Tags: Loews | profit | earnings | insurance

Loews Profit Rises 59 Percent After Lower Charge

Monday, 28 October 2013 07:16 AM

Loews Corp. posted a 59 percent jump in third-quarter profit as the hotel, energy and financial services conglomerate took a smaller impairment charge in its HighMount Exploration & Production unit.

Net profit rose to $282 million, or 73 cents per share, from $177 million, or 45 cents per share, a year earlier.

Excluding the charges, adjusted net income fell to $324 million from $343 million.

Loews is controlled by the billionaire Tisch family.

Insurer CNA Financial Corp, Loews' biggest holding, reported a 25 percent jump in its operating profit due to higher premium income and lower non-catastrophe losses.

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Loews' third-quarter net income climbed 59 percent, helped by higher earnings at its insurance division.
Monday, 28 October 2013 07:16 AM
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