SCHEDULE I: Condensed Financial Information of Registrant

12 Months Ended

Dec. 31, 2011

SCHEDULE I: Condensed Financial Information Of Registrant [Abstract]

SCHEDULE I: Condensed Financial Information Of Registrant

Condensed Financial Information of Registrant

LOEWS CORPORATION

BALANCE SHEETS

ASSETS

December 31	2011		2010
(In millions)
Current assets, principally investment in short term instruments	$	2,267	$	3,735
Investments in securities		1,140		1,376
Investments in capital stocks of subsidiaries, at equity		16,870		15,314
Other assets		25		14
Total assets	$	20,302	$	20,439
LIABILITIES AND SHAREHOLDERS' EQUITY
Accounts payable and accrued liabilities	$	233	$	531
Short term debt				175
Current liabilities		233		706
Long term debt		694		692
Deferred income tax and other		540		591
Total liabilities		1,467		1,989
Shareholders' equity		18,835		18,450
Total liabilities and shareholders' equity	$	20,302	$	20,439

STATEMENTS OF INCOME

Year Ended December 31	2011			2010			2009
(In millions)
Revenues:
Equity in income of subsidiaries (a)	$	1,195		$	1,345		$	601
Interest and other		(17	)		134			164
Total		1,178			1,479			765
Expenses:
Administrative		81			80			77
Interest		44			55			55
Total		125			135			132
		1,053			1,344			633
Income tax (expense) benefit		11			(56	)		(69)
Net income	$	1,064		$	1,288			$    564

Condensed Financial Information of Registrant

LOEWS CORPORATION

STATEMENTS OF CASH FLOWS

Year Ended December 31	2011			2010			2009
(In millions)
Operating Activities:
Net income	$	1,064		$	1,288			$      564
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Undistributed (earnings) losses of affiliates		(573	)		(630	)		418
Provision for deferred income taxes		(21	)		92			101
Changes in operating assets and liabilities–net:
Receivables		(37	)		(154	)		(63)
Accounts payable and accrued liabilities		(3	)		(13	)		34
Trading securities		420			(1,931	)		924
Other, net		16			(39	)		20
		866			(1,387	)		1,998
Investing Activities:
Investments and advances to subsidiaries		(848	)		508			(218)
Change in investments, primarily short term		1,003			375			(1,599)
Redemption of CNA preferred stock					1,000			250
Other		(18	)		(1	)		(4)
		137			1,882			(1,571)
Financing Activities:
Dividends paid		(101	)		(105	)		(108)
Issuance of common stock		4			8			8
Purchases of treasury shares		(732	)		(405	)		(334)
Principal payments on debt		(175	)
Other		1			2			2
		(1,003	)		(500	)		(432)
Net change in cash					(5	)		(5)
Cash, beginning of year					5			10
Cash, end of year	$	-		$	-			$           5

(a) Cash dividends paid to the Company by affiliates amounted to $616, $712 and $947 for the years ended December 31, 2011, 2010 and 2009.