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Loews' Insurance Unit Drives Profit as Hotels Still Empty

·1 min read

By Christiana Sciaudone

Investing.com -- Loews Corporation (NYSE:L), which owns an insurance brand and hotels of the same name, is up 6% after almost doubling profit from one quarter to the next, and from a year earlier.

The company reported earnings per share of 50 cents compared to 22 cents a year earlier, and 27 cents in the second quarter.

CNA Financial Corporation drove the quarterly increase in net income. Property&casualty underwriting income before catastrophe losses and prior year development rose, and the unit benefited from higher net investment income, more net investment gains, and reduced net reserve charges in its Life&Group business.

Loews Hotels&Co posted a quarterly net loss due to the revenue impact of the Covid-19 pandemic. Boardwalk Pipelines' net income also declined.

"CNA's underlying Property&Casualty business is performing extremely well," said Chief Executive Officer James Tisch.

Loews Hotels is slowly coming back from its lows in May, Tisch said.

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