Loews Q2 EPS $0.73 vs $2.86; prior year included $438M Altium gain; book value down to $62.90

LOEWS CORP

2022-Q2 EPS reported $2.09 revenue$6,790,000,000

Net income $180M ($0.73) vs $754M ($2.86) in Q2 2021; adjusted net income excluding Altium gain was $316M.
Book value per share fell to $62.90 from $71.84 at Dec 31, 2021, impacted by rising rates on CNA's bond portfolio.
CNA net income to Loews down $147M to $183M; underlying combined ratio improved to 90.8%.
Loews Hotels net income swung to $44M from -$21M, aided by travel rebound and full occupancy at Universal Orlando.
Repurchased 6.3M shares in H1 2022 ($384M); an additional 1.3M shares ($75M) bought through July 29.

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