NEW YORK— Loews Corp. has reported a 50% drop in first-quarter profits, to $234.9 million, or $1.23 a share, compared with $472.3 million, or $2.40 a share, last year. Loews attributed the losses to its majority-owned insurer, CNA Financial, which faced claims that were larger than expected. However, Loews beat analysts consensus estimate of $1.26 a share— excluding realized investment gains— and posted an operating profit of $1.31 a share for the first quarter. Loews revenues dropped slightly, to $4.8 billion from $4.9 billion a year earlier. SOURCE: crainsny.com
