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Loews Q1 gets hammered by pandemic

May 04, 2020 8:07 AM ETLoews Corporation (L) Stock, CNA Stock, DO StockL, CNA, DOBy: Liz Kiesche, SA News Editor12 Comments
  • Hurt by the economic disruption caused by the COVID-19 pandemic, Loews (NYSE:L) turns in a Q1 net loss of $632M, or $2.20 per share vs. net income of $394M, or $1.27 per share, in the year-ago quarter.
  • Q1 2020 results include $408M drilling rig impairment charges at Diamond Offshore Drilling (NYSE:DO), a $363M decline in net investment income at CNA Financial (NYSE:CNA), parent company net investment losses of $152M from CNA, and a $38M decrease in results from Loews Hotels.
  • Book value per share fell to $60.28 at March 31, 2020 vs. $65.71 at Dec. 31, 2019, driven by the Q1 net loss as well as a nearly $2B decrease in pretax unrealized investment gains at CNA as a result of disruptions in the fixed income market.
  • Book value per share excluding accumulated other comprehensive income decreased to $64.17 at March 31, 2020 from $65.94 at Dec. 31, 2019.
  • Conference call at 11:00 AM ET.
  • Previously: Loews reports Q1 results (May 4)

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