Loews Corp. Files 2023 10-K: Insurance Sector Performance Detailed

TL;DR

**Loews Corp. just dropped its 2023 10-K, time to dig into their insurance numbers!**

AI Summary

Loews Corp. filed its 10-K on February 6, 2024, for the fiscal year ending December 31, 2023. This filing provides a comprehensive overview of the company's financial performance and position, including details on its insurance operations (SIC 6331). Investors should pay close attention to the financial statements and risk factors to understand the company's health and future prospects, especially given its primary business in fire, marine & casualty insurance.

Why It Matters

This filing is crucial for investors to assess Loews Corp.'s financial stability and operational performance over the past year, directly impacting their investment decisions.

Risk Assessment

Risk Level: medium — As an insurance company, Loews Corp. faces inherent risks related to claims, investment performance, and regulatory changes, which are typically detailed in a 10-K.

Analyst Insight

Investors should review the full 10-K to understand Loews Corp.'s detailed financial performance for 2023, paying close attention to the insurance segment's profitability and any forward-looking statements regarding market conditions or regulatory changes.

Key Numbers

• 2023-12-31 — Conformed Period of Report (Indicates the end date of the fiscal year covered by this 10-K filing.)
• 2024-02-06 — Filed As Of Date (Shows when the 10-K was officially submitted to the SEC.)
• 184 — Public Document Count (Represents the number of pages or sections within the filing, indicating its comprehensive nature.)
• 0000060086 — Central Index Key (CIK) (Unique identifier for Loews Corp. with the SEC.)
• 6331 — Standard Industrial Classification (SIC) (Identifies Loews Corp.'s primary business as Fire, Marine & Casualty Insurance.)

Key Players & Entities

• LOEWS CORP (company) — the filer of the 10-K
• December 31, 2023 (date) — the fiscal year end for the reported period
• February 6, 2024 (date) — the date the 10-K was filed
• 0000060086 (company) — Central Index Key (CIK) for Loews Corp.
• FIRE, MARINE & CASUALTY INSURANCE (company) — Standard Industrial Classification (SIC) for Loews Corp.

Forward-Looking Statements

• Loews Corp. will continue to focus on its core insurance business, potentially expanding its market share in the fire, marine, and casualty sectors. (LOEWS CORP) — medium confidence, target: 2024-12-31

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share L New York Stock Exchange S

Filing Documents

• l-20231231.htm (10-K) — 6403KB
• exhibit301-q42023.htm (EX-3.(01)) — 25KB
• exhibit2101-q42023.htm (EX-21.01) — 24KB
• exhibit2301-q42023.htm (EX-23.01) — 3KB
• exhibit2401-q42023.htm (EX-24.01) — 19KB
• exhibit3101-q42023.htm (EX-31.01) — 14KB
• exhibit3102-q42023.htm (EX-31.02) — 14KB
• exhibit3201-q42023.htm (EX-32.01) — 5KB
• exhibit3202-q42023.htm (EX-32.02) — 5KB
• exhibit9701-q42023.htm (EX-97.01) — 23KB
• l-20231231_g1.jpg (GRAPHIC) — 1299KB
• 0000060086-24-000029.txt ( ) — 35832KB
• l-20231231.xsd (EX-101.SCH) — 146KB
• l-20231231_cal.xml (EX-101.CAL) — 182KB
• l-20231231_def.xml (EX-101.DEF) — 1011KB
• l-20231231_lab.xml (EX-101.LAB) — 1682KB
• l-20231231_pre.xml (EX-101.PRE) — 1380KB
• l-20231231_htm.xml (XML) — 8186KB

Business

Business CNA Financial Corporation 5 Boardwalk Pipeline Partners, LP 8 Loews Hotels Holding Corporation 13 Altium Packaging LLC 14 Human Capital 14 Information about Our Executive Officers 15 Available Information 15 1A

Risk Factors

Risk Factors 15 1B Unresolved Staff Comments 41 1C Cybersecurity 41 2

Legal Proceedings

Legal Proceedings 41 4 Mine Safety Disclosures 42 PART II 5 Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 42 6 [Reserved] 43 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 44 7A

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 74 8

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 78 9 Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 162 9A

Controls and Procedures

Controls and Procedures 162 9B Other Information 162 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 162 PART III 10 Directors, Executive Officers and Corporate Governance 163 11

Executive Compensation

Executive Compensation 163 12

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 163 13 Certain Relationships and Related Transactions, and Director Independence 163 14 Principal Accounting Fees and Services 163 PART IV 15 Exhibits and Financial Statement Schedules 164 16 Form 10-K Summary 167 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS Investors are cautioned that certain statements contained in this Report as well as in other filings with the Securities and Exchange Commission ("SEC") and periodic press releases made by us and our subsidiaries and certain statements made by us and our subsidiaries and our and their officers during presentations may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include any statement that does not directly relate to any historical or current fact. Forward-looking statements may project, indicate or imply future results, events, performance or achievements, and such statements may contain the words "expect," "intend," "plan," "anticipate," "estimate," "believe," "will be," "will continue," "will likely result," and similar expressions. In addition, any statement concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible actions taken by us or our subsidiaries are also forward-looking statements as defined by the Act. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to a variety of risks and uncertainties, many of which are beyond our or our subsidiaries' control, that could cause actual results to differ materially from those anticipated or projected. Developments in any of the risks or uncertainties facing us or our subsidiaries, including those summarized under the heading "Risk Factors Summary" below and described more fully under Item 1A, Risk Factors of this Report and in our and our subsidiaries' other filings with the SEC, could cause our and our subsidiaries' results to differ materially from results that have been or may be anticipated or projected. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements.

Business

Item 1. Business. Loews Corporation was incorporated in 1969 and is a holding company. Our subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation, an approximately 92% owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP, a wholly owned subsidiary); and operation of a chain of hotels (Loews Hotels Holding Corporation, a wholly owned subsidiary). We also own approximately 53% of Altium Packaging LLC, an unconsolidated subsidiary, which is engaged in the manufacture of rigid plastic packaging solutions. We have four reportable segments comprised of three individual operating subsidiaries, CNA Financial Corporation, Boardwalk Pipeline Partners, LP and Loews Hotels Holding Corporation; and the Corporate segment. The Corporate segment is primarily comprised of Loews Corporation excluding its subsidiaries and the operations of Altium Packaging LLC ("Altium Packaging") through March 31, 2021. On April 1, 2021, we sold approximately 47% of Altium Packaging and following the transaction deconsolidated Altium Packaging. Subsequent to deconsolidation, our investment in Altium Packaging is accounted for under the equity method of accounting. Additional financial information on each of our segments is included under Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"). For further information on the deconsolidation of Altium Packaging see Note 2 of the Notes to Consolidated Financial Statements included under Item 8. CNA FINANCIAL CORPORATION CNA Financial Corporation (together with its subsidiaries, "CNA") is an insurance holding company. CNA's property and casualty and remaining life and group insurance operations are primarily conducted by Continental Casualty Company ("CCC"), The Continental Insurance Company, Western Surety Company, CNA Insurance Company Limited, Hardy U

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