Loews Corp. L, -5.74% reported a loss in the last quarter of 2018 as the company’s revenue fell and insurance claims and policyholders’ benefits costs climbed about 27%.
Loews said it had a loss of $165 million. That compared with a profit of $481 million for the comparable quarter a year prior. The loss came out to 53 cents a share. That compares to a profit for the comparable quarter a year earlier of $1.43 a share.
The comparable quarter a year prior included a $200 million net benefit from the new tax law, the company said.
Total revenue dropped 7.5% to $3.29 billion. It fell in every division except Loews Hotels & Co.
Total expenses rose 14% to $3.52 billion. Within that, insurance claims and policyholders’ benefits costs rose to $1.59 billion.
Loews Corp. shares were trading at $44.57 per share on Monday afternoon, down $2.90 (-6.11%). Year-to-date, L has declined -2.09%, versus a 8.20% rise in the benchmark S&P 500 index during the same period.
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