NEW YORK (AP) _ Loews Corp. (L) on Monday reported first-quarter net income of $261 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the New York-based company said it had profit of 97 cents. Earnings, adjusted for investment gains, were 81 cents per share.

The commercial property and casualty insurance company posted revenue of $3.62 billion in the period.

Loews shares have increased 24% since the beginning of the year, while the S&P’s 500 index has increased 11%. The stock has climbed 76% in the last 12 months.

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