Item 16. Form 10-K Summary.

LOEWS CORPORATION

Dated: February 13, 2019

(David B. Edelson, Senior Vice President and

Chief Financial Officer)

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 13, 2019	By	*
		(James S. Tisch, President,
		Chief Executive Officer and Director)

Dated: February 13, 2019	By	*
		(David B. Edelson, Senior Vice President and
		Chief Financial Officer)

Dated: February 13, 2019	By	*
		(Mark S. Schwartz, Vice President and
		Chief Accounting Officer)

Dated: February 13, 2019	By	*
		(Ann E. Berman, Director)

Dated: February 13, 2019	By	*
		(Joseph L. Bower, Director)

Dated: February 13, 2019	By	*
		(Charles D. Davidson, Director)


	By
		(Charles M. Diker, Director)

Dated: February 13, 2019	By	*
		(Jacob A. Frenkel, Director)

Dated: February 13, 2019	By	*
		(Paul J. Fribourg, Director)

Dated: February 13, 2019	By	*
		(Walter L. Harris, Director)

Dated: February 13, 2019	By	*
		(Philip A. Laskawy, Director)

Dated: February 13, 2019	By	*
		(Susan P. Peters, Director)

Dated: February 13, 2019	By	*
		(Andrew H. Tisch, Director)

Dated: February 13, 2019	By	*
		(Jonathan M. Tisch, Director)

Dated: February 13, 2019	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	2018		2017
(In millions)

Current assets, principally investment in short term instruments	$	2,050	$	2,755
Investments in securities		1,112		2,144
Investments in capital stocks of subsidiaries, at equity		17,556		16,303
Other assets		402		506
Total assets	$	21,120	$	21,708

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	109	$	182
Long term debt		1,778		1,776
Deferred income tax and other		715		546
Total liabilities		2,602		2,504
Shareholders’ equity		18,518		19,204
Total liabilities and shareholders’ equity	$	21,120	$	21,708

STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2018			2017		2016
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	819		$	1,199	$	655
Interest and other		(11	)		167		165
Total		808			1,366		820
Expenses:
Administrative		127			134		127
Interest		72			72		72
Total		199			206		199
Income before income tax		609			1,160		621
Income tax benefit		27			4		33
Net income		636			1,164		654
Equity in other comprehensive income (loss) of subsidiaries		(797	)		197		134
Total comprehensive income (loss)	$	(161	)	$	1,361	$	788

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2018			2017			2016
(In millions)

Operating Activities:
Net income	$	636		$	1,164		$	654
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Equity method investees		401			(405	)		115
Provision for deferred income taxes		113			77			10
Changes in operating assets and liabilities, net:
Receivables		3			4			2
Accounts payable and accrued liabilities		92			(20	)		52
Trading securities		1,702			100			(614)
Other, net		19			(41	)		(15)
		2,966			879			204

Investing Activities:
Investments in and advances to subsidiaries		(135	)		12			50
Change in investments, primarily short term		(187	)		30			(127)
Purchase of Boardwalk Pipeline common units		(1,504	)
Acquisition					(620	)
Other		(2	)		(1	)		(2)
		(1,828	)		(579	)		(79)

Financing Activities:
Dividends paid		(80	)		(84	)		(84)
Purchases of treasury shares		(1,026	)		(216	)		(134)
Principal payments in debt								(400)
Issuance of debt								495
Other		(3	)					(2)
		(1,109	)		(300	)		(125)

Net change in cash		29			-			-
Cash, beginning of year
Cash, end of year	$	29		$	-		$	-

(a)	Cash dividends paid to the Company by affiliates amounted to $878, $804 and $780 for the years ended December 31, 2018, 2017 and 2016.

SCHEDULE V

LOEWS CORPORATION AND SUBSIDIARIES

Supplemental Information Concerning Property and Casualty Insurance Operations


Consolidated Property and Casualty Operations

December 31	2018		2017
(In millions)

Deferred acquisition costs	$	632	$	632
Reserves for unpaid claim and claim adjustment expenses		21,984		22,004
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 8.0%)		1,388		1,434
Unearned premiums		4,183		4,029


Year Ended December 31	2018			2017			2016
(In millions)

Net written premiums	$	7,345		$	7,069		$	6,988
Net earned premiums		7,312			6,988			6,924
Net investment income		1,751			1,992			1,952
Incurred claim and claim adjustment expenses related to current year		5,358			5,201			5,025
Incurred claim and claim adjustment expenses related to prior years		(179	)		(381	)		(342)
Amortization of deferred acquisition costs		1,335			1,233			1,235
Paid claim and claim adjustment expenses		5,331			5,341			5,134

Previous: Item 15. Exhibits and Financial Statement Schedules.