Loews Corporation (L) investor relations material

Executive summary

• Net income for Q2 2026 was $444 million ($2.16 per share), up from $391 million ($1.87 per share) in Q2 2025; six-month net income was $781 million ($3.79 per share), up from $761 million ($3.61 per share) year-over-year.

• Revenues for Q2 2026 were $4.73 billion, a year-over-year increase from $4.56 billion; six-month revenues were $9.29 billion, up from $9.05 billion.

• Book value per share rose to $93.52 as of June 30, 2026, from $90.71 at year-end 2025; excluding AOCI, it increased to $99.27 from $95.89.

• Growth was driven by higher net income at CNA, Loews Hotels, and Boardwalk Pipelines, with CNA benefiting from higher investment income and lower investment losses, and Loews Hotels from increased occupancy and rates.

• Repurchased 1.4 million shares for $146 million in Q2 2026; 1.7 million shares for $179 million in the first half of 2026.

Financial highlights

• Net investment income rose to $761 million in Q2 2026 from $714 million in Q2 2025; six-month investment income was $1.37 billion, up from $1.32 billion.

• Investment losses narrowed to $5 million in Q2 2026 from $46 million in Q2 2025; six-month losses were $23 million, down from $55 million.

• Total assets as of June 30, 2026 were $87.2 billion, up from $86.3 billion at year-end 2025.

• Dividends from subsidiaries totaled $194 million in Q2 2026; $885 million received in the first half of 2026.

• Parent company cash and investments stood at $4.4 billion as of June 30, 2026.

Outlook and guidance

• No formal guidance provided; management emphasizes prudent capital allocation, strong liquidity, and ongoing evaluation of growth projects and opportunistic investments.

• Boardwalk Pipelines has $3.4 billion in growth projects underway, with $381 million spent to date and $9.4 billion in anticipated future revenues under long-term agreements.

• CNA, Boardwalk, and Loews Hotels expect adequate resources for obligations over the next twelve months.

• Focus remains on shareholder value creation, disciplined investment, and maintaining a robust balance sheet.