May 5 (Reuters) - Loews Corp ( L ) reported a fall in

first-quarter profit on Monday, hurt by higher catastrophe

losses in its insurance subsidiary.

Extreme weather has been a persistent trouble for the

insurance industry, which is liable to pay for damages caused by

such events.

The Los Angeles wildfires in January, which reduced entire

neighborhoods to smoldering ruins and left an apocalyptic

landscape, were one of the costliest in U.S. history in terms of

insured losses and may have caused up to $150 billion worth of

damage, according to AccuWeather estimates.

Loews ( L ) earns most of its revenue from its insurance unit CNA

Financial Corporation ( CNA ), in which it holds more than a 90%

stake, according to LSEG data.

The company said its insurance unit's property and casualty

catastrophe losses were $97 million, including $53 million from

the California wildfires, compared with $88 million a year

earlier.

Loews' ( L ) insurance unit reported an underlying combined ratio

of 92.1% in its property and casualty business, compared with

91% a year earlier.

A ratio below 100% means an insurer earned more in premiums

than it paid out in claims.

The New York-based company's investment income fell to $608

million in the quarter compared with $669 million a year

earlier.

U.S. President Donald Trump's erratic trade policies have

unsettled the market, raised concerns about rising inflation and

a potential recession, and hurt investment returns for companies

such as Loews ( L ).

Net income attributable to Loews ( L ) fell to $370 million, or

$1.74 per share, in the three months ended March 31, compared

with $457 million, or $2.05 per share, a year earlier.

Loews ( L ) stock rose nearly 4% so far this year, compared with

the 3.3% decline in the benchmark S&P 500 index.