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Loews Net Income Declines 14 Percent on Insurance (Update6) 

Loews Corp., the holding company run by New York's Tisch family, and its CNA Financial Corp. insurance unit reported first-quarter earnings that fell short of analysts' estimates as policy sales shrank.

Net income at Loews declined for the third straight quarter, falling 14 percent to $662 million, or $1.05 a share, from $768 million, or $1.20, the New York-based company said today in a statement. Revenue fell at CNA, sending the stock of both companies tumbling the most in three months. . ..

Profit at Lorillard, Loews's tobacco unit, fell 20 percent to $67 million on a decline in revenue. Loews is preparing to spin off the cigarette business, which includes the Newport brand, and said it had $13 million in administrative expenses in the period tied to the transaction.

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