新澳门六合彩开奖记录

LOEWS CORPORATION REPORTS NET INCOME OF $360 MILLION FOR THE SECOND QUARTER OF 2023

NEW YORK, July 31, 2023 /PRNewswire/ -- 新澳门六合彩开奖记录 (NYSE: L) today released its second quarter 2023 financial results.听

Second Quarter highlights:

新澳门六合彩开奖记录 reported net income of $360 million, or $1.58 per share, in the second quarter of 2023 compared to $167 million, or $0.68 per share, in the second quarter of 2022. The year-over-year increase in net income was driven by higher net income from its consolidated subsidiaries and higher net investment income at the parent company. The following bullets highlight key drivers of these results:

  • CNA Financial Corporation (NYSE: CNA) posted higher net investment income, lower investment losses, and improved underlying underwriting income, partially offset by higher catastrophe losses and lower favorable Property and Casualty prior year loss reserve development.
  • The parent company posted higher investment returns on short-term investments and equity securities.
  • 新澳门六合彩开奖记录 repurchased 1.8 million shares of its common stock for a total cost of $107 million, and bought an additional 0.6 million shares for $37 million so far in the third quarter.
  • Book value per share, excluding AOCI, increased to $78.56 as of June 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 retired, at maturity, $500 million of outstanding senior notes with available cash.
  • As of June 30, 2023, the parent company had $2.5 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 solid quarter with each of our consolidated subsidiaries performing well. CNA reported stellar results, despite high industry catastrophe losses. The company also recorded its highest ever quarterly underlying underwriting income."
鈥撎 James S. Tisch, President and CEO, 新澳门六合彩开奖记录

Consolidated highlights:



June 30,


Three Months

Six 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 347

$听听听听听听听听听听听听听听 203

$听听听听听听听听听听听听听听 747

$听听听听听听听听听听听听听听 528

Net investment gains (losses):





CNA

(23)

(36)

(48)

(39)

新澳门六合彩开奖记录 Hotels & Co

36


36


Total net investment gains (losses):

13

(36)

(12)

(39)

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听听听 360

$听听听听听听听听听听听听听听 167

$听听听听听听听听听听听听听听 735

$听听听听听听听听听听听听听听 489

Net income per share

$听听听听听听听听听听听听听 1.58

$听听听听听听听听听听听听听 0.68

$听听听听听听听听听听听听听 3.19

$听听听听听听听听听听听听听 1.98


June 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 64.59


$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

78.56


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 June 30, 2023 compared to 2022

CNA:

  • Net income attributable to 新澳门六合彩开奖记录 improved to $255 million from $170 million.
  • Core income increased to $308 million from $230 million.
  • Net written premiums increased 10%, excluding currency fluctuations, over the prior year's second quarter.
  • Results include higher net investment income from limited partnerships, common stock investments and fixed income securities.
  • Underwriting results were lower due to higher net catastrophe losses and lower favorable Property and Casualty net prior year loss reserve development, partially offset by improved underlying underwriting income.
  • Property and Casualty combined ratio was 93.8% compared to 91.0%. The underlying combined ratio was 91.1% compared to 90.8%.
  • Net income was positively impacted by lower investment losses driven by the favorable relative change in fair value of non-redeemable preferred stock.

Boardwalk:

  • Net income increased $18 million to $57 million compared to $39 million.
  • EBITDA increased $20 million to $213 million compared to $193 million.
  • Net income and EBITDA increased due to higher revenues from recently completed growth projects, re-contracting at higher rates, higher utilization-based revenues, as well as improved storage and parking and lending revenues due to favorable market conditions. This increase was 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 increased $30 million to $74 million compared to $44 million.
  • Adjusted EBITDA decreased $15 million to $100 million compared to $115 million.
  • The company recorded a gain of $46 million ($36 million after tax) related to the acquisition of an additional equity interest in the Live! By 新澳门六合彩开奖记录 in Arlington, Texas, which was an unconsolidated joint venture prior to this transaction.
  • Excluding this gain, net income decreased due to higher operating expenses and lower equity income from joint ventures, partially offset by improved operating revenues.
  • Lower income from joint ventures was driven by slightly decreased occupancy rates and higher staffing costs.听

Corporate & Other:

  • Net loss improved $60 million to $26 million from $86 million due to higher net investment income from short-term investments and equity securities.

Six months ended June听30, 2023 compared to 2022

新澳门六合彩开奖记录 reported net income of $735 million, or $3.19 per share, compared to $489 million, or $1.98 per share, in 2022. The following are key highlights:

  • 新澳门六合彩开奖记录 Hotels & Co's net income, excluding the gain noted in the three-month period discussion above, increased as occupancy and average daily room rates at many hotels were higher in 2023 than 2022. This increase was partially offset by higher operating expenses largely due to increased staffing costs.
  • CNA's net investment income improved $165 million from limited partnership and common stock investments and fixed income securities. Property and Casualty combined ratio was 93.9% compared to 91.4% in the prior year period. The underlying combined ratio was 91.0% for both periods.
  • CNA's net written premiums increased 10%, excluding currency fluctuations, in the first half of 2023 compared to the first half of last year.
  • All other segment drivers of results for the six months ended June 30, 2023 as compared to the comparable prior year period are consistent with the three-month period discussed above.

Share Repurchases:

  • On June 30, 2023, there were 226.1 million shares of 新澳门六合彩开奖记录 common stock outstanding.
  • For the three months ended June 30, 2023, 新澳门六合彩开奖记录 repurchased 1.8 million shares of its common stock at an aggregate cost of $107 million.
  • 新澳门六合彩开奖记录 has repurchased an additional 0.6 million shares for $37 million so far in the third quarter.
  • For the three months ended June 30, 2023, 新澳门六合彩开奖记录 purchased 0.1 million shares of CNA common stock at an aggregate cost of $3 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, July 31, 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 from its chief financial officer.

For CNA

  • Today, July 31, 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 .
  • To participate, 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



June 30,


Three Months

Six Months

(In millions)

2023

2022

2023

2022

Revenues:





CNA Financial (a)

$听听听听听听听 3,304

$听听听听听听听 2,926

$听听听听听听听 6,456

$听听听听听听听 5,811

Boardwalk Pipelines

365

325

762

706

新澳门六合彩开奖记录 Hotels & Co (b)

254

200

446

352

Investment income (loss) and other (c)

11

(63)

53

(79)

Total

$听听听听听听听 3,934

$听听听听听听听 3,388

$听听听听听听听 7,717

$听听听听听听听 6,790

Income (Loss) Before Income Tax:





CNA Financial (a) (d)

$听听听听听听听听听听 361

$听听听听听听听听听听 227

$听听听听听听听听听听 732

$听听听听听听听听听听 582

Boardwalk Pipelines

76

52

192

174

新澳门六合彩开奖记录 Hotels & Co (b)

101

64

135

86

Corporate:





Investment income (loss), net

11

(65)

53

(81)

Other (e)

(41)

(43)

(85)

(87)

Total (d)

$听听听听听听听听听听 508

$听听听听听听听听听听 235

$听听听听听听听 1,027

$听听听听听听听听听听 674

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





CNA Financial (a) (d)

$听听听听听听听听听听 255

$听听听听听听听听听听 170

$听听听听听听听听听听 523

$听听听听听听听听听听 435

Boardwalk Pipelines

57

39

143

130

新澳门六合彩开奖记录 Hotels & Co (b)

74

44

98

59

Corporate:





Investment income (loss), net

9

(51)

42

(64)

Other (e)

(35)

(35)

(71)

(71)

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

$听听听听听听听听听听 360

$听听听听听听听听听听 167

$听听听听听听听听听听 735

$听听听听听听听听听听 489



(a)

The three months ended June 30, 2023 and 2022 include net investment losses of $32 million and $59 million ($23 million and $36 million after tax and noncontrolling interests). The six months ended June 30, 2023 and 2022 include net investment losses of $67 million and $70 million ($48 million and $39 million after tax and noncontrolling interests).

(b)

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

(c)

Includes investment income (loss) from the parent company's cash and investments.

(d)

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

Three Months Ended June 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听听听听听听 245


$听听听听听听听听听听听听听听听听听 (18)


$听听听听听听听听听听听听听听听听 227

Total

253


(18)


235

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听听听听听听 183


$听听听听听听听听听听听听听听听听听 (13)


$听听听听听听听听听听听听听听听听 170

Total

180


(13)


167

Six Months Ended June 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听听听听听听 623


$听听听听听听听听听听听听听听听听听 (41)


$听听听听听听听听听听听听听听听听 582

Total

715


(41)


674

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听听听听听听 464


$听听听听听听听听听听听听听听听听听 (29)


$听听听听听听听听听听听听听听听听 435

Total

518


(29)


489



(e)

Consists of parent company interest expense, corporate expenses, and the equity income (loss) of Altium Packaging.

新澳门六合彩开奖记录 and Subsidiaries

Consolidated Financial Review



June 30,


Three Months

Six Months

(In millions, except per share data)

2023

2022

2023

2022

Revenues:





Insurance premiums

$听听听听听听听 2,347

$听听听听听听听 2,155

$听听听听听听听 4,595

$听听听听听听听 4,214

Net investment income

592

366

1,161

798

Investment gains (losses) (a)

14

(59)

(21)

(70)

Operating revenues and other

981

926

1,982

1,848

Total

3,934

3,388

7,717

6,790






Expenses:





Insurance claims and policyholders' benefits (b)

1,779

1,601

3,432

3,079

Operating expenses and other

1,647

1,552

3,258

3,037

Total

3,426

3,153

6,690

6,116






Income before income tax (b)

508

235

1,027

674

Income tax expense (b)

(120)

(48)

(235)

(135)

Net income (b)

388

187

792

539

Amounts attributable to noncontrolling interests (b)

(28)

(20)

(57)

(50)

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

$听听听听听听听听听听 360

$听听听听听听听听听听 167

$听听听听听听听听听听 735

$听听听听听听听听听听 489






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

$听听听听听听听听听 1.58

$听听听听听听听听听 0.68

$听听听听听听听听听 3.19

$听听听听听听听听听 1.98






Weighted average number of shares

227.97

245.94

230.78

247.20

(a)

Includes a gain of $46 million ($36 million after tax) for the three and six months ended June 30, 2023 related to 新澳门六合彩开奖记录 Hotels & Co's acquisition of an additional equity interest and 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 June 30, 2022

As Reported


Effect of Adoption


As Adjusted

(In millions)






Insurance claims and policyholders' benefits

$听听听听听听听听听听听听听 1,583


$听听听听听听听听听听听听听听听听听听 18


$听听听听听听听听听听听听听 1,601

Income before income tax

253


(18)


235

Income tax expense

(51)


3


(48)

Net income

202


(15)


187

Amounts attributable to noncontrolling interests

(22)


2


(20)

Net income attributable to 新澳门六合彩开奖记录

180


(13)


167

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

0.73


(0.05)


0.68

Six Months Ended June 30, 2022

As Reported


Effect of Adoption


As Adjusted

(In millions)






Insurance claims and policyholders' benefits

$听听听听听听听听听听听听听 3,038


$听听听听听听听听听听听听听听听听听听 41


$听听听听听听听听听听听听听 3,079

Income before income tax

715


(41)


674

Income tax expense

(143)


8


(135)

Net income

572


(33)


539

Amounts attributable to noncontrolling interests

(54)


4


(50)

Net income attributable to 新澳门六合彩开奖记录

518


(29)


489

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

2.09


(0.11)


1.98

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:


June 30,


Three Months

Six Months

(In millions)

2023

2022

2023

2022

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

$听听听听听听听听听听 255

$听听听听听听听听听听 170

$听听听听听听听听听听 523

$听听听听听听听听听听 435

Investment losses

25

40

53

43

Consolidating adjustments including noncontrolling interests

28

20

57

50

Core income

$听听听听听听听听听听 308

$听听听听听听听听听听 230

$听听听听听听听听听听 633

$听听听听听听听听听听 528

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:


June 30,


Three Months

Six 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 57

$听听听听听听听听听听听 39

$听听听听听听听听听听 143

$听听听听听听听听听听 130

Interest

35

42

72

84

Income tax expense

19

13

49

44

Depreciation and amortization

102

99

203

194

EBITDA

$听听听听听听听听听听 213

$听听听听听听听听听听 193

$听听听听听听听听听听 467

$听听听听听听听听听听 452

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, 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:


June 30,


Three Months

Six 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 74

$听听听听听听听听听听听 44

$听听听听听听听听听听听 98

$听听听听听听听听听听听 59

Interest

(1)

4

4

8

Income tax expense

27

20

37

27

Depreciation and amortization

17

16

33

31

EBITDA

117

84

172

125

Gain on asset acquisition

(46)


(46)


Asset impairments

9

14

9

14

Equity investment adjustments:





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

(41)

(53)

(72)

(79)

Pro rata Adjusted EBITDA of equity method investments

62

71

124

124

Consolidating adjustments

(1)

(1)

(2)

(2)

Adjusted EBITDA

$听听听听听听听听听听 100

$听听听听听听听听听听 115

$听听听听听听听听听听 185

$听听听听听听听听听听 182

The following table presents a reconciliation of 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:


June 30,


Three Months

Six 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 41

$听听听听听听听听听听听 53

$听听听听听听听听听听听 72

$听听听听听听听听听听听 79

Pro rata share of equity method investments:





Interest

12

9

23

18

Income tax expense





Depreciation and amortization

12

12

25

25

Distributions in excess of basis

(3)

(3)

3

2

Consolidation adjustments



1


Pro rata Adjusted EBITDA of equity method investments

$听听听听听听听听听听听 62

$听听听听听听听听听听听 71

$听听听听听听听听听听 124

$听听听听听听听听听听 124

SOURCE 新澳门六合彩开奖记录