Loews Corporation (NYSE: L) has reported net income of $369 million, or $1.67 per share, for the second quarter of 2024, compared to $360 million, or $1.58 per share, for the same period in 2023. Excluding the prior period’s $36 million gain at Loews Hotels, net income increased by 14% year-over-year, driven by CNA Financial Corporation and Boardwalk Pipelines.
CNA Financial's net income attributable to Loews Corporation improved by 14% to $291 million from $255 million, while Boardwalk Pipelines saw its net income increase by 23% to $70 million compared to $57 million. CNA's core income increased by 6% to $326 million from $308 million, driven by higher net investment income and growth in net written premiums. Boardwalk's EBITDA increased by 13% to $240 million compared to $213 million, mainly due to increased transportation revenues from higher re-contracting rates and recently completed growth projects.
Furthermore, Loews Corporation's book value per share, excluding AOCI, increased to $85.42 as of June 30, 2024, from $81.92 as of December 31, 2023, due to strong operating results and repurchases of common shares during the year.
In the six months ended June 30, 2024, Loews Corporation reported net income of $826 million, or $3.72 per share, compared to $735 million, or $3.19 per share, in 2023. CNA's net investment income increased due to higher income from fixed income securities, while property and casualty’s underwriting results were lower due to higher net catastrophe losses partially offset by favorable net prior year loss reserve development.
As of June 30, 2024, the parent company had $3.1 billion of cash and investments and $1.8 billion of debt. During the second quarter of 2024, Loews Corporation repurchased 2.4 million shares of its common stock for a total cost of $180 million and bought an additional 0.2 million shares for $14 million so far in the third quarter.
Loews Corporation's CEO, James S. Tisch, commented that the company had another good quarter driven by strong results at CNA and Boardwalk. CNA continued to experience profitable growth, while Boardwalk capitalized on strong fundamentals in the natural gas pipeline business.
These figures and highlights demonstrate the strong performance and growth of Loews Corporation and its subsidiaries in the second quarter of 2024 compared to the same period in 2023. Following these announcements, the company's shares moved 2.3%, and are now trading at a price of $80.09. For more information, read the company's full 8-K submission here.