Loews’ Profit Rises on Insurance Gains

Loews Corp., the New York-based conglomerate controlled by financier Laurence Tisch, had a 45% rise in third-quarter earnings as its insurance unit returned to profitability.

Profit climbed to $240.4 million, or $1.06 a share, from $165.7 million, or 85 cents, a year ago.

Loews’ CNA Financial Corp. unit boosted premiums after the Sept. 11 terrorist attacks and has cut costs and sold some businesses.

The overhaul helped Loews improve profit at a time when earnings growth is slowing at its Lorillard Tobacco Co. and Diamond Offshore Drilling units, analysts said.

Loews’ shares fell $2.86, or 6.5%, to $41.14 on the NYSE.