Loews Corporation is a diversified holding company with interests in various industries, primarily through its consolidated operating subsidiaries and segments **[0000060086-24-000029_l-20231231.htm:73]** **[0000060086-24-000196_l-20240930.htm:36]**. The company is significantly involved in commercial property and casualty insurance through its approximately 92% owned subsidiary, CNA Financial Corporation, which is a major contributor to its revenue **[0001140361-24-006143_ny20020502x1_s3asr.htm:3]** **[0000060086-24-000029_l-20231231.htm:6]**. Loews also operates in the energy sector with Boardwalk Pipeline Partners, LP, focusing on the transportation and storage of natural gas and natural gas liquids **[0001140361-24-006143_ny20020502x1_s3asr.htm:3]** **[0000060086-24-000029_l-20231231.htm:11]**. Additionally, Loews Hotels & Co manages a chain of hotels, and the company holds a substantial interest in Altium Packaging LLC, which specializes in rigid plastic packaging solutions **[0001140361-24-006143_ny20020502x1_s3asr.htm:3]** **[0000060086-24-000029_l-20231231.htm:6]**.

1. **CNA Financial Corporation** - Engages in commercial property and casualty insurance, significantly contributing to Loews' overall revenue.
2. **Boardwalk Pipeline Partners, LP** - Operates in the transportation and storage of natural gas and natural gas liquids.
3. **Loews Hotels & Co** - Manages and operates a chain of hotels.
4. **Altium Packaging LLC** - Involved in the manufacture of rigid plastic packaging solutions.
5. **Corporate Segment** - Represents Loews Corporation excluding its subsidiaries and includes the equity method of accounting for Altium Packaging.

e20074e459cedd1cc02c33aac25fe43d66ad5fb625ff01e1b6990c97d90225dc

| Segment / Quarter | Q4 2022 | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 |
|-------------------|---------|---------|---------|---------|---------|---------|---------|---------|
| **CNA Financial** ($ million) | 3,111  **[0000060086-23-000013_exhibit991-q42022.htm:3]**  | 3,152  **[0000060086-23-000087_l-20230331.htm:28]**  | 3,304  **[0000060086-23-000134_l-20230630.htm:36]**  | 3,336  **[0000060086-23-000177_l-20230930.htm:38]**  | N/A | 3,444  **[0000060086-24-000086_l-20240331.htm:23]**  | 3,519  **[0000060086-24-000148_l-20240630.htm:30]**  | 3,618  **[0000060086-24-000196_l-20240930.htm:32]**  |
| **Boardwalk Pipelines** ($ million) | 401  **[0000060086-23-000013_exhibit991-q42022.htm:3]**  | 397  **[0000060086-23-000087_l-20230331.htm:28]**  | 365  **[0000060086-23-000134_l-20230630.htm:36]**  | 363  **[0000060086-23-000177_l-20230930.htm:38]**  | N/A | 517  **[0000060086-24-000086_l-20240331.htm:23]**  | 488  **[0000060086-24-000148_l-20240630.htm:30]**  | 483  **[0000060086-24-000196_l-20240930.htm:32]**  |
| **Loews Hotels & Co** ($ million) | 189  **[0000060086-23-000013_exhibit991-q42022.htm:3]**  | 192  **[0000060086-23-000087_l-20230331.htm:28]**  | 254  **[0000060086-23-000134_l-20230630.htm:36]**  | 196  **[0000060086-23-000177_l-20230930.htm:38]**  | N/A | 216  **[0000060086-24-000086_l-20240331.htm:23]**  | 251  **[0000060086-24-000148_l-20240630.htm:30]**  | 226  **[0000060086-24-000196_l-20240930.htm:32]**  |
| **Corporate** ($ million) | 92  **[0000060086-23-000013_exhibit991-q42022.htm:3]**  | 42  **[0000060086-23-000087_l-20230331.htm:28]**  | 11  **[0000060086-23-000134_l-20230630.htm:36]**  | 31  **[0000060086-23-000177_l-20230930.htm:38]**  | N/A | 54  **[0000060086-24-000086_l-20240331.htm:23]**  | 9  **[0000060086-24-000148_l-20240630.htm:30]**  | 139  **[0000060086-24-000194_exhibit991-q32024.htm:3]**  |
| **Total Revenue** ($ million) | 3,793  **[0000060086-23-000013_exhibit991-q42022.htm:3]**  | 3,783  **[0000060086-23-000087_l-20230331.htm:28]**  | 3,934  **[0000060086-23-000134_l-20230630.htm:36]**  | 3,926  **[0000060086-23-000177_l-20230930.htm:38]**  | N/A | 4,231  **[0000060086-24-000086_l-20240331.htm:23]**  | 4,267  **[0000060086-24-000148_l-20240630.htm:30]**  | 4,466  **[0000060086-24-000196_l-20240930.htm:32]**  |

4a9b026ecfebf62206f2fd134c113a4ce591dca4f76192132f8e5dfe90bb2cd4

Specialty's Combined Ratio (%)

International's Combined Ratio (%)

Catastrophe Losses (USD Million)

Boardwalk Pipelines' Transportation Revenues Increase (USD Million)

Bayou Ethane Acquisition Contribution (USD Million)

517befa560f706ea4d5b2735dff38fe2fbbd08b2276a0bb724c14e27afe675f5

Total Revenue (USD, millions)

Cost of Goods Sold (COGS) (USD, millions)

Selling, General, and Administrative Expenses (SG&A) (USD, millions)

Research and Development (R&D) (USD, millions)

Depreciation and Amortization (D&A) (USD, millions)

Interest Expense (USD, millions)

Operating Income (EBIT) (USD, millions)

Net Income (USD, millions)

Earnings Per Share (EPS) - Basic (USD)

Earnings Per Share (EPS) - Diluted (USD)

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Adjustments for Non-Cash Items (USD, millions)

Stock-Based Compensation (USD, millions)

Changes in Working Capital (USD, millions)

Capital Expenditures (CapEx) (USD, millions)

Proceeds from / Repayments of Debt (USD, millions)

Share Repurchases (USD, millions)

Dividend Payments (USD, millions)

Net Change in Cash (USD, millions)

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| Name               | Position                                                                 | Start Date       | Short Bio                                                                                                                                                                                                 |
|--------------------|--------------------------------------------------------------------------|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| Marc A. Alpert     | Senior Vice President, General Counsel, and Secretary                    | 2016             | Marc A. Alpert has been serving as the Senior Vice President, General Counsel, and Secretary at Loews Corporation since **2016**  **[0000060086-24-000029_l-20231231.htm:22]** .                                                                 |
| Richard W. Scott   | Senior Vice President and Chief Investment Officer                       | 2009             | Richard W. Scott has been the Senior Vice President and Chief Investment Officer at Loews Corporation since **2009**. He is currently **70 years old**  **[0000060086-24-000029_l-20231231.htm:22]** .                                           |
| Kenneth I. Siegel  | Senior Vice President                                                    | 2009             | Kenneth I. Siegel has been a Senior Vice President at Loews Corporation since **2009**  **[0000060086-24-000029_l-20231231.htm:22]** .                                                                                                           |
| Alexander H. Tisch | Vice President, Loews Corporation; President and CEO, Loews Hotels & Co  | 2014             | Alexander H. Tisch has been Vice President at Loews Corporation since **2014**. He became President and CEO of Loews Hotels & Co in **January 2023**  **[0000060086-24-000029_l-20231231.htm:22]** .                                             |
| Benjamin J. Tisch  | Senior Vice President, Corporate Development and Strategy                | May 2022         | Benjamin J. Tisch assumed the role of Senior Vice President, Corporate Development and Strategy in **May 2022**. He is the son of James S. Tisch, the President and CEO of Loews Corporation  **[0000060086-24-000029_l-20231231.htm:22]** **[0000060086-23-000025_l-20221231.htm:23]** **[0001140361-24-017458_ny20018674x1_def14a.htm:9]** . |
| James S. Tisch     | President and CEO; Office of the President                               | 1981             | James S. Tisch has been the President and CEO and a member of the Office of the President at Loews Corporation since **1981**. He has been a director since **1986**  **[0000060086-24-000029_l-20231231.htm:22]** **[0001140361-24-017458_ny20018674x1_def14a.htm:9]** **[0001140361-23-014426_ny20006152x2_def14a.htm:8]** .                        |
| Jonathan M. Tisch  | Office of the President and Co-Chairman of the Board; Executive Chairman | 1986             | Jonathan M. Tisch has been a member of the Office of the President and Co-Chairman of the Board since **1986**. He served as CEO of Loews Hotels from **2016 until 2022**  **[0000060086-24-000029_l-20231231.htm:22]** **[0001140361-24-017458_ny20018674x1_def14a.htm:9]** **[0001140361-23-014426_ny20006152x2_def14a.htm:9]** .                  |
| Jane J. Wang       | Senior Vice President and Chief Financial Officer                        | May 10, 2022     | Jane J. Wang became the Senior Vice President and Chief Financial Officer on **May 10, 2022**. She was previously a Vice President from 2014 until her promotion  **[0000060086-24-000029_l-20231231.htm:22]** **[0000060086-23-000025_l-20221231.htm:23]** .                               |

76c025470db56c08d030e1a8ef7f443dac9a8f4bf1c20c59a1b5bfc0a880db75

1. "Given the increased catastrophe losses impacting CNA's underwriting results, including the anticipated losses from **Hurricane Milton ($18 million to $40 million after tax to Loews)**, how do you plan to mitigate the impact of such events on your combined ratio and overall profitability?"  **[L_3405582_2]** 
2. "With Boardwalk experiencing surging demand and potential growth projects, yet expecting to incur significant capex in a few years  **[L_3405582_4]** , can you elaborate on how this aligns with maintaining **distributions to Loews** and the potential impact on your **cash flow**?"  **[L_3405582_4]** **[L_3405582_0]** **[L_3405582_3]** 
3. "Loews Hotels reported a **net loss of $8 million** in the third quarter due to a **$15 million after-tax impairment charge** and **lower occupancy at Orlando properties**  **[L_3405582_3]** ; what steps are being taken to address these challenges and improve the performance of your hospitality segment?"  **[L_3405582_3]** 
4. "Regarding the upcoming **non-cash charge of $265 million after tax** related to the acceleration of unrealized losses in AOCI from the pension liability transfer  **[L_3405582_3]** , can you explain how this will affect your financial statements and what measures you're taking to manage future pension obligations?"  **[L_3405582_3]** 
5. "CNA has been actively de-risking its long-term care reserves through policy buyouts, resulting in **short-term losses**  **[L_3405582_2]** ; can you discuss the long-term benefits of this strategy and its impact on **earnings volatility**?"  **[L_3405582_2]** 

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5c560e51fe11824578ff919d018a0862f9c85918d59c5a6c0eb19db026f3ef0a

| Name                  | Start Date | End Date | Reason for Change |
|-----------------------|------------|----------|-------------------|
| Deloitte & Touche LLP | 1969  **[0000060086-24-000029_l-20231231.htm:123]**    | Present  | Current auditor   |

d7accfc54c5737e3f6d93076eb501843924ab7cdce35360c6256451442a28ae0

23794d91c53ae875c8e247d72561e35d9d06ee07c70c9e0dbcc977a6d161504a

- Total Revenue: $4,466 million (+14% YoY)  **[0000060086-23-000177_l-20230930.htm:38]** **[0000060086-23-000177_l-20230930.htm:46]** **[0000060086-24-000196_l-20240930.htm:32]**   
- CNA Financial: $3,618 million (+8% YoY)  **[0000060086-23-000177_l-20230930.htm:38]** **[0000060086-23-000177_l-20230930.htm:46]** **[0000060086-24-000196_l-20240930.htm:32]**   
- Boardwalk Pipelines: $483 million (+33% YoY)  **[0000060086-23-000177_l-20230930.htm:38]** **[0000060086-23-000177_l-20230930.htm:46]** **[0000060086-24-000196_l-20240930.htm:32]**   
- Loews Hotels & Co: $226 million (+15% YoY)  **[0000060086-23-000177_l-20230930.htm:38]** **[0000060086-23-000177_l-20230930.htm:46]** **[0000060086-24-000196_l-20240930.htm:32]**   
- Corporate: $139 million (**+348%** YoY)  **[0000060086-23-000177_l-20230930.htm:38]** **[0000060086-23-000177_l-20230930.htm:46]** **[0000060086-24-000196_l-20240930.htm:32]**   
- Operating Income (EBIT): $55 million (**-85%** YoY)  **[0000060086-23-000177_l-20230930.htm:38]** **[0000060086-24-000196_l-20240930.htm:3]** **[0000060086-23-000177_l-20230930.htm:3]**   
- Net Income: $401 million (+58% YoY)  **[0000060086-23-000177_l-20230930.htm:38]** **[0000060086-24-000196_l-20240930.htm:3]** **[0000060086-23-000177_l-20230930.htm:3]**   
- EPS (Diluted): $1.82 (+63% YoY)  **[0000060086-23-000177_l-20230930.htm:38]** **[0000060086-24-000196_l-20240930.htm:3]** **[0000060086-23-000177_l-20230930.htm:3]**   

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| Year       | Amount Due (Millions) | Debt Type                          | Interest Rate (%) | % of Total Debt                     |
|------------|------------------------|------------------------------------|-------------------|--------------------------------------|
| 2024       | 713                   | Short-term debt                   | N/A               | 7.5% = (713 / 9,534) * 100 **[0000060086-24-000196_l-20240930.htm:2]**  |
| 2024       | 600                   | Boardwalk Pipelines 5.0% Notes    | 5.0               | 6.3% = (600 / 9,534) * 100 **[0000060086-24-000196_l-20240930.htm:27]**  |
| 2034       | 500                   | CNA Financial 5.1% Senior Notes   | 5.1               | 5.2% = (500 / 9,534) * 100 **[0000060086-24-000196_l-20240930.htm:27]**  |
| 2034       | 600                   | Boardwalk Pipelines 5.6% Notes    | 5.6               | 6.3% = (600 / 9,534) * 100 **[0000060086-24-000196_l-20240930.htm:27]**  |

06ab3768e4751f444ff025443db3fa6604c9ce55a5a69edcd2a540e0463e0377

- **Boardwalk Pipelines is performing very well and anticipates funding growth projects using its own balance sheet.**  **[L_3405582_4]**
- **Boardwalk is likely to maintain distributions to Loews at or near current levels while financing these prospective projects.**  **[L_3405582_4]**
- **Despite ongoing shareholder litigation, the company remains very confident in their case, expecting final resolution in 2025.**  **[L_3405582_4]**

fc455149fefa11e6098faf70c17e9c3a52f1bed2558a06bc5a2f8f377ca55ee6

- **After-tax investment income at Loews decreased to $7 million in Q2 2024 from $9 million in Q2 2023**, driven by lower returns on the common stock portfolio.  **[L_3394873_6]**
- **CNA Financial's combined ratio increased by 1.0 point to 94.8%**, due to higher catastrophe losses and an increase in the underlying loss ratio, indicating potential challenges in underwriting profitability.  **[L_3394873_5]**
- **Loews Hotels' Adjusted EBITDA decreased to $98 million in Q2 2024 from $100 million in Q2 2023**, with net income impacted by a drop in occupancy and rates at Orlando hotels, greater interest expense, and higher depreciation from new properties.  **[L_3394873_5]**

681ab7862a869b8ed1fa205e93babbfd679d2c8fbcba430c7ab91fd446e80899

1. **Boardwalk Funding and Capex Plans**  
   **Q:** How will Boardwalk fund growth projects and when will capex occur?  
   **A:** Boardwalk is performing well and expects to finance all its capital needs using its own balance sheet.  **[L_3405582_4]**  The company anticipates maintaining distributions to Loews at or near current levels while funding these projects.  **[L_3405582_4]**  Significant capital expenditures are not expected for a few years due to the lead times involved.  **[L_3405582_4]** 

2. **Shareholder Litigation Timeline**  
   **Q:** When do you expect a resolution of the shareholder litigation?  
   **A:** The Delaware Supreme Court is likely to hear the plaintiff's appeal in **spring 2025**, with a ruling expected in **summer or fall of 2025**.  **[L_3405582_4]**  The company remains very confident in their case.  **[L_3405582_4]** 

5b16533c80fb90242f7be06de80a01b2b693b4b56af5fafeb7b197fd4f2a8198

- **Persistently Underperforming CNA Share Price**: Despite CNA's strong operational performance, including a **record core income of nearly $1.3 billion** and a **9% increase in net written premiums** in 2023  **[L_3371880_0]** , its share price remains **almost 20% lower today than it was at the beginning of 2018**.  **[L_3371880_0]**  This could negatively impact Loews's valuation, given its significant investment in CNA.
- **Heavy Dependence on Share Repurchases**: Loews has heavily relied on share repurchases as a capital allocation strategy, buying back **14 million shares for a total cost of $852 million** in 2023, amounting to about **6% of the shares outstanding**.  **[L_3371880_1]**  Since the end of 2018, they've repurchased over **91 million shares**, reducing the share count by about **29%**.  **[L_3371880_1]**  This may indicate a lack of attractive growth opportunities and could raise concerns about the sustainability of this strategy.
- **Market's Low Valuation of Non-Public Subsidiaries**: The market is valuing Loews's non-public subsidiaries at about **$4.6 billion**, which management considers **"extraordinarily cheap"** given that the combined EBITDA of Boardwalk Pipelines and Loews Hotels is nearly **$1.3 billion**.  **[L_3371880_4]**  This discrepancy might reflect market skepticism regarding the future prospects or profitability of these subsidiaries.

3fca4696771d6fd53bca5a67c261b0012e4dc49b80b0764cea56cc0a5d6c82f6

- **Earnings per share increased by over 80% to $6.29 in 2023**  **[L_3371880_0]** , and **book value per share rose to $70.69**  **[L_3371880_2]** , showcasing Loews Corporation's strong financial performance and robust growth across its subsidiaries.
- Subsidiaries demonstrated exceptional performance: **CNA reported record core income of nearly $1.3 billion, a more than 50% increase over 2022**  **[L_3371880_0]** ; **Boardwalk Pipelines reported full-year EBITDA of $929 million**  **[L_3371880_0]** ; and **Loews Hotels achieved Adjusted EBITDA of $328 million**  **[L_3371880_0]** , highlighting the diversified strength in Loews's portfolio.
- The company believes its shares are **undervalued**, leading to **significant share repurchases totaling $852 million in 2023**, reducing the share count by about **6%**.  **[L_3371880_1]**  The market undervalues its non-public subsidiaries, with **$1.3 billion in combined EBITDA from Boardwalk and Loews Hotels valued at only about $4.6 billion**.  **[L_3371880_4]**

c42f292df10664694fc18ea35f13e088519c806c8375bb04a37704c756755537

- **Strong Financial Performance:** Loews reported a net income of **$369 million or $1.67 per share** in Q2 2024, up from $360 million or $1.58 per share in the prior year. Book value per share excluding AOCI increased to **$85.42**, driven by strong earnings in the first half of the year.  **[L_3394873_5]**
- **Growth in Key Subsidiaries:**
- **Effective Capital Management:** Loews ended Q2 2024 with **$3.1 billion in cash and short-term investments** and repurchased **2.4 million shares for approximately $180 million**, demonstrating strong liquidity and a commitment to enhancing shareholder value.  **[L_3394873_6]**

0a60566e4a51e6f2160cd2adc419fe53bce6f9837fb829fda39340064de77ad4

- **Boardwalk Pipelines anticipates significant capital expenditures in the coming years, which may impact its future cash flow and financial stability.**  **[L_3405582_4]**
- **Ongoing shareholder litigation for Boardwalk continues, with the Delaware Supreme Court expected to rule by fall 2025, introducing legal uncertainties that could affect Loews.**  **[L_3405582_4]**
- **While Boardwalk plans to maintain distributions to Loews at or near current levels, funding future projects may strain resources, potentially affecting Loews' income from this subsidiary.**  **[L_3405582_4]**

d2b8864111c4443f13a2404b560579b7de7da0474b91909876ac6ed0b7e04657

- **Strong Financial Performance in Q1 2024**: Loews reported net income of **$457 million or $2.05 per share**, representing a more-than-20% year-over-year increase from **$375 million or $1.61 per share** in Q1 2023.  **[L_3386977_0]**
- **Growth in Key Subsidiaries**:
- **Strategic Expansion in Loews Hotels**: The company opened the **888-room Loews Arlington Hotel**, which has already attracted substantial group business. Additionally, construction continues on three new hotels in Orlando with a combined **2,000 rooms**, expected to open in early 2025, enhancing future growth prospects.  **[L_3386977_1]**

ab35bd06285cdea0a959cbab9aba3d9b7faae24e138219b5c4365e302d3d52ad

Loews Corp (L)

Financials