Consolidating Financial Information (Tables)

9 Months Ended

Sep. 30, 2012

Consolidating Balance Sheet Information

Loews Corporation

Consolidating Balance Sheet Information

	CNA		Diamond		Boardwalk				Loews		Corporate
September 30, 2012	Financial		Offshore		Pipeline		HighMount		Hotels		and Other		Eliminations			Total
(In millions)
Assets:
Investments	$	47,788	$	1,468	$	2	$	7	$	38	$	3,611				$	52,914
Cash		129		24		9				7							169
Receivables		8,458		468		70		78		31		564	$	(195	)		9,474
Property, plant and equipment		285		4,841		6,658		1,226		505		49					13,564
Deferred income taxes		18						683						(701	)		—
Goodwill		117		20		215		584		3							939
Investments in capital stocks of subsidiaries												17,366		(17,366	)		—
Other assets		810		371		311		19		22		13					1,546
Deferred acquisition costs of insurance subsidiaries		603															603
Separate account business		345															345
Total assets	$	58,553	$	7,192	$	7,265	$	2,597	$	606	$	21,603	$	(18,262	)	$	79,554
Liabilities and Equity:
Insurance reserves	$	39,151														$	39,151
Payable to brokers		700			$	1	$	15			$	92					808
Short term debt		13							$	5							18
Long term debt		2,557	$	1,489		3,163		760		285		694	$	(100	)		8,848
Deferred income taxes		5		529		583				49		657		(701	)		1,122
Other liabilities		3,163		609		373		116		19		215		(95	)		4,400
Separate account business		345															345
Total liabilities		45,934		2,627		4,120		891		358		1,658		(896	)		54,692
Total shareholders’ equity		11,368		2,313		1,625		1,706		248		19,945		(17,366	)		19,839
Noncontrolling interests		1,251		2,252		1,520											5,023
Total equity		12,619		4,565		3,145		1,706		248		19,945		(17,366	)		24,862
Total liabilities and equity	$	58,553	$	7,192	$	7,265	$	2,597	$	606	$	21,603	$	(18,262	)	$	79,554

	CNA		Diamond		Boardwalk				Loews		Corporate
December 31, 2011	Financial		Offshore		Pipeline		HighMount		Hotels		and Other		Eliminations			Total
(In millions)
Assets:
Investments	$	44,372	$	1,206	$	10	$	85	$	71	$	3,284				$	49,028
Cash		75		30		13				10		1					129
Receivables		8,302		594		114		109		33		226	$	(119	)		9,259
Property, plant and equipment		272		4,674		6,713		1,576		338		45					13,618
Deferred income taxes		444						499						(943	)		—
Goodwill		86		20		215		584		3							908
Investments in capital stocks of subsidiaries												16,807		(16,807	)		—
Other assets		544		453		307		19		23		11					1,357
Deferred acquisition costs of insurance subsidiaries		552															552
Separate account business		417															417
Total assets	$	55,064	$	6,977	$	7,372	$	2,872	$	478	$	20,374	$	(17,869	)	$	75,268
Liabilities and Equity:
Insurance reserves	$	37,554														$	37,554
Payable to brokers		72	$	8	$	1	$	36			$	45					162
Short term debt		83							$	5							88
Long term debt		2,525		1,488		3,398		700		208		694	$	(100	)		8,913
Deferred income taxes				530		493				51		491		(943	)		622
Other liabilities		2,971		594		373		104		20		266		(19	)		4,309
Separate account business		417															417
Total liabilities		43,622		2,620		4,265		840		284		1,496		(1,062	)		52,065
Total shareholders’ equity		10,315		2,209		1,951		2,032		194		18,878		(16,807	)		18,772
Noncontrolling interests		1,127		2,148		1,156											4,431
Total equity		11,442		4,357		3,107		2,032		194		18,878		(16,807	)		23,203
Total liabilities and equity	$	55,064	$	6,977	$	7,372	$	2,872	$	478	$	20,374	$	(17,869	)	$	75,268

Consolidating Statement of Income Information

Loews Corporation

Consolidating Statement of Income Information

Nine Months Ended September 30, 2012	CNA Financial			Diamond Offshore			Boardwalk Pipeline			HighMount			Loews Hotels			Corporate and Other		Eliminations			Total
(In millions)
Revenues:
Insurance premiums	$	5,098																			$	5,098
Net investment income		1,719		$	4								$	1		$	70					1,794
Intercompany interest and dividends																	512	$	(512	)		—
Investment gains (losses)		62					$	(3	)													59
Contract drilling revenues					2,195																	2,195
Other		233			120			862		$	219			271			2		(6	)		1,701
Total		7,112			2,319			859			219			272			584		(518	)		10,847
Expenses:
Insurance claims and policyholders’ benefits		4,164																				4,164
Amortization of deferred acquisition costs		937																				937
Contract drilling expenses					1,160																	1,160
Other operating expenses		970			390			521			709			247			60		(6	)		2,891
Interest		128			37			125			9			8			30		(6	)		331
Total		6,199			1,587			646			718			255			90		(12	)		9,483
Income (loss) before income tax		913			732			213			(499	)		17			494		(506	)		1,364
Income tax (expense) benefit		(272	)		(188	)		(52	)		180			(8	)		3					(337	)
Net income (loss)		641			544			161			(319	)		9			497		(506	)		1,027
Amounts attributable to noncontrolling interests		(64	)		(280	)		(83	)													(427	)
Net income (loss) attributable to Loews Corporation	$	577		$	264		$	78		$	(319	)	$	9		$	497	$	(506	)	$	600

Nine Months Ended September 30, 2011	CNA Financial			Diamond Offshore			Boardwalk Pipeline			HighMount			Loews Hotels			Corporate and Other			Eliminations			Total
(In millions)
Revenues:
Insurance premiums	$	4,942																				$	4,942
Net investment income		1,531		$	4								$	1		$	(23	)					1,513
Intercompany interest and dividends																	467		$	(467	)		—
Investment gains		14			1																		15
Contract drilling revenues					2,520																		2,520
Other		215			58		$	843		$	297			250			(1	)		(4	)		1,658
Total		6,702			2,583			843			297			251			443			(471	)		10,648
Expenses:
Insurance claims and policyholders’ benefits		4,131																					4,131
Amortization of deferred acquisition costs		880																					880
Contract drilling expenses					1,142																		1,142
Other operating expenses		911			406			569			183			231			49			(4	)		2,345
Interest		142			60			133			36			7			34			(6	)		406
Total		6,064			1,608			702			219			238			83			(10	)		8,904
Income before income tax		638			975			141			78			13			360			(461	)		1,744
Income tax (expense) benefit		(199	)		(229	)		(35	)		(28	)		(5	)		34						(462	)
Net income		439			746			106			50			8			394			(461	)		1,282
Amounts attributable to noncontrolling interests		(58	)		(383	)		(50	)														(491	)
Net income attributable to Loews Corporation	$	381		$	363		$	56		$	50		$	8		$	394		$	(461	)	$	791