Segments

6 Months Ended

Jun. 30, 2019

13. Segments

The Company has

five

reportable segments comprised of

four

individual operating subsidiaries, CNA, Diamond Offshore, Boardwalk Pipelines 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.

Three Months Ended June 30, 2019	CNA Financial			Diamond Offshore			Boardwalk Pipelines			Loews Hotels & Co			Corporate			Total
(In millions)

Revenues:

Insurance premiums	$	1,824														$	1,824
Net investment income		515		$	2					$	1		$	33			551
Investment gains		2															2
Non-insurance warranty revenue		285															285
Operating revenues and other		4			222		$	327			185			223			961
Total		2,630			224			327			186			256			3,623

Expenses:

Insurance claims and policyholders’ benefits		1,352															1,352
Amortization of deferred acquisition costs		338															338
Non-insurance warranty expense		263															263
Operating expenses and other		279			335			209			163			245			1,231
Interest		55			31			46			5			27			164
Total		2,287			366			255			168			272			3,348
Income (loss) before income tax		343			(142	)		72			18			(16	)		275
Income tax (expense) benefit		(64	)		36			(19	)		(6	)		3			(50	)
Net income (loss)		279			(106	)		53			12			(13	)		225
Amounts attributable to noncontrolling interests		(30	)		54												24
Net income (loss) attributable to Loews Corporation	$	249		$	(52	)	$	53		$	12		$	(13	)	$	249


Three Months Ended June 30, 2018	CNA Financial			Diamond Offshore			Boardwalk Pipelines			Loews Hotels & Co			Corporate			Total
(In millions)

Revenues:

Insurance premiums	$	1,815														$	1,815
Net investment income		506		$	2					$	1		$	42			551
Investment losses		(3	)														(3	)
Non-insurance warranty revenue		248															248
Operating revenues and other		8			269		$	285			200			217			979
Total		2,574			271			285			201			259			3,590

Expenses:

Insurance claims and policyholders’ benefits		1,327															1,327
Amortization of deferred acquisition costs		359															359
Non-insurance warranty expense		225															225
Operating expenses and other		299			320			203			169			238			1,229
Interest		35			30			43			8			27			143
Total		2,245			350			246			177			265			3,283
Income (loss) before income tax		329			(79	)		39			24			(6	)		307
Income tax (expense) benefit		(60	)		10			(2	)		(7	)					(59	)
Net income (loss)		269			(69	)		37			17			(6	)		248
Amounts attributable to noncontrolling interests		(29	)		32			(21	)								(18	)
Net income (loss) attributable to Loews Corporation	$	240		$	(37	)	$	16		$	17		$	(6	)	$	230

Six Months Ended June 30, 2019	CNA Financial			Diamond Offshore			Boardwalk Pipelines			Loews Hotels & Co			Corporate			Total
(In millions)

Revenues:

Insurance premiums	$	3,627														$	3,627
Net investment income		1,086		$	4					$	1		$	117			1,208
Investment gains		33															33
Non-insurance warranty revenue		566															566
Operating revenues and other		13			456		$	673			365			439			1,946
Total		5,325			460			673			366			556			7,380

Expenses:

Insurance claims and policyholders’ benefits		2,709															2,709
Amortization of deferred acquisition costs		680															680
Non-insurance warranty expense		523															523
Operating expenses and other		563			618			404			319			476			2,380
Interest		89			61			91			10			54			305
Total		4,564			679			495			329			530			6,597
Income (loss) before income tax		761			(219	)		178			37			26			783
Income tax (expense) benefit		(141	)		42			(46	)		(12	)		(5	)		(162	)
Net income (loss)		620			(177	)		132			25			21			621
Amounts attributable to noncontrolling interests		(66	)		88												22
Net income (loss) attributable to Loews Corporation	$	554		$	(89	)	$	132		$	25		$	21		$	643


Six Months Ended June 30, 2018	CNA Financial			Diamond Offshore			Boardwalk Pipelines			Loews Hotels & Co			Corporate			Total
(In millions)

Revenues:

Insurance premiums	$	3,600														$	3,600
Net investment income		996		$	4					$	1		$	56			1,057
Investment gains		6															6
Non-insurance warranty revenue		486															486
Operating revenues and other		21			566		$	622			383			430			2,022
Total		5,109			570			622			384			486			7,171
Expenses:

Insurance claims and policyholders’ benefits		2,666															2,666
Amortization of deferred acquisition costs		655															655
Non-insurance warranty expense		441															441
Operating expenses and other		601			616			401			325			470			2,413
Interest		70			58			87			15			54			284
Total		4,433			674			488			340			524			6,459
Income (loss) before income tax		676			(104	)		134			44			(38	)		712
Income tax (expense) benefit		(115	)		54			(14	)		(14	)		5			(84	)
Net income (loss)		561			(50	)		120			30			(33	)		628
Amounts attributable to noncontrolling interests		(60	)		23			(68	)								(105	)
Net income (loss) attributable to Loews Corporation	$	501		$	(27	)	$	52		$	30		$	(33	)	$	523