Loews' quarterly profit rises on investment income, strong insurance unit
U.S. stocks staged a rebound following weeks of tariff-driven turbulence, as signs of easing trade tensions and hopes for renewed trade negotiations between Washington and key trading partners helped calm investor nerves, easing fears of a prolonged economic fallout.
The New York-based company's investment income rose to $714 million in the quarter compared with $639 million a year earlier.
The company rakes in the bulk of its revenue from CNA Financial (CNA.N), opens new tab, the insurance giant in which it owns a dominant 90% stake, according to LSEG data.
Loews' insurance unit's property and casualty catastrophe losses were $62 million, compared with $82 million a year earlier, while net written premiums increased by 6%.
Spending on insurance products by individuals and corporations has remained resilient despite economic uncertainty.
Net income attributable to Loews rose to $391 million, or $1.87 per share, in the three months ended June 30, compared with $369 million, or $1.67 per share, a year earlier.
Loews, which also operates in energy, hospitality and packaging through subsidiaries including Boardwalk Pipelines, Loews Hotels and Altium Packaging, reported total revenue of $4.56 billion, up from $4.27 billion last year.
The company's stock rose nearly 6.6% so far this year, compared with the 6.1% rise in the benchmark S&P 500 index (.SPX), opens new tab.
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