Loews Corp. (L) Reports Q1 Loss of $2.20

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Loews Corporation Reports Net Loss Of $632 Million For The First Quarter Of 2020

May 4, 2020 6:00 AM EDT

NEW YORK, May 4, 2020 /PRNewswire/ -- Loews Corporation (NYSE: L) today reported a net loss of $632 million, or $2.20 per share, for the three months ended March 31, 2020, compared to net income of $394 million, or $1.27 per share, in the first quarter of 2019.

Results for the three months ended March 31, 2020, after tax and noncontrolling interests, were substantially below the prior year period, caused primarily by (i) drilling rig impairment charges of $408 million from Diamond Offshore Drilling, Inc., (ii) a $363 million decline in net investment income from CNA Financial Corporation and the parent company, (iii)... More