Book value per share increased to
CONSOLIDATED HIGHLIGHTS
| Three Months Ended March 31, | |||||||||||
| (In millions, except per share data) | 2013 | 2012 | |||||||||
| Income before net investment gains and ceiling test impairment charges | $ | 320 | $ | 376 | |||||||
| Non-cash ceiling test impairment charges |
(92) |
|
(28) |
|
|||||||
| Net investment gains | 14 | 19 | |||||||||
| Net income attributable to Loews Corporation | $ | 242 | $ | 367 | |||||||
| Net income per share | $ | 0.62 | $ | 0.92 | |||||||
| Book value per share at: | |||||||||||
| March 31, 2013 | $ | 49.93 | |||||||||
| December 31, 2012 | 49.67 | ||||||||||
| March 31, 2012 | 48.96 | ||||||||||
Excluding the non-cash ceiling test impairment charges, the decrease in net income is primarily due to reduced parent company investment income as a result of lower performance for the trading portfolio.
CNA Financial Corporation’s earnings were essentially unchanged with the prior year primarily due to improved current year non-catastrophe underwriting results offset by lower investment income, higher catastrophe losses and decreased net favorable prior year development.
Diamond Offshore’s earnings decreased due to lower utilization primarily from fewer revenue earning days due to increased rig surveys.
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
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 | |||||||||||
| (In millions) | Three Months Ended March 31, | ||||||||||
| 2013 | 2012 | ||||||||||
| Revenues: | |||||||||||
| CNA Financial | $ | 2,479 | $ | 2,369 | |||||||
| Diamond Offshore (a) | 732 | 796 | |||||||||
| Boardwalk Pipeline | 329 | 314 | |||||||||
| HighMount | 68 | 76 | |||||||||
| Loews Hotels | 94 | 80 | |||||||||
| Investment income and other | 8 | 77 | |||||||||
| 3,710 | 3,712 | ||||||||||
| Investment gains: | |||||||||||
| CNA Financial | 24 | 32 | |||||||||
| Corporate and other | |||||||||||
| 24 | 32 | ||||||||||
| Total | $ | 3,734 | $ | 3,744 | |||||||
| Income (Loss) Before Income Tax: | |||||||||||
| CNA Financial | $ | 340 | $ | 334 | |||||||
| Diamond Offshore (a) | 205 | 252 | |||||||||
| Boardwalk Pipeline | 99 | 92 | |||||||||
| HighMount | |||||||||||
| Operations | 6 | 10 | |||||||||
| Ceiling test impairment charge | (145 | ) | (44 | ) | |||||||
| Loews Hotels | 7 | ||||||||||
| Investment income, net | 7 | 76 | |||||||||
| Other (b) | (24 | ) | (18 | ) | |||||||
| 488 | 709 | ||||||||||
| Investment gains: | |||||||||||
| CNA Financial | 24 | 32 | |||||||||
| Corporate and other | |||||||||||
| 24 | 32 | ||||||||||
| Total | $ | 512 | $ | 741 | |||||||
| Net Income (Loss) Attributable to Loews Corporation: | |||||||||||
| CNA Financial | $ | 212 | $ | 207 | |||||||
| Diamond Offshore (a) | 82 | 87 | |||||||||
| Boardwalk Pipeline (c) | 33 | 35 | |||||||||
| HighMount | |||||||||||
| Operations | 4 | 6 | |||||||||
| Ceiling test impairment charge | (92 | ) | (28 | ) | |||||||
| Loews Hotels | 4 | ||||||||||
| Investment income, net | 5 | 50 | |||||||||
| Other (b) | (16 | ) | (13 | ) | |||||||
| 228 | 348 | ||||||||||
| Investment gains: | |||||||||||
| CNA Financial | 14 | 19 | |||||||||
| Corporate and other | |||||||||||
| 14 | 19 | ||||||||||
| Net income attributable to Loews Corporation | $ | 242 | $ | 367 | |||||||
| (a) |
Includes a $25 million gain ($9 million after tax and noncontrolling interests) for the three months ended March 31, 2012 on the sale of a jack-up rig. |
||
| (b) | Consists primarily of corporate interest expense and other unallocated expenses. | ||
| (c) |
Represents a 55.4% and 61.8% ownership interest in Boardwalk Pipeline for the respective periods. |
||
| Loews Corporation and Subsidiaries | |||||||||||
| Consolidated Financial Review | |||||||||||
| (In millions, except per share data) | Three Months Ended March 31, | ||||||||||
| 2013 | 2012 | ||||||||||
| Revenues: | |||||||||||
| Insurance premiums | $ | 1,764 | $ | 1,649 | |||||||
| Net investment income | 641 | 726 | |||||||||
| Investment gains | 24 | 32 | |||||||||
| Contract drilling revenues | 700 | 755 | |||||||||
| Other | 605 | 582 | |||||||||
| Total | 3,734 | 3,744 | |||||||||
| Expenses: | |||||||||||
| Insurance claims & policyholders’ benefits | 1,429 | 1,381 | |||||||||
| Contract drilling expenses | 375 | 397 | |||||||||
| Other (a) | 1,418 | 1,225 | |||||||||
| Total | 3,222 | 3,003 | |||||||||
| Income before income tax | 512 | 741 | |||||||||
| Income tax expense | (114 | ) | (222 | ) | |||||||
| Net income | 398 | 519 | |||||||||
| Amounts attributable to noncontrolling interests | (156 | ) | (152 | ) | |||||||
| Net income attributable to Loews Corporation | $ | 242 | $ | 367 | |||||||
| Diluted income per share attributable to Loews Corporation | $ | 0.62 | $ | 0.92 | |||||||
| Weighted diluted number of shares | 392.16 | 397.44 | |||||||||
| (a) |
Includes non-cash impairment charges of $145 million and $44 million ($92 million and $28 million after tax) for the three months ended March 31, 2013 and 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