Date of Report (Date of earliest event reported)
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|
|
|
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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|
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
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(
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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|
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Emerging growth company
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|
Item 2.02 |
Results of Operations and Financial Condition.
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Item 9.01 |
Financial Statements and Exhibits.
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(d)
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Exhibits:
|
Exhibit No.
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Description
|
|
Loews Corporation press release, issued November 1, 2021, providing information on its results of operations for the third quarter of 2021.
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||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document)
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LOEWS CORPORATION
|
||
(Registrant)
|
||
Dated: November 1, 2021
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By:
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/s/ Marc A. Alpert
|
Marc A. Alpert
|
||
Senior Vice President,
|
||
General Counsel
|
||
and Secretary
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Contact:
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Mary Skafidas
Investor and Public Relations
(212) 521-2788
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September 30,
|
||||||||||||||||
Three Months
|
Nine Months
|
|||||||||||||||
(In millions, except per share data)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Income (loss) before net investment gains (losses)
|
$
|
204
|
$
|
106
|
$
|
725
|
$
|
(299
|
)
|
|||||||
Net investment gains (losses):
|
||||||||||||||||
CNA
|
16
|
33
|
84
|
(72
|
)
|
|||||||||||
Corporate
|
426
|
(957
|
)
|
|||||||||||||
Total net investment gains (losses)
|
16
|
33
|
510
|
(1,029
|
)
|
|||||||||||
Net income (loss) attributable to Loews Corporation
|
$
|
220
|
$
|
139
|
$
|
1,235
|
$
|
(1,328
|
)
|
|||||||
Net income (loss) per share
|
$
|
0.85
|
$
|
0.50
|
$
|
4.70
|
$
|
(4.70
|
)
|
September 30, 2021
|
December 31, 2020
|
|||||||
Book value per share
|
$
|
70.21
|
$
|
66.34
|
||||
Book value per share excluding AOCI
|
69.46
|
64.18
|
September 30,
|
||||||||||||||||
Three Months
|
Nine Months
|
|||||||||||||||
(In millions)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Revenues:
|
||||||||||||||||
CNA Financial (a)
|
$
|
2,959
|
$
|
2,840
|
$
|
8,854
|
$
|
7,897
|
||||||||
Boardwalk Pipelines
|
307
|
289
|
991
|
926
|
||||||||||||
Loews Hotels & Co
|
134
|
60
|
289
|
236
|
||||||||||||
Investment income (loss) and other (b) (c)
|
(29
|
)
|
276
|
862
|
(490
|
)
|
||||||||||
Diamond Offshore (d)
|
305
|
|||||||||||||||
Total
|
$
|
3,371
|
$
|
3,465
|
$
|
10,996
|
$
|
8,874
|
||||||||
Income (Loss) Before Income Tax:
|
||||||||||||||||
CNA Financial (a) (e)
|
$
|
314
|
$
|
251
|
$
|
1,154
|
$
|
344
|
||||||||
Boardwalk Pipelines
|
52
|
26
|
229
|
166
|
||||||||||||
Loews Hotels & Co
|
17
|
(62
|
)
|
(64
|
)
|
(192
|
)
|
|||||||||
Corporate: (f)
|
||||||||||||||||
Investment income (loss), net
|
(30
|
)
|
23
|
40
|
(33
|
)
|
||||||||||
Other (b) (c)
|
(49
|
)
|
(55
|
)
|
364
|
(1,363
|
)
|
|||||||||
Diamond Offshore (d) (g)
|
(934
|
)
|
||||||||||||||
Total
|
$
|
304
|
$
|
183
|
$
|
1,723
|
$
|
(2,012
|
)
|
|||||||
Net Income (Loss) Attributable to Loews Corporation:
|
||||||||||||||||
CNA Financial (a) (e)
|
$
|
229
|
$
|
192
|
$
|
838
|
$
|
272
|
||||||||
Boardwalk Pipelines
|
38
|
20
|
170
|
123
|
||||||||||||
Loews Hotels & Co
|
13
|
(47
|
)
|
(51
|
)
|
(144
|
)
|
|||||||||
Corporate: (f)
|
||||||||||||||||
Investment income (loss), net
|
(23
|
)
|
18
|
32
|
(26
|
)
|
||||||||||
Other (b) (c)
|
(37
|
)
|
(44
|
)
|
246
|
(1,077
|
)
|
|||||||||
Diamond Offshore (d) (g)
|
(476
|
)
|
||||||||||||||
Net income (loss) attributable to Loews Corporation
|
$
|
220
|
$
|
139
|
$
|
1,235
|
$
|
(1,328
|
)
|
(a)
|
Includes net investment gains of $22 million and $46 million ($16 million and $33 million after tax and noncontrolling interests) for the three months ended September 30, 2021 and 2020. Includes net
investment gains of $117 million and net investment losses of $101 million ($84 million and $72 million after tax and noncontrolling interests) for the nine months ended September 30, 2021 and 2020.
|
(b)
|
Includes parent company investment income (loss) and the financial results of Altium Packaging. On April 1, 2021, Loews sold 47% of Altium Packaging, which was deconsolidated and is now recorded as an equity
method investment.
|
(c)
|
Includes an investment gain of $555 million ($438 million after tax) for the nine months ended September 30, 2021 related to the sale of 47% of Altium Packaging and its deconsolidation on April 1, 2021, and
an investment loss of $1.2 billion ($957 million after tax) for the nine months ended September 30, 2020 as a result of Diamond Offshore’s bankruptcy filing and deconsolidation on April 26, 2020.
|
(d)
|
On April 26, 2020, Diamond Offshore filed for bankruptcy and ceased being a consolidated subsidiary.
|
(e)
|
Includes net catastrophe losses of $178 million and $160 million ($125 million and $112 million after tax and noncontrolling interests) for the three months ended September 30, 2021 and 2020, and $357 million
and $536 million ($251 million and $377 million after tax and noncontrolling interests) for the nine months ended September 30, 2021 and 2020.
|
(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 Altium Packaging, as
well as the gain (loss) related to deconsolidation of subsidiaries.
|
(g)
|
The nine months ended September 30, 2020 included impairment charges of $774 million ($408 million after tax and noncontrolling interests) at Diamond Offshore related to the carrying value of four drilling
rigs.
|
September 30,
|
||||||||||||||||
Three Months
|
Nine Months
|
|||||||||||||||
(In millions, except per share data)
|
2021
|
2020
|
2021
|
2020
|
||||||||||||
Revenues:
|
||||||||||||||||
Insurance premiums
|
$
|
2,059
|
$
|
1,953
|
$
|
6,056
|
$
|
5,672
|
||||||||
Net investment income
|
483
|
540
|
1,649
|
1,347
|
||||||||||||
Investment gains (losses) (a)
|
22
|
46
|
657
|
(1,312
|
)
|
|||||||||||
Operating revenues and other (b)
|
807
|
926
|
2,634
|
3,167
|
||||||||||||
Total
|
3,371
|
3,465
|
10,996
|
8,874
|
||||||||||||
Expenses:
|
||||||||||||||||
Insurance claims and policyholders’ benefits (c)
|
1,632
|
1,616
|
4,684
|
4,683
|
||||||||||||
Operating expenses and other (b) (d)
|
1,435
|
1,666
|
4,589
|
6,203
|
||||||||||||
Total
|
3,067
|
3,282
|
9,273
|
10,886
|
||||||||||||
Income (loss) before income tax
|
304
|
183
|
1,723
|
(2,012
|
)
|
|||||||||||
Income tax (expense) benefit
|
(58
|
)
|
(21
|
)
|
(391
|
)
|
284
|
|||||||||
Net income (loss)
|
246
|
162
|
1,332
|
(1,728
|
)
|
|||||||||||
Amounts attributable to noncontrolling interests
|
(26
|
)
|
(23
|
)
|
(97
|
)
|
400
|
|||||||||
Net income (loss) attributable to Loews Corporation
|
$
|
220
|
$
|
139
|
$
|
1,235
|
$
|
(1,328
|
)
|
|||||||
Net income (loss) per share attributable to Loews Corporation
|
$
|
0.85
|
$
|
0.50
|
$
|
4.70
|
$
|
(4.70
|
)
|
|||||||
Weighted average number of shares
|
257.30
|
279.49
|
262.77
|
282.63
|
(a)
|
Includes an investment gain of $555 million ($438 million after tax) for the nine months ended September 30, 2021 related to the sale of 47% of Altium Packaging and its deconsolidation on April 1, 2021 and an
investment loss of $1.2 billion ($957 million after tax) for the nine months ended September 30, 2020 as a result of Diamond Offshore’s bankruptcy filing and deconsolidation on April 26, 2020.
|
(b)
|
On April 1, 2021, Loews sold 47% of Altium Packaging, which was deconsolidated and is now recorded as an equity method investment. On April 26, 2020, Diamond Offshore filed for bankruptcy and ceased being a
consolidated subsidiary.
|
(c)
|
Includes net catastrophe losses of $178 million and $160 million ($125 million and $112 million after tax and noncontrolling interests) for the three months ended September 30, 2021 and 2020, and $357 million
and $536 million ($251 million and $377 million after tax and noncontrolling interests) for the nine months ended September 30, 2021 and 2020.
|
(d)
|
The nine months ended September 30, 2020, included impairment charges of $774 million ($408 million after tax and noncontrolling interests) at Diamond Offshore related to the carrying value of four drilling
rigs.
|