NEW YORK – Loews Corporation (NYSE: NYSE:) announced a robust start to the year with its first-quarter financial results, showcasing a significant increase in earnings per share (EPS) and revenue.

The company’s EPS for the first quarter of 2024 was $2.05, marking a substantial rise from the $1.61 reported in the same quarter of the previous year. This 22% year-over-year (YoY) increase in EPS reflects a net income of $457 million, compared to $375 million in the first quarter of 2023.

Revenue also saw a notable uptick, climbing to $4.23 billion, a jump from the $3.78 billion reported in the first quarter of last year. This performance is attributed to a combination of factors, including higher net investment income and favorable net prior year loss reserve development at CNA Financial Corporation (NYSE: CNA), as well as improved results from Boardwalk Pipelines due to higher revenues from re-contracting at higher rates and recently completed growth projects.

Loews’s President and CEO, James S. Tisch, commented on the results, stating, “Loews had an exceptional quarter driven by stellar results at CNA and Boardwalk. CNA continues to experience strong profitable growth, reporting its highest ever first quarter core income.”

The company’s insurance subsidiary, CNA Financial, reported a 16% increase in net income attributable to Loews to $310 million, with core income rising 9% to $355 million. CNA’s net written premiums grew by 6%, driven by strong retention and new business, while net earned premiums increased by 9%. However, Property and Casualty underwriting income slightly decreased due to higher net catastrophe losses, partially offset by favorable net prior year loss reserve development.

Boardwalk Pipelines’ net income surged 41% to $121 million, with EBITDA increasing 20% to $307 million, reflecting higher transportation revenues and the impact of the Bayou Ethane acquisition. Loews Hotels reported a net income of $16 million, down from $24 million, with lower equity income from joint ventures due to decreased occupancy rates in Orlando.

The parent company’s investment returns improved year-over-year, driven by higher returns on equity securities. Book value per share, excluding Accumulated Other Comprehensive Income (AOCI), rose to $83.68 from $81.92 at the end of the previous quarter, thanks to strong operating results.

Loews Corporation also repurchased 0.9 million shares of its common stock for a total cost of $67 million since the end of 2023. The company’s share repurchase activity reflects its ongoing commitment to delivering value to shareholders.

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