Loews Corp (NYSE:L)
$ 74.16 -1.73 (-2.28%) Market Cap: 16.42 Bil Enterprise Value: 26.35 Bil PE Ratio: 11.02 PB Ratio: 1.02 GF Score: 70/100
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Q1 2024 Loews Corp Earnings Call Transcript

May 06, 2024 / 01:00PM GMT
Release Date Price: $77.74 (+1.75%)
James S. Tisch
Loews Corporation - President, CEO & Director

[The transcript was presubmitted by Loews Corporation. No live call was conducted for the first quarter earnings call.]

Good morning and welcome to our first quarter 2024 earnings report. Loews had an exceptional quarter, reporting net income of $457 million or $2.05 per share compared to net income of $375 million or $1.61 per share in the first quarter of 2023. The more-than-20% year-over-year increase in net income is due to strong results at CNA and Boardwalk, as well as higher net investment income at the parent company. While Jane will provide more details about our resultsin her remarks, I wanted to highlight CNA's stellar first quarter.

We were pleased to see that the company reported underlying underwriting income in excess of $200 million for the fourth quarter in a row. CNA's results also included a 16% year-over-year increase in net investment income due to higher reinvestment rates and improved LP and common stock results. While the LP and common stock portfolios are subject to yearly fluctuations, we expect

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