Net income increased
Book value per share increased to
CONSOLIDATED HIGHLIGHTS
Three Months Ended March 31, |
||
(In millions, except per share data) |
2017 |
2016 |
Income before net investment gains (losses) |
$ 275 |
$ 119 |
Net investment gains (losses) |
20 |
(17) |
Net income attributable to Loews Corporation |
$ 295 |
$ 102 |
Net income per share |
$ 0.87 |
$ 0.30 |
March 31, 2017 |
December 31, 2016 |
|
Book value per share |
$ 54.91 |
$ 53.96 |
Book value per share excluding AOCI |
55.35 |
54.62 |
CNA's earnings increased due to higher net investment income driven by improved limited partnership results, realized gains in 2017 as compared to losses in 2016 and lower adverse reserve development recorded in 2017 under the 2010 asbestos and environmental pollution loss portfolio transfer as compared to 2016. These increases were partially offset by lower underwriting income from its core P&C business driven by unfavorable premium development.
Loews Hotels earnings increased due to higher joint venture equity income and includes a net benefit of
Income generated by the parent company investment portfolio improved
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
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 |
|||
Three Months Ended March 31, |
|||
(In millions) |
2017 |
2016 |
|
Revenues: |
|||
CNA Financial (a) |
$ 2,329 |
$ 2,203 |
|
Diamond Offshore |
377 |
471 |
|
Boardwalk Pipeline |
368 |
347 |
|
Loews Hotels |
167 |
163 |
|
Investment income (loss) and other |
59 |
(11) |
|
Total |
$ 3,300 |
$ 3,173 |
|
Income (Loss) Before Income Tax: |
|||
CNA Financial (a) (b) |
$ 345 |
$ 58 |
|
Diamond Offshore |
25 |
83 |
|
Boardwalk Pipeline |
118 |
99 |
|
Loews Hotels |
19 |
9 |
|
Investment income (loss), net |
59 |
(13) |
|
Corporate (c) |
(56) |
(41) |
|
Total |
$ 510 |
$ 195 |
|
Net Income (Loss) Attributable to Loews Corporation: |
|||
CNA Financial (a) (b) |
$ 234 |
$ 60 |
|
Diamond Offshore |
12 |
43 |
|
Boardwalk Pipeline |
37 |
31 |
|
Loews Hotels |
10 |
3 |
|
Investment income (loss), net |
38 |
(8) |
|
Corporate (c) |
(36) |
(27) |
|
Net income attributable to Loews Corporation |
$ 295 |
$ 102 |
(a) |
Includes realized investment gains of $34 million ($20 million after tax and noncontrolling |
(b) |
Includes charges of $20 million ($12 million after tax and noncontrolling interests) and $127 |
(c) |
Consists primarily of corporate interest expense and other unallocated expenses. |
Loews Corporation and Subsidiaries |
|||
Consolidated Financial Review |
|||
Three Months Ended March 31, |
|||
(In millions, except per share data) |
2017 |
2016 |
|
Revenues: |
|||
Insurance premiums |
$ 1,645 |
$ 1,699 |
|
Net investment income |
604 |
422 |
|
Investment gains (losses) |
34 |
(28) |
|
Contract drilling revenues |
364 |
444 |
|
Other revenues |
653 |
636 |
|
Total |
3,300 |
3,173 |
|
Expenses: |
|||
Insurance claims & policyholders' benefits (a) |
1,293 |
1,408 |
|
Contract drilling expenses |
204 |
213 |
|
Other operating expenses |
1,293 |
1,357 |
|
Total |
2,790 |
2,978 |
|
Income before income tax |
510 |
195 |
|
Income tax (expense) benefit |
(119) |
4 |
|
Net income |
391 |
199 |
|
Amounts attributable to noncontrolling interests |
(96) |
(97) |
|
Net income attributable to Loews Corporation |
$ 295 |
$ 102 |
|
Net income per share attributable to Loews Corporation |
$ 0.87 |
$ 0.30 |
|
Weighted average number of shares |
337.68 |
339.25 |
(a) |
Includes charges of $20 million ($12 million after tax and noncontrolling interests) and $127 million |
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-295-million-for-the-first-quarter-of-2017-300448481.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788