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NEW YORK, Aug. 3, 2026 /PRNewswire/ -- Loews Corporation (NYSE: L) today released its second quarter 2026 financial results. Second Quarter 2026 highlights: Loews Corporation reported net income of $444 million, or $2.16 per share, in the second quarter of 2026, compared to $391 million, or $1.87 per share, in the second quarter of 2025. The following are key highlights of our second quarter results: CNA Financial Corporation's (NYSE: CNA) net income attributable to Loews Corporation increased year-over-year primarily due to higher net investment income and lower investment losses, partially offset by lower underlying underwriting results. Boardwalk Pipelines' net income increased year-over-year primarily due to higher contracting rates on gas transportation and higher product sales, partially offset by higher operating expenses. Loews Hotels' net income increased year-over-year primarily due to higher average daily rates and occupied room nights across most of its portfolio. Corporate segment net income was essentially unchanged year-over-year. Book value per share increased to $93.52 as of June 30, 2026, from $90.71 as of December 31, 2025. Book value per share, excluding AOCI, increased to $99.27 as of June 30, 2026, from $95.89 as of December 31, 2025. On June 30, 2026, the parent company had $4.4 billion of cash and investments and $1.8 billion of debt. Loews Corporation repurchased 1.4 million shares of its common stock during the second quarter of 2026 for a total cost of $146 million. Consolidated highlights: Three months ended June 30, 2026 compared to 2025 CNA: Net income attributable to Loews Corporation increased to $294 million compared to $274 million. Core income decreased to $324 million compared to $335 million primarily driven by lower underlying underwriting results, partially offset by higher net investment income. Net earned premiums grew by 3% and net written premiums grew by 4% for CNA's Property and Casualty business. Property and Casualty's combined ratio increased by 2.4 points to 96.5% compared to 94.1% largely due to a higher underlying loss ratio. Property and Casualty's underlying combined ratio increased to 94.2% from 91.7%. Property and Casualty's underlying loss ratio of 64.1% was consistent with the first quarter of 2026, but increased by 2.6 points compared to the prior year second quarter, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters. Net investment income increased due to higher limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates. Investment losses decreased due to lower losses on disposals of fixed maturity securities. Boardwalk: Net income increased to $100 million compared to $88 million. EBITDA increased to $279 million compared to $274 million. Net income and EBITDA improved primarily due to an increase in gas transportation revenues from higher contracting rates and recently completed growth projects, as well as higher product sales, partially offset by higher operating expenses. Loews Hotels: Net income increased 71% to $48 million compared to $28 million. Adjusted EBITDA increased 26% to $137 million compared to $109 million. Net income and adjusted EBITDA improved primarily due to higher average daily rates and occupied room nights across most of its portfolio, particularly at the Universal Orlando Resort properties and the Miami Beach Hotel post renovation. Corporate: Net income of $2 million compared to $1 million. Six months ended June 30, 2026 compared to 2025 Loews Corporation reported net income of $781 million, or $3.79 per share, compared to $761 million, or $3.61 per share, in 2025. The following are key highlights: CNA's net income attributable to Loews Corporation decreased primarily due to lower underlying underwriting results, partially offset by higher net investment income and lower investment losses. Property and Casualty's combined ratio increased by 3.1 points to 99.4% compared to 96.3% largely due to a higher underlying loss ratio and unfavorable net prior year loss reserve development. Property and Casualty's underlying combined ratio was 94.5% compared to 92.0%. Property and Casualty's underlying loss ratio increased by 2.6 points, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters. CNA's net investment income increased due to higher limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates. Boardwalk's net income improved primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization-based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses. Loews Hotels' net income improved primarily due to higher equity income from joint ventures, driven by growth in the overall average daily rate and an increase in the number of occupied room nights at the Universal Orlando Resort properties. Corporate segment results declined year-over-year primarily driven by higher interest expense related to a recent debt refinancing. Share Purchases: On June 30, 2026, there were 204.4 million shares of Loews common stock outstanding. During the three months ended June 30, 2026, Loews Corporation repurchased 1.4 million shares of its common stock for a total cost of $146 million. Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market (including, with respect to Loews common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise. Reconciliation of GAAP Measures to Non-GAAP Measures This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. CNA utilizes core income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization ("EBITDA"), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures on pages 6 through 8 of this release. Earnings Remarks For Loews Corporation Today, August 3, 2026, earnings remarks will be available on the Investors section of our website at www.loews.com. Remarks will include commentary from Loews's president and chief executive officer and chief financial officer. For CNA Today, August 3, 2026, earnings remarks will be available on the Investor Relations section of CNA's website at www.cna.com. Remarks will include commentary from CNA's president and chief executive officer and chief financial officer. About Loews Corporation Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com. Forward-Looking Statements Statements contained in this news release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company's overall business and financial performance, can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based. Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures: CNA Financial Corporation Core income is calculated by excluding from CNA's net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA's primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA's defined benefit pension plans which are unrelated to its primary insurance operations. The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income: In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA's underwriting performance since they remove the impact of catastrophes which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance. The following table presents a reconciliation of CNA's loss ratio to underlying loss ratio and CNA's combined ratio to underlying combined ratio: Boardwalk Pipelines EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk's net income attributable to Loews Corporation to its EBITDA: Loews Hotels & Co Adjusted EBITDA is calculated by excluding from Loews Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co's ownership percentage to the underlying equity method investment's components of Adjusted EBITDA and excluding distributions in excess of basis. The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA: The following table presents a reconciliation of Loews Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments: View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-444-million-for-the-second-quarter-of-2026-302840097.html

NEW YORK, May 4, 2026 /PRNewswire/ -- Loews Corporation (NYSE: L) today released its first quarter 2026 financial results. First Quarter 2026 highlights: Loews Corporation reported net income of $337 million, or $1.63 per share, in the first quarter of 2026, compared to $370 million, or $1.74 per share, in the first quarter of 2025. The following are key highlights of our first quarter results: CNA Financial Corporation's (NYSE: CNA) net income attributable to Loews Corporation decreased year-over-year primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income. Boardwalk Pipelines' net income increased year-over-year primarily due to higher contracting rates and utilization-based revenues on gas transportation, as well as higher rates on storage, parking and lending. Loews Hotels' net income increased year-over-year primarily due to higher equity income from joint ventures, driven mainly by the Universal Orlando Resort joint ventures. Corporate segment results decreased year-over-year primarily due to lower investment income from the parent company trading portfolio and higher interest expense. Book value per share increased to $90.90 as of March 31, 2026, from $90.71 as of December 31, 2025. Book value per share, excluding AOCI, increased to $97.20 as of March 31, 2026, from $95.89 as of December 31, 2025. On March 31, 2026, the parent company had $4.5 billion of cash and investments and $1.8 billion of debt. Loews Corporation repurchased 0.3 million shares of its common stock during the first quarter of 2026 for a total cost of $31 million. Consolidated highlights: Three months ended March 31, 2026 compared to 2025 CNA: Net income attributable to Loews Corporation was $194 million compared to $252 million. Core income decreased to $225 million compared to $281 million, driven by lower underlying underwriting results and unfavorable net prior year loss reserve development, partially offset by higher net investment income. Net earned premiums grew by 3% and net written premiums grew by 1%. Property and Casualty's combined ratio increased by 3.8 points to 102.2% compared to 98.4% largely due to a higher underlying loss ratio and unfavorable net prior year loss reserve development. Property and Casualty's underlying combined ratio increased to 94.5% from 92.1%. Property and Casualty's underlying loss ratio increased by 2.6 points, mainly driven by higher loss cost trends and lower than expected rate in certain lines in recent quarters. Property and Casualty's unfavorable net prior year loss reserve development increased from $61 million to $100 million mainly driven by professional errors & omissions and excess casualty in recent accident years. Net investment income increased due to higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, partially offset by lower common stock returns. Boardwalk: Net income increased to $159 million compared to $152 million. EBITDA increased to $360 million compared to $346 million. Net income and EBITDA improved due to higher contracting rates and utilization-based revenues on gas transportation as well as higher rates on storage, parking and lending, partially offset by lower product sales and higher operating expenses. Loews Hotels: Net income increased to $26 million compared to less than $1 million. Adjusted EBITDA increased 53% to $124 million compared to $81 million. Net income and adjusted EBITDA improved primarily due to higher equity income from joint ventures driven by growth in the overall average daily rate and an increase in both the number of available and the number of occupied room nights at the Universal Orlando Resort, including the addition of the three new hotels that opened in 2025. Corporate: Net loss of $42 million compared to a net loss of $34 million. Results decreased primarily due to lower investment income from the parent company trading portfolio and higher interest expense related to recent debt refinancing. Share Purchases: On March 31, 2026, there were 205.8 million shares of Loews common stock outstanding. During the three months ended March 31, 2026, Loews Corporation repurchased 0.3 million shares of its common stock for a total cost of $31 million. Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market (including, with respect to Loews common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise. Reconciliation of GAAP Measures to Non-GAAP Measures This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. CNA utilizes core income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization ("EBITDA"), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures on pages 6 and 7 of this release. Earnings Remarks For Loews Corporation Today, May 4, 2026, earnings remarks will be available on the Investors section of our website at www.loews.com. Remarks will include commentary from Loews's president and chief executive officer and chief financial officer. For CNA Today, May 4, 2026, earnings remarks will be available on the Investor Relations section of CNA's website at www.cna.com. Remarks will include commentary from CNA's president and chief executive officer and chief financial officer. About Loews Corporation Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com. Forward-Looking Statements Statements contained in this news release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company's overall business and financial performance, can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based. Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures: CNA Financial Corporation Core income is calculated by excluding from CNA's net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA's primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA's defined benefit pension plans which are unrelated to its primary insurance operations. The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income: In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA's underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance. The following table presents a reconciliation of CNA's loss ratio to underlying loss ratio and CNA's combined ratio to underlying combined ratio: Boardwalk Pipelines EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk's net income attributable to Loews Corporation to its EBITDA: Loews Hotels & Co Adjusted EBITDA is calculated by excluding from Loews Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co's ownership percentage to the underlying equity method investment's components of Adjusted EBITDA and excluding distributions in excess of basis. The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA: The following table presents a reconciliation of Loews Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments: View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-337-million-for-the-first-quarter-of-2026-302760239.html

BRAMPTON, Ontario, April 08, 2026 (GLOBE NEWSWIRE) -- Loblaw Companies Limited (TSX: L) announced today that it will release its 2026 first quarter results on May 6th, 2026, at approximately 6:30 a.m. (ET). The release will be followed by a conference call at 10:00 a.m. (ET), as well as an audio webcast. To access via audio webcast please go to the “Investor” section of loblaw.ca and note that pre-registration will be available. Alternatively, please dial (647) 932-3411 or Toll-Free (800) 715-9871. Following the live event, the webcast will be archived and available to replay for 12 months. This year the Loblaw Companies Limited Annual Meeting of Shareholders will be held on May 12, 2026, at 10:00 a.m. (ET), at Massey Hall, 178 Victoria Street, Toronto, Ontario, Canada. Shareholders who are not able to attend in person will be able to listen, participate and vote at the meeting in real time through a web-based platform at https://meetings.lumiconnect.com/400-240-280-696 [meeting password: agm2026] and via telephone. To access the Annual Meeting of Shareholders via audio-conference please dial (416) 855-9085 or Toll-Free (800) 990-2777 [English Conference ID: 99958, French Conference ID: 80895]. The audio playback will be made available after the event at (289) 819-1325 or Toll-Free at (888) 660-6264 [English Passcode: 99958#, French Passcode: 80895#]. For additional details on how to join, attend or vote at the Annual Meeting of Shareholders through the virtual platform or via telephone, please refer to the “LUMI User Guide – Hybrid Meeting” which will be available as of April 10, 2026, on the events & presentations page at Loblaw.ca. About Loblaw Companies Limited Loblaw is Canada's food and pharmacy leader, and the nation's largest retailer. Loblaw provides Canadians with grocery, pharmacy, health and beauty, apparel, general merchandise, financial services and wireless mobile products and services. The Company also provides credit card and everyday banking services and insurance brokerage solutions. With more than 2,800 corporate franchised and Associate-owned locations, Loblaw, its franchisees and Associate-owners employ more than 220,000 full- and part-time employees, making it one of Canada's largest private sector employers. Loblaw's purpose – Live Life Well® – puts first the needs and well-being of Canadians who make one billion transactions annually in the company's stores. Loblaw is positioned to meet and exceed those needs in many ways: convenient locations; more than 1,100 grocery stores that span the value spectrum from discount to specialty; full-service pharmacies at nearly 1,400 Shoppers Drug Mart® and Pharmaprix® locations and in close to 500 grocery stores; PC Financial® services; affordable Joe Fresh® fashion and family apparel; and four of Canada's top-consumer brands in Life Brand®, Farmer’s Market™, no name® and President's Choice®. For more information, visit Loblaw's website at www.loblaw.ca and Loblaw's issuer profile at www.sedarplus.ca. Media Enquiries, contact: Scott Bonikowsky Loblaw Companies Limited, Senior-Vice President Corporate Affairs and Communications [email protected] Investors Enquiries, contact: Roy MacDonald Loblaw Companies Limited, Vice President Investor Relations [email protected]

8.9 MILLION COMMON SHARES REPURCHASED IN 2025 FOR $782 MILLION NEW YORK, Feb. 9, 2026 /PRNewswire/ -- Loews Corporation (NYSE: L) today released its fourth quarter 2025 financial results. Fourth Quarter 2025 highlights: Loews Corporation reported net income of $402 million, or $1.94 per share, in the fourth quarter of 2025, compared to $187 million, or $0.86 per share, in the fourth quarter of 2024. The fourth quarter results for 2024 included a pension settlement charge for CNA of $265 million (after-tax and noncontrolling interests). The following are key highlights of our fourth quarter results: CNA Financial Corporation's (NYSE: CNA) net income attributable to Loews Corporation excluding the 2024 pension charge decreased slightly year-over-year due to an unfavorable non-economic charge related to the asbestos and environmental pollution loss portfolio transfer and lower underwriting income, partially offset by higher net investment income. Boardwalk Pipelines' net income decreased year-over-year primarily due to the non-recurrence of an income tax benefit of $36 million recorded in the fourth quarter of 2024. Loews Hotels' net income decreased year-over-year primarily due to an asset impairment charge of $20 million (after tax) related to the planned replacement of the Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas. Corporate segment results improved year-over-year due to higher investment income from the parent company trading portfolio. Book value per share increased to $90.71 as of December 31, 2025, from $79.49 as of December 31, 2024. Book value per share, excluding AOCI, increased to $95.89 as of December 31, 2025, from $88.18 as of December 31, 2024. On December 31, 2025, the parent company had $3.9 billion of cash and investments and $1.8 billion of debt. Loews Corporation repurchased 1.0 million shares of its common stock during the fourth quarter of 2025 for a total cost of $98 million. Consolidated highlights: Three months ended December 31, 2025 compared to 2024 CNA: Net income attributable to Loews Corporation was $276 million compared to $19 million. Net income for 2024 includes a pension settlement charge of $265 million. Excluding this pension charge, net income attributable to Loews Corporation was $284 million in the fourth quarter of 2024. Core income decreased to $317 million compared to $342 million, driven by an unfavorable non-economic charge related to the asbestos and environmental pollution loss portfolio transfer. Underwriting income was also lower, partially offset by higher net investment income. Net earned premiums grew by 5% and net written premiums grew by 2%. Property and Casualty's combined ratio increased by 0.7 points to 93.8% compared to 93.1% largely due to a higher underlying loss ratio. Property and Casualty's underlying combined ratio increased to 92.3% from 91.4%. Net investment income increased due to higher income from fixed income securities, as a result of a larger invested asset base and favorable reinvestment rates, partially offset by lower common stock returns. Boardwalk: Net income decreased to $110 million compared to $145 million. Net income for 2024 included a $36 million income tax benefit from an adjustment to deferred state income taxes for a rate reduction effective in 2025. EBITDA decreased to $287 million compared to $290 million. Net income and EBITDA were impacted by an increase in legal expenses, offset by increased transportation revenues from higher re-contracting rates and recently completed growth projects, as well as increased storage and parking and lending revenues. Loews Hotels: Net income decreased to $6 million compared to $27 million. Adjusted EBITDA increased 35% to $113 million compared to $84 million. Net income for 2025 was negatively impacted by an asset impairment charge of $20 million (after tax) related to the planned replacement of the Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas. Adjusted EBITDA improvement was driven by the addition of three new properties at the Universal Orlando Resort as well as higher average daily rates and occupancy at the other Universal Orlando Resort properties. In addition, results improved at the Loews Arlington Hotel and Convention Center. These positives were partially offset by the reduction in available room nights at the Loews Miami Beach Hotel due to renovations at the property. Corporate: Net income of $10 million compared to a net loss of $4 million. The improved results are primarily due to higher investment income from the parent company trading portfolio. Year ended December 31, 2025 compared to 2024 Loews Corporation reported net income of $1,667 million, or $7.97 per share, compared to $1,414 million, or $6.41 per share, in 2024. Net income for 2024 includes a pension settlement charge for CNA of $265 million (after-tax and noncontrolling interests). Excluding the pension charge in 2024, CNA's net income attributable to Loews Corporation increased due to higher Property and Casualty underwriting income and net investment income, partially offset by unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves. Boardwalk's net income and EBITDA improved due to increased transportation revenues from higher re-contracting rates, recently completed growth projects and higher utilization-based revenue, as well as increased storage and parking and lending revenues. Those positives were partially offset by higher operating costs and higher depreciation expense. Loews Hotels' net income decreased primarily due to an asset impairment charge, higher interest expense and renovations at the Loews Miami Beach Hotel, partially offset by improved results at the Universal Orlando Resort properties and the Loews Arlington Hotel and Convention Center, which was open for the entirety of 2025. Corporate net income decreased primarily due to lower investment income from the parent company trading portfolio. Share Purchases: On December 31, 2025, there were 206.0 million shares of Loews common stock outstanding. For the three months and year ended December 31, 2025, Loews Corporation repurchased 1.0 million and 8.9 million shares of its common stock for a total cost of $98 million and $782 million, respectively. Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market (including, with respect to Loews common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise. Boardwalk Litigation As a reminder, in December, the Delaware Supreme Court issued a ruling in the litigation related to Loews Corporation's 2018 acquisition of the minority limited partner interests in its Boardwalk Pipelines subsidiary. The Supreme Court found that the Boardwalk general partner, an indirect subsidiary of Loews Corporation, breached the underlying partnership agreement in connection with its exercise of the purchase right to acquire the minority limited partner interests. In its previous ruling in 2022, the Delaware Supreme Court had ruled that the Boardwalk general partner was exculpated from damages related to its exercise of the purchase right. The remaining claims that have been remanded back to the Delaware Chancery Court for further proceedings following the Supreme Court's latest decision are tortious interference and unjust enrichment claims against Loews and certain of its Boardwalk-related subsidiaries. The Supreme Court resolved the other remaining claims in Loews's favor. Reconciliation of GAAP Measures to Non-GAAP Measures This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. CNA utilizes core income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization ("EBITDA"), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures on pages 7 through 9 of this release. Earnings Remarks For Loews Corporation – Today, February 9, 2026, earnings remarks will be available on the Investors section of our website at www.loews.com. – Remarks will include commentary from Loews's president and chief executive officer and chief financial officer. For CNA – Today, February 9, 2026, earnings remarks will be available on the Investor Relations section of CNA's website at www.cna.com. – Remarks will include commentary from CNA's president and chief executive officer and chief financial officer. About Loews Corporation Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com. Forward-Looking Statements Statements contained in this news release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company's overall business and financial performance, can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based. Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures: CNA Financial Corporation Core income is calculated by excluding from CNA's net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA's primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA's defined benefit pension plans which are unrelated to its primary insurance operations. The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income: In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA's underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance. The following table presents a reconciliation of CNA's loss ratio to underlying loss ratio and CNA's combined ratio to underlying combined ratio: Boardwalk Pipelines EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk's net income attributable to Loews Corporation to its EBITDA: Loews Hotels & Co Adjusted EBITDA is calculated by excluding from Loews Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co's ownership percentage to the underlying equity method investment's components of Adjusted EBITDA and excluding distributions in excess of basis. The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA: The following table presents a reconciliation of Loews Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments: View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-402-million-for-the-fourth-quarter-of-2025-and-1-667-million-for-the-full-year-302681913.html