"CNA's underlying Property & Casualty business is performing extremely well," said
Book value per share decreased to
CONSOLIDATED HIGHLIGHTS
(In millions, except per share data) |
|
|||
Three Months |
Nine Months |
|||
2020 |
2019 |
2020 |
2019 |
|
Income (loss) before net investment gains (losses) |
$ 106 |
$ 67 |
$ (299) |
$ 688 |
Net investment gains (losses): |
||||
CNA |
33 |
5 |
(72) |
27 |
Corporate |
(957) |
|||
Total net investment gains (losses) |
33 |
5 |
(1,029) |
27 |
Net income (loss) attributable to |
$ 139 |
$ 72 |
$ (1,328) |
$ 715 |
Net income (loss) per share |
$ 0.50 |
$ 0.24 |
$ (4.70) |
$ 2.34 |
|
|
|||
Book value per share |
$ 63.16 |
$ 65.71 |
||
Book value per share excluding AOCI |
62.29 |
65.94 |
The economic disruption caused by the COVID-19 pandemic and measures to mitigate the spread of the virus have significantly affected Loews's results. The full impact of COVID-19 on Loews will depend on the duration of mandated and voluntary containment efforts, related economic policies, and other societal responses to the pandemic.
Three Months Ended
CNA's property & casualty underwriting income before catastrophe losses and prior year development improved, as premiums increased and the underlying combined ratio improved by two points. However, higher net catastrophe losses, primarily from severe weather-related events, more than offset this improvement. CNA's earnings benefited from higher net investment income and net investment gains, with limited partnership returns driving the increase in net investment income. Net reserve charges in
Boardwalk Pipelines' earnings decreased as net operating revenues declined and expenses increased. Revenue from growth projects recently placed in service and higher storage and parking and lending revenues did not fully offset revenue declines from expiring contracts replaced by contracts at lower overall average rates. Depreciation and property taxes rose primarily due to an increased asset base from growth projects, as well as the expiration of property tax abatements.
Nine Months Ended
The net loss for the nine months ended
CNA's earnings decreased primarily due to higher net catastrophe losses, lower net investment income, and net investment losses as compared to investment gains in the prior year period. Partially offsetting these declines were lower net reserve charges in
Boardwalk Pipelines' earnings decreased primarily due to the reasons set forth above in the three-month discussion. Prior year net income benefited from proceeds of
The parent company investment portfolio posted lower income primarily because limited partnership and equity investments generated losses versus gains in the prior year.
Corporate segment results include the investment loss realized upon the bankruptcy filing by
SHARE REPURCHASES
At
CONFERENCE CALLS
A conference call to discuss the third quarter results of
A conference call to discuss the third quarter results of CNA has been scheduled for today at
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
|
|||||
Selected Financial Information |
|||||
|
|||||
Three Months |
Nine Months |
||||
(In millions) |
2020 |
2019 |
2020 |
2019 |
|
Revenues: |
|||||
|
$ 2,840 |
$ 2,686 |
$ 7,897 |
$ 8,011 |
|
Boardwalk Pipelines (b) |
289 |
296 |
926 |
969 |
|
|
60 |
156 |
236 |
522 |
|
Investment income (loss) and other (d) (e) |
276 |
286 |
(490) |
842 |
|
|
251 |
305 |
711 |
||
Total |
$ 3,465 |
$ 3,675 |
$ 8,874 |
$ 11,055 |
|
Income (Loss) Before Income Tax: |
|||||
|
$ 251 |
$ 127 |
$ 344 |
$ 888 |
|
Boardwalk Pipelines (b) |
26 |
39 |
166 |
217 |
|
|
(62) |
5 |
(192) |
42 |
|
Corporate: (i) |
|||||
Investment income (loss), net |
23 |
36 |
(33) |
153 |
|
Other (e) |
(55) |
(45) |
(1,363) |
(136) |
|
|
(102) |
(934) |
(321) |
||
Total |
$ 183 |
$ 60 |
$ (2,012) |
$ 843 |
|
Net Income (Loss) Attributable to |
|||||
|
$ 192 |
$ 96 |
$ 272 |
$ 650 |
|
Boardwalk Pipelines (b) |
20 |
29 |
123 |
161 |
|
|
(47) |
3 |
(144) |
28 |
|
Corporate: (i) |
|||||
Investment income (loss), net |
18 |
28 |
(26) |
121 |
|
Other (e) |
(44) |
(36) |
(1,077) |
(108) |
|
|
(48) |
(476) |
(137) |
||
Net income (loss) attributable to |
$ 139 |
$ 72 |
$ (1,328) |
$ 715 |
|
(a) |
Includes net investment gains of |
||||
(b) |
Includes settlement proceeds of |
||||
(c) |
Includes gains on the sale of assets of |
||||
(d) |
Includes parent company investment income (loss) and the financial results of |
||||
(e) |
Includes a loss of |
||||
(f) |
Includes financial results through |
||||
(g) |
Includes a charge of |
||||
(h) |
Includes net catastrophe losses of |
||||
(i) |
The Corporate segment consists of investment income (loss) from the parent company's cash and investments, interest expense, other unallocated corporate expenses and the financial results of |
||||
(j) |
Includes impairment charges of |
||||
|
|||||
Consolidated Financial Review |
|||||
|
|||||
Three Months |
Nine Months |
||||
(In millions, except per share data) |
2020 |
2019 |
2020 |
2019 |
|
Revenues: |
|||||
Insurance premiums |
$ 1,953 |
$ 1,890 |
$ 5,672 |
$ 5,517 |
|
Net investment income |
540 |
525 |
1,347 |
1,733 |
|
Investment gains (losses) (a) |
46 |
8 |
(1,312) |
41 |
|
Operating revenues and other (b) |
926 |
1,252 |
3,167 |
3,764 |
|
Total |
3,465 |
3,675 |
8,874 |
11,055 |
|
Expenses: |
|||||
Insurance claims and policyholders' benefits (c) (d) |
1,616 |
1,614 |
4,683 |
4,323 |
|
Operating expenses and other (b) (e) |
1,666 |
2,001 |
6,203 |
5,889 |
|
Total |
3,282 |
3,615 |
10,886 |
10,212 |
|
Income (loss) before income tax |
183 |
60 |
(2,012) |
843 |
|
Income tax (expense) benefit |
(21) |
(21) |
284 |
(183) |
|
Net income (loss) |
162 |
39 |
(1,728) |
660 |
|
Amounts attributable to noncontrolling interests |
(23) |
33 |
400 |
55 |
|
Net income (loss) attributable to |
$ 139 |
$ 72 |
$ (1,328) |
$ 715 |
|
Net income (loss) per share attributable to |
$ 0.50 |
$ 0.24 |
$ (4.70) |
$ 2.34 |
|
Weighted average number of shares |
279.49 |
302.35 |
282.63 |
305.73 |
|
(a) |
Includes a loss of |
||||
(b) |
Includes financial results of |
||||
(c) |
Includes a charge of |
||||
(d) |
Includes net catastrophe losses of |
||||
(e) |
Includes impairment charges of |
||||
View original content:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-139-million-for-the-third-quarter-of-2020-301164309.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788