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Business Description
Loews Corporation is a holding company whose subsidiaries are engaged in the following lines of business: property and casualty insurance (CNA Financial Corporation, a 90%-owned subsidiary); the production and sale of cigarettes (Lorillard, Inc., a wholly owned subsidiary); the operation of hotels (Loews Hotels Holding Corporation, a wholly owned subsidiary); the operation of offshore oil and gas drilling rigs (Diamond Offshore Drilling, Inc., a 54%-owned subsidiary); the operation of an interstate natural gas transmission pipeline system (Texas Gas Transmission, LLC, a wholly owned subsidiary), and the distribution and sale of watches and clocks (Bulova Corporation, a 97%-owned subsidiary).

Financial Information
For the six months ended 6/30/04, revenues fell 10% to $7.41 billion. Net income from continuing operations applc. to Loews Common rose 7% to $375.9 million. Results reflect lower sales from the CNA's Financial group, offset by improved operating margins.