Loews Corporation

Loews Corporation is an American diversified holding company whose consolidated subsidiaries operate in commercial property and casualty insurance (CNA Financial, approximately 92% owned), natural gas and NGL midstream infrastructure (Boardwalk Pipelines, 100% owned), and hospitality (Loews Hotels & Co, 100% owned), generating $18.18 billion in revenue in fiscal 2025. The company also owns approximately 53% of Altium Packaging, a rigid plastic packaging manufacturer, accounted for under the equity method. Loews is controlled by the Tisch family, which has stewarded the enterprise for more than six decades.

This is a report about a sum-of-the-parts that has been methodically simplified over two decades. Once a sprawling conglomerate with interests in tobacco (Lorillard), watches (Bulova), offshore drilling (Diamond Offshore), and a large energy equity stake (Consolidated Edison), Loews today is effectively three operating businesses of which one — CNA — generates roughly 70% of segment earnings. The remaining value proposition rests on a midstream pipeline business with a credible, contracted growth trajectory and a holding-company tradition of aggressive share repurchases that has reduced the diluted share count by roughly 30% since 2019. The question animating this file is whether the Tisch family's capital-allocation engine — insurance underwriting discipline plus a pipeline growth capex program plus a relentless buyback — can continue compounding per-share intrinsic value at an attractive rate from a starting point of roughly 1.1 times book.