Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2022

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS


December 31	2022		2021
(In millions)

Current assets, principally investment in short term instruments	$	2,810	$	2,818
Investments in securities	564		734
Investments in capital stocks of subsidiaries, at equity	13,659		16,794
Other assets	112		20
Total assets	$	17,145	$	20,366


LIABILITIES AND SHAREHOLDERS’ EQUITY


Current liabilities	$	626	$	92
Long term debt	1,780		2,278
Deferred income tax and other	141		150
Total liabilities	2,547		2,520
Shareholders’ equity	14,598		17,846
Total liabilities and shareholders’ equity	$	17,145	$	20,366

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)


Year Ended December 31	2022		2021		2020
(In millions)

Revenues:
Equity in income of subsidiaries (a)	$	1,153	$	1,655	$	120
Net investment income, interest and other	1		103		65
Investment loss			(15)		(1,211)
Total	1,154		1,743		(1,026)
Expenses:
Administrative	84		93		98
Interest	89		89		83
Total	173		182		181
Income (loss) before income tax	981		1,561		(1,207)
Income tax benefit	31		17		276
Net income (loss)	1,012		1,578		(931)
Equity in other comprehensive income (loss) of subsidiaries	(3,470)		(395)		649
Total comprehensive income (loss)	$	(2,458)	$	1,183	$	(282)

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS


Year Ended December 31	2022		2021		2020
(In millions)

Operating Activities:
Net income (loss)	$	1,012	$	1,578	$	(931)
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(193)		(820)		834
Loss on deconsolidation			15		1,211
Provision for deferred income taxes	(49)		7		(196)
Changes in operating assets and liabilities, net:
Receivables	(11)
Accounts payable and accrued liabilities	(47)		(48)		(38)
Trading securities	153		(69)		(566)
Other, net	39		82		44
	904		745		358

Investing Activities:
Investments in and advances to subsidiaries	(137)		385		(169)
Change in investments, primarily short term	30		72		326
Other	(9)
	(116)		457		157

Financing Activities:
Dividends paid	(61)		(65)		(70)
Purchases of treasury shares	(729)		(1,136)		(923)
Issuance of debt					495
Other	(7)		(4)		(5)
	(797)		(1,205)		(503)

Net change in cash	(9)		(3)		12
Cash, beginning of year	19		22		10
Cash, end of year	$	10	$	19	$	22


(a)			Cash dividends paid to the Company by affiliates amounted to $978, $853 and $947 for the years ended December 31, 2022, 2021 and 2020.