Slide 1: Earnings Supplement 2023 Q3
Earnings Supplement October 2023 2023 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. $8.7 billion Property & Net Earned Premiums Publicly 91.7% Casualty Traded Ownership Insurance $10.7 billion Market Cap Long-term view, Natural Gas & NGL Midstr
Slide 4: 2023 Third Quarter – Key Highlights
2023 Third Quarter – Key Highlights September 30 • Net income of $253 million, or $1.12 per share in Q3 2023 vs. Three Months Nine Months $(22) million, or $(0.09) per share in Q3 2022 (in millions, except per share data) 2023 20221 2023 20221 ◦ This year’s third quarter results included a $37 milli
Slide 5: Net Income (Loss) by Segment
Net Income (Loss) by Segment September 30 Q3 2023 Subsidiary Highlights vs Q3 Three Months Nine Months 2022 2023 2022 2023 2022 • CNA's net income improved due to higher net ($ millions) investment income, lower investment losses, higher P&C underwriting income, and a CNA1 $ 235 $ (37) $ 758 $ 398 s
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, Loews Corporate retired $500 million outstanding
Slide 7: Loews's Cash and Investments
Loews's Cash and Investments Balances as of September 30, 2023 Year-to-Date Roll Forward ($ millions) Loews Cash & Investments ($ millions) Portfolio Composition* Cash & short investments $ 1,781 Equity securities 337 Limited partnership investments 1 Fixed income & other 190 Total Cash & Investment
Slide 8: CNA Financial – Financial Highlights
CNA Financial – Financial Highlights Financials1 September 30 Three Months Nine Months ($ millions, except per share data) 2023 20222 2023 20222 Core income3 $ 289 $ 43 $ 922 $ 571 Net investment losses (after-tax) (31) (84) (84) (127) Net income (loss) 258 (41) 838 444 Loews accounting adjustments:
Slide 9: Boardwalk Pipelines – Financial Highlights
Boardwalk Pipelines – Financial Highlights Financials1 September 30 Three Months Nine Months ($ millions) 2023 2022 2023 2022 Operating revenue $ 356 $ 337 $ 1,109 $ 1,038 Net income 69 50 267 230 Loews accounting adjustments2 (20) (16) (76) (66) Net income attributable to Loews $ 49 $ 34 $ 191 $ 16
Slide 10: Loews Hotels & Co – Financial Highlights
Loews Hotels & Co – Financial Highlights Financials September 30 Three Months Nine Months ($ millions) 2023 2022 2023 2022 Operating revenue $ 160 $ 149 $ 497 $ 440 Gain on acquisition of a joint venture1 — — 46 — Revenues related to reimbursable expenses 36 31 99 92 Revenue 196 180 642 532 Pretax i
Slide 11: Loews Hotels & Co – Portfolio
Loews Hotels & Co – Portfolio Ownership - Ops Commenced / As of September 30, 2023 Location Rooms Ownership %1 Managed Only OWNED (11) Loews Chicago Hotel Chicago, IL 400 100% 2015 Loews Chicago O'Hare Hotel Chicago, IL 556 100% 2014 Loews Coronado Bay Resort* San Diego, CA 439 100% 2000 Loews Kansa
Slide 12: Appendix – Loews Consolidating Condensed Balance Sheet
Appendix – Loews Consolidating Condensed Balance Sheet CNA Boardwalk Loews September 30, 2023 Financial Pipelines Hotels & Co Corporate1 Total (in millions) Assets: Cash and investments $ 44,132 $ 267 $ 148 $ 2,628 $ 47,175 Receivables 9,133 149 38 117 9,437 Property, plant and equipment 257 8,859 1
Slide 13: Appendix – CNA Core Income
Appendix – CNA Core Income September 30 Three Months Nine Months ($ millions) 2023 20221 2023 20221 Net income (loss) attributable to Loews $ 235 $ (37) $ 758 $ 398 Investment losses 31 84 84 127 Consolidation adjustments, including noncontrolling interests 23 (4) 80 46 Core income $ 289 $ 43 $ 922
Slide 14: Appendix – Boardwalk EBITDA
Appendix – Boardwalk EBITDA September 30 December 31 Three Months Nine Months Year Ended 2023 2022 2023 2022 2022 ($ millions) Net income attributable to Loews $ 49 $ 34 $ 191 $ 164 $ 247 Interest, net 33 42 106 126 166 Income tax expense 17 13 66 57 83 Depreciation and amortization 103 103 306 297
Slide 15: Appendix – Loews Hotels & Co Adjusted EBITDA
Appendix – Loews Hotels & Co Adjusted EBITDA Reconciliation of Net Income to Adjusted EBITDA September 30 Three Months Nine Months ($ millions) 2023 2022 2023 2022 Loews Hotels & Co net income attributable to Loews Corporation $ 17 $ 25 $ 115 $ 84 Interest, net 1 (1) 5 6 Income tax expense 7 9 44 36
Slide 16: Appendix – Loews Hotels & Co Adjusted Mortgage Debt
Appendix – Loews Hotels & Co Adjusted Mortgage Debt (In millions) September 30, 2023 September 30, 2022 Short term debt of Loews Hotels $ 468 $ 14 Long term debt of Loews Hotels 427 681 Total debt of Loews Hotels $ 895 $ 695 Deferred financing fees and original issue discount 7 9 Total debt attribut