Exhibit 99.1

                                             Contact:  Peter W. Keegan
                                                       Senior Vice President
                                                       (212) 521-2950

                                                       Joshua E. Kahn
                                                       Investor Relations
                                                       (212) 521-2788

                                                       Candace Leeds
                                                       V. P. of Public Affairs
                                                       (212) 521-2416

FOR IMMEDIATE RELEASE
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              LOEWS CORPORATION TO SELL 15,700,000 SHARES OF
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                          CAROLINA GROUP STOCK
                          --------------------

NEW YORK, November 20, 2003 - Loews Corporation (NYSE: LTR; CG) announced
today that it has agreed to sell in a public offering 15,700,000 shares of its
Carolina Group stock through Citigroup Global Markets Inc. and Morgan Stanley.
The net proceeds of approximately $347 million will be allocated to the Loews
Group and used for general corporate purposes. The completion of this
transaction is scheduled for Tuesday, November 25, 2003, subject to customary
closing conditions. Loews has granted the underwriters an option to purchase
up to 2,355,000 additional shares of Carolina Group stock to cover over-
allotments.

This press release does not constitute an offer of any securities for sale. A
prospectus, when available, can be obtained from sales representatives of
Citigroup at Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, New
York 11220, (718) 765-6732, or Morgan Stanley at Prospectus Department, 1585
Broadway, New York, New York 10035, (212) 761-6775.

The Carolina Group stock, commonly called a tracking stock, is intended to
reflect the economic performance of a defined group of assets and liabilities
of the Company, referred to as the Carolina Group. The principal asset
attributed to the Carolina Group is the Company's stock in its wholly owned
subsidiary, Lorillard, Inc. The Carolina Group is a notional group intended to
reflect the performance of a defined set of assets and liabilities. The
Carolina Group is not a separate legal entity. The Loews Group represents all
of the assets and liabilities of the Company other than the percentage of the
Carolina Group represented by the Carolina Group stock.

Statements about future results made in this release constitute forward-
looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on current expectations and the
current economic environment. The Company cautions that these statements are
not guarantees of future performance. Actual results may differ materially
from those expressed or implied in the forward-looking statements. Important
assumptions and other important factors that could cause actual results to
differ materially from those in the forward-looking statements are specified
in Loews's Form 10-Q for the quarterly period ended September 30, 2003.

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