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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period From ____________ to _____________

Commission File Number 1-06541

LOEWS CORPORATION
(Exact name of registrant as specified in its charter)

Delaware13-2646102
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

667 Madison Avenue, New York, NY 10065-8087
(Address of principal executive offices) (Zip Code)

(212) 521-2000
(Registrant’s telephone number, including area code)

NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, par value $0.01 per shareLNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes☒No ☐  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒No ☐  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐Non-accelerated filer ☐Smaller reporting company ☐
 Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes☐No ☒  
As of April 28, 2023, there were 227,898,186 shares of the registrant’s common stock outstanding.

1
Table of contents
INDEX

 Page
No.
  
 
  
 
  
March 31, 2023 and December 31, 2022
 
 
Three months ended March 31, 2023 and 2022
 
 
Three months ended March 31, 2023 and 2022
 
 
Three months ended March 31, 2023 and 2022
 
 
Three months ended March 31, 2023 and 2022
 
 
  
  
  
  
  
  
  
  
2
Table of contents
PART I. FINANCIAL INFORMATION

Item 1. Financial Statements.

Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
March 31,December 31,
 20232022
(Dollar amounts in millions, except per share data)
Assets:
Investments:
Fixed maturities, amortized cost of $41,899 and $41,102, less allowance for credit loss of $2 and $1
$39,349 $37,697 
Equity securities, cost of $1,082 and $1,161
1,057 1,139 
Limited partnership investments2,011 1,954 
Other invested assets, primarily mortgage loans, less allowance for credit loss of $24 and $24
1,093 1,124 
Short term investments4,079 4,854 
Total investments47,589 46,768 
Cash594 532 
Receivables9,416 9,403 
Property, plant and equipment10,098 10,027 
Goodwill346 346 
Deferred non-insurance warranty acquisition expenses3,671 3,671 
Deferred acquisition costs of insurance subsidiaries852 806 
Other assets3,994 4,014 
Total assets$76,560 $75,567 
 
Liabilities and Equity:
 
Insurance reserves:
Claim and claim adjustment expense$22,409 $22,120 
Future policy benefits13,976 13,480 
Unearned premiums6,581 6,374 
Total insurance reserves42,966 41,974 
Payable to brokers220 133 
Short term debt908 854 
Long term debt8,150 8,165 
Deferred income taxes251 243 
Deferred non-insurance warranty revenue4,710 4,714 
Other liabilities4,041 4,283 
Total liabilities61,246 60,366 
 
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 – 236,270,711 and 236,159,866 shares
2 2 
Additional paid-in capital2,716 2,748 
Retained earnings15,293 14,931 
Accumulated other comprehensive loss(3,062)(3,320)
 14,949 14,361 
Less treasury stock, at cost (8,372,525 and 198,875 shares)
(498)(12)
Total shareholders’ equity14,451 14,349 
Noncontrolling interests863 852 
Total equity15,314 15,201 
Total liabilities and equity$76,560 $75,567 
See accompanying Notes to Consolidated Condensed Financial Statements.







3
Table of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(Unaudited)

Three Months Ended March 3120232022
(In millions, except per share data)  
   
Revenues:  
Insurance premiums$2,248 $2,059 
Net investment income569 432 
Investment losses(35)(11)
Non-insurance warranty revenue407 382 
Operating revenues and other594 540 
Total3,783 3,402 
 
Expenses:
Insurance claims and policyholders’ benefits (re-measurement gain of $1 and $5)
1,653 1,478 
Amortization of deferred acquisition costs379 344 
Non-insurance warranty expense384 354 
Operating expenses and other781 716 
Equity method income(28)(25)
Interest95 96 
Total3,264 2,963 
Income before income tax519 439 
Income tax expense(115)(87)
Net income404 352 
Amounts attributable to noncontrolling interests(29)(30)
Net income attributable to Loews Corporation$375 $322 
Basic net income per share$1.61 $1.30 
Diluted net income per share$1.61 $1.29 
Weighted average shares outstanding:
Shares of common stock233.30247.97
Dilutive potential shares of common stock0.320.51
Total weighted average shares outstanding assuming dilution233.62248.48

See accompanying Notes to Consolidated Condensed Financial Statements.
4
Table of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)

Three Months Ended March 3120232022
(In millions)  
   
Net income$404 $352 
 
Other comprehensive income (loss), after tax
Changes in:
Net unrealized losses on investments with an allowance for credit losses(8)(4)
Net unrealized gains (losses) on other investments670 (2,643)
Total unrealized gains (losses) on investments662 (2,647)
Impact of changes in discount rates used to measure long-duration contract liabilities(396)1,635 
Unrealized gains (losses) on cash flow hedges(2)18 
Pension and postretirement benefits9 7 
Foreign currency translation16 (15)
 
Other comprehensive income (loss)289 (1,002)
 
Comprehensive income (loss)693 (650)
 
Amounts attributable to noncontrolling interests(60)76 
 
Total comprehensive income (loss) attributable to Loews Corporation$633 $(574)

See accompanying Notes to Consolidated Condensed Financial Statements.
5
Table of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF EQUITY
(Unaudited)

 Loews Corporation Shareholders  
 Total Common StockAdditional Paid-in Capital Retained Earnings Accumulated Other Comprehensive Income (Loss) Common Stock
Held in Treasury 		Noncontrolling Interests
(In millions)       
        
Balance, January 1, 2022, as reported
$19,175 $2 $2,885 $14,776 $186 $(3)$1,329 
Cumulative effect adjustments from changes in
accounting standards (Note 1)		(1,704)(22)(1,506)(176)
Balance, January 1, 2022, as adjusted
17,471 2 2,885 14,754 (1,320)(3)1,153 
Net income352 322 30 
Other comprehensive loss(1,002)(896)(106)
Dividends paid ($0.0625 per share)
(84)(16)(68)
Purchase of subsidiary stock from noncontrolling interests(21)(1)(20)
Purchases of Loews Corporation treasury stock(129)(129)
Stock-based compensation(10)(25)15 
Other(1)(1)
Balance, March 31, 2022
$16,576 $2 $2,859 $15,059 $(2,216)$(132)$1,004 
Balance, January 1, 2023, as reported
$15,478 $2 $2,748 $15,144 $(3,284)$(12)$880 
Cumulative effect adjustments from changes in
accounting standards (Note 1)		(277)(213)(36)(28)
Balance, January 1, 2023, as adjusted
15,201 2 2,748 14,931 (3,320)(12)852 
Net income404 375 29 
Other comprehensive income289 258 31 
Dividends paid ($0.0625 per share)
(59)(15)(44)
Purchase of subsidiary stock from noncontrolling interests(24) (24)
Purchases of Loews Corporation treasury stock(486)(486)
Stock-based compensation(4)(26)22 
Other(7)(6)2  (3)
Balance, March 31, 2023
$15,314 $2 $2,716 $15,293 $(3,062)$(498)$863 

See accompanying Notes to Consolidated Condensed Financial Statements.
6
Table of contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)

Three Months Ended March 31
20232022
(In millions)
Operating Activities:
Net income$404 $352 
Adjustments to reconcile net income to net cash provided by operating activities, net204 328 
Changes in operating assets and liabilities, net:
Receivables5 (28)
Deferred acquisition costs(45)(31)
Insurance reserves432 512 
Other assets(85)(134)
Other liabilities(238)(202)
Trading securities42 (374)
Net cash flow provided by operating activities719 423 
 
Investing Activities:
 
Purchases of fixed maturities(2,258)(2,547)
Proceeds from sales of fixed maturities1,414 803 
Proceeds from maturities of fixed maturities317 916 
Purchases of equity securities(82)(75)
Proceeds from sales of equity securities62 77 
Purchases of limited partnership investments(116)(85)
Proceeds from sales of limited partnership investments75 113 
Purchases of property, plant and equipment(159)(121)
Change in short term investments647 696 
Other, net(34)36 
Net cash flow used by investing activities(134)(187)
 
Financing Activities:
 
Dividends paid(15)(16)
Dividends paid to noncontrolling interests(44)(68)
Purchases of Loews Corporation treasury stock(462)(132)
Purchases of subsidiary stock from noncontrolling interests(24)(21)
Principal payments on debt(1)(300)
Issuance of debt37 495 
Other, net(15)(14)
Net cash flow used by financing activities(524)(56)
 
Effect of foreign exchange rate on cash1 (3)
 
Net change in cash62 177 
Cash, beginning of period532 621 
Cash, end of period$594 $798 

See accompanying Notes to Consolidated Condensed Financial Statements.
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Loews Corporation and Subsidiaries
NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(Unaudited)

1. Basis of Presentation

Loews Corporation is a holding company. Its consolidated operating subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (“CNA”), a 90.0% owned subsidiary); transportation and storage of natural gas and natural gas liquids (Boardwalk Pipeline Partners, LP (“Boardwalk Pipelines”), a wholly owned subsidiary) and the operation of a chain of hotels (Loews Hotels Holding Corporation (“Loews Hotels & Co”), a wholly owned subsidiary). Unless the context otherwise requires, as used herein, the term “Company” means Loews Corporation including its consolidated subsidiaries, the term “Parent Company” means Loews Corporation excluding its subsidiaries, the term “Net income (loss) attributable to Loews Corporation” means Net income (loss) attributable to Loews Corporation shareholders and the term “subsidiaries” means Loews Corporation’s consolidated subsidiaries.

In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of normal recurring accruals) necessary to present fairly the Company’s financial position as of March 31, 2023 and December 31, 2022 and results of operations, comprehensive income (loss), changes in shareholders’ equity and cash flows for the three months ended March 31, 2023 and 2022, in each case in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Net income for the first quarter of each of the years is not necessarily indicative of net income for that entire year. These Consolidated Condensed Financial Statements should be read in conjunction with the Consolidated Financial Statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.

The Company presents basic and diluted net income (loss) per share on the Consolidated Condensed Statements of Operations. Basic net income (loss) per share excludes dilution and is computed by dividing net income (loss) attributable to common stock by the weighted average number of common shares outstanding for the period. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three months ended March 31, 2023 and 2022 there were no shares attributable to employee stock-based compensation awards excluded from the diluted weighted average shares outstanding amounts because the effect would have been antidilutive.

Accounting changes – In August of 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2018-12, “Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts.” The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. Entities are required to review, and update if there is a change, cash flow assumptions (including morbidity and persistency) used to measure the liability for future policyholder benefits (“LFPB”) at least annually. The LFPB must also be updated for actual experience at least annually. The LFPB is reflected as Future policy benefits on the Consolidated Condensed Balance Sheets. The discount rate assumption used to measure the LFPB must be updated quarterly using an upper-medium grade (low credit risk) fixed-income instrument yield, commonly interpreted as a single-A rate. The effect of changes in cash flow assumptions and actual variances from expected experience are recorded in results of operations within Insurance claims and policyholders’ benefits. The effect of changes in discount rate assumptions are recorded in Other comprehensive income (loss) (“OCI”). In contrast, under legacy accounting guidance, cash flow and discount rate assumptions were locked in unless a premium deficiency emerged. The discount rate assumption under legacy accounting guidance was determined using CNA’s internal investment portfolio yield, which was generally higher than a single-A yield.

The new guidance eliminates the need to hold shadow reserves associated with long term care reserves. Under legacy accounting guidance, to the extent that unrealized gains on fixed maturity securities supporting long term care reserves would have resulted in a premium deficiency if realized, a related increase to Insurance reserves was recorded, net of tax, as a reduction of net unrealized gains (losses), through Other comprehensive income (loss) (shadow reserves).

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The unit of account is the level at which reserves are measured. Under the new guidance, the unit of account used to measure the LFPB is the cohort. Cohorts are comprised of insurance contracts issued no more than one year apart, and must be further disaggregated according to policy benefit and insurance risk characteristics. Under legacy accounting guidance, the LFPB was generally measured at the individual policy level.

Under the new guidance, the net premium ratio (“NPR”) is capped at 100%. To the extent that NPR would otherwise exceed 100%, the LFPB is increased, and a loss is recognized immediately in the results of operations. The NPR cap is applied at the cohort level each quarter when NPR is updated. In contrast, under legacy accounting guidance, premium deficiency testing was performed annually at the product level. See Note 5 to the Consolidated Condensed Financial Statements for further explanation of the NPR and LFPB calculations.

The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. CNA’s run-off long term care business is in scope of the new guidance. All prior periods presented in the financial statements have been adjusted to reflect application of the new guidance. The original locked in discount rate, utilized for purposes of calculating the NPR under the new guidance, was based on the discount rate assumption used to calculate the LFPB immediately prior to the transition date. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business.

In December of 2022, the FASB issued ASU 2022-05, “Financial Services-Insurance (Topic 944): Transition for Sold Contracts” (“ASU 2022-05”). This guidance permits companies to make an election to exclude from the scope of ASU 2018-12 any insurance contracts that have been de-recognized prior to the effective date of ASU 2018-12, assuming that the company has no significant continuing involvement with the de-recognized contracts. In the fourth quarter of 2022, CNA novated its block of legacy annuity business, which was fully-ceded prior to novation. The Company has elected the ASU 2022-05 transition relief, and has excluded the novated legacy annuity business from the scope of ASU 2018-12.

Explanation of ASU 2018-12 Transition Impacts:

The following table presents a roll-forward of the pre-transition LFPB balance as of January 1, 2021:
(In millions)
Balance as of December 31, 2020, as reported$13,318 
Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits (a)
2,844 
De-recognition of shadow reserves(3,293)
Re-measurement using an upper-medium grade fixed income instrument yield discount rate6,255 
Other adjustments
8 
Balance as of January 1, 2021, as adjusted$19,132 
(a)
In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

Shadow reserves associated with the long term care business were de-recognized as of the transition date in Accumulated other comprehensive income (“AOCI”). The effect of re-measuring the LFPB at the single-A discount rate as of the transition date was similarly recorded in AOCI. There are no cohorts for which the NPR exceeded 100% at the transition date.

CNA’s practice under legacy accounting guidance was to calculate and record premium deficiency reserves at the policy level. Accordingly, an allocation methodology was not required to assign historical premium deficiency reserves to cohorts upon transition to ASU 2018-12.




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The following table presents after tax adjustments to the opening balance of Shareholders’ equity and Noncontrolling interests resulting from adoption of ASU 2018-12:

Accumulated other comprehensive income (loss)Retained earningsNoncontrolling interests
(In millions)
Balance as of December 31, 2020, as reported$581 $14,150 $1,321 
De-recognition of shadow reserves2,331 270 
Re-measurement of LFPB using an upper-medium grade fixed
   income instrument yield discount rate		(4,428)(513)
Other adjustments (5)(1)
Balance as of January 1, 2021, as adjusted$(1,516)$14,145 $1,077 


The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statement of Operations were as follows:

Three Months Ended March 31, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)$1,455 $23 $1,478 
Income before income tax462 (23)439 
Income tax expense(92)5 (87)
Net income370 (18)352 
Amounts attributable to noncontrolling interests(32)2 (30)
Net income attributable to Loews Corporation338 (16)322 
Basic net income per share1.36 (0.06)1.30 
Diluted net income per share1.36 (0.07)1.29 

(a)
The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain of $5 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.

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The effects of adoption of ASU 2018-12 on the Consolidated Condensed Balance Sheet were as follows:

December 31, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Other assets$3,941 $73 $4,014 
Total assets75,494 73 75,567 
Claim and claim adjustment expenses (a)25,099 (2,979)22,120 
Future policy benefits (a)10,151 3,329 13,480 
Total liabilities60,016 350 60,366 
Retained earnings15,144 (213)14,931 
Accumulated other comprehensive income (loss)(3,284)(36)(3,320)
Noncontrolling interests880 (28)852 
Total equity15,478 (277)15,201 

(a)
In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the long term care reserves for policyholders currently receiving benefits were reclassified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statement of Comprehensive Income (Loss) were as follows:

Three Months Ended March 31, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Changes in: Net unrealized losses on other investments$(1,611)$(1,032)$(2,643)
Total unrealized losses on investments(1,615)(1,032)(2,647)
Impact of changes in discount rates used to measure long-duration
   contract liabilities		1,635 1,635 
Other comprehensive loss(1,605)603 (1,002)
Comprehensive loss(1,235)585 (650)
Amounts attributable to noncontrolling interests136 (60)76 
Total comprehensive loss attributable to Loews Corporation(1,099)525 (574)

The effects of adoption of ASU 2018-12 on the Consolidated Condensed Statements of Cash Flows were as follows:

Three Months Ended March 31, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Net income$370 $(18)$352 
Adjustments to reconcile net income to net cash provided by operating
   activities, net		333 (5)328 
Changes in: Insurance reserves489 23 512 


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The effects of adoption of ASU 2018-12 on segment results of operations of CNA were as follows:

Three Months Ended March 31, 2022As ReportedEffect of AdoptionAs Adjusted
(In millions)
Insurance claims and policyholders’ benefits (a)$1,455 $23 $1,478 
Income before income tax378 (23)355 
Income tax expense(65)5 (60)
Net income313 (18)295 
Amounts attributable to noncontrolling interests(32)2 (30)
Net income attributable to Loews Corporation281 (16)265 

(a)
The effect of adopting ASU 2018-12 on Insurance claims and policyholders’ benefits is inclusive of the re-measurement gain of $5 million, which is presented parenthetically on the Consolidated Condensed Statement of Operations.

2. Investments

Net investment income is as follows:

Three Months Ended March 3120232022
(In millions)  
   
Fixed maturity securities$470 $429 
Limited partnership investments27 20 
Short term investments16 
Equity securities (a)12 2 
Income (loss) from trading portfolio (a)45 (15)
Other20 15 
Total investment income590 451 
Investment expenses(21)(19)
Net investment income$569 $432 
(a) Net investment income (loss) recognized due to the change in fair value of equity and trading portfolio securities held as of March 31, 2023 and 2022
$11 $(31)

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Investment gains (losses) are as follows:

Three Months Ended March 3120232022
(In millions)  
   
Fixed maturity securities:
Gross gains$35 $26 
Gross losses(57)(28)
Investment losses on fixed maturity securities(22)(2)
Equity securities (a)(14)(38)
Derivative instruments29 
Short term investments and other1 
Investment losses$(35)$(11)
(a) Investment losses recognized due to the change in fair value of non-redeemable preferred stock included within equity securities held as of March 31, 2023 and 2022
$(2)$(38)

The components of available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date:

Three Months Ended March 3120232022
(In millions)  
   
Fixed maturity securities available-for-sale:  
Corporate and other bonds$8 $8 
Asset-backed2 
Impairment losses recognized in earnings$8 $10 

There were no losses recognized on mortgage loans during the three months ended March 31, 2023 and 2022.


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The following tables present a summary of fixed maturity securities:

March 31, 2023Cost or Amortized CostGross Unrealized
Gains		Gross Unrealized
Losses		Allowance
for Credit Losses 		Estimated
Fair Value
(In millions)     
      
Fixed maturity securities:     
Corporate and other bonds$24,140 $437 $1,675 $1 $22,901 
States, municipalities and political
 subdivisions		8,332 410 741 8,001 
Asset-backed:
Residential mortgage-backed3,066 6 413 2,659 
Commercial mortgage-backed1,868 5 242 1,631 
Other asset-backed3,464 8 306 1 3,165 
Total asset-backed8,398 19 961 1 7,455 
U.S. Treasury and obligations of
 government sponsored enterprises		126 2 124 
Foreign government647 1 39 609 
Redeemable preferred stock3 3 
Fixed maturities available-for-sale41,646 867 3,418 2 39,093 
Fixed maturities trading253 3 256 
Total fixed maturity securities$41,899 $870 $3,418 $2 $39,349 

December 31, 2022
    
Fixed maturity securities:    
Corporate and other bonds$