Loews Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Loews Corp has filed its Q1 2024 10-Q report, detailing financial performance and position as of March 31, 2024.</b>

AI Summary

LOEWS CORP (L) filed a Quarterly Report (10-Q) with the SEC on May 6, 2024. Loews Corp filed its 10-Q report for the quarterly period ended March 31, 2024. The filing covers the period from January 1, 2024, to March 31, 2024. The company's fiscal year ends on December 31. Loews Corp is incorporated in Delaware. The company's primary SIC code is FIRE, MARINE & CASUALTY INSURANCE [6331].

Why It Matters

For investors and stakeholders tracking LOEWS CORP, this filing contains several important signals. This filing provides investors with the latest financial data for Loews Corp, crucial for understanding its current performance and making informed investment decisions. As a 10-Q filing, it offers a timely update on the company's financial health and operational status, reflecting the most recent quarter's activities.

Risk Assessment

Risk Level: low — LOEWS CORP shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant new risks or material changes beyond routine disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to assess Loews Corp's performance trends and outlook.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-06 — Filing Date (FILED AS OF DATE)
• 1231 — Fiscal Year End (FISCAL YEAR END)
• 6331 — SIC Code (STANDARD INDUSTRIAL CLASSIFICATION)

Key Players & Entities

• LOEWS CORP (company) — FILER
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-06 (date) — FILED AS OF DATE
• DE (jurisdiction) — STATE OF INCORPORATION
• FIRE, MARINE & CASUALTY INSURANCE (industry) — STANDARD INDUSTRIAL CLASSIFICATION
• 1934 Act (regulation) — SEC ACT
• 212-521-2000 (phone) — BUSINESS PHONE
• USD (currency) — currency

FAQ

Industry Context

Loews Corp operates within the insurance industry, specifically focusing on fire, marine, and casualty insurance.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to submit regular financial reports.

What Investors Should Do

1. Analyze the balance sheet and income statement for the quarter ended March 31, 2024.
2. Review any disclosures related to significant business events or changes in accounting policies.
3. Compare key financial metrics to prior periods to identify trends.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-06: Filing Date — Date the 10-Q report was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, following the 10-K annual report.

Key Financial Figures

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

Filing Documents

• l-20240331.htm (10-Q) — 2121KB
• exhibit3101-q12024.htm (EX-31.01) — 14KB
• exhibit3102-q12024.htm (EX-31.02) — 14KB
• exhibit3201-q12024.htm (EX-32.01) — 5KB
• exhibit3202-q12024.htm (EX-32.02) — 5KB
• 0000060086-24-000086.txt (&nbsp;) — 11568KB
• l-20240331.xsd (EX-101.SCH) — 52KB
• l-20240331_cal.xml (EX-101.CAL) — 108KB
• l-20240331_def.xml (EX-101.DEF) — 312KB
• l-20240331_lab.xml (EX-101.LAB) — 802KB
• l-20240331_pre.xml (EX-101.PRE) — 551KB
• l-20240331_htm.xml (XML) — 2433KB

Financial Information

Part I. Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Condensed Balance Sheets 3 March 31, 2024 and December 31, 2023 Consolidated Condensed Statements of Operations 4 Three months ended March 31, 2024 and 2023 Consolidated Condensed Statements of Comprehensive Income (Loss) 5 Three months ended March 31, 2024 and 2023 Consolidated Condensed Statements of Equity 6 Three months ended March 31, 2024 and 2023 Consolidated Condensed Statements of Cash Flows 7 Three months ended March 31, 2024 and 2023 Notes to Consolidated Condensed Financial Statements 8

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 32

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 47

Controls and Procedures

Item 4. Controls and Procedures 48

Other Information

Part II. Other Information 48

Legal Proceedings

Item 1. Legal Proceedings 48

Risk Factors

Item 1A. Risk Factors 49

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49

Other Information

Item 5. Other Information 49

Exhibits

Item 6. Exhibits 50 2 Table of contents

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Loews Corporation and Subsidiaries CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited) March 31, December 31, 2024 2023 (Dollar amounts in millions, except per share data) Assets: Investments: Fixed maturities, amortized cost of $ 43,113 and $ 42,615 , less allowance for credit loss of $ 20 and $ 16 $ 40,840 $ 40,626 Equity securities, cost of $ 1,027 and $ 1,015 1,104 1,050 Limited partnership investments 2,274 2,174 Other invested assets, primarily mortgage loans, less allowance for credit loss of $ 35 and $ 35 1,117 1,123 Short-term investments 5,388 4,396 Total investments 50,723 49,369 Cash 556 399 Receivables 9,754 9,660 Property, plant and equipment 10,723 10,718 Goodwill 347 347 Deferred non-insurance warranty acquisition expenses 3,621 3,661 Deferred acquisition costs of insurance subsidiaries 927 896 Other assets 4,255 4,147 Total assets $ 80,906 $ 79,197 Liabilities and Equity: Insurance reserves: Claim and claim adjustment expense $ 23,588 $ 23,304 Future policy benefits 13,513 13,959 Unearned premiums 7,046 6,933 Total insurance reserves 44,147 44,196 Payable to brokers 202 79 Short-term debt 1,678 1,084 Long-term debt 8,425 7,919 Deferred income taxes 500 398 Deferred non-insurance warranty revenue 4,645 4,694 Other liabilities 4,311 4,302 Total liabilities 63,908 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 – 222,421,077 and 222,268,150 shares 2 2 Additional paid-in capital 2,547 2,589 Retained earnings 16,060 15,617 Accumulated other comprehensive loss ( 2,401 ) ( 2,497 ) 16,208 15,711 Less treasury stock, at cost ( 335,123 and 100,000 shares) ( 24 ) ( 7 ) Total shareholders' equity 16,184 15,704 Noncontrolling interests 814 821 Total equity 16,998 16,525 Total liabilities and equity $ 80,906 $ 79,197 See accompanyin

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View this 10-Q filing on SEC EDGAR