Loews's strong net income for the first quarter of 2021 was driven by
"Loews had a great first quarter, with excellent results from
As previously disclosed, on
Book value per share was
CONSOLIDATED HIGHLIGHTS
|
Three Months Ended |
|||
|
||||
(In millions, except per share data) |
2021 |
2020 |
||
Income (loss) before net investment gains (losses) |
$ 217 |
$ (480) |
||
Net investment gains (losses) |
44 |
(152) |
||
Net income (loss) attributable to |
$ 261 |
$ (632) |
||
Net income (loss) per share |
$ 0.97 |
$ (2.20) |
||
|
|
|||
Book value per share |
|
|
||
Book value per share excluding AOCI |
65.35 |
64.18 |
||
Three Months Ended |
CNA's results increased primarily due to higher net investment income driven by limited partnership and common stock investments and a swing to net investment gains from net investment losses in the prior year period. While CNA generated improved underlying property and casualty underwriting income, this was offset by higher net catastrophe losses.
Boardwalk Pipelines' earnings increased due to higher revenues from growth projects recently placed into service and improved system utilization due to colder winter weather experienced during the first quarter of 2021.
The parent company investment portfolio recorded income for the quarter as compared to a loss in the prior year period. Results improved primarily due to stronger returns on equity investments.
The Corporate & other segment was negatively impacted by the recognition of a
Loews's results no longer include
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 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 Ended |
|||
(In millions) |
2021 |
2020 |
|
Revenues: |
|||
|
$ 2,866 |
$ 2,291 |
|
Boardwalk Pipelines |
372 |
341 |
|
|
57 |
142 |
|
Investment income and other (b) |
327 |
91 |
|
|
234 |
||
Total |
$ 3,622 |
$ 3,099 |
|
Income (Loss) Before Income Tax: |
|||
|
$ 377 |
$ (90) |
|
Boardwalk Pipelines |
114 |
88 |
|
|
(55) |
(33) |
|
Corporate: (d) |
|||
Investment income (loss), net |
46 |
(166) |
|
Other |
(75) |
(42) |
|
|
(878) |
||
Total |
$ 407 |
$ (1,121) |
|
Net Income (Loss) Attributable to |
|||
|
$ 279 |
$ (55) |
|
Boardwalk Pipelines |
85 |
65 |
|
|
(43) |
(25) |
|
Corporate: (d) |
|||
Investment income (loss), net |
36 |
(130) |
|
Other (f) |
(96) |
(35) |
|
|
(452) |
||
Net income (loss) attributable to |
$ 261 |
$ (632) |
|
(a) |
Includes net investment gains of |
||
(b) |
Includes parent company investment income (loss) and the financial results of |
||
(c) |
On |
||
(d) |
The Corporate segment consists of investment income (loss) from the parent company's cash and investments, interest expense, other unallocated corporate expenses, and the financial results of |
||
(e) |
The three months ended |
||
(f) |
The three months ended |
||
Consolidated Financial Review
|
||
Three Months Ended |
||
(In millions, except per share data) |
2021 |
2020 |
Revenues: |
||
Insurance premiums |
$ 1,962 |
$ 1,869 |
Net investment income |
550 |
163 |
Investment gains (losses) |
57 |
(216) |
Operating revenues and other (a) |
1,053 |
1,283 |
Total |
3,622 |
3,099 |
Expenses: |
||
Insurance claims and policyholders' benefits |
1,506 |
1,425 |
Operating expenses and other (a) (b) |
1,709 |
2,795 |
Total |
3,215 |
4,220 |
Income (loss) before income tax |
407 |
(1,121) |
Income tax (expense) benefit (c) |
(114) |
77 |
Net income (loss) |
293 |
(1,044) |
Amounts attributable to noncontrolling interests |
(32) |
412 |
Net income (loss) attributable to |
$ 261 |
$ (632) |
Net income (loss) per share attributable to |
$ 0.97 |
$ (2.20) |
Weighted average number of shares |
267.76 |
287.04 |
(a) |
On |
(b) |
The three months ended |
(c) |
The three months ended |
View original content:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-261-million-for-the-first-quarter-of-2021-301281460.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788