Loews Corporation (L): Business Model Canvas [Dec-2025 Updated]

You're trying to map out how a diversified holding company like Loews Corporation actually generates its returns, and honestly, it's more complex than just looking at the stock price. As someone who's spent two decades dissecting these giants, I can tell you the engine runs on disciplined capital allocation across four core segments-insurance, energy, hospitality, and packaging-which together pulled in $1,265 million in consolidated net income for the first nine months of 2025. Below, we break down the entire nine-block Business Model Canvas, showing exactly how their insurance float, pipeline contracts, and hotel operations fit together to create long-term value.

Loews Corporation (L) - Canvas Business Model: Key Partnerships

You're looking at the core relationships that drive Loews Corporation's diversified businesses as of late 2025. These aren't just casual contacts; they are deep, capital-intensive alliances.

Universal Orlando Resort joint ventures for hospitality growth

The partnership between Loews Hotels & Co. and Universal Orlando spans nearly three decades. Loews Hotels owns a 50% interest in the Orlando hotel properties and manages all of them. This year marked the largest expansion ever for the destination, with Loews introducing three new properties in the first half of 2025.

• Total Orlando hotel portfolio rooms now stand at 11,000 across 11 hotels.
• The three new hotels opened in 2025 are: Universal Helios Grand Hotel (500 rooms), Universal Stella Nova Resort (750 rooms), and Universal Terra Luna Resort (750 rooms).
• Loews Hotels' third quarter 2025 results improved year-over-year primarily due to higher equity income from the Universal Orlando Resort joint ventures.

Independent insurance agents and brokers for CNA Financial's distribution

CNA Financial Corporation markets its Property and Casualty products through a network of brokers and independent agents. The performance of this distribution channel is reflected in premium growth metrics.

Metric	Q3 2025 Value	Q2 2025 Value
P&C Net Written Premium Growth	3%	6%
P&C Renewal Premium Change	+4%	5 points
P&C New Business Growth	8%	8%
P&C Expense Ratio	29.1%	29.8%

CNA's P&C combined ratio improved to 92.8% in Q3 2025 compared to 97.2% in Q3 2024.

Investment-grade utility and energy customers for long-term pipeline contracts

Boardwalk Pipelines benefits from robust industry fundamentals, driven by re-contracting with its energy customers. The company continues to secure long-term revenue visibility.

• Boardwalk Pipelines has approximately $19.8 billion of estimated operating revenues expected to be recognized in the future from outstanding performance obligations.
• This future revenue includes $5.7 billion anticipated under executed precedent transportation agreements tied to growth projects.
• A new precedent transportation agreement executed in October 2025 is expected to add $3.8 billion in anticipated revenues.
• Boardwalk Pipelines' second-quarter 2025 EBITDA increased 14% year-over-year, moving from $240 million to $274 million.

Boardwalk Pipelines' net income improved 22% year-over-year in the third quarter of 2025.

Suppliers for Altium Packaging's resin and raw material needs

Loews Corporation holds a significant, though unconsolidated, interest in the packaging business.

• Loews owns approximately 53% of Altium Packaging LLC, which manufactures rigid plastic packaging solutions.

Specific 2025 financial data regarding Altium Packaging's resin and raw material supplier contracts is not detailed in the latest Loews Corporation reports.

Municipalities and developers for new hotel and convention center projects

The expansion into new markets involves partnerships with local entities for large-scale real estate development.

• Loews Hotels opened the $550 million, 888-key Loews Arlington Hotel and Convention Center earlier in 2025 in Arlington, Texas.

This project, featuring 250,000 square feet of meeting space, represents a significant investment alongside local development partners.

Loews Corporation (L) - Canvas Business Model: Key Activities

You're looking at the core engine of Loews Corporation, which is less about a single product and more about the active management and capital deployment across its four major holdings. The key activities here are the hands-on management and strategic direction provided by the parent company to optimize these distinct businesses.

Disciplined capital allocation across four distinct business segments is the primary activity at the parent company level. This involves managing the consolidated balance sheet and deciding how to deploy capital for growth, debt reduction, or shareholder returns. As of September 30, 2025, Loews Corporation held $3.6 billion of cash and investments against $1.8 billion of debt. Capital deployment in the third quarter of 2025 included repurchasing 0.6 million shares of its common stock for a total cost of $56 million. Year to date through the second quarter, Loews received $875 million from its subsidiaries, which included a $497 million special dividend from CNA.

The operational activities are driven by the performance and management within each segment:

Property and Casualty (P&C) insurance underwriting and claims management via CNA. CNA Financial's key activity centers on disciplined underwriting to manage risk and claims effectively. For the third quarter of 2025, this focus resulted in a P&C combined ratio improvement of 4.4 points to 92.8% compared to the prior year quarter. The underlying combined ratio reached a record low of 91.3%. This was supported by lower catastrophe losses of $41 million (or 1.5 points) in Q3 2025, down from $143 million (or 5.8 points) in Q3 2024. Net written premiums, excluding third party captives, grew 3% in the third quarter of 2025.

Midstream natural gas and liquids pipeline operation and expansion. Boardwalk Pipelines' activity involves operating and expanding critical energy infrastructure. In the third quarter of 2025, net income improved 22% year-over-year, driven by higher re-contracting rates and revenues from storage, parking, and lending.

Execution of Boardwalk's $3.0 billion in announced growth projects. A major activity is advancing large-scale infrastructure projects to meet growing demand. Boardwalk's total announced growth projects are expected to add 4.2 Bcf/d of additional capacity at an anticipated aggregate cost of approximately $3.0 billion. A significant step in Q3 2025 was executing a precedent agreement for the Texas Gateway Project, designed to add 1.5 Bcf/d of capacity connecting Texas hubs to Southwest Louisiana demand. This project, which includes 155 miles of new pipeline, targets an in-service date of Nov. 1, 2029.

Hotel ownership, management, and brand development (Loews Hotels & Co). This involves managing a portfolio of high-quality hotels, often in partnership with major entertainment complexes. Loews Hotels & Co reported Adjusted EBITDA of $109 million in the second quarter of 2025, an 11% year-over-year increase, helped by strong performance in Orlando and Arlington. This growth included the opening of three new properties totaling 2,000 rooms in Orlando during the first half of 2025. The total partnership with Universal now encompasses 11 hotels with 11,000 rooms.

Here's a quick look at the segment contributions to Loews Corporation's Q3 2025 net income performance:

Business Segment	Q3 2025 Net Income Attributable to Loews (Millions USD)	Year-over-Year Net Income Change	Key Operational Metric/Activity Update
CNA Financial Corporation	$371 million	+43%	P&C Combined Ratio: 92.8% (Q3 2025)
Boardwalk Pipelines	Not explicitly stated, but net income improved	+22%	Announced $3.0 billion in growth projects, including 1.5 Bcf/d Texas Gateway Project
Loews Hotels & Co	Not explicitly stated, but Q2 Adjusted EBITDA was $109 million	Q2 Adjusted EBITDA: +11%	Opened 3 new properties in Orlando in 1H 2025
Corporate	Not explicitly stated, but segment results decreased	N/A	Parent company cash and investments: $3.6 billion (9/30/2025)

The management activity at the corporate level involves balancing capital deployment across these diverse needs:

• Deploying capital for share repurchases, totaling $251 million in Q2 2025 and $56 million in Q3 2025.
• Managing the $1.8 billion debt load as of September 30, 2025.
• Overseeing CNA's underwriting discipline, targeting expense ratios like the Q3 2025 expense ratio of 29.1%.
• Monitoring the progress of Boardwalk's capital projects, such as the 155-mile Texas Gateway pipeline segment.
• Directing capital to support Loews Hotels' brand expansion, like the new Orlando properties.

Finance: review the impact of the $497 million CNA special dividend received year-to-date on the 13-week cash view by Friday.

Loews Corporation (L) - Canvas Business Model: Key Resources

You're looking at the core assets backing Loews Corporation as of late 2025. These aren't just line items; they are the engines generating the cash flow that allows for capital allocation decisions.

Substantial parent company cash and investments provide immediate financial flexibility.

• Parent company cash and investments as of Q3 2025: $3.6 billion.
• Parent company debt as of September 30, 2025: $1.8 billion.
• Book value per share as of September 30, 2025: $88.39.
• Book value per share, excluding AOCI, as of September 30, 2025: $94.00.

The foundation is built on majority stakes in market-leading subsidiaries. This concentration of ownership is a defining feature of Loews Corporation's structure.

Subsidiary	Ownership Stake (Approximate)	Q3 2025 Net Income Attributable to Loews (Millions)
CNA Financial Corporation	89% to 91.78%	Net income attributable to Loews increased 43% year-over-year
Boardwalk Pipeline Partners, LP	Majority/Wholly Owned (Implied)	Net income grew 22% year-over-year to $94 million
Altium Packaging	99%	Data not specified for Q3 2025 net income

The natural gas pipeline network, primarily through Boardwalk Pipeline Partners, LP, represents a critical infrastructure asset base.

• Total announced growth projects for Boardwalk Pipeline: 4.2 Bcf/d of additional capacity.
• Anticipated aggregate capital cost for announced growth projects: $3.0 billion.
• Texas Gateway Project details: $1.2 billion cost, 155-mile new-build pipeline, 1.5 Bcf/d of capacity.
• Boardwalk Pipeline's pipeline systems contain approximately 13,880 miles of interconnected natural gas pipelines.
• Boardwalk Pipeline's underground storage caverns capacity: approximately 205.0 billion cubic feet of working natural gas.
• Boardwalk Pipeline's Q3 2025 EBITDA: $267 million.

The large, high-quality investment portfolio supports the parent company's operations, distinct from the operating subsidiaries' assets.

The corporate segment generated investment income of $77 million for the third quarter of 2025. This income supports the holding company's obligations, as Loews Corporation depends on dividends and investment returns.

The Tisch family's long-term, conservative financial management philosophy guides capital deployment.

• Loews Corporation positions itself as a value investor with a long-term focus.
• Management remains focused on leveraging its diversified portfolio for future growth while cautiously navigating market conditions.
• Share repurchases in Q3 2025 totaled 0.6 million shares for a cost of $56 million.

Honestly, you see the discipline in the capital structure; the parent company had $3.6 billion in cash and investments against $1.8 billion in debt at the end of Q3 2025. That's a strong buffer, definitely.

Loews Corporation (L) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and partners choose Loews Corporation, and the numbers from late 2025 really back up the story.

Diversified exposure to insurance, energy, hospitality, and packaging sectors.

Loews Corporation provides exposure across major economic sectors, which smooths out performance volatility. For the third quarter of 2025, the parent company reported a net income of $504 million, or $2.43 per share. The contributions from the major operating segments illustrate this spread of business activity.

Segment	Q3 2025 Metric	Value
CNA Financial (Insurance)	Net Income Attributable to Loews	$371 million
Boardwalk Pipelines (Energy)	Net Income	$94 million
Boardwalk Pipelines (Energy)	EBITDA	$267 million
Loews Hotels & Co (Hospitality)	Adjusted EBITDA	$69 million
Loews Hotels & Co (Hospitality)	Net Loss	$3 million

The parent company itself generated $77 million in investment income for the quarter, which offset corporate expenses.

Conservative financial management and a strong balance sheet.

The financial structure supports patient capital deployment and resilience. As of September 30, 2025, the parent company held $3.6 billion in cash and investments. Total debt stood at $1.8 billion on the same date. This positioning is reflected in the equity value, with book value per share, excluding accumulated other comprehensive income (AOCI), reaching $94.00 as of September 30, 2025, up from $88.18 at the end of 2024.

Long-term value creation through patient capital deployment.

Loews Corporation actively manages its capital structure to compound intrinsic value per share over time. During the third quarter of 2025, the company repurchased 0.6 million shares of its common stock for a total cost of $56 million. This follows a period where, through the first half of 2025, Loews had repurchased about 3.5% of its shares outstanding since the end of 2024 for a cost of $636 million.

Specialized expertise and scale within each subsidiary's core market.

Scale and operational discipline drive segment performance. You see this clearly in the insurance and energy businesses.

• CNA Financial Corporation's Property & Casualty combined ratio improved by 4.4 points to 92.8% in Q3 2025, aided by low catastrophe losses of only $41 million (or 1.5 points impact).
• CNA's underlying underwriting gain hit a record best of $235 million in Q3 2025, marking the tenth consecutive quarter above $200 million.
• Boardwalk Pipelines' Q3 2025 EBITDA increased 7% year-over-year to $267 million.
• Loews Hotels & Co saw its Adjusted EBITDA grow 8% to $69 million in Q3 2025, helped by new Orlando properties.

Reliable, contracted energy transportation services via Boardwalk Pipelines.

Boardwalk Pipelines' value proposition is heavily anchored in long-term, reliable contracts. Approximately 85% of operating revenues originate from capacity reservation charges under long-term take-or-pay agreements. The company's total announced growth projects are expected to add 4.2 Bcf/d of additional capacity at an aggregate cost of approximately $3.0 billion. Specifically, the Texas Gateway Project, which executed a precedent agreement in October 2025, will add 1.5 Bcf/d of capacity. The existing revenue backlog, excluding the Texas Gateway Project, stands at $15.6 billion.

Loews Corporation (L) - Canvas Business Model: Customer Relationships

Long-term, high-value contractual relationships with energy customers define a core part of Loews Corporation's structure through Boardwalk Pipelines.

Boardwalk Pipelines reported a 22% increase in net income in the third quarter of 2025, directly tied to higher re-contracting rates and recently completed growth projects. The company has total announced growth projects expected to add 4.2 Bcf/d of additional capacity at an aggregate cost of approximately $3.0 billion. For example, the Kosci Junction Project is supported by a 20-year agreement with an anchor customer, securing long-term revenue streams from energy users.

For commercial insurance clients via CNA Financial Corporation, the relationship is broker-driven and built on financial strength. CNA's Property & Casualty segments, excluding third party captives, generated 3% net written premium growth in the third quarter of 2025, supported by a +4% renewal premium change. This suggests strong client retention through brokers. CNA maintains high credit ratings, including A+ (Stable) from A.M. Best and S&P, and A2 (Positive) from Moody's, which facilitates financial transactions and trust with B2B clients. Loews Corporation holds an 89% stake in CNA Financial.

The high-touch, personalized service model at Loews Hotels & Co is evidenced by operational performance metrics. Adjusted EBITDA for Loews Hotels was $109 million in the second quarter of 2025, an 11% year-over-year increase. This was driven by strong performance in Orlando, which benefited from the addition of three new properties that opened in the first half of 2025. The Loews Arlington Hotel and Convention Center, which opened in the first quarter of 2024, has nearly 900 rooms. However, the Miami Beach Hotel saw lower room nights due to ongoing renovations, indicating active management of the physical assets that impact guest experience.

Investor relations for Loews Corporation focuses heavily on long-term shareholder value and capital returns, a relationship managed at the parent company level. The company has impressively maintained dividend payments for 55 consecutive years. The five-year Total Shareholder Return (TSR) reached 166%. As of December 1, 2025, the stock delivered a strong 25.97% return year-to-date. The parent company held $3.6 billion in cash and investments as of September 30, 2025, supporting its capital allocation strategy.

The commitment to shareholder value is further demonstrated through active capital deployment:

• Loews Corporation repurchased 2.9 million shares in the second quarter of 2025 for a cost of $251 million.
• In the third quarter of 2025, the company repurchased 0.6 million shares for a total cost of $56 million.

Direct sales and account management for large packaging clients through Altium Packaging is less detailed in public reports, but the overall financial health reflects the stability of these relationships. CNA's Property & Casualty segments saw net written premiums grow by 3% in Q3 2025.

Here are key financial metrics reflecting the value delivered to shareholders:

Metric	Value as of Late 2025	Reference Period
Net Income Attributable to Loews	$504 million	Q3 2025
Book Value Per Share (Excluding AOCI)	$94.00	September 30, 2025
Five-Year Total Shareholder Return (TSR)	166%	Five Years Preceding June 2025
Shares Repurchased (Q3 2025 Cost)	$56 million	Three Months Ended September 30, 2025
Parent Company Cash & Investments	$3.6 billion	September 30, 2025

The relationship with CNA clients is underpinned by strong financial ratings, including A+ (Stable) from A.M. Best and S&P.

Loews Corporation (L) - Canvas Business Model: Channels

For Loews Corporation (L), the channels used across its diversified subsidiaries reflect a mix of traditional, agency-based, direct, and digital approaches as of late 2025.

Independent insurance agencies and brokers for P&C policy distribution

CNA Financial Corporation, Loews Corporation's approximately 92% owned subsidiary, relies on a network that includes agents, brokers, and managing general underwriters for its Commercial and Specialty property and casualty (P&C) lines. CNA's P&C segments, excluding third party captives, generated gross written premium growth of 2% and net written premium growth of 3% for the third quarter of 2025. The P&C expense ratio for the third quarter of 2025 was 29.1%, the lowest since 2008. In 2024, CNA's P&C retention rate was 85%.

CNA Financial P&C Metric	Value/Period	Period End/Reference
P&C Gross Written Premium Growth (ex-captives)	2%	Q3 2025
P&C Net Written Premium Growth (ex-captives)	3%	Q3 2025
P&C Expense Ratio	29.1%	Q3 2025
P&C Retention Rate	85%	2024

Direct sales teams for securing long-term pipeline capacity contracts

Boardwalk Pipelines utilizes direct engagement to secure long-term capacity contracts for its natural gas transportation and storage services. The company added $400 million to its revenue backlog during the second quarter of 2025, bringing the total backlog to $14.7 billion. New growth projects being sanctioned are modeled to have average contract lengths of 15-plus years, indicating a strong reliance on long-term direct negotiations with utility customers.

Proprietary hotel booking systems and major Online Travel Agencies (OTAs)

Loews Hotels & Co employs a multi-channel approach, using its proprietary booking systems alongside major OTAs. For the second quarter of 2025, Loews Hotels reported Adjusted EBITDA of $109 million. While specific Loews Hotels booking mix data isn't public, the broader US hotel industry context for 2025 shows OTAs as a dominant force for leisure sales, but direct bookings are pursued for margin protection.

• OTAs account for 52% of online hotel leisure sales in the USA.
• Typical OTA commission rates range from 15% to 25% per booking.
• Hotels save 15-25% on average by securing a direct booking over an OTA booking.

Direct sales force to industrial and consumer goods companies for Altium Packaging

Altium Packaging serves a diverse set of end markets, including Automotive, Beverage, Food, Healthcare, Industrial, and Personal Care, through direct relationships. Loews Corporation's stake in Altium Packaging was valued at roughly $1 billion based on a prior stake sale, corresponding to $1.3 billion in net sales for the full year 2024. Altium Packaging operates through a network of over 65+ plants in the U.S. and Canada.

Investor relations and SEC filings for communicating with shareholders

Loews Corporation communicates its financial standing and capital allocation strategy through regular SEC filings and investor presentations. As of the end of the second quarter of 2025, Loews Corporation held $3.4 billion in cash and investments. During the second quarter of 2025, Loews repurchased 2.9 million shares for approximately $251 million. Book value per share increased from $79.49 at year-end 2024 to $84.42 at the end of the second quarter of 2025.

Loews Corporation (L) - Canvas Business Model: Customer Segments

You're looking at the core groups Loews Corporation serves across its diversified portfolio as of late 2025. It's not one market; it's several distinct ones, each served by a specialized subsidiary.

The largest customer base, by revenue contribution, comes from commercial enterprises relying on CNA Financial Corporation for their Property and Casualty (P&C) insurance needs. CNA markets its broad range of products through a network of brokers and independent agents to specific commercial tiers.

Here's a look at the key customer groups and some relevant 2025 figures:

Customer Segment	Serving Subsidiary	Key Metric/Data Point (2025)
Commercial enterprises (Small Business, Construction, Middle Markets)	CNA Financial Corporation	Net Earned Premiums grew 8% in Q3 2025
Natural gas producers, utilities, LDCs, and industrial end-users	Boardwalk Pipelines	Generated $530 million in transportation/storage revenue in Q3 2025
Leisure and business travelers, convention organizers	Loews Hotels & Co	Reported $202 million in lodging revenue for Q3 2025
Public shareholders	Loews Corporation (Parent)	Book Value Per Share was $88.39 as of September 30, 2025

For Boardwalk Pipelines, the customer base is intentionally diversified, which helps manage risk. They serve a mix of counterparties, ensuring no single one dominates the revenue stream.

• Natural gas producers, local distribution companies (LDCs), marketers, electric power generation plants, and direct industrial users.
• Contracts are predominantly with investment-grade counterparties.
• No single counterparty contributes more than 10% of Boardwalk Pipelines' revenue.
• Boardwalk Pipelines has approximately $19.8 billion of estimated future operating revenues under executed agreements as of Q3 2025.

The leisure and business traveler segment is tied to Loews Hotels & Co, which operates 25 hotels across the United States (24) and Canada (1). Their recent performance has been bolstered by joint ventures, specifically the Universal Orlando Resort, which drove higher equity income in the third quarter.

Finally, you, as a public shareholder, are a critical segment for Loews Corporation itself. The parent company focuses on long-term value creation, which is reflected in its capital structure and book value metrics. The parent company held $3.6 billion in cash and investments as of September 30, 2025.

The shareholder base is a mix of institutional and individual investors seeking a value-oriented holding company structure. As of October 2025, Institutional holdings accounted for 58.70% of the top holdings, while Individuals held 17.9%. The company has actively managed this segment by repurchasing shares; for example, Loews repurchased 0.6 million shares in Q3 2025 for a total cost of $56 million.

Finance: draft 13-week cash view by Friday.

Loews Corporation (L) - Canvas Business Model: Cost Structure

Significant insurance claims and loss adjustment expenses, including mass tort reserve charges, are a key cost component flowing from CNA Financial Corporation.

• CNA Financial Corporation recorded an $81 million after-tax charge at the Loews level in the second quarter of 2025 related to mass tort development, stemming from an annual review of legacy mass tort reserves and anticipated abuse claim settlements.
• For the three months ended March 31, 2025, the Corporate & Other segment incurred a core loss due to a $17 million after-tax charge for unfavorable prior period development from legacy mass tort claims.
• Property and Casualty catastrophe losses for CNA were $41 million for the third quarter of 2025.
• CNA's Property and Casualty combined ratio for Q3 2025 was 92.8%.

High capital expenditure is necessary for pipeline infrastructure expansion, primarily through Boardwalk Pipelines.

Project/Expense Type	Metric/Period	Amount
Total Announced Growth Projects (Boardwalk)	Anticipated Aggregate Cost	Approximately $3.0 billion
Boardwalk Pipelines Capital Expenditures	Nine Months Ended September 30, 2025	$222 million
Boardwalk Pipelines Capital Expenditures	Full Year 2025 Expectation	Approximately $269 million
Boardwalk Pipelines Future Growth Commitments	Binding Purchase Orders (through 2028)	Approximately $273 million

Operating expenses include higher product costs and employee-related costs across the various segments.

• For the three months ended March 31, 2025, CNA Financial Corporation's total expenses were $3,980 million, which included Insurance claims and policyholders' benefits of $2,027 million and Operating expenses and other of $1,953 million.
• The expense ratio for CNA's Property and Casualty operations was generally consistent with the prior year quarter for Q1 2025.

Interest expense on the parent company's debt is a fixed cost that Loews Corporation must service.

The parent company, Loews Corporation, maintained $1.8 billion of debt on its balance sheet as of both June 30, 2025, and September 30, 2025.

Hotel property operating costs, maintenance, and renovation expenses impact the Loews Hotels & Co segment's results.

• For the three months ended June 30, 2025, Loews Hotels & Co reported Operating and other expenses of $170 million.
• Operating and other expenses for Loews Hotels & Co increased by $18 million for the three months ended March 31, 2025, compared to the prior year, partly due to the Arlington Hotel operating for a full quarter and costs related to three new hotels.
• The second quarter of 2025 net income for Loews Hotels & Co decreased due to higher expenses related to the three new hotels at Universal Orlando Resort, which opened in 2025.

Finance: draft 13-week cash view by Friday.

Loews Corporation (L) - Canvas Business Model: Revenue Streams

You're looking at the core ways Loews Corporation pulls in money across its diverse portfolio as of late 2025. It's a mix of insurance float management, essential energy infrastructure fees, hospitality services, and packaging sales. The overall picture for the first nine months of 2025 shows solid performance from the holding company level.

Consolidated net income was $1,265 million for the first nine months of 2025, a strong figure showing the combined strength of the underlying businesses. This compares favorably to the $1,227 million reported for the same period in 2024.

The primary revenue drivers come from the major subsidiaries, which generate income through distinct fee and premium structures:

• Insurance premiums and net investment income from CNA Financial.
• Transportation, storage, and parking/lending fees from Boardwalk Pipelines.
• Hotel room revenue, food and beverage sales, and event fees from Loews Hotels & Co.
• Sales of rigid plastic packaging products (Altium Packaging).

Here's a look at the reported revenue and income contributions for the nine months ended September 30, 2025:

Segment	Revenue/Income Metric	Amount (Nine Months Ended Sept 30, 2025)
CNA Financial	Net income attributable to Loews	Data not explicitly stated for 9 months, but Q3 2025 attributable net income was $371 million.
Boardwalk Pipelines	Transportation and Storage Revenue	$1,662 million
Boardwalk Pipelines	Net Income (Q3 2025)	$94 million
Loews Hotels & Co	Lodging and Related Services Revenue	$685 million
Altium Packaging	Non-insurance Warranty Revenue	$1,188 million

Drilling down into the specifics of the largest contributors, CNA Financial's revenue streams showed growth, driven by higher earned premiums and strong investment returns in the third quarter.

For CNA Financial in the third quarter of 2025:

• Net earned premiums increased by 8% year-over-year.
• Net written premiums grew by 3%.
• Catastrophe losses were significantly lower at $41 million pretax, compared to $143 million in the third quarter of 2024.
• Pretax net investment income was $638 million.

Boardwalk Pipelines focuses on contracted, fee-based revenues, which provides a stable base. You see this stability reflected in their future commitments. Their net income improved in the third quarter of 2025 due to higher re-contracting rates and growth projects.

Boardwalk Pipelines has a substantial backlog of contracted revenue, which is a key feature of this revenue stream. Specifically, as of October 2025, they have approximately $19.8 billion of estimated operating revenues expected to be recognized in the future related to outstanding performance obligations. This includes about $5.7 billion in anticipated revenues from executed precedent transportation agreements tied to growth projects.

Loews Hotels & Co generates revenue from hospitality operations. While the segment reported a net loss of $3 million in the third quarter of 2025, this was an improvement from a loss of $8 million the prior year. This improvement was supported by higher average daily rates and occupancy at existing properties, plus the positive impact from new hotels opening in 2025. The nine-month revenue for lodging and related services was $685 million.

Altium Packaging's revenue stream is based on the sales of its rigid plastic packaging products. For the first nine months of 2025, this segment contributed $1,188 million in non-insurance warranty revenue. That's a defintely large component of the overall top line.

Finance: draft 13-week cash view by Friday.