Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 63

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 63
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 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:

Three Months EndedNine Months EndedSeptember 30,September 30,2025202420252024(In millions)     Revenues:  Net investment income$97 $139 $144 $202 Expenses:  Operating and other21 18 52 58 Equity method loss3 9 21 15 Interest18 18 54 56 Total42 45 127 129 Income before income tax55 94 17 73 Income tax expense(13)(21)(8)(17)Net income attributable to Loews Corporation$42 $73 $9 $56 

Net income attributable to Loews Corporation decreased $31 million and $47 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods. The change in net income for the three and nine month periods is primarily due to the reason discussed below.

Net investment income for the Parent Company decreased $42 million and $58 million for the three and nine months ended September 30, 2025 as compared with the comparable 2024 periods, primarily due to results from the trading portfolio.

LIQUIDITY AND CAPITAL RESOURCES

Parent Company

Parent Company cash and investments, net of receivables and payables, totaled $3.6 billion at September 30, 2025 as compared to $3.3 billion at December 31, 2024. During the nine months ended September 30, 2025, we received $1.1 billion in cash dividends from our subsidiaries: $840 million from CNA, including a special cash dividend of $497 million, and distributions of $225 million from Boardwalk Pipelines. Cash outflows during the nine months ended September 30, 2025 included the payment of $706 million to fund treasury stock purchases and $39 million of cash dividends to our shareholders. As a holding company we depend on dividends from our subsidiaries and returns on our investment portfolio to fund our obligations. We also have an effective shelf registration statement on file with the Securities and Exchange Commission (“SEC”) under which we may publicly issue an unspecified amount of our debt, equity or hybrid securities from time to time. We are not responsible for the liabilities and obligations of our subsidiaries and there are no Parent Company guarantees. 

Depending on market and other conditions, we may purchase