Executive Summary

Q1 2025 net income was $370 million ($1.74 EPS) vs $457 million ($2.05 EPS) in Q1 2024, with declines driven by CNA reserve strengthening in commercial auto, flat Hotels EBITDA but higher D&A/interest, and weaker parent investment income; Boardwalk EBITDA rose 13% on re-contracting and growth projects .
Consolidated revenues grew 6.2% year over year to $4.49B, but net income margin compressed to 8.2% (from 10.8%) on CNA’s unfavorable prior-year reserve development and higher catastrophe losses; Boardwalk’s contribution offset part of the pressure .
Capital allocation remained aggressive: 5.1 million shares ($429M) repurchased since Dec 31, 2024; book value per share ex-AOCI rose to $89.74 from $88.18 QoQ; parent cash and investments at $3.5B with $1.8B debt .
No formal financial guidance or live Q&A; management remarks emphasized social inflation in insurance, strong natural gas demand (incl. data centers) supporting Boardwalk growth, and Epic Universe hotel ramp; dividend declared $0.0625/share on May 13, 2025 .

What Went Well and What Went Wrong

What Went Well
- Boardwalk: Net income rose to $152M (from $121M) and EBITDA +13% to $346M on higher re-contracting rates, growth projects, and stronger storage revenues .
- Capital returns/Balance sheet: 5.1M shares repurchased for $429M YTD; book value per share ex-AOCI increased to $89.74; parent cash/investments $3.5B vs $1.8B debt .
- Hotels EBITDA resilience: Adjusted EBITDA edged up to $81M despite Orlando renovation headwinds, aided by a full quarter from Loews Arlington .
What Went Wrong
- CNA reserving and loss trends: $63M pretax prior-year reserve charge tied largely to AY 2024 commercial auto; combined ratio rose to 98.4% (vs 94.6%); underlying combined ratio to 92.1% (vs 91.0%) on elevated loss cost trends and litigation expenses; catastrophe losses were 3.8 pts (incl. 2.1 pts from CA wildfires) .
- Hotels net income: Fell to $0M (from $16M) due to lower equity income from joint ventures (renovations, occupancy/ADR pressure at Universal Orlando) and higher interest expense; a JV impairment reduced equity income by $9M pretax .
- Parent investments: Investment income dropped to $0 (from $43M) on negative returns in the common stock portfolio .

Financial Results

Metric	Q1 2024	Q4 2024	Q1 2025
Total Revenues ($MM)	$4,231	$4,546	$4,494
Net Income ($MM)	$457	$187	$370
Diluted EPS ($)	$2.05	$0.86	$1.74
Net Income Margin (%)	10.8% (calc. from $457/$4,231)	4.1% (calc. from $187/$4,546)	8.2% (calc. from $370/$4,494)
Book Value/Share ($)	N/A	$79.49	$81.73
Book Value/Share ex-AOCI ($)	N/A	$88.18	$89.74

Segment revenues ($MM)

Segment	Q1 2024	Q4 2024	Q1 2025
CNA Financial	$3,444	$3,689	$3,627
Boardwalk Pipelines	$517	$577	$622
Loews Hotels & Co	$216	$240	$245
Corporate Investment Income, net	$54	$40	$0

Segment net income ($MM)

Segment	Q1 2024	Q4 2024	Q1 2025
CNA Financial	$310	$19 (excl. pension charge EPS context in release)	$252
Boardwalk Pipelines	$121	$145	$152
Loews Hotels & Co	$16	$27	$0
Corporate – Investment income, net	$43	$33	$0
Corporate – Other	$(33)	$(37)	$(34)

KPIs

KPI	Q1 2024	Q4 2024	Q1 2025
CNA Combined Ratio (%)	94.6	93.1	98.4
CNA Underlying Combined Ratio (%)	91.0	91.4	92.1
CNA Catastrophe Loss Ratio (pts)	3.8	1.8	3.8 (incl. 2.1 pts CA wildfires)
Boardwalk EBITDA ($MM)	$307	$290	$346
Hotels Adjusted EBITDA ($MM)	$80	$84	$81
Shares Outstanding (MM, period-end)	N/A	214.7	210.3

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (Revenue/EPS/Margins)	2025	None provided	None provided	Maintained (no formal guidance)
Loews Common Dividend	Q2 2025 payout	Not specified in materials	$0.0625/share (payable Jun 10, 2025)	Declared
CNA Dividend to Loews (cash flow)	Q1 2025	CNA announced $0.46 regular + $2.00 special (Jan 2025)	Loews received $611M dividends from CNA in Q1 2025	Realized receipt

Earnings Call Themes & Trends

Note: Loews provided written/posted earnings remarks; there was no live call/Q&A this quarter .

Topic	Previous Mentions (Q3 2024 & Q4 2024)	Current Period (Q1 2025)	Trend
Social inflation & CNA commercial auto	Underlying ratios pressured by CATs and casualty lines; Q4 combined ratio 93.1% with higher CATs; expectation of CA wildfire losses in Q1 2025 .	$63M pretax reserve charge tied to AY 2024 commercial auto due to higher bodily injury/litigation; combined ratio 98.4%; underlying combined 92.1% .	Deteriorating loss-cost trends (social inflation) .
Boardwalk demand (power/industrial/data centers)	Strong tailwinds; backlog ~$14.2B, 8-year duration; evaluating large growth projects; self-financing expected .	Continued strength; EBITDA +13% to $346M; natural gas demand supported by domestic manufacturing and data center construction .	Improving growth pipeline .
Hotels – Orlando/Epic Universe ramp	Openings slated H1’25; Q4 adj. EBITDA stable; net income down on D&A/interest; city-center recovery .	3 new properties opened adjacent to Epic Universe adding 2,000 rooms; Q1 occupancy/ADR at Orlando pressured by renovations; adj. EBITDA ~$81M .	Mixed near-term, positive medium-term ramp .
Capital allocation – Share repurchases	Q4 2024 buybacks of 4.2M shares ($349M); ongoing emphasis on “grow numerator, shrink denominator” .	5.1M shares repurchased for $429M since Dec 31, 2024; ~2% of shares outstanding .	Accelerating repurchases .
Regulatory/legal – Boardwalk litigation	Q3 2024: Favorable Chancery ruling; appeal expected spring/summer 2025 .	No update in Q1 remarks .	No change.
Ratings/credit	Q4: S&P upgraded Boardwalk to BBB; CNA outlook to positive at AM Best/Moody’s .	Not discussed .	Stable.

Management Commentary

Ben Tisch (CEO): “The single biggest driver impacting the year-over-year decline in net income was a $63 million P&C reserve charge incurred at CNA,” largely in AY 2024 commercial auto due to higher bodily injury loss cost inflation and escalating litigation expenses; he emphasized preference for conservative reserving and early recognition of loss trends .
On Boardwalk: “Gas demand for electricity has risen substantially… due to an increase in domestic manufacturing and a surge in data center construction… Boardwalk is evaluating a number of large scale growth projects,” with expectation to self-finance .
On Hotels: Three new Orlando properties opened in 2025 adding 2,000 rooms; management is “very optimistic” about Epic Universe enhancing Orlando hotel performance .
On capital allocation: “We repurchased 5.1 million shares for $429 million… approximately 2% of our shares outstanding… since the beginning of 2020, we have repurchased 82.6 million shares, or 28% of our shares outstanding” .

Q&A Highlights

No live Q&A this quarter; Loews provided posted “Earnings Remarks” instead of a call/transcript .
Management proactively addressed: CNA reserve development/social inflation, Boardwalk’s growth tailwinds tied to data centers and industrial demand, Hotels’ Orlando ramp and renovation impacts, and capital allocation priorities (buybacks, cash deployment) .

Estimates Context

The company did not provide guidance, and Q1 materials did not cite consensus benchmarks; we therefore present actual results without beat/miss designations .

Key Takeaways for Investors

CNA’s commercial auto reserve strengthening and elevated loss-cost trends (social inflation) are the key earnings headwinds; watch for pricing/underwriting actions and the trajectory of underlying combined ratio through 2025 .
Boardwalk remains the growth engine: EBITDA momentum and multi-year re-contracting at higher rates, supported by structural power demand (data centers); additional growth projects under evaluation and likely self-financed .
Hotels near-term net income is pressured by D&A/interest and Orlando renovations, but the Epic Universe openings expand capacity and should be EBITDA-accretive as occupancy ramps .
Capital returns are a clear catalyst: 5.1M shares bought for $429M YTD and strong parent liquidity ($3.5B cash/investments); continued buybacks at discounts to intrinsic value can compound per-share value .
Balance sheet and book value compounding continued: BVPS ex-AOCI rose to $89.74; ongoing repurchases shrink the denominator alongside operating growth at subsidiaries .
Cash inflows from subsidiaries remain robust (CNA dividends $611M and Boardwalk distributions $75M in Q1), supporting corporate flexibility for repurchases and potential opportunistic deployment .

Additional Detail: Selected Drivers and Cross-References

CNA: Net income to Loews $252M (vs $310M); combined ratio 98.4% (vs 94.6%); catastrophe 3.8 pts including 2.1 pts CA wildfires; core income $281M (vs $355M) .
Boardwalk: Net income $152M (vs $121M); EBITDA $346M (vs $307M) on higher re-contracting rates, completed projects, and storage revenue .
Hotels: Net income $0M (vs $16M); Adjusted EBITDA $81M (vs $80M); JV impairment reduced equity income by $9M; interest expense higher on Arlington opening and refinancing .
Corporate: Parent investment income $0 (vs $43M) on negative common stock portfolio returns .
Dividend: Loews declared $0.0625/share quarterly dividend payable June 10, 2025 (record May 28) .

Sources: Q1 2025 Form 8-K and Exhibits (press release and earnings remarks) ; May 5, 2025 press release detail ; Q4 2024 8-K (for sequential comps) ; Q3 2024 8-K (for trend) ; Dividend press release May 13, 2025 .

LOEWS CORP (L)·Q1 2025 Earnings Summary