Net income for the nine months ended
Book value per share excluding accumulated other comprehensive income (AOCI) increased to
CONSOLIDATED HIGHLIGHTS
(In millions, except per share data) |
September 30, |
|||
Three Months |
Nine Months |
|||
2013 |
2012 |
2013 |
2012 |
|
Income before net investment gains and impairment charges |
$ 322 |
$ 339 |
$ 919 |
$ 901 |
Non-cash ceiling test impairment charges |
(42) |
(166) |
(134) |
(336) |
Net investment gains |
2 |
4 |
8 |
35 |
Net income attributable to Loews Corporation |
$ 282 |
$ 177 |
$ 793 |
$ 600 |
Net income per share |
$ 0.73 |
$ 0.45 |
$ 2.03 |
$ 1.51 |
September 30, |
Year Ended |
||
2013 |
2012 |
||
Book value per share |
$ 49.99 |
$ 50.41 |
$ 49.67 |
Book value per share (excluding AOCI) |
49.94 |
47.96 |
47.94 |
Three Months Ended
Income before net investment gains and non-cash ceiling test impairment charges after tax decreased in 2013 as compared to 2012. This decrease is primarily due to lower earnings at
CNA's earnings increased primarily from improved non-catastrophe current accident year underwriting results and higher favorable net prior year development. These increases were partially offset by higher catastrophe losses and reduced results from the Life & Group Non-Core segment as a result of unfavorable morbidity in the long term care business.
Nine Months Ended
Income before net investment gains and non-cash ceiling test impairment charges after tax increased in 2013 as compared to 2012. This increase is primarily due to higher earnings at CNA partially offset by the reasons discussed in the three month comparison above for
CNA's earnings increased primarily from improved non-catastrophe current accident year underwriting results and higher investment income. These increases were partially offset by a lower level of favorable net prior year development in 2013 as compared to 2012 and higher catastrophe losses and reduced results from the Life & Group Non-Core segment as a result of unfavorable morbidity in the long term care business.
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 |
|||||
September 30, |
|||||
(In millions) |
Three Months |
Nine Months |
|||
2013 |
2012 |
2013 |
2012 |
||
Revenues: |
|||||
CNA Financial |
$ 2,499 |
$ 2,457 |
$ 7,485 |
$ 7,050 |
|
Diamond Offshore (a) |
706 |
730 |
2,198 |
2,319 |
|
Boardwalk Pipeline |
288 |
271 |
921 |
862 |
|
HighMount |
62 |
74 |
196 |
219 |
|
Loews Hotels |
95 |
98 |
290 |
272 |
|
Investment income and other |
50 |
78 |
59 |
66 |
|
3,700 |
3,708 |
11,149 |
10,788 |
||
Investment gains (losses): |
|||||
CNA Financial |
5 |
8 |
15 |
62 |
|
Corporate and other |
(1) |
(1) |
(1) |
(3) |
|
4 |
7 |
14 |
59 |
||
Total |
$ 3,704 |
$ 3,715 |
$ 11,163 |
$ 10,847 |
|
Income (Loss) Before Income Tax: |
|||||
CNA Financial |
$ 373 |
$ 306 |
$ 1,005 |
$ 851 |
|
Diamond Offshore (a) |
131 |
234 |
593 |
732 |
|
Boardwalk Pipeline |
60 |
58 |
226 |
216 |
|
HighMount |
|||||
Operations |
6 |
13 |
21 |
28 |
|
Ceiling test impairment charge |
(65) |
(261) |
(210) |
(527) |
|
Loews Hotels |
(2) |
(1) |
17 |
||
Investment income, net |
50 |
79 |
58 |
70 |
|
Other (b) |
(37) |
(26) |
(94) |
(82) |
|
516 |
402 |
1,599 |
1,305 |
||
Investment gains (losses): |
|||||
CNA Financial |
5 |
8 |
15 |
62 |
|
Corporate and other |
(1) |
(1) |
(1) |
(3) |
|
4 |
7 |
14 |
59 |
||
Total |
$ 520 |
$ 409 |
$ 1,613 |
$ 1,364 |
|
Net Income (Loss) Attributable to Loews Corporation: |
|||||
CNA Financial |
$ 244 |
$ 195 |
$ 639 |
$ 540 |
|
Diamond Offshore (a) |
44 |
83 |
213 |
264 |
|
Boardwalk Pipeline (c) |
19 |
20 |
74 |
80 |
|
HighMount |
|||||
Operations |
5 |
8 |
14 |
17 |
|
Ceiling test impairment charge |
(42) |
(166) |
(134) |
(336) |
|
Loews Hotels |
1 |
(1) |
2 |
9 |
|
Investment income, net |
33 |
53 |
39 |
47 |
|
Other (b) |
(24) |
(19) |
(62) |
(56) |
|
280 |
173 |
785 |
565 |
||
Investment gains (losses): |
|||||
CNA Financial |
3 |
5 |
9 |
37 |
|
Corporate and other |
(1) |
(1) |
(1) |
(2) |
|
2 |
4 |
8 |
35 |
||
Net income attributable to Loews Corporation |
$ 282 |
$ 177 |
$ 793 |
$ 600 |
|
(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) |
Consists primarily of corporate interest expense and other unallocated expenses. |
||||
(c) |
Represents a 52.6%, 59.2%, 54.1% and 60.7% ownership interest in Boardwalk Pipeline for the respective periods. |
||||
Loews Corporation and Subsidiaries Consolidated Financial Review September 30, (In millions, except per share data) Three Months Nine Months 2013 2012 2013 2012 Revenues: Insurance premiums $ 1,825 $ 1,781 $ 5,389 $ 5,098 Net investment income 647 682 1,867 1,794 Investment gains 4 7 14 59 Contract drilling revenues 691 714 2,136 2,195 Other 537 531 1,757 1,701 Total 3,704 3,715 11,163 10,847 Expenses: Insurance claims & policyholders' benefits 1,414 1,435 4,364 4,164 Contract drilling expenses 420 358 1,164 1,160 Other (a) 1,350 1,513 4,022 4,159 Total 3,184 3,306 9,550 9,483 Income before income tax 520 409 1,613 1,364 Income tax expense (136) (99) (419) (337) Net income 384 310 1,194 1,027 Amounts attributable to noncontrolling interests (102) (133) (401) (427) Net income attributable to Loews Corporation $ 282 $ 177 $ 793 $ 600 Diluted income per share attributable to Loews Corporation $ 0.73 $ 0.45 $ 2.03 $ 1.51 Weighted diluted number of shares 388.14 395.29 389.96 396.64 (a) Includes non-cash impairment charges of $65 million and $261 million ($42 million and $166 million after tax) for the three months ended September 30, 2013 and 2012 and $210 million and $527 million ($134 million and $336 million after tax) for the nine months ended September 30, 2013 and 2012 related to the carrying value of HighMount's natural gas and oil properties.
SOURCE
Peter W. Keegan, Chief Financial Officer, (212) 521-2950; or Mary Skafidas, Investor and Public Relations, (212) 521-2788