LOEWS CORPORATION REPORTS NET INCOME OF $130 MILLION FOR THE 3RD QUARTER OF 2022.

NEW YORK: Loews Corporation (NYSE:L) today reported net income of $130 million, or $0.54 per share, for the third quarter of 2022, compared to net income of $220 million, or $0.85 per share, in the third quarter of 2021. Net income for the nine months ended September 30, 2022 was $648 million, or $2.64 per share, compared to net income of $1.2 billion, or $4.70 per share, for the nine months ended September 30, 2021.

Net income in the third quarter of 2022 included higher underwriting income and increased net investment income from fixed income securities at CNA Financial Corporation (NYSE:CNA) and improved results at Loews Hotels & Co, offset by losses from limited partnership and common stock investments and net investment losses from sales of fixed income securities at CNA.

Net income for the nine months ended September 30, 2021 included a gain of $438 million (after tax) related to the sale of 47% of Altium Packaging and its deconsolidation on April 1, 2021. Excluding this significant transaction, net income for the nine months ended September 30, 2021 would have been $797 million. The drivers of the decrease in net income for the nine months ended September 30, 2022, excluding this significant transaction, are consistent with the three-month discussion above.

"Loews had another good quarter. Loews Hotels & Co continues to perform exceptionally well, and CNA produced a stellar underlying combined ratio of 91.1%," said James S. Tisch, President and CEO of Loews Corporation.

Book value per share as of September 30, 2022 was $58.14 compared to $71.84 as of December 31, 2021, reflecting the impact that increased risk-free interest rates and widening credit spreads have on CNA's fixed income portfolio. Book value per share excluding accumulated other comprehensive income (AOCI) increased to $74.11 as of September 30, 2022 from $71.09 as of December 31, 2021.

CONSOLIDATED HIGHLIGHTS

September 30,

Three Months

Nine Months

(In millions, except per share data)

2022

2021

2022

2021

Income before net investment gains (losses)

$ 206

$ 204

$ 763

$ 725

Net investment gains (losses):

CNA

(76)

16

(115)

84

Corporate

426

Net income attributable to Loews Corporation

$ 130

$ 220

$ 648

$ 1,235

Net income per share

$ 0.54

$ 0.85

$ 2.64

$ 4.70

September 30, 2022

December 31, 2021

Book value per share

$ 58.14

$ 71.84

Book value per share excluding AOCI

74.11

71.09

Three Months Ended September 30, 2022 Compared to Three Months Ended September 30, 2021

CNA's net...