April 28 Hotel, energy and financial services conglomerate Loews Corp reported a 75 percent drop in quarterly profit as it booked a loss related to the pending sale of the annuity and pension deposit business of CNA Financial Corp.
Loews, controlled by the billionaire Tisch family, said first-quarter net income attributable to the company fell to $59 million, or 15 cents per share, from $242 million, or 62 cents per share, a year earlier.
Revenue rose about 2 percent to $3.74 billion.
CNA Financial is the company's largest subsidiary. (Reporting by Amrutha Gayathri in Bangalore; Editing by Maju Samuel)