{"id":43109,"date":"2023-08-01T13:07:13","date_gmt":"2023-08-01T17:07:13","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/loews-profit-more-than-doubles-as-market-rebound-boosts-investment-returns\/"},"modified":"2023-08-01T13:07:15","modified_gmt":"2023-08-01T17:07:15","slug":"loews-profit-more-than-doubles-as-market-rebound-boosts-investment-returns","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=43109","title":{"rendered":"Loews profit more than doubles as market rebound boosts investment returns"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: James Tisch, President and Chief Executive of Loews Corporation, speaks during The Economist’s Buttonwood Gathering in New York October 25, 2012. REUTERS\/Carlo Allegri\/File Photo<\/span>
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(Reuters) – Loews Corp (NYSE:) said on Monday its second-quarter profit more than doubled as a jump in investment income cushioned a hit from higher catastrophe losses in its insurance unit, CNA Financial.<\/p>\n

Markets have staged a comeback this year on rising bets that the Federal Reserve was done with the bulk of its tightening cycle that had taken the economy on the edge of a recession. <\/p>\n

Loews reported a higher return on investments, helped by a broader market rally. <\/p>\n

Investment income for New York-based Loews jumped to $592 million in the second quarter ended June 30 from $366 million a year earlier. <\/p>\n

The company earns most of its revenue from CNA, in which it holds about 90% stake. It also operates a transportation pipeline business and a chain of hotels.<\/p>\n

Catastrophe losses in CNA’s property and casualty operations rose to $68 million from $37 million. <\/p>\n

The U.S. Midwest and South were hit by violent storms in the quarter that knocked over houses and led to loss of life, adding to a series of weather-related events that have hurt insurers’ profitability. <\/p>\n

CNA’s peer Travelers Companies (NYSE:), earlier this month, reported about a 98% rise in catastrophe losses due to extreme weather. <\/p>\n

Meanwhile, CNA reported an underlying combined ratio of 91.1%, compared with 90.8% a year earlier. A ratio below 100% means the insurer earned more in premiums than it paid out in claims.<\/p>\n

“CNA reported stellar results, despite high industry catastrophe losses,” President and CEO James Tisch said in a statement.<\/p>\n

The income attributable to Loews for the second quarter was $360 million, or $1.58 per share, compared with $167 million, or 68 cents a year earlier. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: James Tisch, President and Chief Executive of Loews Corporation, speaks during The Economist’s Buttonwood Gathering in New York October 25, 2012. REUTERS\/Carlo Allegri\/File Photo (Reuters) – Loews Corp (NYSE:) said on Monday its second-quarter profit more than doubled as a jump in investment income cushioned a hit from higher catastrophe losses […]<\/p>\n","protected":false},"author":1,"featured_media":2426,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-43109","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nLoews profit more than doubles as market rebound boosts investment returns | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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