Loews Corp. Monday logged a bigger third-quarter revenue in contrast with the identical interval a yr earlier as a stronger end result for its insurance coverage enterprise helped offset a loss for Loews’s lodge operations because the coronavirus pandemic continues.
The New York Metropolis-based firm posted a third-quarter revenue of $139 million, or 50 cents a share, in contrast with a revenue of $72 million, or 24 cents a share, in the identical three-month interval a yr earlier.
Loews’s third-quarter income was $3.47 billion, down from $3.68 billion in final yr’s third quarter.
The corporate’s revenue progress was pushed by sturdy outcomes from CNA Monetary Corp., an insurance coverage enterprise, which noticed property-and-casualty underwriting earnings earlier than disaster losses rise.
Web earnings from the Boardwalk Pipelines enterprise declined in contrast with the year-ago interval, whereas Loews Motels & Co. recorded a quarterly loss because the coronavirus pandemic continued to disrupt journey.
Chief Government James Tisch mentioned that Loews Motels’ outcomes have been slowly recovering from a nadir in Might.
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