LOEWS CORP
For the period ended Dec 31, 2025. Filed Feb 10, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 10, 2026
L$110.93+0.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
| Year Ended December 31 | 2025 | 2024 | 2023 |
|---|---|---|---|
| (In millions) | |||
| Operating Activities: | |||
| Net income | $1,772 | $1,494 | $1,545 |
| Adjustments to reconcile net income to net cash provided byoperating activities: | |||
| Investment losses | 81 | 81 | 53 |
| Equity method investees | 9 | (66) | 18 |
| Amortization of investments | (208) | (200) | (191) |
| Depreciation and amortization | 610 | 583 | 538 |
| Provision for deferred income taxes | 112 | (45) | 127 |
| Other non-cash items | 122 | 98 | 109 |
| Changes in operating assets and liabilities, net: | |||
| Receivables | (408) | (929) | (268) |
| Deferred acquisition costs | (17) | (69) | (85) |
| Insurance reserves | 1,670 | 2,365 | 1,667 |
| Other assets | 223 | 417 | (88) |
| Other liabilities | (274) | (9) | (95) |
| Trading securities | (413) | (695) | 577 |
| Net cash flow provided by operating activities | 3,279 | 3,025 | 3,907 |
| Investing Activities: | |||
| Purchases of fixed maturities | (7,118) | (6,353) | (6,616) |
| Proceeds from sales of fixed maturities | 2,946 | 2,793 | 4,029 |
| Proceeds from maturities of fixed maturities | 3,357 | 2,396 | 1,334 |
| Purchases of equity securities | (593) | (444) | (293) |
| Proceeds from sales of equity securities | 505 | 523 | 317 |
| Purchases of limited partnership investments | (447) | (335) | (402) |
| Proceeds from sales of limited partnership investments | 103 | 98 | 231 |
| Purchases of property, plant and equipment | (579) | (632) | (686) |
| Acquisitions | (401) | ||
| Change in short-term investments | (920) | (30) | (80) |
| Other, net | (82) | 9 | (178) |
| Net cash flow used by investing activities | $(2,828) | $(1,975) | $(2,745) |
| Year Ended December 31 | 2025 | 2024 | 2023 |
|---|---|---|---|
| (In millions) | |||
| Financing Activities: | |||
| Dividends paid | $(52) | $(55) | $(57) |
| Dividends paid to noncontrolling interests | (86) | (85) | (74) |
| Purchases of Loews Corporation treasury stock | (806) | (608) | (849) |
| Purchases of subsidiary stock from noncontrolling interests | (34) | (20) | (202) |
| Principal payments on debt | (869) | (1,366) | (878) |
| Issuance of debt | 1,401 | 1,294 | 778 |
| Other, net | (67) | (58) | (18) |
| Net cash flow used by financing activities | (513) | (898) | (1,300) |
| Effect of foreign exchange rate on cash | 16 | (10) | 5 |
| Net change in cash | (46) | 142 | (133) |
| Cash, beginning of year | 541 | 399 | 532 |
| Cash, end of year | $495 | $541 | $399 |
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