Segments

3 Months Ended

Mar. 31, 2019

11. Segments

The Company has five reportable segments comprised of four individual operating subsidiaries, CNA, Diamond Offshore, Boardwalk Pipeline and Loews Hotels & Co; and the Corporate segment, which includes operations of Consolidated Container. Each of the operating subsidiaries is headed by a chief executive officer who is responsible for the operation of its business and has the duties and authority commensurate with that position. For additional disclosures regarding the composition of the Company’s segments, see Note 20 of the Consolidated Financial Statements in the Company’s Annual Report on Form

10-K

for the year ended December 31, 2018.

The following tables present the reportable segments of the Company and their contribution to the Consolidated Condensed Statements of Income. Amounts presented will not necessarily be the same as those in the individual financial statements of the Company’s subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests.

Statements of Income by segment are presented in the following tables.


	CNA			Diamond			Boardwalk			Loews
Three Months Ended March 31, 2019	Financial			Offshore			Pipeline			Hotels & Co			Corporate			Total
(In millions)

Revenues:

Insurance premiums	$	1,803														$	1,803
Net investment income		571		$	2								$	84			657
Investment gains		31															31
Non-insurance warranty revenue		281															281
Operating revenues and other		9			234		$	346		$	180			216			985
Total		2,695			236			346			180			300			3,757

Expenses:

Insurance claims and policyholders’ benefits		1,357															1,357
Amortization of deferred acquisition costs		342															342
Non-insurance warranty expense		260															260
Operating expenses and other		284			283			195			156			231			1,149
Interest		34			30			45			5			27			141
Total		2,277			313			240			161			258			3,249
Income (loss) before income tax		418			(77	)		106			19			42			508
Income tax (expense) benefit		(77	)		6			(27	)		(6	)		(8	)		(112	)
Net income (loss)		341			(71	)		79			13			34			396
Amounts attributable to noncontrolling interests		(36	)		34												(2	)
Net income (loss) attributable to Loews Corporation	$	305		$	(37	)	$	79		$	13		$	34		$	394


	CNA			Diamond			Boardwalk			Loews
Three Months Ended March 31, 2018	Financial			Offshore			Pipeline			Hotels & Co			Corporate			Total
(In millions)

Revenues:

Insurance premiums	$	1,785														$	1,785
Net investment income		490		$	2								$	14			506
Investment gains		9															9
Non-insurance warranty revenue		238															238
Operating revenues and other		13			297		$	337		$	183			213			1,043
Total		2,535			299			337			183			227			3,581

Expenses:

Insurance claims and policyholders’ benefits		1,339															1,339
Amortization of deferred acquisition costs		296															296
Non-insurance warranty expense		216															216
Operating expenses and other		302			296			198			156			232			1,184
Interest		35			28			44			7			27			141
Total		2,188			324			242			163			259			3,176
Income (loss) before income tax		347			(25	)		95			20			(32	)		405
Income tax (expense) benefit		(55	)		44			(12	)		(7	)		5			(25	)
Net income (loss)		292			19			83			13			(27	)		380
Amounts attributable to noncontrolling interests		(31	)		(9	)		(47	)								(87	)
Net income (loss) attributable to Loews Corporation	$	261		$	10		$	36		$	13		$	(27	)	$	293