Loews Corp

Latest Results (17.12.2024):

Net Income Growth

Loews Corp reported a strong financial performance for the third quarter of 2024, with net income reaching $401 million, or $1.82 per share. This marks a significant increase compared to the net income of $253 million, or $1.12 per share, reported in the same quarter of the previous year. The growth in net income was driven by improved results at Boardwalk and CNA, as well as higher investment income at the parent company.

Book Value Increase

Loews Corp's book value per share saw a notable increase, rising from $70.69 at the end of 2023 to $79.28 at the end of the third quarter of 2024. When excluding accumulated other comprehensive income (AOCI), the book value per share increased from $81.92 to $87.22 over the same period. These increases were attributed to strong earnings during the first nine months of the year.

CNA Financial Performance

CNA, a subsidiary of Loews Corp, contributed net income of $259 million in the third quarter of 2024, up from $235 million in the same quarter of the previous year. The increase was primarily due to higher net investment income, although it was partially offset by increased catastrophe losses. CNA's net investment income rose by 13% year-over-year, driven by limited partnership and common stock results.

Boardwalk EBITDA Growth

Boardwalk, another subsidiary of Loews Corp, reported a significant increase in EBITDA for the twelve months ending September 30, 2024. The company's EBITDA surpassed $1 billion, up from $917 million for the same period ending in 2023. This growth was fueled by surging demand for natural gas, leading to higher recontracting rates and robust pipeline flows.

Outlook and Strategic Focus

Loews Corp remains optimistic about its future prospects, with a focus on strategic growth in its core businesses. The company is particularly confident in the continued performance of its subsidiaries, CNA and Boardwalk, and is committed to creating long-term value for its shareholders. Additionally, Loews is actively managing its run-off long-term care business and exploring potential growth projects in response to increased demand for natural gas.