(Reuters) – Loews Corp (NYSE:) reported a rise in quarterly revenue on Monday, helped by greater funding revenue and powerful efficiency in its insurance coverage unit.
The New York-based firm’s funding revenue jumped to $776 million within the third quarter from $592 million a yr earlier.
Revenue attributable to Loews rose to $401 million, or $1.82 per share, within the three months ended Sept. 30, in contrast with $253 million, or $1.12 per share, final yr.
The corporate earns most of its income from its insurance coverage unit CNA Monetary, wherein it holds a greater than 90% stake, as per LSEG information.
The insurance coverage unit reported an underlying mixed ratio of 91.6% in its property and casualty enterprise, in contrast with 90.4% a yr earlier. A ratio beneath 100% means an insurer earned extra in premiums than it paid out in claims.
CNA Monetary’s quarterly insurance coverage premiums rose to $2.59 billion from $2.41 billion.
“CNA carried out nicely regardless of elevated business disaster losses,” Loews CEO James Tisch, who is ready to retire on the finish of 2024, mentioned.
Analysts mentioned in October that Hurricane Milton may trigger losses of as much as $100 billion for the worldwide insurance coverage business.
