#USA #New York #Boardwalk Pipelines #CNA Financial #Loews Corporation

Loews Corporation's Financial Performance in Q4 2025

Loews Corporation (NYSE: L) has reported its financial results for the fourth quarter of 2025, disclosing a remarkable net income of $402 million, which translates to $1.94 per share. This figure notably represents a substantial increase compared to $187 million, or $0.86 per share, registered in the fourth quarter of 2024.

It is essential to note that the previous year's results were impacted by a significant pension settlement charge incurred by CNA Financial Corporation, amounting to $265 million after-tax. When considering this charge, the current quarter's performance illustrates strong growth and recovery.

Key Highlights from Q4 2025

Several factors contributed to the notable results this quarter.

• - CNA Financial Corporation, a significant subsidiary under Loews, contributed net income of $276 million, marking a robust increase from $19 million year-over-year. However, when excluding the aforementioned pension settlement charge, the year-over-year results reflect slight changes due to specific unfavorable charges regarding non-economic claims related to asbestos and pollution losses. Meanwhile, net investment income rose, providing some offset to the underwriting challenges faced this year.
• - Boardwalk Pipelines reported a decline in net income to $110 million from $145 million. The decrease can be attributed to the non-recurrence of a one-time tax benefit recognized the previous year, which had positively influenced its earnings.
• - In the hospitality sector, Loews Hotels also saw a fall in net income, reporting $6 million compared to $27 million last year. The diminished earnings were primarily due to a planned asset impairment charge linked to an upcoming hotel replacement project, specifically at the Arlington property in Texas.
• - Interestingly, the corporate segment exhibited improved performance; net income in this domain increased to $10 million, reversing a prior net loss, largely due to higher investment returns from the parent company's trading portfolio.

Additionally, as of December 31, 2025, Loews Corporation recorded a book value per share of $90.71, up from $79.49 a year prior. This uplift further solidifies the corporation's financial position and stability in the current market landscape.

Annual Performance Overview

For the full year, Loews Corporation's net income amounted to $1.67 billion, or $7.97 per share, up from $1.41 billion, or $6.41 per share, in the previous year. This robust financial showing highlights the strength of its underlying business operations, aided by improved performance across its subsidiaries, particularly in the insurance and energy sectors. CNA’s contribution was significantly enhanced by an increase in underwriting revenues and favorable net investment returns, which offset legacy issues surrounding prior-year loss reserves.

Shareholder Return and Future Prospects

In terms of shareholder equity, Loews repurchased a total of 8.9 million common shares throughout 2025, investing approximately $782 million in the process. This reflects a commitment to enhancing shareholder value and a proactive capital return strategy.

The corporation continues to navigate various challenges, including legal proceedings surrounding Boardwalk Pipelines' previous acquisition of minority interests. Nonetheless, Loews remains optimistic about its future growth trajectory across its diversified business segments, including insurance, energy, hospitality, and packaging.

Looking forward, the company's resilience and strategic planning appear poised to offer sustainable performance, reinforcing investor confidence as the broader economic landscape evolves.