The net loss for the three months ended
The net loss for the six 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 half of 2020. The full impact of COVID-19 on Loews and our businesses will be dependent on the pandemic's duration and scope and economic policies and other responses to the pandemic.
Book value per share decreased to
CONSOLIDATED HIGHLIGHTS |
|||||
(In millions, except per share data) |
|
||||
Three Months |
Six Months |
||||
2020 |
2019 |
2020 |
2019 |
||
Income (loss) before net investment gains (losses) |
$ 75 |
$ 248 |
$ (405) |
$ 621 |
|
Net investment gains (losses): |
|||||
CNA |
47 |
1 |
(105) |
22 |
|
Corporate |
(957) |
(957) |
|||
Total net investment gains (losses) |
(910) |
1 |
(1,062) |
22 |
|
Net income (loss) attributable to |
$ (835) |
$ 249 |
|
$ 643 |
|
Net income (loss) per share |
$ (2.96) |
$ 0.82 |
$ (5.16) |
$ 2.09 |
|
|
|
||||
Book value per share |
|
|
|||
Book value per share excluding AOCI |
61.33 |
65.94 |
Three Months Ended
CNA's earnings decreased primarily due to higher net catastrophe losses and unfavorable net prior year development. In 2020, catastrophe pretax net losses included
Boardwalk Pipelines' earnings decreased primarily due to
The parent company investment portfolio recorded higher earnings for the quarter primarily due to improved performance of equity securities.
The Corporate segment includes the investment loss of
Six Months Ended
CNA's earnings decreased primarily due to higher net catastrophe losses and lower net investment income driven by lower returns on limited partnership and common stock investments, as well as net investment losses as compared to gains in the prior year period. In 2020, net catastrophe pretax losses included
Boardwalk Pipelines' earnings decreased primarily due to the reasons set forth above in the three-month discussion as well as higher operating expenses, including depreciation and taxes primarily due to an increased asset base from growth projects, as well as the expiration of property tax abatements.
Results generated by the parent company investment portfolio decreased due to losses recognized in the current year from the severe disruptions in the financial markets, as compared to income in the 2019 period.
Corporate segment results include the
SHARE REPURCHASES
At
CONFERENCE CALLS
A conference call to discuss the second quarter results of
A conference call to discuss the second 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) |
2020 |
2019 |
2020 |
2019 |
||
Revenues: |
||||||
|
$ 2,766 |
$ 2,630 |
$ 5,057 |
$ 5,325 |
||
Boardwalk Pipelines (b) |
296 |
327 |
637 |
673 |
||
|
34 |
186 |
176 |
366 |
||
Investment income (loss) and other (c) (d) |
(857) |
256 |
(766) |
556 |
||
|
71 |
224 |
305 |
460 |
||
Total |
$ 2,310 |
$ 3,623 |
$ 5,409 |
$ 7,380 |
||
Income (Loss) Before Income Tax: |
||||||
|
$ 183 |
$ 343 |
$ 93 |
$ 761 |
||
Boardwalk Pipelines (b) |
45 |
72 |
133 |
178 |
||
|
(97) |
18 |
(130) |
37 |
||
Corporate: (h) |
||||||
Investment income (loss), net |
110 |
33 |
(56) |
117 |
||
Other (d) |
(1,259) |
(49) |
(1,301) |
(91) |
||
|
(56) |
(142) |
(934) |
(219) |
||
Total |
$ (1,074) |
$ 275 |
$ (2,195) |
$ 783 |
||
Net Income (Loss) Attributable to |
||||||
|
$ 135 |
$ 249 |
$ 80 |
$ 554 |
||
Boardwalk Pipelines (b) |
34 |
53 |
99 |
132 |
||
|
(72) |
12 |
(97) |
25 |
||
Corporate: (h) |
||||||
Investment income (loss), net |
86 |
26 |
(44) |
93 |
||
Other (d) |
(994) |
(39) |
(1,029) |
(72) |
||
|
(24) |
(52) |
(476) |
(89) |
||
Net income (loss) attributable to |
$ (835) |
$ 249 |
$ (1,467) |
$ 643 |
(a) |
Includes net investment gains of |
||||
(b) |
Includes settlement proceeds of |
||||
(c) |
Includes parent company investment income (loss) and the financial results of |
||||
(d) |
Includes a loss of |
||||
(e) |
Includes financial results through |
||||
(f) |
Includes net catastrophe losses of |
||||
(g) |
Includes impairment charges of |
||||
(h) |
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 |
||||
(i) |
Includes impairment charges of |
||||
|
||||||
Consolidated Financial Review |
||||||
|
||||||
Three Months |
Six Months |
|||||
(In millions, except per share data) |
2020 |
2019 |
2020 |
2019 |
||
Revenues: |
||||||
Insurance premiums |
$ 1,850 |
$ 1,824 |
$ 3,719 |
$ 3,627 |
||
Net investment income |
644 |
551 |
807 |
1,208 |
||
Investment gains (losses) (a) |
(1,142) |
2 |
(1,358) |
33 |
||
Operating revenues and other (b) |
958 |
1,246 |
2,241 |
2,512 |
||
Total |
2,310 |
3,623 |
5,409 |
7,380 |
||
Expenses: |
||||||
Insurance claims and policyholders' benefits (c) |
1,642 |
1,352 |
3,067 |
2,709 |
||
Operating expenses and other (b) (d) |
1,742 |
1,996 |
4,537 |
3,888 |
||
Total |
3,384 |
3,348 |
7,604 |
6,597 |
||
Income (loss) before income tax |
(1,074) |
275 |
(2,195) |
783 |
||
Income tax (expense) benefit |
228 |
(50) |
305 |
(162) |
||
Net income (loss) |
(846) |
225 |
(1,890) |
621 |
||
Amounts attributable to noncontrolling interests |
11 |
24 |
423 |
22 |
||
Net income (loss) attributable to |
$ (835) |
$ 249 |
$ (1,467) |
$ 643 |
||
Net income (loss) per share attributable to |
$ (2.96) |
$ 0.82 |
$ (5.16) |
$ 2.09 |
||
Weighted average number of shares |
281.48 |
304.54 |
284.26 |
307.44 |
(a) |
Includes a loss of |
||||
(b) |
Includes financial results of |
||||
(c) |
Includes net catastrophe losses of |
||||
(d) |
Includes impairment charges of |
||||
View original content:http://www.prnewswire.com/news-releases/loews-corporation-reports-net-loss-of-835-million-for-the-second-quarter-of-2020-301104330.html
SOURCE
Mary Skafidas, Investor and Public Relations, (212) 521-2788