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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, 2022

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.)

667 Madison Avenue, New York, NY 10065-8087
(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 October 28, 2022, there were 237,427,052 shares of the registrant’s common stock outstanding.

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INDEX

 Page
No.
  
 
  
 
  
September 30, 2022 and December 31, 2021
 
 
Three and nine months ended September 30, 2022 and 2021
 
 
Three and nine months ended September 30, 2022 and 2021
 
 
Three and nine months ended September 30, 2022 and 2021
 
 
Nine months ended September 30, 2022 and 2021
 
 
  
  
  
  
  
  
  
  
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PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
September 30,December 31,
 20222021
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $41,588 and $39,952, less allowance for credit loss of $3 and $18
$37,504 $44,380 
Equity securities, cost of $1,581 and $1,546
1,340 1,674 
Limited partnership investments1,975 1,933 
Other invested assets, primarily mortgage loans, less allowance for credit loss of $24 and $16
1,053 1,091 
Short term investments4,125 4,860 
Total investments45,997 53,938 
Cash886 621 
Receivables9,458 9,273 
Property, plant and equipment9,949 9,888 
Goodwill344 349 
Deferred non-insurance warranty acquisition expenses3,653 3,476 
Deferred acquisition costs of insurance subsidiaries787 737 
Other assets4,037 3,344 
Total assets$75,111 $81,626 
 
Liabilities and Equity:
 
Insurance reserves:
Claim and claim adjustment expense$24,700 $24,174 
Future policy benefits10,454 13,236 
Unearned premiums6,195 5,761 
Total insurance reserves41,349 43,171 
Payable to brokers359 90 
Short term debt814 93 
Long term debt8,475 8,986 
Deferred income taxes245 1,079 
Deferred non-insurance warranty revenue4,706 4,503 
Other liabilities4,510 4,529 
Total liabilities60,458 62,451 
 
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 – 248,665,240 and 248,467,051 shares
2 2 
Additional paid-in capital2,886 2,885 
Retained earnings15,377 14,776 
Accumulated other comprehensive income (loss)(3,803)186 
 14,462 17,849 
Less treasury stock, at cost (10,515,975 and 50,000 shares)
(616)(3)
Total shareholders’ equity13,846 17,846 
Noncontrolling interests807 1,329 
Total equity14,653 19,175 
Total liabilities and equity$75,111 $81,626 
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,
2022202120222021
(In millions, except per share data)  
   
Revenues:  
Insurance premiums$2,221 $2,059 $6,435 $6,056 
Net investment income404 483 1,202 1,649 
Investment gains (losses)(96)22 (166)657 
Non-insurance warranty revenue399 357 1,173 1,054 
Operating revenues and other533 450 1,607 1,580 
Total3,461 3,371 10,251 10,996 
 
Expenses:
Insurance claims and policyholders’ benefits1,665 1,632 4,703 4,684 
Amortization of deferred acquisition costs383 368 1,101 1,084 
Non-insurance warranty expense371 330 1,092 973 
Operating expenses and other760 638 2,166 2,208 
Interest92 99 284 324 
Total3,271 3,067 9,346 9,273 
Income before income tax190 304 905 1,723 
Income tax expense(47)(58)(190)(391)
Net income143 246 715 1,332 
Amounts attributable to noncontrolling interests(13)(26)(67)(97)
Net income attributable to Loews Corporation$130 $220 $648 $1,235 
Basic net income per share$0.54 $0.86 $2.65 $4.71 
Diluted net income per share$0.54 $0.85 $2.64 $4.70 
Weighted average shares outstanding:
Shares of common stock240.37256.76244.57262.27
Dilutive potential shares of common stock0.390.540.460.50
Total weighted average shares outstanding assuming dilution240.76257.30245.03262.77

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,
2022202120222021
(In millions)  
   
Net income$143 $246 $715 $1,332 
 
Other comprehensive income (loss), after tax
Changes in:
Net unrealized losses on investments with an allowance for credit losses(2)(8)
Net unrealized losses on other investments(1,327)(138)(4,284)(465)
Total unrealized losses on investments(1,329)(138)(4,292)(465)
Unrealized gains on cash flow hedges4 2 28 14 
Pension and postretirement benefits6 16 18 32 
Foreign currency translation(106)(33)(189)(19)
 
Other comprehensive loss(1,425)(153)(4,435)(438)
 
Comprehensive income (loss)(1,282)93 (3,720)894 
 
Amounts attributable to noncontrolling interests119 (9)379 (49)
 
Total comprehensive income (loss) attributable to Loews Corporation$(1,163)$84 $(3,341)$845 

See accompanying Notes to Consolidated Condensed Financial Statements.
5

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, July 1, 2021
$19,398 $3 $3,121 $15,132 $327 $(500)$1,315 
Net income246 220 26 
Other comprehensive loss(153)(136)(17)
Dividends paid ($0.0625 per share)
(27)(16)(11)
Purchases of Loews Corporation treasury stock(333)(333)
Stock-based compensation(2)(2)
Other1 1 
Balance, September 30, 2021
$19,130 $3 $3,120 $15,336 $191 $(833)$1,313 
Balance, July 1, 2022
$16,221 $2 $2,869 $15,261 $(2,510)$(386)$985 
Net income143 130 13 
Other comprehensive loss(1,425)(1,293)(132)
Dividends paid ($0.0625 per share)
(23)(15)(8)
Purchase of subsidiary stock from noncontrolling interests(45)5 (50)
Purchases of Loews Corporation treasury stock(230)(230)
Stock-based compensation9 8 1 
Other3 4 1 (2)
Balance, September 30, 2022
$14,653 $2 $2,886 $15,377 $(3,803)$(616)$807 

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, 2021
$19,181 $3 $3,133 $14,150 $581 $(7)$1,321 
Net income1,332 1,235 97 
Other comprehensive loss(438)(390)(48)
Dividends paid ($0.1875 per share)
(103)(49)(54)
Purchase of subsidiary stock from noncontrolling interests(18)(18)
Purchases of Loews Corporation treasury stock(826)(826)
Stock-based compensation5 (11)16 
Other(3)(2)(1)
Balance, September 30, 2021
$19,130 $3 $3,120 $15,336 $191 $(833)$1,313 
Balance, January 1, 2022
$19,175 $2 $2,885 $14,776 $186 $(3)$1,329 
Net income715 648 67 
Other comprehensive loss(4,435)(3,989)(446)
Dividends paid ($0.1875 per share)
(133)(46)(87)
Purchase of subsidiary stock from noncontrolling interests(66)4 (70)
Purchases of Loews Corporation treasury stock(614)(614)
Stock-based compensation11 (6)17 
Other 3 (1)1 (3)
Balance, September 30, 2022
$14,653 $2 $2,886 $15,377 $(3,803)$(616)$807 

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
20222021
(In millions)
Operating Activities:
Net income$715 $1,332 
Adjustments to reconcile net income to net cash provided by operating activities, net779 (85)
Changes in operating assets and liabilities, net:
Receivables(447)(1,115)
Deferred acquisition costs(66)(15)
Insurance reserves1,743 1,891 
Other assets(486)(853)
Other liabilities161 701 
Trading securities293 (180)
Net cash flow provided by operating activities2,692 1,676 
 
Investing Activities:
 
Purchases of fixed maturities(8,768)(7,127)
Proceeds from sales of fixed maturities4,885 2,510 
Proceeds from maturities of fixed maturities2,095 3,360 
Purchases of equity securities(245)(242)
Proceeds from sales of equity securities230 237 
Purchases of limited partnership investments(265)(281)
Proceeds from sales of limited partnership investments156 239 
Purchases of property, plant and equipment(437)(327)
Dispositions16 52 
(Investment in) sale of interest in Altium Packaging(79)417 
Change in short term investments568 725 
Other, net65 13 
Net cash flow used by investing activities(1,779)(424)
 
Financing Activities:
 
Dividends paid(46)(49)
Dividends paid to noncontrolling interests(87)(54)
Purchases of Loews Corporation treasury stock(611)(825)
Purchases of subsidiary stock from noncontrolling interests(66)(18)
Principal payments on debt(327)(1,154)
Issuance of debt532 1,199 
Other, net(16)(12)
Net cash flow used by financing activities(621)(913)
 
Effect of foreign exchange rate on cash(27)(6)
 
Net change in cash265 333 
Cash, beginning of period621 478 
Cash, end of period$886 $811 

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”), a 90% owned subsidiary); transportation and storage of natural gas and natural gas liquids (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, 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.

On April 1, 2021, Loews Corporation sold 47% of Altium Packaging LLC (“Altium Packaging”), previously a 99% owned subsidiary, for $420 million in cash consideration, and following the transaction Loews Corporation deconsolidated Altium Packaging. Effective April 1, 2021, Loews Corporation’s investment in Altium Packaging is accounted for under the equity method of accounting, with the investment reported in Other assets on the Consolidated Condensed Balance Sheets and equity income (loss) reported in Operating expenses and other on the Consolidated Condensed Statements of Operations. The transaction resulted in a gain of $555 million ($438 million after tax) for the nine months ended September 30, 2021, which was recorded in Investment gains (losses) on the Consolidated Condensed Statement of Operations. For additional information regarding the deconsolidation of Altium Packaging, see Note 2 of the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.

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, 2022 and December 31, 2021 and results of operations, comprehensive income (loss) and changes in shareholders’ equity for the three and nine months ended September 30, 2022 and 2021 and cash flows for the nine months ended September 30, 2022 and 2021, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Net income for the third quarter and first nine months of each of the years is not necessarily indicative of net income for that 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, 2021.

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, 2022 and 2021 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 August of 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-12, “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. For the Company, this includes CNA’s long term care and fully-ceded single premium immediate annuity business. Entities will be required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) at least annually and to update quarterly discount rate assumptions using an upper-medium grade fixed-income instrument yield. The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income (“OCI”). The guidance is effective for interim and annual periods beginning after December 15, 2022, with early adoption permitted, and may be applied using either a modified retrospective transition method or a full retrospective transition method. Financial statements for prior periods presented will be adjusted to reflect the effects of applying the new accounting guidance.

The Company will adopt the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. A published spot rate curve constructed from A+, A and A- rated U.S. dollar denominated corporate bonds matched to the duration of the corresponding insurance liabilities will be used to calculate discount rates. Long-duration contracts will be grouped into calendar year cohorts based on the contract issue date and
9

product line. Long term care contracts will be grouped separately from the fully-ceded single premium immediate annuity contracts.

The most significant impact at the transition date will be the effect of updating the discount rate assumption to reflect an upper-medium grade fixed-income instrument yield, which will be partially offset by the de-recognition of Shadow Adjustments associated with long-duration contracts. The Company expects the net impact of these changes will be a decrease of approximately $2.1 billion (after tax and noncontrolling interests) in Accumulated other comprehensive income (“AOCI”) as of the transition date of January 1, 2021. There is a minimal transition impact expected to retained earnings.

The requirement to review, and update if there is a change, cash flow assumptions at least annually is expected to change the pattern of earnings being recognized. Adoption will also significantly expand the Company’s disclosures, and will impact systems, processes and controls. While the requirements of the new guidance represent a material change from existing accounting guidance, the new guidance will not impact capital and surplus under statutory accounting practices, cash flows, or the underlying economics of the business.

The Company continues to make progress in connection with these matters and is in the process of refining key accounting policy decisions, technology solutions and updates to internal controls associated with adoption of the new guidance. These in-progress activities include modifications of actuarial valuation systems, data sourcing, analytical procedures and reporting processes.

2. Investments

Net investment income is as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
(In millions)  
   
Fixed maturity securities$454 $425 $1,324 $1,278 
Limited partnership investments(32)89 (5)285 
Equity securities (a)2 4 (7)53 
Income (loss) from trading portfolio (a)(18)(30)(95)46 
Other19 13 47 43 
Total investment income425 501 1,264 1,705 
Investment expenses(21)(18)(62)(56)
Net investment income$404 $483 $1,202 $1,649 
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of September 30, 2022 and 2021$(68)$(55)$(179)$(9)


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Investment gains (losses) are as follows:

Three Months EndedNine Months Ended
September 30,September 30,
2022202120222021
(In millions)  
   
Fixed maturity securities:
Gross gains$23 $50 $94 $159 
Gross losses(134)(28)(222)(68)
Investment gains (losses) on fixed maturity securities(111)22 (128)91 
Equity securities (a)(2)(2)(111)17 
Derivative instruments24 2 79 7 
Short term investments and other(7)(6)(13)
Altium Packaging (see Note 1)555 
Investment gains (losses) $(96)$22 $(166)$657 
(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, 2022 and 2021 $(2)$(2)$(109)$15 

Investment gains (losses) for the three months ended September 30, 2022 in the table above include a $