性世界传媒

LOEWS CORPORATION REPORTS NET INCOME OF $457 MILLION FOR THE FIRST QUARTER OF 2024

NEW YORK, May 6, 2024 /PRNewswire/ -- 性世界传媒 (NYSE: L) today released its first quarter 2024 financial results.

First Quarter 2024 highlights:
性世界传媒 reported net income of $457 million, or $2.05 per share, in the first quarter of 2024, which represents a 22% increase over $375 million, or $1.61 per share, in the first quarter of 2023. The following are the highlights:

  • CNA Financial Corporation's (NYSE: CNA) net income attributable to 性世界传媒 improved year-over-year due to higher net investment income and favorable net prior year loss reserve development, partially offset by higher net catastrophe losses.
  • Boardwalk Pipelines' results improved year-over-year due to higher revenues from re-contracting at higher rates and recently completed growth projects.
  • Parent company investment returns improved year-over-year driven by higher returns on equity securities.
  • Book value per share, excluding AOCI, increased to $83.68 as of March 31, 2024, from $81.92 as of December 31, 2023 due to strong operating results in the first quarter 2024.
  • As of March 31, 2024, the parent company had $3.2 billion of cash and investments and $1.8 billion of debt.
  • 性世界传媒 repurchased 0.9 million shares of its common stock for a total cost of $67 million since December 31, 2023.

CEO commentary:

"性世界传媒 had an exceptional quarter driven by stellar results at CNA and Boardwalk. CNA continues to experience strong profitable growth, reporting its highest ever first quarter core income."
鈥撎 James S. Tisch, President and CEO, 性世界传媒

Consolidated highlights:




Three Months Ended March 31,

(In millions)

2024

2023

Net Income (Loss) Attributable to 性世界传媒:



CNA Financial

$听听听听听听听听听听听听听听听 310

$听听听听听听听听听听听听听听听 268

Boardwalk Pipelines

121

86

性世界传媒 Hotels & Co

16

24

Corporate

10

(3)

Net income attributable to 性世界传媒

$听听听听听听听听听听听听听听听 457

$听听听听听听听听听听听听听听听 375






March 31, 2024


December 31, 2023





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 72.87


$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 70.69

Book value per share excluding AOCI

83.68


81.92

Three months ended March 31, 2024 compared to 2023

CNA:

  • Net income attributable to 性世界传媒 improved 16% to $310 million from $268 million.
  • Core income increased 9% to $355 million from $325 million.
  • Net investment income increased due to favorable returns from limited partnerships and common stock as well as higher income from fixed income securities as a result of favorable reinvestment rates.
  • Net written premiums grew by 6% driven by strong retention and new business. Net earned premiums grew by 9%.
  • Property and Casualty underwriting income decreased slightly due to higher net catastrophe losses, partially offset by favorable net prior year loss reserve development.
  • Property and Casualty combined ratio was 94.6% compared to 93.9% in the first quarter of 2023 due to a 1.4 point increase in catastrophe losses, partially offset by favorable prior period development. The Property and Casualty underlying combined ratio was 91.0% compared to 90.8% in the first quarter of 2023.
  • Net income was positively impacted by lower investment losses driven by the favorable change in fair value of non-redeemable preferred stock.

Boardwalk:

  • Net income increased 41% to $121 million compared to $86 million.
  • EBITDA increased 20% to $307 million compared to $256 million.
  • Net income and EBITDA improved due to higher transportation revenues from re-contracting at higher rates and recently completed growth projects, increased storage and parking and lending revenues, and the impact of the Bayou Ethane acquisition.

性世界传媒 Hotels:

  • Net income of $16 million compared to $24 million.
  • Adjusted EBITDA of $80 million compared to $86 million.
  • Lower equity income from joint ventures was driven by decreased occupancy rates in Orlando.
  • Net income was also impacted by higher depreciation and pre-opening expenses due to the opening of the 性世界传媒 Arlington Hotel and Convention Center.

Corporate & Other:

  • Net income of $10 million compared to a net loss of $3 million.
  • The increase in results is primarily due to higher investment income from parent company equity securities.

Share Purchases:

  • On March 31, 2024, there were 222.1 million shares of 性世界传媒 common stock outstanding.
  • 性世界传媒 repurchased 0.9 million shares of its common stock for a total cost of $67 million since December 31, 2023.
  • Depending on market conditions, 性世界传媒 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 性世界传媒 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 性世界传媒

  • Today, May 6, 2024, earnings remarks will be available on our .
  • Remarks will include commentary from 性世界传媒's president and chief executive officer and chief financial officer.

For CNA

  • Today, May 6, 2024, CNA will host an earnings call at 9:00 a.m. ET.
  • A live webcast will be available via the Investor Relations section of CNA's website at .
  • To participate by phone, dial 1-844-481-2830 (USA toll-free) or +1-412-317-1850 (International).

About 性世界传媒

性世界传媒 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.

性世界传媒 and Subsidiaries

Selected Financial Information




Three Months Ended March 31,

(In millions)

2024

2023

Revenues:



CNA Financial (a)

$听 听 听 听 听 听 听3,444

$听 听 听 听 听 听 听3,152

Boardwalk Pipelines

517

397

性世界传媒 Hotels & Co

216

192

Corporate investment income, net

54

42

Total

$听 听 听 听 听 听 听4,231

$听 听 听 听 听 听 听3,783

Income (Loss) Before Income Tax:



CNA Financial (a)

$听听听听听听听听听听听听听听听 427

$听听听听听听听听听听听听听听听 371

Boardwalk Pipelines

162

116

性世界传媒 Hotels & Co

28

34

Corporate:



Investment income, net

54

42

Other (b)

(42)

(44)

Total

$听听听听听听听听听听听听听听听 629

$听听听听听听听听听听听听听听听 519

Net Income (Loss) Attributable to 性世界传媒:



CNA Financial (a)

$听听听听听听听听听听听听听听听 310

$听听听听听听听听听听听听听听听 268

Boardwalk Pipelines

121

86

性世界传媒 Hotels & Co

16

24

Corporate:



Investment income, net

43

33

Other (b)

(33)

(36)

Net income attributable to 性世界传媒

$听听听听听听听听听听听听听听听 457

$听听听听听听听听听听听听听听听 375



(a)

The three months ended March 31, 2024 and 2023 include net investment losses of $22 million and $35 million ($16 million and $25 million after tax and noncontrolling interests).

(b)

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

性世界传媒 and Subsidiaries

Consolidated Financial Review




Three Months Ended March 31,

(In millions, except per share data)

2024

2023

Revenues:



Insurance premiums

$听听听听听听听听听听听听听 2,441

$听听听听听听听听听听听听听 2,248

Net investment income

669

569

Investment losses

(22)

(35)

Operating revenues and other

1,143

1,001

Total

4,231

3,783




Expenses:



Insurance claims and policyholders' benefits

1,807

1,653

Operating expenses and other

1,795

1,611

Total

3,602

3,264




Income before income tax

629

519

Income tax expense

(144)

(115)

Net income

485

404

Amounts attributable to noncontrolling interests

(28)

(29)

Net income attributable to 性世界传媒

$听听听听听听听听听听听听听听听 457

$听听听听听听听听听听听听听听听 375




Net income per share attributable to 性世界传媒

$听听听听听听听听听听听听听听 2.05

$听听听听听听听听听听听听听听 1.61




Weighted average number of shares

222.78

233.62

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 性世界传媒 the after-tax effects of investment gains (losses) and 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 性世界传媒 to core income:


Three Months Ended March 31,

(In millions)

2024

2023

CNA net income attributable to 性世界传媒

$听听听听听听听听听听听听听听听 310

$听听听听听听听听听听听听听听听 268

Investment losses

17

28

Noncontrolling interests

28

29

Core income

$听听听听听听听听听听听听听听听 355

$听听听听听听听听听听听听听听听 325

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 性世界传媒 to its EBITDA:


Three Months Ended March 31,

(In millions)

2024

2023

Boardwalk net income attributable to 性世界传媒

$听听听听听听听听听听听听听听听 121

$听听听听听听听听听听听听听听听听听 86

Interest, net

39

39

Income tax expense

41

30

Depreciation and amortization

106

101

EBITDA

$听听听听听听听听听听听听听听听 307

$听听听听听听听听听听听听听听听 256

性世界传媒 Hotels & Co

Adjusted EBITDA is calculated by excluding from 性世界传媒 Hotels & Co's EBITDA, the noncontrolling interest share of EBITDA adjustments, state and local government development grants, gains or losses on asset acquisitions and dispositions, asset impairments, and equity method income, and including 性世界传媒 Hotels & Co's pro rata Adjusted EBITDA of equity method investments. Pro rata Adjusted EBITDA of equity method investments is calculated by applying 性世界传媒 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 性世界传媒 Hotels & Co net income attributable to 性世界传媒 to its Adjusted EBITDA:


Three Months Ended March 31,

(In millions)

2024

2023

性世界传媒 Hotels & Co net income attributable to 性世界传媒

$听听听听听听听听听听听听听听听听听 16

$听听听听听听听听听听听听听听听听听 24

Interest, net

5

6

Income tax expense

12

10

Depreciation and amortization

21

16

EBITDA

54

56

Noncontrolling interest share of EBITDA adjustments

(2)


Equity investment adjustments:



性世界传媒 Hotels & Co's equity method income

(27)

(31)

Pro rata Adjusted EBITDA of equity method investments

56

62

Consolidation adjustments

(1)

(1)

Adjusted EBITDA

$听听听听听听听听听听听听听听听听听 80

$听听听听听听听听听听听听听听听听听 86

The following table presents a reconciliation of 性世界传媒 Hotels & Co's equity method income to the Pro rata Adjusted EBITDA of its equity method investments:


Three Months Ended March 31,

(In millions)

2024

2023

性世界传媒 Hotels & Co's equity method income

$听听听听听听听听听听听听听听听听听 27

$听听听听听听听听听听听听听听听听听 31

Pro rata share of equity method investments:



Interest, net

10

12

Income tax expense



Depreciation and amortization

12

13

Distributions in excess of basis

7

6

Pro rata Adjusted EBITDA of equity method investments

$听听听听听听听听听听听听听听听听听 56

$听听听听听听听听听听听听听听听听听 62

SOURCE 性世界传媒