Loews (US:L)2024-11-04 11:16Financial Performance - Loews Corporation reported net income of $401 million, or $1.82 per share, for Q3 2024, a 58% increase from $253 million, or $1.12 per share, in Q3 2023[2] - For the nine months ended September 30, 2024, net income was $1,227 million, or $5.54 per share, compared to $988 million, or $4.31 per share, in the same period of 2023[8] - Net income attributable to Loews Corporation for Q3 2024 was $401 million, up 58.5% from $253 million in Q3 2023[17] - The net income per share attributable to Loews Corporation increased to $1.82 in Q3 2024, compared to $1.12 in Q3 2023, marking a 62.5% rise[17] Revenue and Investment - Total revenues for the nine months ended September 30, 2024, reached $12,964 million, a 11.3% increase from $11,643 million in the same period of 2023[17] - Net investment income increased to $776 million in Q3 2024, compared to $592 million in Q3 2023, representing a 31.1% growth[17] - CNA Financial's net income attributable to Loews improved by 10% to $259 million in Q3 2024, driven by higher net investment income despite increased catastrophe losses[4] Insurance Operations - CNA's net written premiums grew by 8% in Q3 2024, driven by strong retention and new business[4] - The Property and Casualty combined ratio for CNA was 97.2% in Q3 2024, up from 94.3% in Q3 2023, reflecting higher catastrophe losses[4] - Insurance premiums for Q3 2024 were $2,593 million, up 7.8% from $2,406 million in Q3 2023[17] - CNA's core income for Q3 2024 was $293 million, slightly up from $289 million in Q3 2023[20] - The loss ratio for CNA in Q3 2024 was 66.7%, compared to 63.9% in Q3 2023, indicating a deterioration in underwriting performance[21] Segment Performance - Boardwalk Pipelines' net income rose 57% to $77 million in Q3 2024, supported by increased revenues from re-contracting at higher rates and growth projects[5] - Boardwalk Pipelines reported an EBITDA of $249 million for Q3 2024, up from $202 million in Q3 2023, reflecting a 23.3% increase[22] - Loews Hotels reported a net loss of $8 million in Q3 2024, down from a net income of $17 million in Q3 2023, primarily due to an impairment charge[6] - Loews Hotels & Co's Adjusted EBITDA for Q3 2024 was $64 million, compared to $60 million in Q3 2023, showing a 6.7% growth[24] - Loews Hotels & Co's net income attributable to Loews Corporation for Q3 2024 was a loss of $8 million, down from a profit of $17 million in Q3 2023[24] Shareholder Returns - Book value per share, excluding AOCI, increased to $87.22 as of September 30, 2024, from $81.92 as of December 31, 2023, reflecting strong operating results and share repurchases[2] - Loews Corporation repurchased 0.8 million shares for $64 million in Q3 2024 and an additional 1.2 million shares for $92 million in Q4 2024[9]