WASHINGTON (dpa-AFX) - Loews Corp. (L) Monday reported a sharp decline in fourth-quarter profit to $268 million, or $0.67 per share, from $466 million, or $1.12 per share, a year ago. The company attributed the plunge to lower investment income and higher insurance reserves for the payout annuity business.
Revenues for the quarter were $3.48 billion compared to last year's $3.72 billion, with net investment income falling to $550 million from $711 million, and contract drilling revenues dropping to $734 million from $825 million.
Copyright RTT News/dpa-AFX
© 2012 AFX News
