Loews’ Quarterly Earnings Up 37%
From Associated Press
Loews Corp. said profit in its latest quarter soared 37% from the previous year, thanks to robust earnings at its CNA Financial Corp. insurance unit as well as lower expenses.
The New York company said net income was $502.8 million, compared with $367.4 million a year earlier. Revenue fell 6.6% to $4.05 billion, reflecting CNA Financial’s sale of its group benefits business in December 2003 and individual life insurance business in April 2004.
Loews, controlled by the Tisch family, owns tobacco company Lorillard Inc. and the Loews hotel chain.
Loews’ shares rose $1.74 to $71.50 on the New York Stock Exchange.
