Book value per share excluding accumulated other comprehensive income (AOCI) increased to
CONSOLIDATED HIGHLIGHTS |
|||
Three Months Ended March 31, |
|||
(In millions, except per share data) |
2014 |
2013 |
|
Income before net investment gains and ceiling test impairment charges |
$ 240 |
$ 314 |
|
Ceiling test impairment charges |
(19) |
(92) |
|
Net investment gains |
24 |
12 |
|
Income from continuing operations |
245 |
234 |
|
Discontinued operations, net (a) |
(186) |
8 |
|
Net income attributable to Loews Corporation |
$ 59 |
$ 242 |
|
Net income per share: |
|||
Income from continuing operations |
$ 0.63 |
$ 0.60 |
|
Discontinued operations, net |
(0.48) |
0.02 |
|
Net income per share |
$ 0.15 |
$ 0.62 |
|
March 31, |
Year Ended |
||
2014 |
2013 |
||
Book value per share |
$ 50.89 |
$ 49.93 |
$ 50.25 |
Book value per share excluding AOCI |
$ 49.43 |
$ 48.48 |
$ 49.38 |
(a) Includes an impairment loss of
Income from continuing operations increased primarily due to higher parent company investment income as a result of improved performance of the trading portfolio, and lower ceiling test impairment charges at
CNA's earnings decreased primarily due to lower net investment income, higher catastrophe losses and lower favorable net prior year development, partially offset by improved non-catastrophe current accident year underwriting results and higher realized investment gains.
SHARE REPURCHASES
At
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 |
|||||
(In millions) |
Three Months Ended March 31, |
||||
2014 |
2013 |
||||
Revenues: |
|||||
CNA Financial |
$ 2,421 |
$ 2,436 |
|||
Diamond Offshore |
710 |
732 |
|||
Boardwalk Pipeline |
357 |
329 |
|||
HighMount |
55 |
68 |
|||
Loews Hotels |
105 |
94 |
|||
Investment income and other |
53 |
8 |
|||
3,701 |
3,667 |
||||
Investment gains (losses): |
|||||
CNA Financial |
42 |
19 |
|||
Corporate and other |
|||||
42 |
19 |
||||
Total |
$ 3,743 |
$ 3,686 |
|||
Income (Loss) Before Income Tax: |
|||||
CNA Financial |
$ 259 |
$ 331 |
|||
Diamond Offshore |
168 |
205 |
|||
Boardwalk Pipeline (a) |
23 |
99 |
|||
HighMount |
|||||
Operations |
(2) |
6 |
|||
Ceiling test impairment charge |
(29) |
(145) |
|||
Loews Hotels |
5 |
||||
Investment income, net |
51 |
7 |
|||
Other (b) |
(34) |
(24) |
|||
441 |
479 |
||||
Investment gains (losses): |
|||||
CNA Financial |
42 |
19 |
|||
Corporate and other |
|||||
42 |
19 |
||||
Total |
$ 483 |
$ 498 |
|||
Net Income (Loss) Attributable to Loews Corporation: |
|||||
CNA Financial |
$ 176 |
$ 206 |
|||
Diamond Offshore |
69 |
82 |
|||
Boardwalk Pipeline (a) |
(18) |
33 |
|||
HighMount |
|||||
Operations |
(1) |
4 |
|||
Ceiling test impairment charge |
(19) |
(92) |
|||
Loews Hotels |
3 |
||||
Investment income, net |
34 |
5 |
|||
Other (b) |
(23) |
(16) |
|||
221 |
222 |
||||
Investment gains (losses): |
|||||
CNA Financial |
24 |
12 |
|||
Corporate and other |
|||||
24 |
12 |
||||
Income from continuing operations |
245 |
234 |
|||
Discontinued operations, net (c) |
(186) |
8 |
|||
Net income attributable to Loews Corporation |
$ 59 |
$ 242 |
|||
(a) |
Includes a charge of $94 million ($55 million after tax and noncontrolling interests) for the three months ended March 31, 2014 to write off all previously capitalized costs incurred related to the Bluegrass project. |
|||
(b) |
Consists primarily of corporate interest expense and other unallocated expenses. |
|||
(c) |
Includes an impairment loss of $193 million and income from operations of $7 million for the three months ended March 31, 2014 related to the pending sale of CNA's annuity and pension deposit business. |
Loews Corporation and Subsidiaries |
|||||
Consolidated Financial Review |
|||||
(In millions, except per share data) |
Three Months Ended March 31, |
||||
2014 |
2013 |
||||
Revenues: |
|||||
Insurance premiums |
$ 1,806 |
$ 1,764 |
|||
Net investment income |
577 |
599 |
|||
Investment gains |
42 |
19 |
|||
Contract drilling revenues |
685 |
700 |
|||
Other |
633 |
604 |
|||
Total |
3,743 |
3,686 |
|||
Expenses: |
|||||
Insurance claims & policyholders' benefits |
1,446 |
1,396 |
|||
Contract drilling expenses |
370 |
375 |
|||
Other (a) |
1,444 |
1,417 |
|||
Total |
3,260 |
3,188 |
|||
Income before income tax |
483 |
498 |
|||
Income tax expense |
(92) |
(109) |
|||
Income from continuing operations |
391 |
389 |
|||
Discontinued operations, net of income tax |
(207) |
9 |
|||
Net income |
184 |
398 |
|||
Amounts attributable to noncontrolling interests |
(125) |
(156) |
|||
Net income attributable to Loews Corporation |
$ 59 |
$ 242 |
|||
Net income attributable to Loews Corporation: |
|||||
Income from continuing operations |
$ 245 |
$ 234 |
|||
Discontinued operations, net (b) |
(186) |
8 |
|||
Net income |
$ 59 |
$ 242 |
|||
Diluted income per share: |
|||||
Income from continuing operations |
$ 0.63 |
$ 0.60 |
|||
Discontinued operations, net |
(0.48) |
0.02 |
|||
Diluted income per share attributable to Loews Corporation |
$ 0.15 |
$ 0.62 |
|||
Weighted diluted number of shares |
388.07 |
392.16 |
|||
(a) |
Includes ceiling test impairment charges of $29 million and $145 million ($19 million and $92 million after tax) for the three months ended March 31, 2014 and 2013 related to the carrying value of HighMount's natural gas and oil properties. |
|||
(b) |
Includes an impairment loss of $193 million and income from operations of $7 million for the three months ended March 31, 2014 related to the pending sale of CNA's annuity and pension deposit business. |
SOURCE
Peter W. Keegan, Chief Financial Officer, (212) 521-2950; or Mary Skafidas, Investor and Public Relations, (212) 521-2788