Loews Reports 1Q Loss Investment, Property Charges

Expenses surged 41 percent, primarily due to the impairment charge tied to the oil and gas properties. Total expenses reached $3.89 billion during the first quarter, compared with $2.75 billion during the same quarter in 2008.

Aside from CNA Financial and HighMount, Loews also owns majority stakes in Diamond Offshore Drilling Inc. and Boardwalk Pipeline Partners LP. The company also wholly owns and operates Loews Hotels.

In premarket trading, Loews shares fell 59 cents, or 2.3 percent, to $24.60.