新澳门六合彩开奖记录

LOEWS CORPORATION REPORTS NET INCOME OF $1.16 BILLION FOR 2017

NEW YORK, Feb. 12, 2018 /PRNewswire/ --听新澳门六合彩开奖记录 (NYSE: L) today reported net income for the year ended December 31, 2017 of $1.16 billion, or $3.45 per share, compared to $654 million, or $1.93 per share, in the prior year. Net income for the three months ended December 31, 2017 was $481 million, or $1.43 per share, compared to $290 million, or $0.86 per share, in the prior year period.

Net income for the three months and year ended December 31, 2017 includes a significant net benefit of $200 million, or $0.59 per share, resulting from the enactment on December 22, 2017 of the Tax Cuts and Jobs Act of 2017 (the "Tax Act") (a). The net benefit primarily relates to the remeasurement of 新澳门六合彩开奖记录's net deferred tax liability precipitated by the lowering of the U.S. federal corporate tax rate. Page seven of this release shows the impact of the remeasurement by segment.

Excluding the impact of the Tax Act, net income for the three months and year ended December 31, 2017 would have been $281 million and $964 million, or $0.83 and $2.86 per share.

Book value per share increased to $57.83 at December 31, 2017 from $53.96 at December 31, 2016. Book value per share excluding accumulated other comprehensive income ("AOCI") increased to $57.91 at December 31, 2017 from $54.62 at December 31, 2016.

______

(a)

Represents the estimated impact of the Tax Act; the estimate may be refined in future periods as further information becomes available.

CONSOLIDATED HIGHLIGHTS听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听听


December 31,


Three Months

Years Ended

(In millions, except per share data)

2017

2016

2017

2016

Net income before impact of the Tax Act

$ 听281

$ 听290

$ 听 听964

$ 听654

Net benefit related to the Tax Act

200


200


Net income attributable to 新澳门六合彩开奖记录

$ 听481

$ 听290

$ 1,164

$ 听654

Net income per share

$ 1.43

$ 0.86

$ 听 3.45

$ 1.93





December 31, 2017

December 31, 2016

听 Book value per share

$ 听57.83

$ 听 53.96

听 Book value per share excluding AOCI

57.91

54.62

Three Months Ended December 31, 2017 Compared to 2016

Net income for the three months ended December 31, 2017 increased as compared to the prior year period mainly due to the impact of the Tax Act. Absent this net tax benefit, net income decreased $9 million as higher earnings at CNA Financial Corporation and 新澳门六合彩开奖记录 Hotels & Co were offset by lower results at Diamond Offshore Drilling, Inc.

CNA's earnings were affected by a $78 million net charge related to the Tax Act. Absent this charge, earnings increased due to higher favorable net prior year development and improved current accident year underwriting results from its property and casualty operations, partially offset by lower net investment income.

Diamond Offshore's earnings were affected by a $36 million net charge related to the Tax Act. Absent this charge, earnings decreased due to lower contract drilling revenue, higher contract drilling expense, an impairment charge related to the carrying value of a drilling rig and restructuring and separation costs.

Boardwalk Pipeline's earnings were affected by a $294 million net benefit related to the Tax Act. Absent this benefit, earnings were consistent with the prior year as higher revenues from growth projects recently placed into service were offset by a decrease in storage and parking and lending revenues and a decrease in revenues associated with the sale of the Flag City processing plant and the restructuring of a firm transportation customer contract. Earnings were helped by lower interest expense.

新澳门六合彩开奖记录 Hotels' earnings were affected by a $27 million net benefit related to the Tax Act. Absent this benefit, earnings increased due to improved performance at several large properties, including the 新澳门六合彩开奖记录 Miami Beach Hotel which had been under renovation in the prior year quarter, and higher equity income from the Universal Orlando joint venture properties.

Income generated by the parent company investment portfolio was consistent with the prior year and reflects lower performance from limited partnership investments, offset by improved results from gold-related securities.

Corporate and other results were affected by a $7 million net charge related to the Tax Act. Absent this charge, operating expenses decreased mainly due to the timing of compensation accruals.

Years Ended December 31, 2017 Compared to 2016

Net income for the year ended December 31, 2017 increased as compared to the prior year partially due to the net benefit from the Tax Act as discussed above. Absent the benefit, net income increased $310 million primarily from higher earnings at CNA, 新澳门六合彩开奖记录 Hotels and Diamond Offshore.

The following discussion excludes the impact on each segment of the Tax Act, which is included in the quarterly discussion.

CNA's earnings increased due to improved non-catastrophe current accident year underwriting results from its property and casualty operations, higher net investment income driven by improved limited partnership results, higher realized investment gains and lower adverse reserve development from CNA's 2010 asbestos and environmental pollution loss portfolio transfer. These increases were partially offset by higher net catastrophe losses and a charge related to the early redemption of debt in the third quarter of 2017.

Diamond Offshore's results improved due to a $235 million decrease in asset impairment charges and lower depreciation expense resulting mainly from the asset impairment charges taken in 2016 and in the first half of 2017 that reduced the depreciable asset base. These increases were partially offset by lower contract drilling revenue, higher contract drilling expense, higher interest expense and a charge related to the early redemption of debt in the third quarter of 2017.

Boardwalk Pipeline's earnings decreased slightly due to the loss on sale of the Flag City processing plant in the second quarter of 2017, lower storage and parking and lending revenues and a decrease in revenues related to听the restructuring of听a firm transportation customer contract, mostly offset by revenues from growth projects recently placed into service. Boardwalk also benefited from lower interest expense due to higher capitalized interest related to growth projects.

新澳门六合彩开奖记录 Hotels' earnings increased primarily due to higher joint venture equity income, which included a net benefit of $14 million (after tax) primarily related to an asset sale in the first quarter of 2017. Improved performance at several large properties, including the completion of renovations at the 新澳门六合彩开奖记录 Miami Beach Hotel in early 2017, also drove the increase.

Income generated by the parent company investment portfolio was consistent with the prior year.

Corporate and other results decreased due to higher operating expenses from costs related to the acquisition of Consolidated Container in May 2017.

SHARE REPURCHASES

At December 31, 2017, there were 332.1 million shares of 新澳门六合彩开奖记录 common stock outstanding. For the three months and year ended December 31, 2017, the Company repurchased 4.6 million and 4.8 million shares of its common stock at an aggregate cost of $231 million and $237 million. From January 1, 2018 to February 9, 2018, the Company repurchased an additional 4.3 million shares of its common stock at an aggregate cost of $218 million. Depending on market conditions, the Company may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market or otherwise.

CONFERENCE CALLS

A conference call to discuss the fourth quarter results of 新澳门六合彩开奖记录 has been scheduled for today at 11:00 a.m. EST. A live webcast will be available at . Those interested in participating in the question and answer session should dial (877) 692-2592, or for international callers, (973) 582-2757. The conference ID number is 2381305. An online replay will also be available on the 新澳门六合彩开奖记录's website following the call.

A conference call to discuss the fourth quarter results of CNA has been scheduled for today at 10:00 a.m. EST. A live webcast will be available at . Those interested in participating in the question and answer session should dial (888) 572-7025, or for international callers, (719) 325-2420.

A conference call to discuss the fourth quarter results of Boardwalk Pipeline has been scheduled for today at 9:30 a.m. EST. A live webcast will be available at . Those interested in participating in the question and answer session should dial (855) 793-3255 or for international callers, (631) 485-4925. The conference ID number is 7483909.

A conference call to discuss the fourth quarter results of Diamond Offshore has been scheduled for today at 8:30 a.m. EST. A live webcast will be available at . Those interested in participating in the question and answer session should dial (844) 492-6043, or for international callers, (478) 219-0839. The conference ID number is 7894978.

新澳门六合彩开奖记录 LOEWS CORPORATION

新澳门六合彩开奖记录 is a diversified company with three publicly-traded subsidiaries 鈥 CNA Financial Corporation (NYSE: CNA), Diamond Offshore Drilling, Inc. (NYSE: DO) and Boardwalk Pipeline Partners, LP (NYSE: BWP) 鈥 and two non-public operating subsidiaries 鈥 新澳门六合彩开奖记录 Hotels & Co and Consolidated Container Company LLC. For more information, please visit .

FORWARD-LOOKING STATEMENTS

Statements contained in this press release which are not historical facts are "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently uncertain and subject to a variety of risks that could cause actual results to differ materially from those expected by management of the Company. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission and readers of this release are urged to review those reports carefully when considering these forward-looking statements. Copies of these reports are available through the Company's website (). Given these risk factors, investors and analysts should not place undue reliance on forward-looking statements. Any such forward-looking statements speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.







新澳门六合彩开奖记录 and Subsidiaries





Selected Financial Information听



















December 31,



Three Months听

Years Ended

(In millions)

2017

2016

2017

2016

Revenues:





CNA Financial (a)

$ 听 听 听 2,447

$ 听 听 听 2,400

$ 听 听 听 9,583

$ 听 听 听 9,384

Diamond Offshore听

356

390

1,500

1,589

Boardwalk Pipeline

338

355

1,325

1,316

新澳门六合彩开奖记录 Hotels

172

154

682

667

Investment income and other (b)

242

39

645

149

Total

$ 听 听 听 3,555

$ 听 听 听 3,338

$ 听 听 13,735

$ 听 听 13,105







Income (Loss) Before Income Tax:





CNA Financial (a) (c) (d) (e)

$ 听 听 听 听 听409

$ 听 听 听 听 听317

$ 听 听 听 1,314

$ 听 听 听 1,141

Diamond Offshore (e) (f)听

(35)

79

(22)

(471)

Boardwalk Pipeline (g)

83

88

293

298

新澳门六合彩开奖记录 Hotels听

18

5

65

22

Investment income, net

37

38

146

146

Corporate and other (b)

(51)

(66)

(214)

(200)

Total

$ 听 听 听 听 听461

$ 听 听 听 听 听461

$ 听 听 听 1,582

$ 听 听 听 听 听936







Net Income (Loss) Attributable to 新澳门六合彩开奖记录:





CNA Financial (a) (c) (d) (e)

$ 听 听 听 听 听193

$ 听 听 听 听 听217

$ 听 听 听 听 听801

$ 听 听 听 听 听774

Diamond Offshore (e) (f)听

(52)

58

(27)

(186)

Boardwalk Pipeline (g)

320

27

380

89

新澳门六合彩开奖记录 Hotels听

40

5

64

12

Investment income, net

25

25

97

97

Corporate and other (b)

(45)

(42)

(151)

(132)

Net income attributable to 新澳门六合彩开奖记录

$ 听 听 听 听 听481

$ 听 听 听 听 听290

$ 听 听 听 1,164

$ 听 听 听 听 听654









(a)

Includes realized investment gains of $29 million ($18 million after tax and noncontrolling interests) and $32 million ($23 million after tax and noncontrolling interests) for the three months ended December 31, 2017 and 2016 and realized investment gains of $122 million ($74 million after tax and noncontrolling interests) and $62 million ($39 million after tax and noncontrolling interests) for the years ended December 31, 2017 and 2016.

(b)

Includes the financial results of Consolidated Container Company since its acquisition on May 22, 2017, corporate interest expense and other unallocated corporate expenses.


(c)

Includes gains of $8 million ($5 million after tax and noncontrolling interests) and $13 million ($8 million after tax and noncontrolling interests) for the three months ended December 31, 2017 and 2016 and gains of $8 million ($5 million after tax and noncontrolling interests) and a loss of $93 million ($54 million after tax and noncontrolling interests) for the years ended December 31, 2017 and 2016 related to the 2010 retroactive reinsurance agreement to cede CNA's legacy asbestos and environmental pollution liabilities.

(d)

Includes net catastrophe losses of $380 million ($231 million after tax and noncontrolling interests) and $165 million ($100 million after tax and noncontrolling interests) for the years ended December 31, 2017 and 2016.

(e)

Includes a loss on the early redemption of debt of $42 million ($24 million after tax and noncontrolling interests) at CNA and $35 million ($11 million after tax and noncontrolling interests) at Diamond Offshore for the year ended December 31, 2017.

(f)

Includes asset impairment charges of $28 million ($9 million after tax and noncontrolling interests) for the three months ended December 31, 2017 and $100 million ($32 million after tax and noncontrolling interests) and $680 million ($267 million after tax and noncontrolling interests) for the years ended December 31, 2017 and 2016 related to the carrying value of Diamond Offshore始s drilling rigs.

(g)

Includes a loss of $47 million ($15 million after tax and noncontrolling interests) related to the sale of a processing facility for the year ended December 31, 2017.







新澳门六合彩开奖记录 and Subsidiaries

Consolidated Financial Review















December 31,



Three Months

Years Ended

(In millions, except per share data)

2017

2016

2017

2016

Revenues:





Insurance premiums

$ 听 听 听 1,803

$ 听 听 听 1,728

$ 听 听 听 6,988

$ 听 听 听 6,924

Net investment income

543

565

2,182

2,135

Investment gains听

29

32

122

50

Contract drilling revenues

338

384

1,451

1,525

Other revenues (a)

842

629

2,992

2,471

Total

3,555

3,338

13,735

13,105







Expenses:





Insurance claims and policyholders' benefits (b) (c)

1,257

1,334

5,310

5,283

Contract drilling expenses

204

174

802

772

Other operating expenses (a) (d) (e) (f)听

1,633

1,369

6,041

6,114

Total

3,094

2,877

12,153

12,169







Income before income tax听

461

461

1,582

936

Income tax (expense) benefit (g)

70

(49)

(170)

(220)

Net income听

531

412

1,412

716

Amounts attributable to noncontrolling interests

(50)

(122)

(248)

(62)

Net income attributable to 新澳门六合彩开奖记录

$ 听 听 听 听 听481

$ 听 听 听 听 听290

$ 听 听 听 1,164

$ 听 听 听 听 听654







Net income per share attributable to 新澳门六合彩开奖记录

$ 听 听 听 听 1.43

$ 听 听 听 听 0.86

$ 听 听 听 听 3.45

$ 听 听 听 听 1.93







Weighted average number of shares

336.80

337.50

337.50

338.31








(a)

Includes the financial results of Consolidated Container Company since its acquisition on May 22, 2017.

(b)

Includes gains of $8 million ($5 million after tax and noncontrolling interests) and $13 million ($8 million after tax and noncontrolling interests) for the three months ended December 31, 2017 and 2016 and gains of $8 million ($5 million after tax and noncontrolling interests) and a loss of $93 million ($54 million after tax and noncontrolling interests) for the years ended December 31, 2017 and 2016 related to the 2010 retroactive reinsurance agreement to cede CNA's legacy asbestos and environmental pollution liabilities.

(c)

Includes net catastrophe losses of $380 million ($231 million after tax and noncontrolling interests) and $165 million ($100 million after tax and noncontrolling interests) for the years ended December 31, 2017 and 2016.

(d)

Includes asset impairment charges of $28 million ($9 million after tax and noncontrolling interests) for the three months ended December 31, 2017 and $100 million ($32 million after tax and noncontrolling interests) and $680 million ($267 million after tax and noncontrolling interests) for the years ended December 31, 2017 and 2016 related to the carrying value of Diamond Offshore始s drilling rigs.听听听

(e)

Includes a loss of $47 million ($15 million after tax and noncontrolling interests) related to the sale of a processing facility for the year ended December 31, 2017.

(f)

Includes an aggregate loss on the early redemption of debt of $77 million ($35 million after tax and noncontrolling interests) at CNA and Diamond Offshore for the year听ended December 31, 2017.

(g)

Includes a one-time, non-cash benefit of $200 million for the three months and year ended December 31, 2017 as a result of the enactment of the Tax Act on December 22, 2017.








新澳门六合彩开奖记录 and Subsidiaries





Tax Act Impact on Net Income



















December 31,



Three Months听

Years Ended

(In millions)

2017

2016

2017

2016

Net Income (Loss) Attributable to 新澳门六合彩开奖记录:





CNA Financial听

$ 听 听 听 听 听193

$ 听 听 听 听 听217

$ 听 听 听 听 听801

$ 听 听 听 听 听774

Diamond Offshore听

(52)

58

(27)

(186)

Boardwalk Pipeline

320

27

380

89

新澳门六合彩开奖记录 Hotels

40

5

64

12

Investment income, net

25

25

97

97

Corporate and other听

(45)

(42)

(151)

(132)

Total

$ 听 听 听 听 听481

$ 听 听 听 听 听290

$ 听 听 听 1,164

$ 听 听 听 听 听654







Tax Act (Charge) Benefit:





CNA Financial (a)听

$ 听 听 听 听 听(78)

$ 听 听 听 听 听 听-

$ 听 听 听 听 听(78)

$ 听 听 听 听 听 听-

Diamond Offshore (b)

(36)

-

(36)

-

Boardwalk Pipeline (c)

294

-

294

-

新澳门六合彩开奖记录 Hotels (a)

27

-

27

-

Investment income, net

-

-

-

-

Corporate and other (a)

(7)

-

(7)

-

Total

$ 听 听 听 听 听200

$ 听 听 听 听 听 听-

$ 听 听 听 听 听200

$ 听 听 听 听 听 听-







Net Income (Loss) Before Impact of the Tax Act:





CNA Financial听

$ 听 听 听 听 听271

$ 听 听 听 听 听217

$ 听 听 听 听 听879

$ 听 听 听 听 听774

Diamond Offshore听

(16)

58

9

(186)

Boardwalk Pipeline听

26

27

86

89

新澳门六合彩开奖记录 Hotels听

13

5

37

12

Investment income, net

25

25

97

97

Corporate and other听

(38)

(42)

(144)

(132)

Total

$ 听 听 听 听 听281

$ 听 听 听 听 听290

$ 听 听 听 听 听964

$ 听 听 听 听 听654









(a)

Reflects the net result of applying the reduced U.S. federal corporate tax rate to deferred tax assets and liabilities.

(b)

In addition to recognizing a benefit due to applying a lower tax rate to a net deferred tax liability, Diamond Offshore recognized a charge for the one-time mandatory deemed repatriation of foreign earnings. A charge was also recognized at the holding company level for the impact of the changing rates on the differential between the book basis and tax basis in Diamond Offshore, which for segment reporting purposes, is reflected within the Diamond Offshore segment.

(c)

Consists primarily of the result of applying the reduced U.S. federal corporate tax rate to deferred tax liabilities incurred at the holding company level. These deferred tax liabilities were built up over the past decade primarily due to Boardwalk Pipeline's capital projects. For segment reporting purposes, this is reflected within the Boardwalk Pipeline segment.听听

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