Loews Corporation (L) investor relations material

Executive summary

• Q3 2026 net income attributable to shareholders was $306 million, or $1.50 per share, versus $504 million, or $2.43, a year earlier; nine-month net income was $1.087 billion versus $1.265 billion.

• Lower CNA earnings and parent investment income weighed on results; stronger Hotels and pipeline contributions partly offset the declines.

Financial highlights

• Q3 revenue was $4.759 billion versus $4.671 billion; nine-month revenue was $14.048 billion versus $13.720 billion.

• Q3 income before tax was $406 million versus $689 million; nine-month income before tax was $1.481 billion versus $1.742 billion.

• Q3 comprehensive loss attributable to shareholders was $636 million, reflecting $1.027 billion of other comprehensive loss; nine-month comprehensive income was $37 million.

• Book value per share was $90.24 at September 30, 2026, versus $90.71 at year-end 2025; excluding AOCI, it rose to $100.67 from $95.89.

Outlook and guidance

• Higher portfolio yields from CNA's LTC portfolio actions are expected to substantially offset the $125 million after-tax reserve impact over time; active LTC policies are expected to decline 40% over the next decade.

• Boardwalk's $3.6 billion of growth projects are expected to add 4.7 Bcf/d of capacity and 10 Bcf of storage through 2030; $525 million had been spent by September 30.

• Boardwalk expects to fund projects with operating cash flow, long-term debt and revolver borrowings; approvals, permits, construction and materials may affect costs and timing.

• CNA expects to pursue profitable growth while maintaining underwriting discipline; no meaningful near-term P&C pricing improvement is expected.