Book Value Per Share of
Net income for the three and six months ended
Book value per share increased to
CONSOLIDATED HIGHLIGHTS |
|||||||||||||||||||||||||||
(In millions, except per share data) | June 30, | ||||||||||||||||||||||||||
Three Months | Six Months | ||||||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||||||||||
Income before net investment gains and impairment charges | $ | 186 | $ | 238 | $ | 562 | $ | 605 | |||||||||||||||||||
Non-cash ceiling test impairment charges | (142 | ) | (170 | ) | |||||||||||||||||||||||
Net investment gains | 12 | 12 | 31 | 24 | |||||||||||||||||||||||
Net income attributable to Loews Corporation | $ | 56 | $ | 250 | $ | 423 | $ | 629 | |||||||||||||||||||
Net income per share | $ | 0.14 | $ | 0.61 | $ | 1.06 | $ | 1.53 | |||||||||||||||||||
Book value per share at: | |||||||||||||||||||||||||||
June 30, 2012 | $ | 49.31 | |||||||||||||||||||||||||
December 31, 2011 | 47.33 | ||||||||||||||||||||||||||
June 30, 2011 | 46.63 | ||||||||||||||||||||||||||
Three Months Ended
Excluding the ceiling test impairment charge,
CNA's earnings increased primarily as a result of lower catastrophe losses and improved non-catastrophe current accident year underwriting results partially offset by lower net investment income due to decreased limited partnership results.
Diamond Offshore's earnings decrease resulted primarily from lower rig utilization as more rigs were undergoing special surveys, a decrease in average dayrate, and an increase in contract drilling expenses reflecting the costs of the special surveys. These decreases were partially offset by a
Boardwalk Pipeline's earnings increased primarily due to the contribution from
Six Months Ended
Excluding the ceiling test impairment charge,
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 | |||||||||||||||||
Selected Financial Information by Segment | |||||||||||||||||
June 30, | |||||||||||||||||
(In millions) | Three Months | Six Months | |||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||
Revenues: | |||||||||||||||||
CNA Financial | $ | 2,224 | $ | 2,183 | $ | 4,593 | $ | 4,485 | |||||||||
Diamond Offshore (a) | 793 | 892 | 1,589 | 1,701 | |||||||||||||
Boardwalk Pipeline | 277 | 263 | 591 | 574 | |||||||||||||
HighMount | 69 | 98 | 145 | 202 | |||||||||||||
Loews Hotels | 94 | 89 | 174 | 169 | |||||||||||||
Investment income (loss) and other | (89 | ) | (2 | ) | (12 | ) | 37 | ||||||||||
3,368 | 3,523 | 7,080 | 7,168 | ||||||||||||||
Investment gains (losses): | |||||||||||||||||
CNA Financial | 22 | 19 | 54 | 41 | |||||||||||||
Corporate and other | (2 | ) | (2 | ) | 1 | ||||||||||||
20 | 19 | 52 | 42 | ||||||||||||||
Total | $ | 3,388 | $ | 3,542 | $ | 7,132 | $ | 7,210 | |||||||||
Income (Loss) Before Income Tax: | |||||||||||||||||
CNA Financial | $ | 211 | $ | 160 | $ | 545 | $ | 470 | |||||||||
Diamond Offshore (a) | 246 | 343 | 498 | 639 | |||||||||||||
Boardwalk Pipeline (b) | 66 | 13 | 158 | 95 | |||||||||||||
HighMount | |||||||||||||||||
Operations | 5 | 24 | 15 | 53 | |||||||||||||
Ceiling test impairment charge | (222 | ) | (266 | ) | |||||||||||||
Loews Hotels | 11 | 11 | 18 | 14 | |||||||||||||
Investment income (loss), net | (85 | ) | (9 | ) | 41 | ||||||||||||
Other (c) | (38 | ) | (22 | ) | (56 | ) | (49 | ) | |||||||||
194 | 529 | 903 | 1,263 | ||||||||||||||
Investment gains (losses): | |||||||||||||||||
CNA Financial | 22 | 19 | 54 | 41 | |||||||||||||
Corporate and other | (2 | ) | (2 | ) | 1 | ||||||||||||
20 | 19 | 52 | 42 | ||||||||||||||
Total | $ | 214 | $ | 548 | $ | 955 | $ | 1,305 | |||||||||
Net Income (Loss) Attributable to Loews Corporation: | |||||||||||||||||
CNA Financial | $ | 138 | $ | 101 | $ | 345 | $ | 288 | |||||||||
Diamond Offshore (a) | 94 | 125 | 181 | 242 | |||||||||||||
Boardwalk Pipeline (b) | 25 | 5 | 60 | 38 | |||||||||||||
HighMount | |||||||||||||||||
Operations | 3 | 15 | 9 | 34 | |||||||||||||
Ceiling test impairment charge | (142 | ) | (170 | ) | |||||||||||||
Loews Hotels | 6 | 6 | 10 | 8 | |||||||||||||
Investment income (loss), net | (56 | ) | 1 | (6 | ) | 28 | |||||||||||
Other (c) | (24 | ) | (15 | ) | (37 | ) | (33 | ) | |||||||||
44 | 238 | 392 | 605 | ||||||||||||||
Investment gains (losses): | |||||||||||||||||
CNA Financial | 13 | 12 | 32 | 24 | |||||||||||||
Corporate and other | (1 | ) | (1 | ) | |||||||||||||
12 | 12 | 31 | 24 | ||||||||||||||
Net income attributable to Loews Corporation | $ | 56 | $ | 250 | $ | 423 | $ | 629 | |||||||||
(a) Includes a $51 million gain ($23 million after tax and noncontrolling interests) and $76 million gain ($32 | |||||||||||||||||
(b) Includes an impairment charge of $28 million ($11 million after tax and noncontrolling interests) for the | |||||||||||||||||
(c) Consists primarily of corporate interest expense and other unallocated expenses. | |||||||||||||||||
Loews Corporation and Subsidiaries | ||||||||||||||||||||
Consolidated Financial Review | ||||||||||||||||||||
June 30, | ||||||||||||||||||||
(In millions, except per share data) | Three Months | Six Months | ||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Insurance premiums | $ | 1,668 | $ | 1,595 | $ | 3,317 | $ | 3,210 | ||||||||||||
Net investment income | 386 | 519 | 1,112 | 1,180 | ||||||||||||||||
Investment gains | 20 | 19 | 52 | 42 | ||||||||||||||||
Contract drilling revenues | 726 | 870 | 1,481 | 1,659 | ||||||||||||||||
Other | 588 | 539 | 1,170 | 1,119 | ||||||||||||||||
Total | 3,388 | 3,542 | 7,132 | 7,210 | ||||||||||||||||
Expenses: | ||||||||||||||||||||
Insurance claims & policyholders' benefits | 1,348 | 1,367 | 2,729 | 2,731 | ||||||||||||||||
Contract drilling expenses | 405 | 388 | 802 | 750 | ||||||||||||||||
Other (a) | 1,421 | 1,239 | 2,646 | 2,424 | ||||||||||||||||
Total | 3,174 | 2,994 | 6,177 | 5,905 | ||||||||||||||||
Income before income tax | 214 | 548 | 955 | 1,305 | ||||||||||||||||
Income tax expense | (16 | ) | (144 | ) | (238 | ) | (339 | ) | ||||||||||||
Net income | 198 | 404 | 717 | 966 | ||||||||||||||||
Amounts attributable to noncontrolling interests | (142 | ) | (154 | ) | (294 | ) | (337 | ) | ||||||||||||
Net income attributable to Loews Corporation | $ | 56 | $ | 250 | $ | 423 | $ | 629 | ||||||||||||
Diluted income per share attributable to Loews Corporation | $ | 0.14 | $ | 0.61 | $ | 1.06 | $ | 1.53 | ||||||||||||
Weighted diluted number of shares | 397.13 | 408.74 | 397.30 | 411.27 | ||||||||||||||||
(a) Includes non-cash impairment charges of $222 million ($142 million after tax) and $266 million ($170 million | ||||||||||||||||||||
Source:
Loews Corporation
Peter W. Keegan, 212-521-2950
Chief Financial Officer
or
Mary Skafidas, 212-521-2788
Investor and Public Relations