Net Income Per Share of
Book Value Per Share of
The decrease in net income is due to lower earnings at
CNA's earnings increased as a result of higher investment income primarily due to an increase in limited partnership results and higher fixed maturity securities income and lower catastrophe losses.
Diamond Offshore's earnings decreased due to lower utilization primarily from fewer revenue earning days and higher contract drilling expense that reflects the higher cost of operating rigs internationally rather than domestically.
HighMount's earnings decreased due to a non-cash impairment charge related to the carrying value of its natural gas and oil properties. This charge was the result of declines in natural gas prices. The results in 2012 also reflect lower production volumes and prices as compared to the prior year period.
|
CONSOLIDATED HIGHLIGHTS | ||||||||||
| Three Months Ended March 31, | ||||||||||
| (In millions, except per share data) | 2012 | 2011 | ||||||||
| Net income attributable to Loews Corporation: | ||||||||||
|
Income before net investment gains |
$ | 348 | $ | 367 | ||||||
| Net investment gains | 19 | 12 | ||||||||
| Net income attributable to Loews Corporation | $ | 367 | $ | 379 | ||||||
| Net income per share | $ | 0.92 | $ | 0.92 | ||||||
| Book value per share at: | ||||||||||
| March 31, 2012 | $ | 48.96 | ||||||||
| December 31, 2011 | 47.33 | |||||||||
| March 31, 2011 | 45.38 | |||||||||
CONFERENCE CALLS
A conference call to discuss the first quarter results of
A conference call to discuss the first quarter results of CNA has been scheduled for
A conference call to discuss the first quarter results of
A conference call to discuss the first 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 by Segment | ||||||||||||||
| (In millions) | Three Months Ended March 31, | |||||||||||||
| 2012 | 2011 | |||||||||||||
| Revenues: | ||||||||||||||
| CNA Financial | $ | 2,369 | $ | 2,302 | ||||||||||
| Diamond Offshore (a) | 796 | 809 | ||||||||||||
| Boardwalk Pipeline | 314 | 311 | ||||||||||||
| HighMount | 76 | 104 | ||||||||||||
| Loews Hotels | 80 | 80 | ||||||||||||
| Investment income and other | 77 | 39 | ||||||||||||
| 3,712 | 3,645 | |||||||||||||
| Investment gains: | ||||||||||||||
| CNA Financial | 32 | 22 | ||||||||||||
| Corporate and other | 1 | |||||||||||||
| 32 | 23 | |||||||||||||
| Total | $ | 3,744 | $ | 3,668 | ||||||||||
| Income (Loss) Before Income Tax: | ||||||||||||||
| CNA Financial | $ | 334 | $ | 310 | ||||||||||
| Diamond Offshore (a) | 252 | 296 | ||||||||||||
| Boardwalk Pipeline | 92 | 82 | ||||||||||||
| HighMount (b) | (34 | ) | 29 | |||||||||||
| Loews Hotels | 7 | 3 | ||||||||||||
| Investment income, net | 76 | 41 | ||||||||||||
| Other (c) | (18 | ) | (27 | ) | ||||||||||
| 709 | 734 | |||||||||||||
| Investment gains: | ||||||||||||||
| CNA Financial | 32 | 22 | ||||||||||||
| Corporate and other | 1 | |||||||||||||
| 32 | 23 | |||||||||||||
| Total | $ | 741 | $ | 757 | ||||||||||
| Net Income (Loss) Attributable to Loews Corporation: | ||||||||||||||
| CNA Financial | $ | 207 | $ | 187 | ||||||||||
| Diamond Offshore (a) | 87 | 117 | ||||||||||||
| Boardwalk Pipeline (d) | 35 | 33 | ||||||||||||
| HighMount (b) | (22 | ) | 19 | |||||||||||
| Loews Hotels | 4 | 2 | ||||||||||||
| Investment income, net | 50 | 27 | ||||||||||||
| Other (c) | (13 | ) | (18 | ) | ||||||||||
| 348 | 367 | |||||||||||||
| Investment gains: | ||||||||||||||
| CNA Financial | 19 | 12 | ||||||||||||
| Corporate and other | ||||||||||||||
| 19 | 12 | |||||||||||||
| Net income attributable to Loews Corporation | $ | 367 | $ | 379 | ||||||||||
| (a) | Includes a $25 million gain ($9 million after tax and noncontrolling interests) for the three months ended March 31, 2012 on the sale of a jack-up rig. | ||
| (b) | Includes a non-cash impairment charge of $44 million ($28 million after tax) for the three months ended March 31, 2012 related to the carrying value of HighMount's natural gas and oil properties. | ||
| (c) | Consists primarily of corporate interest expense and other unallocated expenses. | ||
| (d) | Represents a 61.8% and 65.9% ownership interest in Boardwalk Pipeline for the respective periods. | ||
| Loews Corporation and Subsidiaries | ||||||||||||||
| Consolidated Financial Review | ||||||||||||||
| (In millions, except per share data) | Three Months Ended March 31, | |||||||||||||
| 2012 | 2011 | |||||||||||||
| Revenues: | ||||||||||||||
| Insurance premiums | $ | 1,649 | $ | 1,615 | ||||||||||
| Net investment income | 726 | 661 | ||||||||||||
| Investment gains | 32 | 23 | ||||||||||||
| Contract drilling revenues | 755 | 789 | ||||||||||||
| Other | 582 | 580 | ||||||||||||
| Total | 3,744 | 3,668 | ||||||||||||
| Expenses: | ||||||||||||||
| Insurance claims & policyholders' benefits | 1,381 | 1,364 | ||||||||||||
| Contract drilling expenses | 397 | 362 | ||||||||||||
| Other (a) | 1,225 | 1,185 | ||||||||||||
| Total | 3,003 | 2,911 | ||||||||||||
| Income before income tax | 741 | 757 | ||||||||||||
| Income tax expense | (222 | ) | (195 | ) | ||||||||||
| Net income | 519 | 562 | ||||||||||||
| Amounts attributable to noncontrolling interests | (152 | ) | (183 | ) | ||||||||||
| Net income attributable to Loews Corporation | $ | 367 | $ | 379 | ||||||||||
| Diluted income per share attributable to Loews Corporation | $ | 0.92 | $ | 0.92 | ||||||||||
| Weighted diluted number of shares | 397.44 | 413.83 | ||||||||||||
| (a) | Includes a non-cash impairment charge of $44 million ($28 million after tax) for the three months ended March 31, 2012 related to the carrying value of HighMount's natural gas and oil properties. | ||
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