Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 389

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 7
Chunk 389
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 segment and the basic and diluted net income per share attributable to Loews Corporation for the years ended December 31, 2024 and 2023:

Year Ended December 3120242023(In millions, except per share data)     CNA Financial$879 $1,094 Boardwalk Pipelines413 283 Loews Hotels & Co70 147 Corporate52 (90)Net income attributable to Loews Corporation$1,414 $1,434    Basic net income per share$6.42 $6.30   Diluted net income per share$6.41 $6.29 

2024 Compared with 2023

Net income attributable to Loews Corporation for 2024 was $1.4 billion, or $6.41 diluted net income per share, compared to net income attributable to Loews Corporation of $1.4 billion, or $6.29 diluted net income per share, in 2023. 

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Table of Contents

Net income attributable to Loews Corporation for 2024 includes a $265 million after-tax and noncontrolling interests pension settlement charge for CNA.  

Excluding CNA’s pension charge, net income attributable to Loews Corporation increased by 17% in 2024 compared to 2023 due to increases in net income at CNA and Boardwalk Pipelines and increased net investment income at the parent company, partially offset by a decrease in net income at Loews Hotels & Co. The increase at CNA is primarily due to higher net investment income driven by favorable returns from limited partnership and common stock investments and higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates and improved underlying underwriting results, partially offset by higher catastrophe losses. Boardwalk Pipelines’ results improved due to increased transportation revenues from higher re-contracting rates and recently completed growth projects, increased storage and parking and lending revenues and the contribution from the acquisition of Williams Olefins Pipeline Holdco LLC (“Bayou Ethane”) in 2023. Higher net investment income at the parent company is due to higher returns on equity securities. These increases were partially offset by lower net income at Loews Hotels & Co primarily due to higher depreciation and interest expenses related to the opening of the Loews Arlington Hotel and Convention Center in the first quarter of 2024 and lower equity income from joint ventures. In addition, Loews Hotels & Co’s results for 2023 included a