Book Value Per Share of
Net income for the three and nine months ended
Book value per share increased to
CONSOLIDATED HIGHLIGHTS
(In millions, except per share data) | September 30, | |||||||||||||||||||||
Three Months | Nine Months | |||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||
Income before net investment gains (losses) and impairment charges | $ | 339 | $ | 177 | $ | 901 | $ | 782 | ||||||||||||||
Non-cash ceiling test impairment charges | (166 | ) | (336 | ) | ||||||||||||||||||
Net investment gains (losses) | 4 | (15 | ) | 35 | 9 | |||||||||||||||||
Net income attributable to Loews Corporation | $ | 177 | $ | 162 | $ | 600 | $ | 791 | ||||||||||||||
Net income per share | $ | 0.45 | $ | 0.40 | $ | 1.51 | $ | 1.94 | ||||||||||||||
Book value per share at: | ||||||||||||||||||||||
September 30, 2012 | $ | 50.41 | ||||||||||||||||||||
December 31, 2011 | 47.33 | |||||||||||||||||||||
September 30, 2011 | 47.58 | |||||||||||||||||||||
Three Months Ended
Income before net investment gains (losses) and impairment charges in
2012 was
CNA’s earnings increased due to higher net investment income and lower catastrophe losses. Increased investment income reflects improved performance of limited partnership investments.
Diamond Offshore’s earnings decreased due to lower rig utilization and a decrease in average dayrate.
Nine Months Ended
Income before net investment gains and impairment charges in 2012 was
SHARE REPURCHASES
At
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
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 by Segment |
|||||||||||||||||||
September 30, | |||||||||||||||||||
(In millions) | Three Months | Nine Months | |||||||||||||||||
2012 | 2011 | 2012 | 2011 | ||||||||||||||||
Revenues: | |||||||||||||||||||
CNA Financial | $ | 2,457 | $ | 2,203 | $ | 7,050 | $ | 6,688 | |||||||||||
Diamond Offshore (a) | 730 | 881 | 2,319 | 2,582 | |||||||||||||||
Boardwalk Pipeline | 271 | 269 | 862 | 843 | |||||||||||||||
HighMount | 74 | 95 | 219 | 297 | |||||||||||||||
Loews Hotels | 98 | 82 | 272 | 251 | |||||||||||||||
Investment income (loss) and other | 78 | (65 | ) | 66 | (28 | ) | |||||||||||||
3,708 | 3,465 | 10,788 | 10,633 | ||||||||||||||||
Investment gains (losses): | |||||||||||||||||||
CNA Financial | 8 | (27 | ) | 62 | 14 | ||||||||||||||
Corporate and other | (1 | ) | (3 | ) | 1 | ||||||||||||||
7 | (27 | ) | 59 | 15 | |||||||||||||||
Total | $ | 3,715 | $ | 3,438 | $ | 10,847 | $ | 10,648 | |||||||||||
Income (Loss) Before Income Tax: | |||||||||||||||||||
CNA Financial | $ | 306 | $ | 154 | $ | 851 | $ | 624 | |||||||||||
Diamond Offshore (a) | 234 | 335 | 732 | 974 | |||||||||||||||
Boardwalk Pipeline (b) | 58 | 46 | 216 | 141 | |||||||||||||||
HighMount | |||||||||||||||||||
Operations | 13 | 25 | 28 | 78 | |||||||||||||||
Ceiling test impairment charge | (261 | ) | (527 | ) | |||||||||||||||
Loews Hotels | (1 | ) | (1 | ) | 17 | 13 | |||||||||||||
Investment income (loss), net | 79 | (64 | ) | 70 | (23 | ) | |||||||||||||
Other (c) | (26 | ) | (29 | ) | (82 | ) | (78 | ) | |||||||||||
402 | 466 | 1,305 | 1,729 | ||||||||||||||||
Investment gains (losses): | |||||||||||||||||||
CNA Financial | 8 | (27 | ) | 62 | 14 | ||||||||||||||
Corporate and other | (1 | ) | (3 | ) | 1 | ||||||||||||||
7 | (27 | ) | 59 | 15 | |||||||||||||||
Total | $ | 409 | $ | 439 | $ | 1,364 | $ | 1,744 | |||||||||||
Net Income (Loss) Attributable to Loews Corporation: | |||||||||||||||||||
CNA Financial | $ | 195 | $ | 84 | $ | 540 | $ | 372 | |||||||||||
Diamond Offshore (a) | 83 | 121 | 264 | 363 | |||||||||||||||
Boardwalk Pipeline (b) (d) | 20 | 18 | 80 | 56 | |||||||||||||||
HighMount | |||||||||||||||||||
Operations | 8 | 16 | 17 | 50 | |||||||||||||||
Ceiling test impairment charge | (166 | ) | (336 | ) | |||||||||||||||
Loews Hotels | (1 | ) | 9 | 8 | |||||||||||||||
Investment income (loss), net | 53 | (41 | ) | 47 | (13 | ) | |||||||||||||
Other (c) | (19 | ) | (21 | ) | (56 | ) | (54 | ) | |||||||||||
173 | 177 | 565 | 782 | ||||||||||||||||
Investment gains (losses): | |||||||||||||||||||
CNA Financial | 5 | (15 | ) | 37 | 9 | ||||||||||||||
Corporate and other | (1 | ) | (2 | ) | |||||||||||||||
4 | (15 | ) | 35 | 9 | |||||||||||||||
Net income attributable to Loews Corporation | $ | 177 | $ | 162 | $ | 600 | $ | 791 | |||||||||||
(a) | Includes a $76 million gain ($32 million after tax and noncontrolling interests) for the nine months ended September 30, 2012 related to the sale of jack-up rigs. | ||
(b) | Includes an impairment charge of $29 million ($11 million after tax and noncontrolling interests) for the nine months ended September 30, 2011 related to the carrying value of certain steel pipe materials. | ||
(c) | Consists primarily of corporate interest expense and other unallocated expenses. | ||
(d) | Represents a 59.2%, 64.0%, 60.7% and 65.0% ownership interest in Boardwalk Pipeline for the respective periods. | ||
Loews Corporation and Subsidiaries |
||||||||||||||||||||||||
September 30, | ||||||||||||||||||||||||
(In millions, except per share data) | Three Months | Nine Months | ||||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||
Insurance premiums | $ | 1,781 | $ | 1,732 | $ | 5,098 | $ | 4,942 | ||||||||||||||||
Net investment income | 682 | 333 | 1,794 | 1,513 | ||||||||||||||||||||
Investment gains (losses) | 7 | (27 | ) | 59 | 15 | |||||||||||||||||||
Contract drilling revenues | 714 | 861 | 2,195 | 2,520 | ||||||||||||||||||||
Other | 531 | 539 | 1,701 | 1,658 | ||||||||||||||||||||
Total | 3,715 | 3,438 | 10,847 | 10,648 | ||||||||||||||||||||
Expenses: | ||||||||||||||||||||||||
Insurance claims & policyholders’ benefits | 1,435 | 1,400 | 4,164 | 4,131 | ||||||||||||||||||||
Contract drilling expenses | 358 | 392 | 1,160 | 1,142 | ||||||||||||||||||||
Other (a) | 1,513 | 1,207 | 4,159 | 3,631 | ||||||||||||||||||||
Total | 3,306 | 2,999 | 9,483 | 8,904 | ||||||||||||||||||||
Income before income tax | 409 | 439 | 1,364 | 1,744 | ||||||||||||||||||||
Income tax expense | (99 | ) | (123 | ) | (337 | ) | (462 | ) | ||||||||||||||||
Net income | 310 | 316 | 1,027 | 1,282 | ||||||||||||||||||||
Amounts attributable to noncontrolling interests | (133 | ) | (154 | ) | (427 | ) | (491 | ) | ||||||||||||||||
Net income attributable to Loews Corporation | $ | 177 | $ | 162 | $ | 600 | $ | 791 | ||||||||||||||||
Diluted income per share attributable to Loews Corporation | $ | 0.45 | $ | 0.40 | $ | 1.51 | $ | 1.94 | ||||||||||||||||
Weighted diluted number of shares | 395.29 | 401.73 | 396.64 | 408.05 | ||||||||||||||||||||
(a) | Includes non-cash impairment charges of $261 million ($166 million after tax) and $527 million ($336 million after tax) for the three and nine months ended September 30, 2012 related to the carrying value of HighMount's natural gas and oil properties. | |
Source:
Loews Corporation
Peter W. Keegan, 212-521-2950
Chief
Financial Officer
or
Mary Skafidas, 212-521-2788
Investor
and Public Relations