Loews Third-Quarter Profit Falls as CNA Results Weaken
Loews reported lower quarterly earnings, citing a reserve charge and weaker insurance underwriting, while hotel income improved year over year.
Key takeaways
- Loews earned $306 million in the third quarter, down from $504 million a year earlier.
- CNA results were affected by a $125 million reserve charge, weaker underwriting and higher catastrophe losses.
Loews Corporation reported third-quarter net income of $306 million, or $1.50 per share, compared with $504 million, or $2.43 per share, a year earlier.
The company said CNA’s net income attributable to Loews fell to $180 million from $371 million. Results were affected by a $125 million after-tax reserve charge tied to CNA’s annual long-term care assumption review, along with lower property and casualty underwriting results and higher catastrophe losses.
Loews said the reserve charge is expected to be almost entirely offset over time by higher investment yields. Hotel earnings rose to $16 million from a loss of $3 million, while Loews repurchased 1.6 million shares for $167 million during the quarter.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
