Item 16. Form 10-K Summary.

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Item 16. Form 10-K Summary.

Not included.


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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 8, 2022	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 8, 2022	By	*
			(James S. Tisch, President,
			Chief Executive Officer and Director)



Dated:	February 8, 2022	By	*
			(David B. Edelson, Senior Vice President and
			Chief Financial Officer)



Dated:	February 8, 2022	By	*
			(Mark S. Schwartz, Vice President,
			Chief Accounting Officer and Treasurer)



Dated:	February 8, 2022	By	*
			(Ann E. Berman, Director)



Dated:	February 8, 2022	By	*
			(Joseph L. Bower, Director)



Dated:	February 8, 2022	By	*
			(Charles D. Davidson, Director)


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Dated:	February 8, 2022	By	*
			(Charles M. Diker, Director)



Dated:	February 8, 2022	By	*
			(Paul J. Fribourg, Director)



Dated:	February 8, 2022	By	*
			(Walter L. Harris, Director)



Dated:	February 8, 2022	By	*
			(Philip A. Laskawy, Director)



Dated:	February 8, 2022	By	*
			(Susan P. Peters, Director)



Dated:	February 8, 2022	By	*
			(Andrew H. Tisch, Director)



Dated:	February 8, 2022	By	*
			(Jonathan M. Tisch, Director)



Dated:	February 8, 2022	By	*****
			(Anthony Welters, Director)


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


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SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS


December 31	2021		2020
(In millions)

Current assets, principally investment in short term instruments	$	2,818	$	2,766
Investments in securities	734		775
Investments in capital stocks of subsidiaries, at equity	16,794		16,861
Other assets	20		22
Total assets	$	20,366	$	20,424


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	92	$	63
Long term debt	2,278		2,276
Deferred income tax and other	150		225
Total liabilities	2,520		2,564
Shareholders’ equity	17,846		17,860
Total liabilities and shareholders’ equity	$	20,366	$	20,424

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2021		2020		2019
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	1,655	$	120	$	867
Net investment income, interest and other	103		65		239
Investment loss	(15)		(1,211)
Total	1,743		(1,026)		1,106
Expenses:
Administrative	93		98		83
Interest	89		83		72
Total	182		181		155
Income (loss) before income tax	1,561		(1,207)		951
Income tax (expense) benefit	17		276		(19)
Net income (loss)	1,578		(931)		932
Equity in other comprehensive income (loss) of subsidiaries	(395)		649		812
Total comprehensive income (loss)	$	1,183	$	(282)	$	1,744


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SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2021		2020		2019
(In millions)

Operating Activities:
Net income (loss)	$	1,578	$	(931)	$	932
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(820)		834		36
Loss on deconsolidation	15		1,211
Provision for deferred income taxes	7		(196)		106
Changes in operating assets and liabilities, net:
Receivables					1
Accounts payable and accrued liabilities	(48)		(38)		(29)
Trading securities	(69)		(566)		(478)
Other, net	82		44		36
	745		358		604

Investing Activities:
Investments in and advances to subsidiaries	385		(169)		183
Change in investments, primarily short term	72		326		326

	457		157		509

Financing Activities:
Dividends paid	(65)		(70)		(76)
Purchases of treasury shares	(1,136)		(923)		(1,051)
Issuance of debt			495
Other	(4)		(5)		(5)
	(1,205)		(503)		(1,132)

Net change in cash	(3)		12		(19)
Cash, beginning of year	22		10		29
Cash, end of year	$	19	$	22	$	10


(a)			Cash dividends paid to the Company by affiliates amounted to $853, $947 and $927 for the years ended December 31, 2021, 2020 and 2019.


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SCHEDULE V

LOEWS CORPORATION AND SUBSIDIARIES

Supplemental Information Concerning Property and Casualty Insurance Operations


Consolidated Property and Casualty Operations

December 31	2021		2020
(In millions)

Deferred acquisition costs	$	737	$	708
Reserves for unpaid claim and claim adjustment expenses	24,174		22,706
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.4%)	1,146		1,209
Unearned premiums	5,761		5,119


Year Ended December 31	2021		2020		2019
(In millions)

Net written premiums	$	8,405	$	8,059	$	7,656
Net earned premiums	8,175		7,649		7,428
Net investment income	2,111		1,896		2,063
Incurred claim and claim adjustment expenses related to current year	5,970		5,793		5,356
Incurred claim and claim adjustment expenses related to prior years	(104)		(119)		(127)
Amortization of deferred acquisition costs	1,443		1,410		1,383
Paid claim and claim adjustment expenses	4,844		5,164		5,576


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Previous: Item 15. Exhibits and Financial Statement Schedules.