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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)     November 4, 2024


LOEWS CORPORATION
(Exact name of registrant as specified in its charter)

Delaware1-6541   13-2646102
(State or other jurisdiction of incorporation)(Commission File Number)   (I.R.S. Employer Identification No.)

9 West 57th Street, New York, NY
10019-2714
(Address of principal executive offices)    (Zip Code)

Registrant’s telephone number, including area code:   
(212) 521-2000

NOT APPLICABLE
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valueLNew York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

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Item 2.02    Results of Operations and Financial Condition.

    On November 4, 2024, Loews Corporation issued a press release and posted on its website (www.loews.com) earnings remarks providing information on its results of operations for the third quarter of 2024. The press release is furnished as Exhibit 99.1 and the earnings remarks are furnished as Exhibit 99.2 to this Form 8-K.

    The information under Item 2.02 and in Exhibits 99.1 and 99.2 in this Current Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 2.02 and in Exhibits 99.1 and 99.2 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01    Financial Statements and Exhibits.

(d)Exhibits:

See Exhibit Index.
2

EXHIBIT INDEX

Exhibit No.Description
Loews Corporation press release, issued November 4, 2024, providing information on its results of operations for the third quarter of 2024.
Loews Corporation earnings remarks, posted on its website November 4, 2024, providing information on its results of operations for the third quarter of 2024.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURES

    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

   LOEWS CORPORATION
   (Registrant)
   
   
Dated: November 4, 2024
By:/s/ Marc A. Alpert
   Marc A. Alpert
   Senior Vice President,
General Counsel
and Secretary
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Exhibit 99.1
image_0a.jpg

NEWS RELEASE
LOEWS CORPORATION REPORTS NET INCOME OF $401 MILLION
FOR THE THIRD QUARTER OF 2024

New York, NY, November 4, 2024: Loews Corporation (NYSE: L) today released its third quarter 2024 financial results.

Third Quarter 2024 highlights:
Loews Corporation reported net income of $401 million, or $1.82 per share, in the third quarter of 2024, compared to $253 million, or $1.12 per share, in the third quarter of 2023. Excluding the prior year third quarter’s $37 million charge for the termination of Loews’s defined benefit pension plan, net income grew 38% year-over-year due to increases at CNA, Boardwalk and investment income at the parent company, offset by a decrease at Loews Hotels. The following are key highlights:

•CNA Financial Corporation’s (NYSE: CNA) net income attributable to Loews improved year-over-year due to higher net investment income partially offset by higher catastrophe losses.
•Boardwalk Pipelines’ results improved year-over-year mainly due to increased revenues from re-contracting at higher rates and recently completed growth projects.
•Parent company investment income improved year-over-year primarily due to higher returns on equity securities.
•Loews Hotels’ results decreased primarily due to an impairment charge recorded by a joint venture property.
•Book value per share, excluding AOCI, increased to $87.22 as of September 30, 2024, from $81.92 as of December 31, 2023 due to strong operating results and repurchases of common shares during the year.
•As of September 30, 2024, the parent company had $3.3 billion of cash and investments and $1.8 billion of debt.
•Loews Corporation repurchased 0.8 million shares of its common stock during the third quarter of 2024 for a total cost of $64 million, and bought an additional 1.2 million shares for $92 million so far in the fourth quarter.

CEO commentary:
“Loews had another good quarter. Boardwalk continues to benefit from favorable industry tailwinds that have led to higher re-contracting rates and robust pipeline flows. CNA performed well despite elevated industry catastrophe losses.”
–James S. Tisch, President and CEO, Loews Corporation

Consolidated highlights:
September 30,
Three MonthsNine Months
(In millions)2024202320242023
Net Income (Loss) Attributable to Loews Corporation:
CNA Financial$259 $235 $860 $758 
Boardwalk Pipelines77 49 268 191 
Loews Hotels & Co(8)17 43 115 
Corporate73 (48)56 (76)
Net income attributable to Loews Corporation$401 $253 $1,227 $988 
Net income per share attributable to Loews Corporation$1.82 $1.12 $5.54 $4.31 

September 30, 2024December 31, 2023



Book value per share$79.28 $70.69 
Book value per share excluding AOCI87.22 81.92 
Page 1 of 8

Three months ended September 30, 2024 compared to 2023

CNA:
•Net income attributable to Loews Corporation improved 10% to $259 million from $235 million.
•Core income increased 1% to $293 million from $289 million.
•Net investment income growth was primarily driven by higher returns from limited partnership and common stock investments. Income from fixed income securities also increased as a result of favorable reinvestment rates and a larger invested asset base.
•Net written premiums grew by 8% driven by strong retention and new business. Net earned premiums grew by 8%.
•Property and Casualty underwriting income decreased due to higher catastrophe losses, including hurricane Helene.
•Property and Casualty combined ratio was 97.2% compared to 94.3%. The combined ratio’s increase of 2.9 points reflects a higher loss ratio that includes a 1.7 point increase in catastrophe losses. Property and Casualty underlying combined ratio was 91.6% compared to 90.4%.
•Lower investment losses were driven by lower losses on fixed income securities and a favorable change in the fair value of non-redeemable preferred stock.

Boardwalk:
•Net income increased 57% to $77 million compared to $49 million.
•EBITDA increased 23% to $249 million compared to $202 million.
•Net income and EBITDA improved due to increased transportation revenues from higher re-contracting rates and recently completed growth projects, increased storage and parking and lending revenues, and contribution from the Bayou Ethane acquisition.

Loews Hotels:
•Net loss of $8 million compared to net income of $17 million.
•Results decreased due to an impairment charge recorded by a joint venture property and higher depreciation and interest expense due to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024.
•Adjusted EBITDA of $64 million compared to $60 million.
•Improved performance at city center hotels was partially offset by decreased occupancy in Orlando.

Corporate & Other:
•Net income of $73 million compared to a net loss of $48 million.
•Net loss for 2023 included a charge of $37 million related to the termination of our defined benefit pension plan.
•Excluding this charge, results improved primarily due to higher investment income from parent company equity securities.

Nine months ended September 30, 2024 compared to 2023

Loews Corporation reported net income of $1,227 million, or $5.54 per share in 2024, compared to $988 million, or $4.31 per share, in 2023. The following are key highlights:

•CNA’s net investment income increased due to higher returns from limited partnership and common stock investments, and higher income from fixed income securities as a result of favorable reinvestment rates and a larger invested asset base.
•Property and Casualty underwriting income decreased due to higher catastrophe losses.
•Property and Casualty combined ratio was 95.6% compared to 94.0%. Property and Casualty’s underlying combined ratio was 91.5% compared to 90.8%.
•CNA’s net written premiums increased 7%.
•Loews Hotels & Co’s net income for 2023 included a gain of $36 million related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.
•All other segment drivers of results for the nine months ended September 30, 2024 are consistent with the three-month period drivers discussed above.



Page 2 of 8

Share Purchases:
•On September 30, 2024, there were 218.9 million shares of Loews common stock outstanding.
•During the three months ended September 30, 2024, Loews Corporation repurchased 0.8 million shares of its common stock for a total cost of $64 million.
•Loews has repurchased an additional 1.2 million shares for $92 million so far in the fourth quarter.
•Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries’ outstanding common stock in the open market, in privately negotiated transactions or otherwise.

Reconciliation of GAAP Measures to Non-GAAP Measures

This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries’ financial performance. CNA utilizes core income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization (“EBITDA”), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures on page 6 through page 8 of this release.

Earnings Remarks

For Loews Corporation

–Today, November 4, 2024, earnings remarks will be available on the Investors section of our website.
–Remarks will include commentary from Loews’s president and chief executive officer and chief financial officer.

For CNA

–Today, November 4, 2024, earnings remarks will be available on the Investor Relations section of CNA’s website at www.cna.com.
–Remarks will include commentary from CNA’s chairman and chief executive officer and chief financial officer.

About Loews Corporation

Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.


Forward-Looking Statements

Statements contained in this news release which are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company’s overall business and financial performance, can be found in the Company’s reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

Investor relations and media relations contact:

Chris Nugent
1-212-521-2403
Page 3 of 8

Loews Corporation and Subsidiaries
Selected Financial Information

September 30,
Three MonthsNine Months
(In millions)2024202320242023
Revenues:
CNA Financial (a)$3,618 $3,336 $10,581 $9,792 
Boardwalk Pipelines483 363 1,488 1,125 
Loews Hotels & Co (b)226 196 693 642 
Corporate investment income, net139 31 202 84 
Total$4,466 $3,926 $12,964 $11,643 
Income (Loss) Before Income Tax:
CNA Financial (a)$361 $326 $1,190 $1,058 
Boardwalk Pipelines104 66 360 257 
Loews Hotels & Co (b)(9)24 63 159 
Corporate:
Investment income, net140 31 203 84 
Other (c)(46)(91)(130)(175)
Total$550 $356 $1,686 $1,383 
Net Income (Loss) Attributable to Loews Corporation:
CNA Financial (a)$259 $235 $860 $758 
Boardwalk Pipelines77 49 268 191 
Loews Hotels & Co (b)(8)17 43 115 
Corporate:
Investment income, net110 24 160 66 
Other (c)(37)(72)(104)(142)
Net income attributable to Loews Corporation$401 $253 $1,227 $988 

(a)The three months ended September 30, 2024 and 2023 include net investment losses of $10 million and $38 million ($7 million and $27 million after tax and noncontrolling interests). The nine months ended September 30, 2024 and 2023 include net investment losses of $42 million and $105 million ($30 million and $75 million after tax and noncontrolling interests).
(b)The three and nine months ended September 30, 2024 include Loews Hotels & Co’s portion of a joint venture property’s impairment charge which reduced equity income from joint ventures by $19 million ($15 million after tax). The nine months ended September 30, 2023 includes a gain of $46 million ($36 million after tax) related to Loews Hotels & Co’s acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.
(c)Consists of parent company interest expense, corporate expenses and the equity income (loss) of Altium Packaging. The three and nine months ended September 30, 2023 include a charge of $47 million ($37 million after tax) related to the termination of our defined benefit pension plan.
Page 4 of 8

Loews Corporation and Subsidiaries
Consolidated Financial Review

September 30,
Three MonthsNine Months
(In millions, except per share data)2024202320242023
Revenues:
Insurance premiums$2,593 $2,406 $7,532 $7,001 
Net investment income776 592 2,084 1,752 
Investment losses (a)(10)(38)(42)(59)
Operating revenues and other1,107 966 3,390 2,949 
Total4,466 3,926 12,964 11,643 
Expenses:
Insurance claims and policyholders’ benefits2,019 1,826 5,708 5,258 
Operating expenses and other1,897 1,744 5,570 5,002 
Total3,916 3,570 11,278 10,260 
Income before income tax550 356 1,686 1,383 
Income tax expense(125)(80)(381)(315)
Net income425 276 1,305 1,068 
Amounts attributable to noncontrolling interests(24)(23)(78)(80)
Net income attributable to Loews Corporation$401 $253 $1,227 $988 
Net income per share attributable to Loews Corporation$1.82 $1.12 $5.54 $4.31 
Weighted average number of shares219.94 225.99 221.43 229.16 

(a)Includes a gain of $46 million ($36 million after tax) for the three and nine months ended September 30, 2023 related to Loews Hotels & Co’s acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.



Page 5 of 8

Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:

CNA Financial Corporation

Core income is calculated by excluding from CNA’s net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations.

The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income:

September 30,
Three MonthsNine Months
(In millions)2024202320242023
CNA net income attributable to Loews Corporation$259 $235 $860 $758 
Investment losses7 31 33 84 
Pension settlement losses3 3 
Noncontrolling interests24 23 78 80 
Core income$293 $289 $974 $922 

In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

The following table presents a reconciliation of CNA’s loss ratio to underlying loss ratio and CNA’s combined ratio to underlying combined ratio:

September 30,
Three MonthsNine Months
2024202320242023
Loss ratio66.7 %63.9 %64.9 %63.1 %
Expense ratio30.2 30.1 30.3 30.6 
Dividend ratio0.3 0.3 0.4 0.3 
Combined ratio97.2 %94.3 %95.6 %94.0 %
Effect of catastrophe impacts(5.8)(4.1)(4.3)(3.2)
Effect of development-related items0.2 0.2 0.2 
Underlying combined ratio91.6 %90.4 %91.5 %90.8 %
Underlying loss ratio61.1 %60.0 %60.8 %59.9 %

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Boardwalk Pipelines

EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk net income attributable to Loews Corporation to its EBITDA:

September 30,
Three MonthsNine Months
(In millions)2024202320242023
Boardwalk net income attributable to Loews Corporation$77 $49 $268 $191 
Interest, net38 33 115 106 
Income tax expense27 17 92 66 
Depreciation and amortization107 103 321 306 
EBITDA$249 $202 $796 $669 

Loews Hotels & Co

Adjusted EBITDA is calculated by excluding from Loews Hotels & Co’s EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co’s pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co’s ownership percentage to the underlying equity method investment’s components of Adjusted EBITDA and excluding distributions in excess of basis.

The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA:

September 30,
Three MonthsNine Months
(In millions)2024202320242023
Loews Hotels & Co net income (loss) attributable to Loews Corporation$(8)$17 $43 $115 
Interest, net13 1 30 5 
Income tax expense (benefit)(1)7 20 44 
Depreciation and amortization24 18 69 51 
EBITDA28 43 162 215 
Noncontrolling interest share of EBITDA adjustments(1)(2)(5)(3)
Gain on asset acquisition(46)
Asset impairments   9 
Equity investment adjustments:
Loews Hotels & Co’s equity method income— (26)(59)(98)
Pro rata Adjusted EBITDA of equity method investments38 45 144 168 
Consolidation adjustments(1)
Adjusted EBITDA$64 $60 $242 $245 

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The following table presents a reconciliation of Loews Hotels & Co’s equity method income to the Pro rata Adjusted EBITDA of its equity method investments:
September 30,
Three MonthsNine Months
(In millions)2024202320242023
Loews Hotels & Co’s equity method income$— $26 $59 $98 
Pro rata share of equity method investments:
Interest, net10 10 30 33 
Income tax expense
Depreciation and amortization11 12 35 37 
Asset impairments19 19 
Distributions in excess of basis(2)(3)1 
Pro rata Adjusted EBITDA of equity method investments$38 $45 $144 $168 
Page 8 of 8

Exhibit 99.2

Loews Corporation Third Quarter 2024 Earnings Remarks

James Tisch, President & CEO:
Good morning. Loews had a strong third quarter, reporting net income of $401 million or $1.82 per share, which compares favorably to net income of $253 million or $1.12 per share in the third quarter of last year. Our CFO, Jane Wang, will provide more details about the key drivers of those results in her remarks, and I will focus my section on CNA, Boardwalk and my thoughts about energy production and policy in our nation.
But first, a quick comment concerning Loews Hotels and its new properties under development in Orlando, Florida. Universal has announced that its new Epic Universe theme park will open on May 22, 2025, at which point all three of our new joint-venture hotels on that campus will be welcoming guests. At the end of the second quarter of 2025, Loews Hotels will have a 50% interest in 11 hotels in Orlando, with a combined total of 11,000 rooms. More to come on our hotel company’s operations in Orlando as we approach the opening dates.
Moving on to CNA . . . with a little bit of history: Three weeks from now will mark the 50th anniversary of Loews’s acquisition of a majority stake in CNA Financial. On November 26, 1974, Loews acquired a controlling interest in the company for the equivalent of $1.67 per share. Today, the stock trades at around $50 per share and the company has paid more than $7.6 billion in dividends to Loews over the past ten years. CNA is a vastly different and much improved business today compared to the one we purchased 50 years ago. In 1974 the company was a multi-line insurer that not only had a commercial property and casualty insurance segment, but also had a life insurance company, a consumer finance company, a personal automobile insurance business, a federal government health insurance business—and more. In 2000, we came to the strategic conclusion that CNA had to focus on its core competency, which is its commercial property and casualty insurance business. In the ensuing years, thanks to the hard work and dedication of a series of talented management teams, the company has become a highly profitable, top quartile commercial P&C insurance underwriter. CNA performed well in the third quarter and Jane will provide more details in her remarks.
Turning to our pipeline business, I am very pleased to report that in September, the Delaware Court of Chancery ruled in our favor, finding no liability on the remaining claims in connection with Loews’s 2018 acquisition of the minority limited partner interests in Boardwalk. As a reminder, in November of 2021, the Delaware Court of Chancery rendered a substantial judgment against us. That ruling was subsequently fully reversed by the Delaware Supreme Court in December 2022, at which point the remaining open claims were remanded back to the lower court. The lower court ruled fully in our favor with regard to those remanded claims this September. While the plaintiffs have appealed the Court of Chancery’s decision on these same claims back to the Delaware Supreme Court, we remain very confident in our case.
In other good news, Boardwalk has performed exceptionally well this year. For the twelve months ending September 30, 2024 , the company’s EBITDA has increased by more than $100 million to over $1 billion compared to $917 million for the twelve-month period ending September 30, 2023. That increase in EBITDA is a result of surging demand for natural gas for both industrial use and power generation, which is leading to higher recontracting rates and robust pipeline flows. Boardwalk has also experienced a significant uptick in potential growth projects as a result of this increased need for natural gas.
Taking a step back, the growth at Boardwalk speaks to the crucial role that natural gas plays in meeting America’s—and the world’s—energy needs. After years of flat electricity consumption in the United States, demand is suddenly spiking amid an increase in domestic manufacturing, electric vehicle adoption, and—
Page 1 of 8

especially—a surge in the construction of data centers to develop artificial intelligence. Over the past 18 months, electric utilities have nearly doubled their forecasts of the additional power they will require over the coming decade.
While solar and wind power have also grown dramatically in the past decade, renewable energy production alone is, and will continue to be, insufficient to meet America’s energy needs. Additionally, the intermittent nature of renewable resources makes them especially ill-suited to power data centers, which operate every day, around the clock.
It is my sincere hope that our leaders in Washington recognize the importance of promoting a comprehensive energy strategy that embraces natural gas production in addition to renewables. Our nation’s ability to construct data centers to power the AI revolution is critical, but the stakes are even higher than that. A comprehensive energy strategy is also key to our geopolitical strength, ensuring that we and our allies have access to abundant, affordable, and dispatchable energy.
This goal is entirely achievable with the right energy policies. The federal government sets rules that affect when, where, and if companies can explore for oil and gas, refine it, and transport it to consumers. Washington can take an almost endless array of steps to make it easier—or harder—to produce energy in the U.S.
The next president and Congress can accelerate pipeline licensing and permitting, an urgent priority because America is running low on pipeline capacity. By one estimate, America must build 24,000 miles of natural gas pipelines by 2035 to meet the anticipated demand that utilities, consumers, and businesses will have for hydrocarbons.
The next administration should also fully support the construction of new LNG terminals in the U.S. These projects would create high-paying American jobs, improve the U.S. trade balance, and promote geopolitical stability by ensuring that Europe relies on the U.S. for its energy needs.
When the next president assumes office in January 2025, he or she will do so during a uniquely volatile moment and arguably the most dangerous global security environment since the 1930s. Whatever challenges lie ahead for America, they will be easier to navigate if our leaders embrace a comprehensive energy strategy that safeguards our access to the affordable fuel that we and our allies need to power our economies, create jobs, and expand opportunity.
And speaking of presidents assuming office, just under two months from now I will be vacating my post as President & CEO of Loews Corporation, so these will be my final earnings remarks. It has been a great honor to serve as the CEO of this enterprise for the past 25 years. As I look forward to my new role as Chairman of the Board, I have complete confidence that Loews will continue to create long-term value for its shareholders for many years to come.
Jane Wang, CFO:
Thank you, Jim, for your outstanding leadership and all your contributions to Loews. It has been a great privilege to have worked with you over the past 18 years.
For the third quarter of 2024, Loews reported net income of $401 million or $1.82 per share, compared with net income of $253 million or $1.12 per share in last year’s third quarter. Excluding the $37 million charge related to the termination of the parent company’s pension plan in last year’s third quarter, net income increased by $111 million or 38%. That increase was driven by improved results at Boardwalk and CNA, as well as higher investment income at the parent company.
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Book value per share increased from $70.69 at the end of 2023 to $79.28 at the end of 2024’s third quarter, and book value per share excluding accumulated other comprehensive income (AOCI) increased from $81.92 at the end of 2023 to $87.22 at the end of the third quarter. These increases were driven by strong earnings during the first nine months of the year.
CNA contributed net income of $259 million in the third quarter versus $235 million in last year’s third quarter. The year-over-year increase was attributable to higher net investment income, partially offset by increased catastrophe losses. CNA’s net investment income increased by 13% over last year’s third quarter, driven mostly by limited partnership and common stock results. Fixed income results also increased, benefiting from a nearly 10-basis-point increase in pre-tax yields to 4.8%, as well as growth in the invested asset base. Investment losses were lower year-over-year due to a favorable change in the fair value of non-redeemable preferred stock and lower losses on the sale of fixed income securities.
CNA’s underwriting results were impacted by 5.8 points of catastrophe losses versus 4.1 points in the prior year period. Higher catastrophe losses, including from Hurricane Helene, were the primary driver behind the 2.9-point increase in CNA’s third quarter combined ratio to 97.2% versus 94.3% in last year’s third quarter. The company’s underlying combined ratio also increased by 1.2 points to 91.6% versus 90.4% in the third quarter of 2023 due to pressure on commercial auto and management liability. CNA announced that losses for Hurricane Milton, which occurred in the fourth quarter, are anticipated to be in the range of $25 million to $55 million ($18 million to $40 million after tax to Loews).
Net written premium growth accelerated to 8% in the third quarter versus 6% in both the first and second quarters of 2024. This growth was driven by strong new business generation (up 15% versus the third quarter of last year) and solid retention at 85%. Additionally, renewal rate change was 5% in the third quarter of 2024, comprised of three points of rate and two points of exposure growth.
CNA continues to proactively manage its run-off long-term care business. The company performed its annual reserve assumption review in the third quarter, which resulted in an immaterial change to the company’s GAAP reserves. Outperformance on premium rate actions offset unfavorable changes to cost-of-care inflation assumptions.
In addition, CNA continues to de-risk and reduce its long-term care reserves by offering benefit reductions and cash buyouts. During the first nine months of 2024, CNA bought out 2,100 policies for $67 million. This is on top of $193 million paid in 2023 to buy out 6,600 policies. Although this strategy results in a short-term loss through the income statement, it reduces risk over the long term.
Lastly, you may have seen in our recent 8-K that CNA successfully transferred to MetLife just over $1 billion of its pension liability, representing about 60% of the pension plan’s obligations. The plan was overfunded and will remain overfunded at the close of this transaction. Loews will record a non-cash charge of $265 million after tax and noncontrolling interests in the fourth quarter related to the acceleration of unrealized losses in AOCI associated with the pension.
Turning to Boardwalk Pipelines, the business is continuing to benefit from strong industry tailwinds. Boardwalk’s third quarter EBITDA increased by more than 20% to $249 million versus $202 million in the third quarter of 2023. Third quarter net income also increased by $28 million to $77 million from $49 million in the prior year’s third quarter. Those improvements were driven by higher re-contracting rates, recently completed growth projects, increased storage and parking and lending revenues, and contributions from the Bayou Ethane acquisition.
In our hospitality business, Loews Hotels reported $64 million of adjusted EBITDA compared with $60 million in the prior year’s third quarter. This increase was driven by contributions from the company’s recently completed property in Arlington and improved results at city center hotels due to the ongoing recovery in
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group travel. Those positives were partially offset by lower occupancy at the Orlando properties. From a net income perspective, the hotel company reported a net loss of $8 million in the third quarter versus net income of $17 million in the third quarter of 2023. The year-over-year decline in net income was driven by a $15 million after-tax impairment charge associated with a joint-venture property, as well as higher depreciation and interest expense associated with the new Arlington hotel.
Finally, the Loews parent company contributed net income of $73 million in this year’s third quarter compared to a net loss of $48 million in the third quarter of 2023. The year-over-year improvement was driven primarily by higher returns on our common stock portfolio, as well as the non-recurrence of a $37 million after-tax charge related to the termination of the parent company’s pension plan.
From a cash flow perspective, Loews received $109 million in dividends from CNA and $50 million of distributions from Boardwalk in the third quarter of 2024. Year to date, Loews has received $975 million from its subsidiaries, consisting of $825 million in dividends from CNA and $150 million of distributions from Boardwalk. During the third quarter, Loews repurchased about 830,000 shares for approximately $64 million. Since the end of 2023, we have repurchased about 4.6 million shares of our common stock at a cost of approximately $353 million. Loews ended 2024’s third quarter with $3.3 billion in cash and short-term investments.

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Investor Q&A
Every quarter, we encourage shareholders to send us questions in advance of earnings that they would like us to answer in our remarks. Please see below for the questions we have received, along with some additional questions we found relevant.
Jim, you mentioned that Boardwalk is seeing more opportunities for growth projects. How will those projects be funded and when do you anticipate the company incurring substantial capex for these potential opportunities?
As I mentioned in my remarks, Boardwalk is performing very well, and we anticipate that the company will be able to finance all its capital needs using its own balance sheet. In fact, Boardwalk will likely be able to maintain distributions to Loews at or near current levels while financing these prospective projects. Given the lead times involved, we expect that Boardwalk will not incur significant capital expenses for a few years.
Jane, when do you expect a final resolution of the Boardwalk shareholder litigation?
We expect the Delaware Supreme Court would likely hear the plaintiff’s appeal in the spring of 2025 and issue a ruling in the summer or fall of 2025. We remain very confident in our case.

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Reconciliation of GAAP Measures to Non-GAAP Measures
These earnings remarks contain financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries’ financial performance. CNA utilizes underlying combined and underlying loss ratios, Boardwalk Pipelines utilizes earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) and Loews Hotels & Co utilizes Adjusted EBITDA. These measures are defined and reconciled to the most comparable GAAP measures on pages 7 & 8 of these remarks.
About Loews Corporation
Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.
Forward-Looking Statements
Statements contained in these earnings remarks which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission and readers of these remarks are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of these remarks. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

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Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:
CNA Financial Corporation
In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.
The following table presents a reconciliation of CNA’s loss ratio to underlying loss ratio and CNA’s combined ratio to underlying combined ratio:
Three Months Ended September 30,
20242023
Loss ratio66.7 %63.9 %
Expense ratio30.2 30.1 
Dividend ratio0.3 0.3 
Combined ratio97.2 %94.3 %
Effect of catastrophe impacts(5.8)(4.1)
Effect of development-related items0.2 0.2 
Underlying combined ratio91.6 %90.4 %
Underlying loss ratio61.1 %60.0 %
Boardwalk Pipelines
EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization.
The following table presents a reconciliation of Boardwalk net income attributable to Loews Corporation to its EBITDA:
September 30,
Three MonthsLast 12 Months
(In millions)2024202320242023
Boardwalk net income attributable to Loews Corporation$77 $49 $360 $274 
Interest, net38 33 153 146 
Income tax expense27 17 116 92 
Depreciation and amortization107 103 427 405 
EBITDA$249 $202 $1,056 $917 

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Loews Hotels & Co
Adjusted EBITDA is calculated by excluding from Loews Hotels & Co’s EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co’s pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co’s ownership percentage to the underlying equity method investment’s components of Adjusted EBITDA and excluding distributions in excess of basis.
The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA:
Three Months Ended September 30,
(In millions)20242023
Loews Hotels & Co net income (loss) attributable to Loews Corporation$(8)$17 
Interest, net13 1 
Income tax expense (benefit)(1)7 
Depreciation and amortization24 18 
EBITDA28 43 
Noncontrolling interest share of EBITDA adjustments(1)(2)
Gain on asset acquisition
Asset impairments  
Equity investment adjustments:
Loews Hotels & Co’s equity method income— (26)
Pro rata Adjusted EBITDA of equity method investments38 45 
Consolidation adjustments(1) 
Adjusted EBITDA$64 $60 
The following table presents a reconciliation of Loews Hotels & Co’s equity method income to the Pro rata Adjusted EBITDA of its equity method investments:
Three Months Ended September 30,
(In millions)20242023
Loews Hotels & Co’s equity method income$— $26 
Pro rata share of equity method investments:
Interest, net10 10 
Income tax expense
Depreciation and amortization11 12 
Asset impairments19 
Distributions in excess of basis(2)(3)
Pro rata Adjusted EBITDA of equity method investments$38 $45 
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v3.24.3
Cover
Nov. 04, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 04, 2024
Entity Registrant Name LOEWS CORPORATION
Entity Central Index Key 0000060086
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 1-6541
Entity Tax Identification Number 13-2646102
Entity Address, Address Line One 9 West 57th Street
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10019-2714
City Area Code 212
Local Phone Number 521-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common stock, $0.01 par value
Trading Symbol L
Security Exchange Name NYSE
Entity Emerging Growth Company false
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