XML 14 R4.htm IDEA: XBRL DOCUMENT v3.23.3Close
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues:        
Insurance premiums $ 2,406 $ 2,221 $ 7,001 $ 6,435
Net investment income 592 404 1,752 1,202
Investment losses (38) (96) (59) (166)
Non-insurance warranty revenue 407 399 1,221 1,173
Operating revenues and other 559 533 1,728 1,607 Close
Total 3,926 3,461 11,643 10,251
Expenses:        
Insurance claims and policyholders’ benefits (re-measurement loss of $(41), $(211), $(75), and $(205)) 1,826 1,880 5,258 4,959
Amortization of deferred acquisition costs 426 383 1,208 1,101
Non-insurance warranty expense 386 371 1,154 1,092
Operating expenses and other 860 795 2,449 2,277 Close
Equity method income (22) (35) (89) (111)
Interest 94 92 280 284
Total 3,570 3,486 10,260 9,602
Income (loss) before income tax 356 (25) 1,383 649 Close
Income tax expense (80) (2) (315) (137) Close
Net income (loss) 276 (27) 1,068 512 Close
Amounts attributable to noncontrolling interests (23) 5 (80) (45)
Net income (loss) attributable to Loews Corporation $ 253 $ (22) $ 988 $ 467
Basic net income (loss) per share (in dollars per share) $ 1.12 $ (0.09) $ 4.32 $ 1.91
Diluted net income (loss) per share (in dollars per share) $ 1.12 $ (0.09) $ 4.31 $ 1.90
Weighted average shares outstanding:        
Shares of common stock (in shares) 225,640 240,370 228,850 244,570
Dilutive potential shares of common stock (in shares) 350 390 310 460
Total weighted average shares outstanding assuming dilution (in shares) 225,990 240,760 229,160 245,030