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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 September 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.
YesNo ☐  
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 filerAccelerated filerNon-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).
YesNo ☒  
As of November 1, 2024, there were 217,776,738 shares of the registrant’s common stock outstanding.

1

INDEX

 Page
No.
  
 
  
 
  
September 30, 2024 and December 31, 2023
 
 
Three and nine months ended September 30, 2024 and 2023
 
 
Three and nine months ended September 30, 2024 and 2023
 
 
Three and nine months ended September 30, 2024 and 2023
 
 
Nine months ended September 30, 2024 and 2023
 
 
  
  
  
  
  
  
  
  
2

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.


Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
September 30,December 31,
 20242023
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $44,028 and $42,615, less allowance for credit loss of $18 and $16
$43,055 $40,626 
Equity securities, cost of $1,068 and $1,015
1,215 1,050 
Limited partnership investments2,462 2,174 
Other invested assets, primarily mortgage loans, less allowance for credit loss of $35 and $35
1,095 1,123 
Short-term investments5,242 4,396 
Total investments53,069 49,369 
Cash548 399 
Receivables10,138 9,660 
Property, plant and equipment10,689 10,718 
Goodwill349 347 
Deferred non-insurance warranty acquisition expenses3,571 3,661 
Deferred acquisition costs of insurance subsidiaries943 896 
Other assets4,310 4,147 
Total assets$83,617 $79,197 
 
Liabilities and Equity:
 
Insurance reserves:
Claim and claim adjustment expense$24,558 $23,304 
Future policy benefits14,047 13,959 
Unearned premiums7,259 6,933 
Total insurance reserves45,864 44,196 
Payable to brokers269 79 
Short-term debt713 1,084 
Long-term debt8,821 7,919 
Deferred income taxes697 398 
Deferred non-insurance warranty revenue4,594 4,694 
Other liabilities4,411 4,302 
Total liabilities65,369 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 – 222,511,465 and 222,268,150 shares
2 2 
Additional paid-in capital2,562 2,589 
Retained earnings16,802 15,617 
Accumulated other comprehensive loss(1,738)(2,497)
 17,628 15,711 
Less treasury stock, at cost (3,580,335 and 100,000 shares)
(271)(7)
Total shareholders’ equity17,357 15,704 
Noncontrolling interests891 821 
Total equity18,248 16,525 
Total liabilities and equity$83,617 $79,197 
See accompanying Notes to Consolidated Condensed Financial Statements.





3


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

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions, except per share data)  
   
Revenues:  
Insurance premiums$2,593 $2,406 $7,532 $7,001 
Net investment income776 592 2,084 1,752 
Investment losses(10)(38)(42)(59)
Non-insurance warranty revenue401 407 1,212 1,221 
Operating revenues and other706 559 2,178 1,728 
Total4,466 3,926 12,964 11,643 
 
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $(48), $(41), $(88) and $(75))
2,019 1,826 5,708 5,258 
Amortization of deferred acquisition costs457 426 1,336 1,208 
Non-insurance warranty expense387 386 1,169 1,154 
Operating expenses and other930 860 2,778 2,449 
Equity method (income) loss9 (22)(44)(89)
Interest114 94 331 280 
Total3,916 3,570 11,278 10,260 
Income before income tax550 356 1,686 1,383 
Income tax expense(125)(80)(381)(315)
Net income425 276 1,305 1,068 
Amounts attributable to noncontrolling interests(24)(23)(78)(80)
Net income attributable to Loews Corporation$401 $253 $1,227 $988 
Basic net income per share$1.83 $1.12 $5.55 $4.32 
Diluted net income per share$1.82 $1.12 $5.54 $4.31 
Weighted average shares outstanding:
Shares of common stock219.67225.64221.16228.85
Dilutive potential shares of common stock0.270.350.270.31
Total weighted average shares outstanding assuming dilution219.94225.99221.43229.16

See accompanying Notes to Consolidated Condensed Financial Statements.
4

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Net income$425 $276 $1,305 $1,068 
 
Other comprehensive income (loss), after tax
Changes in:
Net unrealized losses on investments with an allowance for credit losses(3)(1)(1)(10)
Net unrealized gains (losses) on other investments1,264 (1,084)803 (827)
Total unrealized gains (losses) on investments1,261 (1,085)802 (837)
Impact of changes in discount rates used to measure long-duration contract liabilities(623)818 (9)678 
Unrealized gains (losses) on cash flow hedges(7)(1)(6)5 
Pension and postretirement benefits9 40 21 55 
Foreign currency translation64 (55)21 (4)
 
Other comprehensive income (loss)704 (283)829 (103)
Comprehensive income (loss)1,129 (7)2,134 965 
 
Amounts attributable to noncontrolling interests(83)8 (148)(69)
 
Total comprehensive income attributable to Loews Corporation$1,046 $1 $1,986 $896 

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, July 1, 2023
$15,470 $2 $2,728 $15,637 $(3,160)$(604)$867 
Net income276 253 23 
Other comprehensive loss(283)(252)(31)
Dividends paid ($0.0625 per share)
(24)(14)(10)
Purchase of subsidiary stock from noncontrolling interests(177)27 (61)(143)
Purchases of Loews Corporation treasury stock(118)(118)
Stock-based compensation11 10 1 
Other3 (1)1 3 
Balance, September 30, 2023
$15,158 $2 $2,764 $15,877 $(3,473)$(722)$710 
Balance, July 1, 2024
$17,201 $2 $2,556 $16,415 $(2,383)$(206)$817 
Net income425 401 24 
Other comprehensive income704 645 59 
Dividends paid ($0.0625 per share)
(24)(14)(10)
Purchases of Loews Corporation treasury stock(65)(65)
Stock-based compensation12 11 1 
Other(5)(5)    
Balance, September 30, 2024
$18,248 $2 $2,562 $16,802 $(1,738)$(271)$891 

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 income1,068 988 80 
Other comprehensive loss(103)(92)(11)
Dividends paid ($0.1875 per share)
(108)(43)(65)
Purchase of subsidiary stock from noncontrolling interests(203)27 (61)(169)
Purchases of Loews Corporation treasury stock(711)(711)
Stock-based compensation16 (7)23 
Other(2)(4)1 1 
Balance, September 30, 2023
$15,158 $2 $2,764 $15,877 $(3,473)$(722)$710 
Balance, January 1, 2024
$16,525 $2 $2,589 $15,617 $(2,497)$(7)$821 
Net income1,305 1,227 78 
Other comprehensive income829 759 70 
Dividends paid ($0.1875 per share)
(117)(42)(75)
Purchase of subsidiary stock from noncontrolling interests(20) (20)
Purchases of Loews Corporation treasury stock(264)(264)
Stock-based compensation9 (11)20 
Other(19) (16)   (3)
Balance, September 30, 2024
$18,248 $2 $2,562 $16,802 $(1,738)$(271)$891 

See accompanying Notes to Consolidated Condensed Financial Statements.
7

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended September 30
20242023
(In millions)
Operating Activities:
Net income$1,305 $1,068 
Adjustments to reconcile net income to net cash provided by operating activities, net425 519 
Changes in operating assets and liabilities, net:
Receivables(390)(71)
Deferred acquisition costs(45)(74)
Insurance reserves1,559 1,184 
Other assets(126)(152)
Other liabilities54 51 
Trading securities(698)905 
Net cash flow provided by operating activities2,084 3,430 
 
Investing Activities:
 
Purchases of fixed maturities(4,965)(5,459)
Proceeds from sales of fixed maturities2,335 3,284 
Proceeds from maturities of fixed maturities1,755 960 
Purchases of equity securities(332)(200)
Proceeds from sales of equity securities388 192 
Purchases of limited partnership investments(235)(322)
Proceeds from sales of limited partnership investments46 205 
Purchases of property, plant and equipment(458)(463)
Acquisitions (348)
Dispositions23  
Change in short-term investments(583)60 
Other, net10 (162)
Net cash flow used by investing activities(2,016)(2,253)
 
Financing Activities:
 
Dividends paid(42)(43)
Dividends paid to noncontrolling interests(75)(65)
Purchases of Loews Corporation treasury stock(262)(709)
Purchases of subsidiary stock from noncontrolling interests(20)(203)
Principal payments on debt(763)(503)
Issuance of debt1,284 593 
Other, net(44)(17)
Net cash flow provided by (used by) financing activities78 (947)
 
Effect of foreign exchange rate on cash3  
 
Net change in cash149 230 
Cash, beginning of period399 532 
Cash, end of period$548 $762 

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 September 30, 2024 and December 31, 2023, results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2024 and 2023 and cash flows for the nine months ended September 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 nine months ended September 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 EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Fixed maturity securities$517 $491 $1,530 $1,443 
Limited partnership investments67 29 195 111 
Short-term investments21 24 70 54 
Equity securities (a)21 9 56 42 
Income from trading portfolio (a)141 32 210 91 
Other33 30 95 78 
Total investment income800 615 2,156 1,819 
Investment expenses(24)(23)(72)(67)
Net investment income$776 $592 $2,084 $1,752 
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2024 and 2023
$108 $(14)$123 $3 

Investment gains (losses) are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Fixed maturity securities:
Gross gains$11 $12 $38 $55 
Gross losses(33)(49)(104)(141)
Investment losses on fixed maturity securities(22)(37)(66)(86)
Equity securities (a)13 2 25 (9)
Short-term investments and other(1)(3)(1)(10)
Gain on acquisition of a joint venture46 
Investment losses$(10)$(38)$(42)$(59)
(a) Investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of September 30, 2024 and 2023
$13 $2 $24 $2 

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 EndedNine Months Ended
September 30,September 30,
2024202320242023
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$8 $8 $23 $25 
Asset-backed4 4 9 12 
Impairment losses recognized in earnings$12 $12 $32 $37 

There were no losses recognized on mortgage loans during the three and nine months ended September 30, 2024. There were $5 million and $11 million of losses recognized on mortgage loans during the three and nine months ended September 30, 2023.


11

The following tables present a summary of fixed maturity securities:

September 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$25,872 $826 $900 $6 $25,792 
States, municipalities and political
 subdivisions
7,406 359 617 7,148 
Asset-backed:
Residential mortgage-backed3,684 32 362 3,354 
Commercial mortgage-backed1,816 14 141 1,689 
Other asset-backed3,743 40 186 12 3,585 
Total asset-backed9,243 86 689 12 8,628 
U.S. Treasury and obligations of
 government sponsored enterprises
224 2 4 222 
Foreign government755 8 26 737 
Fixed maturities available-for-sale$43,500 $1,281 $2,236 $18 $42,527 
Fixed maturities trading528 528 
Total fixed maturity securities$44,028 $1,281 $2,236 $18 $43,055 

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
September 30, 2024Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)
 
Fixed maturity securities:
Corporate and other bonds$1,664 $31 $11,240 $869 $12,904 $900 
States, municipalities and political
 subdivisions
422 7 3,155 610 3,577 617 
Asset-backed:
Residential mortgage-backed130 2 2,162 360 2,292 362 
Commercial mortgage-backed112 1,134 141 1,246 141 
Other asset-backed151 4 1,638 182 1,789 186 
Total asset-backed393 6 4,934 683 5,327 689 
U.S. Treasury and obligations of
 government-sponsored enterprises
45 2 45 2 90 4 
Foreign government99 1 403 25 502 26 
Total fixed maturity securities$2,623 $47 $19,777 $2,189 $22,400 $2,236 
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.

September 30, 2024December 31, 2023
Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
(In millions)