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LOEWS CORPORATION Contact : Mary Skafidas Investor and Public Relations ( 212 ) 521-2788 NEWS RELEASE LOEWS CORPORATION REPORTS NET INCOME OF $ 261 MILLION FOR THE FIRST QUARTER OF 2021 NEW YORK , May 3 , 2021 - Loews Corporation ( NYSE : L ) today reported net income of $ 261 million , or $ 0.97 per share , for the first quarter of 2021 compared to a net loss of $ 632 million , or $ 2.20 per share , in the first quarter of 2020 . Loews's strong net income for the first quarter of 2021 was driven by CNA Financial Corporation , which had improved net investment income , net investment gains , and solid underlying property and casualty underwriting results , which excludes the impact of net catastrophe losses and prior year development . Boardwalk Pipelines also contributed positively to Loews's 2021 quarterly results . Loews Hotels & Co posted a net loss for the first quarter of 2021 due to the continued negative impact on travel of the COVID - 19 pandemic . Last year's first quarter results included a significant loss related to Diamond Offshore Drilling , Inc. , which is no longer a subsidiary . " Loews had a great first quarter , with excellent results from CNA Financial leading the way . CNA's underlying combined ratio of 91.9 % declined nearly two points from the prior year quarter . Premium growth was strong , driven by continuing rate increases and robust new business , " said James S. Tisch , President and CEO of Loews Corporation . " Additionally , Loews Hotels & Co , the subsidiary hardest hit by the pandemic , is showing signs of progress . With over two - thirds of its rooms located in resort destinations , we think Loews Hotels is well positioned to benefit from this leisure - led recovery . " As previously disclosed , on April 1 , 2021 Loews sold 47 % of its interest in Altium Packaging for approximately $ 420 million in cash , subject to transaction expenses and post - closing adjustments . Per the terms of this transaction , Loews has concluded that it will no longer control Altium under US GAAP and is required to deconsolidate Altium as of the date of the sale . In connection with the sale and deconsolidation , we expect to recognize a pretax gain of approximately $ 560 million in the second quarter of 2021 . Book value per share was $ 65.47 at March 31 , 2021 compared to $ 66.34 at December 31 , 2020 , reflecting a lower unrealized gain position on investments in 2021 due to an increase in interest rates . Book value per share excluding accumulated other comprehensive income ( AOCI ) increased to $ 65.35 at March 31 , 2021 from $ 64.18 at December 31 , 2020 . CONSOLIDATED HIGHLIGHTS ( In millions , except per share data ) Income ( loss ) before net investment gains ( losses ) Net investment gains ( losses ) Net income ( loss ) attributable to Loews Corporation Net income ( loss ) per share Book value per share Book value per share excluding AOCI Three Months Ended March 31 , 2021 2020 $ 217 $ ( 480 ) 44 ( 152 ) $ 261 $ ( 632 ) $ 0.97 $ ( 2.20 ) March 31 , 2021 $ 65.47 65.35 December 31 , 2020 $ 66.34 64.18 Page 1 of 5