Loews Corp. Files Q2 2024 10-Q Report

TL;DR

Loews Corp. 10-Q filed for Q2 2024. Financials look solid.

AI Summary

Loews Corp. filed its 10-Q for the period ending June 30, 2024, reporting on its financial performance. The filing details its business operations, financial condition, and results of operations for the second quarter and first half of 2024. Key financial data and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with a detailed look into Loews Corp.'s financial health and operational performance for the second quarter of 2024, crucial for investment decisions.

Risk Assessment

Risk Level: low — This is a standard quarterly financial filing with no immediate red flags.

Key Numbers

• 2024 Q2 — Reporting Period (Second quarter of 2024)
• 2024-06-30 — As of Date (End of the reporting period)
• 2023-06-30 — Prior Year Period (Comparison point for Q2 2023)

Key Players & Entities

• LOEWS CORP (company) — Filer
• 20240630 (date) — Period of Report
• 20240729 (date) — Filing Date
• 9 WEST 57TH STREET (location) — Business Address
• NEW YORK (location) — Business Address City

FAQ

Key Financial Figures

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

Filing Documents

• l-20240630.htm (10-Q) — 2988KB
• exhibit3101-q22024.htm (EX-31.01) — 14KB
• exhibit3102-q22024.htm (EX-31.02) — 14KB
• exhibit3201-q22024.htm (EX-32.01) — 5KB
• exhibit3202-q22024.htm (EX-32.02) — 5KB
• 0000060086-24-000148.txt ( ) — 14038KB
• l-20240630.xsd (EX-101.SCH) — 52KB
• l-20240630_cal.xml (EX-101.CAL) — 108KB
• l-20240630_def.xml (EX-101.DEF) — 311KB
• l-20240630_lab.xml (EX-101.LAB) — 710KB
• l-20240630_pre.xml (EX-101.PRE) — 502KB
• l-20240630_htm.xml (XML) — 3442KB

Financial Information

Part I. Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Condensed Balance Sheets 3 June 30, 2024 and December 31, 2023 Consolidated Condensed Statements of Operations 4 Three and six months ended June 30, 2024 and 2023 Consolidated Condensed Statements of Comprehensive Income (Loss) 5 Three and six months ended June 30, 2024 and 2023 Consolidated Condensed Statements of Equity 6 Three and six months ended June 30, 2024 and 2023 Consolidated Condensed Statements of Cash Flows 8 Six months ended June 30, 2024 and 2023 Notes to Consolidated Condensed Financial Statements 9

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 39

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 59

Controls and Procedures

Item 4. Controls and Procedures 60

Other Information

Part II. Other Information 60

Legal Proceedings

Item 1. Legal Proceedings 60

Risk Factors

Item 1A. Risk Factors 61

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 61

Other Information

Item 5. Other Information 61

Exhibits

Item 6. Exhibits 62 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) June 30, December 31, 2024 2023 (Dollar amounts in millions, except per share data) Assets: Investments: Fixed maturities, amortized cost of $ 43,469 and $ 42,615 , less allowance for credit loss of $ 17 and $ 16 $ 40,879 $ 40,626 Equity securities, cost of $ 1,076 and $ 1,015 1,117 1,050 Limited partnership investments 2,367 2,174 Other invested assets, primarily mortgage loans, less allowance for credit loss of $ 35 and $ 35 1,067 1,123 Short-term investments 4,916 4,396 Total investments 50,346 49,369 Cash 470 399 Receivables 10,280 9,660 Property, plant and equipment 10,710 10,718 Goodwill 347 347 Deferred non-insurance warranty acquisition expenses 3,598 3,661 Deferred acquisition costs of insurance subsidiaries 948 896 Other assets 4,358 4,147 Total assets $ 81,057 $ 79,197 Liabilities and Equity: Insurance reserves: Claim and claim adjustment expense $ 23,974 $ 23,304 Future policy benefits 13,211 13,959 Unearned premiums 7,409 6,933 Total insurance reserves 44,594 44,196 Payable to brokers 130 79 Short-term debt 1,013 1,084 Long-term debt 8,558 7,919 Deferred income taxes 502 398 Deferred non-insurance warranty revenue 4,623 4,694 Other liabilities 4,436 4,302 Total liabilities 63,856 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 – 222,456,544 and 222,268,150 shares 2 2 Additional paid-in capital 2,556 2,589 Retained earnings 16,415 15,617 Accumulated other comprehensive loss ( 2,383 ) ( 2,497 ) 16,590 15,711 Less treasury stock, at cost ( 2,749,732 and 100,000 shares) ( 206 ) ( 7 ) Total shareholders' equity 16,384 15,704 Noncontrolling interests 817 821 Total equity 17,201 16,525 Total liabilities and equity $ 81,057 $ 79,197 See accompan

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View this 10-Q filing on SEC EDGAR