L · Loews

394 filings

L SEC Filings

Loews - 394 total filings

Filing record · 2016–202610-K1110-Q338-K83

Showing 1–50 of 394 filings

Loews 8-K Report, Financial Results (Nov 2, 2026)

Loews Corporation reported third-quarter 2026 net income attributable to Loews of $306 million, 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 million (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 million 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 million 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.

Nov 2, 2026 10-Q

Loews Quarterly Report for Q3 Ended Sep 30, 2026

Loews Corporation reported net income attributable to Loews Corporation of $306 million, or $1.50 per share, for the three months ended September 30, 2026, down from $504 million, or $2.43 per share, in the comparable 2025 period. For the nine months, net income attributable to Loews Corporation was $1,087 million, or $5.29 per share, compared with $1,265 million, or $6.03 per share. Total revenues rose to $4,759 million in the third quarter from $4,671 million and to $14,048 million for the nine months from $13,720 million. The filing attributes the decline mainly to CNA, which recorded an unfavorable impact of $125 million (after-tax and noncontrolling interest) from its annual long-term care reserve assumption updates, along with lower property and casualty underwriting results and higher catastrophe losses. Catastrophe losses for the nine months were $226 million, and unfavorable net prior year loss reserve development was $190 million. The balance sheet shows total assets of $85,328 million at September 30, 2026, compared with $86,348 million at December 31, 2025, and total shareholders' equity of $18,304 million, compared with $18,686 million. Accumulated other comprehensive loss widened to $2,117 million from $1,067 million, reflecting net unrealized losses on investments. Parent Company cash and investments, net of receivables and payables, were $4.4 billion, up from $3.9 billion at December 31, 2025. During the nine months, Loews purchased 3.2 million shares of its common stock for $348 million and issued $500 million of 4.9% senior notes due 2036. Boardwalk Pipelines acquired Spire Marketing LLC, now named Boardwalk Continuum Marketing, LLC, for $206 million on April 30, 2026. Its growth projects under executed precedent or long-term firm transportation agreements have an expected aggregate cost of approximately $3.6 billion, with $525 million spent through September 30, 2026. The filing also discloses an unresolved Boardwalk Pipelines partnership litigation matter for which no accrual has been recorded and the Company cannot estimate a loss range.

Nov 2, 2026 8-K

Loews 8-K Report, Financial Results (Aug 3, 2026)

Loews Corporation reported net income of $444 million, 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 million, 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 billion 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 billion 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.

Aug 3, 2026 10-Q

Loews Quarterly Report for Q2 Ended Jun 30, 2026

Loews Corporation reported net income attributable to Loews Corporation of $444 million, or $2.16 per share, for the three months ended June 30, 2026, up from $391 million, or $1.87 per share, a year earlier. For the six months ended June 30, 2026, net income attributable to Loews Corporation was $781 million, or $3.79 per share, compared with $761 million, or $3.61 per share, in the 2025 period. Total revenues for the six months were $9.29 billion versus $9.05 billion, and net income rose at Boardwalk Pipelines and Loews Hotels & Co, while CNA's net income declined for the six-month period on lower underlying underwriting results. CNA Financial's combined ratio for Property & Casualty Operations was 99.4% for the six months ended June 30, 2026, up from 96.3% in 2025, with catastrophe losses of $148 million and unfavorable net prior year loss reserve development of $94 million in that segment. Other Insurance Operations recorded unfavorable net prior year development of $97 million in the second quarter, largely tied to legacy mass tort abuse claims. Boardwalk Pipelines acquired Spire Marketing LLC (renamed Boardwalk Continuum Marketing, LLC) for $212 million on April 30, 2026, and has growth projects with an expected aggregate cost of approximately $3.4 billion, with $381 million spent through June 30, 2026. The balance sheet showed total assets of $87.23 billion and total equity of $20.03 billion at June 30, 2026. Loews issued $500 million of 4.9% senior notes due 2036 and used the proceeds to redeem its $500 million 3.8% notes due 2026. Long-term debt rose to $8.91 billion from $8.44 billion at December 31, 2025. The company repurchased 1.7 million shares for $179 million during the six months. The filing also discloses a pending Boardwalk Pipelines litigation matter for which no accrual has been recorded and the Company is unable to estimate a loss range.

Aug 3, 2026 8-K

Loews 8-K Report, Shareholder Vote Results (May 12, 2026)

Loews Corporation held its 2026 Annual Meeting of Shareholders on May 12, 2026. Shareholders elected all ten director nominees: Charles D. Davidson, Paul J. Fribourg, Walter L. Harris, Jonathan C. Locker, Susan P. Peters, Dino E. Robusto, Alexander H. Tisch, Benjamin J. Tisch, James S. Tisch, and Jennifer VanBelle. Each nominee received more votes for than against, though support varied considerably across the slate. Shareholders also approved, on an advisory basis, the compensation of the named executive officers (Say on Pay), with 177,208,800 votes for and 8,952,691 against. In a separate proposal, shareholders ratified the appointment of Deloitte & Touche LLP as the Company's independent auditor for 2026, with 186,777,192 votes for, 7,033,867 against, and 142,860 abstentions. Item 9.01 of the report states that exhibits are referenced, but the filing text provides no further description of them. The voting results are the substantive content of this filing.

May 12, 2026 10-Q

Loews Quarterly Report for Q1 Ended Mar 31, 2026

Loews Corporation reported net income attributable to Loews Corporation of $337 million, or $1.63 per share, for the three months ended March 31, 2026, down from $370 million, or $1.74 per share, in the same period of 2025. Total revenues rose to $4,555 million from $4,494 million, but income before income tax fell to $463 million from $514 million. The decline was driven mainly by CNA Financial, whose net income attributable to Loews fell to $194 million from $252 million on lower underlying underwriting results and $100 million of unfavorable net prior year loss reserve development in Property & Casualty Operations. Boardwalk Pipelines ($159 million vs. $152 million) and Loews Hotels & Co ($26 million vs. $0) improved, while the Corporate segment loss widened to $42 million from $34 million. Cash flow from operating activities was $72 million, compared with $736 million a year earlier. Total assets declined to $85.65 billion at March 31, 2026 from $86.35 billion at December 31, 2025. Long-term debt increased to $8,933 million from $8,437 million, after Loews issued $500 million of 4.9% senior notes due 2036 to redeem $500 million of 3.8% notes, and Boardwalk Pipelines redeemed $550 million of 6.0% notes. Parent Company cash and investments, net of receivables and payables, totaled $4.5 billion, up from $3.9 billion at year-end 2025, after $691 million of dividends and distributions from subsidiaries, including a $497 million special dividend from CNA. Boardwalk Pipelines has executed precedent or long-term firm transportation agreements for growth projects expected to add 4.2 Bcf/d of capacity at an expected aggregate cost of approximately $3.2 billion, with $245 million spent through March 31, 2026, and $9.5 billion of associated anticipated revenues. These projects remain subject to regulatory approvals. The filing also discloses an ongoing Boardwalk Pipelines litigation matter in which the Delaware Supreme Court found in December 2025 that the General Partner breached the Limited Partnership Agreement; Loews states it cannot estimate a loss and has recorded no accrual, but says the outcome could be material. After the quarter, on April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC for $215 million in cash.

May 4, 2026 8-K

Loews 8-K Report, Financial Results (May 4, 2026)

Loews Corporation reported net income attributable to Loews Corporation of $337 million, or $1.63 per share, for the first quarter of 2026, compared with $370 million, or $1.74 per share, in the first quarter of 2025. CEO Ben Tisch described it as a "tale of two cities" quarter: Boardwalk Pipelines and Loews Hotels posted strong results while CNA Financial took a step back. CNA's net income attributable to Loews fell to $194 million from $252 million, with its combined ratio rising 3.8 points to 102.2% from 98.4%, driven by a higher underlying loss ratio and $100 million of unfavorable net prior year loss reserve development. Management said it would not expect growth at CNA to reaccelerate meaningfully in the near term. Boardwalk Pipelines' net income rose to $159 million from $152 million, with EBITDA up to $360 million from $346 million, reflecting higher contracting rates and utilization-based revenues. Loews Hotels' net income increased to $26 million from less than $1 million, and its Adjusted EBITDA rose 53% to $124 million, driven largely by the Universal Orlando joint ventures. Book value per share was $90.90 at March 31, 2026, up from $90.71, and book value per share excluding AOCI rose to $97.20 from $95.89. At the parent level, the company held $4.5 billion of cash and investments against $1.8 billion of debt and repurchased 0.3 million shares for $31 million during the quarter. Management said it is maintaining a larger-than-normal parent cash balance because Boardwalk's capex backlog has grown to approximately $3.2 billion, and it flagged the Boardwalk litigation as an ongoing risk. Boardwalk also completed its $215 million acquisition of Spire Marketing (now Continuum) on April 30, 2026, self-funded from cash on hand.

May 4, 2026 8-K

Loews 8-K Report, Corporate Update (Feb 18, 2026)

Loews Corporation completed a public offering on February 18, 2026 of $500,000,000 aggregate principal amount of its 4.940% Senior Notes due 2036. The offering was made under the Company's Form S-3 registration statement (File No. 333-276935) and a prospectus supplement dated February 10, 2026, with J.P. Morgan Securities LLC, Barclays Capital Inc., MUFG Securities Americas Inc. and Wells Fargo Securities, LLC acting as representatives of the underwriters under an Underwriting Agreement dated February 10, 2026. Interest on the Notes is payable semi-annually on April 1 and October 1, beginning October 1, 2026, at 4.940% per annum until April 1, 2036. The Notes were issued under an Indenture dated March 1, 1986, as supplemented, with The Bank of New York Mellon as successor trustee. The Company may redeem the Notes before January 1, 2036 at a make-whole price based on the applicable U.S. Treasury rate plus 12.5 basis points, and on or after January 1, 2036 at 100% of principal plus accrued interest. The filing is a debt issuance disclosure under Item 8.01 (Other Events). It also files the Underwriting Agreement, the form of Note and a legality opinion from Sullivan & Cromwell LLP as exhibits. The filing does not describe use of proceeds.

Feb 18, 2026 10-K

Loews Annual Report, Year Ended Dec 31, 2025

Loews Corporation reported 2025 net income attributable to Loews Corporation of $1.7 billion, or $7.97 diluted net income per share, compared with $1.4 billion, or $6.41 per diluted share, in 2024. The 2024 result included a $265 million after-tax and noncontrolling interests pension settlement charge at CNA. The increase was driven mainly by CNA, where higher property and casualty underwriting income and net investment income were partly offset by unfavorable prior year reserve development tied to legacy mass tort abuse reserves. Boardwalk Pipelines also improved on higher transportation revenues from re-contracting at higher rates and recently completed growth projects. Loews Hotels & Co declined on an asset impairment charge and higher interest expense. The company's segments are CNA Financial (commercial property and casualty insurance, about 92% owned), Boardwalk Pipelines (natural gas and NGL transportation and storage, wholly owned), Loews Hotels & Co (27 hotels, wholly owned), and the Parent Company, which also holds an approximately 53% stake in Altium Packaging LLC, accounted for under the equity method. Parent Company cash and investments, net of receivables and payables, were $3.9 billion at December 31, 2025, versus $3.3 billion a year earlier. The company received $1.5 billion in cash dividends from subsidiaries in 2025 and spent $806 million on treasury stock purchases. Boardwalk Pipelines has growth projects under executed precedent or long-term firm agreements expected to add 4.2 Bcf/d of capacity at an expected aggregate cost of about $3.3 billion, scheduled through 2030. Of that, $135 million had been spent as of December 31, 2025. Loews also disclosed a Delaware class action tied to its 2018 Boardwalk unit acquisition. The Delaware Supreme Court affirmed in part and reversed in part on December 10, 2025, and the company cannot currently estimate a loss, so no accrual has been recorded.

Feb 10, 2026 8-K

Loews 8-K Report, Financial Results (Feb 9, 2026)

Loews Corporation reported net income of $402 million, or $1.94 per share, for the fourth quarter of 2025, compared with $187 million, or $0.86 per share, in the fourth quarter of 2024. The prior-year quarter included a $265 million after-tax and noncontrolling-interest pension settlement charge at CNA. For the full year 2025, net income was $1,667 million, or $7.97 per share, versus $1,414 million, or $6.41 per share, in 2024. Book value per share rose to $90.71 from $79.49, and book value per share excluding AOCI rose to $95.89 from $88.18 at December 31, 2024. Segment results were mixed. CNA's net income attributable to Loews was $276 million in the quarter, while Boardwalk Pipelines' fell to $110 million from $145 million, largely because of a $36 million tax benefit recorded in the prior-year quarter. Loews Hotels' quarterly net income declined to $6 million, including a $20 million after-tax impairment tied to the planned Arlington Sheraton replacement, even though adjusted EBITDA rose 35% to $113 million. Loews repurchased 8.9 million shares in 2025 for $782 million. The parent company held $3.9 billion of cash and investments against $1.8 billion of debt at year-end. The filing also highlights the Boardwalk litigation, in which the Delaware Supreme Court found that the Boardwalk general partner breached the partnership agreement in connection with the 2018 purchase of minority units. Claims for tortious interference and unjust enrichment were remanded to the Delaware Chancery Court. In the earnings remarks, management described the potential judgment as exceeding $1.0 billion and said material events are not expected until at least the end of 2026.

Feb 9, 2026 8-K

Loews 8-K Report, Executive Changes (Dec 5, 2025)

Loews Corporation filed a Current Report on Form 8-K dated December 5, 2025, under Item 5.02 (Departure of Directors or Certain Officers). Directors Ann E. Berman and Charles M. Diker informed the Corporation that they will retire from its Board of Directors, effective as of the Corporation's 2026 Annual Meeting of Shareholders. Mr. Diker has served on the Board since 2003 and Ms. Berman since 2006. The Board thanked both directors for their distinguished service and valuable contributions. The filing states that the size of the Board is expected to be reduced to ten directors in connection with their retirements. This filing concerns board composition only and contains no financial results, guidance, or operating information. For investors, the主要 takeaway is a planned change in board membership and size, effective at the 2026 Annual Meeting.

Dec 5, 2025 10-Q

Loews Quarterly Report for Q3 Ended Sep 30, 2025

Loews Corporation reported net income attributable to Loews Corporation of $504 million, or $2.43 per diluted share, for the three months ended September 30, 2025, compared with $401 million, or $1.82 per diluted share, in the comparable 2024 period. For the nine months ended September 30, 2025, net income attributable to Loews Corporation was $1,265 million, or $6.03 per diluted share, versus $1,227 million, or $5.54 per share, a year earlier. The company attributed the quarterly increase primarily to higher results at CNA Financial and Boardwalk Pipelines and improved results at Loews Hotels & Co, partly offset by lower investment income at the parent company. At CNA, lower catastrophe losses ($41 million versus $143 million in the prior-year quarter) and improved underlying underwriting results in its commercial property and casualty operations drove the improvement. Total revenues were $4.67 billion for the quarter and $13.72 billion for the nine months, and total assets were $85.94 billion at September 30, 2025. Total shareholders' equity rose to $18.29 billion from $17.07 billion at December 31, 2024, supported by earnings and other comprehensive income, partly offset by $690 million of treasury stock purchases in the nine months. Short-term debt increased to $1.01 billion from $5 million, while long-term debt decreased to $8.44 billion from $8.94 billion. Parent Company cash and investments, net of receivables and payables, totaled $3.6 billion. During the nine months, the parent received $1.1 billion in cash dividends and distributions from subsidiaries, including a $497 million special dividend from CNA. Boardwalk Pipelines disclosed growth projects under executed precedent agreements expected to add an aggregate 4.2 Bcf/d of capacity at a cost of approximately $3.0 billion, scheduled through 2029, subject to regulatory approvals. In October 2025, Boardwalk executed an additional precedent agreement for the Texas Gateway Project, which the filing says will add an anticipated $3.8 billion of revenues to its outstanding performance obligations. The filing also notes a pending antitrust class action against Loews Hotels & Co and a longstanding Boardwalk Pipelines litigation matter, with the company stating that it does not believe pending litigation will materially affect results of operations or equity.

Nov 3, 2025 8-K

Loews 8-K Report, Financial Results (Nov 3, 2025)

Loews Corporation reported net income of $504 million, or $2.43 per share, for the third quarter of 2025, compared to $401 million, or $1.82 per share, in the third quarter of 2024. The results were driven primarily by CNA Financial, whose net income attributable to Loews rose to $371 million from $259 million, reflecting lower catastrophe losses ($41 million versus $143 million), improved underlying underwriting results and higher net investment income. CNA's Property and Casualty combined ratio improved 4.4 points to 92.8%. Boardwalk Pipelines' net income increased to $94 million from $77 million and its EBITDA rose to $267 million from $249 million, while Loews Hotels' net loss narrowed to $3 million and its Adjusted EBITDA increased to $69 million from $64 million. Boardwalk executed a precedent agreement on October 30, 2025 for its Texas Gateway Project, which would add 1.5 Bcf/d of capacity and bring total announced growth projects to 4.2 Bcf/d at an anticipated aggregate cost of approximately $3.0 billion. Boardwalk's revenue backlog was $15.6 billion as of September 30, 2025, excluding $3.8 billion from the Texas Gateway Project. Book value per share rose to $88.39 from $79.49 at December 31, 2024, and book value per share excluding AOCI rose to $94.00 from $88.18. Loews repurchased 0.6 million shares for $56 million in the third quarter and an additional 0.3 million shares for $29 million in October 2025. At September 30, 2025, the parent company held $3.6 billion of cash and investments and $1.8 billion of debt, and 206.9 million shares were outstanding.

Nov 3, 2025 8-K

Loews 8-K Report, Executive Changes (Nov 3, 2025)

Loews Corporation (NYSE: L) filed a Current Report on Form 8-K dated November 3, 2025, under Item 5.02 to announce the election of Dino E. Robusto as a director. On October 29, 2025, the Board of Directors increased its size from 11 to 12 directors and elected Mr. Robusto, with both changes effective January 1, 2026. Mr. Robusto was Chief Executive Officer and Chairman of the Board of CNA Financial Corporation, Loews's subsidiary, from 2016 until 2024, and has served as Executive Chairman of CNA since January 1, 2025. His term as Executive Chairman expires on December 31, 2025, at which point he will leave the CNA Board of Directors. For 2025, Mr. Robusto's compensation for his CNA Executive Chairman role is an annual salary of $6 million, plus a bonus of up to $2 million to be determined by CNA's Compensation Committee. The filing refers to CNA's 2024 Form 8-K and its 2025 proxy statement for further detail on his employment and pay. The filing is primarily a governance update with no direct financial results reported.

Nov 3, 2025 8-K

Loews 8-K Report, Executive Changes (Aug 5, 2025)

Loews Corporation (NYSE: L) filed this Current Report on Form 8-K dated August 5, 2025 to report a board change. On that date, the Board of Directors increased its size from 10 to 11 directors, elected Jennifer VanBelle as a director, and appointed her to the Audit Committee. The filing does not describe any financial results, transactions, or compensation arrangements for Ms. VanBelle. According to the accompanying news release (Exhibit 99.1), Ms. VanBelle spent more than 25 years at General Electric Company, where her roles culminated in serving simultaneously as Senior Vice President, Treasurer; Chief Executive Officer, GE Capital; and Senior Vice President, GE Separation Leader. Before joining GE in 1998, she worked for several international investment banks in New York and London. For investors, the filing is a governance update: it adds a director with substantial corporate finance and capital markets experience to the board and to its Audit Committee. Loews describes itself as a diversified company with businesses in insurance, energy, hospitality, and packaging.

Aug 5, 2025 10-Q

Loews Quarterly Report for Q2 Ended Jun 30, 2025

Loews Corporation reported net income attributable to Loews Corporation of $391 million, or $1.87 per share, for the three months ended June 30, 2025, compared with $369 million, or $1.67 per share, in the prior-year period. For the six months ended June 30, 2025, net income attributable to Loews Corporation was $761 million, or $3.61 per share, versus $826 million, or $3.72 per share, a year earlier. Total revenues were $9.05 billion for the six months, up from $8.50 billion. The decline in six-month earnings was driven primarily by CNA, where unfavorable net prior year loss reserve development, including a $106 million after-tax charge tied to legacy mass tort abuse reserves, and higher investment losses offset higher net investment income and improved underlying underwriting results. Boardwalk Pipelines was the main contributor to growth, with six-month net income rising to $240 million from $191 million on re-contracting at higher rates and recently completed growth projects. At June 30, 2025, total assets were $84.67 billion and total shareholders' equity was $17.51 billion, compared with $81.94 billion and $17.07 billion at December 31, 2024. Long-term debt declined to $7.94 billion from $8.94 billion, while short-term debt rose to $1.01 billion from $5 million. During the six months, the company repurchased 7.4 million shares of its common stock for $633 million on the statement of equity, and it reported that shares outstanding were 207,426,395 as of August 1, 2025. Parent Company cash and investments, net of receivables and payables, totaled $3.4 billion at June 30, 2025. The filing also notes that the One Big Beautiful Bill Act was enacted on July 4, 2025, and management does not expect it to have a material impact on results or financial condition. Boardwalk Pipelines has growth projects with executed precedent or long-term firm transportation agreements expected to add an aggregate 2.6 Bcf/d of capacity at an aggregate cost of approximately $1.7 billion, scheduled for completion through 2029, subject to regulatory approvals. The filing also discloses a 2010 loss portfolio transfer with National Indemnity Company covering CNA's legacy asbestos and environmental pollution liabilities, and a pending Boardwalk Pipelines Delaware litigation matter for which a hearing on the appeal occurred in June 2025.

Aug 4, 2025 8-K

Loews 8-K Report, Financial Results (Aug 4, 2025)

Loews Corporation reported net income of $391 million, or $1.87 per share, for the second quarter of 2025, compared to $369 million, or $1.67 per share, in the second quarter of 2024. For the six months ended June 30, 2025, net income was $761 million, or $3.61 per share, versus $826 million, or $3.72 per share, a year earlier. Results were mixed across segments: Boardwalk Pipelines drove growth with net income rising to $88 million from $70 million and EBITDA rising to $274 million from $240 million, while CNA Financial's contribution fell to $274 million from $291 million due to an $81 million after-tax charge tied to legacy mass tort abuse reserves and higher investment losses. Loews Hotels' net income declined to $28 million from $35 million, mainly from expenses at three new Universal Orlando hotels. Book value per share rose to $84.42 at June 30, 2025, from $79.49 at December 31, 2024, and book value per share excluding AOCI rose to $91.66 from $88.18. The parent company held $3.4 billion of cash and investments and $1.8 billion of debt at June 30, 2025. Loews repurchased 2.9 million shares for $251 million during the quarter, and per the earnings remarks, about 7.5 million shares for $636 million since the end of 2024. CEO Ben Tisch described the quarter as decent and pointed to Boardwalk's reach of final investment decisions on growth projects totaling $1.7 billion of capital expenditures. Loews Hotels management targets Adjusted EBITDA of $400 million to $450 million over the next several years. The results and remarks are furnished under Item 2.02 and are not deemed filed for Section 18 purposes.

Aug 4, 2025 8-K

Loews 8-K Report, Executive Changes (Jun 4, 2025)

Loews Corporation filed this Form 8-K to report that Jonathan M. Tisch informed the Corporation on June 2, 2025 that he will retire as Executive Chairman of its subsidiary, Loews Hotels Holding Corporation ("Loews Hotels & Co"), effective December 31, 2025. The filing is a narrow executive-transition notice under Item 5.02 and does not disclose any financial results, transactions, or changes to the Corporation's overall operations. Following his retirement, Mr. Tisch will provide consulting services to Loews Hotels & Co for up to 200 hours per year at an hourly rate. This arrangement signals a continued advisory role for a senior leader of the hotel subsidiary, with a defined cap on time commitment. For investors, the disclosure is operational rather than material to valuation. It indicates a planned leadership succession at Loews Hotels & Co with roughly six months' notice before the effective date. The filing was signed by Marc A. Alpert, Senior Vice President, General Counsel and Secretary, on June 4, 2025.

Jun 4, 2025 8-K

Loews 8-K Report, Executive Changes (May 29, 2025)

Loews Corporation (NYSE: L) filed this Form 8-K dated May 29, 2025, reporting an event of May 27, 2025. The filing discloses a single leadership change under Item 5.02: Richard W. Scott informed the Corporation on May 27, 2025 that he will retire from his position as Senior Vice President and Chief Investment Officer, effective December 31, 2025. The filing contains no financial results, financial statement data, or operating metrics. It does not state a successor for the Chief Investment Officer role, nor does it describe any compensation arrangements or reasons for the retirement. For investors, the principal takeaway is a planned transition in the investment leadership function, with roughly seven months between the notice and the effective date. The filing itself gives no indication of any change to the Corporation's investment strategy, portfolio, or financial condition.

May 29, 2025 8-K

Loews 8-K Report, Shareholder Vote Results (May 13, 2025)

Loews Corporation held its 2025 Annual Meeting of Shareholders on May 13, 2025, and shareholders voted on four proposals. All ten director nominees were elected, including Ann E. Berman, Charles D. Davidson, Charles M. Diker, Paul J. Fribourg, Walter L. Harris, Jonathan C. Locker, Susan P. Peters, Alexander H. Tisch, Benjamin J. Tisch, and James S. Tisch. Paul J. Fribourg received the most votes against (20,861,852), while Benjamin J. Tisch received the fewest (1,869,284). Shareholders also approved, on an advisory basis, the compensation of the named executive officers (Say on Pay), with 181,013,530 votes for and 10,983,925 votes against. They ratified Deloitte & Touche LLP as the independent auditor for 2025, with 191,525,321 votes for and 7,592,340 against. Shareholders approved the Loews Corporation 2025 Incentive Compensation Plan, with 161,299,361 votes for, 30,701,749 votes against, 191,524 abstentions, and 7,043,046 broker non-votes. The Item 9.01 section refers to exhibits but does not describe any financial results or transactions.

May 13, 2025 10-Q

Loews Quarterly Report for Q1 Ended Mar 31, 2025

Loews Corporation reported net income attributable to Loews Corporation of $370 million, or $1.74 per share, for the three months ended March 31, 2025, down from $457 million, or $2.05 per share, in the comparable 2024 period. Total revenues rose to $4.49 billion from $4.23 billion, but total expenses increased to $3.98 billion from $3.60 billion, driven largely by higher insurance claims and policyholders' benefits ($2.03 billion versus $1.81 billion). Management attributes the decline mainly to lower net income at CNA, where unfavorable net prior year loss reserve development and higher catastrophe losses ($97 million, including $53 million for the California wildfires) reduced underwriting income, and to lower equity income at Loews Hotels & Co. The parent company's net investment income fell $54 million on unfavorable fair value changes in equity-based investments, leaving Corporate with a net loss of $34 million. Boardwalk Pipelines partially offset these pressures, with net income attributable to Loews Corporation rising to $152 million from $121 million on higher re-contracted rates and growth projects. At March 31, 2025, total assets were $83.14 billion and total shareholders' equity was $17.19 billion. Long-term debt declined to $8.44 billion from $8.94 billion at December 31, 2024. During the quarter the company repurchased 4.5 million shares of its common stock for $380 million, reducing shares outstanding, and received $686 million in cash dividends from subsidiaries, including a $497 million special dividend from CNA. Operating cash flow was $736 million, compared with $198 million a year earlier. Parent Company cash and investments, net of receivables and payables, totaled $3.5 billion. The filing notes that CNA's annual comprehensive review of legacy mass tort exposures is undertaken in the second quarter, and that the Boardwalk Pipelines partnership-unit litigation appeal is scheduled for a hearing in June 2025. Management stated there were no material changes to risk factors from the Annual Report on Form 10-K for the year ended December 31, 2024.

May 5, 2025 8-K

Loews 8-K Report, Financial Results (May 5, 2025)

Loews Corporation reported net income of $370 million, or $1.74 per share, for the first quarter of 2025, compared with $457 million, or $2.05 per share, in the first quarter of 2024. The decline was driven mainly by CNA Financial, where net income attributable to Loews fell to $252 million from $310 million on lower underwriting income, largely from unfavorable net prior year loss reserve development tied to commercial auto. Boardwalk Pipelines improved to $152 million from $121 million on higher re-contracting rates and completed growth projects, while Loews Hotels & Co. reported zero net income versus $16 million and Corporate posted a $34 million net loss versus $10 million net income, reflecting investment losses versus prior-year gains on parent company equity securities. Book value per share excluding AOCI rose to $89.74 as of March 31, 2025, from $88.18 at December 31, 2024. At quarter end the parent company held $3.5 billion of cash and investments against $1.8 billion of debt. Loews repurchased 4.5 million shares for $376 million during the quarter and, from April 1 to May 2, 2025, an additional 0.6 million shares for $53 million, bringing the total since December 31, 2024 to 5.1 million shares for $429 million. Management attributed the CNA shortfall to a $63 million pretax reserve charge, largely related to accident year 2024 commercial auto, and said casualty pricing is broadly rising. Management also highlighted Boardwalk's evaluation of large growth projects and the addition of three hotels near Universal Epic Universe in Orlando, which management described as early-stage opportunities.

May 5, 2025 8-K

Loews 8-K Report, Executive Changes (May 2, 2025)

Loews Corporation filed a Current Report on Form 8-K dated May 2, 2025, under Item 5.02 to disclose a board change. On May 1, 2025, Anthony Welters informed the Corporation that, in light of his other commitments, he is resigning from its Board of Directors effective immediately. As a result, Mr. Welters will not stand for election at the Corporation's 2025 Annual Meeting of Shareholders, scheduled for May 13, 2025. The Board thanked Mr. Welters for his distinguished service and valuable contributions. In connection with his resignation, the size of the Board will be reduced from eleven to ten directors. The filing does not disclose a replacement director or any compensatory arrangements. For investors, the filing is a routine governance update rather than a financial disclosure. It contains no financial results, guidance, or operational information.

May 2, 2025 8-K

Loews 8-K Report, Executive Changes (Feb 18, 2025)

Loews Corporation (L) filed this Form 8-K under Item 5.02 to disclose compensation arrangements tied to the leadership transition. Benjamin J. Tisch was appointed President and Chief Executive Officer effective January 1, 2025. On February 17, 2025, the Compensation Committee set his annual base salary at $1,000,000, a 2025 target cash incentive award of $2,600,000, and a 2025 target performance-based restricted stock unit (PRSU) award of 10,690 PRSUs with a grant date fair value of $900,000. These awards were made under the 2016 Incentive Compensation Plan and are described as substantially the same as those granted to the Corporation's other executive officers. The Committee also approved special stock appreciation right (SAR) grants on February 17, 2025 to Benjamin J. Tisch, Alexander H. Tisch (Vice President of the Corporation and President and Chief Executive Officer of its subsidiary Loews Hotels & Co), and Jane J. Wang (Senior Vice President and Chief Financial Officer). The filing states these SARs are not part of regular annual compensation and will not be awarded on a recurring basis. Each of Benjamin and Alexander Tisch received 100,000 SARs at $100/share, 150,000 at $150/share, and 200,000 at $200/share, with grant date fair values of $4,093,500 each. Ms. Wang received 75,000, 112,500, and 150,000 SARs at the same respective exercise prices, with a grant date fair value of $3,070,125. The SARs have a 10-year term and become exercisable seven years after grant. The filing states that approximately 22% of the SARs become exercisable if the common stock reaches $100 per share during the exercise period, an additional approximately 33% at $150, and an additional approximately 45% at $200. Awards are forfeited on most terminations, with specified expiration periods applying upon death, disability, termination without cause, or termination for good reason. Settlement is in common stock unless the Corporation elects cash, and the awards are subject to clawback. Exhibit 10.01 is the form of SAR award notice.

Feb 18, 2025 10-K

Loews Annual Report, Year Ended Dec 31, 2024

Loews Corporation is a holding company with four reportable segments: CNA Financial (commercial property and casualty insurance, approximately 92% owned), Boardwalk Pipelines (natural gas and natural gas liquids transportation and storage, wholly owned), Loews Hotels & Co (a chain of 25 hotels, wholly owned), and a Corporate segment that includes the equity method investment in Altium Packaging (approximately 53% owned). CNA accounted for 81.5% of consolidated total revenue in 2024. For 2024, net income attributable to Loews Corporation was $1.4 billion, or $6.41 diluted net income per share, compared with $1.4 billion, or $6.29, in 2023. Results include a $265 million after-tax and noncontrolling interests pension settlement charge at CNA; excluding that charge, the filing states net income attributable to Loews increased 17%. The improvement was driven by higher net investment income at CNA, improved underlying underwriting results partially offset by higher catastrophe losses ($358 million in 2024 versus $236 million in 2023), growth at Boardwalk Pipelines from re-contracting at higher rates, growth projects and the Bayou Ethane acquisition, and higher parent-company investment income. Loews Hotels & Co's earnings declined, reflecting depreciation and interest costs from the opening of Loews Arlington Hotel and Convention Center. At year-end 2024, total assets were $81.9 billion and total shareholders' equity was $17.1 billion. Parent Company cash and investments, net of receivables and payables, totaled $3.3 billion, and the company repurchased $608 million of treasury stock in 2024. The filing also flags ongoing risks, including CNA's long-term care and claim reserve estimates, social inflation, reinsurance and cyber exposure (including 2024 vendor-related data breaches at CNA), Boardwalk's regulatory and environmental exposure, a Delaware class action related to the 2018 Boardwalk unit acquisition in which the Delaware Supreme Court reversed the original $690 million trial-court award and the remanded issues were decided for defendants in September 2024 with an appeal pending, and Loews Hotels & Co's concentration of hotels in Florida.

Feb 11, 2025 8-K

Loews 8-K Report, Financial Results (Feb 10, 2025)

Loews Corporation reported net income of $187 million, or $0.86 per share, for the fourth quarter of 2024, compared to $446 million, or $1.99 per share, in the fourth quarter of 2023. Full-year 2024 net income was $1,414 million, or $6.41 per share, compared to $1,434 million, or $6.29 per share, in 2023. Both periods include a $265 million after-tax and noncontrolling interests pension settlement charge at CNA. Excluding that charge, the filing states 2024 net income grew 17% year-over-year to $1,679 million, or $7.61 per share. By segment, CNA's fourth-quarter net income attributable to Loews fell to $19 million from $336 million, or $284 million excluding the pension charge, reflecting higher catastrophe losses and investment losses. Boardwalk Pipelines' net income rose to $145 million from $92 million, including a $36 million deferred state tax benefit, with EBITDA up 12% to $290 million on higher re-contracting rates and growth projects. Loews Hotels' net income was $27 million versus $32 million, with adjusted EBITDA of $84 million versus $83 million, as depreciation and interest expense rose after the Arlington hotel opened. Capital allocation was a central theme. Loews repurchased 7.7 million shares for $611 million in 2024, including 4.2 million shares for $349 million in the fourth quarter, and an additional 1.9 million shares for $164 million so far in the first quarter of 2025. Book value per share excluding AOCI rose to $88.18 from $81.92. The parent company held $3.3 billion of cash and investments and $1.8 billion of debt at year-end. The filing also says new CEO Ben Tisch's remarks emphasize growing intrinsic value per share, with share repurchases as a key tool when the stock trades at a significant discount to intrinsic value.

Feb 10, 2025 10-Q

Loews Quarterly Report for Q3 Ended Sep 30, 2024

Loews Corporation reported net income attributable to Loews Corporation of $401 million, or $1.82 per diluted share, for the three months ended September 30, 2024, compared with $253 million, or $1.12 per share, in the prior-year period. For the nine months, net income attributable to Loews was $1.227 billion, or $5.54 per diluted share, versus $988 million, or $4.31 per share, a year earlier. Total revenues were $4.466 billion for the quarter and $12.964 billion for the nine months. The company is a holding company whose segments are CNA Financial (commercial property and casualty insurance, approximately 92% owned), Boardwalk Pipelines (wholly owned, natural gas and NGL transportation and storage), Loews Hotels & Co (wholly owned hotels), and Corporate. CNA drove most of the earnings, with net income attributable to Loews of $860 million for the nine months, and Boardwalk Pipelines contributed $268 million. The balance sheet showed total assets of $83.617 billion and total shareholders' equity of $17.357 billion at September 30, 2024, up from $79.197 billion and $15.704 billion at December 31, 2023. Parent Company cash and investments, net of receivables and payables, totaled $3.3 billion. Catastrophe losses for Property & Casualty Operations were $143 million for the quarter, including $55 million from Hurricane Helene, and $313 million for the nine months. Subsequent to quarter end, CNA's pension plan trust purchased a group annuity transferring approximately $1.045 billion of pension obligations, which the company expects to produce a one-time non-cash pretax settlement charge of approximately $370 million in the fourth quarter of 2024. The company also estimated pretax net catastrophe losses from Hurricane Milton of approximately $25 million to $55 million for the fourth quarter. On legal matters, the Boardwalk Pipelines class action remains active: in September 2024 the Delaware Trial Court ruled in favor of the defendants on all remanded issues, and plaintiffs appealed to the Delaware Supreme Court on October 21, 2024. The company stated that management does not believe the outcome of pending litigation, including this matter, will materially affect its results of operations or equity.

Nov 4, 2024 8-K

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

Loews Corporation (NYSE: L) reported net income attributable to Loews of $401 million, 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 million 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 billion 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 million 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.

Nov 4, 2024 8-K

Loews 8-K/A Report, Corporate Update (Oct 4, 2024)

Loews Corporation (L) disclosed in this Form 8-K, filed October 4, 2024, that a subsidiary of its subsidiary CNA Financial Corporation ("CNA"), acting as sponsor of the CNA Employee Retirement Plan Trust (the "Plan"), entered into a commitment agreement on October 3, 2024 with Metropolitan Life Insurance Company (the "Insurer"). Under the agreement, the Plan will purchase a nonparticipating single premium group annuity contract that transfers approximately $1,045 million of the Plan's defined benefit pension obligations to the Insurer. The purchase is anticipated to close on October 10, 2024, subject to customary closing conditions. The contract covers approximately 7,600 Plan participants and beneficiaries, representing about 60% of the Plan's obligations. The Insurer will be solely responsible for paying benefits due on and after January 1, 2025, and the transaction will not change the amount of benefits payable to these participants. The purchase will be funded directly from Plan assets, with no cash or asset contributions required from CNA. For investors, the key accounting impact is a one-time, non-cash pretax pension settlement charge of approximately $370 million ($265 million net of tax and noncontrolling interests), expected to be recognized in the fourth quarter of 2024. The charge is largely driven by accelerating actuarial pension losses from Accumulated other comprehensive income into Net income, which does not affect Shareholders' equity. The filing states the charge will not impact cash flow for the fourth quarter or full year 2024, and the final amount will depend on finalization of actuarial and other assumptions.

Oct 4, 2024 8-K

Loews 8-K Report, Corporate Update (Sep 18, 2024)

Loews Corporation disclosed under Item 8.01 (Other Events) that a subsidiary of its subsidiary, CNA Financial Corporation ("CNA"), as sponsor of the CNA Employee Retirement Plan Trust (the "Plan"), is evaluating potential counterparties (each, an "Insurer") for the purchase of a group annuity contract. Under the potential contract, the Plan would transfer a portion of its defined benefit pension obligations to the Insurer. The contract is expected to cover approximately 6,000 to 8,000 Plan participants and beneficiaries and approximately $800 million to $1 billion of the Plan's obligations, representing approximately 50% to 60% of the Plan's total obligations. The filing states the transaction is anticipated to close in the fourth quarter of 2024, is subject to finalizing a commitment agreement with an Insurer and customary closing conditions, and that there can be no assurance it will occur on the terms described. The purchase would be funded directly from Plan assets, with no cash or asset contributions from CNA, and would result in no changes to the amount of benefits payable to Transferred Participants. The Insurer would be solely responsible for benefits due on and after January 1, 2025. Loews expects to recognize a one-time, non-cash pretax pension settlement charge of approximately $300 to $400 million ($215 to $290 million net of tax and noncontrolling interests) in the fourth quarter of 2024. The charge is largely driven by accelerated recognition of actuarial pension loss from Accumulated other comprehensive income into Net income, which would not affect Shareholders' equity. The filing states the charge would not affect cash flow for the third quarter, fourth quarter, or full year 2024.

Sep 18, 2024 8-K

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

Loews Corporation reported net income of $369 million, 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 million 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 million 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 billion 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.

Jul 29, 2024 10-Q

Loews Quarterly Report for Q2 Ended Jun 30, 2024

Loews Corporation 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 period. For the six months ended June 30, 2024, net income attributable to Loews Corporation was $826 million, or $3.72 per share, versus $735 million, or $3.19 per share, a year earlier. Total revenues for the six months were $8.50 billion, up from $7.72 billion. The filing attributes the increase mainly to higher net income at CNA Financial, driven by higher net investment income and favorable net prior year loss reserve development, partially offset by higher catastrophe losses, and to Boardwalk Pipelines, driven by re-contracting at higher rates and recently completed growth projects. At June 30, 2024, total assets were $81.06 billion and total equity was $17.20 billion, compared with $79.20 billion and $16.53 billion at December 31, 2023. Long-term debt rose to $8.56 billion from $7.92 billion, reflecting new CNA senior notes ($500 million at 5.1%) and Boardwalk Pipelines senior notes ($600 million at 5.6%), offset by CNA's repayment of $550 million of 4.0% notes. Net cash from operating activities was $1.15 billion for the six months, compared with $2.15 billion a year earlier. Loews repurchased treasury stock for $199 million during the six months, versus $593 million in the prior-year period. The filing also discloses an ongoing Boardwalk Pipelines class action in Delaware. Following a 2022 Delaware Supreme Court reversal and remand, a hearing on the remanded issues was held at the Trial Court in April 2024. The filing states management does not believe the outcome of pending litigation, including this matter, will materially affect results of operations or equity.

Jul 29, 2024 8-K

Loews 8-K Report, Shareholder Vote Results (May 14, 2024)

Loews Corporation held its 2024 Annual Meeting of Shareholders on May 14, 2024, and this Form 8-K reports the voting results on three proposals. Shareholders elected all eleven of the company's director nominees, including Ann E. Berman, Charles D. Davidson, Charles M. Diker, Paul J. Fribourg, Walter L. Harris, Jonathan C. Locker, Susan P. Peters, Andrew H. Tisch, James S. Tisch, Jonathan M. Tisch, and Anthony Welters. Shareholders also approved, on an advisory basis, the compensation of the named executive officers, with 192,614,921 votes for, 8,051,799 against, and 267,993 abstentions. In addition, shareholders ratified Deloitte & Touche LLP as the company's independent auditor for 2024, with 201,799,276 votes for, 6,702,563 against, and 233,066 abstentions. Among the director votes, Paul J. Fribourg received the fewest votes in favor (173,389,241) and the most votes against (27,320,254). Jonathan C. Locker received the most votes in favor (200,501,646) and the fewest against (279,890). Each director nominee received 7,800,192 broker non-votes. Item 9.01 refers to exhibits but does not list any in the filing.

May 14, 2024 8-K

Loews 8-K Report, Financial Results (May 6, 2024)

Loews Corporation reported net income of $457 million, or $2.05 per share, for the first quarter of 2024, compared with $375 million, or $1.61 per share, in the first quarter of 2023. The increase was driven by stronger results at CNA Financial and Boardwalk Pipelines, along with higher investment returns at the parent company. CNA contributed $310 million of net income attributable to Loews (up from $268 million), with core income of $355 million versus $325 million and a property and casualty combined ratio of 94.6% compared with 93.9%. Boardwalk's net income rose to $121 million from $86 million, and its EBITDA increased to $307 million from $256 million. Loews Hotels & Co's net income declined to $16 million from $24 million, with Adjusted EBITDA of $80 million versus $86 million. Book value per share was $72.87 at March 31, 2024, up from $70.69 at December 31, 2023, and book value per share excluding AOCI was $83.68, up from $81.92. The parent company held $3.2 billion of cash and investments and $1.8 billion of debt as of March 31, 2024. Since December 31, 2023, Loews repurchased 0.9 million shares for $67 million, and management said it slowed repurchases in the first quarter because the share price was at or near all-time highs. The earnings remarks also disclosed that Boardwalk's CEO Stan Horton will retire in June 2024 and be succeeded by Scott Hallam, and that the Loews Arlington Hotel opened in February 2024 with 888 rooms. The filing furnishes the press release and earnings remarks as Exhibits 99.1 and 99.2 and states that this information is not deemed filed under Section 18 of the Exchange Act.

May 6, 2024 10-Q

Loews Quarterly Report for Q1 Ended Mar 31, 2024

Loews Corporation reported net income attributable to Loews Corporation of $457 million, or $2.05 per share, for the three months ended March 31, 2024, compared with $375 million, or $1.61 per share, in the prior-year period. Total revenues rose to $4.231 billion from $3.783 billion. The increase was driven primarily by higher net income at CNA Financial and Boardwalk Pipelines. CNA's increase reflected higher net investment income and favorable net prior year loss reserve development, partly offset by higher catastrophe losses of $88 million versus $52 million. Boardwalk Pipelines benefited from re-contracting at higher rates, growth projects and the Bayou Ethane acquisition. The balance sheet grew, with total assets of $80.906 billion at March 31, 2024 versus $79.197 billion at December 31, 2023, and total equity of $16.998 billion versus $16.525 billion. Long-term debt increased to $8.425 billion from $7.919 billion and short-term debt to $1.678 billion from $1.084 billion. Net cash provided by operating activities was $198 million, down from $719 million a year earlier. Parent Company cash and investments, net of receivables and payables, totaled $3.2 billion, up from $2.6 billion at year-end 2023, supported by $656 million of subsidiary dividends including a $497 million special dividend from CNA. CNA and Boardwalk Pipelines each issued senior notes in February 2024 ($500 million due 2034 and $600 million due 2034, respectively) to refinance maturing debt. The company repurchased 0.2 million shares for $17 million during the quarter. The filing notes ongoing Boardwalk Pipelines litigation, where a hearing on remanded issues was held at the Trial Court in April 2024, and states that management does not believe other litigation will materially affect results of operations or equity.

May 6, 2024 10-K

Loews Annual Report, Year Ended Dec 31, 2023

Loews Corporation is a holding company whose subsidiaries operate in commercial property and casualty insurance (CNA Financial, approximately 92% owned), natural gas and natural gas liquids transportation and storage (Boardwalk Pipelines, wholly owned), and hotels (Loews Hotels & Co, wholly owned). It also holds an unconsolidated equity-method investment of approximately 53% in Altium Packaging LLC. For 2023, net income attributable to Loews Corporation was $1,434 million, or $6.29 diluted net income per share, compared with $822 million, or $3.38 per share, in 2022. The increase was driven mainly by improved results at CNA, including higher net investment income, improved underwriting income and lower investment losses, along with higher Boardwalk Pipelines revenues from re-contracting at higher rates and growth projects. CNA reported 2023 total revenue of $13,299 million and net income attributable to Loews of $1,094 million, with a combined ratio of 93.5% for Property & Casualty Operations. Boardwalk Pipelines acquired Bayou Ethane for $355 million in cash in September 2023 and reported EBITDA of $929 million. Loews Hotels & Co operates 25 hotels, and its net income attributable to Loews was $147 million. The Parent Company held cash and investments, net of receivables and payables, of $2.6 billion at year-end 2023, down from $3.2 billion, after $849 million of treasury stock purchases and repayment of $500 million of 2.6% senior notes. Key risks disclosed include CNA's reserve adequacy, particularly for long-tail lines and long-term care, exposure to A&EP and mass tort claims, and cybersecurity incidents, including a March 2021 ransomware attack at CNA. Boardwalk Pipelines faces FERC rate regulation and climate-related regulatory risk, and Loews Hotels & Co faces geographic concentration in Florida. The Delaware class action related to Boardwalk Pipelines' 2018 unit acquisition was remanded to the Trial Court, with a hearing scheduled for April 2024.

Feb 6, 2024 8-K

Loews 8-K Report, Financial Results (Feb 5, 2024)

Loews Corporation reported net income of $446 million, or $1.99 per share, for the fourth quarter of 2023, a 26% increase over $355 million, or $1.49 per share, in the fourth quarter of 2022. For the full year, net income attributable to Loews was $1.434 billion, or $6.29 per share, compared with $822 million, or $3.38 per share, in 2022. The filing attributes the results to strong performance at CNA Financial, Boardwalk Pipelines and Loews Hotels & Co, partly offset by lower investment returns on equity securities at the parent company in the quarter. Book value per share was $70.69 at year-end 2023, and book value per share excluding AOCI rose 9% to $81.92. Capital allocation was a major theme. Loews repurchased 14.0 million common shares for $852 million in 2023, and CNA repurchased 4.5 million of its own shares for $178 million. The parent company held $2.6 billion of cash and investments and $1.8 billion of debt at December 31, 2023. Management also stated that it will continue to repurchase shares while they trade below its view of intrinsic value. The earnings remarks highlighted CNA's record core income of nearly $1.3 billion for 2023, Boardwalk's full-year EBITDA of $929 million including the Bayou Ethane acquisition for $355 million, and Loews Hotels' full-year Adjusted EBITDA of $328 million. CNA also announced a regular quarterly dividend increase to $0.44 and a special dividend of $2.00, which amounts to $606 million for Loews and is expected to be received in March.

Feb 5, 2024 8-K

Loews 8-K Report, Executive Changes (Jan 16, 2024)

Loews Corporation filed this Form 8-K dated January 15, 2024 (filed January 16, 2024) to report a board change. Joseph L. Bower informed the company that, effective as of the Corporation's 2024 Annual Meeting of Shareholders, he will retire from the Board of Directors. The Board thanked him for his distinguished service and valuable contributions. As a result of Mr. Bower's retirement, the size of the Board will be reduced from twelve to eleven directors. The filing reports no financial results, operating figures, or other financial metrics. For investors, the filing is limited to a governance update under Item 5.02(b). It discloses a planned board departure tied to the 2024 annual meeting and a reduction in board size, and it contains no information on financial performance, compensation arrangements, or new appointments.

Jan 16, 2024 8-K

Loews 8-K Report, Financial Results (Oct 30, 2023)

Loews Corporation reported third quarter 2023 net income attributable to Loews Corporation of $253 million, or $1.12 per share, compared with a net loss of $22 million, or $0.09 per share, in the third quarter of 2022. The quarter included a $37 million after-tax charge for the termination of a defined benefit pension plan. Prior-year results were adjusted for the long-duration contracts accounting standard (LDTI). For the nine months ended September 30, 2023, net income was $988 million, or $4.31 per share, versus $467 million, or $1.90 per share, a year earlier. CNA Financial drove the improvement, with its net income attributable to Loews rising to $235 million from a loss of $37 million. CNA's core income increased to $289 million from $43 million, and its Property and Casualty combined ratio improved to 94.3% from 95.8%. The annual long-term care reserve review produced a $6 million unfavorable impact, versus $131 million unfavorable a year earlier. Boardwalk Pipelines' net income rose to $49 million from $34 million, while Loews Hotels & Co's net income fell to $17 million from $25 million on lower occupancy, which was 80.1% versus 84.7%. Capital allocation remained focused on buybacks. Loews repurchased 1.9 million shares for $118 million in the quarter and an additional 1.0 million shares for $64 million after quarter-end. Book value per share excluding AOCI rose to $79.92 from $74.88 at December 31, 2022. The parent company held $2.3 billion of cash and investments and $1.8 billion of debt as of September 30, 2023. The filing also furnishes an earnings remarks document and a press release, both dated October 30, 2023.

Oct 30, 2023 10-Q

Loews Quarterly Report for Q3 Ended Sep 30, 2023

Loews Corporation reported net income attributable to Loews Corporation of $253 million, or $1.12 per diluted share, for the third quarter of 2023, compared with a net loss of $22 million, or $0.09 per share, in the third quarter of 2022. For the nine months ended September 30, 2023, net income attributable to Loews Corporation was $988 million, or $4.31 per diluted share, versus $467 million, or $1.90 per share, a year earlier. Total revenues were $3.93 billion for the quarter and $11.64 billion for the nine months. The company attributes the improvement primarily to CNA Financial, which benefited from higher net investment income, lower investment losses, improved underlying underwriting income, and a significantly smaller unfavorable impact from long term care annual reserve reviews. Parent Company results were also helped by higher investment returns on equity securities and short-term investments. Balance sheet and cash flow data show total assets of $76.47 billion and total equity of $15.16 billion at September 30, 2023. Net cash provided by operating activities was $3.43 billion for the nine months. Loews repurchased 11.9 million of its own shares for $711 million during the nine months, and CNA repurchased 4.5 million shares at a cost of $178 million. Long-term debt was $7.93 billion, and short-term debt was $1.26 billion. During the period, Boardwalk Pipelines acquired Bayou Ethane for $348 million in cash, and CNA issued $500 million of 5.5% senior notes due 2033 in total across May and August. Loews retired $500 million of 2.6% senior notes at maturity in May. The filing also notes a $47 million pretax settlement expense in the third quarter related to the termination of a non-contributory defined benefit pension plan, and a $24 million pretax charge anticipated in the fourth quarter from CNA's office consolidation. The Boardwalk Pipelines litigation, in which a trial court had awarded plaintiffs approximately $690 million plus interest in 2021, was reversed by the Delaware Supreme Court in December 2022 and remanded to the trial court, with briefing completed in September 2023.

Oct 30, 2023 8-K

Loews 8-K Report, Executive Changes (Sep 19, 2023)

Loews Corporation (NYSE: L) filed this Current Report on Form 8-K to disclose that on September 19, 2023, its Board of Directors increased the size of the Board from 11 to 12 directors and elected Jonathan Locker as a director. The Board also appointed Mr. Locker as a member of its Audit Committee. The filing is a routine governance disclosure under Item 5.02(d) and does not report financial results, transactions, or changes to executive compensation. According to the attached press release (Exhibit 99.1), Mr. Locker currently serves as President of Tiger Management, an investment firm founded by Julian H. Robertson, and previously served as a Partner at Tiger Global Management, an investment firm focused on public and private equity investments. Since 2014, he has run a personal family office with investments across public securities, private equity, real estate and venture capital. For investors, the key takeaway is the addition of an investment-focused director with a background in public and private equity to the Audit Committee. The release describes Loews as a diversified company with businesses in the insurance, energy, hospitality, and packaging industries.

Sep 19, 2023 10-Q

Loews Quarterly Report for Q2 Ended Jun 30, 2023

Loews Corporation reported net income attributable to Loews Corporation of $360 million, or $1.58 per share, for the three months ended June 30, 2023, compared with $167 million, or $0.68 per share, in the second quarter of 2022. For the six months ended June 30, 2023, net income attributable to Loews Corporation was $735 million, or $3.19 per share, compared with $489 million, or $1.98 per share, a year earlier. The filing attributes the second-quarter increase to higher income from consolidated subsidiaries and higher net investment income at the Parent Company, with CNA's results improving on higher net investment income and improved underlying underwriting income, partially offset by higher catastrophe losses. Results reflect the adoption of ASU 2018-12 on January 1, 2023, which the filing says materially changed accounting for CNA's long term care business but does not affect statutory capital, cash flows or underlying economics. Segment results for the six months show CNA Financial contributing $523 million, Boardwalk Pipelines $143 million, Loews Hotels & Co $98 million, and Corporate a loss of $29 million. Total revenues for the six months were $7.72 billion versus $6.79 billion. Catastrophe losses at CNA's Property & Casualty Operations were $120 million for the six months versus $57 million in 2022. Total shareholders' equity was $14.60 billion at June 30, 2023, and total assets were $77.35 billion. Capital activity included $593 million of treasury stock purchases in the first half of 2023 (10.0 million shares), retirement at maturity of $500 million of 2.6% senior notes, and CNA's issuance of $400 million of 5.5% senior notes due 2033. The filing notes ongoing Boardwalk Pipelines litigation, in which the Delaware Supreme Court reversed a Trial Court ruling on December 19, 2022 and remanded remaining issues, with briefing scheduled to be completed in fall 2023.

Jul 31, 2023 8-K

Loews 8-K Report, Financial Results (Jul 31, 2023)

Loews Corporation reported second quarter 2023 net income attributable to Loews Corporation of $360 million, or $1.58 per share, compared with $167 million, or $0.68 per share, in the second quarter of 2022. The increase was driven by higher net income from its consolidated subsidiaries and higher net investment income at the parent company. CNA Financial Corporation's net income attributable to Loews rose to $255 million from $170 million, with core income of $308 million versus $230 million, and net written premiums increased 10% excluding currency fluctuations. Boardwalk Pipelines' net income increased to $57 million from $39 million, and Loews Hotels & Co's net income rose to $74 million from $44 million, though that period included a $36 million after-tax gain tied to an additional equity interest in Live! By Loews in Arlington, Texas. Book value per share was $64.59 as of June 30, 2023, up from $60.81 at December 31, 2022, and book value per share excluding AOCI was $78.56, up from $74.88. Loews repurchased 1.8 million shares for $107 million in the quarter and an additional 0.6 million shares for $37 million so far in the third quarter. As of June 30, 2023, the parent company held $2.5 billion of cash and investments and $1.8 billion of debt, after retiring $500 million of senior notes at maturity. The filing furnishes a press release (Exhibit 99.1) and earnings remarks (Exhibit 99.2) under Item 2.02, and these materials are not deemed filed for purposes of Section 18 of the Exchange Act. The earnings remarks also state that Loews Hotels' Adjusted EBITDA declined to $100 million from $115 million on higher operating expenses, and that construction of the Loews Arlington Hotel is on time and on budget for completion in the first quarter of 2024.

Jul 31, 2023 8-K

Loews 8-K Report, Shareholder Vote Results (May 10, 2023)

Loews Corporation filed this Current Report on Form 8-K to disclose the results of its 2023 Annual Meeting of Shareholders, held May 9, 2023. Shareholders elected all eleven director nominees, including Ann E. Berman, Joseph L. Bower, Charles D. Davidson, Charles M. Diker, Paul J. Fribourg, Walter L. Harris, Susan P. Peters, Andrew H. Tisch, James S. Tisch, Jonathan M. Tisch, and Anthony Welters. Each nominee received more votes for than against, though support varied: Paul J. Fribourg received 177,013,143 votes for and 32,655,945 against, and Joseph L. Bower received 191,632,844 for and 18,067,034 against. On executive compensation, shareholders approved the advisory Say on Pay proposal with 202,064,572 votes for and 7,570,416 against. In the advisory Say on Frequency vote, 206,236,546 votes favored an annual vote, 3,322,056 favored three years, and 27,249 favored two years. Following this result, the Board determined that Say on Pay votes will be held every year until the next Say on Frequency vote. Shareholders also ratified Deloitte & Touche LLP as independent auditor for 2023, with 211,281,578 votes for and 5,700,821 against. Shareholders approved an amendment to the Certificate of Incorporation updating the exculpation provision to reflect recent changes to Delaware law on officer exculpation. The amendment received 183,661,567 votes for and 25,928,553 against, with 332,640 abstentions and 7,306,679 broker non-votes. The filing's Item 9.01 refers to exhibits but does not describe any financial results.

May 10, 2023 8-K

Loews 8-K Report, Financial Results (May 1, 2023)

Loews Corporation reported first quarter 2023 net income attributable to Loews Corporation of $375 million, or $1.61 per share, compared with $322 million, or $1.29 per share, in the first quarter of 2022. The filing attributes the increase mainly to higher investment returns at the Parent Company and improved results at Loews Hotels & Co. CNA posted higher net investment income and a record quarterly underlying underwriting income, but its all-in property and casualty combined ratio rose to 93.9% from 91.9% due to higher catastrophe losses and unfavorable prior year loss reserve development. Boardwalk Pipelines' net income fell $5 million to $86 million. Capital allocation remained a focus. Loews repurchased 8.2 million shares for $486 million during the quarter, and book value per share rose to $63.41 at March 31, 2023, from $60.81 at December 31, 2022. Cash and investments totaled $3.1 billion at quarter end. Management stated it plans to repay a $500 million bond maturing in May 2023 rather than refinance it. The filing also reports that Loews adopted ASU 2018-12 (LDTI) effective January 1, 2023, applied retrospectively to January 1, 2021, which adjusted prior period results. Management also discussed commercial real estate exposure at CNA, litigation related to the 2018 Boardwalk Pipelines minority interest acquisition, and the Loews Arlington Hotel, projected to open in the first quarter of 2024 at a total cost of $545 million.

May 1, 2023 10-Q

Loews Quarterly Report for Q1 Ended Mar 31, 2023

Loews Corporation reported first-quarter 2023 net income attributable to Loews Corporation of $375 million, or $1.61 per diluted share, compared with $322 million, or $1.29 per diluted share, in the first quarter of 2022. Total revenues were $3.78 billion versus $3.40 billion a year earlier. The company adopted ASU 2018-12 (long-duration contracts) effective January 1, 2023 using the modified retrospective method, and prior periods were restated; the filing states this is a material change in accounting, though it does not affect statutory capital and surplus, cash flows, or underlying economics. Net income for the first quarter of 2022 was restated from $338 million as originally reported. By segment, CNA Financial contributed $268 million of net income attributable to Loews (up from $265 million), Boardwalk Pipelines $86 million (down from $91 million), Loews Hotels & Co $24 million (up from $15 million), and the Corporate segment a loss of $3 million (versus a $49 million loss). The filing attributes higher CNA net investment income and improved non-catastrophe underwriting to the gains, offset by higher catastrophe losses of $52 million (versus $19 million), unfavorable prior year reserve development of $13 million, and higher investment losses. Total equity rose to $15.31 billion at March 31, 2023 from $15.20 billion, while the company repurchased 8.2 million shares for $486 million during the quarter. Liquidity remained stable: consolidated cash was $594 million, and Parent Company cash and investments net of receivables and payables totaled $3.1 billion. Loews plans to retire $500 million of 2.6% senior notes at maturity in May 2023. Long-term debt was $8.15 billion at quarter end. The Boardwalk Pipelines litigation was remanded to the Trial Court by the Delaware Supreme Court in December 2022, with briefing scheduled for completion in July 2023.

May 1, 2023 10-K

Loews Annual Report, Year Ended Dec 31, 2022

Loews Corporation is a holding company whose principal operating subsidiaries are CNA Financial Corporation (commercial property and casualty insurance, a 90.0% owned subsidiary), Boardwalk Pipeline Partners, LP (natural gas and NGL transportation and storage, wholly owned) and Loews Hotels Holding Corporation (a chain of 26 hotels, wholly owned). Net income attributable to Loews Corporation was $1,012 million, or $4.16 per diluted share, in 2022, compared with $1,578 million, or $6.07 per diluted share, in 2021. The 2021 result included a $555 million pretax gain ($438 million after tax) on the sale of 47% of Altium Packaging. Excluding that gain, net income decreased $128 million, driven by unfavorable limited partnership and common stock results and net losses from fixed income sales at CNA, partially offset by improved underwriting at CNA and a rebound in hotel results. CNA's net income attributable to Loews fell to $802 million from $1,077 million, mainly due to lower net investment income and investment losses. Catastrophe losses declined to $247 million from $397 million, and CNA's Property & Casualty combined ratio was 93.2%. Boardwalk Pipelines' net income rose to $247 million from $235 million on higher revenues from growth projects and re-contracting at higher rates. Loews Hotels & Co swung to $117 million of net income from a $14 million loss, as occupancy and room rates recovered. Parent Company cash and investments were $3.2 billion at year-end, and the company repurchased 12.7 million of its own shares in 2022 for $729 million in treasury stock purchases. The filing also highlights several forward-looking items: the adoption of ASU 2018-12 on January 1, 2023, which the company expects to reduce AOCI by approximately $2.1 billion (after tax and noncontrolling interests) as of the transition date, and a pending Delaware Supreme Court matter involving Boardwalk Pipelines, which reversed a trial court damages award of approximately $690 million and remanded the case for further proceedings.

Feb 7, 2023 8-K

Loews 8-K Report, Financial Results (Feb 6, 2023)

Loews Corporation reported net income attributable to Loews of $364 million, or $1.53 per share, for the fourth quarter of 2022, compared to $343 million, or $1.36 per share, in the fourth quarter of 2021. For the full year 2022, net income attributable to Loews was $1.012 billion, or $4.16 per share, versus $1.578 billion, or $6.07 per share, in 2021. The 2021 figure included a $438 million after-tax gain from the sale of 47% of Altium Packaging and its deconsolidation. Book value per share fell to $61.86 from $71.84 at year-end 2021, driven by unrealized losses in CNA's fixed income portfolio, while book value per share excluding AOCI rose to $75.78 from $71.09. Loews had $3.2 billion in cash and investments at December 31, 2022. Subsidiary performance was mixed. CNA reported a full-year combined ratio of 93.2% versus 96.2% in 2021, with an underlying combined ratio of 91.2%, but its full-year net income attributable to Loews fell to $802 million from $1.077 billion because of weaker results in its LP and common stock portfolios. Boardwalk Pipelines full-year EBITDA rose to $892 million from $834 million, and Loews Hotels full-year Adjusted EBITDA rose to $345 million from $135 million. The company repurchased 12.7 million shares for $738 million in 2022 and, from January 1 through February 3, 2023, bought another 1.0 million shares for $58 million. CNA also raised its regular quarterly dividend to $0.42 per share and declared a special dividend of $1.20 per share, which Loews expects to receive as $395 million in March. The Delaware Supreme Court reversed the Chancery Court ruling that had awarded former Boardwalk minority unitholders damages of $690 million plus interest, just over $900 million in total. Three unresolved issues were remanded to the Chancery Court. Management also noted that beginning in Q1 2023, CNA's long-term care business will adopt the LDTI accounting standard, with restated results for 2021 and 2022.

Feb 6, 2023 8-K

Loews 8-K Report, Executive Changes (Jan 13, 2023)

Loews Corporation filed this Form 8-K dated January 12, 2023 (signed January 13, 2023) to report a single board change under Item 5.02. Director Philip A. Laskawy informed the company that, effective as of the Corporation's 2023 Annual Meeting of Shareholders, he will retire from the Board of Directors. The Board thanked him for his distinguished service and valuable contributions. The filing contains no financial results, financial statements, guidance, or transaction disclosures. It does not state any operational, capital allocation, or governance changes beyond the planned departure of this director, and it does not name a successor or any replacement arrangement. For investors, the filing is a routine governance notice. Its significance is limited to a scheduled board transition that takes effect at the 2023 Annual Meeting of Shareholders.

Jan 13, 2023 8-K

Loews 8-K Report, Bylaw Amendment (Nov 8, 2022)

Loews Corporation (L) filed this Form 8-K on November 8, 2022 under Item 5.03 to report that its Board of Directors approved amendments to, and the amendment and restatement of, the Company's by-laws, effective as of that date. The updated by-laws, filed as Exhibit 3.02, reflect recent changes to the Delaware General Corporation Law and SEC rules. The revisions are largely procedural and governance-focused rather than financial, and the filing reports no financial results or transactions. The changes address notice of stockholder meetings and adjourned-meeting logistics, and remove a requirement that the stockholder list be available during a meeting. The most substantive change concerns director nominations and shareholder proposals. The company added provisions implementing SEC Rule 14a-19 on universal proxies: a stockholder soliciting proxies for a non-Company nominee must confirm it intends to solicit holders of at least 67% of the Company's voting power, and such nominations will be disregarded unless the stockholder complies with Rule 14a-19. An expired proviso was also removed. For investors, this filing signals routine governance housekeeping rather than a change to operations, capital structure, or financial condition. The new universal proxy requirements could make it more demanding for outside stockholders to run competing director nominees, which is relevant to shareholders interested in activism or board contests.

Nov 8, 2022