Schedule I - Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2025

Condensed Financial Information Disclosure [Abstract]

Schedule I - Condensed Financial Information of Registrant

SCHEDULE I

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS

December 31	2025		2024
(In millions)
Current assets, principally investment in short-term instruments	$	2,676	$	2,222
Investments in securities	1,245		1,170
Investments in capital stocks of subsidiaries, at equity	16,673		15,623
Other assets	95		95
Total assets	$	20,689	$	19,110
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities	$	597	$	143
Long-term debt	1,286		1,785
Deferred income tax and other	120		116
Total liabilities	2,003		2,044
Shareholders’ equity	18,686		17,066
Total liabilities and shareholders’ equity	$	20,689	$	19,110

STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

Year Ended December 31	2025		2024		2023
(In millions)
Revenues:
Equity in income of subsidiaries (a)	$	1,614	$	1,328	$	1,501
Net investment income, interest and other	214		261		131
Total	1,828		1,589		1,632
Expenses:
Administrative	68		76		119
Interest	75		75		80
Total	143		151		199
Income before income tax	1,685		1,438		1,433
Income tax (expense) benefit	(18)		(24)		1
Net income	1,667		1,414		1,434
Equity in other comprehensive income of subsidiaries	801		630		884
Total comprehensive income	$	2,468	$	2,044	$	2,318

SCHEDULE I

(Continued)

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS

Year Ended December 31	2025		2024		2023
(In millions)
Operating Activities:
Net income	$	1,667	$	1,414	$	1,434
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities:
Equity method investees	(268)		(67)		(512)
Provision (benefit) for deferred income taxes	2		4		(4)
Changes in operating assets and liabilities, net:
Receivables	(3)		(6)		10
Accounts payable and accrued liabilities	14		(12)		(9)
Trading securities	(414)		(695)		576
Other, net	31		2		109
	1,029		640		1,604
Investing Activities:
Investments in and advances to subsidiaries	(1)		2		(217)
Purchases of equity securities	(20)
Purchases of limited partnership investments	(88)
Change in investments, primarily short-term	(50)		27		29
Other					(11)
	(159)		29		(199)
Financing Activities:
Dividends paid	(52)		(55)		(57)
Purchases of treasury shares	(806)		(608)		(849)
Payment of debt					(500)
Other	(13)		(4)		(5)
	(871)		(667)		(1,411)
Net change in cash	(1)		2		(6)
Cash, beginning of year	6		4		10
Cash, end of year	$	5	$	6	$	4

(a) Cash dividends paid to the Company by affiliates amounted to approximately $1.5 billion, $1.3 billion and $1.0 billion for the years ended December 31, 2025, 2024 and 2023.

Supplemental Information Concerning Property and Casualty Insurance Operations

Consolidated Property and Casualty Operations
December 31	2025		2024
(In millions)
Deferred acquisition costs	$	986	$	959
Reserves for unpaid claim and claim adjustment expenses	26,599		24,976
Discount deducted from claim and claim adjustment expense reserves above (based on interest rates ranging from 3.5% to 6.5%)	583		615
Unearned premiums	7,635		7,346

Year Ended December 31	2025		2024		2023
(In millions)
Net written premiums	$	11,101	$	10,605	$	9,892
Net earned premiums	10,900		10,211		9,480
Net investment income	2,467		2,396		2,163
Incurred claim and claim adjustment expenses related to current year	6,724		6,330		5,667
Incurred claim and claim adjustment expenses related to prior years	189		42		48
Amortization of deferred acquisition costs	1,898		1,798		1,644
Paid claim and claim adjustment expenses	5,774		5,189		4,601