Loews Q1 2023 Earnings Report

Loews Corporation reported net income of $375 million, or $1.61 per share, in the first quarter of 2023 compared to $322 million, or $1.29 per share, in the first quarter of 2022.

The increase in net income was driven by higher investment returns at the Parent Company and improved results at Loews Hotels & Co.

Loews repurchased 8.2 million shares for a total cost of $486 million, which represents nearly 3.5% of its shares outstanding at the beginning of the quarter.

Book value per share increased to $63.41 at March 31, 2023, from $60.81 at December 31, 2022 due to repurchases of common shares and operating results during the quarter.