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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ____________ to _____________

Commission File Number 1-06541

LOEWS CORPORATION
(Exact name of registrant as specified in its charter)

Delaware13-2646102
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

9 West 57th Street, New York, NY 10019-2714
(Address of principal executive offices) (Zip Code)

(212) 521-2000
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareLNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes☒No ☐  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒No ☐  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer ☐Smaller reporting company ☐
 Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐No ☒  
As of July 26, 2024, there were 219,516,512 shares of the registrant’s common stock outstanding.

1
INDEX

 Page
No.
  
 
  
 
  
June 30, 2024 and December 31, 2023
 
 
Three and six months ended June 30, 2024 and 2023
 
 
Three and six months ended June 30, 2024 and 2023
 
 
Three and six months ended June 30, 2024 and 2023
 
 
Six months ended June 30, 2024 and 2023
 
 
  
  
  
  
  
  
  
  
2
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.


Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
June 30,December 31,
 20242023
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $43,469 and $42,615, less allowance for credit loss of $17 and $16
$40,879 $40,626 
Equity securities, cost of $1,076 and $1,015
1,117 1,050 
Limited partnership investments2,367 2,174 
Other invested assets, primarily mortgage loans, less allowance for credit loss of $35 and $35
1,067 1,123 
Short-term investments4,916 4,396 
Total investments50,346 49,369 
Cash470 399 
Receivables10,280 9,660 
Property, plant and equipment10,710 10,718 
Goodwill347 347 
Deferred non-insurance warranty acquisition expenses3,598 3,661 
Deferred acquisition costs of insurance subsidiaries948 896 
Other assets4,358 4,147 
Total assets$81,057 $79,197 
 
Liabilities and Equity:
 
Insurance reserves:
Claim and claim adjustment expense$23,974 $23,304 
Future policy benefits13,211 13,959 
Unearned premiums7,409 6,933 
Total insurance reserves44,594 44,196 
Payable to brokers130 79 
Short-term debt1,013 1,084 
Long-term debt8,558 7,919 
Deferred income taxes502 398 
Deferred non-insurance warranty revenue4,623 4,694 
Other liabilities4,436 4,302 
Total liabilities63,856 62,672 
 
Commitments and contingent liabilities
 
Preferred stock, $0.10 par value:
Authorized – 100,000,000 shares
Common stock, $0.01 par value:
Authorized – 1,800,000,000 shares
Issued – 222,456,544 and 222,268,150 shares
2 2 
Additional paid-in capital2,556 2,589 
Retained earnings16,415 15,617 
Accumulated other comprehensive loss(2,383)(2,497)
 16,590 15,711 
Less treasury stock, at cost (2,749,732 and 100,000 shares)
(206)(7)
Total shareholders’ equity16,384 15,704 
Noncontrolling interests817 821 
Total equity17,201 16,525 
Total liabilities and equity$81,057 $79,197 
See accompanying Notes to Consolidated Condensed Financial Statements.





3


Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(In millions, except per share data)  
   
Revenues:  
Insurance premiums$2,498 $2,347 $4,939 $4,595 
Net investment income639 592 1,308 1,161 
Investment gains (losses)(10)14 (32)(21)
Non-insurance warranty revenue404 407 811 814 
Operating revenues and other736 574 1,472 1,168 
Total4,267 3,934 8,498 7,717 
 
Expenses:
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $(25), $(33), $(40) and $(34))
1,882 1,779 3,689 3,432 
Amortization of deferred acquisition costs435 403 879 782 
Non-insurance warranty expense388 384 782 768 
Operating expenses and other968 808 1,848 1,589 
Equity method income(27)(39)(53)(67)
Interest114 91 217 186 
Total3,760 3,426 7,362 6,690 
Income before income tax507 508 1,136 1,027 
Income tax expense(112)(120)(256)(235)
Net income395 388 880 792 
Amounts attributable to noncontrolling interests(26)(28)(54)(57)
Net income attributable to Loews Corporation$369 $360 $826 $735 
Basic and diluted net income per share$1.67 $1.58 $3.72 $3.19 
Weighted average shares outstanding:
Shares of common stock221.35227.69221.91230.48
Dilutive potential shares of common stock0.250.280.270.30
Total weighted average shares outstanding assuming dilution221.60227.97222.18230.78

See accompanying Notes to Consolidated Condensed Financial Statements.
4
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(In millions)  
   
Net income$395 $388 $880 $792 
 
Other comprehensive income (loss), after tax
Changes in:
Net unrealized gains (losses) on investments with an allowance for credit losses(1)2 (9)
Net unrealized gains (losses) on other investments(244)(413)(461)257 
Total unrealized gains (losses) on investments(244)(414)(459)248 
Impact of changes in discount rates used to measure long-duration contract liabilities273 256 614 (140)
Unrealized gains (losses) on cash flow hedges(1)8 1 6 
Pension and postretirement benefits6 6 12 15 
Foreign currency translation(10)35 (43)51 
 
Other comprehensive income (loss)24 (109)125 180 
Comprehensive income419 279 1,005 972 
 
Amounts attributable to noncontrolling interests(29)(17)(65)(77)
 
Total comprehensive income attributable to Loews Corporation$390 $262 $940 $895 

See accompanying Notes to Consolidated Condensed Financial Statements.
5
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

Loews Corporation Shareholders
TotalCommon StockAdditional Paid-in CapitalRetained EarningsAccumulated Other Comprehensive Income (Loss)Common Stock
Held in Treasury		Noncontrolling Interests
(In millions)
Balance, April 1, 2023
$15,314 $2 $2,716 $15,293 $(3,062)$(498)$863 
Net income388 360 28 
Other comprehensive loss(109)(98)(11)
Dividends paid ($0.0625 per share)
(25)(14)(11)
Purchase of subsidiary stock from noncontrolling interests(2)(2)
Purchases of Loews Corporation treasury stock(107)(107)
Stock-based compensation9 9 
Other2 3 (2)1 
Balance, June 30, 2023
$15,470 $2 $2,728 $15,637 $(3,160)$(604)$867 
Balance, April 1, 2024
$16,998 $2 $2,547 $16,060 $(2,401)$(24)$814 
Net income395 369 26 
Other comprehensive income24 21 3 
Dividends paid ($0.0625 per share)
(23)(14)(9)
Purchase of subsidiary stock from noncontrolling interests(20)  (20)
Purchases of Loews Corporation treasury stock(182)(182)
Stock-based compensation11 11  
Other(2)(2) (3) 3 
Balance, June 30, 2024
$17,201 $2 $2,556 $16,415 $(2,383)$(206)$817 

See accompanying Notes to Consolidated Condensed Financial Statements.










6
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

 Loews Corporation Shareholders  
 Total Common StockAdditional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury 		Noncontrolling Interests
(In millions)       
        
Balance, January 1, 2023, as reported
$15,478 $2 $2,748 $15,144 $(3,284)$(12)$880 
Cumulative effect adjustments from changes in
   accounting standards		(277)(213)(36)(28)
Balance, January 1, 2023, as adjusted
15,201 2 2,748 14,931 (3,320)(12)852 
Net income792 735 57 
Other comprehensive income180 160 20 
Dividends paid ($0.125 per share)
(84)(29)(55)
Purchase of subsidiary stock from noncontrolling interests(26)(26)
Purchases of Loews Corporation treasury stock(593)(593)
Stock-based compensation5 (17)22 
Other(5)(3)1 (3)
Balance, June 30, 2023
$15,470 $2 $2,728 $15,637 $(3,160)$(604)$867 
Balance, January 1, 2024
$16,525 $2 $2,589 $15,617 $(2,497)$(7)$821 
Net income880 826 54 
Other comprehensive income125 114 11 
Dividends paid ($0.125 per share)
(93)(28)(65)
Purchase of subsidiary stock from noncontrolling interests(20) (20)
Purchases of Loews Corporation treasury stock(199)(199)
Stock-based compensation(3)(22)19 
Other(14) (11)   (3)
Balance, June 30, 2024
$17,201 $2 $2,556 $16,415 $(2,383)$(206)$817 

See accompanying Notes to Consolidated Condensed Financial Statements.
7
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

Six Months Ended June 30
20242023
(In millions)
Operating Activities:
Net income$880 $792 
Adjustments to reconcile net income to net cash provided by operating activities, net250 300 
Changes in operating assets and liabilities, net:
Receivables(599)(456)
Deferred acquisition costs(55)(74)
Insurance reserves1,255 1,165 
Other assets(172)(173)
Other liabilities83 (139)
Trading securities(492)738 
Net cash flow provided by operating activities1,150 2,153 
 
Investing Activities:
 
Purchases of fixed maturities(3,338)(3,506)
Proceeds from sales of fixed maturities1,611 2,285 
Proceeds from maturities of fixed maturities1,109 613 
Purchases of equity securities(246)(126)
Proceeds from sales of equity securities288 121 
Purchases of limited partnership investments(140)(245)
Proceeds from sales of limited partnership investments30 132 
Purchases of property, plant and equipment(318)(299)
Dispositions23  
Change in short-term investments(338)(322)
Other, net43 (120)
Net cash flow used by investing activities(1,276)(1,467)
 
Financing Activities:
 
Dividends paid(28)(29)
Dividends paid to noncontrolling interests(65)(55)
Purchases of Loews Corporation treasury stock(203)(593)
Purchases of subsidiary stock from noncontrolling interests(20)(26)
Principal payments on debt(762)(502)
Issuance of debt1,323 463 
Other, net(45)(17)
Net cash flow provided by (used by) financing activities200 (759)
 
Effect of foreign exchange rate on cash(3)4 
 
Net change in cash71 (69)
Cash, beginning of period399 532 
Cash, end of period$470 $463 

See accompanying Notes to Consolidated Condensed Financial Statements.
8
Loews Corporation and Subsidiaries
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation

Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids and other hydrocarbons (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.

In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of June 30, 2024 and December 31, 2023, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and six months ended June 30, 2024 and 2023 and cash flows for the six months ended June 30, 2024 and 2023, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Results for the interim periods are not necessarily indicative of results for the entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.

The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three and six months ended June 30, 2024 and 2023 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.

Recently issued Accounting Standards Updates (“ASUs”) - In November of 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The updated accounting guidance requires enhanced reportable segment disclosures, primarily related to significant segment expenses which are regularly provided to the chief operating decision maker (“CODM”). The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. Retrospective application is required and early adoption is permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures and expects to disclose additional quantitative and qualitative information related to segment expenses regularly provided to the CODM that are included in the segment measures of profit or loss.

In December of 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the effective tax rate reconciliation and income taxes paid. The guidance is effective for fiscal years beginning after December 15, 2024. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.



9
2. Investments

Net investment income is as follows:

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(In millions)  
   
Fixed maturity securities$511 $482 $1,013 $952 
Limited partnership investments74 55 128 82 
Short-term investments20 14 49 30 
Equity securities (a)13 21 35 33 
Income from trading portfolio (a)11 14 69 59 
Other34 29 62 49 
Total investment income663 615 1,356 1,205 
Investment expenses(24)(23)(48)(44)
Net investment income$639 $592 $1,308 $1,161 
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of June 30, 2024 and 2023
$(21)$15 $19 $20 

Investment gains (losses) are as follows:

Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(In millions)  
   
Fixed maturity securities:
Gross gains$13 $8 $27 $43 
Gross losses(25)(35)(71)(92)
Investment losses on fixed maturity securities(12)(27)(44)(49)
Equity securities (a)1 3 12 (11)
Short-term investments and other1 (8)(7)
Gain on acquisition of a joint venture46 46 
Investment gains (losses)$(10)$14 $(32)$(21)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of June 30, 2024 and 2023
$1 $3 $12 $— 

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

10
Three Months EndedSix Months Ended
June 30,June 30,
2024202320242023
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$6 $9 $15 $17 
Asset-backed8 5 8 
Impairment losses recognized in earnings$6 $17 $20 $25 

There were no losses recognized on mortgage loans during the three and six months ended June 30, 2024. There were $6 million of losses recognized on mortgage loans during the three and six months ended June 30, 2023.


11
The following tables present a summary of fixed maturity securities:

June 30, 2024Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
Corporate and other bonds$25,463 $401 $1,496 $24,368 
States, municipalities and political
 subdivisions		7,560 269 800 7,029 
Asset-backed:
Residential mortgage-backed3,602 8 495 3,115 
Commercial mortgage-backed1,798 7 186 $8 1,611 
Other asset-backed3,631 17 260 9 3,379 
Total asset-backed9,031 32 941 17 8,105 
U.S. Treasury and obligations of
 government sponsored enterprises		193 1 3 191 
Foreign government742 2 38 706 
Fixed maturities available-for-sale$42,989 $705 $3,278 $17 $40,399 
Fixed maturities trading480 480 
Total fixed maturity securities$43,469 $705 $3,278 $17 $40,879 

December 31, 2023
    
Fixed maturity securities:    
Corporate and other bonds$25,020 $597 $1,345 $4 $24,268 
States, municipalities and political
 subdivisions		7,713 382 703 7,392 
Asset-backed:
Residential mortgage-backed3,411 16 425 3,002 
Commercial mortgage-backed1,862 7 230 8 1,631 
Other asset-backed3,515 13 256 4 3,268 
Total asset-backed8,788 36 911 12 7,901 
U.S. Treasury and obligations of
 government sponsored enterprises		152 1 2 151 
Foreign government741 6 34 713 
Fixed maturities available-for-sale$42,414 $1,022 $2,995 $16 $40,425 
Fixed maturities trading201 201 
Total fixed maturity securities$42,615 $1,022 $2,995 $16 $40,626 


12
The available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit losses has not been recorded are as follows:

 Less than 12 Months12 Months or LongerTotal
June 30, 2024Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
Corporate and other bonds$3,388 $84 $13,395 $1,412 $16,783 $1,496 
States, municipalities and political
 subdivisions		899 23 3,257 777 4,156 800 
Asset-backed:
Residential mortgage-backed556 9 2,227 486 2,783 495 
Commercial mortgage-backed170 1 1,153 185 1,323 186 
Other asset-backed372 9 1,904 251 2,276 260 
Total asset-backed1,098 19 5,284 922 6,382 941 
U.S. Treasury and obligations of
 government-sponsored enterprises		117 1 51 2 168 3 
Foreign government160 3 442 35 602 38 
Total fixed maturity securities$5,662 $130 $22,429 $3,148 $28,091 $3,278 
December 31, 2023
Fixed maturity securities:
Corporate and other bonds$1,943 $37 $13,406 $1,308 $15,349 $1,345 
States, municipalities and political
 subdivisions		598 18 3,104 685 3,702 703 
Asset-backed:
Residential mortgage-backed233 4 2,212 421 2,445 425 
Commercial mortgage-backed200 5 1,184 225 1,384 230 
Other asset-backed392 8 1,869 248 2,261 256 
Total asset-backed825 17 5,265 894 6,090 911 
U.S. Treasury and obligations of
 government-sponsored enterprises		65 1 23 1 88 2 
Foreign government52 1 450 33 502 34 
Total fixed maturity securities$3,483 $74 $22,248 $2,921 $25,731 $2,995 

13
The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.

June 30, 2024December 31, 2023
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
U.S. Government, Government agencies and Government-sponsored enterprises$2,599 $378 $2,273 $309 
AAA1,841 288 1,524 261 
AA4,371 730 3,817 658 
A6,587 629 5,652 517 
BBB11,813 1,119 11,523 1,095 
Non-investment grade880 134 942 155 
Total$28,091 $3,278 $25,731 $2,995 

Based on current facts and circumstances, the unrealized losses presented in the June 30, 2024 securities in the gross unrealized loss position table above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the volatility in risk-free rates and credit spreads, as well as the fact that the unrealized losses are concentrated in investment grade issuers, were considered. Additionally, there is no current intent to sell securities with unrealized losses, nor is it more likely than not that sale will be required prior to recovery of amortized cost; accordingly, it was determined that there are no additional impairment losses to be recorded as of June 30, 2024.

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (“PCD”) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $