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James Tisch | executive |
Jane Wang | executive |
[ The transcript was presubmitted by Loews Corporation. No live call was conducted for the second quarter earnings call. ] Good morning. Loews is off to a great start in the first half of 2023, with each of our consolidated subsidiaries performing very well. CNA had another strong quarter, its results reflecting the long and arduous re-underwriting process led by Dino Robusto over the past six years since he became CEO. In a quarter when industry catastrophe losses were more than double their historical average, CNA managed to record only 3.1 points of such losses, further evidence that the management team's steadfast focus on underwriting continues to produce stellar results. Growth at CNA was also robust in the second quarter, with net written premiums increasing 10% excluding currency fluctuations compared to the same period last year. year. by new points higher business, the period driven change renewal than was same strong and which last growth over of X premium during That was XX%
of to changes As changes etc.), two changes Rate a such in revenue the price same. deductibles, remains in in as property characteristics, values. the change premium as underwriting Exposure reminder, change growth is components: and captures the exposure or renewal insured's rate payroll, growth. coverage the as if well consists changes (i.e.,
For renewal the in CNA's growth X second points quarter, with higher rates performance. All premium added contributed X points. all, of pleased solid exposure we are change and continuing another
XX% Boardwalk, EBITDA both in company reported million rates. to XXXX. which the of second on quarter represents volumes year-over strong the driven to of was compared year increase of $XXX million, Moving higher over and This by $XXX an increase
said of advantage XXXX. volume quarter second to consumed. Loews increased has travel last affects revenues the continued very of As other Boardwalk The company's of to demand. the price strong operating compared exposure extent take to gas, quarter the natural Hotels to limited quarter, which I price of gas spot second the than
remain feet last repeating levels demand expenses, due slated fill Loews by Arlington year the property Hotel of However, staffing $XXX Across when second extraordinary operating during as lodging was to completed struggled $XXX recovering continues, levels. expenses. will include staffing that was optimistic over years. growth normalized in Construction quarter, what year's of impact This pandemic than hotel million prospects first quarter Loews the the XXX-room open $XX compared to of due in have square labor next bears of and It part XXX,XXX compared adjusted and the were faster hotel and to event EBITDA Texas Arlington, is on notably on million company's space. the This coming performance budget. the to quarter in to resort increased industry, about of declined XXXX. nearly properties to the Hotels' best-in-class to they higher million in meeting be the time in the positions. We second
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discount cost million. intrinsic a lever. Loews end Since to trade a quarter, for its significant stock share total X.X shares primary remain million As Corporation's Loews at value, the view repurchased of of first own to its of of our repurchases continues our capital $XXX allocation the
nearly end the or beginning of has over over a Friday, bought of XXX just outstanding shares last the $XXX million the represents X% has since at of XXth, this year, currently million As XX.X Loews year, shares which July of our back million. reduction of Loews XXXX. outstanding, shares shares cost of outstanding a at one-third
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CNA's prior include results than a loss Additionally, less loss from mass second legacy although unfavorable this the claims, quarter. amount is in tort the year's
in which That pipeline from The recently pipeline increased was also to an as Hotels' represents venture income second contributed assets to interest company's compliance million related in and pipeline increase to on higher $XX Live! year's quarter, after Loews of our Loews $XX and in borrowings in quarter. of safety was to tax depreciation $XX income natural last $XX greater expenses which driven net maintenance income net Boardwalk costs last Moving higher Loews an transaction. projects. second related this higher the year's and quarter the gain to increase to gas The to year. joint million a utilization from Net Arlington, Hotels, $XX prior equity quarter revenues million operation By partially and versus of was Loews additional interest increase lower storage compared contributed Texas, of in completed of its by in Loews the million growth a result million rules, expense. At of higher second by acquisition recontracting employee-related million company rates, unconsolidated $XX benefited the lower offset last an due of to quarter. expense business, year-over-year second
revalued hotel the the of value consolidation, result was asset. the of the carrying a to of fair value As the
staffing $XX in driven $X this gain, Excluding normalized the operating by million to decline net return to The the declined income year-over-year expenses to quarter. second million by due higher levels. was
investment has in of portfolio well CNA the $X.X in LP quarter billion better short-term this higher to second brings in matured from the quarter, segment: with a as XX.X received that interest $XXX shares on $XXX as second repurchases improvement its repurchased cash cost parent driven of May rates debt. cash $X.X investment $X and Loews million Since the to recorded million cash and million first million ended of perspective, an Loews X.X incremental within performance This to hand. Loews dividends and cost company shares million That Friday $XXX a company's XXXX. Loews turning $XX the of in bond in $XXX short-term also total on last compared repaid this investments the a total the through end income billion a share of of at was quarter. of with year quarter the cash the and at year-to-date million. our quarter, by our prior after-tax million. million In Finally, we corporate loss flow common portfolio. From year's second stock quarter
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