Income from continuing operations for the three months ended
Book value per share excluding accumulated other comprehensive income (AOCI) increased to
CONSOLIDATED HIGHLIGHTS
Three Months Ended March 31, |
||
(In millions, except per share data) |
2015 |
2014 |
Income before net investment gains |
$ 101 |
$ 241 |
Net investment gains |
8 |
24 |
Income from continuing operations |
109 |
265 |
Discontinued operations, net |
(206) |
|
Net income attributable to Loews Corporation |
$ 109 |
$ 59 |
Net income per share: |
||
Income from continuing operations |
$ 0.29 |
$ 0.68 |
Discontinued operations, net |
(0.53) |
|
Net income per share |
$ 0.29 |
$ 0.15 |
March 31, |
Year Ended |
||
2015 |
2014 |
||
Book value per share |
$ 51.98 |
$ 50.89 |
$ 51.70 |
Book value per share excluding AOCI |
51.18 |
49.43 |
50.95 |
Income from continuing operations decreased primarily due to lower earnings at
CNA's earnings increased primarily due to higher investment income driven by limited partnerships and improved current accident year underwriting results including lower catastrophe losses, partially offset by lower realized investment gains.
Loews Hotels' earnings increased primarily due to improved performance of recently acquired properties and higher equity income from joint venture properties.
Discontinued operations in 2014 included an impairment charge related to the sale of CNA's annuity and pension deposit business and a ceiling test impairment charge at HighMount.
SHARE REPURCHASES
At
CONFERENCE CALLS
A conference call to discuss the first quarter results of
A conference call to discuss the first quarter results of CNA has been scheduled for today at
A conference call to discuss the first quarter results of
A conference call to discuss the first quarter results of
ABOUT
FORWARD-LOOKING STATEMENTS
Statements contained in this press release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company's overall business and financial performance can be found in the Company's reports filed with the
Loews Corporation and Subsidiaries |
||||
Selected Financial Information |
||||
Three Months Ended March 31, |
||||
(In millions) |
2015 |
2014 |
||
Revenues: |
||||
CNA Financial |
$ 2,342 |
$ 2,421 |
||
Diamond Offshore |
627 |
710 |
||
Boardwalk Pipeline |
330 |
357 |
||
Loews Hotels |
139 |
105 |
||
Investment income and other |
30 |
53 |
||
3,468 |
3,646 |
|||
Investment gains - CNA Financial |
10 |
42 |
||
Total |
$ 3,478 |
$ 3,688 |
||
Income (Loss) Before Income Tax: |
||||
CNA Financial |
$ 304 |
$ 259 |
||
Diamond Offshore (a) |
(287) |
168 |
||
Boardwalk Pipeline (b) |
77 |
23 |
||
Loews Hotels |
10 |
5 |
||
Investment income, net |
29 |
51 |
||
Other (c) |
(38) |
(34) |
||
95 |
472 |
|||
Investment gains - CNA Financial |
10 |
42 |
||
Total |
$ 105 |
$ 514 |
||
Net Income (Loss) Attributable to Loews Corporation: |
||||
CNA Financial |
$ 202 |
$ 176 |
||
Diamond Offshore (a) |
(126) |
69 |
||
Boardwalk Pipeline (b) |
25 |
(18) |
||
Loews Hotels |
5 |
3 |
||
Investment income, net |
19 |
34 |
||
Other (c) |
(24) |
(23) |
||
101 |
241 |
|||
Investment gains - CNA Financial |
8 |
24 |
||
Income from continuing operations |
109 |
265 |
||
Discontinued operations, net (d) |
(206) |
|||
Net income attributable to Loews Corporation |
$ 109 |
$ 59 |
||
(a) |
Includes an asset impairment charge of $359 million ($158 million after tax and noncontrolling interests) for the three months ended March 31, 2015 related to the carrying value of eight drilling rigs. |
|||
(b) |
Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the three months ended March 31, 2014 to write off all capitalized costs associated with the Bluegrass project. |
|||
(c) |
Consists primarily of corporate interest expense and other unallocated expenses. |
|||
(d) |
See table on page six for a summary of items comprising discontinued operations for 2014. |
Loews Corporation and Subsidiaries |
||||
Consolidated Financial Review |
||||
Three Months Ended March 31, |
||||
(In millions, except per share data) |
2015 |
2014 |
||
Revenues: |
||||
Insurance premiums |
$ 1,687 |
$ 1,806 |
||
Net investment income |
588 |
577 |
||
Investment gains |
10 |
42 |
||
Contract drilling revenues |
600 |
685 |
||
Other |
593 |
578 |
||
Total |
3,478 |
3,688 |
||
Expenses: |
||||
Insurance claims & policyholders' benefits |
1,339 |
1,446 |
||
Contract drilling expenses |
351 |
370 |
||
Other (a) (b) |
1,683 |
1,358 |
||
Total |
3,373 |
3,174 |
||
Income before income tax |
105 |
514 |
||
Income tax expense |
(56) |
(103) |
||
Income from continuing operations |
49 |
411 |
||
Discontinued operations, net of income tax |
(227) |
|||
Net income |
49 |
184 |
||
Amounts attributable to noncontrolling interests |
60 |
(125) |
||
Net income attributable to Loews Corporation |
$ 109 |
$ 59 |
||
Net income attributable to Loews Corporation: |
||||
Income from continuing operations |
$ 109 |
$ 265 |
||
Discontinued operations, net (c) |
(206) |
|||
Net income |
$ 109 |
$ 59 |
||
Diluted income per share: |
||||
Income from continuing operations |
$ 0.29 |
$ 0.68 |
||
Discontinued operations, net |
(0.53) |
|||
Diluted income per share attributable to Loews Corporation |
$ 0.29 |
$ 0.15 |
||
Weighted diluted number of shares |
373.19 |
388.07 |
||
(a) |
Includes an asset impairment charge of $359 million ($158 million after tax and noncontrolling interests) for the three months ended March 31, 2015 related to the carrying value of eight drilling rigs. |
|||
(b) |
Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the three months ended March 31, 2014 to write off all capitalized costs associated with the Bluegrass project. |
|||
(c) |
See table on page six for a summary of items comprising discontinued operations for 2014. |
Loews Corporation and Subsidiaries |
|||
Discontinued Operations Review |
|||
Three Months Ended |
|||
(In millions) |
March 31, 2014 |
||
CNA Financial |
|||
Continental Assurance Company (῝CAC῞) operations |
$ 7 |
||
Impairment loss on sale of CAC |
(193) |
||
CNA Financial - Discontinued operations, net |
(186) |
||
HighMount |
|||
Operations |
(1) |
||
Ceiling test impairment |
(19) |
||
HighMount - Discontinued operations, net |
(20) |
||
Discontinued operations, net |
$ (206) |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-109-million-for-the-first-quarter-of-2015-300076186.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788