Company: L
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0000060086-25-000181
Chunk: 140

Company: LOEWS CORP
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 8
Chunk 140
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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 shares of our and our subsidiaries outstanding common stock in the open market (including, with respect to our common stock, in open market transactions that may or may not satisfy all of the conditions of the Rule 10b-18 voluntary safe harbor), in privately negotiated transactions or otherwise. During the nine months ended September 30, 2025, we purchased 8.0 million shares of Loews Corporation common stock for $683 million. As of October 31, 2025, we repurchased 0.3 million additional shares of Loews Corporation common stock in 2025 for $29