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NEW YORK, Nov 2 (Reuters) - Conglomerate Loews Corp reported a higher-than-expected third-quarter profit on Monday as its largest holding, CNA Financial Corp, swung to a profit on gains in its investment portfolio. Shares of New York-based Loews, run by the billionaire Tisch family, jumped 2.7 pct in premarket trading after it posted net income of $469 million, or $1.08 a share, from continuing operations. That compared with a loss of $144 million, or 33 cents a share, in the same period a year ago. Analysts were looking for a profit of 89 cents a share excluding items, according to Thomson Reuters I/B/E/S. Chicago-based commercial insurer CNA, 90 percent-owned by Loews, reported third-quarter net income of $263 million, or 86 cents a share, compared with a loss of $331 million, or $1.23 a share, a year earlier. CNA said that while the global recession is still hurting its insurance premium volume, its investment portfolio improved sharply on narrowing credit spreads. Lower catastrophe losses -- just $15 million after tax, compared with $168 million a year earlier -- also helped CNA. Shares of Loews, which also has hotel and energy businesses, were at $34 in premarket trading, up from a Friday close at $33.10. (Reporting by Elinor Comlay; editing by John Wallace) ((elinor.comlay@thomsonreuters.com; +1 646 223 6116)) Keywords: LOEWS/ (Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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