Loews (US:L)2023-04-30 16:00Financial Performance - For the three months ended March 31, 2023, net income attributable to Loews Corporation was $375 million, an increase from $322 million in the same period of 2022, representing a 16.5% year-over-year growth [128]. - The basic net income per share attributable to Loews Corporation for Q1 2023 was $1.61, compared to $1.30 for Q1 2022, marking a 24% increase [128]. - Loews Hotels & Co reported a net income of $24 million for Q1 2023, up from $15 million in Q1 2022, reflecting a 60% increase [128]. - Net income attributable to Loews Corporation for the three months ended March 31, 2023, was $268 million, compared to $265 million for the same period in 2022 [153]. - Net income attributable to Loews Corporation increased by $9 million to $24 million for the three months ended March 31, 2023, compared to $15 million in the same period of 2022 [163]. - Net income attributable to Loews Corporation for 2022 was reported at $1,578 million, with an adjusted figure of $1,562 million after accounting for the effect of ASU 2018-12 [215]. Revenue and Premiums - CNA Financial reported revenues of $3.152 billion for Q1 2023, up from $2.885 billion in Q1 2022, reflecting an increase of 9.3% [132]. - CNA's gross written premiums for Q1 2023 totaled $3.620 billion, a rise from $3.200 billion in Q1 2022, indicating a 13.1% increase [139]. - Gross written premiums for Commercial increased by $234 million for the three months ended March 31, 2023, compared to the same period in 2022, driven by higher new business and rate [142]. - Net written premiums for International increased by $20 million for the three months ended March 31, 2023, with a $35 million increase when excluding foreign currency exchange effects [143]. Investment Income - Net investment income for CNA increased to $525 million in Q1 2023 from $448 million in Q1 2022, representing a growth of 17.2% [132]. - Net investment income for the Parent Company was $42 million for Q1 2023, compared to a net investment loss of $16 million in Q1 2022, marking a significant turnaround [169]. - CNA's net investment income increased by $77 million to $525 million for the three months ended March 31, 2023, compared to $448 million in the same period of 2022 [189]. Loss Ratios and Combined Ratios - The combined ratio for CNA's Property & Casualty Operations was 93.9% for Q1 2023, compared to 95.5% in Q1 2022, showing an improvement of 1.6 percentage points [139]. - The loss ratio for CNA's Property & Casualty Operations was 62.9% for Q1 2023, compared to 65.4% in Q1 2022, indicating a decrease of 2.5 percentage points [139]. - Specialty's combined ratio increased by 1.3 points for the three months ended March 31, 2023, due to a 0.8 point increase in the loss ratio [147]. - Commercial's combined ratio increased by 1.5 points for the three months ended March 31, 2023, driven by higher catastrophe losses [148]. - International's combined ratio increased by 4.8 points for the three months ended March 31, 2023, largely due to unfavorable net prior period loss reserve development [149]. Catastrophe Losses - Catastrophe losses for CNA were $52 million in Q1 2023, significantly higher than $19 million in Q1 2022, reflecting an increase of 173.7% [133]. - Total catastrophe losses were $52 million for the three months ended March 31, 2023, compared to $19 million for the same period in 2022 [145]. Operating Costs and Expenses - Operating costs and expenses for Boardwalk Pipelines increased by $18 million for the three months ended March 31, 2023, primarily due to increased maintenance project costs [159]. - Boardwalk Pipelines' capital expenditures for Q1 2023 were $86 million, up from $60 million in Q1 2022, indicating increased investment in growth [180]. Assets and Liabilities - As of March 31, 2023, the Parent Company's cash and investments totaled $3.1 billion, a slight decrease from $3.2 billion at the end of 2022 [171]. - Total assets as of December 31, 2022, were $75,494 million, adjusted to $75,567 million after the effect of ASU 2018-12 [219]. - Total liabilities as of December 31, 2022, were reported at $60,016 million, adjusted to $60,366 million after the adoption of ASU 2018-12 [219]. Forward-Looking Statements - The company noted that forward-looking statements are subject to various risks and uncertainties that could materially affect actual results [220]. - Investors are cautioned against placing undue reliance on forward-looking statements, which are based on current expectations and projections [221]. - The company does not undertake any obligation to update forward-looking statements to reflect changes in expectations or circumstances [221].