Loews profit rises 59 pct after lower charge

Mon Oct 28, 2013 6:35am EDT

Oct 28 (Reuters) - Loews Corp posted a 59 percent jump in third-quarter profit as the hotel, energy and financial services conglomerate took a smaller impairment charge in its HighMount Exploration & Production unit.

Net profit rose to $282 million, or 73 cents per share, from $177 million, or 45 cents per share, a year earlier.

Excluding the charges, adjusted net income fell to $324 million from $343 million.

Loews is controlled by the billionaire Tisch family.

Insurer CNA Financial Corp, Loews' biggest holding, reported a 25 percent jump in its operating profit due to higher premium income and lower non-catastrophe losses.

A couple walks along the rough surf during sunset at Oahu's North Shore, December 26, 2013. REUTERS/Kevin Lamarque

Find your dream retirement town

Florida? Hawaii? Reuters has teamed up with Zillow to give you the power to customize a list of your best places to retire.  Video | Full Article