Q2 2025 Quarterly Prepared Remarks

Loews Corporation Second Quarter 2025 Earnings Remarks

Ben Tisch, President & CEO of Loews Corporation:

Loews reported net income of $391 million in the second quarter, compared to $369 million

during the same period last year. It was, by all accounts, a decent quarter, and would have been

a great one were it not for CNA’s mass tort reserve charge. Our subsidiaries are performing well

across the board, with Boardwalk standing out in particular with its stellar results and continued

growth. Boardwalk has recently reached a final investment decision on several significant growth

projects totaling $1.7 billion of capex to be spent over the coming years. These projects are

modeled to have double digit return on assets, and are predominantly backed by investment

grade utility customers, with average contract lengths of 15-plus years. Our reticulated system in

the southeast is extremely well positioned to capitalize on the concurrent LNG and AI data center

booms, as well as the strong economic growth and industrial power demand in the region. I’ll go

into more detail on all the goings-on at our pipeline subsidiary next quarter when I hope to have

even more projects to report on.

As I’ve mentioned previously, I am acutely aware of the fact that things are good right now.

Economic conditions are steady, credit spreads are tight, equities are at the highs, and—most

importantly—all of our consolidated subsidiaries appear to be sailing in calm seas. I am equally

aware that this will not always be the case. While short-term success can often breed

complacency, I can assure you that our capital allocation decisions are made with extreme

vigilance, recognizing the ups and downs of the business cycle. With that as a preamble, we’ve

repurchased nearly 7.5 million shares of Loews stock this year for $636 million. Given the steep

discount to our intrinsic value, it’s my very best guess that in the fullness of time, irrespective of

shorter-term market cycles, these repurchases will be significantly value enhancing for all

remaining shareholders.

Another component of the Loews Corporation story is the strategic growth at Loews Hotels & Co,

where there have recently been a number of noteworthy developments. Our hotel company is

run by Alex Tisch, who has been executing the company’s growth strategy with focused energy,

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clear vision and fiscal prudence. I’d like to turn it over to him to speak directly about where the

company has been and where it’s headed.

Alex Tisch, President & CEO of Loews Hotels:

Thanks, Ben. Despite numerous industry headwinds over the past several years, Loews Hotels

has grown considerably, investing over $800 million of equity into growing our business since

2018. These investments were mainly financed with internally generated cash flow. As a result

of these investments, our room count has expanded by almost 50% over that time period. The

capital invested in the company’s growth to date includes the investment in our recently opened

hotels in Arlington, TX and Orlando, FL, which have yet to fully ramp up operations. It is our

expectation that Adjusted EBITDA will grow to between $400 - $450 million over the next several

years, which is nearly double pre-COVID levels.

When it comes to evaluating potential growth projects, we are very selective and will only move

forward if a potential project meets our key investment criteria. First, a new project must be a

strategic fit for Loews Hotels, which normally means 300-plus rooms with substantial meeting

space and/or proximity to demand drivers. Second, the investment must be financially accretive.

compare the project’s stabilized cash flow projections to the amount of equity required, and we

generally target at least low-to-mid teen returns based on that metric. In the absence of projects

that meet these criteria, we are more than happy to distribute our excess cash to the parent

company.

We also seek to derisk new projects by focusing our efforts on developing hotels in immersive

destinations. These properties have built-in demand generators with potential to drive high

occupancy and average daily rates. Furthermore, as one of the last owners and operators in the

hotel industry, Loews Hotels offers a model that is attractive to potential development partners,

including municipalities and owners of unique intellectual property. The combination of our

healthy balance sheet, our long-term hold period, and our management company and brand,

create a compelling value proposition.

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With that background, I would like to provide an update on several newly-opened Loews Hotels

properties. During the first half of this year, we expanded our presence in Orlando by opening

three new hotels totaling 2,000 rooms in close proximity to Universal’s new Epic Universe theme

park. The completion of these properties marks an important milestone in our successful

partnership with Universal, which spans almost three decades and now encompasses 11 hotels

with 11,000 rooms. Loews Hotels owns a 50% interest in these properties and manages all 11 of

them. Having spent time at Epic Universe, I can say that we are very excited about the prospects

for these three new hotels and the campus as a whole.

While we are exceptionally proud of our success in the Orlando market, over the past six years

we have expanded the reach of our growth strategy from Florida to Texas with the development

of two wholly owned properties in Arlington. This expansion started in 2019 with the opening of

the Live! by Loews Arlington. More recently, in the first quarter of 2024, we opened the $550

million, nearly 900-room Loews Arlington Hotel and Convention Center. These two properties

are ideally situated a stone’s throw from two professional sports stadiums, as well as the National

Medal of Honor Museum. With these demand generators in place and the future large group

business we have on the books, our properties in Arlington are well on their way to surpassing

our underwriting goals.

The successful developments in Texas exemplify Loews Hotels’ expertise in our core segment,

which is large, four-star hotels with significant meeting space. Further examples of our successful

model can be found in properties such as Atlanta, Kansas City, Miami, and Nashville.

We look forward to keeping you updated on the progress of our new properties as they ramp up

operations. Currently, very few four-star hotels with meeting space are being developed

domestically. For that reason, we believe that our attractive value proposition as an owner and

operator positions us for further success. Of course, we will continue to evaluate new projects

with a sharp focus on risk-adjusted returns and will distribute any excess cash to our parent,

Loews Corporation.

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Jane Wang, CFO of Loews Corporation:

Loews delivered a strong performance in the second quarter, reporting net income of $391

million, or $1.87 per share, compared to $369 million, or $1.67 per share, in the second quarter

of 2024. The 6% year-over-year increase in net income was primarily driven by robust results at

Boardwalk and higher net investment income at the parent company. These gains were partially

offset by lower net income contributions from CNA and Loews Hotels.

Reflecting strong earnings during the first half of the year, book value per share increased from

$79.49 at year-end 2024 to $84.42 at the end of the second quarter of 2025, and book value per

share excluding AOCI increased from $88.18 to $91.66 over the same period.

CNA contributed $274 million of net income to Loews versus $291 million in the second quarter

of 2024. While the core business continued to grow with higher net investment income and

strong P&C underwriting results, these gains were more than offset by unfavorable mass tort

development and higher realized investment losses.

Net investment income, combined with organic growth, continues to serve as a tailwind for CNA.

In the second quarter of 2025, the company’s net investment income increased by 7% year-over-

year, driven by favorable fixed income results as well as stronger performance from limited

partnerships and common stocks. Fixed income results benefited from a larger invested asset

base and a 0.1-point increase in the average pre-tax yield to 4.9%. Limited partnerships and

common stocks delivered a return of 3.6% in the second quarter of 2025, up from 3.1% in the

prior year period.

earned and net written P&C premiums increasing year-over-year by 8% and 6%, respectively. P&C

net written premium growth was driven by five points of renewal premium change and 8% growth

in new business. The company’s P&C underlying combined ratio was essentially unchanged at

91.7%, reflecting a 0.9-point improvement in the expense ratio offset by a 0.9 increase in the

underlying loss ratio. CNA’s P&C combined ratio improved by 0.7 points to 94.1%, driven by a 1.1-

point reduction in catastrophe losses.

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Offsetting the positive news, CNA recorded an $81 million after-tax charge at the Loews level (net

of noncontrolling interest) related to mass tort development. This charge was driven by

unfavorable development from the company’s annual review of its legacy mass tort reserves and

also reflects the anticipated settlement of abuse claims related to the Diocese of Rochester.

Finally, investment losses were higher in the quarter, resulting from higher realized losses on the

disposal of fixed maturity securities, offset by mark-to-market gains on non-redeemable preferred

stock.

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

Turning to our natural gas pipeline business, Boardwalk continues to benefit from robust industry

fundamentals. Second-quarter EBITDA increased by 14% year-over-year, from $240 million to

$274 million. Net income also grew by 26% year-over-year from $70 million to $88 million in the

second quarter of 2025. This growth was driven by higher re-contracting rates on transportation

and storage as well as contributions from recently completed growth projects. As Ben mentioned,

the company continues to make progress on several new growth projects. During the second

quarter, Boardwalk added $400 million to its revenue backlog, bringing the total to $14.7 billion.

Loews Hotels reported Adjusted EBITDA of $109 million in the second quarter of 2025 compared

to $98 million in the second quarter of 2024. The 11% year-over-year increase was driven

primarily by stronger performance in Orlando and Arlington, partially offset by lower room nights

in Miami due to ongoing renovations. The Orlando hotels benefited from the addition of three

new properties that opened in the first half of 2025. The Arlington Hotel and Convention Center

delivered higher earnings as it continued to ramp up operations following its first quarter 2024

opening. This property continues to outperform our expectations.

The hotel company contributed $28 million of net income to Loews in the second quarter of 2025,

compared to $35 million in the prior-year period. The decline in net income was primarily due to

higher interest and depreciation expenses associated with the new Orlando properties and higher

interest expense from debt refinancing.

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At the parent company, Loews posted strong after-tax investment income of $40 million in the

second quarter of 2025 versus $7 million in the second quarter of 2024. The substantial year-

over-year increase was driven by higher returns on our trading portfolio. The corporate segment

was breakeven this quarter as net investment income offset corporate and interest expenses.

From a cash flow perspective, Loews received $189 million from its subsidiaries in the second

quarter, including $114 million in dividends from CNA and $75 million of distributions from

Boardwalk. Year to date, Loews has received $875 million from its subsidiaries: $725 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 2.9 million of its shares for

approximately $251 million. Since the end of 2024, we repurchased about 7.5 million shares of

our common stock, or approximately 3.5% of our shares outstanding, at a cost of $636 million.

Loews ended 2025’s second quarter with $3.4 billion in cash and investments.