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Loews' profit and revenue rise, as majority-owned CNA Financial posts higher income

Loews Corp. (L) reported Monday second-quarter profit and revenue that rose above expectations, as majority-owned insurer CNA Financial Corp. (CNA) posted higher earnings. Loews, the diversified company in the insurance, energy, hospitality and packaging industries, said net income rose to $360 million, or $1.58 a share, from $167 million, or 68 cents a share, in the year-ago period. Revenue grew 16.1% to $3.93 billion. There were no analyst estimates available from FactSet. Loews, which owns 90% of CNA, said CNA net income attributable to Loews improved to $225 million from $170 million and net written premiums increased 10%, while underwriting results were lower due to higher net catastrophe losses. Shares of Loews and CNA were still inactive in premarket trading. Over the past three months, Loews' stock has gained 8.0% and CNA shares have tacked on 2.7%, while the S&P 500 advanced 9.9%.

-Tomi Kilgore

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07-31-23 0617ET

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