Loews Corp. reported that its fourth quarter...

Loews Corp. reported that its fourth quarter profit fell by 11.7% from a year earlier, while annual net earnings declined by about 7%. Loews is a diversified holding company with interests in hotels, manufacture and sale of tobacco products, insurance and financial services. The company is the largest shareholder in CBS Inc. Expenses jumped by 34% during the quarter, including a 43% surge in insurance benefits and underwriting expenses, the company said. For the full year, Loews said, net income declined about 7%. The New York firm noted that the 1985 profit included $86.4 million from discontinued operations, mostly accounted for by $80.8 million gain on Loews’ sale of its theater division.