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2007 Annual Report Loews Corpora LOEWS CORPORATION 2007 ANNUAL REPORT 667 Madison Avenue, New York, NY 10065-8087 2007 ANNUAL REPORT www.loews.com Loews Corporation, a holding company, is one of the Revenues (in billions of dollars) largest diversified corporations in the United States. 2003 2004 2005 2006 2007 17.7 18.4 16.3 15.1 15.8 CNA Financial Corporation (89 percent owned) is one of the largest commer- cial property-casualty insurance companies in the United States. (NYSE: CNA) www.cna.com Lorillard, Inc. (100 percent owned) is America’s oldest tobacco company. Its principal products are marketed under the brand names Newport, Kent, True, Maverick and Old Gold. Substantially all of its sales are in the United States. www.lorillard.com Net Income (Loss) (in billions of dollars) 2003 2004 2005 2006 2007 Diamond Offshore Drilling, Inc. (51 percent owned) is one of the world’s largest off- 2.5 2.5 shore drilling companies, offering comprehensive drilling services to the energy industry around the world. The company owns and operates 44 offshore drilling rigs. (NYSE: DO) www.diamondoffshore.com 1.2 1.2 HighMount Exploration & Production LLC (100 percent owned) is engaged in the ex- (0.6) ploration and production of natural gas. HighMount’s primary holdings are located in the Permian Basin in Texas, the Antrim Shale in Michigan and the Black Warrior Basin in Alabama. Total Assets (in billions of dollars) 2003 2004 2005 2006 2007 Boardwalk Pipeline Partners, LP (70 percent owned) is engaged in the operation of interstate natural gas pipeline systems. (NYSE: BWP) www.bwpmlp.com 77.7 76.9 76.1 73.7 70.9 Loews Hotels (100 percent owned) is one of the country’s top luxury lodging companies. It owns and operates hotels and resorts in the United States and Canada. www.loewshotels.com Shareholders’ Equity Table of Contents (in billions of dollars) Financial Highlights...................................................2 2003 2004 2005 2006 2007 17.6 Letter to Our Shareholders and Employees . .5 16.5 Loews: A Financial Portrait.............................................8 13.1 12.0 10.9 Year in Review . .13 Corporate Directory . .19 Shareholder Information..............................................20 2007 Annual Report on Form 10-K . .21 FINANCIAL HIGHLIGHTS Results of Operations Net income attributable to Loews com- Net income per share of Carolina Group Consolidated net income for 2007 was mon stock included net investment losses stock for 2007 was $4.91 compared to $2,489 million, compared to $2,491 mil- of $67 million (after tax and minority inter- $4.46 in the prior year. The increase in lion in the prior year. est) in 2007, compared to net investment net income per share was primarily due to gains of $69 million (after tax and minority higher effective unit prices resulting from Net income attributable to Loews com- price increases in December 2006 and interest) in the prior year. The net invest- mon stock in 2007 amounted to $1,956 September 2007, lower sales promotion ment losses in 2007 were primarily driven million, or $3.65 per share, compared to expenses and a lower effective tax rate, $2,075 million, or $3.75 per share, in the by $428 million (after tax and minority partially offset by an increase in expenses prior year. The decrease in net income interest) of other-than-temporary impair- for the State Settlement Agreements and reflected reduced investment income, ment losses at CNA that were partially a charge related to litigation. offset by a gain of $93 million (after tax) reduced results at CNA and a decrease in Consolidated revenues in 2007 amounted related to a reduction in the Company’s the share of Carolina Group earnings at- to $18.4 billion, compared to $17.7 bil- tributable to Loews common stock, due ownership interest in Diamond Off- lion in the prior year. At December 31, to the sale by Loews of Carolina Group shore from the conversion of Diamond 2007, the book value per share of Loews stock in August and May of 2006, partially Offshore’s 1.5% convertible debt into common stock was $32.40, compared to offset by higher results from Lorillard. Diamond Offshore common stock. $30.14 at December 31, 2006. 2 LOEWS CORPORATION Year Ended December 31 2007 2006 2005 2004 2003 (In millions, except per share data) Results of Operations: Revenues $ 18,380 $ 17,702 $ 15,832 $ 15,060 $ 16,293 Income (loss) before taxes and minority interest 4,575 4,448 1,827 1,808 (1,375) Income (loss) from continuing operations 2,481 2,502 1,181 1,224 (666) Discontinued operations, net 8 (11) 31 (8) 69 Net income (loss) $ 2,489 $ 2,491 $ 1,212 $ 1,216 $ (597) Income (loss) attributable to: Loews common stock: Income (loss) from continuing operations $ 1,948 $ 2,086 $ 930 $ 1,040 $ (781) Discontinued operations, net 8 (11) 31 (8) 69 Loews common stock 1,956 2,075 961 1,032 (712) Carolina Group stock 533 416 251 184 115 Net income (loss) $ 2,489 $ 2,491 $ 1,212 $ 1,216 $ (597) Diluted Net Income (Loss) Per Share: Loews common stock: Income (loss) from continuing operations $ 3.64 $ 3.77 $ 1.67 $ 1.87 $ (1.40) Discontinued operations, net 0.01 (0.02) 0.05 (0.02) 0.12 Net income (loss) $ 3.65 $ 3.75 $ 1.72 $ 1.85 $ (1.28) Carolina Group stock $ 4.91 $ 4.46 $ 3.62 $ 3.15 $ 2.76 Financial Position: Investments $ 47,923 $ 53,870 $ 45,360 $ 44,272 $ 42,513 Total assets 76,079 76,881 70,906 73,720 77,674 Debt Parent Company debt 866 865 1,165 2,305 2,299 Subsidiary debt 6,392 4,707 4,042 4,685 3,521 Shareholders’ equity 17,591 16,502 13,092 11,970 10,855 Cash dividends per share: Loews common stock 0.25 0.24 0.20 0.20 0.20 Carolina Group stock 1.82 1.82 1.82 1.82 1.81 Book value per share of Loews common stock 32.40 30.14 23.64 21.85 19.95 Shares outstanding: Loews common stock 529.68 544.20 557.54 556.75 556.34 Carolina Group stock 108.46 108.33 78.19 67.97 57.97 LOEWS CORPORATION 3 Office of the President (from left to right): Andrew H. Tisch, Co-Chairman of the Board and Chairman of the Executive Committee; James S. Tisch, President and Chief Executive Officer; Jonathan M. Tisch, Co-Chairman of the Board, Chairman and Chief Executive Officer, Loews Hotels. LETTER TO OUR SHAREHOLDERS AND EMPLOYEES s we are fond of saying, Loews gas and related natural gas liquids totaling company’s unique strategic priorities. The Corporation exists for a simple rea- approximately 2.5 trillion cubic feet equiv- transaction is also expected to improve Ason: to build value for our share- alent, are located in Texas, Michigan and the long-term financial strength and risk holders. At Loews, our value-creation Alabama. We evaluated the natural gas profile of Loews. objectives are decidedly long term, and exploration and production sector for Holders of Loews common stock who we attach a much greater priority to gen- some time before finding this outstanding wish to invest directly in Lorillard can erating superior stock price performance opportunity. elect to participate in our planned ex- over the next twelve years than over any In addition to our favorable long-term change offer, the terms of which we single twelve-month period. view of natural gas pricing, we believe expect to announce during the second The twelve months of 2007 were good HighMount can generate solid returns quarter. Participants will receive Lorillard ones for our company, despite turbulent for Loews shareholders because of its common shares in exchange for their financial markets and an increasingly un- long-lived reserves, its high success rates shares of Loews common stock at a to- certain economic outlook. During 2007, for well completion and its relatively low be-determined ratio. Holders of Caro- we continued to focus on our three prima- drilling and operating costs. Even so, we lina Group stock will receive one share of ry means of creating value: optimizing the would have been hesitant to make the Lorillard common stock in exchange for structure and performance of each Loews acquisition had it not included top-notch each share they own and will benefit from subsidiary, making well-timed acquisitions management and outstanding technical, the elimination of any tracking stock and repurchasing shares of Loews com- financial and field employees. discount that might have existed for mon stock at favorable prices. Carolina Group stock. (See page 8 for HighMount gives us a platform to take more details.) Loews recorded consolidated net income advantage of growth opportunities in the of $2.5 billion, matching last year’s re- exploration and production industry, in- Bulova Sale cord. Net income attributable to Loews cluding reinvesting cash flow into the In January 2008, we closed on the sale of common stock declined from $2.1 billion development of existing fields, exploit- Bulova Corporation, our watch and clock to $2.0 billion, while Carolina Group net ing new development opportunities and subsidiary, to Citizen Watch Company for income increased from $416 million to acquiring producing assets. The explora- approximately $250 million. Bulova had $533 million. Lorillard, Diamond Offshore tion and production business plays to our been a part of Loews since 1979 and, and Boardwalk Pipeline all reported record strengths in capital allocation and financial while small in comparison to our other earnings, while CNA realized near-record discipline. subsidiaries, was a highly regarded part net operating income.
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