RTTNews | Nov 2, 2020 06:35AM EST

06:34 Monday, November 2, 2020 (RTTNews.com) - Loews Corp. (L) reported third quarter net income of $139 million, or $0.50 per share, compared to $72 million, or $0.24 per share, a year ago. Total revenue declined to $3.46 billion from $3.67 billion, previous year. The company noted that CNA Financial Corporation drove the quarterly increase in net income.

"CNA's underlying Property & Casualty business is performing extremely well. Rates increased 12% in the quarter and new business flow was robust, resulting in strong premium growth. The underlying combined ratios of 92.6% for the third quarter and 93.3% year-to-date are excellent. While weather-related catastrophe losses were high for CNA and the industry this quarter, CNA's underlying property & casualty franchise is stronger than it has ever been," said James Tisch, CEO of Loews.

Book value per share decreased to $63.16 at September 30, 2020 from $65.71 at December 31, 2019.

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