Business Segments

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

Business Segments

10.  Business Segments

The Company’s segments are CNA Financial’s core property and casualty commercial insurance operations which include Specialty, Commercial and International; CNA’s Other Non-Core operations; Diamond Offshore; Boardwalk Pipeline; Loews Hotels; and Corporate and other. The Company’s reportable segments are primarily based on its individual operating subsidiaries. Each of the principal 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. Investment gains (losses) and the related income taxes, excluding those of CNA, are included in the Corporate and other segment. 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, 2015.

The following tables set forth the Company’s consolidated revenues and income (loss) by business segment:

	Three Months Ended     June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
(In millions)
Revenues (a):
CNA Financial:
Property and Casualty:
Specialty	$	928		$	904		$	1,793		$	1,821
Commercial		876			883			1,678			1,778
International		214			220			429			426
Other Non-Core		330			320			651			654
Total CNA Financial		2,348			2,327			4,551			4,679
Diamond Offshore		390			632			861			1,259
Boardwalk Pipeline		308			299			655			629
Loews Hotels		189			167			352			306
Corporate and other		72			10			61			40
Total	$	3,307		$	3,435		$	6,480		$	6,913
Income (loss) before income tax and noncontrolling interests (a):
CNA Financial:
Property and Casualty:
Specialty	$	250		$	206		$	430		$	413
Commercial		146			122			241			308
International		(27	)		35			(17	)		48
Other Non-Core		(79	)		(198	)		(306	)		(290)
Total CNA Financial		290			165			348			479
Diamond Offshore		(657	)		106			(574	)		(181)
Boardwalk Pipeline		65			38			164			115
Loews Hotels		4			14			13			24
Corporate and other		22			(28	)		(32	)		(37)
Total	$	(276	)	$	295		$	(81	)	$	400
Net income (loss) (a):
CNA Financial:
Property and Casualty:
Specialty	$	150		$	124		$	257		$	247
Commercial		86			72			142			182
International		(21	)		19			(13	)		28
Other Non-Core		(26	)		(91	)		(137	)		(123)
Total CNA Financial		189			124			249			334
Diamond Offshore		(290	)		45			(247	)		(81)
Boardwalk Pipeline		17			12			48			37
Loews Hotels		1			8			4			13
Corporate and other		18			(19	)		(17	)		(24)
Total	$	(65	)	$	170		$	37		$	279

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

	Three Months Ended June 30,						Six Months Ended June 30,
	2016			2015			2016			2015
Revenues and Income (loss) before income tax and noncontrolling interests:
CNA Financial:
Property and Casualty:
Specialty	$	4					$	(7	)	$	4
Commercial		8		$	2			(10	)		6
International		4			1			8			2
Other Non-Core		(3	)		(5	)		(6	)		(4	)
Total CNA Financial		13			(2	)		(15	)		8
Corporate and other		(12	)					(12	)
Total	$	1		$	(2	)	$	(27	)	$	8
Net income (loss):
CNA Financial:
Property and Casualty:
Specialty	$	3		$	1		$	(4	)	$	3
Commercial		4						(6	)		3
International		3						6			1
Other Non-Core		(4	)		2			(7	)		4
Total CNA Financial		6			3			(11	)		11
Corporate and other		(4	)					(4	)
Total	$	2		$	3		$	(15	)	$	11