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 5, 2024

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 5, 2024, the registrant issued a press release and posted on its website (www.cna.com) a financial supplement providing information on its results of operations for the fourth quarter and year ended December 31, 2023. The press release is furnished as Exhibit 99.1 and the financial supplement is furnished as Exhibit 99.2 to this Form 8-K.

The information under Item 2.02 and in Exhibits 99.1 and 99.2 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 and 99.2 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 5, 2024, providing information on the fourth quarter and year ended December 31, 2023 results of operations.

99.2						CNA Financial Corporation financial supplement, posted on its website February 5, 2024, providing supplemental financial information on the fourth quarter and year ended December 31, 2023.

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 5, 2024	By	/s/ Scott R. Lindquist
		(Signature)
		Scott R. Lindquist Executive Vice President and Chief Financial Officer

FOR IMMEDIATE RELEASE

CNA FINANCIAL ANNOUNCES

Q4 2023 NET INCOME OF $1.35 PER SHARE AND RECORD CORE INCOME OF $1.33 PER SHARE

FULL YEAR 2023 NET INCOME OF $4.43 PER SHARE AND RECORD CORE INCOME OF $4.71 PER SHARE

REGULAR QUARTERLY DIVIDEND INCREASED 5% TO $0.44 PER SHARE

SPECIAL DIVIDEND OF $2.00 PER SHARE

Fourth Quarter

•Net income up 54% to $367 million versus $239 million in the prior year quarter; core income up 37% to a record $362 million versus $265 million in the prior year quarter.

•P&C core income of $434 million versus $342 million, reflects higher investment income and higher underwriting income.

•Life & Group core income of $4 million versus core loss of $25 million in the prior year quarter reflects higher investment income.

•Corporate & Other core loss of $76 million versus core loss of $52 million in the prior year quarter reflects a $19 million after-tax charge related to office consolidation.

•Net investment income up 21% to $611 million pretax, includes a $58 million increase from limited partnerships and common stock to $78 million and a $50 million increase from fixed income securities and other investments to $533 million.

•P&C combined ratio of 92.1%, compared with 93.7% in the prior year quarter, including 1.0 point of catastrophe loss impact compared with 3.6 points in the prior year quarter and 0.3 points of favorable prior period development impact compared with 1.1 points in the prior year quarter. P&C underlying combined ratio was 91.4%, compared with 91.2% in the prior year quarter. P&C underlying loss ratio was 59.9% and the expense ratio was 31.2%.

•P&C segments, excluding third party captives, generated gross written premium and net written premium growth of 10% in the quarter. P&C renewal premium change of +5%, with written rate of +4% and exposure change of +1%.

Full Year

•Net income up 77% to a record $1,205 million versus $682 million in the prior year; core income up 54% to a record $1,284 million versus $836 million in the prior year.

•P&C core income of $1,505 million versus $1,240 million, reflects higher investment income and record high underwriting income.

•Life & Group core loss of $48 million versus core loss of $221 million in the prior year reflects higher investment income and an unfavorable after-tax impact of $143 million in the prior year as a result of the annual reserve reviews.

•Net investment income up 25% to $2,264 million pretax, includes a $233 million increase from limited partnerships and common stock to $202 million and a $226 million increase from fixed income securities and other investments to $2,062 million.

•P&C combined ratio of 93.5%, compared with 93.2% in the prior year, including 2.6 points of catastrophe loss impact compared with 3.0 points in the prior year and no impact from prior period development compared with 1.0 point of favorability in the prior year. P&C underlying combined ratio was a record low 90.9% compared with 91.2% in the prior year. P&C underlying loss ratio was 59.9% and the expense ratio was 30.7%.

•P&C segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 9% in the year. P&C renewal premium change of +7%, with written rate of +5% and exposure change of 2%.

Stockholders' Equity

•Book value per share of $36.52; book value per share excluding AOCI of $46.39, a 10% increase from year-end 2022 adjusting for $2.88 of dividends per share.

•Increased quarterly dividend 5% to $0.44 per share; special dividend of $2.00 per share.

CHICAGO, February 5, 2024 --- CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2023 net income of $367 million, or $1.35 per share, versus $239 million, or $0.87 per share, in the prior year quarter. Net investment gains for the quarter were $5 million compared to net investment losses of $26 million in the prior year quarter. Core income for the quarter was $362 million, or $1.33 per share, versus $265 million, or $0.97 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $434 million for the fourth quarter of 2023, an increase of $92 million compared to the prior year quarter driven by higher investment income and higher underwriting income. P&C segments, excluding third party captives, generated gross written premium and net written premium growth of 10%, driven by new business growth of 16%, retention of 85% and renewal premium change of +5%.

Our Life & Group segment produced core income of $4 million for the fourth quarter of 2023 versus core loss of $25 million in the prior year quarter driven by higher net investment income.

Our Corporate & Other segment produced a core loss of $76 million for the fourth quarter of 2023, an increase of $24 million compared to the prior year quarter, which reflects a $19 million after-tax charge related to office consolidation.

Net income for the full year 2023 was $1,205 million, or $4.43 per share, versus $682 million, or $2.51 per share, in the prior year. Net investment losses for the full year were $79 million compared to $154 million in the prior year. Core income for the full year 2023 was $1,284 million, or $4.71 per share, versus $836 million, or $3.07 per share, in the prior year. Core income increased 31% to $1,286 million versus $979 million in the prior year quarter, excluding the results of the third quarter Life & Group annual reserve reviews.

Our Property & Casualty segments produced core income of $1,505 million for the full year 2023, an increase of $265 million compared to the prior year driven by higher investment income and record high underwriting income. P&C segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 9%, driven by written rate of +5% and new business growth of 11%.

Our Life & Group segment produced a core loss of $48 million for the full year 2023 versus $221 million in the prior year, which reflects higher investment income and an unfavorable after-tax impact of $143 million in the prior year as a result of the annual reserve reviews.

Our Corporate & Other segment produced a core loss of $173 million for the full year 2023 versus $183 million in the prior year.

CNA Financial declared a quarterly dividend of $0.44 per share and a special dividend of $2.00 per share, payable March 7, 2024 to stockholders of record on February 20, 2024.


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
($ millions, except per share data)	2023		2022 (a)		2023		2022 (a)
Net income	$	367	$	239	$	1,205	$	682
Core income (b)	362		265		1,284		836

Net income per diluted share	$	1.35	$	0.87	$	4.43	$	2.51
Core income per diluted share	1.33		0.97		4.71		3.07


	December 31, 2023		December 31, 2022 (a)
Book value per share	$	36.52	$	31.55
Book value per share excluding AOCI		46.39		44.83

(a)As of January 1, 2023, the Company adopted LDTI using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance.

(b)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.

"We ended the year strong, with core income up 37% to a record high of $362 million in the fourth quarter capping off a record level for the year of $1,284 million, a 54% increase driven by a 25% increase in pretax net investment income and record levels of underlying and all-in underwriting income.

Net and gross written premiums ex. captives each grew by 10% in the quarter with new business growth of 16%, our strongest quarter of the year. 2023 was also the third year in a row of 10% gross written premiums ex. captives growth and included our highest level of new business of roughly $2.1 billion. Retentions remained strong in the quarter in the mid-80’s and have been so throughout 2023 as we continue to lock in favorable terms and conditions from the hard market, which we feel will largely persist into 2024.

In the quarter, renewal premium change was 5% in the aggregate across all operating segments and geographies. In Commercial, renewal premium change was 9% in the quarter, consistent with the prior quarter, and excluding workers' compensation, renewal premium change was 11% continuing to exceed our loss cost trends which remained stable in the quarter.

We remain optimistic about our opportunities for this year given our broad-based profitability across our three operating segments and track record of double-digit growth levels in the last several years," said Dino E. Robusto, Chairman & 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)	2023			2022			2023			2022
Gross written premiums ex. 3rd party captives	$	2,974		$	2,704		$	11,279		$	10,264
GWP ex. 3rd party captives change (% year over year)	10		%				10		%
Net written premiums	$	2,508		$	2,284		$	9,446		$	8,663
NWP change (% year over year)	10		%				9		%
Net earned premiums	$	2,368		2,116			$	9,030		$	8,196
NEP change (% year over year)	12		%				10		%
Underwriting gain	$	186		$	134		$	585		$	559
Net investment income	$	355		$	290		$	1,306		$	982
Core income	434			342			1,505			1,240

Loss ratio excluding catastrophes and development	59.9		%	59.9		%	59.9		%	60.0		%
Effect of catastrophe impacts	1.0			3.6			2.6			3.0
Effect of development-related items	(0.3)			(1.1)			—			(1.0)
Loss ratio	60.6		%	62.4		%	62.5		%	62.0		%

Expense ratio	31.2		%	31.1		%	30.7		%	30.9		%

Combined ratio	92.1		%	93.7		%	93.5		%	93.2		%
Combined ratio excluding catastrophes and development	91.4		%	91.2		%	90.9		%	91.2		%

•The fourth quarter underlying combined ratio increased 0.2 points as compared with the prior year quarter. The expense ratio was largely consistent with the prior year quarter as net earned premium growth of 12% was offset by higher employee related costs. The underlying loss ratio was consistent with the prior year quarter.

•The fourth quarter combined ratio improved 1.6 points as compared with the prior year quarter. Catastrophe losses were $22 million, or 1.0 point of the loss ratio in the quarter compared with $76 million, or 3.6 points of the loss ratio, for the prior year quarter. Favorable net prior period development improved the loss ratio by 0.3 points in the current quarter compared with 1.1 points of improvement in the prior year quarter.

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

•For the full year, the underlying combined ratio improved 0.3 points as compared with the prior year, reflecting the lowest underlying combined ratio on record. The expense ratio improved 0.2 points and the underlying loss ratio was largely consistent with the prior year.

•For the full year, the combined ratio increased 0.3 points as compared with the prior year. Catastrophe losses were $236 million, or 2.6 points of the loss ratio for the full year compared with $247 million, or 3.0 points of the loss ratio, for the prior year. There was no impact on the loss ratio from net prior period development in the current year compared with 1.0 point of improvement from favorable 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 10% and net written premium growth of 9%.

Business Operating Highlights

Specialty


	Results for the Three Months Ended December 31						Results for the Year Ended December 31
($ millions)	2023			2022			2023			2022
Gross written premiums ex. 3rd party captives	$	1,004		$	998		$	3,800		$	3,814
GWP ex. 3rd party captives change (% year over year)	1		%				—		%
Net written premiums	$	891		$	863		$	3,329		$	3,306
NWP change (% year over year)	3		%				1		%
Net earned premiums	$	869		$	827		$	3,307		$	3,203
NEP change (% year over year)	5		%				3		%


Underwriting gain	$	80		$	93		$	317		$	366

Loss ratio excluding catastrophes and development	58.6		%	58.4		%	58.5		%	58.6		%
Effect of catastrophe impacts	—			—			—			0.1
Effect of development-related items	(0.6)			(0.6)			(0.3)			(1.3)
Loss ratio	58.0		%	57.8		%	58.2		%	57.4		%

Expense ratio	32.5		%	30.8		%	32.0		%	31.0		%

Combined ratio	90.8		%	88.8		%	90.4		%	88.6		%
Combined ratio excluding catastrophes and development	91.4		%	89.4		%	90.7		%	89.8		%

•The fourth quarter underlying combined ratio increased 2.0 points as compared with the prior year quarter. The expense ratio increased 1.7 points as compared with the prior year quarter driven by higher acquisition and employee related costs. The underlying loss ratio increased 0.2 points as compared with the prior year quarter.

•The fourth quarter combined ratio increased 2.0 points as compared with the prior year quarter. Favorable net prior period development improved the loss ratio by 0.6 points in both the current and prior year quarters.

•In the fourth quarter, gross written premiums, excluding third party captives, grew 1% and net written premiums grew 3%.

•For the full year, the underlying combined ratio increased 0.9 points as compared with the prior year. The expense ratio increased 1.0 point driven by higher employee related and acquisition costs. The underlying loss ratio was largely consistent with the prior year.

•For the full year, the combined ratio increased 1.8 points as compared with the prior year. Favorable net prior period development improved the loss ratio by 0.3 points in the current year compared with 1.3 points of improvement in the prior year.

•For the full year, gross written premiums, excluding third party captives, were flat to the prior year and net written premiums grew 1%.

Commercial


	Results for the Three Months Ended December 31						Results for the Year Ended December 31
($ millions)	2023			2022			2023			2022
Gross written premiums ex. 3rd party captives	$	1,610		$	1,345		$	5,994		$	5,056
GWP ex. 3rd party captives change (% year over year)	20		%				19		%
Net written premiums	$	1,292		$	1,096		$	4,880		$	4,193
NWP change (% year over year)	18		%				16		%
Net earned premiums	$	1,211		$	1,022		$	4,547		$	3,923
NEP change (% year over year)	18		%				16		%


Underwriting gain	$	86		$	12		$	182		$	106

Loss ratio excluding catastrophes and development	61.5		%	61.5		%	61.5		%	61.5		%
Effect of catastrophe impacts	1.4			7.2			4.5			5.6
Effect of development-related items	(0.1)			(0.9)			(0.1)			(0.7)
Loss ratio	62.8		%	67.8		%	65.9		%	66.4		%

Expense ratio	29.8		%	30.8		%	29.6		%	30.4		%

Combined ratio	92.9		%	99.0		%	96.0		%	97.3		%
Combined ratio excluding catastrophes and development	91.6		%	92.7		%	91.6		%	92.4		%

•The fourth quarter underlying combined ratio improved 1.1 points as compared with the prior year quarter. The expense ratio improved 1.0 point driven by net earned premium growth of 18% partially offset by higher employee related costs. The underlying loss ratio was consistent with the prior year quarter.

•The fourth quarter combined ratio improved 6.1 points as compared with the prior year quarter. Catastrophe losses were $17 million, or 1.4 points of the loss ratio in the quarter compared with $74 million, or 7.2 points 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 0.9 points of improvement in the prior year quarter.

•In the fourth quarter, gross written premiums, excluding third party captives, grew 20% and net written premiums grew 18%.

•For the full year, the underlying combined ratio improved 0.8 points as compared with the prior year, reflecting the lowest underlying combined ratio on record. The expense ratio improved 0.8 points driven by net earned premium growth of 16% partially offset by higher employee related costs. The underlying loss ratio was consistent with the prior year.

•For the full year, the combined ratio improved 1.3 points as compared with the prior year. Catastrophe losses were $207 million, or 4.5 points of the loss ratio for the full year compared with $222 million, or 5.6 points of the loss ratio, for the prior year. Favorable net prior period development improved the loss ratio by 0.1 points in the current year compared with 0.7 points of improvement in the prior year.

•For the full year, gross written premiums, excluding third party captives, grew 19% and net written premiums grew 16%.

International


	Results for the Three Months Ended December 31						Results for the Year Ended December 31
($ millions)	2023			2022			2023			2022
Gross written premiums	$	360		$	361		$	1,485		$	1,394
GWP change (% year over year)	—		%				7		%
Net written premiums	$	325		$	325		$	1,237		$	1,164
NWP change (% year over year)	—		%				6		%
Net earned premiums	$	288		$	267		$	1,176		$	1,070
NEP change (% year over year)	8		%				10		%


Underwriting gain	$	20		$	29		$	86		$	87

Loss ratio excluding catastrophes and development	57.7		%	58.1		%	57.8		%	58.5		%
Effect of catastrophe impacts	1.8			0.9			2.5			2.2
Effect of development-related items	(0.6)			(3.0)			1.1			(1.2)
Loss ratio	58.9		%	56.0		%	61.4		%	59.5		%

Expense ratio	34.1		%	32.9		%	31.2		%	32.3		%

Combined ratio	93.0		%	88.9		%	92.6		%	91.8		%
Combined ratio excluding catastrophes and development	91.8		%	91.0		%	89.0		%	90.8		%

•The fourth quarter underlying combined ratio increased 0.8 points as compared with the prior year quarter. The expense ratio increased 1.2 points driven by higher employee related costs partially offset by net earned premium growth of 8%. The underlying loss ratio improved 0.4 points as compared with the prior year quarter.

•The fourth quarter combined ratio increased 4.1 points as compared with the prior year quarter. Catastrophe losses were $5 million, or 1.8 points of the loss ratio in the quarter compared with $2 million, or 0.9 points of the loss ratio, for the prior year quarter. Favorable net prior period development improved the loss ratio by 0.6 points in the current quarter compared with 3.0 points of improvement in the prior year quarter.

•In the fourth quarter, excluding currency fluctuations, gross written premiums and net written premiums both declined 3%.

•For the full year, the underlying combined ratio improved 1.8 points as compared with the prior year. The expense ratio improved 1.1 points driven by net earned premium growth of 10% and a favorable reinsurance acquisition catch-up adjustment in the third quarter of 2023, partially offset by higher employee related costs. The underlying loss ratio improved 0.7 points as compared with the prior year.

•For the full year, the combined ratio increased 0.8 points as compared with the prior year. Catastrophe losses were $29 million, or 2.5 points of the loss ratio for the full year compared with $23 million, or 2.2 points of the loss ratio, for the prior year. Unfavorable net prior period development increased the loss ratio by 1.1 points in the current year compared with 1.2 points of favorable development improving the loss ratio in the prior year.

•For the full year, excluding currency fluctuations, gross written premiums grew 8% and net written premiums grew 7%.

Life & Group


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
($ millions)	2023		2022 (a)		2023		2022 (a)
Net earned premiums	$	111	$	117	$	451	$	473
Claims, benefits and expenses	349		360		1,436		1,596
Net investment income	237		204		896		804
Core income (loss)	4		(25)		(48)		(221)

(a) As of January 1, 2023, the Company adopted LDTI using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance.

Core results improved $29 million for the fourth quarter of 2023 as compared with the prior year quarter primarily due to higher net investment income.

Core loss decreased $173 million for the full year as compared with the prior year primarily due to higher net investment income and an unfavorable after-tax impact of $143 million in the prior year as a result of the annual reserve reviews, partially offset by long-term care policy buyouts in 2023. Excluding the impact of policy buyouts, full year 2023 underwriting results are generally in line with reserving expectations.

Corporate & Other


	Results for the Three Months Ended December 31				Results for the Year Ended December 31
($ millions)	2023		2022		2023		2022
Insurance claims and policyholders' benefits	$	50	$	40	$	82	$	76
Interest expense	33		28		126		112
Net investment income	19		9		62		19
Core loss	(76)		(52)		(173)		(183)

Core loss increased $24 million for the fourth quarter of 2023 as compared with the prior year quarter. The current quarter includes a $19 million after-tax charge related to office consolidation and a $12 million after-tax charge related to unfavorable prior period development for legacy mass tort claims.

The application of retroactive reinsurance accounting to additional cessions to the asbestos and environmental pollution (A&EP) Loss Portfolio Transfer in both periods resulted in after-tax non-economic charges of $24 million and $28 million in 2023 and 2022, respectively. The additional cessions in those periods were $86 million and $87 million, respectively.

Core loss decreased $10 million for the full year as compared with the prior year. The current year includes higher net investment income, a $19 million after-tax charge related to office consolidation, and a $56 million after-tax charge related to unfavorable prior period development largely associated with legacy mass tort claims compared with a $51 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
	2023		2022		2023		2022
Fixed income securities and other	$	533	$	483	$	2,062	$	1,836
Limited partnership and common stock investments	78		20		202		(31)
Net investment income	$	611	$	503	$	2,264	$	1,805

Net investment income increased $108 million for the fourth quarter of 2023 and $459 million the full year driven by favorable limited partnership returns and higher income from fixed income securities as a result of the rising interest rate environment.

Stockholders' Equity

Stockholders’ equity of $9.9 billion improved 16% from year-end 2022, primarily due to net income and an improvement in net unrealized investment losses, partially offset by dividends paid to stockholders.

Book value per share ex AOCI of $46.39 increased 10% from year-end 2022 adjusting for $2.88 of dividends per share.

As of December 31, 2023, statutory capital and surplus for the Combined Continental Casualty Companies was $10.9 billion.

Accounting Standards Update

In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. For the Company, this includes the run-off long-term care business in the Life & Group segment. The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. All prior period amounts have been adjusted to reflect application of the new guidance. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business. Additional information regarding the Company’s adoption of ASU 2018-12 and the impact to historical financial results is contained in the Company's Q1 2023 Financial Supplement, furnished on Form 8-K, on May 1, 2023 with the Securities and Exchange Commission.

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 Sullivan \| Vice President, Marketing						Ralitza K. Todorova \| Vice President, Investor Relations & Rating Agencies
872-817-0350						312-822-3834

Conference Call and Webcast/Presentation Information

A conference call for investors and the professional investment community will be held at 8:00 a.m. (CT) today. On the conference call will be Dino E. Robusto, Chairman and Chief Executive Officer of CNA Financial Corporation, Scott R. Lindquist, Executive Vice President and Chief Financial Officer of CNA Financial Corporation and other members of senior management. Participants can access the call by dialing (844) 481-2830 (USA Toll Free) or +1 (412) 317-1850 (International). The call will also be broadcast live on the internet and may be accessed from the Investor Relations page of the CNA website (www.cna.com). A presentation will be posted and available on the CNA website that will provide additional insight into the results.

The call is available to the media, but questions will be restricted to investors and the professional investment community. An online replay will be available on CNA's website following the call. Financial supplement information related to the results is available on the investor relations pages of the CNA website or by contacting investor.relations@cna.com.

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, expense and dividend ratios.

•Underlying combined ratio is the sum of the underlying loss, expense and dividend ratios.

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. For certain products within Small Business, where quantifiable, rate includes the influence of new business as well.

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.

Underwriting gain (loss) represents net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and other insurance related expenses, pre-tax.

Underlying underwriting gain (loss) represents underwriting results excluding catastrophe losses and development-related items.

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

This press release also contains financial measures that are not in accordance with 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)

Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses. 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)	2023		2022 (a)		2023		2022 (a)
Net income	$	367	$	239	$	1,205	$	682
Less: Net investment (losses) gains	5		(26)		(79)		(154)
Core income	$	362	$	265	$	1,284	$	836

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
	2023		2022 (a)		2023		2022 (a)
Net income per diluted share	$	1.35	$	0.87	$	4.43	$	2.51
Less: Net investment (losses) gains	0.02		(0.10)		(0.28)		(0.56)
Core income per diluted share	$	1.33	$	0.97	$	4.71	$	3.07

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, 2023		December 31, 2022 (a)
Book value per share	$	36.52	$	31.55
Less: Per share impact of AOCI	(9.87)		(13.28)
Book value per share excluding AOCI	$	46.39	$	44.83

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)	2023			2022 (a)			2023			2022 (a)
Annualized net income	$	1,468		$	954		$	1,205		$	682
Average stockholders' equity including AOCI (b)	9,228			8,276			9,220			9,826
Return on equity	15.9		%	11.5		%	13.1		%	6.9		%

Annualized core income	$	1,448		$	1,058		$	1,284		$	836
Average stockholders' equity excluding AOCI (b)	12,435			12,076			12,355			12,305
Core return on equity	11.6		%	8.8		%	10.4		%	6.8		%

(b)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 © 2024 CNA. All rights reserved.

# # #

CNA Financial Corporation

Supplemental Financial Information

December 31, 2023

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 - Comm erc ia l R eal Estate Exposure			14
Components of Net Investment Income			15
Net Investment Gains (Losses)			16
Other
Claim & Claim Adjustment Expense Reserve Rollforward			17
Life & Group Policyholder Reserves			18

Definitions and Presentation			19

Statements of Operations


Periods ended December 31	Three Months						Twelve Months
(In millions)	2023		2022 (1)		Change		2023		2022 (1)		Change
Revenues:
Net earned premiums	$	2,479	$	2,232	11	%	$	9,480	$	8,667	9	%
Net investment income	611		503		21		2,264		1,805		25
Net investment gains (losses)	6		(33)				(99)		(199)
Non-insurance warranty revenue	403		401				1,624		1,574
Other revenues	8		8				30		32
Total revenues	3,507		3,111		13		13,299		11,879		12
Claims, Benefits and Expenses:
Insurance claims and policyholders’ benefits (re-measurement gain (loss) of $(13), $(9), $(88) and $(214))	1,810		1,694				7,068		6,653
Amortization of deferred acquisition costs	436		389				1,644		1,490
Non-insurance warranty expense	390		379				1,544		1,471
Other operating expenses	377		338				1,398		1,339
Interest	34		28				127		112
Total claims, benefits and expenses	3,047		2,828		(8)		11,781		11,065		(6)
Income (loss) before income tax	460		283				1,518		814
Income tax (expense) benefit	(93)		(44)				(313)		(132)
Net income (loss)	$	367	$	239	54	%	$	1,205	$	682	77	%

(1) As of January 1, 2023, the Company adopted Accounting Standards Update (ASU) 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance.

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)	2023			2022 (1)			2023			2022 (1)
Components of Income (Loss)
Core income (loss)	$	362		$	265		$	1,284		$	836
Net investment gains (losses)	5			(26)			(79)			(154)
Net income (loss)	$	367		$	239		$	1,205		$	682

Diluted Earnings (Loss) Per Common Share
Core income (loss)	$	1.33		$	0.97		$	4.71		$	3.07
Net investment gains (losses)	0.02			(0.10)			(0.28)			(0.56)
Diluted earnings (loss) per share	$	1.35		$	0.87		$	4.43		$	2.51

Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic	271.3			271.3			271.3			271.6
Diluted	272.5			272.3			272.2			272.5

Return on Equity
Net income (loss) (2)	15.9		%	11.5		%	13.1		%	6.9		%
Core income (loss) (3)	11.6			8.8			10.4			6.8

(1) As of January 1, 2023, the Company adopted LDTI using the modified retrospective method applied as of the transition date of January 1, 2021. Prior period amounts have been adjusted to reflect application of the new guidance.

(2) 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.

(3) 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, 2023		December 31, 2022 (1)
Total investments	$	46,562	$	43,177
Reinsurance receivables, net of allowance for uncollectible receivables	5,412		5,416
Total assets	64,711		61,000
Insurance reserves	44,196		41,974
Claim and claim adjustment expenses (2)	23,304		22,120
Unearned premiums	6,933		6,374
Future policy benefits (2)	13,959		13,480
Debt	3,031		2,781
Total liabilities	54,818		52,452
Accumulated other comprehensive income (loss) (3)	(2,672)		(3,598)
Total stockholders' equity	9,893		8,548

Book value per common share	$	36.52	$	31.55
Book value per common share excluding AOCI	$	46.39	$	44.83

Outstanding shares of common stock (in millions of shares)	270.9		270.9

Statutory capital and surplus - Combined Continental Casualty Companies (4)	$	10,946	$	10,572


Three Months Ended December 31	2023		2022
Net cash flows provided (used) by operating activities	$	520	$	512
Net cash flows provided (used) by investing activities	(306)		(440)
Net cash flows provided (used) by financing activities	(359)		(108)
Net cash flows provided (used) by operating, investing and financing activities	$	(145)	$	(36)


Twelve Months Ended December 31	2023		2022
Net cash flows provided (used) by operating activities	$	2,285	$	2,502
Net cash flows provided (used) by investing activities	(1,843)		(1,512)
Net cash flows provided (used) by financing activities	(577)		(1,032)
Net cash flows provided (used) by operating, investing and financing activities	$	(135)	$	(42)

(2) In conjunction with the adoption of LDTI, at January 1, 2023, $3.0 billion of the long-term care reserves for policyholders currently receiving benefits within the Life & Group segment were classified from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

(3) As of December 31, 2023 and December 31, 2022, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $(359) million and $(41) million.

(4) Statutory capital and surplus as of December 31, 2023 is preliminary.

Property & Casualty - Results of Operations


Periods ended December 31	Three Months								Twelve Months
(In millions)	2023			2022			Change		2023			2022			Change
Gross written premiums	$	3,765		$	3,581		5	%	$	14,718		$	14,078		5	%
Gross written premiums ex. 3rd party captives	2,974			2,704			10		11,279			10,264			10
Net written premiums	2,508			2,284			10		9,446			8,663			9

Net earned premiums	2,368			2,116			12		9,030			8,196			10
Net investment income	355			290			22		1,306			982			33
Non-insurance warranty revenue	403			401					1,624			1,574
Other revenues	8			7					30			32
Total operating revenues	3,134			2,814			11		11,990			10,784			11
Insurance claims and policyholders' benefits	1,441			1,325					5,669			5,108
Amortization of deferred acquisition costs	436			389					1,644			1,490
Non-insurance warranty expense	390			379					1,544			1,471
Other insurance related expenses	305			268					1,132			1,039
Other expenses	11			27					79			113
Total claims, benefits and expenses	2,583			2,388			(8)		10,068			9,221			(9)
Core income (loss) before income tax	551			426					1,922			1,563
Income tax (expense) benefit on core income (loss)	(117)			(84)					(417)			(323)
Core income (loss)	$	434		$	342		27	%	$	1,505		$	1,240		21	%

Other Performance Metrics
Underwriting gain (loss)	$	186		$	134		39	%	$	585		$	559		5	%

Loss & LAE ratio	60.6		%	62.4		%	1.8	pts	62.5		%	62.0		%	(0.5)	pts
Expense ratio	31.2			31.1			(0.1)		30.7			30.9			0.2
Dividend ratio	0.3			0.2			(0.1)		0.3			0.3			—
Combined ratio	92.1		%	93.7		%	1.6	pts	93.5		%	93.2		%	(0.3)	pts
Combined ratio excluding catastrophes and development	91.4		%	91.2		%	(0.2)	pts	90.9		%	91.2		%	0.3	pts

Net accident year catastrophe losses incurred	$	22		$	76				$	236		$	247
Effect on loss & LAE ratio	1.0		%	3.6		%	2.6	pts	2.6		%	3.0		%	0.4	pts

Net prior year development and other: (favorable) / unfavorable	$	(7)		$	(20)				$	(3)		$	(76)
Effect on loss & LAE ratio	(0.3)		%	(1.1)		%	(0.8)	pts	—		%	(1.0)		%	(1.0)	pts

Rate	4		%	4		%	—	pts	5		%	5		%	—	pts
Renewal premium change	5		%	7		%	(2)	pts	7		%	8		%	(1)	pts
Retention	85		%	86		%	(1)	pts	85		%	86		%	(1)	pts
New business	$	547		$	470		16	%	$	2,080		$	1,876		11	%

Specialty - Results of Operations


Periods ended December 31	Three Months								Twelve Months
(In millions)	2023			2022			Change		2023			2022			Change
Gross written premiums	$	1,789		$	1,874		(5)	%	$	7,113		$	7,514		(5)	%
Gross written premiums ex. 3rd party captives	1,004			998			1		3,800			3,814			—
Net written premiums	891			863			3		3,329			3,306			1

Net earned premiums	869			827			5		3,307			3,203			3
Net investment income	151			126			20		558			431			29
Non-insurance warranty revenue	403			401					1,624			1,574
Other revenues	1			1					1			1
Total operating revenues	1,424			1,355			5		5,490			5,209			5
Insurance claims and policyholders' benefits	507			480					1,931			1,845
Amortization of deferred acquisition costs	178			168					686			656
Non-insurance warranty expense	390			379					1,544			1,471
Other insurance related expenses	104			86					373			336
Other expenses	14			11					53			51
Total claims, benefits and expenses	1,193			1,124			(6)		4,587			4,359			(5)
Core income (loss) before income tax	231			231					903			850
Income tax (expense) benefit on core income (loss)	(49)			(48)					(195)			(182)
Core income (loss)	$	182		$	183		(1)	%	$	708		$	668		6	%

Other Performance Metrics
Underwriting gain (loss)	$	80		$	93		(14)	%	$	317		$	366		(13)	%

Loss & LAE ratio	58.0		%	57.8		%	(0.2)	pts	58.2		%	57.4		%	(0.8)	pts
Expense ratio	32.5			30.8			(1.7)		32.0			31.0			(1.0)
Dividend ratio	0.3			0.2			(0.1)		0.2			0.2			—
Combined ratio	90.8		%	88.8		%	(2.0)	pts	90.4		%	88.6		%	(1.8)	pts
Combined ratio excluding catastrophes and development	91.4		%	89.4		%	(2.0)	pts	90.7		%	89.8		%	(0.9)	pts

Net accident year catastrophe losses incurred	$	—		$	—				$	—		$	2
Effect on loss & LAE ratio	—		%	—		%	—	pts	—		%	0.1		%	0.1	pts

Net prior year development and other: (favorable) / unfavorable	$	(5)		$	(5)				$	(12)		$	(40)
Effect on loss & LAE ratio	(0.6)		%	(0.6)		%	—	pts	(0.3)		%	(1.3)		%	(1.0)	pts

Rate	—		%	3		%	(3)	pts	—		%	6		%	(6)	pts
Renewal premium change	—		%	3		%	(3)	pts	1		%	7		%	(6)	pts
Retention	89		%	88		%	1	pts	88		%	86		%	2	pts
New business	$	132		$	141		(6)	%	$	481		$	548		(12)	%

Commercial - Results of Operations


Periods ended December 31	Three Months								Twelve Months
(In millions)	2023			2022			Change		2023			2022			Change
Gross written premiums	$	1,616		$	1,346		20	%	$	6,120		$	5,170		18	%
Gross written premiums ex. 3rd party captives	1,610			1,345			20		5,994			5,056			19
Net written premiums	1,292			1,096			18		4,880			4,193			16

Net earned premiums	1,211			1,022			18		4,547			3,923			16
Net investment income	175			145			21		645			488			32
Other revenues	7			5					29			30
Total operating revenues	1,393			1,172			19		5,221			4,441			18
Insurance claims and policyholders' benefits	764			695					3,016			2,626
Amortization of deferred acquisition costs	197			167					729			634
Other insurance related expenses	164			148					620			557
Other expenses	3			15					30			36
Total claims, benefits and expenses	1,128			1,025			(10)		4,395			3,853			(14)
Core income (loss) before income tax	265			147					826			588
Income tax (expense) benefit on core income (loss)	(56)			(31)					(174)			(122)
Core income (loss)	$	209		$	116		80	%	$	652		$	466		40	%

Other Performance Metrics
Underwriting gain (loss)	$	86		$	12		N/M	%	$	182		$	106		72	%

Loss & LAE ratio	62.8		%	67.8		%	5.0	pts	65.9		%	66.4		%	0.5	pts
Expense ratio	29.8			30.8			1.0		29.6			30.4			0.8
Dividend ratio	0.3			0.4			0.1		0.5			0.5			—
Combined ratio	92.9		%	99.0		%	6.1	pts	96.0		%	97.3		%	1.3	pts
Combined ratio excluding catastrophes and development	91.6		%	92.7		%	1.1	pts	91.6		%	92.4		%	0.8	pts

Net accident year catastrophe losses incurred	$	17		$	74				$	207		$	222
Effect on loss & LAE ratio	1.4		%	7.2		%	5.8	pts	4.5		%	5.6		%	1.1	pts

Net prior year development and other: (favorable) / unfavorable	$	—		$	(7)				$	(4)		$	(23)
Effect on loss & LAE ratio	(0.1)		%	(0.9)		%	(0.8)	pts	(0.1)		%	(0.7)		%	(0.6)	pts

Rate	7		%	5		%	2	pts	7		%	5		%	2	pts
Renewal premium change	9		%	9		%	—	pts	10		%	8		%	2	pts
Retention	83		%	86		%	(3)	pts	84		%	86		%	(2)	pts
New business	$	352		$	255		38	%	$	1,297		$	1,009		29	%

International - Results of Operations


Periods ended December 31	Three Months								Twelve Months
(In millions)	2023			2022			Change		2023			2022			Change
Gross written premiums	$	360		$	361		—	%	$	1,485		$	1,394		7	%
Net written premiums	325			325			—		1,237			1,164			6
Net earned premiums	288			267			8		1,176			1,070			10
Net investment income	29			19			53		103			63			63
Other revenues	—			1					—			1
Total operating revenues	317			287			10		1,279			1,134			13
Insurance claims and policyholders' benefits	170			150					722			637
Amortization of deferred acquisition costs	61			54					229			200
Other insurance related expenses	37			34					139			146
Other expenses	(6)			1					(4)			26
Total claims, benefits and expenses	262			239			(10)		1,086			1,009			(8)
Core income (loss) before income tax	55			48					193			125
Income tax (expense) benefit on core income (loss)	(12)			(5)					(48)			(19)
Core income (loss)	$	43		$	43		—	%	$	145		$	106		37	%

Other Performance Metrics
Underwriting gain (loss)	$	20		$	29		(31)	%	$	86		$	87		(1)	%

Loss & LAE ratio	58.9		%	56.0		%	(2.9)	pts	61.4		%	59.5		%	(1.9)	pts
Expense ratio	34.1			32.9			(1.2)		31.2			32.3			1.1
Dividend ratio	—			—			—		—			—			—
Combined ratio	93.0		%	88.9		%	(4.1)	pts	92.6		%	91.8		%	(0.8)	pts
Combined ratio excluding catastrophes and development	91.8		%	91.0		%	(0.8)	pts	89.0		%	90.8		%	1.8	pts

Net accident year catastrophe losses incurred	$	5		$	2				$	29		$	23
Effect on loss & LAE ratio	1.8		%	0.9		%	(0.9)	pts	2.5		%	2.2		%	(0.3)	pts

Net prior year development and other: (favorable) / unfavorable	$	(2)		$	(8)				$	13		$	(13)
Effect on loss & LAE ratio	(0.6)		%	(3.0)		%	(2.4)	pts	1.1		%	(1.2)		%	(2.3)	pts

Rate	2		%	4		%	(2)	pts	3		%	6		%	(3)	pts
Renewal premium change	2		%	9		%	(7)	pts	6		%	11		%	(5)	pts
Retention	83		%	84		%	(1)	pts	83		%	81		%	2	pts
New business	$	63		$	74		(15)	%	$	302		$	319		(5)	%

Life & Group - Results of Operations


Periods ended December 31	Three Months				Twelve Months
(In millions)	2023		2022 (1)		2023		2022 (1)
Net earned premiums	$	111	$	117	$	451	$	473
Net investment income	237		204		896		804
Other revenues	(1)		(1)		(1)		(1)
Total operating revenues	347		320		1,346		1,276
Insurance claims and policyholders' benefits	319		329		1,317		1,469
Other insurance related expenses	29		29		118		118
Other expenses	1		2		1		9
Total claims, benefits and expenses	349		360		1,436		1,596
Core income (loss) before income tax	(2)		(40)		(90)		(320)
Income tax (expense) benefit on core income (loss)	6		15		42		99
Core income (loss)	$	4	$	(25)	$	(48)	$	(221)

Corporate & Other - Results of Operations


Periods ended December 31	Three Months				Twelve Months
(In millions)	2023		2022		2023		2022
Net earned premiums	$	—	$	(1)	$	(1)	$	(2)
Net investment income	19		9		62		19
Other revenues	1		2		1		1
Total operating revenues	20		10		62		18
Insurance claims and policyholders' benefits	50		40		82		76
Other insurance related expenses	—		—		1		3

Other expenses	65		40		194		169

Total claims, benefits and expenses	115		80		277		248
Core income (loss) before income tax	(95)		(70)		(215)		(230)
Income tax (expense) benefit on core income (loss)	19		18		42		47
Core income (loss)	$	(76)	$	(52)	$	(173)	$	(183)

Investment Summary - Consolidated


	December 31, 2023				September 30, 2023				December 31, 2022
(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	$	24,268	$	(748)	$	22,513	$	(2,241)	$	21,429	$	(1,708)
States, municipalities and political subdivisions:
Tax-exempt	3,722		88		3,542		(295)		4,633		(45)
Taxable	3,670		(409)		3,492		(674)		3,684		(556)
Total states, municipalities and political subdivisions	7,392		(321)		7,034		(969)		8,317		(601)
Asset-backed:
RMBS	3,002		(409)		2,830		(595)		2,631		(442)
CMBS	1,631		(223)		1,554		(272)		1,635		(251)
Other ABS	3,268		(243)		3,118		(359)		2,927		(359)
Total asset-backed	7,901		(875)		7,502		(1,226)		7,193		(1,052)
U.S. Treasury and obligations of government-sponsored enterprises	151		(1)		149		(1)		110		(1)
Foreign government	713		(28)		658		(55)		575		(42)
Redeemable preferred stock	—		—		—		—		3		—
Total fixed maturity securities	40,425		(1,973)		37,856		(4,492)		37,627		(3,404)
Equities:
Common stock	191		—		213		—		185		—
Non-redeemable preferred stock	492		—		479		—		489		—
Total equities	683		—		692		—		674		—
Limited partnership investments:
Hedge funds	332		—		322		—		456		—
Private equity funds	1,842		—		1,752		—		1,470		—
Total limited partnership investments	2,174		—		2,074		—		1,926		—
Other invested assets	80		—		69		—		78		—
Mortgage loans	1,035		—		995		—		1,040		—
Short-term investments	2,165		1		1,961		1		1,832		1
Total investments	$	46,562	$	(1,972)	$	43,647	$	(4,491)	$	43,177	$	(3,403)

Net receivable/(payable) on investment activity	$	36			$	(100)			$	8

Effective duration (in years)	6.5				6.3				6.6
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, 2023				September 30, 2023				December 31, 2022
(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	$	14,424	$	(756)	$	13,814	$	(1,386)	$	13,165	$	(1,260)
States, municipalities and political subdivisions:
Tax-exempt	1,160		(159)		1,069		(281)		1,197		(211)
Taxable	2,076		(399)		1,938		(541)		1,986		(486)
Total states, municipalities and political subdivisions	3,236		(558)		3,007		(822)		3,183		(697)
Asset-backed:
RMBS	3,000		(409)		2,828		(595)		2,617		(442)
CMBS	1,601		(221)		1,525		(269)		1,606		(248)
Other ABS	2,676		(170)		2,566		(233)		2,374		(276)
Total asset-backed	7,277		(800)		6,919		(1,097)		6,597		(966)
U.S. Treasury and obligations of government-sponsored enterprises	150		(1)		148		(1)		109		(1)
Foreign government	685		(20)		632		(44)		546		(34)
Redeemable preferred stock	—		—		—		—		3		—
Total fixed maturity securities	25,772		(2,135)		24,520		(3,350)		23,603		(2,958)
Equities:
Common stock	191		—		213		—		185		—
Non-redeemable preferred stock	82		—		78		—		73		—
Total equities	273		—		291		—		258		—
Limited partnership investments:
Hedge funds	184		—		178		—		252		—
Private equity funds	1,019		—		970		—		814		—
Total limited partnership investments	1,203		—		1,148		—		1,066		—
Other invested assets	80		—		69		—		78		—
Mortgage loans	842		—		795		—		830		—
Short-term investments	2,094		1		1,942		1		1,772		1
Total investments	$	30,264	$	(2,134)	$	28,765	$	(3,349)	$	27,607	$	(2,957)

Net receivable/(payable) on investment activity	$	33			$	(81)			$	(3)

Effective duration (in years)	4.5				4.6				4.7
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, 2023				September 30, 2023				December 31, 2022
(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	$	9,844	$	8	$	8,699	$	(855)	$	8,264	$	(448)
States, municipalities and political subdivisions:
Tax-exempt	2,562		247		2,473		(14)		3,436		166
Taxable	1,594		(10)		1,554		(133)		1,698		(70)
Total states, municipalities and political subdivisions	4,156		237		4,027		(147)		5,134		96
Asset-backed:
RMBS	2		—		2		—		14		—
CMBS	30		(2)		29		(3)		29		(3)
Other ABS	592		(73)		552		(126)		553		(83)
Total asset-backed	624		(75)		583		(129)		596		(86)
U.S. Treasury and obligations of government-sponsored enterprises	1		—		1		—		1		—
Foreign government	28		(8)		26		(11)		29		(8)
Redeemable preferred stock	—		—		—		—		—		—
Total fixed maturity securities	14,653		162		13,336		(1,142)		14,024		(446)
Equities:
Common stock	—		—		—		—		—		—
Non-redeemable preferred stock	410		—		401		—		416		—
Total equities	410		—		401		—		416		—
Limited partnership investments:
Hedge funds	148		—		144		—		204		—
Private equity funds	823		—		782		—		656		—
Total limited partnership investments	971		—		926		—		860		—
Other invested assets	—		—		—		—		—		—
Mortgage loans	193		—		200		—		210		—
Short-term investments	71		—		19		—		60		—
Total investments	$	16,298	$	162	$	14,882	$	(1,142)	$	15,570	$	(446)

Net receivable/(payable) on investment activity	$	3			$	(19)			$	11

Effective duration (in years)	10.2				9.8				9.9
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, 2023	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	$	—		$	—	$	41		$	(2)	$	613		$	(23)	$	7,103		$	(107)	$	14,872		$	(539)	$	1,639		$	(77)	$	24,268		$	(748)
States, municipalities and political subdivisions	—			—		1,159			(10)		4,570			(244)		1,369			(16)		294			(51)		—			—		7,392			(321)
Asset-backed:
RMBS	2,644			(297)		341			(116)		4			—		4			1		—			—		9			3		3,002			(409)
CMBS	—			—		570			(27)		594			(95)		202			(30)		216			(45)		49			(26)		1,631			(223)
Other ABS	—			—		424			(11)		255			(48)		1,200			(65)		1,207			(100)		182			(19)		3,268			(243)
Total asset-backed	2,644			(297)		1,335			(154)		853			(143)		1,406			(94)		1,423			(145)		240			(42)		7,901			(875)
U.S. Treasury and obligations of government-sponsored enterprises	151			(1)		—			—		—			—		—			—		—			—		—			—		151			(1)
Foreign government	—			—		192			(3)		408			(10)		32			(6)		81			(9)		—			—		713			(28)
Redeemable preferred stock	—			—		—			—		—			—		—			—		—			—		—			—		—			—
Total fixed maturity securities	$	2,795		$	(298)	$	2,727		$	(169)	$	6,444		$	(420)	$	9,910		$	(223)	$	16,670		$	(744)	$	1,879		$	(119)	$	40,425		$	(1,973)

Percentage of total fixed maturity securities	7		%			7		%			16		%			24		%			41		%			5		%			100		%

Investments - Commercial Real Estate Exposure

Fixed Income and Direct Mortgage Loans


	December 31, 2023						December 31, 2023
(In millions)	Estimated Fair Value		Net Unrealized Gains (Losses)			(In millions)	Estimated Fair Value		Net Unrealized Gains (Losses)
Commercial mortgage-backed:						Corporate and other bonds - REITs:
Single asset, single borrower:						Retail	$	515	$	(25)
Office	$	306	$	(70)		Office	250		(20)
Retail	283		(28)			Industrial	99		(1)
Lodging	227		(23)			Other (1)	452		(22)
Industrial	93		(4)			Total corporate and other bonds - REITs (2)	$	1,316	$	(68)
Multifamily	59		(3)
Total single asset, single borrower	968		(128)
Conduits (multi property, multi borrower pools)	663		(95)
Total commercial mortgage-backed	$	1,631	$	(223)


	December 31, 2023						December 31, 2023
(In millions)	Estimated Fair Value		Net Unrealized Gains (Losses)			(In millions)	Estimated Fair Value		Net Unrealized Gains (Losses)
Commercial mortgage-backed:						Corporate and other bonds - REITs:
AAA	$	570	$	(27)		AA	$	10	$	—
AA	594		(95)			A	285		(3)
A	202		(30)			BBB	994		(64)
BBB	216		(45)			Non-investment grade	27		(1)
Non-investment grade	49		(26)			Total corporate and other bonds - REITs (2)	$	1,316	$	(68)
Total commercial mortgage-backed	$	1,631	$	(223)


	December 31, 2023
(In millions)	Carrying Value		Percentage of Total
Mortgage loans:
Retail	$	520	48		%
Office	245		23		%
Industrial	124		12		%
Other	181		17		%
Total mortgage loans	1,070		100		%	(1) Other includes a diversified mix of property type strategies including self-storage, healthcare and apartments.
Less: Allowance for expected credit losses	(35)
Total mortgage loans - net of allowance	$	1,035				(2) REITs - Real estate investment trusts

Components of Net Investment Income


	Consolidated
Periods ended December 31	Three Months						Twelve Months
(In millions)	2023			2022			2023			2022
Taxable fixed income securities	$	467		$	422		$	1,798		$	1,585
Tax-exempt fixed income securities	40			50			178			244
Total fixed income securities	507			472			1,976			1,829
Common stock	12			21			28			(19)
Limited partnerships - hedge funds	18			7			37			(37)
Limited partnerships - private equity funds	48			(8)			137			25
Total limited partnership and common stock investments	78			20			202			(31)
Other, net of investment expense	26			11			86			7
Net investment income	$	611		$	503		$	2,264		$	1,805

Effective income yield for fixed income securities portfolio	4.7		%	4.5		%	4.7		%	4.4		%
Limited partnership and common stock return	3.4			0.9			9.4			(1.4)


	Property & Casualty and Corporate & Other
Periods ended December 31	Three Months						Twelve Months
(In millions)	2023			2022			2023			2022
Taxable fixed income securities	$	285		$	255		$	1,101		$	964
Tax-exempt fixed income securities	11			11			43			45
Total fixed income securities	296			266			1,144			1,009
Common stock	12			21			28			(19)
Limited partnerships - hedge funds	9			4			20			(20)
Limited partnerships - private equity funds	27			(5)			76			13
Total limited partnership and common stock investments	48			20			124			(26)
Other, net of investment expense	30			13			100			18
Net investment income	$	374		$	299		$	1,368		$	1,001

Effective income yield for fixed income securities portfolio	4.3		%	4.0		%	4.2		%	3.8		%


	Life & Group
Periods ended December 31	Three Months						Twelve Months
(In millions)	2023			2022			2023			2022
Taxable fixed income securities	$	182		$	167		$	697		$	621
Tax-exempt fixed income securities	29			39			135			199
Total fixed income securities	211			206			832			820
Common stock	—			—			—			—
Limited partnerships - hedge funds	9			3			17			(17)
Limited partnerships - private equity funds	21			(3)			61			12
Total limited partnership and common stock investments	30			—			78			(5)
Other, net of investment expense	(4)			(2)			(14)			(11)
Net investment income	$	237		$	204		$	896		$	804

Effective income yield for fixed income securities portfolio	5.6		%	5.5		%	5.6		%	5.4		%

Net Investment Gains (Losses)


Periods ended December 31	Consolidated
	Three Months				Twelve Months
(In millions)	2023		2022		2023		2022
Fixed maturity securities: (1)
Corporate and other bonds	$	(11)	$	(21)	$	(57)	$	(89)
States, municipalities and political subdivisions	7		(2)		10		26
Asset-backed	(1)		(5)		(44)		(34)
Total fixed maturity securities	(5)		(28)		(91)		(97)
Non-redeemable preferred stock	13		(5)		4		(116)
Derivatives, short-term and other	(2)		—		(1)		22
Mortgage loans	—		—		(11)		(8)
Net investment gains (losses)	6		(33)		(99)		(199)
Income tax benefit (expense) on net investment gains (losses)	(1)		7		20		45
Net investment gains (losses), after tax	$	5	$	(26)	$	(79)	$	(154)

(1) Excludes the loss in 2022 on the assets supporting the funds withheld liability, which is reflected in the Derivatives, short-term and other line.

Derivatives, short-term and other for the twelve months ended December 31, 2022 included an $18 million non-economic net gain related to the novation of a coinsurance agreement on the Company's legacy annuity business in the Life & Group segment and the associated funds withheld embedded derivative. The coinsurance agreement was novated in the fourth quarter of 2022.

Claim & Claim Adjustment Expense Reserve Rollforward


Three months ended December 31, 2023 (In millions)	Specialty		Commercial		International		P&C Operations		Life & Group (1)		Corporate & Other		Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	7,090	$	9,902	$	2,572	$	19,564	$	649	$	2,623	$	22,836
Ceded	1,320		1,091		414		2,825		97		2,259		5,181
Net	5,770		8,811		2,158		16,739		552		364		17,655

Net incurred claim & claim adjustment expenses	504		760		171		1,435		8		19		1,462
Net claim & claim adjustment expense payments	(359)		(548)		(123)		(1,030)		(13)		(17)		(1,060)
Foreign currency translation adjustment and other	1		(2)		70		69		35		2		106

Claim & claim adjustment expense reserves, end of period
Net	5,916		9,021		2,276		17,213		582		368		18,163
Ceded	1,215		1,082		433		2,730		93		2,318		5,141
Gross	$	7,131	$	10,103	$	2,709	$	19,943	$	675	$	2,686	$	23,304


Twelve months ended December 31, 2023 (In millions)	Specialty		Commercial		International		P&C Operations		Life & Group (1)		Corporate & Other		Total Operations
Claim & claim adjustment expense reserves, beginning of period
Gross	$	6,878	$	9,395	$	2,403	$	18,676	$	695	$	2,749	$	22,120
Ceded	1,315		965		400		2,680		101		2,410		5,191
Net	5,563		8,430		2,003		15,996		594		339		16,929

Net incurred claim & claim adjustment expenses	1,923		2,996		722		5,641		29		89		5,759
Net claim & claim adjustment expense payments	(1,571)		(2,404)		(515)		(4,490)		(50)		(61)		(4,601)
Foreign currency translation adjustment and other	1		(1)		66		66		9		1		76

Claim & claim adjustment expense reserves, end of period
Net	5,916		9,021		2,276		17,213		582		368		18,163
Ceded	1,215		1,082		433		2,730		93		2,318		5,141
Gross	$	7,131	$	10,103	$	2,709	$	19,943	$	675	$	2,686	$	23,304

(1) In conjunction with the adoption of LDTI, at January 1, 2023, the Company reclassified $3.0 billion of the long-term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

Life & Group Policyholder Reserves



Three months ended December 31, 2023 (In millions)	Claim and claim adjustment expenses		Future policy benefits		Total
Beginning of Period	$	552	$	12,655	$	13,207

Incurred claims and policyholders' benefits (1)	8		307		315
Benefit and expense payments	(13)		(262)		(275)
Change in discount rate assumptions and other (AOCI)	35		1,259		1,294

End of Period	$	582	$	13,959	14,541



Twelve months ended December 31, 2023 (In millions)	Claim and claim adjustment expenses		Future policy benefits		Total
Beginning of Period (2)	$	594	$	13,480	$	14,074

Incurred claims and policyholders' benefits (1)	29		1,284		1,313
Benefit and expense payments	(50)		(1,207)		(1,257)
Change in discount rate assumptions and other (AOCI)	9		402		411

End of Period	$	582	$	13,959	$	14,541

(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 under LDTI guidance.

(2) In conjunction with the adoption of LDTI, at January 1, 2023, the Company reclassified $3.0 billion of the long-term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expense to Future policy benefits. This change was applied retrospectively as of January 1, 2021.

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. 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 and management believes some investors may find this measure useful to evaluate the Company's primary operations. Please refer to Note P to the Consolidated Financial Statements within the December 31, 2023 Form 10-K for further discussion regarding how the Company manages its business.

•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 most recent 10-K on file with the Securities and Exchange Commission, as well as the press release, available at www.cna.com.

•In evaluating the results of the Specialty, Commercial and International segments, management uses the loss ratio, the expense ratio, the dividend ratio and the 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 expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss, expense and dividend ratios. 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. For certain products within Small Business, where quantifiable, rate includes the influence of new business as well. 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), calculated using GAAP financial results, to monitor insurance operations of our Specialty, Commercial and International segments. Underwriting gain (loss) is pretax and calculated 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.

•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.

•Pretax net prior year development and other 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.

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

•Accounting Standards Update: In August 2018, the FASB issued ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts. For the Company, this includes the run-off long-term care business in the Life & Group segment. The Company adopted the new guidance effective January 1, 2023, using the modified retrospective method applied as of the transition date of January 1, 2021. All prior period amounts have been adjusted to reflect application of the new guidance. While the requirements of the new guidance represent a material change from legacy accounting, the new guidance does not impact capital and surplus under statutory accounting practices, cash flows or the underlying economics of the business. Additional information regarding the Company’s adoption of ASU 2018-12 and the impact to historical financial results is contained in the Company's Q1 2023 Financial Supplement, furnished on Form 8-K, on May 1, 2023 with the Securities and Exchange Commission.

•Certain immaterial differences are due to rounding.

•N/M = Not Meaningful

Cover Page Cover Page	Feb. 05, 2024
Entity Information [Line Items]
Document Type	8-K
Document Period End Date	Feb. 05, 2024
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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