Loews (NYSE:L) has reported a strong recovery in third-quarter revenue and earnings, supported by its insurance business and higher investment income.
The conglomerate grew revenue to $3.93 billion for the three months to September 30, 2023, up from $3.46 billion in 3Q 2022.
Insurance arm CNA Financial reported revenue of $3.34 billion from $2.96 billion, while core income increased to $289 million from $43 million. The company said it also benefitted from higher investment returns on equity securities and short-term investments.
Pipeline business Boardwalk reported a 7% rise in revenue to $363 million and a $15 million improvement in net income to $49 million.
However, while Loews (NYSE:L) Hotels reported a 9% rise in revenue to $196 million, net income decreased by $8 million to $17 million due to lower equity income from joint ventures driven by decreased overall occupancy rates and higher operating costs.
Group net income amounted to $253 million, or $1.12 per share, up from a $22 million net loss, or $0.09 per share, a year earlier.
"Loews (NYSE:L) had another good quarter with strong performance across each of our consolidated subsidiaries,” Loews (NYSE:L) president and CEO James Tisch commented.
“CNA reported strong underwriting results and net income despite high industry catastrophe losses.”
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