LOEWS CORPORATION EARNINGS SUPPLEMENT
May 2021
2021 Q1
Legal Disclaimers
Forward Looking Statements and Risk Factors. The information presented herein is generally available from public sources, including our and our subsidiaries' earnings releases and SEC filings. We urge you to read those documents, and we specifically direct you to the forward-looking statements, disclaimers and risk factors they contain. The primary purpose of this presentation is to help you understand how we view our Company, not to update our filings or correct any forecasts - we categorically do not give guidance. Conditions faced by our various businesses may have changed - for better or worse - since the time periods reflected in this presentation and we disclaim any obligation to update the information presented herein. Any statements made in addressing our results are not meant as an indication of the Company's performance since the time of our latest public filings and disclosures.
There are a number of important risk factors that could cause the actual results for each of the companies discussed in this presentation to differ from those expressed in forward-looking statements contained herein, including those risk factors discussed in detail in annual and quarterly reports and other filings made with the SEC by Loews Corporation and its consolidated subsidiaries: CNA Financial Corporation and Boardwalk Pipelines. Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements.
Non-GAAPFinancial Measures. Certain financial information presented herein includes non-GAAP financial measures. Management believes these measures are useful to understanding the key drivers of the Company's operating performance. These non-GAAP measures are reconciled to GAAP numbers herein (or in documents referred to herein).
Where You Can Find More Information. Annual, quarterly and other reports filed with the SEC by Loews Corporation and its consolidated subsidiaries: CNA Financial Corporation and Boardwalk Pipeline Partners, LP contain important additional information about those companies and we urge you to read this presentation together with those filings, copies of which are available, as applicable, at the corporate websites of Loews Corporation at www.loews.comand such subsidiaries at www.cna.comand www.bwpipelines.com, or at the SEC's website at www.sec.gov.
- To view the most recent SEC filings of Loews Corporation,http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-sec
- To view the most recent SEC filings of CNA Financial Corporation,https://investor-relations.cna.com/financial/latest-financials
- To view the most recent SEC filings of Boardwalk Pipeline Partners, LPhttps://www.bwpipelines.com/news-and-media/sec-filings/
2
2021 First Quarter - Key Highlights
- $3.6 billion in cash and investments at the parent company
- Net income of $261 million, or $0.97 per share
- CNA Financial Corporation drove quarterly net income with improved net investment income, net investment gains, and solid underlying property and casualty underwriting results
- Last year's first quarter included a net loss from Diamond Offshore
- Repurchased 5.6 million Loews shares at an aggregate cost of $274 million
- Dividends from subsidiaries totaled $474 million
- $17.3 billion in shareholders' equity / book value per share of $65.47 as of March 31, 2021
- On April 1, 2021 Loews sold 47% of its interest in Altium Packaging Corporation for approximately $420 million in cash1
Loews Cash & Investments | March 31, | |
($ millions) | 2021 | |
Portfolio Composition* | ||
Cash & short term investments | $ | 2,813 |
Equity securities | 586 | |
Limited partnership investments | 182 | |
Other | 25 | |
Total Cash & Investments | $ | 3,606 |
- Net of receivable and payable positions.
Loews press release:http://ir.loews.com/phoenix.zhtml?c=102789&p=irol-financials
All balance sheet data included in this presentation is as of the end of each period presented.
1. Subject to transaction expenses and customary post-closing adjustments. Loews deconsolidated Altium as of the date of the sale.
3
Financial Summary
March 31 | ||||
Three Months | ||||
(in millions, except per share data) | 2021 | 2020 | ||
Revenues1 | $ | 3,622 | $ | 3,099 |
Net income (loss)1 | 261 | (632) | ||
Net income (loss) per share | 0.97 | (2.20) | ||
Dividends paid per share | 0.0625 | 0.0625 | ||
Weighted average shares | 267.8 | 287.0 | ||
Cash & investments | ||||
$ | 3,606 | $ | 3,065 | |
(Parent company) | ||||
Total debt | 2,300 | 1,800 | ||
(Parent company) | ||||
Book value per share | 65.47 | 60.28 | ||
Book value per share excluding AOCI | 65.35 | 64.17 | ||
Balance sheet data included on this page is as of the end of each period presented.
1. Quarter ended March 31, 2020 includes financial results of Diamond Offshore.
4
Net Income (Loss) by Segment
March 31 | ||||
Three Months | ||||
($ millions) | 2021 | 2020 | ||
CNA | $ | 279 | $ | (55) |
Boardwalk | 85 | 65 | ||
Hotels | (43) | (25) | ||
Corporate1 | (60) | (165) | ||
Diamond2 | - | (452) | ||
Net income (loss) attributable to Loews | $ | 261 | $ | (632) |
- Includes investment income from the parent company's cash and investments, interest expense, other unallocated corporate expenses and the financial results of Altium Packaging. Quarter ended March 31, 2021 includes recognition of a $35 million deferred tax liability resulting from the Altium Packaging transaction.
- Diamond Offshore was deconsolidated in the second quarter of 2020.
5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Loews Corporation published this content on 03 May 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2021 10:18:05 UTC.
