Loews Corporation (L) Q1 2026 Financial Results Summary

Loews Corporation (NYSE: L) released its first quarter 2026 financial results on May 4, 2026. Here’s a comprehensive overview of the key financials and metrics from the report.

Financial Highlights:

• Net Income: $337 million, or $1.63 per share
  • Decreased from $370 million, or $1.74 per share in Q1 2025 (decrease of 8.9% in net income per share).

Segment Performance:

• CNA Financial Corporation:
  • Net income attributable to Loews: $194 million (down from $252 million in Q1 2025).
  • Core income: $225 million (decreased from $281 million in Q1 2025).
  • Net earned premiums: increased by 3%; net written premiums grew by 1%.
  • Combined ratio: increased by 3.8 points to 102.2% (from 98.4% year-over-year).
  • Underlying combined ratio: up to 94.5% from 92.1%.
• Boardwalk Pipelines:
  • Net income: $159 million (increased from $152 million in Q1 2025, +4.6%).
  • EBITDA: increased to $360 million from $346 million in Q1 2025 (an increase of 4.0%).
• Loews Hotels:
  • Net income: $26 million (up from less than $1 million in Q1 2025).
  • Adjusted EBITDA: increased by 53% to $124 million from $81 million in Q1 2025.
• Corporate Segment:
  • Net loss: $42 million (increased loss compared to $34 million in Q1 2025).

Balance Sheet Metrics:

• Book Value Per Share:
  • Increased to $90.90 as of March 31, 2026, from $90.71 as of December 31, 2025 (+0.21%).
  • Book value per share, excluding AOCI: increased to $97.20 from $95.89 (+1.36%).
• Cash and Investments: $4.5 billion as of March 31, 2026.
• Debt: $1.8 billion as of March 31, 2026.
• Shares Outstanding: 205.8 million as of March 31, 2026, a slight decrease from 206.0 million shares.

Share Repurchase Activity:

Loews Corporation repurchased 0.3 million shares of common stock during the first quarter for a total cost of $31 million.

Summary of Key Metrics:

• Consolidated Revenues: $4.555 billion, a slight increase from $4.494 billion in Q1 2025 (+1.4%).
• Total Income Before Income Tax: $463 million, compared to $514 million in Q1 2025 (a decrease of 9.9%).
• Total Expenses: Increased to $4.092 billion from $3.980 billion in Q1 2025 (+2.8%).
• Income Tax Expense: Decreased from $122 million to $109 million.

Conclusion:

Loews Corporation's financial results for Q1 2026 indicate a decline in overall net income and net income per share compared to the previous year. The performance varied significantly across different segments, with Loews Hotels showing notable growth while CNA Financial faced declines in net income and core income. The company also engaged in share repurchase activities during the quarter.

Note: The following tables represent amounts in millions.

Net Income (Loss) Attributable to Loews Corporation:	Three Months Ended March 31, 2026	2025
CNA Financial	$194	$252
Boardwalk Pipelines	$159	$152
Loews Hotels & Co	$26	—
Corporate	-$42	-$34
Net income attributable to Loews	$337	$370
Net income per share attributable to Loews Corporation	$1.63	$1.74

	March 31, 2026	December 31, 2025
Book value per share	$90.90	$90.71
Book value per share excluding AOCI	$97.20	$95.89
Shares of common stock outstanding (in millions)	205.8	206.0

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