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, 2026 and 2025:

Net income attributable to Loews Corporation for the three months ended September 30, 2026 was $306 million, or $1.50 per share, compared to net income of $504 million, or $2.43 per share in the comparable 2025 period. Net income attributable to Loews Corporation for the nine months ended September 30, 2026 was $1,087 million, or $5.29 per share, compared to net income of $1,265 million, or $6.03 per share in the comparable 2025 period.

The decrease in net income attributable to Loews Corporation for the three months ended September 30, 2026 as compared to the comparable 2025 period was primarily driven by lower net income at CNA, Boardwalk Pipelines and Corporate, partially offset by higher net income at Loews Hotels & Co. The decrease at CNA is primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from its annual long-term care reserve assumption updates, as well as lower property and casualty underlying underwriting results and higher catastrophe losses. The decrease at Boardwalk Pipelines is primarily due to higher operating expenses, including $14 million (after-tax) of charges related to net unrealized losses at Boardwalk Continuum Marketing, LLC and an impairment charge associated with the relocation of Boardwalk’s corporate office. Excluding those items, results improved year-over-year, benefiting from higher gas transportation revenues. The decrease at Corporate is primarily due to lower investment income from the parent company trading portfolio. The increase at Loews Hotels & Co is primarily due to a higher overall average daily rate and an increase in occupied room nights across most of the portfolio, partially offset by lower equity income from joint ventures.

The decrease in net income attributable to Loews Corporation for the nine months ended September 30, 2026 as compared to the comparable 2025 period was primarily driven by lower net income at CNA and lower results at Corporate, partially offset by higher net income at Loews Hotels & Co and Boardwalk Pipelines. The decrease at CNA is primarily due to an unfavorable impact of $125 million (after-tax and noncontrolling interest) in 2026 from its annual long-term care reserve assumption updates and lower property and casualty underwriting results, partially offset by higher net investment income. Corporate results decreased primarily due to lower investment income from the parent company trading portfolio and higher interest expense related to a recent debt refinancing. The increase at Loews Hotels & Co is primarily due to a higher overall average daily rate and an increase in occupied room nights across most of the portfolio and higher equity income from joint ventures, partially offset by higher operating expenses. 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, including costs associated with growth projects.