Each of the company's consolidated subsidiaries,
"Loews had another great quarter with each of our consolidated subsidiaries contributing positively to our results," said James Tisch, CEO of
Book value per share was
CONSOLIDATED HIGHLIGHTS |
|
||||
Three Months |
Nine Months |
||||
(In millions, except per share data) |
2021 |
2020 |
2021 |
2020 |
|
Income (loss) before net investment gains (losses) |
$ 204 |
$ 106 |
$ 725 |
$ (299) |
|
Net investment gains (losses): |
|||||
CNA |
16 |
33 |
84 |
(72) |
|
Corporate |
426 |
(957) |
|||
Total net investment gains (losses) |
16 |
33 |
510 |
(1,029) |
|
Net income (loss) attributable to |
$ 220 |
$ 139 |
|
|
|
Net income (loss) per share |
$ 0.85 |
$ 0.50 |
|
|
|
|
|
||||
Book value per share |
$ |
70.21 |
$ |
66.34 |
|
Book value per share excluding AOCI |
69.46 |
64.18 |
Three Months Ended
CNA's results increased primarily due to higher Property & Casualty non-catastrophe underwriting results, improved
Boardwalk Pipelines' earnings increased mainly due to higher revenues from growth projects recently placed into service and higher system utilization.
The parent company investment portfolio experienced losses from equity investments versus gains in 2020.
Nine Months Ended
CNA's earnings increased primarily due to higher Property & Casualty non-catastrophe underwriting results, lower net catastrophe losses, significantly higher net investment income, and investment gains as compared to losses in 2020.
The parent company investment portfolio posted improved results primarily because limited partnership and equity investments generated gains in 2021 versus losses in 2020.
The Corporate & other segment includes an investment gain of
All other segment improvements from 2020 to 2021 are primarily due to the reasons discussed in the three-month comparison. In addition, Loews's results for the nine months ended
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) |
2021 |
2020 |
2021 |
2020 |
Revenues: |
||||
|
$ 2,959 |
$ 2,840 |
$ 8,854 |
$ 7,897 |
Boardwalk Pipelines |
307 |
289 |
991 |
926 |
|
134 |
60 |
289 |
236 |
Investment income (loss) and other (b) (c) |
(29) |
276 |
862 |
(490) |
|
305 |
|||
Total |
$ 3,371 |
$ 3,465 |
$ 10,996 |
$ 8,874 |
Income (Loss) Before Income Tax: |
||||
|
$ 314 |
$ 251 |
$ 1,154 |
$ 344 |
Boardwalk Pipelines |
52 |
26 |
229 |
166 |
|
17 |
(62) |
(64) |
(192) |
Corporate: (f) |
||||
Investment income (loss), net |
(30) |
23 |
40 |
(33) |
Other (b) (c) |
(49) |
(55) |
364 |
(1,363) |
|
(934) |
|||
Total |
$ 304 |
$ 183 |
$ 1,723 |
$ (2,012) |
Net Income (Loss) Attributable to |
||||
|
$ 229 |
$ 192 |
$ 838 |
$ 272 |
Boardwalk Pipelines |
38 |
20 |
170 |
123 |
|
13 |
(47) |
(51) |
(144) |
Corporate: (f) |
||||
Investment income (loss), net |
(23) |
18 |
32 |
(26) |
Other (b) (c) |
(37) |
(44) |
246 |
(1,077) |
|
(476) |
|||
Net income (loss) attributable to |
$ 220 |
$ 139 |
$ 1,235 |
$ (1,328) |
(a) |
Includes net investment gains of |
(b) |
Includes parent company investment income (loss) and the financial results of |
(c) |
Includes an investment gain of |
(d) |
On |
(e) |
Includes net catastrophe losses of |
(f) |
The Corporate segment consists of investment income (loss) from the parent company's cash and investments, interest expense, other unallocated corporate expenses, the financial results of |
(g) |
The nine months ended |
|
||||
Consolidated Financial Review |
||||
|
||||
Three Months |
Nine Months |
|||
(In millions, except per share data) |
2021 |
2020 |
2021 |
2020 |
Revenues: |
||||
Insurance premiums |
$ 2,059 |
$ 1,953 |
$ 6,056 |
$ 5,672 |
Net investment income |
483 |
540 |
1,649 |
1,347 |
Investment gains (losses) (a) |
22 |
46 |
657 |
(1,312) |
Operating revenues and other (b) |
807 |
926 |
2,634 |
3,167 |
Total |
3,371 |
3,465 |
10,996 |
8,874 |
Expenses: |
||||
Insurance claims and policyholders' benefits (c) |
1,632 |
1,616 |
4,684 |
4,683 |
Operating expenses and other (b) (d) |
1,435 |
1,666 |
4,589 |
6,203 |
Total |
3,067 |
3,282 |
9,273 |
10,886 |
Income (loss) before income tax |
304 |
183 |
1,723 |
(2,012) |
Income tax (expense) benefit |
(58) |
(21) |
(391) |
284 |
Net income (loss) |
246 |
162 |
1,332 |
(1,728) |
Amounts attributable to noncontrolling interests |
(26) |
(23) |
(97) |
400 |
Net income (loss) attributable to |
$ 220 |
$ 139 |
$ 1,235 |
$ (1,328) |
Net income (loss) per share attributable to Loews |
||||
Corporation |
$ 0.85 |
$ 0.50 |
$ 4.70 |
$ (4.70) |
Weighted average number of shares |
257.30 |
279.49 |
262.77 |
282.63 |
(a) |
Includes an investment gain of |
(b) |
On |
(c) |
Includes net catastrophe losses of |
(d) |
The nine months ended |
View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-220-million-for-the-third-quarter-of-2021-301412487.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788