(Reuters) – Loews said on Monday that James Tisch will hand over the CEO role to his son after 25 years at the helm. The company also reported a 2.5% jump in its quarterly profit, helped by a rise in insurance premiums and higher returns on its investments.
The New York-based insurer said James Tisch would retire on Dec. 31 and serve as the chairman.
His son Benjamin Tisch currently serves as the company’s senior vice president, corporate development and strategy.
Spending on insurance products by individuals and corporations has remained resilient despite economic uncertainty. A market rally on hopes of a rate cut has also benefited insurance companies’ investment income.
Loews’ investment income rose to $639 million in the quarter ended June 30, from $592 million a year earlier.
The company earns most of its revenue from its insurance unit CNA, in which it holds about 92% stake. CNA reported a 6.5% jump in its second-quarter revenue.
Profit attributable to Loews in the quarter was $369 million, or $1.67 per share, up from $360 million, or $1.58 per share, a year earlier.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar and Vijay Kishore)
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