Loews Reports Loss as Revenue Falls, Insurance Costs Rise

Date : 11/02/2019 @ 22:59
Source : Dow Jones News

Loews Reports Loss as Revenue Falls, Insurance Costs Rise

Loews (NYSE:L)
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1 Year : From Nov 2018 to Nov 2019

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   By Allison Prang 
 

Loews Corp. (L) reported a loss in the last quarter of 2018 as the company's revenue fell and insurance claims and policyholders' benefits costs climbed about 27%.

Loews said it had a loss of $165 million. That compared with a profit of $481 million for the comparable quarter a year prior. The loss came out to 53 cents a share. That compares to a profit for the comparable quarter a year earlier of $1.43 a share.

The comparable quarter a year prior included a $200 million net benefit from the new tax law, the company said.

Total revenue dropped 7.5% to $3.29 billion. It fell in every division except Loews Hotels & Co.

Total expenses rose 14% to $3.52 billion. Within that, insurance claims and policyholders' benefits costs rose to $1.59 billion.

 

Write to Allison Prang at allison.prang@wsj.com

 

(END) Dow Jones Newswires

February 11, 2019 06:44 ET (11:44 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
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