Fundamentals - Annual Cash Flow
| Year Ended December 31 | 2018 | 2017 | 2016 |
|---|---|---|---|
| (In millions) | |||
| Operating Activities: | |||
| Net income | $706 | $1,412 | $716 |
| Adjustments to reconcile net income to net cash provided (used) by operating activities: |
|||
| Investment (gains) losses | 57 | (122) | (50) |
| Equity method investees | 572 | 25 | 221 |
| Amortization of investments | (70) | (40) | (27) |
| Depreciation and amortization | 912 | 874 | 841 |
| Asset impairments | 44 | 106 | 697 |
| Provision for deferred income taxes | 86 | (47) | 102 |
| Other non-cash items | 72 | 164 | 73 |
| Changes in operating assets and liabilities, net: | |||
| Receivables | (131) | 93 | 24 |
| Deferred acquisition costs | (6) | (24) | (8) |
| Insurance reserves | 482 | 22 | 237 |
| Other assets | (102) | (95) | (71) |
| Other liabilities | (102) | 114 | 26 |
| Trading securities | 1,702 | 108 | (528) |
| Net cash flow operating activities | 4,222 | 2,590 | 2,253 |
| Investing Activities: | |||
| Purchases of fixed maturities | (10,785) | (9,065) | (9,827) |
| Proceeds from sales of fixed maturities | 8,408 | 5,438 | 5,332 |
| Proceeds from maturities of fixed maturities | 2,370 | 3,641 | 3,219 |
| Purchases of limited partnership investments | (420) | (171) | (355) |
| Proceeds from sales of limited partnership investments | 470 | 212 | 327 |
| Purchases of property, plant and equipment | (995) | (1,031) | (1,450) |
| Acquisitions | (37) | (1,218) | (79) |
| Dispositions | 113 | 79 | 330 |
| Change in short term investments | (339) | (167) | 158 |
| Other, net | (229) | (373) | 158 |
| Net cash flow investing activities | (1,444) | (2,655) | (2,187) |
| Financing Activities: | |||
| Dividends paid | (80) | (84) | (84) |
| Dividends paid to noncontrolling interests | (121) | (139) | (134) |
| Purchase of Boardwalk Pipeline common units | (1,504) | ||
| Purchases of Loews treasury stock | (1,026) | (216) | (134) |
| Principal payments on debt | (1,043) | (2,411) | (3,418) |
| Issuance of debt | 865 | 3,067 | 3,614 |
| Other, net | 74 | (16) | (10) |
| Net cash flow financing activities | (2,835) | 201 | (166) |
| Effect of foreign exchange rate on cash | (10) | 9 | (13) |
| Net change in cash | (67) | 145 | (113) |
| Cash, beginning of year | 472 | 327 | 440 |
| Cash, end of year | $405 | $472 | $327 |
For complete copies of our financial results, please refer to our SEC Filings