FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended December 31, 2010
Check here if Amendment: [ ]; Amendment Number:
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This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
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Address: 667 Madison Avenue New York New York 10065
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(Street) (City) (State) (Zip)
Form 13F File Number: 28-217
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: Gary W. Garson
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Title: General Counsel and Senior Vice President
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Phone: 212-521-2932
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Signature, Place, and Date of Signing:
/s/ Gary W. Garson
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(Signature)
Place: 667 Madison Avenue New York New York 10065
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(Street) (City) (State) (Zip)
Date: February 11, 2011
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Page 1 of 18
Loews Corporation ("Loews"), by virtue of its approximately 90% ownership of
voting securities of CNA Financial Corporation whose business address is 333
South Wabash Avenue , Chicago, Illinois 60604 ("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:
[ ] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[X] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager.
Form 13F File Number: 28-346
Name: CNA Financial Corporation
Page 2 of 18
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 176
Form 13F Information Table Value Total: $15,218.7 (million)
List of Other Included Managers: NONE.
Page 3 of 18
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ABBOTT LABS Common 002824100 6,707 140,000 SH Sole 140,000
AIR PRODS & CHEMS INC Common 009158106 3,638 40,000 SH Sole 40,000
ALCATEL-LUCENT Common 013904305 51 17,077 SH Sole 17,077
ALLSTATE CORP Common 020002101 9,477 297,256 SH Sole 297,256
ALVARION LIMITED Common M0861T100 1,646 680,000 SH Sole 680,000
AMERICAN EQUITY INVT Common 025676206 128 10,219 SH Sole 10,219
LIFE HLD
AMERICAN Common 026874784 2,305 40,000 SH Sole 40,000
INTERNATIONAL GROUP
AMGEN INC Common 031162100 5,490 100,000 SH Sole 100,000
AMKOR TECHNOLOGY INC Common 031652100 296 40,000 SH Sole 40,000
ANADARKO PETE CORP Common 032511107 1,013 13,300 SH Sole 13,300
APACHE CORP Common 037411105 486 4,080 SH Sole 4,080
ASSURANT INC Common 04621X108 1,926 50,000 SH Sole 50,000
AURIZON MINES LTD Common 05155P106 3,043 416,899 SH Sole 416,899
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TOTAL $ 36,206
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Page 4 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
AUTOMATIC DATA Common 053015103 926 20,000 SH Sole 20,000
PROCESSING
AVNET INC Common 053807103 303 9,175 SH Sole 9,175
BARRICK GOLD CORP Common 067901108 13,602 255,771 SH Sole 255,771
BAXTER INTERNATIONAL Common 071813109 649 12,818 SH Sole 12,818
INC
BEMIS COMPANY Common 081437105 32,660 1,000,000 SH Sole 1,000,000
BOARDWALK PIPELINE Common 096627104 3,197,657 102,719,466 SH Sole 102,719,466
PARTNERS
BROADRIDGE FINANCIAL Common 11133T103 4,783 218,100 SH Sole 218,100
SOLUTIONS
BROCADE COMM SYS INC Common 111621306 952 180,000 SH Sole 180,000
CALPINE CORP Common 131347304 241 18,070 SH Sole 18,070
CAMECO CORP Common 13321L108 1,615 40,000 SH Sole 40,000
CF INDUSTRIES Common 125269100 1,757 13,000 SH Sole 13,000
HOLDINGS INC
CHENIERE ENERGY INC Common 16411R208 67 12,200 SH Sole 12,200
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TOTAL $ 3,255,212
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Page 5 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CHEVRON CORP Common 166764100 14,144 155,000 SH Sole 155,000
CISCO SYS INC Common 17275R102 14,161 700,000 SH Sole 700,000
CITIGROUP INC Common 172967101 484 102,333 SH Sole 102,333
CNA FINL CORP Common 126117100 6,556,451 242,382,673 SH Sole 242,382,673
COMCAST CORP NEW Common 20030N200 3,621 174,000 SH Sole 174,000
CVS CAREMARK CORP Common 126650100 6,085 175,000 SH Sole 175,000
DENBURY RESOURCES Common 247916208 668 35,000 SH Sole 35,000
INC
DEVON ENERGY Common 25179M103 589 7,500 SH Sole 7,500
CORPORATION
DIAMOND OFFSHORE Common 25271C102 4,687,896 70,104,620 SH Sole 70,104,620
DRILLING INC
DRESSER-RAND GROUP Common 261608103 2,197 51,575 SH Sole 51,575
INC
DU PONT E I DE Common 263534109 11,971 240,000 SH Sole 240,000
NEMOURS & CO
DUN & BRADSTREET Common 26483E100 2,052 25,000 SH Sole 25,000
CORP DEL NEW
E M C CORP MASS Common 268648102 3,206 140,000 SH Sole 140,000
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TOTAL $ 11,303,525
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Page 6 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
ENERGIZER HLDGS INC Common 29266R108 4,374 60,000 SH Sole 60,000
ENSCO INTL INC Common 29358Q109 635 11,900 SH Sole 11,900
EVEREST RE GROUP LTD Common G3223R108 242 3,800 SH Sole 3,800
EXETER RESOURCE Common 301835104 3,685 593,958 SH Sole 593,958
EXXON MOBIL CORP Common 30231G102 14,576 199,350 SH Sole 199,350
FINISAR CORPORATION Common 31787A507 2,969 100,000 SH Sole 100,000
GAMESTOP CORP Common 36467W109 2,288 100,000 SH Sole 100,000
GAMMON GOLD INC Common 36467T106 4,557 556,351 SH Sole 556,351
GENERAL MOTORS CO Common 37045V100 11,058 300,000 SH Sole 300,000
GENUINE PARTS CO Common 372460105 7,188 140,000 SH Sole 140,000
GOLDCORP INC NEW Common 380956409 6,437 140,000 SH Sole 140,000
GREEN PLAINS Common 393222104 2,139 190,000 SH Sole 190,000
RENEWABLE ENERG
HALOZYME Common 40637H109 90 11,379 SH Sole 11,379
THERAPEUTICS INC
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TOTAL $ 60,238
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Page 7 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
HARTE-HANKS INC Common 416196103 137 10,764 SH Sole 10,764
HEWLETT PACKARD CO Common 428236103 14,919 354,380 SH Sole 354,380
HOME DEPOT INC Common 437076102 7,783 222,000 SH Sole 222,000
HOSPITALITY Common 44106M102 228 9,875 SH Sole 9,875
PROPERTIES TRUST
ILLINOIS TOOL WKS INC Common 452308109 6,675 125,000 SH Sole 125,000
INGERSOLL-RAND PLC Common G47791101 258 5,480 SH Sole 5,480
INTEL CORP Common 458140100 6,309 300,000 SH Sole 300,000
INTERNATIONAL Common 459200101 19,828 135,104 SH Sole 135,104
BUSINESS MACHS
JAGUAR MINING INC Common 47009M103 7,017 987,629 SH Sole 987,629
JDS UNIPHASE CORP Common 46612J507 2,617 180,700 SH Sole 180,700
JOHNSON & JOHNSON Common 478160104 12,227 197,688 SH Sole 197,688
KIMBER RESOURCES INC Common 49435N101 894 641,515 SH Sole 641,515
KIMBERLY-CLARK CORP Common 494368103 6,934 110,000 SH Sole 110,000
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TOTAL $ 85,826
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Page 8 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
KOBEX MINERALS INC Common 49989C105 225 238,285 SH Sole 238,285
KRAFT FOODS INC Common 50075N104 8,193 260,000 SH Sole 260,000
L-3 COMMUNICATIONS Common 502424104 218 3,096 SH Sole 3,096
HLDGS INC
LEGG MASON INC Common 524901105 241 6,644 SH Sole 6,644
LEXMARK INTL NEW Common 529771107 1,741 50,000 SH Sole 50,000
LIFE TECHNOLOGIES Common 53217V109 350 6,300 SH Sole 6,300
CORP
LINCOLN NATL CORP IND Common 534187109 501 18,000 SH Sole 18,000
LOCKHEED MARTIN Common 539830109 8,569 122,570 SH Sole 122,570
LOWES COS INC Common 548661107 1,756 70,000 SH Sole 70,000
MAG SILVER CORP Common 55903Q104 4,106 331 SH Sole 331
MARATHON OIL CORP Common 565849106 7,998 216,000 SH Sole 216,000
MARTIN MARIETTA Common 573284106 2,767 30,000 SH Sole 30,000
MATERIALS
MASCO CORP Common 574599106 173 13,675 SH Sole 13,675
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TOTAL $ 36,838
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Page 9 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
MASTERCARD INC Common 57636Q104 5,603 25,000 SH Sole 25,000
CLASS A
MATTEL INC Common 577081102 5,849 230,000 SH Sole 230,000
MEDIACOM Common 58446K105 288 34,000 SH Sole 34,000
COMMUNICATIONS CORP
MICROSOFT CORP Common 594918104 20,486 734,007 SH Sole 734,007
MIDWAY GOLD CORP Common 598153104 163 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 2,219 202,687 SH Sole 202,687
MOHAWK INDUSTRIES INC Common 608190104 46,997 828,000 SH Sole 828,000
MORGAN STANLEY Common 617446448 352 12,929 SH Sole 12,929
MOTOROLA INC Common 620076109 166 18,268 SH Sole 18,268
NATIONAL GRID PLC-SP Common 636274300 356 8,032 SH Sole 8,032
NATIONAL OILWELL Common 637071101 2,018 30,000 SH Sole 30,000
VARCO INC
NATL PENN BCSHS INC Common 637138108 84 10,400 SH Sole 10,400
NEWELL RUBBERMAID INC Common 651229106 5,454 300,000 SH Sole 300,000
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TOTAL $ 90,035
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Page 10 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
NORTHROP GRUMMAN Common 666807102 297 4,591 SH Sole 4,591
CORP
NYSE EURONEXT Common 629491101 4,497 150,000 SH Sole 150,000
OCCIDENTAL Common 674599105 1,167 11,900 SH Sole 11,900
PETROLEUM CORP
ORACLE CORP Common 68389X105 8,230 262,950 SH Sole 262,950
PEPSICO INC Common 713448108 5,253 80,400 SH Sole 80,400
PFIZER INC Common 717081103 746 42,630 SH Sole 42,630
PITNEY BOWES INC Common 724479100 7,234 299,176 SH Sole 299,176
PMC-SIERRA INC Common 69344F106 3,436 400,000 SH Sole 400,000
PPL CORP Common 69351T106 1,825 69,351 SH Sole 69,351
PROGRESS ENERGY INC Common 743263105 295 6,790 SH Sole 6,790
PRUDENTIAL FINANCIAL Common 744320102 1,468 25,000 SH Sole 25,000
INC
RANDGOLD RESOURCES Common 752344309 6,019 73,114 SH Sole 73,114
LTD-ADR
RAYTHEON CO Common 755111507 4,634 100,000 SH Sole 100,000
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TOTAL $ 45,101
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Page 11 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
REINSURANCE GROUP Common 759351604 430 8,000 SH Sole 8,000
OF AMERICA
RITE AID CORP Common 767754104 37 42,245 SH Sole 42,245
RPM INTL INC Common 749685103 4,407 199,400 SH Sole 199,400
RUBICON MINERALS CORP Common 780911103 1,522 267,850 SH Sole 267,850
SEALED AIR CORP NEW Common 81211K100 4,327 170,000 SH Sole 170,000
SEALY CORP Common 812139301 34 11,732 SH Sole 11,732
SILICON IMAGE INC Common 82705T102 588 80,000 SH Sole 80,000
SONOCO PRODUCTS CO Common 835495102 3,367 100,000 SH Sole 100,000
SPDR KBW BANK ETF Common 78464A797 5,830 225,000 SH Sole 225,000
SYMANTEC CORP Common 871503108 251 15,000 SH Sole 15,000
SYSCO CORP Common 871829107 5,880 200,000 SH Sole 200,000
THORATEC CORP Common 885175307 1,982 70,000 SH Sole 70,000
TRAVELERS COS INC Common 89417E109 724 13,000 SH Sole 13,000
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TOTAL $ 29,379
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Page 12 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
TYCO ELECTRONICS LTD Common H8912P106 209 5,900 SH Sole 5,900
UBS AG Common H89231338 205 12,425 SH Sole 12,425
UNITED CONTINENTAL Common 910047109 357 15,000 SH Sole 15,000
HOLDINGS
UNITED PARCEL SERVICE Common 911312106 3,629 50,000 SH Sole 50,000
INC
UNITED STATES STL Common 912909108 1,753 30,000 SH Sole 30,000
CORP NEW
VISTA GOLD CORP Common 927926303 727 304,348 SH Sole 304,348
VULCAN MATERIALS Common 929160109 3,549 80,000 SH Sole 80,000
WASTE MANAGEMENT INC Common 94106L109 7,927 215,000 SH Sole 215,000
WENDY'S ARBY'S Common 950587105 924 200,000 SH Sole 200,000
GROUP INC
WESTERN DIGITAL CORP Common 958102105 5,070 149,550 SH Sole 149,550
WESTPORT Common 960908309 3,241 175,000 SH Sole 175,000
INNOVATIONS INC
WHIRLPOOL CORP Common 963320106 7,551 85,000 SH Sole 85,000
WHITING PETE CORP Common 966387102 598 5,100 SH Sole 5,100
NEW
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TOTAL $ 35,740
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Page 13 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
WILLIAMS COS INC DEL Common 969457100 255 10,312 SH Sole 10,312
XEROX CORP Common 984121103 10,495 911,000 SH Sole 911,000
ZHONE TECHNOLOGIES Common 98950P884 1,923 720,380 SH Sole 720,380
INC
ZOLTEK COMPANIES INC Common 98975W104 926 80,000 SH Sole 80,000
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TOTAL $ 13,599
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Page 14 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
3M CO Common 88579Y951 5,178 60,000 SH Put Sole 60,000
ALLSTATE CORP Common 020002901 1,275 40,000 SH Call Sole 40,000
ALLSTATE CORP Common 020002951 6,376 200,000 SH Put Sole 200,000
AMERICAN Common 026874904 576 10,000 SH Call Sole 10,000
INTERNATIONAL GROUP
AMERICAN Common 026874954 5,762 100,000 SH Put Sole 100,000
INTERNATIONAL GROUP
AUTOMATIC DATA Common 053015953 9,256 200,000 SH Put Sole 200,000
PROCESSING
BARRICK GOLD CORP Common 067901908 9,572 180,000 SH Call Sole 180,000
BARRICK GOLD CORP Common 067901958 22,336 420,000 SH Put Sole 420,000
BROCADE COMM SYS INC Common 111621906 1,058 200,000 SH Call Sole 200,000
CAMECO CORP Common 13321L958 8,884 220,000 SH Put Sole 220,000
CATERPILLAR INC DEL Common 149123951 9,366 100,000 SH Put Sole 100,000
CIENA CORP Common 171779909 211 10,000 SH Call Sole 10,000
CIENA CORP Common 171779959 2,105 100,000 SH Put Sole 100,000
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TOTAL $ 81,955
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Page 15 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
CISCO SYS INC Common 17275R952 6,069 300,000 SH Put Sole 300,000
CLIFFS NATURAL Common 18683K951 7,801 100,000 SH Put Sole 100,000
RESOURCES INC
DISNEY WALT CO Common 254687906 3,751 100,000 SH Call Sole 100,000
DISNEY WALT CO Common 254687956 6,752 180,000 SH Put Sole 180,000
DU PONT E I DE Common 263534959 4,988 100,000 SH Put Sole 100,000
NEMOURS & CO
E M C CORP MASS Common 268648952 4,580 200,000 SH Put Sole 200,000
GOLDCORP INC NEW Common 380956909 7,357 160,000 SH Call Sole 160,000
INTEL CORP Common 458140950 8,412 400,000 SH Put Sole 400,000
INTERNATIONAL Common 459200951 13,208 90,000 SH Put Sole 90,000
BUSINESS MACHS
ITT CORP Common 450911952 2,084 40,000 SH Put Sole 40,000
ITT EDUCATIONAL Common 45068B959 1,911 30,000 SH Put Sole 30,000
SERVICES INC
JOHNSON & JOHNSON Common 478160954 9,896 160,000 SH Put Sole 160,000
LOWES COS INC Common 548661957 2,006 80,000 SH Put Sole 80,000
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TOTAL $ 78,815
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Page 16 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
MARATHON OIL CORP Common 565849956 2,222 60,000 SH Put Sole 60,000
MARTIN MARIETTA Common 573284956 7,379 80,000 SH Put Sole 80,000
MATERIALS
MCKESSON CORP Common 58155Q953 2,815 40,000 SH Put Sole 40,000
MICROSOFT CORP Common 594918904 2,791 100,000 SH Call Sole 100,000
MICROSOFT CORP Common 594918954 11,164 400,000 SH Put Sole 400,000
NEWMONT MINING CORP Common 651639956 6,143 100,000 SH Put Sole 100,000
ORACLE CORP Common 68389X955 3,130 100,000 SH Put Sole 100,000
PENNEY J. C. CO INC Common 708160956 3,231 100,000 SH Put Sole 100,000
SEAGATE TECHNOLOGY Common G7945J904 301 20,000 SH Call Sole 20,000
TARGET CORP Common 87612E956 2,405 40,000 SH Put Sole 40,000
THORATEC CORP Common 885175907 283 10,000 SH Call Sole 10,000
UNITED PARCEL SERVICE Common 911312956 5,806 80,000 SH Put Sole 80,000
INC
UNITED STATES STL Common 912909958 1,753 30,000 SH Put Sole 30,000
CORP NEW
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TOTAL $ 49,423
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Page 17 of 18 Pages
Column Column Column Column Column Column Column Column
1: 2: 3: 4: 5: 6: 7: 8:
Title Shares or Voting Authority(Shares)
of CUSIP Value Principal Investment Other -------------------------
Name of Issuer Class Number (x$1000) Amount SH/PRN Put/Call Discretion Managers Sole Shared None
VARIAN MED SYS INC Common 92220P955 2,771 40,000 SH Put Sole 40,000
VULCAN MATERIALS Common 929160959 3,549 80,000 SH Put Sole 80,000
WHIRLPOOL CORP Common 963320956 3,553 40,000 SH Put Sole 40,000
ZOLTEK COMPANIES INC Common 98975W904 6,942 600,000 SH Call Sole 600,000
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TOTAL $ 16,815
-------------
AGGREGATE TOTAL $ 15,218,707
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Page 18 of 18 Pages