LOEWS CORP
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
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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.
The following table summarizes the results of operations for Corporate for the three months ended March 31, 2024 and 2023 as presented in Note 12 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report:
| Three Months Ended March 31 | 2024 | 2023 |
|---|---|---|
| (In millions) | ||
| Revenues: | ||
| Net investment income | $54 | $42 |
| Total | 54 | 42 |
| Expenses: | ||
| Operating and other | 22 | 19 |
| Equity method loss | 1 | 3 |
| Interest | 19 | 22 |
| Total | 42 | 44 |
| Income (loss) before income tax | 12 | (2) |
| Income tax expense | (2) | (1) |
| Net income (loss) attributable to Loews Corporation | $10 | $(3) |
Net income attributable to Loews Corporation increased $13 million for the three months ended March 31, 2024 as compared with the comparable 2023 period primarily due to the reasons discussed below.
Net investment income for the Parent Company increased $12 million for thethree months ended March 31, 2024 as compared with the comparable 2023 period, primarily due to higher returns on equity investments.
Interest expenses decreased by $3 million for thethree months ended March 31, 2024 as compared with the comparable 2023 period due to the retirement of the Parent Company’s$500 million aggregate principal amount of its 2.6% senior notes in May of 2023.
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