We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 | |
---|---|---|---|---|---|---|---|---|
-0.73 | -0.98% | 74.02 | 75.02 | 73.96 | 74.82 | 656,809 | 01:00:00 |
Date of Report (Date of earliest event reported)
|
|
November 2, 2015
|
LOEWS CORPORATION
|
|
Delaware
|
|
1-6541
|
|
13-2646102
|
|
(State or other jurisdiction
|
|
(Commission
|
|
(I.R.S. Employer
|
||
of incorporation)
|
|
File Number)
|
|
Identification No.)
|
667 Madison Avenue, New York, N.Y.
|
10065-8087
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code:
|
(212) 521-2000
|
NOT APPLICABLE
|
(Former name or former address, if changed since last report.)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to rule 13e-4 (c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Item 2.02
|
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
(a)
|
Not applicable.
|
(b)
|
Not applicable.
|
(c)
|
Exhibit:
|
Exhibit Reference
|
|||||||
Number
|
Exhibit Description
|
||||||
99.1
|
Loews Corporation press release, issued November 2, 2015, providing information on its results of operations for the third quarter of 2015.
|
|
LOEWS CORPORATION
|
|
|
(Registrant)
|
|
|
||
|
||
|
||
Dated: November 2, 2015
|
By:
|
/s/ Gary W. Garson
|
|
Gary W. Garson
|
|
|
Senior Vice President
|
|
General Counsel
|
||
and Secretary
|
Contact:
|
Mary Skafidas
Investor and Public Relations
(212) 521-2788
|
September 30,
|
||||||||||||||||
Three Months
|
Nine Months
|
|||||||||||||||
(In millions, except per share data)
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
Income before net investment gains (losses)
|
$ | 211 | $ | 155 | $ | 479 | $ | 708 | ||||||||
Net investment gains (losses)
|
(29 | ) | 24 | (18 | ) | 39 | ||||||||||
Income from continuing operations
|
182 | 179 | 461 | 747 | ||||||||||||
Discontinued operations, net
|
- | 29 | - | (364 | ) | |||||||||||
Net income attributable to Loews Corporation
|
$ | 182 | $ | 208 | $ | 461 | $ | 383 | ||||||||
Net income per share:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.50 | $ | 0.47 | $ | 1.25 | $ | 1.94 | ||||||||
Discontinued operations, net
|
- | 0.08 | - | (0.94 | ) | |||||||||||
Net income per share
|
$ | 0.50 | $ | 0.55 | $ | 1.25 | $ | 1.00 |
September 30,
|
Year Ended
|
|||||||||||
2015
|
2014
|
December 31, 2014
|
||||||||||
Book value per share
|
$ | 52.52 | $ | 52.01 | $ | 51.70 | ||||||
Book value per share excluding AOCI
|
52.59 | 50.32 | 50.95 |
September 30,
|
||||||||||||||||
(In millions)
|
Three Months
|
Nine Months
|
||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues:
|
||||||||||||||||
CNA Financial
|
$ | 2,203 | $ | 2,374 | $ | 6,874 | $ | 7,249 | ||||||||
Diamond Offshore
|
608 | 737 | 1,867 | 2,148 | ||||||||||||
Boardwalk Pipeline
|
296 | 279 | 925 | 931 | ||||||||||||
Loews Hotels
|
146 | 126 | 452 | 343 | ||||||||||||
Investment income (loss) and other
|
(34 | ) | (30 | ) | 6 | 68 | ||||||||||
3,219 | 3,486 | 10,124 | 10,739 | |||||||||||||
Investment gains (losses) – CNA Financial
|
(50 | ) | 37 | (42 | ) | 65 | ||||||||||
Total
|
$ | 3,169 | $ | 3,523 | $ | 10,082 | $ | 10,804 | ||||||||
Income (Loss) Before Income Tax:
|
||||||||||||||||
CNA Financial (a)
|
$ | 284 | $ | 258 | $ | 755 | $ | 896 | ||||||||
Diamond Offshore (b)
|
139 | 82 | (42 | ) | 362 | |||||||||||
Boardwalk Pipeline (c)
|
48 | 28 | 163 | 105 | ||||||||||||
Loews Hotels
|
1 | - | 25 | 14 | ||||||||||||
Investment income (loss), net
|
(35 | ) | (29 | ) | 4 | 68 | ||||||||||
Other (d)
|
(39 | ) | (37 | ) | (115 | ) | (111 | ) | ||||||||
398 | 302 | 790 | 1,334 | |||||||||||||
Investment gains (losses) – CNA Financial
|
(50 | ) | 37 | (42 | ) | 65 | ||||||||||
Total
|
$ | 348 | $ | 339 | $ | 748 | $ | 1,399 | ||||||||
Net Income (Loss) Attributable to Loews Corporation:
|
||||||||||||||||
CNA Financial (a)
|
$ | 190 | $ | 164 | $ | 513 | $ | 584 | ||||||||
Diamond Offshore (b)
|
47 | 25 | (34 | ) | 136 | |||||||||||
Boardwalk Pipeline (c)
|
18 | 8 | 55 | 7 | ||||||||||||
Loews Hotels
|
2 | - | 15 | 8 | ||||||||||||
Investment income (loss), net
|
(22 | ) | (18 | ) | 4 | 46 | ||||||||||
Other (d)
|
(24 | ) | (24 | ) | (74 | ) | (73 | ) | ||||||||
211 | 155 | 479 | 708 | |||||||||||||
Investment gains (losses) – CNA Financial
|
(29 | ) | 24 | (18 | ) | 39 | ||||||||||
Income from continuing operations
|
182 | 179 | 461 | 747 | ||||||||||||
Discontinued operations, net (e)
|
- | 29 | - | (364 | ) | |||||||||||
Net income attributable to Loews Corporation
|
$ | 182 | $ | 208 | $ | 461 | $ | 383 |
(a)
|
Includes a charge of $84 million ($49 million after tax and noncontrolling interests) for the nine months ended September 30, 2015 related to retroactive reinsurance accounting for the Loss Portfolio Transfer. Includes a loss of $31 million (after noncontrolling interests) related to a coinsurance agreement entered into on a separate small block of annuity business outside of Continental Assurance Company for the three and nine months ended September 30, 2014 and 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 nine months ended September 30, 2014.
|
(b)
|
Includes an asset impairment charge of $361 million ($159 million after tax and noncontrolling interests) for the nine months ended September 30, 2015 related to the carrying value of eight drilling rigs and an asset impairment charge of $109 million ($55 million after tax and noncontrolling interests) for the three and nine months ended September 30, 2014 related to the carrying value of six drilling rigs.
|
(c)
|
Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the nine months ended September 30, 2014 to write off all capitalized costs associated with the terminated Bluegrass project.
|
(d)
|
Consists primarily of corporate interest expense and other unallocated expenses.
|
(e)
|
See table on page six for a summary of items comprising discontinued operations for 2014.
|
September 30,
|
||||||||||||||||
(In millions, except per share data)
|
Three Months
|
Nine Months
|
||||||||||||||
2015
|
2014
|
2015
|
2014
|
|||||||||||||
Revenues:
|
||||||||||||||||
Insurance premiums
|
$ | 1,751 | $ | 1,810 | $ | 5,173 | $ | 5,427 | ||||||||
Net investment income
|
321 | 451 | 1,419 | 1,625 | ||||||||||||
Investment gains (losses)
|
(50 | ) | 37 | (42 | ) | 65 | ||||||||||
Contract drilling revenues
|
599 | 728 | 1,816 | 2,063 | ||||||||||||
Other
|
548 | 497 | 1,716 | 1,624 | ||||||||||||
Total
|
3,169 | 3,523 | 10,082 | 10,804 | ||||||||||||
Expenses:
|
||||||||||||||||
Insurance claims and policyholders’ benefits (a)
|
1,200 | 1,354 | 4,008 | 4,241 | ||||||||||||
Contract drilling expenses
|
276 | 400 | 971 | 1,165 | ||||||||||||
Other (b) (c) (d)
|
1,345 | 1,430 | 4,355 | 3,999 | ||||||||||||
Total
|
2,821 | 3,184 | 9,334 | 9,405 | ||||||||||||
Income before income tax
|
348 | 339 | 748 | 1,399 | ||||||||||||
Income tax expense
|
(66 | ) | (99 | ) | (170 | ) | (347 | ) | ||||||||
Income from continuing operations
|
282 | 240 | 578 | 1,052 | ||||||||||||
Discontinued operations, net of income tax
|
- | 29 | - | (384 | ) | |||||||||||
Net income
|
282 | 269 | 578 | 668 | ||||||||||||
Amounts attributable to noncontrolling interests
|
(100 | ) | (61 | ) | (117 | ) | (285 | ) | ||||||||
Net income attributable to Loews Corporation
|
$ | 182 | $ | 208 | $ | 461 | $ | 383 | ||||||||
Net income attributable to Loews Corporation
|
||||||||||||||||
Income from continuing operations
|
$ | 182 | $ | 179 | $ | 461 | $ | 747 | ||||||||
Discontinued operations, net (e)
|
- | 29 | - | (364 | ) | |||||||||||
Net income
|
$ | 182 | $ | 208 | $ | 461 | $ | 383 | ||||||||
Diluted income per share:
|
||||||||||||||||
Income from continuing operations
|
$ | 0.50 | $ | 0.47 | $ | 1.25 | $ | 1.94 | ||||||||
Discontinued operations, net
|
- | 0.08 | - | (0.94 | ) | |||||||||||
Diluted income per share attributable to Loews Corporation
|
$ | 0.50 | $ | 0.55 | $ | 1.25 | $ | 1.00 | ||||||||
Weighted diluted number of shares
|
361.10 | 381.19 | 368.03 | 385.19 |
(a)
|
Includes a charge of $84 million ($49 million after tax and noncontrolling interests) for the nine months ended September 30, 2015 related to retroactive reinsurance accounting for the Loss Portfolio Transfer.
|
(b)
|
Includes a loss of $31 million (after noncontrolling interests) related to a coinsurance agreement entered into on a separate small block of annuity business outside of Continental Assurance Company for the three and nine months ended September 30, 2014 and 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 nine months ended September 30, 2014.
|
(c)
|
Includes an asset impairment charge of $361 million ($159 million after tax and noncontrolling interests) for the nine months ended September 30, 2015 related to the carrying value of eight drilling rigs and an asset impairment charge of $109 million ($55 million after tax and noncontrolling interests) for the three and nine months ended September 30, 2014 related to the carrying value of six drilling rigs.
|
(d)
|
Includes a loss of $94 million ($55 million after tax and noncontrolling interests) for the nine months ended September 30, 2014 to write off all capitalized costs associated with the terminated Bluegrass project.
|
(e)
|
See table on page six for a summary of items comprising discontinued operations for 2014.
|
September 30, 2014
|
||||||||
(In millions)
|
Three Months
|
Nine Months
|
||||||
CNA Financial
|
||||||||
Continental Assurance Company (“CAC”) operations
|
$ | - | $ | 12 | ||||
Impairment loss on sale of CAC
|
4 | (189 | ) | |||||
CNA Financial - Discontinued operations, net
|
4 | (177 | ) | |||||
HighMount
|
||||||||
Operations
|
(5 | ) | (31 | ) | ||||
Ceiling test impairment
|
- | (19 | ) | |||||
Impairment loss on sale
|
30 | (137 | ) | |||||
HighMount – Discontinued operations, net
|
25 | (187 | ) | |||||
Discontinued operations, net
|
$ | 29 | $ | (364 | ) |
1 Year Loews Chart |
1 Month Loews Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions