Loews Corp. (L) on Monday reported fourth-quarter net income of $343 million or $1.37 per share, down from $397 million or $1.45 per share in the prior-year quarter.
Net income decreased primarily due to lower net investment gains, lower results from the Life & Group business driven by unfavorable morbidity, and higher net catastrophe losses, all of which were partially offset by higher Property & Casualty non-catastrophe underwriting results.
Revenues for the quarter decreased to $3.66 billion from $3.71 billion in the same quarter last year.
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