Results for the three months ended
The economic disruption caused by the COVID-19 pandemic and measures to mitigate the spread of the virus significantly affected Loews's results in the first quarter of 2020. The full impact of COVID-19 on Loews and our businesses will be dependent on the pandemic's duration and scope and the economic policy and other responses to the pandemic.
Book value per share decreased to
CONSOLIDATED HIGHLIGHTS |
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Three Months Ended |
||
(In millions, except per share data) |
2020 |
2019 |
Income (loss) before net investment gains (losses) |
$ (480) |
$ 373 |
Net investment gains (losses) |
(152) |
21 |
Net income (loss) attributable to |
$ (632) |
$ 394 |
Net income (loss) per share |
$ (2.20) |
$ 1.27 |
|
|
|
Book value per share |
$ 60.28 |
$ 65.71 |
Book value per share excluding AOCI |
64.17 |
65.94 |
Three Months Ended
CNA's results decreased primarily due to a decline in net investment income reflecting losses from limited partnership and common stock investments and a swing from net investment gains in the prior year period to net investment losses. These declines were precipitated by severe disruptions in the financial markets in
Boardwalk Pipelines' earnings decreased as revenues were lower due to expiring contracts that were replaced by contracts at lower average rates, partially offset by revenue from growth projects recently placed in service. Expenses rose largely because of higher maintenance project expenses, an increased asset base from recently completed growth projects and the expiration of property tax abatements.
As previously disclosed, on
The parent company investment portfolio recorded a loss for the quarter as compared to income in the prior year period. Results decreased primarily due to equity market declines in response to uncertainty about the effects of the COVID-19 pandemic.
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
|
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Selected Financial Information |
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Three Months Ended |
|||||
|
|||||
(In millions) |
2020 |
2019 |
|||
Revenues: |
|||||
|
$ 2,291 |
$ 2,695 |
|||
|
234 |
236 |
|||
Boardwalk Pipelines |
341 |
346 |
|||
|
142 |
180 |
|||
Investment income and other (b) |
91 |
300 |
|||
Total |
$ 3,099 |
$ 3,757 |
|||
Income (Loss) Before Income Tax: |
|||||
|
$ (90) |
$ 418 |
|||
|
(878) |
(77) |
|||
Boardwalk Pipelines |
88 |
106 |
|||
|
(33) |
19 |
|||
Corporate: (d) |
|||||
Investment income (loss), net |
(166) |
84 |
|||
Other |
(42) |
(42) |
|||
Total |
$ (1,121) |
$ 508 |
|||
Net Income (Loss) Attributable to |
|||||
|
$ (55) |
$ 305 |
|||
|
(452) |
(37) |
|||
Boardwalk Pipelines |
65 |
79 |
|||
|
(25) |
13 |
|||
Corporate: (d) |
|||||
Investment income (loss), net |
(130) |
67 |
|||
Other |
(35) |
(33) |
|||
Net income (loss) attributable to |
$ (632) |
$ 394 |
(a) |
Includes net investment losses of |
||||
(b) |
Includes parent company investment income and the financial results of |
||||
(c) |
Includes impairment charges of |
||||
(d) |
The Corporate segment consists of investment income from the parent company's cash and investments, interest expense, other unallocated corporate expenses and the financial results of |
|
||||
Consolidated Financial Review |
||||
Three Months Ended |
||||
|
||||
(In millions, except per share data) |
2020 |
2019 |
||
Revenues: |
||||
Insurance premiums |
$ 1,869 |
$ 1,803 |
||
Net investment income |
163 |
657 |
||
Investment gains (losses) |
(216) |
31 |
||
Operating revenues and other |
1,283 |
1,266 |
||
Total |
3,099 |
3,757 |
||
Expenses: |
||||
Insurance claims and policyholders' benefits |
1,425 |
1,357 |
||
Operating expenses and other (a) |
2,795 |
1,892 |
||
Total |
4,220 |
3,249 |
||
Income (loss) before income tax |
(1,121) |
508 |
||
Income tax (expense) benefit |
77 |
(112) |
||
Net income (loss) |
(1,044) |
396 |
||
Amounts attributable to noncontrolling interests |
412 |
(2) |
||
Net income (loss) attributable to |
$ (632) |
$ 394 |
||
Net income (loss) per share attributable to |
$ (2.20) |
$ 1.27 |
||
Weighted average number of shares |
287.04 |
310.36 |
||
(a) |
Includes impairment charges of |
View original content:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-loss-of-632-million-for-the-first-quarter-of-2020-301051485.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788