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 6, 2024	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 6, 2024	By	*
			(James S. Tisch, President,
			Chief Executive Officer and Director)



Dated:	February 6, 2024	By	*
			(Jane J. Wang, Senior Vice President and
			Chief Financial Officer)



Dated:	February 6, 2024	By	*
			(Mark S. Schwartz, Vice President,
			Chief Accounting Officer and Treasurer)



Dated:	February 6, 2024	By	*
			(Ann E. Berman, Director)



Dated:	February 6, 2024	By	*
			(Joseph L. Bower, Director)



Dated:	February 6, 2024	By	*
			(Charles D. Davidson, Director)


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Dated:	February 6, 2024	By	*
			(Charles M. Diker, Director)



Dated:	February 6, 2024	By	*
			(Paul J. Fribourg, Director)



Dated:	February 6, 2024	By	*
			(Walter L. Harris, Director)



Dated:	February 6, 2024	By	*
			(Jonathan C. Locker, Director)



Dated:	February 6, 2024	By	*
			(Susan P. Peters, Director)



Dated:	February 6, 2024	By	*
			(Andrew H. Tisch, Director)



Dated:	February 6, 2024	By	*
			(Jonathan M. Tisch, Director)



Dated:	February 6, 2024	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	2023		2022 (a)
(In millions)

Current assets, principally investment in short-term instruments	$	2,149	$	2,810
Investments in securities	568		564
Investments in capital stocks of subsidiaries, at equity	14,889		13,410
Other assets	76		112
Total assets	$	17,682	$	16,896


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	102	$	626
Long-term debt	1,782		1,780
Deferred income tax and other	94		141
Total liabilities	1,978		2,547
Shareholders’ equity	15,704		14,349
Total liabilities and shareholders’ equity	$	17,682	$	16,896

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2023		2022 (a)		2021 (a)
(In millions)

Revenues:
Equity in income of subsidiaries (b)	$	1,501	$	963	$	1,639
Net investment income, interest and other	131		1		103
Investment loss					(15)
Total	1,632		964		1,727
Expenses:
Administrative	119		84		93
Interest	80		89		89
Total	199		173		182
Income before income tax	1,433		791		1,545
Income tax benefit	1		31		17
Net income	1,434		822		1,562
Equity in other comprehensive income (loss) of subsidiaries	884		(2,000)		196
Total comprehensive income (loss)	$	2,318	$	(1,178)	$	1,758


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SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2023		2022 (a)		2021 (a)
(In millions)

Operating Activities:
Net income	$	1,434	$	822	$	1,562
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(512)		(3)		(804)
Investment loss					15
Provision for deferred income taxes	(4)		(49)		7
Changes in operating assets and liabilities, net:
Receivables	10		(11)
Accounts payable and accrued liabilities	(9)		(47)		(48)
Trading securities	576		153		(69)
Other, net	109		39		82
	1,604		904		745

Investing Activities:
Investments in and advances to subsidiaries	(217)		(137)		385
Change in investments, primarily short-term	29		30		72
Other	(11)		(9)
	(199)		(116)		457

Financing Activities:
Dividends paid	(57)		(61)		(65)
Purchases of treasury shares	(849)		(729)		(1,136)
Payment of debt	(500)
Other	(5)		(7)		(4)
	(1,411)		(797)		(1,205)

Net change in cash	(6)		(9)		(3)
Cash, beginning of year	10		19		22
Cash, end of year	$	4	$	10	$	19


(a)			As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts presented in the financial statements have been adjusted to reflect application of the new guidance. For additional information see Notes 1 and 9 of the Notes to Consolidated Financial Statements included under Item 8.


(b)			Cash dividends paid to the Company by affiliates amounted to $1,006, $978 and $853 for the years ended December 31, 2023, 2022 and 2021.


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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	2023		2022 (a)
(In millions)

Deferred acquisition costs	$	896	$	806
Reserves for unpaid claim and claim adjustment expenses	23,304		22,120
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.4%)	647		683
Unearned premiums	6,933		6,374


Year Ended December 31	2023		2022 (a)		2021 (a)
(In millions)

Net written premiums	$	9,892	$	9,128	$	8,405
Net earned premiums	9,480		8,667		8,175
Net investment income	2,163		1,751		2,111
Incurred claim and claim adjustment expenses related to current year	5,667		5,181		5,021
Incurred claim and claim adjustment expenses related to prior years	48		(32)		15
Amortization of deferred acquisition costs	1,644		1,490		1,443
Paid claim and claim adjustment expenses	4,601		4,302		3,949


(a)			As of January 1, 2023, ASU 2018-12 was adopted using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts presented in the financial statements have been adjusted to reflect application of the new guidance. For additional information see Notes 1 and 9 of the Notes to Consolidated Financial Statements included under Item 8.


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Previous: Item 15. Exhibits and Financial Statement Schedules.