Loews : 2023 Letter to Shareholders

2 0 2 3 L E T T E R T O S H A R E H O L D E R S

loews.com

FINANCIAL HIGHLIGHTS

Results of Operations

$ in millions, except per share data; Year ended December 31		2023	2022 (a)	2021 (a)
Revenues	$	15,901	$	14,044	$	14,657
Income before income tax		1,996		1,114		2,160
Net income		1,545		891		1,685
Amounts attributable to noncontrolling interests		(111)		(69)		(123)
Net income attributable to Loews Corporation	$	1,434	$	822	$	1,562
Diluted net income per share	$	6.29	$	3.38	$	6.00

Financial Position	2023	2022 (a)	2021 (a)
Investments	$ 49,369	$ 46,768	$ 53,938
Total assets	79,197	75,567	82,079
Debt: Parent Company	1,782	2,280	2,278
Debt: Subsidiaries	7,221	6,739	6,801
Shareholders' equity	15,704	14,349	16,318
Cash dividends per share	0.25	0.25	0.25
Book value per share	70.69	60.81	65.69
Shares outstanding	222.17	235.96	248.42

1. Amounts for 2022 and 2021 have been adjusted to reflect the adoption of Accounting Standards Update 2018-12, "Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts." The new guidance, commonly referred to as LDTI, was adopted as of January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021.

RESULTS OF OPERATIONS

Consolidated net income attributable to Loews Corporation (NYSE: L) for 2023 was $1.4 billion, or $6.29 per share, compared to $822 million, or $3.38 per share, in 2022.

The increase in net income attributable to Loews Corporation in 2023 compared to 2022 was driven by improved results at CNA Financial and higher investment returns on equity securities and short-term investments at the parent company. Boardwalk Pipelines also contributed positively to Loews Corporation's year-over-year results. Additionally, net income attributable to Loews Corporation for 2023 includes

1. $37 million after-tax charge for the termination of a non- contributory defined benefit pension plan and a $36 million after-tax gain for Loews Hotels & Co related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.

CNA's earnings increased in 2023 primarily due to higher net investment income from limited partnerships and fixed-income securities, improved property and casualty underwriting income, and lower investment losses driven by the favorable change in fair value of non-redeemable preferred stock. CNA's net income for 2022 also included a $186 million ($131 million after tax and noncontrolling interests) charge related to an increase to long-

term care reserves primarily driven by the unfavorable impact of increased cost-of-care inflation offset by favorable premium rate assumptions.

Boardwalk Pipelines' 2023 earnings improved due to higher re-contracting rates on its natural gas pipelines, recently completed growth projects, higher storage and parking and lending revenues, and the impact of the Bayou Ethane acquisition in the fourth quarter of 2023. Operating expenses, including depreciation and amortization, rose primarily due to maintenance projects associated with regulatory requirements, an increased asset base from recently completed growth projects, a change in the useful life of certain assets, and the Bayou Ethan acquisition.

At December 31, 2023, excluding accumulated other comprehensive income, the book value per share of Loews common stock was $81.92 as compared to $74.88 at December 31, 2022.

At December 31, 2023, there were 222.2 million shares of Loews common stock outstanding. In 2023, Loews purchased 14.0 million shares of its common stock at an aggregate cost of $852 million. Loews also purchased 4.5 million shares of CNA's common stock at an aggregate cost of $178 million in 2023.

2023 ANNUAL REPORT

TABLE of

CONTENTS

02 / Letter to Shareholders

1. / Our Portfolio of Businesses

1. / Board & Officers

1 LOEWS CORPORATION

LETTER to

SHAREHOLDERS

Loews delivered strong growth in 2023, reflecting broad-based momentum across our diverse range of businesses. Consolidated revenues reached $15.9 billion and net income rose to $1.4 billion, or $6.29 per share, compared with revenues of $14.0 billion and net income of $822 million, or $3.38 per share, in 2022. These results represented top-line growth of 13% and an increase in net income of 74%.

2 2023 ANNUAL REPORT

As our long-term investors know, Loews has consistently maintained a practice of repurchasing our shares when we believe they are trading at a significant discount to our view of the company's intrinsic value. Despite the strong performance of Loews shares in 2023, we continued to believe our stock price did not reflect the true value of our businesses. Accordingly, we repurchased 14 million of our own shares during 2023 at a total cost of $852 million and an average cost of about $60 per share. These buybacks represented nearly 6% of Loews's outstanding shares at the start of 2023.

In a similar vein, we believe the market continued to undervalue CNA, despite the company's solid performance in 2023 and its track record of significant improvements in the business. We expressed a strong vote of confidence in the value and prospects of CNA by purchasing 4.5 million of its shares in 2023 for $178 million.

DIVERSE BUSINESS PORTFOLIO DRIVES STRONG GROWTH

Each of our businesses experienced significant growth over the past five years and we congratulate their management teams on these outstanding results.

CNA Financial

CNA has continued to grow, while also vastly improving the performance of its underlying business. As a result of these efforts, net written premiums have risen by 38% since 2018 to reach $9.4 billion in 2023. Profitability also has benefited from management's relentless focus on underwriting, leading to a combined ratio of 93.5% in 2023, which reflects a more than three-point improvement since 2018. CNA's net income attributable to Loews Corporation reached an all-time high of $1.1 billion for 2023, up nearly 80% from $612 million for 2022. Key contributors to the strong 2023 profitability included record property and casualty underwriting income and improved net

investment income partially due to higher interest rates, which will continue to benefit the company going forward.

We remain impressed by the CNA management team's strategies for delivering greater profitability in the commercial property and casualty sector. The company continues to build productive relationships with key distribution partners, mitigate the long-tailed risk

of the company's run-offlong-term care business, and pursue a disciplined approach to capital management.

In light of this strong performance, CNA announced an increase in its regular quarterly dividend from $0.42 per share to $0.44 per share, and a special dividend of $2.00 per share-both of which will be paid in March of 2024.

Boardwalk Pipelines

Boardwalk has also grown significantly over the past five years, largely due to substantial investments in its business during that period. Boardwalk delivered EBITDA attributable to Loews of $929 million in 2023, which represents an increase of over $170 million from $756 million in 2018. While its recently completed growth projects have certainly been a significant factor in the company's stellar performance, these results also reflect the company's ability to re-contract at higher rates, increased transportation volumes, and favorable market conditions that led to improved storage and parking and lending revenues.

Boardwalk continued to invest in its growth in late 2023 by acquiring Bayou Ethane for $355 million from Williams Companies. This 380-mile ethane pipeline runs from Texas to Louisiana and is an important strategic fit for Boardwalk's existing liquids business. Inclusive of this latest acquisition, Boardwalk's EBITDA is expected to approach $1 billion in 2024.

Boardwalk closed 2023 with a revenue backlog of $9.7 billion, a significant increase from $9.1 billion at the end of

$1.1 billion

CNA net income attributable to Loews

$929 million

Boardwalk EBITDA, up ~$170MM from 2018

$328 million

Loews Hotels & Co Adjusted EBITDA, up ~$100MM from 2018

14 million

Loews shares repurchased in 2023, at a cost of $852MM

3 LOEWS CORPORATION

2022. Approximately 95% of that backlog is supported by firm, take-or-pay contracts and nearly 80% of Boardwalk's customer base is rated investment grade. Over the past several years, Boardwalk has done an exceptional job of transforming its customer base from mostly marketers

to mostly end users. Whereas in 2018 just over 40% of the company's revenue was attributable to end users, today these customers-primarily power generators, LNG exporters and industrial companies-account for nearly 70% of the company's revenue backlog.

1. Repurchasing shares;
2. Investing in the growth of existing subsidiaries; and
3. Acquiring new businesses-albeit infrequently.

We should note that, with $2.6 billion in total cash and investments at the parent company at year-end 2023, we continue to have ample liquidity to deploy capital in a prudent, focused and disciplined manner.

$2.6 billion

Total in cash and investments at the end of 2023

$4.7 billion

Spent to repurchase 91MM shares between 2018 and 2023

Loews Hotels & Co

Our hotel business continues to enjoy strong growth. Adjusted EBITDA has grown by over $100 million over the past five years from $223 million in 2018

to $328 million in 2023. Between 2018 and 2023, Loews Hotels funded equity investments in growth projects totaling nearly $800 million, mainly financed through internally generated cash flow. In February 2024, the nearly 900-room Loews Arlington Hotel will open in Arlington, Texas, with bookings well ahead of expectations. Moreover, the strength of Loews Hotels' partnerships with Universal in Orlando continues to grow, with three properties under development on the new Epic Universe campus. By 2025, Loews Hotels is expected to have a 50% interest in 11,000 rooms spread across 11 hotels at Universal Orlando.

Loews Hotels & Co continues to leverage its position as an owner and operator of hotels, with a growth strategy that rests on two pillars: properties focused on delivering a quality experience for the group meeting market, and immersive destinations like Orlando and Arlington, where hotel occupancy is bolstered by a demand generator, such as a theme park or a stadium.

STRATEGIC CAPITAL ALLOCATION BUILDS SHAREHOLDER VALUE

We have often noted that Loews allocates capital in three primary ways:

REPURCHASING SHARES

Historically, Loews has been an active investor in our own shares when we believe they are trading at a significant discount to our view of the company's intrinsic value. Our sum-of-the-parts valuation takes into account our investment in CNA, the substantial net cash position at the parent company, and the value of our other businesses inclusive of their demonstrated capacity to grow. In addition, we believe that the market also undervalues CNA itself, despite continual improvements in the business and a high dividend yield.

In our view, the market's discount has continued to make investing in repurchases of Loews's shares a very attractive value creation lever. Cumulatively, over the five-year period ended December 31, 2023, we spent about $4.7 billion to repurchase 91 million shares, retiring over 29% of our common shares outstanding since the end of 2018. These repurchases were made at an average price of approximately $51.40 per share.

INVESTING IN OUR BUSINESSES

Loews invests in our subsidiaries when we see opportunities to create value for our shareholders. When evaluating these investments, we consider how our investment would strengthen the subsidiary's competitive position,

4 2023 ANNUAL REPORT

enhance its capacity to innovate, and increase its operational efficiency. We also consider how the business would apply our capital to accelerate growth.

Reflecting this element of our investment strategy, Loews Corporation invested approximately $350 million in Loews Hotels between 2018 and 2023, alongside significant investments by the hotel company itself. The parent company's investments allowed Loews Hotels to support an active expansion program, boosting its room count by roughly one third during that period.

In addition to investing capital in our businesses from time to time, Loews remains a strong partner for the subsidiaries' management teams, providing perspective on mid-to-long- term strategic planning, hiring senior management and capital allocation.

capital towards share repurchases and investments in our existing businesses will continue to create long-term value for all our shareholders. We are shareholders ourselves, so our interests align with yours-in fact, collectively, Tisch family members own more than one-third of Loews's shares.

As always, we are thankful to the management teams and employees of our subsidiaries, as well as to all Loews employees, for their outstanding dedication to their work. We are also grateful to our board of directors for their wise counsel, and to all of you who have entrusted us with your investment. We thank you for your confidence

in Loews, and pledge to continue to manage the company with a goal of creating, enhancing and preserving long-term value.

Sincerely,

JAMES S. TISCH

ANDREW H. TISCH

CHALLENGING MARKETS, VALUE- CREATION OPPORTUNITIES

Across the global economy, 2023 was a year of challenging macro headwinds. An inflationary environment was accompanied by high interest rates as a consequence of Federal Reserve policies. The war in Ukraine and conflict in the Middle East also heightened

this atmosphere of geopolitical instability and economic uncertainty. Notwithstanding these challenges, it appears that inflation may have begun to moderate in the second half of 2023, and there is a growing consensus that the risk of recession may have been averted. However, our economy still faces obstacles resulting from U.S. annual budget deficits that are running over 5% of GDP, as well as the disruptive impact of global conflicts.

Loews has always viewed such challenging market conditions as opportunities to deploy our substantial capital resources to create and grow shareholder value. We feel confident that Loews's strategy of allocating

JAMES S. TISCH

President &

Chief Executive Officer

ANDREW H. TISCH

Co-Chairman

of the Board

JONATHAN M. TISCH

Co-Chairman

of the Board

February 6, 2024

JONATHAN M. TISCH

5 LOEWS CORPORATION

SHARE REPURCHASES

In every decade since 1970, we have repurchased more than one-quarter of our outstanding shares. Since January 2014, we have retired over 40% of our outstanding common shares.

DIVIDEND INFORMATION

We have paid quarterly cash dividends each year since 1967. Regular dividends of $0.0625 per share of Loews common stock were paid in each calendar quarter of 2023.

40%+

of outstanding common shares have been retired since January 2014

$0.0625 per share

400
Shares	373
350		340	337
Shares			332
					312
300						291
Shares
							269
250								248
Shares									236
										222
200
Shares
YEAR	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023
SHARES	15	33	3	5	20	22	22	21	13	14
REPURCHASED
TOTAL COST	$622	$1,265	$134	$216	$1,026	$1,051	$923	$1,132	$738	$852

Shares and $ in millions.

LOEWS'S CORPORATE STRUCTURE

The multi-industry holding company structure is a key factor in Loews's ability to create value. This structure provides us with the flexibility to make investments across a broad spectrum of industries.

of Loews common stock were paid as dividends in each calendar quarter of 2023

14 million

outstanding shares repurchased in 2023

Holding Company	Publicly Traded			Privately Held

6 2023 ANNUAL REPORT

OUR PORTFOLIO of BUSINESSES

A key element of Loews's strategy to deliver value for shareholders is our multi-industry holding company structure, with subsidiaries operating in the insurance, energy, hospitality and packaging industries. Our businesses include one publicly traded subsidiary, CNA Financial (NYSE: CNA), and three non-publicly traded subsidiaries: Boardwalk Pipelines, Loews Hotels & Co and a majority interest in Altium Packaging.

7 LOEWS CORPORATION

CNA FINANCIAL

CNA Financial provides business insurance protection to more than one million businesses and professionals across the U.S., Canada and Europe.

~92%

Owned

$13.3 billion

Revenue

6,300

Employees

CNA is distinguished by its market- leading insurance solutions informed by the experience of its underwriters and claims management experts.

CNA's business is focused on three core operating segments:

01.

The Specialty segment provides management and professional liability coverage, as well as other products such as surety and warranty.

Under management's direction, CNA has achieved significant profitable growth while maintaining a strong underwriting culture characterized by disciplined risk management. CNA has achieved that growth by increasing its presence in attractive market segments through effective engagement with its network of distribution partners. The company has also made substantial investments in attracting, developing and retaining top talent.

$46.5 billion

Invested Assets

Commercial

Property &

Casualty

Insurance

Industry

02.

The Commercial segment partners with a network of brokers and independent agents to market property and casualty insurance to small, middle market and large businesses.

03.

The International segment underwrites property and casualty coverage in Canada, the UK and Luxembourg,

as well as via the company's Lloyd's syndicate.

Year ended

December 31, 2023

8 2023 ANNUAL REPORT