Loews Reports Higher Profits Driven by Hotels and Pipelines Amid Insurance Underwriting Challenges
Loews Corporation (NYSE:L) reported a second-quarter net income of $444 million, up from $391 million in the same period last year. The increase was driven primarily by strong performance at its hotels and pipelines segments as insurance underwriting weakened. Revenue rose to $4.73 billion compared with $4.56 billion previously. Loews Hotels saw a 71% jump in net income, reaching $48 million due to higher occupancy rates and room prices at properties like Universal Orlando Resort and the renovated Miami Beach hotel. Boardwalk Pipelines also contributed significantly with an increase of $12 million in earnings year-over-year. Meanwhile, CNA Financial's underwriting performance softened despite delivering a total profit from investment income. The company’s book value per share increased to $93.52 at quarter-end and continued its stock buyback program by repurchasing 1.4 million shares for $146 million.
Tickers: $L
Topics: CNA Financial hotels insurance underwriting Loews Corp pipelines