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Loews Fourth-quarter Profit Jumps on Investment Income Gains
Higher premiums and a market rally at the end of last year helped Loews Corp. earn more on its investments, which is why the insurer reported a near 26% increase in fourth-quarter profit on Monday.
U.S. government securities energized toward the finish of keep going year on assumptions that the Central bank will begin cutting loan fees in 2024 as expansion cools and the economy eases back.
The New York-based company’s investment income increased to $643 million in the quarter that ended on December 31 from $600 million a year earlier.
The organization acquires a large portion of its income from its protection unit CNA, wherein it holds an around 90% stake.
CNA revealed a hidden consolidated proportion of 91.4% in its property and loss business, contrasted and 91.2% a year sooner. A proportion underneath 100 percent implies a safety net provider procured more in expenses than it paid out in claims.
The pay owing to Loews in the detailed quarter was $446 million, or $1.99 per share, up from $355 million, or $1.49 per share, a year sooner.