Company: L
Filing Date: 2025-02-11
Form Type: 10-K
Source: 0000060086-25-000036
Chunk: 303

Company: LOEWS CORP
Filing Date: 2025-02-11
Form: 10-K
Item: Item 3
Chunk 303
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 provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ DELOITTE & TOUCHE LLP

New York, New York 

February 11, 2025

87

Loews Corporation and Subsidiaries

CONSOLIDATED BALANCE SHEETS

Assets:     December 3120242023(Dollar amounts in millions, except per share data)     Investments:     Fixed maturities, amortized cost of $44,196 and $42,615, less allowance for credit  loss of $45 and $16$41,827 $40,626  Equity securities, cost of $969 and $1,0151,064 1,050  Limited partnership investments2,520 2,174  Other invested assets, primarily mortgage loans, less allowance for credit loss of $35  and $351,113 1,123  Short-term investments4,606 4,396  Total investments51,130 49,369  Cash541 399  Receivables10,522 9,660  Property, plant and equipment10,738 10,718  Goodwill347 347  Deferred non-insurance warranty acquisition expenses3,525 3,661  Deferred acquisition