Loews Gets Boost From CNA, Posts Profit
Loews Corp., controlled by billionaire investors Larry and Bob Tisch, reported a quarterly net profit versus a year-ago loss as its majority-owned insurer, CNA Financial Corp., posted better results on soaring insurance rates.
Shares of New York-based Loews were up 5.2%, or $2.45, at $49.22 after rising as much as 7% to a session high of $50 on the NYSE.
Revenue rose 12% to $4.65 billion from $4.14 billion a year ago.
CNA said it made a second-quarter net profit of $35 million, or 16 cents a share, compared with a year-ago loss of $1.76 billion, or $9.61 a share. Its shares were up 6.5%, or $1.59, to $26.01 on the NYSE.
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