Loews, CNA Swing To Losses on Charges
08 February 2016 - 11:12PM
Dow Jones News
By Joshua Jamerson
Loews Corp. and its insurance unit CNA Financial Corp. both
swung to losses in the fourth quarter, as the holding company
reported one-time charges weighed on its bottom line.
Loews owns 90% of CNA, which typically accounts for nearly
two-thirds of the conglomerate's revenue.
Loews' other big holdings include contract driller Diamond
Offshore Drilling Inc. and oil and gas transporter Boardwalk
Pipeline Partners LP.
During the three months ended Dec. 31, CNA recorded a $178
million charge related to its long-term-care business, and Diamond
Offshore reported a $499 million equipment write-down.
For the latest quarter, Loews reported a net loss of $201
million, or 58 cents a share, compared to a profit of $208 million,
or 55 cents a share.
Revenue at Loews slid 5.3% to $3.33 billion. Revenue from
insurance premiums, its largest top line contributor, fell 2.1% to
$1.75 billion.
Meanwhile, CNA Financial recorded a loss of $70 million, or 26
cents a share, compared with a year-earlier profit of $198 million,
or 73 cents a share.
Loews repurchased 17 million shares of its common stock for $632
million in the fourth quarter.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
February 08, 2016 06:57 ET (11:57 GMT)
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