* First-quarter net income $0.15/shr vs $0.62/shr last year
* Books loss from discontinued ops of $0.48/shr
* Revenue up about 2 pct at $3.74 billion
(Adds CNA results, details about Loews results)
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
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.
The latest quarterly results included a loss from
discontinued operations of $186 million, or 48 cents per share.
CNA, which is the largest subsidiary of Loews, said in
February that it was selling its life and group insurance
business for about $615 million as the returns from the business
Loews' revenue rose about 2 percent to $3.74 billion, while
net investment income fell nearly 4 percent to $577 million.
Separately, insurer CNA said net income fell to $13 million,
or 5 cents per share, in the first quarter, from $250 million,
or 93 cents per share, a year earlier.
Loews also controls Diamond Offshore Drilling Inc,
one of the world's top five offshore rig contractors. The
company reported a better-than-expected adjusted profit last
week as it cut costs and secured higher rates for its upgraded
Loews' shares closed at $44.14 on the New York Stock
Exchange on Friday. The stock has risen about 2 percent since
the company last reported its quarterly earnings in February.
CNA shares, which have gained about 3 percent since
reporting its previous quarter results, closed at $42.71 on
(Reporting by Amrutha Gayathri in Bangalore; Editing by Maju