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Loews Corporation Reports Net Income Of $177 Million, Or $0.45 Per Share, For The Third Quarter Of 2012

Loews Corporation (NYSE:L) today reported net income for the 2012 third quarter of $177 million, or $0.45 per share, compared to $162 million, or $0.40 per share, in the 2011 third quarter. Net income for the nine months ended September 30, 2012 was $600 million, or $1.51 per share, compared to $791 million, or $1.94 per share, in the prior year period.

Net income for the three and nine months ended September 30, 2012 includes after tax non-cash ceiling test impairment charges of $166 million and $336 million at HighMount Exploration & Production LLC related to the carrying value of its natural gas and oil properties reflecting declines in natural gas and NGL prices.

Book value per share increased to $50.41 at September 30, 2012 from $47.33 at December 31, 2011 and $47.58 at September 30, 2011.

CONSOLIDATED HIGHLIGHTS
   
(In millions, except per share data) September 30,
Three Months       Nine Months
      2012           2011           2012           2011
                 
Income before net investment gains (losses) and impairment charges $ 339 $ 177 $ 901 $ 782
Non-cash ceiling test impairment charges (166 ) (336 )
Net investment gains (losses)       4           (15 )         35           9
Net income attributable to Loews Corporation     $ 177         $ 162         $ 600         $ 791
 
Net income per share     $ 0.45         $ 0.40         $ 1.51         $ 1.94
Book value per share at:
September 30, 2012 $ 50.41
December 31, 2011 47.33
September 30, 2011       47.58                          
 

Three Months Ended September 30, 2012 Compared to 2011

Income before net investment gains (losses) and impairment charges in 2012 was $339 million, as compared to $177 million in the 2011 third quarter. The increase is due primarily to higher earnings at CNA Financial Corporation and higher parent company investment income due primarily to increased performance of equity and limited partnership investments. These increases were partially offset by lower earnings at Diamond Offshore Drilling, Inc.

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