Fundamentals - Cash Flow Statement

Year Ended December 31

2021

2020

2019

(In millions)

 

 

 

 

 

 

 

Operating Activities:

 

 

 

Net income (loss)

$1,703

$(1,291)

$871

Adjustments to reconcile net income (loss) to net cash provided (used) by

 operating activities:

 

 

 

   Investment (gains) losses

(660)

1,246

(49)

   Equity method investees

(74)

102

20

   Amortization of investments

(81)

(67)

(89)

   Depreciation and amortization

515

734

943

   Asset impairments

10

810

99

   Provision for deferred income taxes

213

(235)

70

   Other non-cash items

71

61

87

Changes in operating assets and liabilities, net:

 

 

 

   Receivables

(1,409)

(425)

114

   Deferred acquisition costs

(30)

(43)

(26)

   Insurance reserves

2,463

1,681

358

   Other assets

(946)

(513)

(356)

   Other liabilities

897

256

193

   Trading securities

(49)

(571)

(494)

Net cash flow operating activities

2,623

1,745

1,741

 

 

 

 

Investing Activities:

 

 

 

Purchases of fixed maturities

(9,307)

(10,269)

(8,661)

Proceeds from sales of fixed maturities

3,816

5,904

5,842

Proceeds from maturities of fixed maturities

4,464

3,760

2,997

Purchases of equity securities

(304)

(452)

(186)

Proceeds from sales of equity securities

316

355

214

Purchases of limited partnership investments

(440)

(224)

(198)

Proceeds from sales of limited partnership investments

307

398

742

Purchases of property, plant and equipment

(482)

(710)

(1,041)

Acquisitions

 

(58)

(257)

Dispositions

80

65

140

Sale of interest in Altium Packaging

417

 

 

Deconsolidation of Diamond Offshore

 

(483)

 

Change in short term investments

(141)

427

(57)

Other, net

87

(127)

(206)

Net cash flow investing activities

(1,187)

(1,414)

(671)

 

 

 

 

Financing Activities:

 

 

 

Dividends paid

(65)

(70)

(76)

Dividends paid to noncontrolling interests

(64)

(99)

(98)

Purchases of Loews Corporation treasury stock

(1,136)

(923)

(1,051)

Purchases of subsidiary stock from noncontrolling interests

(18)

(37)

(23)

Principal payments on debt

(1,193)

(1,726)

(1,956)

Issuance of debt

1,199

2,659

2,076

Other, net

(12)

(2)

(16)

Net cash flow financing activities

(1,289)

(198)

(1,144)

Effect of foreign exchange rate on cash

(4)

9

5

Net change in cash

143

142

(69)

Cash, beginning of year

478

336

405

Cash, end of year

$621

$478

$336

 

For complete copies of our financial results, please refer to our SEC Filings