Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 96

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 96
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 due to interest rate changes was estimated by discounting the expected future cash flows.

81

Item 8. Financial Statements and Supplementary Data.

Financial Statements and Supplementary Data are comprised of the following sections:

 PageNo.  Management’s Report on Internal Control Over Financial Reporting83Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34)84Consolidated Balance Sheets88Consolidated Statements of Operations90Consolidated Statements of Comprehensive Income (Loss)91Consolidated Statements of Equity92Consolidated Statements of Cash Flows94Notes to Consolidated Financial Statements:961.Summary of Significant Accounting Policies962.Acquisitions, Divestitures, and Deconsolidations1043.Investments1054.Fair Value1135.Receivables1196.Property, Plant and Equipment1197.Goodwill and Other Intangible Assets1208.Claim and Claim Adjustment Expense Reserves1219.Future Policy Benefits Reserves13510.Leases13711.Income Taxes13812.Debt14113.Shareholders’ Equity14314.Revenue from Contracts with Customers14415.Statutory Accounting Practices14516.Benefit Plans14617.Reinsurance15418.Legal Proceedings15519.Commitments and Contingencies15620.Segments15621.Subsequent Event164

82

MANAGEMENT’S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING

Our management is responsible for establishing and maintaining adequate internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for us. Our internal control system was designed to provide reasonable assurance to our management and Board of Directors regarding the preparation and fair presentation of published financial statements.

There are inherent limitations to the effectiveness of any control system, however well designed, including the possibility of human error and the possible circumvention or overriding of controls. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Management must make judgments with respect to the relative cost and expected benefits of any specific control measure. The design of a control system also is based in part upon assumptions and judgments made by management about the likelihood of future events, and there can be no assurance that a control will be effective under all potential future conditions. As a result, even an effective system of internal control over financial reporting can provide no more than reasonable assurance with respect to the fair presentation of financial statements and the processes under which they were prepared.

Our management assessed the effectiveness of