The Company's reportable segments are primarily based on its individual operating subsidiaries. Each of the principal operating subsidiaries are 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. Investment gains (losses) and the related income taxes, excluding those of CNA, are included in the Corporate and other segment.

CNA's core property and casualty commercial insurance operations are reported in two business segments: CNA Specialty and CNA Commercial. CNA Specialty provides a broad array of professional, financial and specialty property and casualty products and services, primarily through insurance brokers and managing general underwriters. CNA Commercial includes property and casualty coverages sold to small businesses and middle market entities and organizations primarily through an independent agency distribution system. CNA Commercial also includes commercial insurance and risk management products sold to large corporations primarily through insurance brokers.

CNA's non-core operations are managed in two segments: Life & Group Non-Core and Other Insurance. Life & Group Non-Core primarily includes the results of the life and group lines of business that are in run-off. Other Insurance primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business primarily in run-off, including CNA Re and asbestos and environmental pollution.

Diamond Offshore's business primarily consists of operating 46 offshore drilling rigs that are chartered on a contract basis for fixed terms by companies engaged in exploration and production of hydrocarbons. Offshore rigs are mobile units that can be relocated based on market demand. On September 30, 2011, Diamond Offshore's drilling rigs were located offshore 11 countries in addition to the United States.

HighMount's business consists primarily of natural gas exploration and production operations located primarily in the Permian Basin in Texas. In the second quarter of 2010, HighMount sold substantially all of its exploration and production assets located in the Antrim Shale in Michigan and the Black Warrior Basin in Alabama. The Michigan and Alabama properties represented approximately 17%, in aggregate, of HighMount's total proved reserves as of December 31, 2009.

Boardwalk Pipeline is engaged in the interstate transportation and storage of natural gas. This segment consists of three interstate natural gas pipeline systems originating in the Gulf Coast region, Oklahoma and Arkansas, and extending north and east through the midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, with approximately 14,200 miles of pipeline.

Loews Hotels owns and/or operates 18 hotels, 16 of which are in the United States and two are in Canada.

The Corporate and other segment consists primarily of corporate investment income, including investment gains (losses) from non-insurance subsidiaries, corporate interest expense and other unallocated expenses.

The accounting policies of the segments are the same as those described in the summary of significant accounting policies in Note 1 of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2010. In addition, CNA does not maintain a distinct investment portfolio for each of its insurance segments, and accordingly, allocation of assets to each segment is not performed. Therefore, net investment income and investment gains (losses) are allocated based on each segment's carried insurance reserves, as adjusted.

The following tables set forth the Company's consolidated revenues and income (loss) attributable to Loews Corporation by business segment:


	Three Months Ended September 30,						Nine Months Ended September 30,

	2011			2010			2011			2010

(In millions)

Revenues (a):

CNA Financial:
CNA Specialty	$	874		$	899		$	2,640		$	2,640
CNA Commercial		962			1,072			3,040			3,132
Life and Group Non-Core		334			351			993			992
Other Insurance		6			41			29			147

Total CNA Financial		2,176			2,363			6,702			6,911
Diamond Offshore		881			833			2,582			2,518
HighMount		95			98			297			351
Boardwalk Pipeline		269			264			843			821
Loews Hotels		82			74			251			230
Corporate and other		(65	)		69			(27	)		69

Total	$	3,438		$	3,701		$	10,648		$	10,900


Income (loss) before income tax and noncontrolling interests (a):

CNA Financial:
CNA Specialty	$	124		$	250		$	529		$	768
CNA Commercial		80			189			362			542
Life and Group Non-Core		(43	)		(59	)		(136	)		(125	)
Other Insurance		(34	)		(546	)		(110	)		(542	)

Total CNA Financial		127			(166	)		645			643
Diamond Offshore		335			298			974			1,023
HighMount		25			30			78			105
Boardwalk Pipeline		46			55			141			196
Loews Hotels		(1	)		(1	)		13			4
Corporate and other		(93	)		42			(100	)		(14	)

Total	$	439		$	258		$	1,751		$	1,957


Net income (loss) - Loews (a):

CNA Financial:
CNA Specialty	$	70		$	139		$	299		$	432
CNA Commercial		33			110			202			312
Life and Group Non-Core		(15	)		(38	)		(50	)		(58	)
Other Insurance		(19	)		(314	)		(65	)		(306	)

Total CNA Financial		69			(103	)		386			380
Diamond Offshore		121			93			363			333
HighMount		16			19			50			56
Boardwalk Pipeline		18			21			56			80
Loews Hotels					(2	)		8			1
Corporate and other		(62	)		28			(67	)		(9	)

Income from continuing operations		162			56			796			841
Discontinued operations, net					(20	)					(19	)

Total	$	162		$	36		$	796		$	822

(a)	Investment gains (losses) included in Revenues, Income (loss) before income tax and noncontrolling interests and Net income (loss) - Loews are as follows:


	Three Months Ended September 30,					Nine Months Ended September 30,

	2011			2010		2011			2010


Revenues and Income (loss) before income tax and noncontrolling interests:

CNA Financial:
CNA Specialty	$	(8	)	$	15	$	7		$	60
CNA Commercial		(15	)		21		13			30
Life & Group Non-Core		(4	)		20		(7	)		15
Other Insurance					6		1			20

Total CNA Financial		(27	)		62		14			125
Corporate and other							1			(31	)

Total	$	(27	)	$	62	$	15		$	94


Net income (loss) - Loews:

CNA Financial:
CNA Specialty	$	(5	)	$	8	$	4		$	35
CNA Commercial		(8	)		13		8			13
Life & Group Non-Core		(2	)		11		(4	)		7
Other Insurance					5		1			13

Total CNA Financial		(15	)		37		9			68
Corporate and other										(19	)

Total	$	(15	)	$	37	$	9		$	49