Q3 2021 Earnings Results Supplement

EARNINGS SUPPLEMENT

November 2021

2021 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 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/

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2021 Third Quarter - Key Highlights

• $3.6 billion in cash and investments at the parent company
• Net income of $220 million, or $0.85 per share

• Drivers of the year-over-year quarterly net income increase are:

1. CNA Financial Corporation with higher Property & Casualty non-catastrophe underwriting results and improved Life & Group business results primarily due to the absence of the prior year active life premium deficiency charge, partially offset by higher net catastrophe losses and lower investment gains

1. Loews Hotels & Co with significantly improved results due to the continuing rebound in leisure travel, especially at resort destinations

• 1. Boardwalk Pipelines with increased revenues reflecting the impact of recently completed growth projects and higher system utilization
• Repurchased 6.2 million Loews shares at an aggregate cost of $333 million
• Dividends from subsidiaries totaled $92 million
• $17.8 billion in shareholders' equity / book value per share of $70.21 as of September 30, 2021

Loews Cash & Investments	September 30,
($ millions)		2021
Portfolio Composition*
Cash & short term investments	$	2,820
Equity securities		623
Limited partnership investments		122
Other		13
Total Cash & Investments	$	3,578

• 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.

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Financial Summary

				September 30
		Three Months		Nine Months
(in millions, except per share data)		2021		2020		2021		2020
Revenues1	$	3,371	$	3,465	$	10,996	$	8,874
Net income (loss)1,2		220		139		1,235		(1,328)
Net income (loss) per share		0.85		0.50		4.70		(4.70)
Dividends paid per share		0.0625		0.0625		0.1875		0.1875
Weighted average shares		257.3		279.5		262.8		282.6
Cash & investments
$	3,578	$	3,534
(Parent company)
Total debt		2,300		2,300
(Parent company)
Book value per share		70.21		63.16
Book value per share excluding AOCI		69.46		62.29

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

1. The 2021 nine-months period includes an investment gain of $555 million ($438 million after tax) related to the sale of 47% of Altium Packaging on April 1, 2021. Loews deconsolidated Altium Packaging as of the date of the sale and now records Altium Packaging as an equity method investment. The 2020 nine-months period includes an investment loss of $1.2 billion ($957 million after tax) as a result of Diamond Offshore's Chapter 11 bankruptcy filing on April 26, 2020. The 2020 nine-months period includes financial results of Diamond Offshore prior to its deconsolidation in the second quarter of 2020.
2. The 2020 nine-months period includes impairment charges of $774 million ($408 million after tax and noncontrolling interests) related to the carrying value of four drilling rigs at Diamond Offshore.

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Net Income (Loss) by Segment

				September 30
		Three Months		Nine Months
($ millions)		2021		2020		2021		2020
CNA	$	229	$	192	$	838	$	272
Boardwalk		38		20		170		123
Hotels		13		(47)		(51)		(144)
Corporate1		(60)		(26)		278		(1,103)
Diamond2		-		-		-		(476)
Net income (loss) attributable to Loews	$	220	$	139	$	1,235	$	(1,328)

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 2021 nine-months period includes a net investment gain of $438 million related to the sale of 47% of Altium Packaging on April 1, 2021. Loews deconsolidated Altium Packaging as of the date of the sale and now records Altium Packaging as an equity method investment. The 2020 nine-months period includes a net investment loss of $957 million as a result of Diamond Offshore's Chapter 11 bankruptcy filing on April 26, 2020.
2. Diamond Offshore was deconsolidated in the second quarter of 2020. The 2020 nine-months period includes impairment charges of $408 million related to the carrying value of four drilling rigs at Diamond Offshore.

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