Loews Corporation

Loews Corporation (NYSE: L) is a diversified holding company with businesses in the insurance, energy, hospitality, and packaging industries. Founded in 1946, Loews has grown from a single hotel investment into a conglomerate with over USD 21 billion in annual revenue as of 2023.

The company's major subsidiaries include:

• CNA Financial Corporation (86.5% ownership): One of the largest US commercial property and casualty insurance companies

• Boardwalk Pipelines (100% ownership): Provides transportation and storage of natural gas and natural gas liquids

• Loews Hotels & Co (100% ownership): Operates 26 hotels and resorts in the US and Canada

• Altium Packaging (53% ownership): Manufactures rigid plastic packaging with over USD 1.2 billion in annual sales

Loews employs a value investing approach, focusing on acquiring underperforming businesses and improving their operations for long-term growth. The company is known for its conservative financial management and has consistently repurchased its own shares when trading below book value.

In 2023, Loews reported net income of USD 1.4 billion. The company maintains a strong balance sheet, with USD 2.6 billion in cash and investments at the parent company level as of December 31, 2023. Loews has a long history of returning capital to shareholders through dividends and share repurchases, buying back 14 million shares for USD 852 million in 2023.