Loews Corporation · NYSE:L
Loews — Q3 2024 Earnings Presentation
17 slides from Loews's earnings presentation, Nov 4, 2024
Slide 1: Earnings Supplement 2024 Q3
Earnings Supplement November 2024 2024 Q3
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 $12.9 billion Insurance Market Cap Long-term view, Natural Gas & 100% $929 m
Slide 4: 2024 Third Quarter – Key Highlights
2024 Third Quarter – Key Highlights September 30 Three Months Nine Months • Net income of $401 million, or $1.82 per share in Q3 2024 2023 2024 2023 2024 vs. $253 million, or $1.12 per share in Q3 2023 (in millions, except per share data) ◦ Excluding the prior year third quarter's $37 million Revenu
Slide 5: Net Income (Loss) by Segment
Net Income (Loss) by Segment September 30 Q3 2024 Subsidiary Highlights vs Three Months Nine Months Q3 2023 2024 2023 2024 2023 • CNA's net income attributable to Loews Corporation improved ($ millions) 10% due to higher net investment income primarily driven by higher returns from limited partnersh
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 $500 million outstandi
Slide 7: Parent Company Cash and Investments
Parent Company Cash and Investments Balances as of September 30, 2024 Year-to-Date Roll Forward ($ millions) Parent Company Cash & Investments ($ millions) Portfolio Composition* Cash & short term investments $ 2,268 Equity securities 526 Fixed income & other1 523 Total Cash & Investments $ 3,317 *
Slide 8: CNA Financial – Financial Highlights
CNA Financial – Financial Highlights Financials1 September 30 Three Months Nine Months ($ millions, except per share data) 2024 2023 2024 2023 Core income2 $ 293 $ 289 $ 974 $ 922 Net investment losses (after-tax) (7) (31) (33) (84) Pension settlement losses (3) — (3) — Net income 283 258 938 838 Lo
Slide 9: Boardwalk Pipelines – Financial Highlights
Boardwalk Pipelines – Financial Highlights Financials1 September 30 Three Months Nine Months ($ millions) 2024 2023 2024 2023 Operating revenue $ 474 $ 356 $ 1,462 $ 1,109 Net income 107 69 369 267 Loews accounting adjustments2 (30) (20) (101) (76) Net income attributable to Loews $ 77 $ 49 $ 268 $
Slide 10: Loews Hotels & Co – Financial Highlights
Loews Hotels & Co – Financial Highlights Financials September 30 Three Months Nine Months ($ millions) 2024 2023 2024 2023 Operating revenue $ 195 $ 160 $ 597 $ 497 Gain on acquisition of a joint venture1 — — — 46 Revenues related to reimbursable expenses 31 36 96 99 Revenue 226 196 693 642 Pretax i
Slide 11: Loews Hotels & Co – Portfolio
Loews Hotels & Co – Portfolio Ownership - Ops Commenced / As of September 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
Slide 12: Appendix – Loews Consolidating Condensed Balance Sheet
Appendix – Loews Consolidating Condensed Balance Sheet CNA Boardwalk Loews September 30, 2024 Financial Pipelines Hotels & Co Corporate1 Total (in millions) Assets: Cash and investments $ 49,151 $ 869 $ 272 $ 3,325 $ 53,617 Receivables 9,831 168 38 101 10,138 Property, plant and equipment 258 8,853
Slide 13: Appendix – CNA Core Income
Appendix – CNA Core Income1 September 30 Three Months Nine Months ($ millions) 2024 2023 2024 2023 Net income attributable to Loews $ 259 $ 235 $ 860 $ 758 Investment losses 7 31 33 84 Pension settlement losses 3 — 3 — Noncontrolling interests 24 23 78 80 Core income $ 293 $ 289 $ 974 $ 922 1. Core
Slide 14: Appendix – CNA Underlying Loss Ratio and Underlying Combined Ratio
Appendix – CNA Underlying Loss Ratio and Underlying Combined Ratio1 September 30 Three Months Nine Months 2024 2023 2024 2023 Loss ratio 66.7% 63.9% 64.9% 63.1% Expense ratio 30.2 30.1 30.3 30.6 Dividend ratio 0.3 0.3 0.4 0.3 Combined ratio 97.2% 94.3% 95.6% 94.0% Effect of catastrophe impacts (5.8)
Slide 15: Appendix – Boardwalk EBITDA
Appendix – Boardwalk EBITDA1 September 30 December 31 Three Months Nine Months Year Ended 2024 2023 2024 2023 2023 ($ millions) Net income attributable to Loews $ 77 $ 49 $ 268 $ 191 $ 283 Interest, net 38 33 115 106 144 Income tax expense 27 17 92 66 90 Depreciation and amortization 107 103 321 306
Slide 16: Appendix – Loews Hotels & Co Adjusted EBITDA
Appendix – Loews Hotels & Co Adjusted EBITDA1 Reconciliation of Net Income to Adjusted EBITDA September 30 Three Months Nine Months ($ millions) 2024 2023 2024 2023 Loews Hotels & Co net income (loss) attributable to Loews Corporation $ (8) $ 17 $ 43 $ 115 Interest, net 13 1 30 5 Income tax expense
Slide 17: Appendix – Loews Hotels & Co Adjusted Mortgage Debt
Appendix – Loews Hotels & Co Adjusted Mortgage Debt1 (In millions) September 30, 2024 September 30, 2023 Short term debt of Loews Hotels $ 113 $ 468 Long term debt of Loews Hotels 881 427 Total debt of Loews Hotels $ 994 $ 895 Deferred financing fees and original issue discount 8 7 Noncontrolling in