Skip to content
OpenCapital
Get started
Income StatementBalance SheetCash FlowSegments
Loews logo

Loews Business Segments

Business, geographic, and product segment breakdowns

Loews generates $18.5B in annual revenue across 4 key segments: Boardwalk Pipeline Partners, LP ($2.3B), CNA Financial ($15.0B), Corporate ($189.0M), and Loews Hotels Holding Corporation ($954.0M). Based on the Q1 2026 filing.

Boardwalk Pipeline Partners, LP (TTM)$2.3BCNA Financial (TTM)$15.0BCorporate (TTM)$189.0MLoews Hotels Holding Corporation (TTM)$954.0M
Latest FilingQ1 2026
Report Date2026-05-04
Market Cap$22.1B
P/E Ratio13.52
ROE9.1%

Products & Services

Cumulative amounts ceded under loss portfolio transfer

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
A&EP Reserves$3.7B$3.7B$3.7B$3.7B$3.9B$3.9B

Fair value of collateral trust account

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
A&EP Reserves$2.3B$2.3B$2.2B$2.3B$2.4B$2.6B

Retroactive reinsurance benefit recognized

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
A&EP Reserves—$17M$8M$14M—$22M

Unrecognized deferred retroactive reinsurance benefit

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
A&EP Reserves$425M$408M$400M$386M$470M$448M

Total pretax unfavorable development

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
General liability$28M—$62M—$52M$55M
Other professional liability and management liability$21M$0$18M$25M$26M$45M
Other insurance operations$22M$22M$112M$0$0$0

Total revenues from contracts with customers

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Transportation and storage of natural gas and NGLs and ethane supply and transportation services – Boardwalk Pipelines$556M$609M$523M$530M$601M$612M
Non-insurance warranty – CNA Financial$397M$397M$398M$393M$389M$374M
Lodging and related services – Loews Hotels & Co$233M$237M$246M$202M$226M$246M

Total pretax (favorable) unfavorable development

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Property and casualty operations$131M$61M-$4M-$1M—$100M

Loss from catastrophes

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total property & casualty operations$45M$97M$62M$41M$40M$88M

Business Segments

Amount of debt redeemed

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Boardwalk Pipeline Partners, LP—————$550M

Benefits, Losses and Expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$3.7B$3.3B$3.3B$3.3B$3.5B$3.4B
Boardwalk Pipeline Partners, LP$432M$420M$420M$422M$478M$420M
Loews Hotels Holding Corporation$208M$241M$215M$214M$223M$217M
Corporate$50M$41M$44M$42M$42M$45M

D&A

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Boardwalk Pipeline Partners, LP$108M$106M$120M$107M$110M$111M
Loews Hotels Holding Corporation$24M$24M$24M$27M$25M$26M
Corporate—$1M—$1M—$1M

Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$21M$349M$380M$513M$378M$267M
Boardwalk Pipeline Partners, LP14500000000.0%20200000000.0%11700000000.0%12400000000.0%14100000000.0%21100000000.0%
Corporate—-$41M$3M$55M$10M-$52M
Loews Hotels Holding Corporation3200000000.0%400000000.0%3900000000.0%-300000000.0%1200000000.0%3700000000.0%

Income Tax Expense (Benefit)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$0$75M$81M$110M$76M$56M
Boardwalk Pipeline Partners, LP$0$50M$29M$30M$31M$52M
Loews Hotels Holding Corporation$5M$4M$11M$0$6M$11M
Corporate—-$7M$2M$13M$0-$10M

Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Boardwalk Pipeline Partners, LP$46M$39M$40M$40M$42M$43M
CNA Financial$32M$32M$31M$36M$36M$33M
Corporate$18M$18M$18M$18M$18M$22M
Loews Hotels Holding Corporation$14M$16M$18M$18M$17M$15M

Interest rate (as a percent)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Boardwalk Pipeline Partners, LP7.3%———7.3%6.0%

Net Income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$21M$274M$299M$403M$302M$211M
Boardwalk Pipeline Partners, LP$145M$152M$88M$94M$110M$159M
Corporate$0-$34M$1M$42M$10M-$42M
Loews Hotels Holding Corporation$27M$0$28M-$3M$6M$26M

Net investment income

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$644M$604M$662M$638M$653M$610M
Boardwalk Pipeline Partners, LP$10M$1M$3M$4M$6M$5M
Corporate$40M$0$47M$97M$52M-$5M
Loews Hotels Holding Corporation$2M$3M$2M$4M$3M$3M

Operating expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Boardwalk Pipeline Partners, LP$199M$192M$177M$190M$241M$176M
Loews Hotels Holding Corporation$149M$153M$147M$144M$145M$153M

Operating expenses and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Boardwalk Pipeline Partners, LP$386M$381M$380M$382M$436M$377M
CNA Financial$766M$363M$368M$376M$409M$370M
Loews Hotels Holding Corporation$221M$231M$226M$221M$248M$246M
Corporate$19M$16M$15M$21M$17M$16M

Operating revenues and other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Boardwalk Pipeline Partners, LP$567M$621M$534M$542M$613M$626M
Loews Hotels Holding Corporation$238M$242M$252M$207M$232M$251M
CNA Financial$8M$9M$9M$10M$8M$10M

Other

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Boardwalk Pipeline Partners, LP$79M$83M$83M$85M$85M$90M
Loews Hotels Holding Corporation$48M$54M$55M$50M$78M$67M
CNA Financial$428M$42M$31M$52M$42M$38M
Corporate$19M$15M$15M$20M$17M$15M

Remaining performance obligations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Boardwalk Pipeline Partners, LP———$5.7B$9.9B$9.5B

Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$3.7B$3.6B$3.7B$3.8B$3.8B$3.7B
Boardwalk Pipeline Partners, LP$577M$622M$537M$546M$619M$631M
Loews Hotels Holding Corporation$240M$245M$254M$211M$235M$254M
Corporate$40M$0$47M$97M$52M-$7M

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$66.4B$67.3B$68.9B$69.7B$69.4B$68.5B
Boardwalk Pipeline Partners, LP$9.9B$9.9B$10B$10.1B$10.6B$10.2B
Corporate$3.2B$3.4B$3.3B$3.6B$3.9B$4.4B
Loews Hotels Holding Corporation$2.5B$2.5B$2.5B$2.5B$2.5B$2.5B

Amortization of deferred acquisition costs

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$462M$471M$469M$483M$475M$476M

Gain (Loss) on Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial-$39M-$9M-$46M-$7M-$19M-$18M

Insurance claims and policyholders’ benefits (re-measurement loss of $19 and $8)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$2B$2B$2.1B$2B$2.2B$2.2B

Insurance premiums

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$2.7B$2.6B$2.7B$2.8B$2.8B$2.7B
Corporate—————-$2M

Insurance related administrative expenses

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$338M$321M$337M$324M$367M$332M

Net Income (Loss) Attributable to Noncontrolling Interest

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$2M$22M$25M$32M$26M$17M

Non-insurance Warranty Expense

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$378M$385M$384M$377M$380M$356M

Non-Insurance Warranty Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
CNA Financial$397M$397M$398M$393M$389M$374M

Income (Loss) from Equity Method Investments

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Loews Hotels Holding Corporation$27M$6M$29M$25M$42M$44M
Corporate-$13M-$7M-$11M-$3M-$7M-$7M

Debt Instrument, Face Amount

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Corporate Segment$500M———$500M$500M