Loews Profit and Book Value Rise, But Underwriting Slips

Earnings
โดย Insider Monkey·US·Read original
Summary · why it matters

Loews Corporation reported second-quarter net income of $444 million, or $2.16 per share, up from $391 million, or $1.87 per share, a year earlier, with book value per share rising to $93.52 from $90.71. The holding company's three main units—CNA Financial, Boardwalk Pipelines, and Loews Hotels—all posted higher profits, but underwriting at its largest unit, CNA, deteriorated. CNA's net income attributable to Loews rose to $294 million from $274 million, yet its core income fell to $324 million from $335 million, and its combined ratio widened to 96.5% from 94.1%. Boardwalk Pipelines contributed $100 million in net income, up from $88 million, while Loews Hotels saw net income jump 71% to $48 million. The company repurchased 1.4 million shares for $146 million during the quarter, reducing shares outstanding to 204.4 million.

Impact on stocks 2

Energy Transition & Power Demand▲ · 1 stocks
Loews Corp
L
▲ PositiveCapitalrelevance

Loews reported Q2 net income of $444M ($2.16/share) up from $391M, book value per share rose to $93.52, and it repurchased 1.4M shares for $146M.

Financials▼ · 1 stocks
CNA Financial Corporation
CNA
▼ NegativeCapitalrelevance

CNA's core income fell to $324M from $335M and combined ratio widened to 96.5% from 94.1%, signaling weaker underwriting profitability.

Off-coverage companies 1

Boardwalk PipelinesPrivate▲ Positive
Capitalrelevance

Boardwalk Pipelines contributed $100M in net income, up from $88M a year earlier.

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