Loews Corporation (L): Business Model Canvas [Jan-2025 Mise à jour]

Loews Corporation (L) est un conglomérat dynamique qui navigue magistralement dans diverses industries grâce à des investissements stratégiques et à une gestion sophistiquée de portefeuille. Avec un modèle d'entreprise qui couvre les secteurs de l'hospitalité, de l'assurance, de l'énergie et des emballages, cette puissance financière démontre une approche exceptionnelle de la création de valeur, de l'atténuation des risques et des rendements des actionnaires. En tirant parti d'un réseau complexe de filiales et en maintenant une stratégie d'investissement flexible, Loews illustre comment une toile commerciale bien structurée peut transformer les défis des entreprises à multiples facettes en possibilités de croissance et de succès financiers prolongés.

Loews Corporation (L) - Modèle commercial: partenariats clés

Investissements stratégiques dans diverses industries

Loews Corporation maintient des investissements stratégiques dans plusieurs industries avec des enjeux de propriété précis:

Industrie	Entreprise	Pourcentage de propriété
Assurance	CNA Financial	90.05%
Énergie	Boardwalk Pipeline Partners	51%
Hospitalité	Hôtels Loews	100%

Relations collaboratives avec des filiales

Les partenariats clés de Loews Corporation comprennent:

• Diamond Offshore Drilling (investissement stratégique)
• Boardwalk Pipeline Partners (propriété majoritaire)
• CNA Financial Corporation (contrôle de contrôle)

Coentreprises et partenariats industriels

Les partenariats industriels collaboratifs impliquent:

Partenaire	Industrie	Type de partenariat
LP de transfert d'énergie	Gaz naturel	Infrastructure de pipeline
Halliburton	Services pétroliers	Collaboration opérationnelle

Partenariats financiers

Les partenariats d'investissement institutionnels comprennent:

• BlackRock (important investisseur institutionnel)
• Vanguard Group (actionnaire important)
• State Street Corporation (investisseur institutionnel)

Propriété totale institutionnelle en 2024: 84,7%

Loews Corporation (L) - Modèle d'entreprise: activités clés

Gestion du portefeuille et investissement stratégique

Loews Corporation gère un portefeuille diversifié d'entreprises dans plusieurs secteurs avec une capitalisation boursière totale de 17,4 milliards de dollars au quatrième trimestre 2023. Répartition du portefeuille d'investissement:

Filiale	Pourcentage de propriété	Secteur
Pipelines de promenade	51%	Infrastructure énergétique
CNA Financial	90%	Assurance
Forage en diamant offshore	53%	Forage offshore
Hôtels Loews	100%	Hospitalité

Allocation de capital sur plusieurs segments d'entreprise

Stratégie d'allocation du capital pour 2023:

• Total des dépenses en capital: 672 millions de dollars
• Investissement dans les initiatives de croissance: 284 millions de dollars
• Fonds de réserve stratégique: 1,2 milliard de dollars

Gestion des risques et optimisation financière

Mesures de gestion des risques pour 2023:

Catégorie de risque	Budget d'atténuation	Rapport de couverture
Risque de marché	215 millions de dollars	92%
Risque opérationnel	180 millions de dollars	88%
Risque de crédit	145 millions de dollars	95%

Gouvernance d'entreprise et prise de décision stratégique

Gouvernance d'entreprise Mesures clés:

• Conseil d'administration: 9 membres
• Administrateurs indépendants: 7
• Réunions du conseil d'administration par an: 6
• Dimanche du directeur moyen: 8,3 ans

Surveillance des performances des filiales

Mesures de performance des filiales pour 2023:

Filiale	Revenu	Revenu net	Retour de retour
CNA Financial	11,3 milliards de dollars	752 millions de dollars	9.6%
Pipelines de promenade	1,6 milliard de dollars	287 millions de dollars	6.8%
Diamant offshore	1,2 milliard de dollars	98 millions de dollars	5.4%
Hôtels Loews	842 millions de dollars	76 millions de dollars	4.7%

Loews Corporation (L) - Modèle d'entreprise: Ressources clés

Portefeuille d'investissement diversifié

Au quatrième trimestre 2023, Loews Corporation maintient un portefeuille d'investissement diversifié dans plusieurs secteurs:

Filiale	Pourcentage de propriété	Valeur marchande
Pipelines de promenade	100%	1,2 milliard de dollars
CNA Financial	90.1%	8,9 milliards de dollars
Forage en diamant offshore	100%	1,5 milliard de dollars
Hôtels Loews	100%	750 millions de dollars

Capital financier solide et liquidité

Mesures financières pour Loews Corporation au 31 décembre 2023:

• Actif total: 54,3 milliards de dollars
• Caisse et investissements: 8,6 milliards de dollars
• Présentation des actionnaires: 22,1 milliards de dollars
• Ratio dette / fonds propres: 0,45

Équipe de gestion expérimentée

Détails de leadership exécutif clés:

Exécutif	Position	Mandat
Jonathan Tisch	Coprésident	25 ans
James Tisch	Président et chef de la direction	30 ans
David Azrael	Directeur financier	15 ans

Souvenirs subsidiaires ayant des postes de marché établis

Positionnement du marché des filiales clés:

• CNA Financial: Top 10 des assurances commerciales et des assurances de victimes aux États-Unis
• Pipelines de promenade: Exploite environ 14 000 miles de pipelines de gaz naturel
• Hôtels de Loews: Exploite 19 hôtels dans les grandes zones métropolitaines

Capacités de gestion des risques robustes

Mesures de gestion des risques pour 2023:

• Budget de gestion des risques d'entreprise: 42 millions de dollars
• Réclamations d'assurance traitées: 187 000
• Investissement d'atténuation des risques: 95 millions de dollars

Loews Corporation (L) - Modèle d'entreprise: propositions de valeur

Modèle commercial diversifié réduisant le risque d'investissement

Loews Corporation opère dans plusieurs segments de l'industrie avec un portefeuille diversifié à partir de 2024:

Segment	Contribution des revenus	Position sur le marché
Pipelines de promenade	1,2 milliard de dollars	Transport de gaz naturel
Entreprise de conteneurs consolidés	2,1 milliards de dollars	Solutions d'emballage
Forage en diamant offshore	1,5 milliard de dollars	Services de forage offshore
Hôtels Loews	800 millions de dollars	Services d'accueil

Création de valeur à long terme grâce à des investissements stratégiques

Approche d'investissement stratégique avec des mesures clés:

• Capitalisation boursière totale: 19,3 milliards de dollars
• Retour d'investissement annuel moyen: 12,5%
• Diversification du portefeuille d'investissement dans les secteurs de l'énergie, de l'industrie et de l'hôtellerie

Expertise en gestion professionnelle

Indicateurs de performance de gestion:

Métrique de leadership	Valeur
Mandat moyen exécutif	15,7 ans
Compensation totale des cadres	42,6 millions de dollars
Retour des actionnaires sous la direction actuelle	18.3%

Potentiel de rendements des actionnaires cohérents

Métriques de la valeur des actionnaires:

• Rendement des dividendes: 2,4%
• Ratio de prix / bénéfice: 16,2
• Rendement total des actionnaires (5 ans): 42,7%

Flexibilité pour s'adapter aux conditions du marché changeantes

Capacités d'adaptation du marché:

Métrique d'adaptation	Performance
Rééquilibrage annuel du portefeuille	3-4 ajustements stratégiques
Flexibilité d'allocation des capitaux	2,5 milliards de dollars disponibles
Initiatives d'optimisation des coûts	Économies annuelles de 180 millions de dollars

Loews Corporation (L) - Modèle d'entreprise: relations clients

Information financière transparente

Au quatrième trimestre 2023, Loews Corporation a rapporté:

• Revenu total: 17,2 milliards de dollars
• Revenu net: 703 millions de dollars
• Rapports financiers trimestriels déposés auprès de la SEC

Métrique de l'information financière	2023 données
Score de transparence du rapport annuel	94/100
Fréquence de divulgation financière trimestrielle	4 fois par an
Plateformes d'information sur les investisseurs	3 (site Web, SEC Edgar, portail des relations avec les investisseurs)

Communications régulières des actionnaires

Métriques de communication des actionnaires:

• Points de contact de la communication des actionnaires annuels: 12
• Investisseur Email Newsletter abonnés: 45 000
• Site Web de relations avec les investisseurs Visiteurs uniques par mois: 22 500

Conférence téléphonique des investisseurs et réunions annuelles

Statistiques d'engagement des investisseurs:

• Conférences annuelles conduites: 4
• Participation moyenne de la conférence téléphonique: 1 200 investisseurs
• ASSENTATION ANNUELLE PRÉSISTANCE: 850 actionnaires

Distribution de dividendes cohérente

Métrique du dividende	Données 2023-2024
Rendement des dividendes	2.1%
Dividende trimestriel par action	$0.75
Années consécutives de paiements de dividendes	57 ans

Engagement par le biais des plateformes de relations avec les investisseurs

Métriques des relations avec les investisseurs numériques:

• Relations des investisseurs Le site Web Page Vues: 350 000 par an
• Plateformes d'engagement des investisseurs sur les réseaux sociaux: 2
• Relations d'investisseurs Téléchargements d'applications mobiles: 12 500

Loews Corporation (L) - Modèle d'entreprise: canaux

Listes de bourses

Loews Corporation (L) est répertoriée sur le Bourse de New York (NYSE). Volume de négociation au quatrième trimestre 2023: volume quotidien moyen de 511 000 actions.

Échange	Symbole de ticker	Informations commerciales
Nyse	L	Capitalisation boursière: 16,2 milliards de dollars (janvier 2024)

Plateformes d'information financière

Les principaux canaux d'information financière comprennent:

• Système de classement SEC EDGAR
• Bloomberg Terminal
• Plateforme financière Reuters

Plate-forme	Fréquence de rapport	Date de rapport trimestriel
Sec Edgar	Trimestriel / annuel	14 février 2024 (Rapport du trimestre 2023)

Site Web de relations avec les investisseurs

Site Web: www.loews.com/investors

• Site Web Visiteurs uniques: 87 342 par mois
• Téléchargements de présentation des investisseurs: 4 215 en 2023

Réunions annuelles des actionnaires

Date de réunion	Emplacement	Présence
16 mai 2024	New York	Estimé 250 actionnaires

Actualités financières et communications médiatiques

Métriques d'engagement des médias:

• Communiqués de presse en 2023: 24
• Mentions des médias: 412
• Couverture d'informations financières: Wall Street Journal, Bloomberg, CNBC

Média	Fréquence de couverture	Atteindre
Bloomberg	Trimestriel	2,5 millions de téléspectateurs / lecteurs

Loews Corporation (L) - Modèle d'entreprise: segments de clientèle

Investisseurs institutionnels

Au quatrième trimestre 2023, la propriété institutionnelle de Loews Corporation représente 59,4% du total des actions.

Les principaux investisseurs institutionnels	Pourcentage de propriété
Vanguard Group Inc.	8.92%
BlackRock Inc.	7.61%
Gestion des actifs du sud-est	5.23%

Fonds communs de placement et fonds de pension

Loews Corporation attire des investissements importants sur les fonds communs de placement et les fonds de pension.

• Propriété totale des fonds communs de placement: 22,6% des actions en circulation
• Major Pension Fund Holdings: California Public Employees 'Retirement System (CALPERS) détient 1,2% des actions
• State Street Corporation gère environ 4,5% des investissements institutionnels

Investisseurs de détail individuels

Le segment des investisseurs de détail représente 40,6% de l'actionnariat total.

Caractéristiques des investisseurs de détail	Pourcentage
Investisseurs de détail avec moins de 100 actions	37.2%
Investisseurs de détail avec 100-1000 actions	3.4%

Actionnaires à long terme des investissements

Les actionnaires à long terme constituent une partie importante de la base d'investisseurs de Loews.

• Les actionnaires détiennent des actions depuis plus de 5 ans: 28,7%
• Période de détention moyenne: 4,3 ans
• Taux de réinvestissement du dividende: 42,1%

Analystes financiers et chercheurs sur le marché

Loews Corporation attire une couverture des analystes approfondie.

Couverture des analystes	Nombre
Analystes actifs totaux suivant Loews	16
Analystes avec une recommandation «acheter»	8
Analystes avec recommandation «Hold»	6
Analystes avec recommandation de «vente»	2

Loews Corporation (L) - Modèle d'entreprise: Structure des coûts

Dépenses opérationnelles dans les sociétés subsidiaires

Pour l'exercice 2023, la rupture des dépenses opérationnelles de la Loews Corporation:

Filiale	Dépenses opérationnelles totales
Boardwalk Pipeline Partners	540,3 millions de dollars
Hôtels Loews	412,7 millions de dollars
CNA Financial	1,2 milliard de dollars
Entreprise de conteneurs consolidés	285,6 millions de dollars

Coûts d'investissement et d'acquisition

Dépenses d'investissement pour 2023:

• Total des dépenses en capital: 483 millions de dollars
• Acquisitions et investissements stratégiques: 276 millions de dollars
• Coûts de rééquilibrage du portefeuille: 112 millions de dollars

Gestion et frais généraux administratifs

Frais d'administration des entreprises pour 2023:

Catégorie de dépenses	Montant
Rémunération des dirigeants	42,5 millions de dollars
Frais administratifs généraux	187,3 millions de dollars
Coûts de gouvernance d'entreprise	23,7 millions de dollars

Investissements de recherche et développement

Dépenses de R&D par segment en 2023:

• CNA Financial Technology Investments: 64,2 millions de dollars
• Boardwalk Pipeline Infrastructure Development: 38,5 millions de dollars
• Innovation consolidée en conteneurs: 22,7 millions de dollars

Compliance et dépenses réglementaires

Coûts de conformité réglementaire pour 2023:

Zone de conformité	Dépenses totales
Compliance réglementaire d'assurance (CNA Financial)	89,6 millions de dollars
Coûts réglementaires du secteur de l'énergie	47,3 millions de dollars
Corporate juridique et conformité	33,9 millions de dollars

Loews Corporation (L) - Modèle d'entreprise: Strots de revenus

Les rendements des investissements de divers segments d'entreprise

Loews Corporation rapporte des sources de revenus de plusieurs segments d'entreprises à partir de leur rapport annuel 2022:

Segment d'entreprise	Contribution des revenus
Pipelines de promenade	1,18 milliard de dollars
Récipient consolidé	1,75 milliard de dollars
Hôtels Loews	602 millions de dollars
CNA Financial	11,44 milliards de dollars

Dividendes des filiales

Répartition des revenus de dividendes pour 2022:

• Dividende financier de l'AIIC: 156 millions de dollars
• Dividendes sur les pipelines de la promenade: 48 millions de dollars
• Dividendes des filiales totales: 204 millions de dollars

Appréciation du capital du portefeuille d'investissement

Performance du portefeuille d'investissement en 2022:

Catégorie d'investissement	Valeur marchande	Appréciation annuelle
Investissements en actions	3,2 milliards de dollars	5.6%
Titres à revenu fixe	2,7 milliards de dollars	2.3%

Intérêt et revenu financier

Sources de revenus financiers pour 2022:

• Revenu des intérêts: 187 millions de dollars
• Revenu de placement: 276 millions de dollars
• Revenu financier total: 463 millions de dollars

Ventes et désinvestissements stratégiques des actifs

La vente d'actifs se produit en 2022:

Actif vendu	Vente des produits
Propriété immobilière	215 millions de dollars
Pieu de capitaux propres partiel	98 millions de dollars

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.