TEST Loews Corporation Reports Net Income of $130 Million for the Third Quarter of 2022

NEW YORK--(BUSINESS WIRE)--Loews Corporation (NYSE: L) today released its third quarter 2022 financial results.

Third Quarter highlights:

• Net income of $130 million, or $0.54 per share, compared to $220 million, or $0.85 per share, in the third quarter of 2021.
• Net income benefited from higher underwriting income and increased net investment income from fixed income securities at CNA Financial, and improved results at Loews Hotels.
• Those positives were more than offset by losses from limited partnership and common stock investments and net investment losses from the sale of fixed income securities at CNA.
• Book value per share, excluding accumulated other comprehensive income (AOCI), increased to $74.11 from $71.09 at year-end 2021.
• [CNA’s combined ratio improved by over 4pts to 95.8%.]
• [Loews Hotels reported EBITDA of $77mm, a 30% increase year-over-year.]

CEO commentary:

Loews Corporation had another good quarter. Loews Hotels & Co continued to perform exceptionally well, and CNA produced a stellar underlying combined ratio of 91.1%.

- James S. Tisch, President and CEO, Loews Corporation

Consolidated highlights:

	September 30
	Three Months		Nine Months
(In millions, except per share data)	2022	2021	2022	2021
Income before net investment gains (losses)	$ 206	$ 204	$ 763	$ 725
Net investment gains (losses):
CNA	(76)	16	(115)	84
Corporate				426
Net income attributable to Loews Corporation	$ 130	$ 220	$ 648	$ 1,235
Net income per share	$ 0.54	$ 0.85	$ 2.64	$ 4.70

	September 30, 2022	December 31, 2021
Book value per share	$ 58.14	$ 71.84
Book value per share excluding AOCI	74.11	71.09