* Loews Q3 EPS $0.45 vs $0.40 yr earlier
* CNA oper. EPS $0.80 vs $0.34 yr earlier
* CNA Catastrophe loss down 44 pct
Oct 29 Hotels, energy and financial services
conglomerate Loews Corp's third-quarter profit rose,
helped by higher investment income and lower catastrophe losses
at CNA Financial Corp, its largest holding.
Catastrophe losses after tax at CNA Financial - in which
Loews has a 90 percent stake - fell to $18 million, in the third
quarter, from $32 million a year earlier.
Net operating profit at the seventh-largest commercial
insurer in the United States rose to $216 million, or 80 cents
per share, from $91 million, or 34 cents per share, a year
Insurance companies like Travelers Cos Inc and Chubb
Corp reported record profits as they benefited from lower
catastrophe losses and an increase in insurance rates.
Loews, run by the billionaire Tisch family, said net
investment income for the third quarter more than doubled to
$682 million from the earlier year.
Net income attributable to Loews rose to $177 million, or 45
cents per share, from $162 million, or 40 cents per share a year
Revenue increased 8 percent to $3.71 billion from the
Revenue from Diamond Offshore Drilling Inc, in which
Loews has a 50.4 percent stake, fell to $234 million from $335
Shares of Loews, which has a market value of about $16.8
billion, closed at $42.39 on the New York Stock Exchange on