Book value per common share increased to
Net income (loss) and earnings (loss) per share information attributable
to
June 30, | ||||||||||||||||
Three Months | Six Months | |||||||||||||||
(In millions, except per share data) | 2009 | 2008 | 2009 | 2008 | ||||||||||||
Net income (loss) attributable to Loews common stock: | ||||||||||||||||
Income before net investment losses |
$ |
519 |
$ |
575 |
$ |
182 |
$ |
1,013 |
||||||||
Net investment losses (a) | (178 | ) | (64 | ) | (488 | ) | (93 | ) | ||||||||
Income (loss) from continuing operations | 341 | 511 | (306 | ) | 920 | |||||||||||
Discontinued operations, net (a) | (1 | ) | 4,348 | (1 | ) | 4,494 | ||||||||||
Net income (loss) attributable to Loews common stock | 340 | 4,859 | (307 | ) | 5,414 | |||||||||||
Net income attributable to former Carolina Group stock - | ||||||||||||||||
Discontinued operations, net (b) | 104 | 211 | ||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 340 | $ | 4,963 | $ | (307 | ) | $ | 5,625 | |||||||
Net income (loss) per share: | ||||||||||||||||
Loews common stock: | ||||||||||||||||
Income (loss) from continuing operations | $ | 0.78 | $ | 1.00 | $ | (0.70 | ) | $ | 1.77 | |||||||
Discontinued operations, net | 8.54 | 8.64 | ||||||||||||||
Net income (loss) attributable to Loews common stock | $ | 0.78 | $ | 9.54 | $ | (0.70 | ) | $ | 10.41 | |||||||
Former Carolina Group stock - Discontinued | ||||||||||||||||
operations, net | $ | 0.96 | $ | 1.95 | ||||||||||||
Book value per share of Loews common stock at: | ||||||||||||||||
June 30, 2009 | $ | 34.60 | ||||||||||||||
December 31, 2008 | $ | 30.18 |
(a) Includes a tax-free non-cash gain of
(b)
Income from Continuing Operations
Three Months Ended
The decrease in income from continuing operations primarily reflects
higher net investment losses offset by an increase in net investment
income at
Income from continuing operations includes net investment losses of
Six Months Ended
The loss from continuing operations in 2009 primarily reflects higher
net investment losses at CNA and a non-cash impairment charge of
Net investment losses were
Discontinued Operations
In June of 2008, the Company disposed of its entire ownership interest
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
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 | ||||||||||||||||||
Financial Review | ||||||||||||||||||
June 30, | ||||||||||||||||||
Three Months | Six Months | |||||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||||
(Amounts in millions, except per share data) | ||||||||||||||||||
Revenues: | ||||||||||||||||||
Insurance premiums | $ | 1,656 | $ | 1,774 | $ | 3,328 | $ | 3,586 | ||||||||||
Net investment income | 735 | 697 | 1,182 | 1,176 | ||||||||||||||
Investment losses | (297 | ) | (109 | ) | (828 | ) | (160 | ) | ||||||||||
Contract drilling revenues | 923 | 937 | 1,779 | 1,707 | ||||||||||||||
Other | 517 | 623 | 1,096 | 1,225 | ||||||||||||||
Total | 3,534 | 3,922 | 6,557 | 7,534 | ||||||||||||||
Expenses: | ||||||||||||||||||
Insurance claims & policyholders’ benefits | 1,295 | 1,472 | 2,637 | 2,861 | ||||||||||||||
Contract drilling expenses | 306 | 273 | 600 | 558 | ||||||||||||||
Impairment of natural gas and oil properties (a) | 1,036 | |||||||||||||||||
Other | 1,176 | 1,070 | 2,395 | 2,146 | ||||||||||||||
Total | 2,777 | 2,815 | 6,668 | 5,565 | ||||||||||||||
Income (loss) before income tax | 757 | 1,107 | (111 | ) | 1,969 | |||||||||||||
Income tax (expense) benefit | (197 | ) | (340 | ) | 198 | (593 | ) | |||||||||||
Income (loss) from continuing operations | 560 | 767 | 87 | 1,376 | ||||||||||||||
Discontinued operations: | ||||||||||||||||||
Results of operations | (1 | ) | 170 | (1 | ) | 343 | ||||||||||||
Gain on disposal (b) | 4,282 | 4,362 | ||||||||||||||||
Net income (loss) | 559 | 5,219 | 86 | 6,081 | ||||||||||||||
Amounts attributable to noncontrolling interests | (219 | ) | (256 | ) | (393 | ) | (456 | ) | ||||||||||
Net income (loss) attributable to Loews Corporation | $ | 340 | $ | 4,963 | $ | (307 | ) | $ | 5,625 | |||||||||
Net income (loss) attributable to: | ||||||||||||||||||
Loews common stock: | ||||||||||||||||||
Income (loss) from continuing operations | $ | 341 | $ | 511 | $ | (306 | ) | $ | 920 | |||||||||
Discontinued operations, net | (1 | ) | 4,348 | (1 | ) | 4,494 | ||||||||||||
Net income (loss) attributable to Loews common stock | 340 | 4,859 | (307 | ) | 5,414 | |||||||||||||
Former Carolina Group stock - Discontinued Operations, net | 104 | 211 | ||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 340 | $ | 4,963 | $ | (307 | ) | $ | 5,625 | |||||||||
Income (loss) per share attributable to Loews common stock: | ||||||||||||||||||
Income (loss) from continuing operations | $ | 0.78 | $ | 1.00 | $ | (0.70 | ) | $ | 1.77 | |||||||||
Discontinued operations, net | 8.54 | 8.64 | ||||||||||||||||
Diluted net income (loss) attributable to Loews common stock | $ | 0.78 | $ | 9.54 | $ | (0.70 | ) | $ | 10.41 | |||||||||
Diluted net income per share of former Carolina Group stock | ||||||||||||||||||
- Discontinued operations, net | $ | 0.96 | $ | 1.95 | ||||||||||||||
Weighted diluted number of shares: | ||||||||||||||||||
Loews common stock | 435.63 | 509.43 | 435.09 | 520.17 | ||||||||||||||
Former Carolina Group stock | 108.60 | - | 108.60 | |||||||||||||||
(a) | The non-cash impairment charge ($660 after tax) for the six months ended June 30, 2009 relates to the carrying value of HighMount's natural gas and oil properties. | |||||||||||||||||
(b) | Includes a tax-free non-cash gain of $4,287 for the three and six months ended June 30, 2008 related to the separation of Lorillard, Inc. and an after tax gain of $75 for the six months ended June 30, 2008 from the sale of Bulova Corporation. |
Loews Corporation and Subsidiaries | ||||||||||||||||||
Additional Financial Information | ||||||||||||||||||
June 30, | ||||||||||||||||||
Three Months | Six Months | |||||||||||||||||
2009 | 2008 | 2009 | 2008 | |||||||||||||||
(In millions) | ||||||||||||||||||
Revenues: | ||||||||||||||||||
CNA Financial | $ | 2,393 | $ | 2,432 | $ | 4,563 | $ | 4,765 | ||||||||||
Diamond Offshore | 957 | 970 | 1,843 | 1,762 | ||||||||||||||
HighMount | 147 | 201 | 322 | 390 | ||||||||||||||
Boardwalk Pipeline | 201 | 206 | 425 | 419 | ||||||||||||||
Loews Hotels | 73 | 105 | 146 | 202 | ||||||||||||||
Investment income and other | 60 | 117 | 86 | 156 | ||||||||||||||
3,831 | 4,031 | 7,385 | 7,694 | |||||||||||||||
Investment gains (losses): | ||||||||||||||||||
CNA Financial | (297 | ) | (111 | ) | (829 | ) | (162 | ) | ||||||||||
Corporate and other | 2 | 1 | 2 | |||||||||||||||
(297 | ) | (109 | ) | (828 | ) | (160 | ) | |||||||||||
Total | $ | 3,534 | $ | 3,922 | $ | 6,557 | $ | 7,534 | ||||||||||
Income (Loss) Before Income Tax: | ||||||||||||||||||
CNA Financial | $ | 431 | $ | 367 | $ | 631 | $ | 684 | ||||||||||
Diamond Offshore | 520 | 590 | 971 | 995 | ||||||||||||||
HighMount (a) | 46 | 76 | (960 | ) | 151 | |||||||||||||
Boardwalk Pipeline | 18 | 64 | 69 | 153 | ||||||||||||||
Loews Hotels (b) | 6 | 32 | (23 | ) | 50 | |||||||||||||
Investment income, net | 60 | 117 | 85 | 156 | ||||||||||||||
Other (c) | (27 | ) | (30 | ) | (56 | ) | (60 | ) | ||||||||||
1,054 | 1,216 | 717 | 2,129 | |||||||||||||||
Investment gains (losses): | ||||||||||||||||||
CNA Financial | (297 | ) | (111 | ) | (829 | ) | (162 | ) | ||||||||||
Corporate and other | 2 | 1 | 2 | |||||||||||||||
(297 | ) | (109 | ) | (828 | ) | (160 | ) | |||||||||||
Total | $ | 757 | $ | 1,107 | $ | (111 | ) | $ | 1,969 | |||||||||
Net Income (Loss) Attributable to Loews Corporation: | ||||||||||||||||||
CNA Financial | $ | 278 | $ | 227 | $ | 418 | $ | 427 | ||||||||||
Diamond Offshore | 181 | 194 | 344 | 330 | ||||||||||||||
HighMount (a) | 29 | 48 | (612 | ) | 95 | |||||||||||||
Boardwalk Pipeline (d) | 8 | 28 | 30 | 67 | ||||||||||||||
Loews Hotels (b) | 3 | 19 | (15 | ) | 30 | |||||||||||||
Investment income, net | 40 | 77 | 56 | 102 | ||||||||||||||
Other (c) | (20 | ) | (18 | ) | (39 | ) | (38 | ) | ||||||||||
519 | 575 | 182 | 1,013 | |||||||||||||||
Investment gains (losses): | ||||||||||||||||||
CNA Financial | (178 | ) | (65 | ) | (488 | ) | (94 | ) | ||||||||||
Corporate and other | 1 | 1 | ||||||||||||||||
(178 | ) | (64 | ) | (488 | ) | (93 | ) | |||||||||||
Income (loss) from continuing operations | 341 | 511 | (306 | ) | 920 | |||||||||||||
Discontinued operations, net (e) | (1 | ) | 4,348 | (1 | ) | 4,494 | ||||||||||||
Net income (loss) attributable to Loews common stock | 340 | 4,859 | (307 | ) | 5,414 | |||||||||||||
Former Carolina Group stock - Discontinued operations, net | 104 | 211 | ||||||||||||||||
Net income (loss) attributable to Loews Corporation | $ | 340 | $ | 4,963 | $ | (307 | ) | $ | 5,625 |
(a) | Reflects a non-cash impairment charge of $1,036 ($660 after tax) for the six months ended June 30, 2009 related to the carrying value of HighMount's natural gas and oil properties. |
(b) | Reflects an impairment charge of $27 ($16 after tax) for the six months ended June 30, 2009 related to the writedown of Loews Hotels' entire investment in a hotel property. |
(c) | Consists primarily of corporate interest expense and other unallocated expenses. |
(d) | Represents a 74.0%, 70.3%, 73.9% and 70.3% ownership interest in Boardwalk Pipeline for the respective periods. |
(e) | Includes a tax-free non-cash gain of $4,287 for the three and six months ended June 30, 2008 related to the separation of Lorillard, Inc. and an after tax gain of $75 for the six months ended June 30, 2008 from the sale of Bulova Corporation. |
Source:
Loews Corporation
Peter W. Keegan, 212-521-2950
Chief
Financial Officer
or
Darren Daugherty, 212-521-2788
Investor
Relations
or
Candace Leeds, 212-521-2416
Public Affairs