Loews has long been guided by the timeless principles of value investing. By consistently adhering to a long-term, value-oriented approach, the corporation has built a 50-year track record of growth and value creation that has been matched by few publicly traded companies based on share price appreciation and total return. Over the past half century, the value of Loews stock has increased at a compound annual growth rate of 16 percent, more than double the returns of the S&P 500 Index.

Today, the corporation is led by James Tisch, Andrew Tisch and Jonathan Tisch, who form the Office of the President of Loews Corporation.  James Tisch serves as president and chief executive officer; Andrew Tisch is co-chairman of the board of the corporation and chairman of the executive committee; and Jonathan Tisch serves as co-chairman of the board of the corporation as well as chairman of Loews Hotels.

Loews Corporation grew out of the lifelong partnership of two brothers: Laurence (“Larry” – father of James and Andrew) and Preston Robert (“Bob” – father of Jonathan) Tisch. Beginning in 1946 with a single hotel in Lakewood, New Jersey, Larry and Bob Tisch built a thriving hotel chain. In 1959, they purchased a controlling interest in Loew’s Theatres, Inc. a nationwide chain of 102 movie theaters, which formed the foundation of modern-day Loews (Loews sold the theater business in 1985). The two founders developed a conservative and flexible value-oriented philosophy which continues to be a cornerstone of Loews today. In 2009, the corporation marked the 50th anniversary of its listing on the New York Stock Exchange.

At Loews, we attribute our success to several important – and interrelated – factors. First, and perhaps most important, the efficient management and allocation of capital is a priority. We manage for the long term, investing in our subsidiaries in order to grow and enhance their value. We maintain a disciplined approach to identifying and acquiring, at attractive prices, good assets that can deliver sustainable cash earnings. We keep cash in reserve so that we may manage through unpredictable markets and cyclical downturns. Our liquidity also enables us to move decisively when we see an opportunity to make an acquisition or investment. We repurchase our shares when we believe they represent solid value for continuing holders of Loews common stock. Since 1971 we have reduced our shares outstanding from 1.3 billion to 387 million as of December 31, 2013.

Allocating capital effectively requires other corporate strengths:

• A management team with deep experience, market knowledge and insights based on research and analysis
• A corporate culture built on an understanding that being patient, disciplined and thoughtful is not incompatible with being opportunistic, innovative and forward thinking
• An ownership structure that fully aligns the interests of management and shareholders

Working to enhance our subsidiaries’ operating performance and capital structure is another way Loews creates value. We believe in hiring experienced managers and empowering them to produce results. But we also support our subsidiaries with both financial and strategic advice.