Loews Reports Loss as Revenue Falls, Insurance Costs Rise
February 11 2019 - 6:59AM
Dow Jones News
By Allison Prang
Loews Corp. (L) reported a loss in the last quarter of 2018 as
the company's revenue fell and insurance claims and policyholders'
benefits costs climbed about 27%.
Loews said it had a loss of $165 million. That compared with a
profit of $481 million for the comparable quarter a year prior. The
loss came out to 53 cents a share. That compares to a profit for
the comparable quarter a year earlier of $1.43 a share.
The comparable quarter a year prior included a $200 million net
benefit from the new tax law, the company said.
Total revenue dropped 7.5% to $3.29 billion. It fell in every
division except Loews Hotels & Co.
Total expenses rose 14% to $3.52 billion. Within that, insurance
claims and policyholders' benefits costs rose to $1.59 billion.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
February 11, 2019 06:44 ET (11:44 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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