Loews Corporation reports year-over-year drop in profit

Loews Corp (NYSE:L) reported lower first quarter 2026 earnings, with net income declining year-over-year amid weaker insurance underwriting results and higher corporate costs, even as its pipeline and hotel businesses posted gains.

Shares of the conglomerate, which has business interests in insurance, energy, hospitality and packaging, fell nearly 4% following the results.

For the quarter ended March 31, 2026, the company reported net income of $337 million, or $1.63 per diluted share, compared with $370 million, or $1.74 per share, in the same period a year earlier.

Revenue rose slightly to $4.56 billion from $4.49 billion.

The company said the decline in earnings was primarily driven by CNA Financial Corporation, where results were pressured by lower underlying underwriting performance and unfavorable prior-year reserve development, partially offset by higher net investment income.

Boardwalk Pipelines reported higher net income year-over-year, supported by stronger contracting rates and increased utilization-based revenue in gas transportation, along with improved pricing in storage, parking and lending services.

Loews Hotels also posted an increase in net income, reflecting higher equity income from joint ventures, particularly tied to the Universal Orlando Resort partnerships.

These gains were partly offset by weaker corporate segment results, which reflected lower investment income from the parent company’s trading portfolio as well as higher interest expenses.

Book value per share rose slightly to $90.90 as of March 31, 2026, compared with $90.71 at the end of 2025. Book value per share excluding accumulated other comprehensive income increased to $97.20 from $95.89 over the same period.

Loews reported $4.5 billion in cash and investments at the parent company level, alongside $1.8 billion in debt as of quarter-end.

The company also repurchased 0.3 million shares during the quarter for $31 million.