Loews's Q2 Earnings Jump As Investment Income And Insurance Underwriting Shine

Loews Corporation (NYSE:L) on Monday reported its second-quarter 2025 net income of $391 million, or $1.87 per share, compared to $369 million, or $1.67 per share, in the same period last year. Total revenue rose to $4.56 billion from $4.27 billion.

CNA Financial Corporation (NYSE:CNA) contributed $274 million in net income attributable to Loews, down from $291 million a year ago. Core income rose 3% to $335 million.

Net investment income for CNA increased due to a larger invested asset base, higher reinvestment rates, and favorable returns from limited partnerships and equities. Net written premiums grew 6%, while earned premiums increased 8%.

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CNA’s Property and Casualty underwriting income improved. Catastrophe losses fell to $62 million from $82 million. The combined ratio improved to 94.1% from 94.8%, while the underlying combined ratio was steady at 91.7%. Results included unfavorable development from legacy mass tort abuse reserves and higher investment losses.

Boardwalk Pipelines posted net income of $88 million, up from $70 million. EBITDA rose 14% to $274 million. Results were driven by higher re-contracting rates, growth projects, and increased revenues from storage and parking, and lending.

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Loews Hotels & Co. recorded net income of $28 million, down from $35 million. Adjusted EBITDA rose 11% to $109 million. Gains came from the opening of three new Universal Orlando Resort hotels and improved performance at Loews Arlington Hotel.

Earnings declined due to lower equity income from joint ventures, higher depreciation and interest expenses, and reduced occupancy at the Loews Miami Beach Hotel during renovations.

The Corporate segment reported $1 million in net income, compared to a loss of $27 million last year. This was helped by higher investment income from the parent company’s trading portfolio.

As of June 30, 2025, book value per share rose to $84.42 from $79.49 at year-end. Book value excluding AOCI increased to $91.66 from $88.18 as of December 31, 2024. The parent company held $3.4 billion in cash and investments and $1.8 billion in debt.

Loews repurchased 2.9 million shares for $251 million in Q2 and an additional 0.1 million shares for $9 million between July 1 and August 1.

Price Action: L shares closed 0.28% lower at 90.29 on Friday.

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