Loews Corp (NYSE: L) is a diversified holding company that owns and operates subsidiaries across insurance, energy infrastructure, hospitality, and packaging. It makes money through the operating earnings of its subsidiaries, principally CNA Financial (commercial property and casualty insurance), Boardwalk Pipelines (natural gas pipeline and storage), Loews Hotels and Co (hotel ownership and management), and Altium Packaging (rigid plastic packaging). CNA Financial represents the largest earnings contributor among the subsidiaries. Loews holds majority or controlling stakes in these businesses and consolidates their results, so consolidated revenue reflects the blended performance of unrelated industries rather than a single business line. The company is headquartered in New York and has been organized as a holding company for decades. As of the 10-K filed February 10, 2026, covering fiscal year ended December 31, 2025, the four operating subsidiaries remain the core of the business. Capital allocation decisions, including share repurchases and subsidiary investments, are made at the Loews parent level.

Revenue model

Consolidated revenue from four operating subsidiaries: insurance premiums and investment income at CNA Financial, pipeline transportation and storage fees at Boardwalk Pipelines, hotel room and ancillary revenue at Loews Hotels and Co, and packaging product sales at Altium Packaging.

Products and services

Commercial property and casualty insurance (CNA Financial); natural gas pipeline transportation and storage (Boardwalk Pipelines); hotel ownership and management (Loews Hotels and Co); rigid plastic packaging products (Altium Packaging).

Customers and end markets

Commercial insurance buyers (CNA Financial); natural gas shippers and utilities (Boardwalk Pipelines); business and leisure hotel guests (Loews Hotels and Co); consumer goods and industrial companies requiring plastic packaging (Altium Packaging).

Value-chain role

Holding company with controlling ownership stakes in operating subsidiaries; capital allocator across insurance, midstream energy, hospitality, and packaging industries.

Source: SEC 10-K, filed 2026-02-10

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