Net income in the third quarter of 2022 included higher underwriting income and increased net investment income from fixed income securities at
Net income for the nine months ended
"Loews had another good quarter.
Book value per share as of
CONSOLIDATED HIGHLIGHTS
|
||||
Three Months |
Nine Months |
|||
(In millions, except per share data) |
2022 |
2021 |
2022 |
2021 |
Income before net investment gains (losses) |
$ 206 |
$ 204 |
$ 763 |
$ 725 |
Net investment gains (losses): |
||||
CNA |
(76) |
16 |
(115) |
84 |
Corporate |
426 |
|||
Net income attributable to |
$ 130 |
$ 220 |
$ 648 |
$ 1,235 |
Net income per share |
$ 0.54 |
$ 0.85 |
$ 2.64 |
$ 4.70 |
|
|
|||
Book value per share |
$ 58.14 |
$ 71.84 |
||
Book value per share excluding AOCI |
74.11 |
71.09 |
Three Months Ended
CNA's net income attributable to
Boardwalk Pipelines' net income for the three months ended
The Corporate & other segment results for the three months ended
Nine Months Ended
CNA's, Boardwalk Pipelines', and
The Corporate & other segment results for the nine months ended
SHARE REPURCHASES
At
RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
This press release contains financial measures that are not in accordance with accounting principles generally accepted in
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
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
|
||||
Selected Financial Information |
||||
|
||||
Three Months |
Nine Months |
|||
(In millions) |
2022 |
2021 |
2022 |
2021 |
Revenues: |
||||
|
$ 2,957 |
$ 2,959 |
$ 8,768 |
$ 8,854 |
Boardwalk Pipelines |
339 |
307 |
1,045 |
991 |
|
180 |
134 |
532 |
289 |
Investment income (loss) and other (b) (c) |
(15) |
(29) |
(94) |
862 |
Total |
$ 3,461 |
$ 3,371 |
$ 10,251 |
$ 10,996 |
Income (Loss) Before Income Tax: |
||||
|
$ 164 |
$ 314 |
$ 787 |
$ 1,154 |
Boardwalk Pipelines |
47 |
52 |
221 |
229 |
|
34 |
17 |
120 |
(64) |
Corporate: (d) |
||||
Investment income (loss), net |
(19) |
(30) |
(100) |
40 |
Other (c) |
(36) |
(49) |
(123) |
364 |
Total |
$ 190 |
$ 304 |
$ 905 |
$ 1,723 |
Net Income (Loss) Attributable to |
||||
|
$ 115 |
$ 229 |
$ 579 |
$ 838 |
Boardwalk Pipelines |
34 |
38 |
164 |
170 |
|
25 |
13 |
84 |
(51) |
Corporate: (d) |
||||
Investment income (loss), net |
(15) |
(23) |
(79) |
32 |
Other (c) |
(29) |
(37) |
(100) |
246 |
Net income attributable to |
$ 130 |
$ 220 |
$ 648 |
$ 1,235 |
(a) |
The three months ended |
The three months ended |
|
The nine months ended |
|
The nine months ended |
|
(b) |
Includes parent company investment income (loss) and the financial results of |
(c) |
Includes an investment gain of |
(d) |
The Corporate segment consists of investment income (loss) from the parent company's cash and investments, interest expense, corporate |
|
||||
Consolidated Financial Review |
||||
|
||||
Three Months |
Nine Months |
|||
(In millions, except per share data) |
2022 |
2021 |
2022 |
2021 |
Revenues: |
||||
Insurance premiums |
$ 2,221 |
$ 2,059 |
$ 6,435 |
$ 6,056 |
Net investment income |
404 |
483 |
1,202 |
1,649 |
Investment gains (losses) (a) |
(96) |
22 |
(166) |
657 |
Operating revenues and other |
932 |
807 |
2,780 |
2,634 |
Total |
3,461 |
3,371 |
10,251 |
10,996 |
Expenses: |
||||
Insurance claims and policyholders' benefits |
1,665 |
1,632 |
4,703 |
4,684 |
Operating expenses and other |
1,606 |
1,435 |
4,643 |
4,589 |
Total |
3,271 |
3,067 |
9,346 |
9,273 |
Income before income tax |
190 |
304 |
905 |
1,723 |
Income tax expense |
(47) |
(58) |
(190) |
(391) |
Net income |
143 |
246 |
715 |
1,332 |
Amounts attributable to noncontrolling interests |
(13) |
(26) |
(67) |
(97) |
Net income attributable to |
$ 130 |
$ 220 |
$ 648 |
$ 1,235 |
Net income per share attributable to |
$ 0.54 |
$ 0.85 |
$ 2.64 |
$ 4.70 |
Weighted average number of shares |
240.76 |
257.30 |
245.03 |
262.77 |
(a) |
Includes an investment gain of |
DEFINITIONS OF NON-GAAP MEASURES AND RECONCILIATION OF GAAP MEASURES TO NON-GAAP MEASURES
Core income is calculated by excluding from net income attributable to
|
||||
Three Months |
Nine Months |
|||
(In millions) |
2022 |
2021 |
2022 |
2021 |
CNA net income attributable to |
$ 115 |
$ 229 |
$ 579 |
$ 838 |
Investment (gains) losses |
84 |
(18) |
127 |
(94) |
Consolidating adjustments including noncontrolling interests |
14 |
26 |
68 |
97 |
Core income |
$ 213 |
$ 237 |
$ 774 |
$ 841 |
Boardwalk Pipelines
EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization.
|
||||
Three Months |
Nine Months |
|||
(In millions) |
2022 |
2021 |
2022 |
2021 |
Boardwalk Pipelines net income attributable to |
$ 34 |
$ 38 |
$ 164 |
$ 170 |
Interest |
42 |
40 |
126 |
121 |
Income tax expense |
13 |
14 |
57 |
59 |
Depreciation and amortization |
103 |
92 |
297 |
277 |
EBITDA |
$ 192 |
$ 184 |
$ 644 |
$ 627 |
View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-130-million-for-the-third-quarter-of-2022-301662948.html
SOURCE
Chris Nugent, Investor and Public Relations, (212) 521-2403