Net income for the year ended
Book value per share increased to
CONSOLIDATED HIGHLIGHTS
(In millions, except per share data) |
December 31, |
|||
Three Months |
Years Ended |
|||
2019 |
2018 |
2019 |
2018 |
|
Income (loss) before net investment gains (losses) |
$ 211 |
$ (110) |
$ 899 |
$ 674 |
Net investment gains (losses) |
6 |
(55) |
33 |
(38) |
Net income (loss) attributable to Loews Corporation |
$ 217 |
$ (165) |
$ 932 |
$ 636 |
Net income (loss) per share |
$ 0.73 |
$ (0.53) |
$ 3.07 |
$ 1.99 |
December 31, 2019 |
December 31, 2018 |
|||
Book value per share |
$ 65.71 |
$ 59.34 |
||
Book value per share excluding AOCI |
65.94 |
62.16 |
||
Shares outstanding |
291.0 |
312.1 |
Three Months Ended
CNA's earnings increased primarily due to higher net investment income and net investment gains and higher current year underwriting income driven mainly by lower catastrophe losses for the Property & Casualty ("P&C") business. Earnings were partially offset by a higher net retroactive reinsurance charge recorded under the 2010 loss portfolio transfer with National Indemnity as compared with 2018. The P&C business generated gross written premium growth of 8% and net written premium growth of 6%.
Boardwalk Pipelines' operations benefited from higher firm transportation revenues from growth projects recently placed into service partially offset by the net impact of contract restructurings, expirations and renewals. Boardwalk Pipelines' net income decreased as a result of a favorable tax adjustment recorded in 2018.
Loews Hotels & Co's results decreased due to impairment charges totaling
Income generated by the parent company investment portfolio increased primarily due to higher returns on equity securities.
Year Ended
CNA's earnings increased from higher net investment income driven by improved returns on limited partnership investments and from higher net investment gains. In addition, earnings in 2019 benefited from a lower net retroactive reinsurance charge recorded under the 2010 loss portfolio transfer with National Indemnity as compared with 2018 and a higher reduction of claim reserves resulting from the annual long term care claim experience study as compared with 2018. These increases were partially offset by a charge of
Boardwalk Pipelines' earnings attributable to
Loews Hotels & Co's results decreased primarily due to impairment charges totaling
Income generated by the parent company investment portfolio increased due primarily to higher returns on equity securities.
SHARE REPURCHASES
At
CONFERENCE CALLS
A conference call to discuss the fourth quarter results of
A conference call to discuss the fourth quarter results of CNA has been scheduled for today at
A conference call to discuss the fourth 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 |
||||||
December 31, |
||||||
Three Months |
Years Ended |
|||||
(In millions) |
2019 |
2018 |
2019 |
2018 |
||
Revenues: |
||||||
CNA Financial (a) |
$ 2,777 |
$ 2,403 |
$ 10,788 |
$ 10,134 |
||
Diamond Offshore |
277 |
234 |
988 |
1,093 |
||
Boardwalk Pipelines (b) |
331 |
326 |
1,300 |
1,227 |
||
Loews Hotels & Co |
170 |
181 |
692 |
755 |
||
Investment income and other (c) |
321 |
143 |
1,163 |
857 |
||
Total |
$ 3,876 |
$ 3,287 |
$ 14,931 |
$ 14,066 |
||
Income (Loss) Before Income Tax: |
||||||
CNA Financial (a) (d) (e) (f) |
$ 336 |
$ (114) |
$ 1,224 |
$ 963 |
||
Diamond Offshore (g) (h) |
(81) |
(66) |
(402) |
(226) |
||
Boardwalk Pipelines (b) |
64 |
59 |
281 |
231 |
||
Loews Hotels & Co (i) |
(70) |
15 |
(28) |
73 |
||
Corporate: (j) |
||||||
Investment income (loss), net |
76 |
(71) |
229 |
(10) |
||
Other |
(49) |
(55) |
(185) |
(197) |
||
Total |
$ 276 |
$ (232) |
$ 1,119 |
$ 834 |
||
Net Income (Loss) Attributable to Loews Corporation: |
||||||
CNA Financial (a) (d) (e) (f) |
$ 244 |
$ (75) |
$ 894 |
$ 726 |
||
Diamond Offshore (g) (h) (k) |
(38) |
(58) |
(175) |
(112) |
||
Boardwalk Pipelines (b) |
48 |
55 |
209 |
135 |
||
Loews Hotels & Co (i) |
(59) |
7 |
(31) |
48 |
||
Corporate: (k) |
||||||
Investment income (loss), net |
67 |
(57) |
188 |
(8) |
||
Other |
(45) |
(37) |
(153) |
(153) |
||
Net income (loss) attributable to Loews Corporation |
$ 217 |
$ (165) |
$ 932 |
$ 636 |
||
(a) |
Includes net investment gains of $8 million and net investment losses of $78 million ($6 million and $55 million |
|||||
(b) |
Includes settlement proceeds of $26 million ($19 million after tax) related to a customer bankruptcy for the year |
|||||
(c) |
Includes parent company investment income and the financial results of Altium Packaging (formerly Consolidated |
|||||
(d) |
Includes losses of $61 million and $35 million ($43 million and $24 million after tax and noncontrolling interests) |
|||||
(e) |
Includes a loss of $21 million ($15 million after tax and noncontrolling interests) on the early redemption of debt |
|||||
(f) |
Includes a charge of $216 million ($151 million after tax and noncontrolling interests) for the year ended December |
|||||
(g) |
Includes asset impairment charges of $27 million ($12 million after tax and noncontrolling interests) for the year |
|||||
(h) |
Includes a legal settlement charge of $18 million ($8 million after tax and noncontrolling interests) for the year |
|||||
(i) |
Includes asset impairment charges of $89 million ($69 million after tax) for the three months ended December |
|||||
(j) |
The Corporate segment consists of investment income from the parent company's cash and investments, |
|||||
(k) |
For the three months ended December 31, 2019, includes a favorable tax adjustment of $12 million ($5 million |
|||||
Loews Corporation and Subsidiaries |
||||||
Consolidated Financial Review |
||||||
December 31, |
||||||
Three Months |
Years Ended |
|||||
(In millions, except per share data) |
2019 |
2018 |
2019 |
2018 |
||
Revenues: |
||||||
Insurance premiums |
$ 1,911 |
$ 1,859 |
$ 7,428 |
$ 7,312 |
||
Net investment income |
622 |
266 |
2,355 |
1,817 |
||
Investment gains (losses) |
8 |
(78) |
49 |
(57) |
||
Operating revenues and other (a) |
1,335 |
1,240 |
5,099 |
4,994 |
||
Total |
3,876 |
3,287 |
14,931 |
14,066 |
||
Expenses: |
||||||
Insurance claims and policyholders' benefits (b) (c) |
1,483 |
1,594 |
5,806 |
5,572 |
||
Operating expenses and other (d) (e) |
2,117 |
1,925 |
8,006 |
7,660 |
||
Total |
3,600 |
3,519 |
13,812 |
13,232 |
||
Income (loss) before income tax |
276 |
(232) |
1,119 |
834 |
||
Income tax (expense) benefit (f) |
(65) |
21 |
(248) |
(128) |
||
Net income (loss) |
211 |
(211) |
871 |
706 |
||
Amounts attributable to noncontrolling interests |
6 |
46 |
61 |
(70) |
||
Net income (loss) attributable to Loews Corporation |
$ 217 |
$ (165) |
$ 932 |
$ 636 |
||
Net income (loss) per share attributable to Loews Corporation |
$ 0.73 |
$ (0.53) |
$ 3.07 |
$ 1.99 |
||
Weighted average number of shares |
296.29 |
313.88 |
303.35 |
319.93 |
||
(a) |
Includes settlement proceeds of $26 million ($19 million after tax) related to a customer bankruptcy for the year ended |
|||||
(b) |
Includes losses of $61 million and $35 million ($43 million and $24 million after tax and noncontrolling interests) for the |
|||||
(c) |
Includes a charge of $216 million ($151 million after tax and noncontrolling interests) for the year ended December 31, |
|||||
(d) |
Includes a loss of $21 million ($15 million after tax and noncontrolling interests) on the early redemption of debt for the year |
|||||
(e) |
Includes asset impairment charges of $89 million ($69 million after tax) for the three months ended December 31, 2019 |
|||||
(f) |
For the three months ended December 31, 2019, includes a favorable tax adjustment of $12 million ($5 million after |
View original content:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-income-of-932-million-for-2019-301001612.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788