Item 16. Form 10-K Summary.

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Item 16. Form 10-K Summary.

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.

		LOEWS CORPORATION




Dated:	February 9, 2021	By	/s/ David B. Edelson
			(David B. Edelson, Senior Vice President and
			Chief Financial Officer)


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 9, 2021	By	*
			(James S. Tisch, President,
			Chief Executive Officer and Director)



Dated:	February 9, 2021	By	*
			(David B. Edelson, Senior Vice President and
			Chief Financial Officer)



Dated:	February 9, 2021	By	*
			(Mark S. Schwartz, Vice President,
			Chief Accounting Officer and Treasurer)



Dated:	February 9, 2021	By	*
			(Ann E. Berman, Director)



Dated:	February 9, 2021	By	*
			(Joseph L. Bower, Director)



Dated:	February 9, 2021	By	*
			(Charles D. Davidson, Director)



Dated:	February 9, 2021	By	*
			(Charles M. Diker, Director)



Dated:	February 9, 2021	By	*
			(Paul J. Fribourg, Director)



Dated:	February 9, 2021	By	*
			(Walter L. Harris, Director)



Dated:	February 9, 2021	By	*
			(Philip A. Laskawy, Director)



Dated:	February 9, 2021	By	*
			(Susan P. Peters, Director)



Dated:	February 9, 2021	By	*
			(Andrew H. Tisch, Director)



Dated:	February 9, 2021	By	*
			(Jonathan M. Tisch, Director)



Dated:	February 9, 2021	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	2020		2019
(In millions)

Current assets, principally investment in short term instruments	$	2,766	$	2,550
Investments in securities		775		734
Investments in capital stocks of subsidiaries, at equity		16,861		18,123
Other assets		22		24
Total assets	$	20,424	$	21,431


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	63	$	77
Long term debt		2,276		1,779
Deferred income tax and other		225		456
Total liabilities		2,564		2,312
Shareholders’ equity		17,860		19,119
Total liabilities and shareholders’ equity	$	20,424	$	21,431

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

Year Ended December 31	2020			2019			2018
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	120		$	867		$	819
Net investment income (loss), interest and other		65			239			(11	)
Investment loss		(1,211	)
Total		(1,026	)		1,106			808
Expenses:
Administrative		98			83			127
Interest		83			72			72
Total		181			155			199
Income (loss) before income tax		(1,207	)		951			609
Income tax (expense) benefit		276			(19	)		27
Net income (loss)		(931	)		932			636
Equity in other comprehensive income (loss) of subsidiaries		649			812			(797	)
Total comprehensive income (loss)	$	(282	)	$	1,744		$	(161	)

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS

Year Ended December 31	2020			2019			2018
(In millions)

Operating Activities:
Net income (loss)	$	(931	)	$	932		$	636
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees		834			36			401
Loss on deconsolidation		1,211
Provision for deferred income taxes		(196	)		106			113
Changes in operating assets and liabilities, net:
Receivables					1			3
Accounts payable and accrued liabilities		(38	)		(29	)		92
Trading securities		(566	)		(478	)		1,702
Other, net		44			36			19
		358			604			2,966

Investing Activities:
Investments in and advances to subsidiaries		(169	)		183			(135	)
Change in investments, primarily short term		326			326			(187	)
Purchase of Boardwalk Pipelines common units								(1,504	)
Other								(2	)
		157			509			(1,828	)

Financing Activities:
Dividends paid		(70	)		(76	)		(80	)
Purchases of treasury shares		(923	)		(1,051	)		(1,026	)
Issuance of debt		495
Other		(5	)		(5	)		(3	)
		(503	)		(1,132	)		(1,109	)

Net change in cash		12			(19	)		29
Cash, beginning of year		10			29
Cash, end of year	$	22		$	10		$	29

(a)	Cash dividends paid to the Company by affiliates amounted to $947, $927 and $878 for the years ended December 31, 2020, 2019 and 2018.

SCHEDULE V

LOEWS CORPORATION AND SUBSIDIARIES

Supplemental Information Concerning Property and Casualty Insurance Operations

Consolidated Property and Casualty Operations

December 31	2020		2019
(In millions)

Deferred acquisition costs	$	708	$	662
Reserves for unpaid claim and claim adjustment expenses		22,706		21,720
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.5%)		1,209		1,321
Unearned premiums		5,119		4,583

Year Ended December 31	2020			2019			2018
(In millions)

Net written premiums	$	8,059		$	7,656		$	7,345
Net earned premiums		7,649			7,428			7,312
Net investment income		1,896			2,063			1,751
Incurred claim and claim adjustment expenses related to current year		5,793			5,356			5,358
Incurred claim and claim adjustment expenses related to prior years		(119	)		(127	)		(179	)
Amortization of deferred acquisition costs		1,410			1,383			1,335
Paid claim and claim adjustment expenses		5,164			5,576			5,331

Previous: Item 15. Exhibits and Financial Statement Schedules.