Book value per share excluding accumulated other comprehensive income (AOCI) increased to
CONSOLIDATED HIGHLIGHTS
(In millions, except per share data) |
June 30, |
|||
Three Months |
Six Months |
|||
2015 |
2014 |
2015 |
2014 |
|
Income before net investment gains (losses) |
$ 167 |
$ 312 |
$ 268 |
$ 553 |
Net investment gains (losses) |
3 |
(9) |
11 |
15 |
Income from continuing operations |
170 |
303 |
279 |
568 |
Discontinued operations, net |
(187) |
(393) |
||
Net income attributable to Loews Corporation |
$ 170 |
$ 116 |
$ 279 |
$ 175 |
Net income per share: |
||||
Income from continuing operations |
$ 0.46 |
$ 0.79 |
$ 0.75 |
$ 1.47 |
Discontinued operations, net |
(0.49) |
(1.02) |
||
Net income per share |
$ 0.46 |
$ 0.30 |
$ 0.75 |
$ 0.45 |
June 30, |
Year Ended December 31, 2014 |
|||
2015 |
2014 |
|||
Book value per share |
$ 51.91 |
$ 51.85 |
$ 51.70 |
|
Book value per share excluding AOCI |
51.77 |
49.74 |
50.95 |
Three Months Ended
Income from continuing operations for the three months ended
CNA's earnings decreased primarily due to an
Loews Hotels' earnings increased primarily due to higher income from joint venture properties.
Discontinued operations in 2014 included an impairment charge related to the divested HighMount business.
Six Months Ended
Income from continuing operations for the six months ended
CNA's earnings decreased primarily due to the reasons discussed above in the three month comparison.
Loews Hotels' earnings increased primarily due to higher income from joint venture properties partially offset by higher interest expense.
Discontinued operations in 2014 included impairment charges related to the sale of both CNA's annuity and pension deposit business and HighMount.
SHARE REPURCHASES
At
CONFERENCE CALLS
A conference call to discuss the second quarter results of
A conference call to discuss the second quarter results of CNA has been scheduled for today at
A conference call to discuss the second quarter results of
A conference call to discuss the second 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 |
|||||
June 30, |
|||||
Three Months |
Six Months |
||||
(In millions) |
2015 |
2014 |
2015 |
2014 |
|
Revenues: |
|||||
CNA Financial |
$ 2,329 |
$ 2,454 |
$ 4,671 |
$ 4,875 |
|
Diamond Offshore |
632 |
701 |
1,259 |
1,411 |
|
Boardwalk Pipeline |
299 |
295 |
629 |
652 |
|
Loews Hotels |
167 |
112 |
306 |
217 |
|
Investment income and other |
10 |
45 |
40 |
98 |
|
3,437 |
3,607 |
6,905 |
7,253 |
||
Investment gains (losses) - CNA Financial |
(2) |
(14) |
8 |
28 |
|
Total |
$ 3,435 |
$ 3,593 |
$ 6,913 |
$ 7,281 |
|
Income (Loss) Before Income Tax: |
|||||
CNA Financial (a) |
$ 167 |
$ 379 |
$ 471 |
$ 638 |
|
Diamond Offshore (b) |
106 |
112 |
(181) |
280 |
|
Boardwalk Pipeline (c) |
38 |
54 |
115 |
77 |
|
Loews Hotels |
14 |
9 |
24 |
14 |
|
Investment income, net |
10 |
46 |
39 |
97 |
|
Other (d) |
(38) |
(40) |
(76) |
(74) |
|
297 |
560 |
392 |
1,032 |
||
Investment gains (losses) - CNA Financial |
(2) |
(14) |
8 |
28 |
|
Total |
$ 295 |
$ 546 |
$ 400 |
$ 1,060 |
|
Net Income (Loss) Attributable to Loews Corporation: |
|||||
CNA Financial (a) |
$ 121 |
$ 244 |
$ 323 |
$ 420 |
|
Diamond Offshore (b) |
45 |
42 |
(81) |
111 |
|
Boardwalk Pipeline (c) |
12 |
17 |
37 |
(1) |
|
Loews Hotels |
8 |
5 |
13 |
8 |
|
Investment income, net |
7 |
30 |
26 |
64 |
|
Other (d) |
(26) |
(26) |
(50) |
(49) |
|
167 |
312 |
268 |
553 |
||
Investment gains (losses) - CNA Financial |
3 |
(9) |
11 |
15 |
|
Income from continuing operations |
170 |
303 |
279 |
568 |
|
Discontinued operations, net (e) |
(187) |
(393) |
|||
Net income attributable to Loews Corporation |
$ 170 |
$ 116 |
$ 279 |
$ 175 |
|
(a) |
Includes a charge of $84 million ($49 million after tax and noncontrolling interests) for the three and six months ended June 30, 2015 related to retroactive reinsurance accounting for the Loss Portfolio Transfer. Includes an $86 million curtailment gain ($50 million after tax and noncontrolling interests) related to a negative plan amendment and the re-measurement of postretirement benefit obligations at CNA for the three and six months ended June 30, 2014. |
||||
(b) |
Includes an asset impairment charge of $359 million ($158 million after tax and noncontrolling interests) for the six months ended June 30, 2015 related to the carrying value of eight drilling rigs. |
||||
(c) |
Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the six months ended June 30, 2014 to write off all capitalized costs associated with the terminated Bluegrass project. |
||||
(d) |
Consists primarily of corporate interest expense and other unallocated expenses. |
||||
(e) |
See table on page six for a summary of items comprising discontinued operations for 2014. |
Loews Corporation and Subsidiaries |
|||||
Consolidated Financial Review |
|||||
June 30, |
|||||
Three Months |
Six Months |
||||
(In millions, except per share data) |
2015 |
2014 |
2015 |
2014 |
|
Revenues: |
|||||
Insurance premiums |
$ 1,735 |
$ 1,811 |
$ 3,422 |
$ 3,617 |
|
Net investment income |
510 |
597 |
1,098 |
1,174 |
|
Investment gains (losses) |
(2) |
(14) |
8 |
28 |
|
Contract drilling revenues |
617 |
650 |
1,217 |
1,335 |
|
Other |
575 |
549 |
1,168 |
1,127 |
|
Total |
3,435 |
3,593 |
6,913 |
7,281 |
|
Expenses: |
|||||
Insurance claims & policyholders' benefits (a) |
1,469 |
1,441 |
2,808 |
2,887 |
|
Contract drilling expenses |
344 |
395 |
695 |
765 |
|
Other (b) (c) (d) |
1,327 |
1,211 |
3,010 |
2,569 |
|
Total |
3,140 |
3,047 |
6,513 |
6,221 |
|
Income before income tax |
295 |
546 |
400 |
1,060 |
|
Income tax expense |
(48) |
(145) |
(104) |
(248) |
|
Income from continuing operations |
247 |
401 |
296 |
812 |
|
Discontinued operations, net of income tax |
(186) |
(413) |
|||
Net income |
247 |
215 |
296 |
399 |
|
Amounts attributable to noncontrolling interests |
(77) |
(99) |
(17) |
(224) |
|
Net income attributable to Loews Corporation |
$ 170 |
$ 116 |
$ 279 |
$ 175 |
|
Net income attributable to Loews Corporation: |
|||||
Income from continuing operations |
$ 170 |
$ 303 |
$ 279 |
$ 568 |
|
Discontinued operations, net (e) |
(187) |
(393) |
|||
Net income |
$ 170 |
$ 116 |
$ 279 |
$ 175 |
|
Diluted income per share: |
|||||
Income from continuing operations |
$ 0.46 |
$ 0.79 |
$ 0.75 |
$ 1.47 |
|
Discontinued operations, net |
(0.49) |
(1.02) |
|||
Diluted income per share attributable to Loews Corporation |
$ 0.46 |
$ 0.30 |
$ 0.75 |
$ 0.45 |
|
Weighted diluted number of shares |
369.97 |
386.37 |
371.57 |
387.21 |
|
(a) |
Includes a charge of $84 million ($49 million after tax and noncontrolling interests) for the three and six months ended June 30, 2015 related to retroactive reinsurance accounting for the Loss Portfolio Transfer. |
||||
(b) |
Includes an $86 million curtailment gain ($50 million after tax and noncontrolling interests) related to a negative plan amendment and the re-measurement of postretirement benefit obligations at CNA for the three and six months ended June 30, 2014. |
||||
(c) |
Includes an asset impairment charge of $359 million ($158 million after tax and noncontrolling interests) for the six months ended June 30, 2015 related to the carrying value of eight drilling rigs. |
||||
(d) |
Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the six months ended June 30, 2014 to write off all capitalized costs associated with the terminated Bluegrass project. |
||||
(e) |
See table on page six for a summary of items comprising discontinued operations for 2014. |
Loews Corporation and Subsidiaries |
|||
Discontinued Operations Review |
|||
June 30, 2014 |
|||
(In millions) |
Three Months |
Six Months |
|
CNA Financial |
|||
Continental Assurance Company (῝CAC῞) operations |
$ 5 |
$ 12 |
|
Impairment loss on sale of CAC |
(193) |
||
CNA Financial - Discontinued operations, net |
5 |
(181) |
|
HighMount |
|||
Operations |
(25) |
(26) |
|
Ceiling test impairment |
(19) |
||
Impairment loss |
(167) |
(167) |
|
HighMount - Discontinued operations, net |
(192) |
(212) |
|
Discontinued operations, net |
$ (187) |
$ (393) |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-170-million-for-the-second-quarter-of-2015-300122160.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788