Loews Corporation Reports $1.4 Billion Net Income for 2024, Excluding Pension Charge

Loews Corporation, a holding company, reported a net income attributable to its shareholders of $1.4 billion, or $6.41 per diluted share, for the year ended December 31, 2024. This compares to a net income of $1.4 billion, or $6.29 per diluted share, in 2023. The 2024 figure includes a $265 million after-tax pension settlement charge for its subsidiary, CNA Financial Corporation. Excluding this charge, net income increased by 17% year-over-year. The company's four reportable segments are CNA Financial Corporation, Boardwalk Pipeline Partners, LP, Loews Hotels Holding Corporation, and the Corporate segment, which includes the equity method accounting for the unconsolidated subsidiary, Altium Packaging LLC.

CNA Financial, representing 81.5% of Loews' consolidated revenue in 2024, saw a decrease in net income attributable to Loews Corporation of $215 million compared to 2023. This was primarily due to the pension settlement charge and higher catastrophe losses, partially offset by higher net investment income and improved underwriting results. Boardwalk Pipeline Partners, contributing 11.8% of consolidated revenue, experienced a net income increase driven by higher transportation and storage revenues from increased re-contracting rates and new growth projects, as well as contributions from the 2023 acquisition of Williams Olefins Pipeline Holdco LLC.

Loews Hotels Holding Corporation, accounting for 5.3% of consolidated revenue, reported a decrease in net income primarily due to higher depreciation and interest expenses related to the opening of the Loews Arlington Hotel and Convention Center and lower equity income from joint ventures. The company completed the sale of the Loews Minneapolis Hotel in 2024 and opened the Loews Arlington Hotel and Convention Center in the first quarter of 2024, acquiring the remaining noncontrolling interest in the fourth quarter. Additionally, a new Universal Orlando hotel, Universal Stella Nova Resort, opened on January 21, 2025, with two more hotels expected to open in 2025.

The Corporate segment saw a $142 million increase in net income attributable to Loews Corporation compared to 2023, mainly due to higher returns on equity-based investments and lower operating expenses. As of December 31, 2024, Loews Corporation and its consolidated subsidiaries employed approximately 13,000 people. The company's common stock is listed on the New York Stock Exchange under the symbol "L," and the company repurchased 7.7 million shares of its common stock during the fourth quarter of 2024. The company's outlook includes expectations for continued growth projects at Boardwalk Pipelines and new hotel openings at Loews Hotels & Co. However, the filing also details numerous risk factors across its various subsidiaries, including those related to insurance reserves, catastrophe losses, competition, and regulatory changes.