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L · Loews

50 filings

10-Q

L 10-Q Quarterly Reports

Loews - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K83

L filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 83 current reports (8-K) between 2016 and 2026.

  1. FY2016 annual report10-K · Feb ’17Feb ’17
  2. Deal closed8-K · Apr ’20Apr ’20
  3. Leadership change8-K · Feb ’22Feb ’22
  4. Leadership change8-K · Dec ’25Dec ’25
  1. 2026-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2026

    Loews Corporation reported net income attributable to Loews Corporation of $306 million, or $1.50 per share, for the three months ended September 30, 2026, down from $504 million, or $2.43 per share, in the comparable 2025 period. For the nine months, net income attributable to Loews Corporation was $1,087 million, or $5.29 per share, compared with $1,265 million, or $6.03 per share. Total revenues rose to $4,759 million in the third quarter from $4,671 million and to $14,048 million for the nine months from $13,720 million. The filing attributes the decline mainly to CNA, which recorded an unfavorable impact of $125 million (after-tax and noncontrolling interest) from its annual long-term care reserve assumption updates, along with lower property and casualty underwriting results and higher catastrophe losses. Catastrophe losses for the nine months were $226 million, and unfavorable net prior year loss reserve development was $190 million. The balance sheet shows total assets of $85,328 million at September 30, 2026, compared with $86,348 million at December 31, 2025, and total shareholders' equity of $18,304 million, compared with $18,686 million. Accumulated other comprehensive loss widened to $2,117 million from $1,067 million, reflecting net unrealized losses on investments. Parent Company cash and investments, net of receivables and payables, were $4.4 billion, up from $3.9 billion at December 31, 2025. During the nine months, Loews purchased 3.2 million shares of its common stock for $348 million and issued $500 million of 4.9% senior notes due 2036. Boardwalk Pipelines acquired Spire Marketing LLC, now named Boardwalk Continuum Marketing, LLC, for $206 million on April 30, 2026. Its growth projects under executed precedent or long-term firm transportation agreements have an expected aggregate cost of approximately $3.6 billion, with $525 million spent through September 30, 2026. The filing also discloses an unresolved Boardwalk Pipelines partnership litigation matter for which no accrual has been recorded and the Company cannot estimate a loss range.

    Nov 2, 2026
  2. 2026-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2026

    Loews Corporation reported net income attributable to Loews Corporation of $444 million, or $2.16 per share, for the three months ended June 30, 2026, up from $391 million, or $1.87 per share, a year earlier. For the six months ended June 30, 2026, net income attributable to Loews Corporation was $781 million, or $3.79 per share, compared with $761 million, or $3.61 per share, in the 2025 period. Total revenues for the six months were $9.29 billion versus $9.05 billion, and net income rose at Boardwalk Pipelines and Loews Hotels & Co, while CNA's net income declined for the six-month period on lower underlying underwriting results. CNA Financial's combined ratio for Property & Casualty Operations was 99.4% for the six months ended June 30, 2026, up from 96.3% in 2025, with catastrophe losses of $148 million and unfavorable net prior year loss reserve development of $94 million in that segment. Other Insurance Operations recorded unfavorable net prior year development of $97 million in the second quarter, largely tied to legacy mass tort abuse claims. Boardwalk Pipelines acquired Spire Marketing LLC (renamed Boardwalk Continuum Marketing, LLC) for $212 million on April 30, 2026, and has growth projects with an expected aggregate cost of approximately $3.4 billion, with $381 million spent through June 30, 2026. The balance sheet showed total assets of $87.23 billion and total equity of $20.03 billion at June 30, 2026. Loews issued $500 million of 4.9% senior notes due 2036 and used the proceeds to redeem its $500 million 3.8% notes due 2026. Long-term debt rose to $8.91 billion from $8.44 billion at December 31, 2025. The company repurchased 1.7 million shares for $179 million during the six months. The filing also discloses a pending Boardwalk Pipelines litigation matter for which no accrual has been recorded and the Company is unable to estimate a loss range.

    Aug 3, 2026
  3. 2026-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2026

    Loews Corporation reported net income attributable to Loews Corporation of $337 million, or $1.63 per share, for the three months ended March 31, 2026, down from $370 million, or $1.74 per share, in the same period of 2025. Total revenues rose to $4,555 million from $4,494 million, but income before income tax fell to $463 million from $514 million. The decline was driven mainly by CNA Financial, whose net income attributable to Loews fell to $194 million from $252 million on lower underlying underwriting results and $100 million of unfavorable net prior year loss reserve development in Property & Casualty Operations. Boardwalk Pipelines ($159 million vs. $152 million) and Loews Hotels & Co ($26 million vs. $0) improved, while the Corporate segment loss widened to $42 million from $34 million. Cash flow from operating activities was $72 million, compared with $736 million a year earlier. Total assets declined to $85.65 billion at March 31, 2026 from $86.35 billion at December 31, 2025. Long-term debt increased to $8,933 million from $8,437 million, after Loews issued $500 million of 4.9% senior notes due 2036 to redeem $500 million of 3.8% notes, and Boardwalk Pipelines redeemed $550 million of 6.0% notes. Parent Company cash and investments, net of receivables and payables, totaled $4.5 billion, up from $3.9 billion at year-end 2025, after $691 million of dividends and distributions from subsidiaries, including a $497 million special dividend from CNA. Boardwalk Pipelines has executed precedent or long-term firm transportation agreements for growth projects expected to add 4.2 Bcf/d of capacity at an expected aggregate cost of approximately $3.2 billion, with $245 million spent through March 31, 2026, and $9.5 billion of associated anticipated revenues. These projects remain subject to regulatory approvals. The filing also discloses an ongoing Boardwalk Pipelines litigation matter in which the Delaware Supreme Court found in December 2025 that the General Partner breached the Limited Partnership Agreement; Loews states it cannot estimate a loss and has recorded no accrual, but says the outcome could be material. After the quarter, on April 30, 2026, Boardwalk Pipelines acquired Spire Marketing LLC for $215 million in cash.

    May 4, 2026
  4. 2025-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2025

    Loews Corporation reported net income attributable to Loews Corporation of $504 million, or $2.43 per diluted share, for the three months ended September 30, 2025, compared with $401 million, or $1.82 per diluted share, in the comparable 2024 period. For the nine months ended September 30, 2025, net income attributable to Loews Corporation was $1,265 million, or $6.03 per diluted share, versus $1,227 million, or $5.54 per share, a year earlier. The company attributed the quarterly increase primarily to higher results at CNA Financial and Boardwalk Pipelines and improved results at Loews Hotels & Co, partly offset by lower investment income at the parent company. At CNA, lower catastrophe losses ($41 million versus $143 million in the prior-year quarter) and improved underlying underwriting results in its commercial property and casualty operations drove the improvement. Total revenues were $4.67 billion for the quarter and $13.72 billion for the nine months, and total assets were $85.94 billion at September 30, 2025. Total shareholders' equity rose to $18.29 billion from $17.07 billion at December 31, 2024, supported by earnings and other comprehensive income, partly offset by $690 million of treasury stock purchases in the nine months. Short-term debt increased to $1.01 billion from $5 million, while long-term debt decreased to $8.44 billion from $8.94 billion. Parent Company cash and investments, net of receivables and payables, totaled $3.6 billion. During the nine months, the parent received $1.1 billion in cash dividends and distributions from subsidiaries, including a $497 million special dividend from CNA. Boardwalk Pipelines disclosed growth projects under executed precedent agreements expected to add an aggregate 4.2 Bcf/d of capacity at a cost of approximately $3.0 billion, scheduled through 2029, subject to regulatory approvals. In October 2025, Boardwalk executed an additional precedent agreement for the Texas Gateway Project, which the filing says will add an anticipated $3.8 billion of revenues to its outstanding performance obligations. The filing also notes a pending antitrust class action against Loews Hotels & Co and a longstanding Boardwalk Pipelines litigation matter, with the company stating that it does not believe pending litigation will materially affect results of operations or equity.

    Nov 3, 2025
  5. 2025-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2025

    Loews Corporation reported net income attributable to Loews Corporation of $391 million, or $1.87 per share, for the three months ended June 30, 2025, compared with $369 million, or $1.67 per share, in the prior-year period. For the six months ended June 30, 2025, net income attributable to Loews Corporation was $761 million, or $3.61 per share, versus $826 million, or $3.72 per share, a year earlier. Total revenues were $9.05 billion for the six months, up from $8.50 billion. The decline in six-month earnings was driven primarily by CNA, where unfavorable net prior year loss reserve development, including a $106 million after-tax charge tied to legacy mass tort abuse reserves, and higher investment losses offset higher net investment income and improved underlying underwriting results. Boardwalk Pipelines was the main contributor to growth, with six-month net income rising to $240 million from $191 million on re-contracting at higher rates and recently completed growth projects. At June 30, 2025, total assets were $84.67 billion and total shareholders' equity was $17.51 billion, compared with $81.94 billion and $17.07 billion at December 31, 2024. Long-term debt declined to $7.94 billion from $8.94 billion, while short-term debt rose to $1.01 billion from $5 million. During the six months, the company repurchased 7.4 million shares of its common stock for $633 million on the statement of equity, and it reported that shares outstanding were 207,426,395 as of August 1, 2025. Parent Company cash and investments, net of receivables and payables, totaled $3.4 billion at June 30, 2025. The filing also notes that the One Big Beautiful Bill Act was enacted on July 4, 2025, and management does not expect it to have a material impact on results or financial condition. Boardwalk Pipelines has growth projects with executed precedent or long-term firm transportation agreements expected to add an aggregate 2.6 Bcf/d of capacity at an aggregate cost of approximately $1.7 billion, scheduled for completion through 2029, subject to regulatory approvals. The filing also discloses a 2010 loss portfolio transfer with National Indemnity Company covering CNA's legacy asbestos and environmental pollution liabilities, and a pending Boardwalk Pipelines Delaware litigation matter for which a hearing on the appeal occurred in June 2025.

    Aug 4, 2025
  6. 2025-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2025

    Loews Corporation reported net income attributable to Loews Corporation of $370 million, or $1.74 per share, for the three months ended March 31, 2025, down from $457 million, or $2.05 per share, in the comparable 2024 period. Total revenues rose to $4.49 billion from $4.23 billion, but total expenses increased to $3.98 billion from $3.60 billion, driven largely by higher insurance claims and policyholders' benefits ($2.03 billion versus $1.81 billion). Management attributes the decline mainly to lower net income at CNA, where unfavorable net prior year loss reserve development and higher catastrophe losses ($97 million, including $53 million for the California wildfires) reduced underwriting income, and to lower equity income at Loews Hotels & Co. The parent company's net investment income fell $54 million on unfavorable fair value changes in equity-based investments, leaving Corporate with a net loss of $34 million. Boardwalk Pipelines partially offset these pressures, with net income attributable to Loews Corporation rising to $152 million from $121 million on higher re-contracted rates and growth projects. At March 31, 2025, total assets were $83.14 billion and total shareholders' equity was $17.19 billion. Long-term debt declined to $8.44 billion from $8.94 billion at December 31, 2024. During the quarter the company repurchased 4.5 million shares of its common stock for $380 million, reducing shares outstanding, and received $686 million in cash dividends from subsidiaries, including a $497 million special dividend from CNA. Operating cash flow was $736 million, compared with $198 million a year earlier. Parent Company cash and investments, net of receivables and payables, totaled $3.5 billion. The filing notes that CNA's annual comprehensive review of legacy mass tort exposures is undertaken in the second quarter, and that the Boardwalk Pipelines partnership-unit litigation appeal is scheduled for a hearing in June 2025. Management stated there were no material changes to risk factors from the Annual Report on Form 10-K for the year ended December 31, 2024.

    May 5, 2025
  7. 2024-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2024

    Loews Corporation reported net income attributable to Loews Corporation of $401 million, or $1.82 per diluted share, for the three months ended September 30, 2024, compared with $253 million, or $1.12 per share, in the prior-year period. For the nine months, net income attributable to Loews was $1.227 billion, or $5.54 per diluted share, versus $988 million, or $4.31 per share, a year earlier. Total revenues were $4.466 billion for the quarter and $12.964 billion for the nine months. The company is a holding company whose segments are CNA Financial (commercial property and casualty insurance, approximately 92% owned), Boardwalk Pipelines (wholly owned, natural gas and NGL transportation and storage), Loews Hotels & Co (wholly owned hotels), and Corporate. CNA drove most of the earnings, with net income attributable to Loews of $860 million for the nine months, and Boardwalk Pipelines contributed $268 million. The balance sheet showed total assets of $83.617 billion and total shareholders' equity of $17.357 billion at September 30, 2024, up from $79.197 billion and $15.704 billion at December 31, 2023. Parent Company cash and investments, net of receivables and payables, totaled $3.3 billion. Catastrophe losses for Property & Casualty Operations were $143 million for the quarter, including $55 million from Hurricane Helene, and $313 million for the nine months. Subsequent to quarter end, CNA's pension plan trust purchased a group annuity transferring approximately $1.045 billion of pension obligations, which the company expects to produce a one-time non-cash pretax settlement charge of approximately $370 million in the fourth quarter of 2024. The company also estimated pretax net catastrophe losses from Hurricane Milton of approximately $25 million to $55 million for the fourth quarter. On legal matters, the Boardwalk Pipelines class action remains active: in September 2024 the Delaware Trial Court ruled in favor of the defendants on all remanded issues, and plaintiffs appealed to the Delaware Supreme Court on October 21, 2024. The company stated that management does not believe the outcome of pending litigation, including this matter, will materially affect its results of operations or equity.

    Nov 4, 2024
  8. 2024-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2024

    Loews Corporation reported net income attributable to Loews Corporation of $369 million, or $1.67 per share, for the three months ended June 30, 2024, compared with $360 million, or $1.58 per share, in the prior-year period. For the six months ended June 30, 2024, net income attributable to Loews Corporation was $826 million, or $3.72 per share, versus $735 million, or $3.19 per share, a year earlier. Total revenues for the six months were $8.50 billion, up from $7.72 billion. The filing attributes the increase mainly to higher net income at CNA Financial, driven by higher net investment income and favorable net prior year loss reserve development, partially offset by higher catastrophe losses, and to Boardwalk Pipelines, driven by re-contracting at higher rates and recently completed growth projects. At June 30, 2024, total assets were $81.06 billion and total equity was $17.20 billion, compared with $79.20 billion and $16.53 billion at December 31, 2023. Long-term debt rose to $8.56 billion from $7.92 billion, reflecting new CNA senior notes ($500 million at 5.1%) and Boardwalk Pipelines senior notes ($600 million at 5.6%), offset by CNA's repayment of $550 million of 4.0% notes. Net cash from operating activities was $1.15 billion for the six months, compared with $2.15 billion a year earlier. Loews repurchased treasury stock for $199 million during the six months, versus $593 million in the prior-year period. The filing also discloses an ongoing Boardwalk Pipelines class action in Delaware. Following a 2022 Delaware Supreme Court reversal and remand, a hearing on the remanded issues was held at the Trial Court in April 2024. The filing states management does not believe the outcome of pending litigation, including this matter, will materially affect results of operations or equity.

    Jul 29, 2024
  9. 2024-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2024

    Loews Corporation reported net income attributable to Loews Corporation of $457 million, or $2.05 per share, for the three months ended March 31, 2024, compared with $375 million, or $1.61 per share, in the prior-year period. Total revenues rose to $4.231 billion from $3.783 billion. The increase was driven primarily by higher net income at CNA Financial and Boardwalk Pipelines. CNA's increase reflected higher net investment income and favorable net prior year loss reserve development, partly offset by higher catastrophe losses of $88 million versus $52 million. Boardwalk Pipelines benefited from re-contracting at higher rates, growth projects and the Bayou Ethane acquisition. The balance sheet grew, with total assets of $80.906 billion at March 31, 2024 versus $79.197 billion at December 31, 2023, and total equity of $16.998 billion versus $16.525 billion. Long-term debt increased to $8.425 billion from $7.919 billion and short-term debt to $1.678 billion from $1.084 billion. Net cash provided by operating activities was $198 million, down from $719 million a year earlier. Parent Company cash and investments, net of receivables and payables, totaled $3.2 billion, up from $2.6 billion at year-end 2023, supported by $656 million of subsidiary dividends including a $497 million special dividend from CNA. CNA and Boardwalk Pipelines each issued senior notes in February 2024 ($500 million due 2034 and $600 million due 2034, respectively) to refinance maturing debt. The company repurchased 0.2 million shares for $17 million during the quarter. The filing notes ongoing Boardwalk Pipelines litigation, where a hearing on remanded issues was held at the Trial Court in April 2024, and states that management does not believe other litigation will materially affect results of operations or equity.

    May 6, 2024
  10. 2023-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2023

    Loews Corporation reported net income attributable to Loews Corporation of $253 million, or $1.12 per diluted share, for the third quarter of 2023, compared with a net loss of $22 million, or $0.09 per share, in the third quarter of 2022. For the nine months ended September 30, 2023, net income attributable to Loews Corporation was $988 million, or $4.31 per diluted share, versus $467 million, or $1.90 per share, a year earlier. Total revenues were $3.93 billion for the quarter and $11.64 billion for the nine months. The company attributes the improvement primarily to CNA Financial, which benefited from higher net investment income, lower investment losses, improved underlying underwriting income, and a significantly smaller unfavorable impact from long term care annual reserve reviews. Parent Company results were also helped by higher investment returns on equity securities and short-term investments. Balance sheet and cash flow data show total assets of $76.47 billion and total equity of $15.16 billion at September 30, 2023. Net cash provided by operating activities was $3.43 billion for the nine months. Loews repurchased 11.9 million of its own shares for $711 million during the nine months, and CNA repurchased 4.5 million shares at a cost of $178 million. Long-term debt was $7.93 billion, and short-term debt was $1.26 billion. During the period, Boardwalk Pipelines acquired Bayou Ethane for $348 million in cash, and CNA issued $500 million of 5.5% senior notes due 2033 in total across May and August. Loews retired $500 million of 2.6% senior notes at maturity in May. The filing also notes a $47 million pretax settlement expense in the third quarter related to the termination of a non-contributory defined benefit pension plan, and a $24 million pretax charge anticipated in the fourth quarter from CNA's office consolidation. The Boardwalk Pipelines litigation, in which a trial court had awarded plaintiffs approximately $690 million plus interest in 2021, was reversed by the Delaware Supreme Court in December 2022 and remanded to the trial court, with briefing completed in September 2023.

    Oct 30, 2023
  11. 2023-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2023

    Loews Corporation reported net income attributable to Loews Corporation of $360 million, or $1.58 per share, for the three months ended June 30, 2023, compared with $167 million, or $0.68 per share, in the second quarter of 2022. For the six months ended June 30, 2023, net income attributable to Loews Corporation was $735 million, or $3.19 per share, compared with $489 million, or $1.98 per share, a year earlier. The filing attributes the second-quarter increase to higher income from consolidated subsidiaries and higher net investment income at the Parent Company, with CNA's results improving on higher net investment income and improved underlying underwriting income, partially offset by higher catastrophe losses. Results reflect the adoption of ASU 2018-12 on January 1, 2023, which the filing says materially changed accounting for CNA's long term care business but does not affect statutory capital, cash flows or underlying economics. Segment results for the six months show CNA Financial contributing $523 million, Boardwalk Pipelines $143 million, Loews Hotels & Co $98 million, and Corporate a loss of $29 million. Total revenues for the six months were $7.72 billion versus $6.79 billion. Catastrophe losses at CNA's Property & Casualty Operations were $120 million for the six months versus $57 million in 2022. Total shareholders' equity was $14.60 billion at June 30, 2023, and total assets were $77.35 billion. Capital activity included $593 million of treasury stock purchases in the first half of 2023 (10.0 million shares), retirement at maturity of $500 million of 2.6% senior notes, and CNA's issuance of $400 million of 5.5% senior notes due 2033. The filing notes ongoing Boardwalk Pipelines litigation, in which the Delaware Supreme Court reversed a Trial Court ruling on December 19, 2022 and remanded remaining issues, with briefing scheduled to be completed in fall 2023.

    Jul 31, 2023
  12. 2023-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2023

    Loews Corporation reported first-quarter 2023 net income attributable to Loews Corporation of $375 million, or $1.61 per diluted share, compared with $322 million, or $1.29 per diluted share, in the first quarter of 2022. Total revenues were $3.78 billion versus $3.40 billion a year earlier. The company adopted ASU 2018-12 (long-duration contracts) effective January 1, 2023 using the modified retrospective method, and prior periods were restated; the filing states this is a material change in accounting, though it does not affect statutory capital and surplus, cash flows, or underlying economics. Net income for the first quarter of 2022 was restated from $338 million as originally reported. By segment, CNA Financial contributed $268 million of net income attributable to Loews (up from $265 million), Boardwalk Pipelines $86 million (down from $91 million), Loews Hotels & Co $24 million (up from $15 million), and the Corporate segment a loss of $3 million (versus a $49 million loss). The filing attributes higher CNA net investment income and improved non-catastrophe underwriting to the gains, offset by higher catastrophe losses of $52 million (versus $19 million), unfavorable prior year reserve development of $13 million, and higher investment losses. Total equity rose to $15.31 billion at March 31, 2023 from $15.20 billion, while the company repurchased 8.2 million shares for $486 million during the quarter. Liquidity remained stable: consolidated cash was $594 million, and Parent Company cash and investments net of receivables and payables totaled $3.1 billion. Loews plans to retire $500 million of 2.6% senior notes at maturity in May 2023. Long-term debt was $8.15 billion at quarter end. The Boardwalk Pipelines litigation was remanded to the Trial Court by the Delaware Supreme Court in December 2022, with briefing scheduled for completion in July 2023.

    May 1, 2023
  13. 2022-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2022

    Loews Corporation reported third-quarter 2022 net income attributable to Loews Corporation of $130 million, or $0.54 per diluted share, down from $220 million, or $0.85 per share, in the third quarter of 2021. For the nine months ended September 30, 2022, net income attributable to Loews was $648 million, or $2.64 per share, compared with $1.235 billion, or $4.70 per share, a year earlier. The prior-year nine-month result included a $438 million after-tax gain on the sale of 47% of Altium Packaging. The decline was driven mainly by lower net investment income and investment losses at CNA Financial, partly offset by improved underwriting results and higher fixed income investment income. Total revenues for the nine months were $10.25 billion versus $10.996 billion. Shareholders' equity fell sharply to $13.846 billion at September 30, 2022 from $17.846 billion at December 31, 2021, primarily due to a $4.435 billion other comprehensive loss, which included $4.284 billion of net unrealized losses on other investments. Fixed maturity securities declined to $37.504 billion from $44.380 billion. Treasury stock purchases totaled $614 million for the nine months, and the company repurchased 1.1 million shares in September alone. The filing highlights a material contingent exposure: in the Boardwalk Pipelines litigation, the Trial Court awarded plaintiffs approximately $690 million plus interest and fees. The company believes the ruling contains errors, has appealed, and has not recorded a liability; it states a possible loss ranging from zero up to the full award or more. The filing also notes that the adoption of ASU 2018-12 on January 1, 2023 is expected to reduce AOCI by approximately $2.1 billion after tax and noncontrolling interests.

    Oct 31, 2022
  14. 2022-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2022

    Loews Corporation reported a sharp earnings decline for the second quarter and first half of 2022 compared with 2021, when results included a $438 million after-tax gain on the sale of 47% of Altium Packaging. Net income attributable to Loews Corporation was $180 million, or $0.73 per diluted share, for the three months ended June 30, 2022, versus $754 million, or $2.86 per share, a year earlier. For the six months, net income attributable to Loews was $518 million, or $2.09 per diluted share, compared with $1.0 billion, or $3.82 per share. Management attributed the decline mainly to lower net investment income from limited partnerships and common stocks and to investment losses in 2022, partly offset by better underwriting results at CNA and significantly improved results at Loews Hotels & Co. The balance sheet shows total assets of $77.07 billion at June 30, 2022, down from $81.63 billion at December 31, 2021, and total shareholders' equity of $15.24 billion, down from $17.85 billion. Accumulated other comprehensive loss widened to $2.51 billion, from income of $186 million at year-end, driven by unrealized losses on investments. Total investments fell to $48.08 billion, and the company repurchased 6.3 million shares for $384 million in the first half of 2022. The filing also flags several items for investors. Boardwalk Pipelines is appealing a Delaware Trial Court ruling that awarded plaintiffs approximately $690 million plus interest, with oral arguments set for September 14, 2022; the company has recorded no liability but says a loss is reasonably possible. CNA expects its adoption of ASU 2018-12, effective January 1, 2023, to reduce AOCI by $2.0 billion to $2.3 billion after tax and noncontrolling interests as of the January 1, 2021 transition date.

    Aug 1, 2022
  15. 2022-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2022

    Loews Corporation reported net income attributable to Loews Corporation of $338 million, or $1.36 per diluted share, for the three months ended March 31, 2022, compared with $261 million, or $0.97 per diluted share, in the prior-year period. Total revenues were $3.40 billion versus $3.62 billion a year earlier. The improvement was driven mainly by CNA Financial's lower catastrophe losses ($19 million versus $125 million), Loews Hotels & Co's recovery from pandemic-related travel declines, and higher Boardwalk Pipelines earnings. These gains were partly offset at CNA by lower net investment income and investment losses, versus gains in the prior-year period. Comprehensive loss was $1.24 billion for the quarter, driven by other comprehensive loss of $1.61 billion, largely from net unrealized losses on investments. Total shareholders' equity fell to $16.58 billion at March 31, 2022 from $17.85 billion at December 31, 2021, and accumulated other comprehensive loss moved to $(1.25) billion from $186 million. Total investments declined to $51.10 billion from $53.94 billion. Parent Company cash and investments, net of receivables and payables, were $3.8 billion, up from $3.4 billion at year-end 2021. The filing also highlights a pending legal matter at Boardwalk Pipelines: the Trial Court awarded plaintiffs approximately $690 million plus pre-judgment interest of about $166 million. The Company believes the ruling contains errors, has appealed, and has not recorded a liability, stating that the loss could range from zero up to the full award or more. In addition, the Company expects adoption of ASU 2018-12 on January 1, 2023 to decrease AOCI by $2.0 billion to $2.3 billion after tax and noncontrolling interests, with minimal expected impact on retained earnings.

    May 2, 2022
  16. 2021-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2021

    Loews Corporation reported net income attributable to Loews Corporation of $220 million, or $0.85 per diluted share, for the third quarter of 2021, compared with $139 million, or $0.50 per share, in the third quarter of 2020. For the nine months ended September 30, 2021, net income attributable to Loews Corporation was $1.2 billion, or $4.70 per diluted share, compared with a net loss of $1.3 billion, or $4.70 per share, in the prior-year period. The nine-month 2021 result includes a $438 million after-tax gain from the April 1, 2021 sale of 47% of Altium Packaging to GIC, which was deconsolidated and is now accounted for under the equity method. The nine-month 2020 result included a $957 million after-tax loss tied to the deconsolidation of Diamond Offshore. CNA Financial, an 89.6% owned subsidiary, drove much of the improvement. Its nine-month net income attributable to Loews rose to $838 million from $272 million, helped by improved current accident year underwriting results, higher net investment income and the absence of a $74 million pretax long term care premium deficiency charge recorded in 2020. Net catastrophe losses fell to $357 million from $536 million. Boardwalk Pipelines and Loews Hotels & Co also improved, with Hotels & Co returning to a smaller loss as hotel operations recovered from COVID-19. CNA disclosed a March 2021 ransomware attack, which it does not expect to have a material impact. At September 30, 2021, total assets were $81.7 billion and total shareholders' equity was $17.8 billion. Long term debt declined to $8.9 billion from $10.1 billion at year-end 2020. During the nine months, the company repurchased 15.7 million shares for $826 million and paid $49 million in dividends to shareholders. Parent Company cash and investments, net of receivables and payables, were $3.6 billion.

    Nov 1, 2021
  17. 2021-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2021

    Loews Corporation reported net income attributable to Loews Corporation of $754 million, or $2.86 per diluted share, for the three months ended June 30, 2021, compared with a net loss of $835 million, or $2.96 per share, in the comparable 2020 period. For the six months ended June 30, 2021, net income attributable to Loews Corporation was $1.0 billion, or $3.82 per diluted share, versus a net loss of $1.5 billion, or $5.16 per share, a year earlier. The filing states that the second-quarter 2021 results include a $438 million after-tax gain from the sale of 47% of Altium Packaging to GIC. Excluding that transaction, net income for the second quarter would have been $316 million, compared with $122 million in the second quarter of 2020, with the improvement driven mainly by CNA's lower net catastrophe losses ($54 million versus $301 million) and better underwriting results. At June 30, 2021, total assets were $81.6 billion and total shareholders' equity was $18.1 billion, versus $80.2 billion and $17.9 billion at December 31, 2020. Long term debt fell to $8.99 billion from $10.07 billion, and Parent Company cash and investments, net of receivables and payables, totaled $3.9 billion. The company repurchased 9.5 million of its shares for $493 million in the first six months and had 257,273,034 shares outstanding as of July 30, 2021. The filing also discloses a March 2021 ransomware attack on CNA, which the company says is not expected to have a material impact on its business, though it remains under assessment. CNA also completed an excess workers' compensation loss portfolio transfer in February 2021, with a loss of approximately $11 million after tax and noncontrolling interest recognized in the first quarter. Loews Hotels & Co continues to recover from the COVID-19 pandemic, with all hotels operating by June 30, 2021, though total occupancy has not yet returned to pre-pandemic levels.

    Aug 2, 2021
  18. 2021-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2021

    Loews Corporation reported net income attributable to Loews Corporation of $261 million, or $0.97 per diluted share, for the three months ended March 31, 2021, compared with a net loss of $632 million, or $2.20 per share, in the first quarter of 2020. The prior-year period included a $774 million pretax asset impairment at Diamond Offshore, which was deconsolidated in the second quarter of 2020. Net income was driven by CNA Financial, which reported net income attributable to Loews of $279 million, reflecting higher net investment income, investment gains and improved non-catastrophe current accident year underwriting results, partially offset by net catastrophe losses of $125 million. Boardwalk Pipelines contributed $85 million, while Loews Hotels & Co posted a net loss of $43 million due to the continuing impact of COVID-19 on travel. The most significant forward-looking event is the sale of 47% of the company's interest in Altium Packaging to GIC, which closed on April 1, 2021 for approximately $420 million in cash consideration, subject to expenses and post-closing adjustments. Altium Packaging will be deconsolidated effective April 1, 2021 and the retained 53% interest will be accounted for under the equity method, with a pretax gain of approximately $560 million expected in the second quarter of 2021. Total assets were $80.0 billion at March 31, 2021, and long term debt declined to $8.996 billion from $10.072 billion at December 31, 2020. CNA also disclosed a March 2021 ransomware cyberattack that disrupted its network, which it has since restored, and management does not believe the attack will have a material impact on its business, results of operations or financial condition. The company repurchased 5.6 million shares of its common stock for $274 million during the quarter, and as of April 30, 2021 there were 263,175,591 shares outstanding.

    May 7, 2021
  19. 2020-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2020

    Loews Corporation reported a third-quarter 2020 net income attributable to Loews Corporation of $139 million, or $0.50 per share, compared with $72 million, or $0.24 per share, in the prior-year period. For the nine months ended September 30, 2020, the company posted a net loss attributable to Loews Corporation of $1.33 billion, or $4.70 per share, versus net income of $715 million, or $2.34 per share, a year earlier. The nine-month loss was driven largely by a $1.2 billion ($957 million after tax) investment loss from deconsolidating Diamond Offshore after its April 26, 2020 Chapter 11 filing, a $774 million ($408 million after tax and noncontrolling interests) drilling rig impairment, operating losses at Loews Hotels & Co from the COVID-19 pandemic, and higher catastrophe losses at CNA Financial, which totaled $536 million for the nine months. CNA's third-quarter results improved, with an underlying combined ratio of 92.6% versus 94.6% a year earlier, though the quarter absorbed a $74 million pretax premium deficiency charge on long term care reserves and $160 million of net catastrophe losses. Boardwalk Pipelines expects about $9.2 billion of fixed-fee revenue from committed firm agreements, and Loews Hotels & Co continues to incur significant operating losses while many of its hotels remain suspended or operating at reduced occupancy. Parent Company cash and investments, net of receivables and payables, were $3.5 billion at September 30, 2020, and total equity fell to $18.62 billion from $21.93 billion at year-end 2019, largely reflecting the year-to-date loss and treasury stock purchases of $673 million. Loews issued $500 million of 3.2% senior notes due 2030 in May 2020, and its subsidiaries CNA and Boardwalk Pipelines each issued $500 million of senior notes in August 2020. Management states that the full impact of COVID-19 on Loews will depend on the duration of containment efforts and related economic conditions, and that outcomes for CNA, Loews Hotels & Co and Boardwalk Pipelines remain uncertain.

    Nov 2, 2020
  20. 2020-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2020

    Loews Corporation reported a net loss attributable to Loews Corporation of $835 million, or $2.96 per share, for the three months ended June 30, 2020, compared with net income of $249 million, or $0.82 per share, in the 2019 period. For the six months, the net loss attributable to Loews Corporation was $1.47 billion, or $5.16 per share, versus net income of $643 million, or $2.09 per share, a year earlier. The results were driven mainly by the deconsolidation of Diamond Offshore Drilling, Inc. after its April 26, 2020 Chapter 11 filing, which produced an investment loss of $1.2 billion ($957 million after tax), along with a $774 million Diamond Offshore rig impairment charge in the first quarter, higher catastrophe losses at CNA Financial, and operating losses at Loews Hotels & Co from COVID-19 related hotel suspensions and lower occupancy. Total assets fell to $78.44 billion at June 30, 2020 from $82.24 billion at December 31, 2019, and total equity declined to $18.41 billion from $21.93 billion, reflecting the net loss, the Diamond Offshore deconsolidation, and treasury stock purchases. Long term debt decreased to $9.96 billion from $11.46 billion. The company issued $500 million of 3.2% senior notes due 2030 in May 2020. Parent Company cash and investments, net of receivables and payables, totaled $3.6 billion, up from $3.3 billion at year-end 2019, supported by $665 million of dividends received from CNA, including a $485 million special dividend. The filing states that the full impact of COVID-19 remains uncertain. CNA recorded net catastrophe losses of $301 million in the second quarter, including $182 million related to COVID-19, and management noted that claim activity and litigation may continue to increase in certain lines. Loews Hotels & Co expects its results to be materially adversely affected throughout 2020, and Boardwalk Pipelines reported that its operations have remained stable, with approximately $9.3 billion of expected fixed-fee revenues under committed firm agreements.

    Aug 3, 2020
  21. 2020-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2020

    Loews Corporation reported a first-quarter 2020 net loss attributable to Loews Corporation of $632 million, or $2.20 per share, compared with net income of $394 million, or $1.27 per share, in the first quarter of 2019. The results were driven primarily by a $408 million after-tax and noncontrolling interests drilling rig impairment charge at Diamond Offshore, a $363 million decline in net investment income from CNA and the Parent Company, and net investment losses of $152 million at CNA. Total revenues fell to $3.10 billion from $3.76 billion, and the company disclosed that the COVID-19 pandemic has significantly impacted its results, with the full effect dependent on the duration and scope of the pandemic. The most significant subsequent event is that Diamond Offshore and certain subsidiaries filed for Chapter 11 bankruptcy on April 26, 2020. As a result, Loews will deconsolidate Diamond Offshore effective on the filing date, account for its remaining interest under the cost method at estimated fair value, and expects to record a significant non-cash loss in the second quarter of 2020. The carrying value of Diamond Offshore at March 31, 2020 was $1.0 billion, net of tax. Short term debt rose to $2.46 billion from $77 million, reflecting Diamond Offshore debt that became due upon the bankruptcy filing, while long term debt declined to $9.51 billion from $11.46 billion. Boardwalk Pipelines reported that its business has not been materially affected by COVID-19 or lower energy prices to date, with $1.2 billion of available revolver capacity. Loews Hotels & Co has suspended operations at most of its hotels, and CNA expects the pandemic to weigh on its underwriting results in the second and third quarters of 2020. Total shareholders' equity declined to $16.97 billion from $19.12 billion, partly due to treasury stock purchases of $445 million during the quarter.

    May 4, 2020
  22. 2019-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2019

    Loews Corporation reported net income attributable to Loews Corporation of $72 million, or $0.24 per diluted share, for the three months ended September 30, 2019, compared with $278 million, or $0.88 per share, in the 2018 period. For the nine months ended September 30, 2019, net income attributable to Loews was $715 million, or $2.34 per diluted share, versus $801 million, or $2.49 per share, a year earlier. Management attributes the decline largely to a $216 million pretax charge at CNA for a premium deficiency in its long term care business, recognized after the third quarter gross premium valuation and driven primarily by lower discount rate assumptions; this charge was $151 million after tax and noncontrolling interests. Results were also pressured by lower results at Diamond Offshore, where net loss attributable to Loews widened to $48 million for the quarter and $137 million for the nine months. Total revenues were $3.68 billion for the quarter and $11.06 billion for the nine months, both up from the prior year. Boardwalk Pipelines contributed higher earnings, with nine-month net income attributable to Loews of $161 million, reflecting Loews' ownership increasing to 100% from 51% after the July 2018 purchase of Boardwalk common units. The balance sheet grew, with total assets of $82.50 billion at September 30, 2019 versus $78.32 billion at year-end 2018, and total shareholders' equity rising to $19.42 billion. Operating cash flow for the nine months was $1.27 billion, down from $3.40 billion. Loews repurchased 13.2 million shares for $642 million during the nine months, and as of October 25, 2019 had 297,438,996 shares outstanding. The filing also notes a $151 million pretax-equivalent CNA reserve charge, a $56 million reduction from CNA's annual long term care claim study, and continued challenging conditions at Diamond Offshore, where S&P downgraded its corporate rating to CCC+ from B on September 25, 2019.

    Oct 28, 2019
  23. 2019-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2019

    Loews Corporation reported net income attributable to Loews Corporation of $249 million, or $0.82 per diluted share, for the three months ended June 30, 2019, compared with $230 million, or $0.72 per share, in the prior-year period. For the six months ended June 30, 2019, net income attributable to Loews was $643 million, or $2.09 per diluted share, versus $523 million, or $1.61 per share, a year earlier. Management attributes the increase to higher earnings at CNA Financial and Boardwalk Pipelines, partially offset by lower results at Diamond Offshore. Total revenues were $3.62 billion for the quarter and $7.38 billion for the six months, and the company's Parent Company cash and investments, net of receivables and payables, totaled $3.5 billion at June 30, 2019. CNA's results were a key driver, with core income for its Property & Casualty Operations declining in the quarter due to higher net catastrophe losses ($38 million versus $26 million) and lower favorable prior year reserve development. Diamond Offshore continued to struggle, with a net loss attributable to Loews of $52 million for the quarter and contract drilling revenue down $58 million year over year, reflecting weak offshore dayrates and utilization. Boardwalk Pipelines improved, with net income attributable to Loews rising to $53 million for the quarter, and the company now owns 100% of it. Boardwalk expects about $10.2 billion of fixed-fee revenue from committed firm agreements. Balance sheet activity included total assets of $82.28 billion at June 30, 2019 (up from $78.32 billion at December 31, 2018) and long term debt of $11.46 billion. During the period, CNA issued $500 million of 3.9% senior notes due 2029 and redeemed its $500 million 5.9% notes, and Consolidated Container took a $250 million term loan to fund three packaging acquisitions. The company repurchased 9.8 million shares of Loews common stock during the six months, and cash from operations was $474 million versus $2.15 billion a year earlier.

    Aug 5, 2019
  24. 2019-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2019

    Loews Corporation reported net income attributable to Loews Corporation of $394 million, or $1.27 per share, for the three months ended March 31, 2019, compared with $293 million, or $0.89 per share, in the prior-year period. Total revenues rose to $3.757 billion from $3.581 billion, and net investment income increased to $657 million from $506 million. The filing attributes the earnings increase mainly to higher contributions from CNA Financial and Boardwalk Pipeline and higher parent company net investment income, partly offset by a decline at Diamond Offshore, which posted a net loss attributable to Loews of $37 million. CNA Financial was the largest contributor, with net income attributable to Loews of $305 million versus $261 million a year earlier. CNA's results benefited from higher net investment income and investment gains, partly offset by higher catastrophe losses of $58 million and lower favorable prior year development. CNA's Other Insurance Operations swung to core income of $4 million from a loss of $46 million, reflecting the absence of the adverse A&EP development recorded in the prior-year period and favorable long term care persistency. Diamond Offshore's contract drilling revenue fell $61 million on lower dayrates and fewer revenue-earning days, and its contract drilling backlog was $1.8 billion as of April 1, 2019. At March 31, 2019, total assets were $80.449 billion and total shareholders' equity was $19.037 billion, up from $18.518 billion at year-end 2018. The company adopted ASU 2016-02 (Leases) on January 1, 2019, which increased Other assets and Other liabilities by $642 million. During the quarter Loews repurchased 6.8 million shares for $322 million, and CNA paid a special dividend of $2.00 per share. Parent Company cash and investments, net of receivables and payables, totaled $3.4 billion.

    Apr 29, 2019
  25. 2018-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2018

    Loews Corporation reported net income attributable to Loews Corporation of $278 million, or $0.88 per diluted share, for the third quarter ended September 30, 2018, compared with $157 million, or $0.46 per diluted share, in the prior-year quarter. For the nine months, net income attributable to Loews Corporation was $801 million, or $2.49 per diluted share, versus $683 million, or $2.02 per diluted share, a year earlier. Total revenues were $3.61 billion for the quarter and $10.78 billion for the nine months. The company attributed the improvement mainly to higher earnings at CNA Financial, Boardwalk Pipeline and Loews Hotels & Co, partially offset by lower results at Diamond Offshore and the parent company investment portfolio. CNA's lower net catastrophe losses, which were $46 million in the quarter versus $269 million a year earlier, and the lower U.S. corporate income tax rate were key drivers. During the nine months, Loews used about $1.5 billion of cash to buy the publicly held common units of Boardwalk Pipeline, which was completed on July 18, 2018, making Boardwalk wholly owned. The company also repurchased 17.4 million shares of Loews common stock for $876 million, and total shareholders' equity was $18.95 billion at September 30, 2018. Parent Company cash and investments, net of receivables and payables, totaled $3.2 billion, down from $4.9 billion at December 31, 2017. Long term debt was $11.31 billion at quarter end. The filing also notes that CNA will begin establishing additional long term care future policy benefit reserves in the fourth quarter of 2018 under a profits-followed-by-losses analysis, and that Diamond Offshore's contract drilling backlog was $2.0 billion as of October 1, 2018. Diamond Offshore's credit ratings were downgraded in August 2018 by S&P and Moody's.

    Nov 5, 2018
  26. 2018-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2018

    Loews Corporation's 10-Q for the quarter ended June 30, 2018 reports net income attributable to Loews Corporation of $230 million, or $0.72 per diluted share, for the three months ended June 30, 2018, compared with $231 million, or $0.69 per share, a year earlier. For the six months, net income attributable to Loews was $523 million, or $1.61 per diluted share, versus $526 million, or $1.56 per share, in 2017. Management attributes the per-share increase to share repurchases in 2017 and 2018. Total revenues were $3.59 billion for the quarter and $7.17 billion for the six months, and total assets were $80.7 billion at June 30, 2018. The filing highlights a major transaction: on June 29, 2018 the general partner elected to buy all Boardwalk Pipeline common units it did not already own for $12.06 per unit, about $1.5 billion in aggregate, completed July 18, 2018. Boardwalk Pipeline has consequently been withdrawn from NYSE listing and SEC registration. Parent Company cash and investments, net of receivables and payables, were $4.7 billion at June 30, 2018 and were stated as approximately $3.1 billion after the Boardwalk purchase and additional Loews share purchases. Loews repurchased 15.6 million shares for $788 million in the first half of 2018, and shares outstanding were 315,982,102 as of July 20, 2018. Segment results were mixed. CNA Financial's net income attributable to Loews was $240 million for the quarter, while Diamond Offshore posted a loss of $37 million, reflecting lower contract drilling revenues and a $27 million impairment charge. The filing describes the offshore drilling market as still challenged by rig oversupply, and it notes a $2.2 billion contract drilling backlog as of July 1, 2018. Other comprehensive loss was $606 million for the six months, driven mainly by unrealized losses on investments.

    Jul 30, 2018
  27. 2018-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2018

    Loews Corporation reported net income attributable to Loews Corporation of $293 million, or $0.89 per diluted share, for the three months ended March 31, 2018, compared with $295 million, or $0.87 per diluted share, in the 2017 period. Management attributed the slight decline mainly to lower earnings at Diamond Offshore and Boardwalk Pipeline and lower net investment income, which were mostly offset by higher earnings at CNA and Loews Hotels & Co. Total revenues rose to $3.58 billion from $3.30 billion, largely reflecting Consolidated Container's operations within the Corporate segment, which was acquired on May 22, 2017. Balance sheet and cash flow items show total assets of $80.79 billion at March 31, 2018, up from $79.59 billion at December 31, 2017, and total shareholders' equity of $18.53 billion. The company repurchased 9.9 million shares of its common stock for $497 million during the quarter, and as of April 20, 2018, had 319,322,226 shares outstanding. Accumulated other comprehensive loss widened to $417 million, driven by a $429 million decline in net unrealized investment gains. Net cash from operating activities was $513 million, compared with negative $1 million a year earlier. The filing also highlights ongoing regulatory and industry developments. FERC's March 2018 Revised Policy Statement on income tax allowances could affect Boardwalk Pipeline's cost-of-service rates, and management is evaluating whether Boardwalk Pipeline should remain a publicly traded master limited partnership. Diamond Offshore continues to face an oversupply of drilling rigs, with a contract drilling backlog of $2.2 billion as of April 1, 2018. CNA recorded $113 million of unfavorable prior year development on asbestos and environmental pollution reserves before loss portfolio transfer cessions.

    Apr 30, 2018
  28. 2017-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2017

    Loews Corporation reported third-quarter 2017 net income attributable to Loews Corporation of $157 million, or $0.46 per share, down from $327 million, or $0.97 per share, in the 2016 period. For the nine months ended September 30, 2017, net income attributable to Loews Corporation was $683 million, or $2.02 per share, compared with $364 million, or $1.08 per share, a year earlier. Management attributed the third-quarter decline mainly to $170 million of net catastrophe losses at CNA (versus $10 million in 2016) and a $35 million loss on early debt redemptions at CNA and Diamond Offshore. Excluding these significant items, management stated that earnings increased $25 million year over year. Total revenues for the nine months were $10.18 billion, up from $9.77 billion, while total pretax income rose to $1.12 billion from $475 million, aided by lower impairment charges at Diamond Offshore ($23 million in 2017 versus $267 million after tax and noncontrolling interests in 2016). Consolidated Container, acquired May 22, 2017 for $1.2 billion, contributed $293 million of revenue since acquisition and is reported in the Corporate segment. Total assets rose to $79.53 billion from $76.59 billion at year-end 2016, and long-term debt increased to $11.24 billion from $10.67 billion. Parent Company cash and investments, net of receivables and payables, totaled $5.1 billion at September 30, 2017. Loews received $719 million in dividends from subsidiaries in the nine months, including a $485 million special dividend from CNA. The filing notes that S&P lowered Loews' senior debt rating to A from A+ in June 2017, and that Diamond Offshore's ratings were downgraded by S&P in October 2017 and by Moody's in July 2017.

    Oct 30, 2017
  29. 2017-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2017

    Loews Corporation reported net income attributable to Loews Corporation of $231 million, or $0.69 per share, for the three months ended June 30, 2017, compared with a net loss of $65 million, or $0.19 per share, in the 2016 period. For the six months ended June 30, 2017, net income attributable to Loews was $526 million, or $1.56 per share, versus $37 million, or $0.11 per share, a year earlier. Total revenues for the six months were $6.66 billion, up from $6.48 billion, and the 2017 results include Diamond Offshore asset impairment charges of only $23 million after tax and noncontrolling interests, compared with $267 million in the 2016 periods. The largest event in the quarter was the May 22, 2017 acquisition of CCC Acquisition Holdings, Inc. (parent of Consolidated Container Company) for $1.2 billion, subject to closing adjustments. The acquisition was funded with about $620 million of parent company cash and $600 million of debt financing at Consolidated Container, which carries a $605 million term loan. The filing also notes that S&P lowered Loews' corporate credit rating from A+ to A in June 2017, and Moody's downgraded Diamond Offshore to Ba3 in July 2017. Segment results were led by CNA Financial, which contributed $244 million to second-quarter net income attributable to Loews, while Diamond Offshore contributed $7 million and Boardwalk Pipeline $6 million. Consolidated shareholders' equity was $18.82 billion at June 30, 2017, and total assets were $79.10 billion.

    Jul 31, 2017
  30. 2017-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2017

    Loews Corporation reported net income attributable to Loews Corporation of $295 million, or $0.87 per diluted share, for the three months ended March 31, 2017, compared with $102 million, or $0.30 per share, in the 2016 period. Consolidated net income was $391 million versus $199 million. The increase was attributed to higher earnings at CNA Financial, Boardwalk Pipeline and Loews Hotels & Co, plus higher income from the parent company investment portfolio, partially offset by lower earnings at Diamond Offshore. CNA's net income attributable to Loews rose to $234 million from $60 million, driven primarily by a $110 million increase in net investment income, including improved limited partnership returns, and lower adverse A&EP development under the loss portfolio transfer. Diamond Offshore's results weakened, with contract drilling revenues falling to $364 million from $444 million and net income attributable to Loews Corporation declining to $12 million from $43 million. The filing describes continued depressed offshore drilling conditions and a backlog of $3.2 billion as of April 1, 2017. Total assets were $77.1 billion and total equity was $23.7 billion at March 31, 2017, with Parent Company cash and investments of $5.6 billion. A subsequent event disclosed in the filing is a April 11, 2017 merger agreement to acquire Consolidated Container Company for approximately $1.2 billion, to be funded about 50% with available cash and 50% with subsidiary-level debt, with closing expected in the second quarter of 2017. The company also noted a Small Business premium rate adjustment at CNA that reduced earned premiums by $16 million in Q4 2016 and $42 million in Q1 2017.

    May 1, 2017
  31. 2016-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2016

    Loews Corporation reported net income attributable to Loews Corporation of $327 million, or $0.97 per share, for the three months ended September 30, 2016, compared with $182 million, or $0.50 per share, a year earlier. For the nine months, net income attributable to Loews Corporation was $364 million, or $1.08 per share, versus $461 million, or $1.25 per share, in the prior-year period. The filing attributes the nine-month decline primarily to lower earnings at Diamond Offshore, which recorded asset impairment charges of $267 million after tax and noncontrolling interests, partially offset by improved results at CNA, Boardwalk Pipeline and the parent company investment portfolio. Book value per share rose to $54.22 at September 30, 2016 from $51.67 at December 31, 2015. CNA Financial, the 90%-owned property and casualty insurer, was the largest earnings contributor, with nine-month net income of $557 million, driven by higher net investment income from limited partnerships, realized investment gains and higher favorable prior year reserve development of $309 million. Results were held back by a $74 million after-tax charge tied to retroactive reinsurance accounting on the asbestos and environmental pollution loss portfolio transfer, and by higher underwriting expenses. Diamond Offshore faced a sharp downturn, with contract drilling revenues of $1.14 billion for the nine months versus $1.82 billion a year earlier, and the filing notes continued weak offshore drilling market conditions and contract termination disputes. On the balance sheet, total assets were $78.5 billion and total debt (short and long term) was about $10.9 billion at September 30, 2016. Long term debt rose to $10.7 billion from $9.5 billion, reflecting a $500 million Loews senior note offering in March 2016 that repaid $400 million of maturing notes, along with other issuances at CNA and Boardwalk Pipeline. Operating cash flow was $1.7 billion for the nine months versus $2.2 billion in the prior year period.

    Oct 31, 2016
  32. 2016-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2016

    Loews Corporation reported a net loss attributable to Loews Corporation of $65 million, or $0.19 per share, for the three months ended June 30, 2016, compared with net income of $170 million, or $0.46 per share, a year earlier. For the six months ended June 30, 2016, net income attributable to Loews was $37 million, or $0.11 per share, versus $279 million, or $0.75 per share, in the prior-year period. The results were driven mainly by a $680 million pretax asset impairment charge ($267 million after tax and noncontrolling interests) at Diamond Offshore Drilling, Inc., a 53% owned subsidiary, related to the carrying value of its drilling rigs. Contract drilling revenues fell to $357 million for the quarter from $617 million, as offshore drilling demand remained weak. CNA Financial, a 90% owned subsidiary, was a partial offset. Its net income attributable to Loews rose to $189 million in the quarter from $124 million, reflecting favorable net prior year reserve development of $106 million and an improved combined ratio of 97.4% for the six-month property and casualty operations. Boardwalk Pipeline net income attributable to Loews increased to $17 million for the quarter. Total shareholders' equity was $17.9 billion at June 30, 2016, and book value per share excluding AOCI was $52.84. The Company issued $500 million of 3.8% senior notes due 2026 and repaid $400 million of 5.3% senior notes at maturity. Parent Company cash and investments, net of receivables and payables, totaled $4.9 billion. On June 23, 2016, the U.K. voted to exit the European Union. The filing says CNA's European operations may face increased regulatory complexity and cost, and that Brexit may adversely affect CNA's operations and financial results. Diamond Offshore's outlook remains negative, with 17 rigs cold stacked as of August 1, 2016, and its credit ratings were downgraded during 2016.

    Aug 1, 2016
  33. 2016-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2016

    Loews Corporation, a holding company, reported first-quarter 2016 net income attributable to Loews Corporation of $102 million, or $0.30 per share, compared with $109 million, or $0.29 per share, in the first quarter of 2015. Total revenues were $3.17 billion versus $3.48 billion a year earlier. The filing attributes the $7 million decline mainly to lower earnings at CNA and reduced parent company investment results, partly offset by higher Diamond Offshore earnings due to the absence of a prior-year $158 million (after tax and noncontrolling interests) impairment charge and by higher Boardwalk Pipeline earnings. CNA Financial's results were hit by a $74 million (after tax and noncontrolling interests) charge tied to retroactive reinsurance accounting on $200 million of unfavorable asbestos and environmental pollution reserve development ceded under the 2010 loss portfolio transfer with National Indemnity Company. Diamond Offshore remained under severe pressure: contract drilling revenues fell to $444 million from $600 million, and management states that depressed market conditions are expected to continue. Its Ocean Scepter contract was subject to a PEMEX termination notice received April 28, 2016, and 15 rigs were cold stacked as of May 2, 2016. Loews' balance sheet grew to $77.2 billion in total assets, with total debt of $10.6 billion long term plus $3 million short term at March 31, 2016. In March 2016 the company issued $500 million of 3.8% senior notes due 2026 and repaid $400 million of 5.3% notes at maturity. Book value per share rose to $52.60 from $51.67 at year-end 2015, and Moody's downgraded Loews' unsecured debt rating from A2 to A3, with a stable outlook.

    May 3, 2016
  34. 2015-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2015

    Loews Corporation's third-quarter 2015 Form 10-Q reports net income attributable to Loews Corporation of $182 million, or $0.50 per share, for the three months ended September 30, 2015, compared with $208 million, or $0.55 per share, a year earlier. For the nine months, net income attributable to Loews was $461 million, or $1.25 per share, versus $383 million, or $1.00 per share, in the prior-year period. Income from continuing operations for the nine months fell to $461 million from $747 million, driven mainly by lower earnings at CNA Financial and Diamond Offshore Drilling, the latter reflecting a $361 million pretax impairment charge on drilling rigs in the period. The 2014 nine-month result also included a $364 million loss from discontinued operations tied to the HighMount and CNA life insurance sales. The filing shows the holding company's operating subsidiaries as CNA Financial (90% owned), Diamond Offshore (53%), Boardwalk Pipeline (51%) and Loews Hotels (wholly owned). Diamond Offshore faced continued market deterioration, with 15 rigs not under contract as of October 19, 2015, and its credit rating was lowered by Moody's to Baa2 in October 2015. CNA recorded an $84 million pretax charge in the second quarter related to a retroactive reinsurance agreement covering its legacy asbestos and environmental pollution liabilities, while its underwriting results improved on favorable prior year development. Total assets were $77.53 billion at September 30, 2015, and total shareholders' equity was $18.74 billion. Capital allocation remained active: Loews repurchased 16.3 million of its common shares for $633 million during the nine months, and book value per share rose to $52.52 from $51.70 at year-end 2014. Parent company cash and investments, net of receivables and payables, totaled $4.8 billion, and Loews received $733 million in dividends from subsidiaries, including a $485 million special dividend from CNA.

    Nov 3, 2015
  35. 2015-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2015

    Loews Corporation reported net income attributable to Loews Corporation of $170 million, or $0.46 per share, for the three months ended June 30, 2015, compared with $116 million, or $0.30 per share, in the prior-year period. For the six months ended June 30, 2015, net income attributable to Loews was $279 million, or $0.75 per share, versus $175 million, or $0.45 per share, a year earlier. Income from continuing operations fell to $170 million for the quarter from $303 million in the 2014 second quarter, and to $279 million for the first half from $568 million, mainly due to lower earnings at CNA Financial and, for the six-month period, Diamond Offshore. The prior-year figures included discontinued operations losses tied to the HighMount and CNA annuity and pension deposit business dispositions. The main drag on 2015 results was Diamond Offshore, which recorded a $359 million pretax asset impairment ($158 million after tax and noncontrolling interests) on eight rigs in the first half, and reported a six-month pretax loss of $181 million. Diamond Offshore's filing describes depressed offshore drilling markets, PEMEX and Petrobras contract terminations, and 14 rigs without contracts as of July 20, 2015. At CNA, a $84 million pretax charge related to ceding asbestos and environmental pollution liabilities under the 2010 loss portfolio transfer weighed on the quarter. Diamond Offshore's goodwill of $20 million was not impaired under the first step test, though the company notes it may be required to record an impairment in the near future. Balance sheet activity included total assets of $78.0 billion and total shareholders' equity of $18.98 billion at June 30, 2015, with book value per share of $51.91. Loews repurchased 7.6 million shares of its common stock for $305 million in the first half, and Loews Hotels acquired two hotels for approximately $330 million. Short term debt rose to $1.06 billion from $335 million at year-end 2014, while long term debt declined to $9.79 billion.

    Aug 4, 2015
  36. 2015-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2015

    Loews Corporation reported net income attributable to Loews Corporation of $109 million, or $0.29 per share, for the three months ended March 31, 2015, compared with $59 million, or $0.15 per share, in the prior year period. Income from continuing operations attributable to Loews was $109 million ($0.29 per share), down from $265 million ($0.68 per share) in the 2014 first quarter. Excluding asset impairment charges of $158 million after tax and noncontrolling interests at Diamond Offshore in 2015 and $55 million at Boardwalk Pipeline in 2014, adjusted income from continuing operations was $267 million versus $320 million. The decline was attributed primarily to lower earnings at Diamond Offshore and less favorable performance of the parent company trading portfolio, partially offset by higher CNA earnings driven by investment income from limited partnerships and improved current accident year underwriting. Diamond Offshore recorded a $359 million pretax impairment charge on seven mid-water semisubmersibles and an older drillship, and reported a pretax loss of $287 million for the quarter. The filing describes depressed offshore drilling market conditions, PEMEX termination notices for two rigs received on May 4, 2015, and a Petrobras notice regarding the Ocean Baroness. Total revenues were $3.48 billion versus $3.69 billion, and total equity was $24.63 billion at March 31, 2015. Book value per share rose to $51.98 from $51.70 at December 31, 2014. Boardwalk Pipeline repaid $275 million of 5.1% senior notes and issued an additional $250 million of 5.0% senior notes due 2024, and the company's Parent Company cash and investments, net of receivables and payables, totaled $5.5 billion. The filing also notes that CNA's review of its fourth-quarter 2014 asbestos and environmental pollution reserves was not completed and is expected to finish in the second quarter of 2015. In April 2015, Fitch downgraded Loews' unsecured debt rating from A+ to A, with a stable outlook, and S&P lowered Diamond Offshore's ratings from A- to BBB+.

    May 5, 2015
  37. 2014-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2014

    Loews Corporation, a holding company, reported net income attributable to Loews Corporation of $208 million, or $0.55 per share, for the third quarter of 2014, compared with $282 million, or $0.73 per share, in the prior-year quarter. For the first nine months of 2014, net income attributable to Loews Corporation was $383 million, or $1.00 per share, versus $793 million, or $2.03 per share, a year earlier. Income from continuing operations for the nine months was $747 million, or $1.94 per share, down from $901 million, or $2.31 per share. The decline was attributed primarily to lower earnings at CNA Financial, Diamond Offshore and Boardwalk Pipeline, along with lower investment income at the parent company. The filing shows significant portfolio and corporate actions during 2014. HighMount Exploration & Production was sold on September 30, 2014 for net proceeds of $794 million after a $259 million second-quarter impairment that was later reduced by $60 million. CNA completed the sale of Continental Assurance Company on August 1, 2014, and recognized a $31 million after-tax coinsurance-related loss. Loews repurchased 9.6 million shares of its common stock for $415 million in the first nine months. Book value per share rose to $52.01 at September 30, 2014 from $50.25 at December 31, 2013. At Diamond Offshore, an $109 million impairment ($55 million after tax and noncontrolling interests) was recorded on semisubmersible rigs, and the company reported contract drilling backlog of $8.19 billion as of October 21, 2014. Boardwalk Pipeline recorded a $94 million Bluegrass Project charge in the first quarter and agreed in the third quarter to dissolve the project entities, and it acquired the Evangeline pipeline system for $295 million in October 2014. Total shareholders' equity was $19.66 billion at September 30, 2014, and total debt (short and long term) was $10.90 billion.

    Nov 4, 2014
  38. 2014-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2014

    Loews Corporation's second-quarter 2014 Form 10-Q shows income from continuing operations of $303 million, or $0.79 per share, for the three months ended June 30, 2014, compared with $261 million, or $0.67 per share, a year earlier. Net income attributable to Loews was $116 million for the quarter, down from $269 million, because of a $187 million loss from discontinued operations, which mainly reflects a $167 million after-tax impairment at HighMount Exploration & Production. For the six months, income from continuing operations was $568 million ($1.47 per share) versus $583 million ($1.49 per share), while net income attributable to Loews fell to $175 million from $511 million, reflecting $393 million of discontinued-operations losses including the HighMount and CNA annuity-business impairments. The quarter's continuing-operations results were driven by higher earnings at CNA Financial, including a $50 million after-tax postretirement curtailment gain, and by improved trading-portfolio investment income at the parent. These were partly offset by lower earnings at Diamond Offshore, where utilization and dayrates declined and interest expense rose. Management describes floater markets as weakening and expects depressed conditions to continue at least through 2015. Boardwalk Pipeline recorded a $94 million pre-tax charge to write off capitalized costs for the Bluegrass Project, which it no longer intends to fund. Balance sheet and portfolio changes are significant. Total assets were $82.89 billion at June 30, 2014, versus $79.94 billion at year-end 2013, and assets of discontinued operations rose to $4.41 billion from $1.04 billion as HighMount was reclassified for sale and the Continental Assurance Company sale closed on August 1, 2014. Book value per share rose to $51.85 from $50.25 at December 31, 2013. Subsequent to quarter-end, Loews Hotels bought two hotels for a total cost of about $190 million.

    Aug 4, 2014
  39. 2014-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2014

    Loews Corporation reported first-quarter 2014 net income attributable to Loews Corporation of $59 million, or $0.15 per share, compared with $242 million in the first quarter of 2013. The decline reflects a $186 million loss from discontinued operations, related to CNA's pending sale of its run-off annuity and pension deposit business through the sale of Continental Assurance Company (CAC). Income from continuing operations attributable to Loews rose to $245 million, or $0.63 per share, from $234 million, or $0.60 per share, a year earlier. Management attributed the increase primarily to higher parent company investment income from the trading portfolio and lower ceiling test impairment charges at HighMount, partially offset by a $55 million after-tax charge for the write-off of capitalized costs on the Bluegrass Project. CNA's earnings declined, with management citing lower net investment income, higher catastrophe losses ($74 million net of reinsurance versus $39 million a year earlier) and lower favorable net prior year development. Diamond Offshore's earnings decreased on lower utilization and higher interest expense, partly offset by higher dayrates. Boardwalk Pipeline's results were weighed down by the $94 million Bluegrass charge, and the company stated it no longer makes capital investments in that project. Total consolidated revenues were $3.74 billion, up from $3.69 billion. Balance sheet highlights include total assets of $81.80 billion at March 31, 2014, up from $79.94 billion at December 31, 2013, driven by assets held for sale tied to the CAC sale, and long-term debt of $10.46 billion, up from $10.01 billion, reflecting CNA's $550 million 4.0% senior notes issued in February 2014 to refinance its 5.9% notes due December 2014. Book value per share rose to $50.89 from $50.25 at year-end 2013.

    Apr 29, 2014
  40. 2013-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2013

    Loews Corporation reported net income attributable to Loews Corporation of $282 million, or $0.73 per share, for the third quarter of 2013, compared with $177 million, or $0.45 per share, in the third quarter of 2012. For the nine months ended September 30, 2013, net income attributable to Loews was $793 million, or $2.03 per share, versus $600 million, or $1.51 per share, a year earlier. The filing states that third-quarter and nine-month 2013 results include after-tax non-cash ceiling test impairment charges of $42 million and $134 million at HighMount related to its natural gas and oil properties. Management states that the decrease in net income was primarily due to lower earnings at Diamond Offshore and lower investment income at the Parent Company, partially offset by higher earnings at CNA. CNA's earnings rose on improved non-catastrophe current accident year underwriting results and higher favorable net prior year development, offset in part by higher catastrophe losses and unfavorable morbidity in the long term care business. Diamond Offshore's earnings declined on lower utilization and $35 million (after tax and noncontrolling interests) of lost revenue and bad debt write-offs tied to two customers' payment defaults. Boardwalk Pipeline's earnings were flat, as the contribution from Louisiana Midstream and storage gas sales were offset by lower transportation revenues from unfavorable contract renewals. The filing notes that natural gas and NGL prices remain low and that HighMount's continued impairments could be material in future periods. At September 30, 2013, total assets were $79.51 billion and total shareholders' equity was $19.36 billion. Book value per share was $49.99, compared with $49.67 at December 31, 2012. In May 2013, Loews issued $500 million of 2.6% senior notes due 2023 and $500 million of 4.1% senior notes due 2043, receiving net proceeds of $983 million.

    Oct 29, 2013
  41. 2013-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2013

    Loews Corporation (L) reported net income attributable to Loews Corporation of $269 million, or $0.69 per share, for the second quarter of 2013, compared with $56 million, or $0.14 per share, in the second quarter of 2012, which included a $142 million after-tax HighMount impairment charge. For the six months ended June 30, 2013, net income attributable to Loews was $511 million, or $1.31 per share, versus $423 million, or $1.06 per share, a year earlier. Management attributes the increase primarily to higher earnings at CNA Financial and improved parent company investment income, partly offset by lower earnings at Diamond Offshore. CNA's earnings rose mainly on higher net investment income from limited partnership results and better non-catastrophe current accident year underwriting, partly offset by lower favorable prior year development and weaker Life & Group Non-Core results from long term care morbidity. Diamond Offshore's earnings declined because of a prior year gain on jack-up rig sales and lower utilization, partly offset by higher dayrates. HighMount recorded a first-quarter 2013 ceiling test impairment of $145 million pretax ($92 million after tax), and Boardwalk Pipeline joined the Bluegrass Project with Williams, with $25 million contributed to date. At June 30, 2013, total assets were $80.05 billion, total shareholders' equity was $19.15 billion, and book value per share was $49.36. In May 2013 Loews issued $1.0 billion of senior notes (2.6% due 2023 and 4.1% due 2043), with net proceeds of about $983 million. Parent company cash and investments, net of receivables and payables, totaled $4.6 billion.

    Jul 30, 2013
  42. 2013-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2013

    Loews Corporation reported first-quarter 2013 net income attributable to Loews Corporation of $242 million, or $0.62 per diluted share, compared with $367 million, or $0.92 per diluted share, in the first quarter of 2012. Consolidated revenues were $3.73 billion versus $3.74 billion a year earlier, and total net income (before noncontrolling interests) was $398 million versus $519 million. The filing attributes the earnings decline to a $92 million after-tax non-cash ceiling test impairment at HighMount, its natural gas and oil subsidiary, compared with a $28 million impairment a year earlier. Excluding those impairments, the filing states the decrease was primarily due to reduced Parent Company investment income from lower performance of the trading portfolio. Across segments, CNA Financial's earnings were essentially unchanged at $226 million, with higher insurance premiums offset by lower investment income and higher catastrophe losses ($39 million in the quarter). Diamond Offshore's net income attributable to Loews fell to $82 million from $87 million on lower utilization, and Boardwalk Pipeline's fell to $33 million from $35 million, which the filing links to lower transportation revenues from renewal rates. Book value per share rose to $49.93 from $49.67 at December 31, 2012. Operating cash flow was $608 million versus $328 million, while capital expenditures rose to $602 million from $238 million, largely for Diamond Offshore drillship construction. The balance sheet grew modestly, with total assets of $80.6 billion and long-term debt of $9.4 billion at March 31, 2013, up from $9.2 billion at year-end 2012. The company repurchased 2.1 million shares for $92 million during the quarter. The filing reports no material changes to market risk, no legal proceedings of note, and no updates to risk factors.

    Apr 30, 2013
  43. 2012-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2012

    Loews Corporation reported net income attributable to Loews Corporation of $177 million, or $0.45 per diluted share, for the third quarter of 2012, compared with $162 million, or $0.40 per share, a year earlier. For the nine months ended September 30, 2012, net income attributable to Loews was $600 million, or $1.51 per diluted share, versus $791 million, or $1.94 per share, in the prior-year period. Management highlights that results include after-tax non-cash ceiling test impairment charges of $166 million (quarter) and $336 million (nine months) at HighMount related to its natural gas and oil properties. Excluding net investment gains (losses) and impairment charges, income for the third quarter was $339 million, versus $177 million in 2011, driven mainly by higher earnings at CNA and parent company investment income, partially offset by lower earnings at Diamond Offshore. Segment performance was mixed. CNA Financial's net income attributable to Loews rose to $200 million in the quarter from $69 million, helped by higher net investment income and lower catastrophe losses, while Diamond Offshore's fell to $83 million from $121 million on lower rig utilization and dayrates. HighMount posted a $158 million loss in the quarter. Balance sheet activity included CNA's acquisition of Hardy Underwriting Bermuda for $231 million, and Boardwalk Pipeline's reduction of Loews' ownership interest from 64% to 58% through unit offerings, with a further reduction to 55% in October 2012 after an additional offering. Book value per share was $50.41 at September 30, 2012, up from $47.33 at December 31, 2011. The company remained a holding company with significant commitments and contingencies, including roughly $2.6 billion for four Diamond Offshore ultra-deepwater drillships, of which approximately $650 million had been paid, and a $670 million cost for two semisubmersible rigs. Loews also disclosed a pending smoking-and-health litigation exposure in which it states it is not a proper defendant and that former subsidiary Lorillard has agreed to indemnify it.

    Oct 30, 2012
  44. 2012-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2012

    Loews Corporation reported net income attributable to Loews Corporation of $56 million, or $0.14 per share, for the second quarter of 2012, compared with $250 million, or $0.61 per share, in the second quarter of 2011. For the six months ended June 30, 2012, net income attributable to Loews was $423 million, or $1.06 per share, versus $629 million, or $1.53 per share, a year earlier. The filing attributes the second-quarter result to a non-cash ceiling test impairment of $142 million after tax at HighMount, excluding which adjusted net income would have been $198 million. The decline in net income was driven mainly by lower earnings at Diamond Offshore and lower parent company investment income, partly offset by higher earnings at CNA and Boardwalk Pipeline. Book value per share rose to $49.31 at June 30, 2012 from $47.33 at December 31, 2011. CNA's results improved, with net income attributable to Loews of $151 million in the quarter versus $113 million, reflecting lower catastrophe losses and better non-catastrophe current accident year underwriting, partly offset by lower net investment income. Diamond Offshore's quarterly net income attributable to Loews fell to $94 million from $125 million, reflecting lower rig utilization during special surveys and lower average dayrates, and HighMount posted a quarterly net loss of $139 million. Total investments were $51.08 billion at June 30, 2012 and total assets were $77.33 billion. Subsequent events and capital activity include CNA's acquisition of Hardy Underwriting Bermuda Limited, completed July 2, 2012 for approximately $230 million, and HighMount's expected impairments of roughly $230 million to $280 million after tax for the remainder of 2012 if prices remain unchanged. Loews also repurchased 1.3 million shares for $51 million in the first half of 2012.

    Jul 31, 2012
  45. 2012-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2012

    Loews Corporation reported net income attributable to Loews Corporation of $367 million, or $0.92 per diluted share, for the three months ended March 31, 2012, compared with $379 million, or $0.92 per share, in the first quarter of 2011. Total revenues rose to $3,744 million from $3,668 million, while total net income before noncontrolling interests was $519 million versus $562 million. Book value per share increased to $48.96 at March 31, 2012 from $47.33 at December 31, 2011. The filing attributes the earnings decline mainly to lower results at Diamond Offshore and HighMount, partially offset by higher CNA earnings and increased parent company investment income. HighMount recorded a non-cash ceiling test impairment charge of $44 million ($28 million after tax) on its natural gas and oil properties due to falling natural gas prices. The filing states that if prices remain unchanged through 2012, HighMount is likely to incur after-tax ceiling test impairments of approximately $400 million to $450 million for the full year. Diamond Offshore's contract drilling revenues fell to $755 million from $789 million, and its mid-water floater utilization declined, while contract drilling expenses rose to $397 million from $362 million. Loews' balance sheet grew to $77,240 million in total assets from $75,268 million at year-end 2011, with total shareholders' equity of $19,428 million. Boardwalk Pipeline sold 9.2 million common units for $245 million, reducing Loews' ownership from 64% to 61%. CNA agreed to acquire Hardy Underwriting Bermuda Limited for approximately $227 million, with completion expected in the second quarter of 2012.

    May 1, 2012
  46. 2011-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2011

    Loews Corporation's third-quarter 2011 Form 10-Q reports net income attributable to Loews Corporation of $162 million, or $0.40 per diluted share, for the quarter, versus $36 million, or $0.09 per share, in the third quarter of 2010. For the nine months ended September 30, 2011, net income attributable to Loews was $796 million, or $1.95 per diluted share, compared with $822 million, or $1.96 per share, a year earlier. Management attributes the quarterly improvement mainly to a $328 million after-tax-and-noncontrolling-interest charge at CNA in 2010 tied to the Loss Portfolio Transfer of legacy asbestos and environmental pollution liabilities to National Indemnity Company. Excluding that charge, quarterly results declined on lower investment income, largely from limited partnerships, and higher natural catastrophe losses at CNA, partially offset by higher earnings at Diamond Offshore. Total revenues were $3.44 billion for the quarter and $10.65 billion for the nine months, while total assets stood at $76.3 billion and total shareholders' equity at $18.97 billion at September 30, 2011. Book value per share rose to $47.75 from $44.51 at December 31, 2010. Parent Company treasury stock purchases totaled $690 million for the nine months, and long-term debt declined to $8.03 billion from $8.83 billion, while short-term debt rose to $1.21 billion, largely reflecting $1.1 billion of HighMount variable-rate term loans due July 2012. The filing also highlights ongoing energy-segment dynamics. Diamond Offshore's high specification floater utilization rose to 93% in the quarter from 55%, while its intermediate and jack-up fleets weakened, and the Gulf of Mexico market remained slow to recover after the Macondo incident. Boardwalk Pipeline faced narrowing basis spreads and weaker parking and lending revenues. In October 2011, Boardwalk agreed to form a joint venture to acquire seven salt dome storage caverns for $550 million, with Loews contributing $280 million for an 80% stake.

    Nov 1, 2011
  47. 2011-Q2

    Loews Quarterly Report for Q2 Ended Jun 30, 2011

    Loews Corporation's second-quarter 2011 Form 10-Q reports net income attributable to Loews Corporation of $252 million, or $0.62 per diluted share, for the three months ended June 30, 2011, compared with $366 million, or $0.87 per share, in the 2010 quarter. For the six months, net income attributable to Loews was $634 million, or $1.54 per share, versus $786 million, or $1.87 per share, a year earlier. Management attributes the decline mainly to lower favorable net prior year reserve development at CNA Financial and higher natural catastrophe losses in 2011, partially offset by higher earnings at Diamond Offshore from increased utilization of its high specification floaters. Book value per share rose to $46.81 at June 30, 2011, from $44.51 at December 31, 2010. Total revenues were $3.54 billion for the quarter, up slightly from $3.49 billion, and total equity stood at $23.48 billion at quarter end. Loews completed the acquisition of the CNA Surety noncontrolling interests for an aggregate price of approximately $475 million, and Boardwalk Pipeline sold 6 million common units for $170 million, reducing Loews' ownership to 64%. The parent company repurchased $415 million of its common stock during the first half of 2011. The filing also discloses ongoing exposures, including tobacco-related lawsuits in which the company is named as a defendant (with indemnification from Lorillard, Inc. under the Separation Agreement), a preliminarily approved settlement in the insurance brokerage antitrust litigation involving CNA, and Diamond Offshore's commitments for three new ultra-deepwater drillships with an aggregate expected cost of approximately $1.8 billion, of which $478 million was paid in 2011.

    Aug 3, 2011
  48. 2011-Q1

    Loews Quarterly Report for Q1 Ended Mar 31, 2011

    Loews Corporation, a holding company, reported net income attributable to Loews Corporation of $382 million, or $0.92 per share, for the first quarter of 2011, compared with $420 million, or $0.99 per share, in the first quarter of 2010. Total revenues were $3,668 million versus $3,713 million a year earlier. Income before net investment gains was $370 million compared with $409 million. Management attributed lower earnings mainly to reduced dayrates and utilization at Diamond Offshore and slightly lower earnings at CNA. Book value per share rose to $45.54 at March 31, 2011 from $44.51 at December 31, 2010. Across subsidiaries, CNA Financial's net income attributable to Loews was $202 million versus $225 million, with CNA Commercial improving and Other Insurance declining. Diamond Offshore's net income attributable to Loews fell to $117 million from $136 million, as its jack-up utilization dropped to 47.4% from 62.9% and high specification floater dayrates declined. Boardwalk Pipeline and HighMount also reported lower earnings, while Loews Hotels and Corporate and other improved. Loews repurchased shares worth $187 million in the quarter and repaid $175 million of 8.9% debentures in April 2011. A subsequent event disclosed in the filing is CNA's April 21, 2011 agreement to acquire the publicly held shares of CNA Surety Corporation for $26.55 per share in cash, an aggregate purchase price of approximately $475 million, subject to a tender offer and majority acceptance by minority holders. The filing also discloses a memorandum of settlement in the insurance brokerage antitrust litigation, which management said would not have a material impact on results of operations.

    May 3, 2011
  49. 2010-Q3

    Loews Quarterly Report for Q3 Ended Sep 30, 2010

    Loews Corporation's third-quarter 2010 10-Q reports net income attributable to Loews of $36 million, or $0.09 per share, down from $468 million, or $1.08 per share, in the 2009 period. The quarter absorbed a charge of $328 million (after tax and noncontrolling interests) tied to CNA's Loss Portfolio Transfer, under which substantially all of CNA's legacy asbestos and environmental pollution liabilities were ceded to National Indemnity Company, a Berkshire Hathaway subsidiary. Excluding that transaction, the company states net income as adjusted for the third quarter was $364 million. For the first nine months, net income attributable to Loews rose to $822 million, or $1.96 per share, versus $161 million, or $0.37 per share, in 2009, when results included a $1.0 billion pretax impairment charge at HighMount. Operating results were mixed. Diamond Offshore's contract drilling revenues fell 15% in the quarter to $749 million, reflecting the Gulf of Mexico drilling moratorium and softer dayrates. Total revenues for the nine months rose to $10.90 billion from $10.30 billion, while income before income tax reached $1.96 billion versus $847 million. Shareholders' equity increased to $18.86 billion, and book value per share rose to $45.31 at September 30, 2010 from $39.76 at December 31, 2009. Parent company cash and investments, net, totaled $4.0 billion. Investors should also note the pending CNA Surety buyout proposal at $22.00 per share, an aggregate purchase price of about $375 million, and the Macondo-related regulatory and contract uncertainty facing Diamond Offshore, including a customer's force majeure assertion over the Ocean Monarch contract. The filing states that the Loss Portfolio Transfer and the Gulf of Mexico situation are the principal near-term drivers of earnings variability.

    Nov 3, 2010
  50. 2010-Q2-A

    Loews Quarterly Report (Amendment) for Q2 Ended Jun 30, 2010

    This Form 10-Q/A, Amendment No. 1, amends Loews Corporation's Quarterly Report for the period ended June 30, 2010. The filing states that it was made solely to provide Exhibit 101 (XBRL interactive data files) under Rule 405(a)(2) of Regulation S-T. It states that no other changes were made to the Form 10-Q, that it speaks as of the original filing date, and that it does not update or modify the original disclosures. The filing identifies Loews Corporation as a Delaware corporation with principal executive offices at 667 Madison Avenue, New York, and a Commission File Number of 1-6541. The registrant is a large accelerated filer and not a shell company. As of July 23, 2010, 418,252,199 shares of common stock, $0.01 par value, were outstanding. The Item 6 exhibit list shows CEO and CFO certifications under Rules 13a-14(a) and 15d-14(a) and under 18 U.S.C. Section 1350, all marked as previously filed. The XBRL exhibits (101.INS, 101.SCH, 101.CAL, 101.DEF, 101.LAB, 101.PRE) are the new items in this amendment. The filing itself contains no financial statements or operating results.

    Aug 27, 2010