Segments

3 Months Ended

Mar. 31, 2020

12. Segments

Loews Corporation has five reportable segments comprised of four individual operating subsidiaries, CNA, Diamond Offshore, Boardwalk Pipelines and Loews Hotels & Co; and the Corporate segment, which is primarily comprised of Loews Corporation excluding its subsidiaries and the operations of Altium Packaging. 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 Loews Corporation’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, 2019.

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

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

Three Months Ended March 31, 2020	CNA Financial			Diamond Offshore			Boardwalk Pipelines			Loews Hotels & Co			Corporate			Total
(In millions)

Revenues:

Insurance premiums	$	1,869														$	1,869
Net investment income (loss)		329											$	(166	)		163
Investment losses		(216	)														(216	)
Non-insurance warranty revenue		301															301
Operating revenues and other		8		$	234		$	341		$	142			257			982
Total		2,291			234			341			142			91			3,099

Expenses:

Insurance claims and policyholders’ benefits		1,425															1,425
Amortization of deferred acquisition costs		344															344
Non-insurance warranty expense		281															281
Operating expenses and other		300			1,080			211			167			268			2,026
Interest		31			32			42			8			31			144
Total		2,381			1,112			253			175			299			4,220
Income (loss) before income tax		(90	)		(878	)		88			(33	)		(208	)		(1,121	)
Income tax (expense) benefit		28			21			(23	)		8			43			77
Net income (loss)		(62	)		(857	)		65			(25	)		(165	)		(1,044	)
Amounts attributable to noncontrolling interests		7			405												412
Net income (loss) attributable to Loews Corporation	$	(55	)	$	(452	)	$	65		$	(25	)	$	(165	)	$	(632	)

Three Months Ended March 31, 2019	CNA Financial			Diamond Offshore			Boardwalk Pipelines			Loews 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