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LOEWS CORPORATION NEWS RELEASE LOEWS CORPORATION REPORTS NET INCOME OF $ 754 MILLION FOR THE SECOND QUARTER OF 2021 NEW YORK , August 2 , 2021 - Loews Corporation ( NYSE : L ) today reported net income of $ 754 million , or $ 2.86 per share , for the second quarter of 2021 compared to a net loss of $ 835 million , or $ 2.96 per share , for the second quarter of 2020. Net income for the six months ended June 30 , 2021 was $ 1.0 billion , or $ 3.82 per share , compared to a net loss of $ 1.5 billion , or $ 5.16 per share , for the six months ended June 30 , 2020 . The three and six months ended June 30 , 2021 include a gain of $ 438 million ( after tax ) related to the sale of 47 % of Altium Packaging and its deconsolidation on April 1 , 2021. The three and six months ended June 30 , 2020 included a loss of $ 957 million ( after tax ) related to the bankruptcy filing and deconsolidation of Diamond Offshore Drilling , Inc. Excluding these significant transactions , net income for the second quarter of 2021 would have been $ 316 million compared to $ 122 million for the second quarter of 2020 . Contact : The year - over - year increase in Loews's second quarter net income , excluding these significant transactions , was driven by CNA Financial Corporation , which reported lower net catastrophe losses , improved net investment income , and higher property and casualty underwriting results before net catastrophe losses and prior year development . Boardwalk Pipelines also contributed positively as revenues from recently completed growth projects increased from the second quarter of 2020. Loews Hotels & Co posted improved year - over - year second quarter results due to the strong rebound in travel to resort destinations . The parent company investment portfolio experienced lower net investment income in the second quarter of 2021 compared to the prior year period . The drivers of Loews's net income for the six months ended June 30 , 2021 are consistent with the three - month discussion above . In addition , during the first six months of 2020 , Diamond Offshore recognized drilling rig impairment charges of $ 408 million ( after tax and noncontrolling interests ) and operating losses of $ 68 million ( after tax and noncontrolling interests ) . CNA posted net investment gains during the first six months of 2021 compared to net investment losses in the prior year period , and the parent company investment portfolio experienced higher net investment income during the first six months of 2021 compared to the prior year period . CONSOLIDATED HIGHLIGHTS " Loews had a strong quarter driven by CNA , which is doing very well . Strong natural gas flows continue to benefit Boardwalk Pipelines ' results , and while Loews Hotels & Co posted a net loss for the quarter , its business is recovering from the effects of the pandemic more quickly than expected , " said James S. Tisch , President and CEO of Loews Corporation . ( In millions , except per share data ) Income ( loss ) before net investment gains ( losses ) Net investment gains ( losses ) : CNA Corporate Total 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 Mary Skafidas Investor and Public Relations ( 212 ) 521-2788 Page 1 of 5 Three Months 2021 $ 304 $ 69.59 68.33 $ 24 426 450 $ 754 $ 2.86 June 30 , 2021 2020 June 30 , 75 47 ( 957 ) ( 910 ) $ ( 835 ) $ ( 2.96 ) Six Months 2021 $ 521 68 426 494 $ 1,015 $ 3.82 2020 $ 66.34 64.18 $ ( 405 ) ( 105 ) ( 957 ) ( 1,062 ) $ ( 1,467 ) $ ( 5.16 ) December 31 , 2020