Date of report:
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August 1, 2011
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(Date of earliest event reported):
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August 1, 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 August 1, 2011, providing information on second quarter results of operations for 2011.
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LOEWS CORPORATION
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(Registrant)
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Dated: August 1, 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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June 30, | ||||
Three Months
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Six Months
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(In millions, except per share data)
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2011
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2010
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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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$ | 240 | $ | 365 | $ | 610 | $ | 774 | ||||||||
Net investment gains
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12 | 1 | 24 | 12 | ||||||||||||
Net income attributable to Loews Corporation
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$ | 252 | $ | 366 | $ | 634 | $ | 786 | ||||||||
Net income per share
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$ | 0.62 | $ | 0.87 | $ | 1.54 | $ | 1.87 | ||||||||
Book value per share at:
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June 30, 2011
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$ | 46.81 | ||||||||||||||
December 31, 2010
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$ | 44.51 |
June 30,
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Three Months
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Six Months
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2011
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2010
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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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$ | 1,595 | $ | 1,608 | $ | 3,210 | $ | 3,223 | ||||||||
Net investment income
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519 | 526 | 1,180 | 1,143 | ||||||||||||
Investment gains
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19 | 11 | 42 | 32 | ||||||||||||
Contract drilling revenues
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870 | 812 | 1,659 | 1,656 | ||||||||||||
Other
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539 | 529 | 1,119 | 1,145 | ||||||||||||
Total
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3,542 | 3,486 | 7,210 | 7,199 | ||||||||||||
Expenses:
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Insurance claims & policyholders’ benefits
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1,367 | 1,147 | 2,731 | 2,455 | ||||||||||||
Contract drilling expenses
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388 | 352 | 750 | 658 | ||||||||||||
Other
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1,236 | 1,184 | 2,417 | 2,387 | ||||||||||||
Total
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2,991 | 2,683 | 5,898 | 5,500 | ||||||||||||
Income before income tax
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551 | 803 | 1,312 | 1,699 | ||||||||||||
Income tax expense
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(144 | ) | (262 | ) | (340 | ) | (535 | ) | ||||||||
Net income
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407 | 541 | 972 | 1,164 | ||||||||||||
Amounts attributable to noncontrolling interests
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(155 | ) | (175 | ) | (338 | ) | (378 | ) | ||||||||
Net income attributable to Loews Corporation
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$ | 252 | $ | 366 | $ | 634 | $ | 786 | ||||||||
Diluted income per share attributable to Loews Corporation
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$ | 0.62 | $ | 0.87 | $ | 1.54 | $ | 1.87 | ||||||||
Weighted diluted number of shares
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408.74 | 419.38 | 411.27 | 421.48 |
June 30,
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Three Months
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Six Months
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2011
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2010
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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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$ | 2,183 | $ | 2,204 | $ | 4,485 | $ | 4,485 | ||||||||
Diamond Offshore
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892 | 823 | 1,701 | 1,685 | ||||||||||||
HighMount
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98 | 105 | 202 | 253 | ||||||||||||
Boardwalk Pipeline
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263 | 256 | 574 | 557 | ||||||||||||
Loews Hotels
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89 | 81 | 169 | 156 | ||||||||||||
Investment income and other
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(2 | ) | 6 | 37 | 31 | |||||||||||
3,523 | 3,475 | 7,168 | 7,167 | |||||||||||||
Investment gains (losses):
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CNA Financial
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19 | 29 | 41 | 63 | ||||||||||||
Corporate and other
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(18 | ) | 1 | (31 | ) | |||||||||||
19 | 11 | 42 | 32 | |||||||||||||
Total
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$ | 3,542 | $ | 3,486 | $ | 7,210 | $ | 7,199 | ||||||||
Income (Loss) Before Income Tax:
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CNA Financial
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$ | 163 | $ | 420 | $ | 477 | $ | 746 | ||||||||
Diamond Offshore
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343 | 320 | 639 | 725 | ||||||||||||
HighMount
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24 | 18 | 53 | 75 | ||||||||||||
Boardwalk Pipeline (a)
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13 | 53 | 95 | 141 | ||||||||||||
Loews Hotels
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11 | 6 | 14 | 5 | ||||||||||||
Investment income, net
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4 | 41 | 30 | |||||||||||||
Other (b)
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(22 | ) | (29 | ) | (49 | ) | (55 | ) | ||||||||
532 | 792 | 1,270 | 1,667 | |||||||||||||
Investment gains (losses):
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CNA Financial
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19 | 29 | 41 | 63 | ||||||||||||
Corporate and other
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(18 | ) | 1 | (31 | ) | |||||||||||
19 | 11 | 42 | 32 | |||||||||||||
Total
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$ | 551 | $ | 803 | $ | 1,312 | $ | 1,699 | ||||||||
Net Income (Loss) Attributable to Loews Corporation:
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CNA Financial
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$ | 103 | $ | 247 | $ | 293 | $ | 453 | ||||||||
Diamond Offshore
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125 | 104 | 242 | 240 | ||||||||||||
HighMount
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15 | 5 | 34 | 37 | ||||||||||||
Boardwalk Pipeline (a) (c)
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5 | 21 | 38 | 59 | ||||||||||||
Loews Hotels
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6 | 4 | 8 | 3 | ||||||||||||
Investment income, net
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1 | 3 | 28 | 20 | ||||||||||||
Other (b)
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(15 | ) | (19 | ) | (33 | ) | (38 | ) | ||||||||
240 | 365 | 610 | 774 | |||||||||||||
Investment gains (losses):
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CNA Financial
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12 | 12 | 24 | 31 | ||||||||||||
Corporate and other
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(11 | ) | (19 | ) | ||||||||||||
12 | 1 | 24 | 12 | |||||||||||||
Net income attributable to Loews Corporation
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$ | 252 | $ | 366 | $ | 634 | $ | 786 |
(a)
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Includes an impairment charge of $28 million ($11 million after tax and noncontrolling interests) for the three and six months ended June 30, 2011 related to the carrying value of certain steel pipe materials.
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(b)
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Consists primarily of corporate interest expense and other unallocated expenses.
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(c)
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Represents a 65.1%, 65.9%, 65.5% and 67.5% ownership interest in Boardwalk Pipeline for the respective periods.
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