LOEWS Business Summary

Loews Corporation (L) operates as a high-conviction diversified holding company, generating revenue through a multi-sector portfolio of subsidiaries. Its largest segment, CNA Financial (contributing approximately 81% of 2025 revenue), generates income via commercial property and casualty insurance premiums and net investment returns. Boardwalk Pipelines provides steady cash flow through long-term fee-based contracts for natural gas and NGL transportation and storage, while Loews Hotels & Co earns revenue from room rates and occupancy across its 27-property luxury portfolio. The company also maintains a significant stake in Altium Packaging, a provider of rigid plastic packaging solutions. Loews competes directly with Berkshire Hathaway and The Travelers Companies in the insurance and conglomerate space, Kinder Morgan in midstream energy, and Marriott International in hospitality. Relative to these peers, Loews functions as a value-oriented capital allocator, utilizing a robust parent-company liquidity position—totaling $3.9 billion as of year-end 2025—to fund subsidiary growth and opportunistic share repurchases. Originally built into a conglomerate by brothers Laurence and Robert Tisch, the company is currently led by the third generation of the founding family. Benjamin Tisch serves as President and CEO (effective January 2025), having previously managed global macro and credit portfolios at Fortress Investment Group before joining Loews in 2011. He is supported by Senior VP and CFO Jane Wang, a strategic veteran who has overseen the firm’s financial operations since 2022, and Alexander Tisch, who serves as President and CEO of Loews Hotels & Co. James Tisch, who led the company for 25 years, remains active as Chairman of the Board. The board of directors features notable industry figures including Lead Independent Director Paul Fribourg (CEO of Continental Grain Company) and Dino Robusto (former CEO of CNA Financial), who joined the board in January 2026. The Tisch family remains the most significant shareholder, maintaining a long-term, multi-generational approach to the firm's investment strategy.