Date of Report (Date of earliest event reported)
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July 30, 2012
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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 July 30, 2012, providing information on second quarter results of operations for 2012.
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LOEWS CORPORATION
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(Registrant)
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Dated: July 30, 2012
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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
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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2012
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2011
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2012
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2011
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Income before net investment gains and impairment charges
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$ | 186 | $ | 238 | $ | 562 | $ | 605 | ||||||||
Non-cash ceiling test impairment charges
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(142 | ) | (170 | ) | ||||||||||||
Net investment gains
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12 | 12 | 31 | 24 | ||||||||||||
Net income attributable to Loews Corporation
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$ | 56 | $ | 250 | $ | 423 | $ | 629 | ||||||||
Net income per share
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$ | 0.14 | $ | 0.61 | $ | 1.06 | $ | 1.53 | ||||||||
Book value per share at:
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June 30, 2012
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$ | 49.31 | ||||||||||||||
December 31, 2011
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47.33 | |||||||||||||||
June 30, 2011
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46.63 |
June 30,
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(In millions)
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Three Months
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Six Months
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2012
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2011
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2012
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2011
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Revenues:
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CNA Financial
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$ | 2,224 | $ | 2,183 | $ | 4,593 | $ | 4,485 | ||||||||
Diamond Offshore (a)
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793 | 892 | 1,589 | 1,701 | ||||||||||||
Boardwalk Pipeline
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277 | 263 | 591 | 574 | ||||||||||||
HighMount
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69 | 98 | 145 | 202 | ||||||||||||
Loews Hotels
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94 | 89 | 174 | 169 | ||||||||||||
Investment income (loss) and other
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(89 | ) | (2 | ) | (12 | ) | 37 | |||||||||
3,368 | 3,523 | 7,080 | 7,168 | |||||||||||||
Investment gains (losses):
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CNA Financial
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22 | 19 | 54 | 41 | ||||||||||||
Corporate and other
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(2 | ) | (2 | ) | 1 | |||||||||||
20 | 19 | 52 | 42 | |||||||||||||
Total
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$ | 3,388 | $ | 3,542 | $ | 7,132 | $ | 7,210 | ||||||||
Income (Loss) Before Income Tax:
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CNA Financial
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$ | 211 | $ | 160 | $ | 545 | $ | 470 | ||||||||
Diamond Offshore (a)
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246 | 343 | 498 | 639 | ||||||||||||
Boardwalk Pipeline (b)
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66 | 13 | 158 | 95 | ||||||||||||
HighMount
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Operations
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5 | 24 | 15 | 53 | ||||||||||||
Ceiling test impairment charge
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(222 | ) | (266 | ) | ||||||||||||
Loews Hotels
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11 | 11 | 18 | 14 | ||||||||||||
Investment income (loss), net
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(85 | ) | (9 | ) | 41 | |||||||||||
Other (c)
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(38 | ) | (22 | ) | (56 | ) | (49 | ) | ||||||||
194 | 529 | 903 | 1,263 | |||||||||||||
Investment gains (losses):
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CNA Financial
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22 | 19 | 54 | 41 | ||||||||||||
Corporate and other
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(2 | ) | (2 | ) | 1 | |||||||||||
20 | 19 | 52 | 42 | |||||||||||||
Total
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$ | 214 | $ | 548 | $ | 955 | $ | 1,305 | ||||||||
Net Income (Loss) Attributable to Loews Corporation:
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CNA Financial
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$ | 138 | $ | 101 | $ | 345 | $ | 288 | ||||||||
Diamond Offshore (a)
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94 | 125 | 181 | 242 | ||||||||||||
Boardwalk Pipeline (b)
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25 | 5 | 60 | 38 | ||||||||||||
HighMount
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Operations
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3 | 15 | 9 | 34 | ||||||||||||
Ceiling test impairment charge
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(142 | ) | (170 | ) | ||||||||||||
Loews Hotels
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6 | 6 | 10 | 8 | ||||||||||||
Investment income (loss), net
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(56 | ) | 1 | (6 | ) | 28 | ||||||||||
Other (c)
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(24 | ) | (15 | ) | (37 | ) | (33 | ) | ||||||||
44 | 238 | 392 | 605 | |||||||||||||
Investment gains (losses):
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CNA Financial
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13 | 12 | 32 | 24 | ||||||||||||
Corporate and other
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(1 | ) | (1 | ) | ||||||||||||
12 | 12 | 31 | 24 | |||||||||||||
Net income attributable to Loews Corporation
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$ | 56 | $ | 250 | $ | 423 | $ | 629 |
(a)
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Includes a $51 million gain ($23 million after tax and noncontrolling interests) and $76 million gain ($32 million after tax and noncontrolling interests) for the three and six months ended June 30, 2012 related to the sale of jack up rigs.
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(b)
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Includes an impairment charge of $28 million ($11 million after tax and noncontrolling interests) for the three and six months ended June 30, 2011 related to the carrying value of certain steel pipe materials.
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(c)
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Consists primarily of corporate interest expense and other unallocated expenses.
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June 30,
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(In millions, except per share data)
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Three Months
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Six Months
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2012
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2011
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2012
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2011
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Revenues:
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Insurance premiums
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$ | 1,668 | $ | 1,595 | $ | 3,317 | $ | 3,210 | ||||||||
Net investment income
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386 | 519 | 1,112 | 1,180 | ||||||||||||
Investment gains
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20 | 19 | 52 | 42 | ||||||||||||
Contract drilling revenues
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726 | 870 | 1,481 | 1,659 | ||||||||||||
Other
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588 | 539 | 1,170 | 1,119 | ||||||||||||
Total
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3,388 | 3,542 | 7,132 | 7,210 | ||||||||||||
Expenses:
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Insurance claims & policyholders’ benefits
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1,348 | 1,367 | 2,729 | 2,731 | ||||||||||||
Contract drilling expenses
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405 | 388 | 802 | 750 | ||||||||||||
Other (a)
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1,421 | 1,239 | 2,646 | 2,424 | ||||||||||||
Total
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3,174 | 2,994 | 6,177 | 5,905 | ||||||||||||
Income before income tax
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214 | 548 | 955 | 1,305 | ||||||||||||
Income tax expense
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(16 | ) | (144 | ) | (238 | ) | (339 | ) | ||||||||
Net income
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198 | 404 | 717 | 966 | ||||||||||||
Amounts attributable to noncontrolling interests
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(142 | ) | (154 | ) | (294 | ) | (337 | ) | ||||||||
Net income attributable to Loews Corporation
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$ | 56 | $ | 250 | $ | 423 | $ | 629 | ||||||||
Diluted income per share attributable to Loews Corporation
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$ | 0.14 | $ | 0.61 | $ | 1.06 | $ | 1.53 | ||||||||
Weighted diluted number of shares
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397.13 | 408.74 | 397.30 | 411.27 |
(a)
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Includes non-cash impairment charges of $222 million ($142 million after tax) and $266 million ($170 million after tax) for the three and six months ended June 30, 2012 related to the carrying value of HighMount's natural gas and oil properties.
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