洛斯保险 2024年度报告

WWW.LOEWS.COM FINANCIAL HIGHLIGHTS RESULTS OF OPERATIONS Loews Corporation (NYSE: L) reported net income of $1,414 million, or$6.41 per share in 2024. The Company’s 2024 results were impacted bya $265 million non-cash charge related to the settlement of a portion ofCNA’s pension liability. Excluding that charge, net income increased by17% to $1,679 million or $7.61 per share compared to $1,434 million, or$6.29 per share, in 2023. That increase was driven by higher net incomeat CNA and Boardwalk and higher investment income at the parentcompany, partially offset by lower net income at Loews Hotels. million in 2024. Excluding a $36 million adjustment to reduce deferredstate income tax liabilities in 2024, net income increased by 33%. Greater demand for natural gas transportation has also led to a significantincrease in contractual backlog. Boardwalk ended 2024 with nearly $14.2billion of backlog, an increase of about $4.5 billion from $9.7 billion at thebeginning of 2024. The substantial uptick in the company’s backlog wasdriven in part by the announcement of two large projects, both of whichare underpinned by long-term contracts with utility customers. Loews’s book value per share increased from $70.69 at the end of 2023 to$79.49 at the end of 2024. Excluding accumulated other comprehensiveincome, Loews’s book value per share increased by more than 7% from$81.92 at the end of 2023 to $88.18 at the end of 2024. Loews Hotels reported $326 million of adjusted EBITDA in 2024 versus$328 million in 2023. Lower occupancy at the Orlando hotels waspartially offset by contributions from the new Loews Arlington Hoteland Convention Center, as well as improved results at certain of thecompany’s city center properties due to the ongoing recovery in grouptravel. Loews Hotels reported $70 million of net income attributable toLoews in 2024 versus $147 million in 2023. The year-over-year declinewas driven by higher depreciation and interest expense related to thenewly opened property in Arlington, as well as the non-recurrence of a$36 million gain in 2023 associated with the consolidation of a previouslyunconsolidated joint-venture property. In 2024, CNA continued its trajectory of steady, profitable growth. Netwritten premiums grew by nearly 8% in 2024, driven by a 9% increase innew business, a 5% increase in renewal premiums and strong retentionat 85%. Excluding the pension charge, CNA’s net income attributable toLoews was approximately 5% higher in 2024 than in 2023. That increasewas driven by higher returns from limited partnership and common stockinvestments, and higher income from fixed income securities as a resultof a larger invested asset base and favorable reinvestment rates. Property& Casualty underwriting income decreased due to higher catastrophelosses, partially offset by strong underlying underwriting results. Highercatastrophe losses were the primary driver behind the approximately one-point increase in the company’s full year combined ratio to 94.9% in 2024. The Loews parent company recorded higher investment income in 2024driven by strong returns on the parent company’s common stock portfolio.Full year net investment income in 2024 was $193 million, an increase ofmore than $100 million compared to $90 million in 2023. During 2024, Loews received $934 million in dividends from CNA and$400 million of distributions from Boardwalk Pipelines. The Companyspent $611 million on share repurchases, reducing its share count by 7.7million shares or more than 3%. Loews ended 2024 with $3.3 billion incash and short-term investments and $1.8 billion in holding company debt. Boardwalk Pipelines continued to benefit from strong industry tailwinds in2024, leading to higher transportation and storage revenues, which werepartially offset by higher operating expenses. The company’s EBITDAincreased by 17% to $1,086 million in 2024 compared to $929 millionin 2023. Net income also increased from $283 million in 2023 to $413 A NOTE FROMTHE CHAIRMAN 02 LETTER TOSHAREHOLDERS 04 BOARD &OFFICERS 07 OUR PORTFOLIOOF BUSINESSES 08 A NOTE FROMTHE CHAIRMAN 2024 was a year of transitions at LoewsCorporation. At year’s end, after 25 years of servingas President and Chief Executive Officer, I steppedback from day-to-day operations and shifted myfocus, becoming the Chairman of the Loews Board.It has been a great honor to have served as thiscompany’s CEO, and I look forward to remainingactively involved as a key advisor. As you may have heard me reiterate over the years,having the right management teams in place inevery part of the Loews enterprise has been one of thepillars of our success. That’s why perhaps one of my mostimportant responsibilities over the past several years hasbeen to ensure that we were identifying and developingthe right successor to lead Loews. I am pleased to say thatthe Loews Board, Loews’s senior management team, and Iaccomplished that key task together by selecting Ben Tischas Loews’s new President and