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Loews (L) investor relations material
Loews Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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.
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