LOEWS CORP

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 and nine months ended September 30, 2025 and 2024:

Net income attributable to Loews Corporation for the three months ended September 30, 2025 was $504 million, or $2.43 per share, compared to net income of $401 million, or $1.82 per share in the comparable 2024 period. Net income attributable to Loews Corporation for the nine months ended September 30, 2025 was $1,265 million, or $6.03 per share, compared to net income of $1,227 million, or $5.54 per share in the comparable 2024 period.

The increase in net income attributable to Loews Corporation for the three months ended September 30, 2025 as compared to the comparable 2024 period was primarily driven by higher net income at CNA and Boardwalk Pipelines and improved results at Loews Hotels & Co, partially offset by lower investment income at the parent company. The increase at CNA is driven by improved underwriting results in CNA’s commercial property and casualty insurance operations primarily due to lower catastrophe losses, improved underlying underwriting results and higher net investment income. The increase at Boardwalk Pipelines is primarily due to increased revenues due to re-contracting at higher rates, recently completed growth projects and increased storage and parking and lending revenues. The improved results at Loews Hotels & Co is primarily due to higher equity income from the Universal Orlando Resort joint ventures and improved earnings at the Loews Arlington Hotel and Convention Center, partially offset by lower earnings at the Loews Miami Beach Hotel due to renovations at the property. Parent company investment income decreased due to lower investment income from the parent company trading portfolio.

The increase in net income attributable to Loews Corporation for the nine months ended September 30, 2025 as compared to the comparable 2024 period was primarily driven by higher net income at CNA and Boardwalk Pipelines, partially offset by lower net income at Loews Hotels & Co and lower investment income at the parent company. The increase at CNA is primarily due to lower catastrophe losses, higher net investment income and improved underlying underwriting results in CNA’s commercial property and casualty insurance operations, partially offset by unfavorable net prior year loss reserve development, including development related to legacy mass tort abuse reserves, and higher investment losses. The increase at Boardwalk Pipelines is primarily due to increased revenues from re-contracting at higher rates, recently completed growth projects and increased storage and parking and lending revenues. The decrease at Loews Hotels & Co is primarily due to higher interest expense. Parent company investment income decreased due to lower investment income from the parent company trading portfolio.