RTTNews | Aug 3, 2020 06:11AM EDT

06:10 Monday, August 3, 2020 (RTTNews.com) - Loews Corp. (L) on Monday reported a second-quarter net loss of $835 million or $2.96 per share, compared to net income of $249 million, or $0.82 per share in the prior-year quarter.

The net loss was attributable mainly to an investment loss of $957 million to write down the carrying value of interest in Diamond Offshore Drilling, Inc. as a result of its bankruptcy filing on April 26, 2020, significant catastrophe losses at CNA Financial Corp., and operating losses at Loews Hotels & Co.

These factors were partially offset by increased net investment income at CNA and the parent company as well as investment gains at CNA.

Total revenues for the quarter also decreased to $2.31 billion from $3.62 billion in the same quarter last year.

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