Loews Corporation reports 370 million dollars in Q1 2025 net income, continues share buybacks

Loews Corporation reported net income of 370 million dollars, or 1.74 dollars per share, for the first quarter of 2025, compared to 457 million dollars, or 2.05 dollars per share, in the same period last year. The year-over-year decline was mainly due to lower earnings from CNA Financial and reduced joint venture income from Loews Hotels.

Segment performance showed mixed results. CNA Financial contributed 252 million dollars, down from 310 million, impacted by unfavorable prior-year loss reserve development and higher catastrophe losses, including 53 million from California wildfires. The property and casualty combined ratio rose to 98.4 percent from 94.6 percent last year.

Boardwalk Pipelines performed strongly, with net income increasing to 152 million dollars from 121 million. Revenue gains from higher re-contracting rates and new project completions boosted its EBITDA by 13 percent to 346 million dollars.

Loews Hotels reported no net income, compared to 16 million last year. The decline was driven by lower equity income from joint ventures at Universal Orlando Resort, an impairment charge, and higher interest expenses. However, adjusted EBITDA improved slightly to 81 million dollars from 80 million due to contributions from the Loews Arlington hotel.

Corporate and other operations recorded a net loss of 34 million dollars, compared to a 10 million gain in the prior year, primarily due to investment losses.

During the quarter, Loews repurchased 4.5 million shares of its common stock for 376 million dollars, and an additional 0.6 million shares for 53 million dollars through May 2, 2025. Book value per share excluding accumulated other comprehensive income rose to 89.74 dollars as of March 31, 2025, up from 88.18 at year-end 2024.

Loews ended the quarter with 3.5 billion dollars in cash and investments and 1.8 billion in parent company debt.