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, 2009
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 12, 2010
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Page 1 of 15
Loews Corporation ("Loews"), by virtue of its approximately 90% ownership of
voting securities of CNA Financial Corporation whose business address is CNA
Plaza, Chicago, Illinois 60685 ("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 15
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 153
Form 13F Information Table Value Total: $16,620.8 (million)
List of Other Included Managers: NONE.
Page 3 of 15
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
3COM CORP Common 885535104 750 100,000 SH Sole 100,000
3M CO Common 88579Y101 827 10,000 SH Sole 10,000
ABBOTT LABS Common 002824100 3,239 60,000 SH Sole 60,000
ALCATEL-LUCENT- Common 013904305 142 42,652 SH Sole 42,652
SPONSORED ADR
ALLSTATE CORP Common 020002101 4,299 143,106 SH Sole 143,106
AMERICAN EQUITY INVT Common 025676206 78 10,544 SH Sole 10,544
LIFE HL
ANADARKO PETE CORP Common 032511107 1,312 21,020 SH Sole 21,020
APACHE CORP Common 037411105 547 5,305 SH Sole 5,305
ASSURANT INC Common 04621X108 2,948 100,000 SH Sole 100,000
AURIZON MINES LTD Common 05155P106 3,842 854,447 SH Sole 854,447
AUTOMATIC DATA Common 053015103 4,282 100,000 SH Sole 100,000
PROCESSING
BANK OF AMERICA Common 060505104 1,790 118,878 SH Sole 118,878
BANK OF NEW YORK Common 064058100 313 11,205 SH Sole 11,205
MELLON CORP
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TOTAL $ 24,369
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Page 4 of 15 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
BARRICK GOLD CORP Common 067901108 15,421 391,586 SH Sole 391,586
BLOCK H & R INC Common 093671105 4,931 218,000 SH Sole 218,000
BOARDWALK PIPELINES Common 096627104 3,430,011 114,219,466 SH Sole 114,219,466
PARTNERS
BOEING CO Common 097023105 208 3,850 SH Sole 3,850
BROADCOM CORP Common 111320107 1,888 60,000 SH Sole 60,000
BROCADE COMM SYS INC Common 111621306 1,373 180,000 SH Sole 180,000
CENTERPOINT ENERGY Common 15189T107 215 14,830 SH Sole 14,830
INC
CHENIERE ENERGY INC Common 16411R208 30 12,200 SH Sole 12,200
CIBER INC Common 17163B102 48 13,991 SH Sole 13,991
CIENA CORP Common 171779309 867 80,000 SH Sole 80,000
CISCO SYS INC Common 17275R102 2,394 100,000 SH Sole 100,000
CITIGROUP INC Common 172967101 109 32,791 SH Sole 32,791
CLIFFS NATURAL Common 18683K101 1,185 25,700 SH Sole 25,700
RESOURCES INC
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TOTAL $ 3,458,680
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Page 5 of 15 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
CNA FINL CORP Common 126117100 5,817,184 242,382,673 SH Sole 242,382,673
COMCAST CORP NEW Common 20030N200 3,853 240,649 SH Sole 240,649
CVS CAREMARK CORP Common 126650100 2,899 90,000 SH Sole 90,000
DEVON ENERGY Common 25179M103 551 7,500 SH Sole 7,500
CORPORATION
DIAMOND OFFSHORE Common 25271C102 6,899,697 70,104,620 SH Sole 70,104,620
DRILLING INC
DU PONT E I DE Common 263534109 2,987 88,700 SH Sole 88,700
NEMOURS & CO
DYNEGY INC -CL A Common 26817G102 905 500,060 SH Sole 500,060
E M C CORP MASS Common 268648102 3,763 215,420 SH Sole 215,420
EBAY INC Common 278642103 2,353 100,000 SH Sole 100,000
ENERGIZER HLDGS INC Common 29266R108 4,829 78,800 SH Sole 78,800
EXETER RESOURCE Common 301835104 4,757 641,100 SH Sole 641,100
FINISAR CORPORATION Common 31787A507 1,416 158,750 SH Sole 158,750
GAMESTOP CORP Common 36467W109 3,840 175,000 SH Sole 175,000
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TOTAL $ 12,749,034
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Page 6 of 15 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
GAMMON GOLD INC Common 36467T106 5,444 494,423 SH Sole 494,423
GOLDCORP INC NEW Common 380956409 1,416 36,000 SH Sole 36,000
HEWLETT PACKARD CO Common 428236103 309 6,000 SH Sole 6,000
HOME DEPOT INC Common 437076102 4,746 164,045 SH Sole 164,045
INTEL CORP Common 458140100 6,120 300,000 SH Sole 300,000
INTERNATIONAL Common 459200101 7,181 54,859 SH Sole 54,859
BUSINESS MACHS
JAGUAR MINING INC Common 47009M103 11,679 987,629 SH Sole 987,629
JDS UNIPHASE CORP Common 46612J507 2,273 275,500 SH Sole 275,500
JOHNSON & JOHNSON Common 478160104 719 11,163 SH Sole 11,163
KIMBER RESOURCES INC Common 49435N101 817 641,515 SH Sole 641,515
KOBEX MINERALS INC Common 49989C105 222 238,285 SH Sole 238,285
LEXMARK INTL NEW Common 529771107 2,078 80,000 SH Sole 80,000
LINCOLN NATL CORP IND Common 534187109 448 18,000 SH Sole 18,000
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TOTAL $ 43,452
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Page 7 of 15 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
LOCKHEED MARTIN Common 539830109 5,275 70,000 SH Sole 70,000
LOWES COS INC Common 548661107 1,838 78,600 SH Sole 78,600
MCDERMOTT INTL INC Common 580037109 279 11,610 SH Sole 11,610
MEDIACOM Common 58446K105 152 34,000 SH Sole 34,000
COMMUNICATIONS CORP
MICROSOFT CORP Common 594918104 297 9,757 SH Sole 9,757
MIDWAY GOLD CORP Common 598153104 152 197,679 SH Sole 197,679
MINEFINDERS CORP Common 602900102 4,364 421,487 SH Sole 421,487
MOTOROLA INC Common 620076109 142 18,268 SH Sole 18,268
NEW GOLD INC Common 644535106 2,871 788,752 SH Sole 788,752
NEWELL RUBBERMAID INC Common 651229106 3,314 220,800 SH Sole 220,800
NORTHROP GRUMMAN Common 666807102 215 3,841 SH Sole 3,841
CORP
NOVAGOLD RES INC Convert 66987EAA5 3,683 4,000,000 PRN Sole 4,000,000
NOTE 5.5%
NOVAGOLD Common 66987E206 7,308 1,192,184 SH Sole 1,192,184
RESOURCES INC
OCCIDENTAL Common 674599105 968 11,900 SH Sole 11,900
PETROLEUM CORP
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TOTAL $ 30,858
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Page 8 of 15 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
ORACLE CORP Common 68389X105 563 22,950 SH Sole 22,950
OWENS CORNING INC Common 690742101 256 10,000 SH Sole 10,000
PFIZER INC Common 717081103 1,428 78,530 SH Sole 78,530
POPULAR INC Common 733174106 51 22,629 SH Sole 22,629
PROGRESS ENERGY INC Common 743263105 278 6,790 SH Sole 6,790
PRUDENTIAL FINANCIAL Common 744320102 1,244 25,000 SH Sole 25,000
INC
REINSURANCE GROUP Common 759351604 381 8,000 SH Sole 8,000
OF AMERICA
RITE AID CORP Common 767754104 259 171,840 SH Sole 171,840
RUBICON MINERALS CORP Common 780911103 2,409 481,250 SH Sole 481,250
SEAGATE TECHNOLOGY Common G7945J104 1,497 82,300 SH Sole 82,300
SILICON IMAGE INC Common 82705T102 1,084 420,000 SH Sole 420,000
SILVER STANDARD Common 82823L106 524 23,971 SH Sole 23,971
RESOURCES
SPDR GOLD TRUST Common 78463V107 26,828 250,000 SH Sole 250,000
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TOTAL $ 36,802
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Page 9 of 15 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
SPDR KBW BANK ETF Common 78464A797 12,804 604,800 SH Sole 604,800
STAPLES INC Common 855030102 209 8,490 SH Sole 8,490
STILLWATER MNG CO Common 86074Q102 2,097 221,200 SH Sole 221,200
SYMANTEC CORP Common 871503108 268 15,000 SH Sole 15,000
TALISMAN ENERGY INC Common 87425E103 903 48,450 SH Sole 48,450
THORATEC CORP Common 885175307 3,608 134,022 SH Sole 134,022
TOTAL SYS SVCS INC Common 891906109 1,727 100,000 SH Sole 100,000
TRAVELERS COS Common 89417E109 299 6,000 SH Sole 6,000
INC
TREX COMPANY INC Common 89531P105 2,414 123,175 SH Sole 123,175
UNITED AMERICA Common 90933T109 81 10,189 SH Sole 10,189
INDEMNITY-A
UNITED PARCEL SERVICE Common 911312106 2,295 40,000 SH Sole 40,000
INC
UNITED STATES STL Common 912909108 3,853 69,900 SH Sole 69,900
CORP
VALIDUS HOLDINGS LTD Common G9319H102 612 22,703 SH Sole 22,703
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TOTAL $ 31,170
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Page 10 of 15 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 92220P105 1,874 40,000 SH Sole 40,000
VULCAN MATERIALS Common 929160109 1,053 20,000 SH Sole 20,000
WASTE MANAGEMENT INC Common 94106L109 1,691 50,000 SH Sole 50,000
WENDY'S/ARBY'S Common 950587105 1,407 300,000 SH Sole 300,000
GROUP INC-A
WESTERN DIGITAL CORP Common 958102105 1,967 44,550 SH Sole 44,550
WESTPORT Common 960908309 2,895 250,000 SH Sole 250,000
INNOVATIONS INC
WHITING PETE CORP Common 966387102 364 5,100 SH Sole 5,100
WILLIAMS COS INC DEL Common 969457100 213 10,112 SH Sole 10,112
XEROX CORP Common 984121103 7,707 911,000 SH Sole 911,000
ZHONE TECHNOLOGIES Common 98950P108 1,311 3,201,798 SH Sole 3,201,798
INC
ZOLTEK COMPANIES INC Common 98975W104 379 39,900 SH Sole 39,900
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TOTAL $ 20,861
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Page 11 of 15 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 7,440 90,000 SH Put Sole 90,000
ALLSTATE CORP Common 020002901 1,202 40,000 SH Call Sole 40,000
ALLSTATE CORP Common 020002951 7,210 240,000 SH Put Sole 240,000
AUTOMATIC DATA Common 053015953 8,564 200,000 SH Put Sole 200,000
PROCESSING
BANK OF AMERICA Common 060505954 1,152 76,500 SH Put Sole 76,500
BARRICK GOLD CORP Common 067901908 6,301 160,000 SH Call Sole 160,000
BARRICK GOLD CORP Common 067901958 12,602 320,000 SH Put Sole 320,000
BLACK & DECKER CORP Common 091797900 2,593 40,000 SH Call Sole 40,000
BLACK & DECKER CORP Common 091797950 3,890 60,000 SH Put Sole 60,000
BROADCOM CORP Common 111320957 3,147 100,000 SH Put Sole 100,000
BROCADE COMM SYS INC Common 111621906 1,526 200,000 SH Call Sole 200,000
BROCADE COMM SYS INC Common 111621956 1,526 200,000 SH Put Sole 200,000
CAMECO CORP Common 13321L958 3,217 100,000 SH Put Sole 100,000
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TOTAL $ 60,370
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Page 12 of 15 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
CIENA CORP Common 171779959 2,168 200,000 SH Put Sole 200,000
CISCO SYS INC Common 17275R952 4,788 200,000 SH Put Sole 200,000
CLIFFS NATURAL Common 18683K951 9,218 200,000 SH Put Sole 200,000
RESOURCES INC
DISNEY WALT CO Common 254687906 5,160 160,000 SH Call Sole 160,000
DISNEY WALT CO Common 254687956 4,515 140,000 SH Put Sole 140,000
DU PONT E I DE Common 263534959 4,040 120,000 SH Put Sole 120,000
NEMOURS & CO
E M C CORP MASS Common 268648952 3,494 200,000 SH Put Sole 200,000
EATON CORP Common 278058952 6,362 100,000 SH Put Sole 100,000
GOLDCORP INC NEW Common 380956909 10,228 260,000 SH Call Sole 260,000
HOME DEPOT INC Common 437076952 6,943 240,000 SH Put Sole 240,000
INTEL CORP Common 458140950 6,120 300,000 SH Put Sole 300,000
INTERNATIONAL Common 459200951 9,163 70,000 SH Put Sole 70,000
BUSINESS MACHS
JDS UNIPHASE CORP Common 46612J907 3,300 400,000 SH Call Sole 400,000
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TOTAL $ 75,499
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Page 13 of 15 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
JDS UNIPHASE CORP Common 46612J957 1,650 200,000 SH Put Sole 200,000
JOY GLOBAL INC Common 481165908 707 13,700 SH Call Sole 13,700
JOY GLOBAL INC Common 481165958 4,126 80,000 SH Put Sole 80,000
LOWES COS INC Common 548661957 3,275 140,000 SH Put Sole 140,000
MARTIN MARIETTA Common 573284956 7,153 80,000 SH Put Sole 80,000
MATERIALS
MASTERCARD INC Common 57636Q954 17,919 70,000 SH Put Sole 70,000
CLASS A
MICROSOFT CORP Common 594918904 3,048 100,000 SH Call Sole 100,000
MICROSOFT CORP Common 594918954 6,096 200,000 SH Put Sole 200,000
ORACLE CORP Common 68389X955 2,453 100,000 SH Put Sole 100,000
PENNEY J C INC Common 708160956 2,661 100,000 SH Put Sole 100,000
PFIZER INC Common 717081953 2,940 161,600 SH Put Sole 161,600
PPL CORP Common 69351T906 3,231 100,000 SH Call Sole 100,000
PPL CORP Common 69351T956 1,292 40,000 SH Put Sole 40,000
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TOTAL $ 56,551
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Page 14 of 15 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
SEAGATE TECHNOLOGY Common G7945J904 2,647 145,500 SH Call Sole 145,500
SEAGATE TECHNOLOGY Common G7945J954 1,819 100,000 SH Put Sole 100,000
STILLWATER MNG CO Common 86074Q902 948 100,000 SH Call Sole 100,000
TARGET CORP Common 87612E956 1,935 40,000 SH Put Sole 40,000
THE ST JOE COMPANY Common 790148950 2,889 100,000 SH Put Sole 100,000
UNITED PARCEL SERVICE Common 911312956 4,016 70,000 SH Put Sole 70,000
INC
UNITED STATES STL Common 912909958 3,858 70,000 SH Put Sole 70,000
CORP NEW
VARIAN MED SYS INC Common 92220P955 1,874 40,000 SH Put Sole 40,000
VULCAN MATERIALS Common 929160959 4,214 80,000 SH Put Sole 80,000
WELLS FARGO & CO Common 949746951 2,699 100,000 SH Put Sole 100,000
WHOLE FOODS MKT INC Common 966837906 549 20,000 SH Call Sole 20,000
ZOLTEK COMPANIES INC Common 98975W904 5,700 600,000 SH Call Sole 600,000
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TOTAL $ 33,148
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AGGREGATE TOTAL $ 16,620,794
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Page 15 of 15 Pages