新澳门六合彩开奖记录

LOEWS CORPORATION REPORTS NET INCOME OF $253 MILLION FOR THE THIRD QUARTER OF 2023

NEW YORK, Oct. 30, 2023 /PRNewswire/ -- 新澳门六合彩开奖记录 (NYSE: L) today released its third quarter 2023 financial results.

Third听Quarter highlights:

新澳门六合彩开奖记录 reported net income of $253 million, or $1.12 per share, in the third quarter of 2023 compared to a net loss of $22 million, or $0.09 per share, in the third quarter of 2022. This year's third quarter results included a $37 million after-tax charge for the termination of a defined benefit pension plan. Results for the prior year have been adjusted to reflect the application of the accounting standard for long-duration contracts (LDTI). The following highlight key drivers of our third quarter results:

  • CNA Financial Corporation's (NYSE: CNA) net income improved year-over-year due to higher net investment income, higher underwriting income, and a significantly lower unfavorable impact from the long-term care annual reserve reviews performed in the third quarter of each year.
  • The parent company posted higher investment returns on equity securities and short-term investments.
  • 新澳门六合彩开奖记录 repurchased 1.9 million shares of its common stock for a total cost of $118 million through the end of the quarter and repurchased an additional 1.0 million shares for $64 million since September 30, 2023.
  • Book value per share, excluding AOCI, increased to $79.92 as of September 30, 2023, from $74.88 as of December 31, 2022 due to repurchases of common shares and strong operating results during the year.
  • 新澳门六合彩开奖记录 purchased 4.5 million shares of CNA common stock for a total cost of $175 million.
  • As of September 30, 2023, the parent company had $2.3 billion of cash and investments and $1.8 billion of debt.

CEO commentary:

"新澳门六合彩开奖记录 had another good quarter with strong performance across each of our consolidated subsidiaries. CNA reported strong underwriting results and net income despite high industry catastrophe losses."
鈥撎 James S. Tisch, President and CEO, 新澳门六合彩开奖记录

Consolidated highlights:


September 30,


Three Months

Nine Months

(In millions, except per share data)

2023

2022 (a)

2023

2022 (a)

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

听听 net investment gains (losses)

$听听听听听听听听听听听听听听 280

$听听听听听听听听听听听听听听听听 54

$听听听听听听听听听听听 1,027

$听听听听听听听听听听听听听听 582

Net investment gains (losses):





CNA

(27)

(76)

(75)

(115)

新澳门六合彩开奖记录 Hotels & Co



36


Total net investment gains (losses):

(27)

(76)

(39)

(115)

Net income (loss) attributable to 新澳门六合彩开奖记录

$听听听听听听听听听听听听听听 253

$听听听听听听听听听听听听听听 (22)

$听听听听听听听听听听听听听听 988

$听听听听听听听听听听听听听听 467

Net income (loss) per share

$听听听听听听听听听听听听听 1.12

$听听听听听听听听听听听 (0.09)

$听听听听听听听听听听听听听 4.31

$听听听听听听听听听听听听听 1.90



September 30, 2023


December 31, 2022 (a)





Book value per share

$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 64.43


$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 60.81

Book value per share excluding AOCI

79.92


74.88

(a)

As of January 1, 2023, 新澳门六合彩开奖记录 adopted Accounting Standards Update 2018-12, "Financial Services 鈥 Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts ("ASU 2018-12"), which was applied retrospectively effective January 1, 2021. Previously reported amounts have been adjusted to reflect application of the new guidance. See pages 4 and 5 of this release for more information.

Three months ended September 30, 2023 compared to 2022

CNA:

  • Net income attributable to 新澳门六合彩开奖记录 improved to $235 million from a loss of $37 million.
  • Core income increased to $289 million from $43 million.
  • The annual Life and Group reserve reviews for long-term care resulted in a $6 million unfavorable impact compared to an unfavorable impact of $131 million driven by the increase in cost of care inflation assumptions.
  • Results include higher net investment income from limited partnerships, common stock investments and fixed income securities.
  • Property and Casualty underwriting results were higher due to improved underlying underwriting income and lower net catastrophe losses, partially offset by lower favorable net prior year loss reserve development.
  • Net written premium growth of 6%.
  • Property and Casualty combined ratio was 94.3% compared to 95.8%. Property and Casualty underlying combined ratio was 90.4% compared to 91.1%.
  • Net income was positively impacted by lower investment losses on fixed maturity securities.

Boardwalk:

  • Net income increased $15 million to $49 million compared to $34 million.
  • EBITDA increased $10 million to $202 million compared to $192 million.
  • Net income and EBITDA increased due to higher revenues from re-contracting at higher rates, higher natural gas liquids and other hydrocarbons transportation revenues, recently completed growth projects and improved storage and parking and lending revenues due to favorable market conditions. These increases were partially offset by increased repairs and maintenance costs associated with pipeline safety regulatory requirements, as well as higher employee related expenses.

新澳门六合彩开奖记录 Hotels:

  • Net income decreased $8 million to $17 million compared to $25 million.
  • Adjusted EBITDA decreased $16 million to $60 million compared to $76 million.
  • Net income decreased due to lower equity income from joint ventures driven by decreased overall occupancy rates and higher operating costs.

Corporate & Other:

  • Net loss increased $4 million to $48 million from $44 million.
  • The company recorded a charge of $37 million after tax in the third quarter of 2023 related to the termination of a defined benefit plan.
  • Excluding this charge, results improved $33 million mostly due to higher investment income for the parent company from equity securities and short-term investments.

Nine months ended September听30, 2023 compared to 2022

新澳门六合彩开奖记录 reported net income of $988 million, or $4.31 per share, compared to $467 million, or $1.90 per share. The following are key highlights:

  • CNA's Property and Casualty underwriting results were lower due to higher net catastrophe losses and unfavorable net prior year loss reserve development in 2023 compared to favorable net prior year loss reserve development in 202, partially offset by improved underlying underwriting income.
  • Property and Casualty combined ratio was 94.0% compared to 93.0%. Property and Casualty underlying combined ratio was 90.8% compared to 91.1%.
  • CNA's net written premiums increased 9%.
  • 新澳门六合彩开奖记录 Hotels & Co's net income included an after-tax gain of $36 million related to the acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property in the second quarter of 2023.
  • All other segment drivers of results for the nine months ended September 30, 2023 as compared to the comparable prior year period are consistent with the three-month period discussed above.

Share Purchases:

  • On September 30, 2023, there were 224.3 million shares of 新澳门六合彩开奖记录 common stock outstanding.
  • For the three months ended September 30, 2023, 新澳门六合彩开奖记录 repurchased 1.9 million shares of its common stock at an aggregate cost of $118 million.
  • 新澳门六合彩开奖记录 has repurchased an additional 1.0 million shares for $64 million since September 30, 2023.
  • For the three months ended September 30, 2023, 新澳门六合彩开奖记录 purchased 4.5 million shares of CNA common stock at an aggregate cost of $175 million.
  • Depending on market conditions, 新澳门六合彩开奖记录 may from time to time purchase shares of its and its subsidiaries' outstanding common stock in the open market, in privately negotiated transactions or otherwise.

Reconciliation of GAAP Measures to Non-GAAP Measures

This news release contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America ("GAAP"). Management believes some investors may find these measures useful to evaluate our and our subsidiaries' financial performance. CNA utilizes core income, Boardwalk utilizes earnings before interest, income tax expense, depreciation and amortization ("EBITDA"), and 新澳门六合彩开奖记录 Hotels utilizes Adjusted EBITDA. These measures are defined and reconciled to the most comparable GAAP measures on pages 6 and 7 of this release.

Earnings Remarks and Conference Calls

For 新澳门六合彩开奖记录

  • Today, October 30, 2023, earnings remarks will be available on our .
  • Remarks will include commentary from 新澳门六合彩开奖记录's president and chief executive officer and chief financial officer.

For CNA

  • Today, October 30, 2023, CNA will host an earnings call at 9:00 a.m. ET.
  • A live webcast will be available via the Investor Relations section of CNA's website at .
  • To participate by phone, dial 1-844-481-2830 (USA toll-free) or +1-412-317-1850 (International).

About 新澳门六合彩开奖记录

新澳门六合彩开奖记录 is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit .

Forward-Looking Statements

Statements contained in this news 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 news 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



September 30,


Three Months

Nine Months

(In millions)

2023

2022

2023

2022

Revenues:





CNA Financial (a)

$听听听听听 3,336

$听听听听听 2,957

$听听听听听 9,792

$听听听听听 8,768

Boardwalk Pipelines

363

339

1,125

1,045

新澳门六合彩开奖记录 Hotels & Co (b)

196

180

642

532

Corporate investment income (loss) and other

31

(15)

84

(94)

Total

$听听听听听 3,926

$听听听听听 3,461

$听听听 11,643

$听听听 10,251

Income (Loss) Before Income Tax:





CNA Financial (a) (c)

$听听听听听听听听 326

$听听听听听听听听 (51)

$听听听听听 1,058

$听听听听听听听听 531

Boardwalk Pipelines

66

47

257

221

新澳门六合彩开奖记录 Hotels & Co (b)

24

34

159

120

Corporate:





Investment income (loss), net

31

(19)

84

(100)

Other (d)

(91)

(36)

(175)

(123)

Total (c)

$听听听听听听听听 356

$听听听听听听听听 (25)

$听听听听听 1,383

$听听听听听听听听 649

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





CNA Financial (a) (c)

$听听听听听听听听 235

$听听听听听听听听 (37)

$听听听听听听听听 758

$听听听听听听听听 398

Boardwalk Pipelines

49

34

191

164

新澳门六合彩开奖记录 Hotels & Co (b)

17

25

115

84

Corporate:





Investment income (loss), net

24

(15)

66

(79)

Other (d)

(72)

(29)

(142)

(100)

Net income (loss) attributable to 新澳门六合彩开奖记录 (c)

$听听听听听听听听 253

$听听听听听听听听 (22)

$听听听听听听听听 988

$听听听听听听听听 467



(a)

The three months ended September 30, 2023 and 2022 include net investment losses of $38 million and $96 million ($27 million and $76 million after tax and noncontrolling interests). The nine months ended September 30, 2023 and 2022 include net investment losses of $105 million and $166 million ($75 million and $115 million after tax and noncontrolling interests).

(b)

Includes a gain of $46 million ($36 million after tax) for the nine months ended September 30, 2023 related to 新澳门六合彩开奖记录 Hotels & Co's acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.

(c)

The effects of adopting ASU 2018-12 on the Selected Financial Information were as follows:



Three Months Ended September 30, 2022

As
Reported


Effect of
Adoption


As
Adjusted

(In millions)






Income (Loss) Before Income Tax:






CNA Financial

$听听听听听听听听听听 164


$听听听听听听听听 (215)


$听听听听听听听听听听 (51)

Total

190


(215)


(25)

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






CNA Financial

$听听听听听听听听听听 115


$听听听听听听听听 (152)


$听听听听听听听听听听 (37)

Total

130


(152)


(22)







Nine Months Ended September 30, 2022

As
Reported


Effect of
Adoption


As
Adjusted

(In millions)






Income (Loss) Before Income Tax:






CNA Financial

$听听听听听听听听听听 787


$听听听听听听听听 (256)


$听听听听听听听听听听 531

Total

905


(256)


649

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






CNA Financial

$听听听听听听听听听听 579


$听听听听听听听听 (181)


$听听听听听听听听听听 398

Total

648


(181)


467



(d)

Consists of parent company interest expense, corporate expenses and the equity income (loss) of Altium Packaging. The three and nine months ended September听30, 2023 include a charge of $47 million ($37 million after tax) related to the termination of a defined benefit plan.

新澳门六合彩开奖记录 and Subsidiaries

Consolidated Financial Review



September 30,


Three Months

Nine Months

(In millions, except per share data)

2023

2022

2023

2022

Revenues:





Insurance premiums

$听听听听听听 2,406

$听听听听听听 2,221

$听听听听听听 7,001

$听听听听听听 6,435

Net investment income

592

404

1,752

1,202

Investment losses (a)

(38)

(96)

(59)

(166)

Operating revenues and other

966

932

2,949

2,780

Total

3,926

3,461

11,643

10,251






Expenses:





Insurance claims and policyholders' benefits (b)

1,826

1,880

5,258

4,959

Operating expenses and other

1,744

1,606

5,002

4,643

Total

3,570

3,486

10,260

9,602






Income (loss) before income tax (b)

356

(25)

1,383

649

Income tax expense (b)

(80)

(2)

(315)

(137)

Net income (loss) (b)

276

(27)

1,068

512

Amounts attributable to noncontrolling interests (b)

(23)

5

(80)

(45)

Net income (loss) attributable to 新澳门六合彩开奖记录 (b)

$听听听听听听听听听 253

$听听听听听听听听听 (22)

$听听听听听听听听听 988

$听听听听听听听听听 467






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

听听 Corporation (b)

$听听听听听听听听 1.12

$听听听听听听 (0.09)

$听听听听听听听听 4.31

$听听听听听听听听 1.90






Weighted average number of shares

225.99

240.76

229.16

245.03



(a)

Includes a gain of $46 million ($36 million after tax) for the nine months ended September听30, 2023 related to 新澳门六合彩开奖记录 Hotels & Co's acquisition of an additional equity interest in, and the consolidation of, a previously unconsolidated joint venture property.

(b)

The effects of adopting ASU 2018-12 on the Consolidated Financial Review were as follows:



Three Months Ended September 30, 2022

As
Reported


Effect of
Adoption


As
Adjusted

(In millions)






Insurance claims and policyholders' benefits

$听听听听听听 1,665


$听听听听听听听听听听 215


$听听听听听听 1,880

Income (Loss) before income tax

190


(215)


(25)

Income tax expense

(47)


45


(2)

Net income (loss)

143


(170)


(27)

Amounts attributable to noncontrolling interests

(13)


18


5

Net income (loss) attributable to 新澳门六合彩开奖记录

130


(152)


(22)

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

0.54


(0.63)


(0.09)







Nine Months Ended September 30, 2022

As
Reported


Effect of
Adoption


As
Adjusted

(In millions)






Insurance claims and policyholders' benefits

$听听听听听听 4,703


$听听听听听听听听听听 256


$听听听听听听 4,959

Income (loss) before income tax

905


(256)


649

Income tax expense

(190)


53


(137)

Net income (loss)

715


(203)


512

Amounts attributable to noncontrolling interests

(67)


22


(45)

Net income (loss) attributable to 新澳门六合彩开奖记录

648


(181)


467

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

2.64


(0.74)


1.90

Definitions of Non-GAAP Measures and Reconciliation of GAAP Measures to Non-GAAP Measures:

CNA Financial Corporation

Core income is calculated by excluding from CNA's net income attributable to 新澳门六合彩开奖记录 the after-tax effects of investment gains (losses). In addition, core income excludes the effects of noncontrolling interests. The calculation of core income excludes investment gains (losses) because these are generally driven by economic factors that are not necessarily reflective of CNA's primary operations. The following table presents a reconciliation of CNA net income attributable to 新澳门六合彩开奖记录 to core income:


September 30,


Three Months

Nine Months

(In millions)

2023

2022

2023

2022

CNA net income (loss) attributable to 新澳门六合彩开奖记录 Corporation

$听听听听听听听听听听 235

$听听听听听听听听听听 (37)

$听听听听听听听听听听 758

$听听听听听听听听听听 398

Investment losses

31

84

84

127

Consolidation adjustments including noncontrolling interests

23

(4)

80

46

Core income

$听听听听听听听听听听 289

$听听听听听听听听听听听 43

$听听听听听听听听听听 922

$听听听听听听听听听听 571

Boardwalk Pipelines

EBITDA is defined as earnings before interest, income tax expense, depreciation and amortization. The following table presents a reconciliation of Boardwalk net income attributable to 新澳门六合彩开奖记录 to EBITDA:


September 30,


Three Months

Nine Months

(In millions)

2023

2022

2023

2022

Boardwalk net income attributable to 新澳门六合彩开奖记录

$听听听听听听听听听听听 49

$听听听听听听听听听听听 34

$听听听听听听听听听听 191

$听听听听听听听听听听 164

Interest, net

33

42

106

126

Income tax expense

17

13

66

57

Depreciation and amortization

103

103

306

297

EBITDA

$听听听听听听听听听听 202

$听听听听听听听听听听 192

$听听听听听听听听听听 669

$听听听听听听听听听听 644

新澳门六合彩开奖记录 Hotels & Co

Adjusted EBITDA is calculated by excluding from 新澳门六合彩开奖记录 Hotels & Co's EBITDA, noncontrolling interest share of EBITDA adjustments, state and local government development grants, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including 新澳门六合彩开奖记录 Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying 新澳门六合彩开奖记录 Hotels & Co's ownership percentage to the underlying equity method investment's components of EBITDA and excluding distributions in excess of basis.

The following table presents a reconciliation of 新澳门六合彩开奖记录 Hotels & Co net income attributable to 新澳门六合彩开奖记录 to Adjusted EBITDA:


September 30,


Three Months

Nine Months

(In millions)

2023

2022

2023

2022

新澳门六合彩开奖记录 Hotels & Co net income attributable to 新澳门六合彩开奖记录

$听听听听听听听听听听听 17

$听听听听听听听听听听听 25

$听听听听听听听听听听 115

$听听听听听听听听听听听 84

Interest, net

1

(1)

5

6

Income tax expense

7

9

44

36

Depreciation and amortization

18

16

51

47

EBITDA

43

49

215

173

Noncontrolling interest share of EBITDA adjustments

(2)

(1)

(3)

(1)

Gain on asset acquisition



(46)


Asset impairments


8

9

22

Equity investment adjustments:





新澳门六合彩开奖记录 Hotels & Co's equity method income

(26)

(36)

(98)

(115)

Pro rata Adjusted EBITDA of equity method investments

45

56

168

180

Consolidation adjustments




(1)

Adjusted EBITDA

$听听听听听听听听听听听 60

$听听听听听听听听听听听 76

$听听听听听听听听听听 245

$听听听听听听听听听听 258

The following table presents a reconciliation of听新澳门六合彩开奖记录 Hotels & Co's equity method income to Pro rata Adjusted EBITDA of equity method investments:


September 30,


Three Months

Nine Months

(In millions)

2023

2022

2023

2022

新澳门六合彩开奖记录 Hotels & Co's equity method income

$听听听听听听听听听听听 26

$听听听听听听听听听听听 36

$听听听听听听听听听听听 98

$听听听听听听听听听听 115

Pro rata share of equity method investments:





Interest, net

10

10

33

28

Income tax expense





Depreciation and amortization

12

12

37

37

Distributions in excess of basis

(3)

(3)



Consolidation adjustments


1



Pro rata Adjusted EBITDA of equity method investments

$听听听听听听听听听听听 45

$听听听听听听听听听听听 56

$听听听听听听听听听听 168

$听听听听听听听听听听 180

SOURCE 新澳门六合彩开奖记录