LOEWS CORP SEC Filings

Loews Corporation reported net income attributable to shareholders of $337 million for the three months ended March 31, 2026, down from $370 million a year earlier, as earnings at insurance subsidiary CNA declined.

Total revenue was $4.56 billion, slightly above the prior year, with CNA generating most of the premiums and investment income. CNA’s net income attributable to Loews fell to $194 million, pressured by weaker underlying underwriting results and $100 million of unfavorable prior-year reserve development, partly offset by higher net investment income.

Boardwalk Pipelines contributed $159 million of net income, up from $152 million, helped by higher contracting rates and utilization-based revenues for gas transportation and storage. Loews Hotels & Co earned $26 million, mainly from stronger equity income in joint ventures tied to Universal Orlando Resort.

Operating cash flow dropped to $72 million from $736 million, influenced by trading portfolio and reserve movements, while investing activities provided $994 million driven by shifts in short-term investments. Financing uses included $1.05 billion of debt repayment and $31 million of share repurchases. Loews issued $500 million of 4.9% senior notes due 2036 and redeemed $500 million of 3.8% notes due 2026; Boardwalk Pipelines also redeemed $550 million of 6.0% notes due 2026.

The company highlighted ongoing litigation related to Boardwalk Pipelines’ 2018 take-private transaction, noting remaining tortious interference and unjust enrichment claims could be material in a future period, although no loss accrual has been recorded.

Loews Corporation reported first-quarter 2026 net income of $337 million, or $1.63 per share, down from $370 million, or $1.74 per share, a year earlier. Total revenue was $4.56 billion versus $4.49 billion.

Results were mixed across segments. CNA Financial net income attributable to Loews fell to $194 million from $252 million, as its Property & Casualty combined ratio worsened to 102.2% from 98.4% and underlying combined ratio rose to 94.5% from 92.1%, reflecting higher loss ratios and unfavorable prior-year reserve development, partly offset by stronger net investment income.

Boardwalk Pipelines net income increased to $159 million from $152 million, with EBITDA up to $360 million from $346 million, helped by higher contracting rates and utilization. Boardwalk also completed a $215 million acquisition of Spire Marketing, now Continuum.

Loews Hotels delivered a strong quarter, with net income of $26 million versus break-even and Adjusted EBITDA rising to $124 million from $81 million, driven by higher occupancy and rates at the Universal Orlando Resort properties. Book value per share excluding AOCI increased to $97.20 from $95.89, and Loews ended the quarter with $4.5 billion of parent cash and investments and $1.8 billion of debt, after repurchasing 0.3 million shares for $31 million.

Vanguard Capital Management reported beneficial ownership of 12,494,714 shares of Loews Corp common stock, representing 6.06% of the class. The filing shows sole voting power for 1,645,145 shares and sole dispositive power for 12,494,714 shares. The Schedule 13G is signed on 04/30/2026 and lists the issuer CUSIP 540424108.

Loews Corporation is asking shareholders to vote at its 2026 Annual Meeting on May 12, 2026 in New York. Holders of record on March 17, 2026 may vote. Shareholders will elect ten directors, approve on an advisory basis the company’s executive compensation, and ratify the 2026 independent auditors.

The proxy highlights a largely independent board, annual director elections with majority voting, separate Chair and CEO roles, an empowered lead independent director, and fully independent key committees. Executive pay is heavily performance-based, with base salaries capped at $1 million and incentive awards tied to “performance-based income” and multi‑year restricted stock units.

For 2025, the performance bonus pool was set at 4.5% of performance-based income, and PRSUs vest over three years if a $4.55 performance-based income per share target is met. A prior say‑on‑pay vote received 94% support. In 2025, select executives also received long-dated stock appreciation rights with exercise prices of $100, $150 and $200 to reinforce long‑term alignment.

TISCH JAMES S reported acquisition or exercise transactions in this Form 4 filing.

Loews Corp director James S. Tisch received a grant of 235 shares of Common Stock as part of his quarterly director compensation. The shares were awarded at no cash price under the Loews Corporation 2025 Incentive Compensation Plan.

Following this award, he directly holds 2,873,298 Common Stock shares. He also has indirect ownership of 9,816,950 shares held by trusts and 3,005,037 shares held by his spouse, reflecting his overall equity stake reported in this filing.

BERMAN ANN E reported acquisition or exercise transactions in this Form 4 filing.

Loews Corporation director Ann E. Berman received a grant of 235 shares of Loews common stock as part of her quarterly director compensation under the Loews Corporation 2025 Incentive Compensation Plan. Following this stock award, she directly holds a total of 5,233 Loews common shares.

DAVIDSON CHARLES D reported acquisition or exercise transactions in this Form 4 filing.

LOEWS CORP director Charles D. Davidson received a grant of 235 shares of common stock as part of his quarterly director compensation under the Loews Corporation 2025 Incentive Compensation Plan. Following this award, he directly holds 29,062.6 shares of Loews common stock.

DIKER CHARLES M reported acquisition or exercise transactions in this Form 4 filing.

Loews Corporation director Charles M. Diker received a stock grant of 235 shares of common stock as part of his director compensation. The shares were awarded at a stated price of $0.00 per share under the Loews Corporation 2025 Incentive Compensation Plan. Following this quarterly grant, Diker directly holds a total of 22,063 Loews common shares.