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Table of Contents
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
10-Q
[X]
 
 
 
 
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
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
1-6541
LOEWS CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
 
13-2646102
(State or other jurisdiction of
 
(I.R.S. Employer
incorporation or organization)
 
Identification No.)
667 Madison Avenue, New York, N.Y. 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 class
 
Trading
 
Symbol(s)
 
Name of each exchange
 
on which registered
Common stock, par value $0.01 per share
 
L
 
New York Stock Exchange
I
ndicate 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
      X      
 
                                                     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
      X      
 
                                                     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
  X  
 
    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
 
_
_
_
X
__
_
As of October 
25
, 2019, there were
297,438,996 shares of the registrant’s common stock outstanding.
     

Table of Contents
 
INDEX
 
Page
 
 
No.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
3
 
 
 
 
 
 
 
 
4
 
 
 
 
 
 
 
 
5
 
 
 
 
 
 
 
 
6
 
 
 
 
 
 
 
 
8
 
 
 
 
 
 
 
 
9
 
 
 
 
 
 
 
 
37
 
 
 
 
 
 
 
 
59
 
 
 
 
 
 
 
 
59
 
 
 
 
 
 
 
 
59
 
 
 
 
 
 
 
 
59
 
 
 
 
 
 
 
 
59
 
 
 
 
 
 
 
 
59
 
 
 
 
 
 
 
 
60
 
 
2
 

 
Table of Contents
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED BALANCE SHEETS
(Unaudited)
 
September 30,
 
 
December 31,
 
 
2019
 
 
2018
 
(Dollar amounts in millions, except per share data)
 
 
 
 
Assets:
 
 
 
 
 
 
Investments:
   
 
 
 
 
Fixed maturities, amortized cost of $38,287 and $38,234
   
 
$  
42,489
 
   
$  
39,699
 
Equity securities, cost of $1,315 and $1,479
   
1,317
 
   
1,293
 
Limited partnership investments
   
2,012
 
   
2,424
 
Other invested assets, primarily mortgage loans
   
995
 
   
901
 
Short term investments
   
4,574
 
   
3,869
 
Total investments
   
51,387
 
   
48,186
 
Cash
   
442
 
   
405
 
Receivables
   
7,622
 
   
7,960
 
Property, plant and equipment
   
15,561
 
   
15,511
 
Goodwill
   
772
 
   
665
 
Deferred
non-insurance
warranty acquisition expenses
   
2,772
 
   
2,513
 
Deferred acquisition costs of insurance subsidiaries
   
668
 
   
633
 
Other assets
   
3,275
 
   
2,443
 
Total assets
   
$  
82,499
 
   
$  
78,316
 
 
   
 
 
   
 
 
Liabilities and Equity:
   
 
   
 
Insurance reserves:
   
 
   
 
Claim and claim adjustment expense
   
$  
21,596
 
   
$  
21,984
 
Future policy benefits
   
12,305
 
   
10,597
 
Unearned premiums
   
4,608
 
   
4,183
 
Total insurance reserves
   
38,509
 
   
36,764
 
Payable to brokers
   
242
 
   
42
 
Short term debt
   
87
 
   
17
 
Long term debt
   
11,395
 
   
11,359
 
Deferred income taxes
   
1,141
 
   
841
 
Deferred
non-insurance
warranty revenue
   
3,707
 
   
3,402
 
Other liabilities
   
5,160
 
   
4,505
 
Total liabilities
   
60,241
 
   
56,930
 
 
 
 
 
 
 
 
 
 
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 – 312,550,764 and 312,169,189 shares
   
3
 
   
3
 
Additional
paid-in
capital
   
3,620
 
   
3,627
 
Retained earnings
   
16,427
 
   
15,773
 
Accumulated other comprehensive income (loss)
   
17
 
   
(880
)
   
20,067
 
   
18,523
 
Less treasury stock, at cost (13,324,637 and 100,000 shares)
   
(647
)
   
(5
)
Total shareholders’ equity
   
19,420
 
   
18,518
 
Noncontrolling interests
   
2,838
 
   
2,868
 
Total equity
   
22,258
 
   
21,386
 
Total liabilities and equity
   
$  
82,499
 
   
$  
78,316
 
                 
 
See accompanying Notes to Consolidated Condensed Financial Statements.
 
3
 

Table of Contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(Unaudited)
 
 
Three Months Ended
 
 
Nine Months Ended
 
 
September 30,
 
 
September 30,
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
(In millions, except per share data)
 
 
 
 
 
 
 
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
Insurance premiums
 
$
 1,890
 
 
$
1,853
 
 
$
 5,517
 
 
$
5,453
 
Net investment income
 
 
525
 
 
 
494
 
 
 
1,733
 
 
 
1,551
 
Investment gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
Other-than-temporary impairment losses
 
 
(14
)
 
 
(3
)
 
 
(34
)
 
 
(9
)
Other net investment gains
 
 
22
 
 
 
18
 
 
 
75
 
 
 
30
 
Total investment gains
 
 
8
 
 
 
15
 
 
 
41
 
 
 
21
 
Non-insurance
warranty revenue
 
 
292
 
 
 
258
 
 
 
858
 
 
 
744
 
Operating revenues and other
 
 
960
 
 
 
988
 
 
 
2,906
 
 
 
3,010
 
Total
 
 
3,675
 
 
 
3,608
 
 
 
11,055
 
 
 
10,779
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
Insurance claims and policyholders’ benefits
 
 
1,614
 
 
 
1,312
 
 
 
4,323
 
 
 
3,978
 
Amortization of deferred acquisition costs
 
 
345
 
 
 
337
 
 
 
1,025
 
 
 
992
 
Non-insurance
warranty expense
 
 
278
 
 
 
235
 
 
 
801
 
 
 
676
 
Operating expenses and other
 
 
1,234
 
 
 
1,224
 
 
 
3,614
 
 
 
3,637
 
Interest
 
 
144
 
 
 
146
 
 
 
449
 
 
 
430
 
Total
 
 
3,615
 
 
 
3,254
 
 
 
10,212
 
 
 
9,713
 
Income before income tax
 
 
60
 
 
 
354
 
 
 
843
 
 
 
1,066
 
Income tax expense
 
 
(21
)
 
 
(65
)
 
 
(183
)
 
 
(149
)
Net income
 
 
39
 
 
 
289
 
 
 
660
 
 
 
917
 
Amounts attributable to noncontrolling interests
 
 
33
 
 
 
(11
)
 
 
55
 
 
 
(116
)
Net income attributable to Loews Corporation
 
$
72
 
 
$
278
 
 
$
715
 
 
$
801
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basic net income per share
 
$
0.24
 
 
$
0.88
 
 
$
2.34
 
 
$
2.50
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted net income per share
 
$
0.24
 
 
$
0.88
 
 
$
2.34
 
 
$
2.49
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
 
Shares of common stock
 
 
301.65
 
 
 
315.90
 
 
 
305.08
 
 
 
320.81
 
Dilutive potential shares of common stock
 
 
0.70
 
 
 
0.91
 
 
 
0.65
 
 
 
0.92
 
Total weighted average shares outstanding assuming dilution
 
 
302.35
 
 
 
316.81
 
 
 
305.73
 
 
 
321.73
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying Notes to Consolidated Condensed Financial Statements.
 
4
 

Table of Contents
Loews Corporation and Subsidiaries
CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three Months Ended
 
 
Nine Months Ended
 
September 30,
 
 
September 30,
 
 
2019
 
 
2018
 
 
2019
 
 
2018
 
(In millions)
 
 
 
 
 
 
 
 
Net income
 
$
39
 
 
$
289
 
 
$
 660
 
 
$
 
917
 
 
 
 
 
 
 
Other comprehensive income (loss), after tax
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Changes in:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unrealized gains (losses) on investments with other-
 
than-temporary impairments
 
 
 
 
 
 
(1
)
 
 
4
 
 
 
(11
)
Net other unrealized gains (losses) on investments
 
 
41
 
 
 
(158
)
 
 
1,003
 
 
 
(746
)
Total unrealized gains (losses) on investments
 
 
41
 
 
 
(159
)
 
 
1,007
 
 
 
(757
)
Unrealized gains (losses) on cash flow hedges
 
 
(4
)
 
 
 
 
 
(16
)
 
 
14
 
Pension liability
 
 
10
 
 
 
8
 
 
 
25
 
 
 
27
 
Foreign currency translation
 
 
(31
)
 
 
 
 
 
(11
)
 
 
(41
)
Other comprehensive income (loss)
 
 
16
 
 
 
(151
)
 
 
1,005
 
 
 
(757
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Comprehensive income
 
 
55
 
 
 
138
 
 
 
1,665
 
 
 
160
 
Amounts attributable to noncontrolling interests
 
 
31
 
 
 
7
 
 
 
(53
)
 
 
(34
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total comprehensive income attributable to Loews Corporation
 
$
 
 
86
 
 
$
145
 
 
 
 
 
$
 
 
 
1,612
 
 
$
126
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying Notes to Consolidated Condensed Financial Statements.