CNA FINANCIAL CORP - Quarter Report: 2025 June (Form 10-Q)

PART I

Item 1. Condensed Consolidated Financial Statements

CNA Financial Corporation

Condensed Consolidated Statements of Operations (Unaudited)


Periods ended June 30	Three Months		Six Months
(In millions, except per share data)	2025	2024	2025	2024
Revenues
Net earned premiums	$	$	$	$
Net investment income
Net investment losses	()	()	()	()
Non-insurance warranty revenue
Other revenues
Total revenues
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits (re-measurement loss of $, $, $ and $)
Amortization of deferred acquisition costs
Non-insurance warranty expense
Other operating expenses
Interest expense
Total claims, benefits and expenses
Income before income tax
Income tax expense	()	()	()	()
Net income	$	$	$	$

Basic earnings per share	$	$	$	$

Diluted earnings per share	$	$	$	$

Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic
Diluted

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

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CNA Financial Corporation

Condensed Consolidated Statements of Comprehensive Income (Unaudited)


Periods ended June 30	Three Months		Six Months
(In millions)	2025	2024	2025	2024
Comprehensive Income
Net income	$	$	$	$
Other Comprehensive Income, net of tax
Changes in:
Net unrealized gains and losses on investments with an allowance for credit losses			()
Net unrealized gains and losses on other investments		()		()
Net unrealized gains and losses on investments		()		()
Impact of changes in discount rates used to measure long-duration contract liabilities	()		()
Foreign currency translation adjustment		()		()
Pension and postretirement benefits
Other comprehensive income, net of tax
Total comprehensive income	$	$	$	$

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

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CNA Financial Corporation

Condensed Consolidated Balance Sheets



(In millions, except share data)	June 30, 2025 (Unaudited)	December 31, 2024
Assets
Investments:
Fixed maturity securities at fair value (amortized cost of $ and $, less allowance for credit loss of $ and $)	$	$
Equity securities at fair value (cost of $ and $)
Limited partnership investments
Other invested assets
Mortgage loans (less allowance for credit loss of $ and $)
Short-term investments
Total investments
Cash
Reinsurance receivables (less allowance for uncollectible receivables of $ and $)
Insurance receivables (less allowance for uncollectible receivables of $ and $)
Accrued investment income
Deferred acquisition costs
Deferred income taxes
Property and equipment at cost (less accumulated depreciation of $ and $)
Goodwill
Deferred non-insurance warranty acquisition expense
Other assets
Total assets	$	$
Liabilities
Insurance reserves:
Claim and claim adjustment expenses	$	$
Unearned premiums
Future policy benefits
Short-term debt
Long-term debt
Deferred non-insurance warranty revenue
Other liabilities (includes $ and $ due to Loews Corporation)
Total liabilities
Commitments and contingencies (Notes C and G)
Stockholders' Equity
Common stock ($ par value; shares authorized; shares issued; and shares outstanding)
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss	()	()
Treasury stock ( and shares), at cost	()	()
Total stockholders’ equity
Total liabilities and stockholders' equity	$	$

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

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CNA Financial Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)


Six months ended June 30
(In millions)	2025	2024
Cash Flows from Operating Activities
Net income	$	$
Adjustments to reconcile net income to net cash flows provided by operating activities:
Deferred income tax expense
Trading portfolio activity	()	()
Net investment losses
Equity method investees	()	()
Net amortization of investments	()	()
Depreciation and amortization
Changes in:
Receivables, net	()	()
Accrued investment income	()	()
Deferred acquisition costs	()	()
Insurance reserves
Other, net	()	()
Net cash flows provided by operating activities
Cash Flows from Investing Activities
Dispositions:
Fixed maturity securities - sales
Fixed maturity securities - maturities, calls and redemptions
Equity securities
Limited partnerships
Mortgage loans
Purchases:
Fixed maturity securities	()	()
Equity securities	()	()
Limited partnerships	()	()
Mortgage loans	()	()
Change in other investments
Change in short-term investments
Purchases of property and equipment	()	()
Other, net	()
Net cash flows used by investing activities	()	()
Cash Flows from Financing Activities
Dividends paid to common stockholders	()	()
Proceeds from the issuance of debt
Repayment of debt		()
Purchase of treasury stock	()	()
Other, net	()	()
Net cash flows used by financing activities	()	()
Effect of foreign exchange rate changes on cash		()
Net change in cash	()
Cash, beginning of year
Cash, end of period	$	$

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

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CNA Financial Corporation

Condensed Consolidated Statements of Stockholders' Equity (Unaudited)


Periods ended June 30	Three Months		Six Months
(In millions)	2025	2024	2025	2024
Common Stock
Balance, beginning of period	$	$	$	$
Balance, end of period
Additional Paid-in Capital
Balance, beginning of period
Stock-based compensation			()	()
Balance, end of period
Retained Earnings
Balance, beginning of period


Dividends to common stockholders ($, $, $ and $ per share)	()	()	()	()
Net income
Balance, end of period
Accumulated Other Comprehensive Loss
Balance, beginning of period	()	()	()	()


Other comprehensive income
Balance, end of period	()	()	()	()
Treasury Stock
Balance, beginning of period	()	()	()	()
Stock-based compensation
Purchase of treasury stock		()	()	()
Balance, end of period	()	()	()	()
Total stockholders' equity	$	$	$	$

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

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CNA Financial Corporation

Notes to Condensed Consolidated Financial Statements

Note A.

% of the outstanding common stock of CNAF as of June 30, 2025.

The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2024, including the summary of significant accounting policies in Note A.

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Note B.

$ $ $ Common Stock and Common Stock EquivalentsBasic Weighted average shares outstanding DilutedWeighted average shares outstanding Dilutive effect of stock-based awards under compensation plans Total Earnings per share Basic $ $ $ $ Diluted$ $ $ $

Excluded from the calculation of diluted earnings per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods.

and shares of CNAF common stock at an aggregate cost of $ million and $ million during the six months ended June 30, 2025 and 2024.

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Note C.

$ $ $ Equity securities Limited partnership investments Mortgage loans Short-term investments Trading portfolio Other Gross investment income Investment expense()()()()Net investment income$ $ $ $

Net investment income (loss) recognized due to the change in fair value of common stock held as of June 30, 2025 and 2024

$ $ $ $ $ $ $ Gross losses()()()()Net investment gains (losses) on fixed maturity securities()()()()Equity securities Mortgage loans() () Short-term investments and other Net investment gains (losses)$()$()$()$()

Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of June 30, 2025 and 2024

$ $ $ $

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table.

$ $ $ Asset-backed Impairment losses (gains) recognized in earnings$ $ $ $

The Company also recognized $ million of impairment losses on mortgage loans during the three and six months ended June 30, 2025 due to changes in expected credit losses. There were impairment losses recognized on mortgage loans during the three and six months ended June 30, 2024.

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$ $ $ $ States, municipalities and political subdivisions Asset-backed:Residential mortgage-backed Commercial mortgage-backed Other asset-backed Total asset-backed U.S. Treasury and obligations of government-sponsored enterprises Foreign government Total fixed maturity securities available-for-sale Total fixed maturity securities trading — — — Total fixed maturity securities$ $ $ $ $

December 31, 2024

Cost or
Amortized
Cost

Gross
Unrealized
Gains

Gross
Unrealized
Losses

Allowance for Credit Losses

Estimated
Fair
Value

(In millions)

Fixed maturity securities available-for-sale:

Corporate and other bonds

States, municipalities and political subdivisions

Asset-backed:

Residential mortgage-backed

Commercial mortgage-backed

Other asset-backed

Total asset-backed

U.S. Treasury and obligations of government-sponsored enterprises

Foreign government

Total fixed maturity securities available-for-sale

Total fixed maturity securities trading

—

Total fixed maturity securities

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$ $ $ $ $ States, municipalities and political subdivisions Asset-backed:Residential mortgage-backed Commercial mortgage-backed Other asset-backed Total asset-backed U.S. Treasury and obligations of government-sponsored enterprises Foreign government Total$ $ $ $ $ $

Less than 12 Months

12 Months or Longer

Total

December 31, 2024

Estimated
Fair Value

Gross
Unrealized
Losses

Estimated
Fair Value

Gross
Unrealized
Losses

Estimated
Fair Value

Gross
Unrealized
Losses

(In millions)

Fixed maturity securities available-for-sale:

Corporate and other bonds

States, municipalities and political subdivisions

Asset-backed:

Residential mortgage-backed

Commercial mortgage-backed

Other asset-backed

Total asset-backed

U.S. Treasury and obligations of government-sponsored enterprises

Foreign government

Total

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$ $ $ AAA AA A BBB Non-investment grade Total$ $ $ $

Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2025 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of June 30, 2025.

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million, $ million, and $ million as of June 30, 2025, December 31, 2024, and June 30, 2024 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.

(In millions)

Corporate and other bonds

Asset-backed

Total

Allowance for credit losses:

Balance as of April 1, 2025

Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded

Available-for-sale securities accounted for as PCD assets

Reductions to the allowance for credit losses:

Securities disposed during the period (realized)

Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis

Write-offs charged against the allowance

Recoveries of amounts previously written off

Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period

Balance as of June 30, 2025

(In millions)

Corporate and other bonds

Asset-backed

Total

Allowance for credit losses:

Balance as of April 1, 2024

Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded

Available-for-sale securities accounted for as PCD assets

Reductions to the allowance for credit losses:

Securities disposed during the period (realized)

Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis

Write-offs charged against the allowance

Recoveries of amounts previously written off

Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period

Balance as of June 30, 2024

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$ $ Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded Available-for-sale securities accounted for as PCD assets Reductions to the allowance for credit losses:Securities disposed during the period (realized) Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis Write-offs charged against the allowance Recoveries of amounts previously written off Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period

Balance as of June 30, 2025

$ $ $

(In millions)

Corporate and other bonds

Asset-backed

Total

Allowance for credit losses:

Balance as of January 1, 2024

Additions to the allowance for credit losses:

Securities for which credit losses were not previously recorded

Available-for-sale securities accounted for as PCD assets

Reductions to the allowance for credit losses:

Securities disposed during the period (realized)

Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis

Write-offs charged against the allowance

Recoveries of amounts previously written off

Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period

Balance as of June 30, 2024

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$ $ $ Due after one year through five years Due after five years through ten years Due after ten years Total$ $ $ $

Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.

Investment Commitments

As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of June 30, 2025, the Company had commitments to purchase or fund approximately $ million and sell approximately $ million under the terms of these investments.

Mortgage Loans

$ $ $ $ $ $ LTV 55% to 65% LTV greater than 65% DSCR 1.2x - 1.6xLTV less than 55% LTV 55% to 65% LTV greater than 65% DSCR ≤1.2LTV less than 55% LTV 55% to 65% LTV greater than 65% Total$ $ $ $ $ $ $

(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.

As of June 30, 2025, accrued interest receivable on mortgage loans totaled $ million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.

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Note D.

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$ $ $ States, municipalities and political subdivisions Asset-backed Total fixed maturity securities Equity securities:Common stock Non-redeemable preferred stock Total equity securities Short-term and other Total assets$ $ $ $ Total liabilities$ $ $ $

) )) ) )) )) )) )) ) )) )) ))

December 31, 2024

Total
Assets/Liabilities
at Fair Value

(In millions)

Level 1

Level 2

Level 3

Assets

Fixed maturity securities:

Corporate bonds and other

States, municipalities and political subdivisions

Asset-backed

Total fixed maturity securities

Equity securities:

Common stock

Non-redeemable preferred stock

Total equity securities

Short-term and other

Total assets

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million and $ million of overseas deposits within Other invested assets, which can be redeemed at net asset value in 90 days or less. Overseas deposits are excluded from the fair value hierarchy because their fair value is recorded using the net asset value per share (or equivalent) practical expedient.

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Discounted cash flowCredit spread

% - % (%)

December 31, 2024

Estimated Fair Value
(In millions)

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

Fixed maturity securities

Discounted cash flow

Credit spread

% - % (%)

For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.

Financial Assets and Liabilities Not Measured at Fair Value

$ $ $ $ LiabilitiesShort-term debt$ $ $ $ $ Long-term debt

December 31, 2024

Carrying
Amount

Estimated Fair Value

(In millions)

Level 1

Level 2

Level 3

Total

Assets

Mortgage loans

(1) As of June 30, 2025 and 2024 the re-measurement gain (loss) of $() million and $() million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

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$ $ $ Interest accretion

The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.


	As of June 30
(In millions)	2025	2024
Expected future benefit and expense payments	$	$
Expected future gross premiums

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $ million and $ million as of June 30, 2025 and 2024.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was years as of June 30, 2025 and 2024.

% % %Upper-medium grade fixed income instrument discount rate

For the three and six months ended June 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the Net Premium Ratio (NPR) exceeded 100% were $ million and $ million. For the three and six months ended June 30, 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $ million and $ million.

For the three and six months ended June 30, 2025, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $ million and $ million. For the three and six months ended June 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $ million and $ million.

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Note G.

billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

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Note H.

$ $ $ Expected return on plan assets()()()()Amortization of net actuarial loss (gain) Total net periodic pension cost (benefit)$()$ $()$

The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.


Periods ended June 30	Three Months			Six Months
(In millions)	2025		2024	2025		2024
Non-Service Cost (Benefit):
Insurance claims and policyholder's benefits	$		$	$	()	$
Other operating expenses	()			()
Total net periodic pension cost (benefit)	$	()	$	$	()	$

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Note I.

)$()$()$ $()$()Other comprehensive income (loss) before reclassifications() ()

Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $, $, $, $, $ and $

()()() ()

Other comprehensive income (loss) net of tax (expense) benefit of $, $(), $(), $, $ and $()

()

Balance as of June 30, 2025

$()$()$()$ $()$()

(In millions)

Net unrealized gains (losses) on investments with an allowance for credit losses

Net unrealized gains (losses) on other investments

Pension and postretirement benefits

Cumulative impact of changes in discount rates used to measure long duration contracts

Cumulative foreign currency translation adjustment

Total

Balance as of April 1, 2024

()

Other comprehensive income (loss) before reclassifications

()

Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $, $, $, $, $ and $

()

Other comprehensive income (loss) net of tax (expense) benefit of $, $, $(), $(), $ and $()

()

Balance as of June 30, 2024

()

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)$()$()$ $()$()Other comprehensive income (loss) before reclassifications() ()

Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $, $, $, $, $ and $

()()() ()

Other comprehensive income (loss) net of tax (expense) benefit of $, $(), $(), $, $ and $()

() ()

Balance as of June 30, 2025

$()$()$()$ $()$()

)$()$()$()$()$()Other comprehensive income (loss) before reclassifications()() ()

Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $, $, $, $—, $ and $

()()() ()

Other comprehensive income (loss) net of tax (expense) benefit of $(), $, $(), $(), $ and $()

() ()

Balance as of June 30, 2024

$()$()$()$ $()$()

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Note J.

business segments: Specialty, Commercial and International. These segments are collectively referred to as Property & Casualty Operations. The Company's operations outside of Property & Casualty Operations are managed and reported in segments: Life & Group and Corporate & Other.

The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments.

In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.

The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment.

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 the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations.

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.

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$ $ $ $ $ $ Net investment income Non-insurance warranty revenue Other revenues() () Total operating revenues () Claims, benefits and expenses Net incurred claims and benefits Policyholders’ dividends Amortization of deferred acquisition costs Non-insurance warranty expense Insurance related administrative expenses Interest expense

Other expenses (1)

() () Total claims, benefits and expenses () Income tax (expense) benefit on core income (loss)()()() ()Core income (loss) $ $ $ $ $()$ $ Net investment gains (losses)()Income tax (expense) benefit on net investment gains (losses) Net investment gains (losses), after tax()Net income (loss)$

(1) Other expenses for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.

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Other expenses (1)

() Total claims, benefits and expenses () Income tax (expense) benefit on core income (loss)()()() ()Core income (loss) $ $ $ $()$()$ $ Net investment gains (losses)()Income tax (expense) benefit on net investment gains (losses) Net investment gains (losses), after tax()Net income (loss)$

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$ $ $ $ $ $ Net investment income Non-insurance warranty revenue Other revenues () Total operating revenues () Claims, benefits and expenses Net incurred claims and benefits Policyholders’ dividends Amortization of deferred acquisition costs Non-insurance warranty expense Insurance related administrative expenses Interest expense

Other expenses (1)

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$ $ $ $ $ $ Insurance receivables Deferred acquisition costs Goodwill Deferred non-insurance warranty acquisition expense Insurance reserves Claim and claim adjustment expenses Unearned premiums Future policy benefits Deferred non-insurance warranty revenue

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Other expenses (1)

() Total claims, benefits and expenses () Income tax (expense) benefit on core income (loss)()()() ()Core income (loss)$ $ $ $ $()$ $ Net investment gains (losses)()Income tax (expense) benefit on net investment gains (losses) Net investment gains (losses), after tax()Net income (loss)$

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$ $ $ Catastrophe losses

(Favorable) unfavorable development (1)

() ()CommercialNon-catastrophe net incurred claim and claim adjustment expenses related to current year$ $ $ $ Catastrophe losses

(Favorable) unfavorable development (1)

()() ()InternationalNon-catastrophe net incurred claim and claim adjustment expenses related to current year$ $ $ $ Catastrophe losses

(Favorable) unfavorable development (1)

() ()

(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.

$ $ $ Surety Warranty & Alternative Risks Specialty revenues CommercialMiddle Market Construction Small Business Other Commercial Commercial revenues InternationalCanada Europe Hardy International revenues Life & Group revenues Corporate & Other revenues Eliminations()()()()Total operating revenues Net investment gains (losses)()()()()Total revenues$ $ $ $

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Note K.

billion and $ billion reported under Liabilities as of June 30, 2025 and December 31, 2024. For the three and six months ended June 30, 2025, the Company recognized $ billion and $ billion of revenues that were included in the deferred revenue balance as of January 1, 2025. For the three and six months ended June 30, 2024, the Company recognized $ billion and $ billion of revenues that were included in the deferred revenue balance as of January 1, 2024. For the three and six months ended June 30, 2025 and 2024, non-insurance warranty revenue recognized from performance obligations related to prior periods due to a change in estimate was not material. The Company expects to recognize approximately $ billion of the deferred revenue in the remainder of 2025, $ billion in 2026, $ billion in 2027 and $ billion thereafter.

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Item 2. Management's Discussion and Analysis (MD&A) of Financial Conditions and Results of Operations

OVERVIEW

The following discussion highlights significant factors affecting the Company. References to “we,” “our,” “us” or like terms refer to the business of CNA.

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements included under Part I, Item 1 of this Form 10-Q, and Item 1A Risk Factors and Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations, which are included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2024.

We utilize the core income (loss) financial measure to monitor our operations. 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. 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 our primary operations. See further discussion regarding how we manage our business in Note J to the Condensed Consolidated Financial Statements included under Part I, Item 1. For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to our most recent Annual Report on Form 10-K on file with the Securities and Exchange Commission.

In evaluating the results of our Specialty, Commercial and International segments, we utilize 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 GAAP financial results. 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. 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.

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on our reserves is provided in Note E and Note F to the Condensed Consolidated Financial Statements included under Part I, Item 1.

In addition, we also utilize 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

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with existing customers. Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.

We use 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 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 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.

The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations:


Three months ended June 30, 2025	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	165	$	199	$	53	$	417
Net investment losses, after tax	12		19		—		31

Core income	$	177	$	218	$	53	$	448

Less:
Net investment income	170		206		38		414
Non-insurance warranty revenue (expense)	14		—		—		14
Other revenue (expense), including interest expense	(11)		(5)		10		(6)
Income tax expense on core income	(49)		(57)		(18)		(124)
Underwriting gain	53		74		23		150
Effect of catastrophe losses	—		57		5		62
Effect of unfavorable development-related items	—		1		—		1
Underlying underwriting gain	$	53	$	132	$	28	$	213


Three months ended June 30, 2024	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	164	$	160	$	45	$	369
Net investment losses (gains), after tax	5		7		(1)		11

Core income	$	169	$	167	$	44	$	380

Less:
Net investment income	154		175		32		361
Non-insurance warranty revenue (expense)	16		—		—		16
Other revenue (expense), including interest expense	(14)		(3)		(1)		(18)
Income tax expense on core income	(47)		(44)		(12)		(103)
Underwriting gain	60		39		25		124
Effect of catastrophe losses	—		76		6		82
Effect of favorable development-related items	(3)		—		(3)		(6)
Underlying underwriting gain	$	57	$	115	$	28	$	200

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The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations:


Six months ended June 30, 2025	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	314	$	323	$	91	$	728
Net investment losses (gains), after tax	13		19		(1)		31

Core income	$	327	$	342	$	90	$	759

Less:
Net investment income	321		383		72		776
Non-insurance warranty revenue (expense)	26		—		—		26
Other revenue (expense), including interest expense	(25)		(7)		11		(21)
Income tax expense on core income	(90)		(91)		(31)		(212)
Underwriting gain	95		57		38		190
Effect of catastrophe losses	—		143		16		159
Effect of unfavorable development-related items	10		53		—		63
Underlying underwriting gain	$	105	$	253	$	54	$	412


Six months ended June 30, 2024	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	331	$	304	$	82	$	717
Net investment losses (gains), after tax	15		21		(1)		35

Core income	$	346	$	325	$	81	$	752

Less:
Net investment income	304		351		63		718
Non-insurance warranty revenue (expense)	29		—		—		29
Other revenue (expense), including interest expense	(28)		(7)		(3)		(38)
Income tax expense on core income	(95)		(87)		(25)		(207)
Underwriting gain	136		68		46		250
Effect of catastrophe losses	—		158		12		170
Effect of favorable development-related items	(8)		—		(3)		(11)
Underlying underwriting gain	$	128	$	226	$	55	$	409

The following table presents a reconciliation of net (loss) income to core income (loss) for our Life & Group segment:


Periods ended June 30	Three Months				Six Months
(In millions)	2025		2024		2025		2024
Net (loss) income	$	(4)	$	1	$	(5)	$	14
Net investment losses (gains), after tax	5		(2)		12		(10)

Core income (loss)	$	1	$	(1)	$	7	$	4

The following table present a reconciliation of net loss to core loss for our Corporate & Other segment:


Periods ended June 30	Three Months				Six Months
(In millions)	2025		2024		2025		2024
Net loss	$	(114)	$	(53)	$	(150)	$	(76)
Net investment losses, after tax	—		—		—		1

Core loss	$	(114)	$	(53)	$	(150)	$	(75)

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CRITICAL ACCOUNTING ESTIMATES

The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the amount of revenues and expenses reported during the period. Actual results may differ from those estimates.

Our Condensed Consolidated Financial Statements and accompanying notes have been prepared in accordance with GAAP applied on a consistent basis. We continually evaluate the accounting policies and estimates used to prepare the Condensed Consolidated Financial Statements. In general, our estimates are based on historical experience, evaluation of current trends, information from third-party professionals and various other assumptions that are believed to be reasonable under the known facts and circumstances.

The accounting estimates set forth below are considered by us to be critical to an understanding of our Condensed Consolidated Financial Statements as their application places the most significant demands on our judgment:

•Insurance Reserves

•Long-Term Care Reserves

•Reinsurance and Insurance Receivables

•Valuation of Investments and Impairment of Securities

Due to the inherent uncertainties involved with these types of judgments, actual results could differ significantly from our estimates and may have a material adverse impact on our results of operations, financial condition, equity, business, and insurer financial strength and corporate debt ratings. See the Critical Accounting Estimates section of our Management's Discussion and Analysis of Financial Condition and Results of Operations included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.

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CATASTROPHES AND RELATED REINSURANCE

Various events can cause catastrophe losses. These events can be natural or man-made, including hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires, floods, riots, strikes, civil unrest, cyber-attacks, pandemics and acts of terrorism that produce unusually large aggregate losses.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. We use various analyses and methods, including using one of the industry standard natural catastrophe models, to estimate hurricane and earthquake losses at various return periods and to inform underwriting and reinsurance decisions designed to manage our exposure to catastrophic events. We also generally seek to manage our exposure through the purchase of catastrophe reinsurance and utilize various reinsurance programs to mitigate catastrophe losses, including excess-of-loss occurrence and aggregate treaties covering property and workers’ compensation, a property quota share treaty and the Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA), as well as individual risk agreements that reinsure from losses from specific classes or lines of business. We regularly review our risk and catastrophe reinsurance coverages and from time to time make changes as we deem appropriate. In the second quarter of 2025, we renewed our excess-of-loss property catastrophe reinsurance as described below:

Group North American Property Treaty

We purchased corporate catastrophe excess-of-loss treaty reinsurance covering our U.S. states and territories and Canadian property exposures underwritten in our North American and European companies. The treaty has a term of June 1, 2025 to June 1, 2026 and provides coverage for the accumulation of covered losses from catastrophe occurrences above our per occurrence retention of $275 million up to $1.4 billion for all losses. Losses stemming from terrorism events are covered unless they are due to a nuclear, biological or chemical attack. All layers of the treaty provide for one full reinstatement.

Group Workers' Compensation Treaty

We also purchased corporate workers' compensation catastrophe excess-of-loss treaty reinsurance for the period January 1, 2025 to January 1, 2026 providing $275 million of coverage for the accumulation of covered losses related to natural catastrophes above our per occurrence retention of $25 million. The treaty also provides $775 million of coverage for the accumulation of covered losses related to terrorism events above our per occurrence retention of $25 million. Of the $775 million in terrorism coverage, $200 million is provided for nuclear, biological, chemical and radiation events. All layers of the treaty provide for one full reinstatement.

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CONSOLIDATED OPERATIONS

Results of Operations

The following table includes the consolidated results of our operations including our financial measure, core income (loss). For more detailed components of our business operations and a discussion of the core income (loss) financial measure, see the Segment Results section within this MD&A. For further discussion of Net investment income and Net investment gains or losses, see the Investments section of this MD&A.


Periods ended June 30	Three Months				Six Months
(In millions)	2025		2024		2025		2024
Operating Revenues
Net earned premiums	$	2,694	$	2,498	$	5,320	$	4,939
Net investment income	662		618		1,266		1,227
Non-insurance warranty revenue	398		404		795		811
Other revenues	9		9		18		18
Total operating revenues	3,763		3,529		7,399		6,995
Claims, Benefits and Expenses
Net incurred claims and benefits (re-measurement loss of $15, $25, $23 and $40)	2,075		1,874		4,092		3,672
Policyholders' dividends	10		8		20		17
Amortization of deferred acquisition costs	469		435		940		879
Non-insurance warranty expense	384		388		769		782
Insurance related administrative expenses	337		329		658		616
Interest expense	31		34		63		69
Other expenses	31		49		73		99
Total claims, benefits and expenses	3,337		3,117		6,615		6,134


Income tax expense on core income	(91)		(86)		(168)		(180)

Core income	335		326		616		681
Net investment losses	(46)		(10)		(55)		(32)
Income tax benefit on net investment losses	10		1		12		6
Net investment losses, after tax	(36)		(9)		(43)		(26)



Net income	$	299	$	317	$	573	$	655

Three Month Comparison

Core income increased $9 million for the three months ended June 30, 2025 as compared with the same period in 2024. Core income for our Property & Casualty Operations increased $68 million primarily driven by higher net investment income and improved current accident year underwriting results. Core results for our Life & Group segment improved $2 million, while core loss for our Corporate & Other segment increased $61 million.

Catastrophe losses were $62 million and $82 million for the three months ended June 30, 2025 and 2024. Unfavorable net prior year loss reserve development of $108 million and $23 million was recorded for the three months ended June 30, 2025 and 2024 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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Six Month Comparison

Core income decreased $65 million for the six months ended June 30, 2025 as compared with the same period in 2024. Core income for our Property & Casualty Operations increased $7 million primarily driven by higher net investment income and improved current accident year underwriting results partially offset by unfavorable net prior year loss reserve development compared to favorable net prior year loss reserve development in the prior year period. Core income for our Life & Group segment increased $3 million, while core loss for our Corporate & Other segment increased $75 million.

Catastrophe losses were $159 million and $170 million for the six months ended June 30, 2025 and 2024. Unfavorable net prior year loss reserve development of $191 million and $16 million was recorded for the six months ended June 30, 2025 and 2024 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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SEGMENT RESULTS

The following discusses the results of operations for our business segments. Our property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International, which we refer to collectively as Property & Casualty Operations. Our operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other.

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Specialty

The following table details the results of operations for Specialty and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.


Periods ended June 30	Three Months						Six Months
(In millions, except ratios, rate, renewal premium change and retention)	2025			2024			2025			2024
Gross written premiums	$	1,692		$	1,728		$	3,364		$	3,410
Gross written premiums excluding third-party captives	1,013			984			1,943			1,864
Net written premiums	892			857			1,734			1,649
Net earned premiums	862			831			1,692			1,645
Underwriting gain	53			60			95			136
Net investment income	170			154			321			304
Core income	177			169			327			346

Other performance metrics:
Loss ratio	60.1		%	59.2		%	60.7		%	58.9		%
Expense ratio	33.2			33.2			33.3			32.5
Dividend ratio	0.3			0.3			0.3			0.3
Combined ratio	93.6		%	92.7		%	94.3		%	91.7		%
Less: Effect of catastrophe impacts	—			—			—			—
Less: Effect of (favorable) unfavorable development-related items	—			(0.4)			0.6			(0.5)
Underlying combined ratio	93.6		%	93.1		%	93.7		%	92.2		%
Underlying loss ratio	60.1		%	59.6		%	60.1		%	59.4		%

Rate	3		%	—		%	3		%	1		%
Renewal premium change	4			1			4			2
Retention	86			90			88			89
New business	$	122		$	118		$	234		$	212

Three Month Comparison

Gross written premiums, excluding third-party captives, for Specialty increased $29 million for the three months ended June 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Specialty increased $35 million for the three months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income increased $8 million for the three months ended June 30, 2025 as compared with the same period in 2024 primarily due to higher net investment income partially offset by lower underlying underwriting results and no net prior year loss reserve development in the current year period compared with favorable net prior year loss reserve development in the prior year period.

The combined ratio of 93.6% increased 0.9 points for the three months ended June 30, 2025 as compared with the same period in 2024 due to a 0.9 point increase in the loss ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio and no net prior year loss reserve development recorded in the current year period compared with $3 million of favorable net prior year loss reserve development in the same period in 2024. The expense ratio was consistent with the same period in 2024. There were no catastrophe losses for the three months ended June 30, 2025 and 2024.

Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I Item 1.

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Six Month Comparison

Gross written premiums, excluding third-party captives, for Specialty increased $79 million for the six months ended June 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, and higher new business partially offset by lower retention. Net written premiums for Specialty increased $85 million for the six months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income decreased $19 million for the six months ended June 30, 2025 as compared with the same period in 2024 primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development in the current year period compared with favorable net prior year loss reserve development in the prior year period, partially offset by higher net investment income.

The combined ratio of 94.3% increased 2.6 points for the six months ended June 30, 2025 as compared with the same period in 2024 due to a 1.8 point increase in the loss ratio and a 0.8 point increase in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in the current year period and an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines. The increase in the expense ratio was driven by higher employee related and acquisition costs partially offset by higher net earned premiums. There were no catastrophe losses for the six months ended June 30, 2025 and 2024.

Unfavorable net prior year loss reserve development of $10 million was recorded for the six months ended June 30, 2025 as compared with $8 million of favorable net prior year loss reserve development recorded for the six months ended June 30, 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I Item 1.

The following table summarizes the gross and net carried reserves for Specialty.


(In millions)	June 30, 2025		December 31, 2024
Gross case reserves	$	2,080	$	2,023
Gross IBNR reserves	5,624		5,403
Total gross carried claim and claim adjustment expense reserves	$	7,704	$	7,426
Net case reserves	$	1,745	$	1,697
Net IBNR reserves	4,328		4,282
Total net carried claim and claim adjustment expense reserves	$	6,073	$	5,979

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Commercial

The following table details the results of operations for Commercial and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.


Periods ended June 30	Three Months						Six Months
(In millions, except ratios, rate, renewal premium change and retention)	2025			2024			2025			2024
Gross written premiums	$	2,065		$	1,927		$	3,918		$	3,613
Gross written premiums excluding third-party captives	1,903			1,802			3,742			3,484
Net written premiums	1,563			1,458			3,061			2,796
Net earned premiums	1,402			1,247			2,782			2,449
Underwriting gain	74			39			57			68
Net investment income	206			175			383			351
Core income	218			167			342			325

Other performance metrics:
Loss ratio	67.1		%	68.0		%	70.0		%	68.4		%
Expense ratio	27.2			28.5			27.4			28.4
Dividend ratio	0.5			0.5			0.5			0.5
Combined ratio	94.8		%	97.0		%	97.9		%	97.3		%
Less: Effect of catastrophe impacts	4.2			6.1			5.2			6.4
Less: Effect of (favorable) unfavorable development-related items	—			(0.1)			1.9			—
Underlying combined ratio	90.6		%	91.0		%	90.8		%	90.9		%
Underlying loss ratio	62.9		%	62.0		%	62.9		%	62.0		%

Rate	5		%	7		%	6		%	7		%
Renewal premium change	6			7			7			8
Retention	81			84			83			84
New business	$	420		$	405		$	790		$	772

Three Month Comparison

Gross written premiums for Commercial increased $138 million for the three months ended June 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Commercial increased $105 million for the three months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income increased $51 million for the three months ended June 30, 2025 as compared with the same period in 2024, primarily driven by improved current accident year underwriting results and higher net investment income.

The combined ratio of 94.8% improved 2.2 points for the three months ended June 30, 2025 as compared with the same period in 2024 due to a 1.3 point improvement in the expense ratio and a 0.9 point improvement in the loss ratio. The improvement in the expense ratio was primarily driven by higher net earned premiums and a lower acquisition ratio. The improvement in the loss ratio was primarily due to lower catastrophes losses partially offset by an increase in the underlying loss ratio driven by the continuation of elevated loss cost trends in commercial auto. Catastrophe losses were $57 million, or 4.2 points of the loss ratio, for the three months ended June 30, 2025, as compared with $76 million, or 6.1 points of the loss ratio, for the three months ended June 30, 2024.

Favorable net prior year loss reserve development of $4 million and $6 million was recorded for the three months ended June 30, 2025 and 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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Six Month Comparison

Gross written premiums for Commercial increased $305 million for the six months ended June 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Commercial increased $265 million for the six months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income increased $17 million for the six months ended June 30, 2025 as compared with the same period in 2024, primarily driven by improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior year loss reserve development.

The combined ratio of 97.9% increased 0.6 points for the six months ended June 30, 2025 as compared with the same period in 2024 due to a 1.6 point increase in the loss ratio partially offset by a 1.0 point improvement in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development and an increase in the underlying loss ratio driven by the continuation of elevated loss cost trends in commercial auto, partially offset by lower catastrophe losses. Catastrophe losses were $143 million, or 5.2 points of the loss ratio, for the six months ended June 30, 2025, as compared with $158 million, or 6.4 points of the loss ratio, for the six months ended June 30, 2024. The improvement in the expense ratio was driven by higher net earned premiums.

Unfavorable net prior year loss reserve development of $47 million was recorded for the six months ended June 30, 2025 as compared with $8 million of favorable net prior year loss reserve development recorded for the six months ended June 30, 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

The following table summarizes the gross and net carried reserves for Commercial.



(In millions)	June 30, 2025		December 31, 2024
Gross case reserves	$	3,882	$	3,690
Gross IBNR reserves	8,006		7,646
Total gross carried claim and claim adjustment expense reserves	$	11,888	$	11,336
Net case reserves	$	3,300	$	3,135
Net IBNR reserves	7,098		6,804
Total net carried claim and claim adjustment expense reserves	$	10,398	$	9,939

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International

The following table details the results of operations for International and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.


Periods ended June 30	Three Months						Six Months
(In millions, except ratios, rate, renewal premium change and retention)	2025			2024			2025			2024
Gross written premiums	$	437		$	417		$	810		$	791
Net written premiums	391			359			657			619
Net earned premiums	324			311			634			626
Underwriting gain	23			25			38			46
Net investment income	38			32			72			63
Core income	53			44			90			81

Other performance metrics:
Loss ratio	59.9		%	59.1		%	61.0		%	59.6		%
Expense ratio	32.9			32.8			33.0			33.0
Combined ratio	92.8		%	91.9		%	94.0		%	92.6		%
Less: Effect of catastrophe impacts	1.4			2.0			2.5			2.0
Less: Effect of (favorable) unfavorable development-related items	—			(1.0)			—			(0.5)
Underlying combined ratio	91.4		%	90.9		%	91.5		%	91.1		%
Underlying loss ratio	58.5		%	58.1		%	58.5		%	58.1		%

Rate	(4)		%	0		%	(3)		%	0		%
Renewal premium change	(1)			2			—			3
Retention	86			80			85			81
New business	$	103		$	72		$	186		$	140

Three Month Comparison

Gross written premiums for International increased $20 million for the three months ended June 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, gross written premiums increased $14 million driven by higher new business and retention partially offset by lower rate. Net written premiums for International increased $32 million for the three months ended June 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, net written premiums increased $26 million for the three months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.

Core income increased $9 million for the three months ended June 30, 2025 as compared with the same period in 2024 primarily driven by a favorable impact from changes in foreign currency exchange rates and higher net investment income.

The combined ratio of 92.8% increased 0.9 points for the three months ended June 30, 2025 as compared with the same period in 2024 largely due to a 0.8 point increase in the loss ratio. The increase in the loss ratio was primarily driven by no net prior year loss reserve development recorded in the current year period compared with $3 million of favorable net prior year loss reserve development in the same period in 2024 and an increase in the underlying loss ratio, partially offset by lower catastrophe losses. Catastrophe losses were $5 million, or 1.4 points of the loss ratio, for the three months ended June 30, 2025, as compared with $6 million, or 2.0 points of the loss ratio, for the three months ended June 30, 2024. The expense ratio was generally consistent with the same period in 2024.

Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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Six Month Comparison

Gross written premiums for International increased $19 million for the six months ended June 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, gross written premiums increased $28 million driven by higher new business and retention partially offset by lower rate. Net written premiums for International increased $38 million for the six months ended June 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, net written premiums increased $45 million for the six months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.

Core income increased $9 million for the six months ended June 30, 2025 as compared with the same period in 2024 primarily driven by a favorable impact from changes in foreign currency exchange rates and higher net investment income.

The combined ratio of 94.0% increased 1.4 points for the six months ended June 30, 2025 as compared with the same period in 2024 due to a 1.4 point increase in the loss ratio. The increase in the loss ratio was primarily driven by higher catastrophe losses and no net prior year loss reserve development recorded in the current year period compared with $3 million of favorable net prior year loss reserve development in the same period in 2024. Catastrophe losses were $16 million, or 2.5 points of the loss ratio, for the six months ended June 30, 2025, as compared with $12 million, or 2.0 points of the loss ratio, for the six months ended June 30, 2024. The expense ratio was consistent with the same period in 2024.

Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

The following table summarizes the gross and net carried reserves for International.



(In millions)	June 30, 2025		December 31, 2024
Gross case reserves	$	968	$	876
Gross IBNR reserves	2,288		2,044
Total gross carried claim and claim adjustment expense reserves	$	3,256	$	2,920
Net case reserves	$	834	$	741
Net IBNR reserves	1,932		1,675
Total net carried claim and claim adjustment expense reserves	$	2,766	$	2,416

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Life & Group

The following table summarizes the results of operations for Life & Group.


Periods ended June 30	Three Months				Six Months
(In millions)	2025		2024		2025		2024
Net earned premiums	$	106	$	109	$	212	$	219
Claims, benefits and expenses	345		355		675		696

Net investment income	235		239		461		470

Three Month Comparison

Core loss increased $61 million for three months ended June 30, 2025 as compared with the same period in 2024. The increase was primarily due to an $88 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $28 million after-tax charge in the prior year period, as a result of our annual comprehensive review of legacy mass tort exposures undertaken in the second quarter of each year. The current quarter development charge included certain amounts in anticipation of the agreement in principle with regards to the Diocese of Rochester. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

Six Month Comparison

Core loss increased $75 million for six months ended June 30, 2025 as compared with the same period in 2024 primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $28 million after-tax charge in the prior year period. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

The following table summarizes the gross and net carried reserves for Corporate & Other.



(In millions)	June 30, 2025		December 31, 2024
Gross case reserves	$	1,264	$	1,241
Gross IBNR reserves	1,480		1,431
Total gross carried claim and claim adjustment expense reserves	$	2,744	$	2,672
Net case reserves	$	123	$	120
Net IBNR reserves	381		268
Total net carried claim and claim adjustment expense reserves	$	504	$	388

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INVESTMENTS

Net Investment Income

The significant components of Net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.


Periods ended June 30	Three Months						Six Months
(In millions)	2025			2024			2025			2024
Fixed income securities:
Taxable fixed income securities	$	508		$	484		$	1,004		$	956
Tax-exempt fixed income securities	36			36			70			74
Total fixed income securities	544			520			1,074			1,030
Limited partnership and common stock investments	100			78			154			146
Other, net of investment expense	18			20			38			51
Net investment income	$	662		$	618		$	1,266		$	1,227

Effective income yield for the fixed income securities portfolio	4.9		%	4.8		%	4.8		%	4.8		%
Limited partnership and common stock return	3.6		%	3.1		%	5.7		%	6.1		%

Net investment income increased $44 million and $39 million for the three and six months ended June 30, 2025 as compared with the same periods in 2024 driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates, as well as favorable limited partnership and common stock returns.

Net Investment (Losses) Gains

The components of Net investment (losses) gains are presented in the following table.


Periods ended June 30	Three Months				Six Months
(In millions)	2025		2024		2025		2024
Fixed maturity securities:
Corporate bonds and other	$	(40)	$	(4)	$	(49)	$	(21)
States, municipalities and political subdivisions	—		(2)		(1)		(2)
Asset-backed	(8)		(6)		(7)		(21)
Total fixed maturity securities	(48)		(12)		(57)		(44)
Non-redeemable preferred stock	6		1		6		12
Derivatives, short-term and other	1		1		1		—
Mortgage loans	(5)		—		(5)		—
Net investment losses	(46)		(10)		(55)		(32)
Income tax benefit on net investment losses	10		1		12		6
Net investment losses, after tax	$	(36)	$	(9)	$	(43)	$	(26)

Pretax net investment losses increased $36 million for the three months ended June 30, 2025 as compared with the same period in 2024 driven by higher net losses on disposals of fixed maturity securities and higher impairment losses, partially offset by the favorable change in fair value of non-redeemable preferred stock.

Pretax net investment losses increased $23 million for the six months ended June 30, 2025 as compared with the same period in 2024 driven by higher net losses on disposals of fixed maturity securities and a lower favorable change in the fair value of non-redeemable preferred stock.

Further information on our investment gains and losses is set forth in Note C to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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Portfolio Quality

The following table presents the estimated fair value and net unrealized gains (losses) of our fixed maturity securities by rating distribution.


	June 30, 2025				December 31, 2024
(In millions)	Estimated Fair Value		Net Unrealized Gains ( Losses)		Estimated Fair Value		Net Unrealized Gains ( Losses)
U.S. Government, Government agencies and Government-sponsored enterprises	$	3,124	$	(306)	$	2,936	$	(369)
AAA	3,410		(206)		3,010		(217)
AA	6,698		(585)		6,369		(567)
A	10,873		(266)		10,260		(379)
BBB	16,992		(452)		16,757		(729)
Non-investment grade	1,702		(61)		1,779		(64)
Total	$	42,799	$	(1,876)	$	41,111	$	(2,325)

As of June 30, 2025 and December 31, 2024, 1% of our fixed maturity portfolio was rated internally. Additionally, as of June 30, 2025 and December 31, 2024, we assigned a AAA rating to $287 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. government agency or sponsored enterprise.

The following table presents available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution.


	June 30, 2025
(In millions)	Estimated Fair Value		Gross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises	$	2,086	$	322
AAA	1,608		280
AA	4,234		735
A	5,901		523
BBB	9,531		787
Non-investment grade	677		92
Total	$	24,037	$	2,739

The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life.


	June 30, 2025
(In millions)	Estimated Fair Value		Gross Unrealized Losses
Due in one year or less	$	1,198	$	22
Due after one year through five years	6,796		346
Due after five years through ten years	5,990		683
Due after ten years	10,053		1,688
Total	$	24,037	$	2,739

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Duration

A primary objective in the management of the investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. Our views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. We also continually monitor exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on our views of a specific issuer or industry sector.

A further consideration in the management of the investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long term in nature, we segregate investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in the Life & Group segment.

The effective durations of fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.


	June 30, 2025			December 31, 2024
(In millions)	Estimated Fair Value		Effective Duration (In years)	Estimated Fair Value		Effective Duration (In years)
Life & Group	$	15,338	9.8	$	14,915	9.8
Property & Casualty and Corporate & Other	29,472		4.5	28,779		4.3
Total	$	44,810	6.3	$	43,694	6.2

The investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, we periodically review the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures About Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.

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LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

Our primary operating cash flow sources are premiums and investment income. Our primary operating cash flow uses are payments for claims, policy benefits and operating expenses, including interest expense on corporate debt. Additionally, cash may be paid or received for income taxes.

For the six months ended June 30, 2025, net cash provided by operating activities was $1,200 million as compared with $1,120 million for the same period in 2024. The increase in cash provided by operating activities was driven by an increase in premiums collected and higher cash from investment earnings, partially offset by an increase in net claim payments.

Cash flows from investing activities include the purchase and disposition of financial instruments, excluding those held as trading, and may include the purchase and sale of businesses, equipment and other assets not generally held for resale.

For the six months ended June 30, 2025, net cash used by investing activities was $471 million as compared $209 million for the same period in 2024. Net cash provided or used by investing activities is primarily driven by cash available from operations and by other factors, such as financing activities.

Cash flows from financing activities may include proceeds from the issuance of debt and equity securities, and outflows for stockholder dividends, repayment of debt and purchases of our common stock.

For the six months ended June 30, 2025, net cash used by financing activities was $847 million as compared with $878 million for the same period in 2024. Financing activities for the periods presented include:

•During the six months ended June 30, 2025, we paid dividends of $798 million and repurchased 700,000 shares of our common stock at an aggregate cost of $34 million.

•During the six months ended June 30, 2024, we paid dividends of $786 million and repurchased 450,000 shares of common stock at an aggregate cost of $20 million.

•In the second quarter of 2024, we repaid the $550 million outstanding aggregate principal balance of our 3.95% senior notes which came due May 15, 2024.

•In the first quarter of 2024, we issued $500 million of 5.125% notes due February 15, 2034.

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Common Stock Dividends

Cash dividends of $2.92 per share on our common stock, including a special cash dividend of $2.00 per share, were declared and paid during the six months ended June 30, 2025. On August 1, 2025, our Board of Directors declared a quarterly cash dividend of $0.46 per share, payable September 4, 2025 to stockholders of record on August 18, 2025. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition, business needs and regulatory constraints.

Liquidity

We believe that our present cash flows from operating, investing and financing activities are sufficient to fund our current and expected working capital and debt obligation needs and we do not expect this to change in the near term. There are currently no amounts outstanding under our $250 million senior unsecured revolving credit facility and no borrowings outstanding through our membership in the Federal Home Loan Bank of Chicago (FHLBC).

Dividends from Continental Casualty Company (CCC) are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance, are determined based on the greater of the prior year's statutory net income or 10% of statutory surplus as of the end of the prior year, as well as timing and amount of dividends paid in the preceding twelve months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of June 30, 2025 CCC was in a positive earned surplus position. CCC paid dividends of $610 million and $490 million to CNAF during the six months ended June 30, 2025 and 2024. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

We have an effective shelf registration statement on file with the Securities and Exchange Commission under which we may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.

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ACCOUNTING STANDARDS UPDATE

For a discussion of Accounting Standards, see Note A to the Condensed Consolidated Financial Statements included under Part I, Item 1.

RECENT LEGISLATION

On July 4, 2025, H.R. 1, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,” commonly referred to as the One Big Beautiful Bill Act (OBBBA), was enacted. The OBBBA includes significant federal tax law changes which, among other impacts, modify and make permanent certain business tax provisions originally enacted in the 2017 Tax Cuts and Jobs Act. The OBBBA is subject to further clarification from the issuance of future technical guidance by the U.S. Department of Treasury. We are currently evaluating the impacts of the OBBBA but do not expect it to have a material impact on our results of operations or financial condition.

FORWARD-LOOKING STATEMENTS

This report contains a number of forward-looking statements which relate to anticipated future events 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 in this report include any and all statements regarding expected developments in our insurance business, including losses and loss reserves (note that loss reserves for long-term care, A&EP and other mass tort claims are more uncertain, and therefore more difficult to estimate than loss reserves respecting traditional property and casualty exposures); the impact of routine ongoing insurance reserve reviews we conduct; our expectations concerning our revenues, earnings, expenses and investment activities; volatility in investment returns; and our proposed actions in response to trends in our business. 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 in the forward-looking statements. We cannot control many of these risks and uncertainties. These risks and uncertainties include, but are not limited to, the following as well as those risks contained in the Risk Factors section of our 2024 Annual Report on Form 10-K:

Company-Specific Factors

•the risks and uncertainties associated with our insurance reserves, as outlined in the Critical Accounting Estimates sections of our 2024 Annual Report on Form 10-K and this report, and the Reserves - Estimates and Uncertainties section of our 2024 Annual Report on Form 10-K, including the sufficiency of the reserves and the possibility of future increases, which would be reflected in the results of operations in the period that the need for such adjustment is determined;

•the risk that the other parties to the transactions in which, subject to certain limitations, we ceded our legacy A&EP and excess workers' compensation (EWC) liabilities, respectively, will not fully perform their respective obligations to CNA, the uncertainty in estimating loss reserves for A&EP and EWC liabilities and the possible continued exposure of CNA to liabilities for A&EP and EWC claims that are not covered under the terms of the respective transactions; and

•the performance of reinsurance companies under reinsurance contracts with us.

Industry and General Market Factors

•general economic and business conditions, including potential recessionary conditions that may decrease the size and number of our insurance customers and create losses in our lines of business, and inflationary pressures on medical care costs, construction costs and other economic sectors;

•the effect of changes in tariffs, as well as significant uncertainty surrounding U.S. tariff policy generally, may adversely impact the economic environment, inflation expectations and certain loss costs (that would increase the cost of claims) and may result in decreases in the size and number of our insurance customers, in addition to potentially adversely affecting the performance of our investments;

•the effects of social inflation, including frequency of nuclear verdicts and increased litigation activity, on the severity of claims;

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•the effects on the frequency of claims of reviver statutes that extend, or eliminate, the statute of limitations for the reporting of claims, including statutes passed in certain states with respect to sexual abuse;

•the impact of competitive products, policies and pricing and the competitive environment in which we operate, including changes in our book of business;

•product and policy availability and demand and market responses, including the level of ability to obtain rate increases;

•the COVID-19 pandemic, other potential pandemics and related measures to mitigate the spread of the foregoing may continue to result in increased claims and related litigation risk across our enterprise;

•conditions in the capital and credit markets, including uncertainty and instability in these markets, as well as the overall economy, and their impact on the returns, types, liquidity and valuation of our investments;

•conditions in the capital and credit markets that may limit our ability to raise significant amounts of capital on favorable terms or at all; and

•the possibility of changes in our ratings by ratings agencies, including the inability to access certain markets or distribution channels and the required collateralization of future payment obligations as a result of such changes, and changes in rating agency policies and practices.

Regulatory, Legal and Operational Factors

•regulatory and legal initiatives and compliance with governmental regulations and other legal requirements, which are increasing in complexity and number, change frequently, sometimes conflict, and could expose us to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution in one or more jurisdictions, including regulations related to cybersecurity protocols (which continue to evolve in breadth, sophistication and maturity in response to an ever-evolving threat landscape) or utilization of artificial intelligence, legal inquiries by state authorities, judicial interpretations within the regulatory framework, including interpretation of policy provisions, decisions regarding coverage and theories of liability, legislative actions that increase claimant activity, including those revising applicability of statutes of limitations, trends in litigation and the outcome of any litigation involving us and rulings and changes in tax laws and regulations;

•regulatory limitations, impositions and restrictions upon us, including with respect to our ability to increase premium rates, and the effects of assessments and other surcharges for guaranty funds and second-injury funds, other mandatory pooling arrangements and future assessments levied on insurance companies;

•regulatory limitations and restrictions, including limitations upon our ability to receive dividends from our insurance subsidiaries, imposed by regulatory authorities, including regulatory capital adequacy standards;

•breaches of our or our vendors' data security infrastructure resulting in unauthorized access to systems and information, and/or interruption of operations; and

•regulatory and legal implications relating to the sophisticated cyber incident sustained by the Company in March 2021, or any future cyber incidents, that may arise.

Impact of Natural and Man-Made Disasters and Mass Tort Claims

•weather and other natural physical events, including the severity and frequency of storms, hail, snowfall and other winter conditions, natural disasters such as hurricanes, tornados and earthquakes, as well as climate change, including effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, wildfires, rain, hail and snow;

•regulatory requirements imposed by coastal state regulators in the wake of hurricanes or other natural disasters, including limitations on the ability to exit markets or to non-renew, cancel or change terms and conditions in policies, as well as mandatory assessments to fund any shortfalls arising from the inability of quasi-governmental insurers to pay claims;

•man-made disasters, including the possible occurrence of terrorist attacks, the unpredictability of the nature, targets, severity or frequency of such events, and the effect of the absence or insufficiency of applicable terrorism legislation on coverages;

•the occurrence of epidemics and pandemics; and

•mass tort claims, including those related to exposure to potentially harmful products or substances such as glyphosate, lead paint, per- and polyfluoroalkyl substances (PFAS) and opioids, sexual abuse and molestation claims and claims arising from changes that repeal or weaken tort reforms.

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Our forward-looking statements speak only as of the date of the filing of this Quarterly Report on Form 10-Q and we do not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date of the statement, even if our expectations or any related events or circumstances change.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

There were no material changes in our market risk components for the three months ended June 30, 2025. See the Quantitative and Qualitative Disclosures About Market Risk included in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information. Additional information related to portfolio duration is discussed in the Investments section of our Management's Discussion and Analysis of Financial Condition and Results of Operations included in Part I, Item 2.

Item 4. Controls and Procedures

The Company maintains a system of disclosure controls and procedures which are designed to ensure that information required to be disclosed by the Company in reports that it files or submits to the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including this report, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to the Company's management on a timely basis to allow decisions regarding required disclosure.

As of June 30, 2025, the Company's management, including the Company's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), conducted an evaluation of the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, the CEO and CFO have concluded that the Company's disclosure controls and procedures are effective as of June 30, 2025.

There has been no change in the Company’s internal control over financial reporting (as defined in Rules 13a-15 (f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. Other Information

Item 1. Legal Proceedings

Information on our legal proceedings is set forth in Note G to the Condensed Consolidated Financial Statements included under Part I, Item 1.

Item 6. Exhibits

See Exhibit Index.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


		CNA Financial Corporation

Dated: August 4, 2025	By	/s/ Scott R. Lindquist
		Scott R. Lindquist Executive Vice President and Chief Financial Officer (Duly authorized officer and principal financial officer)

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EXHIBIT INDEX


Description of Exhibit			Exhibit Number

Amended and Restated Investment Facilities and Services Agreement, dated July 1, 2025, by and among Loews/CNA Holdings, Inc., CNA Financial Corporation and the Participating Subsidiaries			10.1

General Release & Separation Agreement, dated July 3, 2025 between CNA Financial Corporation and Susan A. Stone			10.2

Certification of Chief Executive Officer			31.1

Certification of Chief Financial Officer			31.2

Written Statement of the Chief Executive Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002)			32.1

Written Statement of the Chief Financial Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002)			32.2

XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document			101.INS

Inline XBRL Taxonomy Extension Schema			101.SCH

Inline XBRL Taxonomy Extension Calculation Linkbase			101.CAL

Inline XBRL Taxonomy Extension Definition Linkbase			101.DEF

Inline XBRL Taxonomy Label Linkbase			101.LAB

Inline XBRL Taxonomy Extension Presentation Linkbase			101.PRE

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)			104.1

CNA FINANCIAL CORP - Quarter Report: 2025 June (Form 10-Q)

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