Loews fourth-quarter profit falls on insurance unit woes

Extreme weather events such as hurricanes, wildfires, and other natural disasters swept the United States last year, eroding underwriting margins for insurers. Net income attributable to Loews from the insurance unit dipped to $19 million for the three months ended Dec. 31, compared with $336 million last year. The losses were partially offset by a rise in the New York-based parent company's investment income to $696 million in the quarter, from $643 million a year earlier.