Nov 3 (Reuters) - Loews Corp ( L ) reported a rise in

third-quarter profit on Monday, as lower catastrophe losses

benefited its insurance unit.

Insurance spending has been steady despite mounting

macroeconomic uncertainty as businesses and individuals

continued to seek protection against financial risks, property

damage and natural disasters.

The absence of major catastrophes can cause a tailwind to

insurers as losses from hurricanes, wildfires and storms - key

swing factors for the industry - often affect earnings despite

efforts to price in risks and share them through reinsurance.

Loews ( L ) operates in insurance, energy, hospitality and

packaging via units including CAN Financial, Boardwalk

Pipelines, Loews Hotels and Altium Packaging.

The company rakes in the bulk of its revenue from CAN

Financial, the insurance giant in which it owns a more than 90%

stake, according to data compiled by LSEG.

The New York-based company said its insurance unit's core

income increased 40% to $409 million from a year ago, helped by

lower catastrophe-related losses, improved underlying

underwriting results and higher net investment income.

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

of 92.8% in its property and casualty business due to lower

catastrophe losses, compared with 97.2% a year earlier.

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

than it paid out in claims.

Net income attributable to Loews ( L ) rose to $504 million, or

$2.43 per share, in the three months ended September 30,

compared with $401 million, or $1.82 per share, a year earlier.

Loews ( L ) stock has risen nearly 17.6% this year, compared with

a 16.3% rise in the benchmark S&P 500 index.