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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Loews Corporation | NYSE:L | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 76.40 | 0 | 09:05:37 |
Date of Report (Date of earliest event reported)
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August 3, 2015
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LOEWS CORPORATION
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Delaware
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1-6541
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13-2646102
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(State or other jurisdiction
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(Commission
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(I.R.S. Employer
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of incorporation)
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File Number)
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Identification No.)
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667 Madison Avenue, New York, N.Y.
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10065-8087
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code:
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(212) 521-2000
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NOT APPLICABLE
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(Former name or former address, if changed since last report.)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 2.02
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Results of Operations and Financial Condition.
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Item 9.01
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Financial Statements and Exhibits.
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(a)
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Not applicable.
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(b)
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Not applicable.
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(c)
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Exhibit:
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Exhibit Reference
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Number
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Exhibit Description
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99.1
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Loews Corporation press release, issued August 3, 2015, providing information on its results of operations for the second quarter of 2015.
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LOEWS CORPORATION
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(Registrant)
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Dated: August 3, 2015
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By:
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/s/ Gary W. Garson
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Gary W. Garson
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Senior Vice President
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General Counsel
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and Secretary
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Contact:
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Mary Skafidas
Investor and Public Relations
(212) 521-2788
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June 30,
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||||||||||||||||
Three Months
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Six Months
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|||||||||||||||
(In millions, except per share data)
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2015
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2014
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2015
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2014
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||||||||||||
Income before net investment gains (losses)
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$ | 167 | $ | 312 | $ | 268 | $ | 553 | ||||||||
Net investment gains (losses)
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3 | (9 | ) | 11 | 15 | |||||||||||
Income from continuing operations
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170 | 303 | 279 | 568 | ||||||||||||
Discontinued operations, net
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(187 | ) | (393 | ) | ||||||||||||
Net income attributable to Loews Corporation
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$ | 170 | $ | 116 | $ | 279 | $ | 175 | ||||||||
Net income per share:
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||||||||||||||||
Income from continuing operations
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$ | 0.46 | $ | 0.79 | $ | 0.75 | $ | 1.47 | ||||||||
Discontinued operations, net
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(0.49 | ) | (1.02 | ) | ||||||||||||
Net income per share
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$ | 0.46 | $ | 0.30 | $ | 0.75 | $ | 0.45 |
June 30,
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Year Ended
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|||||||||||
2015
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2014
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December 31, 2014
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||||||||||
Book value per share
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$ | 51.91 | $ | 51.85 | $ | 51.70 | ||||||
Book value per share excluding AOCI
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51.77 | 49.74 | 50.95 |
June 30,
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||||||||||||||||
(In millions)
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Three Months
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Six Months
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||||||||||||||
2015
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2014
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2015
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2014
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Revenues:
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||||||||||||||||
CNA Financial
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$ | 2,329 | $ | 2,454 | $ | 4,671 | $ | 4,875 | ||||||||
Diamond Offshore
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632 | 701 | 1,259 | 1,411 | ||||||||||||
Boardwalk Pipeline
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299 | 295 | 629 | 652 | ||||||||||||
Loews Hotels
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167 | 112 | 306 | 217 | ||||||||||||
Investment income and other
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10 | 45 | 40 | 98 | ||||||||||||
3,437 | 3,607 | 6,905 | 7,253 | |||||||||||||
Investment gains (losses) – CNA Financial
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(2 | ) | (14 | ) | 8 | 28 | ||||||||||
Total
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$ | 3,435 | $ | 3,593 | $ | 6,913 | $ | 7,281 | ||||||||
Income (Loss) Before Income Tax:
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||||||||||||||||
CNA Financial (a)
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$ | 167 | $ | 379 | $ | 471 | $ | 638 | ||||||||
Diamond Offshore (b)
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106 | 112 | (181 | ) | 280 | |||||||||||
Boardwalk Pipeline (c)
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38 | 54 | 115 | 77 | ||||||||||||
Loews Hotels
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14 | 9 | 24 | 14 | ||||||||||||
Investment income, net
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10 | 46 | 39 | 97 | ||||||||||||
Other (d)
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(38 | ) | (40 | ) | (76 | ) | (74 | ) | ||||||||
297 | 560 | 392 | 1,032 | |||||||||||||
Investment gains (losses) – CNA Financial
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(2 | ) | (14 | ) | 8 | 28 | ||||||||||
Total
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$ | 295 | $ | 546 | $ | 400 | $ | 1,060 | ||||||||
Net Income (Loss) Attributable to Loews Corporation:
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||||||||||||||||
CNA Financial (a)
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$ | 121 | $ | 244 | $ | 323 | $ | 420 | ||||||||
Diamond Offshore (b)
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45 | 42 | (81 | ) | 111 | |||||||||||
Boardwalk Pipeline (c)
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12 | 17 | 37 | (1 | ) | |||||||||||
Loews Hotels
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8 | 5 | 13 | 8 | ||||||||||||
Investment income, net
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7 | 30 | 26 | 64 | ||||||||||||
Other (d)
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(26 | ) | (26 | ) | (50 | ) | (49 | ) | ||||||||
167 | 312 | 268 | 553 | |||||||||||||
Investment gains (losses) – CNA Financial
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3 | (9 | ) | 11 | 15 | |||||||||||
Income from continuing operations
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170 | 303 | 279 | 568 | ||||||||||||
Discontinued operations, net (e)
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(187 | ) | (393 | ) | ||||||||||||
Net income attributable to Loews Corporation
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$ | 170 | $ | 116 | $ | 279 | $ | 175 |
(a)
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Includes a charge of $84 million ($49 million after tax and noncontrolling interests) for the three and six months ended June 30, 2015 related to retroactive reinsurance accounting for the Loss Portfolio Transfer. Includes an $86 million curtailment gain ($50 million after tax and noncontrolling interests) related to a negative plan amendment and the re-measurement of postretirement benefit obligations at CNA for the three and six months ended June 30, 2014.
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(b)
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Includes an asset impairment charge of $359 million ($158 million after tax and noncontrolling interests) for the six months ended June 30, 2015 related to the carrying value of eight drilling rigs.
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(c)
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Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the six months ended June 30, 2014 to write off all capitalized costs associated with the terminated Bluegrass project.
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(d)
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Consists primarily of corporate interest expense and other unallocated expenses.
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(e)
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See table on page six for a summary of items comprising discontinued operations for 2014.
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June 30,
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||||||||||||||||
(In millions, except per share data)
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Three Months
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Six Months
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||||||||||||||
2015
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2014
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2015
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2014
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Revenues:
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Insurance premiums
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$ | 1,735 | $ | 1,811 | $ | 3,422 | $ | 3,617 | ||||||||
Net investment income
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510 | 597 | 1,098 | 1,174 | ||||||||||||
Investment gains (losses)
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(2 | ) | (14 | ) | 8 | 28 | ||||||||||
Contract drilling revenues
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617 | 650 | 1,217 | 1,335 | ||||||||||||
Other
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575 | 549 | 1,168 | 1,127 | ||||||||||||
Total
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3,435 | 3,593 | 6,913 | 7,281 | ||||||||||||
Expenses:
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Insurance claims and policyholders’ benefits (a)
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1,469 | 1,441 | 2,808 | 2,887 | ||||||||||||
Contract drilling expenses
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344 | 395 | 695 | 765 | ||||||||||||
Other (b) (c) (d)
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1,327 | 1,211 | 3,010 | 2,569 | ||||||||||||
Total
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3,140 | 3,047 | 6,513 | 6,221 | ||||||||||||
Income before income tax
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295 | 546 | 400 | 1,060 | ||||||||||||
Income tax expense
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(48 | ) | (145 | ) | (104 | ) | (248 | ) | ||||||||
Income from continuing operations
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247 | 401 | 296 | 812 | ||||||||||||
Discontinued operations, net of income tax
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(186 | ) | (413 | ) | ||||||||||||
Net income
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247 | 215 | 296 | 399 | ||||||||||||
Amounts attributable to noncontrolling interests
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(77 | ) | (99 | ) | (17 | ) | (224 | ) | ||||||||
Net income attributable to Loews Corporation
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$ | 170 | $ | 116 | $ | 279 | $ | 175 | ||||||||
Net income attributable to Loews Corporation
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Income from continuing operations
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$ | 170 | $ | 303 | $ | 279 | $ | 568 | ||||||||
Discontinued operations, net (e)
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(187 | ) | (393 | ) | ||||||||||||
Net income
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$ | 170 | $ | 116 | $ | 279 | $ | 175 | ||||||||
Diluted income per share:
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||||||||||||||||
Income from continuing operations
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$ | 0.46 | $ | 0.79 | $ | 0.75 | $ | 1.47 | ||||||||
Discontinued operations, net
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(0.49 | ) | (1.02 | ) | ||||||||||||
Diluted income per share attributable to Loews
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Corporation
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$ | 0.46 | $ | 0.30 | $ | 0.75 | $ | 0.45 | ||||||||
Weighted diluted number of shares
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369.97 | 386.37 | 371.57 | 387.21 |
(a)
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Includes a charge of $84 million ($49 million after tax and noncontrolling interests) for the three and six months ended June 30, 2015 related to retroactive reinsurance accounting for the Loss Portfolio Transfer.
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(b)
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Includes an $86 million curtailment gain ($50 million after tax and noncontrolling interests) related to a negative plan amendment and the re-measurement of postretirement benefit obligations at CNA for the three and six months ended June 30, 2014.
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(c)
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Includes an asset impairment charge of $359 million ($158 million after tax and noncontrolling interests) for the six months ended June 30, 2015 related to the carrying value of eight drilling rigs.
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(d)
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Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the six months ended June 30, 2014 to write off all capitalized costs associated with the terminated Bluegrass project.
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(e)
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See table on page six for a summary of items comprising discontinued operations for 2014.
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June 30, 2014
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||||||||
(In millions)
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Three Months
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Six Months
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CNA Financial
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Continental Assurance Company (“CAC”) operations
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$ | 5 | $ | 12 | ||||
Impairment loss on sale of CAC
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(193 | ) | ||||||
CNA Financial - Discontinued operations, net
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5 | (181 | ) | |||||
HighMount
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Operations
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(25 | ) | (26 | ) | ||||
Ceiling test impairment
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(19 | ) | ||||||
Impairment loss
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(167 | ) | (167 | ) | ||||
HighMount – Discontinued operations, net
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(192 | ) | (212 | ) | ||||
Discontinued operations, net
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$ | (187 | ) | $ | (393 | ) |
1 Year Loews Chart |
1 Month Loews Chart |
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