LOEWS CORP

CIK:0000060086|SEC Filings

CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Insurance premiums	$ 2,757	$ 2,694	$ 5,456	$ 5,320
Net investment income	761	714	1,374	1,322
Investment losses	(5)	(46)	(23)	(55)
Non-insurance warranty revenue	367	398	741	795
Operating revenues and other	854	795	1,741	1,667
Total	4,734	4,555	9,289	9,049
Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $25, $15, $44 and $23)	2,169	2,085	4,344	4,112
Amortization of deferred acquisition costs	481	469	957	940
Non-insurance warranty expense	356	384	712	769
Operating expenses and other	1,040	989	2,049	1,980
Equity method income	(27)	(18)	(64)	(17)
Interest	103	107	216	212
Total	4,122	4,016	8,214	7,996
Income before income tax	612	539	1,075	1,053
Income tax expense	(141)	(123)	(250)	(245)
Net income	471	416	825	808
Amounts attributable to noncontrolling interests	(27)	(25)	(44)	(47)
Net income attributable to Loews Corporation	$ 444	$ 391	$ 781	$ 761
Basic net income per share (in dollars per share)	$ 2.16	$ 1.87	$ 3.79	$ 3.61
Diluted net income per share (in dollars per share)	$ 2.16	$ 1.87	$ 3.79	$ 3.61
Weighted average shares outstanding:
Shares of common stock (in shares)	205,500	209,240	205,840	210,840
Dilutive potential shares of common stock (in shares)	70	120	80	130
Total weighted average shares outstanding assuming dilution (in shares)	205,570	209,360	205,920	210,970

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating Activities:
Net income	$ 825	$ 808
Adjustments to reconcile net income to net cash provided by operating activities, net	290	361
Changes in operating assets and liabilities, net:
Receivables	(594)	(673)
Deferred acquisition costs	(43)	(49)
Insurance reserves	1,442	1,414
Other assets	45	(146)
Other liabilities	(372)	8
Trading securities	(555)	19
Net cash flow provided by operating activities	1,038	1,742
Investing Activities:
Purchases of fixed maturities	(3,997)	(3,756)
Proceeds from sales of fixed maturities	1,573	1,497
Proceeds from maturities of fixed maturities	1,633	1,613
Purchases of equity securities	(322)	(296)
Proceeds from sales of equity securities	312	261
Purchases of limited partnership investments	(174)	(280)
Proceeds from sales of limited partnership investments	101	51
Purchases of property, plant and equipment	(462)	(232)
Acquisitions	(212)
Change in short-term investments	1,368	163
Other, net	53	(34)
Net cash flow used by investing activities	(127)	(1,013)
Financing Activities:
Dividends paid	(26)	(26)
Dividends paid to noncontrolling interests	(66)	(65)
Purchases of Loews Corporation treasury stock	(185)	(651)
Purchases of subsidiary stock from noncontrolling interests	(36)	(34)
Principal payments on debt	(1,051)	(3)
Issuance of debt	495
Other, net	(23)	(63)
Net cash flow used by financing activities	(892)	(842)
Effect of foreign exchange rate on cash	(6)	19
Net change in cash	13	(94)
Cash, beginning of period	495	541
Cash, end of period	$ 508	$ 447

CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturities, amortized cost of $45,697 and $45,250, less allowance for credit loss of $63 and $69	$ 44,120	$ 43,984
Equity securities, cost of $1,309 and $1,201	1,333	1,292
Limited partnership investments	2,993	2,861
Other invested assets, primarily mortgage loans, less allowance for credit loss of $15 and $15	1,156	1,195
Short-term investments	5,598	6,044
Total investments	55,200	55,376
Cash	508	495
Receivables	11,723	10,983
Property, plant and equipment	10,862	10,695
Goodwill	483	349
Deferred non-insurance warranty acquisition expenses	2,981	3,220
Deferred acquisition costs of insurance subsidiaries	1,026	986
Other assets	4,445	4,244
Total assets	87,228	86,348
Insurance reserves:
Claim and claim adjustment expense	27,490	26,599
Future policy benefits	13,262	13,448
Unearned premiums	8,035	7,635
Total insurance reserves	48,787	47,682
Payable to brokers	174	53
Short-term debt	22	1,052
Long-term debt	8,914	8,437
Deferred income taxes	848	839
Deferred non-insurance warranty revenue	3,798	4,138
Other liabilities	4,653	4,506
Total liabilities	67,196	66,707
Commitments and contingent liabilities
Shareholders' equity:
Preferred stock
Common stock	2	2
Additional paid-in capital	2,335	2,374
Retained earnings	18,132	17,377
Accumulated other comprehensive loss	(1,175)	(1,067)
Shareholders' equity before treasury stock, total	19,294	18,686
Less treasury stock, at cost (1,668,477 and 0 shares)	(179)	0
Total shareholders’ equity	19,115	18,686
Noncontrolling interests	917	955
Total equity	20,032	19,641
Total liabilities and equity	$ 87,228	$ 86,348