NEW YORK--(BUSINESS WIRE)--Feb. 6, 2012--
Book value per share increased to
Net income and earnings per share information attributable to
(In millions, except per share data) | December 31, | |||||||||||||||||||||||
Three Months | Years Ended | |||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||||||
Net income attributable to Loews Corporation: | ||||||||||||||||||||||||
Income before net investment gains (losses) (a) |
$ | 308 | $ | 488 | $ | 1,095 | $ | 1,280 | ||||||||||||||||
Net investment gains (losses) | (40 | ) | (22 | ) | (31 | ) | 27 | |||||||||||||||||
Income from continuing operations | 268 | 466 | 1,064 | 1,307 | ||||||||||||||||||||
Discontinued operations, net (a) | (19 | ) | ||||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 268 | $ | 466 | $ | 1,064 | $ | 1,288 | ||||||||||||||||
Net income per share: | ||||||||||||||||||||||||
Income from continuing operations | $ | 0.67 | $ | 1.12 | $ | 2.63 | $ | 3.11 | ||||||||||||||||
Discontinued operations, net | (0.04 | ) | ||||||||||||||||||||||
Net income per share | $ | 0.67 | $ | 1.12 | $ | 2.63 | $ | 3.07 | ||||||||||||||||
Book value per share at: | ||||||||||||||||||||||||
December 31, 2011 | $ | 47.49 | ||||||||||||||||||||||
December 31, 2010 | $ | 44.51 | ||||||||||||||||||||||
(a) Includes losses of
Three Months Ended
Net income in the fourth quarter of 2011 amounted to
Net income also included net investment losses of
Year Ended
Net income in 2011 amounted to
Net income also included net investment losses of
SHARE REPURCHASES
At
CONFERENCE CALLS
A conference call to discuss the year end results of
A conference call to discuss the year end results of CNA has been scheduled for
A conference call to discuss the year end results of
A conference call to discuss the year end 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 | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Three Months | Years Ended | ||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||
(In millions, except per share data) | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
Insurance premiums | $ | 1,661 | $ | 1,647 | $ | 6,603 | $ | 6,515 | |||||||||||||||||
Net investment income | 550 | 711 | 2,063 | 2,508 | |||||||||||||||||||||
Investment gains (losses) | (67 | ) | (38 | ) | (52 | ) | 56 | ||||||||||||||||||
Contract drilling revenues | 734 | 825 | 3,254 | 3,230 | |||||||||||||||||||||
Other | 601 | 570 | 2,259 | 2,306 | |||||||||||||||||||||
Total | 3,479 | 3,715 | 14,127 | 14,615 | |||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||
Insurance claims & policyholders’ benefits | 1,358 | 1,187 | 5,489 | 4,985 | |||||||||||||||||||||
Contract drilling expenses | 407 | 382 | 1,549 | 1,391 | |||||||||||||||||||||
Other (a) | 1,233 | 1,201 | 4,857 | 5,337 | |||||||||||||||||||||
Total | 2,998 | 2,770 | 11,895 | 11,713 | |||||||||||||||||||||
Income before income tax | 481 | 945 | 2,232 | 2,902 | |||||||||||||||||||||
Income tax expense | (72 | ) | (276 | ) | (536 | ) | (895 | ) | |||||||||||||||||
Income from continuing operations | 409 | 669 | 1,696 | 2,007 | |||||||||||||||||||||
Discontinued operations, net | 1 | (20 | ) | ||||||||||||||||||||||
Net income | 409 | 670 | 1,696 | 1,987 | |||||||||||||||||||||
Amounts attributable to noncontrolling interests | (141 | ) | (204 | ) | (632 | ) | (699 | ) | |||||||||||||||||
Net income attributable to Loews Corporation | $ | 268 | $ | 466 | $ | 1,064 | $ | 1,288 | |||||||||||||||||
Net income attributable to Loews Corporation: | |||||||||||||||||||||||||
Income from continuing operations | $ | 268 | $ | 466 | $ | 1,064 | $ | 1,307 | |||||||||||||||||
Discontinued operations, net (a) | (19 | ) | |||||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 268 | $ | 466 | $ | 1,064 | $ | 1,288 | |||||||||||||||||
Income per share attributable to Loews Corporation: | |||||||||||||||||||||||||
Income from continuing operations | $ | 0.67 | $ | 1.12 | $ | 2.63 | $ | 3.11 | |||||||||||||||||
Discontinued operations, net | (0.04 | ) | |||||||||||||||||||||||
Diluted income per share attributable to Loews Corporation | $ | 0.67 | $ | 1.12 | $ | 2.63 | $ | 3.07 | |||||||||||||||||
Weighted diluted number of shares | 397.31 | 416.70 | 405.32 | 419.52 | |||||||||||||||||||||
(a) |
Includes a loss of $529 million ($309 million after tax and noncontrolling interests) and a $19 million loss from discontinued operations for the year ended December 31, 2010 related to CNA's transfer of legacy asbestos and environmental pollution liabilities to National Indemnity Company (“NICO”). |
Loews Corporation and Subsidiaries | |||||||||||||||||||||||||
Additional Financial Information | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
Three Months | Years Ended | ||||||||||||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Revenues: | |||||||||||||||||||||||||
CNA Financial | $ | 2,292 | $ | 2,336 | $ | 8,980 | $ | 9,122 | |||||||||||||||||
Diamond Offshore | 752 | 843 | 3,334 | 3,361 | |||||||||||||||||||||
HighMount | 93 | 104 | 390 | 455 | |||||||||||||||||||||
Boardwalk Pipeline | 301 | 308 | 1,144 | 1,129 | |||||||||||||||||||||
Loews Hotels | 86 | 78 | 337 | 308 | |||||||||||||||||||||
Investment income (loss) and other | 22 | 84 | (6 | ) | 184 | ||||||||||||||||||||
3,546 | 3,753 | 14,179 | 14,559 | ||||||||||||||||||||||
Investment gains (losses): | |||||||||||||||||||||||||
CNA Financial | (33 | ) | (39 | ) | (19 | ) | 86 | ||||||||||||||||||
Corporate and other | (34 | ) | 1 | (33 | ) | (30 | ) | ||||||||||||||||||
(67 | ) | (38 | ) | (52 | ) | 56 | |||||||||||||||||||
Total | $ | 3,479 | $ | 3,715 | $ | 14,127 | $ | 14,615 | |||||||||||||||||
Income (Loss) Before Income Tax: | |||||||||||||||||||||||||
CNA Financial (a) | $ | 273 | $ | 517 | $ | 904 | $ | 1,035 | |||||||||||||||||
Diamond Offshore | 203 | 310 | 1,177 | 1,333 | |||||||||||||||||||||
HighMount | 21 | 31 | 99 | 136 | |||||||||||||||||||||
Boardwalk Pipeline (b) | 70 | 87 | 211 | 283 | |||||||||||||||||||||
Loews Hotels | 4 | (2 | ) | 17 | 2 | ||||||||||||||||||||
Investment income, net | 24 | 85 | 1 | 187 | |||||||||||||||||||||
Other (d) | (47 | ) | (45 | ) | (125 | ) | (130 | ) | |||||||||||||||||
548 | 983 | 2,284 | 2,846 | ||||||||||||||||||||||
Investment gains (losses): | |||||||||||||||||||||||||
CNA Financial | (33 | ) | (39 | ) | (19 | ) | 86 | ||||||||||||||||||
Corporate and other | (34 | ) | 1 | (33 | ) | (30 | ) | ||||||||||||||||||
(67 | ) | (38 | ) | (52 | ) | 56 | |||||||||||||||||||
Total |
$ | 481 | $ | 945 | $ | 2,232 | $ | 2,902 | |||||||||||||||||
Net Income (Loss) Attributable to Loews Corporation: | |||||||||||||||||||||||||
CNA Financial (a) | $ | 192 | $ | 297 | $ | 569 | $ | 609 | |||||||||||||||||
Diamond Offshore | 88 | 113 | 451 | 446 | |||||||||||||||||||||
HighMount | 12 | 21 | 62 | 77 | |||||||||||||||||||||
Boardwalk Pipeline (b) (c) | 21 | 34 | 77 | 114 | |||||||||||||||||||||
Loews Hotels | 5 | - | 13 | 1 | |||||||||||||||||||||
Investment income, net | 16 | 56 | 3 | 123 | |||||||||||||||||||||
Other (d) | (26 | ) | (33 | ) | (80 | ) | (90 | ) | |||||||||||||||||
308 | 488 | 1,095 | 1,280 | ||||||||||||||||||||||
Investment gains (losses): | |||||||||||||||||||||||||
CNA Financial | (19 | ) | (22 | ) | (10 | ) | 46 | ||||||||||||||||||
Corporate and other | (21 | ) | - | (21 | ) | (19 | ) | ||||||||||||||||||
(40 | ) | (22 | ) | (31 | ) | 27 | |||||||||||||||||||
Income from continuing operations | 268 | 466 | 1,064 | 1,307 | |||||||||||||||||||||
Discontinued operations, net (a) | (19 | ) | |||||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 268 | $ | 466 | $ | 1,064 | $ | 1,288 | |||||||||||||||||
(a) | Includes a loss of $529 million ($309 million after tax and noncontrolling interests) and a $19 million loss from discontinued operations for the year ended December 31, 2010 related to CNA's transfer of legacy asbestos and environmental pollution liabilities to NICO. | ||
(b) | Includes an impairment charge of $29 million ($11 million after tax and noncontrolling interests) for the year ended December 31, 2011 related to the carrying value of certain steel pipe materials. | ||
(c) | Represents a 64.0%, 65.9%, 64.0% and 66.7% ownership interest in Boardwalk Pipeline for the respective periods. | ||
(d) | Consists primarily of corporate interest expense and other unallocated expenses. | ||
Source:
Loews Corporation
Peter W. Keegan, 212-521-2950
Chief Financial Officer
or
Mary Skafidas, 212-521-2788
Investor Relations
or
Candace Leeds, 212-521-2416
Public Affairs