Loews (NYSE:L) capped a strong fiscal 2025 with a significant jump in annual net income, driven by robust performance at its insurance subsidiary CNA Financial and a strategic multi-billion dollar share repurchase program.
The New York-based holding company, led by CEO Ben Tisch, reported full-year net income of $1.67 billion, or $7.97 per share—a substantial increase from its 2024 performance.
For the fourth quarter alone, net income rose to $402 million ($1.94 per share) compared to $187 million in the prior-year period.
The sharp year-over-year climb was partially attributed to the non-recurrence of a massive $265 million after-tax pension settlement charge that had weighed on CNA's 2024 results.
The company’s intrinsic value continued to climb, with book value per share reaching $90.71 as of Dec. 31, 2025, up from $79.49 a year earlier.
Excluding accumulated other comprehensive income (AOCI), book value stood at $95.89.
Loews also remained one of the most aggressive buyers of its own stock in the diversified financials sector, repurchasing 8.9 million shares throughout the year for a total of $782 million.
On the legal front, the company continues to navigate the long-running "Boardwalk" litigation.
In December 2025, the Delaware Supreme Court issued a mixed ruling that remanded specific claims regarding "tortious interference" back to the Court of Chancery.
While the court resolved several other claims in Loews's favor, the remand ensures that the legal dispute over the 2018 acquisition of Boardwalk Pipelines' minority interests will continue into 2026.
Despite the legal overhang, Loews ended the year with a fortress balance sheet, holding $3.9 billion in parent-company cash and investments against just $1.8 billion in debt.