Net income declined by
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) |
2016 |
2015 |
Income before net investment gains (losses) |
$ 119 |
$ 101 |
Net investment gains (losses) |
(17) |
8 |
Net income attributable to Loews Corporation |
$ 102 |
$ 109 |
Net income per share |
$ 0.30 |
$ 0.29 |
March 31, 2016 |
December 31, 2015 |
|
Book value per share |
$ 52.60 |
$ 51.67 |
Book value per share excluding AOCI |
52.98 |
52.72 |
CNA's earnings decreased due to a
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 today at
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 |
|||
Three Months Ended March 31, |
|||
(In millions) |
2016 |
2015 |
|
Revenues: |
|||
CNA Financial |
$ 2,231 |
$ 2,342 |
|
Diamond Offshore |
471 |
627 |
|
Boardwalk Pipeline |
347 |
330 |
|
Loews Hotels |
163 |
139 |
|
Investment income (loss) and other |
(11) |
30 |
|
3,201 |
3,468 |
||
Investment gains (losses) - CNA Financial |
(28) |
10 |
|
Total |
$ 3,173 |
$ 3,478 |
|
Income (Loss) Before Income Tax: |
|||
CNA Financial (a) |
$ 86 |
$ 304 |
|
Diamond Offshore (b) |
83 |
(287) |
|
Boardwalk Pipeline |
99 |
77 |
|
Loews Hotels |
9 |
10 |
|
Investment income (loss), net |
(13) |
29 |
|
Other (c) |
(41) |
(38) |
|
223 |
95 |
||
Investment gains (losses) - CNA Financial |
(28) |
10 |
|
Total |
$ 195 |
$ 105 |
|
Net Income (Loss) Attributable to Loews Corporation: |
|||
CNA Financial (a) |
$ 77 |
$ 202 |
|
Diamond Offshore (b) |
43 |
(126) |
|
Boardwalk Pipeline |
31 |
25 |
|
Loews Hotels |
3 |
5 |
|
Investment income (loss), net |
(8) |
19 |
|
Other (c) |
(27) |
(24) |
|
119 |
101 |
||
Investment gains (losses) - CNA Financial |
(17) |
8 |
|
Net income attributable to Loews Corporation |
$ 102 |
$ 109 |
|
(a) |
Includes a charge of $127 million ($74 million after tax and noncontrolling interests) for the three |
||
(b) |
Includes an asset impairment charge of $359 million ($158 million after tax and noncontrolling |
||
(c) |
Consists primarily of corporate interest expense and other unallocated expenses. |
Loews Corporation and Subsidiaries |
||||
Consolidated Financial Review |
||||
Three Months Ended March 31, |
||||
(In millions, except per share data) |
2016 |
2015 |
||
Revenues: |
||||
Insurance premiums |
$ 1,699 |
$ 1,687 |
||
Net investment income |
422 |
588 |
||
Investment gains (losses) |
(28) |
10 |
||
Contract drilling revenues |
444 |
600 |
||
Other revenues |
636 |
593 |
||
Total |
3,173 |
3,478 |
||
Expenses: |
||||
Insurance claims & policyholders' benefits (a) |
1,408 |
1,339 |
||
Contract drilling expenses |
213 |
351 |
||
Other operating expenses (b) |
1,357 |
1,683 |
||
Total |
2,978 |
3,373 |
||
Income before income tax |
195 |
105 |
||
Income tax (expense) benefit |
4 |
(56) |
||
Net income |
199 |
49 |
||
Amounts attributable to noncontrolling interests |
(97) |
60 |
||
Net income attributable to Loews Corporation |
$ 102 |
$ 109 |
||
Diluted income per share attributable to Loews Corporation |
$ 0.30 |
$ 0.29 |
||
Weighted average diluted number of shares |
339.25 |
373.19 |
||
(a) |
Includes a charge of $127 million ($74 million after tax and noncontrolling interests) for the three |
|||
(b) |
Includes an asset impairment charge of $359 million ($158 million after tax and noncontrolling |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-102-million-for-the-first-quarter-of-2016-300260544.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788