Loews Corp Dossier - Source-backed chat

Loews Corp

LNYSE

SectorFinancials

IndustryInsurance - Property & Casualty

Beta (adjusted)0.68

Intrinsic Value $89.14median of 2 methodsbased on filings through 30 Jun 2026

Market Price $105.05Price as of 1 Oct 2026

OvervaluedIntrinsic value is 15% below the market price

−50% · IV below pricenear fair value ±15%IV above price · +50%

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Market Cap $21.5B

Enterprise Value $29.9B

Shares Outstanding 204.1M diluted

Next Earnings Date6 Nov 2026

Last ex-dividend27 May 2026

All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference.

Thesis

Street consensus, scenarios, merits, risks, and invalidation triggers

AI-assisted

Thesis Summary

Loews entered the second half of 2026 with improving consolidated earnings, higher book value per share, substantial parent-company liquidity and continued share repurchases. Boardwalk Pipelines and Loews Hotels produced year-over-year earnings growth, providing useful diversification. The principal counterweight is weaker underwriting performance at CNA: its second-quarter Property & Casualty combined ratio rose to 96.5% from 94.1%, while management attributed the higher underlying loss ratio to elevated loss-cost trends and insufficient rate in certain lines. The balanced evidence supports a Hold rather than a directional valuation call.

This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today.

Our research · scenarios, merits, risks, and invalidation triggersResearch as of 2 Sep 2026

Scenarios · 12-month scenario targetsAnchored at research date

Bear CaseDownside scenario

CNA's combined ratio moves above 100% as loss-cost inflation, reserve development or catastrophe losses overwhelm pricing; legacy insurance charges persist; and weaker energy or lodging conditions reduce the diversification benefit from Boardwalk and Loews Hotels.

Base CaseCentral scenario

Consolidated results remain profitable, with Boardwalk and hotel growth offsetting a CNA combined ratio in the upper 90s. Parent liquidity permits continued selective repurchases and investment, but CNA loss-cost pressure limits near-term upside.

Bull CaseUpside scenario

CNA restores its combined ratio toward the mid-90s through pricing and underwriting actions; Boardwalk benefits from higher contracting rates, completed growth projects and its expanded marketing platform; hotel demand remains firm; and Loews continues accretive repurchases from its liquid parent-company balance sheet.

Key Investment Merits

Second-quarter 2026 net income attributable to Loews increased to $444 million from $391 million, while book value per share excluding AOCI increased to $99.27 from $95.89 at year-end 2025.
At June 30, 2026, the parent company held $4.4 billion of cash and investments, and Loews repurchased 1.4 million shares for $146 million during the quarter.
Boardwalk's quarterly net income increased to $100 million from $88 million, and Loews Hotels' net income increased to $48 million from $28 million.

Key Investment Risks

CNA's second-quarter Property & Casualty combined ratio deteriorated to 96.5% from 94.1%, and its underlying combined ratio rose to 94.2% from 91.7%.
CNA recorded a $77 million after-tax charge associated with unfavorable prior-period development in legacy mass-tort exposures, while Life & Group produced a $10 million core loss.
Loews reported that first-half corporate results declined year over year primarily because of higher interest expense associated with a recent debt refinancing.

All scenarios are estimates and subject to change. Past performance is not indicative of future results.

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Explore this dossier

ValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework.