Loews Corporation (NYSE:L) reported a sharp improvement in fourth-quarter results on Monday, with net income rising to $402 million, or $1.94 per share, compared with $187 million, or $0.86 per share, in the same quarter a year earlier. Quarterly revenue increased to $4.73 billion from $4.55 billion last year.
Despite the stronger earnings, Loews shares slipped 0.78% in after-hours trading following the release.
The year-on-year jump in profit largely reflected the absence of a $265 million pension settlement charge that weighed on results at CNA Financial Corporation in the prior-year period.
Adjusting for that pension charge in 2024, CNA’s contribution to Loews’ earnings edged lower, mainly due to an unfavorable non-economic charge tied to an asbestos and environmental pollution loss portfolio transfer, as well as softer underwriting income. These factors were partly offset by higher net investment income. CNA’s net earned premiums increased 5% compared with a year earlier.
At Boardwalk Pipelines, net income declined to $110 million from $145 million in the prior-year quarter, primarily because a $36 million income tax benefit recorded in the fourth quarter of 2024 did not recur. Loews Hotels also delivered a weaker contribution, with net income falling to $6 million from $27 million, reflecting a $20 million after-tax asset impairment charge linked to the planned replacement of the Arlington Sheraton Hotel.
Loews’ book value per share rose to $90.71 as of December 31, 2025, up from $79.49 a year earlier. The group ended the year with $3.9 billion in cash and investments at the parent company level, alongside $1.8 billion in outstanding debt.