Loews Corporation Q3 FY2024 earnings call

• Loews had strong Q3 2024 with net income of $401 million. • CNA: 50th anniversary of Loews' acquisition of majority stake, now a highly profitable commercial P&C insurer. Q3 2024 net income $259M vs $235M last year. • Boardwalk: Delaware Court of Chancery ruled in Loews' favor on remaining claims, EBITDA up over $100M in 12 months ending Sep 30, 2024. • Hotels: Universal's Epic Universe theme park to open in May 2025, Loews Hotels to have 50% interest in 11 hotels with 11,000 rooms by end of 2025 Q2. • Energy policy: Emphasized need for comprehensive energy strategy including natural gas production along with renewables. • CNA: Proactively managing run-off long-term care business, bought out 2,100 policies for $67M in first 9 months of 2024, transferred over $1B pension liability to MetLife.

Loews reported net income of $401 million or $1.82 per share in Q3 2024, compared to $253 million or $1.12 per share in Q3 2023. CNA contributed net income of $259 million in Q3 2024 vs $235 million in Q3 2023. Boardwalk's EBITDA for twelve months ending Sep 30, 2024 was over $1 billion, up from $917 million in 2023. Boardwalk's Q3 2024 EBITDA was $249 million vs $202 million in Q3 2023. Loews Hotels reported $64 million of adjusted EBITDA in Q3 2024 vs $60 million in Q3 2023. CNA's net written premium growth accelerated to 8% in Q3 2024 vs 6% in prior quarters. Boardwalk's EBITDA for twelve months ending Sep 30, 2024 increased by over $100 million to over $1 billion compared to $917 million for the twelve-month period ending Sep 30, 2023. CNA's net investment income increased by 13% in Q3 2024, net written premium growth was 8%, etc.

• Boardwalk anticipates being able to finance all its capital needs using its own balance sheet and will likely maintain distributions to Loews at or near current levels while financing prospective projects, expecting not to incur substantial capex for a few years. • Jane Wang expects the Delaware Supreme Court would likely hear the plaintiff's appeal in the spring of 2025 and issue a ruling in the summer or fall of 2025.

• Plaintiffs have appealed the Court of Chancery's decision on remaining Boardwalk claims back to the Delaware Supreme Court. • CNA's underwriting results impacted by catastrophe losses, e.g., Hurricane Helene led to higher combined ratio. • Long-term care business run-off involves risks despite buyout strategies.

Q: Jim, you mentioned that Boardwalk is seeing more opportunities for growth projects. How will those projects be funded and when do you anticipate the company incurring substantial capex for these potential opportunities?

A: As I mentioned in my remarks, Boardwalk is performing very well, and we anticipate that the company will be able to finance all its capital needs using its own balance sheet. In fact, Boardwalk will likely be able to maintain distributions to Loews at or near current levels while financing these prospective projects. Given the lead times involved, we expect that Boardwalk will not incur significant capital expenses for a few years.

Q: Jane, when do you expect a final resolution of the Boardwalk shareholder litigation?

A: We expect the Delaware Supreme Court would likely hear the plaintiff's appeal in the spring of 2025 and issue a ruling in the summer or fall of 2025. We remain very confident in our case.