Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

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Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Our common stock is listed on the New York Stock Exchange under the symbol “L”.

The following graph compares annual total return of our Common Stock, the Standard & Poor’s 500 Composite Stock Index (“S&P 500 Index”), our new peer group set forth below (“Loews New Peer Group”) and our old peer group set forth below (“Loews Old Peer Group”) for the five years ended December 31, 2020. The graph assumes that the value of the investment in our Common Stock, the S&P 500 Index, the Loews New Peer Group and the Loews Old Peer Group was $100 on December 31, 2015 and that all dividends were reinvested. We seek to construct our peer group based on comparable products and services, revenue composition and size. In reevaluating our peer group this year, we have removed three peers due to the deconsolidation of Diamond Offshore in the second quarter of 2020. In addition, we added seven peers to better reflect the current composition of our operating subsidiaries. We believe these changes to the peer group provide a more meaningful comparison in terms of comparable products and services, revenue composition and size.


	2015	2016	2017	2018	2019	2020
Loews Common Stock	100.0	122.71	131.78	120.51	139.66	120.54
S&P 500 Index	100.0	111.96	136.40	130.42	171.49	203.04
Loews New Peer Group (a)	100.0	125.12	130.52	116.53	146.51	126.42
Loews Old Peer Group (b)	100.0	116.08	119.57	112.18	137.91	132.60

(a)

The Loews New Peer Group consists of the following companies that are industry peers of our principal operating subsidiaries: Berry Global, Inc., Chubb Limited (name change from ACE Limited after it acquired The Chubb Corporation on January 15, 2016), Diamond Rock Hospitality Company, Enbridge Inc., Energy Transfer LP, Kinder Morgan, Ryman Hospitality Properties, Inc., Silgan Holdings Inc., Sunstone Hotel Investors, Inc., The Hartford Financial Services Group, Inc., The Travelers Companies, Inc., W.R. Berkley Corporation and Xenia Hotels & Resorts, Inc.

(b)

The Loews Old Peer Group consists of the following companies that are industry peers of our principal operating subsidiaries: Chubb Limited (name change from ACE Limited after it acquired The Chubb Corporation on January 15, 2016), W.R. Berkley Corporation, The Chubb Corporation (included through January 15, 2016 when it was acquired by ACE Limited), Energy Transfer Partners L.P. (included through October 18, 2018 when it merged with Energy Transfer Equity, L.P.), Valaris plc (name change from ENSCO plc), The Hartford Financial Services Group, Inc., Noble Corporation plc, Spectra Energy Corp (included through February 24, 2017 when it was acquired by Enbridge Inc.), Transocean Ltd. and The Travelers Companies, Inc.

Securities Authorized for Issuance Under Equity Compensation Plans

The following table provides certain information as of December 31, 2020 with respect to our equity compensation plans under which our equity securities are authorized for issuance.

			Number of
			securities remaining
	Number of		available for future
	securities to be		issuance under
	issued upon exercise	Weighted average	equity compensation
	of outstanding	exercise price of	plans (excluding
	options, warrants	outstanding options,	securities reflected
Plan category	and rights	warrants and rights	in the first column)

Equity compensation plans approved by security holders (a)	2,632,375	$41.65	5,487,192
Equity compensation plans not approved by security holders (b)	N/A	N/A	N/A

(a)

Reflects 2,062,256 outstanding stock appreciation rights awarded under the Loews Corporation 2000 Stock Option Plan, 516,403 outstanding unvested time-based and performance-based restricted stock units (“RSUs”) and 53,716 deferred vested time-based RSUs awarded under the Loews Corporation 2016 Incentive Compensation Plan. The weighted average exercise price does not take into account RSUs as they do not have an exercise price.

(b)	We do not have equity compensation plans that have not been approved by our shareholders.

Approximate Number of Equity Security Holders

As of February 1, 2020, we had approximately 670 holders of record of our common stock.

Common Stock Repurchases

Our Board of Directors has authorized our management, as it deems appropriate, to purchase, in the open market or through privately negotiated transactions, our outstanding common stock.

During the fourth quarter of 2020, we purchased shares of our common stock as follows:

Period		(b) Average price paid per share

October 1, 2020 - October 31, 2020	667,071	$	34.45	N/A	N/A

November 1, 2020 - November 30, 2020	1,242,559		39.64	N/A	N/A

December 1, 2020 - December 31, 2020	3,930,645		43.73	N/A	N/A

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