CONSOLIDATED SUBSIDIARY OVERVIEW
To Our Shareholders
The challenges that all of us—individuals, businesses, governments and communities alike—faced during 2020 were truly without precedent. The coronavirus altered our lives with astonishing speed, and what began as a promising year quickly and dramatically morphed into a global health and economic crisis. In addition to the severe toll on human lives and livelihoods, COVID-19 dramatically altered our everyday existence and brought about changes in society and business that are likely to be long-lasting.
Yet, the pandemic also revealed the selflessness of our fellow citizens and the strength and resiliency of our institutions. It is important to acknowledge everyone on the front lines of the fight against this pandemic– especially the medical professionals, first responders and workers in every industry who risked their own safety to provide essential products and services. While we can never thank them sufficiently for their bravery and compassion, Loews has donated $1 million to be shared among several organizations that provide direct assistance to frontline healthcare heroes. Additionally, our subsidiaries provided philanthropic support to various organizations supplying relief and aiding recovery efforts in their local communities. CNA Financial donated $1 million to organizations providing national and international relief and recovery efforts on the front lines as well as in communities where its colleagues live and work. Boardwalk Pipelines supported a range of community organizations, including local food banks, hospitals, schools and first responders. Altium Packaging instituted paid sick leave for team members impacted by COVID-19 and provided appreciation bonuses for all plant employees. And Loews Hotels & Co enacted several programs to assist impacted team members, including a multimillion dollar relief fund.
We also want to recognize all of our Loews corporate and subsidiary employees who rose to the challenge with determination, focus and professionalism. Across the organization, our people have done their part to make sure that businesses had insurance and claims were paid, that natural gas was available to heat homes and medical facilities, that packaging was available for water and medicine bottles, or that a meal was delivered to a family in a hotel room. In addition, numerous employees at Loews and our subsidiaries volunteered at food banks, sorted donated items, distributed protective gear or helped however they could.
Each of our subsidiaries went to great lengths to protect the health and safety of employees and customers. CNA’s investment in technology enabled a seamless shift to remote working, while the company reinforced its partnerships with agents and brokers by being available, collaborative and resourceful during the pandemic. Boardwalk implemented business continuity plans and increased measures to safeguard employees while providing uninterrupted service to customers and maintaining pipeline and storage operations.
An important element of Loews’s strategy to deliver value for shareholders is our multi-industry holding company structure, with subsidiaries spanning diverse sectors.