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 six months ended June 30, 2026 and 2025:

Net income attributable to Loews Corporation for the three months ended June 30, 2026 was $444 million, or $2.16 per share, compared to net income of $391 million, or $1.87 per share in the comparable 2025 period. Net income attributable to Loews Corporation for the six months ended June 30, 2026 was $781 million, or $3.79 per share, compared to net income of $761 million, or $3.61 per share in the comparable 2025 period.

The increase in net income attributable to Loews Corporation for the three months ended June 30, 2026 as compared to the comparable 2025 period was primarily driven by higher net income at CNA, Loews Hotels & Co and Boardwalk Pipelines. The increase at CNA is primarily due to higher net investment income and lower investment losses, partially offset by lower underlying underwriting results. The increase at Loews Hotels & Co is primarily due to higher overall average daily rates and occupied room nights across most of its portfolio. The increase at Boardwalk Pipelines is primarily due to higher contracting rates on gas transportation and higher product sales, partially offset by higher operating expenses. Corporate net income for the three months ended June 30, 2026 was essentially unchanged compared with the comparable 2025 period.

The increase in net income attributable to Loews Corporation for the six months ended June 30, 2026 as compared to the comparable 2025 period was primarily driven by higher net income at Loews Hotels & Co and Boardwalk Pipelines, partially offset by lower net income at CNA and lower results at Corporate. The increase at Loews Hotels & Co is primarily due to higher equity income from joint ventures, driven by growth in the overall average daily rate and an increase in the number of occupied room nights at Universal Orlando Resort properties. The increase at Boardwalk Pipelines is primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization-based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses. The decrease at CNA is primarily due to lower underlying underwriting results, partially offset by higher net investment income and lower investment losses. Corporate results decreased primarily due to higher interest expense related to a recent debt refinancing.