swung to a loss in the first quarter, hurt by investment losses at insurer
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
Boardwalk Pipeline Partners
, and wholly owns and operates Loews Hotels.
Shares of the company were up 5% to $26.54 in morning trading.
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