Results for the three months ended
Book value per share excluding accumulated other comprehensive income (AOCI) increased to
CONSOLIDATED HIGHLIGHTS
(In millions, except per share data) |
December 31, |
|||
Three Months |
Years Ended |
|||
2015 |
2014 |
2015 |
2014 |
|
Income (loss) before net investment gains (losses) |
$ (185) |
$ 222 |
$ 294 |
$ 930 |
Net investment gains (losses) |
(16) |
(7) |
(34) |
32 |
Income (loss) from continuing operations |
(201) |
215 |
260 |
962 |
Discontinued operations, net |
̶ |
(7) |
̶ |
(371) |
Net income (loss) attributable to Loews Corporation |
$ (201) |
$ 208 |
$ 260 |
$ 591 |
Net income (loss) per share: |
||||
Income (loss) from continuing operations |
$ (0.58) |
$ 0.57 |
$ 0.72 |
$ 2.52 |
Discontinued operations, net |
̶ |
(0.02) |
̶ |
(0.97) |
Net income (loss) per share |
$ (0.58) |
$ 0.55 |
$ 0.72 |
$ 1.55 |
December 31, |
||
2015 |
2014 |
|
Book value per share |
$ 51.67 |
$ 51.70 |
Book value per share excluding AOCI |
52.72 |
50.95 |
Three Months Ended
Income from continuing operations declined due primarily to lower earnings at CNA and
CNA's results decreased primarily due to a charge of
Loews Hotels' results decreased primarily due to an asset impairment charge of
Year Ended
Income from continuing operations for year ended
Excluding the insurance reserve charge discussed above, CNA's earnings declined year-over-year primarily due to lower limited partnership results and a
Loews Hotels' earnings were slightly higher as increased income from Universal Orlando joint venture properties were largely offset by increased interest expense and higher income taxes as described above.
Discontinued operations in 2014 included impairment charges related to the sale of both CNA's former life insurance subsidiary and HighMount.
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
A conference call to discuss the fourth quarter results of
A conference call to discuss the fourth 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 |
|||||||||||||||
December 31, |
|||||||||||||||
Three Months |
Years Ended |
||||||||||||||
(In millions) |
2015 |
2014 |
2015 |
2014 |
|||||||||||
Revenues: |
|||||||||||||||
CNA Financial |
$ 2,298 |
$ 2,389 |
$ 9,172 |
$ 9,638 |
|||||||||||
Diamond Offshore |
561 |
677 |
2,428 |
2,825 |
|||||||||||
Boardwalk Pipeline |
329 |
305 |
1,254 |
1,236 |
|||||||||||
Loews Hotels |
152 |
132 |
604 |
475 |
|||||||||||
Investment income and other |
22 |
29 |
28 |
97 |
|||||||||||
3,362 |
3,532 |
13,486 |
14,271 |
||||||||||||
Investment gains (losses) - CNA Financial |
(29) |
(11) |
(71) |
54 |
|||||||||||
Total |
$ 3,333 |
$ 3,521 |
$ 13,415 |
$ 14,325 |
|||||||||||
Income (Loss) Before Income Tax: |
|||||||||||||||
CNA Financial (a) |
$ (131) |
$ 265 |
$ 624 |
$ 1,161 |
|||||||||||
Diamond Offshore (b) |
(360) |
152 |
(402) |
514 |
|||||||||||
Boardwalk Pipeline (c) |
64 |
35 |
227 |
140 |
|||||||||||
Loews Hotels |
3 |
7 |
28 |
21 |
|||||||||||
Investment income, net |
18 |
26 |
22 |
94 |
|||||||||||
Other (d) |
(69) |
(63) |
(184) |
(174) |
|||||||||||
(475) |
422 |
315 |
1,756 |
||||||||||||
Investment gains (losses) - CNA Financial |
(29) |
(11) |
(71) |
54 |
|||||||||||
Total |
$ (504) |
$ 411 |
$ 244 |
$ 1,810 |
|||||||||||
Net Income (Loss) Attributable to Loews Corporation: |
|||||||||||||||
CNA Financial (a) |
$ (46) |
$ 186 |
$ 467 |
$ 770 |
|||||||||||
Diamond Offshore (b) |
(122) |
47 |
(156) |
183 |
|||||||||||
Boardwalk Pipeline (c) |
19 |
11 |
74 |
18 |
|||||||||||
Loews Hotels |
(3) |
3 |
12 |
11 |
|||||||||||
Investment income, net |
12 |
17 |
16 |
63 |
|||||||||||
Other (d) |
(45) |
(42) |
(119) |
(115) |
|||||||||||
(185) |
222 |
294 |
930 |
||||||||||||
Investment gains (losses) - CNA Financial |
(16) |
(7) |
(34) |
32 |
|||||||||||
Income (loss) from continuing operations |
(201) |
215 |
260 |
962 |
|||||||||||
Discontinued operations, net (e) |
- |
(7) |
- |
(371) |
|||||||||||
Net income (loss) attributable to Loews Corporation |
$ (201) |
$ 208 |
$ 260 |
$ 591 |
|||||||||||
(a) |
Includes a charge of $305 million ($177 million after tax and noncontrolling interests) for the three months and year ended December 31, 2015 related to an increase in long term care insurance reserves, and a charge of $65 million ($38 million after tax and noncontrolling interests) for the year ended December 31, 2015 related to retroactive reinsurance accounting for the Loss Portfolio Transfer. Includes a charge of $84 million ($49 million after tax and noncontrolling interests) for the three months and year ended December 31, 2014 related to a lump sum pension plan settlement. Includes a curtailment gain of $86 million ($50 million after tax and noncontrolling interests) related to a negative plan amendment and the re-measurement of postretirement benefit obligations and a loss of $31 million (after noncontrolling interests) related to a coinsurance agreement entered into on a separate small block of annuity business outside of Continental Assurance Company for the year ended December 31, 2014. |
||||||||||||||
(b) |
Includes an asset impairment charge of $499 million ($182 million after tax and noncontrolling interests) for the three months ended December 31, 2015 related to the carrying value of nine drilling rigs and charges totaling $861 million ($341 million after tax and noncontrolling interests) for the year ended December 31, 2015 related to the carrying value of 17 drilling rigs. Includes an asset impairment charge of $109 million ($55 million after tax and noncontrolling interests) for the year ended December 31, 2014 related to the carrying value of six drilling rigs. |
||||||||||||||
(c) |
Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the year ended December 31, 2014 to write off all capitalized costs associated with the terminated Bluegrass project. |
||||||||||||||
(d) |
Consists primarily of corporate interest expense and other unallocated expenses. |
||||||||||||||
(e) |
See table labeled "Discontinued Operations Review" for a summary of these items. |
Loews Corporation and Subsidiaries |
||||||
Consolidated Financial Review |
||||||
December 31, |
||||||
Three Months |
Years Ended |
|||||
(In millions, except per share data) |
2015 |
2014 |
2015 |
2014 |
||
Revenues: |
||||||
Insurance premiums |
$ 1,748 |
$ 1,785 |
$ 6,921 |
$ 7,212 |
||
Net investment income |
447 |
538 |
1,866 |
2,163 |
||
Investment gains (losses) |
(29) |
(11) |
(71) |
54 |
||
Contract drilling revenues |
544 |
674 |
2,360 |
2,737 |
||
Other |
623 |
535 |
2,339 |
2,159 |
||
Total |
3,333 |
3,521 |
13,415 |
14,325 |
||
Expenses: |
||||||
Insurance claims & policyholders' benefits (a) |
1,376 |
1,350 |
5,384 |
5,591 |
||
Contract drilling expenses |
257 |
359 |
1,228 |
1,524 |
||
Other (b) (c) |
2,204 |
1,401 |
6,559 |
5,400 |
||
Total |
3,837 |
3,110 |
13,171 |
12,515 |
||
Income (loss) before income tax |
(504) |
411 |
244 |
1,810 |
||
Income tax (expense) benefit |
213 |
(110) |
43 |
(457) |
||
Income (loss) from continuing operations |
(291) |
301 |
287 |
1,353 |
||
Discontinued operations, net of income tax |
- |
(7) |
- |
(391) |
||
Net income (loss) |
(291) |
294 |
287 |
962 |
||
Amounts attributable to noncontrolling interests |
90 |
(86) |
(27) |
(371) |
||
Net income (loss) attributable to Loews Corporation |
$ (201) |
$ 208 |
$ 260 |
$ 591 |
||
Net income (loss) attributable to Loews Corporation: |
||||||
Income (loss) from continuing operations |
$ (201) |
$ 215 |
$ 260 |
$ 962 |
||
Discontinued operations, net (d) |
- |
(7) |
- |
(371) |
||
Net income (loss) |
$ (201) |
$ 208 |
$ 260 |
$ 591 |
||
Diluted income (loss) per share: |
||||||
Income (loss) from continuing operations |
$ (0.58) |
$ 0.57 |
$ 0.72 |
$ 2.52 |
||
Discontinued operations, net |
- |
(0.02) |
- |
(0.97) |
||
Diluted income (loss) per share attributable to |
$ (0.58) |
$ 0.55 |
$ 0.72 |
$ 1.55 |
||
Weighted diluted number of shares |
346.69 |
374.71 |
362.69 |
382.55 |
||
(a) |
Includes a charge of $305 million ($177 million after tax and noncontrolling interests) for the three months and year ended December 31, 2015 related to an increase in long term care insurance reserves, and a charge of $65 million ($38 million after tax and noncontrolling interests) for the year ended December 31, 2015 related to retroactive reinsurance accounting for the Loss Portfolio Transfer. Includes a charge of $84 million ($49 million after tax and noncontrolling interests) for the three months and year ended December 31, 2014 related to a lump sum pension plan settlement. Includes a curtailment gain of $86 million ($50 million after tax and noncontrolling interests) related to a negative plan amendment and the re-measurement of postretirement benefit obligations and a loss of $31 million (after noncontrolling interests) related to a coinsurance agreement entered into on a separate small block of annuity business outside of Continental Assurance Company at CNA for the year ended December 31, 2014. |
|||||
(b) |
Includes an asset impairment charge of $499 million ($182 million after tax and noncontrolling interests) for the three months ended December 31, 2015 related to the carrying value of nine drilling rigs and charges totaling $861 million ($341 million after tax and noncontrolling interests) for the year ended December 31, 2015 related to the carrying value of 17 drilling rigs. Includes an asset impairment charge of $109 million ($55 million after tax and noncontrolling interests) for the year ended December 31, 2014 related to the carrying value of six drilling rigs. |
|||||
(c) |
Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the year ended December 31, 2014 to write off all capitalized costs associated with the terminated Bluegrass project. |
|||||
(d) |
See table labeled "Discontinued Operations Review" for a summary of these items. |
Loews Corporation and Subsidiaries |
||||
Discontinued Operations Review |
||||
December 31, 2014 |
||||
(In millions) |
Three Months |
Year Ended |
||
CNA Financial |
||||
Continental Assurance Company (῝CAC῞) operations |
- |
$ 12 |
||
Impairment loss on sale of CAC |
- |
(189) |
||
CNA Financial - Discontinued operations, net |
- |
(177) |
||
HighMount |
||||
Operations |
$ (6) |
(37) |
||
Ceiling test impairment |
- |
(19) |
||
Impairment loss on sale |
(1) |
(138) |
||
HighMount - Discontinued operations, net |
(7) |
(194) |
||
Discontinued operations, net |
$ (7) |
$ (371) |
||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-for-2015-300216356.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788