LOEWS CORP
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| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Premiums Earned Net | 2,797 | 2,679 | +4.4% |
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| Premiums Earned Net | 2,797 | 2,679 | +4.4% |
| Net Investment Income | 714 | 696 | +2.6% |
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| Net Investment Income | 6 | 10 | -40.0% |
| Net Investment Income | 653 | 644 | +1.4% |
| Net Investment Income | -1,892 | -1,844 | -2.6% |
| Net Investment Income | 52 | 40 | +30.0% |
| Gain Loss On Investments | -19 | -39 | +51.3% |
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| Gain Loss On Investments | -19 | -39 | +51.3% |
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| Equity Securities | -3 | -4 | +25.0% |
| Fixed Maturities | -16 | -36 | +55.6% |
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| Nonredeemable Preferred Stock | -1 | -5 | +80.0% |
| Non Insurance Warranty Revenue | 389 | 397 | -2.0% |
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| Non Insurance Warranty Revenue | 389 | 397 | -2.0% |
| Revenue From Contract With Customer Excluding Assessed Tax And Other | 853 | 813 | +4.9% |
| Revenue | 4,734 | 4,546 | +4.1% |
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| Revenue | 619 | 577 | +7.3% |
| Revenue | 3,828 | 3,689 | +3.8% |
| Revenue | -10,216 | -9,648 | -5.9% |
| Revenue | 52 | 40 | +30.0% |
| Policyholder Benefits And Claims Incurred Net | 2,150 | 2,030 | +5.9% |
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| Policyholder Benefits And Claims Incurred Net | 2,150 | 2,030 | +5.9% |
| Deferred Policy Acquisition Cost Amortization Expense | 475 | 462 | +2.8% |
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| Deferred Policy Acquisition Cost Amortization Expense | 475 | 462 | +2.8% |
| Non Insurance Warranty Expense | 380 | 378 | +0.5% |
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| Non Insurance Warranty Expense | 380 | 378 | +0.5% |
| Operating Expenses And Other | 1,110 | 1,392 | -20.3% |
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| Operating Expenses And Other | 436 | 386 | +13.0% |
| Operating Expenses And Other | 409 | 766 | -46.6% |
| Operating Expenses And Other | -181 | -204 | +11.3% |
| Operating Expenses And Other | 17 | 19 | -10.5% |
| Income Loss From Equity Method Investments | -35 | -14 | -150.0% |
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| Income Loss From Equity Method Investments | -42 | -27 | -55.6% |
| Income Loss From Equity Method Investments | 7 | 13 | -46.2% |
| Interest Expense | 113 | 110 | +2.7% |
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| Interest Expense | 42 | 46 | -8.7% |
| Interest Expense | 36 | 32 | +12.5% |
| Interest Expense | -30 | -50 | +40.0% |
| Interest Expense | 18 | 18 | 0.0% |
| Benefits Losses And Expenses | 4,193 | 4,358 | -3.8% |
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| Benefits Losses And Expenses | 478 | 432 | +10.6% |
| Benefits Losses And Expenses | 3,450 | 3,668 | -5.9% |
| Benefits Losses And Expenses | -9,026 | -8,553 | -5.5% |
| Benefits Losses And Expenses | 42 | 50 | -16.0% |
| Income Before Taxes | 541 | 188 | +187.8% |
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| Income Before Taxes | 141 | 145 | -2.8% |
| Income Before Taxes | 378 | 21 | +1700.0% |
| Income Before Taxes | -1,190 | -1,095 | -8.7% |
| Income Before Taxes | 10 | -10 | +200.0% |
| Income Tax Expense (Benefit) | -113 | 1 | -11400.0% |
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| Income Tax Expense (Benefit) | -31 | 0 | — |
| Income Tax Expense (Benefit) | -76 | 0 | — |
| Income Tax Expense (Benefit) | 245 | 227 | +7.9% |
| Income Tax Expense (Benefit) | 0 | 6 | -100.0% |
| Net Income | 428 | 189 | +126.5% |
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| Noncontrolling Interest | 26 | 2 | +1200.0% |
| Retained Earnings | 402 | 187 | +115.0% |
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| Net Income | 110 | 145 | -24.1% |
| Net Income | 302 | 21 | +1338.1% |
| Net Income | -945 | -868 | -8.9% |
| Net Income | 10 | -4 | +350.0% |
| Net Income Loss Attributable To Noncontrolling Interest | -26 | -2 | -1200.0% |
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| Net Income Loss Attributable To Noncontrolling Interest | -26 | -2 | -1200.0% |
| Net Income | 402 | 187 | +115.0% |
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| Net Income | 110 | 145 | -24.1% |
| Net Income | 276 | 19 | +1352.6% |
| Net Income | -866 | -790 | -9.6% |
| Net Income | 10 | -4 | +350.0% |
| EPS (Basic) | 1.95 | 0.87 | +124.1% |
| EPS (Diluted) | 1.94 | 0.87 | +123.0% |
| Wtd Avg Shares (Basic) | -0.78 | -0.9 | +13.3% |
| Wtd Avg Shares (Diluted) | -0.78 | -0.9 | +13.3% |
| Revenue | 827 | 789 | +4.8% |
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| Lodging and related services – Loews Hotels & Co · Loews Hotels Holding Corporation [Member] | 226 | 233 | -3.0% |
| Non-insurance warranty – CNA Financial · CNA Financial Corporation [Member] | 389 | 397 | -2.0% |
| Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines · Boardwalk Pipeline Partners, LP [Member] | 601 | 556 | +8.1% |
| Comprehensive Income | 496 | 58 | +755.2% |
| Liability For Unpaid Claims And Claims Adjustment Expense Incurred Claims1 | 1,721 | 1,649 | +4.4% |
Balance Sheet
| Metric | Q4 2025 | Q4 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Marketable Securities (Current) | 6,044 | 4,606 | +31.2% |
| Total Current Assets (Q) | — | — | — |
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| Parent Company | 2,676 | 2,222 | +20.4% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 10,695 | 10,738 | -0.4% |
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| Hotel Properties | 1,522 | 1,517 | +0.3% |
| Pipelines | 8,330 | 8,478 | -1.7% |
| Property Plant And Equipment Other Types | 486 | 496 | -2.0% |
| Goodwill | 349 | 347 | +0.6% |
| Total Assets | 86,348 | 81,943 | +5.4% |
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| Boardwalk Pipeline Partners, LP [Member] | 10,586 | 9,853 | +7.4% |
| CNA Financial Corporation [Member] | 69,381 | 66,434 | +4.4% |
| Corporate And Other | 3,894 | 3,158 | +23.3% |
| Loews Hotels Holding Corporation [Member] | 2,487 | 2,498 | -0.4% |
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| Parent Company | 20,689 | 19,110 | +8.3% |
| Operating Lease Right-of-Use Assets | 301 | 320 | -5.9% |
| Other Assets | |||
| Equity Securities Fv Ni | 1,292 | 1,064 | +21.4% |
| Investments In Affiliates Subsidiaries Associates And Joint Ventures | 2,861 | 2,520 | +13.5% |
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| Ten Largest Limited Partnership Holdings | 698 | 648 | +7.7% |
| Other Investments | 1,195 | 1,113 | +7.4% |
| Investments | 55,376 | 51,130 | +8.3% |
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| Parent Company | 1,245 | 1,170 | +6.4% |
| Cash | 495 | 541 | -8.5% |
| Accounts Receivable Net | 10,983 | 10,522 | +4.4% |
| Capitalized Contract Cost Net | 3,220 | 3,525 | -8.7% |
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| Deferred Non-insurance Warranty Acquisition Expenses | 3.2 | 3.5 | -8.6% |
| Deferred Policy Acquisition Costs | 986 | 959 | +2.8% |
| Other Assets | 4,244 | 4,181 | +1.5% |
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| Parent Company | 95 | 95 | 0.0% |
| Current Liabilities | |||
| Long Term Debt And Capital Lease Obligations Current | 1,052 | 5 | +20940.0% |
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| Boardwalk Pipeline Partners, LP [Member] · Operating Segments | 550 | — | — |
| Corporate · Operating Segments | 500 | — | — |
| Loews Hotels Holding Corporation [Member] · Operating Segments | 2 | — | — |
| Total Current Liabilities (Q) | — | — | — |
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| Parent Company | 597 | 143 | +317.5% |
| Non-Current Liabilities | |||
| Deferred Tax Liabilities | 839 | 550 | +52.5% |
| Total Liabilities | 66,707 | 64,006 | +4.2% |
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| Parent Company | 2,003 | 2,044 | -2.0% |
| Other Liabilities | |||
| Debt Securities Available For Sale Excluding Accrued Interest | 43,984 | 41,827 | +5.2% |
Show Fair Value Hierarchy breakouts |
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| Fair Value Inputs Level1 · Corporate Debt Securities | 238 | 223 | +6.7% |
| Fair Value Inputs Level1 · Fair Value Measurements Recurring | 238 | 223 | +6.7% |
| Fair Value Inputs Level2 · Asset Backed Securities | 7,672 | 7,540 | +1.8% |
| Fair Value Inputs Level2 · Corporate Debt Securities | 24,529 | 24,340 | +0.8% |
| Fair Value Inputs Level2 · Fair Value Measurements Recurring | 40,587 | 38,642 | +5.0% |
| Fair Value Inputs Level2 · US States And Political Subdivisions | 8,386 | 6,762 | +24.0% |
| Fair Value Inputs Level3 · Asset Backed Securities | 998 | 876 | +13.9% |
| Fair Value Inputs Level3 · Corporate Debt Securities | 1,483 | 1,278 | +16.0% |
| Fair Value Inputs Level3 · Fair Value Measurements Recurring | 2,526 | 2,196 | +15.0% |
| Fair Value Inputs Level3 · Fixed Maturities | 1,927 | 1,724 | +11.8% |
| Fair Value Inputs Level3 · US States And Political Subdivisions | 45 | 42 | +7.1% |
Show Financial Instrument breakouts |
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| Asset Backed Securities | 8,670 | 8,416 | +3.0% |
| Asset Backed Securities Securitized Loans And Receivables | 3,543 | 3,541 | +0.1% |
| Asset Backed Securities · Fair Value Measurements Recurring | 8,670 | 8,416 | +3.0% |
| Commercial Mortgage Backed Securities | 1,432 | 1,631 | -12.2% |
| Corporate Debt Securities | 25,257 | 24,944 | +1.3% |
| Corporate Debt Securities · Fair Value Measurements Recurring | 26,250 | 25,841 | +1.6% |
| Fixed maturities available-for-sale | 43,351 | 41,061 | +5.6% |
| Fixed maturities trading | 633 | 766 | -17.4% |
| Foreign Government Debt Securities | 751 | 677 | +10.9% |
| Redeemable Preferred Stock | 8 | — | — |
| Residential Mortgage Backed Securities | 3,695 | 3,244 | +13.9% |
| US States And Political Subdivisions | 8,431 | 6,804 | +23.9% |
| US States And Political Subdivisions · Fair Value Measurements Recurring | 8,431 | 6,804 | +23.9% |
| US Treasury Securities | 234 | 220 | +6.4% |
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| Fair Value Measurements Recurring | 43,351 | 41,061 | +5.6% |
| Liability For Claims And Claims Adjustment Expense | 26,599 | 24,976 | +6.5% |
| Liability For Future Policy Benefits | 13,448 | 13,158 | +2.2% |
| Unearned Premiums | 7,635 | 7,346 | +3.9% |
| Payables To Broker Dealers And Clearing Organizations | 53 | 110 | -51.8% |
| Long Term Debt And Capital Lease Obligations | 8,437 | 8,939 | -5.6% |
Show Business Segments breakouts |
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| Boardwalk Pipeline Partners, LP [Member] · Operating Segments | 3,232 | — | — |
| CNA Financial Corporation [Member] · Operating Segments | 2,971 | — | — |
| Corporate · Operating Segments | 1,286 | — | — |
| Loews Hotels Holding Corporation [Member] · Operating Segments | 999 | — | — |
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| Parent Company | 1,286 | 1,785 | -28.0% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | -51 | — | — |
| Deferred Revenue | 4,138 | 4,530 | -8.7% |
| Other Liabilities | 4,506 | 4,392 | +2.6% |
| Stockholders' Equity | |||
| Common Stock | 2 | 2 | 0.0% |
| Additional Paid-In Capital | 2,374 | 2,490 | -4.7% |
| Retained Earnings | 17,377 | 16,459 | +5.6% |
| Accumulated Other Comprehensive Income | -1,067 | -1,867 | +42.8% |
| Stockholders Equity Before Treasury Stock | 18,686 | 17,084 | +9.4% |
| Total Stockholders' Equity | 18,686 | 17,066 | +9.5% |
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| Parent Company | 18,686 | 17,066 | +9.5% |
| Minority Interest | 955 | 871 | +9.6% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 19,641 | 17,937 | +9.5% |
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| Accumulated Defined Benefit Plans Adjustment | -212 | -224 | +5.4% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent | 2 | 9 | -77.8% |
| Accumulated Net Unrealized Investment Gain Loss | -907 | -1,720 | +47.3% |
| Accumulated Other Comprehensive Income | -1,067 | -1,867 | +42.8% |
| Accumulated Translation Adjustment | -111 | -243 | +54.3% |
| Additional Paid In Capital | 2,374 | 2,490 | -4.7% |
| Aoci Gain Loss Debt Securities Available For Sale With Allowance For Credit Loss Parent | -15 | -13 | -15.4% |
| Aoci Liability For Future Policy Benefit Parent | 176 | 324 | -45.7% |
| Common Stock | 2 | 2 | 0.0% |
| Noncontrolling Interest | 955 | 871 | +9.6% |
| Retained Earnings | 17,377 | 16,459 | +5.6% |
| Total Liabilities & Equity | 86,348 | 81,943 | +5.4% |
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| Parent Company | 20,689 | 19,110 | +8.3% |
| Insurance Reserves | 47,682 | 45,480 | +4.8% |
Cash Flow Statement
| Metric | YTD Q4 2025 | YTD Q4 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Change in Accounts Receivable | -65 | -539 | +87.9% |
| Increase Decrease In Deferred Policy Acquisition Costs | -1 | -24 | +95.8% |
| Increase Decrease In Insurance Liabilities | 148 | 806 | -81.6% |
| Increase Decrease In Other Operating Assets | 237 | 543 | -56.4% |
| Increase Decrease In Other Operating Liabilities | -40 | -63 | +36.5% |
| Increase Decrease In Trading Securities | -245 | 3 | -8266.7% |
| Net Cash from Operations | 617 | 941 | -34.4% |
| Investing Activities | |||
| Purchases of Investments | -1,066 | -1,388 | +23.2% |
| Proceeds From Sale Of Available For Sale Securities Debt | 514 | 458 | +12.2% |
| Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities | 790 | 641 | +23.2% |
| Payments To Acquire Equity Securities | -164 | -112 | -46.4% |
| Proceeds From Sale Of Equity Securities Fv Ni | 109 | 135 | -19.3% |
| Payments To Acquire Limited Partnership Interests | -107 | -100 | -7.0% |
| Proceeds From Limited Partnership Investments | 14 | 52 | -73.1% |
| Capital Expenditures | -191 | -174 | -9.8% |
| Payments For Proceeds From Short Term Investments | -472 | 553 | -185.4% |
| Other Investing Activities | -37 | -1 | -3600.0% |
| Net Cash from Investing | -611 | 41 | -1590.2% |
| Financing Activities | |||
| Payments Of Dividends Common Stock | -13 | -13 | 0.0% |
| Payments Of Dividends Minority Interest | -10 | -10 | 0.0% |
| Share Repurchases | -100 | -346 | +71.1% |
| Payments For Repurchase Of Redeemable Noncontrolling Interest | 0 | 0 | — |
| Debt Repayments | -865 | -603 | -43.4% |
| Proceeds From Issuance Of Debt | 907 | 10 | +8970.0% |
| Proceeds From Payments For Other Financing Activities | 2 | -14 | +114.3% |
| Net Cash from Financing | -79 | -976 | +91.9% |
| Other Cash Flow | |||
| Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 1 | -13 | +107.7% |
| Net Change in Cash | -72 | -7 | -928.6% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 495 | 541 | -8.5% |
Show Consolidated Entities breakouts |
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| Parent Company | 5 | 6 | -16.7% |
Values in millions USD. Source: SEC EDGAR 10-K filing.