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Loews 8-K Report, Financial Results (Jul 29, 2024)

Reports
Earnings & Results·Leadership Changes·Exhibits & Filings
Filing Date
Filed July 29, 2024
Period End
July 29, 2024
Security
L
In the record · 2016–202610-K1110-Q338-K83

L filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 83 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Apr ’20Apr ’20
  2. Leadership change8-K · Feb ’22Feb ’22
  3. Leadership change8-K · Dec ’25Dec ’25

01—Abstract

Summary

Summary of the 8-K filed July 29, 2024. Cited figures are marked; the original filing is the authoritative source.

Loews Corporation reported net income of $369 milliona, or $1.67 per share, for the second quarter of 2024, compared to $360 million, or $1.58 per share, in the second quarter of 2023.

Excluding the prior period's $36 millionb gain at Loews Hotels, net income increased 14% year-over-year, driven by CNA and Boardwalk. For the six months ended June 30, 2024, net income was $826 million, or $3.72 per share, versus $735 million, or $3.19 per share, a year earlier. Book value per share excluding AOCI rose to $85.42 as of June 30, 2024, from $81.92 at December 31, 2023.

CNA Financial's net income attributable to Loews improved to $291 millionc from $255 million, supported by higher net investment income, partially offset by higher catastrophe losses. Boardwalk Pipelines' net income rose to $70 million from $57 million, and its EBITDA increased to $240 million from $213 million, reflecting re-contracting at higher rates and recently completed growth projects. Loews Hotels & Co's net income fell to $35 million from $74 million, reflecting the prior year's $36 million gain and lower Orlando results.

The parent company had $3.1 billiond of cash and investments and $1.8 billion of debt as of June 30, 2024. Loews also announced a leadership transition. James S.

Tisch will retire as President and CEO effective December 31, 2024, and remain Chairman of the Board from January 1, 2025. Benjamin J. Tisch will become President and CEO effective January 1, 2025, with his compensation yet to be determined; Alexander H.

Tisch and Benjamin J. Tisch will join the Board. Andrew H.

Tisch and Jonathan M. Tisch will retire as directors and become directors emeritus. Separately, the company repurchased 2.4 million shares for $180 million in the second quarter and an additional 0.2 million shares for $14 million in the third quarter so far.

02—Key points

Key Highlights

  1. Q2 2024 net income attributable to Loews was $369 million ($1.67 per share), up from $360 million ($1.58 per share) in Q2 2023; excluding the prior-year $36 million Loews Hotels gain, net income increased 14%.
  2. CNA Financial contributed $291 million of net income to Loews (up from $255 million), with core income of $326 million (up from $308 million) and a Property & Casualty combined ratio of 94.8% versus 93.8%.
  3. Boardwalk Pipelines net income rose to $70 million from $57 million, and EBITDA increased to $240 million from $213 million, driven by higher re-contracting rates and growth projects.
  4. Loews Hotels & Co net income declined to $35 million from $74 million, with Adjusted EBITDA of $98 million versus $100 million, as Orlando occupancy and rates decreased.
  5. Book value per share excluding AOCI increased to $85.42 at June 30, 2024, from $81.92 at December 31, 2023; book value per share was $74.57, up from $70.69.
  6. Loews repurchased 2.4 million shares for $180 million in Q2 2024 and an additional 0.2 million shares for $14 million so far in Q3 2024; the parent held $3.1 billion of cash and investments and $1.8 billion of debt.
  7. James S. Tisch will retire as President and CEO effective December 31, 2024, and Benjamin J. Tisch will succeed him as President and CEO effective January 1, 2025.

03—Questions

Frequently Asked Questions

  1. What were Loews Corporation's second quarter 2024 earnings?

    Loews reported net income attributable to Loews Corporation of $369 million, or $1.67 per share, for the three months ended June 30, 2024, compared with $360 million, or $1.58 per share, in the prior-year quarter. Excluding the prior-year $36 million gain at Loews Hotels, net income increased 14%.

  2. Which subsidiaries drove the year-over-year improvement?

    The filing attributes the improvement mainly to CNA Financial, whose net income attributable to Loews rose to $291 million from $255 million on higher net investment income, partially offset by higher catastrophe losses, and to Boardwalk Pipelines, whose net income rose to $70 million from $57 million on higher re-contracting rates and recently completed growth projects.

  3. Who will lead Loews Corporation after the leadership transition?

    The Board elected Benjamin J. Tisch as President and Chief Executive Officer effective January 1, 2025, succeeding James S. Tisch, who retires from those roles effective December 31, 2024 and will become Chairman of the Board on January 1, 2025. Benjamin Tisch's compensation for the new role has not yet been determined, and the company will file an amendment when it is.

  4. How much capital did Loews return to shareholders through buybacks?

    Loews repurchased 2.4 million shares of common stock for a total cost of $180 million during the second quarter of 2024, and bought an additional 0.2 million shares for $14 million so far in the third quarter. As of June 30, 2024, 219.7 million shares were outstanding.

  5. What was Loews's financial position at the parent company level?

    As of June 30, 2024, the parent company had $3.1 billion of cash and investments and $1.8 billion of debt. Book value per share excluding AOCI was $85.42, up from $81.92 at December 31, 2023.

04—Continue

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