Ladies and gentlemen, thank you for standing by, and welcome to Loews Corporation's First Quarter 2020 Earnings Conference Call. [Operator Instructions]. Thank you. It is now my pleasure to turn the call over to Mary Skafidas to begin. Please go ahead.

Thank you, Maria, and good morning, everyone, and welcome to Loews Corporation's first quarter earnings conference call. A copy of our earnings release, earnings supplement and company overview may be found on our website, loews.com. On the call this morning, we have our Chief Executive Officer, Jim Tisch; and our Chief Financial Officer, David Edelson. Questions that have been submitted by shareholders will be addressed during this call. Before we begin, however, I will remind you that this conference call might include statements that are forward-looking in nature. Actual results achieved by the company may differ materially from those made or implied in any forward-looking statements due to a wide range of risks and uncertainties including those set forth in our SEC filings. Forward-looking statements reflect circumstances at the time they are made. The company expressly disclaims any obligation to update or revise any forward-looking statements. This disclaimer is only a brief summary of the company's statutory forward-looking statements disclaimer, which is included in the company's filings with the SEC. During the call today, you may also discuss - we may also discuss non-GAAP financial measures. Please refer to our security filings and earnings supplement for reconciliation to the most comparable GAAP measures. Now let me hand the call over to Jim Tisch, our CEO, who will kick off the call. Jim, over to you.

Thank you, Mary, and good morning. Before we discuss how Loews is addressing the many challenges presented by the coronavirus, I want to take a moment to acknowledge everyone on the front lines of the fight against this pandemic. They are true heroes. I speak for all of us at Loews' Corporation when I thank them for their bravery, for their selflessness and for everything they are doing to save lives. To express our thanks a bit more concretely, I'm proud to announce that Loews has donated $1 million that has been allocated between several different funds that provide direct support to these frontline health care heroes. I'm glad we're able to help these individuals who are risking their own lives to help others. It's astonishing how quickly the coronavirus has altered our lives. Loews' 2019 letter to shareholders is dated February 11 of this year. In it, we described the dramatic changes brought about over the last decade by disruptive technologies, shifting trade relations and an array of market and geopolitical forces. Little did I know when we completed our letter that the most dramatic change was directly ahead. What started out as a promising year has quickly and dramatically morphed into a global economic free fall. Like so many other companies, Loews and its subsidiaries started operating remotely overnight as travel restrictions and shelter-in-place orders were issued by governments around the world. Since Loews and our subsidiaries have already put into place the enhanced IT infrastructure required for a quick and efficient transition to remote operations, our company's move to working from home went even more smoothly than I would have expected. Our employees rose to the challenge with resilience and focus. I want to thank them all for their dedication, which has enabled Loews' to move forward.…

Thank you, Jim, and good morning, everyone. For the first quarter, Loews reported a net loss of $632 million or $2.20 per share, compared to net income of $394 million or $1.27 per share in last year's first quarter. This year's first quarter loss and the substantial year-over-year decline had 2 main causes: investment losses at CNA and the parent company, which were caused by financial market disruptions as the COVID-19 pandemic spread; and rig impairments at Diamond Offshore. Also worth noting, as Jim did, is the dramatic falloff in results at Loews Hotels caused by the pandemic. Let me start by providing more details about the quarter, focusing on these three items. I will also discuss the accounting implications of Diamond's recent Chapter 11 bankruptcy filing as well as some of the issues we are monitoring as the pandemic impacts our businesses. The financial markets experienced tremendous volatility in March in response to the spreading coronavirus pandemic and its economic fallout. Equity markets plummeted and credit spreads widened. Both CNA and the parent company suffered investment losses as a result. At CNA, after-tax net investment income declined $186 million from last year, with common stocks and limited partnership investments accounting for almost 95% of that amount. Common stocks and LPs earned $96 million pretax in Q1 2019, but lost $125 million in this year's first quarter. Additionally, CNA swung from net investment gains of $24 million, after-tax last year to losses of $169 million this year. This year's losses were mainly attributable to the decline in market value of nonredeemable preferred stock, as well as impairment losses on corporate bonds. The parent company's investment portfolio generated net after-tax loss of $130 million in the quarter versus income of $67 million last year, driven by declines in public equities. In…

Thank you, David. We want to thank all of you for your continued interest. Please feel free to reach out to me with any additional questions at mskafidas@loews.com. A replay will be available on our website, loews.com, in approximately 2 hours. With no questions waiting in queue, we conclude the Loews call. Thank you.

Thank you, ladies and gentlemen. This does conclude today's Loews Corporation First Quarter 2020 Earnings Conference Call. You may now disconnect.