- 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.