Loews Corporation
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| Public | |
| Traded as | : L S&P 500 Component |
| Headquarters | New York City, United States |
| Products | insurance, hotels, oil drilling, pipeline transport |
| Revenue |
 $15.053 billion USD (FY 2013)
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|
$1.429 billion USD (FY 2013)
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 $1.069 billion USD (FY 2013)
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| Total assets |
$79.939 billion USD (FY 2013)
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| Total equity |
$24.906 billion USD (FY 2013)
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Number of employees
|
18,175 (Dec 2013) |
| Subsidiaries |
CNA Financial |
| Website | www.loews.com |
CNA Financial
Boardwalk Pipelines
Diamond Offshore Drilling
Loews Corporation is an American conglomerate headquartered in New York City. The company's majority-stake holdings include CNA Financial Corporation, Diamond Offshore Drilling, Boardwalk Pipeline Partners, and Loews Hotels.
The corporation positions itself as a value investor with a long-term focus. In recent years, Loews has also allocated significant capital for share buybacks. In the three years ended December 31, 2012, Loews spent $1.3 billion repurchasing shares. Between 1971 and 2012, the corporation reduced its shares outstanding from 1.3 billion shares to 392 million shares.
Loews Corporation traces its roots to 1946, when Laurence Tisch persuaded his parents to invest $125,000 to buy a resort hotel in Lakewood, N.J. Laurence’s brother Robert joined the business shortly thereafter. The Tisch brothers began to invest their profits in an expanding hotel business. By 1956, the brothers were in a position to build their first hotel, the Americana in Bal Harbour, Fla., for $17 million in cash.
In 1959, the brothers purchased a controlling interest in Loew's Theatres, Inc., a nationwide chain of 102 movie theaters, which formed the foundation of modern-day Loews (Loews sold the theater business in 1985). The two founders developed a conservative and flexible value-oriented philosophy which continues to be a cornerstone of Loews today.
The Tisch brothers soon diversified the Loews business, successfully venturing into a variety of areas as the 1960s and 1970s progressed. Loews acquired Lorillard, a tobacco company, in 1968; CNA Financial in 1974, and the Bulova Watch Company in 1979. Through acquisitions, Loews' revenues grew from $100 million in 1970 to more than $3 billion by a decade later.
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