EX-99.2 3 q42024exhibit992.htm EX-99.2

CNA Financial Corporation

Supplemental Financial Information

December 31, 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
Investments - Commercial Real Estate Exposure			14
Components of Net Investment Income			16
Net Investment Gains (Losses)			17
Other
Claim & Claim Adjustment Expense Reserve Rollforward			18
Life & Group Policyholder Reserves			19
Definitions and Presentation			20

    

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Statements of Operations

Periods ended December 31			Three Months																					Twelve Months
(In millions)			2024						2023						Change									2024						2023						Change
Revenues:
Net earned premiums			$	2,679					$	2,479					8			%						$	10,211					$	9,480					8			%
Net investment income			644						611						5									2,497						2,264						10
Net investment gains (losses)			(39)						6															(81)						(99)
Non-insurance warranty revenue			397						403															1,609						1,624
Other revenues			8						8															34						30
Total revenues			3,689						3,507						5									14,270						13,299						7
Claims, Benefits and Expenses:
Insurance claims and policyholders’ benefits (re-measurement loss of $37, $13, $125 and $88)			2,030						1,810															7,738						7,068
Amortization of deferred acquisition costs			462						436															1,798						1,644
Non-insurance warranty expense			378						390															1,547						1,544
Other operating expenses (1)			766						377															1,843						1,398
Interest			32						34															133						127
Total claims, benefits and expenses			3,668						3,047						(20)									13,059						11,781						(11)
Income (loss) before income tax			21						460															1,211						1,518
Income tax (expense) benefit			—						(93)															(252)						(313)
Net income (loss)			$	21					$	367					(94)			%						$	959					$	1,205					(20)			%

(1) Includes a pretax loss of $367 million for the fourth quarter and $371 million for the full year from pension settlement transactions. Pension settlement transactions are further discussed in Note J to the Consolidated Financial Statements within the December 31, 2024 Form 10-K.

1

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

Periods ended December 31			Three Months															Twelve Months
(In millions, except per share data)			2024						2023									2024						2023
Components of Income (Loss)
Core income (loss)			$	342					$	362								$	1,316					$	1,284
Net investment gains (losses)			(31)						5									(64)						(79)
Pension settlement transaction gains (losses)			(290)						—									(293)						—
Net income (loss)			$	21					$	367								$	959					$	1,205
Diluted Earnings (Loss) Per Common Share
Core income (loss)			$	1.25					$	1.33								$	4.83					$	4.71
Net investment gains (losses)			(0.12)						0.02									(0.23)						(0.28)
Pension settlement transaction gains (losses)			(1.06)						—									(1.08)						—
Diluted earnings (loss) per share			$	0.07					$	1.35								$	3.52					$	4.43
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic			271.3						271.3									271.5						271.3
Diluted			272.9						272.5									272.7						272.2
Return on Equity
Net income (loss) (1)			0.8			%			15.9			%						9.4			%			13.1			%
Core income (loss) (2)			10.9						11.6									10.5						10.4

(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)			December 31, 2024						December 31, 2023
Total investments			$	47,482					$	46,562
Reinsurance receivables, net of allowance for uncollectible receivables			6,051						5,412
Total assets			66,492						64,711
Insurance reserves			45,480						44,196
Claim and claim adjustment expenses			24,976						23,304
Unearned premiums			7,346						6,933
Future policy benefits			13,158						13,959
Debt			2,973						3,031
Total liabilities			55,979						54,818
Accumulated other comprehensive income (loss) (1)			(1,991)						(2,672)
Total stockholders' equity			10,513						9,893
Book value per common share			$	38.82					$	36.52
Book value per common share excluding AOCI			$	46.16					$	46.39
Outstanding shares of common stock (in millions of shares)			270.8						270.9
Statutory capital and surplus - Combined Continental Casualty Companies (2)			$	11,165					$	10,946

Three Months Ended December 31			2024						2023
Net cash flows provided (used) by operating activities			$	703					$	520
Net cash flows provided (used) by investing activities			(555)						(306)
Net cash flows provided (used) by financing activities			(119)						(359)
Net cash flows provided (used) by operating, investing and financing activities			$	29					$	(145)

Twelve Months Ended December 31			2024						2023
Net cash flows provided (used) by operating activities			$	2,571					$	2,285
Net cash flows provided (used) by investing activities			(1,317)						(1,843)
Net cash flows provided (used) by financing activities			(1,117)						(577)
Net cash flows provided (used) by operating, investing and financing activities			$	137					$	(135)

(1) As of December 31, 2024 and December 31, 2023, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $353 million and $(359) million.

(2) Statutory capital and surplus as of December 31, 2024 is preliminary.

3

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Property & Casualty - Results of Operations

Periods ended December 31			Three Months																					Twelve Months
(In millions)			2024						2023						Change									2024						2023						Change
Gross written premiums			$	3,970					$	3,765					5			%						$	15,379					$	14,718					4			%
Gross written premiums ex. 3rd party captives			3,230						2,974						9									12,194						11,279						8
Net written premiums			2,752						2,508						10									10,176						9,446						8
Net earned premiums			2,571						2,368						9									9,775						9,030						8
Insurance claims and policyholders' benefits			1,624						1,441															6,324						5,669
Amortization of deferred acquisition costs			462						436															1,798						1,644
Insurance related administrative expenses			307						305															1,157						1,132
Underwriting gain (loss)			178						186						(4)									496						585						(15)
Net investment income			400						355						13									1,490						1,306						14
Non-insurance warranty revenue			397						403															1,609						1,624
Other revenues			7						8															31						30
Non-insurance warranty expense			378						390															1,547						1,544
Other expenses			39						10															108						78
Interest expense			—						1															—						1
Core income (loss) before income tax			565						551															1,971						1,922
Income tax (expense) benefit on core income (loss)			(114)						(117)															(422)						(417)
Core income (loss)			$	451					$	434					4			%						$	1,549					$	1,505					3			%
Other Performance Metrics
Underwriting gain (loss)			$	178					$	186					(4)			%						$	496					$	585					(15)			%
Effect of catastrophe losses			45						22															358						236
(Favorable) unfavorable net prior year loss reserve development			(7)						(12)															(31)						(23)
(Favorable) unfavorable other development-related items (1)			6						5															17						20
Effect of (favorable) unfavorable development-related items			(1)						(7)															(14)						(3)
Underlying underwriting gain (loss)			$	222					$	201					10			%						$	840					$	818					3			%
Loss & LAE ratio			62.8			%			60.6			%			(2.2)			pts						64.3			%			62.5			%			(1.8)			pts
Expense ratio			30.0						31.2						1.2									30.2						30.7						0.5
Dividend ratio			0.3						0.3						—									0.4						0.3						(0.1)
Combined ratio			93.1			%			92.1			%			(1.0)			pts						94.9			%			93.5			%			(1.4)			pts
Less: Effect of catastrophe impacts			1.8						1.0						(0.8)									3.6						2.6						(1.0)
Less: Effect of (favorable) unfavorable development-related items			(0.1)						(0.3)						(0.2)									(0.2)						—						0.2
Underlying combined ratio			91.4			%			91.4			%			—			pts						91.5			%			90.9			%			(0.6)			pts
Rate			3			%			4			%			(1)			pts						4			%			5			%			(1)			pts
Renewal premium change			4			%			5			%			(1)			pts						5			%			7			%			(2)			pts
Retention			86			%			85			%			1			pts						85			%			85			%			—			pts
New business			$	591					$	547					8			%						$	2,262					$	2,080					9			%

(1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance and deductible amounts.

4

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Specialty - Results of Operations

Periods ended December 31			Three Months																					Twelve Months
(In millions)			2024						2023						Change									2024						2023						Change
Gross written premiums			$	1,779					$	1,789					(1)			%						$	6,932					$	7,113					(3)			%
Gross written premiums ex. 3rd party captives			1,049						1,004						4									3,895						3,800						3
Net written premiums			934						891						5									3,445						3,329						3
Net earned premiums			868						869						—									3,361						3,307						2
Insurance claims and policyholders' benefits			525						507															2,010						1,931
Amortization of deferred acquisition costs			194						178															740						686
Insurance related administrative expenses			95						104															362						373
Underwriting gain (loss)			54						80						(33)									249						317						(21)
Net investment income			165						151						9									626						558						12
Non-insurance warranty revenue			397						403															1,609						1,624
Other revenues			1						1															2						1
Non-insurance warranty expense			378						390															1,547						1,544
Other expenses			14						13															55						52
Interest expense			—						1															—						1
Core income (loss) before income tax			225						231															884						903
Income tax (expense) benefit on core income (loss)			(48)						(49)															(190)						(195)
Core income (loss)			$	177					$	182					(3)			%						$	694					$	708					(2)			%
Other Performance Metrics
Underwriting gain (loss)			$	54					$	80					(33)			%						$	249					$	317					(21)			%
Effect of catastrophe losses			—						—															—						—
(Favorable) unfavorable net prior year loss reserve development			(1)						(5)															(9)						(14)
(Favorable) unfavorable other development-related items (1)			1						—															1						2
Effect of (favorable) unfavorable development-related items			—						(5)															(8)						(12)
Underlying underwriting gain (loss)			$	54					$	75					(28)			%						$	241					$	305					(21)			%
Loss & LAE ratio			60.1			%			58.0			%			(2.1)			pts						59.5			%			58.2			%			(1.3)			pts
Expense ratio			33.4						32.5						(0.9)									32.8						32.0						(0.8)
Dividend ratio			0.3						0.3						—									0.3						0.2						(0.1)
Combined ratio			93.8			%			90.8			%			(3.0)			pts						92.6			%			90.4			%			(2.2)			pts
Less: Effect of catastrophe impacts			—						—						—									—						—						—
Less: Effect of (favorable) unfavorable development-related items			—						(0.6)						(0.6)									(0.3)						(0.3)						—
Underlying combined ratio			93.8			%			91.4			%			(2.4)			pts						92.9			%			90.7			%			(2.2)			pts
Rate			1			%			—			%			1			pts						1			%			—			%			1			pts
Renewal premium change			3			%			—			%			3			pts						2			%			1			%			1			pts
Retention			89			%			89			%			—			pts						89			%			88			%			1			pts
New business			$	121					$	132					(8)			%						$	462					$	481					(4)			%

(1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance and deductible amounts.

5

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Commercial - Results of Operations

Periods ended December 31			Three Months																					Twelve Months
(In millions)			2024						2023						Change									2024						2023						Change
Gross written premiums			$	1,804					$	1,616					12			%						$	6,964					$	6,120					14			%
Gross written premiums ex. 3rd party captives			1,794						1,610						11									6,816						5,994						14
Net written premiums			1,452						1,292						12									5,469						4,880						12
Net earned premiums			1,384						1,211						14									5,158						4,547						13
Insurance claims and policyholders' benefits			903						764															3,550						3,016
Amortization of deferred acquisition costs			216						197															824						729
Insurance related administrative expenses			159						164															613						620
Underwriting gain (loss)			106						86						23									171						182						(6)
Net investment income			199						175						14									733						645						14
Other revenues			6						7															29						29
Other expenses			10						3															43						30
Core income (loss) before income tax			301						265															890						826
Income tax (expense) benefit on core income (loss)			(63)						(56)															(188)						(174)
Core income (loss)			$	238					$	209					14			%						$	702					$	652					8			%
Other Performance Metrics
Underwriting gain (loss)			$	106					$	86					23			%						$	171					$	182					(6)			%
Effect of catastrophe losses			33						17															318						207
(Favorable) unfavorable net prior year loss reserve development			(5)						(5)															(16)						(22)
(Favorable) unfavorable other development-related items (1)			5						5															16						18
Effect of (favorable) unfavorable development-related items			—						—															—						(4)
Underlying underwriting gain (loss)			$	139					$	103					35			%						$	489					$	385					27			%
Loss & LAE ratio			64.8			%			62.8			%			(2.0)			pts						68.3			%			65.9			%			(2.4)			pts
Expense ratio			27.0						29.8						2.8									27.9						29.6						1.7
Dividend ratio			0.5						0.3						(0.2)									0.5						0.5						—
Combined ratio			92.3			%			92.9			%			0.6			pts						96.7			%			96.0			%			(0.7)			pts
Less: Effect of catastrophe impacts			2.3						1.4						(0.9)									6.2						4.5						(1.7)
Less: Effect of (favorable) unfavorable development-related items			—						(0.1)						(0.1)									(0.1)						(0.1)						—
Underlying combined ratio			90.0			%			91.6			%			1.6			pts						90.6			%			91.6			%			1.0			pts
Rate			6			%			7			%			(1)			pts						6			%			7			%			(1)			pts
Renewal premium change			7			%			9			%			(2)			pts						7			%			10			%			(3)			pts
Retention			84			%			83			%			1			pts						84			%			84			%			—			pts
New business			$	395					$	352					12			%						$	1,512					$	1,297					17			%

(1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance and deductible amounts.

6

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International - Results of Operations

Periods ended December 31			Three Months																					Twelve Months
(In millions)			2024						2023						Change									2024						2023						Change
Gross written premiums			$	387					$	360					8			%						$	1,483					$	1,485					—			%
Net written premiums			366						325						13									1,262						1,237						2
Net earned premiums			319						288						11									1,256						1,176						7
Insurance claims and policyholders' benefits			196						170															764						722
Amortization of deferred acquisition costs			52						61															234						229
Insurance related administrative expenses			53						37															182						139
Underwriting gain (loss)			18						20						(10)									76						86						(12)
Net investment income			36						29						24									131						103						27
Other revenues			—						—															—						—
Other expenses			15						(6)															10						(4)
Core income (loss) before income tax			39						55															197						193
Income tax (expense) benefit on core income (loss)			(3)						(12)															(44)						(48)
Core income (loss)			$	36					$	43					(16)			%						$	153					$	145					6			%
Other Performance Metrics
Underwriting gain (loss)			$	18					$	20					(10)			%						$	76					$	86					(12)			%
Effect of catastrophe losses			12						5															40						29
(Favorable) unfavorable net prior year loss reserve development			(1)						(2)															(6)						13
(Favorable) unfavorable other development-related items (1)			—						—															—						—
Effect of (favorable) unfavorable development-related items			(1)						(2)															(6)						13
Underlying underwriting gain (loss)			$	29					$	23					26			%						$	110					$	128					(14)			%
Loss & LAE ratio			61.6			%			58.9			%			(2.7)			pts						60.9			%			61.4			%			0.5			pts
Expense ratio			33.2						34.1						0.9									33.1						31.2						(1.9)
Dividend ratio			—						—						—									—						—						—
Combined ratio			94.8			%			93.0			%			(1.8)			pts						94.0			%			92.6			%			(1.4)			pts
Less: Effect of catastrophe impacts			3.9						1.8						(2.1)									3.2						2.5						(0.7)
Less: Effect of (favorable) unfavorable development-related items			(0.4)						(0.6)						(0.2)									(0.4)						1.1						1.5
Underlying combined ratio			91.3			%			91.8			%			0.5			pts						91.2			%			89.0			%			(2.2)			pts
Rate			(3)			%			2			%			(5)			pts						(1)			%			3			%			(4)			pts
Renewal premium change			(5)			%			2			%			(7)			pts						—			%			6			%			(6)			pts
Retention			85			%			83			%			2			pts						82			%			83			%			(1)			pts
New business			$	75					$	63					19			%						$	288					$	302					(5)			%

(1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance and deductible amounts.

7

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Life & Group - Results of Operations

Periods ended December 31			Three Months															Twelve Months
(In millions)			2024						2023									2024						2023
Net earned premiums			$	108					$	111								$	437					$	451
Net investment income			230						237									940						896
Other revenues			—						(1)									—						(1)
Total operating revenues			338						347									1,377						1,346
Insurance claims and policyholders' benefits			335						319									1,308						1,317
Insurance related administrative expenses			31						29									119						118
Other expenses			—						1									2						1
Total claims, benefits and expenses			366						349									1,429						1,436
Core income (loss) before income tax			(28)						(2)									(52)						(90)
Income tax (expense) benefit on core income (loss)			10						6									29						42
Core income (loss)			$	(18)					$	4								$	(23)					$	(48)

8

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Corporate & Other - Results of Operations

Periods ended December 31			Three Months															Twelve Months
(In millions)			2024						2023									2024						2023
Net earned premiums			$	—					$	—								$	(1)					$	(1)
Net investment income			14						19									67						62
Other revenues			1						1									3						1
Total operating revenues			15						20									69						62
Insurance claims and policyholders' benefits			71						50									106						82
Insurance related administrative expenses			—						—									(1)						1
Interest expense			32						33									133						126
Other expenses			22						32									87						68
Total claims, benefits and expenses			125						115									325						277
Core income (loss) before income tax			(110)						(95)									(256)						(215)
Income tax (expense) benefit on core income (loss)			19						19									46						42
Core income (loss)			$	(91)					$	(76)								$	(210)					$	(173)

9

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Investment Summary - Consolidated

			December 31, 2024												September 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			$	24,944					$	(882)					$	25,792					$	(74)					$	24,268					$	(748)
States, municipalities and political subdivisions:
Tax-exempt			3,167						(48)						3,333						65						3,722						88
Taxable			3,637						(544)						3,815						(323)						3,670						(409)
Total states, municipalities and political subdivisions			6,804						(592)						7,148						(258)						7,392						(321)
Asset-backed:
RMBS			3,244						(481)						3,354						(330)						3,002						(409)
CMBS			1,681						(131)						1,741						(126)						1,631						(223)
Other ABS			3,541						(215)						3,585						(146)						3,268						(243)
Total asset-backed			8,466						(827)						8,680						(602)						7,901						(875)
U.S. Treasury and obligations of government-sponsored enterprises			220						—						222						(2)						151						(1)
Foreign government			677						(24)						737						(18)						713						(28)
Redeemable preferred stock			—						—						—						—						—						—
Total fixed maturity securities			41,111						(2,325)						42,579						(954)						40,425						(1,973)
Equities:
Common stock			180						—						183						—						191						—
Non-redeemable preferred stock			479						—						485						—						492						—
Total equities			659						—						668						—						683						—
Limited partnership investments:
Hedge funds			359						—						356						—						332						—
Private equity funds			2,161						—						2,106						—						1,842						—
Total limited partnership investments			2,520						—						2,462						—						2,174						—
Other invested assets			85						—						83						—						80						—
Mortgage loans			1,019						—						1,003						—						1,035						—
Short-term investments			2,088						—						1,900						—						2,165						1
Total investments			$	47,482					$	(2,325)					$	48,695					$	(954)					$	46,562					$	(1,972)
Net receivable/(payable) on investment activity			$	16											$	(93)											$	36
Effective duration (in years)			6.2												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

			December 31, 2024												September 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			$	14,755					$	(538)					$	15,158					$	(333)					$	14,424					$	(756)
States, municipalities and political subdivisions:
Tax-exempt			983						(189)						1,027						(157)						1,160						(159)
Taxable			2,157						(446)						2,240						(329)						2,076						(399)
Total states, municipalities and political subdivisions			3,140						(635)						3,267						(486)						3,236						(558)
Asset-backed:
RMBS			3,242						(481)						3,352						(330)						3,000						(409)
CMBS			1,659						(128)						1,718						(124)						1,601						(221)
Other ABS			2,979						(105)						2,983						(78)						2,676						(170)
Total asset-backed			7,880						(714)						8,053						(532)						7,277						(800)
U.S. Treasury and obligations of government-sponsored enterprises			211						—						213						(2)						150						(1)
Foreign government			631						(14)						688						(11)						685						(20)
Redeemable preferred stock			—						—						—						—						—						—
Total fixed maturity securities			26,617						(1,901)						27,379						(1,364)						25,772						(2,135)
Equities:
Common stock			180						—						183						—						191						—
Non-redeemable preferred stock			115						—						99						—						82						—
Total equities			295						—						282						—						273						—
Limited partnership investments:
Hedge funds			275						—						272						—						184						—
Private equity funds			1,653						—						1,611						—						1,019						—
Total limited partnership investments			1,928						—						1,883						—						1,203						—
Other invested assets			85						—						83						—						80						—
Mortgage loans			844						—						814						—						842						—
Short-term investments			2,040						—						1,739						—						2,094						1
Total investments			$	31,809					$	(1,901)					$	32,180					$	(1,364)					$	30,264					$	(2,134)
Net receivable/(payable) on investment activity			$	7											$	(99)											$	33
Effective duration (in years)			4.3												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

			December 31, 2024												September 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			$	10,189					$	(344)					$	10,634					$	259					$	9,844					$	8
States, municipalities and political subdivisions:
Tax-exempt			2,184						141						2,306						222						2,562						247
Taxable			1,480						(98)						1,575						6						1,594						(10)
Total states, municipalities and political subdivisions			3,664						43						3,881						228						4,156						237
Asset-backed:
RMBS			2						—						2						—						2						—
CMBS			22						(3)						23						(2)						30						(2)
Other ABS			562						(110)						602						(68)						592						(73)
Total asset-backed			586						(113)						627						(70)						624						(75)
U.S. Treasury and obligations of government-sponsored enterprises			9						—						9						—						1						—
Foreign government			46						(10)						49						(7)						28						(8)
Redeemable preferred stock			—						—						—						—						—						—
Total fixed maturity securities			14,494						(424)						15,200						410						14,653						162
Equities:
Common stock			—						—						—						—						—						—
Non-redeemable preferred stock			364						—						386						—						410						—
Total equities			364						—						386						—						410						—
Limited partnership investments:
Hedge funds			84						—						84						—						148						—
Private equity funds			508						—						495						—						823						—
Total limited partnership investments			592						—						579						—						971						—
Other invested assets			—						—						—						—						—						—
Mortgage loans			175						—						189						—						193						—
Short-term investments			48						—						161						—						71						—
Total investments			$	15,673					$	(424)					$	16,515					$	410					$	16,298					$	162
Net receivable/(payable) on investment activity			$	9											$	6											$	3
Effective duration (in years)			9.8												10.1												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

December 31, 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			$	—					$	—					$	23					$	—					$	715					$	(32)					$	7,693					$	(225)					$	14,976					$	(592)					$	1,537					$	(33)					$	24,944					$	(882)
States, municipalities and political subdivisions			—						—						1,086						(67)						4,430						(402)						1,011						(70)						258						(47)						19						(6)						6,804						(592)
Asset-backed:
RMBS			2,716						(369)						512						(115)						8						—						—						—						—						—						8						3						3,244						(481)
CMBS			—						—						736						(14)						609						(60)						163						(20)						139						(20)						34						(17)						1,681						(131)
Other ABS			—						—						460						(19)						253						(65)						1,355						(58)						1,292						(62)						181						(11)						3,541						(215)
Total asset-backed			2,716						(369)						1,708						(148)						870						(125)						1,518						(78)						1,431						(82)						223						(25)						8,466						(827)
U.S. Treasury and obligations of government-sponsored enterprises			220						—						—						—						—						—						—						—						—						—						—						—						220						—
Foreign government			—						—						193						(2)						354						(8)						38						(6)						92						(8)						—						—						677						(24)
Redeemable preferred stock			—						—						—						—						—						—						—						—						—						—						—						—						—						—
Total fixed maturity securities			$	2,936					$	(369)					$	3,010					$	(217)					$	6,369					$	(567)					$	10,260					$	(379)					$	16,757					$	(729)					$	1,779					$	(64)					$	41,111					$	(2,325)
Percentage of total fixed maturity securities			7		%										7		%										16		%										25		%										41		%										4		%										100		%

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Investments - Commercial Real Estate Exposure

Fixed Income

			December 31, 2024												December 31, 2023
(In millions)			Estimated Fair Value						Net Unrealized Gains (Losses)						Estimated Fair Value						Net Unrealized Gains (Losses)
Commercial mortgage-backed:
Single asset, single borrower:
Office			$	339					$	(43)					$	306					$	(70)
Lodging			271						(8)						227						(23)
Retail			268						(10)						283						(28)
Multifamily			50						(1)						59						(3)
Industrial			42						(3)						93						(4)
Total single asset, single borrower			970						(65)						968						(128)
Conduits (multi property, multi borrower pools)			711						(66)						663						(95)
Total commercial mortgage-backed			$	1,681					$	(131)					$	1,631					$	(223)
			December 31, 2024												December 31, 2023
(In millions)			Estimated Fair Value						Net Unrealized Gains (Losses)						Estimated Fair Value						Net Unrealized Gains (Losses)
Commercial mortgage-backed:
AAA			$	736					$	(14)					$	570					$	(27)
AA			609						(60)						594						(95)
A			163						(20)						202						(30)
BBB			139						(20)						216						(45)
Non-investment grade			34						(17)						49						(26)
Total commercial mortgage-backed			$	1,681					$	(131)					$	1,631					$	(223)

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Investments - Commercial Real Estate Exposure

Fixed Income (cont'd) and Direct Mortgage Loans

			December 31, 2024												December 31, 2023
(In millions)			Estimated Fair Value						Net Unrealized Gains (Losses)						Estimated Fair Value						Net Unrealized Gains (Losses)
Corporate and other bonds - REITs:
Retail			$	478					$	(18)					$	515					$	(25)
Office			239						(12)						250						(20)
Self-Storage			98						(5)						85						(6)
Industrial			93						(3)						99						(1)
Other (1)			387						(10)						367						(16)
Total corporate and other bonds - REITs (2)			$	1,295					$	(48)					$	1,316					$	(68)
			December 31, 2024												December 31, 2023
(In millions)			Estimated Fair Value						Net Unrealized Gains (Losses)						Estimated Fair Value						Net Unrealized Gains (Losses)
Corporate and other bonds - REITs:
AA			$	6					$	—					$	10					$	—
A			310						(6)						285						(3)
BBB			942						(40)						994						(64)
Non-investment grade			37						(2)						27						(1)
Total corporate and other bonds - REITs (2)			$	1,295					$	(48)					$	1,316					$	(68)
			December 31, 2024												December 31, 2023
(In millions)			Carrying Value						Percentage of Total						Carrying Value						Percentage of Total
Mortgage loans:
Retail			$	527					50		%				$	520					48		%
Office			239						22		%				245						23		%
Industrial			123						12		%				124						12		%
Other			165						16		%				181						17		%
Total mortgage loans			1,054						100		%				1,070						100		%
Less: Allowance for expected credit losses			(35)												(35)
Total mortgage loans - net of allowance			$	1,019											$	1,035
(1) Other includes a diversified mix of property type strategies including healthcare and apartments.
(2) REITs - Real estate investment trusts

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Components of Net Investment Income

			Consolidated
Periods ended December 31			Three Months												Twelve Months
(In millions)			2024						2023						2024						2023
Taxable fixed income securities			$	494					$	467					$	1,940					$	1,798
Tax-exempt fixed income securities			35						40						144						178
Total fixed income securities			529						507						2,084						1,976
Common stock			18						12						49						28
Limited partnerships - hedge funds			7						18						42						37
Limited partnerships - private equity funds			69						48						229						137
Total limited partnership and common stock investments			94						78						320						202
Other, net of investment expense			21						26						93						86
Net investment income			$	644					$	611					$	2,497					$	2,264
Effective income yield for fixed income securities portfolio			4.8			%			4.7			%			4.8			%			4.7			%
Limited partnership and common stock return			3.5						3.4						13.3						9.4

			Property & Casualty and Corporate & Other
Periods ended December 31			Three Months												Twelve Months
(In millions)			2024						2023						2024						2023
Taxable fixed income securities			$	303					$	285					$	1,196					$	1,101
Tax-exempt fixed income securities			10						11						37						43
Total fixed income securities			313						296						1,233						1,144
Common stock			18						12						49						28
Limited partnerships - hedge funds			5						9						27						20
Limited partnerships - private equity funds			53						27						142						76
Total limited partnership and common stock investments			76						48						218						124
Other, net of investment expense			25						30						106						100
Net investment income			$	414					$	374					$	1,557					$	1,368
Effective income yield for fixed income securities portfolio			4.4			%			4.3			%			4.3			%			4.2			%

			Life & Group
Periods ended December 31			Three Months												Twelve Months
(In millions)			2024						2023						2024						2023
Taxable fixed income securities			$	191					$	182					$	744					$	697
Tax-exempt fixed income securities			25						29						107						135
Total fixed income securities			216						211						851						832
Common stock			—						—						—						—
Limited partnerships - hedge funds			2						9						15						17
Limited partnerships - private equity funds			16						21						87						61
Total limited partnership and common stock investments			18						30						102						78
Other, net of investment expense			(4)						(4)						(13)						(14)
Net investment income			$	230					$	237					$	940					$	896
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 December 31			Consolidated
			Three Months												Twelve Months
(In millions)			2024						2023						2024						2023
Fixed maturity securities:
Corporate and other bonds			$	(19)					$	(11)					$	(57)					$	(57)
States, municipalities and political subdivisions			4						7						1						10
Asset-backed			(21)						(1)						(46)						(44)
Total fixed maturity securities			(36)						(5)						(102)						(91)
Non-redeemable preferred stock			(4)						13						21						4
Derivatives, short-term and other			1						(2)						—						(1)
Mortgage loans			—						—						—						(11)
Net investment gains (losses)			(39)						6						(81)						(99)
Income tax benefit (expense) on net investment gains (losses)			8						(1)						17						20
Net investment gains (losses), after tax			$	(31)					$	5					$	(64)					$	(79)

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Claim & Claim Adjustment Expense Reserve Rollforward

Three months ended December 31, 2024 (In millions)			Specialty						Commercial						International						P&C Operations						Life & Group						Corporate & Other						Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross			$	7,328					$	11,018					$	2,990					$	21,336					$	650					$	2,572					$	24,558
Ceded			1,395						1,286						491						3,172						86						2,184						5,442
Net			5,933						9,732						2,499						18,164						564						388						19,116
Net incurred claim & claim adjustment expenses			522						897						196						1,615						8						26						1,649
Net claim & claim adjustment expense payments			(476)						(687)						(144)						(1,307)						(12)						(26)						(1,345)
Foreign currency translation adjustment and other			—						(3)						(135)						(138)						(19)						—						(157)
Claim & claim adjustment expense reserves, end of period
Net			5,979						9,939						2,416						18,334						541						388						19,263
Ceded			1,447						1,397						504						3,348						81						2,284						5,713
Gross			$	7,426					$	11,336					$	2,920					$	21,682					$	622					$	2,672					$	24,976

Twelve months ended December 31, 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			2,001						3,526						764						6,291						24						96						6,411
Net claim & claim adjustment expense payments			(1,937)						(2,606)						(525)						(5,068)						(45)						(76)						(5,189)
Foreign currency translation adjustment and other			(1)						(2)						(99)						(102)						(20)						—						(122)
Claim & claim adjustment expense reserves, end of period
Net			5,979						9,939						2,416						18,334						541						388						19,263
Ceded			1,447						1,397						504						3,348						81						2,284						5,713
Gross			$	7,426					$	11,336					$	2,920					$	21,682					$	622					$	2,672					$	24,976

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Life & Group Policyholder Reserves

Three months ended December 31, 2024 (In millions)			Claim and claim adjustment expenses						Future policy benefits						Total
Beginning of Period			$	564					$	14,047					$	14,611
Incurred claims and policyholders' benefits (1)			8						327						335
Benefit and expense payments			(12)						(304)						(316)
Change in discount rate assumptions and other (AOCI)			(19)						(912)						(931)
End of Period			$	541					$	13,158					$	13,699

Twelve months ended December 31, 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)			24						1,286						1,310
Benefit and expense payments			(45)						(1,187)						(1,232)
Change in discount rate assumptions and other (AOCI)			(20)						(900)						(920)
End of Period			$	541					$	13,158					$	13,699

(1) Incurred claims and policyholders' benefits above does not agree to Net incurred claims and benefits as reflected in Note P to the Consolidated Financial Statements included under Part II, Item 8 of the Annual Report on Form 10-K 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, 2024 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 ratio, the expense ratio and the dividend ratio. 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.

•Management uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor our insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial 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

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evaluate the profitability, before tax, derived from our underwriting activities, which are managed separately from our investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from 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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