Loews Corporation: Strong Q3 2024 Results Driven by CNA and Boardwalk

Loews Corporation (NYSE: L) reported impressive financial results for the third quarter of 2024, with net income of $401 million, or $1.82 per share, representing a 38% year-over-year increase. This strong performance was driven by significant contributions from its subsidiaries, CNA Financial Corporation and Boardwalk Pipelines.

CNA Financial Corporation, a leading property and casualty insurer, played a crucial role in Loews' Q3 2024 results. CNA's net income attributable to Loews improved by 10% year-over-year to $259 million, primarily due to higher net investment income and favorable net prior year loss reserve development. Despite higher net catastrophe losses, CNA's core income increased by 1%, reflecting its strong profitability and growth.

Boardwalk Pipelines, a key subsidiary focused on energy infrastructure, also contributed significantly to Loews' financial performance. Boardwalk's net income increased by 57% to $77 million, driven by higher transportation revenues from re-contracting at higher rates and recently completed growth projects. EBITDA also rose by 23% to $249 million, demonstrating the positive impact of Boardwalk's performance on Loews' overall financials.


Loews Hotels & Co recorded a net loss of $8 million in Q3 2024, primarily due to an impairment charge of $17 million related to a joint venture property. However, the company's strong performance in other segments, such as CNA and Boardwalk, offset this impact, leading to a net income of $401 million for the quarter.

Loews Corporation's share repurchases also contributed to its earnings per share (EPS) growth. The company repurchased 0.8 million shares for $64 million and an additional 1.2 million shares for $92 million in the fourth quarter. This reduced the number of outstanding shares, increasing EPS. As of September 30, 2024, there were 220.3 million shares outstanding, compared to 222.1 million at the end of 2023.


In conclusion, Loews Corporation's strong Q3 2024 results were driven by the exceptional performance of its subsidiaries, CNA Financial and Boardwalk Pipelines. Despite the impairment charge at Loews Hotels, the company's overall financial performance remained robust, with net income growing 38% year-over-year. With a solid balance sheet and a diverse portfolio of businesses, Loews Corporation continues to demonstrate its resilience and growth potential.