Loews Posts Loss on Charges for CNA
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Loews Corp. said it swung to a third-quarter loss because of hefty charges to strengthen reserves at its insurance unit, CNA Financial Corp.
The New York-based company, which is controlled by the billionaire Tisch family, also was hurt by lower results from its Lorillard Inc. tobacco unit.
Loews posted a third-quarter loss of $1.38 billion, or $7.90 a share, contrasted with earnings of $239.1 million, or $1.05, a year earlier. Revenue, including investment gains, fell 3.2% to $3.94 billion.
Shares of Loews climbed $1.60, or 3.9%, to $42.95 on the New York Stock Exchange.
CNA, the Chicago-based insurer of which Loews owns 90%, posted a net loss of $1.76 billion, or $7.94 a share, contrasted with earnings of $54 million, or 24 cents, a year earlier.
From Dow Jones/Associated Press
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