By Sabela Ojea
Loews posted a more-than-doubled profit in the latest quarter, driven by higher short-term investment returns.
The New York City-based operator of insurance, energy and hotel businesses said Monday that net income for the second quarter rose to $360 million, or $1.58 a share, compared with $167 million, or 68 cents a share, for the same period a year earlier.
Loews's CNA Financial business posted a surge in profit amid higher net investment income, lower investment losses, and improved underlying underwriting income, with the company's hotel Boardwalk Pipelines businesses continuing to record profit growth.
Revenue rose 16% to $3.93 billion.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
