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Loews Corp. net down 92%, adjusted profit off 22%


BargainValueHunter
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http://www.marketwatch.com/story/loews-corp-net-down-92-adjusted-profit-off-22-2010-11-01?siteid=yhoof2

 

Adjusted earnings were $364 million compared with $468 million. The latest results reflect a charge for a transaction under which Loews's CNA Financial unit ceded certain legacy environmental-related liabilities to National Indemnity Co.
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As of September 30, holding company cash and investments totaled $4 billion. During the quarter, we received $500 million from the repayment senior preferred stock by CNA. We received $147 million in dividends and interest from its subsidiaries. We repurchased $84 million of common stock and we paid $26 million of dividends to our shareholders.

 

During the fourth quarter, we expect to receive $500 million from CNA upon redemption of the preferred stock that remains outstanding.

;D ;D ;D
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