* Loews 4th-qtr loss of $0.08/shr vs EPS $0.68 year ago
* Loews rev up 6 pct
* CNA oper loss of $0.03/shr vs est $0.04
Feb 11 Hotels, energy and financial services
conglomerate Loews Corp reported a fourth-quarter loss,
hit by catastrophe losses linked to superstorm Sandy at CNA
Financial Corp, its largest holding.
The loss attributable to Loews, controlled by the
billionaire Tisch family, was $32 million, or 8 cents per share,
compared with a profit of $271 million, or 68 cents per share, a
After-tax catastrophe losses at CNA Financial, in which
Loews has a 90 percent stake, rose to $190 million in the
quarter from $11 million a year earlier.
The net operating loss at CNA Financial was $7 million, or 3
cents per share, compared with a profit of $193 million, or 71
cents per share, a year earlier.
Analysts had expected CNA, the seventh largest commercial
insurer in the United States, to earn 4 cents per share,
according to Thomson Reuters I/B/E/S.
Sandy, which struck the northeast United States on Oct. 29,
is the second-costliest catastrophe in the U.S. history, with
insured loss estimates as high as $25 billion. The costliest was
Hurricane Katrina in 2005.
(For a Factbox on initial Sandy-related loss estimates
reported by insurers so far, click: )
Earlier this month, Diamond Offshore Drilling Inc, in
which Loews has a 50 percent stake, said net income fell to $156
million, or $1.12 per share, from $188 million, or $1.36 per
share, a year earlier.
Diamond Offshore, which accounts for about a quarter of
Loews' revenue, warned that a number of its rigs would head into
the shipyard for maintenance. Increasing spells of shipyard work
have been a challenge for Diamond and its rivals over the past
Loews said it booked a net investment loss of $6 million,
compared with a profit of $16 million in the same quarter last
Total revenue rose 6 percent to $3.70 billion.
Shares of Loews, which has a market value of about $16.8
billion, closed at $43.85 on the New York Stock Exchange on
Friday, while those of CNA Financial closed at $31.80.