LOEWS CORPORATION REPORTS NET INCOME OF $337 MILLION FOR THE FIRST QUARTER OF 2026
Rhea-AI Summary
Loews Corporation (NYSE: L) reported net income of $337 million ($1.63 per share) for Q1 2026, down from $370 million ($1.74) a year earlier. Book value per share rose to $90.90 (ex-AOCI $97.20) as of March 31, 2026.
Subsidiary results: CNA $194M, Boardwalk $159M, Loews Hotels $26M, Corporate loss $42M. Parent cash and investments were $4.5B with $1.8B debt. Share repurchases totaled 0.3M shares for $31M in Q1.
Positive
- Net income of $337 million in Q1 2026
- Book value per share increased to $90.90 (ex-AOCI $97.20)
- Parent cash and investments of $4.5 billion as of March 31, 2026
- Boardwalk EBITDA of $360 million and net income of $159 million
Negative
- CNA net income declined to $194 million from $252 million year-over-year
- CNA Property & Casualty combined ratio rose to 102.2%, indicating underwriting pressure
- Corporate segment reported a net loss of $42 million due to lower trading income and higher interest expense
News Market Reaction – CNA
In the May 4 session, CNA declined 7.95%, reflecting a notable negative market reaction. Argus tracked a trough of -6.3% from its starting point during tracking. Our momentum scanner triggered 49 alerts that day, indicating elevated trading interest and price volatility. Trading volume was elevated at 2.1x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 09 | Loews earnings | Positive | -1.4% | Loews reported Q4 and full-year 2025 net income growth and buybacks. |
| Nov 03 | CNA Q3 earnings | Positive | -1.1% | Strong Q3 2025 results with record core income and solid P&C metrics. |
| Aug 04 | CNA Q2 earnings | Positive | +4.0% | Q2 2025 core income growth, higher investment income and P&C expansion. |
| May 05 | CNA Q1 earnings | Neutral | -0.6% | Q1 2025 net and core income down year over year but solid P&C growth. |
| Nov 04 | CNA Q3 earnings | Positive | -1.5% | Q3 2024 income growth with higher premiums and improved book value. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
CNA’s and Loews’ earnings-related headlines have generally been positive, but CNA’s stock often reacted flat to slightly negative, with only one notable positive move on strong Q2 2025 results.
Over the last five earnings-related events, CNA and parent Loews reported rising book values, strong P&C combined ratios, and record or solid core income in multiple quarters. Despite this, CNA’s 24-hour price reactions were modest, often slightly negative, with only Q2 2025 showing a stronger +4.03% move on improved combined ratios and investment income. Today’s Loews Q1 2026 report shows lower net income year over year and weaker CNA underwriting, aligning with the historically muted average earnings reaction of about -0.12%.
Key Terms
combined ratio technical
underlying combined ratio technical
underlying loss ratio technical
EBITDA financial
Adjusted EBITDA financial
AOCI financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
First Quarter 2026 highlights:
Loews Corporation reported net income of
- CNA Financial Corporation's (NYSE: CNA) net income attributable to Loews Corporation decreased year-over-year primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income.
- Boardwalk Pipelines' net income increased year-over-year primarily due to higher contracting rates and utilization-based revenues on gas transportation, as well as higher rates on storage, parking and lending.
- Loews Hotels' net income increased year-over-year primarily due to higher equity income from joint ventures, driven mainly by the Universal Orlando Resort joint ventures.
- Corporate segment results decreased year-over-year primarily due to lower investment income from the parent company trading portfolio and higher interest expense.
- Book value per share increased to
$90.90 $90.71 - Book value per share, excluding AOCI, increased to
$97.20 $95.89 - On March 31, 2026, the parent company had
$4.5 billion $1.8 billion - Loews Corporation repurchased 0.3 million shares of its common stock during the first quarter of 2026 for a total cost of
$31 million
Consolidated highlights:
Three Months Ended March 31, | ||
(In millions) | 2026 | 2025 |
Net Income (Loss) Attributable to Loews Corporation: | ||
CNA Financial | $ 194 | $ 252 |
Boardwalk Pipelines | 159 | 152 |
Loews Hotels & Co | 26 | — |
Corporate | (42) | (34) |
Net income attributable to Loews Corporation | $ 337 | $ 370 |
Net income per share attributable to Loews Corporation | $ 1.63 | $ 1.74 |
March 31, 2026 | December 31, 2025 | ||
Book value per share | $ 90.90 | $ 90.71 | |
Book value per share excluding AOCI | $ 97.20 | $ 95.89 | |
Shares of common stock outstanding (in millions) | 205.8 | 206.0 | |
Three months ended March 31, 2026 compared to 2025
CNA:
- Net income attributable to Loews Corporation was
$194 million $252 million - Core income decreased to
$225 million $281 million - Net earned premiums grew by
3% and net written premiums grew by1% . - Property and Casualty's combined ratio increased by 3.8 points to
102.2% compared to98.4% largely due to a higher underlying loss ratio and unfavorable net prior year loss reserve development. Property and Casualty's underlying combined ratio increased to94.5% from92.1% . - Property and Casualty's underlying loss ratio increased by 2.6 points, mainly driven by higher loss cost trends and lower than expected rate in certain lines in recent quarters.
- Property and Casualty's unfavorable net prior year loss reserve development increased from
$61 million $100 million - Net investment income increased due to higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, partially offset by lower common stock returns.
Boardwalk:
- Net income increased to
$159 million $152 million - EBITDA increased to
$360 million $346 million - Net income and EBITDA improved due to higher contracting rates and utilization-based revenues on gas transportation as well as higher rates on storage, parking and lending, partially offset by lower product sales and higher operating expenses.
Loews Hotels:
- Net income increased to
$26 million $1 million - Adjusted EBITDA increased
53% to$124 million $81 million - Net income and adjusted EBITDA improved primarily due to higher equity income from joint ventures driven by growth in the overall average daily rate and an increase in both the number of available and the number of occupied room nights at the Universal Orlando Resort, including the addition of the three new hotels that opened in 2025.
Corporate:
- Net loss of
$42 million $34 million - Results decreased primarily due to lower investment income from the parent company trading portfolio and higher interest expense related to recent debt refinancing.
Share Purchases:
- On March 31, 2026, there were 205.8 million shares of Loews common stock outstanding.
- During the three months ended March 31, 2026, Loews Corporation repurchased 0.3 million shares of its common stock for a total cost of
$31 million - Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market (including, with respect to Loews common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise.
Reconciliation of GAAP Measures to Non-GAAP Measures
This news release contains financial measures that are not in accordance with accounting principles generally accepted in
Earnings Remarks
For Loews Corporation
- Today, May 4, 2026, earnings remarks will be available on the Investors section of our website at www.loews.com.
- Remarks will include commentary from Loews's president and chief executive officer and chief financial officer.
For CNA
- Today, May 4, 2026, earnings remarks will be available on the Investor Relations section of CNA's website at www.cna.com.
- Remarks will include commentary from CNA's president and chief executive officer and chief financial officer.
About Loews Corporation
Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.
Forward-Looking Statements
Statements contained in this news release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company's overall business and financial performance, can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.
Loews Corporation and Subsidiaries Selected Financial Information
| ||
Three Months Ended March 31, | ||
(In millions) | 2026 | 2025 |
Revenues: | ||
CNA Financial (a) | $ 3,677 | $ 3,627 |
Boardwalk Pipelines | 631 | 622 |
Loews Hotels & Co | 254 | 245 |
Corporate investment income (loss), net and other | (7) | — |
Total | $ 4,555 | $ 4,494 |
Income (Loss) Before Income Tax: | ||
CNA Financial (a) | $ 267 | $ 349 |
Boardwalk Pipelines | 211 | 202 |
Loews Hotels & Co | 37 | 4 |
Corporate: | ||
Investment income (loss), net | (4) | — |
Other (b) | (48) | (41) |
Total | $ 463 | $ 514 |
Net Income (Loss) Attributable to Loews Corporation: | ||
CNA Financial (a) | $ 194 | $ 252 |
Boardwalk Pipelines | 159 | 152 |
Loews Hotels & Co | 26 | — |
Corporate: | ||
Investment income (loss), net | (3) | — |
Other (b) | (39) | (34) |
Net income attributable to Loews Corporation | $ 337 | $ 370 |
(a) | The three months ended March 31, 2026 and 2025 include net investment losses of |
(b) | Consists of parent company interest expense, corporate expenses and the equity income (loss) of Altium Packaging. |
Loews Corporation and Subsidiaries Consolidated Financial Review
| ||
Three Months Ended March 31, | ||
(In millions, except per share data) | 2026 | 2025 |
Revenues: | ||
Insurance premiums | $ 2,699 | $ 2,626 |
Net investment income | 613 | 608 |
Investment losses | (18) | (9) |
Operating revenues and other | 1,261 | 1,269 |
Total | 4,555 | 4,494 |
Expenses: | ||
Insurance claims and policyholders' benefits | 2,175 | 2,027 |
Operating expenses and other | 1,917 | 1,953 |
Total | 4,092 | 3,980 |
Income before income tax | 463 | 514 |
Income tax expense | (109) | (122) |
Net income | 354 | 392 |
Amounts attributable to noncontrolling interests | (17) | (22) |
Net income attributable to Loews Corporation | $ 337 | $ 370 |
Net income per share attributable to Loews Corporation | $ 1.63 | $ 1.74 |
Weighted average number of shares | 206.27 | 212.60 |
Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:
CNA Financial Corporation
Core income is calculated by excluding from CNA's net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA's primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA's defined benefit pension plans which are unrelated to its primary insurance operations.
The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income:
Three Months Ended March 31, | ||
(In millions) | 2026 | 2025 |
CNA net income attributable to Loews Corporation | $ 194 | $ 252 |
Investment losses | 14 | 7 |
Noncontrolling interests | 17 | 22 |
Core income | $ 225 | $ 281 |
In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA's underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.
The following table presents a reconciliation of CNA's loss ratio to underlying loss ratio and CNA's combined ratio to underlying combined ratio:
Three Months Ended March 31, | ||
2026 | 2025 | |
Loss ratio | 71.8 % | 67.8 % |
Expense ratio | 29.9 | 30.2 |
Dividend ratio | 0.5 | 0.4 |
Combined ratio | 102.2 % | 98.4 % |
Less: Effect of catastrophe impacts | 3.6 | 3.8 |
Less: Effect of development-related items | 4.1 | 2.5 |
Underlying combined ratio | 94.5 % | 92.1 % |
Underlying loss ratio | 64.1 % | 61.5 % |
Boardwalk Pipelines
EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk's net income attributable to Loews Corporation to its EBITDA:
Three Months Ended March 31, | ||
(In millions) | 2026 | 2025 |
Boardwalk net income attributable to Loews Corporation | $ 159 | $ 152 |
Interest, net | 38 | 38 |
Income tax expense | 52 | 50 |
Depreciation and amortization | 111 | 106 |
EBITDA | $ 360 | $ 346 |
Loews Hotels & Co
Adjusted EBITDA is calculated by excluding from Loews Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co's ownership percentage to the underlying equity method investment's components of Adjusted EBITDA and excluding distributions in excess of basis.
The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA:
Three Months Ended March 31, | ||
(In millions) | 2026 | 2025 |
Loews Hotels & Co net income attributable to Loews Corporation | $ 26 | $ — |
Interest, net | 12 | 13 |
Income tax expense | 11 | 4 |
Depreciation and amortization | 26 | 24 |
EBITDA | 75 | 41 |
Noncontrolling interest share of EBITDA adjustments | (1) | |
Asset impairments | 9 | |
Equity investment adjustments: | ||
Loews Hotels & Co's equity method income | (44) | (6) |
Pro rata Adjusted EBITDA of equity method investments | 83 | 46 |
Consolidation adjustments | 1 | 1 |
Adjusted EBITDA | $ 124 | $ 81 |
The following table presents a reconciliation of Loews Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments:
Three Months Ended March 31, | ||
(In millions) | 2026 | 2025 |
Loews Hotels & Co's equity method income | $ 44 | $ 6 |
Pro rata share of equity method investments: | ||
Interest, net | 17 | 10 |
Income tax expense | ||
Depreciation and amortization | 17 | 13 |
Asset impairments | 9 | |
Distributions in excess of basis | 7 | 9 |
Other adjustments | (2) | (1) |
Pro rata Adjusted EBITDA of equity method investments | $ 83 | $ 46 |
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SOURCE Loews Corporation