Book value per share excluding accumulated other comprehensive income (AOCI) increased to
CONSOLIDATED HIGHLIGHTS
(In millions, except per share data) |
September 30, |
|||
Three Months |
Nine Months |
|||
2015 |
2014 |
2015 |
2014 |
|
Income before net investment gains (losses) |
$ 211 |
$ 155 |
$ 479 |
$ 708 |
Net investment gains (losses) |
(29) |
24 |
(18) |
39 |
Income from continuing operations |
182 |
179 |
461 |
747 |
Discontinued operations, net |
̶ |
29 |
̶ |
(364) |
Net income attributable to Loews Corporation |
$ 182 |
$ 208 |
$ 461 |
$ 383 |
Net income per share: |
||||
Income from continuing operations |
$ 0.50 |
$ 0.47 |
$ 1.25 |
$ 1.94 |
Discontinued operations, net |
̶ |
0.08 |
̶ |
(0.94) |
Net income per share |
$ 0.50 |
$ 0.55 |
$ 1.25 |
$ 1.00 |
September 30, |
Year Ended |
|||
2015 |
2014 |
|||
Book value per share |
$ 52.52 |
$ 52.01 |
$ 51.70 |
|
Book value per share excluding AOCI |
52.59 |
50.32 |
50.95 |
Three Months Ended
Income from continuing operations for the three months ended
CNA's earnings declined primarily due to lower limited partnership investment results and realized investment losses versus realized gains in the prior year quarter. Improved underwriting results driven by higher favorable net prior year development partially offset the negative related to the investment portfolio.
Loews Hotels' earnings increased primarily due to higher income from Universal Orlando joint venture properties.
Discontinued operations in 2014 included a favorable adjustment to the impairment charge at HighMount.
Nine Months Ended
Income from continuing operations for the nine months ended
CNA's earnings declined year-over-year because of lower limited partnership results and an
Loews Hotels' earnings increased primarily due to higher income from Universal Orlando joint venture properties partially offset by higher interest expense.
Discontinued operations in 2014 included impairment charges related to the sale of both CNA's former life insurance subsidiary and HighMount.
SHARE REPURCHASES
At
CONFERENCE CALLS
A conference call to discuss the third quarter results of
A conference call to discuss the third quarter results of CNA has been scheduled for today at
A conference call to discuss the third quarter results of
A conference call to discuss the third 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 September 30, Three Months Nine Months (In millions) 2015 2014 2015 2014 Revenues: CNA Financial $ 2,203 $ 2,374 $ 6,874 $ 7,249 Diamond Offshore 608 737 1,867 2,148 Boardwalk Pipeline 296 279 925 931 Loews Hotels 146 126 452 343 Investment income (loss) and other (34) (30) 6 68 3,219 3,486 10,124 10,739 Investment gains (losses) - CNA Financial (50) 37 (42) 65 Total $ 3,169 $ 3,523 $ 10,082 $ 10,804 Income (Loss) Before Income Tax: CNA Financial (a) $ 284 $ 258 $ 755 $ 896 Diamond Offshore (b) 139 82 (42) 362 Boardwalk Pipeline (c) 48 28 163 105 Loews Hotels 1 - 25 14 Investment income (loss), net (35) (29) 4 68 Other (d) (39) (37) (115) (111) 398 302 790 1,334 Investment gains (losses) - CNA Financial (50) 37 (42) 65 Total $ 348 $ 339 $ 748 $ 1,399 Net Income (Loss) Attributable to Loews Corporation: CNA Financial (a) $ 190 $ 164 $ 513 $ 584 Diamond Offshore (b) 47 25 (34) 136 Boardwalk Pipeline (c) 18 8 55 7 Loews Hotels 2 - 15 8 Investment income (loss), net (22) (18) 4 46 Other (d) (24) (24) (74) (73) 211 155 479 708 Investment gains (losses) - CNA Financial (29) 24 (18) 39 Income from continuing operations 182 179 461 747 Discontinued operations, net (e) - 29 - (364) Net income attributable to Loews Corporation $ 182 $ 208 $ 461 $ 383 (a) Includes a charge of $84 million ($49 million after tax and noncontrolling interests) for the nine months ended September 30, 2015 related to retroactive reinsurance accounting for the Loss Portfolio Transfer. Includes a loss of $31 million (after noncontrolling interests) related to a coinsurance agreement entered into on a separate small block of annuity business outside of Continental Assurance Company for the three and nine months ended September 30, 2014 and an $86 million curtailment gain ($50 million after tax and noncontrolling interests) related to a negative plan amendment and the re-measurement of postretirement benefit obligations at CNA for the nine months ended September 30, 2014. (b) Includes an asset impairment charge of $361 million ($159 million after tax and noncontrolling interests) for the nine months ended September 30, 2015 related to the carrying value of eight drilling rigs and an asset impairment charge of $109 million ($55 million after tax and noncontrolling interests) for the three and nine months ended September 30, 2014 related to the carrying value of six drilling rigs. (c) Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the nine months ended September 30, 2014 to write off all capitalized costs associated with the terminated Bluegrass project. (d) Consists primarily of corporate interest expense and other unallocated expenses. (e) See table on page six for a summary of items comprising discontinued operations for 2014.
Loews Corporation and Subsidiaries Consolidated Financial Review September 30, Three Months Nine Months (In millions, except per share data) 2015 2014 2015 2014 Revenues: Insurance premiums $ 1,751 $ 1,810 $ 5,173 $ 5,427 Net investment income 321 451 1,419 1,625 Investment gains (losses) (50) 37 (42) 65 Contract drilling revenues 599 728 1,816 2,063 Other 548 497 1,716 1,624 Total 3,169 3,523 10,082 10,804 Expenses: Insurance claims & policyholders' benefits (a) 1,200 1,354 4,008 4,241 Contract drilling expenses 276 400 971 1,165 Other (b) (c) (d) 1,345 1,430 4,355 3,999 Total 2,821 3,184 9,334 9,405 Income before income tax 348 339 748 1,399 Income tax expense (66) (99) (170) (347) Income from continuing operations 282 240 578 1,052 Discontinued operations, net of income tax - 29 - (384) Net income 282 269 578 668 Amounts attributable to noncontrolling interests (100) (61) (117) (285) Net income attributable to Loews Corporation $ 182 $ 208 $ 461 $ 383 Net income attributable to Loews Corporation: Income from continuing operations $ 182 $ 179 $ 461 $ 747 Discontinued operations, net (e) - 29 - (364) Net income $ 182 $ 208 $ 461 $ 383 Diluted income per share: Income from continuing operations $ 0.50 $ 0.47 $ 1.25 $ 1.94 Discontinued operations, net - 0.08 - (0.94) Diluted income per share attributable to Loews Corporation $ 0.50 $ 0.55 $ 1.25 $ 1.00 Weighted diluted number of shares 361.10 381.19 368.03 385.19 (a) Includes a charge of $84 million ($49 million after tax and noncontrolling interests) for the nine months ended September 30, 2015 related to retroactive reinsurance accounting for the Loss Portfolio Transfer. (b) Includes a loss of $31 million (after noncontrolling interests) related to a coinsurance agreement entered into on a separate small block of annuity business outside of Continental Assurance Company for the three and nine months ended September 30, 2014 and an $86 million curtailment gain ($50 million after tax and noncontrolling interests) related to a negative plan amendment and the re-measurement of postretirement benefit obligations at CNA for the nine months ended September 30, 2014. (c) Includes an asset impairment charge of $361 million ($159 million after tax and noncontrolling interests) for the nine months ended September 30, 2015 related to the carrying value of eight drilling rigs and an asset impairment charge of $109 million ($55 million after tax and noncontrolling interests) for the three and nine months ended September 30, 2014 related to the carrying value of six drilling rigs. (d) Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the nine months ended September 30, 2014 to write off all capitalized costs associated with the terminated Bluegrass project. (e) See table on page six for a summary of items comprising discontinued operations for 2014.
Loews Corporation and Subsidiaries Discontinued Operations Review September 30, 2014 (In millions) Three Months Nine Months CNA Financial Continental Assurance Company (῝CAC῞) operations - $ 12 Impairment loss on sale of CAC $ 4 (189) CNA Financial - Discontinued operations, net 4 (177) HighMount Operations (5) (31) Ceiling test impairment - (19) Impairment loss on sale 30 (137) HighMount - Discontinued operations, net 25 (187) Discontinued operations, net $ 29 $ (364)
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SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788