Loews Q3 profit falls to $306M amid weakness at CNA
Key points
- Loews Corporation reported third-quarter net income of $306 million, compared with $496 million a year earlier, while earnings per share fell to $1.50.
- Revenue increased to $4.759 billion, but CNA's earnings contribution declined significantly because of long-term care reserve adjustments.
- Loews repurchased $167 million of shares during the quarter and another $67 million through October 30, while parent-company cash and investments reached $4.4 billion.
Loews Corporation (NYSE:L) reported third-quarter 2026 net income of $306 million, down from $496 million a year earlier, as lower earnings from its insurance subsidiary CNA offset higher consolidated revenue.
Revenue increased to $4.759 billion from $4.671 billion, while earnings per share declined to $1.50 from $2.43, reflecting weaker contributions from the company's insurance operations.
Loews reported that CNA's net income attributable to the corporation fell to $180 million from $371 million, including a $125 million after-tax impact from unfavorable long-term care reserve assumption updates.
The company said higher investment yields are expected to almost entirely offset the economic impact of the reserve adjustments over time, while Boardwalk's net income declined to $85 million from $94 million and Hotels reported earnings of $16 million compared with a $3 million loss.
Loews repurchased $167 million of its shares during the third quarter and another $67 million through October 30, while its book value per share stood at $90.24 on September 30.
Parent-company cash and investments totalled $4.4 billion against $1.8 billion in debt, while nine-month net income declined to $1.087 billion from $1.265 billion in the corresponding 2025 period.
Loews operates through insurance, energy infrastructure and hospitality businesses, with CNA, Boardwalk Pipelines and Loews Hotels forming its principal operating subsidiaries and contributing to its diversified earnings base.
