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Loews 8-K Report, Financial Results (Nov 4, 2024)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed November 4, 2024
Period End
November 4, 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 November 4, 2024. Cited figures are marked; the original filing is the authoritative source.

Loews Corporation (NYSE: L) reported net income attributable to Loews of $401 milliona, or $1.82 per share, for the third quarter of 2024, compared with $253 million, or $1.12 per share, in the third quarter of 2023.

Excluding the prior year's $37 millionb charge for the termination of the defined benefit pension plan, net income grew 38% year-over-year, driven by CNA, Boardwalk and higher investment income at the parent company, partially offset by a decline at Loews Hotels. For the nine months ended September 30, 2024, net income was $1,227 million, or $5.54 per share, versus $988 million, or $4.31 per share, a year earlier. Book value per share excluding AOCI rose to $87.22 at September 30, 2024, from $81.92 at December 31, 2023, reflecting strong operating results and share repurchases.

The parent company held $3.3 billionc of cash and investments and $1.8 billion of debt at quarter-end. Loews repurchased 0.8 million shares for $64 million in the third quarter and an additional 1.2 million shares for $92 million in the fourth quarter to date. Management highlighted Boardwalk's growth from higher re-contracting rates and new projects, with EBITDA of $249 million in the quarter versus $202 million a year earlier.

CNA's combined ratio rose to 97.2% from 94.3% on higher catastrophe losses, including Hurricane Helene, and CNA expects Hurricane Milton losses of $25 million to $55 milliond in the fourth quarter. The filing also notes that James Tisch will step down as President and CEO and become Chairman of the Board, with Jane Wang as CFO.

02—Key points

Key Highlights

  1. Third quarter 2024 net income of $401 million, or $1.82 per share, versus $253 million, or $1.12 per share, in the prior-year quarter.
  2. Excluding a $37 million prior-year pension termination charge, net income grew 38% year-over-year, driven by CNA, Boardwalk and parent company investment income.
  3. CNA's third quarter combined ratio was 97.2% versus 94.3%, with catastrophe losses (including Hurricane Helene) adding 1.7 points to the loss ratio; underlying combined ratio was 91.6%.
  4. Boardwalk Pipelines' EBITDA rose to $249 million from $202 million, aided by higher re-contracting rates and recently completed growth projects.
  5. Book value per share excluding AOCI increased to $87.22 from $81.92 at December 31, 2023.
  6. Parent company held $3.3 billion of cash and investments and $1.8 billion of debt as of September 30, 2024.
  7. Share repurchases totaled $64 million in the third quarter and $92 million in the fourth quarter to date; James Tisch is set to vacate the CEO role and become Chairman.

03—Questions

Frequently Asked Questions

  1. What drove Loews' third quarter 2024 earnings growth?

    Excluding the $37 million prior-year pension termination charge, net income increased 38%, driven by improved results at CNA and Boardwalk and higher investment income at the parent company, partially offset by a decline at Loews Hotels due to a joint venture property impairment.

  2. How did CNA perform in the quarter?

    CNA's net income attributable to Loews rose to $259 million from $235 million, supported by higher net investment income. Its property and casualty combined ratio worsened to 97.2% from 94.3% due to higher catastrophe losses, including Hurricane Helene.

  3. What is the expected impact of Hurricane Milton on CNA?

    CNA anticipates Hurricane Milton losses in the fourth quarter in the range of $25 million to $55 million, which equates to $18 million to $40 million after tax to Loews.

  4. What is the status of Boardwalk's growth and funding plans?

    Boardwalk's EBITDA increased to $249 million in the quarter. Management expects Boardwalk to finance prospective growth projects from its own balance sheet, maintain distributions to Loews at or near current levels, and not incur significant capital expenses for a few years given lead times.

  5. Is there a leadership change at Loews?

    Yes. James S. Tisch stated in the earnings remarks that he will vacate his post as President and CEO just under two months after the remarks, becoming Chairman of the Board. He described these as his final earnings remarks as CEO.

04—Continue

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