Executive Summary

Q4 2024 consolidated revenue was $4.546B and net income was $187M ($0.86 EPS), down year over year largely due to a non-cash CNA pension settlement charge ($265M after-tax and noncontrolling interests) booked in Q4; excluding this charge CNA’s Q4 net income attributable to Loews would have been $284M .
Boardwalk Pipelines delivered strong results: EBITDA rose 12% to $290M and net income increased to $145M, aided by a $36M state tax benefit; backlog ended 2024 at ~$14.2B with ~8-year weighted average duration, supporting multi-year visibility .
Loews Hotels posted slightly higher Adjusted EBITDA ($84M vs $83M) but lower net income ($27M vs $32M) on higher D&A/interest tied to the new Arlington property; parent investment income improved to $33M in Q4 .
Capital allocation remains a focal catalyst: Loews repurchased 4.2M shares in Q4 ($349M) and 7.7M in 2024 ($611M); management reiterated buybacks as a core value driver (“Grow the numerator, shrink the denominator”) and expects a sizable cash inflow from CNA’s $2.00 special dividend and dividend increase to $0.46, totaling ~$611M to Loews in March .

What Went Well and What Went Wrong

What Went Well

Boardwalk’s Q4 EBITDA increased 12% to $290M; net income rose to $145M helped by higher recontracting rates, growth projects, and a $36M state tax benefit; backlog expanded to ~$14.2B with ~8-year duration, underscoring durable demand for natural gas transport .
Parent company investment income rose year over year, with net investment income of $33M in Q4, driven by higher returns on equity securities; Loews ended 2024 with $3.3B cash and investments and $1.8B of debt .
Shareholder returns remained robust: 4.2M shares repurchased in Q4 ($349M), 7.7M in 2024 ($611M), with additional ~1.9M shares ($164M) repurchased in early Q1 2025; CEO Ben Tisch emphasized continuing buybacks when intrinsic value exceeds market price (“Grow the numerator, shrink the denominator”) .

What Went Wrong

CNA’s P&C combined ratio rose to 93.1% (vs 92.1% YoY) on higher catastrophe losses (including Hurricane Milton); investment losses (impairments on fixed income and unfavorable preferred stock marks) also weighed on results .
Reported consolidated EPS declined to $0.86 (vs $1.99 YoY) primarily due to the CNA pension settlement charge ($265M after-tax and noncontrolling interests) booked in Q4 .
Loews Hotels’ net income fell to $27M (from $32M YoY) on higher depreciation and interest from the new Arlington property; management expects three new Orlando properties to be EBITDA-accretive but a headwind to 2025 net income due to D&A/interest .

Financial Results

Consolidated Results vs Prior Periods and Estimates

Metric	Q4 2023	Q3 2024	Q4 2024	Consensus (Q4 2024)
Revenues ($USD Billions)	$4.258	$4.466	$4.546	Unavailable (S&P Global access limits)
Net Income ($USD Millions)	$446	$401	$187	Unavailable (S&P Global access limits)
Diluted EPS ($USD)	$1.99	$1.82	$0.86	Unavailable (S&P Global access limits)

Note: Consensus estimates were unavailable at the time of writing due to S&P Global request limits; comparisons to estimates are therefore omitted.

Segment Breakdown

Segment Metric	Q4 2023	Q4 2024
CNA – Revenues ($USD Millions)	$3,507	$3,689
Boardwalk – Revenues ($USD Millions)	$511	$577
Loews Hotels – Revenues ($USD Millions)	$210	$240
Corporate Investment Income – Revenues ($USD Millions)	$30	$40
CNA – Net Income attributable to Loews ($USD Millions)	$336	$19 (or $284 ex‑pension charge)
Boardwalk – Net Income attributable to Loews ($USD Millions)	$92	$145
Loews Hotels – Net Income attributable to Loews ($USD Millions)	$32	$27
Corporate – Net Investment Income ($USD Millions)	$24	$33

Margins and Insurance Ratios (CNA)

Metric	Q4 2023	Q3 2024	Q4 2024
P&C Combined Ratio (%)	92.1%	97.2%	93.1%
Underlying Combined Ratio (%)	91.4%	91.6%	91.4%
Loss Ratio (%)	60.6%	66.7%	62.8%
Expense Ratio (%)	31.2%	30.2%	30.0%

KPIs

KPI	Q4 2023	Q4 2024
CNA Net Written Premiums Growth (YoY)	+8% in Q3’24; +6% in Q2’24 (context)	+10% (NWP), +9% net earned premiums
CNA Core Income ($USD Millions)	$362	$342
Boardwalk EBITDA ($USD Millions)	$260	$290
Loews Hotels Adjusted EBITDA ($USD Millions)	$83	$84
Parent Net Investment Income ($USD Millions)	$24	$33
Book Value/Share ex-AOCI (Period End) ($)	$81.92 (12/31/2023)	$88.18 (12/31/2024)

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
CNA – Expected California Wildfire Losses (pretax)	Q1 2025	N/A	$40M–$70M pretax net loss expected	New disclosure
Loews Hotels – Net Income Outlook	FY 2025	N/A	New Orlando properties to add meaningful EBITDA, but D&A/interest to negatively impact 2025 net income	New disclosure
CNA Dividend to Loews	Q1 2025	Regular dividend previously lower; no prior special	Regular dividend raised to $0.46 and $2.00 special dividend; ~$611M cash to Loews expected in March	Raised dividends; special announced
Loews Common Dividend	Q1 2025	$0.0625/share	$0.0625/share payable Mar 11, 2025	Maintained

No formal consolidated revenue/EPS guidance was provided by Loews for Q4/FY; management commentary focused on capital allocation, subsidiary momentum, and known loss expectations at CNA .

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Capital allocation & buybacks	Emphasis on long-term value creation, historic buybacks; leadership transition noted	Continued buybacks; share count reduction; strong cash inflows from subsidiaries	“Grow the numerator, shrink the denominator”; continued buybacks and cash discipline	Reinforced
Natural gas demand/data centers (AI)	N/A	Data centers/AI driving power needs; pipeline capacity imperative; LNG policy support advocated	Boardwalk backlog surged to ~$14.2B; strong industry tailwinds highlighted	Strengthening visibility
CNA underwriting and catastrophe losses	Profitable growth; combined ratio pressure modest	Higher cat losses (Helene); combined ratio 97.2%	Higher cat losses (Milton); combined ratio 93.1%; wildfire loss expected Q1 2025	Cat risk persistent
Ratings/Regulatory	N/A	Boardwalk litigation update; positive stance pending appeal	S&P upgrade for Boardwalk; AM Best and Moody’s outlooks raised for CNA	Positive
Hotels/Orlando expansion	Orlando softness offset by Arlington and city-center recovery	Adjusted EBITDA up; Orlando occupancy weaker; impairment hit	New Orlando resorts opening in H1’25; near-term net income headwind from D&A/interest	Growth with accounting drag

Management Commentary

CEO Ben Tisch: “I believe that the CEO of Loews Corporation has one job, and one job only: to grow intrinsic value per share… ‘Grow the numerator, shrink the denominator.’… To the extent this valuation gap persists, you can expect us to continue to repurchase shares with our excess cash flow.” .
CFO Jane Wang: “Loews reported stellar 2024 results… Excluding [the CNA pension] charge, 2024 net income increased by 17%… S&P upgraded Boardwalk to BBB flat, and AM Best and Moody’s revised their outlooks on CNA from stable to positive… Boardwalk ended 2024 with nearly $14.2 billion of backlog… CNA announced… a special dividend of $2.00/share… which amounts to $611 million for Loews.” .

Q&A Highlights

Capital funding for Boardwalk growth: Management expects Boardwalk to self-finance projects while maintaining distributions to Loews; significant capex not expected for a few years .
Boardwalk litigation timeline: Delaware Supreme Court likely to hear appeal in spring 2025 with a ruling by summer/fall 2025; management remains confident .
Note: Q4 2024 was delivered as posted “earnings remarks” without a live call; no Q4 live Q&A was conducted .

Estimates Context

S&P Global consensus EPS and revenue estimates for Loews were unavailable at time of writing due to access limits; therefore, quantitative comparisons to consensus are omitted. Values would normally be retrieved from S&P Global; in this case, they were unavailable due to the Daily Request Limit exceeded.

Key Takeaways for Investors

Reported EPS decline was driven by a one-off, non-cash CNA pension settlement charge; underlying operations at Boardwalk and Hotels were resilient, and CNA core income remained strong ($342M) .
Boardwalk’s ~$14.2B backlog with ~8-year duration and rising recontracting rates provide multi-year visibility; EBITDA reached ~$1.1B for FY 2024, supporting self-funded growth and ongoing distributions to Loews .
Capital returns are a clear near-term catalyst: 7.7M shares repurchased in 2024 ($611M), continued repurchases in early 2025, and ~$611M expected from CNA’s special/raised dividends in March .
Insurance cat losses remain a swing factor: CNA’s combined ratio improved sequentially to 93.1% but wildfire losses ($40–$70M pretax) are expected in Q1 2025; underlying combined ratio stable at 91.4% .
Hotels are set for EBITDA growth with three Orlando openings in H1’25, but investors should anticipate net income pressure in 2025 from higher D&A and interest, a classic accounting headwind to GAAP earnings despite cash generation .
Balance sheet and book value accretion continue: BVPS ex‑AOCI rose to $88.18 (from $81.92); parent liquidity remains strong ($3.3B cash/investments; $1.8B debt), providing flexibility for buybacks and capital allocation .
Policy and macro backdrop favor Boardwalk: management highlights AI/data center-driven power demand and the need for pipeline capacity/LNG infrastructure—tailwinds for volume and pricing .

Sources: Loews Q4 2024 press release and Form 8‑K exhibits, including earnings remarks, and prior Q2/Q3 releases and remarks. All figures and quotations cited accordingly: **[60086_20250211NY16780:0]** **[60086_20250210NY13612:0]** **[60086_20250210NY13612:1]** **[60086_20250210NY13612:4]** **[60086_20250210NY13612:5]** **[60086_20250210NY13612:6]** **[60086_0000060086-25-000014_exhibit991-q42024.htm:0]** **[60086_0000060086-25-000014_exhibit991-q42024.htm:1]** **[60086_0000060086-25-000014_exhibit991-q42024.htm:3]** **[60086_0000060086-25-000014_exhibit991-q42024.htm:4]** **[60086_0000060086-25-000014_exhibit991-q42024.htm:5]** **[60086_0000060086-25-000014_exhibit991-q42024.htm:6]** **[60086_0000060086-25-000014_exhibit992-q42024.htm:0]** **[60086_0000060086-25-000014_exhibit992-q42024.htm:1]** **[60086_0000060086-25-000014_exhibit992-q42024.htm:2]** **[60086_0000060086-25-000014_exhibit992-q42024.htm:3]** **[60086_0000060086-25-000014_exhibit992-q42024.htm:4]** **[60086_0000060086-25-000014_exhibit992-q42024.htm:5]** **[60086_20241104NY46483:0]** **[60086_20241104NY46483:1]** **[60086_20241104NY46483:3]** **[60086_20241104NY46483:5]** **[60086_0000060086-24-000194_exhibit991-q32024.htm:0]** **[60086_0000060086-24-000194_exhibit991-q32024.htm:1]** **[60086_0000060086-24-000194_exhibit991-q32024.htm:3]** **[60086_0000060086-24-000194_exhibit992-q32024.htm:1]** **[60086_0000060086-24-000194_exhibit992-q32024.htm:2]** **[60086_L_3405582_0]** **[60086_L_3405582_1]** **[60086_L_3405582_2]** **[60086_L_3405582_3]** **[60086_L_3405582_4]** **[60086_20240729NY70573:0]** **[60086_20240729NY70573:1]** **[60086_L_3394873_5]**.

LOEWS CORP (L)·Q4 2024 Earnings Summary