株探米国株
エドガーで原本を確認する
0000060086FALSE00000600862025-08-042025-08-04


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)       August 4, 2025


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

Delaware 1-6541     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 class Trading Symbol(s) Name of each exchange on which registered
Common stock, $0.01 par value L New 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.

1


Item 2.02    Results of Operations and Financial Condition.

    On August 4, 2025, 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 second quarter of 2025. 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 August 4, 2025, providing information on its results of operations for the second quarter of 2025.
Loews Corporation earnings remarks, posted on its website August 4, 2025, providing information on its results of operations for the second quarter of 2025.
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
3

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: August 4, 2025
 By: /s/ Marc A. Alpert
    Marc A. Alpert
    Senior Vice President,
General Counsel
and Secretary
4
EX-99.1 2 exhibit991-q22025.htm EX-99.1 Document

Exhibit 99.1
image_0a.jpg

NEWS RELEASE
LOEWS CORPORATION REPORTS NET INCOME OF $391 MILLION
FOR THE SECOND QUARTER OF 2025

New York, NY, August 4, 2025: Loews Corporation (NYSE: L) today released its second quarter 2025 financial results.

Second Quarter 2025 highlights:
Loews Corporation reported net income of $391 million, or $1.87 per share, in the second quarter of 2025, compared to $369 million, or $1.67 per share, in the second quarter of 2024. The following are key highlights of our second quarter results:

•CNA Financial Corporation’s (NYSE: CNA) net income attributable to Loews decreased year-over-year. Unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves and higher investment losses were partially offset by higher net investment income and improved Property and Casualty underwriting results.
•Boardwalk Pipelines’ net income improved year-over-year due to higher re-contracting rates and recently completed growth projects.
•Loews Hotels’ second quarter 2025 net income decreased year-over-year primarily due to lower equity income from joint ventures, mainly driven by an increase in expenses related to three new hotels at the Universal Orlando Resort which opened in 2025, and higher interest expense.
•Corporate segment improved year-over-year due to higher investment income from the parent company trading portfolio.
•Book value per share increased to $84.42 as of June 30, 2025, from $79.49 as of December 31, 2024.
•Book value per share, excluding AOCI, increased to $91.66 as of June 30, 2025, from $88.18 as of December 31, 2024 primarily due to positive operating results in 2025.
•On June 30, 2025, the parent company had $3.4 billion of cash and investments and $1.8 billion of debt.
•Loews Corporation repurchased 2.9 million shares of its common stock during the second quarter of 2025 for a total cost of $251 million.

Consolidated highlights:
June 30,
Three Months Six Months
(In millions) 2025 2024 2025 2024
Net Income (Loss) Attributable to Loews Corporation:
CNA Financial $ 274  $ 291  $ 526  $ 601 
Boardwalk Pipelines 88  70  240  191 
Loews Hotels & Co 28  35  28  51 
Corporate 1  (27) (33) (17)
Net income attributable to Loews Corporation $ 391  $ 369  $ 761  $ 826 
Net income per share attributable to Loews Corporation $ 1.87  $ 1.67  $ 3.61  $ 3.72 

June 30, 2025 December 31, 2024



Book value per share $ 84.42  $ 79.49 
Book value per share excluding AOCI $ 91.66  $ 88.18 
Shares of common stock outstanding (in millions) 207.5  214.7 
Page 1 of 8

Three months ended June 30, 2025 compared to 2024

CNA:
•Net income attributable to Loews Corporation was $274 million compared to $291 million.
•Core income increased 3% to $335 million compared to $326 million.
•Net investment income increased due to higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, and favorable returns from limited partnership and common stock investments.
•Net written premiums grew by 6% driven by favorable renewal premium change and new business. Net earned premiums grew by 8%.
•Property and Casualty underwriting income increased due to higher underlying underwriting income and lower catastrophe losses.
•Property and Casualty catastrophe losses were $62 million compared to $82 million.
•Property and Casualty combined ratio decreased to 94.1% compared to 94.8% largely due to lower catastrophe losses. The Property and Casualty underlying combined ratio was essentially unchanged at 91.7% compared to 91.6%.
•Higher unfavorable development was associated with legacy mass tort abuse reserves following the second quarter annual review.
•Higher investment losses were driven by disposals of fixed income securities and impairment losses partially offset by a favorable change in the fair value of non-redeemable preferred stock.

Boardwalk:
•Net income increased to $88 million compared to $70 million.
•EBITDA increased 14% to $274 million compared to $240 million.
•Net income and EBITDA improved due to increased transportation revenues from higher re-contracting rates and recently completed growth projects, and increased storage and parking and lending revenues.

Loews Hotels:
•Net income of $28 million compared to $35 million.
•Adjusted EBITDA increased 11% to $109 million compared to $98 million driven by the opening of three new hotels at the Universal Orlando Resort and growth in overall average daily rate and an increase in the number of occupied room nights, particularly at the Loews Arlington Hotel, partially offset by the reduction in occupied room nights at the Loews Miami Beach Hotel due to ongoing renovations.
•Net income decreased primarily due to lower equity income from joint ventures, mainly driven by an increase in expenses, including depreciation and interest expense, related to three new hotels at the Universal Orlando Resort, and higher interest expense primarily due to lower capitalized interest and debt refinancing.

Corporate:
•Net income of $1 million compared to a net loss of $27 million.
•Results improved primarily due to higher investment income from the parent company trading portfolio.

Six months ended June 30, 2025 compared to 2024

Loews Corporation reported net income of $761 million, or $3.61 per share, compared to $826 million, or $3.72 per share, in 2024. The following are key highlights:

•CNA’s net income attributable to Loews Corporation decreased due to unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses partially offset by higher net investment income and improved Property and Casualty underlying underwriting results.
•Property and Casualty’s underwriting results were lower mainly driven by unfavorable net prior year loss reserve development compared to favorable net prior year loss reserve development in 2024.
•Property and Casualty’s combined ratio was 96.3% compared to 94.7%. Property and Casualty’s underlying combined ratio was 92.0% compared to 91.4%.
•CNA’s net investment income increased due to higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, and favorable returns from limited partnership and common stock investments.
•Loews Hotels’ earnings were negatively impacted by an impairment charge recorded at a joint venture hotel that reduced equity income in the first quarter of 2025.
•Corporate segment results declined year-over-year driven by lower investment income from the parent company trading portfolio.
•Boardwalk and Loews Hotels other segment drivers of results for the six months ended June 30, 2025 as compared to the comparable prior year period are consistent with the three-month period drivers discussed above.
Page 2 of 8

Share Purchases:
•On June 30, 2025, there were 207.5 million shares of Loews common stock outstanding.
•During the three months ended June 30, 2025, Loews Corporation repurchased 2.9 million shares of its common stock for a total cost of $251 million.
•An additional 0.1 million shares were repurchased for $9 million between July 1, 2025 and August 1, 2025.
•Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries’ outstanding common stock in the open market (including, with respect to Loews common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), 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 pages 6 through 8 of this release.

Earnings Remarks

For Loews Corporation

–Today, August 4, 2025, earnings remarks will be available on the Investors section of our website at www.loews.com.
–Remarks will include commentary from Loews’s president and chief executive officer and chief financial officer.

For CNA

–Today, August 4, 2025, 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 president 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

June 30,
Three Months Six Months
(In millions) 2025 2024 2025 2024
Revenues:
CNA Financial (a) $ 3,717  $ 3,519  $ 7,344  $ 6,963 
Boardwalk Pipelines 537  488  1,159  1,005 
Loews Hotels & Co 254  251  499  467 
Corporate investment income, net 47  9  47  63 
Total $ 4,555  $ 4,267  $ 9,049  $ 8,498 
Income (Loss) Before Income Tax:
CNA Financial (a) $ 380  $ 402  $ 729  $ 829 
Boardwalk Pipelines 117  94  319  256 
Loews Hotels & Co (b) 39  44  43  72 
Corporate:
Investment income, net 49  9  49  63 
Other (c) (46) (42) (87) (84)
Total $ 539  $ 507  $ 1,053  $ 1,136 
Net Income (Loss) Attributable to Loews Corporation:
CNA Financial (a) $ 274  $ 291  $ 526  $ 601 
Boardwalk Pipelines 88  70  240  191 
Loews Hotels & Co (b) 28  35  28  51 
Corporate:
Investment income, net 40  7  40  50 
Other (c) (39) (34) (73) (67)
Net income attributable to Loews Corporation $ 391  $ 369  $ 761  $ 826 

(a)The three months ended June 30, 2025 and 2024 include net investment losses of $46 million and $10 million ($34 million and $7 million after tax and noncontrolling interests). The six months ended June 30, 2025 and 2024 include net investment losses of $55 million and $32 million ($40 million and $23 million after tax and noncontrolling interests).
(b)The six months ended June 30, 2025 include Loews Hotels & Co’s portion of a joint venture property’s impairment charge which reduced equity income from joint ventures by $9 million ($6 million after tax).
(c)Consists of parent company interest expense, corporate expenses and the equity income (loss) of Altium Packaging.
Page 4 of 8

Loews Corporation and Subsidiaries
Consolidated Financial Review

June 30,
Three Months Six Months
(In millions, except per share data) 2025 2024 2025 2024
Revenues:
Insurance premiums $ 2,694  $ 2,498  $ 5,320  $ 4,939 
Net investment income 714  639  1,322  1,308 
Investment losses (46) (10) (55) (32)
Operating revenues and other 1,193  1,140  2,462  2,283 
Total 4,555  4,267  9,049  8,498 
Expenses:
Insurance claims and policyholders’ benefits 2,085  1,882  4,112  3,689 
Operating expenses and other 1,931  1,878  3,884  3,673 
Total 4,016  3,760  7,996  7,362 
Income before income tax 539  507  1,053  1,136 
Income tax expense (123) (112) (245) (256)
Net income 416  395  808  880 
Amounts attributable to noncontrolling interests (25) (26) (47) (54)
Net income attributable to Loews Corporation $ 391  $ 369  $ 761  $ 826 
Net income per share attributable to Loews Corporation $ 1.87  $ 1.67  $ 3.61  $ 3.72 
Weighted average number of shares 209.36  221.60  210.97  222.18 




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:

June 30,
Three Months Six Months
(In millions) 2025 2024 2025 2024
CNA net income attributable to Loews Corporation $ 274  $ 291  $ 526  $ 601 
Investment losses 36  9  43  26 
Noncontrolling interests 25  26  47  54 
Core income $ 335  $ 326  $ 616  $ 681 

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. 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 ratio, the expense ratio and the dividend ratio. 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 deemed to be 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:
June 30,
Three Months Six Months
2025 2024 2025 2024
Loss ratio 63.9  % 63.8  % 65.8  % 63.9  %
Expense ratio 29.8  30.7  30.1  30.4 
Dividend ratio 0.4  0.3  0.4  0.4 
Combined ratio 94.1  % 94.8  % 96.3  % 94.7  %
Less: Effect of catastrophe impacts 2.4  3.5  3.1  3.6 
Less: Effect of development-related items —  (0.3) 1.2  (0.3)
Underlying combined ratio 91.7  % 91.6  % 92.0  % 91.4  %
Underlying loss ratio 61.5  % 60.6  % 61.5  % 60.6  %

Page 6 of 8

Boardwalk Pipelines

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

June 30,
Three Months Six Months
(In millions) 2025 2024 2025 2024
Boardwalk net income attributable to Loews Corporation $ 88  $ 70  $ 240  $ 191 
Interest, net 37  38  75  77 
Income tax expense 29  24  79  65 
Depreciation and amortization 120  108  226  214 
EBITDA $ 274  $ 240  $ 620  $ 547 

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:

June 30,
Three Months Six Months
(In millions) 2025 2024 2025 2024
Loews Hotels & Co net income attributable to Loews Corporation $ 28  $ 35  $ 28  $ 51 
Interest, net 16  12  29  17 
Income tax expense 11  9  15  21 
Depreciation and amortization 24  24  48  45 
EBITDA 79  80  120  134 
Noncontrolling interest share of EBITDA adjustments (1) (2) (2) (4)
Equity investment adjustments:
Loews Hotels & Co’s equity method income (29) (32) (35) (59)
Pro rata Adjusted EBITDA of equity method investments 60  50  106  106 
Consolidation adjustments 2  1  1 
Adjusted EBITDA $ 109  $ 98  $ 190  $ 178 

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:
Page 7 of 8

June 30,
Three Months Six Months
(In millions) 2025 2024 2025 2024
Loews Hotels & Co’s equity method income $ 29  $ 32  $ 35  $ 59 
Pro rata share of equity method investments:
Interest, net 16  10  26  20 
Income tax expense
Depreciation and amortization 15  12  28  24 
Asset impairments 9 
Distributions in excess of basis (1) (4) 8  3 
Consolidation adjustments 1 
Pro rata Adjusted EBITDA of equity method investments $ 60  $ 50  $ 106  $ 106 
Page 8 of 8
EX-99.2 3 exhibit992-q22025.htm EX-99.2 Document

Exhibit 99.2

Loews Corporation Second Quarter 2025 Earnings Remarks

Ben Tisch, President & CEO of Loews Corporation:
Loews reported net income of $391 million in the second quarter, compared to $369 million during the same period last year. It was, by all accounts, a decent quarter, and would have been a great one were it not for CNA’s mass tort reserve charge. Our subsidiaries are performing well across the board, with Boardwalk standing out in particular with its stellar results and continued growth. Boardwalk has recently reached a final investment decision on several significant growth projects totaling $1.7 billion of capex to be spent over the coming years. These projects are modeled to have double digit return on assets, and are predominantly backed by investment grade utility customers, with average contract lengths of 15-plus years. Our reticulated system in the southeast is extremely well positioned to capitalize on the concurrent LNG and AI data center booms, as well as the strong economic growth and industrial power demand in the region. I’ll go into more detail on all the goings-on at our pipeline subsidiary next quarter when I hope to have even more projects to report on.
As I’ve mentioned previously, I am acutely aware of the fact that things are good right now. Economic conditions are steady, credit spreads are tight, equities are at the highs, and—most importantly—all of our consolidated subsidiaries appear to be sailing in calm seas. I am equally aware that this will not always be the case. While short-term success can often breed complacency, I can assure you that our capital allocation decisions are made with extreme vigilance, recognizing the ups and downs of the business cycle. With that as a preamble, we’ve repurchased nearly 7.5 million shares of Loews stock this year for $636 million. Given the steep discount to our intrinsic value, it’s my very best guess that in the fullness of time, irrespective of shorter-term market cycles, these repurchases will be significantly value enhancing for all remaining shareholders.
Another component of the Loews Corporation story is the strategic growth at Loews Hotels & Co, where there have recently been a number of noteworthy developments. Our hotel company is run by Alex Tisch, who has been executing the company’s growth strategy with focused energy, clear vision and fiscal prudence.
Page 1 of 10

I’d like to turn it over to him to speak directly about where the company has been and where it’s headed.

Alex Tisch, President & CEO of Loews Hotels:
Thanks, Ben. Despite numerous industry headwinds over the past several years, Loews Hotels has grown considerably, investing over $800 million of equity into growing our business since 2018. These investments were mainly financed with internally generated cash flow. As a result of these investments, our room count has expanded by almost 50% over that time period. The capital invested in the company’s growth to date includes the investment in our recently opened hotels in Arlington, TX and Orlando, FL, which have yet to fully ramp up operations. It is our expectation that Adjusted EBITDA will grow to between $400 - $450 million over the next several years, which is nearly double pre-COVID levels.
When it comes to evaluating potential growth projects, we are very selective and will only move forward if a potential project meets our key investment criteria. First, a new project must be a strategic fit for Loews Hotels, which normally means 300-plus rooms with substantial meeting space and/or proximity to demand drivers. Second, the investment must be financially accretive. We typically evaluate new hotel properties using a cash-on-cash return metric. Specifically, we compare the project’s stabilized cash flow projections to the amount of equity required, and we generally target at least low-to-mid teen returns based on that metric. In the absence of projects that meet these criteria, we are more than happy to distribute our excess cash to the parent company.
We also seek to derisk new projects by focusing our efforts on developing hotels in immersive destinations. These properties have built-in demand generators with potential to drive high occupancy and average daily rates. Furthermore, as one of the last owners and operators in the hotel industry, Loews Hotels offers a model that is attractive to potential development partners, including municipalities and owners of unique intellectual property. The combination of our healthy balance sheet, our long-term hold period, and our management company and brand, create a compelling value proposition.
Page 2 of 10

With that background, I would like to provide an update on several newly-opened Loews Hotels properties. During the first half of this year, we expanded our presence in Orlando by opening three new hotels totaling 2,000 rooms in close proximity to Universal’s new Epic Universe theme park. The completion of these properties marks an important milestone in our successful partnership with Universal, which spans almost three decades and now encompasses 11 hotels with 11,000 rooms. Loews Hotels owns a 50% interest in these properties and manages all 11 of them. Having spent time at Epic Universe, I can say that we are very excited about the prospects for these three new hotels and the campus as a whole.
While we are exceptionally proud of our success in the Orlando market, over the past six years we have expanded the reach of our growth strategy from Florida to Texas with the development of two wholly owned properties in Arlington. This expansion started in 2019 with the opening of the Live! by Loews Arlington. More recently, in the first quarter of 2024, we opened the $550 million, nearly 900-room Loews Arlington Hotel and Convention Center. These two properties are ideally situated a stone’s throw from two professional sports stadiums, as well as the National Medal of Honor Museum. With these demand generators in place and the future large group business we have on the books, our properties in Arlington are well on their way to surpassing our underwriting goals.
The successful developments in Texas exemplify Loews Hotels’ expertise in our core segment, which is large, four-star hotels with significant meeting space. Further examples of our successful model can be found in properties such as Atlanta, Kansas City, Miami, and Nashville.
We look forward to keeping you updated on the progress of our new properties as they ramp up operations. Currently, very few four-star hotels with meeting space are being developed domestically. For that reason, we believe that our attractive value proposition as an owner and operator positions us for further success. Of course, we will continue to evaluate new projects with a sharp focus on risk-adjusted returns and will distribute any excess cash to our parent, Loews Corporation.

Page 3 of 10

Jane Wang, CFO of Loews Corporation:
Loews delivered a strong performance in the second quarter, reporting net income of $391 million, or $1.87 per share, compared to $369 million, or $1.67 per share, in the second quarter of 2024. The 6% year-over-year increase in net income was primarily driven by robust results at Boardwalk and higher net investment income at the parent company. These gains were partially offset by lower net income contributions from CNA and Loews Hotels.
Reflecting strong earnings during the first half of the year, book value per share increased from $79.49 at year-end 2024 to $84.42 at the end of the second quarter of 2025, and book value per share excluding AOCI increased from $88.18 to $91.66 over the same period.
CNA contributed $274 million of net income to Loews versus $291 million in the second quarter of 2024. While the core business continued to grow with higher net investment income and strong P&C underwriting results, these gains were more than offset by unfavorable mass tort development and higher realized investment losses.
Net investment income, combined with organic growth, continues to serve as a tailwind for CNA. In the second quarter of 2025, the company’s net investment income increased by 7% year-over-year, driven by favorable fixed income results as well as stronger performance from limited partnerships and common stocks. Fixed income results benefited from a larger invested asset base and a 0.1-point increase in the average pre-tax yield to 4.9%. Limited partnerships and common stocks delivered a return of 3.6% in the second quarter of 2025, up from 3.1% in the prior year period.
Top-line growth drove another quarter of strong underlying underwriting income, with net earned and net written P&C premiums increasing year-over-year by 8% and 6%, respectively. P&C net written premium growth was driven by five points of renewal premium change and 8% growth in new business. The company’s P&C underlying combined ratio was essentially unchanged at 91.7%, reflecting a 0.9-point improvement in the expense ratio offset by a 0.9 increase in the underlying loss ratio. CNA’s P&C combined ratio improved by 0.7 points to 94.1%, driven by a 1.1-point reduction in catastrophe losses.

Page 4 of 10

Offsetting the positive news, CNA recorded an $81 million after-tax charge at the Loews level (net of noncontrolling interest) related to mass tort development. This charge was driven by unfavorable development from the company’s annual review of its legacy mass tort reserves and also reflects the anticipated settlement of abuse claims related to the Diocese of Rochester.
Finally, investment losses were higher in the quarter, resulting from higher realized losses on the disposal of fixed maturity securities, offset by mark-to-market gains on non-redeemable preferred stock.
Please refer to CNA’s Investor Relations website for more details on their results.
Turning to our natural gas pipeline business, Boardwalk continues to benefit from robust industry fundamentals. Second-quarter EBITDA increased by 14% year-over-year, from $240 million to $274 million. Net income also grew by 26% year-over-year from $70 million to $88 million in the second quarter of 2025. This growth was driven by higher re-contracting rates on transportation and storage as well as contributions from recently completed growth projects. As Ben mentioned, the company continues to make progress on several new growth projects. During the second quarter, Boardwalk added $400 million to its revenue backlog, bringing the total to $14.7 billion.
Loews Hotels reported Adjusted EBITDA of $109 million in the second quarter of 2025 compared to $98 million in the second quarter of 2024. The 11% year-over-year increase was driven primarily by stronger performance in Orlando and Arlington, partially offset by lower room nights in Miami due to ongoing renovations. The Orlando hotels benefited from the addition of three new properties that opened in the first half of 2025. The Arlington Hotel and Convention Center delivered higher earnings as it continued to ramp up operations following its first quarter 2024 opening. This property continues to outperform our expectations.
The hotel company contributed $28 million of net income to Loews in the second quarter of 2025, compared to $35 million in the prior-year period. The decline in net income was primarily due to higher interest and depreciation expenses associated with the new Orlando properties and higher interest expense from debt refinancing.

Page 5 of 10

At the parent company, Loews posted strong after-tax investment income of $40 million in the second quarter of 2025 versus $7 million in the second quarter of 2024. The substantial year-over-year increase was driven by higher returns on our trading portfolio. The corporate segment was breakeven this quarter as net investment income offset corporate and interest expenses.
From a cash flow perspective, Loews received $189 million from its subsidiaries in the second quarter, including $114 million in dividends from CNA and $75 million of distributions from Boardwalk. Year to date, Loews has received $875 million from its subsidiaries: $725 million in dividends from CNA, including a special dividend of $497 million, and $150 million of distributions from Boardwalk. During the second quarter Loews repurchased 2.9 million of its shares for approximately $251 million. Since the end of 2024, we repurchased about 7.5 million shares of our common stock, or approximately 3.5% of our shares outstanding, at a cost of $636 million. Loews ended 2025’s second quarter with $3.4 billion in cash and investments.

Page 6 of 10


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 loss ratio and underlying combined ratio. 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 8 through 10 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.
Page 7 of 10

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. 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 ratio, the expense ratio and the dividend ratio. 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 deemed to be 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.

Page 8 of 10

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 June 30,
2025 2024
Loss ratio 63.9  % 63.8  %
Expense ratio 29.8  30.7 
Dividend ratio 0.4  0.3 
Combined ratio 94.1  % 94.8  %
Less: Effect of catastrophe impacts 2.4  3.5 
Less: Effect of development-related items —  (0.3)
Underlying combined ratio 91.7  % 91.6  %
Underlying loss ratio 61.5  % 60.6  %

Boardwalk Pipelines
EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk’s net income attributable to Loews Corporation to its EBITDA:
Three Months Ended June 30,
(In millions) 2025 2024
Boardwalk net income attributable to Loews Corporation $ 88  $ 70 
Interest, net 37  38 
Income tax expense 29  24 
Depreciation and amortization 120  108 
EBITDA $ 274  $ 240 

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.
Page 9 of 10

The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA:
Three Months Ended June 30,
(In millions) 2025 2024
Loews Hotels & Co net income attributable to Loews Corporation $ 28  $ 35 
Interest, net 16  12 
Income tax expense 11  9 
Depreciation and amortization 24  24 
EBITDA 79  80 
Noncontrolling interest share of EBITDA adjustments (1) (2)
Equity investment adjustments:
Loews Hotels & Co’s equity method income (29) (32)
Pro rata Adjusted EBITDA of equity method investments 60  50 
Consolidation adjustments 2 
Adjusted EBITDA $ 109  $ 98 

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 June 30,
(In millions) 2025 2024
Loews Hotels & Co’s equity method income $ 29  $ 32 
Pro rata share of equity method investments:
Interest, net 16  10 
Income tax expense
Depreciation and amortization 15  12 
Distributions in excess of basis (1) (4)
Consolidation adjustments 1 
Pro rata Adjusted EBITDA of equity method investments $ 60  $ 50 
Page 10 of 10