Loews reported net income of $337 million in the first quarter of 2026, down from $370 million a year earlier, and net income per share fell to $1.63 from $1.74. Book value per share increased to $90.90 from $90.71 and to $97.20 excluding AOCI, supported by a parent-company cash and investments balance of $4.5 billion against $1.8 billion of debt.

CNA Financial net income attributable to Loews declined to $194 million from $252 million, as core income fell to $225 million from $281 million due to lower underwriting results and a $100 million unfavorable prior year loss reserve development, partially offset by higher net investment income. The Property & Casualty combined ratio rose to 102.2% from 98.4%, driven by a higher loss ratio and reserve development.

Boardwalk Pipelines net income increased to $159 million from $152 million and EBITDA rose to $360 million from $346 million on stronger contracting rates, utilization revenues and higher storage and lending rates. Loews Hotels net income grew to $26 million from negligible levels, with Adjusted EBITDA climbing 53% to $124 million thanks to higher joint venture equity income at Universal Orlando Resort and three new hotels.

The corporate segment posted a $42 million loss versus $34 million a year ago, reflecting lower trading portfolio income and increased interest expense from debt refinancing. During Q1, Loews repurchased 0.3 million common shares for $31 million under its share buyback program.