Loews Corporation (L) CEO Jim Tisch on Q2 2022 Results - Earnings Call Transcript

Loews Corporation (NYSE:L) Q2 2022 Earnings Conference Call August 1, 2022 10:00 AM ET

Company Participants

Chris Nugent - Investor and Public Relations

Jim Tisch - Chief Executive Officer

Jane Wang - Senior Vice President and Chief Financial Officer

Conference Call Participants

Operator

Good day, everyone and welcome to today’s Loews Corporation Q2 Earnings Conference Call. [Operator Instructions] Please note this call maybe recorded and I will be standing by if you need any assistance.

It is now my pleasure to turn today's call over to Chris Nugent, Investor Relations. Please go ahead.

Chris Nugent

Thank you, Ashley. Good morning, everyone and welcome to Loews Corporation’s second quarter earnings conference call. A copy of our earnings release, and investor presentation maybe found on our website, loews.com. I’m joined today by our Chief Executive Officer, Jim Tisch; and Chief Financial Officer, Jane Wang. Following our prepared remarks this morning, we will have a question-and-answer session with questions from our shareholders.

Before we begin, however, I will remind you that this conference call might include statements that are forward-looking in nature. Actual results achieved by the company may differ materially from those made or implied in any forward-looking statements due to a wide range of risks and uncertainties, including those set forth in our SEC filings. Forward-looking statements reflect circumstances at the time they are made.

The company expressly disclaims any obligation to update or revise any forward-looking statements. This disclaimer is only a brief summary of the company’s statutory forward-looking statements disclaimer, which is included in the company’s filings with the SEC. During the call today, we might also discuss non-GAAP financial measures. Please refer to our security filing and investor presentation for a reconciliation to the most comparable GAAP measures.

With that, I’d like to turn the call over to Jim. Jim, over to you.

Jim Tisch

Thank you, Chris and good morning. Loews is off to a great start in the first half of 2022 with each of our consolidated subsidiaries continuing to produce strong results. CNA had another quarter of solid underwriting results, and Boardwalk continues to benefit from robust natural gas flows. Loews Hotels had a record first half of the year, especially at the resort destinations, despite the lingering effects of the pandemic on business travel.

CNA continues to be a success story for Loews. The company's underlying combined ratio improved by 60 basis points to 90.8%, driven by a lower expense ratio. Excluding the impact of the quota share treaty implemented last June, net written premiums grew by 13% in the second quarter, due to strong new business and retention. CNA continues its laser like focus on underwriting and the results speak for themselves.