LOEWS CORP
For the period ended Jun 30, 2024. Filed Jul 29, 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.
Jun 30, 2024 · Filed Jul 29, 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 and six months ended June 30, 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 · Six Months Ended | ||||
|---|---|---|---|---|
| June 30, | June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| (In millions) | ||||
| Revenues: | ||||
| Net investment income | $9 | $11 | $63 | $53 |
| Total | 9 | 11 | 63 | 53 |
| Expenses: | ||||
| Operating and other | 18 | 18 | 40 | 37 |
| Equity method loss | 5 | 2 | 6 | 5 |
| Interest | 19 | 21 | 38 | 43 |
| Total | 42 | 41 | 84 | 85 |
| Loss before income tax | (33) | (30) | (21) | (32) |
| Income tax benefit | 6 | 4 | 4 | 3 |
| Net loss attributable to Loews Corporation | $(27) | $(26) | $(17) | $(29) |
Net loss attributable to Loews Corporation increased $1 million and decreased $12 million for the three and six months ended June 30, 2024 as compared with the comparable 2023 periods primarily due to the reasons discussed below.
Net investment income for the Parent Company decreased$2 million for the three months ended June 30, 2024 as compared with the comparable 2023 period primarily due to the unfavorable change in the fair value of equity based investments, partially offset by higher income from short-term investments and fixed maturity securities in the trading portfolio. Net investment income for the Parent Company increased$10 million for the six months ended June 30, 2024 as compared with the comparable 2023 period, primarily due to higher returns on equity based investments and higher income from short term investments in the trading portfolio.
Interest expenses decreased by $2 million and$5 million for the three and six months ended June 30, 2024 as compared with the comparable 2023 periods 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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