Book value per share increased to
CONSOLIDATED HIGHLIGHTS
(In millions, except per share data) |
September 30, |
|||
Three Months |
Nine Months |
|||
2016 |
2015 |
2016 |
2015 |
|
Income before net investment gains (losses) |
$ 300 |
$ 211 |
$ 352 |
$ 479 |
Net investment gains (losses) |
27 |
(29) |
12 |
(18) |
Net income attributable to Loews Corporation |
$ 327 |
$ 182 |
$ 364 |
$ 461 |
Net income per share |
$ 0.97 |
$ 0.50 |
$ 1.08 |
$ 1.25 |
September 30, 2016 |
December 31, 2015 |
|||
Book value per share |
$ 54.22 |
$ 51.67 |
||
Book value per share excluding AOCI |
53.79 |
52.72 |
Three Months Ended
Net income attributable to
CNA's earnings increased due to higher net investment income driven by limited partnership investments as well as realized investment gains in the third quarter of 2016 compared to losses in the prior year period. These increases were partially offset by lower favorable net prior year reserve development and higher underwriting expenses, which included certain non-recurring costs related to information technology and employee termination costs.
Loews Hotels' earnings increased primarily due to higher earnings from joint venture properties.
Income generated by the parent company investment portfolio improved due to higher income from limited partnership investments and equity securities.
Nine Months Ended
Net income attributable to
CNA's earnings increased due to higher net investment income driven by limited partnership investments, realized investment gains in 2016 as compared to losses in 2015, and higher favorable net prior year reserve development, partially offset by higher underwriting expenses.
Loews Hotels' results decreased primarily due to an impairment charge related to a joint venture property.
Income generated by the parent company investment portfolio improved due to higher income from equity securities.
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
A conference call to discuss the third quarter results of
A conference call to discuss the third 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 |
|||||||
September 30, |
|||||||
Three Months |
Nine Months |
||||||
(In millions) |
2016 |
2015 |
2016 |
2015 |
|||
Revenues: |
|||||||
CNA Financial |
$ 2,388 |
$ 2,203 |
$ 6,954 |
$ 6,874 |
|||
Diamond Offshore |
350 |
608 |
1,211 |
1,867 |
|||
Boardwalk Pipeline |
306 |
296 |
961 |
925 |
|||
Loews Hotels |
161 |
146 |
513 |
452 |
|||
Investment income (loss) and other |
37 |
(34) |
110 |
6 |
|||
3,242 |
3,219 |
9,749 |
10,124 |
||||
Investment gains (losses): |
|||||||
CNA Financial |
45 |
(50) |
30 |
(42) |
|||
Corporate and other |
(12) |
||||||
45 |
(50) |
18 |
(42) |
||||
Total |
$ 3,287 |
$ 3,169 |
$ 9,767 |
$ 10,082 |
|||
Income (Loss) Before Income Tax: |
|||||||
CNA Financial (a) |
$ 431 |
$ 284 |
$ 794 |
$ 755 |
|||
Diamond Offshore (b) |
36 |
139 |
(538) |
(42) |
|||
Boardwalk Pipeline |
46 |
48 |
210 |
163 |
|||
Loews Hotels |
4 |
1 |
17 |
25 |
|||
Investment income (loss), net |
36 |
(35) |
108 |
4 |
|||
Other (c) |
(42) |
(39) |
(134) |
(115) |
|||
511 |
398 |
457 |
790 |
||||
Investment gains (losses): |
|||||||
CNA Financial |
45 |
(50) |
30 |
(42) |
|||
Corporate and other |
(12) |
||||||
45 |
(50) |
18 |
(42) |
||||
Total |
$ 556 |
$ 348 |
$ 475 |
$ 748 |
|||
Net Income (Loss) Attributable to Loews Corporation: |
|||||||
CNA Financial (a) |
$ 281 |
$ 190 |
$ 541 |
$ 513 |
|||
Diamond Offshore (b) |
7 |
47 |
(240) |
(34) |
|||
Boardwalk Pipeline |
14 |
18 |
62 |
55 |
|||
Loews Hotels |
3 |
2 |
7 |
15 |
|||
Investment income (loss), net |
24 |
(22) |
72 |
4 |
|||
Other (c) |
(29) |
(24) |
(90) |
(74) |
|||
300 |
211 |
352 |
479 |
||||
Investment gains (losses): |
|||||||
CNA Financial |
27 |
(29) |
16 |
(18) |
|||
Corporate and other |
(4) |
||||||
27 |
(29) |
12 |
(18) |
||||
Net income attributable to Loews Corporation |
$ 327 |
$ 182 |
$ 364 |
$ 461 |
|||
(a) Includes charges of $127 million ($74 million after tax and noncontrolling interests) and $84 million ($49 million |
|||||||
(b) Includes asset impairment charges of $680 million ($267 million after tax and noncontrolling interests) and $361 |
|||||||
(c) Consists primarily of corporate interest expense and other unallocated expenses. |
|||||||
Loews Corporation and Subsidiaries |
|||||||
Consolidated Financial Review |
|||||||
September 30, |
|||||||
Three Months |
Nine Months |
||||||
(In millions, except per share data) |
2016 |
2015 |
2016 |
2015 |
|||
Revenues: |
|||||||
Insurance premiums |
$ 1,767 |
$ 1,751 |
$ 5,196 |
$ 5,173 |
|||
Net investment income |
561 |
321 |
1,570 |
1,419 |
|||
Investment gains (losses) |
45 |
(50) |
18 |
(42) |
|||
Contract drilling revenues |
340 |
599 |
1,141 |
1,816 |
|||
Other revenues |
574 |
548 |
1,842 |
1,716 |
|||
Total |
3,287 |
3,169 |
9,767 |
10,082 |
|||
Expenses: |
|||||||
Insurance claims & policyholders' benefits (a) |
1,202 |
1,200 |
3,949 |
4,008 |
|||
Contract drilling expenses |
187 |
276 |
598 |
971 |
|||
Other operating expenses (b) |
1,342 |
1,345 |
4,745 |
4,355 |
|||
Total |
2,731 |
2,821 |
9,292 |
9,334 |
|||
Income before income tax |
556 |
348 |
475 |
748 |
|||
Income tax expense |
(163) |
(66) |
(171) |
(170) |
|||
Net income |
393 |
282 |
304 |
578 |
|||
Amounts attributable to noncontrolling interests |
(66) |
(100) |
60 |
(117) |
|||
Net income attributable to Loews Corporation |
$ 327 |
$ 182 |
$ 364 |
$ 461 |
|||
Income per share attributable to Loews Corporation |
$ 0.97 |
$ 0.50 |
$ 1.08 |
$ 1.25 |
|||
Weighted average number of shares |
337.62 |
361.10 |
338.61 |
368.03 |
|||
(a) Includes charges of $127 million ($74 million after tax and noncontrolling interests) and $84 million ($49 million |
|||||||
(b) Includes asset impairment charges of $680 million ($267 million after tax and noncontrolling interests) and $361 |
|||||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-327-million-for-the-third-quarter-of-2016-300353827.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788