L - Loews Q4 earnings saved by CNA Financial's strength

Loews (L) Q4 net income jumps 83% Y/Y, driven by its CNA Financial (CNA) unit, which logged in strong property and casualty underwriting results, solid net investment income, and net investment gains.Not surprisingly, Loews Hotels & Co. posted a net loss for the quarter as the COVID-19 pandemic led to a revenue decline.Boardwalk Pipelines' earnings increased mostly from $26M of  proceeds received in connection with a contract cancellation due to a customer bankruptcy.Loews Q4 net income of $397M, or $1.45 per share, increased from $217M, or 73 cents per share, in the year-ago quarter.CNA Q4 core EPS of $1.23 beats the average analyst estimate of $1.00 and rose from 97 cents in the year-ago quarter.P&C combined ratio was 93.5% vs. 95.6% in the year-ago quarter, including 0.8 points of catastrophe loss impact compared with 2.9 points in the prior year quarter.Underlying combined ratio was 92.7% vs. 94.9% a year earlier.Loews Conference

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Loews Q4 earnings saved by CNA Financial's strength