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Loews Corp: posts loss in Q1

(CercleFinance.com) - Loews Corp, a conglomerate whose activities range from energy to insurance and hotels, has announced a net loss of 632 million dollars, or 2.
20 dollars per share for the first quarter of 2020, compared to EPS 1.27 dollar a year ago.

This deterioration is firstly due to an exceptional heavy charge at its offshore drilling subsidiary Diamond Offshore Drilling, as well as a decline in net investment income at the insurance company CNA Financial, and for the parent company.

More generally, the group said, "The economic disruption caused by the COVID-19 pandemic and measures to mitigate the spread of the virus significantly affected Loews's results in the first quarter of 2020".


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