Loews Corporation · NYSE:L
Loews — Q2 2026 Earnings Presentation
39 slides from Loews's earnings presentation, Aug 3, 2026
Slide 1: Investor Presentation 2026 Q2
INVESTOR PRESENTATION August 2026 2026 Q2
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 $14.2 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 Q2 2026
Financial Performance Q2 2026
Slide 6: 2026 Second Quarter – Key Highlights
2026 Second Quarter – Key Highlights June 30 Three Months Six Months • Net income of $444 million, or $2.16 per share in Q2 2026 2025 2026 2025 2026 vs. $391 million, or $1.87 per share in Q2 2025 (in millions, except per share data) Revenues $ 4,734 $ 4,555 $ 9,289 $ 9,049 • Repurchased 1.4 million
Slide 7: Net Income (Loss) by Segment
Net Income (Loss) by Segment June 30 Q2 2026 Subsidiary Highlights vs Three Months Six Months Q2 2025 ($ millions) 2026 2025 2026 2025 • CNA's net income attributable to Loews Corporation increased year-over-year primarily due to higher net investment income from higher limited partnership and CNA $
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 $500 million outstanding senior notes. 2. Includes interest on parent company debt, corporate administrative expe
Slide 10: CNA Financial – Financial Highlights
CNA Financial – Financial Highlights Financials1 June 30 Three Months Six Months ($ millions, except per share data) 2026 2025 2026 2025 Core income2 $ 324 $ 335 $ 549 $ 616 Net investment losses (after-tax) (3) (36) (17) (43) Net income 321 299 532 573 Loews accounting adjustments: Amounts attribut
Slide 11: Boardwalk Pipelines – Financial Highlights
Boardwalk Pipelines – Financial Highlights Financials1 June 30 Three Months Six Months ($ millions) 2026 2025 2026 2025 Operating revenue $ 572 $ 534 $ 1,195 $ 1,153 Net income 134 121 346 328 Loews accounting adjustments2 (34) (33) (87) (88) Net income attributable to Loews $ 100 $ 88 $ 259 $ 240 E
Slide 12: Loews Hotels & Co – Financial Highlights
Loews Hotels & Co – Financial Highlights Financials June 30 Three Months Six Months Ended ($ millions) 2026 2025 2026 2025 Operating revenue $ 245 $ 222 $ 463 $ 433 Revenues related to reimbursable expenses 31 32 67 66 Revenue 276 254 530 499 Asset impairments — — (9) — Pretax income 69 39 106 43 Ne
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. $13.0 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 300 312 2014, we have (millions) retired 45% of our 291 common shares 250 269 outstanding 248 236 222 215 200 206 204 150 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 6/30/26 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 $1,200 $1,120 Net Investment $1,006 $970 114 ($ millions) Income (Loss)2 $1,000 $952 $936 59 99 51 $800 1,454 1,334 $600 947 978 1,006 $400 853 885 $200 $0 (8) ($200) 2020 2021 2022
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 $15.5 $15.7 $15.4 $16 Excellent capitalization with prudent $1,200 $14.6 $14.2 $13.5 leverage and modest corporate $14 obligations $1,000 $12 • $11.2 billion of GAAP equity and $3.0 billion of debt • $15.4 billion of GAAP capital ex AOCI $800 $10 $545 $545 • Stat
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 • Approximately $19.7 billion1 of firm contract backlog • Boardwalk expects its resources, including its operating cash flows, revolving credit facility and cash on hand, to adequately • Over 87% of future contracted revenues
Slide 25: Boardwalk – Growth Projects
Boardwalk – Growth Projects1 Eunice-Iowa Ohio Power Plant 2 • Capacity: 0.120 Bcf/d • Capacity: 0.265 Bcf/d 01 • Status: In Construction 05 • Status: Design & Permitting 5 • Target In-Service: Third Quarter 2026 • Target In-Service: First Half 2028 Carnation SECURE • Capacity: 0.170 Bcf/d • Capacity
Slide 26: Loews Hotels & Co
Loews Hotels & Co Company Snapshot System-wide Guest Rooms as of June 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 Resort Hot
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 June 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 Loew
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 63 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 June 30, 2026 Financial Pipelines Hotels & Co Corporate1 Total (in millions) Assets: Cash and investments $ 50,780 $ 139 $ 382 $ 4,407 $ 55,708 Receivables 11,239 384 29 71 11,723 Property, plant and equipment 291 8,939 1,618
Slide 35: Appendix – CNA Core Income
Appendix – CNA Core Income1 June 30 December 31 Three Months Six Months Year Ended ($ millions) 2026 2025 2026 2025 2025 Net income attributable to Loews $ 294 $ 274 $ 488 $ 526 $ 1,173 Investment losses 3 36 17 43 64 Noncontrolling interests 27 25 44 47 105 Core income $ 324 $ 335 $ 549 $ 616 $ 1,3
Slide 36: Appendix – CNA Underlying Loss Ratio and Underlying Combined Ratio
Appendix – CNA Underlying Loss Ratio and Underlying Combined Ratio1 June 30 December 31 Three Months Six Months Years Ended 2026 2025 2026 2025 2025 2024 2023 2022 2021 Loss ratio 66.4 % 63.9 % 69.0 % 65.8 % 64.6 % 64.3 % 62.5 % 62.0 % 64.8 % Expense ratio 29.7 29.8 30.0 30.1 29.7 30.2 30.7 30.9 31.
Slide 37: Appendix – Boardwalk EBITDA
Appendix – Boardwalk EBITDA1 June 30 December 31 Three Months Six Months Year Ended 2026 2025 2026 2025 2025 ($ millions) Net income attributable to Loews $ 100 $ 88 $ 259 $ 240 $ 444 Interest, net 34 37 72 75 147 Income tax expense 33 29 85 79 140 Depreciation and amortization 112 120 223 226 443 E
Slide 38: Appendix – Loews Hotels & Co Adjusted EBITDA
Appendix – Loews Hotels & Co Adjusted EBITDA1 Reconciliation of Net Income to Adjusted EBITDA June 30 December 31 Three Months Six Months Year Ended ($ millions) 2026 2025 2026 2025 2025 Loews Hotels & Co net income attributable to Loews Corporation $ 48 $ 28 $ 74 $ 28 $ 31 Interest, net 12 16 24 29
Slide 39: Appendix – Loews Hotels & Co Adjusted Mortgage Debt
Appendix – Loews Hotels & Co Adjusted Mortgage Debt1 June 30, 2026 June 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 issue disco