洛斯保险 2025年度报告

TableofContents Letter to Shareholders. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .1Our Portfolio of Businesses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4 (in millions, except per share data, for the year ended December 31) RESULTS OF OPERATIONS In 2025, Loews Corporation (NYSE:L) reported net income of $1,667million or $7.97 per share compared with $1,414 million or $6.41 pershare in 2024. Adding back a $265 million non-cash pension charge atCNA in 2024, the company’s net income was roughly flat year-over-year. Continued growth from CNA and Boardwalk were offset bylower parent company investment income and decreased net income atLoews Hotels. growth projects, which resulted in a significant increase in contractualbacklog. Boardwalk ended 2025 with nearly $19.6 billion of backlog,which represents an increase of $5.4 billion or 38% compared to $14.2billion at the end of 2024. Loews Hotels’ 2025 Adjusted EBITDA increased by 14% to $372million from $326 million in 2024. The company benefited from theaddition of three new properties in Orlando, as well as improvedresults at the existing Universal Orlando Resort hotels and the LoewsArlington Hotel and Convention Center. Those positives were offsetby revenue displacement caused by the renovation at the Loews MiamiBeach Hotel. However, net income attributable to Loews declinedfrom $70 million in 2024 to $31 million in 2025. In addition to theMiamirenovation,the year-over-year decline included an assetimpairment charge related to the planned replacement of the ArlingtonSheraton Hotel and higher depreciation and interest expenses relatedto the company's newly opened properties in Orlando. Loews’s book value per share increased from $79.49 at the end of 2024to$90.71 at the end of 2025.Excluding accumulated othercomprehensive income, book value per share increased by 9% from$88.18 at the end of 2024 to $95.89 at the end of 2025. CNA continued its trajectory of steady, profitable growth this year,with P&C underwriting income growing by 11% as a result of lowercatastrophelosses and growth in earned premiums.Net writtenpremiums grew by 5% in 2025, driven by a 4% increase in renewalpremiums and strong retention at 83%. CNA contributed net incometo Loews of $1,173 million, which is slightly higher than the prioryear’s net income contribution of $1,144 million excluding the pensioncharge. The year-over-year change in net income was driven by higherinvestment income and improved P&C underwriting income, partiallyoffset by higher reserve charges in the corporate segment. The Loews parent company recorded investment income of $158million in 2025 versus $193 million in 2024. The year-over-year declinewas driven by lower returns on the parent company’s trading portfolio. During 2025, Loews received $954 million in dividends from CNA and$500 million of distributions from Boardwalk. The company spent$782 million on share repurchases, reducing its share count by 8.9million shares, or more than 4%. Loews ended 2025 with about $3.9billion in cash and investments and $1.8 billion in holding companydebt. Boardwalk continues to benefit from strong industry tailwinds, leadingto higher transportation and storage rates. The company’s EBITDAincreased by 8% to $1,174 million in 2025 compared to $1,086 millionin 2024. Net income also increased from $413 million in 2024 to $444million in 2025. During 2025, the company announced several new LettertoShareholders $1.7bnNet income reported in 2025 Loews reported nearly $1.7 billion of net income in 2025, reflecting strong performance fromall of our consolidated subsidiaries. Across the enterprise, we’ve built a combination ofoperating momentum and financial flexibility that we believe positions us well as marketsevolveand conditions inevitably become more complex.CNA continues to generatesubstantial earnings, Boardwalk is benefiting from exceptionally strong industry tailwinds, andLoews Hotels is executing successfully on a long-term growth strategy that is beginning tobear fruit. $19.6bn We are also navigating a deeply frustrating and potentially highly consequential legal processrelated to our 2018 acquisition of the Boardwalk minority partnership units. While this matterdoes not change our view of the underlying value of Boardwalk or our confidence in thebusiness, it does require time, attention, and capital, and it deserves to be addressed directly,which I plan on doing later in this letter. Boardwalk’s revenue backlog Each of our major businesses is generating cash, has a sensible balance sheet, and is operatingin an environment with favorable long-term fundamentals. That combination gives us options— and at Loews, optionality is one of our most valuable assets. CNA produced strong results