Loews Corporation · NYSE:L
Loews — Q1 2024 Earnings Presentation
16 slides from Loews's earnings presentation, May 21, 2024
Slide 1: Earnings Supplement 2024 Q1
Earnings Supplement May 2024 2024 Q1
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 Loews is a diversified holding company operating in the insurance, energy, hospitality and packaging industries. $9.0 billion Publicly Property & Net Earned Premiums ~92% Traded Casualty Ownership $12.0 billion Insurance Market Cap Long-term view, Natural Gas & 100% $929 m
Slide 4: 2024 First Quarter – Key Highlights
2024 First Quarter – Key Highlights March 31 Three Months Ended • Net income of $457 million, or $2.05 per share in Q1 2024 2023 2024 vs. $375 million, or $1.61 per share in Q1 2023 (in millions, except per share data) ◦ The 22% increase in net income was driven by Revenues $ 4,231 $ 3,783 improved
Slide 5: Net Income (Loss) by Segment
Net Income (Loss) by Segment Q1 2024 Subsidiary Highlights vs March 31 Q1 2023 Three Months Ended • CNA's net income improved due to higher net ($ millions) 2024 2023 investment income and favorable net prior year loss reserve development, partially offset by higher net catastrophe losses CNA $ 310
Slide 6: Financial Trends
Financial Trends Parent company cash & investments Shares outstanding ($ billions as of period-end) (shares in millions as of period-end) 1 Dividends from subsidiaries Book value per share (ex. AOCI) ($ millions) (as of period-end) 1. In May of 2023, the parent company retired $500 million outstandi
Slide 7: Parent Company Cash and Investments
Parent Company Cash and Investments Balances as of March 31, 2024 Year-to-Date Roll Forward ($ millions) Parent Company Cash & Investments ($ millions) Portfolio Composition* Cash & short term investments $ 2,589 Equity securities 415 Fixed income & other 234 Total Cash & Investments $ 3,238 * Net o
Slide 8: CNA Financial – Financial Highlights
CNA Financial – Financial Highlights Financials1 March 31 Three Months Ended ($ millions, except per share data) 2024 2023 Core income2 $ 355 $ 325 Net investment losses (after-tax) (17) (28) Net income 338 297 Loews accounting adjustments: Amounts attributable to noncontrolling interests (28) (29)
Slide 9: Boardwalk Pipelines – Financial Highlights
Boardwalk Pipelines – Financial Highlights Financials1 March 31 Three Months Ended ($ millions) 2024 2023 Operating revenue $ 511 $ 394 Net income 165 119 Loews accounting adjustments2 (44) (33) Net income attributable to Loews $ 121 $ 86 EBITDA3 307 256 1. Unless noted as attributable to Loews, fin
Slide 10: Loews Hotels & Co – Financial Highlights
Loews Hotels & Co – Financial Highlights Financials March 31 Three Months Ended ($ millions) 2024 2023 Operating revenue $ 183 $ 155 Revenues related to reimbursable expenses 33 37 Revenue 216 192 Pretax income 28 34 Net income attributable to Loews 16 24 Adjusted EBITDA1 80 86 Adjusted Mortgage Deb
Slide 11: Loews Hotels & Co – Portfolio
Loews Hotels & Co – Portfolio Ownership - Ops Commenced / As of March 31, 2024 Location Rooms Ownership %1 Managed Only OWNED (11)2 Live! by Loews Arlington, TX* Arlington, TX 300 75% 2019 Loews Arlington Hotel and Convention Center* Arlington, TX 888 95% 2024 Loews Chicago Hotel Chicago, IL 400 100
Slide 12: Appendix – Loews Consolidating Condensed Balance Sheet
Appendix – Loews Consolidating Condensed Balance Sheet CNA Boardwalk Loews March 31, 2024 Financial Pipelines Hotels & Co Corporate1 Total (in millions) Assets: Cash and investments $ 47,083 $ 705 $ 217 $ 3,274 $ 51,279 Receivables 9,489 191 38 36 9,754 Property, plant and equipment 256 8,888 1,560
Slide 13: Appendix – CNA Core Income
Appendix – CNA Core Income1 March 31 Three Months Ended ($ millions) 2024 2023 Net income attributable to Loews $ 310 $ 268 Investment losses 17 28 Noncontrolling interests 28 29 Core income $ 355 $ 325 1. Core income is calculated by excluding from CNA’s net income attributable to Loews Corporation
Slide 14: Appendix – Boardwalk EBITDA
Appendix – Boardwalk EBITDA1 March 31 December 31 Three Months Ended Year Ended 2024 2023 2023 ($ millions) Net income attributable to Loews $ 121 $ 86 $ 283 Interest, net 39 39 144 Income tax expense 41 30 90 Depreciation and amortization 106 101 412 EBITDA $ 307 $ 256 $ 929 1. EBITDA is defined as
Slide 15: Appendix – Loews Hotels & Co Adjusted EBITDA
Appendix – Loews Hotels & Co Adjusted EBITDA1 Reconciliation of Net Income to Adjusted EBITDA March 31 Three Months Ended ($ millions) 2024 2023 Loews Hotels & Co net income attributable to Loews $ 16 $ 24 Interest, net 5 6 Income tax expense 12 10 Depreciation and amortization 21 16 EBITDA $ 54 $ 5
Slide 16: Appendix – Loews Hotels & Co Adjusted Mortgage Debt
Appendix – Loews Hotels & Co Adjusted Mortgage Debt1 (In millions) March 31, 2024 March 31, 2023 Short term debt of Loews Hotels $ 528 $ 165 Long term debt of Loews Hotels 439 596 Total debt of Loews Hotels $ 967 $ 761 Deferred financing fees and original issue discount 7 8 Total debt attributable t