New York – November 02, 2026 -- Loews Corporation reported third-quarter 2026 net income of $306 million, or $1.50 per share, down from $504 million, or $2.43 per share, a year earlier. A $125 million after-tax long-term care reserve charge at CNA Financial, weaker Property and Casualty underwriting and higher catastrophe losses drove the decline.
CNA's net income contribution drops to $180 million from $371 million
CNA's core income fell to $203 million from $409 million. The annual long-term care reserve assumption update accounted for the $125 million hit, measured after tax and noncontrolling interest. Loews expects higher investment yields from recent portfolio actions to offset the charge almost entirely, with the benefit flowing through investment income over time.
Property and Casualty net earned premiums grew 2% and net written premiums grew 3%. The combined ratio rose 4.2 points to 97.0% from 92.8%. The underlying combined ratio climbed to 94.2% from 91.3%.
The underlying loss ratio of 64.1% was unchanged from the second quarter of 2026 but 2.2 points above the prior-year quarter. Higher loss cost trends and lower-than-expected rate in certain lines in recent quarters drove the increase. CNA's net investment income was relatively flat, as lower limited partnership returns offset gains in fixed income and common stock.
Boardwalk Pipelines posts $85 million net income despite $19 million in one-off charges
Boardwalk's net income slipped to $85 million from $94 million, and EBITDA eased to $262 million from $267 million. Net unrealized losses at Continuum totaled $10 million ($7 million after tax). A $9 million ($7 million after tax) impairment tied to the relocation of Boardwalk's corporate office added to the decline.
Excluding both items, net income rose $5 million and EBITDA rose $14 million. Higher contracting rates and utilization lifted gas transportation revenues.
Loews Hotels swings to $16 million profit as adjusted EBITDA rises 25%
Loews Hotels earned $16 million against a $3 million net loss a year earlier. Adjusted EBITDA increased to $86 million from $69 million. Higher average daily rates and more occupied room nights across most of the portfolio supported the gain. The Loews Miami Beach Hotel, which finished its renovation at the end of 2025, and the Arlington properties led the improvement.
Equity income from joint ventures fell. Lower average daily rate and higher operating expenses at Universal Orlando Resort were the cause.
Corporate segment income falls to $25 million; nine-month net income reaches $1.09 billion
Corporate net income declined to $25 million from $42 million on lower investment income from the parent company trading portfolio. For the nine months, Loews earned $1,087 million, or $5.29 per share, versus $1,265 million, or $6.03 per share. Nine-month Property and Casualty combined ratio widened 3.5 points to 98.6%, and corporate results also reflected higher interest expense from a recent debt refinancing.
Loews repurchases $167 million of stock in the quarter as book value excluding AOCI hits $100.67
Book value per share declined to $90.24 at September 30 from $90.71 at year-end 2025. Excluding AOCI, it rose to $100.67 from $95.89. The parent company held $4.4 billion of cash and investments against $1.8 billion of debt.
Loews bought back 1.6 million shares for $167 million in the quarter, leaving 202.9 million shares outstanding at September 30. It repurchased a further 0.6 million shares for $67 million between October 1 and October 30, 2026.