CNA’s earnings declined due to higher catastrophe losses of $171 million (after tax and noncontrolling interests) primarily related to Storm Sandy and a lower level of favorable net prior year development in 2012 than in 2011, partially offset by increased investment income. Increased investment income reflects improved performance of limited partnership investments.

Diamond Offshore’s earnings decreased primarily due to an impairment charge related to the carrying value of three semisubmersible rigs and lower average daily revenue partially offset by an overall increase in utilization and lower contract drilling expense.

Boardwalk Pipeline’s earnings increased primarily due to the contributions from recent acquisitions and lower general and administrative expenses.

Year Ended December 31, 2012 Compared to 2011

Income before net investment gains and ceiling test impairment charges in 2012 was $968 million, as compared to $1.1 billion in 2011. The decrease is due primarily to lower results at CNA and Diamond Offshore partially offset by higher earnings at Boardwalk Pipeline and higher parent company investment income as a result of improved performance of equity investments.

CNA’s earnings decreased primarily due to the reasons discussed in the three month comparison above.

Diamond Offshore earnings decreased as a result of lower rig utilization and a decrease in average dayrate partially offset by lower interest expense.

Boardwalk Pipeline’s earnings increased primarily due to the reasons discussed in the three month comparison above as well as lower impairment charges in 2012.

SHARE REPURCHASES

At December 31, 2012, there were 391.8 million shares of Loews common stock outstanding. During the three months and year ended December 31, 2012, the Company purchased 2.1 million and 5.6 million shares of its common stock at an aggregate cost of $83 million and $222 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.

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