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CNA Posts Loss in 3Q Due to Asbestos-Related Charge

Posted on 01 Nov 2010

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CNA Financial Corp. parent Loews Corp., the conglomerate run by the Tisch family, reported a steep decline Monday in its third-quarter profit, citing a hefty tax charge and the moratorium on drilling in the Gulf of Mexico.

The results reflected a $328-million charge after taxes that CNA incurred related to asbestos and environmental pollution liabilities. Excluding that expense, Loews said net income would have been $364 million.

CNA posted a loss of $140 million, or 59 cents per share, for the period. A year earlier, it earned $263 million, or 86 cents per share. On an operating basis, CNA posted a loss of 66 cents per share, while analysts had expected a loss of 68 cents per share.