Loews Corp L

Financial Services Insurance - Property & Casualty

Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. Its segments consist of individual operating subsidiaries, including CNA Financial Corporation (CNA), Boardwalk Pipeline Partners, LP and Loews Hotels Holding Corporation (Loews Hotels). The CNA segment provides insurance products, such as commercial property and casualty coverage, and its services also include risk management, information services, warranty and claims administration. The CNA segment's commercial property and casualty insurance operations include Specialty, Commercial and International lines of business. The Boardwalk Pipelines segment is engaged in the business of transportation and storage of natural gas and liquids, and hydrocarbons. Boardwalk Pipelines owns and operates approximately 13,455 miles of interconnected natural gas pipelines directly serving customers in 13 states. Loews Hotels segment is engaged in operating a chain of hotels.

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Loews Corp

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Post by bc4uon Oct 31, 2012 9:36am

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Post# 20543440

Loews Corporation Reports Net Income of $177 Milli

Loews Corporation Reports Net Income of $177 Million, or $0.45 Per Share, for the Third Quarter of 2012

Book Value Per Share of $50.41, an Increase of 6.5% from December 31, 2011

NEW YORK--(BUSINESS WIRE)--Oct. 29, 2012-- Loews Corporation (NYSE:L) today reported net income for the 2012 third quarter of $177 million, or $0.45 per share, compared to $162 million, or $0.40 per share, in the 2011 third quarter. Net income for the nine months ended September 30, 2012 was $600 million, or $1.51 per share, compared to $791 million, or $1.94 per share, in the prior year period.

Net income for the three and nine months ended September 30, 2012 includes after tax non-cash ceiling test impairment charges of $166 million and $336 million at HighMount Exploration & Production LLC related to the carrying value of its natural gas and oil properties reflecting declines in natural gas and NGL prices.

Book value per share increased to $50.41 at September 30, 2012 from $47.33 at December 31, 2011 and $47.58 at September 30, 2011.

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