Net income for the three months ended
Book value per share increased to
CONSOLIDATED HIGHLIGHTS
Three Months Ended March 31, |
||
(In millions, except per share data) |
2019 |
2018 |
Income before net investment gains |
$ 373 |
$ 286 |
Net investment gains |
21 |
7 |
Net income attributable to Loews Corporation |
$ 394 |
$ 293 |
Net income per share |
$ 1.27 |
$ 0.89 |
March 31, 2019 |
December 31, 2018 |
|
Book value per share |
$ 62.31 |
$ 59.34 |
Book value per share excluding AOCI |
63.59 |
62.16 |
CNA's earnings increased primarily due to higher net investment income and net investment gains. Returns on limited partnership and equity investments drove the increase in net investment income. Earnings in the 2019 period also increased due to a net retroactive reinsurance benefit under the 2010 loss portfolio transfer with National Indemnity as compared to a net retroactive reinsurance charge recorded in the 2018 period. Partially offsetting these increases was lower underwriting income reflecting higher catastrophe losses and lower favorable prior year development.
Loews Hotels & Co's earnings were consistent with the prior year period as improved operating performance from several owned hotels was offset by pre-opening expenses incurred at hotels under development and a charge related to the planned disposition of a property.
Income generated by the parent company investment portfolio increased primarily due to improved performance from equity securities.
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
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) |
2019 |
2018 |
|
Revenues: |
|||
CNA Financial (a) |
$ 2,695 |
$ 2,535 |
|
Diamond Offshore |
236 |
299 |
|
Boardwalk Pipeline |
346 |
337 |
|
Loews Hotels & Co |
180 |
183 |
|
Investment income and other (b) |
300 |
227 |
|
Total |
$ 3,757 |
$ 3,581 |
|
Income (Loss) Before Income Tax: |
|||
CNA Financial (a) (c) |
$ 418 |
$ 347 |
|
Diamond Offshore |
(77) |
(25) |
|
Boardwalk Pipeline |
106 |
95 |
|
Loews Hotels & Co |
19 |
20 |
|
Corporate: (d) |
|||
Investment income, net |
84 |
14 |
|
Other |
(42) |
(46) |
|
Total |
$ 508 |
$ 405 |
|
Net Income (Loss) Attributable to Loews Corporation: |
|||
CNA Financial (a) (c) |
$ 305 |
$ 261 |
|
Diamond Offshore (e) |
(37) |
10 |
|
Boardwalk Pipeline |
79 |
36 |
|
Loews Hotels & Co |
13 |
13 |
|
Corporate: (d) |
|||
Investment income, net |
67 |
11 |
|
Other |
(33) |
(38) |
|
Net income attributable to Loews Corporation |
$ 394 |
$ 293 |
(a) |
Includes investment gains of $31 million and $9 million ($21 million and $7 million after tax and noncontrolling interests) for the three months ended March 31, 2019 and 2018. |
||
(b) |
Includes parent company investment income and the financial results of Consolidated Container. |
||
(c) |
Includes a gain of $22 million ($16 million after tax and noncontrolling interests) and a loss of $40 million ($28 million after tax and noncontrolling interests) for the three months ended March 31, 2019 and 2018 related to the 2010 retroactive reinsurance agreement to cede CNA's legacy asbestos and environmental pollution liabilities. |
||
(d) |
The Corporate segment consists of investment income from the parent company's cash and investments, interest expense, other unallocated expenses and the financial results of Consolidated Container. |
||
(e) |
Includes a $43 million ($23 million after noncontrolling interests) favorable adjustment to an uncertain tax position recorded by Diamond Offshore at year-end 2017 for the three months ended March 31, 2018. |
Loews Corporation and Subsidiaries |
|||
Consolidated Financial Review |
|||
Three Months Ended March 31, |
|||
(In millions, except per share data) |
2019 |
2018 |
|
Revenues: |
|||
Insurance premiums |
$ 1,803 |
$ 1,785 |
|
Net investment income |
657 |
506 |
|
Investment gains |
31 |
9 |
|
Operating revenues and other |
1,266 |
1,281 |
|
Total |
3,757 |
3,581 |
|
Expenses: |
|||
Insurance claims and policyholders' benefits |
1,357 |
1,339 |
|
Operating expenses and other |
1,892 |
1,837 |
|
Total |
3,249 |
3,176 |
|
Income before income tax |
508 |
405 |
|
Income tax expense |
(112) |
(25) |
|
Net income |
396 |
380 |
|
Amounts attributable to noncontrolling interests |
(2) |
(87) |
|
Net income attributable to Loews Corporation |
$ 394 |
$ 293 |
|
Net income per share attributable to Loews Corporation |
$ 1.27 |
$ 0.89 |
|
Weighted average number of shares |
310.36 |
328.72 |
View original content:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-394-million-for-the-first-quarter-of-2019-300839298.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788