Loews Q3 2026 earnings fall to $306M from $504M
CNA’s reserve review reduced Loews net income by $125 million after tax and noncontrolling interests; 0.6 million shares were repurchased for $67 million after quarter-end.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Loews Corporation reported third-quarter 2026 net income of $306 million, or $1.50 per share, compared with $504 million, or $2.43 per share, a year earlier. The decline primarily reflected CNA’s annual long-term care reserve review, which increased GAAP reserves by $173 million before tax and reduced Loews net income by $125 million after tax and noncontrolling interests; lower property-and-casualty underwriting income and parent-company investment income also pressured results.
CNA’s property-and-casualty combined ratio rose to 97.0% from 92.8%; its underlying combined ratio was 94.2% versus 91.3%. Loews Hotels’ Adjusted EBITDA rose 25% to $86 million from $69 million, while Boardwalk Pipelines’ EBITDA was $262 million versus $267 million. Book value per share was $90.24 as of September 30, 2026, versus $90.71 at December 31, 2025; excluding AOCI, it was $100.67 versus $95.89. Loews repurchased 1.6 million shares for $167 million in the quarter, and an additional 0.6 million shares for $67 million between October 1 and October 30, 2026.
1 point · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Minor pointLoews Hotels Adjusted EBITDA rose 25% to $86 million.
Negative
- Moderate pointQuarterly net income fell to $306 million from $504 million.
Filing Explained
Loews said Boardwalk’s revenue backlog grew by almost
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net income attributable to Loews: $306 million
Net income per share: $1.50 per share
CNA long-term care reserve review impact: $125 million after tax and noncontrolling interests
+5 more
8 metrics
Net income attributable to Loews
$306 million
Three months ended September 30, 2026; $504 million in the comparable 2025 period.
Net income per share
$1.50 per share
Third quarter of 2026; $2.43 per share in the third quarter of 2025.
CNA long-term care reserve review impact
$125 million after tax and noncontrolling interests
Impact on Loews net income in the third quarter of 2026.
Loews Hotels Adjusted EBITDA
$86 million
Third quarter of 2026; $69 million in the third quarter of 2025, an increase of 25%.
Boardwalk Pipelines EBITDA
$262 million
Third quarter of 2026; $267 million in the third quarter of 2025.
Property-and-casualty combined ratio
97.0%
Third quarter of 2026; 92.8% in the third quarter of 2025.
Common shares repurchased
1.6 million shares for $167 million
Third quarter of 2026.
Book value per share excluding AOCI
$100.67 per share
As of September 30, 2026; $95.89 per share as of December 31, 2025.
Key Terms
AOCI, LDTI accounting, underlying combined ratio, Adjusted EBITDA
4 terms
AOCI financial
"Book value per share, excluding AOCI"
Accumulated Other Comprehensive Income (AOCI) is a section of owners’ equity that records certain unrealized gains and losses that aren’t shown in the company’s regular profit and loss statement—things like currency translation shifts, changes in the value of certain investments, or pension plan adjustments. Think of it as a separate holding jar for value swings the company hasn’t cashed in yet; investors watch it because large or volatile balances can change reported net worth and signal future earnings or balance-sheet risk when those items are realized.
LDTI accounting financial
"with the adoption of LDTI accounting"
underlying combined ratio financial
"Property & Casualty’s underlying combined ratio"
The underlying combined ratio is an insurer’s core underwriting profit measure: it compares claims paid plus operating costs to premiums earned, after removing one-off or unusual items (like major catastrophe losses, reserve adjustments or accounting timing effects). It matters to investors because it reveals the steady, repeatable strength of an insurer’s business—like a car’s average fuel efficiency when you ignore a single outlier trip—helping separate true performance from temporary noise.
Adjusted EBITDA financial
"Loews Hotels & Co utilizes Adjusted EBITDA"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Earnings Snapshot
Net income attributable to Loews Corporation: $306 million
Third quarter of 2026
Net income attributable to Loews Corporation
$306 million
Compared with $504 million in the third quarter of 2025.
Net income per share attributable to Loews Corporation
$1.50 per share
Compared with $2.43 per share in the third quarter of 2025.
Property-and-casualty combined ratio
97.0%
Increased by 4.2 points from 92.8% in the third quarter of 2025.
Boardwalk Pipelines EBITDA
$262 million
Compared with $267 million in the third quarter of 2025.
Loews Hotels Adjusted EBITDA
$86 million
Increased 25% from $69 million in the third quarter of 2025.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
Why did Loews (L) report lower third-quarter earnings in 2026?
Loews said the decline primarily reflected CNA’s annual long-term care reserve review, which reduced Loews net income by $125 million after tax and noncontrolling interests. Lower CNA property-and-casualty underwriting income and parent-company investment income also pressured results, partly offset by growth at Loews Hotels.
How much cash did Loews (L) receive from subsidiaries in the third quarter of 2026?
Loews received $194 million from subsidiaries, including $119 million in dividends from CNA and $75 million in distributions from Boardwalk. Year to date, Loews received almost $1.1 billion, including $855 million in CNA dividends and $225 million in Boardwalk distributions.
How much cash and debt did Loews (L) report at September 30, 2026?
The parent company had $4.4 billion in cash and investments and $1.8 billion of debt.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| Date of Report (Date of earliest event reported) | ||||||||
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | ||||
| Registrant’s telephone number, including area code: | ( | ||||
| NOT APPLICABLE | ||
| (Former name or former address, if changed since last report.) | ||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
1
Item 2.02 Results of Operations and Financial Condition.
On November 2, 2026 , Loews Corporation issued a press release and posted on its website (www.loews.com) earnings remarks providing information on its results of operations for the third quarter of 2026. The press release is furnished as Exhibit 99.1 and the earnings remarks are furnished as Exhibit 99.2 to this Form 8-K.
The information under Item 2.02 and in Exhibits 99.1 and 99.2 in this Current Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 2.02 and in Exhibits 99.1 and 99.2 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.
Item 9.01 Financial Statements and Exhibits.
(d)Exhibits:
See Exhibit Index.
2
EXHIBIT INDEX
| Exhibit No. | Description | |||||||
99.1 | Loews Corporation press release, issued | |||||||
99.2 | Loews Corporation earnings remarks, posted on its website | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LOEWS CORPORATION | ||||||||
| (Registrant) | ||||||||
Dated: | By: | /s/ Marc A. Alpert | ||||||
| Marc A. Alpert | ||||||||
| Senior Vice President, | ||||||||
| General Counsel | ||||||||
| and Secretary | ||||||||
4
Exhibit 99.1
 | |||||||||||||||||||||||||||||||||||||||||
NEWS RELEASE
LOEWS CORPORATION REPORTS NET INCOME OF $306 MILLION
FOR THE THIRD QUARTER OF 2026
New York, NY, November 2, 2026: Loews Corporation (NYSE: L) today released its third quarter 2026 financial results.
Third Quarter 2026 highlights:
Loews Corporation reported net income of $306 million, or $1.50 per share, in the third quarter of 2026, compared to $504 million, or $2.43 per share, in the third quarter of 2025. The following are key highlights of our third quarter results:
•CNA Financial Corporation’s (NYSE: CNA) net income attributable to Loews Corporation decreased year-over-year primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from its annual long-term care reserve assumption updates, as well as lower Property and Casualty underlying underwriting results and higher catastrophe losses. The unfavorable long-term care reserve charge will almost entirely be offset by higher investment yields from recent investment portfolio actions. This anticipated benefit will flow through investment income over time.
•Boardwalk Pipelines’ net income decreased year-over-year primarily due to higher operating expenses, including $14 million (after-tax) of charges related to net unrealized losses at Continuum and an impairment charge associated with the relocation of Boardwalk’s corporate office. Excluding those items, results improved year-over-year, benefiting from higher gas transportation revenues.
•Loews Hotels’ net income increased year-over-year primarily due to a higher overall average daily rate and an increase in occupied room nights across most of the portfolio, partially offset by lower equity income from joint ventures.
•Corporate segment net income decreased year-over-year primarily due to lower investment income from the parent company trading portfolio.
•Book value per share decreased to $90.24 as of September 30, 2026, from $90.71 as of December 31, 2025.
•Book value per share, excluding AOCI, increased to $100.67 as of September 30, 2026, from $95.89 as of December 31, 2025.
•On September 30, 2026, the parent company had $4.4 billion of cash and investments and $1.8 billion of debt.
•Loews Corporation repurchased 1.6 million shares of its common stock during the third quarter of 2026 for a total cost of $167 million.
Consolidated highlights:
| September 30, | ||||||||||||||
| Three Months | Nine Months | |||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Net Income (Loss) Attributable to Loews Corporation: | ||||||||||||||
| CNA Financial | $ | 180 | $ | 371 | $ | 668 | $ | 897 | ||||||
| Boardwalk Pipelines | 85 | 94 | 344 | 334 | ||||||||||
| Loews Hotels & Co | 16 | (3) | 90 | 25 | ||||||||||
| Corporate | 25 | 42 | (15) | 9 | ||||||||||
| Net income attributable to Loews Corporation | $ | 306 | $ | 504 | $ | 1,087 | $ | 1,265 | ||||||
| Net income per share attributable to Loews Corporation | $ | 1.50 | $ | 2.43 | $ | 5.29 | $ | 6.03 | ||||||
| September 30, 2026 | December 31, 2025 | ||||||||||
| Book value per share | $ | 90.24 | $ | 90.71 | |||||||
| Book value per share excluding AOCI | $ | 100.67 | $ | 95.89 | |||||||
| Shares of common stock outstanding (in millions) | 202.9 | 206.0 | |||||||||
Page 1 of 8
Three months ended September 30, 2026 compared to 2025
CNA:
•Net income attributable to Loews Corporation is $180 million compared to $371 million.
•Core income decreased to $203 million compared to $409 million primarily driven by an increase in long-term care reserves in 2026 resulting from the annual reserve review, lower Property and Casualty underlying underwriting results and higher catastrophe losses.
•The unfavorable impact of $125 million (after-tax and noncontrolling interest) due to CNA’s long-term care reserve charge will almost entirely be offset by higher investment yields from recent investment portfolio actions. This anticipated benefit will flow through investment income over time.
•Net earned premiums grew by 2% and net written premiums grew by 3% for CNA’s Property and Casualty business.
•Property and Casualty’s combined ratio increased by 4.2 points to 97.0% compared to 92.8% largely due to a higher underlying loss ratio and higher catastrophe losses. Property and Casualty’s underlying combined ratio increased to 94.2% from 91.3%.
•Property and Casualty’s underlying loss ratio of 64.1% was consistent with the second quarter of 2026, but increased by 2.2 points compared to the prior year third quarter, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters.
•Net investment income was relatively flat as lower limited partnership returns were partially offset by higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, and higher common stock returns.
Boardwalk:
•Net income is $85 million compared to $94 million.
•EBITDA decreased to $262 million compared to $267 million.
•Net income and EBITDA declined primarily due to $10 million ($7 million after tax) of net unrealized losses at Continuum and a $9 million ($7 million after tax) impairment charge related to the relocation of Boardwalk’s corporate office.
•Excluding these two items, net income and EBITDA increased by $5 million and $14 million, driven by higher revenues from gas transportation due to higher contracting rates and utilization.
Loews Hotels:
•Net income increased to $16 million compared to a net loss of $3 million.
•Adjusted EBITDA increased 25% to $86 million compared to $69 million.
•Net income and adjusted EBITDA improved primarily due to higher overall average daily rates and an increase in occupied room nights across most of the portfolio, particularly at the Loews Miami Beach Hotel following the conclusion of its renovation at the end of 2025, as well as the Loews Hotels & Co Arlington hotel properties.
•Equity income from joint ventures decreased primarily due to lower average daily rate and higher operating expenses at the Universal Orlando Resort.
Corporate:
•Net income is $25 million compared to $42 million.
•Net income decreased primarily due to lower investment income from the parent company trading portfolio.
Nine months ended September 30, 2026 compared to 2025
Loews Corporation reported net income of $1,087 million, or $5.29 per share, compared to $1,265 million, or $6.03 per share, in 2025. The following are key highlights:
•CNA’s net income attributable to Loews Corporation decreased primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from its annual long-term care reserve assumption updates and lower Property and Casualty underwriting results, partially offset by higher net investment income.
•Property and Casualty’s combined ratio increased by 3.5 points to 98.6% compared to 95.1% largely due to a higher underlying loss ratio and unfavorable net prior year loss reserve development. Property and Casualty’s underlying combined ratio was 94.4% compared to 91.7%.
•Property and Casualty’s underlying loss ratio increased by 2.5 points, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters.
•CNA’s 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, as well as higher common stock returns, partially offset by lower limited partnership returns.
•Boardwalk’s net income improved primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization-based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses, including costs associated with growth projects.
•Loews Hotels’ net income improved primarily due to a higher overall average daily rate and an increase in occupied room nights across most of the portfolio and higher equity income from joint ventures, driven by the Universal Orlando Resort, partially offset by higher operating expenses.
•Corporate segment results declined year-over-year primarily driven by lower investment income from the parent company trading portfolio and higher interest expense related to a recent debt refinancing.
Page 2 of 8
Share Purchases:
•On September 30, 2026, there were 202.9 million shares of Loews common stock outstanding.
•During the three months ended September 30, 2026, Loews Corporation repurchased 1.6 million shares of its common stock for a total cost of $167 million.
•An additional 0.6 million shares were repurchased for $67 million between October 1, 2026 and October 30, 2026.
•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 the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries’ financial performance. CNA utilizes core income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization (“EBITDA”), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures on pages 6 through 8 of this release.
Earnings Remarks
For Loews Corporation
–Today, November 2, 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, November 2, 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.
Investor relations and media relations contact:
Chris Nugent
1-212-521-2403
Page 3 of 8
Loews Corporation and Subsidiaries
Selected Financial Information
| September 30, | ||||||||||||||
| Three Months | Nine Months | |||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Revenues: | ||||||||||||||
| CNA Financial (a) | $ | 3,821 | $ | 3,817 | $ | 11,327 | $ | 11,161 | ||||||
| Boardwalk Pipelines | 616 | 546 | 1,823 | 1,705 | ||||||||||
| Loews Hotels & Co | 250 | 211 | 780 | 710 | ||||||||||
| Corporate investment income, net | 72 | 97 | 118 | 144 | ||||||||||
| Total | $ | 4,759 | $ | 4,671 | $ | 14,048 | $ | 13,720 | ||||||
| Income (Loss) Before Income Tax: | ||||||||||||||
| CNA Financial (a) | $ | 237 | $ | 513 | $ | 909 | $ | 1,242 | ||||||
| Boardwalk Pipelines (b) | 114 | 124 | 458 | 443 | ||||||||||
| Loews Hotels & Co | 20 | (3) | 126 | 40 | ||||||||||
| Corporate: | ||||||||||||||
| Investment income, net | 75 | 97 | 126 | 146 | ||||||||||
| Other (c) | (40) | (42) | (138) | (129) | ||||||||||
| Total | $ | 406 | $ | 689 | $ | 1,481 | $ | 1,742 | ||||||
| Net Income (Loss) Attributable to Loews Corporation: | ||||||||||||||
| CNA Financial (a) | $ | 180 | $ | 371 | $ | 668 | $ | 897 | ||||||
| Boardwalk Pipelines (b) | 85 | 94 | 344 | 334 | ||||||||||
| Loews Hotels & Co | 16 | (3) | 90 | 25 | ||||||||||
| Corporate: | ||||||||||||||
| Investment income, net | 59 | 77 | 100 | 117 | ||||||||||
| Other (c) | (34) | (35) | (115) | (108) | ||||||||||
| Net income attributable to Loews Corporation | $ | 306 | $ | 504 | $ | 1,087 | $ | 1,265 | ||||||
(a)The three months ended September 30, 2026 and 2025 include net investment losses of $9 million and $7 million ($7 million and $5 million after tax and noncontrolling interests). The nine months ended September 30, 2026 and 2025 include net investment losses of $32 million and $62 million ($23 million and $45 million after tax and noncontrolling interests).
(b)Includes $10 million ($7 million after tax) of charges related to net unrealized losses at Continuum and a $9 million ($7 million after tax) impairment charge related to the relocation of Boardwalk’s corporate office for the three and nine months ended September 30, 2026.
(c)Consists of parent company interest expense, corporate expenses and the equity loss of Altium Packaging.
Page 4 of 8
Loews Corporation and Subsidiaries
Consolidated Financial Review
| September 30, | ||||||||||||||
| Three Months | Nine Months | |||||||||||||
| (In millions, except per share data) | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Revenues: | ||||||||||||||
| Insurance premiums | $ | 2,829 | $ | 2,783 | $ | 8,285 | $ | 8,103 | ||||||
| Net investment income | 713 | 743 | 2,087 | 2,065 | ||||||||||
| Investment losses | (9) | (7) | (32) | (62) | ||||||||||
| Operating revenues and other | 1,226 | 1,152 | 3,708 | 3,614 | ||||||||||
| Total | 4,759 | 4,671 | 14,048 | 13,720 | ||||||||||
| Expenses: | ||||||||||||||
| Insurance claims and policyholders’ benefits | 2,347 | 2,032 | 6,691 | 6,144 | ||||||||||
| Operating expenses and other | 2,006 | 1,950 | 5,876 | 5,834 | ||||||||||
| Total | 4,353 | 3,982 | 12,567 | 11,978 | ||||||||||
| Income before income tax | 406 | 689 | 1,481 | 1,742 | ||||||||||
| Income tax expense | (84) | (153) | (334) | (398) | ||||||||||
| Net income | 322 | 536 | 1,147 | 1,344 | ||||||||||
| Amounts attributable to noncontrolling interests | (16) | (32) | (60) | (79) | ||||||||||
| Net income attributable to Loews Corporation | $ | 306 | $ | 504 | $ | 1,087 | $ | 1,265 | ||||||
| Net income per share attributable to Loews Corporation | $ | 1.50 | $ | 2.43 | $ | 5.29 | $ | 6.03 | ||||||
| Weighted average number of shares | 204.57 | 207.71 | 205.46 | 209.88 | ||||||||||
Page 5 of 8
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:
| September 30, | ||||||||||||||
| Three Months | Nine Months | |||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||
| CNA net income attributable to Loews Corporation | $ | 180 | $ | 371 | $ | 668 | $ | 897 | ||||||
| Investment losses | 7 | 6 | 24 | 49 | ||||||||||
| Noncontrolling interests | 16 | 32 | 60 | 79 | ||||||||||
| Core income | $ | 203 | $ | 409 | $ | 752 | $ | 1,025 | ||||||
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 include 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 catastrophes 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:
| September 30, | ||||||||||||||
| Three Months | Nine Months | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Loss ratio | 66.9 | % | 63.4 | % | 68.3 | % | 65.0 | % | ||||||
| Expense ratio | 29.7 | 29.1 | 29.9 | 29.7 | ||||||||||
| Dividend ratio | 0.4 | 0.3 | 0.4 | 0.4 | ||||||||||
| Combined ratio | 97.0 | % | 92.8 | % | 98.6 | % | 95.1 | % | ||||||
| Less: Effect of catastrophe impacts | 2.8 | 1.5 | 2.9 | 2.6 | ||||||||||
| Less: Effect of development-related items | 1.3 | 0.8 | ||||||||||||
| Underlying combined ratio | 94.2 | % | 91.3 | % | 94.4 | % | 91.7 | % | ||||||
| Underlying loss ratio | 64.1 | % | 61.9 | % | 64.1 | % | 61.6 | % | ||||||
Page 6 of 8
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:
| September 30, | ||||||||||||||
| Three Months | Nine Months | |||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Boardwalk net income attributable to Loews Corporation | $ | 85 | $ | 94 | $ | 344 | $ | 334 | ||||||
| Interest, net | 34 | 36 | 106 | 111 | ||||||||||
| Income tax expense | 29 | 30 | 114 | 109 | ||||||||||
| Depreciation and amortization | 114 | 107 | 337 | 333 | ||||||||||
| EBITDA | $ | 262 | $ | 267 | $ | 901 | $ | 887 | ||||||
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 (loss) attributable to Loews Corporation to its Adjusted EBITDA:
| September 30, | ||||||||||||||
| Three Months | Nine Months | |||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Loews Hotels & Co net income (loss) attributable to Loews Corporation | $ | 16 | $ | (3) | $ | 90 | $ | 25 | ||||||
| Interest, net | 11 | 14 | 35 | 43 | ||||||||||
| Income tax expense | 4 | 36 | 15 | |||||||||||
| Depreciation and amortization | 27 | 27 | 80 | 75 | ||||||||||
| EBITDA | 58 | 38 | 241 | 158 | ||||||||||
| Noncontrolling interest share of EBITDA adjustments | (2) | |||||||||||||
| Asset impairments | 9 | |||||||||||||
| Equity investment adjustments: | ||||||||||||||
| Loews Hotels & Co’s equity method income | (17) | (25) | (102) | (60) | ||||||||||
| Pro rata Adjusted EBITDA of equity method investments | 47 | 58 | 201 | 164 | ||||||||||
| Consolidation adjustments | (2) | (2) | (2) | (1) | ||||||||||
| Adjusted EBITDA | $ | 86 | $ | 69 | $ | 347 | $ | 259 | ||||||
Page 7 of 8
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:
| September 30, | ||||||||||||||
| Three Months | Nine Months | |||||||||||||
| (In millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||
| Loews Hotels & Co’s equity method income | $ | 17 | $ | 25 | $ | 102 | $ | 60 | ||||||
| Pro rata share of equity method investments: | ||||||||||||||
| Interest, net | 17 | 17 | 53 | 43 | ||||||||||
| Income tax expense | ||||||||||||||
| Depreciation and amortization | 16 | 17 | 51 | 45 | ||||||||||
| Asset impairments | 9 | |||||||||||||
| Distributions in excess of basis | (2) | (1) | 1 | 7 | ||||||||||
| Other adjustments | (1) | (6) | ||||||||||||
| Pro rata Adjusted EBITDA of equity method investments | $ | 47 | $ | 58 | $ | 201 | $ | 164 | ||||||
Page 8 of 8
Exhibit 99.2
Loews Corporation Third Quarter 2026 Earnings Remarks
Ben Tisch, CEO:
Loews reported net income of $306 million, or $1.50 per share, in the third quarter, compared with $504 million, or $2.43 per share, a year ago. The largest driver of the year-over-year decline was CNA's annual long-term care reserve review, which resulted in a $125 million reduction in net income attributable to Loews. I'd like to spend a few minutes discussing this charge because, while it’s meaningful from a GAAP earnings perspective, we expect the economic impact to be closer to breakeven.
CNA increased its long-term care reserves by $173 million pre-tax, primarily reflecting higher inflation expectations on future claim costs. While that increase is certainly not welcome, there's an important accounting nuance here that I think is worth understanding.
Historically, when evaluating our long-term care reserves, we would update our assumptions for both future claim inflation and the investment yields we expect to earn on the assets backing those liabilities. That approach made intuitive economic sense. Over long periods of time, interest rates and inflation tend to move together, and the inflation in long-term care claims has historically been broadly correlated with the consumer price index. Higher inflation might mean higher future claims, but it also generally means higher interest rates and, consequently, higher portfolio yields on the assets backing those claims.
That relationship changed with the adoption of LDTI accounting. Under the new rules, while we continue to update our assumptions for future claim inflation, we are no longer permitted to reflect changes in expected portfolio yields in the calculation of our reserves. Instead, we must use the investment return assumptions established when LDTI was adopted.
Think about what that means in today's environment. We're required to recognize the impact of higher expected future claims, but we're not permitted to recognize the offsetting benefit of the considerably higher investment yields available to us today. In other words, for income statement purposes, one side of the economic equation gets updated while the other remains frozen in time. The impact of inflation changes is felt immediately, while the impact of
Page 1 of 10
investment yields is dribbled in as earned over time. It's an asymmetry that investors should understand when evaluating our long-term care results.
And this isn't just a theoretical argument. As I discussed last quarter, CNA has been deliberately extending the duration of the investment portfolio backing its long-term care liabilities, locking in today's higher yields for longer periods while simultaneously improving credit quality. During 2026, CNA completed more than $1.3 billion of these trades, exchanging shorter-duration, BBB-rated bonds yielding 5.5% for longer-duration, A-rated bonds yielding 6.2%.
When we consider these investment actions, along with the higher yields available on future reinvestments, we believe the additional investment income should substantially, if not entirely, offset the higher expected claims identified in this year's reserve review. Said another way, while the accounting requires us to recognize a charge today, we expect the ultimate economic impact to be little to none.
We remain confident that our long-term care block is appropriately reserved. CNA maintains a substantial $1.3 billion statutory margin and continues to improve the economics of the runoff through rate increases, investment actions and policy buyouts. Active policy counts have declined by 50% since 2015 and are expected to fall another 40% over the next decade. We believe reserves have reached a plateau and should gradually decline over the coming years as the block continues to run off and the benefits of the portfolio changes will be felt through net investment income over time.
Turning to CNA's property and casualty business, the market remains competitive. The underlying loss ratio was 64.1%, consistent with the first half of the year but about two points higher than the third quarter of 2025, driven in part by elevated loss cost trends in longer-tail casualty lines.
It is worth remembering, however, that underwriting margin is only one part of the economics of these businesses. In longer-tail casualty lines, premiums can be invested for years before claims are ultimately paid. At today's investment yields, these businesses can continue to generate attractive returns on equity even at lower underwriting margins. As a result, capital is likely to remain plentiful and competition strong, and I would not count on a meaningful
Page 2 of 10
improvement in the pricing environment in the near term. This is a time for underwriting discipline, not for chasing growth, and CNA is managing the business accordingly.
At Boardwalk, the backdrop could hardly be more different. The business continues to benefit from higher transportation rates, increased pipeline utilization and strong demand for natural gas infrastructure. During the quarter, Boardwalk's revenue backlog grew by almost $600 million, largely as a result of the new Carthage Crossing project.
For an expected investment of approximately $90 million, Boardwalk will add compression to increase capacity on its existing system from Carthage, Texas, to northern Louisiana. This is exactly the kind of opportunity we like: deploying incremental capital into an existing system, with long-term contractual visibility and an investment-grade counterparty. Projects like this can generate highly attractive returns while carrying considerably less execution risk than a greenfield pipeline. Speaking of greenfield pipes, while we have nothing to report today, I can say that demand and activity continue at a robust pace, and I’d expect us to add to the existing $3.6 billion project backlog in the quarters and years ahead.
Loews Hotels had another very good quarter, with Adjusted EBITDA increasing 25% to $86 million. The improvement reflected stronger performance across most of the portfolio, particularly in Miami and Arlington.
Construction of Americana by Loews Hotels in Arlington continues to progress on time and on budget. Arlington is a market where our strategy is working exactly as designed: locating hotels next to major demand generators and pairing that leisure demand with substantial meeting space that attracts group business. Americana will add a third hotel to an already successful campus and expand our ability to serve both group and leisure travelers in a market we know well.
Looking ahead, we remain excited about the growth opportunities at Boardwalk and the addition of Americana to our Arlington campus. While the insurance market remains soft, we are confident in CNA's ability to grow profitably without compromising underwriting discipline.
The diversity of our portfolio remains a significant advantage. Our decentralized model allows each management team to focus on running its business, while our strong balance sheet gives us the flexibility to allocate capital where we see the most attractive long-term returns.
Page 3 of 10
Jane Wang, CFO:
For the third quarter of 2026, Loews reported net income of $306 million, or $1.50 per share, compared with $504 million, or $2.43 per share, in the prior-year quarter. The year-over-year decline primarily reflected a $125 million after-tax impact from CNA’s annual long-term care reserve review. Declines in CNA’s P&C underwriting income and parent company net investment income also pressured results, partially offset by strong growth at Loews Hotels.
Book value per share was $90.24, compared with $90.71 at year-end 2025. Higher interest rates during the quarter increased unrealized losses on CNA’s fixed income investments, which are reflected in AOCI. Excluding AOCI, book value per share increased to $100.67 at the end of the third quarter of 2026, compared with $95.89 at year-end 2025.
CNA contributed $180 million of net income to Loews, compared with $371 million in the third quarter of 2025. The company’s annual reserve assumption review in the third quarter resulted in a $173 million pre-tax increase to its GAAP reserves, reducing Loews’s net income by $125 million. This charge primarily reflected higher near-term cost-of-care inflation and unfavorable morbidity, partially offset by better-than-expected premium rate actions.
From an economic perspective, the unfavorable assumption changes are expected to be almost entirely offset by higher investment yields from recent investment portfolio extension trades. The distinction is timing: GAAP accounting requires CNA to recognize the reserve charge immediately, while the expected benefit of higher investment yields will flow through investment income over time.
CNA’s P&C underwriting income declined over the prior year’s third quarter, driven by a 4.2-point increase in the combined ratio to 97.0%. The underlying loss ratio rose 2.2 points, and the expense ratio increased 0.6 points, although both were in line with the first half of the year. Catastrophes were 1.3 points higher than in the prior-year period, which was a particularly light quarter. The P&C net prior-period development impact on the combined ratio was flat in the current quarter. Unfavorable development in excess casualty and professional and management liability was offset by favorable development in workers’ compensation , property, surety and international.
Page 4 of 10
From a top-line perspective, net written premiums grew by 3%, driven by 3 points of renewal premium change including 2 points of rate. Retention remained strong at 83%.
Net investment income at CNA was essentially flat, as higher fixed income results were offset by lower income from hedge fund limited partnerships.
Please refer to CNA’s Investor Relations website for more details on its results.
Turning to our natural gas pipeline business, Boardwalk reported EBITDA of $262 million in the third quarter of 2026, compared with $267 million in the third quarter of 2025. Net income attributable to Loews was $85 million versus $94 million in the prior-year quarter. Results were impacted by a $10 million ($7 million after tax) unrealized mark-to-market loss at Continuum Marketing as well as a $9 million ($7 million after tax) impairment related to office space that was vacated when Boardwalk moved its headquarters to accommodate growth. Excluding those items, EBITDA and net income increased due to higher transportation rates and pipeline utilization.
Loews Hotels reported Adjusted EBITDA of $86 million in the third quarter of 2026, compared with $69 million in the third quarter of 2025. The 25% year-over-year increase reflected stronger performance across most of the portfolio, particularly at the Miami and Arlington properties. In Miami, both available room nights and occupancy increased compared with the prior-year quarter, when the property was undergoing renovations. Additionally, several of our hotel properties, including the Arlington complex, benefited from the World Cup, which led to higher occupancy and higher average daily rates. These gains were partially offset by lower results from joint ventures, reflecting the normalization of average daily rates at the Universal Orlando hotels from elevated prior-year levels following the opening of a new theme park.
Loews Hotels contributed $16 million of net income to Loews in the third quarter of 2026, compared with a $3 million net loss in the prior-year quarter. In addition to higher Adjusted EBITDA, results benefited from lower interest expense following the refinancing of the Arlington complex.
At the parent company, Loews recorded $59 million of net investment income for the quarter, compared with $77 million in the third quarter of 2025. Although investment performance was strong, it trailed the prior-year quarter, which benefited from particularly strong gains in the
Page 5 of 10
trading portfolio. The corporate segment generated $25 million of net income in the third quarter of 2026, after corporate expenses.
From a cash flow perspective, Loews received $194 million from its subsidiaries in the third quarter, including $119 million in dividends from CNA and $75 million of distributions from Boardwalk. Year to date, Loews has received almost $1.1 billion from its subsidiaries: $855 million in dividends from CNA, including a special dividend of $497 million, and $225 million of distributions from Boardwalk. During the third quarter, Loews repurchased 1.6 million shares of its common stock for $167 million. Since the end of 2025, Loews has repurchased 3.9 million shares of its common stock at a cost of $412 million. Loews ended the third quarter of 2026 with $4.4 billion in cash and investments.
Page 6 of 10
Reconciliation of GAAP Measures to Non-GAAP Measures
These earnings remarks contain financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries’ financial performance. CNA utilizes underlying loss ratio and underlying combined ratio, Boardwalk Pipelines utilizes earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) and Loews Hotels & Co utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures.
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 these earnings remarks 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 these remarks 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 these remarks. 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.
Page 7 of 10
Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures
CNA Financial Corporation
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 include 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 catastrophes which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.
Page 8 of 10
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 September 30, | ||||||||
| 2026 | 2025 | |||||||
| Loss ratio | 66.9 | % | 63.4 | % | ||||
| Expense ratio | 29.7 | 29.1 | ||||||
| Dividend ratio | 0.4 | 0.3 | ||||||
| Combined ratio | 97.0 | % | 92.8 | % | ||||
| Less: Effect of catastrophe impacts | 2.8 | 1.5 | ||||||
| Less: Effect of development-related items | ||||||||
| Underlying combined ratio | 94.2 | % | 91.3 | % | ||||
| Underlying loss ratio | 64.1 | % | 61.9 | % | ||||
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 September 30, | ||||||||
| (In millions) | 2026 | 2025 | ||||||
| Boardwalk net income attributable to Loews Corporation | $ | 85 | $ | 94 | ||||
| Interest, net | 34 | 36 | ||||||
| Income tax expense | 29 | 30 | ||||||
| Depreciation and amortization | 114 | 107 | ||||||
| EBITDA | $ | 262 | $ | 267 | ||||
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.
Page 9 of 10
The following table presents a reconciliation of Loews Hotels & Co net income (loss) attributable to Loews Corporation to its Adjusted EBITDA:
| Three Months Ended September 30, | ||||||||
| (In millions) | 2026 | 2025 | ||||||
| Loews Hotels & Co net income (loss) attributable to Loews Corporation | $ | 16 | $ | (3) | ||||
| Interest, net | 11 | 14 | ||||||
| Income tax expense | 4 | |||||||
| Depreciation and amortization | 27 | 27 | ||||||
| EBITDA | 58 | 38 | ||||||
| Equity investment adjustments: | ||||||||
| Loews Hotels & Co’s equity method income | (17) | (25) | ||||||
| Pro rata Adjusted EBITDA of equity method investments | 47 | 58 | ||||||
| Consolidation adjustments | (2) | (2) | ||||||
| Adjusted EBITDA | $ | 86 | $ | 69 | ||||
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 September 30, | ||||||||
| (In millions) | 2026 | 2025 | ||||||
| Loews Hotels & Co’s equity method income | $ | 17 | $ | 25 | ||||
| Pro rata share of equity method investments: | ||||||||
| Interest, net | 17 | 17 | ||||||
| Income tax expense | ||||||||
| Depreciation and amortization | 16 | 17 | ||||||
| Distributions in excess of basis | (2) | (1) | ||||||
| Other adjustments | (1) | |||||||
| Pro rata Adjusted EBITDA of equity method investments | $ | 47 | $ | 58 | ||||
Page 10 of 10