Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 177

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 2
Chunk 177
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 For the nine-month period the increase is primarily due to lower capitalized interest on projects under development and higher interest rates on certain debt refinanced in 2024.

Corporate

Corporate operations consist primarily of investment income, interest expense and administrative costs at the Parent Company. Investment income includes earnings on cash and short-term investments held at the Parent Company to meet current and future liquidity needs, as well as results of the trading portfolio held at the Parent Company. Corporate also includes the equity method of accounting for Altium Packaging. 

59

The following table summarizes the results of operations for Corporate for the three and nine months ended September 30, 2025 and 2024 as presented in Note 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