Loews (L) 10-Q/A 6 Aug 09 2009 Q2 Quarterly report (amended) Financial data

1000 - CONSOLIDATED CONDENSED B

1000 - CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)
In Millions	Jun. 30, 2009	Dec. 31, 2008
Investments
Fixed maturities, amortized cost of $34,638 and $34,767	$31,826	$29,451
Equity securities, cost of $958 and $1,402	1,053	1,185
Limited partnership investments	1,975	1,781
Other investments	5	4
Short term investments	6,454	6,029
Total investments	41,313	38,450
Cash	136	131
Receivables	11,529	11,672
Property, plant and equipment	12,671	12,892
Deferred income taxes	2,189	2,928
Goodwill	856	856
Other assets	1,378	1,432
Deferred acquisition costs of insurance subsidiaries	1,145	1,125
Separate account business	413	384
Total assets	71,630	69,870
Insurance reserves
Claim and claim adjustment expense	27,100	27,593
Future policy benefits	7,746	7,529
Unearned premiums	3,508	3,405
Policyholders' funds	217	243
Total insurance reserves	38,571	38,770
Payable to brokers	930	679
Collateral on loaned securities and derivatives	6	6
Short term debt	23	71
Long term debt	8,647	8,187
Reinsurance balances payable	350	316
Other liabilities	3,928	4,322
Separate account business	413	384
Total liabilities	52,868	52,735
Common stock, $0.01 par value: Authorized - 1,800,000,000 shares, Issued - 435,213,891 and 435,091,667 shares	4	4
Additional paid-in capital	3,894	3,340
Retained earnings	13,122	13,375
Accumulated other comprehensive loss	(1,972)	(3,586)
Less treasury stock, at cost (1,195,900 shares)	32
Total shareholders' equity	15,016	13,133
Noncontrolling interests	3,746	4,002
Total equity	18,762	17,135
Total liabilities and equity	$71,630	$69,870

1010 - PARENTHETICAL DATA FOR C

1010 - PARENTHETICAL DATA FOR CONSOLIDATED CONDENSED BALANCE SHEETS (USD $)
In Millions, except Share data	Jun. 30, 2009	Dec. 31, 2008
Investments
Amortized cost of $34,638 and $34,767	$34,638	$34,767
Cost of $958 and $1,402	$958	$1,402
Liabilities and Equity
Preferred stock, $0.10 par value	0.1	0.1
Preferred stock, Authorized - 100,000,000 shares	100,000,000	100,000,000
Common stock, $0.01 par value	0.01	0.01
Common stock, Authorized - 1,800,000,000 shares	1,800,000,000	1,800,000,000
Common stock, Issued - 435,213,891 and 435,091,667 shares	435,213,891	435,091,667
Treasury stock at cost (1,195,900 shares)	1,195,900

2000 - CONSOLIDATED CONDENSED S

2000 - CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS (USD $)
In Millions, except Share data	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Revenues:
Insurance premiums	$1,656	$1,774	$3,328	$3,586
Net investment income	735	697	1,182	1,176
Investment gains (losses):
Other-than-temporary impairment losses	(484)	(170)	(1,098)	(256)
Portion of loss recognized in Accumulated other comprehensive income (loss)	89		89
Net impairment losses recognized in earnings	(395)	(170)	(1,009)	(256)
Transactional realized investment gains	98	59	181	94
Total investment losses	(297)	(111)	(828)	(162)
Gain on issuance of subsidiary stock		2		2
Contract drilling revenues	923	937	1,779	1,707
Other	517	623	1,096	1,225
Total	3,534	3,922	6,557	7,534
Expenses:
Insurance claims and policyholders' benefits	1,295	1,472	2,637	2,861
Amortization of deferred acquisition costs	349	360	698	728
Contract drilling expenses	306	273	600	558
Impairment of natural gas and oil properties			1,036
Other operating expenses	717	622	1,493	1,241
Interest	110	88	204	177
Total	2,777	2,815	6,668	5,565
Income (loss) before income tax	757	1,107	(111)	1,969
Income tax (expense) benefit	(197)	(340)	198	(593)
Income from continuing operations	560	767	87	1,376
Discontinued operations, net: Results of operations	(1)	170	(1)	343
Discontinued operations, net: Gain on disposal		4,282		4,362
Net income	559	5,219	86	6,081
Amounts attributable to noncontrolling interests	(219)	(256)	(393)	(456)
Net income (loss) attributable to Loews Corporation	340	4,963	(307)	5,625
Net income (loss) attributable to:
Income (loss) from continuing operations	341	511	(306)	920
Discontinued operations, net	(1)	4,348	(1)	4,494
Loews common stock	340	4,859	(307)	5,414
Net income attributable to Former Carolina Group stock - discontinued operations, net		104		211
Total	$340	$4,963	($307)	$5,625
Basic net income (loss) per Loews common share:
Income (loss) from continuing operations	0.79	1	-0.7	1.77
Discontinued operations, net		8.56		8.66
Net income (loss)	0.79	9.56	-0.7	10.43
Diluted net income (loss) per Loews common share:
Income (loss) from continuing operations	0.78	1	-0.7	1.77
Discontinued operations, net		8.54		8.64
Net income (loss)	0.78	9.54	-0.7	10.41
Basic net income per former Carolina Group share:
Discontinued operations, net		0.97		1.95
Diluted net income per former Carolina Group share:
Discontinued operations, net		0.96		1.95
Basic weighted average number of shares outstanding (Loews):
Loews common stock	435.07	508.16	435.09	518.93
Basic weighted average number of shares outstanding (Former Carolina Group):
Former Carolina Group stock		108.48		108.47
Diluted weighted average number of shares outstanding (Loews):
Loews common stock	435.63	509.43	435.09	520.17
Diluted weighted average number of shares outstanding (Former Carolina Group):
Former Carolina Group stock		108.6		108.6

3000 - CONSOLIDATED CONDENSED S

3000 - CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME (USD $)
In Millions	3 Months Ended Jun. 30, 2009	3 Months Ended Jun. 30, 2008	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Net income	$559	$5,219	$86	$6,081
Changes in
Unrealized gains (losses) on available-for-sale investments	1,458	(165)	1,857	(1,021)
Unrealized gains (losses) on cash flow hedges	(12)	(68)	3	(203)
Foreign currency	77	2	70	(17)
Pension liability	1	32		25
Other comprehensive income (loss)	1,524	(199)	1,930	(1,216)
Comprehensive income	2,083	5,020	2,016	4,865
Amounts attributable to noncontrolling interests	(377)	(228)	(600)	(329)
Total comprehensive income attributable to Loews Corporation	$1,706	$4,792	$1,416	$4,536

4000 - CONSOLIDATED CONDENSED S

4000 - CONSOLIDATED CONDENSED STATEMENTS OF EQUITY (USD $)
In Millions	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008	Dec. 31, 2008	Dec. 31, 2007
Equity balance, as reported			$17,122	$21,489
Adjustment to initially apply FASB Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion"	13	13
Equity balance, as restated			17,135	21,502
Equity balance as adjusted (January 1, 2009) and restated (January 1, 2008)	17,135	21,502
Net income	86	6,081
Other comprehensive income (loss)	1,930	(1,216)
Issuance of Loews common stock	2	2
Stock-based compensation	9	13
Other	9	3
Dividends paid	(375)	(398)
Purchase of Loews treasury stock	(32)
Redemption of former Carolina Group stock		(542)
Exchange of Lorillard common stock for Loews common stock		(4,650)
Purchase of subsidiary shares from noncontrolling interests	(2)	(95)
Issuance of equity securities by subsidiary		243
Adjustments related to purchase of subsidiary Class B units		105
Equity, ending balance	18,762	21,048	17,135	21,502
Common Stock [Member]
Equity balance, as reported			4	5
Equity balance, as restated			4
Equity balance as adjusted (January 1, 2009) and restated (January 1, 2008)	4	5
Retirement of treasury stock	0	(1)
Equity, ending balance	4	4	4	5
Additional Paid-in Capital [Member]
Equity balance, as reported			3,283	3,967
Adjustment to initially apply FASB Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion"	57	57
Equity balance, as restated			3,340
Adjustment to initially apply Statement of Financial Accounting Standards No. 160, "Noncontrolling Interests in Consolidated Financial Statements"	536
Equity balance as adjusted (January 1, 2009) and restated (January 1, 2008)	3,876	4,024
Retirement of treasury stock		(700)
Issuance of Loews common stock	2	2
Stock-based compensation	7	11
Other	(6)
Purchase of subsidiary shares from noncontrolling interests	15
Equity, ending balance	3,894	3,337	3,876	4,024
Retained Earnings [Member]
Equity balance, as reported			13,425	13,691
Adjustment to initially apply FASB Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion"	(50)	(50)
Equity balance, as restated			13,375
Equity balance as adjusted (January 1, 2009) and restated (January 1, 2008)	13,375	13,641
Net income	(307)	5,625
Retirement of treasury stock		(3,949)
Other	(1)	(2)
Dividends paid	(54)	(165)
Redemption of former Carolina Group stock		(602)
Adjustment to initially apply FASB Staff Position No. FAS 115-2 and FAS 124-2, "Recognition and Presentation of Other-Than-Temporary Impairments, " as of April 1, 2009	109
Equity, ending balance	13,122	14,548	13,375	13,641
Accumulated Other Comprehensive Income [Member]
Equity balance, as reported			(3,586)	(65)
Equity balance, as restated			(3,586)
Equity balance as adjusted (January 1, 2009) and restated (January 1, 2008)	(3,586)	(65)
Other comprehensive income (loss)	1,723	(1,089)
Redemption of former Carolina Group stock		53
Adjustment to initially apply FASB Staff Position No. FAS 115-2 and FAS 124-2, "Recognition and Presentation of Other-Than-Temporary Impairments, " as of April 1, 2009	(109)
Equity, ending balance	(1,972)	(1,101)	(3,586)	(65)
Treasury Stock [Member]
Equity balance, as reported				(8)
Equity balance as adjusted (January 1, 2009) and restated (January 1, 2008)		(8)
Retirement of treasury stock		4,650
Purchase of Loews treasury stock	(32)
Redemption of former Carolina Group stock		8
Exchange of Lorillard common stock for Loews common stock		(4,650)
Equity, ending balance	(32)	0		(8)
Carolina Group Stock
Equity balance, as reported				1
Equity balance as adjusted (January 1, 2009) and restated (January 1, 2008)		1
Redemption of former Carolina Group stock		(1)
Equity, ending balance		0		1
Noncontrolling Interest [Member]
Equity balance, as reported			3,996	3,898
Adjustment to initially apply FASB Staff Position No. APB 14-1, "Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion"	6	6
Equity balance, as restated			4,002
Adjustment to initially apply Statement of Financial Accounting Standards No. 160, "Noncontrolling Interests in Consolidated Financial Statements"	(536)
Equity balance as adjusted (January 1, 2009) and restated (January 1, 2008)	3,466	3,904
Net income	393	456
Other comprehensive income (loss)	207	(127)
Stock-based compensation	2	2
Other	16	5
Dividends paid	(321)	(233)
Purchase of subsidiary shares from noncontrolling interests	(17)	(95)
Issuance of equity securities by subsidiary		243
Adjustments related to purchase of subsidiary Class B units		105
Equity, ending balance	$3,746	$4,260	$3,466	$3,904

5000 - CONSOLIDATED CONDENSED S

5000 - CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (USD $)
In Millions	6 Months Ended Jun. 30, 2009	6 Months Ended Jun. 30, 2008
Operating Activities:
Net income	$86	$6,081
Adjustments to reconcile net income to net cash provided (used) by operating activities:
Adjustments to reconcile net income to net cash provided (used) by operating activities, net	1,849	(4,233)
Changes in operating assets and liabilities, net:
Reinsurance receivables	424	447
Other receivables	(62)	(271)
Federal income tax	(320)	(32)
Deferred acquisition costs	(20)	(6)
Insurance reserves	(245)	(148)
Reinsurance balances payable	34	(28)
Other liabilities	(268)	(504)
Trading securities	177	1,488
Other, net	9	(114)
Net cash flow operating activities - continuing operations	1,664	2,680
Net cash flow operating activities - discontinued operations	(12)	151
Net cash flow operating activities - total	1,652	2,831
Investing Activities:
Purchases of fixed maturities	(12,402)	(28,260)
Proceeds from sales of fixed maturities	11,083	26,260
Proceeds from maturities of fixed maturities	1,723	2,464
Purchases of equity securities	(240)	(133)
Proceeds from sales of equity securities	441	132
Purchases of property, plant and equipment	(1,380)	(1,779)
Change in collateral on loaned securities and derivatives		(63)
Change in short term investments	(897)	(1,542)
Other, net	5	(137)
Net cash flow investing activities - continuing operations	(1,667)	(3,058)
Net cash flow investing activities - discontinued operations, including proceeds from dispositions	12	618
Net cash flow investing activities - total	(1,655)	(2,440)
Financing Activities:
Dividends paid	(54)	(165)
Dividends paid to noncontrolling interests	(321)	(233)
Purchases of treasury shares	(32)
Purchases of treasury shares by subsidiary	(2)	(70)
Issuance of common stock	2	2
Proceeds from subsidiaries' equity issuances		245
Principal payments on debt	(260)	(747)
Issuance of debt	666	886
Receipts of investment contract account balances	2	2
Return of investment contract account balances	(10)	(299)
Excess tax benefits from share-based payment arrangements		3
Other	12	3
Net cash flow financing activities - continuing operations	3	(373)
Net cash flow financing activities - discontinued operations	0	0
Net cash flow financing activities - total	3	(373)
Effect of foreign exchange rate on cash - continuing operations	5	(1)
Net change in cash	5	17
Net cash transactions from
Net cash transactions from continuing operations to discontinued operations		780
Net cash transactions from discontinued operations to continuing operations		(780)
Cash, beginning of period	131	160
Cash, end of period	136	177
Cash, end of period:
Continuing operations	136	168
Discontinued operations		9
Total	$136	$177

6000 - Basis of Presentation

6000 - Basis of Presentation
	6 Months Ended Jun. 30, 2009
Basis of Presentation
Basis of Presentation	1.Basis of Presentation Loews Corporation is a holding company. Its subsidiaries are engaged in the following lines of business: commercial property and casualty insurance (CNA Financial Corporation (CNA), a 90% owned subsidiary); the operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling, Inc. (Diamond Offshore), a 50.4% owned subsidiary); exploration, production and marketing of natural gas and natural gas liquids (HighMount Exploration Production LLC (HighMount), a wholly owned subsidiary); the operation of interstate natural gas transmission pipeline systems including integrated storage facilities (Boardwalk Pipeline Partners, LP (Boardwalk Pipeline), a 75% owned subsidiary); and the operation of hotels (Loews Hotels Holding Corporation (Loews Hotels), a wholly owned subsidiary). Unless the context otherwise requires, the terms Company, Loews and Registrant as used herein mean Loews Corporation excluding its subsidiaries and the term Net income (loss) Loews as used herein means Net income (loss) attributable to Loews Corporation. In June of 2008, the Company disposed of its entire ownership interest in its wholly owned subsidiary, Lorillard, Inc. (Lorillard). Accordingly, amounts related to Lorillard have been reclassified and are reported as Discontinued Operations. See Note 14 and the Companys 2008 Annual Report on Form 10-K. In the opinion of management, the accompanying unaudited Consolidated Condensed Financial Statements reflect all adjustments (consisting of only normal recurring accruals) necessary to present fairly the financial position as of June 30, 2009 and December 31, 2008 and the results of operations and comprehensive income for the three and six months ended June 30, 2009 and 2008 and changes in cash flows for the six months ended June 30, 2009 and 2008. The Companys management evaluated subsequent events through July 31, 2009. Net income (loss) for the second quarter and first half of each of the years is not necessarily indicative of net income (loss) for that entire year. Reference is made to the Notes to Consolidated Financial Statements in the 2008 Annual Report on Form 10-K which should be read in conjunction with these Consolidated Condensed Financial Statements. Supplementary cash flow information As discussed above, in June of 2008, the Company disposed of its entire ownership interest in Lorillard resulting in a non-cash gain on disposal of $4.3 billion. Investing activities includes net accrued capital expenditures of $125 million for the six months ended June 30, 2009. For the six months ended June 30, 2008, net cash outflows increased by $162 million due to payment of previously accrued capital expenditures. Accounting changes In December of 2007, the Financial Accounting Standards Board (FASB) issued Statement of Financial Accounting Standards (SFAS) No. 160, Noncontrolling Interests in Consolidated Financial Statements. SFAS No. 160 requires all entities to report noncontrolling (minority) interests in subsidiaries as a component of equity in the Consolidated Financial Statements. Therefore, the Noncontrolling interest in the equity section includes the appro

6010 - Investments

6010 - Investments
	6 Months Ended Jun. 30, 2009
Investments
Investments	2.Investments Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 (In millions) Net investment income consisted of: Fixed maturity securities $ 487 $ 476 $ 962 $ 994 Short term investments 13 36 24 89 Limited partnerships 159 46 89 7 Equity securities 14 39 28 44 Trading portfolio 72 103 98 51 Other 1 9 4 21 Total investment income 746 709 1,205 1,206 Investment expenses (11 ) (12 ) (23 ) (30 ) Net investment income $ 735 $ 697 $ 1,182 $ 1,176 Investment gains (losses) are as follows: Fixed maturity securities $ (392 ) $ (158 ) $ (750 ) $ (160 ) Equity securities 64 (14 ) (152 ) (29 ) Derivative instruments 33 56 64 12 Short term investments (5 ) 5 9 7 Other 3 1 8 Investment losses (a) (297 ) (111 ) (828 ) (162 ) Gain on issuance of subsidiary stock 2 2 (297 ) (109 ) (828 ) (160 ) Income tax benefit 99 39 285 57 Amounts attributable to noncontrolling interests 20 6 55 10 Investment losses, net - Loews $ (178 ) $ (64 ) $ (488 ) $ (93 ) (a) Includes gross realized gains of $173, $90, $281 and $211 and gross realized losses of ($501), ($262), ($1,183) and ($400)on available-for-sale securities for the three and six months ended June 30, 2009 and 2008. A security is impaired if the fair value of the security is less than its cost adjusted for accretion, amortization and previously recorded OTTI losses, otherwise defined as an unrealized loss. When a security is impaired, the impairment is evaluated to determine whether it is temporary or other-than-temporary. Significant judgment is required in the determination of whether an OTTI loss has occurred for a security. CNA follows a consistent and systematic process for determining and recording an OTTI loss. CNA has established a committee responsible for the OTTI process. This committee, referred to as the Impairment Committee, is made up of three officers appointed by CNAs Chief Financial Officer. The Impairment Committee is responsible for evaluating securities in an unrealized loss position on at least a quarterly basis. The Impairment Committees assessment of whether an OTTI loss has occurred incorporates both quantitative and qualitative information. Fixed maturity securities that CNA intends to sell

6020 - Fair Value

6020 - Fair Value
	6 Months Ended Jun. 30, 2009
Fair Value
Fair Value	3.Fair Value Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable: Level 1 Quoted prices for identical instruments in active markets. Level 2 Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. Level 3 Valuations derived from valuation techniques in which one or more significant inputs are not observable. The Company attempts to establish fair value as an exit price in an orderly transaction consistent with normal settlement market conventions. The Company is responsible for the valuation process and seeks to obtain quoted market prices for all securities. When quoted market prices in active markets are not available, the Company uses a number of methodologies to establish fair value estimates, including discounted cash flow models, prices from recently executed transactions of similar securities or broker/dealer quotes, utilizing market observable information to the extent possible. In conjunction with modeling activities, the Company may use external data as inputs. The modeled inputs are consistent with observable market information, when available, or with the Companys assumptions as to what market participants would use to value the securities. The Company also uses pricing services as a significant source of data. The Company monitors all pricing inputs to determine if the markets from which the data is gathered are active. As further validation of the Companys valuation process, the Company samples its past fair value estimates and compares the valuations to actual transactions executed in the market on similar dates. The fair values of CNAs life settlement contracts investments are included in Other assets. The fair values of discontinued operations investments are included in Other liabilities. Assets and liabilities measured at fair value on a recurring basis are summarized in the tables below: June 30, 2009 Level 1 Level 2 Level 3 Total (In millions) Fixed maturity securities: U.S.Treasury securities and obligations of government agencies $ 184 $ 787 $ 971 Asset-backed securities: Residential mortgage-backed securities 5,457 $ 808 6,265 Commercial mortgage-backed securities 477 175 652 Other asset-backed securities 289 141 430 Total asset-backed securities 6,223 1,124 7,347 States, municipalities and political subdivisions-tax- exempt securities 6,853 785 7,638 Corporate and other taxable bonds 105 14,088 730 14,92

6030 - Derivative Financial Ins

6030 - Derivative Financial Instruments
	6 Months Ended Jun. 30, 2009
Derivative Financial Instruments
Derivative Financial Instruments	4.Derivative Financial Instruments The Company invests in certain derivative instruments for a number of purposes, including: (i) asset and liability management activities, (ii) income enhancements for its portfolio management strategy, and (iii) benefit from anticipated future movements in the underlying markets. If such movements do not occur as anticipated, then significant losses may occur. Monitoring procedures include senior management review of daily detailed reports of existing positions and valuation fluctuations to ensure that open positions are consistent with the Companys portfolio strategy. The Company does not believe that any of the derivative instruments utilized by it are unusually complex, nor do these instruments contain embedded leverage features which would expose the Company to a higher degree of risk. The Company uses derivatives in the normal course of business, primarily in an attempt to reduce its exposure to market risk (principally interest rate risk, equity stock price risk, commodity price risk and foreign currency risk) stemming from various assets and liabilities and credit risk (the ability of an obligor to make timely payment of principal and/or interest). The Companys principal objective under such risk strategies is to achieve the desired reduction in economic risk, even if the position does not receive hedge accounting treatment. CNAs use of derivatives is limited by statutes and regulations promulgated by the various regulatory bodies to which it is subject, and by its own derivative policy. The derivative policy limits the authorization to initiate derivative transactions to certain personnel. Derivatives entered into for hedging, regardless of the choice to designate hedge accounting, shall have a maturity that effectively correlates to the underlying hedged asset or liability. The policy prohibits the use of derivatives containing greater than one-to-one leverage with respect to changes in the underlying price, rate or index. The policy also prohibits the use of borrowed funds, including funds obtained through securities lending, to engage in derivative transactions. The Company has exposure to economic losses due to interest rate risk arising from changes in the level or volatility of interest rates. The Company attempts to mitigate its exposure to interest rate risk through portfolio management, which includes rebalancing its existing portfolios of assets and liabilities, as well as changing the characteristics of investments to be purchased or sold in the future. In addition, various derivative financial instruments are used to modify the interest rate risk exposures of certain assets and liabilities. These strategies include the use of interest rate swaps, interest rate caps and floors, options, futures, forwards and commitments to purchase securities. These instruments are generally used to lock interest rates or market values, to shorten or lengthen durations of fixed maturity securities or investment contracts, or to hedge (on an economic basis) interest rate risks associated with investments and variable rate debt. The Company infrequently designates these types of instrume

6040 - Earnings Per Share

6040 - Earnings Per Share
	6 Months Ended Jun. 30, 2009
Earnings Per Share
Earnings Per Share	5. Earnings Per Share Companies with complex capital structures are required to present basic and diluted earnings per share. Basic earnings per share excludes dilution and is computed by dividing net income (loss) attributable to each class of common stock by the weighted average number of common shares of each class of common stock outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. Prior to the disposal of its entire ownership interest in Lorillard, the Company had two classes of common stock: former Carolina Group stock, a tracking stock intended to reflect the economic performance of a group of the Companys assets and liabilities, called the former Carolina Group, principally consisting of Lorillard, Inc. and Loews common stock, representing the economic performance of the Companys remaining assets, including the interest in the former Carolina Group not represented by former Carolina Group stock. The attribution of income (loss) to each class of common stock for the three and six months ended June 30, 2009 and 2008 was as follows: Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 (In millions, except %) Loews common stock: Consolidated net income (loss) - Loews $ 340 $ 4,963 $ (307 ) $ 5,625 Less income attributable to former Carolina Group stock 104 211 Income (loss) $ 340 $ 4,859 $ (307 ) $ 5,414 Former Carolina Group stock: Income available to former Carolina Group stock $ 168 $ 339 Weighted average economic interest of the former Carolina Group 62.4 % 62.4 % Income attributable to former Carolina Group stock $ - $ 104 $ - $ 211 The following is a reconciliation of basic weighted shares outstanding to diluted weighted shares: Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 (In millions) Loews common stock: Weighted average shares outstanding-basic 435.07 508.16 435.09 518.93 Stock options and stock appreciation rights 0.56 1.27 1.24 Weighted average shares outstanding-diluted 435.63 509.43 435.09 520.17 Former Carolina Group stock: Weighted average shares outstanding-basic 108.48 108.47 Stock options and stock appreciation rights 0.12 0.13 Weighted average shares outstanding-diluted - 108.60 - 108.60 Certain opt

6050 - Receivables

6050 - Receivables
	6 Months Ended Jun. 30, 2009
Receivables
Receivables	6. Receivables June 30, December 31, 2009 2008 (In millions) Reinsurance $ 7,337 $ 7,761 Other insurance 2,060 2,039 Receivable from brokers 806 936 Accrued investment income 387 360 Federal income taxes 595 382 Other 966 844 Total 12,151 12,322 Less:allowance for doubtful accounts on reinsurance receivables 358 366 allowance for other doubtful accounts 264 284 Receivables $ 11,529 $ 11,672

6080 - Property, Plant and Equi

6080 - Property, Plant and Equipment
	6 Months Ended Jun. 30, 2009
Property, Plant and Equipment
Property, Plant and Equipment Disclosure	7.Property, Plant and Equipment June 30, December 31, 2009 2008 (In millions) Land $ 70 $ 70 Buildings and building equipment 638 635 Offshore drilling equipment 6,343 5,668 Machinery and equipment 1,225 1,375 Pipeline equipment 6,321 3,978 Natural gas and oil proved and unproved properties 3,459 3,345 Construction in process 217 2,210 Leaseholds and leasehold improvements 78 75 Total 18,351 17,356 Less accumulated depreciation, depletion and amortization 5,680 4,464 Property, plant and equipment $ 12,671 $ 12,892 Diamond Offshore In June 2009, Diamond Offshore acquired the Ocean Courage, a newbuild, semisubmersible drilling rig for $460 million, exclusive of final commissioning and initial mobilization costs, drill string and other necessary capital spares. HighMount Impairment of Natural Gas and Oil Properties At March 31, 2009, HighMount recorded a non-cash ceiling test impairment charge of $1,036 million ($660 million after tax) related to its carrying value of natural gas and oil properties. The impairment was recorded as a credit to Accumulated depreciation, depletion and amortization. The write-down was the result of declines in commodity prices at March 31, 2009. Had the effects of HighMounts cash flow hedges not been considered in calculating the ceiling limitation, the impairment would have been $1,230 million ($784 million after tax). Boardwalk Pipeline Expansion Projects In 2009, Boardwalk Pipeline placed in service its Gulf Crossing Project and Fayetteville and Greenville Laterals and the remaining compression facilities associated with its Southeast Expansion project. As a result, approximately $2.3 billion was transferred from Construction in process to Pipeline equipment. The assets will generally be depreciated over a term of 35 years.

6090 - Claim and Claim Adjustme

6090 - Claim and Claim Adjustment Expense Reserves
	6 Months Ended Jun. 30, 2009
Claim and Claim Adjustment Expense Reserves
Claim and Claim Adjustment Expense Reserves	8.Claim and Claim Adjustment Expense Reserves CNAs property and casualty insurance claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including claims that are incurred but not reported (IBNR) as of the reporting date. CNAs reserve projections are based primarily on detailed analysis of the facts in each case, CNAs experience with similar cases and various historical development patterns. Consideration is given to such historical patterns as field reserving trends and claims settlement practices, loss payments, pending levels of unpaid claims and product mix, as well as court decisions, economic conditions and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves. Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can all affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as general liability and professional liability claims. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in the Companys results of operations and/or equity. CNA reported catastrophe losses, net of reinsurance, of $43 million and $56 million for the three and six months ended June 30, 2009 for events occurring in those periods. Catastrophe losses in 2009 related primarily to tornadoes, floods, hail and wind. CNA reported catastrophe losses, net of reinsurance, of $47 million and $100 million for the three and six months ended June 30, 2008 for events occurring in those periods. There can be no assurance that CNAs ultimate cost for catastrophes will not exceed current estimates. The following provides discussion of CNAs asbestos and environmental pollution (AE) reserves. AE Reserves CNAs property and casualty insurance subsidiaries have actual and potential exposures related to AE claims. The following table provides data related to CNAs AE claim and claim adjustment expense reserves. June 30, 2009 December 31, 2008 Environmental Environmental Asbestos Pollution Asbestos Pollution (In millions) Gross reserves $ 1,964 $ 366 $ 2,112 $ 392 Ceded reserves

6100 - Debt Disclosure

6100 - Debt Disclosure
	6 Months Ended Jun. 30, 2009
Debt
Debt	9.Debt In May of 2009, Diamond Offshore issued $500 million aggregate principal amount of 5.9% senior notes due May 1, 2019. Diamond Offshore used the net proceeds of $496 million from the sale of the notes for general corporate purposes.

6110 - Benefit Plans

6110 - Benefit Plans
	6 Months Ended Jun. 30, 2009
Benefit Plans
Benefit Plans	10.Benefit Plans Pension Plans - The Company has several non-contributory defined benefit plans for eligible employees. Benefits for certain plans are determined annually based on a specified percentage of annual earnings (based on the participants age or years of service) and a specified interest rate (which is established annually for all participants) applied to accrued balances. The benefits for another plan which cover salaried employees are based on formulas which include, among others, years of service and average pay. The Companys funding policy is to make contributions in accordance with applicable governmental regulatory requirements. Other Postretirement Benefit Plans - The Company has several postretirement benefit plans covering eligible employees and retirees. Participants generally become eligible after reaching age 55 with required years of service. Actual requirements for coverage vary by plan. Benefits for retirees who were covered by bargaining units vary by each unit and contract. Benefits for certain retirees are in the form of a Company health care account. Benefits for retirees reaching age 65 are generally integrated with Medicare. Other retirees, based on plan provisions, must use Medicare as their primary coverage, with the Company reimbursing a portion of the unpaid amount; or are reimbursed for the Medicare Part B premium or have no Company coverage. The benefits provided by the Company are basically health and, for certain retirees, life insurance type benefits. The Company funds certain of these benefit plans and accrues postretirement benefits during the active service of those employees who would become eligible for such benefits when they retire. Net periodic benefit cost components: Pension Benefits Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 (In millions) Service cost $ 6 $ 7 $ 13 $ 15 Interest cost 43 42 86 82 Expected return on plan assets (39 ) (48 ) (78 ) (96 ) Amortization of net loss 1 2 1 Actuarial loss 6 1 12 2 Net periodic benefit cost $ 17 $ 2 $ 35 $ 4 Other Postretirement Benefits Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 (In millions) Service cost $ 1 $ 1 Interest cost $ 3 $ 3 6 6 Expected return on plan assets (1 ) (1 ) (2 ) (2 ) Amortization of prior service benefit (6 ) (7 ) (12 ) (12 ) Actuarial loss 1 1 1 Regulatory asset decrease 2 2 3 3 Net periodic benefit cost $ (2 ) $ (2 ) $ (3 ) $ (3 )

6120 - Business Segments

6120 - Business Segments
	6 Months Ended Jun. 30, 2009
Business Segments
Business Segments	11.Business Segments The Companys reportable segments are primarily based on its individual operating subsidiaries. Each principal operating subsidiary 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. CNAs business primarily consists of commercial property and casualty insurance. Its reportable segments are Standard Lines, Specialty Lines, Life Group Non-Core, and Other Insurance. Diamond Offshores 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 June 30, 2009, these rigs were located offshore in 12 countries in addition to the United States. HighMounts business consists primarily of natural gas exploration and production operations located in the Permian Basin in Texas, the Antrim Shale in Michigan and the Black Warrior Basin in Alabama. 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 area and running north and east through Texas, Louisiana, Mississippi, Alabama, Florida, Arkansas, Tennessee, Kentucky, Indiana, Ohio, Illinois and Oklahoma. Loews Hotels owns and/or operates 18 hotels, 16 of which are in the United States and two of which are in Canada. The Corporate and other segment consists primarily of corporate investment income, corporate interest expenses and other corporate administrative costs. The accounting policies of the segments are the same as those described in the summary of significant accounting policies. 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 segments carried insurance reserves, as adjusted. The following tables set forth the Companys consolidated revenues, income (loss) before income tax and net income (loss) - Loews by business segment: Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 (In millions) Revenues (a): CNA Financial: Standard Lines $ 767 $ 922 $ 1,432 $ 1,867 Specialty Lines 974 1,039 1,835 2,088 Life Group Non-Core 329 308 453 545 Other Insurance 26 52 14 103 Total CNA Financial 2,096 2,321 3,734 4,603 Diamond Offshore 957 970 1,843 1,762 HighMount 147 201 322 390 Boardwalk Pipeline 201 206 425 419 Loews Hot

6130 - Legal Proceedings

6130 - Legal Proceedings
	6 Months Ended Jun. 30, 2009
Legal Proceedings
Legal Proceedings	12.Legal Proceedings California Long Term Care Litigation Shaffer v. Continental Casualty Company, et al., U.S. District Court, Central District of California, CV06-2235 RGK, is a class action on behalf of certain California individual long term health care policyholders, alleging that CCC and CNA knowingly or negligently used unrealistic actuarial assumptions in pricing these policies. On January 8, 2008, CCC, CNA and the plaintiffs entered into a binding agreement settling the case on a nationwide basis for the policy forms potentially affected by the allegations of the complaint. Following a fairness hearing, the Court entered an order approving the settlement. This order was appealed to the Ninth Circuit Court of Appeals. The appeal has been fully briefed. No oral argument has yet been scheduled. CNA believes it has meritorious defenses to this appeal and intends to defend the appeal vigorously. The agreement did not have a material impact on the Companys results of operations, however it still remains subject to the favorable resolution of the appeal. Insurance Brokerage Antitrust Litigation On August 1, 2005, CNA and several of its insurance subsidiaries were joined as defendants, along with other insurers and brokers, in multidistrict litigation pending in the United States District Court for the District of New Jersey, In re Insurance Brokerage Antitrust Litigation, Civil No. 04-5184 (FSH). The plaintiffs allege bid rigging and improprieties in the payment of contingent commissions in connection with the sale of insurance that violated federal and state antitrust laws, the federal Racketeer Influenced and Corrupt Organizations (RICO) Act and state common law. After discovery, the District Court dismissed the federal antitrust claims and the RICO claims, and declined to exercise supplemental jurisdiction over the state law claims. The plaintiffs have appealed the dismissal of their complaint to the Third Circuit Court of Appeals. The parties have filed their briefs on the appeal. Oral argument was held on April 21, 2009, and the Court took the matter under advisement. CNA believes it has meritorious defenses to this action and intends to defend the case vigorously. The extent of losses beyond any amounts that may be accrued are not readily determinable at this time. However, based on facts and circumstances presently known, in the opinion of management, an unfavorable outcome will not materially affect the equity of the Company, although results of operations may be adversely affected. Global Crossing Limited Litigation CCC was named as a defendant in an action brought by the bankruptcy estate of Global Crossing Limited (Global Crossing) in the United States Bankruptcy Court for the Southern District of New York, Global Crossing Estate Representative, for itself and as the Liquidating Trustee of the Global Crossing Liquidating Trust v. Gary Winnick, et al., Case No. 04 Civ. 2558 (GEL). In the complaint, plaintiff sought damages from CCC and the other defendants for alleged fraudulent transfers and alleged breaches of fiduciary duties arising from actions taken by Global Crossing while CCC was a shareholder of Gl

6140 - Commitments and Continge

6140 - Commitments and Contingencies
	6 Months Ended Jun. 30, 2009
Commitments and Contingencies
Commitments and Contingencies	13.Commitments and Contingencies Guarantees In the course of selling business entities and assets to third parties, CNA has agreed to indemnify purchasers for losses arising out of breaches of representation and warranties with respect to the business entities or assets being sold, including, in certain cases, losses arising from undisclosed liabilities or certain named litigation. Such indemnification provisions generally survive for periods ranging from nine months following the applicable closing date to the expiration of the relevant statutes of limitation. As of June 30, 2009, the aggregate amount of quantifiable indemnification agreements in effect for sales of business entities, assets and third party loans was $873million. In addition, CNA has agreed to provide indemnification to third party purchasers for certain losses associated with sold business entities or assets that are not limited by a contractual monetary amount. As of June 30, 2009, CNA had outstanding unlimited indemnifications in connection with the sales of certain of its business entities or assets that included tax liabilities arising prior to a purchasers ownership of an entity or asset, defects in title at the time of sale, employee claims arising prior to closing and in some cases losses arising from certain litigation and undisclosed liabilities. These indemnification agreements survive until the applicable statutes of limitation expire, or until the agreed upon contract terms expire. In connection with the issuance of preferred securities by CNA Surety Capital Trust I (Issuer Trust), CNA Surety, a 62% owned and consolidated subsidiary of CNA, has also guaranteed the dividend payments and redemption of the preferred securities issued by the Issuer Trust. The maximum amount of undiscounted future payments CNA could make under the guarantee is approximately $63 million, consisting of annual dividend payments of approximately $1 million through April 2034 and the redemption value of $30 million. Because payment under the guarantee would only be required if CNA does not fulfill its obligations under the debentures held by the Issuer Trust, CNA has not recorded any additional liabilities related to this guarantee. There has been no change in the underlying assets of the trust and CNA does not believe that a payment is likely under this guarantee. Boardwalk Pipeline Purchase Commitments Boardwalk Pipeline is engaged in several major expansion projects that will require the investment of significant capital resources. As of June 30, 2009, Boardwalk Pipeline had purchase commitments of $138 million primarily related to its expansion projects.

6150 - Discontinued Operations

6150 - Discontinued Operations
	6 Months Ended Jun. 30, 2009
Discontinued Operations
Discontinued Operations	14.Discontinued Operations The results of discontinued operations are as follows: Three Months Ended Six Months Ended June 30, June 30, 2009 2008 2009 2008 (In millions) Revenues: Net investment income $ 2 $ 6 $ 3 $ 18 Manufactured products 829 1,750 Investment gains 1 2 Total (a) 2 836 3 1,770 Expenses: Insurance related expenses 3 1 4 6 Cost of manufactured products sold 485 1,039 Other operating expenses 72 172 Interest 1 2 Total 3 559 4 1,219 Income (loss) before income tax (1 ) 277 (1 ) 551 Income tax expense (107 ) (208 ) Results of discontinued operations (1 ) 170 (1 ) 343 Gain on disposal (after tax of $7 and $51) 4,282 4,362 Net income (loss) from discontinued operations - Loews $ (1 ) $ 4,452 $ (1 ) $ 4,705 (a) Lorillards revenues amounted to 99.6% and 99.7% of the total discontinued operations for the three and six months ended June 30, 2008. Lorillards pretax income amounted to approximately 100.0% of total pretax income of discontinued operations for the three and six months ended June 30, 2008. Net liabilities of discontinued operations included in Other liabilities in the Consolidated Condensed Balance Sheets are as follows: June 30, December 31, 2009 2008 (In millions) Assets: Investments $ 144 $ 157 Receivables 5 6 Other assets 1 1 Total assets 150 164 Liabilities: Insurance reserves 154 162 Other liabilities 4 8 Total liabilities 158 170 Net liabilities of discontinued operations (a) $ (8 ) $ (6 ) (a) The net liabilities of CNAs discontinued operations totaling $8 million and $6 million as of June 30, 2009 and December 31, 2008 are included in Other liabilities in the Consolidated Condensed Balance Sheets.CNAs accounting and reporting for discontinued operations is in accordance with APB No. 30, Reporting the Results of Operations Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and Infrequently Occurring Events and Transactions. In accordance with APB No. 30, CNAs assets and liabilities of discontinued operations are presented net in Other liabilities. At June 30, 2009 and December 31, 2008, the insurance reserves are net of discounts of $61 million and $75 million. Lorillard As discussed in Note 1, in June of 2008, the Company disposed of its entire ownership interest in Lorillard. See Note 2 of the Notes to Consolidated Financial Statements in the Companys 2008 Annual Report on Form 10-K. CNA CNA has discontinued operations, which consist of run-off insura

6160 - Consolidating Financial

6160 - Consolidating Financial Information
	6 Months Ended Jun. 30, 2009
Consolidating Financial Information
Consolidating Financial Information	15.Consolidating Financial Information The following schedules present the Companys consolidating balance sheet information at June 30, 2009 and December 31, 2008, and consolidating statements of operations information for the six months ended June 30, 2009 and 2008. These schedules present the individual subsidiaries of the Company and their contribution to the consolidated condensed financial statements. Amounts presented will not necessarily be the same as those in the individual financial statements of the Companys subsidiaries due to adjustments for purchase accounting, income taxes and noncontrolling interests. In addition, many of the Companys subsidiaries use a classified balance sheet which also leads to differences in amounts reported for certain line items. The Corporate and Other column primarily reflects the parent companys investment in its subsidiaries, invested cash portfolio, the discontinued operations of Lorillard and Bulova and corporate long term debt. The elimination adjustments are for intercompany assets and liabilities, interest and dividends, the parent companys investment in capital stocks of subsidiaries and various reclasses of debit or credit balances to the amounts in consolidation. Purchase accounting adjustments have been pushed down to the appropriate subsidiary. Loews Corporation Consolidating Balance Sheet Information CNA Diamond Boardwalk Loews Corporate June 30, 2009 Financial Offshore HighMount Pipeline Hotels and Other Eliminations Total (In millions) Assets: Investments $ 38,052 $ 644 $ 45 $ 71 $ 67 $ 2,434 $ 41,313 Cash 98 27 4 3 2 2 136 Receivables 10,110 762 168 94 19 579 $ (203 ) 11,529 Property, plant and equipment 316 3,930 1,792 6,239 351 43 12,671 Deferred income taxes 2,575 655 (1,041 ) 2,189 Goodwill 86 20 584 163 3 856 Investments in capital stocks of subsidiaries 13,831 (13,831 ) - Other assets 733 229 58 320 29 9 1,378 Deferred acquisition costs of insurance subsidiaries 1,145 1,145 Separate account business 413 413 Total assets $ 53,528 $ 5,612 $ 3,306 $ 6,890 $ 471 $ 16,898 $ (15,075 ) $ 71,630 Liabilities and Equity: Insurance reserves $ 38,571 $ 38,571 Payable to brokers 494 $ 167 $ 1 $

Document Information

Document Information
	6 Months Ended Jun. 30, 2009
Document Information
Document Type	10-Q
Document Period End Date	2009-06-30
Amendment Flag	false
Amendment Description	none

Entity Information

Entity Information (USD $)
	6 Months Ended Jun. 30, 2009	Jul. 24, 2009	Jun. 30, 2008
Entity Information
Entity Registrant Name	Loews Corporation
Entity Central Index Key	0000060086
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$15,238,000,000
Entity Common Stock, Shares Outstanding		433,026,621