CNA’s earnings declined due to higher catastrophe losses of $171 million (after tax and noncontrolling interests) primarily related to Storm Sandy and a lower level of favorable net prior year development in 2012 than in 2011, partially offset by increased investment income. Increased investment income reflects improved performance of limited partnership investments.Diamond Offshore’s earnings decreased primarily due to an impairment charge related to the carrying value of three semisubmersible rigs and lower average daily revenue partially offset by an overall increase in utilization and lower contract drilling expense.
Loews Corporation Reports Net Income For 2012
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