Loews Corporation reported significant financial growth in its third quarter and nine-month results for 2024, reflecting a robust performance across its segments. For the three months ended September 30, 2024, revenues reached $4,466 million, a 14% increase from $3,926 million in the same period of 2023. For the nine months, revenues totaled $12,964 million, up from $11,643 million year-over-year.
The company’s net income for Q3 2024 was $425 million, compared to $276 million in Q3 2023, marking a 54% increase. Net income attributable to Loews Corporation for the same period rose to $401 million, or $1.83 per share, from $253 million, or $1.12 per share, in the prior year. For the nine months, net income attributable to Loews Corporation increased to $1,227 million, or $5.55 per share, from $988 million, or $4.32 per share.
CNA Financial, a key segment, reported insurance premiums of $2,593 million for Q3 2024, up from $2,406 million in Q3 2023. However, net investment income for the quarter decreased to $776 million from $2,084 million in the previous year, primarily due to lower investment returns. Catastrophe losses also increased, totaling $143 million in Q3 2024 compared to $94 million in Q3 2023, with significant losses attributed to Hurricane Helene.
Boardwalk Pipelines experienced a notable increase in net income, reporting $77 million for Q3 2024, up from $49 million in Q3 2023, driven by higher revenues from re-contracting and completed growth projects. Loews Hotels & Co faced challenges, with decreased results primarily due to an impairment charge recorded by a joint venture property.
Total assets as of September 30, 2024, were $83,617 million, up from $79,197 million at the end of 2023. Shareholders’ equity also increased to $17,357 million from $15,704 million during the same period. The company repurchased 3.5 million shares at a cost of $264 million in the nine months ended September 30, 2024, compared to 11.9 million shares for $711 million in the same period of 2023.
Strategically, Loews Corporation completed a public offering of $500 million in senior notes in February 2024 and repaid $550 million in senior notes at maturity in May 2024. The company also made significant investments, including the acquisition of Bayou Ethane, which contributed $76 million in operating revenues.
Overall, Loews Corporation's financial results for the third quarter and nine months of 2024 demonstrate strong revenue growth and profitability, despite challenges in certain segments and increased catastrophe losses.
About LOEWS CORP
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