Key Highlights

  • L reported third quarter 2026 Net Income attributable to shareholders of $306 million, down from $504 million a year earlier.
  • Net income per share was $1.50, compared with $2.43 in the third quarter of 2025.
  • Total revenues rose to $4,759 million from $4,671 million.
  • The insurance unit contributed $180 million versus $371 million, hit by a $125 million after-tax long-term care reserve update.
  • Parent company cash and investments, net, totaled $4.4 billion at Sep 30, 2026, up from $3.9 billion at year end.

Long-Term Care Reserve Update Cuts Third Quarter Profit to $306 Million

Loews (NYSE:L) reported results for the third quarter ended Sep 30, 2026, in its quarterly filing dated Nov 2, 2026. Net income attributable to shareholders was $306 million, or $1.50 per share, compared with $504 million, or $2.43 per share, in the same quarter of 2025. Total revenues edged up 1.9% to $4,759 million.

For the first nine months, net income was $1,087 million, or $5.29 per share, versus $1,265 million, or $6.03. The weighted average diluted share count declined to 204.57 million in the quarter from 207.71 million.

Loews is a Holding Company whose subsidiaries cover commercial property and casualty insurance, Natural Gas and liquids pipelines, and hotels. It also holds an Equity stake in a packaging business.

Insurance Unit Earnings Halve as Catastrophe Losses Reach $78 Million

The insurance subsidiary, about 92% owned, contributed $180 million to Loews net income, down from $371 million. The drop reflected a $125 million after-tax and noncontrolling interest impact from its annual long-term care reserve assumption updates, along with weaker underlying Underwriting and higher catastrophe losses.

Property and casualty core income was $397 million versus $456 million. The combined ratio was 97.0% compared with 92.8% a year earlier, and the underlying combined ratio was 94.2% versus 91.3%.

Catastrophe losses were $78 million versus $41 million, and underlying underwriting gain fell to $160 million from $235 million. Commercial lines, the largest piece, posted a 99.7% combined ratio, reflecting a higher loss ratio in excess casualty and workers' compensation.

Hotels Return to a $16 Million Profit While Pipeline Earnings Dip to $85 Million

Loews Hotels & Co earned $16 million after a $3 million loss a year ago. Lodging Revenue rose to $241 million from $202 million (calculated increase of 19.3%), driven by higher average daily rates, more occupied room nights, a reopened Miami Beach property and World Cup Demand at its Arlington hotels. Equity income from joint ventures fell $8 million.

Boardwalk Pipelines earned $85 million versus $94 million, as $14 million after-tax of charges tied to unrealized losses at a Marketing Business and an office relocation Impairment offset higher gas transportation revenue. Pipeline transportation and storage revenue was $602 million versus $530 million. The corporate segment earned $25 million versus $42 million on lower trading portfolio income.

Parent Company Holds $4.4 Billion in Cash and Investments After $334 Million of Buybacks

Parent company cash and investments, net of receivables and payables, rose to $4.4 billion from $3.9 billion at Dec 31, 2025. In the nine months, Loews received $1.1 billion of dividends and distributions from subsidiaries, including a $497 million special Dividend from its insurance unit, and spent $334 million on treasury stock purchases and $39 million on dividends. It had 202.2 million shares outstanding at Oct 30, 2026. The next filing to watch is the fourth quarter and full-year report on the 2026 results.