value per share increased to $84.42 as of June 30, 2025, from $79.49 at year-end 2024; excluding AOCI, it reached $91.66.

• Six-month net income was $761 million ($3.61/share), down from $826 million ($3.72/share) year-over-year.

• Parent company cash and investments totaled $3.4 billion as of June 30, 2025; parent company debt was $1.8 billion.

• Share repurchases totaled 7.4 million shares for $633 million in the first half of 2025.

Financial highlights

• Q2 2025 revenues were $4.56 billion, up from $4.27 billion in Q2 2024; six-month revenues reached $9.05 billion, up from $8.50 billion.

• Q2 net investment income rose to $714 million from $639 million year-over-year.

• Q2 net investment losses increased to $46 million from $10 million year-over-year.

• Q2 insurance claims and policyholder benefits were $2.09 billion, up from $1.88 billion year-over-year.

• Weighted average shares outstanding decreased to 209.36 million from 221.60 million year-over-year.

Outlook and guidance

• Boardwalk Pipelines expects continued growth from new projects, with $1.7 billion in capital projects scheduled through 2029, subject to regulatory approvals.

• Management may continue share repurchases depending on market conditions.

• CNA's future results may be impacted by ongoing reserve development, catastrophe losses, and investment performance.

• The company is evaluating the impact of recent federal tax law changes but does not expect material effects.

• Forward-looking statements caution about risks and uncertainties that could impact future results.