v3.26.3
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Millions
9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Operating Activities:    
Net income $ 1,147 $ 1,344
Adjustments to reconcile net income to net cash provided by operating activities, net 418 571
Changes in operating assets and liabilities, net:    
Receivables (275) (343)
Deferred acquisition costs (32) (16)
Insurance reserves 1,798 1,522
Other assets 207 (14)
Other liabilities (679) (234)
Trading securities (592) (168)
Net cash flow provided by operating activities 1,992 2,662
Investing Activities:    
Purchases of fixed maturities (6,207) (6,052)
Proceeds from sales of fixed maturities 2,515 2,432
Proceeds from maturities of fixed maturities 2,420 2,567
Purchases of equity securities (476) (429)
Proceeds from sales of equity securities 467 396
Purchases of limited partnership investments (300) (340)
Proceeds from sales of limited partnership investments 154 89
Purchases of property, plant and equipment (725) (388)
Acquisitions (206)
Change in short-term investments 1,374 (448)
Other, net 79 (44)
Net cash flow used by investing activities (905) (2,217)
Financing Activities:    
Dividends paid (39) (39)
Dividends paid to noncontrolling interests (77) (76)
Purchases of Loews Corporation treasury stock (334) (706)
Purchases of subsidiary stock from noncontrolling interests (36) (34)
Principal payments on debt (1,102) (4)
Issuance of debt 545 494
Other, net (26) (69)
Net cash flow used by financing activities (1,069) (434)
Effect of foreign exchange rate on cash (8) 15
Net change in cash 10 26
Cash, beginning of period 495 541
Cash, end of period $ 505 $ 567