Loews Corporation Reports Net Income for 2012
Loews Corporation Reports Net Income for 2012
NEW YORK--(BUSINESS WIRE)--Feb. 11, 2013-- Loews Corporation (NYSE:L) today reported net income for 2012 of $568 million or $1.43 per share as compared to $1.1 billion or $2.62 per share in 2011. Net income in 2012 includes catastrophe losses of $243 million (after tax and noncontrolling interests) at CNA Financial Corporation primarily related to Storm Sandy and after tax ceiling test impairment charges of $433 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. Excluding these charges, net income (non-GAAP), as adjusted, in 2012 was $1.2 billion.
For the three months ended December 31, 2012, Loews reported a net loss of $32 million or $0.08 per share as compared to net income of $271 million, or $0.68 per share, in the 2011 fourth quarter. Excluding catastrophe losses of $171 million (after tax and noncontrolling interests) at CNA and the after tax ceiling test impairment charge of $97 million at HighMount, net income (non-GAAP), as adjusted, in the 2012 fourth quarter was $236 million.
Book value per share increased to $49.67 at December 31, 2012 from $47.33 at December 31, 2011.
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