Think of Loews as a smaller, more focused version of Berkshire Hathaway, primarily holding major businesses in insurance, energy, and hospitality.

• Commercial Property & Casualty Insurance: Provides a range of insurance products for businesses to protect against property damage, liability, and other commercial risks.
• Natural Gas & Natural Gas Liquids Transportation & Storage: Offers pipeline transportation and storage services for natural gas and natural gas liquids across the United States.
• Hospitality Services: Operates and manages a portfolio of luxury hotels, offering lodging, dining, event spaces, and other guest amenities.

• CNA Financial (CNA): As a major commercial property and casualty insurance company, CNA's customers are businesses of various sizes across diverse industries. These companies purchase a wide range of insurance products, including workers' compensation, general liability, property, and specialized coverages, to manage their risks. CNA distributes its products primarily through independent agents and brokers, who represent the ultimate business customers.
• Boardwalk Pipelines: This natural gas pipeline and storage company serves natural gas producers, local distribution companies (LDCs), power generation companies, industrial users, and marketers. These customers utilize Boardwalk's infrastructure to transport and store natural gas across regions.
• Loews Hotels & Co: While this luxury hotel chain serves individual leisure and business travelers, a significant portion of its business comes from other companies and organizations. These include:
  • Corporate clients: Companies booking rooms for business travel, meetings, and conferences.
  • Event planners and organizers: Groups arranging large-scale events, conventions, and social gatherings.
  For its individual customers, the categories are primarily:
  1. Leisure Travelers: Individuals or families traveling for vacations, holidays, or personal enjoyment.
  2. Business Travelers: Individuals traveling for work-related purposes, staying in hotels for meetings, conferences, or temporary assignments.

Therefore, Loews, through its subsidiaries, primarily sells to other companies, including general businesses, energy sector participants, utilities, and corporate/organizational clients, while also serving individual travelers through its hotel segment. Specific customer names for its B2B operations are not publicly disclosed.

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Benjamin J. Tisch President and Chief Executive Officer

Benjamin J. Tisch has been the President and Chief Executive Officer of Loews Corporation since January 2025. He joined the company's investment department in 2011, and before his current role, he served as the Senior Vice President of Corporate Development and Strategy. In that position, he was responsible for developing capital allocation strategies, formulating the company's intrinsic value view, and monitoring CNA. Prior to joining Loews, Mr. Tisch was a Managing Director at Fortress Investment Group. He serves on the Board of Directors of Loews Corporation, CNA Financial, and the privately held subsidiaries Altium Packaging and Boardwalk Pipelines.

Jane J. Wang Senior Vice President and Chief Financial Officer

Jane J. Wang became Senior Vice President and Chief Financial Officer of Loews Corporation in May 2022. She is responsible for the company's financial management, operations, and enterprise risk management. Ms. Wang joined Loews Corporation in 2006, initially as part of the corporate development group. Before her appointment as CFO, she was a Vice President focusing on corporate development, strategic planning, and monitoring subsidiary performance. Previously, she worked at Morgan Stanley in the investment banking division. She is a member of the Board of Directors for CNA Financial, Boardwalk Pipelines, and Altium Packaging.

James S. Tisch Chairman of the Board of Directors

James S. Tisch has served as the Chairman of Loews Corporation's Board of Directors since December 2024. He previously held the positions of President and Chief Executive Officer of Loews Corporation from 1999 until December 31, 2024. Mr. Tisch joined Loews in 1977, having previously been with CNA Financial Corporation. His father, Laurence Tisch, co-founded Loews Corporation. James S. Tisch also served as Chairman and CEO of Diamond Offshore Drilling, Inc., a Loews subsidiary, and was a director on the board of General Electric Company. Loews, under the Tisch family's historical leadership, sold its theater business in 1985 and its stake in CBS in 1995 to Westinghouse Electric Corporation. The company also acquired and later sold Bulova Watch Company.

Andrew H. Tisch Director Emeritus

Andrew H. Tisch is a Director Emeritus of Loews Corporation and has been involved with the company for over 50 years. He served on the Loews Board from 1986 to 2024, holding the role of Co-Chairman from 2006 to 2024, and was a member of the Office of the President from 1999 to 2021. Mr. Tisch held senior leadership positions at Loews' subsidiaries, including President of the Bulova Watch Company from 1979 to 1990 (which Loews acquired in 1979 and sold in 2007) and Chairman and Chief Executive Officer of Lorillard, Inc. from 1990 to 1995. He is the son of Laurence Tisch, a co-founder of Loews Corporation. He holds a bachelor's degree from Cornell University and an MBA from Harvard University.

Jonathan M. Tisch Director Emeritus

Jonathan M. Tisch is a Director Emeritus of Loews Corporation, transitioning from his role as a director and Co-Chairman of Loews Corporation's Offices of the President on December 31, 2024. He continues to serve as the Executive Chairman of Loews Hotels & Co, a subsidiary of Loews Corporation. Mr. Tisch joined the family business in 1980, becoming President of Loews Hotels in 1986 and CEO in 1989. He is recognized for implementing the Loews Hotels Good Neighbor Policy. Jonathan M. Tisch is also a co-owner and Treasurer of the New York Giants football team. His father, Preston Robert Tisch, co-founded Loews Hotels. He is a graduate of Tufts University.

The key risks to Loews Corporation's business (symbol: L) are primarily centered around its significant stake in CNA Financial and the broader challenges associated with its diversified portfolio.

1. Heavy Concentration in CNA Financial and Insurance Business Risks: Loews Corporation's largest value driver and primary source of income is its 92% ownership stake in CNA Financial, making the conglomerate heavily susceptible to the performance and inherent risks of the insurance industry. A significant risk within the insurance business is the potential need for CNA to increase its insurance reserves if its recorded estimates for ultimate unpaid liabilities for claims and claim adjustment expenses are determined to be insufficient. Additionally, CNA's property and casualty underwriting income can be materially impacted by higher catastrophe losses.

2. Challenges in Accelerating Profit Growth and Below-Peer Return on Equity: Loews faces persistent challenges in accelerating profit growth from what is described as a maturing business profile. The company has also demonstrated a below-peer return on equity, indicating a potential struggle to generate higher returns compared to its industry counterparts across its diversified operations.

3. Financial Risks from Exposure to the Fossil Fuel Sector: The Boardwalk Pipelines subsidiary, which is part of Loews' portfolio, faces increasing financial risks. This is due to growing investor concerns about the potential effects of climate change, which may lead to a shift of investments away from fossil fuel energy-related sectors.

• The accelerating global energy transition and decarbonization efforts, which threaten the long-term demand and profitability for Loews' significant investments in natural gas pipelines (Boardwalk Pipelines) and offshore oil and gas drilling (Diamond Offshore Drilling).
• Disruption from artificial intelligence (AI) and Insurtech companies, which could fundamentally alter the competitive landscape for its property and casualty insurance subsidiary (CNA Financial) by offering more efficient underwriting, claims processing, and personalized insurance products.
• The increasing frequency and severity of climate-related natural disasters (e.g., wildfires, hurricanes, floods) impacting the property and casualty insurance industry, which could lead to significant underwriting losses, increased capital requirements, and challenges in accurately pricing risk for CNA Financial.

Loews Corporation (NYSE: L) operates as a diversified holding company with significant interests across several industries through its subsidiaries. The main products and services, and their addressable markets, are as follows:

• Commercial Property and Casualty Insurance (CNA Financial Corporation): CNA Financial Corporation is a major provider of commercial property and casualty insurance products and services. While a precise addressable market size for commercial property and casualty insurance in the specific regions Loews operates (U.S., Canada, and Europe) was not explicitly stated as a total market value, CNA Financial itself has a market capitalization of approximately $12.00 billion USD as of November 2025.
• Natural Gas and Natural Gas Liquids Transportation and Storage (Boardwalk Pipelines): Boardwalk Pipelines is involved in the transportation and storage of natural gas and natural gas liquids, primarily across the U.S. Gulf Coast, Oklahoma, Arkansas, and Midwestern states. In 2024, Boardwalk Pipelines had an annual revenue of $2.03 billion. A specific total addressable market size for natural gas and natural gas liquids transportation and storage was not found.
• Luxury Hospitality (Loews Hotels & Co): Loews Hotels & Co operates 26 luxury hotels and resorts across the United States and Canada. The luxury hospitality sector, globally, was valued at $154.32 billion in 2024 and is projected to grow to $166.41 billion in 2025. This market size refers to the global luxury hospitality sector, where Loews Hotels operates within the U.S. and Canada.
• Rigid Plastic Packaging Manufacturing (Altium Packaging): Altium Packaging is a prominent manufacturer and supplier of rigid plastic containers in North America, with operations throughout the U.S. and Canada. A specific addressable market size for rigid plastic packaging in North America was not explicitly provided.

Loews Corporation (L) is expected to drive future revenue growth over the next two to three years through several key initiatives across its diversified portfolio of subsidiaries:

1. Growth in CNA Financial's Net Written Premiums and Improved Underwriting: CNA Financial, Loews' insurance subsidiary, is projected to see continued revenue growth driven by increases in net written premiums, stemming from new business and strong customer retention. This is further supported by improved property and casualty underwriting results and effective risk management strategies.
2. Expansion and Increased Capacity of Boardwalk Pipelines: The energy pipeline segment, Boardwalk Pipelines, is a significant driver of future revenue. Growth is anticipated from higher re-contracting rates for existing services and substantial contributions from recently completed and new growth projects. Notably, the Texas Gateway Project is expected to add significant capacity (1.5 Bcf/d) and approximately $3.8 billion in anticipated future revenues.
3. New Hotel Openings and Enhanced Performance in Loews Hotels: The hospitality segment is poised for revenue increases through the opening of new properties, particularly the three new Universal Orlando Resort hotels, which are contributing to higher equity income from joint ventures. Additionally, improved performance metrics, such as higher average daily rates and increased occupancy at existing properties like the Loews Arlington Hotel and Convention Center, are expected to boost revenue.
4. Higher Net Investment Income at CNA Financial: A consistent and significant contributor to Loews' overall financial performance is CNA Financial's net investment income. This is driven by a larger invested asset base and favorable reinvestment rates, directly enhancing the company's profitability and contributing to overall revenue.
5. Strategic Investments and Operational Efficiencies Across Subsidiaries: Loews' management emphasizes strategic investments and operational efficiency across its diverse segments. This overarching approach enables the successful execution of growth projects, such as pipeline expansions and hotel developments, and improves overall profitability, thereby supporting sustained revenue growth across the entire corporation.

Share Repurchases

• During the third quarter of 2025, Loews Corporation repurchased 0.6 million shares of its common stock for $56 million. An additional 0.3 million shares were repurchased for $29 million between October 1 and October 31, 2025.
• For the first half of 2025, Loews repurchased approximately 7.5 million shares of common stock for $636 million, including 5.1 million shares for $429 million since December 31, 2024.
• The company views share repurchases as a key capital allocation strategy, aiming to enhance shareholder value due to a perceived discount to its intrinsic value.

Share Issuance

• No significant new share issuances with corresponding dollar amounts have been reported within the last 3-5 years. The number of outstanding shares has consistently decreased over this period, reflecting the company's focus on share repurchases.

Outbound Investments

• Boardwalk Pipelines executed a precedent agreement for its Texas Gateway Project (1.5 Bcf/d), contributing to total announced growth projects of 4.2 Bcf/d with an anticipated aggregate cost of approximately $3.0 billion, expected to be completed through 2029.
• As of the second quarter of 2025, Boardwalk had reached a final investment decision on several significant growth projects totaling $1.7 billion in capital expenditures to be spent over the coming years, modeled to have double-digit returns on assets.
• Loews Hotels has invested in the growth of its portfolio, including recently opened hotels in Arlington, TX, and Orlando, FL, which have expanded its room count by almost 50% over recent years.

Capital Expenditures

• Boardwalk Pipelines' announced growth projects, including the Texas Gateway Project, represent an anticipated aggregate cost of approximately $3.0 billion for 4.2 Bcf/d of additional capacity, with completion expected through 2029.
• As of Q2 2025, Boardwalk had committed $1.7 billion in capital expenditures for significant growth projects over the coming years, focused on expanding its natural gas infrastructure.
• Loews Hotels continues to invest in expanding its hotel portfolio, with recent capital directed towards new properties in locations such as Arlington, TX, and Orlando, FL.