Loews Corp. (L) has announced its second-quarter financial results, exceeding market expectations. The company's majority-owned insurer, CNA Financial Corp. (CNA), also reported higher earnings during this period. Loews, a diversified company operating in the insurance, energy, hospitality, and packaging industries, saw a significant increase in net income, reaching $360 million, or $1.58 per share, up from $167 million, or 68 cents per share, in the previous year. The company's revenue grew by 16.1% to $3.93 billion.
Positive Performance by CNA Financial Corp.
CNA Financial Corp., of which Loews owns a 90% stake, contributed to the impressive results. Net income attributable to Loews from CNA improved to $225 million from $170 million. The insurer also reported a 10% increase in net written premiums; however, underwriting results were impacted by higher net catastrophe losses.
The shares of both Loews and CNA remained inactive during premarket trading. Over the past three months, Loews' stock has gained 8.0%, while CNA shares have shown a growth of 2.7%. Comparatively, the S&P 500 index advanced by 9.9% during the same period.
Loews Corp. remains committed to delivering strong performance across its various industries and is optimistic about its outlook for the future.