UPDATE: Loews Q2 Net Profit Drops 78%

Loews

reported a drop in its second-quarter profit. Loews' quarterly net income declined to $56 million, or $0.14 per share, versus $250 million, or $0.61 per share, in the year-ago period. Its revenue dropped 4.3% to $3.39 billion. Loews' revenue from insurance premiums gained 4.6% to $1.67 billion. Loews shares closed at $41.70 on Friday.