FORM 13F
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
------------------
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended December 31, 2008
Check here if Amendment: [ ]; Amendment Number:
-------
This Amendment:
[ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: Loews Corporation
------------------------------------------------------------------------------
Address: 667 Madison Avenue New York New York 10065
------------------------------------------------------------------------------
(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
------------------------------------------------------------------------------
Title: General Counsel and Senior Vice President
------------------------------------------------------------------------------
Phone: 212-521-2932
------------------------------------------------------------------------------
Signature, Place, and Date of Signing:
/s/ Gary W. Garson
------------------------------------------------------------------------------
(Signature)
Place: 667 Madison Avenue New York New York 10065
------------------------------------------------------------------------------
(Street) (City) (State) (Zip)
Date: February 12, 2009
------------------------------------------------------------------------------
Page 1 of 16
Loews Corporation ("Loews"), by virtue of its approximately 90% ownership of
voting securities of CNA Financial Corporation whose business address is 333
S. Wabash, 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 16
FORM 13F SUMMARY PAGE
REPORT SUMMARY
Number of Other Included Managers: NONE.
Form 13F Information Table Entry Total: 162
Form 13F Information Table Value Total: $10,427.5 (million)
List of Other Included Managers: NONE.
Page 3 of 16
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 1,824 800,000 SH Sole 800,000
3M CO Common 88579Y101 2,152 37,400 SH Sole 37,400
AFFILIATED COMPUTER Common 008190100 6,269 136,424 SH Sole 136,424
SERVICES
AGNICO EAGLE MINES Common 008474108 3,118 60,750 SH Sole 60,750
LTD
ALCATEL-LUCENT- Common 013904305 112 51,952 SH Sole 51,952
SPONSORED ADR
ALLSTATE CORP Common 020002101 2,750 83,931 SH Sole 83,931
AMERICAN EQUITY INVT Common 025676206 74 10,544 SH Sole 10,544
LIFE HL
ANADARKO PETE CORP Common 032511107 1,191 30,900 SH Sole 30,900
APACHE CORP Common 037411105 304 4,080 SH Sole 4,080
APEX SILVER MINES LTD Common G04074103 224 228,419 SH Sole 228,419
AURIZON MINES LTD Common 05155P106 3,033 854,447 SH Sole 854,447
AUTOMATIC DATA Common 053015103 944 24,000 SH Sole 24,000
PROCESSING
BANK OF AMERICA Common 060505104 313 22,228 SH Sole 22,228
CORPORATION
-------------
TOTAL $ 22,308
-------------
Page 4 of 16 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 14,047 382,026 SH Sole 382,026
BED BATH & BEYOND Common 075896100 1,909 75,100 SH Sole 75,100
INC
BLACK & DECKER CORP Common 091797100 4,651 111,243 SH Sole 111,243
BOARDWALK PIPLELINE Common 096627104 1,911,965 107,534,609 SH Sole 107,534,609
PARTNERS
BROADCOM CORP Common 111320107 1,697 100,000 SH Sole 100,000
BROCADE Common 111621306 566 200,000 SH Sole 200,000
COMMUNICATIONS SYS
INC
CALPINE CORP Common 131347304 5,262 722,740 SH Sole 722,740
CHENIERE ENERGY INC Common 16411R208 35 12,200 SH Sole 12,200
CIBER INC Common 17163B102 53 11,041 SH Sole 11,041
CIENA CORP Common 171779309 1,340 200,000 SH Sole 200,000
CISCO SYS INC Common 17275R102 3,940 241,700 SH Sole 241,700
CITIGROUP INC Common 172967101 131 19,544 SH Sole 19,544
CLIFFS NATURAL Common 18683K101 1,024 40,000 SH Sole 40,000
RESOURCES INC
-------------
TOTAL $ 1,946,620
-------------
Page 5 of 16 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 3,979,354 242,053,173 SH Sole 242,053,173
COEUR D'ALENE MINES Common 192108108 290 329,250 SH Sole 329,250
CORP
CONEXANT SYSTEMS Common 207142308 233 340,000 SH Sole 340,000
D R HORTON INC Common 23331A109 566 80,000 SH Sole 80,000
DEERE & CO Common 244199105 441 11,500 SH Sole 11,500
DELTA AIR LINES INC Common 247361702 134 11,729 SH Sole 11,729
DEL
DIAMOND OFFSHORE Common 25271C102 4,131,966 70,104,620 SH Sole 70,104,620
DRILLING INC
DIAMONDS TR Common 252787106 10,940 125,000 SH Sole 125,000
DU PONT E I DE Common 263534109 716 28,300 SH Sole 28,300
NEMOURS & CO
DYNEGY INC NEW Common 26817G102 6,697 3,348,590 SH Sole 3,348,590
E M C CORP MASS Common 268648102 2,094 200,000 SH Sole 200,000
EBAY INC Common 278642103 3,490 250,000 SH Sole 250,000
ENSCO INTL INC Common 26874Q100 338 11,900 SH Sole 11,900
-------------
TOTAL $ 8,137,259
-------------
Page 6 of 16 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
EXETER RESOURCE Common 301835104 455 191,100 SH Sole 191,100
FINISAR CORPORATION Common 31787A101 304 800,000 SH Sole 800,000
GAMMON GOLD INC Common 36467T106 4,600 840,943 SH Sole 840,943
GOLDCORP INC NEW Common 380956409 1,766 56,000 SH Sole 56,000
GOLDEN STAR Common 38119T104 508 507,820 SH Sole 507,820
RESOURCES LTD
GOODYEAR TIRE & Common 382550101 1,493 250,000 SH Sole 250,000
RUBR CO
HOME DEPOT INC Common 437076102 2,479 107,670 SH Sole 107,670
IAMGOLD CORPORATION Common 450913108 2,320 369,633 SH Sole 369,633
IMA EXPLORATION INC Common 449664101 145 571,886 SH Sole 571,886
INGERSOLL-RAND Common G4776G101 317 18,252 SH Sole 18,252
COMPANY LTD
INTEL CORP Common 458140100 4,398 300,000 SH Sole 300,000
INTERNATIONAL Common 459200101 1,159 13,769 SH Sole 13,769
BUSINESS MACHS
ISHARES INC MSCI Common 464286673 705 100,000 SH Sole 100,000
SINGAPORE
-------------
TOTAL $ 20,649
-------------
Page 7 of 16 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
ISHARES MSCI SOUTH Common 464286772 4,335 155,000 SH Sole 155,000
KOREA IND
ISHARES MSCI TAIWAN Common 464286731 5,693 750,000 SH Sole 750,000
INDEX FD
JAGUAR MINING INC Common 47009M103 5,374 852,629 SH Sole 852,629
JDS UNIPHASE CORP Common 46612J507 2,229 610,700 SH Sole 610,700
JOHNSON & JOHNSON Common 478160104 646 10,793 SH Sole 10,793
JOY GLOBAL INC Common 481165108 1,831 80,000 SH Sole 80,000
KIMBER RESOURCES INC Common 49435N101 325 641,515 SH Sole 641,515
KINROSS GOLD CORP Common 496902404 313 17,000 SH Sole 17,000
LEAR CORP Common 521865105 16 11,003 SH Sole 11,003
LEXMARK INTL NEW Common 529771107 3,228 120,000 SH Sole 120,000
LOWES COS INC Common 548661107 1,691 78,600 SH Sole 78,600
MARKET VECTORS Common 57060U100 7,623 225,000 SH Sole 225,000
GOLD MINERS
MASTERCARD INC Common 57636Q104 2,859 20,000 SH Sole 20,000
CLASS A
-------------
TOTAL $ 36,163
-------------
Page 8 of 16 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
MEDIACOM Common 58446K105 146 34,000 SH Sole 34,000
COMMUNICATIONS CORP
MICROSOFT CORP Common 594918104 2,062 106,082 SH Sole 106,082
MIDWAY GOLD CORP Common 598153104 95 197,679 SH Sole 197,679
MINDSPEED Common 602682205 312 366,700 SH Sole 366,700
TECHNOLOGIES INC
MINEFINDERS CORP Common 602900102 2,229 444,487 SH Sole 444,487
MOTOROLA INC Common 620076109 81 18,268 SH Sole 18,268
NATIONAL CITY CORP Common 635405103 46 25,250 SH Sole 25,250
NEW GOLD INC Common 644535106 1,837 1,284,752 SH Sole 1,284,752
NEWMONT MINING CORP Common 651639106 814 20,000 SH Sole 20,000
NEWS CORP INC Common 65248E104 387 42,570 SH Sole 42,570
NOVAGOLD Common 66987E206 226 153,724 SH Sole 153,724
RESOURCES INC
NRG ENERGY INC Common 629377508 7,069 302,994 SH Sole 302,994
OCCIDENTAL Common 674599105 714 11,900 SH Sole 11,900
PETROLEUM CORP
-------------
TOTAL $ 16,018
-------------
Page 9 of 16 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 407 22,950 SH Sole 22,950
OWENS CORNING INC Common 690742101 3,981 230,100 SH Sole 230,100
PFIZER INC Common 717081103 2,862 161,600 SH Sole 161,600
POPULAR INC Common 733174106 117 22,629 SH Sole 22,629
PRIDE INTL INC DEL Common 74153Q102 176 11,000 SH Sole 11,000
REINSURANCE GROUP Common 759351604 343 8,000 SH Sole 8,000
OF AMERICA
RENT A CTR INC NEW Common 76009N100 214 12,102 SH Sole 12,102
RF MICRODEVICES INC Common 749941100 343 440,000 SH Sole 440,000
ROCKWELL Common 773903109 206 6,375 SH Sole 6,375
AUTOMATION INC
SEAGATE TECHNOLOGY Common G7945J104 697 157,400 SH Sole 157,400
SILICON IMAGE INC Common 82705T102 1,764 420,000 SH Sole 420,000
SILVER STANDARD Common 82823L106 543 34,000 SH Sole 34,000
RESOURCES
SILVER WHEATON CORP Common 828336107 3,022 374,000 SH Sole 374,000
-------------
TOTAL $ 14,675
-------------
Page 10 of 16 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
SLM CORP Common 78442P106 2,603 292,443 SH Sole 292,443
SMURFIT-STONE Common 832727101 777 3,046,500 SH Sole 3,046,500
CONTAINER CORP
SPDR KBW BANK ETF Common 78464A797 13,312 604,800 SH Sole 604,800
STILLWATER MNG CO Common 86074Q102 3,059 619,263 SH Sole 619,263
TALISMAN ENERGY INC Common 87425E103 484 48,450 SH Sole 48,450
THORATEC CORP Common 885175307 11,696 360,000 SH Sole 360,000
TIME WARNER CABLE-A Common 88732J108 274 12,766 SH Sole 12,766
TRANSOCEAN LTD Common G90073100 9,450 200,000 SH Sole 200,000
TREX COMPANY INC Common 89531P105 3,216 195,375 SH Sole 195,375
TYCO ELECTRONICS Common G9144P105 2,312 142,600 SH Sole 142,600
LTD-W/I
UNILEVER N V Common 904784709 427 17,411 SH Sole 17,411
UNITED PARCEL SERVICE Common 911312106 447 8,100 SH Sole 8,100
INC
UNITED STATES STL Common 912909108 1,856 49,900 SH Sole 49,900
CORP NEW
-------------
TOTAL $ 49,913
-------------
Page 11 of 16 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
VULCAN MATERIALS CO Common 929160109 2,783 40,000 SH Sole 40,000
WELLS FARGO & CO Common 949746101 2,848 96,600 SH Sole 96,600
WESTERN DIGITAL CORP Common 958102105 3,550 310,000 SH Sole 310,000
WEYERHAEUSER CO Common 962166104 4,592 150,000 SH Sole 150,000
WILLIAMS COS INC DEL Common 969457100 146 10,112 SH Sole 10,112
WILLIAMS PIPELINE Common 96950K103 2,565 181,000 SH Sole 181,000
PARTNERS L
XEROX CORP Common 984121103 9,615 1,206,400 SH Sole 1,206,400
ZHONE TECHNOLOGIES Common 98950P108 266 3,201,798 SH Sole 3,201,798
INC
---------------
TOTAL $ 26,365
---------------
Page 12 of 16 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 4,603 80,000 SH Put Sole 80,000
ALLSTATE CORP Common 020002951 7,862 240,000 SH Put Sole 240,000
AUTOMATIC DATA Common 053015953 3,934 100,000 SH Put Sole 100,000
PROCESSING
BANK OF AMERICA Common 060505954 1,408 100,000 SH Put Sole 100,000
CORPORATION
BARRICK GOLD CORP Common 067901908 3,677 100,000 SH Call Sole 100,000
BARRICK GOLD CORP Common 067901958 3,677 100,000 SH Put Sole 100,000
BED BATH & BEYOND Common 075896900 508 20,000 SH Call Sole 20,000
INC
BED BATH & BEYOND Common 075896950 2,542 100,000 SH Put Sole 100,000
INC
BLACK & DECKER CORP Common 091797950 3,763 90,000 SH Put Sole 90,000
BROADCOM CORP Common 111320957 1,697 100,000 SH Put Sole 100,000
BROCADE Common 111621906 566 200,000 SH Call Sole 200,000
COMMUNICATIONS SYS
INC
BROCADE Common 111621956 566 200,000 SH Put Sole 200,000
COMMUNICATIONS SYS
INC
CIENA CORP Common 171779959 1,340 200,000 SH Put Sole 200,000
-------------
TOTAL $ 36,143
-------------
Page 13 of 16 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 3,260 200,000 SH Put Sole 200,000
CLIFFS NATURAL Common 18683K951 4,866 190,000 SH Put Sole 190,000
RESOURCES INC
D R HORTON INC Common 23331A959 566 80,000 SH Put Sole 80,000
DISNEY WALT CO Common 254687906 3,630 160,000 SH Call Sole 160,000
DISNEY WALT CO Common 254687956 3,177 140,000 SH Put Sole 140,000
DU PONT E I DE Common 263534909 5,566 220,000 SH Call Sole 220,000
NEMOURS & CO
DU PONT E I DE Common 263534959 4,048 160,000 SH Put Sole 160,000
NEMOURS & CO
DYNEGY INC NEW Common 26817G902 160 80,000 SH Call Sole 80,000
E M C CORP MASS Common 268648952 2,094 200,000 SH Put Sole 200,000
EATON CORP Common 278058952 6,959 140,000 SH Put Sole 140,000
FOSTER WHEELER LTD Common G36535959 2,338 100,000 SH Put Sole 100,000
GOLDCORP INC NEW Common 380956909 5,045 160,000 SH Call Sole 160,000
GOLDCORP INC NEW Common 380956959 1,261 40,000 SH Put Sole 40,000
-------------
TOTAL $ 42,970
-------------
Page 14 of 16 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
HOME DEPOT INC Common 437076952 4,604 200,000 SH Put Sole 200,000
INTEL CORP Common 458140950 4,398 300,000 SH Put Sole 300,000
ITT CORP Common 450911952 1,840 40,000 SH Put Sole 40,000
JDS UNIPHASE CORP Common 46612J957 2,555 700,000 SH Put Sole 700,000
JOY GLOBAL INC Common 481165958 1,831 80,000 SH Put Sole 80,000
LOWES COS INC Common 548661957 1,722 80,000 SH Put Sole 80,000
MASTERCARD INC Common 57636Q954 10,005 70,000 SH Put Sole 70,000
CLASS A
MICROSOFT CORP Common 594918954 3,888 200,000 SH Put Sole 200,000
ORACLE CORP Common 68389X955 1,773 100,000 SH Put Sole 100,000
OWENS CORNING INC Common 690742901 1,730 100,000 SH Call Sole 100,000
OWENS CORNING INC Common 690742951 1,384 80,000 SH Put Sole 80,000
PFIZER INC Common 717081953 3,925 221,600 SH Put Sole 221,600
PPL CORP Common 69351T906 3,069 100,000 SH Call Sole 100,000
-------------
TOTAL $ 42,724
-------------
Page 15 of 16 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
PPL CORP Common 69351T956 1,228 40,000 SH Put Sole 40,000
SEAGATE TECHNOLOGY Common G7945J954 886 200,000 SH Put Sole 200,000
TARGET CORP Common 87612E956 1,381 40,000 SH Put Sole 40,000
THE ST JOE COMPANY Common 790148950 2,432 100,000 SH Put Sole 100,000
UNITED PARCEL SERVICE Common 911312956 4,964 90,000 SH Put Sole 90,000
INC
UNITED STATES STL Common 912909958 2,232 60,000 SH Put Sole 60,000
CORP NEW
VULCAN MATERIALS CO Common 929160959 12,524 180,000 SH Put Sole 180,000
WHOLE FOODS MKT INC Common 966837906 1,322 140,000 SH Call Sole 140,000
WELLS FARGO & CO Common 949746951 2,948 100,000 SH Put Sole 100,000
ZOLTEK COMPANIES INC Common 98975W904 5,394 600,000 SH Call Sole 600,000
ZOLTEK COMPANIES INC Common 98975W954 360 40,000 SH Put Sole 40,000
---------------
TOTAL $ 35,671
---------------
AGGREGATE TOTAL $ 10,427,478
===============
Page 16 of 16 Pages