Loews Corporation (L) Q4 2024 earnings summary

Executive summary

• Q4 2024 net income was $187 million ($0.86 per share), down from $446 million ($1.99 per share) in Q4 2023, mainly due to a $265 million after-tax pension settlement charge at CNA.

• Full-year 2024 net income was $1.41 billion ($6.41/share), compared to $1.43 billion ($6.29/share) in 2023; excluding the pension charge, net income grew 17% year-over-year.

• Revenues for Q4 2024 rose to $4.55 billion from $4.26 billion in Q4 2023; full-year 2024 revenues were $17.51 billion, up from $15.90 billion in 2023.

• Book value per share excluding AOCI increased to $88.18 at year-end 2024 from $81.92 at year-end 2023.

• Repurchased 7.7 million shares for $611 million in 2024, including 4.2 million shares for $349 million in Q4.

Financial highlights

• Q4 2024 net income: $187 million; full-year 2024 net income: $1.41 billion (vs. $1.43 billion in 2023).

• Q4 2024 revenue: $4.55 billion (up 7% year-over-year); full-year revenue: $17.51 billion (up 10%).

• Q4 net income attributable to Loews: CNA $19M (including pension charge), Boardwalk $145M, Loews Hotels $27M, Corporate -$4M.

• Q4 2024 net investment income increased to $696M from $643M in Q4 2023.

• Weighted average shares outstanding decreased to 217.83M in Q4 2024 from 223.80M in Q4 2023.

Segment performance

• CNA: Q4 net income attributable to Loews was $19M (or $284M excluding pension charge) vs. $336M prior year; full-year net income attributable to Loews was $879M (down from $1.09B).

• Boardwalk Pipelines: Q4 net income attributable to Loews rose to $145M from $92M, aided by a $36M state tax benefit and higher transportation revenues; full-year net income attributable to Loews was $413M (up from $283M).

• Loews Hotels & Co: Q4 net income attributable to Loews was $27M (down from $32M), with full-year net income at $70M (down from $147M), impacted by higher depreciation and interest expense from new property openings.

• Corporate: Q4 loss improved to $(4) million from $(14) million, mainly due to higher investment income.