Loews Corporation Reports Net Income Of $457 Mln For Q1 2024

Loews Corporation (NYSE: L ) reported a net income of $457 million in Q1 2024, a 22% increase from Q1 2023. The company's net income attributable to CNA Financial Corporation improved year-over-year due to higher net investment income and favorable net prior-year loss reserve development. Boardwalk Pipelines' results also improved due to higher revenues from re-contracting at higher rates and recently completed growth projects. Parent company investment returns improved year-over-year due to higher returns on equity securities. Book value per share increased to $83.68 as of March 31, 2024, from $81.92 as of December 31, 2023.

As of March 31, 2024, the parent company had $3.2 billion of cash and investments and $1.8 billion of debt. Loews Corporation (NYSE: L ) repurchased 0.9 million shares of its common stock for $67 million since December 31, 2023. The CEO commented on the exceptional Q1 performance, stating that CNA continues to experience strong profitable growth and reported its highest-ever first-quarter core income.