$L · LOEWS CORP
Loews Corporation filed its Q3 2026 10-Q, reporting net income attributable to Loews of $306M ($1.50/share), down 39% from $504M ($2.43/share) in Q3 2025. The decline was driven by a $222M re-measurement loss on insurance contracts at CNA versus just $36M a year ago. Total revenue rose 1.9% to $4.759B. For the nine months, net income fell to $1,087M ($5.29/share) from $1,265M ($6.03/share).
- Q3 net income attributable to Loews fell to $306M ($1.50/share) from $504M ($2.43/share) a year ago.
- Insurance claims included a $222M re-measurement loss vs. just $36M in Q3 2025, driving the earnings decline.
- Nine-month net income dropped to $1,087M ($5.29/share) from $1,265M ($6.03/share) in the prior-year period.
- Total revenue edged up 1.9% YoY to $4.759B, with insurance premiums rising to $2,829M from $2,783M.
- Accumulated other comprehensive loss widened to $2,117M from $1,067M at year-end 2025, driven by unrealized investment losses.
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A 39% earnings drop at a $22.76B conglomerate, driven by a 6x surge in insurance re-measurement losses, raises questions about CNA's reserve adequacy and the drag from rising AOCI losses.
CNA's re-measurement loss reflects the ongoing impact of LDTI accounting on P&C insurers, where discount rate and assumption changes flow directly through earnings. Loews' diversified conglomerate structure (insurance, gas pipelines, hotels) partially insulates it from single-segment shocks.
The $222M re-measurement loss on long-duration insurance contracts (vs. $36M in Q3 2025) signals sensitivity to actuarial assumption changes. Accumulated other comprehensive loss ballooned to $2,117M, reflecting a $2,085M swing in unrealized investment losses that pressures book value.