Results include asset impairment charges at
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 |
|||
2016 |
2015 |
2016 |
2015 |
|
Income (loss) before net investment gains (losses) |
$ (67) |
$ 167 |
$ 52 |
$ 268 |
Net investment gains (losses) |
2 |
3 |
(15) |
11 |
Net income (loss) attributable to Loews Corporation |
$ (65) |
$ 170 |
$ 37 |
$ 279 |
Net income (loss) per share |
$ (0.19) |
$ 0.46 |
$ 0.11 |
$ 0.75 |
June 30, 2016 |
December 31, 2015 |
|||
Book value per share |
$ 53.19 |
$ 51.67 |
||
Book value per share excluding AOCI |
52.84 |
52.72 |
Three Months Ended
Results for the three months ended
CNA's earnings increased due to the impact of a
Loews Hotels' earnings decreased due to an impairment charge related to a joint venture property.
Six Months Ended
Net income for the six months ended
CNA's earnings decreased due to lower net investment income driven by limited partnership investment results, realized investment losses in 2016 as compared to gains in 2015 and a higher LPT charge in 2016 as compared to the prior year period. These items were partially offset by increased favorable net prior year development.
The change in
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) |
2016 |
2015 |
2016 |
2015 |
|
Revenues: |
|||||
CNA Financial |
$ 2,335 |
$ 2,329 |
$ 4,566 |
$ 4,671 |
|
Diamond Offshore |
390 |
632 |
861 |
1,259 |
|
Boardwalk Pipeline |
308 |
299 |
655 |
629 |
|
Loews Hotels |
189 |
167 |
352 |
306 |
|
Investment income and other |
84 |
10 |
73 |
40 |
|
3,306 |
3,437 |
6,507 |
6,905 |
||
Investment gains (losses): |
|||||
CNA Financial |
13 |
(2) |
(15) |
8 |
|
Corporate and other |
(12) |
(12) |
|||
1 |
(2) |
(27) |
8 |
||
Total |
$ 3,307 |
$ 3,435 |
$ 6,480 |
$ 6,913 |
|
Income (Loss) Before Income Tax: |
|||||
CNA Financial (a) |
$ 277 |
$ 167 |
$ 363 |
$ 471 |
|
Diamond Offshore (b) |
(657) |
106 |
(574) |
(181) |
|
Boardwalk Pipeline |
65 |
38 |
164 |
115 |
|
Loews Hotels |
4 |
14 |
13 |
24 |
|
Investment income, net |
85 |
10 |
72 |
39 |
|
Other (c) |
(51) |
(38) |
(92) |
(76) |
|
(277) |
297 |
(54) |
392 |
||
Investment gains (losses): |
|||||
CNA Financial |
13 |
(2) |
(15) |
8 |
|
Corporate and other |
(12) |
(12) |
|||
1 |
(2) |
(27) |
8 |
||
Total |
$ (276) |
$ 295 |
$ (81) |
$ 400 |
|
Net Income (Loss) Attributable to Loews Corporation: |
|||||
CNA Financial (a) |
$ 183 |
$ 121 |
$ 260 |
$ 323 |
|
Diamond Offshore (b) |
(290) |
45 |
(247) |
(81) |
|
Boardwalk Pipeline |
17 |
12 |
48 |
37 |
|
Loews Hotels |
1 |
8 |
4 |
13 |
|
Investment income, net |
56 |
7 |
48 |
26 |
|
Other (c) |
(34) |
(26) |
(61) |
(50) |
|
(67) |
167 |
52 |
268 |
||
Investment gains (losses): |
|||||
CNA Financial |
6 |
3 |
(11) |
11 |
|
Corporate and other |
(4) |
(4) |
|||
2 |
3 |
(15) |
11 |
||
Net income (loss) attributable to Loews Corporation |
$ (65) |
$ 170 |
$ 37 |
$ 279 |
(a) |
Includes a charge of $127 million ($74 million after tax and noncontrolling interests) for the six months ended June 30, 2016 and 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 asset impairment charges of $680 million ($267 million after tax and noncontrolling interests) for the three and six months ended June 30, 2016 and $359 million ($158 million after tax and noncontrolling interests) for the six months ended June 30, 2015 related to the carrying value of Diamond Offshore's drilling rigs. |
||||
(c) |
Consists primarily of corporate interest expense and other unallocated expenses. |
Loews Corporation and Subsidiaries |
|||||
Consolidated Financial Review |
|||||
June 30, |
|||||
Three Months |
Six Months |
||||
(In millions, except per share data) |
2016 |
2015 |
2016 |
2015 |
|
Revenues: |
|||||
Insurance premiums |
$ 1,730 |
$ 1,735 |
$ 3,429 |
$ 3,422 |
|
Net investment income |
587 |
510 |
1,009 |
1,098 |
|
Investment gains (losses) |
1 |
(2) |
(27) |
8 |
|
Contract drilling revenues |
357 |
617 |
801 |
1,217 |
|
Other revenues |
632 |
575 |
1,268 |
1,168 |
|
Total |
3,307 |
3,435 |
6,480 |
6,913 |
|
Expenses: |
|||||
Insurance claims & policyholders' benefits (a) |
1,339 |
1,469 |
2,747 |
2,808 |
|
Contract drilling expenses |
198 |
344 |
411 |
695 |
|
Other operating expenses (b) |
2,046 |
1,327 |
3,403 |
3,010 |
|
Total |
3,583 |
3,140 |
6,561 |
6,513 |
|
Income (loss) before income tax |
(276) |
295 |
(81) |
400 |
|
Income tax expense |
(12) |
(48) |
(8) |
(104) |
|
Net income (loss) |
(288) |
247 |
(89) |
296 |
|
Amounts attributable to noncontrolling interests |
223 |
(77) |
126 |
(17) |
|
Net income (loss) attributable to Loews Corporation |
$ (65) |
$ 170 |
$ 37 |
$ 279 |
|
Income (loss) per share attributable to Loews Corporation |
$ (0.19) |
$ 0.46 |
$ 0.11 |
$ 0.75 |
|
Weighted average number of shares |
338.72 |
369.97 |
339.10 |
371.57 |
(a) |
Includes a charge of $127 million ($74 million after tax and noncontrolling interests) for the six months ended June 30, 2016 and 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 asset impairment charges of $680 million ($267 million after tax and noncontrolling interests) for the three and six months ended June 30, 2016 and $359 million ($158 million after tax and noncontrolling interests) for the six months ended June 30, 2015 related to the carrying value of Diamond Offshore's drilling rigs. |
||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/loews-corporation-reports-results-for-the-second-quarter-of-2016-300306462.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788