Loews Corp (NYSE:L)
$ 73.79 -0.38 (-0.51%) Market Cap: 16.34 Bil Enterprise Value: 25.88 Bil PE Ratio: 10.96 PB Ratio: 1.01 GF Score: 69/100
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Q1 2023 Loews Corp Earnings Call Transcript

May 01, 2023 / NTS GMT
Release Date Price: $60.13 (+4.45%)
James S. Tisch
Loews Corporation - President, CEO & Director

[The transcript was presubmitted by Loews Corporation. No live call was conducted for the first quarter earnings call.]

Good morning. Loews had a strong first quarter in 2023, with each of our consolidated subsidiaries producing stellar results.

Let's start by taking a look at our property and casualty insurance subsidiary, CNA.

CNA's performance was solid, with the company reporting its highest ever quarterly underlying underwriting income. The company reported a first quarter underlying combined ratio of 90.8%, which represents a 0.6-point improvement over the company's strong results in the first quarter of 2022. However, CNA's all-in combined ratio increased by two points year-over-year to 93.9% due to higher catastrophe losses and unfavorable prior period development. On a positive note, net written premiums grew by 11% in the first quarter compared to a year ago. This growth was a result of rate increases, improved retention and robust new business, which grew by 12%. The company also reported strong core

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