LOEWS CORPORATION REPORTS NET INCOME OF $139 MILLION FOR THE THIRD QUARTER OF 2020 (United States)
Loews Corporation (NYSE: L) today reported net income of $139 million, or $0.50 per share, for the three months ended September 30, 2020, compared to net income of $72 million, or $0.24 per share, in the third quarter of 2019. Net loss for the nine months ended September 30, 2020 was $1.33 billion, or $4.70 per share, compared to net income of $715 million, or $2.34 per share, for the nine months ended September 30, 2019. |
|
LOEWS CORPORATION REPORTS NET INCOME OF $139 MILLION FOR THE THIRD QUARTER OF 2020 (United States)
Loews Corporation (NYSE: L) today reported net income of $139 million, or $0.50 per share, for the three months ended September 30, 2020, compared to net income of $72 million, or $0.24 per share, in the third quarter of 2019. Net loss for the nine months ended September 30, 2020 was $1.33 billion, or $4.70 per share, compared to net income of $715 million, or $2.34 per share, for the nine months ended September 30, 2019. |
Category: North America & West Indies / Carribean islands - United States - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2020-11-04
CNA Financial Corporation drove the quarterly increase in net income. Property & casualty underwriting income before catastrophe losses and prior year development rose, as CNA posted an underlying combined ratio of 92.6%, down from 94.6% in the prior year quarter. CNA also benefited from higher net investment income, more net investment gains, and reduced net reserve charges in its Life & Group business. Offsetting these improvements were increased net catastrophe losses primarily from severe weather-related events.
Loews Hotels & Co posted a quarterly net loss due to the revenue impact of the COVID-19 pandemic, and Boardwalk Pipelines' net income also declined from last year. Additionally, last year's third quarter included a net loss from Diamond Offshore Drilling, Inc.
"CNA's underlying Property & Casualty business is performing extremely well," said James Tisch, CEO of Loews. "Rates increased 12% in the quarter and new business flow was robust, resulting in strong premium growth. The underlying combined ratios of 92.6% for the third quarter and 93.3% year-to-date are excellent. While weather-related catastrophe losses were high for CNA and the industry this quarter, CNA's underlying property & casualty franchise is stronger than it has ever been." Turning to Loews's other subsidiaries, Mr. Tisch added, "Operationally, both Boardwalk and Altium continued to perform steadily and Loews Hotels, although negatively impacted by the pandemic, is slowly coming back from its lows in May."
Book value per share decreased to $63.16 at September 30, 2020 from $65.71 at December 31, 2019, driven by the net losses reported for the first nine months of 2020. Book value per share excluding accumulated other comprehensive income (AOCI) decreased to $62.29 at September 30, 2020 from $65.94 at December 31, 2019.
|
|
