Loews Corporation · NYSE:L
Loews — Q3 2026 Earnings Presentation
39 slides from Loews's earnings presentation, November 2026
Slide 1: Investor Presentation 2026 Q3
INVESTOR PRESENTATION November 2026 2026 Q3
Slide 2: Legal Disclaimers
Legal Disclaimers Forward-Looking Statements and Risk Factors. The information presented herein is generally available from public sources, including our and our subsidiaries’ earnings releases and SEC filings. We urge you to read those documents, and we specifically direct you to the forward-lookin
Slide 3: Loews Corporation Overview
Loews Corporation Overview $10.7 billion Property & Net Written Premiums ~92% Casualty Ownership (NYSE: CNA) Insurance $13.2 billion Market Cap Private Subsidiaries Natural Gas & 100% $1.2 billion NGLs $4.4 billion Cash Ownership EBITDA1 Midstream & Investments $1.8 billion Debt 18,658 System- Delux
Slide 4: Loews Investment Highlights
Loews Investment Highlights ▪ Long history of shareholder value creation ▪ Strong and consistent dividends from subsidiaries ▪ Prudent capital allocation strategy and conservative financial management ▪ Substantial liquidity with a portfolio of cash and investments in excess of parent company debt 4
Slide 5: Financial Performance Q3 2026
Financial Performance Q3 2026
Slide 6: 2026 Third Quarter – Key Highlights
2026 Third Quarter – Key Highlights September 30 • Net income of $306 million, or $1.50 per share in Q3 Three Months Nine Months 2026 vs. $504 million, or $2.43 per share in Q3 2025 (in millions, except per share data) 2026 2025 2026 2025 • Repurchased 1.6 million Loews shares at an Revenues $ 4,759
Slide 7: Net Income (Loss) by Segment
Net Income (Loss) by Segment Q3 2026 Subsidiary Highlights vs September 30 Q3 2025 Three Months Nine Months • CNA's net income attributable to Loews Corporation decreased 2026 2025 2026 2025 year-over-year primarily due to an unfavorable impact of $125 ($ millions) million (after-tax and noncontroll
Slide 8: Financial Trends
Financial Trends Dividends from subsidiaries Shares outstanding ($ millions) (shares in millions as of period-end) Dividends from subsidiaries per Loews share Book value per share (ex. AOCI) (as of period-end) Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 8
Slide 9: Parent Company Cash and Investments
Parent Company Cash and Investments Parent company cash & investments Year-to-Date roll forward ($ billions as of period-end) ($ millions) 1 1. In May of 2023, the parent company retired $500 million outstanding senior notes. 2. Includes interest on parent company debt, corporate administrative expe
Slide 10: CNA Financial – Financial Highlights
CNA Financial – Financial Highlights Financials1 September 30 Three Months Nine Months ($ millions, except per share data) 2026 2025 2026 2025 Core income2 $ 203 $ 409 $ 752 $ 1,025 Net investment losses (after-tax) (7) (6) (24) (49) Net income 196 403 728 976 Loews accounting adjustments: Amounts a
Slide 11: Boardwalk Pipelines – Financial Highlights
Boardwalk Pipelines – Financial Highlights Financials1 September 30 Three Months Nine Months ($ millions) 2026 2025 2026 2025 Operating revenue $ 614 $ 541 $ 1,809 $ 1,694 Net income 115 127 461 454 Loews accounting adjustments2 (30) (33) (117) (120) Net income attributable to Loews $ 85 $ 94 $ 344
Slide 12: Loews Hotels & Co – Financial Highlights
Loews Hotels & Co – Financial Highlights Financials September 30 Three Months Nine Months ($ millions) 2026 2025 2026 2025 Operating revenue $ 220 $ 180 $ 683 $ 613 Revenues related to reimbursable expenses 30 31 97 97 Revenue 250 211 780 710 Asset impairments — — (9) — Pretax income (loss) 20 (3) 1
Slide 13: Parent Company Overview
_|L LOEWS | _ Parent Company LL PORATION Overview
Slide 14: Loews Capital Allocation Approach
Loews Capital Allocation Approach • Maintain a strong balance sheet • Evaluate capital deployment opportunities based on risk-adjusted returns • Continually balance the uses of Loews capital 1 2 3 Repurchase Invest in existing Make Loews shares subsidiaries opportunistic investments Loews Corporatio
Slide 15: The Loews Discount
The Loews Discount Loews’s market cap is less than its sum-of-the-parts. CNA trades at a discount to its peers and the market assigns inadequate value to the private subsidiaries. $12.1 billion Market Trades at earnings and book value discount to Value of Loews’s Stake peers + Net Cash1 – $2.6 billi
Slide 16: Long History of Share Repurchases
Long History of Share Repurchases 400 Total Shares Outstanding 373 350 340 337 332 Since year-end 2014, we have 300 312 (millions) retired 46% of our 291 common shares 250 269 outstanding 248 236 222 215 200 206 203 150 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 9/30/26 Shares Repur
Slide 17: Loews is a Long-Term Partner
Working with Our Subsidiaries While each subsidiary’s experienced management team guides day-to-day operations, Loews provides advice in several areas: Major capital Mid- to long-term Hiring of senior allocation decisions strategic planning management Loews is a Long-Term Partner Loews Corporation │
Slide 18: Strong and Consistent Cash Flow
Strong and Consistent Cash Flow $1,800 n Dividends $1,653 $1,577 from $1,600 199 Subsidiaries1 243 $1,400 n Corporate $1,206 $1,200 $1,120 Net Investment $1,006 126 $970 114 ($ millions) Income (Loss)2 $1,000 $952 59 99 $800 1,454 1,334 $600 1,006 1,080 947 978 $400 853 $200 $0 (8) ($200) 2020 2021
Slide 19: Subsidiary Overviews
_ i LO EWS | Subsidiary Overviews CORPORATION
Slide 20: CNA Financial
CNA Financial Company Snapshot • One of the largest U.S. commercial property and casualty insurance companies • Provides a broad range of standard and specialized property and casualty insurance products and services SPECIALTY COMMERCIAL INTERNATIONAL LIFE & GROUP By the Numbers Financial lines, man
Slide 21: CNA – Strategic Direction
CNA – Strategic Direction Continued excellent underwriting Underlying Combined Ratio1 performance P&C Operations • An underwriting-focused culture with substantial expertise across underwriting, risk control, claims and actuarial 91.4% 91.2% 90.9% 91.5% 91.8% • Effective portfolio management through
Slide 22: CNA – Disciplined Capital Management
CNA – Disciplined Capital Management Excellent capitalization with prudent leverage and modest corporate obligations • $10.2 billion of GAAP equity and $3.0 billion of debt • $15.5 billion of GAAP capital ex AOCI • Statutory surplus of $11.2 billion ($ billions) ($ millions) • A+ financial strength
Slide 23: Boardwalk Pipelines
Boardwalk Pipelines Company Snapshot Boardwalk Strategy • Transports and stores natural gas, natural gas liquids, olefins and other hydrocarbons, provides ethane supply and transportation services and provides marketing of natural gas and related services Maintain Strong Enhance Existing Identify St
Slide 24: Boardwalk – Strong Financial Position
Boardwalk – Strong Financial Position Substantial Backlog Strong Liquidity • Boardwalk expects its resources, including its operating cash flows, • Approximately $20.4 billion1 of firm contract backlog revolving credit facility and cash on hand, to adequately fund its anticipated obligations over th
Slide 25: Boardwalk – Growth Projects
Boardwalk – Growth Projects1 Carnation SECURE 1 • Capacity: 0.170 Bcf/d • Capacity: 0.280 Bcf/d 01 • Status: In Construction 05 • Status: In Construction 4 • Target In-Service: Fourth Quarter 2027 • Target In-Service: First Half 2028 NE Texas Power Plant PLUSS • Capacity: 0.274 Bcf/d • Capacity: 0.2
Slide 26: Loews Hotels & Co
Loews Hotels & Co Company Snapshot System-wide Guest Rooms as of September 30, 2026 • Owned, joint venture and managed hotels in the U.S. • Exclusive, local experiences 4,842 13,816 18,658 • Focused on group meeting hotels, and hotels bolstered by a demand generator, such as City Center Hotels Resor
Slide 27: Loews Hotels & Co – Key Operating Metrics
Loews Hotels & Co – Key Operating Metrics Loews Hotels & Co is focused on profitable growth over the long term • Loews Hotels & Co continues to leverage its position as an owner and operator of hotels with a growth strategy that rests on two pillars: • Core Loews Hotels – focused on excellence in th
Slide 28: Loews Hotels & Co – Portfolio
Loews Hotels & Co – Portfolio Ownership - Ops Commenced / As of September 30, 2026 Location Rooms Ownership %1 Managed Only OWNED (11 Hotels) Live! by Loews - Arlington Texas* Arlington, TX 300 100% 2019 Loews Arlington Hotel* Arlington, TX 888 100% 2024 Loews Chicago Hotel Chicago, IL 400 100% 2015
Slide 29: Altium Packaging
Altium Packaging Packaging company that serves stable consumer-oriented end markets COMPANY SNAPSHOT • Altium Packaging’s experienced management team brings a A leading North American manufacturer of rigid plastic packaging with 62 facilities across strong track record of the U.S. and Canada operati
Slide 30: Altium Packaging – Rigid Packaging Overview
Altium Packaging – Rigid Packaging Overview • Focuses on short- and mid-run volumes • Covers a variety of attractive, recession-resistant, consumer-oriented focus segments Household Chemical Food / Nutrition Dairy 11% of Sales 20% of Sales 22% of Sales Industrial / Specialty Chemical Pharma Water /
Slide 31: Altium Packaging – Acquisitions with Attractive Post-Synergy Multiples
Altium Packaging – Acquisitions with Attractive Post-Synergy Multiples Diversification through acquisition Investment Outlook • Loews recouped initial equity investment in (2022) 2021 through a partial sale and dividend (2022) recap; Loews still owns ~53% of the company • Altium operates in a fragme
Slide 32: Appendix
_|L_ LOEWS CORPORATION Appendix
Slide 33: Appendix – Loews Corp. Debt Maturity Profile
Appendix – Loews Corp. Debt Maturity Profile Staggered debt maturities ($ millions) $500 $500 $500 $300 3.20% 6.00% 4.94% 4.13% Notes Notes Notes Notes 2030 2035 2036 2043 Loews Corporation │ CNA │Boardwalk │ Hotels │ Altium 33
Slide 34: Appendix – Loews Consolidating Condensed Balance Sheet
Appendix – Loews Consolidating Condensed Balance Sheet CNA Boardwalk Loews September 30, 2026 Financial Pipelines Hotels & Co Corporate1 Total (in millions) Assets: Cash and investments $ 49,002 $ 111 $ 424 $ 4,479 $ 54,016 Receivables 10,929 448 27 146 11,550 Property, plant and equipment 290 9,070
Slide 35: Appendix – CNA Core Income
Appendix – CNA Core Income1 September 30 December 31 Three Months Nine Months Year Ended ($ millions) 2026 2025 2026 2025 2025 Net income attributable to Loews $ 180 $ 371 $ 668 $ 897 $ 1,173 Investment losses 7 6 24 49 64 Noncontrolling interests 16 32 60 79 105 Core income $ 203 $ 409 $ 752 $ 1,02
Slide 36: Appendix – CNA Underlying Loss Ratio and Underlying Combined Ratio
Appendix – CNA Underlying Loss Ratio and Underlying Combined Ratio1 September 30 December 31 Three Months Nine Months Years Ended 2026 2025 2026 2025 2025 2024 2023 2022 2021 Loss ratio 66.9 % 63.4 % 68.3 % 65.0 % 64.6 % 64.3 % 62.5 % 62.0 % 64.8 % Expense ratio 29.7 29.1 29.9 29.7 29.7 30.2 30.7 30
Slide 37: Appendix – Boardwalk EBITDA
Appendix – Boardwalk EBITDA1 September 30 December 31 Three Months Nine Months Year Ended 2026 2025 2026 2025 2025 ($ millions) Net income attributable to Loews $ 85 $ 94 $ 344 $ 334 $ 444 Interest, net 34 36 106 111 147 Income tax expense 29 30 114 109 140 Depreciation and amortization 114 107 337
Slide 38: Appendix – Loews Hotels & Co Adjusted EBITDA
Appendix – Loews Hotels & Co Adjusted EBITDA1 Reconciliation of Net Income to Adjusted EBITDA September 30 December 31 Three Months Nine Months Year Ended ($ millions) 2026 2025 2026 2025 2025 2024 Loews Hotels & Co net income (loss) attributable to Loews Corporation $ 16 $ (3) $ 90 $ 25 $ 31 $ 70 I
Slide 39: Appendix – Loews Hotels & Co Adjusted Mortgage Debt
Appendix – Loews Hotels & Co Adjusted Mortgage Debt1 September 30, 2026 September 30, 2025 December 31, 2025 (In millions) Short term debt of Loews Hotels $ 22 $ 4 $ 2 Long term debt of Loews Hotels 978 997 999 Total debt of Loews Hotels $ 1,000 $ 1,001 $ 1,001 Deferred financing fees and original i