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02-07-2011, 03:09 PM #1
Loews Profit Rises 16%
FEBRUARY 7, 2011, 7:26 A.M. ET.
Loews Profit Rises 16%
By MATT JARZEMSKY
Loews Corp.'s fourth-quarter profit rose 16% as its CNA Financial Corp. insurance unit saw earning surge 23% and reinstated its quarterly dividend.
Insurers have faced a difficult pricing environment amid high competition and customers' reluctance to stomach price increases. Loews, a conglomerate led by New York's Tisch family, owns 90% of CNA, and the insurer typically accounts for nearly two-thirds of its revenue.
Loews reported a profit of $466 million, or $1.12 a share, up from $403 million, or 94 cents a share, a year earlier. Revenue fell 2.8% to $3.72 billion as insurance premium revenue dropped 2.3% to $1.65 billion.
Meanwhile, CNA posted a profit of $302 million, or $1.09 a share, up from $246 million, or 81 a share, a year earlier. Operating earnings, which exclude investment impacts and other items, rose to $1.18 a share from 63 cents. Analysts polled by Thomson Reuters most recently forecast earnings of 69 cents.
CNA also disclosed plans to pay a quarterly dividend of 10 cents a share.
Loews' other big holdings include Boardwalk Pipeline Partners LP and Diamond Offshore Drilling Inc., which last week said its fourth-quarter profit fell 12%. The oil driller reported weaker revenue amid mostly lower day rates and rig utilization.
Write to Matt Jarzemsky at matthew.jarzemsky@dowjones.com
http://online.wsj.com/article/SB1000142 ... 08880.htmlNO AMNESTY
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