(RTTNews) - Loews Corp. (L: News ), the parent company of insurer CNA Financial Corp. (CNA: News ) and drilling rigs operator Diamond Offshore Drilling, Inc. (DO: News ), reported Monday significantly higher profit in its third quarter, reflecting improved revenues and lower investment losses at CNA. On an attributable basis, the company turned to a profit from prior year's loss, with earnings per share beating market projections. Separately, CNA Financial reported a third-quarter profit, compared to last year's loss, while net operating income before net realized investment losses grew from last year, and topped Wall Street view.

New York-based Loews, run by the billionaire Tisch family, reported that net income for the third quarter was $691 million, significantly higher than prior year's net income of $22 million. Net income attributable to Loews common stock was $468 million or $1.08 per share, compared to prior year's loss of $137 million or $0.31 per share.

On a continuing operations basis, quarterly income grew to $692 million from $15 million a year earlier. Income from continuing operations attributable to Loews common stock was $469 million or $1.08 per share, compared to loss of $144 million or $0.33 per share last year.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.89 per share for the quarter. Analysts' estimates typically exclude special items.

The company attributed the strong third-quarter results mainly to improved net investment income and significantly lower impairment losses at its Chicago - based insurance unit CNA Financial Corp.
Loews operates through its principal subsidiaries, including CNA Financial, a 90% owned subsidiary, Diamond Offshore Drilling, a 50.4% owned subsidiary, HighMount Exploration & Production LLC, a wholly owned subsidiary, Boardwalk Pipeline Partners, LP (BWP), a 72% owned subsidiary, and Loews Hotels, a wholly owned subsidiary.

Net income attributable to Loews from CNA Financial surged to $304 million from last year's $76 million, and attributable profit from Diamond Offshore rose to $170 million from $145 million a year ago. Net income attributable to Loews from HighMount declined to $40 million from $47 million in the previous year.

The latest quarter results included net investment losses of $61 million, after tax and non-controlling interests, compared to prior year's net investment losses of $379 million that were primarily driven by other-than-temporary impairment losses recognized in CNA's available-for-sale portfolio driven by credit related issues.

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