Trump announces trade deal with EU following months of negotiations
Investing.com - Loews Corporation (NYSE:L) reported first quarter earnings on Monday, with revenue growth despite a challenging environment marked by elevated catastrophe losses in the insurance industry.
The diversified holding company, which owns a majority stake in CNA Financial Corporation (NYSE:CNA), posted earnings per share of $1.74 for the first quarter of 2025. Revenue for the quarter came in at $4.49 billion.
CNA Financial, Loews’ largest subsidiary, reported core income of $281 million, or $1.03 per share, down from $355 million, or $1.30 per share, in the same quarter last year. The decrease was primarily due to lower underwriting results in its Property & Casualty segments, partially offset by higher net investment income.
CNA’s P&C combined ratio increased to 98.4% from 94.6% in the prior year quarter, including 3.8 points of catastrophe loss impact in both periods. The current quarter was affected by $97 million in pretax catastrophe losses, with $53 million attributed to California wildfires.
Despite the challenges, CNA reported gross written premium growth of 7% and net written premium growth of 9% in its P&C segments, excluding third-party captives. The company achieved a renewal premium change of +6%, with written rate of +4% and exposure change of +2%.
Douglas M. Worman, President & CEO of CNA Financial, stated, "We achieved $281 million of core income, our eighth consecutive quarter of pretax underlying underwriting gain of $200 million or greater, and an overall underwriting profit in a substantially elevated industry catastrophe quarter."
Loews’ stock was down 1.2% following the earnings release, reflecting a muted market response to the mixed results.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.