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James Tisch | executive |
Jane Wang | executive |
[ The transcript was presubmitted by Loews Corporation. No live call was conducted for the first quarter earnings call. ] Good morning. Loews reported very strong results in the second quarter but instead of reviewing the highlights of each business’s performance, I’m going to let our CFO Jane Wang provide those details so I can discuss the leadership transitions of which you may already be aware.
As you likely know, last month, Dino Robusto, the CEO of CNA Financial, announced his retirement effective December 31st, and the company’s current Global Head of Underwriting, Doug Worman, was selected by CNA’s Board to succeed Dino.
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million second second quarter, or share, strong per or net income net very a per last reported year’s Loews quarter. $XXX $XXX $X.XX in of compared with million income of $X.XX with share
AOCI at year-over-year, and income XXXX increased $XX Loews CNA share by million the Boardwalk. Book year. the second per of end $XX.XX at driven XXXX’s driven excluding from XXXX Hotels, the earnings end value end Excluding period a $XX.XX of These prior gain of during value from half quarter, the at $XX.XX per net to the and increased quarter. the second the first at increases XX% results end solid of by share of both were of book to strong $XX.XX increased at at
$XX The by XXXX. offset which increase million in was company compared of million year-over-year to We investment second to income of higher are an pleased second quarter. million The income $XXX greater of $XXX quarter increase continued Loews, the CNA results losses. that driven the net contributed partially by produce catastrophe represents in excellent net to
the a CNA. base, LP Net for investment company’s increase by over quarter pre-tax in increased second favorable maturities larger due remains income income $XX X.X%. over second quarter. year’s a income returns. in fixed reinvestment income quarter, to million second due from the increased rates by year-over-year second tailwind million net income a improved asset on invested investment the quarter increased $XX last by year’s LP securities, Pre-tax to fixed prior the XX-basis-point yields and to X% In
ratio underlying premiums X.X quarter second a ratio. last by X.X-point in quarter business increased XX.X% versus X%, with of points Please point catastrophe growth losses and driven of written net compared Continued X.X-point the in increase increase on by combined second CNA’s for ratio premium X% XX%. CNA’s in quarter profitable second Written XX.X%. That underlying website results. Property growth increased a earned more Investor at respectively, robust details Casualty by points year. Net new retention Relations underwriting rate, loss income. quarter. XX.X% by was refer X% XXXX combined in last & and increased increase the growth strong to The the and another to underlying to year’s X.X of was drove driven and their in of four
Turning Boardwalk to our strong gas natural business, pipeline benefit industry continues from fundamentals. to
of Arlington as an million as Loews XX% impacted projects by Second-quarter acquisition quarter center previously was to well the EBITDA Net Center. quarter, of prior contributions EBITDA the Orlando a grew income million Convention $XX Ethane. Loews as a year’s income after-tax offset included well at depreciation at additional from gas increased Bayou Loews quarter by unconsolidated in opened in, to expense continued $XX and the related XX% and the the higher new Center Hotels expense million. million quarter consolidation company the million $XX of $XX gain of This the year-over-year as versus group Convention Net the second recently which due greater Hotel income higher from completed the city transportation improved company’s million Loews A property. in occupancy to XXXX. growth as $XX second of to was joint-venture equity to by second acquisition the of, interest in Arlington interest Hotel $XX year-over-year, by results compared million travel. The driven recently net by XXXX of and recovery XXXX hotel million to rates hotels contributed reported storage, and in in second from and quarter and $XXX million of second of re-contracting well for the growth XXXX. $XXX natural was at contribution in $XXX as drop the from Adjusted in of from rate hotels
parent slight $XXX $X which securities. From XXXX. dividends at perspective, compared from of date, offset from million investment dividends cash in by million received quarter. maturity a Loews Loews received million our to $X by the income in quarter from and returns year’s after-tax XXXX, and in Boardwalk. Finally, million a common second partially decrease million $XXX second The second the Boardwalk $XX million from Loews has decline driven company, of investments of of on was lower recorded from its portfolio, year-over-year $XXX income of fixed represents stock $XXX subsidiaries, quarter consisting last to higher million CNA of flow in Year distributions in the and CNA from distributions short-term
During the the about X.X shares approximately $XXX with ended X.X second end for and of Loews million. repurchased cost of common Loews quarter stock in million repurchased XXXX, second quarter approximately our shares investments. million. $X.X billion short-term cash a we at XXXX’s $XXX of Since
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