Book value per share increased to
CONSOLIDATED HIGHLIGHTS
September 30, |
||||
Three Months |
Nine Months |
|||
(In millions, except per share data) |
2017 |
2016 |
2017 |
2016 |
Income before net investment gains |
$ 147 |
$ 300 |
$ 627 |
$ 352 |
Net investment gains |
10 |
27 |
56 |
12 |
Net income attributable to Loews Corporation |
$ 157 |
$ 327 |
$ 683 |
$ 364 |
Net income per share |
$ 0.46 |
$ 0.97 |
$ 2.02 |
$ 1.08 |
September 30, 2017 |
December 31, 2016 |
|||
Book value per share |
$ |
56.51 |
$ |
53.96 |
Book value per share excluding AOCI |
56.41 |
54.62 |
Three Months Ended
Net income for the three months ended
Excluding the significant items discussed above, CNA's earnings increased due to improved current non-catastrophe accident year underwriting results from its core P&C business partially offset by lower net investment income reflecting lower returns from limited partnership investments.
Excluding the significant items discussed above,
Loews Hotels' earnings increased primarily due to higher equity income from Universal Orlando joint venture properties and the completion of renovations at the
Income generated by the parent company investment portfolio increased primarily due to improved performance from equity investments partially offset by lower results from gold-related securities and limited partnership investments.
Corporate and other results reflected higher operating expenses due to the timing of compensation accruals, partially offset by the absence of prior year expenses related to the implementation of the 2016 Incentive Compensation Plan.
Nine Months Ended
Net income for the nine months ended
Excluding the significant items discussed above, CNA's earnings increased due to higher net investment income driven by improved limited partnership results, improved current non-catastrophe accident year underwriting results from its core P&C business, higher realized investment gains and lower adverse reserve development recorded in 2017 under CNA's 2010 asbestos and environmental pollution loss portfolio transfer as compared to 2016.
Excluding the significant items discussed above,
Excluding the significant items discussed above,
Loews Hotels' earnings increased primarily due to higher joint venture equity income which included a net benefit of
Income generated by the parent company investment portfolio was consistent with the prior year period.
Corporate and other results reflected higher operating expenses due to the timing of compensation accruals and costs related to the acquisition of Consolidated Container 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
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) |
2017 |
2016 |
2017 |
2016 |
|
Revenues: |
|||||
CNA Financial (a) |
$ 2,441 |
$ 2,433 |
$ 7,136 |
$ 6,984 |
|
Diamond Offshore |
368 |
350 |
1,144 |
1,199 |
|
Boardwalk Pipeline |
301 |
306 |
987 |
961 |
|
Loews Hotels |
162 |
161 |
510 |
513 |
|
Investment income and other (b) |
249 |
37 |
403 |
110 |
|
Total |
$ 3,521 |
$ 3,287 |
$ 10,180 |
$ 9,767 |
|
Income (Loss) Before Income Tax: |
|||||
CNA Financial (a) (c) (d) (e) |
$ 190 |
$ 476 |
$ 905 |
$ 824 |
|
Diamond Offshore (e) (f) |
(3) |
36 |
13 |
(550) |
|
Boardwalk Pipeline (g) |
69 |
46 |
210 |
210 |
|
Loews Hotels |
8 |
4 |
47 |
17 |
|
Investment income, net |
48 |
36 |
109 |
108 |
|
Corporate and other (b) |
(48) |
(42) |
(163) |
(134) |
|
Total |
$ 264 |
$ 556 |
$ 1,121 |
$ 475 |
|
Net Income (Loss) Attributable to Loews Corporation: |
|||||
CNA Financial (a) (c) (d) (e) |
$ 130 |
$ 308 |
$ 608 |
$ 557 |
|
Diamond Offshore (e) (f) |
6 |
7 |
25 |
(244) |
|
Boardwalk Pipeline (g) |
17 |
14 |
60 |
62 |
|
Loews Hotels |
4 |
3 |
24 |
7 |
|
Investment income, net |
32 |
24 |
72 |
72 |
|
Corporate and other (b) |
(32) |
(29) |
(106) |
(90) |
|
Net income attributable to Loews Corporation |
$ 157 |
$ 327 |
$ 683 |
$ 364 |
(a) |
Includes realized investment gains of $16 million ($10 million after tax and noncontrolling interests) and $45 million ($27 million after tax and noncontrolling interests) for the three months ended September 30, 2017 and 2016 and realized investment gains of $93 million ($56 million after tax and noncontrolling interests) and $30 million ($16 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016. |
|||||||||
(b) |
Consists primarily of corporate interest expense and other unallocated expenses and the financial results of Consolidated Container Company since its acquisition on May 22, 2017. |
|||||||||
(c) |
Includes gains of $17 million ($10 million after tax and noncontrolling interests) and $12 million ($7 million after tax and noncontrolling interests) for the three months ended September 30, 2017 and 2016 and $0 million and a loss of $106 million ($62 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016 related to the 2010 retroactive reinsurance agreement to cede CNAʼs legacy asbestos and environmental pollution liabilities. |
|||||||||
(d) |
Includes net catastrophe losses of $269 million ($170 million after tax and noncontrolling interests) and $16 million ($10 million after tax and noncontrolling interests) for the three months ended September 30, 2017 and 2016 and net catastrophe losses of $342 million ($213 million after tax and noncontrolling interests) and $137 million ($85 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016. |
|||||||||
(e) |
Includes a loss on the early redemption of debt of $42 million ($24 million after tax and noncontrolling interests) at CNA and $35 million ($11 million after tax and noncontrolling interests) at Diamond Offshore for the three and nine months ended September 30, 2017. |
|||||||||
(f) |
Includes asset impairment charges of $72 million ($23 million after tax and noncontrolling interests) and $680 million ($267 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016 related to the carrying value of Diamond Offshoreʼs drilling rigs. |
|||||||||
(g) |
Includes a loss of $47 million ($15 million after tax and noncontrolling interests) related to the sale of a processing facility for the nine months ended September 30, 2017. |
Loews Corporation and Subsidiaries |
|||||
Consolidated Financial Review |
|||||
September 30, |
|||||
Three Months |
Nine Months |
||||
(In millions, except per share data) |
2017 |
2016 |
2017 |
2016 |
|
Revenues: |
|||||
Insurance premiums |
$ 1,806 |
$ 1,767 |
$ 5,185 |
$ 5,196 |
|
Net investment income |
557 |
561 |
1,639 |
1,570 |
|
Investment gains |
16 |
45 |
93 |
18 |
|
Contract drilling revenues |
357 |
340 |
1,113 |
1,141 |
|
Other revenues (a) |
785 |
574 |
2,150 |
1,842 |
|
Total |
3,521 |
3,287 |
10,180 |
9,767 |
|
Expenses: |
|||||
Insurance claims and policyholders' benefits (b) (c) |
1,480 |
1,202 |
4,053 |
3,949 |
|
Contract drilling expenses |
198 |
187 |
598 |
598 |
|
Other operating expenses (a) (d) (e) (f) |
1,579 |
1,342 |
4,408 |
4,745 |
|
Total |
3,257 |
2,731 |
9,059 |
9,292 |
|
Income before income tax |
264 |
556 |
1,121 |
475 |
|
Income tax expense |
(52) |
(163) |
(240) |
(171) |
|
Net income |
212 |
393 |
881 |
304 |
|
Amounts attributable to noncontrolling interests |
(55) |
(66) |
(198) |
60 |
|
Net income attributable to Loews Corporation |
$ 157 |
$ 327 |
$ 683 |
$ 364 |
|
Net income per share attributable to Loews Corporation |
$ 0.46 |
$ 0.97 |
$ 2.02 |
$ 1.08 |
|
Weighted average number of shares |
337.79 |
337.62 |
337.73 |
338.61 |
|
(a) |
Includes financial results from Consolidated Container Company since its acquisition on May 22, 2017. |
|||
(b) |
Includes gains of $17 million ($10 million after tax and noncontrolling interests) and $12 million ($7 million after tax and noncontrolling interests) for the three months ended September 30, 2017 and 2016 and $0 million and a loss of $106 million ($62 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016 related to the 2010 retroactive reinsurance agreement to cede CNAʼs legacy asbestos and environmental pollution liabilities. |
|||
(c) |
Includes net catastrophe losses of $269 million ($170 million after tax and noncontrolling interests) and $16 million ($10 million after tax and noncontrolling interests) for the three months ended September 30, 2017 and 2016 and net catastrophe losses of $342 million ($213 million after tax and noncontrolling interests) and $137 million ($85 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016. |
|||
(d) |
Includes asset impairment charges of $72 million ($23 million after tax and noncontrolling interests) and $680 million ($267 million after tax and noncontrolling interests) for the nine months ended September 30, 2017 and 2016 related to the carrying value of Diamond Offshoreʼs drilling rigs. |
|||
(e) |
Includes a loss of $47 million ($15 million after tax and noncontrolling interests) related to the sale of a processing facility for the nine months ended September 30, 2017. |
|||
(f) |
Includes an aggregate loss on the early redemption of debt of $77 million ($35 million after tax and noncontrolling interests) at CNA and Diamond Offshore for the three and nine months ended September 30, 2017. |
View original content:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-157-million-for-the-third-quarter-of-2017-300545306.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788