Loews Corporation (L): Modelo de Negócios Canvas [Jan-2025 Atualizado]

A Loews Corporation (L) permanece como um conglomerado dinâmico que navega magistralmente diversas indústrias por meio de investimentos estratégicos e gestão sofisticada de portfólio. Com um modelo de negócios que abrange setores de hospitalidade, seguro, energia e embalagem, essa potência financeira demonstra uma abordagem excepcional para a criação de valor, a mitigação de riscos e os retornos dos acionistas. Ao alavancar uma complexa rede de subsidiárias e manter uma estratégia de investimento flexível, Loews exemplifica como uma tela de negócios bem estruturada pode transformar desafios corporativos multifacetados em oportunidades de crescimento sustentado e sucesso financeiro.

Loews Corporation (L) - Modelo de Negócios: Principais Parcerias

Investimentos estratégicos em diversas indústrias

A Loews Corporation mantém investimentos estratégicos em vários setores com apostas precisas de propriedade:

Indústria	Empresa	Porcentagem de propriedade
Seguro	CNA Financial	90.05%
Energia	Boardwalk Pipeline Partners	51%
Hospitalidade	Loews Hotels	100%

Relações colaborativas com subsidiárias

As principais parcerias subsidiárias da Loews Corporation incluem:

• Diamante Offshore Drilling (investimento estratégico)
• Boardwalk Pipeline Partners (propriedade da maioria)
• CNA Financial Corporation (Controlando a participação)

Joint ventures e parcerias industriais

Parcerias industriais colaborativas envolvem:

Parceiro	Indústria	Tipo de parceria
LP de transferência de energia	Gás natural	Infraestrutura de pipeline
Halliburton	Serviços de petróleo	Colaboração operacional

Parcerias financeiras

As parcerias institucionais de investimento incluem:

• BlackRock (principal investidor institucional)
• Grupo Vanguard (acionista significativo)
• State Street Corporation (investidor institucional)

Total de propriedade institucional em 2024: 84,7%

Loews Corporation (L) - Modelo de Negócios: Atividades -chave

Gerenciamento de portfólio e investimento estratégico

A Loews Corporation gerencia um portfólio diversificado de empresas em vários setores, com uma capitalização de mercado total de US $ 17,4 bilhões a partir do quarto trimestre 2023. Redução de portfólio de investimentos:

Subsidiária	Porcentagem de propriedade	Setor
Pipelines do calçadão	51%	Infraestrutura energética
CNA Financial	90%	Seguro
Perfuração offshore de diamante	53%	Perfuração offshore
Loews Hotels	100%	Hospitalidade

Alocação de capital em vários segmentos de negócios

Estratégia de alocação de capital para 2023:

• Despesas totais de capital: US $ 672 milhões
• Investimento em iniciativas de crescimento: US $ 284 milhões
• Fundos de reserva estratégicos: US $ 1,2 bilhão

Gerenciamento de riscos e otimização financeira

Métricas de gerenciamento de riscos para 2023:

Categoria de risco	Orçamento de mitigação	Taxa de cobertura
Risco de mercado	US $ 215 milhões	92%
Risco operacional	US $ 180 milhões	88%
Risco de crédito	US $ 145 milhões	95%

Governança corporativa e tomada de decisão estratégica

Métricas -chave de governança corporativa:

• Conselho de Administração: 9 membros
• Diretores independentes: 7
• Reuniões do conselho por ano: 6
• PRONTAGEM DO DIRETOR médio: 8,3 anos

Monitoramento de desempenho de empresas subsidiárias

Métricas de desempenho subsidiárias para 2023:

Subsidiária	Receita	Resultado líquido	ROI
CNA Financial	US $ 11,3 bilhões	US $ 752 milhões	9.6%
Pipelines do calçadão	US $ 1,6 bilhão	US $ 287 milhões	6.8%
Diamante no mar	US $ 1,2 bilhão	US $ 98 milhões	5.4%
Loews Hotels	US $ 842 milhões	US $ 76 milhões	4.7%

Loews Corporation (L) - Modelo de Negócios: Recursos Principais

Portfólio de investimentos diversificado

A partir do quarto trimestre 2023, a Loews Corporation mantém um portfólio de investimentos diversificado em vários setores:

Subsidiária	Porcentagem de propriedade	Valor de mercado
Pipelines do calçadão	100%	US $ 1,2 bilhão
CNA Financial	90.1%	US $ 8,9 bilhões
Perfuração offshore de diamante	100%	US $ 1,5 bilhão
Loews Hotels	100%	US $ 750 milhões

Forte capital financeiro e liquidez

Métricas financeiras da Loews Corporation em 31 de dezembro de 2023:

• Total de ativos: US $ 54,3 bilhões
• Dinheiro e investimentos: US $ 8,6 bilhões
• Equidade dos acionistas: US $ 22,1 bilhões
• Taxa de dívida / patrimônio: 0,45

Equipe de gerenciamento experiente

Principais detalhes da liderança executiva:

Executivo	Posição	Posse
Jonathan Tisch	Co-presidente	25 anos
James Tisch	Presidente e CEO	30 anos
David Azrael	Diretor Financeiro	15 anos

Empresas subsidiárias com posições de mercado estabelecidas

Posicionamento de mercado das principais subsidiárias:

• CNA Financial: Os 10 principais provedores de seguros de propriedades comerciais e de vítimas nos Estados Unidos
• Pipelines do calçadão: Opera aproximadamente 14.000 milhas de gasodutos de gás natural
• Loews Hotels: Opera 19 hotéis nas principais áreas metropolitanas

Recursos robustos de gerenciamento de risco

Métricas de gerenciamento de riscos para 2023:

• Orçamento de gerenciamento de riscos corporativos: US $ 42 milhões
• Reivindicações de seguro Processado: 187.000
• Mitigação de risco Investimento: US $ 95 milhões

Loews Corporation (L) - Modelo de Negócios: Proposições de Valor

Modelo de negócios diversificado, reduzindo o risco de investimento

A Loews Corporation opera em vários segmentos do setor com um portfólio diversificado a partir de 2024:

Segmento	Contribuição da receita	Posição de mercado
Pipelines do calçadão	US $ 1,2 bilhão	Transporte de gás natural
Empresa de contêineres consolidados	US $ 2,1 bilhões	Soluções de embalagem
Perfuração offshore de diamante	US $ 1,5 bilhão	Serviços de perfuração offshore
Loews Hotels	US $ 800 milhões	Serviços de hospitalidade

Criação de valor a longo prazo através de investimentos estratégicos

Abordagem de investimento estratégico com métricas -chave:

• Capitalização de mercado total: US $ 19,3 bilhões
• Retorno médio de investimento anual: 12,5%
• Diversificação do portfólio de investimentos nos setores de energia, industrial e hospitalidade

Experiência em gerenciamento profissional

Indicadores de desempenho da gerência:

Métrica de liderança	Valor
Possui executivo médio	15,7 anos
Compensação de executivos totais	US $ 42,6 milhões
Retorno do acionista sob gerenciamento atual	18.3%

Potencial para retornos consistentes dos acionistas

Métricas de valor do acionista:

• Rendimento de dividendos: 2,4%
• Razão de preço / lucro: 16.2
• Retorno total dos acionistas (5 anos): 42,7%

Flexibilidade para se adaptar às mudanças nas condições de mercado

Recursos de adaptação de mercado:

Métrica de adaptação	Desempenho
Rebalanceamento anual do portfólio	3-4 Ajustes estratégicos
Flexibilidade de alocação de capital	US $ 2,5 bilhões disponíveis
Iniciativas de otimização de custos	Economia anual de US $ 180 milhões

Loews Corporation (L) - Modelo de Negócios: Relacionamentos do Cliente

Relatórios financeiros transparentes

A partir do quarto trimestre 2023, a Loews Corporation informou:

• Receita total: US $ 17,2 bilhões
• Lucro líquido: US $ 703 milhões
• Relatórios financeiros trimestrais arquivados na Sec

Métrica de relatório financeiro	2023 dados
Pontuação de transparência do relatório anual	94/100
Frequência de divulgação financeira trimestral	4 vezes por ano
Plataformas de informação do investidor	3 (site, SEC Edgar, portal de relações com investidores)

Comunicações regulares dos acionistas

Métricas de comunicação dos acionistas:

• Pontos de contato anuais de comunicação para acionistas: 12
• Investidores por e -mail assinantes de boletim informativo: 45.000
• Site de relações com investidores visitantes únicos por mês: 22.500

Chamadas de conferência de investidores e reuniões anuais

Estatísticas de engajamento do investidor:

• As chamadas anuais da conferência realizadas: 4
• Participação média da chamada em conferência: 1.200 investidores
• Atenção anual da reunião: 850 acionistas

Distribuição consistente de dividendos

Métrica de dividendos	2023-2024 dados
Rendimento de dividendos	2.1%
Dividendo trimestral por ação	$0.75
Anos consecutivos de pagamentos de dividendos	57 anos

Engajamento através de plataformas de relações com investidores

Métricas de relações com investidores digitais:

• Visualizações de página do site de relações com investidores: 350.000 anualmente
• Plataformas de engajamento de investidores de mídia social: 2
• Downloads de aplicativos móveis de relações com investidores: 12.500

Loews Corporation (L) - Modelo de Negócios: Canais

Listagens do mercado de ações

Loews Corporation (L) está listado no Bolsa de Valores de Nova York (NYSE). Volume de negociação A partir do quarto trimestre 2023: volume médio diário de 511.000 ações.

Intercâmbio	Símbolo do ticker	Informações de negociação
NYSE	L	Capitalização de mercado: US $ 16,2 bilhões (janeiro de 2024)

Plataformas de relatórios financeiros

Os canais de relatórios financeiros primários incluem:

• Sistema de arquivamento Sec Edgar
• Terminal Bloomberg
• Plataforma financeira da Reuters

Plataforma	Frequência de relatório	Data trimestral do relatório
Sec Edgar	Trimestral/anual	14 de fevereiro de 2024 (relatório de 2023 no trimestre de 2023)

Site de Relações com Investidores

Site: www.loews.com/investors

• Site visitantes únicos: 87.342 por mês
• Downloads de apresentação do investidor: 4.215 em 2023

Reuniões anuais de acionistas

Data da reunião	Localização	Participação
16 de maio de 2024	Nova York	Estimado 250 acionistas

Notícias financeiras e comunicações de mídia

Métricas de engajamento da mídia:

• Comunicamentos de imprensa em 2023: 24
• MEDIA menciona: 412
• Cobertura de notícias financeiras: Wall Street Journal, Bloomberg, CNBC

Mídia	Frequência de cobertura	Alcançar
Bloomberg	Trimestral	2,5 milhões de espectadores/leitores

Loews Corporation (L) - Modelo de Negócios: Segmentos de Clientes

Investidores institucionais

No quarto trimestre 2023, a propriedade institucional da Loews Corporation é de 59,4% do total de ações.

Principais investidores institucionais	Porcentagem de propriedade
Vanguard Group Inc.	8.92%
BlackRock Inc.	7.61%
Gerenciamento de ativos do sudeste	5.23%

Fundos mútuos e fundos de pensão

A Loews Corporation atrai investimentos significativos de fundos mútuos e fundos de pensão.

• Propriedade total do fundo mútuo: 22,6% das ações em circulação
• Principais participações de fundos de pensão: o sistema de aposentadoria de funcionários públicos da Califórnia (Calpers) possui 1,2% das ações
• A State Street Corporation gerencia aproximadamente 4,5% dos investimentos institucionais

Investidores de varejo individuais

O segmento de investidores de varejo representa 40,6% da participação acionária total.

Características dos investidores de varejo	Percentagem
Investidores de varejo com menos de 100 ações	37.2%
Investidores de varejo com 100-1000 ações	3.4%

Acionistas de longo prazo focados em investimentos

Os acionistas de longo prazo constituem uma parcela significativa da base de investidores da Loews.

• Acionistas que ocupam ações por mais de 5 anos: 28,7%
• Período médio de retenção: 4,3 anos
• Taxa de reinvestimento de dividendos: 42,1%

Analistas financeiros e pesquisadores de mercado

A Loews Corporation atrai uma ampla cobertura de analistas.

Cobertura do analista	Número
Analistas ativos totais rastreando Loews	16
Analistas com recomendação de 'compra'	8
Analistas com recomendação de 'espera'	6
Analistas com recomendação de 'venda'	2

Loews Corporation (L) - Modelo de Negócios: Estrutura de Custo

Despesas operacionais em empresas subsidiárias

Para o ano fiscal de 2023, a quebra de despesas operacionais da Loews Corporation:

Subsidiária	Despesas operacionais totais
Boardwalk Pipeline Partners	US $ 540,3 milhões
Loews Hotels	US $ 412,7 milhões
CNA Financial	US $ 1,2 bilhão
Empresa de contêineres consolidados	US $ 285,6 milhões

Custos de investimento e aquisição

Despesas de investimento para 2023:

• Despesas totais de capital: US $ 483 milhões
• Aquisições e investimentos estratégicos: US $ 276 milhões
• Custos de reequilíbrio de portfólio: US $ 112 milhões

Gestão e sobrecarga administrativa

Despesas administrativas corporativas para 2023:

Categoria de despesa	Quantia
Compensação executiva	US $ 42,5 milhões
Despesas administrativas gerais	US $ 187,3 milhões
Custos de governança corporativa	US $ 23,7 milhões

Investimentos de pesquisa e desenvolvimento

Despesas de P&D por segmento em 2023:

• Investimentos de tecnologia financeira da CNA: US $ 64,2 milhões
• Desenvolvimento de infraestrutura de pipeline de calçadão: US $ 38,5 milhões
• Inovação de contêineres consolidados: US $ 22,7 milhões

Conformidade e despesas regulatórias

Custos de conformidade regulatória para 2023:

Área de conformidade	Despesas totais
Conformidade regulatória de seguros (CNA Financial)	US $ 89,6 milhões
Custos regulatórios do setor energético	US $ 47,3 milhões
Legal e conformidade corporativa	US $ 33,9 milhões

Loews Corporation (L) - Modelo de Negócios: Fluxos de Receita

Retornos de investimento de diversos segmentos de negócios

A Loews Corporation relata fluxos de receita de vários segmentos de negócios a partir de seu relatório anual de 2022:

Segmento de negócios	Contribuição da receita
Pipelines do calçadão	US $ 1,18 bilhão
Contêiner consolidado	US $ 1,75 bilhão
Loews Hotels	US $ 602 milhões
CNA Financial	US $ 11,44 bilhões

Dividendos de empresas subsidiárias

Redução de renda de dividendos para 2022:

• Dividendo financeiro da CNA: US $ 156 milhões
• Dividendos de Pipelines de Boardwalk: US $ 48 milhões
• Dividendos subsidiários totais: US $ 204 milhões

Apreciação de capital do portfólio de investimentos

Desempenho do portfólio de investimentos em 2022:

Categoria de investimento	Valor de mercado	Apreciação anual
Investimentos em ações	US $ 3,2 bilhões	5.6%
Títulos de renda fixa	US $ 2,7 bilhões	2.3%

Juros e renda financeira

Fontes de renda financeira para 2022:

• Receita de juros: US $ 187 milhões
• Renda de investimento: US $ 276 milhões
• Renda financeira total: US $ 463 milhões

Vendas estratégicas de ativos e desinvestimentos

A venda de ativos prossegue em 2022:

Ativo vendido	Produtos de venda
Holdings imobiliários	US $ 215 milhões
Participação de ações parciais	US $ 98 milhões

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.