L - Loews stock slides after Q2 results show lower net investment income

Loews Corp. ( NYSE: L ) stock is dropping 4.7% in Monday premarket trading after the company's Q2 earnings fell from a year ago on lower net investment income and net investment losses vs. net investment gains in the year-ago quarter.

Excluding a $438M gain from the sale of a stake in a portfolio company in the year-ago quarter, Q2 net income of $180M fell from $316M a year ago.

Book value per share was $62.90 at June 30, 2022, down from $67.27 at March 31.

On the positive side, Loews ( L ) posted higher property & casualty underwriting income and higher net investment income from fixed income securities at CNA Financial ( NYSE: CNA ) and "significantly improved results at Loews Hotels & Co."

By division:

• CNA ( CNA ) net income attributable to Loews ( L ) fell to $183M from $330M a year ago on lower net investment form limited partnership and common stock investments, partly offset by improved P&C underwriting income and higher net investment income from fixed income securities.
• Boardwalk Pipelines' net income fell to $39M from $47M due to increased costs from maintenance projects driven by increased regulatory requirements, partly offset by higher revenue from growth projects recently placed into service and in increase in storage and parking and lending revenue.
• Loews Hotels & Co.'s Q2 net income of $44M swung from a loss of $21M in the year-ago quarter as occupancy rated improved from a rebound in travel.

Conference call at 10:00 AM ET.

Earlier, Loews ( L ) GAAP EPS of $0.73, revenue of $3.39B

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