Loews' Profit Falls as Subsidiary Diamond Offshore Drilling Struggles

Keep an eye on Loews on Monday. The energy and insurance conglomerate reported a sharp decline in profit in the latest quarter.
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Keep an eye on Loews on Monday. The energy and insurance conglomerate reported a sharp decline in profit in the latest quarter. Earnings fell to 55 cents a share. That's worse than expected. Revenue fell 2% to $3.5 billion. Loews continued to trim the operations of its largest subsidiary, CNA Financial, because of declining income. Cuts were made in all areas, including life insurance, health insurance and pension deposit. Loews' second largest subsidiary, Diamond Offshore Drilling, also faced revenue pressure despite being one of the world's top five offshore rig contractors.