Item 6. Selected Financial Data.

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Item 6. Selected Financial Data.

The following table presents selected financial data. The table should be read in conjunction with Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations and Item 8. Financial Statements and Supplementary Data of this Form 10-K.


Year Ended December 31	2018			2017 (a)			2016 (a)			2015 (a)			2014 (a)
(In millions, except per share data)

Results of Operations:

Revenues	$	14,066		$	13,735		$	13,105		$	13,415		$	14,325
Income before income tax	$	834		$	1,582		$	936		$	244		$	1,810
Income from continuing operations	$	706		$	1,412		$	716		$	287		$	1,353
Discontinued operations, net														(391	)
Net income		706			1,412			716			287			962
Amounts attributable to noncontrolling interests		(70	)		(248	)		(62	)		(27	)		(371	)
Net income attributable to Loews Corporation	$	636		$	1,164		$	654		$	260		$	591


Net income attributable to Loews Corporation:
Income from continuing operations	$	636		$	1,164		$	654		$	260		$	962
Discontinued operations, net														(371	)
Net income	$	636		$	1,164		$	654		$	260		$	591


Diluted Net Income Per Share:

Income from continuing operations	$	1.99		$	3.45		$	1.93		$	0.72		$	2.52
Discontinued operations, net														(0.97	)
Net income	$	1.99		$	3.45		$	1.93		$	0.72		$	1.55


Financial Position:

Investments	$	48,186		$	52,226		$	50,711		$	49,400		$	52,032
Total assets		78,316			79,586			76,594			76,006			78,342
Debt		11,376			11,533			10,778			10,560			10,643
Shareholders’ equity		18,518			19,204			18,163			17,561			19,280
Cash dividends per share		0.25			0.25			0.25			0.25			0.25
Book value per share		59.34			57.83			53.96			51.67			51.70
Shares outstanding		312.07			332.09			336.62			339.90			372.93

(a)

Prior period revenues have not been adjusted under the modified retrospective method of adoption for Accounting Standard Update (“ASU”) 2014-09, “Revenue from Contracts with Customer (Topic 606)” or ASU 2016-01, “Financial Instruments – Overall (Subtopic 825-10); Recognition and Measurement of Financial Assets and Financial Liabilities.” For further information, see Note 1 of the Notes to the Consolidated Financial Statements, included under Item 8.

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