Form 8-K

8-K — LOEWS CORP

Accession: 0000060086-26-000045

Filed: 2026-08-03

Period: 2026-08-03

CIK: 0000060086

SIC: 6331 (FIRE, MARINE & CASUALTY INSURANCE)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — l-20260803.htm (Primary)

EX-99.1 (exhibit991-q22026.htm)

EX-99.2 (exhibit992-q22026.htm)

GRAPHIC (image_0a.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: l-20260803.htm · Sequence: 1

l-20260803

0000060086FALSE00000600862026-08-032026-08-03

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) August 3, 2026

LOEWS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware 1-6541 13-2646102

(State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

9 West 57th Street, New York, NY

10019-2714

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code:

(212) 521-2000

NOT APPLICABLE

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common stock, $0.01 par value L New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Item 2.02 Results of Operations and Financial Condition.

On August 3, 2026, Loews Corporation issued a press release and posted on its website (www.loews.com) earnings remarks providing information on its results of operations for the second quarter of 2026. The press release is furnished as Exhibit 99.1 and the earnings remarks are furnished as Exhibit 99.2 to this Form 8-K.

The information under Item 2.02 and in Exhibits 99.1 and 99.2 in this Current Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 2.02 and in Exhibits 99.1 and 99.2 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

Item 9.01 Financial Statements and Exhibits.

(d)Exhibits:

See Exhibit Index.

EXHIBIT INDEX

Exhibit No. Description

99.1

Loews Corporation press release, issued August 3, 2026, providing information on its results of operations for the second quarter of 2026.

99.2

Loews Corporation earnings remarks, posted on its website August 3, 2026, providing information on its results of operations for the second quarter of 2026.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

LOEWS CORPORATION

(Registrant)

Dated: August 3, 2026

By: /s/ Marc A. Alpert

Marc A. Alpert

Senior Vice President,

General Counsel

and Secretary

EX-99.1

Filename: exhibit991-q22026.htm · Sequence: 2

Document

Exhibit 99.1

NEWS RELEASE

LOEWS CORPORATION REPORTS NET INCOME OF $444 MILLION

FOR THE SECOND QUARTER OF 2026

New York, NY, August 3, 2026: Loews Corporation (NYSE: L) today released its second quarter 2026 financial results.

Second Quarter 2026 highlights:

Loews Corporation reported net income of $444 million, or $2.16 per share, in the second quarter of 2026, compared to $391 million, or $1.87 per share, in the second quarter of 2025. The following are key highlights of our second quarter results:

•CNA Financial Corporation’s (NYSE: CNA) net income attributable to Loews Corporation increased year-over-year primarily due to higher net investment income and lower investment losses, partially offset by lower underlying underwriting results.

•Boardwalk Pipelines’ net income increased year-over-year primarily due to higher contracting rates on gas transportation and higher product sales, partially offset by higher operating expenses.

•Loews Hotels’ net income increased year-over-year primarily due to higher average daily rates and occupied room nights across most of its portfolio.

•Corporate segment net income was essentially unchanged year-over-year.

•Book value per share increased to $93.52 as of June 30, 2026, from $90.71 as of December 31, 2025.

•Book value per share, excluding AOCI, increased to $99.27 as of June 30, 2026, from $95.89 as of December 31, 2025.

•On June 30, 2026, the parent company had $4.4 billion of cash and investments and $1.8 billion of debt.

•Loews Corporation repurchased 1.4 million shares of its common stock during the second quarter of 2026 for a total cost of $146 million.

Consolidated highlights:

June 30,

Three Months Six Months

(In millions) 2026 2025 2026 2025

Net Income (Loss) Attributable to Loews Corporation:

CNA Financial $ 294 $ 274 $ 488 $ 526

Boardwalk Pipelines 100 88 259 240

Loews Hotels & Co 48 28 74 28

Corporate 2 1 (40) (33)

Net income attributable to Loews Corporation $ 444 $ 391 $ 781 $ 761

Net income per share attributable to Loews Corporation $ 2.16 $ 1.87 $ 3.79 $ 3.61

June 30, 2026 December 31, 2025

Book value per share $ 93.52 $ 90.71

Book value per share excluding AOCI $ 99.27 $ 95.89

Shares of common stock outstanding (in millions) 204.4 206.0

Page 1 of 8

Three months ended June 30, 2026 compared to 2025

CNA:

•Net income attributable to Loews Corporation increased to $294 million compared to $274 million.

•Core income decreased to $324 million compared to $335 million primarily driven by lower underlying underwriting results, partially offset by higher net investment income.

•Net earned premiums grew by 3% and net written premiums grew by 4% for CNA’s Property and Casualty business.

•Property and Casualty’s combined ratio increased by 2.4 points to 96.5% compared to 94.1% largely due to a higher underlying loss ratio. Property and Casualty’s underlying combined ratio increased to 94.2% from 91.7%.

•Property and Casualty’s underlying loss ratio of 64.1% was consistent with the first quarter of 2026, but increased by 2.6 points compared to the prior year second quarter, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters.

•Net investment income increased due to higher limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.

•Investment losses decreased due to lower losses on disposals of fixed maturity securities.

Boardwalk:

•Net income increased to $100 million compared to $88 million.

•EBITDA increased to $279 million compared to $274 million.

•Net income and EBITDA improved primarily due to an increase in gas transportation revenues from higher contracting rates and recently completed growth projects, as well as higher product sales, partially offset by higher operating expenses.

Loews Hotels:

•Net income increased 71% to $48 million compared to $28 million.

•Adjusted EBITDA increased 26% to $137 million compared to $109 million.

•Net income and adjusted EBITDA improved primarily due to higher average daily rates and occupied room nights across most of its portfolio, particularly at the Universal Orlando Resort properties and the Miami Beach Hotel post renovation.

Corporate:

•Net income of $2 million compared to $1 million.

Six months ended June 30, 2026 compared to 2025

Loews Corporation reported net income of $781 million, or $3.79 per share, compared to $761 million, or $3.61 per share, in 2025. The following are key highlights:

•CNA’s net income attributable to Loews Corporation decreased primarily due to lower underlying underwriting results, partially offset by higher net investment income and lower investment losses.

•Property and Casualty’s combined ratio increased by 3.1 points to 99.4% compared to 96.3% largely due to a higher underlying loss ratio and unfavorable net prior year loss reserve development. Property and Casualty’s underlying combined ratio was 94.5% compared to 92.0%.

•Property and Casualty’s underlying loss ratio increased by 2.6 points, mainly driven by higher loss cost trends and lower-than-expected rate in certain lines in recent quarters.

•CNA’s net investment income increased due to higher limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.

•Boardwalk’s net income improved primarily due to an increase in gas transportation revenues from higher contracting rates and higher utilization-based and growth project revenues, as well as higher storage and parking and lending revenues, partially offset by higher operating expenses.

•Loews Hotels’ net income improved primarily due to higher equity income from joint ventures, driven by growth in the overall average daily rate and an increase in the number of occupied room nights at the Universal Orlando Resort properties.

•Corporate segment results declined year-over-year primarily driven by higher interest expense related to a recent debt refinancing.

Page 2 of 8

Share Purchases:

•On June 30, 2026, there were 204.4 million shares of Loews common stock outstanding.

•During the three months ended June 30, 2026, Loews Corporation repurchased 1.4 million shares of its common stock for a total cost of $146 million.

•Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries’ outstanding common stock in the open market (including, with respect to Loews common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise.

Reconciliation of GAAP Measures to Non-GAAP Measures

This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries’ financial performance. CNA utilizes core income, underlying loss ratio and underlying combined ratio. Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization (“EBITDA”), and Loews Hotels utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures on pages 6 through 8 of this release.

Earnings Remarks

For Loews Corporation

–Today, August 3, 2026, earnings remarks will be available on the Investors section of our website at www.loews.com.

–Remarks will include commentary from Loews’s president and chief executive officer and chief financial officer.

For CNA

–Today, August 3, 2026, earnings remarks will be available on the Investor Relations section of CNA’s website at www.cna.com.

–Remarks will include commentary from CNA’s president and chief executive officer and chief financial officer.

About Loews Corporation

Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.

Forward-Looking Statements

Statements contained in this news release which are not historical facts are “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company’s overall business and financial performance, can be found in the Company’s reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company’s website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this news release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company’s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

Investor relations and media relations contact:

Chris Nugent

1-212-521-2403

Page 3 of 8

Loews Corporation and Subsidiaries

Selected Financial Information

June 30,

Three Months Six Months

(In millions) 2026 2025 2026 2025

Revenues:

CNA Financial (a) $ 3,829 $ 3,717 $ 7,506 $ 7,344

Boardwalk Pipelines 576 537 1,207 1,159

Loews Hotels & Co 276 254 530 499

Corporate investment income, net 53 47 46 47

Total $ 4,734 $ 4,555 $ 9,289 $ 9,049

Income (Loss) Before Income Tax:

CNA Financial (a) $ 405 $ 380 $ 672 $ 729

Boardwalk Pipelines 133 117 344 319

Loews Hotels & Co 69 39 106 43

Corporate:

Investment income, net 55 49 51 49

Other (b) (50) (46) (98) (87)

Total $ 612 $ 539 $ 1,075 $ 1,053

Net Income (Loss) Attributable to Loews Corporation:

CNA Financial (a) $ 294 $ 274 $ 488 $ 526

Boardwalk Pipelines 100 88 259 240

Loews Hotels & Co 48 28 74 28

Corporate:

Investment income, net 44 40 41 40

Other (b) (42) (39) (81) (73)

Net income attributable to Loews Corporation $ 444 $ 391 $ 781 $ 761

(a)The three months ended June 30, 2026 and 2025 include net investment losses of $5 million and $46 million ($3 million and $34 million after tax and noncontrolling interests). The six months ended June 30, 2026 and 2025 include net investment losses of $23 million and $55 million ($16 million and $40 million after tax and noncontrolling interests).

(b)Consists of parent company interest expense, corporate expenses and the equity loss of Altium Packaging.

Page 4 of 8

Loews Corporation and Subsidiaries

Consolidated Financial Review

June 30,

Three Months Six Months

(In millions, except per share data) 2026 2025 2026 2025

Revenues:

Insurance premiums $ 2,757 $ 2,694 $ 5,456 $ 5,320

Net investment income 761 714 1,374 1,322

Investment losses (5) (46) (23) (55)

Operating revenues and other 1,221 1,193 2,482 2,462

Total 4,734 4,555 9,289 9,049

Expenses:

Insurance claims and policyholders’ benefits 2,169 2,085 4,344 4,112

Operating expenses and other 1,953 1,931 3,870 3,884

Total 4,122 4,016 8,214 7,996

Income before income tax 612 539 1,075 1,053

Income tax expense (141) (123) (250) (245)

Net income 471 416 825 808

Amounts attributable to noncontrolling interests (27) (25) (44) (47)

Net income attributable to Loews Corporation $ 444 $ 391 $ 781 $ 761

Net income per share attributable to Loews Corporation $ 2.16 $ 1.87 $ 3.79 $ 3.61

Weighted average number of shares 205.57 209.36 205.92 210.97

Page 5 of 8

Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:

CNA Financial Corporation

Core income is calculated by excluding from CNA’s net income attributable to Loews Corporation the after-tax effects of investment gains or losses and gains or losses resulting from pension settlement transactions. In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains or losses because they are generally driven by economic factors that are not necessarily reflective of CNA’s primary insurance operations. The calculation of core income excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding CNA’s defined benefit pension plans which are unrelated to its primary insurance operations.

The following table presents a reconciliation of CNA net income attributable to Loews Corporation to core income:

June 30,

Three Months Six Months

(In millions) 2026 2025 2026 2025

CNA net income attributable to Loews Corporation $ 294 $ 274 $ 488 $ 526

Investment losses 3 36 17 43

Noncontrolling interests 27 25 44 47

Core income $ 324 $ 335 $ 549 $ 616

In evaluating the results of Property & Casualty operations, CNA utilizes the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders’ dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate CNA’s underwriting performance since they remove the impact of catastrophes which are unpredictable as to timing and amount, and development-related items as they are not indicative of current year underwriting performance.

The following table presents a reconciliation of CNA’s loss ratio to underlying loss ratio and CNA’s combined ratio to underlying combined ratio:

June 30,

Three Months Six Months

2026 2025 2026 2025

Loss ratio 66.4 % 63.9 % 69.0 % 65.8 %

Expense ratio 29.7 29.8 30.0 30.1

Dividend ratio 0.4 0.4 0.4 0.4

Combined ratio 96.5 % 94.1 % 99.4 % 96.3 %

Less: Effect of catastrophe impacts 2.3 2.4 2.9 3.1

Less: Effect of development-related items 2.0 1.2

Underlying combined ratio 94.2 % 91.7 % 94.5 % 92.0 %

Underlying loss ratio 64.1 % 61.5 % 64.1 % 61.5 %

Page 6 of 8

Boardwalk Pipelines

EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk’s net income attributable to Loews Corporation to its EBITDA:

June 30,

Three Months Six Months

(In millions) 2026 2025 2026 2025

Boardwalk net income attributable to Loews Corporation $ 100 $ 88 $ 259 $ 240

Interest, net 34 37 72 75

Income tax expense 33 29 85 79

Depreciation and amortization 112 120 223 226

EBITDA $ 279 $ 274 $ 639 $ 620

Loews Hotels & Co

Adjusted EBITDA is calculated by excluding from Loews Hotels & Co’s EBITDA, the noncontrolling interest share of EBITDA adjustments, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including Loews Hotels & Co’s pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying Loews Hotels & Co’s ownership percentage to the underlying equity method investment’s components of Adjusted EBITDA and excluding distributions in excess of basis.

The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA:

June 30,

Three Months Six Months

(In millions) 2026 2025 2026 2025

Loews Hotels & Co net income attributable to Loews Corporation $ 48 $ 28 $ 74 $ 28

Interest, net 12 16 24 29

Income tax expense 21 11 32 15

Depreciation and amortization 27 24 53 48

EBITDA 108 79 183 120

Noncontrolling interest share of EBITDA adjustments (1) (2)

Asset impairments 9

Equity investment adjustments:

Loews Hotels & Co’s equity method income (41) (29) (85) (35)

Pro rata Adjusted EBITDA of equity method investments 71 60 154 106

Consolidation adjustments (1) 1

Adjusted EBITDA $ 137 $ 109 $ 261 $ 190

Page 7 of 8

The following table presents a reconciliation of Loews Hotels & Co’s equity method income to the Pro rata Adjusted EBITDA of its equity method investments:

June 30,

Three Months Six Months

(In millions) 2026 2025 2026 2025

Loews Hotels & Co’s equity method income $ 41 $ 29 $ 85 $ 35

Pro rata share of equity method investments:

Interest, net 19 16 36 26

Income tax expense

Depreciation and amortization 18 15 35 28

Asset impairments 9

Distributions in excess of basis (4) (1) 3 8

Other adjustments (3) 1 (5)

Pro rata Adjusted EBITDA of equity method investments $ 71 $ 60 $ 154 $ 106

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EX-99.2

Filename: exhibit992-q22026.htm · Sequence: 3

Document

Exhibit 99.2

Loews Corporation Second Quarter 2026 Earnings Remarks

Ben Tisch, CEO:

Loews reported net income of $444 million, or $2.16 per share, in the second quarter, compared with $391 million, or $1.87 per share, a year ago. All three of our consolidated subsidiaries contributed to the improvement, and overall it was a good, relatively uneventful quarter.

I have to admit, quarters like this always leave me with mixed emotions. On the one hand, it's satisfying to see all of our businesses performing well. On the other hand, periods of steady economic growth, tight credit spreads and buoyant asset prices have a way of making us nervous.

We've been around long enough to know that conditions won't always be this favorable. That's not a prediction; it's simply the nature of business cycles. Our job isn't to guess when they'll change. It's to make sure that when they do, our balance sheets are strong, our capital has been allocated intelligently, and our businesses are positioned to keep compounding intrinsic value regardless of the environment.

Of all the industries we operate in, the insurance industry is currently the one on the shakiest footing. A few benign quarters on the catastrophe front coupled with strong investment yields have attracted enormous amounts of capital to the sector. As discussed last quarter, pricing is no longer outpacing loss cost trends across the board, and as a result, the CNA management team has certainly become more cautious, and CNA’s moderating growth speaks to that prudence. This is not the time to chase premium for premium's sake. The industry has a habit of becoming more aggressive just when discipline matters most, and I believe CNA's management team is striking exactly the right balance.

On the asset side, CNA executed a $1 billion extension trade in its long-term care portfolio, swapping out of 5.2% BBB+ five-year duration bonds, and buying 6.1% A+ rated long bonds. With spreads as tight as they are (but all-in yields still relatively attractive) we believe now is precisely the time to go up in quality (less credit risk) and longer in duration (locking in these

Page 1 of 9

higher yields for longer). These trades extended the duration of the LTC portfolio from approximately 9.5 years to 10 years. Longer duration, higher yield, and better credit quality are the perfect trifecta for our long-term care portfolio, and we took advantage of the opportunity when it presented itself.

Loews Hotels had another excellent quarter. Adjusted EBITDA increased approximately 26% year-over-year to $137 million, driven by strong contributions from the three new Orlando properties and the newly renovated Miami Beach property, which is back in service with meaningfully improved occupancy and room rates.

Over the past several years, we've made a series of investments in the hotel business—in Orlando, in Arlington, and in the continued refreshment of several existing properties—and those investments are increasingly earning their keep. While there is still ramp ahead, the direction of travel is becoming increasingly evident, and I remain very optimistic about where this business is headed over the next several years.

The Boardwalk team remains focused on executing its current slate of growth projects while cultivating new opportunities. The business continues to perform well, and the industry fundamentals remain as constructive as ever. Continued growth in LNG exports, domestic manufacturing, electric power demand and data center development all reinforce the long-term need for natural gas infrastructure. As always, we'll continue to evaluate new projects with a sharp eye toward risk-adjusted returns, but we continue to like what we see.

In closing, this was a good quarter, and perhaps more importantly, a constructive one. Across our companies, we're reducing risk where we can, investing in opportunities where we see attractive long-term returns, and adopting technologies that we believe will make each business more productive over time.

While none of this is particularly exciting, we prefer patient execution, disciplined capital allocation, and letting the mathematics of compounding do the heavy lifting. Over long periods of time, that's proven to be a pretty good formula.

Page 2 of 9

Jane Wang, CFO:

For the second quarter of 2026, Loews reported net income of $444 million, or $2.16 per share, compared with $391 million, or $1.87 per share, in the prior-year quarter. The 14% year-over-year increase in net income was driven by improved results across all of our consolidated subsidiaries.

Book value per share excluding AOCI rose from $95.89 at year-end 2025 to $99.27 at the end of the second quarter of 2026. Including AOCI, book value per share grew from $90.71 to $93.52.

CNA’s net income attributable to Loews was $294 million in the second quarter of 2026, up 7% from $274 million in the prior-year quarter. The increase was driven by higher net investment income and lower net investment losses, partially offset by lower P&C underwriting income.

CNA’s P&C business continued to generate top-line growth, with net written premiums increasing by 4% and net earned premiums increasing by 3%. Renewal premium change was a modest 2% and retention remained steady at 83%. New business was particularly strong in the quarter with growth of 11%. However, the P&C combined ratio deteriorated by 2.4 points from 94.1% in the second quarter of 2025 to 96.5% in the second quarter of 2026. The underlying loss ratio of 64.1% was consistent with the first quarter of 2026 but represented an increase of 2.6 points compared to prior year, bringing the underlying combined ratio to 94.2% compared to 91.7% in 2025’s second quarter. As we discussed last quarter, CNA increased its 2026 underlying loss picks due to aggregate loss cost trends exceeding rate in recent quarters.

CNA’s net investment income increased by 6% in the second quarter of 2026 compared to the prior-year period due to strong LP and common stock results as well as higher fixed income results. LPs and common stocks returned 4.3% in this year’s second quarter versus 3.6% in the prior year’s second quarter. Fixed income results benefited from a nearly $1 billion increase in the invested asset base as well as favorable reinvestment rates.

CNA’s results also benefited from lower investment losses compared to the second quarter of 2025, which was impacted by higher realized losses on the disposal of fixed maturity securities. CNA’s investment losses attributable to Loews were $3 million in the quarter versus $34 million in the prior-year period. Additionally, CNA’s corporate segment’s after-tax loss improved year-

Page 3 of 9

over-year due to less unfavorable mass tort development and higher amortization of the deferred gain related to CNA’s asbestos and environmental loss portfolio transfer.

Please refer to CNA’s Investor Relations website for more details on its results.

Turning to our natural gas pipeline business, Boardwalk continued to benefit from strong industry fundamentals. Second-quarter EBITDA increased to $279 million, compared with $274 million in the second quarter of 2025. Boardwalk contributed net income of $100 million to Loews, a 14% increase from $88 million in the prior-year quarter. The growth was driven by higher contracting rates and product sales. Net income also benefited from lower depreciation expense as the prior-year period was impacted by accelerated depreciation related to certain compressor stations. Results from Spire Marketing, now operating as Continuum, were more than offset by acquisition-related expenses.

Loews Hotels reported Adjusted EBITDA of $137 million in the second quarter of 2026 compared to $109 million in the second quarter of 2025. The 26% year-over-year increase was driven by higher occupancy and average daily rates. Compared to the prior-year quarter, occupancy increased to 81% from 78% and average daily rates rose 7%. The Miami property in particular benefited from significant improvements in both occupancy and average daily rate following the conclusion of its renovation. Results at the Orlando hotels also increased due to more available and occupied room nights and the non-recurrence of pre-opening expenses at the three properties it opened in the first half of 2025. The hotel company contributed $48 million of net income to Loews in the second quarter of 2026, compared to $28 million in the prior-year period.

At the parent company, Loews posted strong after-tax investment income of $44 million in the second quarter of 2026 versus $40 million in the second quarter of 2025. Both periods benefited from strong equity market performance.

From a cash flow perspective, Loews received $194 million from its subsidiaries in the second quarter, including $119 million in dividends from CNA and $75 million of distributions from Boardwalk. Year to date, Loews has received $885 million from its subsidiaries: $735 million in dividends from CNA, including a special dividend of $497 million, and $150 million of distributions from Boardwalk. During the second quarter, Loews repurchased 1.4 million of its

Page 4 of 9

shares for $146 million. Since the end of 2025, Loews has repurchased 1.7 million shares of its common stock at a cost of $179 million. Loews ended 2026’s second quarter with $4.4 billion in cash and investments.

Page 5 of 9

Reconciliation of GAAP Measures to Non-GAAP Measures

These earnings remarks contain financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries’ financial performance. CNA utilizes underlying loss ratio and underlying combined ratio, Boardwalk Pipelines utilizes earnings before interest, income tax expense, depreciation and amortization (“EBITDA”) and Loews Hotels & Co utilizes Adjusted EBITDA. These non-GAAP measures are defined and reconciled to the most comparable GAAP measures.

About Loews Corporation

Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.

Forward-Looking Statements

Statements contained in these earnings remarks which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by the Company. A discussion of the important risk factors and other considerations that could materially impact these matters, as well as the Company's overall business and financial performance, can be found in the Company's reports filed with the Securities and Exchange Commission and readers of these remarks are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of these remarks. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

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Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:

CNA Financial Corporation

Page 7 of 9

The following table presents a reconciliation of CNA’s loss ratio to underlying loss ratio and CNA’s combined ratio to underlying combined ratio:

Three Months Ended June 30,

2026 2025

Loss ratio 66.4 % 63.9 %

Expense ratio 29.7 29.8

Dividend ratio 0.4 0.4

Combined ratio 96.5 % 94.1 %

Less: Effect of catastrophe impacts 2.3 2.4

Less: Effect of development-related items

Underlying combined ratio 94.2 % 91.7 %

Underlying loss ratio 64.1 % 61.5 %

Boardwalk Pipelines

Three Months Ended June 30,

(In millions) 2026 2025

Boardwalk net income attributable to Loews Corporation $ 100 $ 88

Interest, net 34 37

Income tax expense 33 29

Depreciation and amortization 112 120

EBITDA $ 279 $ 274

Loews Hotels & Co

Page 8 of 9

The following table presents a reconciliation of Loews Hotels & Co net income attributable to Loews Corporation to its Adjusted EBITDA:

Three Months Ended June 30,

(In millions) 2026 2025

Loews Hotels & Co net income attributable to Loews Corporation $ 48 $ 28

Interest, net 12 16

Income tax expense 21 11

Depreciation and amortization 27 24

EBITDA 108 79

Noncontrolling interest share of EBITDA adjustments (1)

Equity investment adjustments:

Loews Hotels & Co’s equity method income (41) (29)

Pro rata Adjusted EBITDA of equity method investments 71 60

Consolidation adjustments (1)

Adjusted EBITDA $ 137 $ 109

The following table presents a reconciliation of Loews Hotels & Co’s equity method income to the Pro rata Adjusted EBITDA of its equity method investments:

Three Months Ended June 30,

(In millions) 2026 2025

Loews Hotels & Co’s equity method income $ 41 $ 29

Pro rata share of equity method investments:

Interest, net 19 16

Income tax expense

Depreciation and amortization 18 15

Distributions in excess of basis (4) (1)

Other adjustments (3) 1

Pro rata Adjusted EBITDA of equity method investments $ 71 $ 60

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