Item 16. Form 10-K Summary.

Item 16. Form 10-K Summary.

Item 16. Form 10-K Summary.

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Table of Contents

Not included.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.


Dated: February 15, 2018	By	*
		(James S. Tisch, President,
		Chief Executive Officer and Director)

Dated: February 15, 2018	By	*
		(David B. Edelson, Senior Vice President and
		Chief Financial Officer)

Dated: February 15, 2018	By	*
		(Mark S. Schwartz, Vice President and
		Chief Accounting Officer)

Dated: February 15, 2018	By	*
		(Lawrence S. Bacow, Director)

Dated: February 15, 2018	By	*
		(Ann E. Berman, Director)

Dated: February 15, 2018	By	*
		(Joseph L. Bower, Director)


Dated: February 15, 2018	By	*
		(Charles D. Davidson, Director)

Dated: February 15, 2018	By	*
		(Charles M. Diker, Director)

Dated: February 15, 2018	By	*
		(Jacob A. Frenkel, Director)

Dated: February 15, 2018	By	*
		(Paul J. Fribourg, Director)

Dated: February 15, 2018	By	*
		(Walter L. Harris, Director)

Dated: February 15, 2018	By	*
		(Philip A. Laskawy, Director)

Dated: February 15, 2018	By	*
		(Ken Miller, Director)

Dated: February 15, 2018	By	*
		(Andrew H. Tisch, Director)

Dated: February 15, 2018	By	*
		(Jonathan M. Tisch, Director)

Dated: February 15, 2018	By	*
		(Anthony Welters, Director)




*By:		/s/ Marc A. Alpert
		(Marc A. Alpert, Senior Vice President, General Counsel and Secretary) Attorney-in-Fact

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS


December 31	2017		2016
(In millions)

Current assets, principally investment in short term instruments	$	2,755	$	3,096
Investments in securities		2,144		1,931
Investments in capital stocks of subsidiaries, at equity		16,303		15,114
Other assets		506		389
Total assets	$	21,708	$	20,530

LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	182	$	140
Long term debt		1,776		1,775
Deferred income tax and other		546		452
Total liabilities		2,504		2,367
Shareholders’ equity		19,204		18,163
Total liabilities and shareholders’ equity	$	21,708	$	20,530

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2017		2016		2015
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	1,199	$	655	$	302
Interest and other		167		165		74
Total		1,366		820		376
Expenses:
Administrative		134		127		108
Interest		72		72		74
Total		206		199		182
Income before income tax		1,160		621		194
Income tax (expense) benefit		4		33		66
Net income		1,164		654		260
Equity in other comprehensive income (loss) of subsidiaries		197		134		(638)
Total comprehensive income (loss)	$	1,361	$	788	$	(378)

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2017			2016			2015
(In millions)

Operating Activities:
Net income	$	1,164		$	654		$	260
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Equity method investees		(405	)		115			488
Provision for deferred income taxes		77			10			113
Changes in operating assets and liabilities, net:
Receivables		4			2			(6	)
Accounts payable and accrued liabilities		(20	)		52			71
Trading securities		100			(614	)		718
Other, net		(41	)		(15	)		(8	)
		879			204			1,636

Investing Activities:
Investments in and advances to subsidiaries		12			50			(285	)
Change in investments, primarily short term		30			(127	)
Acquisition		(620	)
Other		(1	)		(2	)		(4	)
		(579	)		(79	)		(289	)

Financing Activities:
Dividends paid		(84	)		(84	)		(90	)
Issuance of common stock								7
Purchases of treasury shares		(216	)		(134	)		(1,265	)
Principal payments in debt					(400	)
Issuance of debt					495
Other					(2	)		1
		(300	)		(125	)		(1,347	)

Net change in cash		-			-			-
Cash, beginning of year
Cash, end of year	$	-		$	-		$	-

(a)	Cash dividends paid to the Company by affiliates amounted to $804, $780 and $816 for the years ended December 31, 2017, 2016 and 2015.

SCHEDULE II

LOEWS CORPORATION AND SUBSIDIARIES

Valuation and Qualifying Accounts


Column A	Column B		Column C				Column D		Column E
			Additions
	Balance at		Charged to		Charged				Balance at
	Beginning		Costs and		to Other				End of
Description	of Period		Expenses		Accounts		Deductions		Period
(In millions)
	For the Year Ended December 31, 2017

Deducted from assets:
Allowance for doubtful accounts	$	90	$	-	$	-	$	10	$	80
Total	$	90	$	-	$	-	$	10	$	80


	For the Year Ended December 31, 2016

Deducted from assets:
Allowance for doubtful accounts	$	96	$	-	$	-	$	6	$	90
Total	$	96	$	-	$	-	$	6	$	90


	For the Year Ended December 31, 2015

Deducted from assets:
Allowance for doubtful accounts	$	117	$	-	$	-	$	21	$	96
Total	$	117	$	-	$	-	$	21	$	96

SCHEDULE V

LOEWS CORPORATION AND SUBSIDIARIES

Supplemental Information Concerning Property and Casualty Insurance Operations


Consolidated Property and Casualty Operations

December 31	2017		2016
(In millions)

Deferred acquisition costs	$	632	$	599
Reserves for unpaid claim and claim adjustment expenses		22,004		22,343
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 8.0%)		1,434		1,572
Unearned premiums		4,029		3,762


Year Ended December 31	2017			2016			2015
(In millions)

Net written premiums	$	7,069		$	6,988		$	6,962
Net earned premiums		6,988			6,924			6,921
Net investment income		1,992			1,952			1,807
Incurred claim and claim adjustment expenses related to current year		5,201			5,025			4,934
Incurred claim and claim adjustment expenses related to prior years		(381	)		(342	)		(255)
Amortization of deferred acquisition costs		1,233			1,235			1,540
Paid claim and claim adjustment expenses		5,341			5,134			4,945

Previous: Item 15. Exhibits and Financial Statement Schedules.

LOEWS CORPORATION

Dated: February 15, 2018

(David B. Edelson, Senior Vice President and

Chief Financial Officer)