Shares of Loews Corporation (L) jumped 5% in pre-market trading on Monday, driven by the company's impressive fourth-quarter earnings and aggressive share repurchases.

Loews reported net income of $187 million, or $0.86 per share, for the fourth quarter of 2024. While this marked a decline from $446 million, or $1.99 per share, in the same period last year, the results were bolstered by strong performances from its subsidiaries CNA Financial and Boardwalk Pipelines.

CNA Financial, Loews' insurance arm, saw its core income remain steady despite higher catastrophe losses and a pension settlement charge of $265 million. The company's underwriting income was supported by a 10% increase in net written premiums. Boardwalk Pipelines, on the other hand, delivered a standout performance, with net income surging to $145 million, thanks to higher re-contracting rates and recently completed growth projects.

Loews' aggressive share buybacks also contributed to the stock's pre-market rally. The company repurchased 4.2 million shares in the fourth quarter, bringing the total repurchases for 2024 to 7.7 million shares at a cost of $611 million. These buybacks, combined with steady operating results, helped push Loews' book value per share (excluding AOCI) to $88.18, up from $81.92 at the end of 2023.

With a solid balance sheet and $3.3 billion in cash and investments, Loews appears well-positioned to continue delivering shareholder value through strategic capital allocation and operational efficiency improvements across its businesses.