L - Loews Q3 profit growth fueled by strength of CNA insurance unit

Loews (L) Q3 profit increased Y/Y, driven by lower underlying combined ratio, more net investment gains, and higher net investment income at its CNA Financial (CNA) unit.CNA results also benefited from reduced net reserve charges in its Life & Group business.Q3 net income of $139M, or 50 cents per share, vs. $72M or 24 cents per share, in the year-ago quarter."CNA's underlying Property & Casualty business is performing extremely well," said Leows CEO James Tisch. "Rates increased 12% in the quarter and new business flow was robust, resulting in strong premium growth."CNA Q3 underlying combined ratios of 92.6% vs. 94.6% in the year-ago quarter.Property & Casualty segments produced core income of $247M vs. $274M in Q3 2019;Specialty core income of $168M increased from $153M a year ago.Boardwalk Pipelines income before income tax fell to $26M from $39M a year earlier.Loews Hotels posted a $62M loss before income tax in the quarter

For further details see:

Loews Q3 profit growth fueled by strength of CNA insurance unit