Underwriting profitability remains robust with a combined ratio of 88.2% in 2026Q1, though revenue growth has decelerated from double-digit levels in early 2024 to 2.6% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 18.29B | 18.18B | 17.24B | 15.68B | 14.05B | 13.73B | 13.67B | 14.73B | 14.04B | 13.73B | 13.11B | 13.41B | 14.32B | 14.61B | 14.07B | 14.13B | 14.62B | 14.12B | 13.25B | 14.3B | 17.91B | 16.02B | 15.24B | 16.29B | 17.46B | 18.74B | 20.63B | 21.47B | 21.3B | 20.14B | 20.44B |
| Revenue Growth % | 4.53% | 5.44% | 9.96% | 11.59% | 2.35% | 0.44% | -7.2% | 4.86% | 2.25% | 4.81% | -2.31% | -6.35% | -1.97% | 3.84% | -0.4% | -3.33% | 3.53% | 6.57% | -7.38% | -20.15% | 11.82% | 5.09% | -6.45% | -6.7% | -6.79% | -9.19% | -3.88% | 0.79% | 5.75% | -1.49% | 9.45% |
| Medical Costs & Claims | 9.87B | 10.19B | 9.54B | 8.71B | 8.14B | 7.81B | 7.58B | 7.19B | 6.91B | 6.54B | 6.52B | 6.92B | 6.91B | 7.17B | 7B | 6.67B | 6.15B | 6.71B | 0 | 7.53B | 7.58B | 8.54B | 8.13B | 11.88B | 10.18B | 13.19B | 11.71B | 14.03B | 14.03B | 13.41B | 13.56B |
| Medical Cost Ratio % | 53.95% | 56.07% | 55.32% | 55.57% | 57.96% | 56.92% | 55.46% | 48.82% | 49.18% | 47.64% | 49.74% | 51.61% | 48.22% | 49.05% | 49.77% | 47.17% | 42.1% | 47.51% | 0% | 52.64% | 42.32% | 53.32% | 53.31% | 72.92% | 58.3% | 70.38% | 56.76% | 65.38% | 65.87% | 66.57% | 66.35% |
| Gross Profit | 8.42B | 7.98B | 7.7B | 6.97B | 5.91B | 5.91B | 6.09B | 7.54B | 7.14B | 7.19B | 6.59B | 6.49B | 7.42B | 7.45B | 7.07B | 7.46B | 8.46B | 7.41B | 13.25B | 6.77B | 10.33B | 7.48B | 7.12B | 4.41B | 7.28B | 5.55B | 8.92B | 7.43B | 7.27B | 6.73B | 6.88B |
| Gross Margin % | 46.05% | 43.93% | 44.68% | 44.43% | 42.04% | 43.08% | 44.54% | 51.18% | 50.82% | 52.36% | 50.26% | 48.39% | 51.78% | 50.95% | 50.23% | 52.83% | 57.9% | 52.49% | 100% | 47.36% | 57.68% | 46.68% | 46.69% | 27.08% | 41.7% | 29.62% | 43.24% | 34.62% | 34.13% | 33.43% | 33.65% |
| Gross Profit Growth % | - | 3.65% | 10.58% | 17.93% | -0.1% | -2.86% | -19.25% | 5.62% | -0.76% | 9.18% | 1.48% | -12.48% | -0.38% | 5.32% | -5.29% | -11.79% | 14.2% | -44.06% | 95.59% | -34.44% | 38.17% | 5.05% | 61.28% | -39.4% | 31.21% | -37.8% | 20.04% | 2.25% | 7.97% | -2.15% | -0.03% |
| Operating Expenses | 6.12B | 5.7B | 5.83B | 4.97B | 4.79B | 3.75B | 7.55B | 6.42B | 6.3B | 5.61B | 5.65B | 6.25B | 5.61B | 5.17B | 5.05B | 5.24B | 5.56B | 5.68B | 13.25B | 3.58B | 5.86B | 5.63B | 5.29B | 5.79B | 5.62B | 6.31B | 5.79B | 6.49B | 6.19B | 5.14B | 4.47B |
| OpEx / Revenue % | 33.43% | 31.37% | 33.81% | 31.7% | 34.11% | 27.34% | 55.25% | 43.59% | 44.88% | 40.84% | 43.12% | 46.57% | 39.14% | 35.37% | 35.87% | 37.07% | 38.04% | 40.24% | 100% | 25.02% | 32.71% | 35.15% | 34.74% | 35.52% | 32.16% | 33.7% | 28.04% | 30.23% | 29.07% | 25.52% | 21.88% |
| Depreciation & Amortization | 0 | 610M | 583M | 538M | 509M | 515M | 734M | 943M | 912M | 874M | 841M | 955M | 899M | 871M | 905M | 833M | 816M | 784M | 692M | 205M | -8M | 174.5M | 329.3M | 192M | 139M | 58.7M | -13.9M | 395.3M | 437M | 341.7M | 285M |
| Combined Ratio % | 87.38% | 87.44% | 89.13% | 87.27% | 92.07% | 84.26% | 110.71% | 92.4% | 94.06% | 88.48% | 92.86% | 98.18% | 87.36% | 84.42% | 85.63% | 84.25% | 80.14% | 87.75% | 100% | 77.66% | 75.03% | 88.47% | 88.05% | 108.44% | 90.46% | 104.08% | 84.8% | 95.6% | 94.94% | 92.09% | 88.22% |
| Operating Income | 2.31B | 2.28B | 1.87B | 2B | 1.11B | 2.16B | -1.46B | 1.12B | 834M | 1.58B | 936M | 244M | 1.81B | 2.28B | 2.02B | 2.23B | 2.9B | 1.73B | 0 | 3.19B | 4.47B | 1.85B | 1.82B | -1.38B | 1.67B | -764.5M | 3.14B | 944.2M | 1.08B | 1.59B | 2.41B |
| Operating Margin % | 12.62% | 12.56% | 10.87% | 12.73% | 7.93% | 15.74% | -10.71% | 7.6% | 5.94% | 11.52% | 7.14% | 1.82% | 12.64% | 15.58% | 14.37% | 15.75% | 19.86% | 12.25% | 0% | 22.34% | 24.97% | 11.53% | 11.95% | -8.44% | 9.54% | -4.08% | 15.2% | 4.4% | 5.06% | 7.91% | 11.78% |
| Operating Income Growth % | - | 21.82% | -6.11% | 79.17% | -48.43% | 247.54% | -230.83% | 34.17% | -47.28% | 69.02% | 283.61% | -86.52% | -20.51% | 12.61% | -9.16% | -23.29% | 67.75% | - | -100% | -28.56% | 142.19% | 1.34% | 232.51% | -182.53% | 317.93% | -124.38% | 232.12% | -12.36% | -32.38% | -33.83% | -15.2% |
| EBITDA | 2.64B | 2.89B | 2.46B | 2.53B | 1.62B | 2.67B | -730M | 2.06B | 1.75B | 2.46B | 1.78B | 1.2B | 2.71B | 3.15B | 2.93B | 3.06B | 3.72B | 2.51B | 1.62B | 3.4B | 4.46B | 2.02B | 2.15B | -1.18B | 1.81B | -705.8M | 3.12B | 1.34B | 1.51B | 1.93B | 2.69B |
| EBITDA Margin % | 14.43% | 15.92% | 14.25% | 16.16% | 11.55% | 19.49% | -5.34% | 14% | 12.43% | 17.88% | 13.56% | 8.94% | 18.91% | 21.54% | 20.8% | 21.65% | 25.44% | 17.81% | 12.26% | 23.77% | 24.92% | 12.62% | 14.11% | -7.26% | 10.34% | -3.77% | 15.13% | 6.24% | 7.11% | 9.61% | 13.17% |
| Interest Expense | 445M | 437M | 441M | 376M | 378M | 424M | 515M | 591M | 574M | 646M | 536M | 520M | 498M | 425M | 426M | 522M | 517M | 448M | 345M | 318M | 304.1M | 364.2M | 324.1M | 308.4M | 309.6M | 332M | 356.9M | 354.3M | 369.2M | 323.4M | 318M |
| Non-Operating Income | -332M | -437M | -441M | -376M | -378M | -424M | -515M | -591M | -574M | -646M | -536M | -520M | -498M | -425M | -426M | -522M | -517M | -448M | -932M | -318M | -304.1M | -364.2M | -324.1M | -305M | -309.6M | -332M | -356.9M | -354.3M | -369.2M | -323.4M | -318M |
| Pretax Income | 2.23B | 2.28B | 1.87B | 2B | 1.11B | 2.16B | -1.46B | 1.12B | 834M | 1.58B | 936M | 244M | 1.81B | 2.28B | 2.02B | 2.23B | 2.9B | 1.73B | 587M | 3.19B | 4.47B | 1.85B | 1.82B | -1.38B | 1.67B | -764.5M | 3.14B | 944.2M | 1.08B | 1.59B | 2.41B |
| Pretax Margin % | 12.2% | 12.56% | 10.87% | 12.73% | 7.93% | 15.74% | -10.71% | 7.6% | 5.94% | 11.52% | 7.14% | 1.82% | 12.64% | 15.58% | 14.37% | 15.75% | 19.86% | 12.25% | 4.43% | 22.34% | 24.97% | 11.53% | 11.95% | -8.44% | 9.54% | -4.08% | 15.2% | 4.4% | 5.06% | 7.91% | 11.78% |
| Income Tax | 280M | 511M | 380M | 451M | 223M | 475M | -173M | 248M | 128M | 170M | 220M | -43M | 457M | 656M | 513M | 532M | 894M | 345M | 7M | 995M | 1.45B | 490.4M | 533.8M | -534.1M | 579.8M | -178.4M | 1.09B | -305.5M | -354.5M | -495.3M | -791.4M |
| Effective Tax Rate % | 12.54% | 22.38% | 20.28% | 22.6% | 20.02% | 21.99% | 11.82% | 22.16% | 15.35% | 10.75% | 23.5% | -17.62% | 25.25% | 28.81% | 25.37% | 23.9% | 30.81% | 19.94% | 1.19% | 31.14% | 32.44% | 26.56% | 29.3% | 38.84% | 34.8% | 23.34% | 34.75% | -32.36% | -32.9% | -31.09% | -32.87% |
| Net Income | 1.87B | 1.67B | 1.41B | 1.43B | 822M | 1.56B | -931M | 932M | 636M | 1.16B | 654M | 260M | 591M | 595M | 568M | 1.06B | 1.29B | 564M | 4.53B | 2.49B | 2.49B | 1.21B | 1.23B | -597M | 912M | -553.8M | 1.85B | 363.2M | 464.8M | 793.6M | 1.38B |
| Net Margin % | 10.22% | 9.17% | 8.2% | 9.15% | 5.85% | 11.38% | -6.81% | 6.33% | 4.53% | 8.47% | 4.99% | 1.94% | 4.13% | 4.07% | 4.04% | 7.52% | 8.82% | 4% | 34.2% | 17.4% | 13.91% | 7.56% | 8.08% | -3.66% | 5.22% | -2.96% | 8.96% | 1.69% | 2.18% | 3.94% | 6.77% |
| Net Income Growth % | 40.84% | 17.89% | -1.39% | 74.45% | -47.38% | 267.78% | -199.89% | 46.54% | -45.36% | 77.98% | 151.54% | -56.01% | -0.67% | 4.75% | -46.52% | -17.61% | 128.55% | -87.55% | 82% | -0.09% | 105.62% | -1.6% | 306.25% | -165.46% | 264.68% | -129.96% | 408.98% | -21.86% | -41.43% | -42.65% | -21.62% |
| EPS (Diluted) | 9.06 | 7.97 | 6.41 | 6.29 | 3.38 | 6.00 | -3.32 | 3.07 | 1.99 | 3.45 | 1.93 | 0.72 | 1.55 | 1.53 | 1.43 | 2.63 | 3.07 | 1.30 | 9.05 | 3.65 | 3.75 | 1.72 | 1.88 | -1.28 | 1.64 | -0.94 | 3.10 | 0.56 | 0.68 | 1.15 | 1.99 |
| EPS Growth % | 28.9% | 24.34% | 1.91% | 86.09% | -43.67% | 280.72% | -208.14% | 54.27% | -42.32% | 78.76% | 168.06% | -53.55% | 1.31% | 6.99% | -45.63% | -14.33% | 136.15% | -85.64% | 147.95% | -2.67% | 118.02% | -8.51% | 246.88% | -178.05% | 274.47% | -130.32% | 453.57% | -17.65% | -40.87% | -42.21% | -20.4% |
| EPS (Basic) | - | 7.97 | 6.42 | 6.30 | 3.39 | 6.02 | -3.32 | 3.08 | 1.99 | 3.46 | 1.93 | 0.76 | 1.58 | 1.53 | 1.44 | 2.69 | 3.08 | 1.30 | 9.05 | 3.66 | 3.75 | 1.72 | 1.88 | -1.28 | 1.64 | -0.96 | 3.10 | 0.56 | 0.68 | 1.15 | 1.99 |
| Diluted Shares Outstanding | 206.27M | 209.1M | 220.53M | 227.81M | 243.28M | 260.2M | 280.32M | 303.35M | 319.93M | 337.5M | 338.31M | 362.69M | 382.55M | 389.51M | 395.87M | 405.32M | 419.52M | 433.45M | 477.23M | 644.57M | 647.01M | 557.97M | 556.5M | 556.35M | 564.93M | 587.07M | 591.69M | 666.67M | 689.45M | 690.09M | 699.12M |
Social inflation litigation tailwinds
As indicated by the most recent quarterly data, Loews Corporation's revenue growth has decelerated to 2.6% in 2026Q1, a notable shift from the double-digit expansion observed in early 2024, suggesting a cooling in the underlying insurance pricing environment and broader cyclical demand across its diversified subsidiary segments.
The transition from double-digit growth to low single digits warrants close monitoring of CNA Financial's ability to maintain rate adequacy in a competitive specialty market. Investors should consider whether this deceleration reflects a deliberate underwriting pivot or a broader softening in the commercial insurance cycle.
Based on reported financial statements, Loews Corporation has maintained a robust underwriting profile, with the combined ratio consistently hovering below 90% in recent quarters, reaching a low of 84.9% in 2024Q1, which underscores the disciplined risk selection inherent in the company's core insurance operations.
The ability to sustain a combined ratio well below the 100% threshold suggests that CNA Financial continues to generate significant underwriting profit despite periodic volatility in loss ratios. This performance appears to provide a substantial buffer against potential earnings shocks from catastrophe events or inflationary pressures.
According to the provided income statement data, the loss ratio fluctuated between 47.7% and 57.1% over the last ten quarters, which may indicate varying levels of prior-year reserve development impacting the current period's reported underwriting results and overall net income volatility.
The variability in the loss ratio suggests that management's actuarial assumptions are subject to ongoing adjustments, which could mask underlying trends in current-year underwriting performance. Analysts should investigate whether these fluctuations are driven by favorable reserve releases or if they reflect emerging pressures from long-tail casualty lines.
While Loews Corporation reports strong underwriting margins, the persistent threat of social inflation in US casualty litigation, as noted in recent industry context, may indicate that current loss reserves are potentially insufficient to cover future claims settlements, posing a risk to long-term earnings stability.
The potential for adverse development in professional and general liability lines remains a critical concern that could undermine the company's historical underwriting success. Investors should monitor whether the current pricing environment is sufficient to offset the rising costs associated with legal settlements and jury awards.
Quick answers to the most common questions about buying L stock.
For fiscal year 2025, Loews Corporation (L) reported total revenue of $18.18B. This represents a 11.1% decline compared to $20.44B in 1996.
Loews Corporation (L) is profitable, generating $1.67B in net income for the fiscal year ending 2025 with a net profit margin of 9.2%.
Loews Corporation (L) reported an operating income of $2.28B, resulting in an operating profit margin of 12.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Loews Corporation (L) generated $7.98B in gross profit for the year, representing a gross profit margin of 43.9%. This demonstrates the company's core pricing power and production efficiency.