Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2021

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS


December 31	2021		2020
(In millions)

Current assets, principally investment in short term instruments	$	2,818	$	2,766
Investments in securities	734		775
Investments in capital stocks of subsidiaries, at equity	16,794		16,861
Other assets	20		22
Total assets	$	20,366	$	20,424


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	92	$	63
Long term debt	2,278		2,276
Deferred income tax and other	150		225
Total liabilities	2,520		2,564
Shareholders’ equity	17,846		17,860
Total liabilities and shareholders’ equity	$	20,366	$	20,424

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2021		2020		2019
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	1,655	$	120	$	867
Net investment income, interest and other	103		65		239
Investment loss	(15)		(1,211)
Total	1,743		(1,026)		1,106
Expenses:
Administrative	93		98		83
Interest	89		83		72
Total	182		181		155
Income (loss) before income tax	1,561		(1,207)		951
Income tax (expense) benefit	17		276		(19)
Net income (loss)	1,578		(931)		932
Equity in other comprehensive income (loss) of subsidiaries	(395)		649		812
Total comprehensive income (loss)	$	1,183	$	(282)	$	1,744

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2021		2020		2019
(In millions)

Operating Activities:
Net income (loss)	$	1,578	$	(931)	$	932
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(820)		834		36
Loss on deconsolidation	15		1,211
Provision for deferred income taxes	7		(196)		106
Changes in operating assets and liabilities, net:
Receivables					1
Accounts payable and accrued liabilities	(48)		(38)		(29)
Trading securities	(69)		(566)		(478)
Other, net	82		44		36
	745		358		604

Investing Activities:
Investments in and advances to subsidiaries	385		(169)		183
Change in investments, primarily short term	72		326		326

	457		157		509

Financing Activities:
Dividends paid	(65)		(70)		(76)
Purchases of treasury shares	(1,136)		(923)		(1,051)
Issuance of debt			495
Other	(4)		(5)		(5)
	(1,205)		(503)		(1,132)

Net change in cash	(3)		12		(19)
Cash, beginning of year	22		10		29
Cash, end of year	$	19	$	22	$	10


(a)			Cash dividends paid to the Company by affiliates amounted to $853, $947 and $927 for the years ended December 31, 2021, 2020 and 2019.