Loews Corporation

Loews Corporation (NYSE: L) owns insurer CNA Financial, natural gas pipeline business Boardwalk Pipelines and Loews Hotels. Its parent company also holds an investment portfolio and receives distributions from subsidiaries.

September-quarter earnings

Amounts are USD millions except earnings per share, for the three months ended September 30. Subsidiary contributions below are after tax and outside shareholders’ interests.

Two pressures at CNA

The annual long-term-care reserve update reduced Loews earnings by $125 million after tax and outside shareholders’ interests. CNA expects portfolio changes to generate higher future investment income that almost offsets its economic impact.

Property and casualty underwriting also weakened. The underlying combined ratio rose to 94.2% from 91.3%; this compares claims, expenses and policyholder dividends with premiums while excluding catastrophe losses and earlier-year adjustments. The ratio including those items was 97%, versus 92.8%.

The underlying loss ratio was 64.1%, consistent with the first half of 2026 but higher than 61.9% a year earlier. Catastrophe losses rose to $78 million from $41 million. CNA’s operating cash flow for the first nine months was $1.696 billion, versus $1.920 billion.

Other businesses and parent capital

Boardwalk’s quarter included $14 million of after-tax charges; results improved excluding them. Hotels benefited from higher rates and occupied room nights, while some joint ventures faced weaker results.

At September 30, the parent held $4.4 billion of cash and investments, net of receivables and payables, and $1.8 billion of debt.

Over the first nine months, the parent received $855 million from CNA, including a $497 million special dividend, and $225 million from Boardwalk. It repurchased $167 million of shares during Q3 and another $67 million between October 1 and October 30.