Date of report:
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May 2, 2011
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(Date of earliest event reported):
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May 2, 2011
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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 of
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(Commission
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(I.R.S. Employer
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incorporation or organization)
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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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10065-8068
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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 May 2, 2011, providing information on first quarter results of operations for 2011.
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LOEWS CORPORATION
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(Registrant)
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Dated: May 2, 2011
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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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Peter W. Keegan
Chief Financial Officer
(212) 521-2950
Darren Daugherty
Investor Relations
(212) 521-2788
Candace Leeds
Public Affairs
(212) 521-2416
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Three Months Ended March 31 | ||||||||
(In millions, except per share data)
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2011
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2010
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Net income attributable to Loews Corporation:
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Income before net investment gains
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$ | 370 | $ | 409 | ||||
Net investment gains
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12 | 11 | ||||||
Net income attributable to Loews Corporation
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$ | 382 | $ | 420 | ||||
Net income per share
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$ | 0.92 | $ | 0.99 | ||||
Book value per share at:
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March 31, 2011
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$ | 45.54 | ||||||
December 31, 2010
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$ | 44.51 |
Three Months Ended March 31,
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2011
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2010
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(In millions, except per share data)
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Revenues:
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Insurance premiums
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$ | 1,615 | $ | 1,615 | ||||
Net investment income
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661 | 617 | ||||||
Investment gains
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23 | 21 | ||||||
Contract drilling revenues
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789 | 844 | ||||||
Other
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580 | 616 | ||||||
Total
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3,668 | 3,713 | ||||||
Expenses:
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Insurance claims & policyholders’ benefits
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1,364 | 1,308 | ||||||
Contract drilling expenses
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362 | 305 | ||||||
Other
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1,181 | 1,204 | ||||||
Total
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2,907 | 2,817 | ||||||
Income before income tax
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761 | 896 | ||||||
Income tax expense
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(196 | ) | (273 | ) | ||||
Net income
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565 | 623 | ||||||
Amounts attributable to noncontrolling interests
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(183 | ) | (203 | ) | ||||
Net income attributable to Loews Corporation
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$ | 382 | $ | 420 | ||||
Diluted income per share attributable to Loews Corporation
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$ | 0.92 | $ | 0.99 | ||||
Weighted diluted number of shares
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413.83 | 423.64 |
Three Months Ended March 31,
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2011
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2010
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(In millions)
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Revenues:
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CNA Financial
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$ | 2,302 | $ | 2,281 | ||||
Diamond Offshore
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809 | 862 | ||||||
HighMount
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104 | 148 | ||||||
Boardwalk Pipeline
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311 | 301 | ||||||
Loews Hotels
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80 | 75 | ||||||
Investment income and other
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39 | 25 | ||||||
3,645 | 3,692 | |||||||
Investment gains (losses):
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CNA Financial
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22 | 34 | ||||||
Corporate and other
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1 | (13 | ) | |||||
23 | 21 | |||||||
Total
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$ | 3,668 | $ | 3,713 | ||||
Income (Loss) Before Income Tax:
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CNA Financial
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$ | 314 | $ | 326 | ||||
Diamond Offshore
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296 | 405 | ||||||
HighMount
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29 | 57 | ||||||
Boardwalk Pipeline
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82 | 88 | ||||||
Loews Hotels
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3 | (1 | ) | |||||
Investment income, net
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41 | 26 | ||||||
Other (a)
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(27 | ) | (26 | ) | ||||
738 | 875 | |||||||
Investment gains (losses):
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CNA Financial
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22 | 34 | ||||||
Corporate and other
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1 | (13 | ) | |||||
23 | 21 | |||||||
Total
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$ | 761 | $ | 896 | ||||
Net Income (Loss) Attributable to Loews Corporation:
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CNA Financial
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$ | 190 | $ | 206 | ||||
Diamond Offshore
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117 | 136 | ||||||
HighMount
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19 | 32 | ||||||
Boardwalk Pipeline (b)
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33 | 38 | ||||||
Loews Hotels
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2 | (1 | ) | |||||
Investment income, net
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27 | 17 | ||||||
Other (a)
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(18 | ) | (19 | ) | ||||
370 | 409 | |||||||
Investment gains (losses):
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CNA Financial
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12 | 19 | ||||||
Corporate and other
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(8 | ) | ||||||
12 | 11 | |||||||
Net income attributable to Loews Corporation
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$ | 382 | $ | 420 |
(a)
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Consists primarily of corporate interest expense and other unallocated expenses.
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(b)
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Represents a 65.9% and 69.1% ownership interest in Boardwalk Pipeline for the respective periods.
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