Loews Corporation (L) CEO Jim Tisch on Q1 2022 Results - Earnings Call Transcript

Loews Corporation (NYSE:L) Q1 2022 Earnings Conference Call May 2, 2022 10:00 AM ET

Company Participants

Mary Skafidas - Vice President, Investor Relations and Corporate Communications

Jim Tisch - Chief Executive Officer

David Edelson - Chief Financial Officer

Operator

Good day, everyone and welcome to today’s Loews Corporation Q1 Earnings Conference Call. [Operator Instructions] Please note that this call maybe recorded and I will be standing by if you need any assistance. It is now my pleasure to turn the conference over to Mary Skafidas, Vice President of Investor Relations and Corporate Communications.

Mary Skafidas

Great. Thank you, Katie and good morning everyone. Welcome to Loews Corporation’s first quarter earnings conference call. A copy of our earnings release, earnings supplement and company overview maybe found on our website, loews.com. On the call this morning, we have our Chief Executive Officer, Jim Tisch; and our Chief Financial Officer, David Edelson. Following our prepared remarks this morning, we will have a question-and-answer session with questions from shareholders.

Before we begin, however, I will remind you that this conference call might 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 the 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 might also discuss non-GAAP financial measures. Please refer to our security filings and earnings supplement for 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, Mary and good morning. Loews is off to a tremendous start in 2022 with each of our consolidated subsidiaries continuing to produce solid results in the first quarter.

Before we talk about the financial performance of our subsidiaries though, I want to give you an update on the ongoing Boardwalk litigation in Delaware. As some of you already know, 4 months ago, the Delaware Court of Chancery found that Loews improperly utilized a call right embedded in Boardwalk’s Master Limited Partnership agreement when we bought in the minority unitholder shares of Boardwalk.