LOEWS CORP — Form 8-K

Loews reported Q3 2026 net income of $306M ($1.50/share) vs. $504M ($2.43/share) YoY. The primary driver was CNA Financial's $125M after-tax charge from increasing long-term care reserves by $173M pre-tax due to higher inflation expectations—though management expects this to be offset by higher investment yields from $1.3B in portfolio extension trades completed in 2026. Boardwalk Pipelines net income declined to $85M from $94M (including $7M after-tax Continuum loss and $7M after-tax office impairment), while Loews Hotels improved to $16M from a $3M loss. Book value per share declined slightly to $90.24 from $90.71 at year-end 2025, but excluding AOCI increased to $100.67 from $95.89. Loews repurchased 1.6M shares for $167M in Q3 and 3.9M shares for $412M YTD; parent company held $4.4B cash and $1.8B debt at quarter-end.