CNA’s earnings increased due to higher net investment income and lower catastrophe losses. Increased investment income reflects improved performance of limited partnership investments.
Diamond Offshore’s earnings decreased due to lower rig utilization and a decrease in average dayrate.
Nine Months Ended September 30, 2012 Compared to 2011
Income before net investment gains and impairment charges in 2012 was $901 million, as compared to $782 million in the 2011 period. The increase is due primarily to the reasons discussed above in the three month comparison and improved earnings from Boardwalk Pipeline Partners, LP, primarily due to the contribution from Boardwalk HP Storage Company which was acquired in December 2011 as well as the prior year impact of an impairment charge related to steel pipe materials.SHARE REPURCHASES At September 30, 2012, there were 393.6 million shares of Loews common stock outstanding. During the three months and nine months ended September 30, 2012, the Company purchased 2.2 million and 3.5 million shares of its common stock at an aggregate cost of $88 million and $139 million. Depending on market conditions, the Company may from time to time purchase shares of its and its subsidiaries’ outstanding common stock in the open market or otherwise. CONFERENCE CALLS A conference call to discuss the third quarter results of Loews Corporation has been scheduled for 11:00 a.m. EDT, today. A live webcast of the call will be available online at the Loews Corporation website ( www.loews.com). Please go to the website at least ten minutes before the event begins to register and to download and install any necessary audio software. Those interested in participating in the question and answer session should dial (877) 692-2592, or for international callers, (973) 582-2757. The conference ID number is 36605643. An online replay will also be available on the Loews Corporation’s website following the call. A conference call to discuss the third quarter results of CNA has been scheduled for 10:00 a.m. EDT, today. A live webcast will be available at http://investor.cna.com. Those interested in participating in the question and answer session should dial (888) 417-8465, or for international callers, (719) 457-2627. Please go to the website at least ten minutes before the event begins to register and to download and install any necessary audio software. A conference call to discuss the third quarter results of Boardwalk Pipeline has been scheduled for 9:00 a.m. EDT, today. A live webcast will be available at www.bwpmlp.com. Those interested in participating in the question and answer session should dial (800) 299-7089 or for international callers, (617) 801-9714. The conference ID number is 29246984. Please go to the website at least ten minutes before the event begins to register and to download and install any necessary audio software. A conference call to discuss the third quarter results of Diamond Offshore was held on Thursday, October 18, 2012. An online replay is available on Diamond Offshore’s website ( www.diamondoffshore.com). ABOUT LOEWS CORPORATION
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