Q3 2023 Company Overview
COMPANY OVERVIEW
2023 Q3
Legal Disclaimers
Forward Looking Statements and Risk Factors. The information presented herein is generally available from public sources, including our and our
subsidiaries' earnings releases and
Statements contained in this presentation which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward- looking statements are inherently uncertain and there are a number of important risk factors that could cause the actual results for each of the companies discussed in this presentation to differ from those expressed in forward-looking statements contained herein, including those risk factors discussed in detail in annual and quarterly reports and other filings made with the
Non-GAAPFinancial Measures. This presentation contains financial measures that are not in accordance with accounting principles generally
accepted in
Where You Can Find More Information. Annual, quarterly and other reports filed with the
presentation together with those filings, copies of which are available, as applicable, at the corporate websites of
subsidiaries at www.cna.comand www.bwpipelines.com, or at the
- To view the most recent
SEC filings ofLoews Corporation ,http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-sec - To view the most recent
SEC filings ofCNA Financial Corporation ,https://investor-relations.cna.com/financial/latest-financials - To view the most recent
SEC filings ofBoardwalk Pipeline Partners, LP https://www.bwpipelines.com/news-and-media/sec-filings/
2
Loews Corporation Overview
Loews is a diversified holding company operating in the insurance, energy, hospitality and
packaging industries.
Long-term
view,
diversified
portfolio, one class of stock
& Investments
|
Publicly |
|
Traded |
Privately
Held
|
Property & |
|
|||
|
91.7% |
Net Earned Premiums |
|||
|
Casualty |
||||
|
Ownership |
|
|||
|
Insurance |
||||
|
Market Cap |
||||
|
Natural Gas & |
100% |
|
||
|
NGL Midstream |
Ownership |
EBITDA1 |
||
|
Deluxe & Luxury |
100% |
16,115 System-wide |
||
|
Hotels |
Ownership |
Guest Rooms2 |
||
|
Rigid Plastic |
53% |
|
||
|
Packaging |
Ownership |
|
Balance sheet data, ownership data and
- See Appendix - "Boardwalk EBITDA" for a reconciliation of net income attributable to Loews to
EBITDA, a non-GAAP measure. - See page titled "
Loews Hotels & Co - Portfolio" for additional disclosure.
3
Loews Investment Highlights
- Long history of conservative financial management and shareholder value creation
- Strong and consistent dividends from subsidiaries
- Prudent capital allocation strategy
- Strong liquidity with a portfolio of cash and investments in excess of parent company debt
- Focus on maintaining single-A credit ratings at parent company
4
Parent Company
Overview
Loews Capital Allocation Approach
- Maintain a strong balance sheet
- Evaluate capital deployment opportunities based on risk-adjusted returns
- Continually balance the uses of Loews capital
1
Repurchase Loews shares
2
Invest in existing
subsidiaries
3
Acquire a new
subsidiary
|
|
6 |
The Loews Discount
Loews's market cap is less than its sum-of-the-parts. CNA trades at a discount to its
peers and the market seems to assign little value to the private subsidiaries.
Market
Cap
|
|
Trades at earnings and |
|
Value of Loews's Stake |
BV discount to peers |
+
+
Private Subsidiaries --
Only
All data is as of
1. Represents Loews parent company cash and investments net of debt.
|
|
7 |
Long History of Share Repurchases
Since year-end 2014, we have retired nearly 40% of our common shares outstanding
|
400 |
Total Shares Outstanding |
||||||||||
|
350 |
373 |
||||||||||
|
340 |
337 |
332 |
|||||||||
|
(millions) |
|||||||||||
|
300 |
312 |
||||||||||
|
291 |
|||||||||||
|
250 |
269 |
||||||||||
|
248 |
|||||||||||
|
236 |
224 |
||||||||||
|
200 |
|||||||||||
|
2014 |
2015 |
2016 |
2017 |
2018 |
2019 |
2020 |
2021 |
2022 |
|
||
|
Shares |
15 |
33 |
3 |
5 |
20 |
22 |
22 |
21 |
13 |
12 |
|
|
Repurchased |
|||||||||||
|
(millions) |
|||||||||||
|
Total Cost |
|
|
|
|
|
|
|
|
|
|
|
|
($ millions) |
|||||||||||
Shares outstanding are as of the end of each period.
|
|
8 |
Working with Our Subsidiaries
While each subsidiary's experienced management team guides day-to-day operations,
Loews provides advice in several areas:
|
Major capital |
Mid- to long-term |
Hiring of senior |
|
allocation decisions |
strategic planning |
management |
Loews is a Long-Term Partner
|
|
9 |
Strong and Consistent Cash Flow
- Div idends
from Subsidiaries1 - Corporate
Net Investment Income (Loss)2
- All dividends are subject to declaration by the respective Boards of Directors.
- Parent company pretax net investment income (loss).
|
|
10 |
Attachments
Disclaimer


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