Loews Corporation (L) Financial Statements (2024 and earlier)

Company Profile

Business Address 9 WEST 57TH STREET
NEW YORK, NY 10019-2714
State of Incorp. DE
Fiscal Year End December 31
Industry (SIC) 6331 - Fire, Marine, and Casualty Insurance (benchmarking)
More info Complete Financial Analysis Financial Benchmarking

Balance Sheet (Statement of Financial Position) ($ in millions)

9/30/2023
MRQ
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
ASSETS
Current Assets
Cash, cash equivalents, and short-term investments6,5257,1556,7134,9644,2745,118
Cash and cash equivalents532621478336405472
Short-term investments5,9936,5346,2354,6283,8694,646
Debt securities, available-for-sale, amortized cost, excluding accrued interest, after allowance for credit loss(1) 
Total current assets:6,5247,1556,7134,9644,2745,118
Noncurrent Assets
Operating lease, right-of-use asset 328272370573
Property, plant and equipment10,0279,88810,45115,56815,51115,427
Long-term investments and receivables1,9541,9331,7982,0042,4243,278
Long-term investments1,9541,9331,7982,0042,4243,278
Intangible assets, net (including goodwill)4574581,3951,4141,2761,297
Goodwill346349785767665659
Intangible assets, net (excluding goodwill) 111109610647611638
Total noncurrent assets:12,76612,55114,01419,55919,21120,002
Other undisclosed assets56,20461,92059,50957,72054,83154,466
TOTAL ASSETS:75,49481,62680,23682,24378,31679,586
LIABILITIES AND EQUITY
Liabilities
Current Liabilities
Debt85493377717280
Liability for uncertainty in income taxes    95  
Total current liabilities:854933717217280
Noncurrent Liabilities
Long-term debt and lease obligation, including:8,1658,98610,07211,45611,35911,253
Other undisclosed long-term debt and lease obligation8,1658,98610,07211,45611,35911,253
Liabilities, other than long-term debt2431,0791,065   
Deferred income tax liabilities2431,0791,065 
Total noncurrent liabilities:8,40810,06511,13711,45611,35911,253
Other undisclosed liabilities50,75452,29349,88148,68545,55443,487
Total liabilities:60,01662,45161,05560,31356,93055,020
Equity
Equity, attributable to parent14,59817,84617,86019,11918,51819,204
Common stock223333
Treasury stock, value(12)(3)(7)(13)(5)(20)
Additional paid in capital2,7482,8853,1333,3743,6273,151
Accumulated other comprehensive income (loss)(3,284)186581(68)(880)(26)
Retained earnings15,14414,77614,15015,82315,77316,096
Equity, attributable to noncontrolling interest8801,3291,3212,8112,8685,362
Total equity:15,47819,17519,18121,93021,38624,566
TOTAL LIABILITIES AND EQUITY:75,49481,62680,23682,24378,31679,586

Income Statement (P&L) ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Revenues14,04414,65712,58314,93114,06613,735
Premiums earned, net8,6678,1757,6497,4287,312
Net investment income1,8022,2591,9952,3551,817 
Financial services revenue6,988
Other income2,2002,133 3,9383,9872,992
Cost of revenue(7,876)(7,792)(7,580)(8,271)(7,830)(7,345)
Policyholder benefits and claims incurred, net(6,386)(6,349)(6,170)(5,806)(5,572)
Deferred policy acquisition costs, amortization expense(1,490)(1,443)(1,410)(1,383)(1,335)(1,233)
Financial services costs(5,310)
Gross profit:6,1686,8655,0036,6606,2366,390
Operating expenses(3,077)(2,931)(4,793)(4,950)(4,828)(4,162)
Operating income:3,0913,9342101,7101,4082,228
Interest and debt expense(378)(424)(515)(591)(574)(646)
Other undisclosed loss from continuing operations before equity method investments, income taxes (1,328)(1,159)   
Income (loss) from continuing operations before equity method investments, income taxes:2,7132,182(1,464)1,1198341,582
Income from equity method investments 139     
Other undisclosed loss from continuing operations before income taxes(1,471)     
Income (loss) from continuing operations before income taxes:1,3812,182(1,464)1,1198341,582
Income tax expense (benefit)(278)(479)173(248)(128)(170)
Income (loss) from continuing operations:1,1031,703(1,291)8717061,412
Income (loss) before gain (loss) on sale of properties:1,703(1,291)8717061,412
Net income (loss):1,1031,703(1,291)8717061,412
Net income (loss) attributable to noncontrolling interest(91)(125)36061(70)(248)
Net income (loss) attributable to parent:1,0121,578(931)9326361,164
Undistributed earnings (loss) allocated to participating securities, basic (183)(266)(252)(297)(208)(903)
Other undisclosed net loss available to common stockholders, basic      
Net income (loss) available to common stockholders, diluted:8291,312(1,183)635428261

Comprehensive Income ($ in millions)

9/30/2023
TTM
12/31/2022
12/31/2021
12/31/2020
12/31/2019
12/31/2018
12/31/2017
Net income (loss):1,1031,703(1,291)8717061,412
Other comprehensive income (loss)(3,858)(445)727911(892)218
Comprehensive income (loss):(2,755)1,258(564)1,782(186)1,630
Comprehensive income (loss), net of tax, attributable to noncontrolling interest297(75)282(38)25(269)
Comprehensive income (loss), net of tax, attributable to parent:(2,458)1,183(282)1,744(161)1,361

Statements Sources

The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.

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