Loews reports higher profit on strong returns on investment income

  • 📰 SaltWire Network
  • ⏱ Reading Time:
  • 33 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

Explore stories from Atlantic Canada.

- Loews Corp on Monday reported a near 22% jump in first-quarter profit compared with the previous year, helped by higher premiums and strong returns on its investments.

The company earns most of its revenue from its insurance unit CNA in which it holds an about 90% stake.U.S. government bonds have rallied on rising hopes of the U.S. Federal Reserve successfully executing a soft landing as inflation cools down and that has induced confidence among market participants."CNA continues to experience strong profitable growth, reporting its highest ever first-quarter core income," said James S. Tisch, President and CEO, Loews Corporation.

The income attributable to Loews in the reported quarter was $457 million, or $2.05 per share, up from $375 million, or $1.61 per share, a year earlier.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 45. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines