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Sep 30, 2023
Loews Q3 2023 Earnings Report
Loews reported a net income of $253 million for Q3 2023, compared to a net loss of $22 million in Q3 2022. Results included a $37 million after-tax charge for pension plan termination and were positively impacted by strong performance across consolidated subsidiaries.
Key Takeaways
Loews Corporation reported a net income of $253 million for the third quarter of 2023, a significant improvement from the net loss of $22 million in the same period of the previous year. The results were driven by improved performance across all consolidated subsidiaries, including CNA Financial, Boardwalk Pipelines, and Loews Hotels & Co.
Loews Corporation reported net income of $253 million, or $1.12 per share, in Q3 2023, compared to a net loss of $22 million, or $0.09 per share, in Q3 2022.
CNA Financial's net income improved year-over-year due to higher net investment income and underwriting income.
Loews Corporation repurchased 1.9 million shares of its common stock for $118 million through the end of the quarter.
Book value per share, excluding AOCI, increased to $79.92 as of September 30, 2023, from $74.88 as of December 31, 2022.
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