Loews Corp (NYSE:L) has reported fourth quarter 2025 net income of $402 million, up from $187 million a year earlier, and full-year net income of $1.67 billion, as investment gains and corporate segment performance offset weaker results across several operating units.
The New York-based holding company has major businesses in commercial insurance, natural gas pipelines, hospitality, and packaging through subsidiaries including CNA Financial, Boardwalk Pipelines, Loews Hotels & Co, and Altium Packaging.
Net income for the quarter was $1.94 per share, compared with $0.86 per share in the prior-year period, which included a $265 million after-tax pension settlement charge at CNA Financial.
CNA Financial’s net income attributable to Loews, excluding the prior-year pension charge, declined slightly due to an unfavorable non-economic charge related to an asbestos and environmental pollution loss portfolio transfer and lower underwriting income, partially offset by higher net investment income.
Boardwalk Pipelines reported lower net income, primarily reflecting the absence of a $36 million tax benefit recorded in the fourth quarter of 2024.
Loews Hotels’ net income declined due to a $20 million after-tax asset impairment charge related to the planned replacement of the Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas. Corporate segment results improved year over year, driven by higher investment income from the parent company’s trading portfolio.
Book value per share increased to $90.71 at the end of 2025 from $79.49 a year earlier, while book value per share excluding accumulated other comprehensive income rose to $95.89 from $88.18. The parent company ended the year with $3.9 billion in cash and investments and $1.8 billion in debt.
Loews repurchased 1 million shares in the fourth quarter for $98 million and 8.9 million shares for $782 million during 2025.
Shares of Loews opened up 1.5% at $113, up about 7% so far this year.