Loews Corp's Q4 2023 13F: CNA Financial Dominates $10.5B Portfolio

TL;DR

**Loews' 13F shows CNA Financial is still its massive core holding, worth over $10.5 billion.**

AI Summary

Loews Corp, a holding company with a 92% ownership stake in CNA Financial Corporation, filed its 13F-HR on February 9, 2024, detailing its equity holdings as of December 31, 2023. The filing reveals Loews' significant investment in its subsidiary, CNA Financial, valued at over $10.5 billion, representing 248,414,738 shares. This matters because CNA's performance directly impacts Loews' overall financial health and shareholder value, as it constitutes the vast majority of Loews' reported equity portfolio.

Why It Matters

This filing provides transparency into Loews' major equity investments, primarily its controlling stake in CNA Financial, which is crucial for understanding the company's asset allocation and potential drivers of future earnings.

Risk Assessment

Risk Level: low — The filing primarily details existing holdings, with no immediate indications of high-risk changes or speculative investments.

Analyst Insight

Investors should monitor CNA Financial's earnings reports and operational performance closely, as these will be the primary drivers of Loews Corp's intrinsic value and stock performance, given the overwhelming concentration of Loews' reported equity portfolio in CNA.

Key Numbers

• $10.5B — Value of CNA Financial Corporation shares (Represents the largest holding in Loews' portfolio and its primary asset.)
• 248,414,738 SH — Shares of CNA Financial Corporation (Indicates the extent of Loews' controlling ownership in CNA Financial.)
• 92% — Ownership of CNA Financial Corporation (Highlights Loews' dominant stake in its subsidiary, making CNA's performance critical to Loews.)
• 20231231 — Conformed Period of Report (The date for which the reported holdings are accurate, providing a snapshot of the portfolio at year-end.)

Key Players & Entities

• Loews Corp (company) — filer of the 13F-HR, holding company
• CNA Financial Corporation (company) — subsidiary of Loews Corp, 92% owned
• Marc Alpert (person) — Senior Vice President and General Counsel for Loews Corp
• $10,510,427,565 (dollar_amount) — value of Loews' investment in CNA Financial Corporation as of 12/31/2023
• 248,414,738 (dollar_amount) — number of shares of CNA Financial Corporation held by Loews Corp

Forward-Looking Statements

• Loews Corp's financial performance will continue to be heavily correlated with CNA Financial Corporation's results. (Loews Corp) — high confidence, target: 2024-12-31
• Given the substantial ownership, Loews is unlikely to significantly reduce its stake in CNA Financial in the near term. (CNA Financial Corporation) — high confidence, target: 2024-06-30

FAQ

Filing Documents

• primary_doc.html (13F-HR)
• primary_doc.xml (13F-HR) — 3KB
• information_table.html (INFORMATION TABLE)
• information_table.xml (INFORMATION TABLE) — 7KB
• 0000060086-24-000048.txt ( ) — 11KB

From the Filing

SEC FORM 13F-HR The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. The reader should not assume that the information is accurate and complete. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F COVER PAGE OMB APPROVAL OMB Number: 3235-0006 Estimated average burden hours per response: 23.8 Report for the Calendar Year or Quarter Ended: 12-31-2023 Check here if Amendment    Amendment Number: This Amendment (Check only one.):    is a restatement.    adds new holdings entries. Institutional Investment Manager Filing this Report: Name: Loews Corp Address: 9 West 57th Street New York , NY   10019-2714 Form 13F File Number: 028-00217 CRD Number (if applicable): The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form. Person Signing this Report on Behalf of Reporting Manager: Name: Marc Alpert Title: Senior Vice President and General Counsel Phone: 212-521-2923 Signature, Place, and Date of Signing: Marc Alpert New York ,  NY 02-09-2024 [Signature] [City, State] [Date] Loews Corporation (Loews), by virtue of its approximately 92% ownership of voting securities of CNA Financial Corporation (as of 12/31/2023) whose business address is 151 North Franklin Street, Chicago, Illinois 60606 (CNA), may be deemed to have investment discretion regarding certain securities (the CNA Securities) as to which investment discretion is deemed to be exercised by CNA. CNA is reporting on behalf of Loews regarding the CNA Securities. Report Type (Check only one.):    13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)    13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).) X 13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).) List of Other Managers Reporting for this Manager: [If there are no entries in this list, omit this section.] Name Form 13F File No. CRD No. (if applicable) SEC File No. (if applicable) CIK CNA Financial Corporation         Form 13F Summary Page Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 18 Form 13F Information Table Value Total: 10,812,984,549 (round to nearest dollar) List of Other Included Managers: Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report. [If there are no entries in this list, state “NONE” and omit the column headings and list entries.] NONE

View Full Filing

View this 13F-HR filing on SEC EDGAR