Loews Corp gains on Q2 profit surge

Loews

31/07/2023 13:30

** Shares of holding company Loews Corp  L.N  up 1.30% at
$63 premarket
    ** Loews' Q2 profit more than doubles as higher investment
income cushions a hit from wider catastrophe losses at its
insurance unit CNA Financial  CNA.N 
    ** Company's Q2 investment income jumps to $592 mln from
$366 mln a year earlier
    ** Loews earns most of its revenue from CNA, in which it
holds about a 90% stake
    ** Income attributable to Loews for Q2 at $360 mln, or $1.58
per share, compared with $167 mln, or 68 cents a year earlier
    ** As of last close, shares up 6.62% YTD

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))