Loews Corporation reported third-quarter net income of $306 million, down 39% from a year earlier, as a long-term-care reserve review and weaker underwriting reduced contributions from its CNA insurance unit.
Net income attributable to Loews from CNA Financial Corporation fell to $180 million from $371 million in the year-earlier quarter. Loews said an annual reassessment of CNA’s long-term-care reserve assumptions reduced results by $125 million after taxes and the share attributable to noncontrolling interests. CNA also had weaker property and casualty performance and higher catastrophe losses.
Loews said portfolio changes at CNA are expected to raise yields enough to offset most of the reserve impact over time. Any resulting benefit is expected to flow through investment income.
Results at the company’s other businesses varied. Loews Hotels & Co earned $16 million, compared with a $3 million loss a year earlier. Loews said improved daily room pricing and occupancy across most of its portfolio helped, while lower income from joint ventures partly offset the gains.
Boardwalk Pipelines reported net income of $85 million, down from $94 million. Loews said higher expenses included a $7 million after-tax charge related to net unrealized losses at Continuum and a $7 million after-tax impairment charge tied to relocating Boardwalk’s corporate office. Excluding those items, results improved as gas transportation revenue increased. The corporate segment’s net income fell to $25 million from $42 million, mainly because the parent company earned less from its trading portfolio.
For the nine months ended Sept. 30, Loews reported net income of $1.087 billion, or $5.29 per share, compared with $1.265 billion, or $6.03 per share, in the same period of 2025. The company bought back 1.6 million shares for $167 million during the third quarter. As of Sept. 30, Loews’ parent company had $4.4 billion in cash and investments and $1.8 billion in debt.
