Key Highlights

  • Net income attributable was USD 306 million, or USD 1.50 per share, compared with USD 504 million, or USD 2.43.
  • Nine-month Net Income attributable was USD 1,087 million, or USD 5.29 per share, versus USD 1,265 million, or USD 6.03.
  • Parent company cash and investments, net of receivables and payables, rose to USD 4.4 billion from USD 3.9 billion.
  • Loews Hotels Operating Revenue rose USD 40 million to USD 220 million, returning the segment to profit.

Earnings Decline

Loews Corporation (NYSE:L) reported third-quarter 2026 net income of USD 322 million, of which USD 306 million was attributable to the company, or USD 1.50 per share, compared with USD 504 million, or USD 2.43. Weighted average shares were 204.5 million versus 207.6 million. Total net income including noncontrolling interests was USD 322 million versus USD 536 million, with USD 16 million attributable to noncontrolling interests versus USD 32 million. Nine-month net income including noncontrolling interests was USD 1,147 million versus USD 1,344 million, and nine-month weighted average shares were 205.5 million versus 209.9 million. Other comprehensive loss for the quarter included USD 1,842 million of net unrealized losses on other investments, compared with a USD 556 million gain a year earlier.

Nine-month net income attributable was USD 1,087 million, or USD 5.29 per share, versus USD 1,265 million, or USD 6.03.

Segment Contributions

By segment, the quarter's attributable income was USD 180 million from CNA, USD 85 million from Boardwalk Pipelines, USD 16 million from Loews Hotels and USD 25 million from corporate. CNA's results included catastrophe losses of USD 78 million and favorable net prior year reserve development of USD 1 million.

Loews Hotels operating revenue rose USD 40 million to USD 220 million on higher average daily rates and more occupied room nights across most of its portfolio, especially the Loews Miami Beach Hotel after its renovation ended in 2025 and the Arlington properties, several of which also benefited from the World Cup. Higher food and beverage revenue contributed. Net income attributable for the hotel segment was USD 16 million versus a loss of USD 3 million, and nine-month net income was USD 90 million versus USD 25 million.

Parent Company Liquidity

Parent company cash and investments, net of receivables and payables, were USD 4.4 billion at September 30 versus USD 3.9 billion at December 31. In nine months the company received USD 1.1 billion of dividends and distributions from subsidiaries, including USD 855 million from CNA, which included a special cash Dividend of USD 497 million, and USD 225 million from Boardwalk Pipelines.

Cash outflows included USD 334 million to fund treasury stock purchases and USD 39 million of cash dividends to shareholders. CNA paid dividends of USD 3.44 per share during the period, including a Special Dividend of USD 2.00 per share.

Subsidiary Contribution Checkpoints

The company noted that its run-off long-term care business, asbestos and environmental exposures and other legacy items sit within CNA's other insurance operations. Items to watch include catastrophe losses, hotel demand, pipeline results and the pace of treasury stock purchases.