third quarter of 2026
Filed Nov 2, 2026LOEWS CORPORATION REPORTS NET INCOME OF $306 MILLION FOR THE THIRD QUARTER OF 2026
Third-quarter net income attributable to Loews Corporation declined to $306 million from $504 million, led by lower CNA and Corporate results, while Boardwalk underlying results and Loews Hotels improved and total revenues increased to $4,759 million from $4,671 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Three months ended September 30, 2026 total revenues (In millions)GAAP | $4.76B | – | – |
| Three months ended September 30, 2026 insurance premiums (In millions)GAAP | $2.83B | – | – |
| Three months ended September 30, 2026 net investment income (In millions)GAAP | $713M | – | – |
| Three months ended September 30, 2026 investment losses (In millions)GAAP | −$9M | – | – |
| Three months ended September 30, 2026 operating revenues and other (In millions)GAAP | $1.23B | – | – |
| Three months ended September 30, 2026 insurance claims and policyholders’ benefits (In millions)GAAP | $2.35B | – | – |
| Three months ended September 30, 2026 operating expenses and other (In millions)GAAP | $2.01B | – | – |
| Three months ended September 30, 2026 total expenses (In millions)GAAP | $4.35B | – | – |
| Three months ended September 30, 2026 income before income tax (In millions)GAAP | $406M | – | – |
| Three months ended September 30, 2026 income tax expense (In millions)GAAP | −$84M | – | – |
| Three months ended September 30, 2026 net income (In millions)GAAP | $322M | – | – |
| Three months ended September 30, 2026 amounts attributable to noncontrolling interests (In millions)GAAP | −$16M | – | – |
| Three months ended September 30, 2026 net income attributable to Loews Corporation (In millions)GAAP | $306M | – | – |
| Three months ended September 30, 2026 net income per share attributable to Loews CorporationGAAP | $ 1.50 | – | – |
| Three months ended September 30, 2026 weighted average number of sharesGAAP | 204.57 | – | – |
| Nine months ended September 30, 2026 total revenues (In millions)GAAP | $14.05B | – | – |
| Nine months ended September 30, 2026 insurance premiums (In millions)GAAP | $8.29B | – | – |
| Nine months ended September 30, 2026 net investment income (In millions)GAAP | $2.09B | – | – |
| Nine months ended September 30, 2026 investment losses (In millions)GAAP | −$32M | – | – |
| Nine months ended September 30, 2026 operating revenues and other (In millions)GAAP | $3.71B | – | – |
| Nine months ended September 30, 2026 insurance claims and policyholders’ benefits (In millions)GAAP | $6.69B | – | – |
| Nine months ended September 30, 2026 operating expenses and other (In millions)GAAP | $5.88B | – | – |
| Nine months ended September 30, 2026 total expenses (In millions)GAAP | $12.57B | – | – |
| Nine months ended September 30, 2026 income before income tax (In millions)GAAP | $1.48B | – | – |
| Nine months ended September 30, 2026 income tax expense (In millions)GAAP | −$334M | – | – |
| Nine months ended September 30, 2026 net income (In millions)GAAP | $1.15B | – | – |
| Nine months ended September 30, 2026 amounts attributable to noncontrolling interests (In millions)GAAP | −$60M | – | – |
| Nine months ended September 30, 2026 net income attributable to Loews Corporation (In millions)GAAP | $1.09B | – | – |
| Nine months ended September 30, 2026 net income per share attributable to Loews CorporationGAAP | $ 5.29 | – | – |
| Nine months ended September 30, 2026 weighted average number of sharesGAAP | 205.46 | – | – |
| CNA three months ended September 30, 2026 net income attributable to Loews Corporation (In millions)GAAP | $180M | – | – |
| CNA three months ended September 30, 2026 core income (In millions)non-GAAP | $203M | – | – |
| CNA Property and Casualty three months ended September 30, 2026 combined ratioGAAP | 97.0 % | – | increased by 4.2 points |
| CNA Property and Casualty three months ended September 30, 2026 underlying combined rationon-GAAP | 94.2 % | – | – |
| CNA Property and Casualty three months ended September 30, 2026 underlying loss rationon-GAAP | 64.1 % | consistent with the second quarter of 2026 | increased by 2.2 points |
| CNA Property and Casualty nine months ended September 30, 2026 combined ratioGAAP | 98.6 % | – | increased by 3.5 points |
| CNA Property and Casualty nine months ended September 30, 2026 underlying combined rationon-GAAP | 94.4 % | – | – |
| CNA Property and Casualty nine months ended September 30, 2026 underlying loss rationon-GAAP | 64.1 % | – | increased by 2.5 points |
| Boardwalk Pipelines three months ended September 30, 2026 net income attributable to Loews Corporation (In millions)GAAP | $85M | – | – |
| Boardwalk Pipelines three months ended September 30, 2026 EBITDA (In millions)non-GAAP | $262M | – | – |
| Boardwalk Pipelines nine months ended September 30, 2026 EBITDA (In millions)non-GAAP | $901M | – | – |
| Loews Hotels & Co three months ended September 30, 2026 net income attributable to Loews Corporation (In millions)GAAP | $16M | – | – |
| Loews Hotels & Co three months ended September 30, 2026 Adjusted EBITDA (In millions)non-GAAP | $86M | – | increased 25% |
| Loews Hotels & Co nine months ended September 30, 2026 Adjusted EBITDA (In millions)non-GAAP | $347M | – | – |
| Book value per share as of September 30, 2026GAAP | $ 90.24 | decreased | – |
| Book value per share excluding AOCI as of September 30, 2026other | $ 100.67 | increased | – |
| Shares of common stock outstanding as of September 30, 2026 (in millions)other | 202.9M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| CNA Financial three months ended September 30, 2026 (In millions)Net income attributable to Loews Corporation decreased primarily due to annual long-term care reserve assumption updates, lower Property and Casualty underlying underwriting results and higher catastrophe losses. | $3.82B | – | – |
| Boardwalk Pipelines three months ended September 30, 2026 (In millions)Revenue benefited from higher gas transportation contracting rates and utilization; reported results included net unrealized losses at Continuum and an impairment charge related to relocation of Boardwalk’s corporate office. | $616M | – | – |
| Loews Hotels & Co three months ended September 30, 2026 (In millions)Results improved from higher overall average daily rates and occupied room nights across most of the portfolio, particularly at Loews Miami Beach Hotel and the Loews Hotels & Co Arlington hotel properties. | $250M | – | – |
| Corporate investment income, net three months ended September 30, 2026 (In millions)Corporate net income decreased primarily due to lower investment income from the parent company trading portfolio. | $72M | – | – |
Capital returns
- Loews Corporation repurchased 1.6 million shares of its common stock during the three months ended September 30, 2026 for a total cost of $167 million.
- An additional 0.6 million shares were repurchased for $67 million between October 1, 2026 and October 30, 2026.
- On September 30, 2026, there were 202.9 million shares of Loews common stock outstanding.
What drove it
- CNA Property and Casualty net earned premiums grew by 2% and net written premiums grew by 3%.
- CNA's unfavorable impact from its annual long-term care reserve charge was $125 million after-tax and noncontrolling interest; the company said it will almost entirely be offset by higher investment yields from recent investment portfolio actions over time.
- Boardwalk stated that, excluding the two identified charges, net income and EBITDA increased by $5 million and $14 million, driven by higher gas transportation revenues.
- Loews Hotels benefited from higher overall average daily rates and increased occupied room nights across most of the portfolio.
Concerns
- CNA Property and Casualty's combined ratio increased to 97.0% from 92.8%, largely due to a higher underlying loss ratio and higher catastrophe losses.
- CNA's underlying loss ratio increased by 2.2 points from the prior-year third quarter, driven mainly by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters.
- Boardwalk recorded $10 million of net unrealized losses at Continuum and a $9 million impairment charge associated with relocation of its corporate office.
- Corporate results declined due to lower investment income from the parent company trading portfolio; the nine-month discussion also cited higher interest expense related to a recent debt refinancing.
- Loews Hotels' equity income from joint ventures decreased in the quarter due to lower average daily rate and higher operating expenses at the Universal Orlando Resort.
What to watch
- The timing and extent of higher investment income expected to offset CNA's $125 million after-tax and noncontrolling interest long-term care reserve charge.
- CNA Property and Casualty underwriting results, including loss cost trends, achieved rate and catastrophe losses.
- Boardwalk gas transportation contracting rates, utilization, growth project revenues and operating expenses.
- Loews Hotels' average daily rates, occupied room nights and equity income from joint ventures.
- Parent company trading portfolio investment income and interest expense following the recent debt refinancing.
Balance sheet and cash flow
- On September 30, 2026, the parent company had $4.4 billion of cash and investments and $1.8 billion of debt.
- Book value per share was $90.24 as of September 30, 2026, compared with $90.71 as of December 31, 2025.
- Book value per share excluding AOCI was $100.67 as of September 30, 2026, compared with $95.89 as of December 31, 2025.
Analysis
Loews reported third-quarter net income attributable to Loews Corporation of $306 million, or $1.50 per share, versus $504 million, or $2.43 per share, in the third quarter of 2025. Total revenues rose to $4,759 million from $4,671 million, but income before income tax fell to $406 million from $689 million. Insurance claims and policyholders' benefits increased to $2,347 million from $2,032 million, while operating expenses and other increased to $2,006 million from $1,950 million.
CNA was the principal drag on quarterly earnings. Its net income attributable to Loews Corporation was $180 million, compared with $371 million, and core income was $203 million compared with $409 million. The stated causes were the $125 million after-tax and noncontrolling interest impact of annual long-term care reserve assumption updates, lower Property and Casualty underlying underwriting results and higher catastrophe losses. Property and Casualty's combined ratio rose to 97.0% from 92.8%, while its underlying combined ratio rose to 94.2% from 91.3%. Net earned premiums grew by 2% and net written premiums grew by 3%, and management said recent investment portfolio actions should generate higher investment yields over time.
Boardwalk reported net income of $85 million compared with $94 million and EBITDA of $262 million compared with $267 million. The results included $10 million of net unrealized losses at Continuum and a $9 million impairment charge related to the corporate office relocation. Excluding those items, the company said net income and EBITDA increased by $5 million and $14 million, respectively, driven by higher gas transportation revenue from contracting rates and utilization. Loews Hotels was a favorable offset, with net income of $16 million compared with a $3 million loss and Adjusted EBITDA of $86 million compared with $69 million, supported by average daily rate and occupied room-night gains.
For the nine months ended September 30, 2026, net income attributable to Loews Corporation was $1,087 million, or $5.29 per share, compared with $1,265 million, or $6.03 per share. Revenues were $14,048 million compared with $13,720 million. CNA's nine-month underwriting metrics remained weaker, with a 98.6% combined ratio versus 95.1% and a 94.4% underlying combined ratio versus 91.7%, while Boardwalk and Loews Hotels both reported higher nine-month net income attributable to Loews Corporation.
Capital allocation remained active. Loews repurchased 1.6 million shares for $167 million during the third quarter and another 0.6 million shares for $67 million through October 30, 2026. The parent company reported $4.4 billion of cash and investments and $1.8 billion of debt as of September 30, 2026. Book value per share was $90.24, down from $90.71 as of December 31, 2025, while book value per share excluding AOCI increased to $100.67 from $95.89. The filing did not provide forward financial guidance.
Not in the filing
stated, not guessed- Forward revenue, margin, operating expense, tax-rate and other financial guidance were not provided.
- Prior guidance was not provided.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Dividend amount and dividend declaration were not reported.
- Gross margin was not reported.
- Named executive quotations were not included in the filing text.
- Three-month and nine-month percentage revenue growth rates for total revenue and each segment were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.