LOEWS CORP
For the period ended Sep 30, 2024. Filed Nov 4, 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.
Sep 30, 2024 · Filed Nov 4, 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 nine months ended September 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 · Nine Months Ended | ||||
|---|---|---|---|---|
| September 30, | September 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| (In millions) | ||||
| Revenues: | ||||
| Net investment income | $139 | $31 | $202 | $84 |
| Total | 139 | 31 | 202 | 84 |
| Expenses: | ||||
| Operating and other | 18 | 69 | 58 | 105 |
| Equity method loss | 9 | 4 | 15 | 9 |
| Interest | 18 | 18 | 56 | 61 |
| Total | 45 | 91 | 129 | 175 |
| Income (loss) before income tax | 94 | (60) | 73 | (91) |
| Income tax (expense) benefit | (21) | 12 | (17) | 15 |
| Net income (loss) attributable to Loews Corporation | $73 | $(48) | $56 | $(76) |
Net income attributable to Loews Corporation increased $121 million and $132 million for the three and nine months ended September 30, 2024 as compared with the comparable 2023 periods primarily due to the reasons discussed below.
Net investment income for the Parent Company increased$108 million and$118 million for thethree andnine months ended September 30, 2024 as compared with the comparable 2023 periods, primarily due to the favorable change in the fair value of equity based investments and higher income from short-term investments and fixed maturity securities in the trading portfolio.
Operating and other expenses decreased by $51 million and $47 million for the three andnine months ended September 30, 2024 as compared with the comparable 2023 periods. These decreases were primarily due to a settlement expense of $47 million in the third quarter of 2023 to recognize unrealized losses, which were included in AOCI, due to the termination of a non-contributory defined benefit pension plan. For additional information see Note 9 of the Notes to Consolidated Condensed Financial Statements included under Item 1 of this Report.
Interest expense decreased by$5 million for the nine months ended September 30, 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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