Highlights

  • Loews shows 30.01% one-year basic EPS growth, a P/E of 13.73 and PEG of 0.00.
  • Second quarter net income attributable to Loews was $444 million, against $391 million.
  • Boardwalk Pipelines acquired Spire Marketing LLC for $212 million on April 30, 2026.
  • Loews purchased 1.7 million of its shares for $179 million in six months.

Loews (NYSE:L) shares were trading at USD 110.90 on October 28, 2026, down 0.11%, alongside one-year basic EPS growth of 30.01%, a trailing twelve-month P/E of 13.73 and an expected-basis PEG of 0.00, the three figures behind its place among undervalued growth stocks. On the company's side, the holding company with insurance, pipeline and hotel subsidiaries issued $500 million of 4.9% senior notes in February, completed the Spire Marketing LLC acquisition at Boardwalk Pipelines on April 30, and reported second quarter 2026 net income attributable to Loews Corporation of $444 million in early August.

Loews Corporation is a holding company based in New York, New York, and incorporated in Delaware. It has four reportable segments: CNA Financial Corporation, a commercial property and casualty insurer in which it holds an approximately 92% interest; Boardwalk Pipelines, which transports and stores natural gas, natural gas liquids, olefins and other hydrocarbons; Loews Hotels & Co, which operates a chain of hotels; and Corporate, which holds the parent company and its equity interest in Altium Packaging.

Growth: Second Quarter Earnings, CNA, Boardwalk and Hotels

Net income attributable to Loews Corporation was $444 million, or $2.16 per share, in the second quarter, against $391 million, or $1.87 per share, a year earlier. For the six months it was $781 million, or $3.79 per share, against $761 million. Total revenues were $4,734 million against $4,555 million for the quarter, and $9,289 million against $9,049 million for the six months.

By segment, second quarter net income was $294 million at CNA against $274 million, $100 million at Boardwalk Pipelines against $88 million, and $48 million at Loews Hotels & Co against $28 million. The company said the CNA increase was primarily due to higher net investment income and lower investment losses, partially offset by lower underlying underwriting results. It said the Boardwalk Pipelines increase was primarily due to higher contracting rates on gas transportation and higher product sales, and the hotels increase primarily due to higher average daily rates.

Valuation: P/E of 13.73, PEG of 0.00 and Book Value Figures

The P/E ratio of 13.73 is measured on trailing twelve-month earnings, and the PEG ratio of 0.00 is on an expected basis. Total shareholders' equity was $19,115 million at June 30, 2026, against $18,686 million at December 31, 2025.

Boardwalk Pipelines reported EBITDA, a non-GAAP measure, of $279 million for the second quarter against $274 million. CNA reported core income, also non-GAAP, of $324 million. Net investment income at Loews was $761 million against $714 million.

Capital Returns and Balance Sheet: Buybacks, Dividends and Debt

Loews purchased 1.4 million shares for $148 million in the second quarter and 1.7 million shares for $179 million in the first six months of 2026. The liquidity discussion puts the six-month cost at $177 million. Dividends paid were $0.125 per share, or $26 million, for the six months.

Parent Company cash and investments, net of receivables and payables, were $4.4 billion at June 30, 2026, against $3.9 billion at December 31, 2025. The parent received $885 million in dividends and distributions from subsidiaries. Long-term debt was $8,914 million against $8,437 million, and short-term debt was $22 million against $1,052 million. The February notes funded the March 19 redemption of $500 million of 3.8% senior notes due April 1, 2026.

Disclosed Risks and Outlook: Underwriting, Litigation and Growth Projects

CNA's Property and Casualty combined ratio was 96.5% in the second quarter against 94.1%, and the underlying combined ratio, a non-GAAP measure, was 94.2% against 91.7%. CNA net income for the six months was $488 million against $526 million, which the company attributed primarily to lower underlying underwriting results. Other Insurance Operations included a $77 million after-tax charge related to prior year loss reserve development, largely legacy mass tort abuse reserves.

The company disclosed a class action over Boardwalk Pipelines' 2018 purchase of its common units. In December 2025 the Delaware Supreme Court found that the General Partner had breached the partnership agreement, and remaining claims were remanded, with a hearing held in July 2026. The company said it cannot reasonably estimate a loss or range of loss, recorded no accrual, and that resolution could be material in a particular period. Loews Hotels & Co faces putative antitrust class actions, one of which is on appeal.

Boardwalk Pipelines has growth projects with an expected aggregate cost of approximately $3.4 billion through 2030, of which $381 million was spent through June 30, 2026. The company said these projects remain contingent on regulatory approvals and permits, and the filing includes no earnings guidance.