The three and six months ended
The year-over-year increase in Loews's second quarter net income, excluding these significant transactions, was driven by
The drivers of Loews's net income for the six months ended
"Loews had a strong quarter driven by CNA, which is doing very well. Strong natural gas flows continue to benefit Boardwalk Pipelines' results, and while
CONSOLIDATED HIGHLIGHTS |
|
|||
Three Months |
Six Months |
|||
(In millions, except per share data) |
2021 |
2020 |
2021 |
2020 |
Income (loss) before net investment gains (losses) |
$ 304 |
$ 75 |
$ 521 |
$ (405) |
Net investment gains (losses): |
||||
CNA |
24 |
47 |
68 |
(105) |
Corporate |
426 |
(957) |
426 |
(957) |
Total net investment gains (losses) |
450 |
(910) |
494 |
(1,062) |
Net income (loss) attributable to |
$ 754 |
$ (835) |
|
|
Net income (loss) per share |
$ 2.86 |
|
|
|
|
|
||
Book value per share |
|
|
|
Book value per share excluding AOCI |
68.33 |
64.18 |
Book value per share was
Three Months Ended
CNA's results increased primarily due to lower net catastrophe losses and higher property and casualty underwriting results before net catastrophe losses and prior year development, as well as higher net investment income, driven by limited partnership investments. Lower investment gains partially offset these positives.
Boardwalk Pipelines' earnings increased mainly due to higher revenues from growth projects recently placed into service.
The parent company investment portfolio produced good results, although income was lower in 2021 due to the significant recovery of the equity market in 2020.
The Corporate & other segment includes an investment gain of
Six Months Ended
CNA's earnings increased primarily due to the items discussed in the three-month comparison and include significantly higher net investment income and investment gains as compared to 2020.
All other segment improvements from 2020 to 2021 are primarily due to the reasons discussed in the three-month comparison. In addition, Loews's results for the six months ended
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 |
Six Months |
|||
(In millions) |
2021 |
2020 |
2021 |
2020 |
Revenues: |
||||
|
$ 3,029 |
$ 2,766 |
$ 5,895 |
$ 5,057 |
Boardwalk Pipelines |
312 |
296 |
684 |
637 |
|
98 |
34 |
155 |
176 |
Investment income (loss) and other (b)(c) |
564 |
(857) |
891 |
(766) |
|
71 |
305 |
||
Total |
$ 4,003 |
$ 2,310 |
$ 7,625 |
$ 5,409 |
Income (Loss) Before Income Tax: |
||||
|
$ 463 |
$ 183 |
$ 840 |
$ 93 |
Boardwalk Pipelines |
63 |
45 |
177 |
133 |
|
(26) |
(97) |
(81) |
(130) |
Corporate: (f) |
||||
Investment income (loss), net |
24 |
110 |
70 |
(56) |
Other (c) |
488 |
(1,259) |
413 |
(1,301) |
|
(56) |
(934) |
||
Total |
$ 1,012 |
$ (1,074) |
$ 1,419 |
$ (2,195) |
Net Income (Loss) Attributable to |
||||
|
$ 330 |
$ 135 |
$ 609 |
$ 80 |
Boardwalk Pipelines |
47 |
34 |
132 |
99 |
|
(21) |
(72) |
(64) |
(97) |
Corporate: (f) |
||||
Investment income (loss), net |
19 |
86 |
55 |
(44) |
Other (c) |
379 |
(994) |
283 |
(1,029) |
|
(24) |
(476) |
||
Net income (loss) attributable to |
$ 754 |
$ (835) |
$ 1,015 |
$ (1,467) |
(a) |
Includes net investment gains of |
(b) |
Includes parent company investment income (loss) and the financial results of |
(c) |
Includes an investment gain of |
(d) |
On |
(e) |
Includes net catastrophe losses of |
(f) |
The Corporate segment consists of investment income (loss) from the parent company's cash and investments, interest expense, other unallocated corporate expenses, the financial results of |
(g) |
The six months ended |
|
||||
Consolidated Financial Review |
||||
|
||||
Three Months |
Six Months |
|||
(In millions, except per share data) |
2021 |
2020 |
2021 |
2020 |
Revenues: |
||||
Insurance premiums |
$ 2,035 |
$ 1,850 |
$ 3,997 |
$ 3,719 |
Net investment income |
616 |
644 |
1,166 |
807 |
Investment gains (losses) (a) |
578 |
(1,142) |
635 |
(1,358) |
Operating revenues and other (b) |
774 |
958 |
1,827 |
2,241 |
Total |
4,003 |
2,310 |
7,625 |
5,409 |
Expenses: |
||||
Insurance claims and policyholders' benefits (c) |
1,546 |
1,642 |
3,052 |
3,067 |
Operating expenses and other (b) (d) |
1,445 |
1,742 |
3,154 |
4,537 |
Total |
2,991 |
3,384 |
6,206 |
7,604 |
Income (loss) before income tax |
1,012 |
(1,074) |
1,419 |
(2,195) |
Income tax (expense) benefit |
(219) |
228 |
(333) |
305 |
Net income (loss) |
793 |
(846) |
1,086 |
(1,890) |
Amounts attributable to noncontrolling interests |
(39) |
11 |
(71) |
423 |
Net income (loss) attributable to |
$ 754 |
$ (835) |
$ 1,015 |
$ (1,467) |
Net income (loss) per share attributable to Loews |
||||
Corporation |
$ 2.86 |
$ (2.96) |
$ 3.82 |
$ (5.16) |
Weighted average number of shares |
263.34 |
281.48 |
265.55 |
284.26 |
(a) |
Includes an investment gain of |
(b) |
On |
(c) |
Includes net catastrophe losses of |
(d) |
The three and six months ended |
View original content:https://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-754-million-for-the-second-quarter-of-2021-301345644.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788