Loews Slips To Loss In Q1 - Quick Facts

(RTTNews) - Loews Corp. (L) on Monday reported a first-quarter net loss of $632 million or $2.20 per share, compared to net income of $394 million or $1.27 per share in the prior-year quarter.

The net loss was attributable mainly to drilling rig impairment charges from Diamond Offshore Drilling, decreased net investment income at CNA and the parent company, net investment losses from CNA and lower results at Loews Hotels & Co. The economic disruption caused by the COVID-19 pandemic also affected Loews's results.

Total revenues for the quarter also decreased to $3.10 billion from $3.76 billion in the same quarter last year.