PR Newswire
NEW YORK, Feb. 5, 2024
14.0 MILLION COMMON SHARES REPURCHASED IN 2023 FOR $852 MILLION
NEW YORK, Feb. 5, 2024 /PRNewswire/ -- Loews Corporation (NYSE: L) today released its fourth quarter 2023 financial results.
Fourth Quarter highlights:
Loews Corporation reported net income of $446 million, or $1.99 per share, in the fourth quarter of 2023, which represents a 26% increase over $355 million, or $1.49 per share, in the fourth quarter of 2022. The following are the highlights for the fourth quarter:
CEO commentary:
"Loews had a spectacular quarter, with each of our subsidiaries producing strong results."
– James S. Tisch, President and CEO, Loews Corporation
Consolidated highlights:
| December 31, | | |||
| Three Months | Years Ended | | ||
(In millions, except per share data) | 2023 | 2022 (a) | 2023 | 2022 (a) | |
Net income attributable to Loews Corporation before | | | | | |
net investment gains (losses) | $ 442 | $ 378 | $ 1,469 | $ 960 | |
Net investment gains (losses): | | | | | |
CNA | 4 | (23) | (71) | (138) | |
Loews Hotels & Co | | | 36 | | |
Total net investment gains (losses) | 4 | (23) | (35) | (138) | |
Net income attributable to Loews Corporation | $ 446 | $ 355 | $ 1,434 | $ 822 | |
Net income per share | $ 1.99 | $ 1.49 | $ 6.29 | $ 3.38 | |
| December 31, 2023 | | December 31, 2022 (a) | |
| | | | |
Book value per share | $ 70.69 | | $ 60.81 | |
Book value per share excluding AOCI | 81.92 | | 74.88 | |
| | | | |
(a) | As of January 1, 2023, Loews Corporation adopted Accounting Standards Update 2018-12, "Financial Services – 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 December 31, 2023 compared to 2022
CNA:
Boardwalk:
Loews Hotels:
Corporate & Other:
Year ended December 31, 2023 compared to 2022
Loews Corporation reported net income of $1,434 million, or $6.29 per share, compared to $822 million, or $3.38 per share. The 74% year-over-year increase was driven by the following:
Share Purchases:
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 Loews 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 Loews Corporation
For CNA
About Loews Corporation
Loews Corporation is a diversified company with businesses in the insurance, energy, hospitality and packaging industries. For more information, please visit www.loews.com.
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 (www.loews.com). 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.
Loews Corporation and Subsidiaries | | ||||
Selected Financial Information | | ||||
| | ||||
| December 31, | | |||
| Three Months | Years Ended | | ||
(In millions) | 2023 | 2022 | 2023 | 2022 | |
Revenues: | | | | | |
CNA Financial (a) | $ 3,507 | $ 3,111 | $ 13,299 | $ 11,879 | |
Boardwalk Pipelines | 511 | 401 | 1,636 | 1,446 | |
Loews Hotels & Co (b) | 210 | 189 | 852 | 721 Werbung Mehr Nachrichten zur Loews Corp Aktie kostenlos abonnieren
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