LOEWS CORP
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
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Consolidated Financial Results
The following table summarizes net income (loss) attributable to Loews Corporation by segment and the basic and diluted net income per share attributable to Loews Corporation for the three months ended March 31, 2024 and 2023:
| Three Months Ended March 31 | 2024 | 2023 |
|---|---|---|
| (In millions, except per share data) | ||
| CNA Financial | $310 | $268 |
| Boardwalk Pipelines | 121 | 86 |
| Loews Hotels & Co | 16 | 24 |
| Corporate | 10 | (3) |
| Net income attributable to Loews Corporation | $457 | $375 |
| Basic and diluted net income per share | $2.05 | $1.61 |
Net income attributable to Loews Corporation for the three months ended March 31, 2024 was $457 million, or $2.05 per share, compared to net income of $375 million, or $1.61 per share in the comparable 2023 period.
The increase in net income attributable to Loews Corporation for the three months ended March 31, 2024 as compared to the comparable 2023 period was primarily driven by higher net income at CNA and Boardwalk Pipelines. The increase at CNA is primarily due to higher net investment income and favorable net prior year loss reserve development, partially offset by higher catastrophe losses and the increase at Boardwalk Pipelines is primarily due to higher revenues from re-contracting at higher rates and recently completed growth projects.
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