Net income for the first quarter of 2022 increased compared to the comparable prior year period as
"Loews is off to a tremendous start in 2022, with an almost 30% increase in net income over the prior year's quarter. Each of our consolidated subsidiaries --
Book value per share as of
CONSOLIDATED HIGHLIGHTS
|
Three Months Ended |
|||
|
||||
(In millions, except per share data) |
2022 |
2021 |
||
Income before net investment gains (losses) |
$ 341 |
$ 217 |
||
Net investment gains (losses) |
(3) |
44 |
||
Net income attributable to |
$ 338 |
$ 261 |
||
Net income per share |
$ 1.36 |
$ 0.97 |
||
|
|
|||
Book value per share |
|
|
||
Book value per share excluding AOCI |
72.34 |
71.09 |
Three Months Ended
CNA's earnings were consistent with the prior year. Property & casualty underwriting results increased, with lower catastrophe losses and higher non-catastrophe underwriting income. Net investment income declined, driven by lower returns from limited partnership and common stock investments. CNA swung from net investment gains last year to net investment losses, attributable to declines in the fair value of non-redeemable preferred stock and lower gains on sales of fixed maturity securities.
Boardwalk Pipelines' earnings increased due primarily to higher revenues from growth projects recently placed into service, partially offset by higher employee-related costs and higher expenses due to an increased asset base from growth projects.
The parent company investment portfolio recorded a loss for the quarter as compared to income in the comparable prior year period primarily due to losses generated by investments in equity securities.
The Corporate & other segment benefited from the absence of unusual items recorded in 2021 related to the recapitalization and sale of 47% of
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) |
2022 |
2021 |
|
Revenues: |
|||
|
$ 2,885 |
$ 2,866 |
|
Boardwalk Pipelines |
381 |
372 |
|
|
152 |
57 |
|
Investment income (loss) and other (b) |
(16) |
327 |
|
Total |
$ 3,402 |
$ 3,622 |
|
Income (Loss) Before Income Tax: |
|||
|
$ 378 |
$ 377 |
|
Boardwalk Pipelines |
122 |
114 |
|
|
22 |
(55) |
|
Corporate: (c) |
|||
Investment income (loss), net |
(16) |
46 |
|
Other |
(44) |
(75) |
|
Total |
$ 462 |
$ 407 |
|
Net Income (Loss) Attributable to |
|||
|
$ 281 |
$ 279 |
|
Boardwalk Pipelines |
91 |
85 |
|
|
15 |
(43) |
|
Corporate: (c) |
|||
Investment income (loss), net |
(13) |
36 |
|
Other (d) |
(36) |
(96) |
|
Net income attributable to |
$ 338 |
$ 261 |
|
(a) |
Includes net investment losses of |
(b) |
Includes parent company investment income (loss) and the financial results of |
(c) |
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 |
(d) |
The three months ended |
Consolidated Financial Review |
||
Three Months Ended |
||
(In millions, except per share data) |
2022 |
2021 |
Revenues: |
||
Insurance premiums |
$ 2,059 |
$ 1,962 |
Net investment income |
432 |
550 |
Investment gains (losses) |
(11) |
57 |
Operating revenues and other (a) |
922 |
1,053 |
Total |
3,402 |
3,622 |
Expenses: |
||
Insurance claims and policyholders' benefits |
1,455 |
1,506 |
Operating expenses and other (a) |
1,485 |
1,709 |
Total |
2,940 |
3,215 |
Income before income tax |
462 |
407 |
Income tax expense (b) |
(92) |
(114) |
Net income |
370 |
293 |
Amounts attributable to noncontrolling interests |
(32) |
(32) |
Net income attributable to |
$ 338 |
$ 261 |
Net income per share attributable to |
$ 1.36 |
$ 0.97 |
Weighted average number of shares |
248.48 |
267.76 |
(a) |
On |
(b) |
The three months ended |
View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-338-million-for-the-first-quarter-of-2022-301536765.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788