LOEWS CORP

Loews Corporation is a holding company whose subsidiaries are engaged in commercial property and casualty insurance (CNA Financial Corporation, an approximately 92% owned subsidiary), transportation and storage of natural gas and natural gas liquids, olefins and other hydrocarbons (Boardwalk Pipeline Partners, LP, a wholly owned subsidiary), and the operation of a chain of hotels (Loews Hotels Holding Corporation, a wholly owned subsidiary). The Company also owns approximately 53% of Altium Packaging LLC, an unconsolidated subsidiary engaged in the manufacture of rigid plastic packaging solutions. The property and casualty insurance industry is highly competitive, both as it relates to rate and service, and CNA competes with a large number of stock and mutual insurance companies, as well as other entities, for both distributors and customers. Boardwalk Pipelines operates in the midstream portion of the natural gas and NGLs industry, providing transportation and storage for those commodities, and its natural gas delivery markets continue to diversify, with increased deliveries to end-use customers. Loews Hotels & Co operates a chain of 27 hotels, with earnings derived from the operation of its owned hotels, its share of earnings in joint venture hotels and hotel management fees.

CNA competes with a large number of stock and mutual insurance companies, as well as other entities, for both distributors and customers. Boardwalk Pipelines serves a broad mix of customers, including end-use customers such as electric power generators, local distribution companies, industrial and petrochemical users and exporters of LNG, as well as producers and marketers of natural gas and interstate and intrastate pipelines. Loews Hotels & Co faces a high level of competition in the hospitality industry, both for customers and for the acquisition and/or development of new properties. The filing does not provide specific market share data or name primary competitors for the overall holding company.

Loews Corporation is a holding company that generates revenue through its subsidiaries. CNA accounted for 81.2% ¹ of consolidated total revenue for the year ended December 31, 2025. Boardwalk Pipelines accounted for 12.6% ² of consolidated total revenue for the year ended December 31, 2025. Loews Hotels & Co accounted for 5.1% ³ of consolidated total revenue for the year ended December 31, 2025. CNA's insurance products primarily include commercial property and casualty coverages, including surety, and its services include warranty, risk management, information services and claims administration. Boardwalk Pipelines is engaged in the business of transportation and storage of natural gas and NGLs and also provides ethane supply and transportation services. Loews Hotels & Co's earnings are derived from the operation of its owned hotels, its share of earnings in joint venture hotels and hotel management fees earned from its joint venture and managed hotels.

CNA's commercial property and casualty insurance operations include its Specialty, Commercial and International lines of business. Specialty provides management and professional liability and other property and casualty coverages, products and services, including professional liability coverages to various professional firms, directors and officers, errors and omissions, employment practices, fiduciary, fidelity and cyber coverages, and insurance products to serve the health care industry. Specialty also includes Surety, which offers small, medium and large contract and commercial surety bonds, and Warranty and Alternative Risks, which provides extended service contracts and related insurance products covering mechanical breakdown and similar losses for vehicles, portable electronics and other consumer goods. Commercial markets a broad range of property and casualty insurance products to all types of insureds, targeting small business, construction, middle market and other commercial customers. International underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business, and Hardy, CNA's Lloyd's of London syndicate. Other Insurance Operations include CNA's run-off long-term care business as well as structured settlement obligations, certain corporate expenses, and certain property and casualty businesses in run-off, including A&EP, a legacy portfolio of excess workers' compensation policies and certain legacy mass tort reserves.

Boardwalk Pipelines owns approximately 14,275 ⁴ miles of natural gas and NGLs pipelines and underground storage caverns having aggregate capacity of approximately 199.5 ⁵ billion cubic feet of working natural gas and 31.2 ⁶ million barrels of NGLs. Its natural gas business consists of integrated interstate and intrastate natural gas pipelines and storage facilities, including the Gulf South Pipeline Company, LLC system with 7,140 ⁷ miles of pipeline and 107.6 ⁸ Bcf of working gas storage capacity, and the Texas Gas Transmission, LLC pipeline system with 6,000 ⁹ miles of pipeline and 84.3 ¹⁰ Bcf of working gas storage capacity. Its natural gas liquids business consists of NGLs pipelines, salt dome storage facilities and brine infrastructure, including approximately 855 ¹¹ miles of NGLs pipelines and 31.2 ¹² MMBbls of aggregate storage capacity. Loews Hotels & Co operates a chain of 27 ¹³ hotels, of which eleven are owned, fifteen are owned by joint ventures in which Loews Hotels & Co has noncontrolling equity interests and one is managed for an unaffiliated owner.

In 2025, the management agreement ended for Bisha Hotel and Residences located in Toronto, Canada. In 2025, Live! by Loews, Arlington and the Loews Ventana Canyon Resort became wholly owned hotel properties, as Loews Hotels & Co acquired the remaining noncontrolling interests in these properties. In 2025, Universal Stella Nova Resort, a 750 ¹⁴ guestroom hotel, Universal Terra Luna Resort, a 750 ¹⁵ guestroom hotel, and Universal Helios Grand Hotel, a Loews Hotel, a 500 ¹⁶ guestroom hotel, opened at Universal Orlando. In 2026, Loews Hotels & Co expects to begin the replacement of the existing Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas, which is planned to be an approximately 500 ¹⁷ guestroom hotel with more than 83,000 ¹⁸ square feet of total indoor and outdoor function space, expected to be completed in 2029. Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 ¹⁹ Bcf/d and its storage working gas capacity by 10 ²⁰ Bcf at an expected aggregate cost of approximately $3.3 billion ²¹ and are scheduled to be completed through 2030. As of December 31, 2025, Boardwalk Pipelines has spent $135 million ²² on these growth projects.

For the year ended December 31, 2025, CNA accounted for 81.2% ²³ of consolidated total revenue, Boardwalk Pipelines accounted for 12.6% ²⁴ and Loews Hotels & Co accounted for 5.1% ²⁵. The aggregate market value of common stock held by non-affiliates of the registrant as of June 30, 2025 was approximately $15,362,000,000 ²⁶. As of February 6, 2026, there were 206,052,874 ²⁷ shares of the registrant's common stock outstanding. Including consolidated subsidiaries, the Company employed approximately 13,100 ²⁸ persons at December 31, 2025.

Boardwalk Pipelines has growth projects for which it has executed precedent or long-term firm transportation agreements that are expected to increase capacity on its pipeline systems by an aggregate of 4.2 ²⁹ Bcf/d and its storage working gas capacity by 10 ³⁰ Bcf at an expected aggregate cost of approximately $3.3 billion ³¹ and are scheduled to be completed through 2030. These projects include the Eunice-Iowa project expected in the third quarter of 2026, the Carnation Project expected in the fourth quarter of 2027, the Northeast Texas Power Plant Project expected in the fourth quarter of 2027, the Kosciusko Junction project expected in the first half of 2028, the Ohio Power Plant Project expected in the first half of 2028, the SECURE project expected in the first half of 2028, the PLUSS project expected in the first half of 2028, the Texas Gateway Project expected in the second half of 2029, and the Petal Gas Storage Expansion expected in the second half of 2030. These projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits and are subject to construction risk.

Loews Hotels & Co expects to begin in 2026 the replacement of the existing Arlington Sheraton Hotel with the Americana by Loews Hotels in Arlington, Texas, which Loews Hotels & Co will wholly own and manage. The new hotel is expected to be completed in 2029 and is planned to be an approximately 500 ³² guestroom hotel with more than 83,000 ³³ square feet of total indoor and outdoor function space. In 2025, three new hotels opened at Universal Orlando: Universal Stella Nova Resort (750 ³⁴ guestrooms), Universal Terra Luna Resort (750 ³⁵ guestrooms), and Universal Helios Grand Hotel, a Loews Hotel (500 ³⁶ guestrooms).

The filing does not provide specific margin or cost outlook targets for the upcoming period.

Boardwalk Pipelines' growth projects have lengthy planning and construction periods and will not contribute to earnings and cash flows until they receive the required regulatory approvals and permits and are constructed and placed into service over the next several years. The cost and timing estimates for these projects are based on a variety of inputs such as contractor indicative bids, quotes on materials and internally-developed financial models, metrics and timelines and are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals, adverse weather conditions, ability to acquire land rights, delays in obtaining and shortages and price increases for key materials, tariff implications and shortages and increased costs of qualified labor.

The filing does not provide specific R&D spending levels, capital expenditure plans, share repurchase authorization amounts, or dividend policy figures for the upcoming period.

Boardwalk Pipelines' growth projects remain contingent upon, among other things, the receipt of required regulatory approvals and permits and are subject to construction risk. Failure to timely meet development milestones may result in, among other things, contractual counterparties having the ability to terminate contracts with Boardwalk Pipelines. The cost and timing estimates for these projects are subject to a variety of risks and uncertainties, including obtaining timely regulatory and permit approvals and the cost thereof, adverse weather conditions during construction, its ability to acquire and the cost of obtaining rights to construct and operate on land not owned by Boardwalk Pipelines, delays in obtaining and shortages and price increases for key materials (including pipe, compressor facilities and related equipment), tariff implications and shortages and increased costs of qualified labor.

CNA faces risks related to social inflation, the impact of which continues to be significant and the trajectory of its future impact remains uncertain. Broader economic and geopolitical conditions, including the imposition of significant tariffs by the U.S., as well as any related retaliatory tariffs, may result in considerable increases in certain costs that would increase loss costs. The passage of reviver statutes that extend, or eliminate, the statute of limitations for the reporting of claims, including statutes passed in certain states with respect to sexual molestation and sexual abuse, increase the uncertainty of the frequency of claims.

CNA may need to increase its insurance reserves if it determines that its recorded reserves are insufficient, which would result in a charge to earnings; the reserve estimation process involves a high degree of judgment and variability. CNA's actual experience could vary from key assumptions used to determine future policy benefit reserves for its long-term care policies, including morbidity, persistency, premium rate actions and expenses. CNA has exposure related to A&EP claims, and the cumulative amount ceded under the loss portfolio transfer as of December 31, 2025 was $3.9 billion ³⁷, subject to an aggregate limit of $4.0 billion ³⁸; if claims exceed this limit, CNA may need to increase its recorded net reserves. CNA is vulnerable to material losses from natural and man-made disasters, and catastrophe losses are inherently unpredictable. Boardwalk Pipelines' natural gas transportation and storage operations and ethane transportation services are subject to extensive regulation by the FERC, including rules related to the rates it can charge and its ability to construct or abandon facilities.

Management's message emphasizes that Loews Corporation is a holding company and that its subsidiaries are engaged in commercial property and casualty insurance, transportation and storage of natural gas and NGLs, and the operation of a chain of hotels. The filing highlights that CNA accounted for 81.2% ³⁹ of consolidated total revenue for the year ended December 31, 2025. Management discusses significant operational developments, including the opening of three new hotels at Universal Orlando in 2025 and the planned replacement of the Arlington Sheraton Hotel with the Americana by Loews Hotels, expected to be completed in 2029. For Boardwalk Pipelines, management emphasizes growth projects with executed precedent agreements expected to increase pipeline capacity by an aggregate of 4.2 ⁴⁰ Bcf/d and storage working gas capacity by 10 ⁴¹ Bcf at an expected aggregate cost of approximately $3.3 billion ⁴², scheduled to be completed through 2030.