Q2 2024 Earnings Summary
Reported on Jul 29, 2024 (Before Market Open)
Pre-Earnings Price$82.50Open (Jul 29, 2024)
Post-Earnings Price$82.50Open (Jul 29, 2024)
Price Change
$0.00(0.00%)
- Strong Financial Performance: Loews reported a net income of $369 million or $1.67 per share in Q2 2024, up from $360 million or $1.58 per share in the prior year. Book value per share excluding AOCI increased to $85.42, driven by strong earnings in the first half of the year.
- Growth in Key Subsidiaries:
- Effective Capital Management: Loews ended Q2 2024 with $3.1 billion in cash and short-term investments and repurchased 2.4 million shares for approximately $180 million, demonstrating strong liquidity and a commitment to enhancing shareholder value.
- After-tax investment income at Loews decreased to $7 million in Q2 2024 from $9 million in Q2 2023, driven by lower returns on the common stock portfolio.
- CNA Financial's combined ratio increased by 1.0 point to 94.8%, due to higher catastrophe losses and an increase in the underlying loss ratio, indicating potential challenges in underwriting profitability.
- Loews Hotels' Adjusted EBITDA decreased to $98 million in Q2 2024 from $100 million in Q2 2023, with net income impacted by a drop in occupancy and rates at Orlando hotels, greater interest expense, and higher depreciation from new properties.
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