EX-99.2 3 q32024exhibit992.htm EX-99.2

CNA Financial Corporation

Supplemental Financial Information

September 30, 2024

This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

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Table of Contents

			Page
Consolidated Results
Statements of Operations			1
Components of Income (Loss), Per Share Data and Return on Equity			2
Selected Balance Sheet Data and Statements of Cash Flows Data			3
Results of Operations
Property & Casualty			4
Specialty			5
Commercial			6
International			7
Life & Group			8
Corporate & Other			9
Investment Information
Investment Summary - Consolidated			10
Investment Summary - Property & Casualty and Corporate & Other			11
Investment Summary - Life & Group			12
Investments - Fixed Maturity Securities by Credit Rating			13
Components of Net Investment Income			14
Net Investment Gains (Losses)			15
Other
Claim & Claim Adjustment Expense Reserve Rollforward			16
Life & Group Policyholder Reserves			17
Definitions and Presentation			18

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Statements of Operations

Periods ended September 30			Three Months																					Nine Months
(In millions)			2024						2023						Change									2024						2023						Change
Revenues:
Net earned premiums			$	2,593					$	2,406					8			%						$	7,532					$	7,001					8			%
Net investment income			626						553						13									1,853						1,653						12
Net investment (losses) gains			(10)						(38)															(42)						(105)
Non-insurance warranty revenue			401						407															1,212						1,221
Other revenues			8						8															26						22
Total revenues			3,618						3,336						8									10,581						9,792						8
Claims, Benefits and Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $(48), $(41), $(88) and $(75))			2,019						1,826															5,708						5,258
Amortization of deferred acquisition costs			457						426															1,336						1,208
Non-insurance warranty expense			387						386															1,169						1,154
Other operating expenses			362						338															1,077						1,021
Interest			32						34															101						93
Total claims, benefits and expenses			3,257						3,010						(8)									9,391						8,734						(8)
Income (loss) before income tax			361						326															1,190						1,058
Income tax (expense) benefit			(78)						(68)															(252)						(220)
Net income (loss)			$	283					$	258					10			%						$	938					$	838					12			%

1

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Components of Income (Loss), Per Share Data and Return on Equity

Periods ended September 30			Three Months															Nine Months
(In millions, except per share data)			2024						2023									2024						2023
Components of Income (Loss)
Core income (loss)			$	293					$	289								$	974					$	922
Net investment gains (losses)			(7)						(31)									(33)						(84)
Pension settlement transaction gains (losses)			(3)						—									(3)						—
Net income (loss)			$	283					$	258								$	938					$	838
Diluted Earnings (Loss) Per Common Share
Core income (loss)			$	1.08					$	1.06								$	3.57					$	3.39
Net investment gains (losses)			(0.03)						(0.11)									(0.12)						(0.31)
Pension settlement transaction gains (losses)			(0.01)						—									(0.01)						—
Diluted earnings (loss) per share			$	1.04					$	0.95								$	3.44					$	3.08
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic			271.3						271.2									271.5						271.2
Diluted			272.7						272.3									272.7						272.2
Return on Equity
Net income (loss) (1)			11.0			%			11.9			%						12.1			%			13.1			%
Core income (loss) (2)			9.4						9.4									10.3						10.1

(1) Annualized net income (loss) divided by the average stockholders' equity including accumulated other comprehensive income (loss) (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period.

(2) Annualized core income (loss) divided by the average stockholders' equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period.

2

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Selected Balance Sheet Data and Statements of Cash Flows Data

(In millions, except per share data)			September 30, 2024						December 31, 2023
Total investments			$	48,695					$	46,562
Reinsurance receivables, net of allowance for uncollectible receivables			5,798						5,412
Total assets			67,356						64,711
Insurance reserves			45,864						44,196
Claim and claim adjustment expenses			24,558						23,304
Unearned premiums			7,259						6,933
Future policy benefits			14,047						13,959
Debt			2,972						3,031
Total liabilities			56,598						54,818
Accumulated other comprehensive income (loss) (1)			(1,837)						(2,672)
Total stockholders' equity			10,758						9,893
Book value per common share			$	39.72					$	36.52
Book value per common share excluding AOCI			$	46.50					$	46.39
Outstanding shares of common stock (in millions of shares)			270.8						270.9
Statutory capital and surplus - Combined Continental Casualty Companies (2)			$	11,327					$	10,946

Three Months Ended September 30			2024						2023
Net cash flows provided (used) by operating activities			$	748					$	828
Net cash flows provided (used) by investing activities			(553)						(679)
Net cash flows provided (used) by financing activities			(120)						(18)
Net cash flows provided (used) by operating, investing and financing activities			$	75					$	131

Nine Months Ended September 30			2024						2023
Net cash flows provided (used) by operating activities			$	1,868					$	1,765
Net cash flows provided (used) by investing activities			(762)						(1,537)
Net cash flows provided (used) by financing activities			(998)						(218)
Net cash flows provided (used) by operating, investing and financing activities			$	108					$	10

(1) As of September 30, 2024 and December 31, 2023, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $(368) million and $(359) million.

(2) Statutory capital and surplus as of September 30, 2024 is preliminary.

3

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Property & Casualty - Results of Operations

Periods ended September 30			Three Months																					Nine Months
(In millions)			2024						2023						Change									2024						2023						Change
Gross written premiums			$	3,595					$	3,424					5			%						$	11,409					$	10,953					4			%
Gross written premiums ex. 3rd party captives			2,825						2,595						9									8,964						8,305						8
Net written premiums			2,360						2,178						8									7,424						6,938						7
Net earned premiums			2,484						2,295						8									7,204						6,662						8
Insurance claims and policyholders' benefits			1,667						1,473															4,700						4,228
Amortization of deferred acquisition costs			457						426															1,336						1,208
Other insurance related expenses			292						265															850						827
Underwriting gain (loss)			68						131						(48)									318						399						(20)
Net investment income			372						318						17									1,090						951						15
Non-insurance warranty revenue			401						407															1,212						1,221
Other revenues			6						8															24						22
Non-insurance warranty expense			387						386															1,169						1,154
Other expenses			13						30															69						68
Core income (loss) before income tax			447						448															1,406						1,371
Income tax (expense) benefit on core income (loss)			(101)						(97)															(308)						(300)
Core income (loss)			$	346					$	351					(1)			%						$	1,098					$	1,071					3			%
Other Performance Metrics
Underwriting gain (loss)			$	68					$	131					(48)			%						$	318					$	399					(20)			%
Effect of catastrophe losses			143						94															313						214
Effect of (favorable) unfavorable development-related items			(2)						(5)															(13)						4
Underlying underwriting gain (loss)			$	209					$	220					(5)			%						$	618					$	617					—			%
Loss & LAE ratio			66.7			%			63.9			%			(2.8)			pts						64.9			%			63.1			%			(1.8)			pts
Expense ratio			30.2						30.1						(0.1)									30.3						30.6						0.3
Dividend ratio			0.3						0.3						—									0.4						0.3						(0.1)
Combined ratio			97.2			%			94.3			%			(2.9)			pts						95.6			%			94.0			%			(1.6)			pts
Effect of catastrophe impacts			(5.8)						(4.1)						1.7									(4.3)						(3.2)						1.1
Effect of development-related items			0.2						0.2						—									0.2						—						(0.2)
Underlying combined ratio			91.6			%			90.4			%			(1.2)			pts						91.5			%			90.8			%			(0.7)			pts
Rate			3			%			5			%			(2)			pts						4			%			5			%			(1)			pts
Renewal premium change			5			%			6			%			(1)			pts						5			%			7			%			(2)			pts
Retention			85			%			84			%			1			pts						85			%			85			%			—			pts
New business			$	547					$	475					15			%						$	1,671					$	1,533					9			%

4

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Specialty - Results of Operations

Periods ended September 30			Three Months																					Nine Months
(In millions)			2024						2023						Change									2024						2023						Change
Gross written premiums			$	1,743					$	1,775					(2)			%						$	5,153					$	5,324					(3)			%
Gross written premiums ex. 3rd party captives			982						949						3									2,846						2,796						2
Net written premiums			862						825						4									2,511						2,438						3
Net earned premiums			848						829						2									2,493						2,438						2
Insurance claims and policyholders' benefits			511						482															1,485						1,424
Amortization of deferred acquisition costs			188						175															546						508
Other insurance related expenses			90						89															267						269
Underwriting gain (loss)			59						83						(29)									195						237						(18)
Net investment income			157						136						15									461						407						13
Non-insurance warranty revenue			401						407															1,212						1,221
Other revenues			1						—															1						—
Non-insurance warranty expense			387						386															1,169						1,154
Other expenses			13						13															41						39
Core income (loss) before income tax			218						227															659						672
Income tax (expense) benefit on core income (loss)			(47)						(49)															(142)						(146)
Core income (loss)			$	171					$	178					(4)			%						$	517					$	526					(2)			%
Other Performance Metrics
Underwriting gain (loss)			$	59					$	83					(29)			%						$	195					$	237					(18)			%
Effect of catastrophe losses			—						—															—						—
Effect of (favorable) unfavorable development-related items			—						(5)															(8)						(7)
Underlying underwriting gain (loss)			$	59					$	78					(24)			%						$	187					$	230					(19)			%
Loss & LAE ratio			60.1			%			58.0			%			(2.1)			pts						59.3			%			58.2			%			(1.1)			pts
Expense ratio			32.7						31.8						(0.9)									32.5						31.9						(0.6)
Dividend ratio			0.2						0.3						0.1									0.3						0.2						(0.1)
Combined ratio			93.0			%			90.1			%			(2.9)			pts						92.1			%			90.3			%			(1.8)			pts
Effect of catastrophe impacts			—						—						—									—						—						—
Effect of development-related items			—						0.6						0.6									0.3						0.3						—
Underlying combined ratio			93.0			%			90.7			%			(2.3)			pts						92.4			%			90.6			%			(1.8)			pts
Rate			—			%			1			%			(1)			pts						1			%			1			%			—			pts
Renewal premium change			2			%			2			%			—			pts						2			%			2			%			—			pts
Retention			89			%			87			%			2			pts						89			%			88			%			1			pts
New business			$	129					$	121					7			%						$	341					$	349					(2)			%

5

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Commercial - Results of Operations

Periods ended September 30			Three Months																					Nine Months
(In millions)			2024						2023						Change									2024						2023						Change
Gross written premiums			$	1,547					$	1,343					15			%						$	5,160					$	4,504					15			%
Gross written premiums ex. 3rd party captives			1,538						1,340						15									5,022						4,384						15
Net written premiums			1,221						1,071						14									4,017						3,588						12
Net earned premiums			1,325						1,170						13									3,774						3,336						13
Insurance claims and policyholders' benefits			961						813															2,647						2,252
Amortization of deferred acquisition costs			209						188															608						532
Other insurance related expenses			158						156															454						456
Underwriting gain (loss)			(3)						13						(123)									65						96						(32)
Net investment income			183						156						17									534						470						14
Other revenues			5						9															23						22
Other expenses			8						11															33						27
Core income (loss) before income tax			177						167															589						561
Income tax (expense) benefit on core income (loss)			(38)						(34)															(125)						(118)
Core income (loss)			$	139					$	133					5			%						$	464					$	443					5			%
Other Performance Metrics
Underwriting gain (loss)			$	(3)					$	13					(123)			%						$	65					$	96					(32)			%
Effect of catastrophe losses			127						87															285						190
Effect of (favorable) unfavorable development-related items			—						—															—						(4)
Underlying underwriting gain (loss)			$	124					$	100					24			%						$	350					$	282					24			%
Loss & LAE ratio			72.0			%			68.9			%			(3.1)			pts						69.7			%			67.0			%			(2.7)			pts
Expense ratio			27.7						29.5						1.8									28.1						29.6						1.5
Dividend ratio			0.5						0.5						—									0.5						0.5						—
Combined ratio			100.2			%			98.9			%			(1.3)			pts						98.3			%			97.1			%			(1.2)			pts
Effect of catastrophe impacts			(9.6)						(7.4)						2.2									(7.5)						(5.7)						1.8
Effect of development-related items			0.1						—						(0.1)									—						0.2						0.2
Underlying combined ratio			90.7			%			91.5			%			0.8			pts						90.8			%			91.6			%			0.8			pts
Rate			6			%			8			%			(2)			pts						6			%			8			%			(2)			pts
Renewal premium change			8			%			9			%			(1)			pts						8			%			10			%			(2)			pts
Retention			84			%			83			%			1			pts						84			%			85			%			(1)			pts
New business			$	345					$	292					18			%						$	1,117					$	945					18			%

6

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International - Results of Operations

Periods ended September 30			Three Months																					Nine Months
(In millions)			2024						2023						Change									2024						2023						Change
Gross written premiums			$	305					$	306					—			%						$	1,096					$	1,125					(3)			%
Net written premiums			277						282						(2)									896						912						(2)
Net earned premiums			311						296						5									937						888						6
Insurance claims and policyholders' benefits			195						178															568						552
Amortization of deferred acquisition costs			60						63															182						168
Other insurance related expenses			44						20															129						102
Underwriting gain (loss)			12						35						(66)									58						66						(12)
Net investment income			32						26						23									95						74						28
Other revenues			—						(1)															—						—
Other expenses			(8)						6															(5)						2
Core income (loss) before income tax			52						54															158						138
Income tax (expense) benefit on core income (loss)			(16)						(14)															(41)						(36)
Core income (loss)			$	36					$	40					(10)			%						$	117					$	102					15			%
Other Performance Metrics
Underwriting gain (loss)			$	12					$	35					(66)			%						$	58					$	66					(12)			%
Effect of catastrophe losses			16						7															28						24
Effect of (favorable) unfavorable development-related items			(2)						—															(5)						15
Underlying underwriting gain (loss)			$	26					$	42					(38)			%						$	81					$	105					(23)			%
Loss & LAE ratio			62.5			%			60.2			%			(2.3)			pts						60.6			%			62.2			%			1.6			pts
Expense ratio			33.6						28.1						(5.5)									33.1						30.3						(2.8)
Dividend ratio			—						—						—									—						—						—
Combined ratio			96.1			%			88.3			%			(7.8)			pts						93.7			%			92.5			%			(1.2)			pts
Effect of catastrophe impacts			(5.1)						(2.3)						2.8									(3.0)						(2.7)						0.3
Effect of development-related items			0.7						—						(0.7)									0.5						(1.7)						(2.2)
Underlying combined ratio			91.7			%			86.0			%			(5.7)			pts						91.2			%			88.1			%			(3.1)			pts
Rate			(2)			%			2			%			(4)			pts						—			%			4			%			(4)			pts
Renewal premium change			1			%			7			%			(6)			pts						2			%			7			%			(5)			pts
Retention			82			%			84			%			(2)			pts						81			%			83			%			(2)			pts
New business			$	73					$	62					18			%						$	213					$	239					(11)			%

7

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Life & Group - Results of Operations

Periods ended September 30			Three Months															Nine Months
(In millions)			2024						2023									2024						2023
Net earned premiums			$	110					$	112								$	329					$	340
Net investment income			240						216									710						659
Other revenues			—						—									—						—
Total operating revenues			350						328									1,039						999
Insurance claims and policyholders' benefits			336						343									973						998
Other insurance related expenses			30						29									88						89
Other expenses			1						(1)									2						—
Total claims, benefits and expenses			367						371									1,063						1,087
Core income (loss) before income tax			(17)						(43)									(24)						(88)
Income tax (expense) benefit on core income (loss)			8						14									19						36
Core income (loss)			$	(9)					$	(29)								$	(5)					$	(52)

8

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Corporate & Other - Results of Operations

Periods ended September 30			Three Months															Nine Months
(In millions)			2024						2023									2024						2023
Net earned premiums			$	(1)					$	(1)								$	(1)					$	(1)
Net investment income			14						19									53						43
Other revenues			2						—									2						—
Total operating revenues			15						18									54						42
Insurance claims and policyholders' benefits			16						10									35						32
Other insurance related expenses			(1)						—									(1)						1
Interest expense			32						35									101						93
Other expenses			23						14									65						36
Total claims, benefits and expenses			70						59									200						162
Core income (loss) before income tax			(55)						(41)									(146)						(120)
Income tax (expense) benefit on core income (loss)			11						8									27						23
Core income (loss)			$	(44)					$	(33)								$	(119)					$	(97)

9

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Investment Summary - Consolidated

			September 30, 2024												June 30, 2024												December 31, 2023
(In millions)			Carrying Value						Net Unrealized Gains (Losses)						Carrying Value						Net Unrealized Gains (Losses)						Carrying Value						Net Unrealized Gains (Losses)
Fixed maturity securities:
Corporate and other bonds			$	25,792					$	(74)					$	24,372					$	(1,095)					$	24,268					$	(748)
States, municipalities and political subdivisions:
Tax-exempt			3,333						65						3,333						(33)						3,722						88
Taxable			3,815						(323)						3,696						(498)						3,670						(409)
Total states, municipalities and political subdivisions			7,148						(258)						7,029						(531)						7,392						(321)
Asset-backed:
RMBS			3,354						(330)						3,115						(487)						3,002						(409)
CMBS			1,741						(126)						1,611						(179)						1,631						(223)
Other ABS			3,585						(146)						3,379						(243)						3,268						(243)
Total asset-backed			8,680						(602)						8,105						(909)						7,901						(875)
U.S. Treasury and obligations of government-sponsored enterprises			222						(2)						191						(2)						151						(1)
Foreign government			737						(18)						706						(36)						713						(28)
Redeemable preferred stock			—						—						—						—						—						—
Total fixed maturity securities			42,579						(954)						40,403						(2,573)						40,425						(1,973)
Equities:
Common stock			183						—						180						—						191						—
Non-redeemable preferred stock			485						—						489						—						492						—
Total equities			668						—						669						—						683						—
Limited partnership investments:
Hedge funds			356						—						347						—						332						—
Private equity funds			2,106						—						2,020						—						1,842						—
Total limited partnership investments			2,462						—						2,367						—						2,174						—
Other invested assets			83						—						73						—						80						—
Mortgage loans			1,003						—						986						—						1,035						—
Short-term investments			1,900						—						1,747						—						2,165						1
Total investments			$	48,695					$	(954)					$	46,245					$	(2,573)					$	46,562					$	(1,972)
Net receivable/(payable) on investment activity			$	(93)											$	(6)											$	36
Effective duration (in years)			6.4												6.4												6.5
Weighted average rating (1)			A												A												A

RMBS - Residential mortgage-backed securities

CMBS - Commercial mortgage-backed securities

Other ABS - Other asset-backed securities

(1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating.

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Investment Summary - Property & Casualty and Corporate & Other

			September 30, 2024												June 30, 2024												December 31, 2023
(In millions)			Carrying Value						Net Unrealized Gains (Losses)						Carrying Value						Net Unrealized Gains (Losses)						Carrying Value						Net Unrealized Gains (Losses)
Fixed maturity securities:
Corporate and other bonds			$	15,158					$	(333)					$	14,311					$	(779)					$	14,424					$	(756)
States, municipalities and political subdivisions:
Tax-exempt			1,027						(157)						1,008						(190)						1,160						(159)
Taxable			2,240						(329)						2,133						(428)						2,076						(399)
Total states, municipalities and political subdivisions			3,267						(486)						3,141						(618)						3,236						(558)
Asset-backed:
RMBS			3,352						(330)						3,113						(487)						3,000						(409)
CMBS			1,718						(124)						1,588						(177)						1,601						(221)
Other ABS			2,983						(78)						2,813						(140)						2,676						(170)
Total asset-backed			8,053						(532)						7,514						(804)						7,277						(800)
U.S. Treasury and obligations of government-sponsored enterprises			213						(2)						191						(2)						150						(1)
Foreign government			688						(11)						660						(26)						685						(20)
Redeemable preferred stock			—						—						—						—						—						—
Total fixed maturity securities			27,379						(1,364)						25,817						(2,229)						25,772						(2,135)
Equities:
Common stock			183						—						180						—						191						—
Non-redeemable preferred stock			99						—						82						—						82						—
Total equities			282						—						262						—						273						—
Limited partnership investments:
Hedge funds			272						—						265						—						184						—
Private equity funds			1,611						—						1,545						—						1,019						—
Total limited partnership investments			1,883						—						1,810						—						1,203						—
Other invested assets			83						—						73						—						80						—
Mortgage loans			814						—						796						—						842						—
Short-term investments			1,739						—						1,698						—						2,094						1
Total investments			$	32,180					$	(1,364)					$	30,456					$	(2,229)					$	30,264					$	(2,134)
Net receivable/(payable) on investment activity			$	(99)											$	(19)											$	33
Effective duration (in years)			4.4												4.4												4.5
Weighted average rating (1)			A												A												A

(1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating.

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Investment Summary - Life & Group

			September 30, 2024												June 30, 2024												December 31, 2023
(In millions)			Carrying Value						Net Unrealized Gains (Losses)						Carrying Value						Net Unrealized Gains (Losses)						Carrying Value						Net Unrealized Gains (Losses)
Fixed maturity securities:
Corporate and other bonds			$	10,634					$	259					$	10,061					$	(316)					$	9,844					$	8
States, municipalities and political subdivisions:
Tax-exempt			2,306						222						2,325						157						2,562						247
Taxable			1,575						6						1,563						(70)						1,594						(10)
Total states, municipalities and political subdivisions			3,881						228						3,888						87						4,156						237
Asset-backed:
RMBS			2						—						2						—						2						—
CMBS			23						(2)						23						(2)						30						(2)
Other ABS			602						(68)						566						(103)						592						(73)
Total asset-backed			627						(70)						591						(105)						624						(75)
U.S. Treasury and obligations of government-sponsored enterprises			9						—						—						—						1						—
Foreign government			49						(7)						46						(10)						28						(8)
Redeemable preferred stock			—						—						—						—						—						—
Total fixed maturity securities			15,200						410						14,586						(344)						14,653						162
Equities:
Common stock			—						—						—						—						—						—
Non-redeemable preferred stock			386						—						407						—						410						—
Total equities			386						—						407						—						410						—
Limited partnership investments:
Hedge funds			84						—						82						—						148						—
Private equity funds			495						—						475						—						823						—
Total limited partnership investments			579						—						557						—						971						—
Other invested assets			—						—						—						—						—						—
Mortgage loans			189						—						190						—						193						—
Short-term investments			161						—						49						—						71						—
Total investments			$	16,515					$	410					$	15,789					$	(344)					$	16,298					$	162
Net receivable/(payable) on investment activity			$	6											$	13											$	3
Effective duration (in years)			10.1												9.9												10.2
Weighted average rating (1)			A-												A-												A-

(1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating.

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Investments - Fixed Maturity Securities by Credit Rating

September 30, 2024			U.S. Government, Government agencies and Government-sponsored enterprises												AAA												AA												A												BBB												Non-investment grade												Total
(In millions)			Fair Value						Net Unrealized Gains (Losses)						Fair Value						Net Unrealized Gains (Losses)						Fair Value						Net Unrealized Gains (Losses)						Fair Value						Net Unrealized Gains (Losses)						Fair Value						Net Unrealized Gains (Losses)						Fair Value						Net Unrealized Gains (Losses)						Fair Value						Net Unrealized Gains (Losses)
Corporate and other bonds			$	—					$	—					$	29					$	—					$	745					$	(3)					$	7,941					$	24					$	15,454					$	(66)					$	1,623					$	(29)					$	25,792					$	(74)
States, municipalities and political subdivisions			—						—						1,126						(17)						4,503						(195)						1,229						(5)						270						(36)						20						(5)						7,148						(258)
Asset-backed:
RMBS			2,843						(240)						494						(93)						8						—						—						—						—						—						9						3						3,354						(330)
CMBS			—						—						700						(7)						628						(52)						189						(19)						183						(21)						41						(27)						1,741						(126)
Other ABS			—						—						480						—						270						(47)						1,346						(37)						1,305						(49)						184						(13)						3,585						(146)
Total asset-backed			2,843						(240)						1,674						(100)						906						(99)						1,535						(56)						1,488						(70)						234						(37)						8,680						(602)
U.S. Treasury and obligations of government-sponsored enterprises			222						(2)						—						—						—						—						—						—						—						—						—						—						222						(2)
Foreign government			—						—						214						(2)						390						(6)						40						(5)						93						(5)						—						—						737						(18)
Redeemable preferred stock			—						—						—						—						—						—						—						—						—						—						—						—						—						—
Total fixed maturity securities			$	3,065					$	(242)					$	3,043					$	(119)					$	6,544					$	(303)					$	10,745					$	(42)					$	17,305					$	(177)					$	1,877					$	(71)					$	42,579					$	(954)
Percentage of total fixed maturity securities			7		%										7		%										15		%										25		%										41		%										5		%										100		%

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Components of Net Investment Income

Periods ended September 30			Consolidated
			Three Months												Nine Months
(In millions)			2024						2023						2024						2023
Taxable fixed income securities			$	490					$	457					$	1,446					$	1,331
Tax-exempt fixed income securities			35						43						109						138
Total fixed income securities			525						500						1,555						1,469
Common stock			13						—						31						16
Limited partnerships - hedge funds			13						(2)						35						19
Limited partnerships - private equity funds			54						30						160						89
Total limited partnership and common stock investments			80						28						226						124
Other, net of investment expense			21						25						72						60
Net investment income			$	626					$	553					$	1,853					$	1,653
Effective income yield for fixed income securities portfolio			4.8			%			4.7			%			4.8			%			4.6			%
Limited partnership and common stock return for the period			3.1						1.3						9.4						5.8

			Property & Casualty and Corporate & Other
Periods ended September 30
			Three Months												Nine Months
(In millions)			2024						2023						2024						2023
Taxable fixed income securities			$	301					$	283					$	893					$	816
Tax-exempt fixed income securities			8						10						27						32
Total fixed income securities			309						293						920						848
Common stock			13						—						31						16
Limited partnerships - hedge funds			10						—						22						11
Limited partnerships - private equity funds			30						16						89						49
Total limited partnership and common stock investments			53						16						142						76
Other, net of investment expense			24						28						81						70
Net investment income			$	386					$	337					$	1,143					$	994
Effective income yield for fixed income securities portfolio			4.3			%			4.2			%			4.3			%			4.1			%

Periods ended September 30			Life & Group
			Three Months												Nine Months
(In millions)			2024						2023						2024						2023
Taxable fixed income securities			$	189					$	174					$	553					$	515
Tax-exempt fixed income securities			27						33						82						106
Total fixed income securities			216						207						635						621
Common stock			—						—						—						—
Limited partnerships - hedge funds			3						(2)						13						8
Limited partnerships - private equity funds			24						14						71						40
Total limited partnership and common stock investments			27						12						84						48
Other, net of investment expense			(3)						(3)						(9)						(10)
Net investment income			$	240					$	216					$	710					$	659
Effective income yield for fixed income securities portfolio			5.7			%			5.6			%			5.6			%			5.6			%

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Net Investment Gains (Losses)

Periods ended September 30			Consolidated
			Three Months												Nine Months
(In millions)			2024						2023						2024						2023
Fixed maturity securities:
Corporate and other bonds			$	(17)					$	(11)					$	(38)					$	(46)
States, municipalities and political subdivisions			(1)						(4)						(3)						3
Asset-backed			(4)						(22)						(25)						(43)
Total fixed maturity securities			(22)						(37)						(66)						(86)
Non-redeemable preferred stock			13						2						25						(9)
Derivatives, short-term and other			(1)						2						(1)						1
Mortgage loans			—						(5)						—						(11)
Net investment gains (losses)			(10)						(38)						(42)						(105)
Income tax benefit (expense) on net investment gains (losses)			3						7						9						21
Net investment gains (losses), after tax			$	(7)					$	(31)					$	(33)					$	(84)

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Claim & Claim Adjustment Expense Reserve Rollforward

Three months ended September 30, 2024 (In millions)			Specialty						Commercial						International						P&C Operations						Life & Group						Corporate & Other						Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross			$	7,319					$	10,617					$	2,783					$	20,719					$	651					$	2,604					$	23,974
Ceded			1,407						1,184						443						3,034						90						2,234						5,358
Net			5,912						9,433						2,340						17,685						561						370						18,616
Net incurred claim & claim adjustment expenses			510						955						195						1,660						(2)						26						1,684
Net claim & claim adjustment expense payments			(489)						(656)						(112)						(1,257)						(11)						(9)						(1,277)
Foreign currency translation adjustment and other			—						—						76						76						16						1						93
Claim & claim adjustment expense reserves, end of period
Net			5,933						9,732						2,499						18,164						564						388						19,116
Ceded			1,395						1,286						491						3,172						86						2,184						5,442
Gross			$	7,328					$	11,018					$	2,990					$	21,336					$	650					$	2,572					$	24,558

Nine months ended September 30, 2024 (In millions)			Specialty						Commercial						International						P&C Operations						Life & Group						Corporate & Other						Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross			$	7,131					$	10,103					$	2,709					$	19,943					$	675					$	2,686					$	23,304
Ceded			1,215						1,082						433						2,730						93						2,318						5,141
Net			5,916						9,021						2,276						17,213						582						368						18,163
Net incurred claim & claim adjustment expenses			1,479						2,629						568						4,676						16						70						4,762
Net claim & claim adjustment expense payments			(1,461)						(1,919)						(381)						(3,761)						(33)						(50)						(3,844)
Foreign currency translation adjustment and other			(1)						1						36						36						(1)						—						35
Claim & claim adjustment expense reserves, end of period
Net			5,933						9,732						2,499						18,164						564						388						19,116
Ceded			1,395						1,286						491						3,172						86						2,184						5,442
Gross			$	7,328					$	11,018					$	2,990					$	21,336					$	650					$	2,572					$	24,558

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Life & Group Policyholder Reserves

Three months ended September 30, 2024 (In millions)			Claim and claim adjustment expenses						Future policy benefits						Total
Beginning of Period			$	561					$	13,211					$	13,772
Incurred claims and policyholders' benefits (1)			(2)						338						336
Benefit and expense payments			(11)						(291)						(302)
Change in discount rate assumptions and other (AOCI)			16						789						805
End of Period			$	564					$	14,047					14,611

Nine months ended September 30, 2024 (In millions)			Claim and claim adjustment expenses						Future policy benefits						Total
Beginning of Period			$	582					$	13,959					$	14,541
Incurred claims and policyholders' benefits (1)			16						959						975
Benefit and expense payments			(33)						(883)						(916)
Change in discount rate assumptions and other (AOCI)			(1)						12						11
End of Period			$	564					$	14,047					$	14,611

(1) Incurred claims and policyholders' benefits above does not agree to Net incurred claims and benefits as reflected in Note J to the Condensed Consolidated Financial Statements included under Part I, Item 1 of the Quarterly Report on Form 10-Q due to the timing of benefit and expense cash flows in determining Future Policy Benefit reserves, along with the allowable expenses in the reserve.

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Definitions and Presentation

•Collectively, CNA Financial Corporation (CNAF) and its subsidiaries are referred to as CNA or the Company.

•P&C Operations includes Specialty, Commercial and International.

•Life & Group segment includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants.

•Corporate & Other segment primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including CNA Re, asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and certain legacy mass tort reserves.

•Management uses the core income (loss) financial measure to monitor the Company’s operations for the Specialty, Commercial and International segments. Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate the Company's primary operations. Please refer to Note P to the Consolidated Financial Statements within the December 31, 2023 Form 10-K for further discussion regarding how the Company manages its business.

•In evaluating the results of the Specialty, Commercial and International segments, management uses the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represents net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. In addition, management also utilizes renewal premium change, rate, retention and new business in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written with existing customers.

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•Management uses underwriting gain (loss), calculated using GAAP financial results, to monitor insurance operations of our Specialty, Commercial and International segments. Underwriting gain (loss) is deemed to be a non-GAAP measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and other insurance related expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate profitability, before tax, derived from our underwriting activities which are managed separately from our investing activities. Underlying underwriting gain (loss) is deemed to be a non-GAAP measure that represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate profitability, before tax, of our underwriting activities, excluding the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.

•This financial supplement may also reference or contain financial measures utilized to monitor the Company's investment portfolio that are not in accordance with GAAP. The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.

•For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to CNA's filings with the Securities and Exchange Commission, available at www.cna.com.

•Gross written premiums ex. 3rd party captives represents gross written premiums excluding business which is ceded to third party captives, including business related to large warranty programs.

•Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices.

•Net investment income from fixed income securities, as presented, includes both fixed maturity securities and non-redeemable preferred stock.

•Certain immaterial differences are due to rounding.

•N/M = Not Meaningful

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