01—Abstract
Summary
Summary of the 8-K filed August 3, 2026. Cited figures are marked; the original filing is the authoritative source.
Loews Corporation reported net income of $444 milliona, or $2.16 per share, for the second quarter of 2026, compared with $391 million, or $1.87 per share, in the second quarter of 2025.
For the six months ended June 30, 2026, net income attributable to Loews was $781 millionb, or $3.79 per share, versus $761 million, or $3.61 per share, a year earlier. All three consolidated subsidiaries (CNA Financial, Boardwalk Pipelines and Loews Hotels & Co) contributed to the year-over-year improvement in the quarter, with Corporate segment results essentially unchanged. Book value per share rose to $93.52 as of June 30, 2026, from $90.71 at December 31, 2025, and book value per share excluding AOCI rose to $99.27 from $95.89.
The parent company held $4.4 billionc of cash and investments and $1.8 billion of debt at quarter-end. Loews repurchased 1.4 million shares for $146 million during the quarter, and shares outstanding stood at 204.4 million. At CNA, net income attributable to Loews increased to $294 million, but the Property and Casualty combined ratio rose 2.4 points to 96.5%, driven largely by a higher underlying loss ratio.
Management described a more cautious underwriting stance, and CNA executed a $1 billiond extension trade in its long-term care portfolio, lengthening duration from about 9.5 to 10 years and improving credit quality. Boardwalk's net income rose to $100 million and Loews Hotels' Adjusted EBITDA rose 26% to $137 million. These results are presented in a press release and earnings remarks furnished under Item 2.02 of this Form 8-K.
02—Key points
Key Highlights
- Net income attributable to Loews of $444 million ($2.16 per share) in Q2 2026, up from $391 million ($1.87 per share) in Q2 2025
- Six-month net income of $781 million ($3.79 per share) versus $761 million ($3.61 per share) in the prior-year period
- CNA Property and Casualty combined ratio rose 2.4 points to 96.5%, with the underlying loss ratio at 64.1%, up 2.6 points year-over-year
- Boardwalk Pipelines net income increased to $100 million from $88 million, with EBITDA of $279 million
- Loews Hotels Adjusted EBITDA increased 26% to $137 million, with net income of $48 million versus $28 million
- Book value per share rose to $93.52 from $90.71 at year-end 2025; excluding AOCI, $99.27 from $95.89
- Repurchased 1.4 million shares for $146 million in Q2 2026; parent company held $4.4 billion of cash and investments against $1.8 billion of debt
03—Questions
Frequently Asked Questions
What drove the increase in Loews' second-quarter 2026 net income?
Each consolidated subsidiary improved year-over-year. CNA's net income rose on higher net investment income and lower investment losses, partly offset by lower underlying underwriting results. Boardwalk benefited from higher gas transportation contracting rates and product sales, and Loews Hotels from higher average daily rates and occupied room nights.
Why did CNA's Property and Casualty combined ratio deteriorate?
The combined ratio increased 2.4 points to 96.5% from 94.1%, largely due to a higher underlying loss ratio. Management attributed this to higher loss cost trends and lower-than-expected rate in certain lines in recent quarters, and noted that CNA increased its 2026 underlying loss picks.
How much capital did Loews return to shareholders and how much liquidity does the parent hold?
Loews repurchased 1.4 million shares for $146 million in the second quarter, and 204.4 million shares were outstanding at June 30, 2026. At quarter-end the parent company held $4.4 billion of cash and investments and $1.8 billion of debt.
What did CNA do with its long-term care portfolio?
According to the earnings remarks, CNA executed a $1 billion extension trade, swapping 5.2% BBB+ five-year duration bonds for 6.1% A+ rated long bonds. This extended the portfolio's duration from approximately 9.5 years to 10 years and improved credit quality.
04—Continue