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Press Release

Loews Corporation Reports Net Income for 2005

NEW YORK--(BUSINESS WIRE)--Feb. 16, 2006--Loews Corporation (NYSE:LTR;CG) today reported consolidated net income (including both the Loews Group and Carolina Group) for the 2005 fourth quarter of $127.6 million, compared to $500.3 million in the 2004 fourth quarter. Consolidated net income for the year ended December 31, 2005 was $1,211.6 million, compared to $1,215.8 million in the prior year.

Net income and earnings per share information attributable to Loews common stock and Carolina Group stock is summarized in the following table:

======================================================================
                                            December 31,
                              ----------------------------------------
                                  Three Months         Year Ended
                              ----------------------------------------
(In millions, except per share
 data)                          2005      2004      2005      2004
                              ----------------------------------------
                                        (Restated)          (Restated)
Net income attributable to
 Loews common stock:
  Income before net investment
   gains (losses)                 $86.8    $359.7    $951.9  $1,195.7
  Net investment gains
   (losses) (a)                   (49.0)     85.6     (10.3)   (144.9)
                              ----------------------------------------
  Income from continuing
   operations                      37.8     445.3     941.6   1,050.8
  Discontinued operations, net      8.2      (1.1)     18.7     (19.5)
                              ----------------------------------------
 Net income attributable to
  Loews common stock               46.0     444.2     960.3   1,031.3
 Net income attributable to
  Carolina Group stock (b)         81.6      56.1     251.3     184.5
                              ----------------------------------------
 Consolidated net income         $127.6    $500.3  $1,211.6  $1,215.8
                              ========================================

 Net income per share:
  Loews common stock:
    Income from continuing
     operations                   $0.20     $2.40     $5.06     $5.66
    Discontinued Operations,
     net                           0.05     (0.01)     0.10     (0.10)
                              ----------------------------------------
    Net income                    $0.25     $2.39     $5.16     $5.56
                              ========================================
  Carolina Group stock            $1.11     $0.93     $3.62     $3.15
======================================================================
 Book value per share of Loews
  common stock at:
   December 31, 2005             $70.93
   December 31, 2004 -
    restated                     $65.56
======================================================================

    (a) Includes a loss of $352.9 (after tax and minority interest)
        for the year ended December 31, 2004 related to CNA's sale of
        its individual life insurance business.

    (b) Reflects Loews Corporation's sales of 10,000,000 shares of
        Carolina Group stock in each of November of 2005 and December
        of 2004. Net income per share of Carolina Group stock was not
        impacted by these sales.

The Company will restate its financial results for prior years to correct the accounting by the Company's 91% owned subsidiary, the CNA Financial Corporation ("CNA"), for business reported as discontinued operations.

Three Months Ended December 31, 2005 Compared With 2004

Net income attributable to Loews common stock for the fourth quarter of 2005 amounted to $46.0 million, or $0.25 per share, compared to $444.2 million, or $2.39 per share, in the comparable period of the prior year. The decrease in net income was primarily due to a loss related to CNA's significant commutation of reinsurance finite contracts ($203.5 million after tax and minority interest) and non-commutation related adverse net development ($126.9 million after tax and minority interest), partially offset by improved results at the Company's 54% owned subsidiary, Diamond Offshore Drilling, Inc. ("Diamond Offshore").

Net income attributable to Loews common stock includes net investment losses of $49.0 million (after tax and minority interest) compared to net investment gains of $85.6 million (after tax and minority interest) in the comparable period of the prior year.

Net income attributable to Carolina Group stock for the fourth quarter of 2005 was $81.6 million, or $1.11 per Carolina Group share, compared to $56.1 million, or $0.93 per Carolina Group share, in the fourth quarter of 2004. The increase in net income attributable to Carolina Group stock for the fourth quarter of 2005 is due to improved overall results of the Carolina Group and reflects the increase in the amount of Carolina Group shares. The Company is issuing a separate press release reporting the results of the Carolina Group for the fourth quarter and full year of 2005.

Consolidated revenues in the fourth quarters of 2005 and 2004 amounted to $4.1 billion.

Year Ended December 31, 2005 Compared With 2004

Net income attributable to Loews common stock for the year ended 2005 amounted to $960.3 million, or $5.16 per share, compared to $1,031.3 million, or $5.56 per share, in the prior year. The results for the year ended December 31, 2005 include a benefit of $136.5 million related to a federal income tax settlement due primarily to net refund interest and the release of federal income tax reserves, and catastrophe losses at CNA of $304.8 million (after tax and minority interest) primarily related to Hurricanes Wilma, Katrina, Rita, Dennis and Ophelia. Net income also reflects the impact of the CNA commutations and adverse net development discussed above, partially offset by improved results at Diamond Offshore. In 2004, CNA incurred catastrophe losses of $178.9 million (after tax and minority interest) also primarily related to hurricanes. Net income for 2004 also included $116.5 (after taxes) from an affiliate's sale of four ultra-large oil tankers.

Net income attributable to Loews common stock includes net investment losses of $10.3 million (after tax and minority interest) compared to net investment losses of $144.9 million (after tax and minority interest) in the prior year due primarily to a loss of $352.9 million (after tax and minority interest) in 2004 from CNA's sale of its individual life insurance business.

Net income attributable to Carolina Group stock for the year ended 2005 was $251.3 million, or $3.62 per Carolina Group share, compared to $184.5 million, or $3.15 per Carolina Group share, in the prior year and is primarily due to improved overall results and the stock sales as mentioned above.

Consolidated revenues for the year ended 2005 amounted to $16.0 billion compared to $15.2 billion in the prior year. The increase in revenues is primarily due to the acquisition of Gulf South in December of 2004, improved results at Diamond Offshore and the impact of a loss recorded in 2004 related to CNA's sale of its individual life business.

Financial Restatement

The Company will restate its financial statements for the years 2001 through 2004, as well as its interim financial statements through September 30, 2005. The restatement is to correct the accounting for discontinued operations acquired in CNA's merger with The Continental Corporation in 1995. A current review of discontinued operations identified an overstatement of the net assets of these discontinued operations and errors in CNA's accounting for the periodic results of these operations.

The Company will file a Form 10-K for 2005 reflecting the effects of the restatement as follows:

======================================================================
      Restated Results as of and for the Year Ended December 31,
----------------------------------------------------------------------
                                     2004                2003
                              ----------------------------------------
                              Previously          Previously
(In millions, except per share Reported  Restated  Reported  Restated
 data)                        ----------------------------------------

 Shareholders' equity         $12,156.0 $11,969.9 $11,023.0 $10,855.3
                              ========================================

 Net income (loss)
  attributable to:
   Loews common stock          $1,050.8  $1,031.3   $(713.8)  $(712.4)
   Carolina Group stock           184.5     184.5     115.2     115.2
                              ----------------------------------------
    Total                      $1,235.3  $1,215.8   $(598.6)  $(597.2)
                              ========================================

 Net income (loss) per share
  attributable to:
   Loews common stock             $5.66     $5.56    $(3.85)   $(3.84)
   Carolina Group stock           $3.15     $3.15     $2.76     $2.76
======================================================================

At December 31, 2005, there were 185,846,889 shares of Loews common stock outstanding and 78,191,678 shares of Carolina Group stock outstanding. Depending on market conditions, the Company purchases, from time to time in the open market or otherwise, shares of its and its subsidiaries' outstanding common stock.

The Company has two classes of common stock, Carolina Group stock, a tracking stock intended to reflect the economic performance of a group of the Company's assets and liabilities, called the Carolina Group, principally consisting of the Company's subsidiary Lorillard, Inc., and Loews common stock, representing the economic performance of the Company's remaining assets, including the interest in the Carolina Group not represented by Carolina Group Stock. At December 31, 2005, the outstanding Carolina Group stock represented a 45.03% interest in the economic performance of the Carolina Group.

A conference call to discuss the fourth quarter results of Loews Corporation has been scheduled for 11:00 a.m. EST, Thursday, February 16, 2006. A live broadcast of the call will be available online at the Loews Corporation website (www.loews.com). Please go to the website at least ten minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (877) 692-2592. An online replay will be available at the Company's website following the call.

A conference call to discuss the fourth quarter results of CNA has been scheduled for 10:00 a.m. EST, Thursday, February 16, 2006. A live broadcast of the call will be available online at the CNA website (http://investor.cna.com). Please go to the website at least ten minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (800) 811-0677. An online replay will be available at CNA's website following the call.

FORWARD-LOOKING STATEMENTS

Statements contained in this press release that 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. 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 Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (www.loews.com). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.

Forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

Loews Corporation and Subsidiaries
Financial Review
                                          December 31,
                          --------------------------------------------
                               Three Months          Years Ended
                          --------------------------------------------
                             2005     2004 (f)     2005     2004 (f)
                          --------------------------------------------
                                     (Restated)            (Restated)

                          (Amounts in millions, except per share data)
Revenues:
  Insurance premiums and
   net investment income
   (a)                      $2,431.7   $2,678.0   $9,654.2   $9,824.5
  Manufactured products
   (b)                         981.2      889.7    3,752.4    3,515.2
  Other (c) (d)                695.1      484.4    2,611.2    1,897.2
                          --------------------------------------------
    Total                    4,108.0    4,052.1   16,017.8   15,236.9
                          --------------------------------------------

Expenses:
  Insurance claims &
   policyholders' benefits   2,112.3    1,590.2    6,998.7    6,445.0
  Cost of manufactured
   products sold (b)           539.9      486.8    2,202.3    2,045.4
  Other                      1,251.1    1,192.0    4,970.3    4,917.7
                          --------------------------------------------
    Total                    3,903.3    3,269.0   14,171.3   13,408.1
                          --------------------------------------------
Income from continuing
 operations before income
 taxes and minority
 interest                      204.7      783.1    1,846.5    1,828.8
                          --------------------------------------------

Income tax expense              43.8      243.6      490.4      536.2
Minority interest               41.5       38.1      163.2       57.3
                          --------------------------------------------
    Total                       85.3      281.7      653.6      593.5
                          --------------------------------------------

Income from continuing
 operations                    119.4      501.4    1,192.9    1,235.3
Discontinued operations,
 net                             8.2       (1.1)      18.7      (19.5)
                          --------------------------------------------

Net income                    $127.6     $500.3   $1,211.6   $1,215.8
                          ============================================

Net income attributable
 to:
  Loews common stock:
    Income from continuing
     operations                $37.8     $445.3     $941.6   $1,050.8
    Discontinued
     operations, net             8.2       (1.1)      18.7      (19.5)
                          --------------------------------------------
  Loews common stock           $46.0     $444.2     $960.3   $1,031.3
  Carolina Group stock (e)      81.6       56.1      251.3      184.5
                          --------------------------------------------
                              $127.6     $500.3   $1,211.6   $1,215.8
                          ============================================

Income per Loews common
 stock:
  Income from continuing
   operations                  $0.20      $2.40      $5.06      $5.66
  Discontinued operations,
   net                          0.05      (0.01)      0.10      (0.10)
                          --------------------------------------------
  Diluted net income           $0.25      $2.39      $5.16      $5.56
                          ============================================

Diluted net income per
 share of Carolina Group
 stock                         $1.11      $0.93      $3.62      $3.15
                          ============================================

Weighted diluted number of
 shares:
  Loews common stock          186.14     185.74     185.99     185.64
  Carolina Group stock         73.51      60.07      69.49      58.50

(a) Includes investment gains (losses) of $(82.9), $153.4, $(13.2) and
    $(256.0) for the respective periods. The year ended December 31,
    2004 includes a loss of $618.6 related to CNA's sale of its
    individual life business.
(b) Includes excise taxes of $164.7, $164.5, $676.1 and $658.1 on
    sales of manufactured products for the respective periods.
(c) The year ended December 31, 2005 includes net refund interest of
    $130.6 from a federal income tax settlement.
(d) Includes income of $179.3 ($116.5 after taxes) in the year ended
    December 31, 2004 from an affiliate's sale of four ultra-large
    crude oil tankers.
(e) Represents 42.86%, 34.68%, 40.34% and 33.80% of the economic
    interest in the Carolina Group for the respective periods.
(f) Restated to correct the accounting for CNA's discontinued
    operations.

Loews Corporation and Subsidiaries
Additional Financial Information
                                            December 31,
                              ----------------------------------------
                                  Three Months        Years Ended
                              ----------------------------------------
                                2005     2004 (j)   2005     2004 (j)
                              ----------------------------------------
                                        (Restated)          (Restated)
                                           (In millions)
Revenues:
 CNA Financial                 $2,491.4  $2,519.2  $9,871.6 $10,172.7
 Lorillard (a)                    936.1     848.2   3,637.4   3,384.4
 Boardwalk Pipelines (b)          178.3      79.8     571.3     265.1
 Diamond Offshore                 379.1     252.3   1,294.1     835.6
 Loews Hotels                      83.1      81.3     350.5     315.2
 Investment income-net and
  other (c)
   Income from trading
    portfolio                      33.1      41.3      42.8     105.9
   Other (d)                       89.8      76.6     263.3     414.0
                              ----------------------------------------
                                4,190.9   3,898.7  16,031.0  15,492.9
                              ----------------------------------------
 Investment gains (losses):
   CNA Financial (e)              (82.8)    166.9      (6.5)   (244.5)
   Corporate and other             (0.1)    (13.5)     (6.7)    (11.5)
                              ----------------------------------------
                                  (82.9)    153.4     (13.2)   (256.0)
                              ----------------------------------------
     Total                     $4,108.0  $4,052.1 $16,017.8 $15,236.9
                              ========================================

Income Before Taxes:
 CNA Financial                  $(288.9)   $252.9    $185.3    $766.0
 Lorillard (f)                    208.0     205.3     743.2     740.3
 Boardwalk Pipelines (b)           64.9      27.8     158.1      81.1
 Diamond Offshore                 135.9      19.3     351.0      (9.8)
 Loews Hotels                       4.9       8.1      50.0      31.2
 Investment income-net and
  other (c)
   Income from trading
    portfolio                      33.1      41.3      42.8     105.9
   Other (d) (g)                   (1.9)    (13.8)    (81.0)     72.2
                              ----------------------------------------
                                  156.0     540.9   1,449.4   1,786.9
                              ----------------------------------------
 Investment gains (losses) :
   CNA Financial (e)              (82.8)    166.9      (6.5)   (244.5)
   Corporate and other                      (13.8)     (5.8)    (12.0)
                              ----------------------------------------
                                  (82.8)    153.1     (12.3)   (256.5)
                              ----------------------------------------

 Loews common stock                73.2     694.0   1,437.1   1,530.4
 Carolina Group stock (h)         131.5      89.1     409.4     298.4
                              ----------------------------------------
     Total                       $204.7    $783.1  $1,846.5  $1,828.8
                              ========================================

Net Income:
 CNA Financial (i)              $(153.4)   $186.5    $246.7    $562.1
 Lorillard (f)                    128.9     128.8     455.8     457.1
 Boardwalk Pipelines (b)           36.0      16.8      92.1      48.8
 Diamond Offshore                  52.6       4.2     127.3      (9.3)
 Loews Hotels                      (1.5)      7.4      31.2      21.4
 Investment income-net and
  other (c)
   Income from trading
    portfolio                      21.5      26.9      27.8      68.9
   Other (d) (g) (i)                2.7     (10.9)    (29.0)     46.7
                              ----------------------------------------
                                   86.8     359.7     951.9   1,195.7
                              ----------------------------------------
 Investment gains (losses):
   CNA Financial (e)              (49.0)     94.5      (6.9)   (137.1)
   Corporate and other                       (8.9)     (3.4)     (7.8)
                              ----------------------------------------
                                  (49.0)     85.6     (10.3)   (144.9)
                              ----------------------------------------

 Income from continuing
  operations                       37.8     445.3     941.6   1,050.8
 Discontinued operations, net       8.2      (1.1)     18.7     (19.5)
                              ----------------------------------------
 Loews common stock                46.0     444.2     960.3   1,031.3
 Carolina Group stock (h)          81.6      56.1     251.3     184.5
                              ----------------------------------------
     Total                       $127.6    $500.3  $1,211.6  $1,215.8
                              ========================================

(a) Includes excise taxes of $164.7, $164.5, $676.1 and $658.1 on
    sales of manufactured products for the respective periods.
(b) Includes operations of Gulf South from December 29, 2004.
(c) Consists primarily of corporate investment income, interest
    expenses, the operations of Bulova Corporation, equity earnings of
    Majestic Shipping Corporation and other unallocated expenses.
(d) Includes income of $179.3 ($116.5 after taxes) in the year ended
    December 31, 2004 from an affiliate's sale of four ultra-large
    crude oil tankers.
(e) Includes an impairment loss of $618.6 ($352.9 after tax and
    minority interest) related to CNA's sale of its individual life
    insurance business for the year ended December 31, 2004.
(f) Represents the Loews Group's intergroup interest in the earnings
    of the Carolina Group.
(g) Includes additional interest expense of $35.5 and $17.0 ($23.1 and
    $11.1 after taxes) related to charges from the early redemption of
    the Company's long-term debt for the years ended December 31, 2005
    and 2004, respectively.
(h) Represents 42.86%, 34.68%, 40.34% and 33.80% of the economic
    interest in the Carolina Group for the respective periods.
(i) Includes a benefit of $105.7 and $25.5 for CNA Financial and
    Corporate, respectively, for the year ended December 31, 2005,
    relating primarily to net refund interest and the release of
    federal income tax reserves.
(j) Restated to correct the accounting for CNA's discontinued
    operations.

              Carolina Group Reports Net Income for 2005

Loews Corporation (NYSE:LTR; CG) today reported Carolina Group net income for the 2005 fourth quarter of $190.5 million, compared to $161.6 million in the 2004 fourth quarter. Net income attributable to Carolina Group stock for the fourth quarter of 2005 was $81.6 million, or $1.11 per share of Carolina Group stock, compared to $56.1 million, or $0.93 per share in the comparable period of the prior year.

The increase in net income attributable to Carolina Group stock for the fourth quarter of 2005, as compared to the comparable period of the prior year, is due to improved overall results of the Carolina Group and reflects an increase in the amount of Carolina Group shares. Carolina Group stock represents a 42.86% and 34.68% economic interest in the Carolina Group for the three months ended December 31, 2005 and 2004, respectively.

Loews Corporation sold 10,000,000 shares of Carolina Group stock in each of December of 2004 and November of 2005. Net income per share of Carolina Group stock was not impacted by the sale of Carolina Group shares.

Net sales for the Carolina Group were $916.0 million in the fourth quarter of 2005, compared to $832.5 million in the 2004 fourth quarter, reflecting a decrease in sales promotion expenses (accounted for as a reduction in net sales), partially offset by a decrease in unit sales volume of 1.5%.

Results of operations of the Carolina Group include interest expense of $20.7 million and $23.9 million, net of taxes, for the three months ended December 31, 2005 and 2004, respectively, on notional intergroup debt. At December 31, 2005, $1.63 billion principal amount of notional intergroup debt was outstanding.

Carolina Group net income for the year ended 2005 was $623.1 million, compared to $545.9 million in the prior year. Net income attributable to Carolina Group stock for the year ended 2005 was $251.3 million, or $3.62 per share of Carolina Group stock, compared to $184.5 million, or $3.15 per share in the prior year. The increase in net income attributable to Carolina Group stock for the year ended 2005 is due to improved overall results of the Carolina Group and reflects the share sales as mentioned above. Carolina Group stock represents a 40.34% and 33.80% economic interest in the Carolina Group for the years ended December 31, 2005 and 2004, respectively.

Net sales for the Carolina Group were $3.568 billion in 2005, compared to $3.348 billion in the prior year. The increase in net sales reflects an increase in unit sales volume of 1.9% and reduced sales promotion expenses (accounted for as a reduction in net sales).

Results of operations of the Carolina Group include interest expense of $86.1 million and $97.3 million, net of taxes, for the years ended December 31, 2005 and 2004, respectively, on notional intergroup debt.

The Carolina Group stock, commonly called a tracking stock, is intended to reflect the economic performance of a defined group of the Company's assets and liabilities, referred to as the Carolina Group, principally consisting of the Company's subsidiary Lorillard, Inc. The Carolina Group, a notional group, is not a separate legal entity. The purpose of this financial information is to provide investors with additional information to use in analyzing the results of operations and financial condition of the Carolina Group, and this financial information should be read in conjunction with the consolidated financial information of Loews Corporation.

As of December 31, 2005, there were 78,191,678 shares of Carolina Group stock outstanding representing a 45.03% economic interest. Depending on market conditions, the Company may purchase, from time to time in the open market or otherwise, shares of Carolina Group stock for the Carolina Group account.

A separate press release reporting Loews Corporation's consolidated results for the fourth quarter and full year of 2005 is being issued contemporaneously with this report.

A conference call to discuss the fourth quarter and full year results of Loews Corporation has been scheduled for 11:00 a.m. EST, Thursday, February 16, 2006. A live broadcast of the call will be available online at the Loews Corporation website (www.loews.com). Please go to the website at least ten minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session of the conference call should dial (877) 692-2592. An online replay will be available at the Company's website following the call.

Carolina Group
Financial Review

                                          December 31,
                          --------------------------------------------
                               Three Months          Years Ended
                          --------------------------------------------
                             2005       2004       2005       2004
                          --------------------------------------------

                          (Amounts in millions, except per share data)


Net sales (a)                 $916.0     $832.5   $3,567.8   $3,347.8

Cost of sales (a) (b)          509.4      461.2    2,114.4    1,965.6
Selling, advertising and
 administrative                 87.0       92.7      369.5      381.1
                          --------------------------------------------

Total operating costs and
 expenses                      596.4      553.9    2,483.9    2,346.7
                          --------------------------------------------

Operating income               319.6      278.6    1,083.9    1,001.1
Investment income and
 other (c)                      21.5       16.9       72.5       40.0
Interest expense               (33.9)     (38.1)    (140.9)    (157.5)
                          --------------------------------------------

Income before income taxes     307.2      257.4    1,015.5      883.6
Income taxes                   116.7       95.8      392.4      337.7
                          --------------------------------------------

Net income                     190.5      161.6      623.1      545.9
Earnings attributable to
 the Loews Group
 intergroup interest (d)       108.9      105.5      371.8      361.4
                          --------------------------------------------

Income attributable to
 Carolina Group
 shareholders (e)              $81.6      $56.1     $251.3     $184.5
                          ============================================

Per share of Carolina
 Group stock                   $1.11      $0.93      $3.62      $3.15
                          ============================================

Weighted diluted shares
 (f)                           73.51      60.07      69.49      58.50
                          ============================================

Notional intergroup debt
 owed by the Carolina
 Group to the Loews Group
  December 31, 2005         $1,626.9
  December 31, 2004          1,871.2

(a) Includes excise taxes of $164.7, $164.5, $676.1 and $658.1 for the
    respective periods.
(b) Includes charges of $218.2, $196.9, $876.4 and $845.9 ($135.7,
    $124.3, $537.7 and $522.6 after taxes) to accrue obligations under
    the State Settlement Agreements for the respective periods.
(c) Includes income from limited partnership investments of $3.2,
    $8.1, $16.0 and $18.0, ($2.0, $5.0, $9.8 and $11.1 after taxes)
    for the respective periods.
(d) The Loews Group's intergroup interest in the earnings of the
    Carolina Group reflects share equivalents amounting to 95,445,000
    shares of 173,632,130 share and share equivalents outstanding at
    December 31, 2005 and share equivalents amounting to 105,445,000
    shares of 173,412,250 share and share equivalents outstanding at
    December 31, 2004. As of December 31, 2005, there were 78,191,678
    shares of Carolina Group stock outstanding.
(e) Represents 42.86%, 34.68%, 40.34% and 33.80% of the economic
    interest in the Carolina Group for the respective periods
    presented.
(f) Earnings per share-assuming dilution and earnings per share-basic
    are the same for all periods presented because securities that
    could potentially dilute earnings per share in the future are
    insignificant or antidilutive.

Carolina Group
Supplemental Information

The following information regarding unit volume shipped by Lorillard
Tobacco Company to its direct buying customers by brand follows (all
units in thousands):

                                           December 31,
                            ------------------------------------------
                                Three Months         Years Ended
                            ------------------------------------------
                              2005      2004       2005       2004
                            ------------------------------------------

Full Price Brands

Total Newport               7,729,738 7,812,616 32,159,341 31,335,184
Total Kent Family             166,680   204,264    710,241    855,391
Total True                    137,772   160,998    574,752    663,191
Total Max                       9,531    10,848     39,268     45,525
Total Satin                     1,398     1,728      6,153      7,914
Total Triumph                                                     886
                            ------------------------------------------

Total Full Price Brands     8,045,119 8,190,454 33,489,755 32,908,091
                            ------------------------------------------

Price/Value Brands

Total Old Gold                200,982   216,469    834,501    903,173
Total Maverick                237,612   175,067    869,146    691,607
                            ------------------------------------------

Total Price/Value Brands      438,594   391,536  1,703,647  1,594,780
                            ------------------------------------------

Total Domestic Cigarettes   8,483,713 8,581,990 35,193,402 34,502,871

Total Puerto Rico and U.S.
 Possessions                  190,362   225,072    811,716    823,931
                            ------------------------------------------

Grand Total                 8,674,075 8,807,062 36,005,118 35,326,802
                            ==========================================

Notes:

1. This information is unaudited and is not adjusted for returns.
2. Domestic unit volume includes units sold as well as promotional
   units, and excludes volumes for Puerto Rico and U.S. Possessions.
3. Unit volume for a quarter is not necessarily indicative of unit
   volume for any subsequent period.
4. Unit volume is not necessarily indicative of the level of revenues
   for any period.

CONTACT: Loews Corporation
Peter W. Keegan, 212-521-2950
OR
Candace Leeds, 212-521-2416
OR
Investor Relations:
Joshua E. Kahn, 212-521-2788

SOURCE: Loews Corporation