Loews' Q1 Profit Down On Weak CNA Financial Results - Quick Facts

(RTTNews) - Loews Corp.'s (L) a commercial property and casualty insurance company, reported Monday that its first-quarter net income attributable to the company declined to $102 million from $109 million last year.

Net income declined due to lower earnings at CNA Financial Corp. (CNA) and reduced results from the parent company investment portfolio, partially offset by higher earnings at Diamond Offshore Drilling, Inc. (DO) because of the absence this quarter of an asset impairment charge. Higher earnings at Boardwalk Pipeline Partners, LP also served as a partial offset.

However, earnings per share improved to $30 from $0.29 last year, due to treasury share purchases over the past year.

The latest results included a charge of $74 million related to retroactive reinsurance accounting for the Loss Portfolio Transfer, while prior year results were hurt by an asset impairment charge of $158 million.

CNA Financial's net income plunged to $66 million or $0.24 per share from $233 million or $0.86 per share last year. CNA Financial net operating income was $91 million or $0.34 per share, lower than $225 million, or $0.83 per share.

Diamond Offshore reported net income of $87 million or $0.64 per share in the first quarter, compared to a loss of $256 million, or a loss of $1.86 per share last year.

Loews' book value per share excluding accumulated other comprehensive income increased to $52.98 from $52.72 at December 31, 2015.

Loews' Total revenues declined to $3.173 billion from last year's $3.478 billion.

CNA Financial revenues dropped to $2.231 billion from $2.342 billion last year. Diamond Offshore revenues were $471 million, compared to $620 million in 2015.

CNA Financial also declared a quarterly dividend of $0.25 per share, payable June 1, to stockholders of record on May 16.