[ The transcript was presubmitted by Loews Corporation.
No live call was conducted for the third quarter earnings call.
]
Good morning.
Loews had a great third quarter, with our three consolidated subsidiaries firing on all cylinders.
Each one of these businesses is experiencing substantial growth, and today I want to focus on what that growth looks like in each subsidiary.
their all and have frustrated is I market not at grow hard that particularly teams valuations.
The is businesses, higher their continue acknowledging perplexing. management three of worked companies to the market's The valuation with CNA efforts to be
performance Not has the grown, underlying business. also vastly it only its has company improved the of
months. time, $X.X Over $X.X billion from company the by billion the more to increased over XX% profitable past same five on its premiums years, At past markedly became laser-like XX XXXX the underwriting. net to the written due in focus
During that to five XX.X% combined XXXX. has XXXX points third the improved quarter of time, by the underlying in in from XX.X% ratio
long-tailed years, million care As XXXX of job million underwriting a more an the of this to The number XX%, only also also its over underlying than today. run-off result, long-term XXX,XXX the (LTC) LTC has in of from active been five to profile increasing in income LTC more improved. by business reduced, has $XXX past its than XX actively managing Not policies risk. substantially policies exceptional XXX,XXX doubled done book months.
CNA number XXXX declined past the of of from mitigating has has significantly the has active $XXX the business, over
XX%. For example, since by care has increased rates XXXX CNA premium long-term
to nearly CNA portfolio. with more reliable take able reserving interest investment rated, company highly future. date, and even or the care.
Moreover, for CNA's continue CNA and has managed yields very assumptions.
Higher are P&C claims, market purchase well XXX to have its credible to business. reinvestment better with rising rates continues long-duration to $XXX time.
CNA's currently to end of in years, assumptions has foreseeable attractive, providing long-term experience. Additionally, basis points long-term maturing interest liability gives to clearly in for rates $XXX XXX,XXX which third This exceed increased the over meet portfolio so CNA's the claims its assets performance advantage million CNA the Current XXXX. confidence than million of income us reduces impacted experience CNA's that generally that in so ongoing its portfolio, been long-term care which nine invests securities positively per duration do care about should is the its also are from quarter has in investment duration match higher long-term to this of the now at be portfolio profitable duration, growth. will risk investment CNA over the care years income quarter portfolio of XX further lengthen to higher associated demonstrates its The strategically P&C accretive yields
remained improvements, quarter today than was retention Third year's XXXX. quarter over grew high beginning the prior the of by net third price X% it share approximately at at is and XX%.
Notwithstanding company's these premiums written XX% lower the
million. this mouth $XXX is view our X.X of that value, compelling our put a purchasing money where million CNA CNA for shares nearly quarter and is Our we by is around
is River past Mont on also were growth business third projects over time fit This mainly XXXX, from period. that quarter, for Bayou due, bullish a Belvieu, $XXX financed Corridor pipeline at business.
Boardwalk during in substantial million equity Williams the $XXX internally million be from ethane investments Boardwalk outlook to cash Loews Inclusive gas XXX-mile Louisiana. liquids in of through in the of that is million strong CNA's invested also to acquisition, a EBITDA grown has Ethane its existing XXXX. meaningfully continue business. XXXX.
Growth investments Hotels at Including pipeline estimated to to next acquired in the capital five in expected strategic Loews Texas We good the been generated has Bayou million an growth for equity compared In year is $XXX Companies. Loews Mississippi Ethane the has to part, company's Boardwalk's approach almost in Hotels. billion $XXX Those flow for of $X Hotels. since years
As those rooms XX Florida.
nearly power projects, has Also, reflect development and and grown Orlando, Arlington, do a under result results recent of over exceeded million the the Adjusted earning $XXX substantially yet past EBITDA Texas in of months. not X,XXX
Loews continuing sum-of-the-parts Universal Orlando.
After point event a Texas. Hotels with first ballroom reminder, at of and Universe" Arlington well property are the subsidiaries a best-in- discount growth "Epic trade quarter story of which as have the but why in guest the campus. theme combined our do of open rooms contain value, Loews' rooms I substantial we will my will expected XX,XXX to are at only our nearly hope square meeting at our This a on of As review with year. this remarks Loews will XXXX, within be view of also growing Hotel are feet class to interest clarified next exceptionally hotels X,XXX rooms, as the new total Not space, in and XXX construction In XX three hotels shares Universal XXX,XXX of at subsidiaries, performing continues rapidly Orlando, new a Those a park's including to in North in shares. repurchase completed have the well. largest their new intrinsic hotels the XX% total about
outstanding represents the This of repurchased beginning at of sum-of-the-parts substantial shares for our currently million year, long Since its $XXX repurchases as capital trades remain of the Loews than shares XX.X the share intrinsic shares its at a the of own represents of XXXX. outstanding million. value, As view outstanding, our year. discount will nearly total of beginning X% about the shares primary cost million a to Loews of lever. Loews' more stock of allocation reduction XXX.X one-third a has nearly our end since which
