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LOEWS CORPORATION Loews Corporation Reports Net Income Of $ 220 Million For The Third Quarter Of 2021 November 1 , 2021 NEW YORK , Nov. 1 , 2021 / PRNewswire / -- Loews Corporation ( NYSE : L ) today reported net income of $ 220 million , or $ 0.85 per share , for the third quarter of 2021 compared to net income of $ 139 million , or $ 0.50 per share , for the third quarter of 2020. Net income for the nine months ended September 30 , 2021 was $ 1.24 billion , or $ 4.70 per share , compared to a net loss of $ 1.33 billion , or $ 4.70 per share , for the nine months ended September 30 , 2020 . Each of the company's consolidated subsidiaries , CNA Financial Corporation , Boardwalk Pipelines , and Loews Hotels & Co , contributed meaningfully to the year - over - year increase in Loews's third quarter net income . As compared to the third quarter of 2020 , CNA benefited from higher Property & Casualty non - catastrophe underwriting results and improved Life & Group business results primarily due to the absence of the prior year active life premium deficiency charge , partially offset by higher net catastrophe losses and lower investment gains . Loews Hotels posted significantly improved year - over - year third quarter results due to the continuing rebound in leisure travel , especially at resort destinations . Boardwalk Pipelines revenues for the third quarter of 2021 increased compared to the prior year period , reflecting the impact of recently completed growth projects and higher system utilization . The parent company investment portfolio experienced lower net investment income in the third quarter of 2021 compared to the prior year period . " Loews had another great quarter with each of our consolidated subsidiaries contributing positively to our results , " said James Tisch , CEO of Loews Corporation . " CNA delivered strong investment results , favorable life and group results , and its underlying combined ratio continued to improve . While weather - related catastrophe losses were high for CNA and the industry this quarter , CNA's underlying property & casualty franchise is stronger than it has ever been . Turning to Loews's other subsidiaries , Mr. Tisch added , " Boardwalk's operating results benefited from revenues generated by its growth projects and Loews Hotels continued to rebound from the COVID - induced downturn , with its resort properties leading the way . " Book value per share was $ 70.21 at September 30 , 2021 compared to $ 66.34 at December 31 , 2020. Book value per share excluding accumulated other comprehensive income ( AOCI ) increased to $ 69.46 at September 30 , 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 ) : CNA Corporate Total net investment gains ( losses ) Net income ( loss ) attributable to Loews Corporation Net income ( loss ) per share September 30 , Three Months 2021 16 Nine Months 2020 2021 $ 204 $ 106 $ 725 33 84 426 2020 $ ( 299 ) ( 72 ) ( 957 ) 16 510 ( 1,029 ) $ 220 33 $ 139 $ 1,235 $ ( 1,328 ) $ 0.85 $ 0.50 $ 4.70 $ ( 4.70 ) September 30 , 2021 December 31 , 2020 $ 70.21 69.46 Book value per share Book value per share excluding AOCI Three Months Ended September 30 , 2021 Compared to Three Months Ended September 30 , 2020 CNA's results increased primarily due to higher Property & Casualty non - catastrophe underwriting results , improved Life & Group business results , primarily due to the absence of the active life premium deficiency charge recorded in the third quarter of 2020 , and the absence of a debt retirement charge recorded in the third quarter of 2020 , partially offset by higher net catastrophe losses and lower investment gains . Net catastrophe losses were $ 178 million and $ 160 million ( $ 125 million and $ 112 million after tax and noncontrolling interests ) for the three months ended September 30 , 2021 and 2020. Catastrophe losses for the three months ended September 30 , 2021 include $ 114 million for Hurricane Ida . Boardwalk Pipelines ' earnings increased mainly due to higher revenues from growth projects recently placed into service and higher system utilization . Loews Hotels ' results improved significantly as all hotel properties owned and / or operated by Loews Hotels were open and operational during the third quarter of 2021 and the rebound in leisure travel , especially at resort destinations , has continued . For the first time , Loews Hotels had 9,000 rooms open at the Universal Orlando Resort for a full quarter , which was a major contributor to the net income for the third quarter of 2021. Although results were significantly better in 2021 compared to 2020 , occupancy levels have not reached pre - pandemic levels at many hotels owned and / or operated by Loews Hotels . $ 66.34 64.18 The parent company investment portfolio experienced losses from equity investments versus gains in 2020 . Nine Months Ended September 30 , 2021 Compared to Nine Months Ended September 30 , 2020 CNA's earnings increased primarily due to higher Property & Casualty non - catastrophe underwriting results , lower net catastrophe losses , significantly higher net investment income , and investment gains as compared to losses in 2020. Life & Group business results also benefited from the absence of the active life premium deficiency charge recorded in the third quarter of 2020 .