Company Quick10K Filing
Quick10K
Loews
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$48.08 305 $14,659
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-05 Earnings, Exhibits
8-K 2019-05-14 Shareholder Vote
8-K 2019-04-29 Earnings, Exhibits
8-K 2019-02-11 Earnings, Exhibits
8-K 2019-01-28 Officers
8-K 2018-11-05 Earnings, Exhibits
8-K 2018-07-30 Earnings, Exhibits
8-K 2018-06-29 Regulation FD, Exhibits
8-K 2018-05-08 Shareholder Vote
8-K 2018-02-13 Amend Bylaw, Exhibits
8-K 2018-02-12 Earnings, Exhibits
PGR Progressive 43,776
ORI Old Republic 7,107
MTG MGIC Investment 4,471
MCY Mercury General 2,905
AMSF Amerisafe 1,316
UFCS United Fire Group 1,136
TPRE Third Point Reinsurance 905
GBLI Global Indemnity 373
PTVCA Protective Insurance 234
ALL Allstate Life Insurance 2
L 2019-06-30
Part I. Financial Information
Item 1. Financial Statements.
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Item 6. Exhibits.
EX-31.1 d769566dex311.htm
EX-31.2 d769566dex312.htm
EX-32.1 d769566dex321.htm
EX-32.2 d769566dex322.htm

Loews Earnings 2019-06-30

L 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

10-Q
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Table of Contents
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
F
ORM
10-Q
 
[X]     
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the quarterly period ended
June 30, 2019
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
1-6541
 
 
LOEWS CORPORATION
(Exact name of registrant as specified in its charter)
  
         
Delaware
 
 
 
13-2646102
(State or other jurisdiction of
 
 
 
(I.R.S. Employer
incorporation or organization)
 
 
 
Identification No.)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
667 Madison Avenue, New York, N.Y.
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 class
 
Trading 
Symbol(s)
 
Name of each exchange 
on which registered
Common stock
, par value $0.01 per share
 
L
 
New 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 
     X     
 
  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 
     X     
 
  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 
  X  
 
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 
     X     
 
 
As of July 26,
2019
, there were
302,380,038
 shares of the registrant’s common stock outstanding.
 
 
 
 
1
 
 
Table of Contents
 
INDEX
         
 
Page 
No.
 
         
   
 
         
   
 
         
   
3
 
         
   
4
 
         
   
5
 
         
   
6
 
         
   
8
 
         
   
9
 
         
   
36
 
         
   
55
 
         
   
56
 
         
   
56
 
         
   
56
 
         
   
56
 
         
   
56
 
         
   
57
 
 
 
 
 
2
 
 
Table of Contents
 
PART I. FINANCIAL INFORMATION
Item 1.  Financial Statements.
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
                 
 
June 30,
2019
   
December 31,
2018
(Dollar amounts in millions, except per share data)
 
   
 
 
 
 
 
 
Assets:
   
     
 
Investments:
   
     
 
Fixed maturities, amortized cost of $38,045 and $
38,234
 
$    
41,663
     $     
39,699
 
Equity securities, cost of $
1,385
 and $
1,479
   
1,367
     
1,293
 
Limited partnership investments
   
2,036
     
2,424
 
Other invested assets, primarily mortgage loans
   
985
     
901
 
Short term investments
   
4,689
     
3,869
 
Total investments
   
50,740
     
48,186
 
Cash
   
440
     
405
 
Receivables
   
8,144
     
7,960
 
Property, plant and equipment
   
15,513
     
15,511
 
Goodwill
   
768
     
665
 
Deferred
non-insurance
warranty acquisition expenses
   
2,678
     
2,513
 
Deferred acquisition costs of insurance subsidiaries
   
681
     
633
 
Other assets
   
3,313
     
2,443
 
Total assets
 
$
82,277
    $
78,316
 
 
 
 
 
 
 
 
 
Liabilities and Equity:
   
     
 
Insurance reserves:
   
     
 
Claim and claim adjustment expense
 
$
21,729
    $
21,984
 
Future policy benefits
   
11,537
     
10,597
 
Unearned premiums
   
4,648
     
4,183
 
Total insurance reserves
   
37,914
     
36,764
 
Payable to brokers
   
576
     
42
 
Short term debt
   
87
     
17
 
Long term debt
   
11,456
     
11,359
 
Deferred income taxes
   
1,227
     
841
 
Deferred
non-insurance
warranty revenue
   
3,595
     
3,402
 
Other liabilities
   
5,028
     
4,505
 
Total liabilities
   
59,883
     
56,930
 
 
 
 
 
 
 
 
 
 
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 –
312,528,502
and
312,169,189
shares
   
3
     
3
 
Additional
paid-in
capital
   
3,612
     
3,627
 
Retained earnings
   
16,374
     
15,773
 
Accumulated other comprehensive income (loss)
   
3
     
(880
)
   
19,992
     
18,523
 
Less treasury stock, at cost (
9,930,431
and
100,000
shares)
   
(478
)
 
   
(5
)
Total shareholders’ equity
   
19,514
     
18,518
 
Noncontrolling interests
   
2,880
     
2,868
 
Total equity
   
22,394
     
21,386
 
Total liabilities and equity
 
$
82,277
    $
78,316
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying Notes to Consolidated Condensed Financial Statements.
 
3
 
 
Table of Contents
 
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
                                 
 
Three Months Ended
June 30,
   
Six Months Ended
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
(In millions, except per share data)
 
   
   
   
 
Revenues:
   
     
     
     
 
Insurance premiums
 
$
1,824
    $
1,815
   
$
3,627
    $
3,600
 
Net investment income
   
551
     
551
     
1,208
     
1,057
 
Investment gains (losses):
   
     
     
     
 
Other-than-temporary impairment losses
   
(6
)
   
     
(20
)
 
   
(6
)
Other net investment gains (losses)
   
8
     
(3
)    
53
     
12
 
                                 
Total investment gains (losses)
   
2
     
(3
)    
33
     
6
 
Non-insurance
warranty revenue
   
285
     
248
     
566
     
486
 
Operating revenues and other
   
961
     
979
     
1,946
     
2,022
 
Total
   
3,623
     
3,590
     
7,380
     
7,171
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses:
   
     
     
     
 
Insurance claims and policyholders’ benefits
   
1,352
     
1,327
     
2,709
     
2,666
 
Amortization of deferred acquisition costs
   
338
     
359
     
680
     
655
 
Non-insurance
warranty expense
   
263
     
225
     
523
     
441
 
Operating expenses and other
   
1,231
     
1,229
     
2,380
     
2,413
 
Interest
   
164
     
143
     
305
     
284
 
Total
 
3,348
 
 
 
3,283
 
 
6,597
 
 
 
6,459
Income before income tax
   
275
     
307
     
783
     
712
 
Income tax expense
   
(50
)    
(59
)    
(162
)
   
(84
)
Net income
   
225
     
248
     
621
     
628
 
Amounts attributable to noncontrolling interests
   
24
     
(18
)    
22
     
(105
)
Net income attributable to Loews Corporation
 
$
249
    $
230
   
$
643
    $
523
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income per share
 
$
0.82
 
 
$ 0.72
 
 
$
2.10
 
 
$ 1.62
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net income per share
 
$
0.82
    $
0.72
   
$
2.09
    $
1.61
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
   
     
     
     
 
Shares of common stock
   
303.84
     
318.87
     
306.82
     
323.30
 
Dilutive potential shares of common stock
   
0.70
     
0.91
     
0.62
     
0.93
 
Total weighted average shares outstanding assuming dilution
   
304.54
     
319.78
     
307.44
     
324.23
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying Notes to Consolidated Condensed Financial Statements.
 
4
 
 
 
Table of Contents
 
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
                                 
 
Three Months Ended
   
Six Months Ended
 
 
June 30,
   
June 30,
 
 
2019
   
2018
   
2019
   
2018
 
(In millions)
 
   
   
   
 
 
 
 
 
 
 
 
 
 
Net income
 
$
  225
    $
248
   
$
621
    $
628
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss), after tax
   
     
     
     
 
Changes in:
   
     
     
     
 
Net unrealized gains (losses) on investments with other-than-temporary impairments
   
     
(1
)    
4
     
(10
)
Net other unrealized gains (losses) on investments
   
436
     
(159
)    
962
     
(588
)
Total unrealized gains (losses) on investments
   
436
     
(160
)    
966
     
(598
)
Unrealized gains (losses) on cash flow hedges
   
(6
)
   
4
     
(12
)
 
   
14
 
Pension liability
   
7
     
9
     
15
     
19
 
Foreign currency translation
   
3
     
(52
)    
20
     
(41
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other comprehensive income (loss)
   
440
     
(199
)    
989
     
(606
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
   
665
     
49
     
1,610
     
22
 
                                 
Amounts attributable to noncontrolling interests
   
(23
)
 
   
2
     
(84
)
   
(41
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total comprehensive income (loss) attributable to Loews
Corporation
  $
642
    $
51
    $
1,526
    $
(19
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying Notes to Consolidated Condensed Financial Statements.
 
5
 
 
Table of Contents
 
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)
                                                         
 
   
Loews Corporation Shareholders
   
   
 
   
   
   
   
Accumulated
   
Common
   
 
 
   
   
Additional
   
   
Other
   
Stock
   
 
 
   
Common
   
Paid-in
   
Retained
   
Comprehensive
   
Held in
   
Noncontrolling
 
 
Total
   
Stock
   
Capital
   
Earnings
   
Income (Loss)
   
Treasury
   
Interests
 
(In millions)
 
   
   
   
   
   
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, April 1, 2018
 
$
23,848
   
$
3
   
$
3,142
   
$
16,321
   
$
(417
)
 
$
(517
)
 
$
5,316
    
Net income
   
248
     
     
     
230
     
     
     
18
 
Other comprehensive loss
   
(199
)
   
     
     
     
(179
)
   
     
(20
)
Dividends paid ($0.0625 per share)
   
(42
)
   
     
     
(20
)
   
     
     
(22
)
Purchase of Boardwalk Pipeline common units
   
(1,715
)
   
     
661
     
     
(29
)
   
     
(2,347
)
Purchases of Loews treasury stock
   
(291
)
   
     
     
     
     
(291
)
   
 
Stock-based compensation
   
8
     
     
8
     
     
     
     
 
Other
   
1
     
     
(2
)
   
1
     
     
     
2
 
Balance, June 30, 2018
 
$
21,858
   
$
3
   
$
3,809
   
$
16,532
   
$
(625
)
 
$
(808
)
 
$
2,947
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance, April 1, 2019
 
$
21,902
   
$
3
   
$
3,607
   
$
16,144
   
$
(390
)
 
$
(327
)
 
$
2,865
 
Net income
   
225
     
     
     
249
     
     
     
(24
)
Other comprehensive income
   
440
     
     
     
 
     
393
     
     
47
 
Dividends paid ($0.0625 per share)
   
(29
)
 
   
     
     
(19
)
 
   
     
     
(10
)
Purchases of Loews treasury stock
   
(151
)
   
     
     
 
     
     
(151
)
 
       
Purchases of subsidiary stock from noncontrolling
interests
 
 
(2
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(2
)
Stock-based compensation
   
7
     
     
6