Loews Corp. Files Q3 2024 10-Q

TL;DR

Loews Q3 10-Q is in. Financials and biz updates for period ending 9/30/24.

AI Summary

Loews Corp. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter of 2024. Key financial data and business segment information are presented, reflecting the company's ongoing activities in its diverse business units.

Why It Matters

This filing provides investors with a detailed look at Loews Corp.'s financial health and operational performance for the third quarter of 2024, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial disclosures and does not indicate any unusual or heightened risks.

Key Players & Entities

• LOEWS CORP (company) — Filer
• 20240930 (date) — Period of Report
• 20241104 (date) — Filing Date
• 9 WEST 57TH STREET (address) — Business Address
• NEW YORK (location) — Business Address City
• 10019-2714 (zip_code) — Business Address Zip
• 212-521-2000 (phone_number) — Business Phone

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-20240930.htm (10-Q) — 3244KB
• exhibit3101-q32024.htm (EX-31.01) — 14KB
• exhibit3102-q32024.htm (EX-31.02) — 14KB
• exhibit3201-q32024.htm (EX-32.01) — 5KB
• exhibit3202-q32024.htm (EX-32.02) — 5KB
• 0000060086-24-000196.txt ( ) — 15006KB
• l-20240930.xsd (EX-101.SCH) — 57KB
• l-20240930_cal.xml (EX-101.CAL) — 109KB
• l-20240930_def.xml (EX-101.DEF) — 335KB
• l-20240930_lab.xml (EX-101.LAB) — 844KB
• l-20240930_pre.xml (EX-101.PRE) — 579KB
• l-20240930_htm.xml (XML) — 3534KB

Financial Information

Part I. Financial Information

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Consolidated Condensed Balance Sheets 3 September 30, 2024 and December 31, 2023 Consolidated Condensed Statements of Operations 4 Three and nine months ended September 30, 2024 and 2023 Consolidated Condensed Statements of Comprehensive Income (Loss) 5 Three and nine months ended September 30, 2024 and 2023 Consolidated Condensed Statements of Equity 6 Three and nine months ended September 30, 2024 and 2023 Consolidated Condensed Statements of Cash Flows 8 Nine months ended September 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 61

Controls and Procedures

Item 4. Controls and Procedures 62

Other Information

Part II. Other Information 62

Legal Proceedings

Item 1. Legal Proceedings 62

Risk Factors

Item 1A. Risk Factors 63

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 63

Other Information

Item 5. Other Information 63

Exhibits

Item 6. Exhibits 64 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) September 30, December 31, 2024 2023 (Dollar amounts in millions, except per share data) Assets: Investments: Fixed maturities, amortized cost of $ 44,028 and $ 42,615 , less allowance for credit loss of $ 18 and $ 16 $ 43,055 $ 40,626 Equity securities, cost of $ 1,068 and $ 1,015 1,215 1,050 Limited partnership investments 2,462 2,174 Other invested assets, primarily mortgage loans, less allowance for credit loss of $ 35 and $ 35 1,095 1,123 Short-term investments 5,242 4,396 Total investments 53,069 49,369 Cash 548 399 Receivables 10,138 9,660 Property, plant and equipment 10,689 10,718 Goodwill 349 347 Deferred non-insurance warranty acquisition expenses 3,571 3,661 Deferred acquisition costs of insurance subsidiaries 943 896 Other assets 4,310 4,147 Total assets $ 83,617 $ 79,197 Liabilities and Equity: Insurance reserves: Claim and claim adjustment expense $ 24,558 $ 23,304 Future policy benefits 14,047 13,959 Unearned premiums 7,259 6,933 Total insurance reserves 45,864 44,196 Payable to brokers 269 79 Short-term debt 713 1,084 Long-term debt 8,821 7,919 Deferred income taxes 697 398 Deferred non-insurance warranty revenue 4,594 4,694 Other liabilities 4,411 4,302 Total liabilities 65,369 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 – 222,511,465 and 222,268,150 shares 2 2 Additional paid-in capital 2,562 2,589 Retained earnings 16,802 15,617 Accumulated other comprehensive loss ( 1,738 ) ( 2,497 ) 17,628 15,711 Less treasury stock, at cost ( 3,580,335 and 100,000 shares) ( 271 ) ( 7 ) Total shareholders' equity 17,357 15,704 Noncontrolling interests 891 821 Total equity 18,248 16,525 Total liabilities and equity $ 83,617 $ 79,197 See accom

View Full Filing

View this 10-Q filing on SEC EDGAR