Excluding the 2021 investment gain for
"Loews had a very strong fourth quarter and year, with each of our consolidated subsidiaries making solid progress in 2021. These results are doubly gratifying having been achieved in a period marred by the persistence of the COVID-19 pandemic, global supply chain disruptions, and the return of inflation," said
Book value per share was
CONSOLIDATED HIGHLIGHTS |
|
||||||
Three Months |
Years Ended |
||||||
(In millions, except per share data) |
2021 |
2020 |
2021 |
2020 |
|||
Income (loss) before net investment gains (losses) |
$ 341 |
$ 352 |
$ 1,066 |
$ 53 |
|||
Net investment gains (losses): |
|||||||
CNA |
2 |
45 |
86 |
(27) |
|||
Corporate |
426 |
(957) |
|||||
Total net investment gains (losses) |
2 |
45 |
512 |
(984) |
|||
Net income (loss) attributable to |
$ 343 |
$ 397 |
$ 1,578 |
$ (931) |
|||
Net income (loss) per share |
$ 1.37 |
$ 1.45 |
$ 6.07 |
$ (3.32) |
|||
|
|
||||||
Book value per share |
$ 71.84 |
$ 66.34 |
|||||
Book value per share excluding AOCI |
71.09 |
64.18 |
|||||
Three Months Ended
CNA's results decreased primarily due to lower net investment gains, lower results from the
Boardwalk Pipelines' earnings decreased mainly due to the absence of
The parent company investment portfolio produced lower returns from equity investments in 2021.
Year Ended
CNA's earnings increased primarily due to higher Property & Casualty non-catastrophe underwriting results, lower net catastrophe losses, higher net investment income, and net investment gains as compared to losses in 2020.
The parent company investment portfolio posted improved results primarily because limited partnership and equity investments generated higher income in 2021 versus 2020.
The Corporate & other segment includes an investment gain of
All other segment changes from 2020 to 2021 are primarily due to the reasons discussed in the three-month comparison. In addition, Loews's results for the year ended
SHARE REPURCHASES
At
CONFERENCE CALLS
A conference call to discuss the fourth quarter results of
A conference call to discuss the fourth quarter results of CNA has been scheduled for today at
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
|
||||
|
||||
Three Months |
Years Ended |
|||
(In millions) |
2021 |
2020 |
2021 |
2020 |
Revenues: |
||||
|
$ 3,054 |
$ 2,930 |
$ 11,908 |
$ 10,827 |
Boardwalk Pipelines (b) |
358 |
376 |
1,349 |
1,302 |
|
191 |
42 |
480 |
278 |
Investment income (loss) and other (d) (e) |
58 |
361 |
920 |
(129) |
|
305 |
|||
Total |
$ 3,661 |
$ 3,709 |
$ 14,657 |
$ 12,583 |
Income (Loss) Before Income Tax: |
||||
|
$ 330 |
$ 477 |
$ 1,484 |
$ 821 |
Boardwalk Pipelines (b) |
74 |
111 |
303 |
277 |
|
52 |
(82) |
(12) |
(274) |
Corporate: (i) |
||||
Investment income (loss), net |
59 |
92 |
99 |
59 |
Other (d) (e) |
(56) |
(50) |
308 |
(1,413) |
|
(934) |
|||
Total |
$ 459 |
$ 548 |
$ 2,182 |
$ (1,464) |
Net Income (Loss) Attributable to |
||||
|
$ 239 |
$ 346 |
$ 1,077 |
$ 618 |
Boardwalk Pipelines (b) |
65 |
83 |
235 |
206 |
|
37 |
(68) |
(14) |
(212) |
Corporate: (i) |
||||
Investment income (loss), net |
46 |
73 |
78 |
47 |
Other (d) (e) |
(44) |
(37) |
202 |
(1,114) |
|
(476) |
|||
Net income (loss) attributable to |
$ 343 |
$ 397 |
$ 1,578 |
$ (931) |
(a) |
Includes net investment gains of |
(b) |
Includes settlement proceeds of |
(c) |
Includes |
(d) |
Includes parent company investment income (loss) and the financial results of |
(e) |
Includes an investment gain of |
(f) |
On |
(g) |
Includes net catastrophe losses of |
(h) |
Includes asset impairment charges of |
(i) |
The Corporate segment consists of investment income (loss) from the parent company's cash and investments, interest expense, other unallocated corporate expenses, the financial results of |
(j) |
The year ended |
|
||||
|
||||
Three Months |
Years Ended |
|||
(In millions, except per share data) |
2021 |
2020 |
2021 |
2020 |
Revenues: |
||||
Insurance premiums |
$ 2,119 |
$ 1,977 |
$ 8,175 |
$ 7,649 |
Net investment income |
610 |
648 |
2,259 |
1,995 |
Investment gains (losses) (a) |
3 |
66 |
660 |
(1,246) |
Operating revenues and other (b) |
929 |
1,018 |
3,563 |
4,185 |
Total |
3,661 |
3,709 |
14,657 |
12,583 |
Expenses: |
||||
Insurance claims and policyholders' benefits (c) |
1,665 |
1,487 |
6,349 |
6,170 |
Operating expenses and other (b) (d) |
1,537 |
1,674 |
6,126 |
7,877 |
Total |
3,202 |
3,161 |
12,475 |
14,047 |
Income (loss) before income tax |
459 |
548 |
2,182 |
(1,464) |
Income tax (expense) benefit |
(88) |
(111) |
(479) |
173 |
Net income (loss) |
371 |
437 |
1,703 |
(1,291) |
Amounts attributable to noncontrolling interests |
(28) |
(40) |
(125) |
360 |
Net income (loss) attributable to |
$ 343 |
$ 397 |
$ 1,578 |
$ (931) |
Net income (loss) per share attributable to |
$ 1.37 |
$ 1.45 |
$ 6.07 |
$ (3.32) |
Weighted average number of shares |
252.52 |
273.62 |
260.20 |
280.32 |
(a) |
Includes an investment gain of |
(b) |
On |
(c) |
Includes net catastrophe losses of |
(d) |
The year ended |
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
This press release contains a financial measure that is not in accordance with accounting principles generally accepted in
|
||||
Three Months |
Years Ended |
|||
(In millions) |
2021 |
2020 |
2021 |
2020 |
Net income (loss) attributable to |
$ 343 |
$ 397 |
$ 1,578 |
$ (931) |
Less: Investment gain on |
438 |
|||
Less: Investment loss on |
(957) |
|||
Less: Operating net loss of |
(476) |
|||
Net income attributable to |
$ 343 |
$ 397 |
$ 1,140 |
$ 502 |
Core income is a non-GAAP measure CNA utilizes to assess performance. See CNA's fourth quarter financial results press release dated today for more information regarding core income.
View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-2021-net-income-of-343-million-for-the-fourth-quarter-and-1-6-billion-for-the-full-year-301476134.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788