Loews Corporation · NYSE:L
Loews — Q4 2023 Earnings Presentation
16 slides from Loews's earnings presentation, Feb 1, 2024
Slide 1: Earnings Supplement 2023 Q4
Earnings Supplement February 2024 2023 Q4
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 Property & Net Earned Premiums Publicly ~92% Casualty Traded Ownership Insurance $11.7 billion Market Cap Long-term view, Natural Gas & NGL Midstre
Slide 4: 2023 Fourth Quarter – Key Highlights
2023 Fourth Quarter – Key Highlights December 31 Three Months Years Ended • Net income of $446 million, or $1.99 per share in Q4 2023 20221 2023 20221 2023 vs. $355 million, or $1.49 per share in Q4 2022 (in millions, except per share data) ◦ The 26% increase in net income was driven by Revenues $ 4
Slide 5: Net Income (Loss) by Segment
Net Income (Loss) by Segment Q4 2023 Subsidiary Highlights vs December 31 Q4 2022 Three Months Years Ended 2023 2022 2023 2022 • CNA's net income improved 57% due to higher ($ millions) net investment income and P&C underwriting income. CNA1 $ 336 $ 214 $ 1,094 $ 612 • Boardwalk’s net income increas
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)2 ($ millions) (as of period-end) 1. In May of 2023, the parent company retired $500 million outstand
Slide 7: Loews's Cash and Investments
Loews's Cash and Investments Balances as of December 31, 2023 Year-to-Date Roll Forward ($ millions) Loews Cash & Investments ($ millions) Portfolio Composition* Cash & short term investments $ 2,053 Equity securities 369 Limited partnership investments 1 Fixed income & other 194 Total Cash & Invest
Slide 8: CNA Financial – Financial Highlights
CNA Financial – Financial Highlights Financials1 December 31 Three Months Years Ended ($ millions, except per share data) 2023 20222 2023 20222 Core income3 $ 362 $ 265 $ 1,284 $ 836 Net investment gains (losses) (after-tax) 5 (26) (79) (154) Net income 367 239 1,205 682 Loews accounting adjustments
Slide 9: Boardwalk Pipelines – Financial Highlights
Boardwalk Pipelines – Financial Highlights Financials1 December 31 Three Months Years Ended ($ millions) 2023 2022 2023 2022 Operating revenue $ 509 $ 394 $ 1,618 $ 1,432 Net income 119 112 386 342 Loews accounting adjustments2 (27) (29) (103) (95) Net income attributable to Loews $ 92 $ 83 $ 283 $
Slide 10: Loews Hotels & Co – Financial Highlights
Loews Hotels & Co – Financial Highlights Financials December 31 Three Months Years Ended ($ millions) 2023 2022 2023 2022 Operating revenue $ 181 $ 156 $ 678 $ 596 Gain on acquisition of a joint venture1 — — 46 — Revenues related to reimbursable expenses 29 33 128 125 Revenue 210 189 852 721 Pretax
Slide 11: Loews Hotels & Co – Portfolio
Loews Hotels & Co – Portfolio Ownership - Ops Commenced / As of December 31, 2023 Location Rooms Ownership %1 Managed Only OWNED (11) Live! by Loews Arlington, TX*2 Arlington, TX 300 75% 2019 Loews Chicago Hotel Chicago, IL 400 100% 2015 Loews Chicago O'Hare Hotel Chicago, IL 556 100% 2014 Loews Cor
Slide 12: Appendix – Loews Consolidating Condensed Balance Sheet
Appendix – Loews Consolidating Condensed Balance Sheet CNA Boardwalk Loews December 31, 2023 Financial Pipelines Hotels & Co Corporate1 Total (in millions) Assets: Cash and investments $ 46,907 $ 21 $ 160 $ 2,680 $ 49,768 Receivables 9,334 238 31 57 9,660 Property, plant and equipment 253 8,897 1,54
Slide 13: Appendix – CNA Core Income
Appendix – CNA Core Income December 31 Three Months Years Ended ($ millions) 2023 20221 2023 20221 Net income attributable to Loews $ 336 $ 214 $ 1,094 $ 612 Investment (gains) losses (5) 26 79 154 Consolidation adjustments, including noncontrolling interests 31 25 111 70 Core income $ 362 $ 265 $ 1
Slide 14: Appendix – Boardwalk EBITDA
Appendix – Boardwalk EBITDA December 31 Three Months Years Ended 2023 2022 2023 2022 ($ millions) Net income attributable to Loews $ 92 $ 83 $ 283 $ 247 Interest, net 38 40 144 166 Income tax expense 24 26 90 83 Depreciation and amortization 106 99 412 396 EBITDA $ 260 $ 248 $ 929 $ 892 14
Slide 15: Appendix – Loews Hotels & Co Adjusted EBITDA
Appendix – Loews Hotels & Co Adjusted EBITDA Reconciliation of Net Income to Adjusted EBITDA December 31 Three Months Years Ended ($ millions) 2023 2022 2023 2022 Loews Hotels & Co net income attributable to Loews Corporation $ 32 $ 33 $ 147 $ 117 Interest, net 4 4 9 11 Income tax expense 9 8 53 44
Slide 16: Appendix – Loews Hotels & Co Adjusted Mortgage Debt
Appendix – Loews Hotels & Co Adjusted Mortgage Debt (In millions) December 31, 2023 December 31, 2022 Short term debt of Loews Hotels $ 533 $ 111 Long term debt of Loews Hotels 394 613 Total debt of Loews Hotels $ 927 $ 724 Deferred financing fees and original issue discount 7 8 Total debt attributa