Loews Corporation Reports Net Income Of $293 Million For The First Quarter Of 2018
Net income for the three months ended
Book value per share decreased to
CONSOLIDATED HIGHLIGHTS
Three Months Ended |
||||
(In millions, except per share data) |
2018 |
2017 |
||
Income before net investment gains |
$ 286 |
$ 275 |
||
Net investment gains |
7 |
20 |
||
Net income attributable to |
$ 293 |
$ 295 |
||
Net income per share |
$ 0.89 |
$ 0.87 |
||
|
|
|||
Book value per share |
$ 57.48 |
$ 57.83 |
||
Book value per share excluding AOCI |
58.78 |
57.91 |
CNA's earnings increased mainly due to improved P&C underwriting results and a reduction in the corporate tax rate due to the Tax Cuts and Jobs Act of 2017 (the "Tax Act"). These improvements were partially offset by the decline in limited partnership investment results, higher adverse reserve development under the 2010 asbestos and environmental pollution loss portfolio transfer, and lower realized investment results.
Income generated by the parent company investment portfolio decreased primarily due to lower performance from equity securities, partially offset by a lower corporate tax rate as a result of the Tax Act.
Corporate and other results improved before income tax in 2018 due mainly to income generated by
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
A conference call to discuss the first quarter results of
A conference call to discuss the first 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 Ended |
||||
(In millions) |
2018 |
2017 |
||
Revenues: |
||||
|
$ 2,535 |
$ 2,329 |
||
Diamond Offshore |
299 |
377 |
||
|
337 |
368 |
||
|
183 |
167 |
||
Investment income and other (c) |
227 |
59 |
||
Total |
$ 3,581 |
$ 3,300 |
||
Income (Loss) Before Income Tax: |
||||
|
$ 347 |
$ 345 |
||
|
(25) |
25 |
||
|
95 |
118 |
||
|
20 |
19 |
||
Investment income, net |
14 |
59 |
||
Corporate and other (c) |
(46) |
(56) |
||
Total |
$ 405 |
$ 510 |
||
Net Income (Loss) Attributable to |
||||
|
$ 261 |
$ 234 |
||
|
10 |
12 |
||
|
36 |
37 |
||
|
13 |
10 |
||
Investment income, net |
11 |
38 |
||
Corporate and other (c) |
(38) |
(36) |
||
Net income attributable to |
$ 293 |
$ 295 |
||
(a) |
Includes realized investment gains of |
||
(b) |
Includes an increase of |
||
(c) |
Includes the financial results of |
||
(d) |
Includes charges of |
||
(e) |
Includes a |
|
||||
Consolidated Financial Review |
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Three Months Ended |
||||
(In millions, except per share data) |
2018 |
2017 |
||
Revenues: |
||||
Insurance premiums |
$ 1,785 |
$ 1,645 |
||
Net investment income |
506 |
604 |
||
Investment gains |
9 |
34 |
||
Operating revenues and other (a) (b) |
1,281 |
1,017 |
||
Total |
3,581 |
3,300 |
||
Expenses: |
||||
Insurance claims and policyholders' benefits (c) |
1,339 |
1,293 |
||
Operating expenses and other (a) (b) |
1,837 |
1,497 |
||
Total |
3,176 |
2,790 |
||
Income before income tax |
405 |
510 |
||
Income tax expense (d) |
(25) |
(119) |
||
Net income |
380 |
391 |
||
Amounts attributable to noncontrolling interests |
(87) |
(96) |
||
Net income attributable to |
$ 293 |
$ 295 |
||
Net income per share attributable to |
$ 0.89 |
$ 0.87 |
||
Weighted average number of shares |
328.72 |
337.68 |
||
(a) |
Includes the financial results of |
||
(b) |
Includes an increase of |
||
(c) |
Includes charges of |
||
(d) |
Includes a |
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SOURCE
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