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

[BargainValueHunter]

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.

[Myth465]

What a stupid headline.

[scorpioncapital]

that's the rub with the insurance business, you can report positive operating income but if your reserving parameters change, you have to average that over time, in that sense it's reputational and memories are short.

[nwoodman]

Conference call transcript

 

http://seekingalpha.com/article/233885-loews-ceo-discusses-q3-2010-results-earnings-call-transcript?source=thestreet

[BargainValueHunter]

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

[Myth465]

I must be the only guy who prefers the CNA preferreds.