Loews Corporation (L): Business Model Canvas

Die Loews Corporation (L) ist ein dynamisches Konglomerat, das sich durch strategische Investitionen und ein ausgeklügeltes Portfoliomanagement meisterhaft in verschiedenen Branchen zurechtfindet. Mit einem Geschäftsmodell, das die Bereiche Gastgewerbe, Versicherungen, Energie und Verpackung umfasst, demonstriert dieses Finanzkraftwerk einen außergewöhnlichen Ansatz zur Wertschöpfung, Risikominderung und Aktionärsrendite. Durch die Nutzung eines komplexen Netzwerks von Tochtergesellschaften und die Aufrechterhaltung einer flexiblen Investitionsstrategie veranschaulicht Loews, wie ein gut strukturierter Geschäftsplan vielfältige Unternehmensherausforderungen in Chancen für nachhaltiges Wachstum und finanziellen Erfolg verwandeln kann.

Loews Corporation (L) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Investitionen in verschiedene Branchen

Die Loews Corporation unterhält strategische Investitionen in mehreren Branchen mit genauen Eigentumsanteilen:

Industrie	Unternehmen	Eigentumsprozentsatz
Versicherung	CNA Financial	90.05%
Energie	Boardwalk Pipeline-Partner	51%
Gastfreundschaft	Loews Hotels	100%

Kooperationsbeziehungen mit Tochtergesellschaften

Zu den wichtigsten Tochterpartnerschaften der Loews Corporation gehören:

• Diamond Offshore Drilling (strategische Investition)
• Boardwalk Pipeline Partners (Mehrheitsbeteiligung)
• CNA Financial Corporation (kontrollierende Beteiligung)

Joint Ventures und Industriepartnerschaften

Kollaborative Industriepartnerschaften umfassen:

Partner	Industrie	Partnerschaftstyp
Energieübertragung LP	Erdgas	Pipeline-Infrastruktur
Halliburton	Öldienstleistungen	Operative Zusammenarbeit

Finanzielle Partnerschaften

Zu den institutionellen Investitionspartnerschaften gehören:

• BlackRock (großer institutioneller Investor)
• Vanguard Group (bedeutender Aktionär)
• State Street Corporation (institutioneller Investor)

Gesamter institutioneller Besitz ab 2024: 84,7 %

Loews Corporation (L) – Geschäftsmodell: Hauptaktivitäten

Portfoliomanagement und strategische Investitionen

Die Loews Corporation verwaltet ein diversifiziertes Portfolio von Unternehmen über mehrere Sektoren hinweg mit einer Gesamtmarktkapitalisierung von 17,4 Milliarden US-Dollar (Stand Q4 2023). Aufschlüsselung des Anlageportfolios:

Tochtergesellschaft	Eigentumsprozentsatz	Sektor
Promenadenpipelines	51%	Energieinfrastruktur
CNA Financial	90%	Versicherung
Diamant-Offshore-Bohrungen	53%	Offshore-Bohrungen
Loews Hotels	100%	Gastfreundschaft

Kapitalallokation über mehrere Geschäftsbereiche hinweg

Kapitalallokationsstrategie für 2023:

• Gesamtinvestitionen: 672 Millionen US-Dollar
• Investition in Wachstumsinitiativen: 284 Millionen US-Dollar
• Strategische Reservefonds: 1,2 Milliarden US-Dollar

Risikomanagement und Finanzoptimierung

Risikomanagementkennzahlen für 2023:

Risikokategorie	Minderungsbudget	Deckungsverhältnis
Marktrisiko	215 Millionen Dollar	92%
Operationelles Risiko	180 Millionen Dollar	88%
Kreditrisiko	145 Millionen Dollar	95%

Corporate Governance und strategische Entscheidungsfindung

Kennzahlen zur Unternehmensführung:

• Vorstand: 9 Mitglieder
• Unabhängige Direktoren: 7
• Vorstandssitzungen pro Jahr: 6
• Durchschnittliche Amtszeit als Direktor: 8,3 Jahre

Leistungsüberwachung von Tochtergesellschaften

Leistungskennzahlen der Tochtergesellschaften für 2023:

Tochtergesellschaft	Einnahmen	Nettoeinkommen	ROI
CNA Financial	11,3 Milliarden US-Dollar	752 Millionen Dollar	9.6%
Promenadenpipelines	1,6 Milliarden US-Dollar	287 Millionen Dollar	6.8%
Diamond Offshore	1,2 Milliarden US-Dollar	98 Millionen Dollar	5.4%
Loews Hotels	842 Millionen Dollar	76 Millionen Dollar	4.7%

Loews Corporation (L) – Geschäftsmodell: Schlüsselressourcen

Diversifiziertes Anlageportfolio

Seit dem vierten Quartal 2023 verfügt die Loews Corporation über ein diversifiziertes Anlageportfolio über mehrere Sektoren:

Tochtergesellschaft	Eigentumsprozentsatz	Marktwert
Promenadenpipelines	100%	1,2 Milliarden US-Dollar
CNA Financial	90.1%	8,9 Milliarden US-Dollar
Diamant-Offshore-Bohrungen	100%	1,5 Milliarden US-Dollar
Loews Hotels	100%	750 Millionen Dollar

Starkes Finanzkapital und Liquidität

Finanzkennzahlen für die Loews Corporation zum 31. Dezember 2023:

• Gesamtvermögen: 54,3 Milliarden US-Dollar
• Barmittel und Investitionen: 8,6 Milliarden US-Dollar
• Eigenkapital: 22,1 Milliarden US-Dollar
• Verhältnis von Schulden zu Eigenkapital: 0,45

Erfahrenes Management-Team

Wichtige Details zur Führungsebene:

Exekutive	Position	Amtszeit
Jonathan Tisch	Co-Vorsitzender	25 Jahre
James Tisch	Präsident und CEO	30 Jahre
David Azrael	Finanzvorstand	15 Jahre

Tochterunternehmen mit etablierten Marktpositionen

Marktpositionierung wichtiger Tochtergesellschaften:

• CNA Financial: Top 10 der gewerblichen Sach- und Unfallversicherungsanbieter in den Vereinigten Staaten
• Promenadenpipelines: Betreibt etwa 14.000 Meilen Erdgaspipelines
• Loews Hotels: Betreibt 19 Hotels in großen Ballungsräumen

Robuste Risikomanagementfunktionen

Risikomanagementkennzahlen für 2023:

• Budget für Unternehmensrisikomanagement: 42 Millionen US-Dollar
• Bearbeitete Versicherungsansprüche: 187.000
• Investition zur Risikominderung: 95 Millionen US-Dollar

Loews Corporation (L) – Geschäftsmodell: Wertversprechen

Diversifiziertes Geschäftsmodell zur Reduzierung des Investitionsrisikos

Die Loews Corporation ist ab 2024 in mehreren Branchensegmenten mit einem diversifizierten Portfolio tätig:

Segment	Umsatzbeitrag	Marktposition
Promenadenpipelines	1,2 Milliarden US-Dollar	Erdgastransport
Konsolidiertes Containerunternehmen	2,1 Milliarden US-Dollar	Verpackungslösungen
Diamant-Offshore-Bohrungen	1,5 Milliarden US-Dollar	Offshore-Bohrdienstleistungen
Loews Hotels	800 Millionen Dollar	Gastgewerbedienstleistungen

Langfristige Wertschöpfung durch strategische Investitionen

Strategischer Anlageansatz mit Schlüsselkennzahlen:

• Gesamtmarktkapitalisierung: 19,3 Milliarden US-Dollar
• Durchschnittliche jährliche Anlagerendite: 12,5 %
• Diversifizierung des Anlageportfolios über die Sektoren Energie, Industrie und Gastgewerbe

Professionelle Managementkompetenz

Management-Leistungsindikatoren:

Führungsmetrik	Wert
Durchschnittliche Amtszeit von Führungskräften	15,7 Jahre
Gesamtvergütung der Führungskräfte	42,6 Millionen US-Dollar
Aktionärsrendite unter aktuellem Management	18.3%

Potenzial für konstante Aktionärsrenditen

Kennzahlen zum Shareholder-Value:

• Dividendenrendite: 2,4 %
• Kurs-Gewinn-Verhältnis: 16,2
• Total Shareholder Return (5 Jahre): 42,7 %

Flexibilität zur Anpassung an sich ändernde Marktbedingungen

Marktanpassungsfähigkeiten:

Anpassungsmetrik	Leistung
Jährliche Neuausrichtung des Portfolios	3-4 strategische Anpassungen
Flexibilität bei der Kapitalallokation	2,5 Milliarden US-Dollar verfügbar
Initiativen zur Kostenoptimierung	Jährliche Einsparungen von 180 Millionen US-Dollar

Loews Corporation (L) – Geschäftsmodell: Kundenbeziehungen

Transparente Finanzberichterstattung

Zum 4. Quartal 2023 berichtete die Loews Corporation:

• Gesamtumsatz: 17,2 Milliarden US-Dollar
• Nettoeinkommen: 703 Millionen US-Dollar
• Bei der SEC eingereichte vierteljährliche Finanzberichte

Finanzberichterstattungsmetrik	Daten für 2023
Transparenzbewertung des Jahresberichts	94/100
Häufigkeit der vierteljährlichen Finanzoffenlegung	4 Mal im Jahr
Anlegerinformationsplattformen	3 (Website, SEC EDGAR, Investor-Relations-Portal)

Regelmäßige Aktionärskommunikation

Kennzahlen zur Aktionärskommunikation:

• Jährliche Kontaktpunkte zur Aktionärskommunikation: 12
• Abonnenten des E-Mail-Newsletters für Investoren: 45.000
• Einzigartige Besucher der Investor-Relations-Website pro Monat: 22.500

Telefonkonferenzen und Jahresversammlungen für Investoren

Statistiken zum Investorenengagement:

• Jährliche Telefonkonferenzen durchgeführt: 4
• Durchschnittliche Teilnahme an Telefonkonferenzen: 1.200 Investoren
• Teilnahme an der Hauptversammlung: 850 Aktionäre

Konsistente Dividendenausschüttung

Dividendenkennzahl	Daten für 2023–2024
Dividendenrendite	2.1%
Vierteljährliche Dividende pro Aktie	$0.75
Aufeinanderfolgende Jahre der Dividendenzahlungen	57 Jahre

Engagement über Investor-Relations-Plattformen

Kennzahlen für digitale Investor Relations:

• Seitenaufrufe auf der Investor-Relations-Website: 350.000 pro Jahr
• Social-Media-Investoren-Engagement-Plattformen: 2
• Downloads der mobilen Investor-Relations-App: 12.500

Loews Corporation (L) – Geschäftsmodell: Kanäle

Börsennotierungen

Loews Corporation (L) ist an der Börse notiert New Yorker Börse (NYSE). Handelsvolumen ab Q4 2023: Durchschnittliches Tagesvolumen von 511.000 Aktien.

Austausch	Tickersymbol	Handelsinformationen
NYSE	L	Marktkapitalisierung: 16,2 Milliarden US-Dollar (Januar 2024)

Finanzberichtsplattformen

Zu den primären Finanzberichtskanälen gehören:

• SEC EDGAR-Ablagesystem
• Bloomberg-Terminal
• Reuters-Finanzplattform

Plattform	Häufigkeit der Berichterstattung	Datum des vierteljährlichen Berichts
SEC EDGAR	Vierteljährlich/jährlich	14. Februar 2024 (Bericht Q4 2023)

Investor-Relations-Website

Website: www.loews.com/investors

• Einzigartige Website-Besucher: 87.342 pro Monat
• Downloads von Investorenpräsentationen: 4.215 im Jahr 2023

Jahreshauptversammlungen

Besprechungsdatum	Standort	Anwesenheit
16. Mai 2024	New York City	Schätzungsweise 250 Aktionäre

Finanznachrichten und Medienkommunikation

Kennzahlen zum Medienengagement:

• Pressemitteilungen im Jahr 2023: 24
• Medienerwähnungen: 412
• Berichterstattung über Finanznachrichten: Wall Street Journal, Bloomberg, CNBC

Medien-Outlet	Abdeckungshäufigkeit	Reichweite
Bloomberg	Vierteljährlich	2,5 Millionen Zuschauer/Leser

Loews Corporation (L) – Geschäftsmodell: Kundensegmente

Institutionelle Anleger

Im vierten Quartal 2023 lag der institutionelle Besitz der Loews Corporation bei 59,4 % der gesamten Aktien.

Top institutionelle Investoren	Eigentumsprozentsatz
Vanguard Group Inc.	8.92%
BlackRock Inc.	7.61%
Southeastern Asset Management	5.23%

Investmentfonds und Pensionsfonds

Die Loews Corporation zieht bedeutende Investitionen in Investmentfonds und Pensionsfonds an.

• Gesamtbesitz an Investmentfonds: 22,6 % der ausstehenden Aktien
• Wichtige Beteiligungen an Pensionsfonds: Das California Public Employees' Retirement System (CalPERS) besitzt 1,2 % der Aktien
• State Street Corporation verwaltet etwa 4,5 % der institutionellen Investitionen

Einzelne Privatanleger

Das Segment der Privatanleger macht 40,6 % des gesamten Aktienbesitzes aus.

Merkmale von Privatanlegern	Prozentsatz
Privatanleger mit weniger als 100 Aktien	37.2%
Privatanleger mit 100-1000 Aktien	3.4%

Langfristig investitionsorientierte Aktionäre

Langfristige Aktionäre machen einen erheblichen Teil der Investorenbasis von Loews aus.

• Aktionäre, die Aktien seit mehr als 5 Jahren halten: 28,7 %
• Durchschnittliche Haltedauer: 4,3 Jahre
• Wiederanlagequote der Dividende: 42,1 %

Finanzanalysten und Marktforscher

Die Loews Corporation zieht umfangreiche Analystenberichterstattung nach sich.

Analystenberichterstattung	Nummer
Gesamtzahl der aktiven Analysten, die Loews verfolgen	16
Analysten mit Kaufempfehlung	8
Analysten mit „Halten“-Empfehlung	6
Analysten mit „Verkaufen“-Empfehlung	2

Loews Corporation (L) – Geschäftsmodell: Kostenstruktur

Betriebskosten aller Tochtergesellschaften

Für das Geschäftsjahr 2023 sind die Betriebskosten der Loews Corporation wie folgt aufgeschlüsselt:

Tochtergesellschaft	Gesamtbetriebskosten
Boardwalk Pipeline-Partner	540,3 Millionen US-Dollar
Loews Hotels	412,7 Millionen US-Dollar
CNA Financial	1,2 Milliarden US-Dollar
Konsolidiertes Containerunternehmen	285,6 Millionen US-Dollar

Investitions- und Anschaffungskosten

Investitionsausgaben für 2023:

• Gesamtinvestitionen: 483 Millionen US-Dollar
• Akquisitionen und strategische Investitionen: 276 Millionen US-Dollar
• Kosten für die Neuausrichtung des Portfolios: 112 Millionen US-Dollar

Management- und Verwaltungsaufwand

Verwaltungsaufwand des Unternehmens für 2023:

Ausgabenkategorie	Betrag
Vergütung von Führungskräften	42,5 Millionen US-Dollar
Allgemeine Verwaltungskosten	187,3 Millionen US-Dollar
Kosten für Corporate Governance	23,7 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben nach Segmenten im Jahr 2023:

• CNA-Finanztechnologieinvestitionen: 64,2 Millionen US-Dollar
• Entwicklung der Boardwalk-Pipeline-Infrastruktur: 38,5 Millionen US-Dollar
• Konsolidierte Container-Innovation: 22,7 Millionen US-Dollar

Compliance- und Regulierungskosten

Kosten für die Einhaltung gesetzlicher Vorschriften für 2023:

Compliance-Bereich	Gesamtkosten
Einhaltung der Versicherungsvorschriften (CNA Financial)	89,6 Millionen US-Dollar
Regulierungskosten im Energiesektor	47,3 Millionen US-Dollar
Unternehmensrecht und Compliance	33,9 Millionen US-Dollar

Loews Corporation (L) – Geschäftsmodell: Einnahmequellen

Anlagerenditen aus verschiedenen Geschäftssegmenten

Die Loews Corporation berichtet ab ihrem Jahresbericht 2022 über Einnahmequellen aus mehreren Geschäftsbereichen:

Geschäftssegment	Umsatzbeitrag
Promenadenpipelines	1,18 Milliarden US-Dollar
Konsolidierter Container	1,75 Milliarden US-Dollar
Loews Hotels	602 Millionen Dollar
CNA Financial	11,44 Milliarden US-Dollar

Dividenden von Tochtergesellschaften

Aufschlüsselung der Dividendenerträge für 2022:

• CNA-Finanzdividende: 156 Millionen US-Dollar
• Dividende von Boardwalk Pipelines: 48 Millionen US-Dollar
• Gesamtdividenden der Tochtergesellschaften: 204 Millionen US-Dollar

Kapitalwertsteigerung des Anlageportfolios

Performance des Anlageportfolios im Jahr 2022:

Anlagekategorie	Marktwert	Jährliche Wertschätzung
Beteiligungen	3,2 Milliarden US-Dollar	5.6%
Festverzinsliche Wertpapiere	2,7 Milliarden US-Dollar	2.3%

Zinsen und Finanzerträge

Finanzielle Einnahmequellen für 2022:

• Zinserträge: 187 Millionen US-Dollar
• Kapitalerträge: 276 Millionen US-Dollar
• Gesamter Finanzertrag: 463 Millionen US-Dollar

Strategische Vermögensverkäufe und -verkäufe

Erlös aus dem Verkauf von Vermögenswerten im Jahr 2022:

Vermögenswert verkauft	Verkaufserlös
Immobilienbestände	215 Millionen Dollar
Teilweise Kapitalbeteiligung	98 Millionen Dollar

Loews Corporation (L) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors and partners choose Loews Corporation, and the numbers from late 2025 really back up the story.

Diversified exposure to insurance, energy, hospitality, and packaging sectors.

Loews Corporation provides exposure across major economic sectors, which smooths out performance volatility. For the third quarter of 2025, the parent company reported a net income of $504 million, or $2.43 per share. The contributions from the major operating segments illustrate this spread of business activity.

Segment	Q3 2025 Metric	Value
CNA Financial (Insurance)	Net Income Attributable to Loews	$371 million
Boardwalk Pipelines (Energy)	Net Income	$94 million
Boardwalk Pipelines (Energy)	EBITDA	$267 million
Loews Hotels & Co (Hospitality)	Adjusted EBITDA	$69 million
Loews Hotels & Co (Hospitality)	Net Loss	$3 million

The parent company itself generated $77 million in investment income for the quarter, which offset corporate expenses.

Conservative financial management and a strong balance sheet.

The financial structure supports patient capital deployment and resilience. As of September 30, 2025, the parent company held $3.6 billion in cash and investments. Total debt stood at $1.8 billion on the same date. This positioning is reflected in the equity value, with book value per share, excluding accumulated other comprehensive income (AOCI), reaching $94.00 as of September 30, 2025, up from $88.18 at the end of 2024.

Long-term value creation through patient capital deployment.

Loews Corporation actively manages its capital structure to compound intrinsic value per share over time. During the third quarter of 2025, the company repurchased 0.6 million shares of its common stock for a total cost of $56 million. This follows a period where, through the first half of 2025, Loews had repurchased about 3.5% of its shares outstanding since the end of 2024 for a cost of $636 million.

Specialized expertise and scale within each subsidiary's core market.

Scale and operational discipline drive segment performance. You see this clearly in the insurance and energy businesses.

• CNA Financial Corporation's Property & Casualty combined ratio improved by 4.4 points to 92.8% in Q3 2025, aided by low catastrophe losses of only $41 million (or 1.5 points impact).
• CNA's underlying underwriting gain hit a record best of $235 million in Q3 2025, marking the tenth consecutive quarter above $200 million.
• Boardwalk Pipelines' Q3 2025 EBITDA increased 7% year-over-year to $267 million.
• Loews Hotels & Co saw its Adjusted EBITDA grow 8% to $69 million in Q3 2025, helped by new Orlando properties.

Reliable, contracted energy transportation services via Boardwalk Pipelines.

Boardwalk Pipelines' value proposition is heavily anchored in long-term, reliable contracts. Approximately 85% of operating revenues originate from capacity reservation charges under long-term take-or-pay agreements. The company's total announced growth projects are expected to add 4.2 Bcf/d of additional capacity at an aggregate cost of approximately $3.0 billion. Specifically, the Texas Gateway Project, which executed a precedent agreement in October 2025, will add 1.5 Bcf/d of capacity. The existing revenue backlog, excluding the Texas Gateway Project, stands at $15.6 billion.

Loews Corporation (L) - Canvas Business Model: Customer Relationships

Long-term, high-value contractual relationships with energy customers define a core part of Loews Corporation's structure through Boardwalk Pipelines.

Boardwalk Pipelines reported a 22% increase in net income in the third quarter of 2025, directly tied to higher re-contracting rates and recently completed growth projects. The company has total announced growth projects expected to add 4.2 Bcf/d of additional capacity at an aggregate cost of approximately $3.0 billion. For example, the Kosci Junction Project is supported by a 20-year agreement with an anchor customer, securing long-term revenue streams from energy users.

For commercial insurance clients via CNA Financial Corporation, the relationship is broker-driven and built on financial strength. CNA's Property & Casualty segments, excluding third party captives, generated 3% net written premium growth in the third quarter of 2025, supported by a +4% renewal premium change. This suggests strong client retention through brokers. CNA maintains high credit ratings, including A+ (Stable) from A.M. Best and S&P, and A2 (Positive) from Moody's, which facilitates financial transactions and trust with B2B clients. Loews Corporation holds an 89% stake in CNA Financial.

The high-touch, personalized service model at Loews Hotels & Co is evidenced by operational performance metrics. Adjusted EBITDA for Loews Hotels was $109 million in the second quarter of 2025, an 11% year-over-year increase. This was driven by strong performance in Orlando, which benefited from the addition of three new properties that opened in the first half of 2025. The Loews Arlington Hotel and Convention Center, which opened in the first quarter of 2024, has nearly 900 rooms. However, the Miami Beach Hotel saw lower room nights due to ongoing renovations, indicating active management of the physical assets that impact guest experience.

Investor relations for Loews Corporation focuses heavily on long-term shareholder value and capital returns, a relationship managed at the parent company level. The company has impressively maintained dividend payments for 55 consecutive years. The five-year Total Shareholder Return (TSR) reached 166%. As of December 1, 2025, the stock delivered a strong 25.97% return year-to-date. The parent company held $3.6 billion in cash and investments as of September 30, 2025, supporting its capital allocation strategy.

The commitment to shareholder value is further demonstrated through active capital deployment:

• Loews Corporation repurchased 2.9 million shares in the second quarter of 2025 for a cost of $251 million.
• In the third quarter of 2025, the company repurchased 0.6 million shares for a total cost of $56 million.

Direct sales and account management for large packaging clients through Altium Packaging is less detailed in public reports, but the overall financial health reflects the stability of these relationships. CNA's Property & Casualty segments saw net written premiums grow by 3% in Q3 2025.

Here are key financial metrics reflecting the value delivered to shareholders:

Metric	Value as of Late 2025	Reference Period
Net Income Attributable to Loews	$504 million	Q3 2025
Book Value Per Share (Excluding AOCI)	$94.00	September 30, 2025
Five-Year Total Shareholder Return (TSR)	166%	Five Years Preceding June 2025
Shares Repurchased (Q3 2025 Cost)	$56 million	Three Months Ended September 30, 2025
Parent Company Cash & Investments	$3.6 billion	September 30, 2025

The relationship with CNA clients is underpinned by strong financial ratings, including A+ (Stable) from A.M. Best and S&P.

Loews Corporation (L) - Canvas Business Model: Channels

For Loews Corporation (L), the channels used across its diversified subsidiaries reflect a mix of traditional, agency-based, direct, and digital approaches as of late 2025.

Independent insurance agencies and brokers for P&C policy distribution

CNA Financial Corporation, Loews Corporation's approximately 92% owned subsidiary, relies on a network that includes agents, brokers, and managing general underwriters for its Commercial and Specialty property and casualty (P&C) lines. CNA's P&C segments, excluding third party captives, generated gross written premium growth of 2% and net written premium growth of 3% for the third quarter of 2025. The P&C expense ratio for the third quarter of 2025 was 29.1%, the lowest since 2008. In 2024, CNA's P&C retention rate was 85%.

CNA Financial P&C Metric	Value/Period	Period End/Reference
P&C Gross Written Premium Growth (ex-captives)	2%	Q3 2025
P&C Net Written Premium Growth (ex-captives)	3%	Q3 2025
P&C Expense Ratio	29.1%	Q3 2025
P&C Retention Rate	85%	2024

Direct sales teams for securing long-term pipeline capacity contracts

Boardwalk Pipelines utilizes direct engagement to secure long-term capacity contracts for its natural gas transportation and storage services. The company added $400 million to its revenue backlog during the second quarter of 2025, bringing the total backlog to $14.7 billion. New growth projects being sanctioned are modeled to have average contract lengths of 15-plus years, indicating a strong reliance on long-term direct negotiations with utility customers.

Proprietary hotel booking systems and major Online Travel Agencies (OTAs)

Loews Hotels & Co employs a multi-channel approach, using its proprietary booking systems alongside major OTAs. For the second quarter of 2025, Loews Hotels reported Adjusted EBITDA of $109 million. While specific Loews Hotels booking mix data isn't public, the broader US hotel industry context for 2025 shows OTAs as a dominant force for leisure sales, but direct bookings are pursued for margin protection.

• OTAs account for 52% of online hotel leisure sales in the USA.
• Typical OTA commission rates range from 15% to 25% per booking.
• Hotels save 15-25% on average by securing a direct booking over an OTA booking.

Direct sales force to industrial and consumer goods companies for Altium Packaging

Altium Packaging serves a diverse set of end markets, including Automotive, Beverage, Food, Healthcare, Industrial, and Personal Care, through direct relationships. Loews Corporation's stake in Altium Packaging was valued at roughly $1 billion based on a prior stake sale, corresponding to $1.3 billion in net sales for the full year 2024. Altium Packaging operates through a network of over 65+ plants in the U.S. and Canada.

Investor relations and SEC filings for communicating with shareholders

Loews Corporation communicates its financial standing and capital allocation strategy through regular SEC filings and investor presentations. As of the end of the second quarter of 2025, Loews Corporation held $3.4 billion in cash and investments. During the second quarter of 2025, Loews repurchased 2.9 million shares for approximately $251 million. Book value per share increased from $79.49 at year-end 2024 to $84.42 at the end of the second quarter of 2025.

Loews Corporation (L) - Canvas Business Model: Customer Segments

You're looking at the core groups Loews Corporation serves across its diversified portfolio as of late 2025. It's not one market; it's several distinct ones, each served by a specialized subsidiary.

The largest customer base, by revenue contribution, comes from commercial enterprises relying on CNA Financial Corporation for their Property and Casualty (P&C) insurance needs. CNA markets its broad range of products through a network of brokers and independent agents to specific commercial tiers.

Here's a look at the key customer groups and some relevant 2025 figures:

Customer Segment	Serving Subsidiary	Key Metric/Data Point (2025)
Commercial enterprises (Small Business, Construction, Middle Markets)	CNA Financial Corporation	Net Earned Premiums grew 8% in Q3 2025
Natural gas producers, utilities, LDCs, and industrial end-users	Boardwalk Pipelines	Generated $530 million in transportation/storage revenue in Q3 2025
Leisure and business travelers, convention organizers	Loews Hotels & Co	Reported $202 million in lodging revenue for Q3 2025
Public shareholders	Loews Corporation (Parent)	Book Value Per Share was $88.39 as of September 30, 2025

For Boardwalk Pipelines, the customer base is intentionally diversified, which helps manage risk. They serve a mix of counterparties, ensuring no single one dominates the revenue stream.

• Natural gas producers, local distribution companies (LDCs), marketers, electric power generation plants, and direct industrial users.
• Contracts are predominantly with investment-grade counterparties.
• No single counterparty contributes more than 10% of Boardwalk Pipelines' revenue.
• Boardwalk Pipelines has approximately $19.8 billion of estimated future operating revenues under executed agreements as of Q3 2025.

The leisure and business traveler segment is tied to Loews Hotels & Co, which operates 25 hotels across the United States (24) and Canada (1). Their recent performance has been bolstered by joint ventures, specifically the Universal Orlando Resort, which drove higher equity income in the third quarter.

Finally, you, as a public shareholder, are a critical segment for Loews Corporation itself. The parent company focuses on long-term value creation, which is reflected in its capital structure and book value metrics. The parent company held $3.6 billion in cash and investments as of September 30, 2025.

The shareholder base is a mix of institutional and individual investors seeking a value-oriented holding company structure. As of October 2025, Institutional holdings accounted for 58.70% of the top holdings, while Individuals held 17.9%. The company has actively managed this segment by repurchasing shares; for example, Loews repurchased 0.6 million shares in Q3 2025 for a total cost of $56 million.

Finance: draft 13-week cash view by Friday.

Loews Corporation (L) - Canvas Business Model: Cost Structure

Significant insurance claims and loss adjustment expenses, including mass tort reserve charges, are a key cost component flowing from CNA Financial Corporation.

• CNA Financial Corporation recorded an $81 million after-tax charge at the Loews level in the second quarter of 2025 related to mass tort development, stemming from an annual review of legacy mass tort reserves and anticipated abuse claim settlements.
• For the three months ended March 31, 2025, the Corporate & Other segment incurred a core loss due to a $17 million after-tax charge for unfavorable prior period development from legacy mass tort claims.
• Property and Casualty catastrophe losses for CNA were $41 million for the third quarter of 2025.
• CNA's Property and Casualty combined ratio for Q3 2025 was 92.8%.

High capital expenditure is necessary for pipeline infrastructure expansion, primarily through Boardwalk Pipelines.

Project/Expense Type	Metric/Period	Amount
Total Announced Growth Projects (Boardwalk)	Anticipated Aggregate Cost	Approximately $3.0 billion
Boardwalk Pipelines Capital Expenditures	Nine Months Ended September 30, 2025	$222 million
Boardwalk Pipelines Capital Expenditures	Full Year 2025 Expectation	Approximately $269 million
Boardwalk Pipelines Future Growth Commitments	Binding Purchase Orders (through 2028)	Approximately $273 million

Operating expenses include higher product costs and employee-related costs across the various segments.

• For the three months ended March 31, 2025, CNA Financial Corporation's total expenses were $3,980 million, which included Insurance claims and policyholders' benefits of $2,027 million and Operating expenses and other of $1,953 million.
• The expense ratio for CNA's Property and Casualty operations was generally consistent with the prior year quarter for Q1 2025.

Interest expense on the parent company's debt is a fixed cost that Loews Corporation must service.

The parent company, Loews Corporation, maintained $1.8 billion of debt on its balance sheet as of both June 30, 2025, and September 30, 2025.

Hotel property operating costs, maintenance, and renovation expenses impact the Loews Hotels & Co segment's results.

• For the three months ended June 30, 2025, Loews Hotels & Co reported Operating and other expenses of $170 million.
• Operating and other expenses for Loews Hotels & Co increased by $18 million for the three months ended March 31, 2025, compared to the prior year, partly due to the Arlington Hotel operating for a full quarter and costs related to three new hotels.
• The second quarter of 2025 net income for Loews Hotels & Co decreased due to higher expenses related to the three new hotels at Universal Orlando Resort, which opened in 2025.

Finance: draft 13-week cash view by Friday.

Loews Corporation (L) - Canvas Business Model: Revenue Streams

You're looking at the core ways Loews Corporation pulls in money across its diverse portfolio as of late 2025. It's a mix of insurance float management, essential energy infrastructure fees, hospitality services, and packaging sales. The overall picture for the first nine months of 2025 shows solid performance from the holding company level.

Consolidated net income was $1,265 million for the first nine months of 2025, a strong figure showing the combined strength of the underlying businesses. This compares favorably to the $1,227 million reported for the same period in 2024.

The primary revenue drivers come from the major subsidiaries, which generate income through distinct fee and premium structures:

• Insurance premiums and net investment income from CNA Financial.
• Transportation, storage, and parking/lending fees from Boardwalk Pipelines.
• Hotel room revenue, food and beverage sales, and event fees from Loews Hotels & Co.
• Sales of rigid plastic packaging products (Altium Packaging).

Here's a look at the reported revenue and income contributions for the nine months ended September 30, 2025:

Segment	Revenue/Income Metric	Amount (Nine Months Ended Sept 30, 2025)
CNA Financial	Net income attributable to Loews	Data not explicitly stated for 9 months, but Q3 2025 attributable net income was $371 million.
Boardwalk Pipelines	Transportation and Storage Revenue	$1,662 million
Boardwalk Pipelines	Net Income (Q3 2025)	$94 million
Loews Hotels & Co	Lodging and Related Services Revenue	$685 million
Altium Packaging	Non-insurance Warranty Revenue	$1,188 million

Drilling down into the specifics of the largest contributors, CNA Financial's revenue streams showed growth, driven by higher earned premiums and strong investment returns in the third quarter.

For CNA Financial in the third quarter of 2025:

• Net earned premiums increased by 8% year-over-year.
• Net written premiums grew by 3%.
• Catastrophe losses were significantly lower at $41 million pretax, compared to $143 million in the third quarter of 2024.
• Pretax net investment income was $638 million.

Boardwalk Pipelines focuses on contracted, fee-based revenues, which provides a stable base. You see this stability reflected in their future commitments. Their net income improved in the third quarter of 2025 due to higher re-contracting rates and growth projects.

Boardwalk Pipelines has a substantial backlog of contracted revenue, which is a key feature of this revenue stream. Specifically, as of October 2025, they have approximately $19.8 billion of estimated operating revenues expected to be recognized in the future related to outstanding performance obligations. This includes about $5.7 billion in anticipated revenues from executed precedent transportation agreements tied to growth projects.

Loews Hotels & Co generates revenue from hospitality operations. While the segment reported a net loss of $3 million in the third quarter of 2025, this was an improvement from a loss of $8 million the prior year. This improvement was supported by higher average daily rates and occupancy at existing properties, plus the positive impact from new hotels opening in 2025. The nine-month revenue for lodging and related services was $685 million.

Altium Packaging's revenue stream is based on the sales of its rigid plastic packaging products. For the first nine months of 2025, this segment contributed $1,188 million in non-insurance warranty revenue. That's a defintely large component of the overall top line.

Finance: draft 13-week cash view by Friday.