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NEW YORK, Nov. 1, 2021 /PRNewswire/ -- ÃÛÌÒ´«Ã½ Corporation (NYSE: L) today reported net income of $220 million, or $0.85 per share, for the third quarter of 2021 compared to net income of $139 million, or $0.50 per share, for the third quarter of 2020. Net income for the nine months ended September 30, 2021 was $1.24 billion, or $4.70 per share, compared to a net loss of $1.33 billion, or $4.70 per share, for the nine months ended September 30, 2020.

Each of the company's consolidated subsidiaries, ÃÛÌÒ´«Ã½ Financial Corporation, Boardwalk Pipelines, and ÃÛÌÒ´«Ã½ Hotels & Co, contributed meaningfully to the year-over-year increase in ÃÛÌÒ´«Ã½'s third quarter net income. As compared to the third quarter of 2020, ÃÛÌÒ´«Ã½ benefited from higher Property & Casualty non-catastrophe underwriting results and improved Life & Group business results primarily due to the absence of the prior year active life premium deficiency charge, partially offset by higher net catastrophe losses and lower investment gains. ÃÛÌÒ´«Ã½ Hotels posted significantly improved year-over-year third quarter results due to the continuing rebound in leisure travel, especially at resort destinations. Boardwalk Pipelines revenues for the third quarter of 2021 increased compared to the prior year period, reflecting the impact of recently completed growth projects and higher system utilization. The parent company investment portfolio experienced lower net investment income in the third quarter of 2021 compared to the prior year period.

"ÃÛÌÒ´«Ã½ had another great quarter with each of our consolidated subsidiaries contributing positively to our results," saidÌýJames Tisch, CEO of ÃÛÌÒ´«Ã½ Corporation. "ÃÛÌÒ´«Ã½ delivered strong investment results, favorable life and group results, and its underlying combined ratio continued to improve.Ìý While weather-related catastrophe losses were high for ÃÛÌÒ´«Ã½ and the industry this quarter, ÃÛÌÒ´«Ã½'s underlying property & casualty franchise is stronger than it has ever been. Turning to ÃÛÌÒ´«Ã½'s other subsidiaries, Mr. Tisch added, "Boardwalk's operating results benefited from revenues generated by its growth projects and ÃÛÌÒ´«Ã½ Hotels continued to rebound from the COVID-induced downturn, with its resort properties leading the way."

Book value per share was $70.21 at September 30, 2021 compared to $66.34 at December 31, 2020. Book value per share excluding accumulated other comprehensive income (AOCI) increased to $69.46 at September 30, 2021 from $64.18 at December 31, 2020.

Three Months Ended September 30, 2021 Compared to Three Months Ended September 30, 2020

ÃÛÌÒ´«Ã½'s results increased primarily due to higher Property & Casualty non-catastrophe underwriting results, improved Life & Group business results, primarily due to the absence of the active life premium deficiency charge recorded in the third quarter of 2020, and the absence of a debt retirement charge recorded in the third quarter of 2020, partially offset by higher net catastrophe losses and lower investment gains. Net catastrophe losses were $178 million and $160 million ($125 million and $112 million after tax and noncontrolling interests) for the three months ended September 30, 2021 and 2020. Catastrophe losses for the three months ended September 30, 2021 include $114 million for Hurricane Ida.

Boardwalk Pipelines' earnings increased mainly due to higher revenues from growth projects recently placed into service and higher system utilization.

ÃÛÌÒ´«Ã½ Hotels' results improved significantly as all hotel properties owned and/or operated by ÃÛÌÒ´«Ã½ Hotels were open and operational during the third quarter of 2021 and the rebound in leisure travel, especially at resort destinations, has continued. For the first time, ÃÛÌÒ´«Ã½ Hotels had 9,000 rooms open at the Universal Orlando Resort for a full quarter, which was a major contributor to the net income for the third quarter of 2021. Although results were significantly better in 2021 compared to 2020, occupancy levels have not reached pre-pandemic levels at many hotels owned and/or operated by ÃÛÌÒ´«Ã½ Hotels.

The parent company investment portfolio experienced losses from equity investments versus gains in 2020.

Nine Months Ended September 30, 2021 Compared to Nine Months Ended September 30, 2020

ÃÛÌÒ´«Ã½'s earnings increased primarily due to higher Property & Casualty non-catastrophe underwriting results, lower net catastrophe losses, significantly higher net investment income, and investment gains as compared to losses in 2020. Life & Group business results also benefited from the absence of the active life premium deficiency charge recorded in the third quarter of 2020.

The parent company investment portfolio posted improved results primarily because limited partnership and equity investments generated gains in 2021 versus losses in 2020.

The Corporate & other segment includes an investment gain of $438 million (after tax) related to the sale of 47% of Altium Packaging and its deconsolidation in 2021 as compared to an investment loss of $957 million (after tax and noncontrolling interests) related to the bankruptcy filing and deconsolidation of Diamond Offshore in 2020.

All other segment improvements from 2020 to 2021 are primarily due to the reasons discussed in the three-month comparison. In addition, ÃÛÌÒ´«Ã½'s results for the nine months ended September 30, 2021 do not include Diamond Offshore's operating results, which included impairment charges totaling $774 million ($408 million after tax and noncontrolling interests) related to the carrying value of four drilling rigs and operating losses of $160 million ($68 million after tax and noncontrolling interests) in the 2020 period.

SHARE REPURCHASES

At September 30, 2021, there were 253.8 million shares of ÃÛÌÒ´«Ã½ common stock outstanding. For the three and nine months ended September 30, 2021, the ÃÛÌÒ´«Ã½ repurchased 6.2 million and 15.7 million shares of its common stock at an aggregate cost of $333 million and $826 million, respectively. From October 1, 2021 to October 29, 2021, the ÃÛÌÒ´«Ã½ repurchased an additional 0.1 million shares of its common stock at an aggregate cost of $5 million. Depending on market conditions, the ÃÛÌÒ´«Ã½ 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.

CONFERENCE CALLS

A conference call to discuss the third quarter results of ÃÛÌÒ´«Ã½ Corporation has been scheduled for today at 10:00 a.m. ET. A live webcast will be available via the Investors/Media section of . Those interested in participating should dial (877) 876-9173, or for international callers, (785) 424-1667. The conference ID number is L3Q21. An online replay will also be available at following the call.

A conference call to discuss the third quarter results of ÃÛÌÒ´«Ã½ has been scheduled for today at 9:00 a.m. ET. A live webcast will be available via the Investor Relations section of . Those interested in participating should dial (800) 289-0571, or for international callers, (720) 543-0206.

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ÃÛÌÒ´«Ã½ LOEWS CORPORATION

ÃÛÌÒ´«Ã½ Corporation is a diversified company with businesses in the insurance, energy, hospitality, and packaging industries. For more information please visit .

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FORWARD-LOOKING STATEMENTS

Statements contained in this press 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 ÃÛÌÒ´«Ã½. A discussion of the important risk factors and other considerations that could materially impact these matters as well as the ÃÛÌÒ´«Ã½'s overall business and financial performance can be found in the ÃÛÌÒ´«Ã½'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 ÃÛÌÒ´«Ã½'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 press release. The ÃÛÌÒ´«Ã½ expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement to reflect any change in the ÃÛÌÒ´«Ã½'s expectations with regard thereto or any change in events, conditions or circumstances on which any forward-looking statement is based.

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