Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) February 10, 2025

CNA FINANCIAL CORPORATION


(Exact name of registrant as specified in its charter)

Delaware

1-5823

36-6169860

(State or other jurisdiction

(Commission

(IRS Employer

of incorporation)

File Number)

Identification No.)

151 N. Franklin

Chicago, IL 60606

(Address of principal executive offices) (Zip Code)

(312) 822-5000

(Registrant's telephone number, including area code)


NOT APPLICABLE
(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, Par value $2.50

"CNA"

New York Stock Exchange

Chicago Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 10, 2025, the registrant issued a press release and posted on its website (www.cna.com) a financial supplement, earnings presentation and earnings remarks providing information on its results of operations for the fourth quarter and year ended December 31, 2024. The press release is furnished as Exhibit 99.1, the financial supplement is furnished as Exhibit 99.2, the earnings presentation is furnished as Exhibit 99.3 and the earnings remarks are furnished as Exhibit 99.4 to this Form 8-K.

The information under Item 2.02 and in Exhibits 99.1, 99.2, 99.3 and 99.4 in this Current Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 2.02 and in Exhibits 99.1, 99.2, 99.3 and 99.4 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:

See Exhibit Index.

EXHIBIT INDEX


Exhibit No.						Description
99.1						CNA Financial Corporation press release, issued February 10, 2025, providing information on the fourth quarter and year ended December 31, 2024 results of operations.

99.2						CNA Financial Corporation financial supplement, posted on its website February 10, 2025, providing supplemental financial information on the fourth quarter and year ended December 31, 2024.

99.3						CNA Financial Corporation earnings presentation, posted on its website February 10, 2025, providing information on the fourth quarter and year ended December 31, 2024.

99.4						CNA Financial Corporation earnings remarks, posted on its website February 10, 2025, providing information on the fourth quarter and year ended December 31, 2024.

104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		CNA Financial Corporation
		(Registrant)

Date: February 10, 2025	By	/s/ Scott R. Lindquist
		(Signature)
		Scott R. Lindquist Executive Vice President and Chief Financial Officer

FOR IMMEDIATE RELEASE

CNA FINANCIAL ANNOUNCES

Q4 2024 NET INCOME OF $0.07 PER SHARE AND CORE INCOME OF $1.25 PER SHARE

FULL YEAR 2024 NET INCOME OF $3.52 PER SHARE AND RECORD CORE INCOME OF $4.83 PER SHARE

REGULAR QUARTERLY DIVIDEND INCREASED 5% TO $0.46 PER SHARE

SPECIAL DIVIDEND OF $2.00 PER SHARE

Fourth Quarter

•Net income of $21 million, includes $290 million after-tax loss from the previously announced pension settlement transaction, versus $367 million in the prior year quarter; core income of $342 million versus $362 million in the prior year quarter.

•P&C core income of $451 million versus $434 million, reflects higher investment income and higher underlying underwriting income partially offset by higher catastrophe losses.

•Life & Group core loss of $18 million versus core income of $4 million in the prior year quarter.

•Corporate & Other core loss of $91 million versus $76 million in the prior year quarter.

•Net investment income up 5% to $644 million pretax, includes a $17 million increase from fixed income securities and other investments to $550 million and a $16 million increase from limited partnerships and common stock to $94 million.

•P&C combined ratio of 93.1%, compared with 92.1% in the prior year quarter, including 1.8 points of catastrophe loss impact compared with 1.0 point in the prior year quarter. P&C underlying combined ratio was 91.4%, consistent with the prior year quarter. P&C underlying loss ratio was 61.1% and the expense ratio was 30.0%.

•P&C segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 10% in the quarter. P&C renewal premium change of +4%, with written rate of +3% and exposure change of +1%.

Full Year

•Net income of $959 million, includes $293 million after-tax loss from pension settlement transactions, versus $1,205 million in the prior year; record core income of $1,316 million, versus $1,284 million in the prior year.

•P&C core income of $1,549 million versus $1,505 million, reflects higher investment income and record high underlying underwriting income partially offset by higher catastrophe losses.

•Life & Group core loss of $23 million versus core loss of $48 million in the prior year.

•Corporate & Other core loss of $210 million versus core loss of $173 million in the prior year.

•Net investment income up 10% to $2,497 million pretax, includes a $118 million increase from limited partnerships and common stock to $320 million and a $115 million increase from fixed income securities and other investments to $2,177 million.

•P&C combined ratio of 94.9%, compared with 93.5% in the prior year, including 3.6 points of catastrophe loss impact compared with 2.6 points in the prior year. P&C underlying combined ratio was 91.5% compared with 90.9% in the prior year. P&C underlying loss ratio was 60.9% and the expense ratio was 30.2%.

•P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 8%. P&C renewal premium change of +5%, with written rate of +4% and exposure change of 1%.

Stockholders' Equity

•Book value per share of $38.82; book value per share excluding AOCI of $46.16, an 8% increase from year-end 2023 adjusting for $3.76 of dividends per share paid.

•Increased quarterly cash dividend 5% to $0.46 per share; special dividend of $2.00 per share.

CHICAGO, February 10, 2025 --- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2024 net income of $21 million, or $0.07 per share, versus $367 million, or $1.35 per share, in the prior year quarter. Net income for the current quarter includes a $290 million after-tax loss from the previously announced pension settlement transaction. Net investment losses for the quarter were $31 million compared to net investment gains of $5 million in the prior year quarter. Core income for the quarter was $342 million, or $1.25 per share, versus $362 million, or $1.33 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $451 million for the fourth quarter of 2024, an increase of $17 million compared to the prior year quarter resulting from higher investment income and higher underlying underwriting income partially offset by higher catastrophe losses and an unfavorable impact from changes in foreign currency exchange rates. P&C segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 10%, due to new business growth of 8%, retention of 86% and renewal premium change of +4%.

Our Life & Group segment produced a core loss of $18 million for the fourth quarter of 2024 versus core income of $4 million in the prior year quarter. Our Corporate & Other segment produced a core loss of $91 million for the fourth quarter of 2024 versus $76 million in the prior year quarter.

Net income for the full year 2024 was $959 million, or $3.52 per share, versus $1,205 million, or $4.43 per share, in the prior year. Net income for the current year includes a $293 million after-tax loss from pension settlement transactions. Net investment losses for the full year were $64 million compared to $79 million in the prior year. Core income for the full year 2024 was $1,316 million, or $4.83 per share, versus $1,284 million, or $4.71 per share, in the prior year.

Our Property & Casualty segments produced core income of $1,549 million for the full year 2024, an increase of $44 million compared to the prior year primarily attributed to higher investment income and higher underlying underwriting income partially offset by higher catastrophe losses. P&C segments, excluding third party captives, generated gross written premium and net written premium growth of 8%, due to new business growth of 9% and written rate of +4%.

Our Life & Group segment produced a core loss of $23 million for the full year 2024 versus $48 million in the prior year. Our Corporate & Other segment produced a core loss of $210 million for the full year 2024 versus $173 million in the prior year.

CNA Financial declared a quarterly cash dividend of $0.46 per share and a special dividend of $2.00 per share, payable March 13, 2025 to stockholders of record on February 24, 2025.


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
($ millions, except per share data)	2024		2023		2024		2023
Net income	$	21	$	367	$	959	$	1,205
Core income (a)	342		362		1,316		1,284

Net income per diluted share	$	0.07	$	1.35	$	3.52	$	4.43
Core income per diluted share	1.25		1.33		4.83		4.71


	December 31, 2024		December 31, 2023
Book value per share	$	38.82	$	36.52
Book value per share excluding AOCI		46.16		46.39

(a)Management utilizes the core income (loss) financial measure to monitor the Company's operations. Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure.

"In the fourth quarter we continued to produce excellent results with $342 million of core income leading to record core income of $1,316 million for the full year. We achieved record levels of underlying underwriting gain in the quarter and for the full year. Net investment income was up 5% for the quarter and 10% for the year.

The P&C all-in combined ratio was 93.1% in the quarter and included 1.8 points of catastrophe loss. The underlying combined ratio was 91.4%, which marks 16 consecutive quarters below 92%.

Gross written premium excluding captives grew 9% in the quarter and net written premium was up 10%, the strongest quarterly growth of the year. New business grew 8% in the quarter and 9% for the year to a record high of nearly $2.3 billion.

Rate continues to be an area of focus in the lines most impacted by social inflation. In those lines, there is a need for continued pricing discipline and our rate achievement continues to exceed our estimate of long-run loss cost trend. Retention was 86% and was strong in all segments.

We are extremely pleased with our results for the quarter and the year. Reflective of our consistent strategic execution, AM Best and Moody’s recently revised their outlooks on CNA’s financial strength and debt ratings from stable to positive. CNA is well positioned to capitalize on the market opportunities in 2025 and to continue to deliver sustained, profitable growth." said Douglas M. Worman, President & Chief Executive Officer of CNA Financial Corporation.

Property & Casualty Operations


	Results for the Three Months Ended December 31						Results for the Year Ended December 31
($ millions)	2024			2023			2024			2023
Gross written premiums ex. 3rd party captives	$	3,230		$	2,974		$	12,194		$	11,279
GWP ex. 3rd party captives change (% year over year)	9		%				8		%
Net written premiums	$	2,752		$	2,508		$	10,176		$	9,446
NWP change (% year over year)	10		%				8		%
Net earned premiums	$	2,571		$	2,368		$	9,775		$	9,030
NEP change (% year over year)	9		%				8		%
Underwriting gain	$	178		$	186		$	496		$	585
Net investment income	$	400		$	355		$	1,490		$	1,306
Core income	$	451		$	434		$	1,549		$	1,505

Loss ratio	62.8		%	60.6		%	64.3		%	62.5		%
Less: Effect of catastrophe impacts	1.8			1.0			3.6			2.6
Less: Effect of favorable development-related items	(0.1)			(0.3)			(0.2)			—
Underlying loss ratio	61.1		%	59.9		%	60.9		%	59.9		%

Expense ratio	30.0		%	31.2		%	30.2		%	30.7		%

Combined ratio	93.1		%	92.1		%	94.9		%	93.5		%
Underlying combined ratio	91.4		%	91.4		%	91.5		%	90.9		%

•The fourth quarter underlying combined ratio was consistent with the prior year quarter. The underlying loss ratio increased 1.2 points as compared with the prior year quarter as a result of increases in our Commercial and Specialty segments. The expense ratio improved 1.2 points as compared with the prior year quarter primarily attributed to net earned premium growth of 9%.

•The fourth quarter combined ratio increased 1.0 point as compared with the prior year quarter. Catastrophe losses were $45 million, or 1.8 points of the loss ratio in the quarter compared with $22 million, or 1.0 point of the loss ratio, for the prior year quarter. Favorable net prior period development improved the loss ratio by 0.1 points in the current quarter compared with 0.3 points of improvement in the prior year quarter.

•In the fourth quarter, P&C segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 10%.

•For the full year, the underlying combined ratio increased 0.6 points as compared with the prior year. The underlying loss ratio increased 1.0 point compared with the prior year due to increases in our Commercial and Specialty segments. The expense ratio improved 0.5 points primarily driven by net earned premium growth of 8%.

•For the full year, the combined ratio increased 1.4 points as compared with the prior year. Catastrophe losses were $358 million, or 3.6 points of the loss ratio for the full year compared with $236 million, or 2.6 points of the loss ratio, for the prior year. Favorable net prior period development improved the loss ratio by 0.2 points in the current year compared with no impact on the loss ratio from net prior period development in the prior year.

•For the full year, P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 8%.

Business Operating Highlights

Specialty


	Results for the Three Months Ended December 31						Results for the Year Ended December 31
($ millions)	2024			2023			2024			2023
Gross written premiums ex. 3rd party captives	$	1,049		$	1,004		$	3,895		$	3,800
GWP ex. 3rd party captives change (% year over year)	4		%				3		%
Net written premiums	$	934		$	891		$	3,445		$	3,329
NWP change (% year over year)	5		%				3		%
Net earned premiums	$	868		$	869		$	3,361		$	3,307
NEP change (% year over year)	—		%				2		%


Underwriting gain	$	54		$	80		$	249		$	317

Loss ratio	60.1		%	58.0		%	59.5		%	58.2		%
Less: Effect of catastrophe impacts	—			—			—			—
Less: Effect of favorable development-related items	—			(0.6)			(0.3)			(0.3)
Underlying loss ratio	60.1		%	58.6		%	59.8		%	58.5		%

Expense ratio	33.4		%	32.5		%	32.8		%	32.0		%

Combined ratio	93.8		%	90.8		%	92.6		%	90.4		%
Underlying combined ratio	93.8		%	91.4		%	92.9		%	90.7		%

•The fourth quarter underlying combined ratio increased 2.4 points as compared with the prior year quarter. The underlying loss ratio increased 1.5 points as compared with the prior year quarter primarily resulting from continued pricing pressure in management liability lines. The expense ratio increased 0.9 points as compared with the prior year quarter driven by lower net earned premiums.

•The fourth quarter combined ratio increased 3.0 points as compared with the prior year quarter. There was no net prior period development in the current quarter compared with 0.6 points of favorable development improving the loss ratio in the prior year quarter.

•In the fourth quarter, gross written premiums, excluding third party captives, grew 4% and net written premiums grew 5%.

•For the full year, the underlying combined ratio increased 2.2 points as compared with the prior year. The underlying loss ratio increased 1.3 points as compared with the prior year primarily due to continued pricing pressure in management liability lines. The expense ratio increased 0.8 points driven by lower net earned premium growth.

•For the full year, the combined ratio increased 2.2 points as compared with the prior year. Favorable net prior period development improved the loss ratio by 0.3 points in both the current and prior year.

•For the full year, gross written premiums, excluding third party captives, and net written premiums both grew 3%.

Commercial


	Results for the Three Months Ended December 31						Results for the Year Ended December 31
($ millions)	2024			2023			2024			2023
Gross written premiums ex. 3rd party captives	$	1,794		$	1,610		$	6,816		$	5,994
GWP ex. 3rd party captives change (% year over year)	11		%				14		%
Net written premiums	$	1,452		$	1,292		$	5,469		$	4,880
NWP change (% year over year)	12		%				12		%
Net earned premiums	$	1,384		$	1,211		$	5,158		$	4,547
NEP change (% year over year)	14		%				13		%


Underwriting gain	$	106		$	86		$	171		$	182

Loss ratio	64.8		%	62.8		%	68.3		%	65.9		%
Less: Effect of catastrophe impacts	2.3			1.4			6.2			4.5
Less: Effect of favorable development-related items	—			(0.1)			(0.1)			(0.1)
Underlying loss ratio	62.5		%	61.5		%	62.2		%	61.5		%

Expense ratio	27.0		%	29.8		%	27.9		%	29.6		%

Combined ratio	92.3		%	92.9		%	96.7		%	96.0		%
Underlying combined ratio	90.0		%	91.6		%	90.6		%	91.6		%

•The fourth quarter underlying combined ratio improved 1.6 points as compared with the prior year quarter, and is the lowest quarter on record. The expense ratio improved 2.8 points, and is the lowest quarter on record, primarily resulting from net earned premium growth of 14%. The underlying loss ratio increased 1.0 point compared with the prior year quarter driven by the continuation of elevated loss cost trends in commercial auto and mix of business.

•The fourth quarter combined ratio improved 0.6 points as compared with the prior year quarter. Catastrophe losses were $33 million, or 2.3 points of the loss ratio in the quarter compared with $17 million, or 1.4 points of the loss ratio, for the prior year quarter. There was no net prior period development in the current quarter compared with 0.1 points of favorable development improving the loss ratio in the prior year quarter.

•In the fourth quarter, gross written premiums, excluding third party captives, grew 11% and net written premiums grew 12%.

•For the full year, the underlying combined ratio improved 1.0 point as compared with the prior year quarter, and is the lowest full year on record. The expense ratio improved 1.7 points, and is the lowest full year on record, primarily due to net earned premium growth of 13%. The underlying loss ratio increased 0.7 points compared with the prior year driven by the continuation of elevated loss cost trends in commercial auto and mix of business.

•For the full year, the combined ratio increased 0.7 points as compared with the prior year. Catastrophe losses were $318 million, or 6.2 points of the loss ratio for the full year compared with $207 million, or 4.5 points of the loss ratio, for the prior year. Favorable net prior period development improved the loss ratio by 0.1 points in both the current and prior year.

•For the full year, gross written premiums, excluding third party captives, grew 14% and net written premiums grew 12%.

International


	Results for the Three Months Ended December 31						Results for the Year Ended December 31
($ millions)	2024			2023			2024			2023
Gross written premiums	$	387		$	360		$	1,483		$	1,485
GWP change (% year over year)	8		%				—		%
Net written premiums	$	366		$	325		$	1,262		$	1,237
NWP change (% year over year)	13		%				2		%
Net earned premiums	$	319		$	288		$	1,256		$	1,176
NEP change (% year over year)	11		%				7		%


Underwriting gain	$	18		$	20		$	76		$	86

Loss ratio	61.6		%	58.9		%	60.9		%	61.4		%
Less: Effect of catastrophe impacts	3.9			1.8			3.2			2.5
Less: Effect of (favorable) unfavorable development-related items	(0.4)			(0.6)			(0.4)			1.1
Underlying loss ratio	58.1		%	57.7		%	58.1		%	57.8		%

Expense ratio	33.2		%	34.1		%	33.1		%	31.2		%

Combined ratio	94.8		%	93.0		%	94.0		%	92.6		%
Underlying combined ratio	91.3		%	91.8		%	91.2		%	89.0		%

•The fourth quarter underlying combined ratio improved 0.5 points as compared with the prior year quarter. The expense ratio improved 0.9 points primarily attributed to net earned premium growth of 11% and lower acquisition costs. The underlying loss ratio increased 0.4 points as compared with the prior year quarter.

•The fourth quarter combined ratio increased 1.8 points as compared with the prior year quarter. Catastrophe losses were $12 million, or 3.9 points of the loss ratio in the quarter compared with $5 million, or 1.8 points of the loss ratio, for the prior year quarter. Favorable net prior period development improved the loss ratio by 0.4 points in the current quarter compared with 0.6 points of improvement in the prior year quarter.

•In the fourth quarter, excluding currency fluctuations, gross written premiums grew 6% and net written premiums grew 12%.

•For the full year, the underlying combined ratio increased 2.2 points as compared with the prior year. The expense ratio increased 1.9 points primarily due to a favorable reinsurance acquisition related catch-up adjustment recorded in the prior year. The underlying loss ratio increased 0.3 points as compared with the prior year.

•For the full year, the combined ratio increased 1.4 points as compared with the prior year. Catastrophe losses were $40 million, or 3.2 points of the loss ratio for the full year compared with $29 million, or 2.5 points of the loss ratio, for the prior year. Favorable net prior period development improved the loss ratio by 0.4 points in the current year compared with 1.1 points of unfavorable development increasing the loss ratio in the prior year.

•For the full year, excluding currency fluctuations, gross written premiums declined 1% and net written premiums grew 2%.

Life & Group


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
($ millions)	2024		2023		2024		2023
Net earned premiums	$	108	$	111	$	437	$	451
Claims, benefits and expenses	366		349		1,429		1,436


Net investment income	$	230	$	237	$	940	$	896
Core (loss) income	$	(18)	$	4	$	(23)	$	(48)

Core results decreased $22 million for the fourth quarter of 2024 as compared with the prior year quarter primarily due to unfavorable morbidity experience and lower net investment income.

Core loss decreased $25 million for the full year as compared with the prior year primarily resulting from higher net investment income.

Corporate & Other


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
($ millions)	2024		2023		2024		2023
Insurance claims and policyholders' benefits	$	71	$	50	$	106	$	82
Interest expense	32		33		133		126
Net investment income	14		19		67		62
Core loss	(91)		(76)		(210)		(173)

Core loss increased $15 million for the fourth quarter of 2024 as compared with the prior year quarter. The application of retroactive reinsurance accounting to additional cessions to the A&EP LPT in both periods resulted in after-tax non-economic charges of $35 million and $24 million in 2024 and 2023, respectively. The additional cessions in those periods were $103 million and $86 million, respectively. The current quarter also includes a $17 million after-tax charge related to unfavorable prior period development largely associated with legacy mass tort claims compared to a $12 million after-tax charge in the prior year quarter.

Core loss increased $37 million for the full year as compared with the prior year. The current year includes higher corporate expenses as a result of continued investments in technology and an unfavorable non-economic impact related to the A&EP LPT. The current year also includes a $62 million after-tax charge related to unfavorable prior period development largely associated with legacy mass tort claims compared with a $56 million after-tax charge in the prior year.

Net Investment Income


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
	2024		2023		2024		2023
Fixed income securities and other	$	550	$	533	$	2,177	$	2,062
Limited partnership and common stock investments	94		78		320		202
Net investment income	$	644	$	611	$	2,497	$	2,264

Net investment income increased $33 million for the fourth quarter of 2024 and $233 million for the full year driven by favorable limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.

Stockholders' Equity

Stockholders’ equity of $10.5 billion improved 6% from year-end 2023, primarily due to net income partially offset by dividends paid to stockholders.

Book value per share ex AOCI of $46.16 increased 8% from year-end 2023 adjusting for $3.76 of dividends per share.

As of December 31, 2024, statutory capital and surplus for the Combined Continental Casualty Companies was $11.2 billion.

About the Company

CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe. For more information, please visit CNA at www.cna.com.

Contacts


Media:						Analysts:
Kelly Messina \| Vice President, Marketing						Ralitza K. Todorova \| Vice President, Investor Relations & Rating Agencies
872-817-0350						312-822-3834

Earnings Remarks & Materials

A transcript of earnings remarks will be available on CNA's website at www.cna.com via the Investor Relations section. Remarks will include commentary from the Company's President and Chief Executive Officer, Douglas M. Worman, and Chief Financial Officer, Scott R. Lindquist. An earnings presentation and financial supplement information related to the results will also be posted and available on the CNA website.

Definition of Reported Segments

•Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters.

•Commercial works with a network of brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle markets and other commercial customers.

•International underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the U.K and Luxembourg and Hardy, our Lloyd's Syndicate.

•Life & Group 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 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 legacy mass tort reserves.

Financial Measures

Management utilizes the following metrics in their evaluation of the Property & Casualty Operations.

These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

•Loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums.

•Underlying loss ratio represents the loss ratio excluding catastrophe losses and development-related items.

•Expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.

•Dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums.

•Combined ratio is the sum of the loss ratio, the expense and the dividend ratio.

•Underlying combined ratio is the sum of the underlying loss, 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. The components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for Property & Casualty, Specialty, Commercial and International segments are set forth on pages 3, 4, 5 and 6, respectively.

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.

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.

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.

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. Statutory capital and surplus as of the current period is preliminary.

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.

Reconciliation of GAAP Measures to Non-GAAP Measures

Management utilizes financial measures not in accordance with GAAP to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures follow below.

Reconciliation of Net Income (Loss) to Core Income (Loss)

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 net investment gains or losses because net investment gains or losses are generally driven by economic factors that are not necessarily reflective of 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.


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
($ millions)	2024		2023		2024		2023
Net income	$	21	$	367	$	959	$	1,205
Less: Net investment (losses) gains	(31)		5		(64)		(79)
Less: Pension settlement transaction losses	(290)		—		(293)		—
Core income	$	342	$	362	$	1,316	$	1,284

Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share

Core income (loss) per diluted share provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis.


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
	2024		2023		2024		2023
Net income per diluted share	$	0.07	$	1.35	$	3.52	$	4.43
Less: Net investment (losses) gains	(0.12)		0.02		(0.23)		(0.28)
Less: Pension settlement transaction losses	(1.06)		—		(1.08)		—
Core income per diluted share	$	1.25	$	1.33	$	4.83	$	4.71

Reconciliation of Net Income (Loss) to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss)

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 insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to 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 results 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.


	Results for the Three Months Ended December 31, 2024
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	165	$	222	$	37	$	424
Net investment losses (gains), after tax	12		16		(1)		27

Core income	$	177	$	238	$	36	$	451

Less:
Net investment income	165		199		36		400
Non-insurance warranty revenue (expense)	19		—		—		19
Other revenue (expense), including interest expense	(13)		(4)		(15)		(32)
Income tax expense on core income	(48)		(63)		(3)		(114)
Underwriting gain	54		106		18		178
Effect of catastrophe losses	—		33		12		45
Effect of favorable development-related items	—		—		(1)		(1)
Underlying underwriting gain	$	54	$	139	$	29	$	222


	Results for the Three Months Ended December 31, 2023
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	179	$	204	$	44	$	427
Net investment losses (gains), after tax	3		5		(1)		7

Core income	$	182	$	209	$	43	$	434

Less:
Net investment income	151		175		29		355
Non-insurance warranty revenue (expense)	13		—		—		13
Other revenue (expense), including interest expense	(13)		4		6		(3)
Income tax expense on core income	(49)		(56)		(12)		(117)
Underwriting gain	80		86		20		186
Effect of catastrophe losses	—		17		5		22
Effect of favorable development-related items	(5)		—		(2)		(7)
Underlying underwriting gain	$	75	$	103	$	23	$	201


	Results for the Twelve Months Ended December 31, 2024
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	663	$	658	$	153	$	1,474
Net investment losses, after tax	31		44		—		75

Core income	$	694	$	702	$	153	$	1,549

Less:
Net investment income	626		733		131		1,490
Non-insurance warranty revenue (expense)	62		—		—		62
Other revenue (expense), including interest expense	(53)		(14)		(10)		(77)
Income tax expense on core income	(190)		(188)		(44)		(422)
Underwriting gain	249		171		76		496
Effect of catastrophe losses	—		318		40		358
Effect of favorable development-related items	(8)		—		(6)		(14)
Underlying underwriting gain	$	241	$	489	$	110	$	840


	Results for the Twelve Months Ended December 31, 2023
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	666	$	594	$	147	$	1,407
Net investment losses (gains), after tax	42		58		(2)		98

Core income	$	708	$	652	$	145	$	1,505

Less:
Net investment income	558		645		103		1,306
Non-insurance warranty revenue (expense)	80		—		—		80
Other revenue (expense), including interest expense	(52)		(1)		4		(49)
Income tax expense on core income	(195)		(174)		(48)		(417)
Underwriting gain	317		182		86		585
Effect of catastrophe losses	—		207		29		236
Effect of (favorable) unfavorable development-related items	(12)		(4)		13		(3)
Underlying underwriting gain	$	305	$	385	$	128	$	818

Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI

Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.


	December 31, 2024		December 31, 2023
Book value per share	$	38.82	$	36.52
Less: Per share impact of AOCI	(7.34)		(9.87)
Book value per share excluding AOCI	$	46.16	$	46.39

Calculation of Return on Equity and Core Return on Equity

Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations.


	Results for the Three Months Ended December 31						Results for the Year Ended December 31
($ millions)	2024			2023			2024			2023
Annualized net income	$	81		$	1,468		$	959		$	1,205
Average stockholders' equity including AOCI (a)	10,635			9,228			10,203			9,220
Return on equity	0.8		%	15.9		%	9.4		%	13.1		%

Annualized core income	$	1,366		$	1,448		$	1,316		$	1,284
Average stockholders' equity excluding AOCI (a)	12,549			12,435			12,534			12,355
Core return on equity	10.9		%	11.6		%	10.5		%	10.4		%

(a)Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period.

For additional information, please refer to CNA's most recent 10-K on file with the Securities and Exchange Commission, as well as the financial supplement, available at www.cna.com.

Forward-Looking Statements

This press release includes statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA’s filings with the Securities and Exchange Commission, available at www.cna.com.

Any forward-looking statements made in this press release are made by CNA as of the date of this press release. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in this press release, even if CNA’s expectations or any related events, conditions or circumstances change.

Any descriptions of coverage under CNA policies or programs in this press release are provided for convenience only and are not to be relied upon with respect to questions of coverage, exclusions or limitations. With regard to all such matters, the terms and provisions of relevant insurance policies are primary and controlling. In addition, please note that all coverages may not be available in all states.

“CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities. Copyright © 2025 CNA. All rights reserved.

# # #

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.

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 Statement s 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

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.

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.

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.

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.

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)	%

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	%

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)	%

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)

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)

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.

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.

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.

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		%

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)

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

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		%

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)

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

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.

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

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

CNA Financial Corporation Fourth Quarter 2024 Results February 10, 2025

Notices and Disclaimers Forward Looking Statements The statements made in the course of this presentation and/or contained in the presentation materials may include statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA’s filings with the Securities and Exchange Commission available at www.cna.com. Any forward-looking statements and other financial information contained in this presentation speak only as of the date hereof. Further, CNA does not have any obligation to update or revise any forward-looking statement made in the course of this presentation and/or contained in the presentation materials even if CNA’s expectations or any related events, conditions or circumstances change. Reconciliation of GAAP Measures to Non-GAAP Measures This earnings presentation contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures can be found in the Appendix to this presentation. For additional information, please refer to CNA's filings with the Securities and Exchange Commission, available at www.cna.com Available Information and Risk Factors CNA files annual, quarterly and current reports and other information with the SEC. The SEC filings are available on the CNA website (www.cna.com) and at the SEC's website (www.sec.gov). These filings describe some of the more material risks we face and how these risks could lead to events or circumstances that may have a material adverse effect on our business, financial condition, results of operations or cash flows. You should review these filings as they contain important information about CNA and its business. "CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities. Copyright © 2025 CNA. All rights reserved. 2

Fourth Quarter Overview • Net income of $21 million, includes $290 million after-tax loss from the previously announced pension settlement transaction, versus $367 million in the prior year quarter; core income of $342 million versus $362 million in the prior year quarter. • P&C core income of $451 million versus $434 million, reflects higher investment income and higher underlying underwriting income partially offset by higher catastrophe losses. • Life & Group core loss of $18 million versus core income of $4 million in the prior year quarter. • Corporate & Other core loss of $91 million versus $76 million in the prior year quarter. • Net investment income up 5% to $644 million pretax, includes a $17 million increase from fixed income securities and other investments to $550 million and a $16 million increase from limited partnerships and common stock to $94 million. • P&C combined ratio of 93.1%, compared with 92.1% in the prior year quarter, including 1.8 points of catastrophe loss impact compared with 1.0 point in the prior year quarter. P&C underlying combined ratio was 91.4%, consistent with the prior year quarter. P&C underlying loss ratio was 61.1% and the expense ratio was 30.0%. • P&C segments, excluding third party captives, generated gross written premium growth of 9% and net written premium growth of 10% in the quarter. P&C renewal premium change of +4%, with written rate of +3% and exposure change of +1%. 3

Full Year Overview • Net income of $959 million, includes $293 million after-tax loss from pension settlement transactions, versus $1,205 million in the prior year; record core income of $1,316 million, versus $1,284 million in the prior year. • P&C core income of $1,549 million versus $1,505 million, reflects higher investment income and record high underlying underwriting income partially offset by higher catastrophe losses. • Life & Group core loss of $23 million versus core loss of $48 million in the prior year. • Corporate & Other core loss of $210 million versus core loss of $173 million in the prior year. • Net investment income up 10% to $2,497 million pretax, includes a $118 million increase from limited partnerships and common stock to $320 million and a $115 million increase from fixed income securities and other investments to $2,177 million. • P&C combined ratio of 94.9%, compared with 93.5% in the prior year, including 3.6 points of catastrophe loss impact compared with 2.6 points in the prior year. P&C underlying combined ratio was 91.5% compared with 90.9% in the prior year. P&C underlying loss ratio was 60.9% and the expense ratio was 30.2%. • P&C segments, excluding third party captives, generated gross written premium growth of 8% and net written premium growth of 8%. P&C renewal premium change of +5%, with written rate of +4% and exposure change of 1%. Stockholders' Equity • Book value per share of $38.82; book value per share excluding AOCI of $46.16, an 8% increase from year-end 2023 adjusting for $3.76 of dividends per share paid. • Increased quarterly cash dividend 5% to $0.46 per share; special dividend of $2.00 per share. 4

Financial Performance 5 (In millions, except ratios and per share data) Fourth Quarter Year to Date 2024 2023 Change 2024 2023 Change Revenues $3,689 $3,507 5 % $14,270 $13,299 7 % Core income 342 362 (6) % 1,316 1,284 2 % Net income1 21 367 (94) % 959 1,205 (20) % Diluted earnings per common share: Core income $1.25 $1.33 (6) % $4.83 $4.71 3 % Net income 0.07 1.35 (95) % 3.52 4.43 (21) % Core ROE 10.9 % 11.6 % (0.7) pts 10.5 % 10.4 % 0.1 pts Record core income for 2024 as a result of continued strong underwriting and investment results 1 Includes a $290 million after-tax loss for the fourth quarter and a $293 million after-tax loss for the full year, from pension settlement transactions.

Continued strong premium growth & underlying combined ratio below 92% for 16 consecutive quarters Property & Casualty Operations 6 (In millions, except ratios) Fourth Quarter Year to Date 2024 2023 2024 2023 GWP ex. 3rd party captives $3,230 $2,974 $12,194 $11,279 GWP change (% year over year) 9 % 8 % Net written premium $2,752 $2,508 $10,176 $9,446 NWP change (% year over year) 10 % 8 % Net earned premium $2,571 $2,368 $9,775 $9,030 NEP change (% year over year) 9 % 8 % Underwriting gain $178 $186 $496 $585 Loss ratio 62.8 % 60.6 % 64.3 % 62.5 % Less: Effect of catastrophes impacts 1.8 % 1.0 % 3.6 % 2.6 % Less: Effect of favorable development-related items (0.1) % (0.3) % (0.2) % — % Underlying loss ratio 61.1 % 59.9 % 60.9 % 59.9 % Expense ratio 30.0 % 31.2 % 30.2 % 30.7 % Combined ratio 93.1 % 92.1 % 94.9 % 93.5 % Underlying combined ratio 91.4 % 91.4 % 91.5 % 90.9 %

Property & Casualty Production Metrics Continued robust new business growth, higher retention and stable overall rate increase 7 Property & Casualty Rate & Retention 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 5% 5% 5% 4% 4% 4% 3% 3% 7% 7% 6% 5% 6% 5% 5% 4% 86% 86% 84% 85% 85% 85% 85% 86% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $2,724 $2,986 $2,595 $2,974 $2,936 $3,203 $2,825 $3,230 New Business ($M) $503 $555 $475 $547 $529 $595 $547 $591 Specialty Rate 2% (1)% 1% —% 2% —% —% 1% Retention 88% 89% 87% 89% 88% 90% 89% 89% Commercial Rate 7% 8% 8% 7% 6% 7% 6% 6% Retention 86% 85% 83% 83% 85% 84% 84% 84% International Rate 4% 4% 2% 2% 1% —% (2)% (3)% Retention 83% 83% 84% 83% 82% 80% 82% 85%

Highest quarterly growth in 10 quarters and continued strong profitability Specialty 8 (In millions, except ratios) Fourth Quarter Year to Date 2024 2023 2024 2023 GWP ex. 3rd party captives $1,049 $1,004 $3,895 $3,800 GWP change (% year over year) 4 % 3 % Net written premium $934 $891 $3,445 $3,329 NWP change (% year over year) 5 % 3 % Net earned premium $868 $869 $3,361 $3,307 NEP change (% year over year) — % 2 % Underwriting gain $54 $80 $249 $317 Loss ratio 60.1 % 58.0 % 59.5 % 58.2 % Less: Effect of catastrophes impacts — % — % — % — % Less: Effect of favorable development-related items — % (0.6) % (0.3) % (0.3) % Underlying loss ratio 60.1 % 58.6 % 59.8 % 58.5 % Expense ratio 33.4 % 32.5 % 32.8 % 32.0 % Combined ratio 93.8 % 90.8 % 92.6 % 90.4 % Underlying combined ratio 93.8 % 91.4 % 92.9 % 90.7 %

Specialty Production Metrics Consistently strong retention with improving renewal premium change 9 Specialty Rate & Retention 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2% (1)% 1% —% 2% —% —% 1% 4% —% 2% —% 3% 1% 2% 3% 88% 89% 87% 89% 88% 90% 89% 89% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $886 $961 $949 $1,004 $880 $984 $982 $1,049 New Business ($M) $108 $120 $121 $132 $94 $118 $129 $121 FI & Mgmt Liability Rate (3)% (9)% (4)% (7)% (3)% (6)% (5)% (4)% Retention 89% 91% 88% 91% 90% 92% 91% 89% Affinity Professional E&O Rate 3% 4% 3% 4% 2% 3% 2% 3% Retention 88% 89% 89% 92% 92% 92% 91% 93% Medical Malpractice Rate 6% 5% 7% 7% 7% 9% 7% 9% Retention 84% 85% 84% 81% 80% 85% 83% 84% Surety Net Written Premiums $178 $170 $157 $136 $184 $175 $176 $157 Warranty & Alt. Risks Revenues $460 $460 $460 $448 $461 $459 $452 $443

Commercial 10 (In millions, except ratios) Fourth Quarter Year to Date 2024 2023 2024 2023 GWP ex. 3rd party captives $1,794 $1,610 $6,816 $5,994 GWP change (% year over year) 11 % 14 % Net written premium $1,452 $1,292 $5,469 $4,880 NWP change (% year over year) 12 % 12 % Net earned premium $1,384 $1,211 $5,158 $4,547 NEP change (% year over year) 14 % 13 % Underwriting gain $106 $86 $171 $182 Loss ratio 64.8 % 62.8 % 68.3 % 65.9 % Less: Effect of catastrophes impacts 2.3 % 1.4 % 6.2 % 4.5 % Less: Effect of favorable development-related items — % (0.1) % (0.1) % (0.1) % Underlying loss ratio 62.5 % 61.5 % 62.2 % 61.5 % Expense ratio 27.0 % 29.8 % 27.9 % 29.6 % Combined ratio 92.3 % 92.9 % 96.7 % 96.0 % Underlying combined ratio 90.0 % 91.6 % 90.6 % 91.6 % Record underlying results and 11th straight quarter of double-digit premium growth

Commercial Production Metrics 11 Commercial Rate & Retention 2023 2024 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 7% 8% 8% 7% 6% 7% 6% 6% 9% 11% 9% 9% 8% 7% 8% 7% 86% 85% 83% 83% 85% 84% 84% 84% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $1,440 $1,604 $1,340 $1,610 $1,682 $1,802 $1,538 $1,794 New Business ($M) $310 $343 $292 $352 $367 $405 $345 $395 Middle Market Rate 4% 6% 5% 5% 5% 5% 4% 4% Retention 85% 86% 83% 83% 83% 84% 85% 84% Construction Rate 5% 6% 7% 8% 8% 9% 9% 9% Retention 86% 84% 85% 85% 86% 87% 84% 86% National Accounts Rate 17% 20% 18% 12% 8% 7% 6% 6% Retention 90% 84% 80% 85% 87% 83% 85% 84% Small Business Rate 2% 2% 3% 2% 3% 4% 4% 5% Retention 85% 84% 84% 82% 81% 79% 80% 81% Marine / Other Net Written Premium $87 $101 $78 $92 $104 $116 $95 $94 Record new business for 2024 with stable retention and renewal premium change throughout the year

1 Excluding currency fluctuations, GWP and NWP grew 6% and 12% in the fourth quarter, and GWP declined 1% and NWP grew 2% for the year. International Consistently profitable results with return to growth in the fourth quarter 12 (In millions, except ratios) Fourth Quarter Year to Date 2024 2023 2024 2023 Gross written premium $387 $360 $1,483 $1,485 GWP change (% year over year)1 8 % — % Net written premium $366 $325 $1,262 $1,237 NWP change (% year over year)1 13 % 2 % Net earned premium $319 $288 $1,256 $1,176 NEP change (% year over year) 11 % 7 % Underwriting gain $18 $20 $76 $86 Loss ratio 61.6 % 58.9 % 60.9 % 61.4 % Less: Effect of catastrophes impacts 3.9 % 1.8 % 3.2 % 2.5 % Less: Effect of (favorable) unfavorable development- (0.4) % (0.6) % (0.4) % 1.1 % Underlying loss ratio 58.1 % 57.7 % 58.1 % 57.8 % Expense ratio 33.2 % 34.1 % 33.1 % 31.2 % Combined ratio 94.8 % 93.0 % 94.0 % 92.6 % Combined ratio excl. catastrophes and development 91.3 % 91.8 % 91.2 % 89.0 %

Full year results reflect higher investment income; underwriting results broadly in line with expectations Life & Group 13 (In millions) Fourth Quarter Year to Date 2024 2023 2024 2023 Net earned premiums $108 $111 $437 $451 Total claims, benefits and expenses 366 349 1,429 1,436 Net investment income 230 237 940 896 Core income (loss) before income tax (28) (2) (52) (90) Income tax benefit 10 6 29 42 Core income (loss) ($18) $4 ($23) ($48)

Pretax Net Investment Income Strong contributions from fixed income, limited partnership and common stock portfolios 611 609 618 626 644 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 507 510 520 525 529 4.7% 4.7% 4.8% 4.8% 4.8% Fixed Income Effective Yield (Pretax) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 78 68 78 80 94 3.4% 2.9% 3.1% 3.1% 3.5% Limited Partnership & Common Stock Return (Pretax) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 $M $M $M 14 • Net investment income of $644M is up 5% year- over-year • Fixed income benefited from strong operating cash flows and the continued impact of higher reinvestment rates • Strong limited partnership and common stock returns in the quarter; full year income of $320M, a 13.3% return

Investment Portfolio 15 Effective Portfolio Duration Life & Group 9.8 yrs P&C and Corporate 4.3 yrs Total 6.2 yrs Fixed Maturities by Rating % of Portfolio AAA 1 14% AA 16% A 25% BBB 41% Investment Grade 96% Below Investment Grade 4% Total Fixed Maturities 100% 1 AAA includes obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises. High quality, diversified and liquid investment portfolio Highlights • 88% of total invested assets are in fixed income securities • High-quality portfolio with an average credit rating of “A” • Duration well matched with insurance liabilities • Net unrealized loss increased from prior year- end driven by higher risk-free rates, partially offset by tightening credit spreads

Capital • Financial strength ratings from all four rating agencies were affirmed in the past year • Moody’s and AM Best revised outlooks to positive in the fourth quarter; S&P and Fitch maintain stable outlooks • Statutory surplus remains very strong • Adjusting for dividends, book value per share ex AOCI increased 8% Leverage • Debt maturity schedule is termed out to effectively manage refinancing • Next debt maturity of $500M in the first quarter of 2026 Liquidity • Ample liquidity at both holding and operating company levels to meet obligations Financial Strength Conservative capital and debt profile support business objectives (In millions, except per share data) Dec 31, 2024 Dec 31, 2023 Debt $2,973 $3,031 Stockholders' equity 10,513 9,893 Total capital $13,486 $12,924 AOCI (1,991) (2,672) Capital ex AOCI $ 15,477 $ 15,596 BVPS ex AOCI $46.16 $46.39 Dividends per share (YTD) $3.76 $2.88 Debt-to-capital 22.0 % 23.5 % Debt-to-capital ex AOCI 19.2 % 19.4 % Statutory surplus 11,165 $10,946 Holding company liquidity 1 $1,207 $1,262 16 1 Includes $250 million available under credit facility

APPENDIX 17

Results for the Three Months Ended December 31 Results for the Year Ended December 31 2024 2023 2024 2023 Net income $21 $367 $959 $1,205 Less: Net investment (losses) gains (31) 5 (64) (79) Less: Pension settlement transaction losses (290) — (293) — Core income $342 $362 $1,316 $1,284 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 net investment gains or losses because net investment gains or losses are generally driven by economic factors that are not necessarily reflective of 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. Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share Results for the Three Months Ended December 31 Results for the Year Ended December 31 2024 2023 2024 2023 Net income per diluted share $0.07 $1.35 $3.52 $4.43 Less: Net investment (losses) gains (0.12) 0.02 (0.23) (0.28) Less: Pension settlement transaction losses (1.06) — (1.08) — Core income per diluted share $1.25 $1.33 $4.83 $4.71 Core income (loss) per diluted share provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis. 18 Reconciliation of Net Income (Loss) to Core Income (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures

19 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 insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to 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 results 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. Results for the Three Months Ended December 31, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 165 $ 222 $ 37 $ 424 Net investment losses (gains), after tax 12 16 (1) 27 Core income $ 177 $ 238 $ 36 $ 451 Less: Net investment income 165 199 36 400 Non-insurance warranty revenue (expense) 19 — — 19 Other revenue (expense), including interest expense (13) (4) (15) (32) Income tax expense on core income (48) (63) (3) (114) Underwriting gain 54 106 18 178 Effect of catastrophe losses — 33 12 45 Effect of favorable development-related items — — (1) (1) Underlying underwriting gain $ 54 $ 139 $ 29 $ 222 Reconciliation of Net Income to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures

20 Results for the Three Months Ended December 31, 2023 (In millions) Specialty Commercial International Property & Casualty Net income $ 179 $ 204 $ 44 $ 427 Net investment losses (gains), after tax 3 5 (1) 7 Core income $ 182 $ 209 $ 43 $ 434 Less: Net investment income 151 175 29 355 Non-insurance warranty revenue (expense) 13 — — 13 Other revenue (expense), including interest expense (13) 4 6 (3) Income tax expense on core income (49) (56) (12) (117) Underwriting gain 80 86 20 186 Effect of catastrophe losses — 17 5 22 Effect of favorable development-related items (5) — (2) (7) Underlying underwriting gain $ 75 $ 103 $ 23 $ 201 Reconciliation of GAAP Measures to Non-GAAP Measures

21 Results for the Twelve Months Ended December 31, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 663 $ 658 $ 153 $ 1,474 Net investment losses, after tax 31 44 — 75 Core income $ 694 $ 702 $ 153 $ 1,549 Less: Net investment income 626 733 131 1,490 Non-insurance warranty revenue (expense) 62 — — 62 Other revenue (expense), including interest expense (53) (14) (10) (77) Income tax expense on core income (190) (188) (44) (422) Underwriting gain 249 171 76 496 Effect of catastrophe losses — 318 40 358 Effect of favorable development-related items (8) — (6) (14) Underlying underwriting gain $ 241 $ 489 $ 110 $ 840 Reconciliation of GAAP Measures to Non-GAAP Measures

22 Results for the Twelve Months Ended December 31, 2023 (In millions) Specialty Commercial International Property & Casualty Net income $ 666 $ 594 $ 147 $ 1,407 Net investment losses (gains), after tax 42 58 (2) 98 Core income $ 708 $ 652 $ 145 $ 1,505 Less: Net investment income 558 645 103 1,306 Non-insurance warranty revenue (expense) 80 — — 80 Other revenue (expense), including interest expense (52) (1) 4 (49) Income tax expense on core income (195) (174) (48) (417) Underwriting gain 317 182 86 585 Effect of catastrophe losses — 207 29 236 Effect of (favorable) unfavorable development-related items (12) (4) 13 (3) Underlying underwriting gain $ 305 $ 385 $ 128 $ 818 The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss 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. The components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for Property & Casualty, Specialty, Commercial and International segments are set forth on pages 6, 8, 10 and 12, respectively. Components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio Reconciliation of GAAP Measures to Non-GAAP Measures

December 31, 2024 December 31, 2023 Book value per share $38.82 $36.52 Less: Per share impact of AOCI (7.34) (9.87) Book value per share excluding AOCI $46.16 $46.39 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Calculation of Return on Equity and Core Return on Equity Results for the Three Months Ended December 31 Results for the Year Ended December 31 ($ millions) 2024 2023 2024 2023 Annualized net income $81 $1,468 $959 $1,205 Average stockholders' equity including AOCI (a) 10,635 9,228 10,203 9,220 Return on equity 0.8 % 15.9 % 9.4 % 13.1 % Annualized core income $1,366 $1,448 $1,316 $1,284 Average stockholders' equity excluding AOCI (a) 12,549 12,435 12,534 12,355 Core return on equity 10.9 % 11.6 % 10.5 % 10.4 % Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations. a Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period. 23 Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI Reconciliation of GAAP Measures to Non-GAAP Measures

CNA Financial Fourth Quarter 2024 Earnings Remarks

Douglas M. Worman, President and Chief Executive Officer:

Before we discuss our results for the quarter, on behalf of all our employees, I want to take a moment to express our deepest sympathies to the victims of the tragic wildfires in California. We have all seen the heartbreaking devastation caused by this disaster, and our thoughts are with everyone who has suffered such profound losses. Our CNA colleagues have been on the ground and we remain steadfast in our commitment and unwavering support to assist our customers who have been affected by this tragedy.

In the fourth quarter, we produced very strong results, with record underlying underwriting gain, the highest level of net investment income of the year, and at 10%, the highest quarterly net written premium growth of the year. Net investment income increased 5% for the quarter and 10% for the full year. We achieved continued rate improvement in the classes of business most impacted by social inflation where rates in our commercial casualty classes of business were up a point to 10%, which continues to exceed loss cost trends.

Fourth Quarter Results

Core income was $342 million in the fourth quarter. Net investment income was $644 million, up $33 million over the prior year quarter, with strong performance in our fixed income portfolio and strong contributions from limited partnerships and common stock.

The P&C all-in combined ratio was 93.1%, an increase of 1.0 point compared to the prior year quarter. The increase is principally from higher catastrophe losses of $45 million, or 1.8 points, compared to a fairly benign $22 million, or 1.0 point of catastrophe losses, in the prior year period. Catastrophe losses this quarter were primarily related to Hurricane Milton. The catastrophe loss ratio in the fourth quarter is slightly below our five year average of 2.0 points.

The P&C underlying combined ratio was 91.4% in the quarter, consistent with last year’s fourth quarter. We have now produced sixteen consecutive quarters of underlying combined ratios below 92%. The underlying underwriting gain was up 10% in the quarter to a record high of $222 million. The underlying loss ratio in the fourth quarter was 61.1%, consistent with the third quarter. The expense ratio of 30.0% was the lowest since 2008, a significant contributing factor to our excellent underlying combined ratio of 91.4%.

In the quarter, we continued to achieve strong production performance with 9% growth in gross written premiums excluding captives and 10% growth in net written premiums.

P&C rate change was 3% in the quarter, consistent with last quarter, although there is variation by segment and class of business. In Commercial, rate change was 6% all-in, consistent with last quarter, and 8% excluding workers’ compensation. Commercial auto rates were up 17% and excess casualty rates were up 11%, each representing the strongest quarterly rate increase of the year and exceeding long-run loss cost trends that remained unchanged from last quarter. Property rates are still strong with mid single-digit increases, but were down from the double-digit range in 2023 and high single-digit increases obtained in the first half of 2024. Workers’ compensation rates were down low to mid single-digits consistent with the historical profitability of that line, offset by a roughly equal amount of exposure increase, resulting in flat renewal premium change.

In Specialty, rate turned positive this quarter at 1%. Rate was strong in healthcare at 9%, up two points from last quarter and continues to exceed loss cost trends. Rates were 3% in our affinity business, up one point over last quarter. Rates were still negative in our management liability lines, but in public directors and officers (D&O) and cyber, rate change was much closer to flat compared to more substantial rate declines in prior quarters.

In our International segment, rates turned slightly negative for the latter half of 2024, but the performance of our International business remains fundamentally strong.

In the quarter, new business growth was 8%, with double-digit growth in Commercial and International driving the overall result.

Retention was 86% this quarter, up a point compared to last quarter, and represents our highest quarterly retention of the year as we continue to retain our profitable portfolio of accounts.

Turning to the quarterly results in our three operating segments, in Commercial, the all-in combined ratio was 92.3%, the lowest since 2008. The all-in underwriting gain of $106 million was the best on record. Catastrophe losses of $33 million added 2.3 points to the combined ratio. The underlying combined ratio was a record low of 90.0%, a 1.6 point improvement over last year, leading to record underlying underwriting gain of $139 million. The underlying loss ratio was 62.5%, consistent with the third quarter. The expense ratio was a best on record 27.0%. This is a significant improvement from the low to mid 30s expense ratios recorded by the Commercial segment during the soft market years.

Gross written premiums excluding captives grew 11% in the quarter and net written premium growth was 12%. New business grew 12% and retention was 84% in the quarter, consistent with the last two quarters.

Exposure change was 1% for Commercial this quarter. In areas such as general liability and workers’ compensation, we continue to see the benefit of exposure change that acts like rate. Conversely, exposures were down in national accounts from reductions in participation on shared and layered property accounts and changes in limits and deductibles on casualty accounts as we continue to seek to optimize terms and conditions.

The all-in and underlying combined ratio for Specialty was 93.8% in the fourth quarter. The underlying loss ratio was 60.1%, consistent with last quarter, and the expense ratio was 33.4%, up 0.9 points compared to prior year due to lower net earned premiums.

Gross written premium growth excluding captives for Specialty was 4% this quarter and net written premium growth was 5%, representing the strongest growth in ten quarters. We’re seeing increased profitable growth in affinity and continued strong growth in surety.

Retention was strong at 89% for the quarter and has been around this level for ten straight quarters.

For International, the all-in combined ratio was 94.8% in the quarter with almost four points of catastrophe losses. The underlying combined ratio was 91.3%, with an underlying loss ratio of 58.1%, which has been stable all year, and the expense ratio of 33.2% was lower by 0.9 points compared to prior year.

International gross written premiums grew 8% in the quarter and net written premiums grew 13%. Net written premiums benefited from some favorable adjustments on prior year reinsurance treaties during the quarter. We also benefited from strong new business growth and high retention of 85% this quarter as we retained our high performing business.

Full Year Results

For the full year, we achieved record core income of $1,316 million, $32 million greater than 2023. Core earnings per share was $4.83, up $0.12 year over year despite elevated catastrophe losses compared to the prior year. The increase in core income was reflective of record high P&C underlying underwriting gain of $840 million and a $233 million increase in net investment income, split roughly evenly between our fixed income portfolio, and limited partnerships and common stock, to nearly $2.5 billion.

The P&C all-in combined ratio was 94.9% and catastrophes were 3.6 points of the combined ratio or $358 million. The catastrophe ratio is consistent with our most recent five year average. The underlying combined ratio was 91.5% for the year. The underlying loss ratio was 60.9%, up a point compared to the prior year for reasons we’ve discussed in prior quarters. The expense ratio improved by 0.5 points to 30.2%, the lowest since 2008, benefiting from higher net earned premiums while we continue to invest in the business.

For P&C overall, the impact of prior period development was slightly favorable for the year. While we had unfavorable development in the commercial casualty lines, as well as the professional and management liability lines, it was offset by continued favorable development in our workers’ compensation and surety classes of business.

All three operating segments produced very strong all-in and underlying combined ratios again in 2024. For Commercial, the all-in combined ratio was 96.7% for the year, up 0.7 points compared to last year. The increase was due to a greater impact from catastrophes in 2024 compared to 2023. The underlying combined ratio improved by a full point to a record best of 90.6%. Specialty produced an all-in combined ratio of 92.6% and an underlying combined ratio of 92.9%. In each case, the Specialty combined ratios are up slightly more than two points due to an increase in the loss ratio and expense ratio, which we have previously commented on. For International the all-in combined ratio was 94.0% and the underlying combined ratio was 91.2%, up 2.2 points compared to prior year and mostly attributable to a lower expense ratio in the prior year due to a favorable reinsurance acquisition related catch-up adjustment. All three operating segments continue to produce strong underlying underwriting gain and all-in underwriting gain.

Turning to production for the year, P&C gross written premiums excluding captives and net written premiums each grew 8%.

New business grew by 9% to a record high of $2,262 million. Retention was very strong at 85%, consistent with last year. Rates for the year were up 4%, down a point from 2023, and renewal premium change was 5%, with exposures increasing 1%, also down a point compared to 2023. A majority of our third-party treaties came up for renewal on January 1st. All of the renewals were successful. Most treaties were oversubscribed and renewed with favorable terms. The economics of our reinsurance coverage and ceding commission remain very favorable on these lines of business.

Finally, a note on our estimated exposure relating to the California wildfires - we currently estimate net exposure in the range of $40 million to $70 million. We will continue to evaluate our exposure as this is a developing situation.

Scott R. Lindquist, Chief Financial Officer:

CNA’s fourth quarter core Income of $342 million is down 6% compared to the prior year quarter but continues to reflect strong underwriting and investment results. Full year 2024 core income of $1,316 million is a best on record leading to a core return on equity of 10.5% and reflects a record P&C underlying underwriting gain and net investment income growth of 10% as compared to 2023.

Our P&C expense ratio was 30.0% for the fourth quarter and 30.2% for the full year. The expense ratio for both periods benefited from higher net earned premiums and continued expense discipline and also reflected continued investment in technology and talent. While there is always a certain amount of variability quarter to quarter, we currently believe an expense ratio of about 30.5% is a reasonable run-rate heading into 2025.

The P&C net prior period development impact on the combined ratio was negligible in the current quarter. In the Specialty segment, prior period development was neutral overall, and this was mostly attributable to $22 million of favorable development in surety offset by $21 million of unfavorable development in professional and management liability mostly in accident years 2018 and prior. In the Commercial segment, prior period development was neutral overall with $96 million of favorable development in workers’ compensation the majority of which is attributable to accident years 2018 and prior, $61 million of unfavorable development from continued pressure in commercial auto in recent accident years and $28 million of unfavorable development in general liability, the majority of which is attributable to accident years 2018 and prior.

Our Corporate segment produced a core loss of $91 million in the fourth quarter compared to a $76 million loss in the fourth quarter of 2023. The loss this quarter includes the results of our annual fourth

quarter asbestos and environmental pollution (A&EP) reserve review resulting in additional cessions of $103 million to the $4 billion loss portfolio transfer (LPT), which incepted in 2010. This strengthening of reserves is associated with higher defense and indemnity costs on existing claims. This review resulted in a non-economic, after-tax charge of $35 million as compared to a $24 million charge in the prior year quarter.

Following this review, our cumulative incurred losses of $3.7 billion dollars remain within the $4 billion LPT limit while cumulative paid losses are $2.6 billion. Taking the average of the most recent three years of subject paid claims under the LPT against the remaining unpaid limit on the LPT results in a survival ratio of 9.5 years. You will recall from previous years’ reviews that under retroactive reinsurance accounting, there is a timing difference with respect to recognizing the benefit of the cover relative to incurred losses as we can only do so in proportion to the paid losses recovered under the treaty. As such, holding all else constant, the loss recognized today will be recaptured over time through the amortization of the deferred accounting gain as paid losses ultimately catch up with incurred losses. As of year-end 2024, we have $425 million of deferred gain that will be recaptured over time.

The Corporate segment results this quarter also include a $17 million after-tax charge related to unfavorable development for legacy mass tort abuse claims compared to a $12 million charge in the prior year quarter. The current quarter charge is in addition to $17 million and $28 million of after-tax mass tort charges in the third and second quarters of 2024, respectively, resulting in a full year 2024 after-tax mass tort charge of $62 million.

As we have noted in prior calls, we perform our annual review of A&EP reserves during the fourth quarter, and we evaluate all other corporate segment reserves quarterly and will react as facts and circumstances warrant.

For the Life & Group segment, we had core loss of $18 million in the fourth quarter as compared to core income of $4 million in the prior year quarter reflecting unfavorable morbidity experience. Life & Group full year core loss of $23 million is lower than the 2023 core loss of $48 million due to higher investment income. The full year 2024 underwriting result is about flat with 2023, with both full year results being broadly in-line with expectations. Finally, inforce management actions including pursuit of rate and policy buyouts are ongoing with 2,800 policy buyouts in 2024 for totaling $91 million with an after-tax expense impact of $6 million to core earnings.

Net investment income was $644 million in the fourth quarter compared with $611 million in the prior year quarter, an increase of 5%. The increase was driven almost equally by our fixed income and other investments as well as our limited partnership and common stock results.

Fixed income and other investments generated $550 million of income, up 3% compared to the prior year quarter. Our A-rated fixed income portfolio continues to provide consistent contributions to core income, which have been steadily increasing because of favorable reinvestment rates and strong cash flow from operations. The effective income yield of our consolidated fixed income portfolio was 4.8% in the fourth quarter, up from 4.7% in the prior year quarter. Reinvestment rates continue to be above our P&C portfolio effective income yield of 4.4% and are slightly above our Life & Group portfolio effective income yield of 5.7%.

Our limited partnership and common stock portfolio returned a $94 million gain, or 3.5%, in the current quarter compared to a $78 million gain, or 3.4%, in the prior year quarter.

Total net investment income was a record best of $2,497 million for the full year 2024 compared with $2,264 million in 2023, an increase of 10%. Similar to the quarterly results, the increase was driven almost equally by our fixed income and other investments as well as our limited partnership and common stock results.

Fixed income and other investments generated $2,177 million of income for the year, up 6% compared to the prior year. Limited partnerships and common stocks generated $320 million of income representing a 13.3% return compared to $202 million of income representing a return of 9.4% in the prior year.

Looking ahead to 2025, based on the current interest rate environment we expect income from fixed income and other investments to be about $550 million in the first quarter, which is about flat compared to the fourth quarter of 2024 given limited anticipated reinvestment activity. For the full year, we expect income from fixed income and other investments to be about $2,225 million, or a 2% increase as compared to the full year 2024.

At quarter end, our balance sheet continues to be very solid with stockholders' equity excluding accumulated other comprehensive income (AOCI) of $12.5 billion, or $46.16 per share, an increase of 8% from year-end 2023 adjusting for dividends. Stockholders' equity including AOCI was $10.5 billion or $38.82 per share. With the increase in interest rates during the fourth quarter, the net unrealized investment loss in our fixed income portfolio increased to $2.3 billion as of year-end. Finally, we ended 2024 with statutory capital and surplus in the combined Continental Casualty Companies of $11.2 billion, which is up from $10.9 billion at the end of 2023.

We continue to maintain a conservative capital structure with a low leverage ratio and a well-balanced debt maturity schedule. And we are pleased with the fourth quarter actions taken by AM Best and Moody’s who both revised their outlooks on CNA’s financial strength and debt ratings from stable to positive, which we view as recognition of the significant progress we have made in the performance of the business in recent years.

Operating cash flow for the quarter was strong once again at $703 million and for the year, it increased 13% to a record best $2.6 billion reflecting both strong underwriting and investment results.

Turning to taxes, the effective tax rate on core income for the fourth quarter was 20.1% and reflects a benefit for tax-exempt investment income, somewhat offset by state income taxes. The full year 2024 effective tax rate on core income was 20.9%, which is consistent with a 21% effective tax rate we expect for 2025, although there will be a certain amount of variability quarter-to-quarter.

Finally, given the company’s strong underwriting and investment performance, we are pleased to announce we are increasing our regular quarterly dividend 5% from $0.44 per share to $0.46 per share. In addition, we are declaring a special dividend of $2.00 per share – both to be paid on March 13, 2025, to shareholders of record on February 24, 2025.

Douglas M. Worman, President and Chief Executive Officer:

Before providing some concluding remarks on our results, I want to take the opportunity to convey, on behalf of the entire organization, our thanks to Dino Robusto. During his eight-year tenure as Chief Executive Officer, he led the Company to record levels of profitability and top quartile underwriting performance with incredible vision and tireless focus. I have been fortunate to work alongside him and am honored to have succeeded Dino in the CEO role, where my goal will be to continue executing the successful strategies we have developed and implemented over the last several years. I am excited to lead an incredible team of highly talented professionals as we work with our CNA colleagues across the entire enterprise to continue our laser focus on optimizing CNA’s strategic direction, with the goal of continued top quartile performance.

Our strong fourth quarter capped off a fantastic year in 2024. We achieved a record level of core income for the second consecutive year. Our P&C operations performed extremely well, reflecting the results of our strategic initiatives, with record underlying underwriting gains and robust all-in underwriting performance despite elevated catastrophes compared to the prior year. We achieved high single-digit growth in both gross written premiums excluding captives and net written premiums, along with a record volume of new business. The market dynamics across our segments and products are distinctly unique, requiring focused strategies, which we are successfully executing.

Our loss cost trends remained stable this quarter, and we continue to achieve rate increases that exceed long-run loss cost trends in classes impacted by social inflation. As we look ahead, we anticipate a dynamic market with disciplined pricing in most business classes. Our relentless commitment to underwriting excellence and best-in-class execution ensures that CNA is well-positioned to navigate these dynamics to reinforce our market leadership and deliver sustained profitable growth.

Questions and Answers

We invite shareholders and analysts to submit questions for management in advance of each quarter’s earnings release. Below we address some questions we have received as well as some timely and topical focus areas for CNA and our industry.

Net written premium growth was higher than gross written premium growth excluding captives in all three segments. What is driving the higher net written premium growth?

Net written premium growth was favorable to gross growth due to mix of business related impacts in Commercial and Specialty and favorable adjustments on prior year reinsurance treaties in International.

CNA’s expectations for income from fixed income and other investments implies a 2% increase from 2024 results. Why would there not be a higher increase given a continued higher interest rate environment?

While we expect long-term interest rates will continue to benefit the reinvestment outlook of our fixed income portfolio, we expect our other investments, which includes our short-term portfolio, will see lower income next year as short-term rates have come down in recent months and may continue to do so in 2025. We expect the growth in our long-term, fixed income portfolio to be closer to 4% in 2025, which is more comparable to the growth we saw in 2024.

In review of CNA’s Financial Supplement, for the International segment in the other expenses line for the fourth quarter there is a $21 million variance from a $6 million gain last year to a $15 million loss this year - can you tell me what is happening here?

The International segment’s core income was unfavorably impacted in the current quarter by a pretax foreign currency exchange (FX) loss of approximately $15 million compared to a pretax gain of approximately $6 million in the fourth quarter of 2023, which drove the variance in the other expenses line.

The FX loss this quarter was driven by the U.S. dollar strengthening against the British pound during the quarter. Our Lloyd’s syndicate has U.S. dollar insurance reserves that revalue to the syndicate’s functional currency of the British pound through the income statement. Note that economically our Lloyd’s investment portfolio is also denominated in the U.S. dollar, thus effectively hedging our currency risk and the change in invested asset value due to foreign currency rate movement is reflected through other comprehensive income within stockholders’ equity.

Reconciliation of GAAP Measures to Non-GAAP Measures

These earnings remarks contain financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures follow below.

Reconciliation of Net Income (Loss) to Core Income (Loss)


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
($ millions)	2024		2023		2024		2023
Net income	$	21	$	367	$	959	$	1,205
Less: Net investment (losses) gains	(31)		5		(64)		(79)
Less: Pension settlement transaction losses	(290)		—		(293)		—
Core income	$	342	$	362	$	1,316	$	1,284

Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
	2024		2023		2024		2023
Net income per diluted share	$	0.07	$	1.35	$	3.52	$	4.43
Less: Net investment (losses) gains	(0.12)		0.02		(0.23)		(0.28)
Less: Pension settlement transaction losses	(1.06)		—		(1.08)		—
Core income per diluted share	$	1.25	$	1.33	$	4.83	$	4.71

Reconciliation of Net Income (Loss) to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss)

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 insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from our underwriting activities which are managed separately from our investing activities.


	Results for the Three Months Ended December 31, 2024
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	165	$	222	$	37	$	424
Net investment losses (gains), after tax	12		16		(1)		27

Core income	$	177	$	238	$	36	$	451

Less:
Net investment income	165		199		36		400
Non-insurance warranty revenue (expense)	19		—		—		19
Other revenue (expense), including interest expense	(13)		(4)		(15)		(32)
Income tax expense on core income	(48)		(63)		(3)		(114)
Underwriting gain	54		106		18		178
Effect of catastrophe losses	—		33		12		45
Effect of favorable development-related items	—		—		(1)		(1)
Underlying underwriting gain	$	54	$	139	$	29	$	222


	Results for the Three Months Ended December 31, 2023
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	179	$	204	$	44	$	427
Net investment losses (gains), after tax	3		5		(1)		7

Core income	$	182	$	209	$	43	$	434

Less:
Net investment income	151		175		29		355
Non-insurance warranty revenue (expense)	13		—		—		13
Other revenue (expense), including interest expense	(13)		4		6		(3)
Income tax expense on core income	(49)		(56)		(12)		(117)
Underwriting gain	80		86		20		186
Effect of catastrophe losses	—		17		5		22
Effect of favorable development-related items	(5)		—		(2)		(7)
Underlying underwriting gain	$	75	$	103	$	23	$	201


	Results for the Twelve Months Ended December 31, 2024
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	663	$	658	$	153	$	1,474
Net investment losses, after tax	31		44		—		75

Core income	$	694	$	702	$	153	$	1,549
Less:
Net investment income	626		733		131		1,490
Non-insurance warranty revenue (expense)	62		—		—		62
Other revenue (expense), including interest expense	(53)		(14)		(10)		(77)
Income tax expense on core income	(190)		(188)		(44)		(422)
Underwriting gain	249		171		76		496
Effect of catastrophe losses	—		318		40		358
Effect of favorable development-related items	(8)		—		(6)		(14)
Underlying underwriting gain	$	241	$	489	$	110	$	840


	Results for the Twelve Months Ended December 31, 2023
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	666	$	594	$	147	$	1,407
Net investment losses (gains), after tax	42		58		(2)		98

Core income	$	708	$	652	$	145	$	1,505
Less:
Net investment income	558		645		103		1,306
Non-insurance warranty revenue (expense)	80		—		—		80
Other revenue (expense), including interest expense	(52)		(1)		4		(49)
Income tax expense on core income	(195)		(174)		(48)		(417)
Underwriting gain	317		182		86		585
Effect of catastrophe losses	—		207		29		236
Effect of (favorable) unfavorable development-related items	(12)		(4)		13		(3)
Underlying underwriting gain	$	305	$	385	$	128	$	818

Components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio

The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss 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.

Specialty


	Results for the Three Months Ended December 31				Results for the Twelve Months Ended December 31
	2024		2023		2024		2023
Loss ratio	60.1	%	58.0	%	59.5	%	58.2	%
Less: Effect of catastrophe impacts	—		—		—		—
Less: Effect of favorable development-related items	—		(0.6)		(0.3)		(0.3)
Underlying loss ratio	60.1	%	58.6	%	59.8	%	58.5	%



Combined ratio	93.8	%	90.8	%	92.6	%	90.4	%
Underlying combined ratio	93.8	%	91.4	%	92.9	%	90.7	%

Commercial


	Results for the Three Months Ended December 31				Results for the Twelve Months Ended December 31
	2024		2023		2024		2023
Loss ratio	64.8	%	62.8	%	68.3	%	65.9	%
Less: Effect of catastrophe impacts	2.3		1.4		6.2		4.5
Less: Effect of favorable development-related items	—		(0.1)		(0.1)		(0.1)
Underlying loss ratio	62.5	%	61.5	%	62.2	%	61.5	%



Combined ratio	92.3	%	92.9	%	96.7	%	96.0	%
Underlying combined ratio	90.0	%	91.6	%	90.6	%	91.6	%

International


	Results for the Three Months Ended December 31				Results for the Twelve Months Ended December 31
	2024		2023		2024		2023
Loss ratio	61.6	%	58.9	%	60.9	%	61.4	%
Less: Effect of catastrophe impacts	3.9		1.8		3.2		2.5
Less: Effect of (favorable) unfavorable development-related items	(0.4)		(0.6)		(0.4)		1.1
Underlying loss ratio	58.1	%	57.7	%	58.1	%	57.8	%



Combined ratio	94.8	%	93.0	%	94.0	%	92.6	%
Underlying combined ratio	91.3	%	91.8	%	91.2	%	89.0	%

Property & Casualty


	Results for the Three Months Ended December 31				Results for the Twelve Months Ended December 31
	2024		2023		2024		2023
Loss ratio	62.8	%	60.6	%	64.3	%	62.5	%
Less: Effect of catastrophe impacts	1.8		1.0		3.6		2.6
Less: Effect of favorable development-related items	(0.1)		(0.3)		(0.2)		—
Underlying loss ratio	61.1	%	59.9	%	60.9	%	59.9	%



Combined ratio	93.1	%	92.1	%	94.9	%	93.5	%
Underlying combined ratio	91.4	%	91.4	%	91.5	%	90.9	%

Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI

Book value per share excluding accumulated other comprehensive income (loss) (AOCI) allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.


	December 31, 2024		December 31, 2023
Book value per share	$	38.82	$	36.52
Less: Per share impact of AOCI	(7.34)		(9.87)
Book value per share excluding AOCI	$	46.16	$	46.39

Calculation of Return on Equity and Core Return on Equity


	Results for the Three Months Ended December 31						Results for the Year Ended December 31
($ millions)	2024			2023			2024			2023
Annualized net income	$	81		$	1,468		$	959		$	1,205
Average stockholders' equity including AOCI (a)	10,635			9,228			10,203			9,220
Return on equity	0.8		%	15.9		%	9.4		%	13.1		%

Annualized core income	$	1,366		$	1,448		$	1,316		$	1,284
Average stockholders' equity excluding AOCI (a)	12,549			12,435			12,534			12,355
Core return on equity	10.9		%	11.6		%	10.5		%	10.4		%

(a)Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period.

For additional information, please refer to CNA's filings with the Securities and Exchange Commission available at www.cna.com.

Forward-Looking Statements

These earnings remarks include statements that relate to anticipated future events (forward-looking statements) rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA’s filings with the Securities and Exchange Commission, available at www.cna.com.

Any forward-looking statements made in these earnings remarks are made by CNA as of the date of these remarks. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in these remarks, even if CNA’s expectations or any related events, conditions or circumstances change.

Cover Page Cover Page	Feb. 10, 2025
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 10, 2025
Entity Registrant Name	CNA FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity File Number	1-5823
Entity Tax Identification Number	36-6169860
Entity Address, Address Line One	151 N. Franklin
Entity Address, City or Town	Chicago
Entity Address, State or Province	IL
Entity Address, Postal Zip Code	60606
City Area Code	312
Local Phone Number	822-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0000021175
Amendment Flag	false
New York Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, Par value $2.50
Trading Symbol	"CNA"
Security Exchange Name	NYSE
Chicago Stock Exchange
Entity Information [Line Items]
Title of 12(b) Security	Common Stock, Par value $2.50
Trading Symbol	"CNA"
Security Exchange Name	CHX

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