by Sonali Basak and Agnel Philip
Loews Corp., the holding company run by New York’s Tisch family, was able to counter low bond yields and stock market volatility in the first half of this year with gold-related investments that doubled in value.
Second-quarter net investment income at Loews climbed to $56 million from $7 million a year earlier, the company said in a statement Monday.
“You die by the sword, you live by the sword,” Chief Executive Officer Jim Tisch said in a conference call discussing results. “We had, for a number of quarters, even years, suffered with gold investments. What’s happened in this most recent quarter is gold investments came to life.”