The Wall Street Journal-20080212-Loews Corp-

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Loews Corp.

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Loews Corp. posted a 31% drop in fourth-quarter profit, hurt by subprime investment losses at its CNA Financial Corp. insurance business and weaker results in its tobacco and drilling units. Loews reported net income of $512 million, down from $746 million a year earlier. The results include Carolina Group, the tracking stock for its cigarette subsidiary, Lorillard, where net income fell 6.4%. CNA suffered net investment losses of $61 million. Loews owns 89% of CNA and a majority stake in Diamond Offshore Drilling Inc., which a week ago reported a 25% drop in fourth-quarter net income.