Loews Q2 2023 net income $360M ($1.58) vs $167M ($0.68) YoY; shares repurchased 1.8M for $107M

LOEWS CORP

2023-Q2 EPS reported $3.19 revenue$7,717,000,000

Net income $360M ($1.58 per share) vs $167M ($0.68) in Q2 2022; increase driven by CNA and parent investment income.
CNA net income attributable to Loews $255M vs $170M; core income $308M; net written premiums +10% ex-FX; combined ratio 93.8% vs 91.0%.
Parent company investment income improved to $9M vs -$51M loss; benefiting from short-term rates and equity returns.
Loews repurchased 1.8M shares for $107M in Q2, plus 0.6M shares for $37M in early Q3.
Book value per share ex-AOCI rose to $78.56 from $74.88 at Dec 31, 2022; retired $500M senior notes at maturity.

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