Loews stock is trading lower after the company’s May 4, 2026 earnings release showed a year-over-year decline in first-quarter net income to $337 million, or $1.63 per share, versus $370 million, or $1.74 per share, in the prior-year quarter. The quarter was dragged down primarily by weaker insurance results at CNA Financial, the conglomerate’s largest earnings contributor, despite strength at Boardwalk Pipelines and Loews Hotels.

Management highlighted a step-back at CNA, pointing to reserve strengthening and higher loss expectations in several casualty lines. The company described a $106 million reserve charge and a 2.6-point increase in the underlying loss ratio, tied to adverse development in more recent accident years and a reassessment of loss-cost inflation and claim frequency assumptions. In the quarter, CNA’s Property & Casualty combined ratio rose to 102.2% from 98.4% a year earlier, with unfavorable net prior-year development increasing to $100 million from $61 million, including pressure in professional errors & omissions and excess casualty.

Boardwalk Pipelines posted higher net income and EBITDA on improved contracting rates and utilization, and Loews Hotels reported a sharp year-over-year improvement helped by Universal Orlando joint ventures and higher occupancy and rates. Even with these offsets, Loews said repurchase activity was relatively muted, citing the stock’s appreciation over the past two years, a larger cash balance, and the need to maintain flexibility ahead of elevated spending at Boardwalk—where management cited an approximately $3.2 billion capex backlog—alongside ongoing litigation risk.