Loews Corp. is a holding company, which engages in the oil and gas business. It operates through the following segments: CNA Financial, Diamond Offshore, Boardwalk Pipeline, Loews Hotels and Corporate. The CNA Financial segment offers property, casualty, insurance, and underwriting services. The Diamond Offshore segment manages drilling rigs. The Boardwalk Pipeline segment transports and stores natural gas and natural gas liquids. The Loews Hotels segment operates restaurants and chain of hotels. The Corporate segment includes investment income and interest expenses. The company was founded by Laurence A. Tisch and Preston Robert Tisch in 1954 and is headquartered in New York, NY.
Net income attributable to Loews Corporation increased $9 million for the three months ended June 30, 2019 as compared with the 2018 period. Net income increased due to favorable persistency in the long term care business and the absence of costs incurred in 2018 associated with the transition to a new IT infrastructure service provider. These increases were partially offset by lower favorable net prior year loss reserve development and a $15 million charge (after tax and noncontrolling interests) related to the early retirement of debt.