Loews Corporation · NYSE:L
Loews — Q2 2024 Earnings Presentation
16 slides from Loews's earnings presentation, Jul 29, 2024
Slide 1: Earnings Supplement 2024 Q2
Earnings Supplement July 2024 2024 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 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 $13.2 billion Insurance Market Cap Long-term view, Natural Gas & 100% $929 m
Slide 4: 2024 Second Quarter – Key Highlights
2024 Second Quarter – Key Highlights June 30 Three Months Six Months • Net income of $369 million, or $1.67 per share in Q2 2024 2023 2024 2023 2024 vs. $360 million, or $1.58 per share in Q2 2023 (in millions, except per share data) ◦ Excluding the prior period’s $36 million gain at Loews Revenues
Slide 5: Net Income (Loss) by Segment
Net Income (Loss) by Segment Q2 2024 Subsidiary Highlights vs June 30 Q2 2023 Three Months Six Months • CNA's net income attributable to Loews Corporation 2024 2023 2024 2023 improved 14% due to increased net investment income ($ millions) driven by higher income from fixed income securities and fav
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 $500 million outstandi
Slide 7: Parent Company Cash and Investments
Parent Company Cash and Investments Balances as of June 30, 2024 Year-to-Date Roll Forward ($ millions) Parent Company Cash & Investments ($ millions) Portfolio Composition* Cash & short term investments $ 2,208 Equity securities 448 Fixed income & other 475 Total Cash & Investments $ 3,131 * Net of
Slide 8: CNA Financial – Financial Highlights
CNA Financial – Financial Highlights Financials1 June 30 Three Months Six Months ($ millions, except per share data) 2024 2023 2024 2023 Core income2 $ 326 $ 308 $ 681 $ 633 Net investment losses (after-tax) (9) (25) (26) (53) Net income 317 283 655 580 Loews accounting adjustments: Amounts attribut
Slide 9: Boardwalk Pipelines – Financial Highlights
Boardwalk Pipelines – Financial Highlights Financials1 June 30 Three Months Six Months ($ millions) 2024 2023 2024 2023 Operating revenue $ 477 $ 359 $ 988 $ 753 Net income 97 79 262 198 Loews accounting adjustments2 (27) (22) (71) (55) Net income attributable to Loews $ 70 $ 57 $ 191 $ 143 EBITDA3
Slide 10: Loews Hotels & Co – Financial Highlights
Loews Hotels & Co – Financial Highlights Financials June 30 Three Months Six Months ($ millions) 2024 2023 2024 2023 Operating revenue $ 219 $ 182 $ 402 $ 337 Gain on acquisition of a joint venture1 — 46 — 46 Revenues related to reimbursable expenses 32 26 65 63 Revenue 251 254 467 446 Pretax income
Slide 11: Loews Hotels & Co – Portfolio
Loews Hotels & Co – Portfolio Ownership - Ops Commenced / As of June 30, 2024 Location Rooms Ownership %1 Managed Only OWNED (11) 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 June 30, 2024 Financial Pipelines Hotels & Co Corporate1 Total (in millions) Assets: Cash and investments $ 46,620 $ 781 $ 225 $ 3,190 $ 50,816 Receivables 9,990 180 38 72 10,280 Property, plant and equipment 259 8,870 1,562
Slide 13: Appendix – CNA Core Income
Appendix – CNA Core Income1 June 30 Three Months Six Months ($ millions) 2024 2023 2024 2023 Net income attributable to Loews $ 291 $ 255 $ 601 $ 523 Investment losses 9 25 26 53 Noncontrolling interests 26 28 54 57 Core income $ 326 $ 308 $ 681 $ 633 1. Core income is calculated by excluding from C
Slide 14: Appendix – Boardwalk EBITDA
Appendix – Boardwalk EBITDA1 June 30 December 31 Three Months Six Months Year Ended 2024 2023 2024 2023 2023 ($ millions) Net income attributable to Loews $ 70 $ 57 $ 191 $ 143 $ 283 Interest, net 38 35 77 72 144 Income tax expense 24 19 65 49 90 Depreciation and amortization 108 102 214 203 412 EBI
Slide 15: Appendix – Loews Hotels & Co Adjusted EBITDA
Appendix – Loews Hotels & Co Adjusted EBITDA1 Reconciliation of Net Income to Adjusted EBITDA June 30 Three Months Six Months ($ millions) 2024 2023 2024 2023 Loews Hotels & Co net income attributable to Loews $ 35 $ 74 $ 51 $ 98 Interest, net 12 (1) 17 4 Income tax expense 9 27 21 37 Depreciation a
Slide 16: Appendix – Loews Hotels & Co Adjusted Mortgage Debt
Appendix – Loews Hotels & Co Adjusted Mortgage Debt1 (In millions) June 30, 2024 June 30, 2023 Short term debt of Loews Hotels $ 413 $ 168 Long term debt of Loews Hotels 571 693 Total debt of Loews Hotels $ 984 $ 861 Deferred financing fees and original issue discount 6 8 Total debt attributable to