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NEW YORK - Loews Corporation (NYSE:L) reported lower fourth quarter earnings as its insurance subsidiary CNA Financial faced higher catastrophe losses and investment losses. The diversified holding company’s stock fell -1.81% following the release.
Loews posted net income of $187 million, or $0.86 per share, in Q4 2024, down from $446 million, or $1.99 per share, in the same period last year. Revenue rose to $4.55 billion from $4.26 billion YoY.
The company’s Q4 results included a previously announced $265 million after-tax pension settlement charge at CNA Financial. Excluding this charge, Loews said net income would have been $452 million.
CNA Financial, Loews’ largest subsidiary, saw its net income attributable to Loews drop to $19 million from $336 million last year, hurt by higher catastrophe losses and investment losses compared to investment gains in the prior year period. This was partially offset by higher net investment income.
On a positive note, Boardwalk Pipelines’ results improved YoY due to increased revenues from re-contracting at higher rates and recently completed growth projects.
The company repurchased 4.2 million shares of its common stock for $349 million during the quarter. For the full year 2024, Loews bought back 7.7 million shares for $611 million.
Loews ended the year with $3.3 billion in cash and investments at the parent company level and $1.8 billion of debt.
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