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Loews net income falls to $636 million from $1.16 billion

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Staff Writer | Monday February 11, 2019 7:09AM ET
Loews Corporation
Loews   For the three months, Loews reported a loss of $165 million

Loews Corporation reported net income for the year ended December 31, 2018 of $636 million, or $1.99 per share, compared to $1.16 billion, or $3.45 per share, in the prior year.


For the three months ended December 31, 2018, Loews reported a loss of $165 million, or $0.53 per share, compared to net income of $481 million, or $1.43 per share, in the prior year period.

The loss during the three months ended December 31, 2018 was driven by catastrophe losses at CNA Financial Corporation, investment results at both CNA and the parent company, and operating results at Diamond Offshore Drilling Inc.

The $200 million net benefit from the Tax Cuts and Jobs Act of 2017 (the "Tax Act"), included in the results for the three months ended December 31, 2017, contributed to the quarterly and annual year-over-year declines.

Book value per share increased to $59.34 at December 31, 2018 from $57.83 at December 31, 2017. Book value per share excluding accumulated other comprehensive income (AOCI) increased to $62.16 at December 31, 2018 from $57.91 at December 31, 2017.

 

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