CNA reports third-quarter net income of $213M

(Reuters) — CNA Financial Corp., Loews Corp.'s largest subsidiary, said on Monday net income fell to $213 million, or 79 cents per share, in the quarter ended Sept. 30, from $272 million, or $1.01 per share, a year earlier.

Over the years, Loews has trimmed CNA's operations by hiving off its life insurance, personal automobile insurance, health insurance, reinsurance, and annuity and pension deposit businesses.

CNA's shares have lost about 6.5% this year up to Friday's close of $39.08.

The hotel, energy and financial services conglomerate, Loews Corp., reported an overall 26% drop in quarterly profit due to lower investment income and weaker earnings from its oil rig and insurance subsidiaries.

Net income attributable to Loews fell to $208 million, or 55 cents per share, in the third quarter ended Sept. 30, from $282 million, or 73 cents per share, a year earlier.

Loews, controlled by New York's wealthy Tisch family, said total revenue fell about 2% to $3.52 billion.