Loews Corporation Reports Net Income Of $157 Million For The Third Quarter Of 2017
Book value per share increased to
CONSOLIDATED HIGHLIGHTS
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Three Months |
Nine Months |
|||
(In millions, except per share data) |
2017 |
2016 |
2017 |
2016 |
Income before net investment gains |
$ 147 |
$ 300 |
|
|
Net investment gains |
10 |
27 |
56 |
12 |
Net income attributable to |
$ 157 |
$ 327 |
|
$ 364 |
Net income per share |
|
|
|
|
|
|
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Book value per share |
$ |
56.51 |
$ |
53.96 |
Book value per share excluding AOCI |
56.41 |
54.62 |
Three Months Ended
Net income for the three months ended
Excluding the significant items discussed above, CNA's earnings increased due to improved current non-catastrophe accident year underwriting results from its core P&C business partially offset by lower net investment income reflecting lower returns from limited partnership investments.
Excluding the significant items discussed above,
Income generated by the parent company investment portfolio increased primarily due to improved performance from equity investments partially offset by lower results from gold-related securities and limited partnership investments.
Corporate and other results reflected higher operating expenses due to the timing of compensation accruals, partially offset by the absence of prior year expenses related to the implementation of the 2016 Incentive Compensation Plan.
Nine Months Ended
Net income for the nine months ended
Excluding the significant items discussed above, CNA's earnings increased due to higher net investment income driven by improved limited partnership results, improved current non-catastrophe accident year underwriting results from its core P&C business, higher realized investment gains and lower adverse reserve development recorded in 2017 under CNA's 2010 asbestos and environmental pollution loss portfolio transfer as compared to 2016.
Excluding the significant items discussed above,
Excluding the significant items discussed above,
Income generated by the parent company investment portfolio was consistent with the prior year period.
Corporate and other results reflected higher operating expenses due to the timing of compensation accruals and costs related to the acquisition of Consolidated Container in
CONFERENCE CALLS
A conference call to discuss the third quarter results of
A conference call to discuss the third quarter results of CNA has been scheduled for today at
A conference call to discuss the third quarter results of
A conference call to discuss the third 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
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Selected Financial Information |
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Three Months |
Nine Months |
||||
(In millions) |
2017 |
2016 |
2017 |
2016 |
|
Revenues: |
|||||
|
$ 2,441 |
$ 2,433 |
$ 7,136 |
$ 6,984 |
|
Diamond Offshore |
368 |
350 |
1,144 |
1,199 |
|
|
301 |
306 |
987 |
961 |
|
|
162 |
161 |
510 |
513 |
|
Investment income and other (b) |
249 |
37 |
403 |
110 |
|
Total |
$ 3,521 |
$ 3,287 |
$ 10,180 |
$ 9,767 |
|
Income (Loss) Before Income Tax: |
|||||
|
$ 190 |
$ 476 |
$ 905 |
$ 824 |
|
|
(3) |
36 |
13 |
(550) |
|
|
69 |
46 |
210 |
210 |
|
Loews Hotels |
8 |
4 |
47 |
17 |
|
Investment income, net |
48 |
36 |
109 |
108 |
|
Corporate and other (b) |
(48) |
(42) |
(163) |
(134) |
|
Total |
$ 264 |
$ 556 |
$ 1,121 |
$ 475 |
|
Net Income (Loss) Attributable to |
|||||
|
$ 130 |
$ 308 |
$ 608 |
$ 557 |
|
|
6 |
7 |
25 |
(244) |
|
|
17 |
14 |
60 |
62 |
|
Loews Hotels |
4 |
3 |
24 |
7 |
|
Investment income, net |
32 |
24 |
72 |
72 |
|
Corporate and other (b) |
(32) |
(29) |
(106) |
(90) |
|
Net income attributable to |
$ 157 |
$ 327 |
$ 683 |
$ 364 |
(a) |
Includes realized investment gains of |
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(b) |
Consists primarily of corporate interest expense and other unallocated expenses and the financial results of |
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(c) |
Includes gains of |
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(d) |
Includes net catastrophe losses of |
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(e) |
Includes a loss on the early redemption of debt of |
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(f) |
Includes asset impairment charges of |
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(g) |
Includes a loss of |
|
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Consolidated Financial Review |
|||||
|
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Three Months |
Nine Months |
||||
(In millions, except per share data) |
2017 |
2016 |
2017 |
2016 |
|
Revenues: |
|||||
Insurance premiums |
$ 1,806 |
$ 1,767 |
$ 5,185 |
$ 5,196 |
|
Net investment income |
557 |
561 |
1,639 |
1,570 |
|
Investment gains |
16 |
45 |
93 |
18 |
|
Contract drilling revenues |
357 |
340 |
1,113 |
1,141 |
|
Other revenues (a) |
785 |
574 |
2,150 |
1,842 |
|
Total |
3,521 |
3,287 |
10,180 |
9,767 |
|
Expenses: |
|||||
Insurance claims and policyholders' benefits (b) (c) |
1,480 |
1,202 |
4,053 |
3,949 |
|
Contract drilling expenses |
198 |
187 |
598 |
598 |
|
Other operating expenses (a) (d) (e) (f) |
1,579 |
1,342 |
4,408 |
4,745 |
|
Total |
3,257 |
2,731 |
9,059 |
9,292 |
|
Income before income tax |
264 |
556 |
1,121 |
475 |
|
Income tax expense |
(52) |
(163) |
(240) |
(171) |
|
Net income |
212 |
393 |
881 |
304 |
|
Amounts attributable to noncontrolling interests |
(55) |
(66) |
(198) |
60 |
|
Net income attributable to |
$ 157 |
$ 327 |
$ 683 |
$ 364 |
|
Net income per share attributable to |
$ 0.46 |
$ 0.97 |
$ 2.02 |
$ 1.08 |
|
Weighted average number of shares |
337.79 |
337.62 |
337.73 |
338.61 |
|
(a) |
Includes financial results from |
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(b) |
Includes gains of |
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(c) |
Includes net catastrophe losses of |
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(d) |
Includes asset impairment charges of |
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(e) |
Includes a loss of |
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(f) |
Includes an aggregate loss on the early redemption of debt of |
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SOURCE
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