Loews Corporation · NYSE:L
Loews — Q2 2025 Earnings Presentation
39 slides from Loews's earnings presentation, August 2025
Slide 1: Investor Presentation 2025 Q2
INVESTOR PRESENTATION August 2025 2025 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 $10.2 billion Property & Net Written Premiums ~92% Casualty Ownership (NYSE: CNA) Insurance $11.9 billion Market Cap Private Subsidiaries Natural Gas & 100% $1.1 billion NGLs $3.4 billion Cash Ownership EBITDA1 Midstream & Investments $1.8 billion Debt 18,656 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 2025
Financial Performance Q2 2025
Slide 6: 2025 Second Quarter – Key Highlights
2025 Second Quarter – Key Highlights June 30 Three Months Six Months • Net income of $391 million, or $1.87 per share in Q2 2025 2024 2025 2024 2025 vs. $369 million, or $1.67 per share in Q2 2024 (in millions, except per share data) Revenues $ 4,555 $ 4,267 $ 9,049 $ 8,498 • Repurchased 3.0 million
Slide 7: Net Income (Loss) by Segment
Net Income (Loss) by Segment Q2 2025 Subsidiary Highlights vs June 30 Q2 2024 Three Months Six Months • CNA's net income attributable to Loews Corporation ($ millions) 2025 2024 2025 2024 decreased year-over-year. Unfavorable net prior year loss reserve development related to legacy mass tort abuse
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) 2025 2024 2025 2024 Core income2 $ 335 $ 326 $ 616 $ 681 Net investment losses (after-tax) (36) (9) (43) (26) Net income 299 317 573 655 Loews accounting adjustments: Amounts attribut
Slide 11: Boardwalk Pipelines – Financial Highlights
Boardwalk Pipelines – Financial Highlights Financials1 June 30 Three Months Six Months ($ millions) 2025 2024 2025 2024 Operating revenue $ 534 $ 477 $ 1,153 $ 988 Net income 121 97 328 262 Loews accounting adjustments2 (33) (27) (88) (71) Net income attributable to Loews $ 88 $ 70 $ 240 $ 191 EBITD
Slide 12: Loews Hotels & Co – Financial Highlights
Loews Hotels & Co – Financial Highlights Financials June 30 Three Months Six Months ($ millions) 2025 2024 2025 2024 Operating revenue $ 222 $ 219 $ 433 $ 402 Revenues related to reimbursable expenses 32 32 66 65 Revenue 254 251 499 467 Pretax income 39 44 43 72 Net income attributable to Loews 28 3
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. $10.9 billion Market Trades at earnings and book value discount to Value of Loews’s Stake peers + Net Cash1 – $1.6 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 45% of our 291 common shares 250 269 outstanding 248 236 222 215 200 207 150 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 6/30/25 Shares Repurchased 15
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 $1,577 from $1,600 Subsidiaries1 243 $1,400 n Corporate $1,200 $1,156 $1,120 Net Investment $1,006 ($ millions) 229 $952 $970 114 $924 Income (Loss)2 $1,000 59 49 99 $800 1,334 $600 947 978 1,006 927 853 875 $400 $200 $0 (8) ($200) 2019 2020 2021 20
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 • Effective portfolio management through increased specialization • Ta
Slide 22: CNA – Disciplined Capital Management
CNA – Disciplined Capital Management $15.6 $15.5 $15.2 $16 Excellent capitalization with prudent $1,200 $13.5 $13.7 leverage and modest corporate $12.9 $14 obligations $1,000 $12 • $10.7 billion of GAAP equity and $3.0 billion of debt $800 $10 • $15.2 billion of GAAP capital ex AOCI $545 • Statutory
Slide 23: Boardwalk Pipelines
Boardwalk Pipelines Company Snapshot Boardwalk Strategy • Transports and stores natural gas and liquids and provides ethane supply services with minimal exposure to commodity price volatility • Stable demand pull from predominantly high credit Maintain Strong Enhance Existing Identify Strategic Comm
Slide 24: Boardwalk – Strong Financial Position
Boardwalk – Strong Financial Position Substantial Backlog Strong Liquidity • Approximately $14.7 billion1 of firm contract backlog • Boardwalk expects its resources, including its operating cash flows, revolving credit facility and cash on hand, • Over 82% of future contracted revenues are with inve
Slide 25: Boardwalk – Growth Projects
Boardwalk – Growth Projects1 7 4 Kosci Junction PLUSS • Capacity: 1,200–1,500 MDt/d • Capacity: 236 MDt/d 01 • Status: Commercial Negotiation 05 • Status: Design & Permitting 3 & Permitting • Target In-Service: First Half of 2029 • Target In-Service: First Half of 2028 Eunice – Iowa SECURE • Capacit
Slide 26: Loews Hotels & Co
Loews Hotels & Co Company Snapshot System-wide Guest Rooms as of June 30, 2025 • Owned, joint venture and managed hotels in the U.S. • Exclusive, local experiences 4,840 13,816 18,656 • 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, 2025 Location Rooms Ownership %1 Managed Only OWNED (11) 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 Loews Chica
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 64 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 22% of Sales 20% 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) 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, 2025 Financial Pipelines Hotels & Co Corporate1 Total (in millions) Assets: Cash and investments $ 49,421 $ 390 $ 260 $ 3,371 $ 53,442 Receivables 11,050 223 24 60 11,357 Property, plant and equipment 297 8,763 1,590
Slide 35: Appendix – CNA Core Income
Appendix – CNA Core Income1 June 30 December 31 Three Months Six Months Year Ended ($ millions) 2025 2024 2025 2024 2024 Net income attributable to Loews $ 274 $ 291 $ 526 $ 601 $ 879 Investment losses 36 9 43 26 64 Pension settlement losses — — — — 293 Noncontrolling interests 25 26 47 54 80 Core i
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 2025 2024 2025 2024 2024 2023 2022 2021 2020 Loss ratio 63.9 % 63.8 % 65.8 % 63.9 % 64.3 % 62.5 % 62.0 % 64.8 % 67.2 % Expense ratio 29.8 30.7 30.1 30.4 30.2 30.7 30.9 31.1 32.
Slide 37: Appendix – Boardwalk EBITDA
Appendix – Boardwalk EBITDA1 June 30 December 31 Three Months Six Months Year Ended 2025 2024 2025 2024 2024 ($ millions) Net income attributable to Loews $ 88 $ 70 $ 240 $ 191 $ 413 Interest, net 37 38 75 77 152 Income tax expense 29 24 79 65 92 Depreciation and amortization 120 108 226 214 429 EBI
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) 2025 2024 2025 2024 2024 Loews Hotels & Co net income attributable to Loews Corporation $ 28 $ 35 $ 28 $ 51 $ 70 Interest, net 16 12 29 17
Slide 39: Appendix – Loews Hotels & Co Adjusted Mortgage Debt
Appendix – Loews Hotels & Co Adjusted Mortgage Debt1 June 30, 2025 June 30, 2024 December 31, 2024 (In millions) Short term debt of Loews Hotels $ 4 $ 413 $ 4 Long term debt of Loews Hotels 997 571 998 Total debt of Loews Hotels $ 1,001 $ 984 $ 1,002 Deferred financing fees and original issue discou