By Joshua Jamerson 
 

Loews Corp. and its insurance unit CNA Financial Corp. both swung to losses in the fourth quarter, as the holding company reported one-time charges weighed on its bottom line.

Loews owns 90% of CNA, which typically accounts for nearly two-thirds of the conglomerate's revenue.

Loews' other big holdings include contract driller Diamond Offshore Drilling Inc. and oil and gas transporter Boardwalk Pipeline Partners LP.

During the three months ended Dec. 31, CNA recorded a $178 million charge related to its long-term-care business, and Diamond Offshore reported a $499 million equipment write-down.

For the latest quarter, Loews reported a net loss of $201 million, or 58 cents a share, compared to a profit of $208 million, or 55 cents a share.

Revenue at Loews slid 5.3% to $3.33 billion. Revenue from insurance premiums, its largest top line contributor, fell 2.1% to $1.75 billion.

Meanwhile, CNA Financial recorded a loss of $70 million, or 26 cents a share, compared with a year-earlier profit of $198 million, or 73 cents a share.

Loews repurchased 17 million shares of its common stock for $632 million in the fourth quarter.

Write to Joshua Jamerson at joshua.jamerson@wsj.com

(END) Dow Jones Newswires

February 08, 2016 06:57 ET (11:57 GMT)