July 29, 2013 / 10:21 AM / 4 years ago

Loews profit soars as insurance revenue grows

(Reuters) - Hotel, energy and financial services conglomerate Loews Corp (L.N) reported a jump in quarterly profit due to a strong performance at its biggest business, insurer CNA Financial Corp (CNA.N).

CNA, 90 percent owned by Loews, reported a 17 percent jump in second-quarter net profit as its property and casualty unit benefited from higher net investment income and lower losses from accidents.

Loews’ net profit rose to $269 million, or 69 cents per share, from $56 million, or 14 cents per share, a year earlier.

The company’s year-ago results reflected an impairment charge of $142 million related to its HighMount Exploration & Production LLC unit.

    Diamond Offshore Drilling Inc (DO.N), Loews’ second-largest business, reported a fall in quarterly profit last week, overshadowed by rig maintenance and the delayed arrival of two new rigs.

    Total revenue at Loews, controlled by the billionaire Tisch family, rose 10 pct to $3.72 billon, while net investment income was up 50 percent at $579 million.

    Operating income at CNA Financial’s property and casualty business rose about 59 percent to $258 million.

    Shares of Loews closed at $46.05 on Friday on the New York Stock Exchange.

    Reporting by Avik Das in Bangalore; Editing by Joyjeet Das

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