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 7, 2023	By	/s/ Jane J. Wang
			(Jane J. Wang, 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 7, 2023	By	*
			(James S. Tisch, President,
			Chief Executive Officer and Director)



Dated:	February 7, 2023	By	*
			(Jane J. Wang, Senior Vice President and
			Chief Financial Officer)



Dated:	February 7, 2023	By	*
			(Mark S. Schwartz, Vice President,
			Chief Accounting Officer and Treasurer)



Dated:	February 7, 2023	By	*
			(Ann E. Berman, Director)



Dated:	February 7, 2023	By	*
			(Joseph L. Bower, Director)



Dated:	February 7, 2023	By	*
			(Charles D. Davidson, Director)


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Dated:	February 7, 2023	By	*
			(Charles M. Diker, Director)



Dated:	February 7, 2023	By	*
			(Paul J. Fribourg, Director)



Dated:	February 7, 2023	By	*
			(Walter L. Harris, Director)



Dated:	February 7, 2023	By	*
			(Philip A. Laskawy, Director)



Dated:	February 7, 2023	By	*
			(Susan P. Peters, Director)



Dated:	February 7, 2023	By	*
			(Andrew H. Tisch, Director)



Dated:	February 7, 2023	By	*
			(Jonathan M. Tisch, Director)



Dated:	February 7, 2023	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	2022		2021
(In millions)

Current assets, principally investment in short term instruments	$	2,810	$	2,818
Investments in securities	564		734
Investments in capital stocks of subsidiaries, at equity	13,659		16,794
Other assets	112		20
Total assets	$	17,145	$	20,366


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	626	$	92
Long term debt	1,780		2,278
Deferred income tax and other	141		150
Total liabilities	2,547		2,520
Shareholders’ equity	14,598		17,846
Total liabilities and shareholders’ equity	$	17,145	$	20,366

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2022		2021		2020
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	1,153	$	1,655	$	120
Net investment income, interest and other	1		103		65
Investment loss			(15)		(1,211)
Total	1,154		1,743		(1,026)
Expenses:
Administrative	84		93		98
Interest	89		89		83
Total	173		182		181
Income (loss) before income tax	981		1,561		(1,207)
Income tax benefit	31		17		276
Net income (loss)	1,012		1,578		(931)
Equity in other comprehensive income (loss) of subsidiaries	(3,470)		(395)		649
Total comprehensive income (loss)	$	(2,458)	$	1,183	$	(282)


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SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2022		2021		2020
(In millions)

Operating Activities:
Net income (loss)	$	1,012	$	1,578	$	(931)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(193)		(820)		834
Loss on deconsolidation			15		1,211
Provision for deferred income taxes	(49)		7		(196)
Changes in operating assets and liabilities, net:
Receivables	(11)
Accounts payable and accrued liabilities	(47)		(48)		(38)
Trading securities	153		(69)		(566)
Other, net	39		82		44
	904		745		358

Investing Activities:
Investments in and advances to subsidiaries	(137)		385		(169)
Change in investments, primarily short term	30		72		326
Other	(9)
	(116)		457		157

Financing Activities:
Dividends paid	(61)		(65)		(70)
Purchases of treasury shares	(729)		(1,136)		(923)
Issuance of debt					495
Other	(7)		(4)		(5)
	(797)		(1,205)		(503)

Net change in cash	(9)		(3)		12
Cash, beginning of year	19		22		10
Cash, end of year	$	10	$	19	$	22


(a)			Cash dividends paid to the Company by affiliates amounted to $978, $853 and $947 for the years ended December 31, 2022, 2021 and 2020.


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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	2022		2021
(In millions)

Deferred acquisition costs	$	806	$	737
Reserves for unpaid claim and claim adjustment expenses	25,099		24,174
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.4%)	1,133		1,146
Unearned premiums	6,374		5,761


Year Ended December 31	2022		2021		2020
(In millions)

Net written premiums	$	9,128	$	8,405	$	8,059
Net earned premiums	8,667		8,175		7,649
Net investment income	1,751		2,111		1,896
Incurred claim and claim adjustment expenses related to current year	6,243		5,970		5,793
Incurred claim and claim adjustment expenses related to prior years	(187)		(104)		(119)
Amortization of deferred acquisition costs	1,490		1,443		1,410
Paid claim and claim adjustment expenses	5,261		4,844		5,164


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Previous: Item 15. Exhibits and Financial Statement Schedules.