(By Balachander) Loews Corp. (NYSE: L) posted an increase in quarterly earnings on higher net investment income and insurance premiums.
Earnings attributable to Loews were $177 million or $0.45 per share for the third quarter, up from $162 million or $0.40 per share in the comparable period of last year.
Revenue increased 8.2 percent to $3.71 billion as net investment income more than doubled to $682 million. Insurance premiums grew 3 percent.
Contract drilling revenue declined 17 percent.
As at Sept. 30, 2012, book value per share was $50.41, up from $47.33 at December 31, 2011 and $47.58 at Sept. 30, 2011. There were 393.6 million shares of Loews stock outstanding.
New York-based Loews operates primarily as a commercial property and casualty insurance company. It also owns and operates drilling rigs that are used in the drilling of offshore oil and gas wells on a contract basis for companies engaged in exploration and production of hydrocarbons
The stock, which has been trading between $35.59 and $43.36 over the past year, closed Friday's regular trading at $42.39.