Loews Swings to Loss, Hurt by CNA Financial

Conglomerate Loews(L Quote) swung to a loss in the first quarter, hurt by investment losses at insurer CNA Financial(CNA Quote) and charges at its natural gas unit.

The company, owned by the Tisch family, saw a loss of $647 million, or $1.49 a share, compared with a profit of $409 million, or 77 cents a share, in the same period a year ago.

Investment losses and a decrease in written premiums hurt CNA, which posted a loss of $195 million, or 84 cents a share, compared with a profit of $187 million, or 69, a year ago. Loews owns a 90% stake in CNA.

The diversified holding company was also hurt by a $1 billion non-cash impairment charge in HighMount Exploration & Production, caused by lower commodities prices.

Total revenue for Loews fell 16% to $3.02 billion in the first quarter from $3.61 billion during the year-ago period.

Aside from CNA Financial and HighMount, Loews also owns majority stakes in Diamond Offshore Drilling(DO Quote) and Boardwalk Pipeline Partners(BWP Quote), and wholly owns and operates Loews Hotels.

Shares of the company were up 5% to $26.54 in morning trading.