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