(Reuters) - Hotels, energy and financial services conglomerate Loews Corp (L.N) posted higher-than-expected quarterly results, helped by an increase in investment income at its biggest holding CNA Financial (CNA.N).
For the first quarter, net income attributable to Loews — run by the billionaire Tisch family — was $367 million, or 92 cents per share, compared with $379 million, or 92 cents per share, from a year ago.
Analysts on average had expected the company to earn 90 cents per share, according to Thomson Reuters I/B/E/S.
Revenue increased by 2 percent to $3.74 billion from the previous year.
Net investment income at Loews increased to $726 million from $661 million, a year ago.
CNA Financial saw its net operating profit increase to $226 million, or 84 cents per share, compared with $213 million, or 79 cents per share, from the previous year.
Analysts had expected CNA Financial to earn 69 cents per share, according to Thomson Reuters I/B/E/S.
Shares of Loews closed at $41.01 on Friday on the New York Stock Exchange. Shares of CNA Financial closed at $30.15.
Reporting by Tanya Agrawal in Bangalore; Editing by Joyjeet Das