Company: L
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000060086-25-000091
Chunk: 51

Company: LOEWS CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 51
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 are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees. 

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Table of contents

RESULTS OF OPERATIONS

Consolidated Financial Results

The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three months ended March 31, 2025 and 2024:

Three Months Ended March 3120252024(In millions, except per share data)     CNA Financial$252 $310 Boardwalk Pipelines152 121 Loews Hotels & Co 16 Corporate(34)10 Net income attributable to Loews Corporation$370 $457    Basic and diluted net income per share$1.74 $2.05 

Net income attributable to Loews Corporation for the three months ended March 31, 2025 was $370 million, or $1.74 per share, compared to net income of $457 million, or $2.05 per share in the comparable 2024 period. 

The decrease in net income attributable to Loews Corporation for the three months ended March 31, 2025 as compared to the comparable 2024 period was primarily driven by lower net income at CNA and Loews Hotels & Co and lower investment income at the parent company, partially offset by higher net income at and Boardwalk Pipelines. The decrease at CNA is primarily due to lower underwriting income mainly driven by unfavorable net prior year loss reserve development. The decrease at Loews Hotels & Co is primarily due to lower equity income from joint ventures mainly driven by lower occupancy and average daily rates at Universal Orlando Resort hotels and an impairment charge recorded by a joint venture property. Lower investment income at the parent company is primarily due to the unfavorable change in the fair value of equity based investments. The increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates and recently completed growth projects.

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CNA Financial

The following table summarizes the results of operations for CNA for the three months ended March 31, 2025 and 2024 as presented in Note 11 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report. For further discussion of Net investment income and Investment gains (losses), see the Investments section of this MD&A.

Three Months Ended March 3120252024(In millions)     Revenues:  Insurance premiums$