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Loews quarterly profit falls 31 percent


    NEW YORK (Reuters) - Loews Corp said on Monday fourth-quarter profit fell 31 percent, hurt by losses tied to subprime investments at its CNA Financial Corp insurance unit.

    Net income at New York-based Loews, a conglomerate run by the billionaire Tisch family, fell to $512 million from $746 million a year earlier.

    Profit attributable to shareholders fell 37 percent to $384 million, or 72 cents per share, from $609 million, or $1.11.

    (Reporting by Jonathan Stempel; Editing by John Wallace)