01—Abstract
Summary
Summary of the 8-K filed November 2, 2026. Cited figures are marked; the original filing is the authoritative source.
Loews Corporation reported third-quarter 2026 net income attributable to Loews of $306 milliona, or $1.50 per share, compared with $504 million, or $2.43 per share, in the third quarter of 2025.
The decline was driven mainly by an unfavorable $125 millionb (after-tax and noncontrolling interest) impact from CNA Financial's annual long-term care reserve assumption updates, along with lower Property and Casualty underlying underwriting results and higher catastrophe losses. Nine-month net income attributable to Loews was $1,087 million, or $5.29 per share, versus $1,265 million, or $6.03 per share, a year earlier. CNA's Property and Casualty combined ratio rose 4.2 points to 97.0%, and the underlying combined ratio increased to 94.2% from 91.3%.
Management said the long-term care reserve charge should be almost entirely offset over time by higher investment yields from recent portfolio actions, and it characterized the P&C pricing environment as competitive. Boardwalk Pipelines' net income fell to $85 millionc from $94 million, including $7 million after-tax of Continuum unrealized losses and a $7 million after-tax office relocation impairment, while Loews Hotels' net income rose to $16 million from a $3 million loss, with Adjusted EBITDA up 25% to $86 million. Book value per share was $90.24 at September 30, 2026, versus $90.71 at December 31, 2025, while book value per share excluding AOCI rose to $100.67 from $95.89.
Loews repurchased 1.6 million shares for $167 milliond in the quarter and a further 0.6 million shares for $67 million from October 1 through October 30, 2026. At quarter end the parent company held $4.4 billion of cash and investments and $1.8 billion of debt.
02—Key points
Key Highlights
- Q3 2026 net income attributable to Loews was $306 million ($1.50 per share), down from $504 million ($2.43 per share) in Q3 2025.
- CNA's annual long-term care reserve review reduced Loews' net income by $125 million after tax and noncontrolling interest; management expects the economic impact to be close to breakeven as higher portfolio yields offset it over time.
- CNA Property and Casualty combined ratio increased 4.2 points to 97.0%; underlying combined ratio rose to 94.2% from 91.3%.
- Boardwalk Pipelines EBITDA was $262 million versus $267 million, including $14 million after-tax of charges from Continuum unrealized losses and an office relocation impairment; Boardwalk's revenue backlog grew by almost $600 million.
- Loews Hotels Adjusted EBITDA rose 25% to $86 million, and net income improved to $16 million from a $3 million loss.
- Book value per share was $90.24, while book value per share excluding AOCI increased to $100.67 from $95.89 at year-end 2025.
- Loews repurchased 1.6 million shares for $167 million in Q3 2026 and an additional 0.6 million shares for $67 million from October 1 to October 30, 2026.
03—Questions
Frequently Asked Questions
Why did Loews' net income decline in the third quarter of 2026?
The largest driver was a $125 million after-tax and noncontrolling interest impact from CNA's annual long-term care reserve assumption updates. Lower CNA Property and Casualty underlying underwriting results, higher catastrophe losses, and lower investment income at the parent company trading portfolio also contributed, partly offset by higher Loews Hotels earnings.
Will the CNA long-term care reserve charge affect future earnings?
Management said the unfavorable reserve change is expected to be almost entirely offset by higher investment yields from recent portfolio extension trades. That benefit will flow through net investment income over time, since GAAP requires the reserve charge to be recognized immediately while the yield benefit is earned gradually.
How is CNA's underwriting performance trending?
CNA's Property and Casualty combined ratio increased to 97.0% from 92.8%, and the underlying combined ratio rose to 94.2% from 91.3%. Management said the market remains competitive and it would not count on a meaningful improvement in pricing in the near term.
How much capital did Loews return to shareholders and what is its parent-company liquidity?
Loews repurchased 1.6 million shares for $167 million in the third quarter and 0.6 million shares for $67 million from October 1 to October 30, 2026. At September 30, 2026, the parent company had $4.4 billion of cash and investments and $1.8 billion of debt.
What drove the improvement at Loews Hotels and Boardwalk?
Loews Hotels benefited from higher average daily rates and more occupied room nights, including at the Miami Beach hotel after its renovation and at the Arlington properties. Boardwalk's excluding-items results improved on higher gas transportation revenues from higher contracting rates and utilization, and its backlog grew by almost $600 million largely from the Carthage Crossing project.
04—Continue