Loews Corporation (L) Q3 2022 Earnings Call Transcript

Loews Corporation (NYSE:L) Q3 2022 Earnings Conference Call October 31, 2022 10:00 AM ET

Company Participants

Chris Nugent - Investor Relations

Jim Tisch - Chief Executive Officer

Jane Wang - Chief Financial Officer

Operator

Good day, everyone, and welcome to today's Loews Corporation Q3 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. Please note this call is recorded. I will be standing by if you should need any assistance.

And it's now my pleasure to turn the conference over to Mr. Chris Nugent.

Chris Nugent

Thank you, Shelby. Good morning, everyone, and welcome to Loews Corporation's third quarter earnings conference call. A copy of our earnings release and investor presentation maybe found on our Web site, loews.com.

On the call this morning, we will have our Chief Executive Officer, Jim Tisch; and Chief Financial Officer, Jane Wang. Following our prepared remarks this morning, we will have a question-and-answer session with questions from our shareholders.

Before we begin, however, I will remind you that this conference call may include statements that are forward-looking in nature. Actual results achieved by the company may differ materially from those made or implied in any forward-looking statements due to a wide range of risks and uncertainties, including those set forth in our SEC filings. Forward-looking statements reflect circumstances at the time they are made. The company expressly disclaims any obligation to update or revise any forward-looking statements.

This disclaimer is only a brief summary of the company's statutory forward-looking statements disclaimer, which is included in the company's filings with the SEC. During the call today, we may also discuss non-GAAP financial measures. Please refer to our security filings and investor presentation for a reconciliation to the most comparable GAAP measures.

With that, I'd like to turn the call over to Jim. Jim, over to you.

Jim Tisch

Thank you, Chris, and good morning. Before I discuss our financial results, I'd like to tell you about some executive changes that are taking place at Loews Hotels. On January 1, of next year, Jon Tisch will become the Executive Chairman of Loews Hotels, and Alex Tisch will assume the role of President and CEO. Jon will also continue to be a member of the Office of the President of Loews Corp. and the Co-Chairman of the Loews Corporation Board of Directors, along with Andrew Tisch. In his 43 years of Loews Hotels, Jon has engineered the company's expansion and emergence as the leading hotel business. In particular, Jon was instrumental in building Loews Hotels' long-standing partnership in Orlando with Universal Studios, also having the foresight to develop the iconic Loews Miami Beach Hotel.