Business
LOEWS CORPORATION REPORTS NET INCOME OF $370 MILLION FOR THE FIRST QUARTER OF 2025
Loews Corporation (NYSE: L) today released its first quarter 2025 financial results.
About this update from Loews Corporation
[{"type":"text","content":"5.1 MILLION COMMON SHARES REPURCHASED IN 2025 FOR $429 MILLION","length":62,"tagName":"p","attribs":{}},{"type":"text","content":"NEW YORK, May 5, 2025 /PRNewswire/ -- Loews Corporation (NYSE: L) today released its first quarter 2025 financial results.","length":122,"tagName":"p"},{"type":"text","content":"First Quarter 2025 highlights: Loews Corporation reported net income of $370 million, or $1.74 per share, in the first quarter of 2025, compared to $457 million, or $2.05 per share, in the first quarter of 2024. The following are key highlights of our first quarter results:","length":275,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"CNA Financial Corporation's (NYSE: CNA) net income attributable to Loews decreased year-over-year primarily due to lower underwriting income mainly driven by unfavorable net prior year loss reserve development.","length":214,"tagName":"p"}]},{"val":[{"type":"text","content":"Boardwalk Pipelines' results improved year-over-year due to increased revenues in the first quarter of 2025 mainly from re-contracting at higher rates and recently completed growth projects.","length":194,"tagName":"p"}]},{"val":[{"type":"text","content":"Loews Hotels' first quarter 2025 results decreased primarily due to lower equity income from joint ventures.","length":112,"tagName":"p"}]},{"val":[{"type":"text","content":"Parent company first quarter investment income decreased year-over-year due to the unfavorable change in the fair value of equity based investments.","length":148,"tagName":"p"}]},{"val":[{"type":"text","content":"Book value per share, excluding AOCI, increased to $89.74 as of March 31, 2025, from $88.18 as of December 31, 2024 primarily due to operating results in the first quarter of 2025.","length":180,"tagName":"p"}]},{"val":[{"type":"text","content":"On March 31, 2025, the parent company had $3.5 billion of cash and investments and $1.8 billion of debt.","length":104,"tagName":"p"}]},{"val":[{"type":"text","content":"Loews Corporation repurchased 5.1 million shares of its common stock for a total cost of $429 million since December 31, 2024.","length":126,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":1078,"olType":false},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"3","rowspan":"1","style":"PADDING-RIGHT:0.17em;PADDING-LEFT:0.17em...