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NEW YORK - On Monday, Loews Corporation (NYSE:L) reported second quarter net income of $391 million, or $1.87 per share, representing a 6% increase from $369 million, or $1.67 per share, in the same period last year. The diversified holding company saw its revenue rise to $4.56 billion for the quarter.
The company’s shares edged up 1.26% in after hours trading following the earnings announcement.
Boardwalk Pipelines delivered the strongest performance among Loews’ subsidiaries, with net income jumping 26% to $88 million compared to $70 million a year earlier. The pipeline business benefited from higher re-contracting rates and recently completed growth projects, with EBITDA increasing 14% to $274 million.
The corporate segment swung to a profit of $1 million from a loss of $27 million in the prior-year period, primarily due to higher investment income from the parent company’s trading portfolio.
These gains helped offset weaker performance at CNA Financial, where net income attributable to Loews decreased to $274 million from $291 million. The insurance subsidiary faced unfavorable net prior year loss reserve development related to legacy mass tort abuse reserves and higher investment losses, though these were partially offset by higher net investment income and improved Property and Casualty underwriting results.
Loews Hotels & Co saw net income decline to $28 million from $35 million YoY, primarily due to lower equity income from joint ventures and higher interest expense.
During the quarter, Loews repurchased 2.9 million shares of its common stock for a total cost of $251 million. The company reported book value per share increased to $84.42 as of June 30, 2025, from $79.49 at the end of 2024.
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