Loews Posts 3Q Profit As Investment Charges Drop

NEW YORK (AP) — Loews Corp. reported a third-quarter profit Monday that easily topped analysts' expectations as improving investment and credit markets led to lower impairment charges at its insurance unit, CNA Financial Corp.

Loews also reported improved investment income at the holding company level, and higher earnings at its energy drilling business.

Loews profit available to common shareholders totaled $468 million, or $1.08 per share, during the quarter ended Sept. 30. It lost $137 million, or 31 cents per share, during the same period last year.

Analysts polled by Thomson Reuters, on average, forecast earnings of 89 cents per share during the quarter.

Loews was helped by improving investment and credit markets, which allowed it to avoid costly impairment charges at CNA Financial during the most recent quarter. Loews owns a 90 percent stake in CNA Financial, the rest of which is publicly traded.

Loews recorded $61 million in net investment losses during the quarter, compared with losses of $379 million during the same period last year.