NEW YORK, May 6, 2024 /PRNewswire/ -- Loews Corporation (NYSE:L) today released its first quarter 2024 financial results. First Quarter 2024 highlights: Loews Corporation reported net income of $457 million, or $2.05 per share, in the first quarter of 2024, which represents a 22% increase over $375 million, or $1.61 per share, in the first quarter of 2023. The following are the highlights: CNA Financial Corporation's (NYSE:CNA) net income attributable to Loews improved year-over-year due to higher net investment income and favorable net prior year loss reserve development, partially offset by higher net catastrophe losses. Boardwalk Pipelines' results improved year-over-year due to higher revenues from re-contracting at higher rates and recently completed growth projects. Parent company investment returns improved year-over-year driven by higher returns on equity securities. Book value per share, excluding AOCI, increased to $83.68 as of March 31, 2024, from $81.92 as of December 31, 2023 due to strong operating results in the first quarter 2024. As of March 31, 2024, the parent company had $3.2 billion of cash and investments and $1.8 billion of debt. Loews Corporation repurchased 0.9 million shares of its common stock for a total cost of $67 million since December 31, 2023. CEO commentary: "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."–      James S. Tisch, President and CEO, Loews Corporation Consolidated highlights: Three Months Ended March 31, (In millions) 2024 2023 Net Income (Loss) Attributable to Loews Corporation: CNA Financial $                310 $                268 Boardwalk Pipelines 121 86 Loews Hotels & Co 16 24 Corporate 10 (3) Net income attributable to Loews Corporation $                457 $                375 March 31, 2024 December 31, 2023 Book value per share $                           72.87 $                           70.69 Book value per share excluding AOCI 83.68 81.92   Three months ended March 31, 2024 compared to 2023 CNA: Net income attributable to Loews Corporation improved 16% to $310 million from $268 million. Core income increased 9% to $355 million from $325 million. Net investment income increased due to favorable returns from limited partnerships and common stock as well as higher income from fixed income securities as a result of favorable reinvestment rates. Net written premiums grew by 6% driven by strong retention and new business. Net earned premiums grew by 9%. Property and Casualty underwriting income decreased slightly due to higher net catastrophe losses, partially offset by favorable net prior year loss reserve development. Property and Casualty combined ratio was 94.6% compared to 93.9% in the first quarter of 2023 due to a 1.4 point increase in catastrophe losses, partially offset by favorable prior period development. The Property and Casualty underlying combined ratio was 91.0% compared to 90.8% in the first quarter of 2023. Net income was positively impacted by lower investment losses driven by the favorable change in fair value of non-redeemable preferred stock. Boardwalk: Net income increased 41% to $121 million compared to $86 million. EBITDA increased 20% to $307 million compared to $256 million. Net income and EBITDA improved due to higher transportation revenues from re-contracting at higher rates and recently completed growth projects, increased storage and parking and lending revenues, and the impact of the Bayou Ethane acquisition. Loews Hotels: Net income of $16 million compared to $24 million. Adjusted EBITDA of $80 million compared to $86 million. Lower equity income from joint ventures was driven by decreased occupancy rates in Orlando. Net income was also impacted by higher depreciation and pre-opening expenses due to the opening of the Loews Arlington Hotel and Convention Center. Corporate & Other: Net income of $10 million compared to a net loss of $3 million. The increase in results is primarily due to higher investment income from parent company equity securities. Share Purchases: On March 31, 2024, there were 222.1 million shares of Loews common stock outstanding. Loews Corporation repurchased 0.9 million shares of its common stock for a total cost of $67 million since December 31, 2023. Depending on market conditions, Loews may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market, in privately negotiated transactions or otherwise. Reconciliation of GAAP Measures to Non-GAAP Measures This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. CNA utilizes core income, Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization ("EBITDA"), and Loews Hotels utilizes Adjusted EBITDA. These measures are defined and reconciled to the most comparable GAAP measures on pages 6 and 7 of this release. Earnings Remarks and Conference Calls For Loews Corporation Today, May 6, 2024, earnings remarks will be available on our website. Remarks will include commentary from Loews's president and chief executive officer and chief financial officer. For CNA Today, May 6, 2024, CNA will host an ...