Q1 2023 Loews Corp Earnings Call Transcript
[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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