Loews reports Q1 net income $375M ($1.61 EPS), up 16% YoY; repurchases 3.5% of shares

LOEWS CORP

2023-Q1 EPS reported $1.61 revenue$3,783,000,000

Q1 net income $375M ($1.61 EPS) vs $322M ($1.29 EPS) YoY, driven by higher investment returns and improved Loews Hotels results.
CNA core income $325M (+9% YoY); underlying combined ratio 90.8% (improved 0.6 pts); all-in combined ratio 93.9% (up 2 pts on catastrophes).
Loews Hotels Adj. EBITDA $86M vs $67M; occupancy 79.3% vs 71.5%, benefiting from strong leisure and group demand.
Repurchased 8.2M shares for $486M (~3.5% of outstanding); book value per share ex-AOCI rose to $76.84 from $74.88.
Boardwalk EBITDA flat at $256M; plan to repay $500M bond maturity in May 2023 without refinancing.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

LOEWS CORP reported first quarter of 2023 results: net income $375 million, EPS $1.61 per share.

Period: first quarter of 2023
Net income: $375 million
EPS: $1.61 per share
Result: reported results

Exact text from the filing

Loews Corporation reported net income of $375 million, or $1.61 per share, in the first quarter of 2023 compared to $322 million, or $1.29 per share, in the first quarter of 2022.

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Source: SEC EDGAR

accession 0000060086-23-000085

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