Item 16. Form 10-K Summary.

15K characters. Original on sec.gov · Markdown

Item 16. Form 10-K Summary.

Not included.


			170

Table of Contents

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 11, 2025	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 11, 2025	By	*
			(Benjamin J. Tisch, President,
			Chief Executive Officer and Director)



Dated:	February 11, 2025	By	*
			(Jane J. Wang, Senior Vice President and
			Chief Financial Officer)



Dated:	February 11, 2025	By	*
			(Mark S. Schwartz, Vice President,
			Chief Accounting Officer and Treasurer)



Dated:	February 11, 2025	By	*
			(Ann E. Berman, Director)



Dated:	February 11, 2025	By	*
			(Charles D. Davidson, Director)



Dated:	February 11, 2025	By	*
			(Charles M. Diker, Director)


			171

Table of Contents


Dated:	February 11, 2025	By	*
			(Paul J. Fribourg, Director)



Dated:	February 11, 2025	By	*
			(Walter L. Harris, Director)



Dated:	February 11, 2025	By	*
			(Jonathan C. Locker, Director)



Dated:	February 11, 2025	By	*
			(Susan P. Peters, Director)



Dated:	February 11, 2025	By	*
			(Alexander H. Tisch, Director)



Dated:	February 11, 2025	By	*
			(James S. Tisch, Director)



Dated:	February 11, 2025	By	*****
			(Anthony Welters, Director)


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


			172

Table of Contents

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS


December 31	2024		2023
(In millions)

Current assets, principally investment in short-term instruments	$	2,222	$	2,149
Investments in securities	1,170		568
Investments in capital stocks of subsidiaries, at equity	15,623		14,889
Other assets	95		76
Total assets	$	19,110	$	17,682


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	143	$	102
Long-term debt	1,785		1,782
Deferred income tax and other	116		94
Total liabilities	2,044		1,978
Shareholders’ equity	17,066		15,704
Total liabilities and shareholders’ equity	$	19,110	$	17,682

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2024		2023		2022
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	1,328	$	1,501	$	963
Net investment income, interest and other	261		131		1
Investment loss
Total	1,589		1,632		964
Expenses:
Administrative	76		119		84
Interest	75		80		89
Total	151		199		173
Income before income tax	1,438		1,433		791
Income tax (expense) benefit	(24)		1		31
Net income	1,414		1,434		822
Equity in other comprehensive income (loss) of subsidiaries	630		884		(2,000)
Total comprehensive income (loss)	$	2,044	$	2,318	$	(1,178)


			173

Table of Contents

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2024		2023		2022
(In millions)

Operating Activities:
Net income	$	1,414	$	1,434	$	822
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(67)		(512)		(3)

Provision (benefit) for deferred income taxes	4		(4)		(49)
Changes in operating assets and liabilities, net:
Receivables	(6)		10		(11)
Accounts payable and accrued liabilities	(12)		(9)		(47)
Trading securities	(695)		576		153
Other, net	2		109		39
	640		1,604		904

Investing Activities:
Investments in and advances to subsidiaries	2		(217)		(137)
Change in investments, primarily short-term	27		29		30
Other			(11)		(9)
	29		(199)		(116)

Financing Activities:
Dividends paid	(55)		(57)		(61)
Purchases of treasury shares	(608)		(849)		(729)
Payment of debt			(500)
Other	(4)		(5)		(7)
	(667)		(1,411)		(797)

Net change in cash	2		(6)		(9)
Cash, beginning of year	4		10		19
Cash, end of year	$	6	$	4	$	10


(a)			Cash dividends paid to the Company by affiliates amounted to approximately $1.3 billion, $1.0 billion and $1.0 billion for the years ended December 31, 2024, 2023 and 2022.


			174

Table of Contents

SCHEDULE V

LOEWS CORPORATION AND SUBSIDIARIES

Supplemental Information Concerning Property and Casualty Insurance Operations


Consolidated Property and Casualty Operations

December 31	2024		2023
(In millions)

Deferred acquisition costs	$	959	$	896
Reserves for unpaid claim and claim adjustment expenses	24,976		23,304
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.6%)	615		647
Unearned premiums	7,346		6,933


Year Ended December 31	2024		2023		2022
(In millions)

Net written premiums	$	10,605	$	9,892	$	9,128
Net earned premiums	10,211		9,480		8,667
Net investment income	2,396		2,163		1,751
Incurred claim and claim adjustment expenses related to current year	6,330		5,667		5,181
Incurred claim and claim adjustment expenses related to prior years	42		48		(32)
Amortization of deferred acquisition costs	1,798		1,644		1,490
Paid claim and claim adjustment expenses	5,189		4,601		4,302


			175

Previous: Item 15. Exhibits and Financial Statement Schedules.