Loews : Q4 2020 Earnings Results Supplement

EARNINGS SUPPLEMENT

February 2021

2020 Q4

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 SEC filings. We urge you to read those documents, and we specifically direct you to the forward-looking statements, disclaimers and risk factors they contain. The primary purpose of this presentation is to help you understand how we view our Company, not to update our filings or correct any forecasts - we categorically do not give guidance. Conditions faced by our various businesses may have changed - for better or worse - since the time periods reflected in this presentation and we disclaim any obligation to update the information presented herein. Any statements made in addressing our results are not meant as an indication of the Company's performance since the time of our latest public filings and disclosures.

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 SEC by Loews Corporation and its consolidated subsidiaries: CNA Financial Corporation and Boardwalk Pipelines. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.

Non-GAAPFinancial Measures. Certain financial information presented herein includes non-GAAP financial measures. Management believes these measures are useful to understanding the key drivers of the Company's operating performance. These non-GAAP measures are reconciled to GAAP numbers herein (or in documents referred to herein).

Where You Can Find More Information. Annual, quarterly and other reports filed with the SEC by Loews Corporation and its consolidated subsidiaries: CNA Financial Corporation and Boardwalk Pipeline Partners, LP contain important additional information about those companies and we urge you to read this presentation together with those filings, copies of which are available, as applicable, at the corporate websites of Loews Corporation at www.loews.comand such subsidiaries at www.cna.comand www.bwpipelines.com, or at the SEC's website at www.sec.gov.

• To view the most recent SEC filings of Loews Corporation,http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-sec
• To view the most recent SEC filings of CNA Financial Corporation,https://investor-relations.cna.com/financial/latest-financials
• To view the most recent SEC filings of Boardwalk Pipeline Partners, LPhttps://www.bwpipelines.com/news-and-media/sec-filings/

2

2020 Fourth Quarter - Key Highlights

• $3.5 billion in cash and investments at the parent company
• Net income of $397 million, or $1.45 per share
• • CNA Financial Corporation drove the quarterly net income with strong underwriting results, net investment income and investment gains
  • Boardwalk Pipelines also contributed positively to Loews's quarterly results
  • Loews Hotels & Co continues to be impacted by the COVID-19 pandemic
• Last year's fourth quarter included a net loss from Diamond Offshore
• Repurchased 5.9 million Loews shares at an aggregate cost of $244 million
• Dividends from subsidiaries totaled $192 million
• $17.9 billion in shareholders' equity / book value per share of $66.34 as of December 31, 2020

Loews Cash & Investments	December 31,
($ millions)		2020
Portfolio Composition*
Cash & short term investments	$	2,694
Equity securities		568
Limited partnership investments		208
Other		22
Total Cash & Investments	$	3,492

• Net of receivable and payable positions.

Loews press release:http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-financials

All balance sheet data included in this presentation is as of the end of each period presented.

3

Financial Summary

				December 31
		Three Months		Years Ended
(in millions, except per share data)		2020		2019		2020		2019
Revenues1	$	3,709	$	3,876	$	12,583	$	14,931
Net income (loss)1		397		217		(931)		932
Net income (loss) per share		1.45		0.73		(3.32)		3.07
Dividends paid per share		0.0625		0.0625		0.2500		0.2500
Weighted average shares		273.6		296.3		280.4		303.4
Cash & investments
$	3,492	$	3,254
(Parent company)
Total debt		2,300		1,800
(Parent company)
Book value per share		66.34		65.71
Book value per share excluding AOCI		64.18		65.94

Balance sheet data included on this page is as of the end of each period presented.

1. The year ended December 31, 2020 includes an investment loss of $1.2 billion ($957 million after tax) to write down the carrying value of our interest in Diamond Offshore as a result of its bankruptcy filing and deconsolidation on April 26, 2020.

4

Net Income (Loss) by Segment

				December 31
		Three Months		Years Ended
($ millions)		2020		2019		2020		2019
CNA	$	346	$	244	$	618	$	894
Boardwalk		83		48		206		209
Hotels		(68)		(59)		(212)		(31)
Corporate1		36		22		(1,067)		35
Diamond2		-		(38)		(476)		(175)
Net income (loss) attributable to Loews	$	397	$	217	$	(931)	$	932

1. Includes investment income from the parent company's cash and investments, interest expense, other unallocated corporate expenses, and the financial results of Altium Packaging. The year ended December 31, 2020 also includes the net investment loss of $957 million related to the write down of the carrying value of our interest in Diamond Offshore.
2. Includes financial results through the April 26, 2020 deconsolidation of Diamond Offshore, which included impairment charges incurred in 2020 related to the carrying value of four drilling rigs.

5

COVID-19 Update

• CNA booked catastrophe losses of $182 million (pretax) related to COVID-19 in Q2 2020
• • For the full year 2020, the underlying business performed well, benefiting from accelerating P&C rate momentum and strong new business.
• Boardwalk Pipelines continues to perform as expected, benefiting from long-term firm service contracts and strong customer credit quality
• Loews Hotels & Co has 22 of its 27 hotels open as of December 31, 2020
• • Occupancy rates remain low. Occupancy increases, and resuming operations at hotels with suspended operations, will depend largely on the duration and scope of the COVID-19 pandemic.
  • Resort destinations faring better than hotels in urban centers due to some pick up in drive-in leisure travel; business travel continues to severely lag
  • Continuing to adjust the operating cost structure of its hotels, defer capital costs and reduce management company costs
  • Significant new and enhanced safety and well-being standards and protocols for both team members and guests
• Altium Packaging has seen increased demand for household cleaners, water, beverage and specialty chemical products, offset by declines in the food service and automotive end markets
• The parent company donated $1 million to several different funds that provide direct support to frontline workers
• • Members of the Office of the President reduced, by 50%, their salary as of April 1 and their bonus for all of 2020

A more detailed description of Loews Corporation's community response to COVID-19 can be found on the company's sustainability site: https://loews.com/sustainability

6

Financial Trends

Parent company cash & investments

($ billions as of period-end)

$5.0 $4.9

$3.1 $3.3 $3.5

2016 2017 2018 2019 2020

Dividends from subsidiaries1

($ millions)

$780 $804 $878 $927 $947

2016

2017

2018

2019

2020

1. Includes dividends received by Loews during each period indicated.

Shares outstanding

(shares in millions as of period-end)

337 332

312

291

269

2016 2017 2018 2019 2020

Shareholders' equity

($ billions as of period-end)

$18.2 $19.2 $18.5 $19.1 $17.9

2016 2017 2018 2019 2020

7

Corporate Structure

Long-term

view,

diversified

portfolio, one class of stock

$3.5 billion Cash

& Investments

$2.3 billion Debt

$12.8 billion Market Cap

Publicly

Traded

Privately

Held

	Property &		$7.6 billion
	89.6%	Net Earned Premiums
	Casualty
	Ownership	$11.0 billion
	Insurance
			Market Cap

Natural Gas &	100%	$819 million
NGL Midstream	Ownership	EBITDA1

Deluxe & Luxury	100%	16,565 System-wide
Hotels	Ownership	Guest Rooms2

Rigid Plastic	99%	$1.0 billion
Packaging	Ownership	Net Sales

All data is as of December 31, 2020 except market cap data, which is as of February 5, 2021.

1. See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
2. See page titled "Loews Hotels & Co - Portfolio" for additional disclosure. Loews Hotels & Co was severely impacted by COVID-19 in 2020.

8

CNA Financial - Financial Highlights

Financials1

				December 31
		Three Months		Years Ended
($ millions, except per share data)		2020		2019		2020		2019
Core income2	$	335	$	265	$	735	$	979
Net investment gains (losses) (after-tax)		52		8		(45)		21
Net income		387		273		690		1,000
Loews accounting adjustments:
Amounts attributable to noncontrolling interests		(41)		(29)		(72)		(106)
Net income attributable to Loews	$	346	$	244	$	618	$	894
Invested assets (market value)	$	50,293	$	47,744	$	50,293	$	47,744
Net written premiums		1,952		1,746		7,566		7,134
Combined ratio ex. catastrophes and development		92.7		94.9		93.1		94.8
Combined ratio		93.5		95.6		100.9		96.7
Loss ratio ex. catastrophes and development		60.5		60.9		60.2		61.0
Loss ratio		61.3		61.6		68.0		62.9
Book value per share ex. AOCI	$	43.86	$	44.81	$	43.86	$	44.81
Book value per share		46.82		45.00		46.82		45.00
Regular and special dividends per share		0.37		0.35		3.48		3.40

Balance sheet data included on this page is as of the end of each period presented.

1. Unless noted as attributable to Loews, financial results are at the subsidiary level.
2. See CNA's Q4 2020 Earnings Release for a reconciliation of Core income to Net income available athttps://investor-relations.cna.com/financial/latest-financials

9

Boardwalk Pipelines - Financial Highlights

Financials1

					December 31
			Three Months		Years Ended
($ millions)			2020		2019		2020		2019
Revenue2		$	375		327	$	1,298	$	1,295
EBITDA2,3			248		200		819		821
Net income2			115		69		291		296
Loews accounting adjustments:
Ot her 4			(32)		(21)		(85)		(87)
Net income attributable to Loews2		$	83	$	48	$	206	$	209

1. Unless noted as attributable to Loews, financial results are at the subsidiary level.
2. Includes settlement proceeds of $34 million ($26 million after tax) for the three months and year ended December 31, 2020 and $26 million ($19 million after tax) for the year ended December 31, 2019 related to customer bankruptcies.
3. See Appendix - "Boardwalk EBITDA" for EBITDA to GAAP reconciliation.
4. Other includes adjustments for purchase accounting, income taxes and rounding.

10

Loews Hotels & Co - Financial Highlights

Financials
				December 31
		Three Months		Years Ended
($ millions)		2020		2019		2020		2019
Operating revenue	$	27	$	141	$	167	$	578
Other1		15		29		111		114
Revenue		42		170		278		692
Pretax income (loss) excluding non-recurring items2		(76)		20		(261)		82
Asset impairments3		(6)		(89)		(36)		(99)
Pretax loss		(82)		(70)		(274)		(28)
Net loss		(68)		(59)		(212)		(31)
Adjusted EBITDA4		(27)		56		(103)		227
Adjusted mortgage debt, period-end5		1,593		1,449		1,593		1,449

In 2020, Loews Hotels & Co's results were severely impacted by the pandemic. 22 out of 27 hotels were operational on December 31, 2020; however, occupancy remains low.

1. Other includes gain on sale of assets and revenues related to reimbursable expenses.
2. Non-recurringitems include items such as acquisition transaction and transition costs, new development pre-opening costs, gains or losses on sale and impairments. See Appendix - "Loews Hotels & Co Adjusted EBITDA" for additional disclosure.
3. Asset impairments include impairments on certain owned and joint venture hotels, as well as write-off of costs associated with prospective hotel developments no longer being pursued.
4. Adjusted EBITDA is the total amount of EBITDA attributable to Loews Hotels & Co based on its percent ownership of each property (e.g., if Loews Hotels & Co legally owns 50% of a property, 50% of that property's EBITDA is included, except for certain hotels where earnings are distributed on a different basis from legal ownership based on the underlying governing agreements), plus management company EBITDA and excluding non- recurring items such as acquisition transaction and transition costs, new development pre-opening costs, gains or losses on sale and impairments. See Appendix - "Loews Hotels & Co Adjusted EBITDA" for EBITDA to GAAP reconciliation.
5. Adjusted mortgage debt is adjusted for Loews Hotels & Co's ownership interest in the asset underlying the borrowing. Balances are inclusive of adjusted mortgage debt related to assets under development of $0 million and $244 million at December 31, 2020 and 2019, respectively.

11

Loews Hotels & Co - Portfolio

As of December 31, 2020		Location	Rooms	Ownership %1	Ownership - Ops Commenced /
	Managed Only
OWNED (11)	Loews Chicago Hotel	Chicago, IL	400	100%	2015
	Loews Chicago O'Hare Hotel	Chicago, IL	556	100%	2014
	Loews Coronado Bay Resort*	San Diego, CA	439	100%	2000
	Loews Kansas City Hotel	Kansas City, MO	800	65%	2020
	Loews Miami Beach Hotel*	Miami Beach, FL	790	100%	1998
	Loews Minneapolis Hotel	Minneapolis, MN	251	100%	2014
	Loews Philadelphia Hotel	Philadelphia, PA	581	100%	2000
	Loews Regency New York Hotel	New York, NY	379	100%	1963
	Loews Vanderbilt Hotel	Nashville, TN	340	100%	1989
	Loews Ventana Canyon Resort*	Tucson, AZ	398	100%	2014 / 1984
	Loews Hotel 1000	Seattle, WA	120	100%	2016
			5,054
JOINT VENTURE (12)	Hard Rock Hotel, at Universal Orlando*	Orlando, FL	650	50%	2001
	Loews Portofino Bay Hotel, at Universal Orlando*	Orlando, FL	750	50%	1999
	Loews Royal Pacific Resort, at Universal Orlando*	Orlando, FL	1,000	50%	2002
	Loews Sapphire Falls Resort, at Universal Orlando*	Orlando, FL	1,000	50%	2016
	Universal's Aventura Hotel*	Orlando, FL	600	50%	2018
	Universal's Cabana Bay Beach Resort*	Orlando, FL	2,200	50%	2014
	Universal's Endless Summer Resort - Dockside Inn and Suites*	Orlando, FL	2,050	50%	2020
	Universal's Endless Summer Resort - Surfside Inn and Suites*	Orlando, FL	750	50%	2019
	Live! by Loews Arlington, TX*	Arlington, TX	300	50%	2019
	Live! by Loews St. Louis, MO	St. Louis, MO	216	50%	2020
	Loews Hollywood Hotel	Los Angeles, CA	628	50%	2012
	Loews Atlanta Hotel	Atlanta, GA	414	50%	2015 / 2010
			10,558
MANAGED (4)	Bisha Hotel and Residences	Toronto, ON	96		2017
	Loews Boston Hotel	Boston, MA	225		2013 / 2018
	Loews New Orleans Hotel	New Orleans, LA	285		2003
	Loews Santa Monica Beach Hotel*	Santa Monica, CA	347		1989
			953
TOTAL			16,565
					Scheduled Opening
UNDER DEVELOPMENT (1)	Loews Coral Gables Hotel	Coral Gables, FL	242	20%	2022
TOTAL INCLUDING UNDER DEVELOPMENT		16,807

* Represents resort hotels in the portfolio, with the remaining hotels in urban centers.

1. Earnings in certain partnerships are allocated pursuant to underlying governing documents, which may differ from ownership.

12

Appendix - Key Drivers for the Fourth Quarter

Net income of $397 million, or $1.45 per share, compared to $217 million, or $0.73 per share, in the comparable prior year period, an increase of $180 million. The table below details key drivers of the change in net income, representing the majority of the increase.

			December 31
			Three Months
($ millions)		2020			2019		Change
CNA1
Total underwriting gain	$	86		$	54		$	32
P&C net investment income		233			240			(7)
Net investment gains		45			6			39
Life & Group		23			(4)			27
Boardwalk
Net income		83			48			35
Hotels
Net loss		(68)		(59)			(9)
Diamond2
Net loss		-			(38)			38

Key drivers for both 2020 and 2019 are after tax and noncontrolling interests.

1. CNA's Q4 2020 Earnings Presentation is available athttps://investor-relations.cna.com/financial/latest-financials
2. Diamond Offshore was deconsolidated from the Loews consolidated financial statements as of April 26, 2020.

13

Appendix - Key Drivers for the Year Ended

Net loss of $931 million, or $(3.32) per share, compared to net income of $932 million, or $3.07 per share, in the prior year, a decrease of $1,863 million. The table below details key drivers of the change in net loss, representing the majority of the decrease.

	December 31
	Years Ended
($ millions)	2020		2019	Change
CNA1	$ 351	$	255	$	96
Underwriting income before catastrophes and development
Catastrophe losses:
Severe weather-related events	(208)		(126)		(82)
COVID-19	(137)		-		(137)
Civil unrest	(43)		-		(43)
P&C net investment income	769		917		(148)
Net investment gains (losses)	(27)		33		(60)
LTC active life reserve premium deficiency	(52)		(151)		99
LTC claim reserve release	26		39		(13)
Structured settlements claim reserve charge	(32)		-		(32)
Hotels
Net loss	(212)		(31)		(181)

Corporate
Net investment loss related to the deconsolidation of
Diamond Offshore	(957)	-	(957)
Net investment income	47	188	(141)
Diamond
Impairment charges related to four drilling rigs	(408)	-	(408)

Key drivers for both 2020 and 2019 are after tax and noncontrolling interests.

1. CNA's Q4 2020 Earnings Presentation available athttps://investor-relations.cna.com/financial/latest-financials

14

Appendix - Loews Consolidating Condensed Balance Sheet

			CNA	Boardwalk		Loews	Corporate1
	December 31, 2020		Financial		Pipelines	Hotels & Co		Total
	($ millions)
	Assets:
	Cash and investments	$	50,713	$	3	$	114	$	3,492	$	54,322
	Receivables		7,489		178		20		146		7,833
	Property, plant and equipment		252		8,598		1,096		505		10,451
	Deferred non-insurance warranty acquistion expenses		3,068		-		-		-		3,068
	Other assets		2,454		574		407		1,127		4,562
	Total assets	$	63,976	$	9,353	$	1,637	$	5,270	$	80,236
	Liabilities and Equity:
	Insurance reserves	$	41,143	$	-	$	-	$	-	$	41,143
	Short term debt		-		1		16		20		37
	Long term debt		2,776		3,461		726		3,109		10,072
	Deferred non-insurance warranty revenue		4,023		-		-		-		4,023
	Other liabilities		3,355		1,569		312		544		5,780
	Total liabilities		51,297		5,031		1,054		3,673		61,055
	Total shareholders' equity		11,360		4,322		581		1,597		17,860
	Noncontrolling interests		1,319		-		2		-		1,321
	Total equity		12,679		4,322		583		1,597		19,181
	Total liabilities and equity	$	63,976	$	9,353	$	1,637	$	5,270	$	80,236

Amounts presented will not necessarily be the same as those in the individual financial statements of the Company's subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

1. Corporate primarily reflects the parent company's cash and investments, corporate long-term debt and Altium Packaging, including the subsidiary's goodwill and intangible.

15

Appendix - Boardwalk EBITDA

				December 31
		Three Months		Years Ended
($ millions)		2020		2019		2020		2019
Pretax income	$	114	$	69	$	290	$	296
Depreciation and amortization		91		88		359		346
Interest expense		43		43		170		179
EBITDA	$	248	$	200	$	819	$	821

Financial results are at the subsidiary level.

16

Appendix - Loews Hotels & Co Adjusted EBITDA

				December 31
		Three Months		Years Ended
($ millions)		2020		2019		2020		2019
Consolidated GAAP pretax loss	$	(82)	$	(70)	$	(274)	$	(28)
Non-recurring items1		6		90		13		110
Pretax income (loss) excluding non-recurring items	$	(76)	$	20	$	(261)	$	82
Depreciation and amortization of owned properties		18		16		63		61
Interest expense on owned properties		9		6		33		22
Adjustments for unconsolidated joint ventures' proportionate share of EBITDA2		22		14		62		62
Adjusted EBITDA	$	(27)	$	56	$	(103)	$	227

In 2020, Loews Hotels & Co's results were severely impacted by the pandemic. 22 out of 27 hotels were operational on December 31, 2020; however, occupancy remains low.

1. Non-recurringitems include items such as acquisition transaction and transition costs, new development pre-opening costs, gains or losses on sale and impairments.
2. Represents the difference between Loews Hotels & Co's GAAP pretax income for its joint venture properties and its pro rata share of those properties' EBITDA based on its percentage ownership (e.g., if Loews Hotels & Co legally owns 50% of a property, 50% of that property's EBITDA is included, except for certain hotels where earnings are distributed on a different basis from legal ownership based on the underlying governing agreements).

17