Date of report:
|
|
February 6, 2012
|
(Date of earliest event reported):
|
|
February 6, 2012
|
LOEWS CORPORATION
|
|
Delaware
|
|
1-6541
|
|
13-2646102
|
|
(State or other jurisdiction of
|
|
(Commission
|
|
(I.R.S. Employer
|
||
incorporation or organization)
|
|
File Number)
|
|
Identification No.)
|
667 Madison Avenue, New York, N.Y.
|
10065-8068
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code:
|
(212) 521-2000
|
NOT APPLICABLE
|
(Former name or former address, if changed since last report.)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
(a)
|
Not applicable.
|
(b)
|
Not applicable.
|
(c)
|
Exhibit:
|
Exhibit Reference
|
|||||||
Number
|
Exhibit Description
|
||||||
99.1
|
Loews Corporation press release, issued February 6, 2012, providing information on fourth quarter and year ended 2011 results of operations.
|
|
LOEWS CORPORATION
|
|
|
(Registrant)
|
|
|
||
|
||
|
||
Dated: February 6, 2012
|
By:
|
/s/ Gary W. Garson
|
|
Gary W. Garson
|
|
|
Senior Vice President
|
|
General Counsel
|
||
and Secretary
|
Contact:
|
Peter W. Keegan
Chief Financial Officer
(212) 521-2950
Mary Skafidas
Investor Relations
(212) 521-2788
Candace Leeds
Public Affairs
(212) 521-2416
|
December 31,
|
||||
Three Months
|
Years Ended
|
|||
(In millions, except per share data)
|
2011
|
2010
|
2011
|
2010
|
Net income attributable to Loews Corporation:
|
|||||||||||||||||
Income before net investment gains (losses) (a)
|
$ | 308 | $ | 488 | $ | 1,095 | $ | 1,280 | |||||||||
Net investment gains (losses)
|
(40 | ) | (22 | ) | (31 | ) | 27 | ||||||||||
Income from continuing operations
|
268 | 466 | 1,064 | 1,307 | |||||||||||||
Discontinued operations, net (a)
|
(19 | ) | |||||||||||||||
Net income attributable to Loews Corporation
|
$ | 268 | $ | 466 | $ | 1,064 | $ | 1,288 | |||||||||
Net income per share:
|
|||||||||||||||||
Income from continuing operations
|
$ | 0.67 | $ | 1.12 | $ | 2.63 | $ | 3.11 | |||||||||
Discontinued operations, net
|
(0.04 | ) | |||||||||||||||
Net income per share
|
$ | 0.67 | $ | 1.12 | $ | 2.63 | $ | 3.07 | |||||||||
Book value per share at:
|
|||||||||||||||||
December 31, 2011
|
$ | 47.49 | |||||||||||||||
December 31, 2010
|
$ | 44.51 |
(a)
|
Includes losses of $309 million (after tax and noncontrolling interests) in continuing operations and $19 million (after tax and noncontrolling interests) in discontinued operations for the year ended December 31, 2010 related to CNA’s Loss Portfolio Transfer transaction.
|
December 31,
|
|||||
Three Months
|
Years Ended
|
||||
2011
|
2010
|
2011
|
2010
|
||
(In millions, except per share data)
|
Revenues:
|
||||||||||||||||
Insurance premiums
|
$ | 1,661 | $ | 1,647 | $ | 6,603 | $ | 6,515 | ||||||||
Net investment income
|
550 | 711 | 2,063 | 2,508 | ||||||||||||
Investment gains (losses)
|
(67 | ) | (38 | ) | (52 | ) | 56 | |||||||||
Contract drilling revenues
|
734 | 825 | 3,254 | 3,230 | ||||||||||||
Other
|
601 | 570 | 2,259 | 2,306 | ||||||||||||
Total
|
3,479 | 3,715 | 14,127 | 14,615 | ||||||||||||
Expenses:
|
||||||||||||||||
Insurance claims & policyholders’ benefits
|
1,358 | 1,187 | 5,489 | 4,985 | ||||||||||||
Contract drilling expenses
|
407 | 382 | 1,549 | 1,391 | ||||||||||||
Other (a)
|
1,233 | 1,201 | 4,857 | 5,337 | ||||||||||||
Total
|
2,998 | 2,770 | 11,895 | 11,713 | ||||||||||||
Income before income tax
|
481 | 945 | 2,232 | 2,902 | ||||||||||||
Income tax expense
|
(72 | ) | (276 | ) | (536 | ) | (895 | ) | ||||||||
Income from continuing operations
|
409 | 669 | 1,696 | 2,007 | ||||||||||||
Discontinued operations, net
|
1 | (20 | ) | |||||||||||||
Net income
|
409 | 670 | 1,696 | 1,987 | ||||||||||||
Amounts attributable to noncontrolling interests
|
(141 | ) | (204 | ) | (632 | ) | (699 | ) | ||||||||
Net income attributable to Loews Corporation
|
$ | 268 | $ | 466 | $ | 1,064 | $ | 1,288 | ||||||||
Net income attributable to Loews Corporation:
|
||||||||||||||||
Income from continuing operations
|
$ | 268 | $ | 466 | $ | 1,064 | $ | 1,307 | ||||||||
Discontinued operations, net (a)
|
(19 | ) | ||||||||||||||
Net income attributable to Loews Corporation
|
$ | 268 | $ | 466 | $ | 1,064 | $ | 1,288 | ||||||||
Income per share attributable to Loews Corporation:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.67 | $ | 1.12 | $ | 2.63 | $ | 3.11 | ||||||||
Discontinued operations, net
|
(0.04 | ) | ||||||||||||||
Diluted income per share attributable to Loews Corporation
|
$ | 0.67 | $ | 1.12 | $ | 2.63 | $ | 3.07 | ||||||||
Weighted diluted number of shares
|
397.31 | 416.70 | 405.32 | 419.52 |
(a)
|
Includes a loss of $529 million ($309 million after tax and noncontrolling interests) and a $19 million loss from discontinued operations for the year ended December 31, 2010 related to CNA's transfer of legacy asbestos and environmental pollution liabilities to National Indemnity Company ("NICO").
|
December 31,
|
|||||
Three Months
|
Years Ended
|
||||
2011
|
2010
|
2011
|
2010
|
||
(In millions)
|
Revenues:
|
||||||||||||||||
CNA Financial
|
$ | 2,292 | $ | 2,336 | $ | 8,980 | $ | 9,122 | ||||||||
Diamond Offshore
|
752 | 843 | 3,334 | 3,361 | ||||||||||||
HighMount
|
93 | 104 | 390 | 455 | ||||||||||||
Boardwalk Pipeline
|
301 | 308 | 1,144 | 1,129 | ||||||||||||
Loews Hotels
|
86 | 78 | 337 | 308 | ||||||||||||
Investment income (loss) and other
|
22 | 84 | (6 | ) | 184 | |||||||||||
3,546 | 3,753 | 14,179 | 14,559 | |||||||||||||
Investment gains (losses):
|
||||||||||||||||
CNA Financial
|
(33 | ) | (39 | ) | (19 | ) | 86 | |||||||||
Corporate and other
|
(34 | ) | 1 | (33 | ) | (30 | ) | |||||||||
(67 | ) | (38 | ) | (52 | ) | 56 | ||||||||||
Total
|
$ | 3,479 | $ | 3,715 | $ | 14,127 | $ | 14,615 | ||||||||
Income (Loss) Before Income Tax:
|
||||||||||||||||
CNA Financial (a)
|
$ | 273 | $ | 517 | $ | 904 | $ | 1,035 | ||||||||
Diamond Offshore
|
203 | 310 | 1,177 | 1,333 | ||||||||||||
HighMount
|
21 | 31 | 99 | 136 | ||||||||||||
Boardwalk Pipeline (b)
|
70 | 87 | 211 | 283 | ||||||||||||
Loews Hotels
|
4 | (2 | ) | 17 | 2 | |||||||||||
Investment income (loss), net
|
24 | 85 | 1 | 187 | ||||||||||||
Other (d)
|
(47 | ) | (45 | ) | (125 | ) | (130 | ) | ||||||||
548 | 983 | 2,284 | 2,846 | |||||||||||||
Investment gains (losses):
|
||||||||||||||||
CNA Financial
|
(33 | ) | (39 | ) | (19 | ) | 86 | |||||||||
Corporate and other
|
(34 | ) | 1 | (33 | ) | (30 | ) | |||||||||
(67 | ) | (38 | ) | (52 | ) | 56 | ||||||||||
Total
|
$ | 481 | $ | 945 | $ | 2,232 | $ | 2,902 | ||||||||
Net Income (Loss) Attributable to Loews Corporation:
|
||||||||||||||||
CNA Financial (a)
|
$ | 192 | $ | 297 | $ | 569 | $ | 609 | ||||||||
Diamond Offshore
|
88 | 113 | 451 | 446 | ||||||||||||
HighMount
|
12 | 21 | 62 | 77 | ||||||||||||
Boardwalk Pipeline (b) (c)
|
21 | 34 | 77 | 114 | ||||||||||||
Loews Hotels
|
5 | - | 13 | 1 | ||||||||||||
Investment income (loss), net
|
16 | 56 | 3 | 123 | ||||||||||||
Other (d)
|
(26 | ) | (33 | ) | (80 | ) | (90 | ) | ||||||||
308 | 488 | 1,095 | 1,280 | |||||||||||||
Investment gains (losses):
|
||||||||||||||||
CNA Financial
|
(19 | ) | (22 | ) | (10 | ) | 46 | |||||||||
Corporate and other
|
(21 | ) | - | (21 | ) | (19 | ) | |||||||||
(40 | ) | (22 | ) | (31 | ) | 27 | ||||||||||
Income from continuing operations
|
268 | 466 | 1,064 | 1,307 | ||||||||||||
Discontinued operations, net (a)
|
(19 | ) | ||||||||||||||
Net income attributable to Loews Corporation
|
$ | 268 | $ | 466 | $ | 1,064 | $ | 1,288 |
(a)
|
Includes a loss of $529 million ($309 million after tax and noncontrolling interests) and a $19 million loss from discontinued operations for the year ended December 31, 2010 related to CNA's transfer of legacy asbestos and environmental pollution liabilities to NICO.
|
(b)
|
Includes an impairment charge of $29 million ($11 million after tax and noncontrolling interests) for the year ended December 31, 2011 related to the carrying value of certain steel pipe materials.
|
(c)
|
Represents a 64.0%, 65.9%, 64.0% and 66.7% ownership interest in Boardwalk Pipeline for the respective periods.
|
(d)
|
Consists primarily of corporate interest expense and other unallocated expenses.
|