Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations – CNA Financial – (Continued) Net results improved by $310.9 million in 2005 as compared with 2004.
The improvement in net results related primarily to a $352.9 million after tax and minority interest realized loss on the sale of the individual life business in 2004.
Also contributing to the improvement in net results is the reduction in 2005 of significant 2004 items related to the IGI Program as discussed below.
In addition, 2005 results included an $11.9 million gain, after tax and minority interest, related to a service agreement with a purchaser for sold businesses.
These agreements have expired.
These results were partially offset by a decline in net investment income of $98.4 million.
This included a decrease of approximately $64.0 million from the trading portfolio which was largely net income neutral due to a corresponding decrease in the policyholders’ funds reserves supported by the trading portfolio.
In addition, it included the absence of favorable results from the sold insurance operations as discussed below.
Also unfavorably impacting the 2005 results was a $15.3 million, after tax and minority interest, provision increase for estimated indemnification liabilities related to the sold individual life business and unfavorable results related to the long term care business.
See the Investments section of this MD&A for additional information on net investment income and net realized investment results.2004 Compared with 2003 Net earned premiums for Life and Group Non-Core decreased $1,455.0 million in 2004 as compared with 2003.
The decrease in net earned premiums was due primarily to the absence of premiums from the group benefits business and reduced premiums for the individual life business.
Net earned premiums for the sold life and group businesses were $115.0 million and $1,459.0 million for 2004 and 2003.
Net earned premiums also decreased in most of the remaining lines of business which are in runoff, and this decline is expected to continue in the future.
Partially offsetting this decrease was an increase in net earned premiums in the specialty medical business, which continued to issue new policies prior to its sale in January 2005.
Net results decreased by $379.6 million in 2004 as compared with 2003.
The decrease in net results related primarily to net realized investment losses, including the realized loss of approximately $352.9 million after tax and minority interest from the sale of the individual life business and reduced results from the group benefits and individual life businesses.
Net realized investment losses in 2003 include a loss recorded on the sale of the Group Benefits business of $116.4 million after tax and minority interest.
Net results for the sold life and group businesses were losses of $389.7 million and $32.5 million, including the loss on sales and the effects of shared corporate overhead expenses, in 2004 and 2003.
In addition, results for life settlement contracts declined in 2004.
These items were partially offset by reduced increases in individual long term care reserves of $19.2 million after tax and minority interest in 2004 as compared with 2003.
Also included in the net results of 2004 and 2003 were the adverse impacts of $23.7 million and $29.8 million, after tax and minority interest, related to certain accident and health exposures (“IGI Program”) and CNA’s past participation in accident and health reinsurance programs.
Other Insurance The following table summarizes the results of operations for the Other Insurance segment, including APMT and intrasegment eliminations.
## Table 0 ##
2005 Compared with 2004 Revenues decreased $44.4 million in 2005 as compared with 2004.
The decrease in revenues was due primarily to reduced net earned premiums in CNA Re of $134.0 million due to the exit from the assumed reinsurance business in 2003 and decreased net realized investment results.
Partially offsetting these decreases was $121.0 million of
Item 7.
Management’s Discussion and Analysis of Financial Condition and Results of Operations Results of Operations – CNA Financial – (Continued) Throughout this MD&A the results of operations include discussion and results for all of CNA’s businesses, including those sold or exited as described above.
Net Prior Year Development The results of operations for the years ended December 31, 2005, 2004 and 2003 were impacted by net prior year development.
Changes in estimates of claim and allocated claim adjustment expense reserves and premium accruals for prior accident years are defined as net prior year development within this MD&A.
These changes can be favorable or unfavorable.
The development discussed below excludes the impact of the provision for uncollectible reinsurance, but includes the impact of commutations.
See Note 18 of the Notes to Consolidated Financial Statements included under Item 8.
CNA records favorable or unfavorable premium and claim and allocated claim adjustment expense reserve development related to the corporate aggregate reinsurance treaties as movements in the claim and allocated claim adjustment expense reserves for the accident years covered by the corporate aggregate reinsurance treaties indicate such development is required.
While the available limit of these treaties was fully utilized in 2003, the ceded premiums and losses for an individual segment may change in subsequent years because of the re-estimation of the subject losses or commutations of the underlying contracts.
In 2005, CNA commuted a corporate aggregate reinsurance treaty.
See Note 18 of the Notes to Consolidated Financial Statements for further discussion of the corporate aggregate reinsurance treaties.
The following tables summarize net prior year development by segment for the years ended December 31, 2005, 2004 and 2003.
For the Life and Group Non-Core segment $5.0 million and $7.0 million of favorable development was recorded in 2005 and 2004, and $62.0 million of unfavorable development was recorded in 2003.
## Table 1 ##
Item 5.
Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities The following graph compares annual total return of our Common Stock, the Standard & Poor’s 500 Composite Stock Index (“S&P 500 Index”) and our Peer Group (“Loews Peer Group”) for the five years ended December 31, 2015.
The graph assumes that the value of the investment in our Common Stock, the S&P 500 Index and the Loews Peer Group was $100 on December 31, 2010 and that all dividends were reinvested.
## Table 2 ##
(a) The Loews Peer Group consists of the following companies that are industry competitors of our principal operating subsidiaries: Ace Limited, W. R.  Berkley Corporation, The Chubb Corporation, Energy Transfer Partners L. P. , Ensco plc, The Hartford Financial Services Group, Inc. , Kinder Morgan Energy Partners, L. P.  (included through November 26, 2014 when it was acquired by Kinder Morgan Inc. ), Noble Corporation, Spectra Energy Corp, Transocean Ltd.  and The Travelers Companies, Inc.  Dividend Information We have paid quarterly cash dividends on Loews common stock in each year since 1967.
Regular dividends of $0.0625 per share of Loews common stock were paid in each calendar quarter of 2015 and 2014.

<table><tr><td>Year Ended December 31</td><td>2005</td><td rowspan="2">2004 (Restated)</td><td rowspan="2">2003 (Restated)</td></tr><tr><td>(In millions)</td><td></td></tr><tr><td>Net investment income</td><td>$250.3</td><td>$246.4</td><td>$226.2</td></tr><tr><td>Revenues</td><td>313.8</td><td>358.2</td><td>750.9</td></tr><tr><td>Income (loss) before net realized investment gains (losses)</td><td>24.4</td><td>91.8</td><td>-730.0</td></tr><tr><td>Net realized investment gains (losses)</td><td>-8.5</td><td>36.1</td><td>85.5</td></tr><tr><td>Net income (loss)</td><td>15.9</td><td>127.9</td><td>-644.5</td></tr></table>
<table><tr><td>Year Ended December 31, 2005</td><td>Standard Lines</td><td>Specialty Lines</td><td>OtherInsurance</td><td>Total</td></tr><tr><td>(In millions)</td><td></td><td></td><td></td><td></td></tr><tr><td>Pretax unfavorable net prior year claim and</td><td></td><td></td><td></td><td></td></tr><tr><td>allocated claim adjustment expense development,</td><td></td><td></td><td></td><td></td></tr><tr><td>excluding the impact of corporate aggregate</td><td></td><td></td><td></td><td></td></tr><tr><td>reinsurance treaties:</td><td></td><td></td><td></td><td></td></tr><tr><td>Core (Non-APMT)</td><td>$376.0</td><td>$42.0</td><td>$171.0</td><td>$589.0</td></tr><tr><td>APMT</td><td></td><td></td><td>63.0</td><td>63.0</td></tr><tr><td>Total</td><td>376.0</td><td>42.0</td><td>234.0</td><td>652.0</td></tr><tr><td>Ceded losses related to corporate aggregate</td><td></td><td></td><td></td><td></td></tr><tr><td>reinsurance treaties</td><td>183.0</td><td>5.0</td><td>57.0</td><td>245.0</td></tr><tr><td>Pretax unfavorable net prior year development</td><td></td><td></td><td></td><td></td></tr><tr><td>before impact of premium development</td><td>559.0</td><td>47.0</td><td>291.0</td><td>897.0</td></tr><tr><td>Unfavorable (favorable) premium</td><td></td><td></td><td></td><td></td></tr><tr><td>development, excluding impact of corporate</td><td></td><td></td><td></td><td></td></tr><tr><td>aggregate reinsurance treaties</td><td>-101.0</td><td>-12.0</td><td>11.0</td><td>-102.0</td></tr><tr><td>Ceded premiums related to corporate aggregate</td><td></td><td></td><td></td><td></td></tr><tr><td>reinsurance treaties</td><td>-6.0</td><td>19.0</td><td>4.0</td><td>17.0</td></tr><tr><td>Total premium development</td><td>-107.0</td><td>7.0</td><td>15.0</td><td>-85.0</td></tr><tr><td>Total 2005 unfavorable net prior year development</td><td></td><td></td><td></td><td></td></tr><tr><td>(pretax)</td><td>$452.0</td><td>$54.0</td><td>$306.0</td><td>$812.0</td></tr></table>
<table><tr><td></td><td>2010</td><td>2011</td><td>2012</td><td>2013</td><td>2014</td><td>2015</td></tr><tr><td>Loews Common Stock</td><td>100.0</td><td>97.37</td><td>106.04</td><td>126.23</td><td>110.59</td><td>101.72</td></tr><tr><td>S&P 500 Index</td><td>100.0</td><td>102.11</td><td>118.45</td><td>156.82</td><td>178.29</td><td>180.75</td></tr><tr><td>Loews Peer Group (a)</td><td>100.0</td><td>101.59</td><td>115.19</td><td>145.12</td><td>152.84</td><td>144.70</td></tr></table>

Question: what is the roi of an investment in loews common stock from 2010 to 2011?
Answer: -0.0263