By Denny Jacob
Loews reported a higher profit in its latest quarter despite a weaker performance in its insurance business.
The New York-based operator of insurance, energy and hotel businesses on Monday said it logged net income of $391 million, or $1.87 a share, for the second quarter, up from $369 million, or $1.67 a share, in the prior-year period.
Revenue rose to $4.56 billion from $4.27 billion.
Earnings from the company's CNA Financial insurance business, its largest by revenue, edged down to $274 million from $291 million a year earlier. Loews said unfavorable net prior-year loss-reserve development, related to legacy mass-tort abuse reserves and higher investment losses, weighed on CNA's net income.
The company said its Boardwalk Pipelines saw higher net income from a year earlier due to higher recontracting rates and recently completed growth projects.
The company's hotels business meanwhile recorded weaker results as it brought in less equity income from joint ventures.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
August 04, 2025 06:28 ET (10:28 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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