cna-20250505

FOR IMMEDIATE RELEASE

CNA FINANCIAL ANNOUNCES FIRST QUARTER 2025

NET INCOME OF $1.00 PER SHARE AND CORE INCOME OF $1.03 PER SHARE

•Net income of $274 million versus $338 million in the prior year quarter; core income of $281 million versus $355 million in the prior year quarter.

•P&C core income of $311 million versus $372 million, reflects lower underwriting results partially offset by higher net investment income.

•Life & Group results largely consistent with the prior year quarter.

•Corporate & Other core loss of $36 million versus $22 million in the prior year quarter. The current year quarter includes a $17 million after-tax charge related to unfavorable prior period development associated with legacy mass tort claims.

•Net investment income of $604 million pretax, reflects a $14 million decrease from limited partnerships and common stock to $54 million, partially offset by a $9 million increase from fixed income securities and other investments to $550 million.

•P&C combined ratio of 98.4%, compared with 94.6% in the prior year quarter, including 3.8 points of catastrophe loss impact in both quarters. The current year quarter also includes an unfavorable impact of 2.5 points from net prior period development driven by commercial auto in accident year 2024, compared to a favorable impact of 0.2 points in the prior year quarter.

•Catastrophe losses of $97 million pretax, includes $53 million for the California wildfires, versus $88 million in the prior year quarter.

•P&C underlying combined ratio was 92.1%, compared with 91.0% in the prior year quarter. P&C underlying loss ratio was 61.5% and the expense ratio was 30.2%.

•P&C segments, excluding third party captives, generated gross written premium growth of 7% and net written premium growth of 9%. Excluding currency fluctuations, gross written premiums grew 8% and net written premiums grew 10%. P&C renewal premium change of +6%, with written rate of +4% and exposure change of +2%.

•Book value per share of $37.98; book value per share excluding AOCI of $44.58, a 2% increase from year-end 2024 adjusting for $2.46 of dividends per share paid.

•Board of Directors declares regular quarterly cash dividend of $0.46 per share.

CHICAGO, May 5, 2025 --- CNA Financial Corporation (NYSE: CNA) today announced first quarter 2025 net income of $274 million, or $1.00 per share, versus $338 million, or $1.24 per share, in the prior year quarter. Net investment losses for the quarter were $7 million compared to $17 million in the prior year quarter. Core income for the quarter was $281 million, or $1.03 per share, versus $355 million, or $1.30 per share, in the prior year quarter.

Our Property & Casualty segments produced core income of $311 million for the first quarter of 2025, a decrease of $61 million compared to the prior year quarter resulting from lower underwriting results partially offset by higher net investment income. P&C segments, excluding third party captives, generated gross written premium growth of 7% and net written premium growth of 9%, due to retention of 86% and renewal premium change of +6%.

Our Life & Group segment produced core income of $6 million for the first quarter of 2025 compared to $5 million in the prior year quarter.

Our Corporate & Other segment produced a core loss of $36 million for the first quarter of 2025 versus $22 million in the prior year quarter primarily due to a $17 million after-tax charge related to unfavorable prior period development associated with legacy mass tort claims.

CNA Financial declared a quarterly dividend of $0.46 per share, payable June 5, 2025 to stockholders of record on May 19, 2025.


	Results for the Three Months Ended March 31
($ millions, except per share data)		2025		2024
Net income		$	274	$	338
Core income (a)		281		355

Net income per diluted share		$	1.00	$	1.24
Core income per diluted share		1.03		1.30


	March 31, 2025		December 31, 2024
Book value per share	$	37.98	$	38.82
Book value per share excluding AOCI		44.58		46.16

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

"We achieved $281 million of core income, our eighth consecutive quarter of pretax underlying underwriting gain of $200 million or greater, and an overall underwriting profit in a substantially elevated industry catastrophe quarter. Each of our operating segments produced solid growth and strong underlying profitability this quarter.

The P&C all-in combined ratio was 98.4% in the quarter and included 3.8 points of catastrophe loss driven by the California wildfires. The underlying combined ratio was 92.1%.

Gross written premiums excluding captives grew 7% in the quarter and net written premiums grew 9%. New business grew by 7% to $565 million in the quarter.

Rate increase was up a point in the quarter to 4% and renewal premium change was up two points to 6%. We continue to achieve significant rate increase in the social inflation impacted classes of business with excess casualty rates up three points this quarter to 14%. Specialty rate increase was up two points to 3% in the quarter. Retention was 86% for P&C and remained strong in all operating segments.

We are pleased with our overall performance in the first quarter amidst another quarter of significantly elevated industry catastrophes. Our core underlying results remain strong. We are well positioned to capitalize on the many opportunities to grow profitably for the remainder of 2025" said Douglas M. Worman, President & Chief Executive Officer of CNA Financial Corporation.

Property & Casualty Operations


	Results for the Three Months Ended March 31
($ millions)		2025			2024
Gross written premiums ex. 3rd party captives			$	3,142		$	2,936
GWP ex. 3rd party captives change (% year over year)			7		%
Net written premiums			$	2,606		$	2,390
NWP change (% year over year)			9		%
Net earned premiums			$	2,520		$	2,331
NEP change (% year over year)			8		%
Underwriting gain			$	40		$	126
Net investment income			$	362		$	357
Core income			$	311		$	372

Loss ratio			67.8		%	64.1		%
Less: Effect of catastrophe impacts			3.8			3.8
Less: Effect of unfavorable (favorable) development-related items			2.5			(0.2)
Underlying loss ratio			61.5		%	60.5		%

Expense ratio			30.2		%	30.1		%

Combined ratio			98.4		%	94.6		%
Underlying combined ratio			92.1		%	91.0		%

•The underlying combined ratio increased 1.1 points as compared with the prior year quarter. The underlying loss ratio increased 1.0 point as compared with the prior year quarter as a result of increases across each segment. The expense ratio was generally consistent with the prior year quarter.

•The combined ratio increased 3.8 points as compared with the prior year quarter. Unfavorable net prior period development increased the loss ratio by 2.5 points in the current quarter compared with 0.2 points of favorable development improving the loss ratio in the prior year quarter. Catastrophe losses were $97 million, or 3.8 points of the loss ratio in the quarter compared with $88 million, or 3.8 points of the loss ratio, for the prior year quarter.

Business Operating Highlights

Specialty


	Results for the Three Months Ended March 31
($ millions)		2025			2024
Gross written premiums ex. 3rd party captives			$	930		$	880
GWP ex. 3rd party captives change (% year over year)			6		%
Net written premiums			$	842		$	792
NWP change (% year over year)			6		%
Net earned premiums			$	830		$	814
NEP change (% year over year)			2		%


Underwriting gain			$	42		$	76

Loss ratio			61.4		%	58.6		%
Less: Effect of catastrophe impacts			—			—
Less: Effect of unfavorable (favorable) development-related items			1.3			(0.6)
Underlying loss ratio			60.1		%	59.2		%

Expense ratio			33.4		%	31.8		%

Combined ratio			95.1		%	90.7		%
Underlying combined ratio			93.8		%	91.3		%

•The underlying combined ratio increased 2.5 points as compared with the prior year quarter. The expense ratio increased 1.6 points as compared with the prior year quarter primarily due to higher acquisition costs and employee related costs. The underlying loss ratio increased 0.9 points as compared with the prior year quarter primarily resulting from continued pricing pressure in management liability lines.

•The combined ratio increased 4.4 points as compared with the prior year quarter. Unfavorable net prior period development, driven by auto warranty in accident year 2024, increased the loss ratio by 1.3 points in the current quarter compared with 0.6 points of favorable development improving the loss ratio in the prior year quarter.

•Gross written premiums, excluding third party captives, and net written premiums both grew 6% for the first quarter of 2025.

Commercial


	Results for the Three Months Ended March 31
($ millions)		2025			2024
Gross written premiums ex. 3rd party captives			$	1,839		$	1,682
GWP ex. 3rd party captives change (% year over year)			9		%
Net written premiums			$	1,498		$	1,338
NWP change (% year over year)			12		%
Net earned premiums			$	1,380		$	1,202
NEP change (% year over year)			15		%


Underwriting (loss) gain			$	(17)		$	29

Loss ratio			73.0		%	68.8		%
Less: Effect of catastrophe impacts			6.3			6.8
Less: Effect of unfavorable development-related items			3.8			—
Underlying loss ratio			62.9		%	62.0		%

Expense ratio			27.6		%	28.2		%

Combined ratio			101.1		%	97.6		%
Underlying combined ratio			91.0		%	90.8		%

•The underlying combined ratio increased 0.2 points as compared with the prior year quarter. The underlying loss ratio increased 0.9 points compared with the prior year quarter as a result of the continuation of elevated loss cost trends in commercial auto. The expense ratio improved 0.6 points primarily attributed to net earned premium growth of 15%.

•The combined ratio increased 3.5 points as compared with the prior year quarter. Unfavorable net prior period development, driven by commercial auto in accident year 2024, increased the loss ratio by 3.8 points in the current quarter compared with no net prior period development in the prior year quarter. Catastrophe losses were $86 million, or 6.3 points of the loss ratio in the quarter compared with $82 million, or 6.8 points of the loss ratio, for the prior year quarter.

•Gross written premiums, excluding third party captives, grew 9% and net written premiums grew 12% for the first quarter of 2025.

International


	Results for the Three Months Ended March 31
($ millions)		2025			2024
Gross written premiums			$	373		$	374
GWP change (% year over year)			—		%
Net written premiums			$	266		$	260
NWP change (% year over year)			2		%
Net earned premiums			$	310		$	315
NEP change (% year over year)			(2)		%


Underwriting gain			$	15		$	21

Loss ratio			62.1		%	60.1		%
Less: Effect of catastrophe impacts			3.6			2.0
Less: Effect of (favorable) unfavorable development-related items			—			—
Underlying loss ratio			58.5		%	58.1		%

Expense ratio			33.3		%	33.2		%

Combined ratio			95.4		%	93.3		%
Underlying combined ratio			91.8		%	91.3		%

•The underlying combined ratio increased 0.5 points as compared with the prior year quarter primarily due to a 0.4 points increase in the underlying loss ratio. The expense ratio was generally consistent with the prior year quarter.

•The combined ratio increased 2.1 points as compared with the prior year quarter. Catastrophe losses were $11 million, or 3.6 points of the loss ratio in the quarter compared with $6 million, or 2.0 points of the loss ratio, for the prior year quarter.

•Excluding currency fluctuations, gross written premiums grew 4% and net written premiums grew 7% for the first quarter of 2025.

Life & Group


	Results for the Three Months Ended March 31
($ millions)		2025			2024
Net earned premiums			$	106		$	110
Claims, benefits and expenses			330			341


Net investment income			226			$	231
Core income			6			5

Core income for the first quarter of 2025 was generally consistent with the prior year quarter, reflecting favorable persistency, partially offset by lower net investment income from limited partnerships.

Corporate & Other


	Results for the Three Months Ended March 31
($ millions)		2025			2024
Insurance claims and policyholders' benefits			$	9		$	(8)
Interest expense			32			34
Net investment income			16			21
Core loss			(36)			(22)

Core loss increased $14 million for the first quarter of 2025 as compared with the prior year quarter primarily due to a $17 million after-tax charge related to unfavorable prior period development associated with legacy mass tort claims.

Net Investment Income


	Results for the Three Months Ended March 31
		2025			2024
Fixed income securities and other			$	550		$	541
Limited partnership and common stock investments			54			68
Net investment income			$	604		$	609

Net investment income decreased $5 million for the first quarter of 2025 as compared with the prior year quarter reflecting the largely offsetting impacts of lower common stock returns and higher income from fixed income securities.

Stockholders' Equity

Stockholders’ equity of $10.3 billion decreased 2% from year-end 2024, primarily due to dividends paid to stockholders partially offset by net income.

Book value per share ex AOCI of $44.58 increased 2% from year-end 2024 adjusting for $2.46 of dividends per share.

As of March 31, 2025, statutory capital and surplus for the Combined Continental Casualty Companies was $11.0 billion.

About the Company

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

Contacts


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

Earnings Remarks & Materials

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

Definition of Reported Segments

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

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

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

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

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

Financial Measures

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

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

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

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

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

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

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

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

The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. The components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for Property & Casualty, Specialty, Commercial and International segments are set forth on pages 3, 4, 5 and 6, respectively.

Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes.

Rate represents the average change in price on policies that renew excluding exposure change.

Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy.

Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew.

New business represents premiums from policies written with new customers and additional policies written with existing customers.

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

Development-related items represents net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance.

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

The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.

Reconciliation of GAAP Measures to Non-GAAP Measures

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

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

Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure.


	Results for the Three Months Ended March 31
($ millions)		2025		2024
Net income		$	274	$	338
Less: Net investment losses		(7)		(17)

Core income		$	281	$	355

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

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


	Results for the Three Months Ended March 31
		2025		2024
Net income per diluted share		$	1.00	$	1.24
Less: Net investment losses		(0.03)		(0.06)

Core income per diluted share		$	1.03	$	1.30

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

Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities which are managed separately from our investing activities.

Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting results excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.


	Results for the Three Months Ended March 31, 2025
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	149	$	124	$	38	$	311
Net investment losses (gains), after tax	1		—		(1)		—

Core income	$	150	$	124	$	37	$	311

Less:
Net investment income	151		177		34		362
Non-insurance warranty revenue (expense)	12		—		—		12
Other revenue (expense), including interest expense	(14)		(2)		1		(15)
Income tax expense on core income	(41)		(34)		(13)		(88)
Underwriting gain (loss)	42		(17)		15		40
Effect of catastrophe losses	—		86		11		97
Effect of unfavorable development-related items	10		53		—		63
Underlying underwriting gain	$	52	$	122	$	26	$	200


	Results for the Three Months Ended March 31, 2024
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	167	$	144	$	37	$	348
Net investment losses, after tax	10		14		—		24

Core income	$	177	$	158	$	37	$	372

Less:
Net investment income	150		176		31		357
Non-insurance warranty revenue (expense)	13		—		—		13
Other revenue (expense), including interest expense	(14)		(4)		(2)		(20)
Income tax expense on core income	(48)		(43)		(13)		(104)
Underwriting gain	76		29		21		126
Effect of catastrophe losses	—		82		6		88
Effect of favorable development-related items	(5)		—		—		(5)
Underlying underwriting gain	$	71	$	111	$	27	$	209

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

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


	March 31, 2025		December 31, 2024
Book value per share	$	37.98	$	38.82
Less: Per share impact of AOCI	(6.60)		(7.34)
Book value per share excluding AOCI	$	44.58	$	46.16

Calculation of Return on Equity and Core Return on Equity

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


	Results for the Three Months Ended March 31
($ millions)		2025			2024
Annualized net income		$	1,096		$	1,351
Average stockholders' equity including AOCI (a)		10,396			9,778
Return on equity		10.5		%	13.8		%

Annualized core income		$	1,125		$	1,420
Average stockholders' equity excluding AOCI (a)		12,284			12,400
Core return on equity		9.2		%	11.5		%

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

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

Forward-Looking Statements

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

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

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

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

# # #

CNA Financial Corporation Supplemental Financial Information March 31, 2025 This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

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

Statements of Operations Three months ended March 31 (In millions) 2025 2024 Change Revenues: Net earned premiums $ 2,626 $ 2,441 8 % Net investment income 604 609 (1) Net investment losses (9) (22) Non-insurance warranty revenue 397 407 Other revenues 9 9 Total revenues 3,627 3,444 5 Claims, Benefits and Expenses: Insurance claims and policyholders’ benefits (re-measurement loss of $8 and $15) 2,027 1,807 Amortization of deferred acquisition costs 471 444 Non-insurance warranty expense 385 394 Other operating expenses 363 337 Interest expense 32 35 Total claims, benefits and expenses 3,278 3,017 (9) Income (loss) before income tax 349 427 Income tax (expense) benefit (75) (89) Net income (loss) $ 274 $ 338 (19) % 1

Components of Income (Loss), Per Share Data and Return on Equity Three months ended March 31 (In millions, except per share data) 2025 2024 Components of Income (Loss) Core income (loss) $ 281 $ 355 Net investment gains (losses) (7) (17) Net income (loss) $ 274 $ 338 Diluted Earnings (Loss) Per Common Share Core income (loss) $ 1.03 $ 1.30 Net investment gains (losses) (0.03) (0.06) Diluted earnings (loss) per share $ 1.00 $ 1.24 Weighted Average Outstanding Common Stock and Common Stock Equivalents Basic 271.3 271.6 Diluted 272.6 272.7 Return on Equity Net income (loss) (1) 10.5 % 13.8 % Core income (loss) (2) 9.2 11.5 (1) Annualized net income (loss) divided by the average stockholders' equity including accumulated other comprehensive income (loss) (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period. (2) Annualized core income (loss) divided by the average stockholders' equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period. 2

Selected Balance Sheet Data and Statements of Cash Flows Data (In millions, except per share data) March 31, 2025 December 31, 2024 Total investments $ 47,969 $ 47,482 Reinsurance receivables, net of allowance for uncollectible receivables 6,266 6,051 Total assets 67,326 66,492 Insurance reserves 46,389 45,480 Claim and claim adjustment expenses 25,581 24,976 Unearned premiums 7,504 7,346 Future policy benefits 13,304 13,158 Debt 2,974 2,973 Total liabilities 57,047 55,979 Accumulated other comprehensive income (loss) (1) (1,785) (1,991) Total stockholders' equity 10,279 10,513 Book value per common share $ 37.98 $ 38.82 Book value per common share excluding AOCI $ 44.58 $ 46.16 Outstanding shares of common stock (in millions of shares) 270.6 270.8 Statutory capital and surplus - Combined Continental Casualty Companies (2) $ 10,952 $ 11,165 Three Months Ended March 31 2025 2024 Net cash flows provided (used) by operating activities $ 638 $ 504 Net cash flows provided (used) by investing activities 88 (249) Net cash flows provided (used) by financing activities (722) (189) Net cash flows provided (used) by operating, investing and financing activities $ 4 $ 66 (1) As of March 31, 2025 and December 31, 2024, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $239 million and $353 million. (2) Statutory capital and surplus as of March 31, 2025 is preliminary. 3

Property & Casualty - Results of Operations Three months ended March 31 (In millions) 2025 2024 Change Gross written premiums $ 3,898 $ 3,742 4 % Gross written premiums ex. 3rd party captives 3,142 2,936 7 Net written premiums 2,606 2,390 9 Net earned premiums 2,520 2,331 8 Insurance claims and policyholders' benefits 1,718 1,503 Amortization of deferred acquisition costs 471 444 Insurance related administrative expenses 291 258 Underwriting gain (loss) 40 126 (68) Net investment income 362 357 1 Non-insurance warranty revenue 397 407 Other revenues 9 9 Non-insurance warranty expense 385 394 Other expenses 24 28 Interest expense — 1 Core income (loss) before income tax 399 476 Income tax (expense) benefit on core income (loss) (88) (104) Core income (loss) $ 311 $ 372 (16) % Other Performance Metrics Underwriting gain (loss) $ 40 $ 126 (68) % Effect of catastrophe losses 97 88 (Favorable) unfavorable net prior year loss reserve development 61 (7) (Favorable) unfavorable other development-related items (1) 2 2 Effect of (favorable) unfavorable development-related items 63 (5) Underlying underwriting gain (loss) $ 200 $ 209 (4) % Loss & LAE ratio 67.8 % 64.1 % (3.7) pts Expense ratio 30.2 30.1 (0.1) Dividend ratio 0.4 0.4 — Combined ratio 98.4 % 94.6 % (3.8) pts Less: Effect of catastrophe impacts 3.8 3.8 — Less: Effect of (favorable) unfavorable development-related items 2.5 (0.2) (2.7) Underlying combined ratio 92.1 % 91.0 % (1.1) pts Rate 4 % 4 % — pts Renewal premium change 6 % 6 % — pts Retention 86 % 85 % 1 pts New business $ 565 $ 529 7 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 4

Specialty - Results of Operations Three months ended March 31 (In millions) 2025 2024 Change Gross written premiums $ 1,672 $ 1,682 (1) % Gross written premiums ex. 3rd party captives 930 880 6 Net written premiums 842 792 6 Net earned premiums 830 814 2 Insurance claims and policyholders' benefits 511 479 Amortization of deferred acquisition costs 189 178 Insurance related administrative expenses 88 81 Underwriting gain (loss) 42 76 (45) Net investment income 151 150 1 Non-insurance warranty revenue 397 407 Other revenues 1 1 Non-insurance warranty expense 385 394 Other expenses 15 14 Interest expense — 1 Core income (loss) before income tax 191 225 Income tax (expense) benefit on core income (loss) (41) (48) Core income (loss) $ 150 $ 177 (15) % Other Performance Metrics Underwriting gain (loss) $ 42 $ 76 (45) % Effect of catastrophe losses — — (Favorable) unfavorable net prior year loss reserve development 10 (5) (Favorable) unfavorable other development-related items (1) — — Effect of (favorable) unfavorable development-related items 10 (5) Underlying underwriting gain (loss) $ 52 $ 71 (27) % Loss & LAE ratio 61.4 % 58.6 % (2.8) pts Expense ratio 33.4 31.8 (1.6) Dividend ratio 0.3 0.3 — Combined ratio 95.1 % 90.7 % (4.4) pts Less: Effect of catastrophe impacts — — — Less: Effect of (favorable) unfavorable development-related items 1.3 (0.6) (1.9) Underlying combined ratio 93.8 % 91.3 % (2.5) pts Rate 3 % 2 % 1 pts Renewal premium change 4 % 3 % 1 pts Retention 89 % 88 % 1 pts New business $ 112 $ 94 19 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 5

Commercial - Results of Operations Three months ended March 31 (In millions) 2025 2024 Change Gross written premiums $ 1,853 $ 1,686 10 % Gross written premiums ex. 3rd party captives 1,839 1,682 9 Net written premiums 1,498 1,338 12 Net earned premiums 1,380 1,202 15 Insurance claims and policyholders' benefits 1,015 835 Amortization of deferred acquisition costs 219 200 Insurance related administrative expenses 163 138 Underwriting gain (loss) (17) 29 (159) Net investment income 177 176 1 Other revenues 8 8 Other expenses 10 12 Core income (loss) before income tax 158 201 Income tax (expense) benefit on core income (loss) (34) (43) Core income (loss) $ 124 $ 158 (22) % Other Performance Metrics Underwriting gain (loss) $ (17) $ 29 (159) % Effect of catastrophe losses 86 82 (Favorable) unfavorable net prior year loss reserve development 51 (2) (Favorable) unfavorable other development-related items (1) 2 2 Effect of (favorable) unfavorable development-related items 53 — Underlying underwriting gain (loss) $ 122 $ 111 10 % Loss & LAE ratio 73.0 % 68.8 % (4.2) pts Expense ratio 27.6 28.2 0.6 Dividend ratio 0.5 0.6 0.1 Combined ratio 101.1 % 97.6 % (3.5) pts Less: Effect of catastrophe impacts 6.3 6.8 0.5 Less: Effect of (favorable) unfavorable development-related items 3.8 — (3.8) Underlying combined ratio 91.0 % 90.8 % (0.2) pts Rate 6 % 6 % — pts Renewal premium change 7 % 8 % (1) pts Retention 84 % 85 % (1) pts New business $ 370 $ 367 1 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 6

International - Results of Operations Three months ended March 31 (In millions) 2025 2024 Change Gross written premiums $ 373 $ 374 — % Net written premiums 266 260 2 Net earned premiums 310 315 (2) Insurance claims and policyholders' benefits 192 189 Amortization of deferred acquisition costs 63 66 Insurance related administrative expenses 40 39 Underwriting gain (loss) 15 21 (29) Net investment income 34 31 10 Other revenues — — Other expenses (1) 2 Core income (loss) before income tax 50 50 Income tax (expense) benefit on core income (loss) (13) (13) Core income (loss) $ 37 $ 37 — % Other Performance Metrics Underwriting gain (loss) $ 15 $ 21 (29) % Effect of catastrophe losses 11 6 (Favorable) unfavorable net prior year loss reserve development — — (Favorable) unfavorable other development-related items (1) — — Effect of (favorable) unfavorable development-related items — — Underlying underwriting gain (loss) $ 26 $ 27 (4) % Loss & LAE ratio 62.1 % 60.1 % (2.0) pts Expense ratio 33.3 33.2 (0.1) Dividend ratio — — — Combined ratio 95.4 % 93.3 % (2.1) pts Less: Effect of catastrophe impacts 3.6 2.0 (1.6) Less: Effect of (favorable) unfavorable development-related items — — — Underlying combined ratio 91.8 % 91.3 % (0.5) pts Rate (2) % 1 % (3) pts Renewal premium change 1 % 3 % (2) pts Retention 85 % 82 % 3 pts New business $ 83 $ 68 22 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 7

Life & Group - Results of Operations Three months ended March 31 (In millions) 2025 2024 Net earned premiums $ 106 $ 110 Net investment income 226 231 Other revenues — — Total operating revenues 332 341 Insurance claims and policyholders' benefits 300 312 Insurance related administrative expenses 30 29 Other expenses — — Total claims, benefits and expenses 330 341 Core income (loss) before income tax 2 — Income tax (expense) benefit on core income (loss) 4 5 Core income (loss) $ 6 $ 5 8

Corporate & Other - Results of Operations Three months ended March 31 (In millions) 2025 2024 Net earned premiums $ — $ — Net investment income 16 21 Other revenues — — Total operating revenues 16 21 Insurance claims and policyholders' benefits 9 (8) Insurance related administrative expenses — — Interest expense 32 34 Other expenses 18 22 Total claims, benefits and expenses 59 48 Core income (loss) before income tax (43) (27) Income tax (expense) benefit on core income (loss) 7 5 Core income (loss) $ (36) $ (22) 9

Investment Summary - Consolidated March 31, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 25,728 $ (647) $ 24,944 $ (882) States, municipalities and political subdivisions: Tax-exempt 3,035 (130) 3,167 (48) Taxable 3,609 (472) 3,637 (544) Total states, municipalities and political subdivisions 6,644 (602) 6,804 (592) Asset-backed: RMBS 3,438 (406) 3,244 (481) CMBS 1,665 (105) 1,681 (131) Other ABS 3,610 (192) 3,541 (215) Total asset-backed 8,713 (703) 8,466 (827) U.S. Treasury and obligations of government-sponsored enterprises 218 (1) 220 — Foreign government 670 (18) 677 (24) Redeemable preferred stock — — — — Total fixed maturity securities 41,973 (1,971) 41,111 (2,325) Equities: Common stock 182 — 180 — Non-redeemable preferred stock 513 — 479 — Total equities 695 — 659 — Limited partnership investments: Hedge funds 360 — 359 — Private equity funds 2,212 — 2,161 — Total limited partnership investments 2,572 — 2,520 — Other invested assets 96 — 85 — Mortgage loans 1,049 — 1,019 — Short-term investments 1,584 — 2,088 — Total investments $ 47,969 $ (1,971) $ 47,482 $ (2,325) Net receivable/(payable) on investment activity $ (92) $ 16 Effective duration (in years) 6.3 6.2 Weighted average rating (1) A A RMBS - Residential mortgage-backed securities CMBS - Commercial mortgage-backed securities Other ABS - Other asset-backed securities (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 10

Investment Summary - Property & Casualty and Corporate & Other March 31, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 14,900 $ (435) $ 14,755 $ (538) States, municipalities and political subdivisions: Tax-exempt 959 (211) 983 (189) Taxable 2,225 (399) 2,157 (446) Total states, municipalities and political subdivisions 3,184 (610) 3,140 (635) Asset-backed: RMBS 3,436 (406) 3,242 (481) CMBS 1,643 (103) 1,659 (128) Other ABS 3,049 (92) 2,979 (105) Total asset-backed 8,128 (601) 7,880 (714) U.S. Treasury and obligations of government-sponsored enterprises 209 (1) 211 — Foreign government 624 (8) 631 (14) Redeemable preferred stock — — — — Total fixed maturity securities 27,045 (1,655) 26,617 (1,901) Equities: Common stock 182 — 180 — Non-redeemable preferred stock 143 — 115 — Total equities 325 — 295 — Limited partnership investments: Hedge funds 319 — 275 — Private equity funds 1,963 — 1,653 — Total limited partnership investments 2,282 — 1,928 — Other invested assets 96 — 85 — Mortgage loans 875 — 844 — Short-term investments 1,529 — 2,040 — Total investments $ 32,152 $ (1,655) $ 31,809 $ (1,901) Net receivable/(payable) on investment activity $ (90) $ 7 Effective duration (in years) 4.4 4.3 Weighted average rating (1) A A (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 11

Investment Summary - Life & Group March 31, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 10,828 $ (212) $ 10,189 $ (344) States, municipalities and political subdivisions: Tax-exempt 2,076 81 2,184 141 Taxable 1,384 (73) 1,480 (98) Total states, municipalities and political subdivisions 3,460 8 3,664 43 Asset-backed: RMBS 2 — 2 — CMBS 22 (2) 22 (3) Other ABS 561 (100) 562 (110) Total asset-backed 585 (102) 586 (113) U.S. Treasury and obligations of government-sponsored enterprises 9 — 9 — Foreign government 46 (10) 46 (10) Redeemable preferred stock — — — — Total fixed maturity securities 14,928 (316) 14,494 (424) Equities: Common stock — — — — Non-redeemable preferred stock 370 — 364 — Total equities 370 — 364 — Limited partnership investments: Hedge funds 41 — 84 — Private equity funds 249 — 508 — Total limited partnership investments 290 — 592 — Other invested assets — — — — Mortgage loans 174 — 175 — Short-term investments 55 — 48 — Total investments $ 15,817 $ (316) $ 15,673 $ (424) Net receivable/(payable) on investment activity $ (2) $ 9 Effective duration (in years) 9.8 9.8 Weighted average rating (1) A- A- (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 12

Investments - Fixed Maturity Securities by Credit Rating March 31, 2025 U.S. Government, Government agencies and Government-sponsored enterprises AAA AA A BBB Non-investment grade Total (In millions) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Corporate and other bonds $ — $ — $ 25 $ — $ 716 $ (24) $ 8,022 $ (150) $ 15,378 $ (432) $ 1,587 $ (41) $ 25,728 $ (647) States, municipalities and political subdivisions — — 1,079 (73) 4,279 (408) 1,078 (70) 191 (44) 17 (7) 6,644 (602) Asset-backed: RMBS 2,825 (308) 597 (101) 8 — — — — — 8 3 3,438 (406) CMBS — — 730 (9) 616 (48) 155 (14) 124 (16) 40 (18) 1,665 (105) Other ABS — — 465 (14) 261 (61) 1,418 (48) 1,283 (52) 183 (17) 3,610 (192) Total asset-backed 2,825 (308) 1,792 (124) 885 (109) 1,573 (62) 1,407 (68) 231 (32) 8,713 (703) U.S. Treasury and obligations of government-sponsored enterprises 218 (1) — — — — — — — — — — 218 (1) Foreign government — — 184 (1) 347 (4) 38 (6) 101 (7) — — 670 (18) Redeemable preferred stock — — — — — — — — — — — — — — Total fixed maturity securities $ 3,043 $ (309) $ 3,080 $ (198) $ 6,227 $ (545) $ 10,711 $ (288) $ 17,077 $ (551) $ 1,835 $ (80) $ 41,973 $ (1,971) Percentage of total fixed maturity securities 7 % 7 % 15 % 26 % 41 % 4 % 100 % 13

Components of Net Investment Income Three months ended March 31 Consolidated (In millions) 2025 2024 Taxable fixed income securities $ 496 $ 472 Tax-exempt fixed income securities 34 38 Total fixed income securities 530 510 Common stock (2) 14 Limited partnerships - hedge funds 8 12 Limited partnerships - private equity funds 48 42 Total limited partnership and common stock investments 54 68 Other, net of investment expense 20 31 Net investment income $ 604 $ 609 Effective income yield for fixed income securities portfolio 4.8 % 4.7 % Limited partnership and common stock return 2.0 2.9 Property & Casualty and Corporate & OtherThree months ended March 31 (In millions) 2025 2024 Taxable fixed income securities $ 304 $ 291 Tax-exempt fixed income securities 9 10 Total fixed income securities 313 301 Common stock (2) 14 Limited partnerships - hedge funds 6 7 Limited partnerships - private equity funds 37 23 Total limited partnership and common stock investments 41 44 Other, net of investment expense 24 33 Net investment income $ 378 $ 378 Effective income yield for fixed income securities portfolio 4.3 % 4.3 % Three months ended March 31 Life & Group (In millions) 2025 2024 Taxable fixed income securities $ 192 $ 181 Tax-exempt fixed income securities 25 28 Total fixed income securities 217 209 Common stock — — Limited partnerships - hedge funds 2 5 Limited partnerships - private equity funds 11 19 Total limited partnership and common stock investments 13 24 Other, net of investment expense (4) (2) Net investment income $ 226 $ 231 Effective income yield for fixed income securities portfolio 5.7 % 5.6 % 14

Net Investment Gains (Losses) Three months ended March 31 Consolidated (In millions) 2025 2024 Fixed maturity securities: Corporate and other bonds $ (9) $ (17) States, municipalities and political subdivisions (1) — Asset-backed 1 (15) Total fixed maturity securities (9) (32) Non-redeemable preferred stock — 11 Derivatives, short-term and other — (1) Net investment gains (losses) (9) (22) Income tax benefit (expense) on net investment gains (losses) 2 5 Net investment gains (losses), after tax $ (7) $ (17) 15

Claim & Claim Adjustment Expense Reserve Rollforward Three months ended March 31, 2025 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 7,426 $ 11,336 $ 2,920 $ 21,682 $ 622 $ 2,672 $ 24,976 Ceded 1,447 1,397 504 3,348 81 2,284 5,713 Net 5,979 9,939 2,416 18,334 541 388 19,263 Net incurred claim & claim adjustment expenses 509 1,008 192 1,709 5 26 1,740 Net claim & claim adjustment expense payments (411) (706) (149) (1,266) (11) (15) (1,292) Foreign currency translation adjustment and other — (1) 53 52 — 1 53 Claim & claim adjustment expense reserves, end of period Net 6,077 10,240 2,512 18,829 535 400 19,764 Ceded 1,495 1,468 534 3,497 81 2,239 5,817 Gross $ 7,572 $ 11,708 $ 3,046 $ 22,326 $ 616 $ 2,639 $ 25,581 16

Life & Group Policyholder Reserves March 31, 2025 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 541 $ 13,158 $ 13,699 Incurred claims and policyholders' benefits (1) 5 294 299 Benefit and expense payments (11) (293) (304) Change in discount rate assumptions and other (AOCI) — 145 145 End of Period $ 535 $ 13,304 $ 13,839 December 31, 2024 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 582 $ 13,959 $ 14,541 Incurred claims and policyholders' benefits (1) 24 1,286 1,310 Benefit and expense payments (45) (1,187) (1,232) Change in discount rate assumptions and other (AOCI) (20) (900) (920) End of Period $ 541 $ 13,158 $ 13,699 (1) Incurred claims and policyholders' benefits above does not agree to Net incurred claims and benefits as reflected in Note J to the Condensed Consolidated Financial Statements included under Part I, Item 1 of the Quarterly Report on Form 10-Q due to the timing of benefit and expense cash flows in determining Future Policy Benefit reserves, along with the allowable expenses in the reserve. 17

Definitions and Presentation • Collectively, CNA Financial Corporation (CNAF) and its subsidiaries are referred to as CNA or the Company. • P&C Operations includes Specialty, Commercial and International. • Life & Group segment includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. • Corporate & Other segment primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including CNA Re, asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and certain legacy mass tort reserves. • Management uses the core income (loss) financial measure to monitor the Company’s operations for the Specialty, Commercial and International segments. Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate the Company's primary operations. Please refer to Note P to the Consolidated Financial Statements within the December 31, 2024 Form 10-K for further discussion regarding how the Company manages its business. • In evaluating the results of the Specialty, Commercial and International segments, management uses the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represents net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. In addition, management also utilizes renewal premium change, rate, retention and new business in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written with existing customers. 18

• Management uses underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor our insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and other insurance related expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, which are managed separately from our investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. • This financial supplement may also reference or contain financial measures utilized to monitor the Company's investment portfolio that are not in accordance with GAAP. The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk. • For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to CNA's filings with the Securities and Exchange Commission, available at www.cna.com. • Gross written premiums ex. 3rd party captives represents gross written premiums excluding business which is ceded to third party captives, including business related to large warranty programs. • Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices. • Net investment income from fixed income securities, as presented, includes both fixed maturity securities and non-redeemable preferred stock. • Certain immaterial differences are due to rounding. • N/M = Not Meaningful 19

CNA Financial Corporation First Quarter 2025 Results May 5, 2025

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

• Net income of $274 million versus $338 million in the prior year quarter; core income of $281 million versus $355 million in the prior year quarter. • P&C core income of $311 million versus $372 million, reflects lower underwriting results partially offset by higher net investment income. • Life & Group results largely consistent with the prior year quarter. • Corporate & Other core loss of $36 million versus $22 million in the prior year quarter. The current year quarter includes a $17 million after-tax charge related to unfavorable prior period development associated with legacy mass tort claims. • Net investment income of $604 million pretax, reflects a $14 million decrease from limited partnerships and common stock to $54 million, partially offset by a $9 million increase from fixed income securities and other investments to $550 million. • P&C combined ratio of 98.4%, compared with 94.6% in the prior year quarter, including 3.8 points of catastrophe loss impact in both quarters. The current year quarter also includes an unfavorable impact of 2.5 points from net prior period development driven by commercial auto in accident year 2024, compared to a favorable impact of 0.2 points in the prior year quarter. • Catastrophe losses of $97 million pretax, includes $53 million for the California wildfires, versus $88 million in the prior year quarter. • P&C underlying combined ratio was 92.1%, compared with 91.0% in the prior year quarter. P&C underlying loss ratio was 61.5% and the expense ratio was 30.2%. • P&C segments, excluding third party captives, generated gross written premium growth of 7% and net written premium growth of 9%. Excluding currency fluctuations, gross written premiums grew 8% and net written premiums grew 10%. P&C renewal premium change of +6%, with written rate of +4% and exposure change of +2%. • Book value per share of $37.98; book value per share excluding AOCI of $44.58, a 2% increase from year-end 2024 adjusting for $2.46 of dividends per share paid. • Board of Directors declares regular quarterly cash dividend of $0.46 per share 3 First Quarter Overview

Financial Performance 4 (In millions, except ratios and per share data) First Quarter 2025 2024 Change Revenues $3,627 $3,444 5 % Core income 281 355 (21) % Net income 274 338 (19) % Diluted earnings per common share: Core income $1.03 $1.30 (21) % Net income 1.00 1.24 (19) % Core ROE 9.2 % 11.5 % (2.3) pts Solid core income despite actions to strengthen commercial auto underlying loss ratio and prior accident year reserves, and elevated industry catastrophe losses

Continued strong premium growth and underlying combined ratio 5 (In millions, except ratios) First Quarter 2025 2024 GWP ex. 3rd party captives $3,142 $2,936 GWP change (% year over year) 7 % Net written premium $2,606 $2,390 NWP change (% year over year) 9 % Net earned premium $2,520 $2,331 NEP change (% year over year) 8 % Underwriting gain $40 $126 Loss ratio 67.8 % 64.1 % Less: Effect of catastrophes impacts 3.8 % 3.8 % Less: Effect of unfavorable (favorable) development-related items 2.5 % (0.2) % Underlying loss ratio 61.5 % 60.5 % Expense ratio 30.2 % 30.1 % Combined ratio 98.4 % 94.6 % Underlying combined ratio 92.1 % 91.0 % Property & Casualty Operations

Improved rate and renewal premium change, and stable retention 6 Property & Casualty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 4% 4% 3% 3% 4% 6% 5% 5% 4% 6% 85% 85% 85% 86% 86% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $2,936 $3,203 $2,825 $3,230 $3,142 New Business ($M) $529 $595 $547 $591 $565 Specialty Rate 2% —% —% 1% 3% Retention 88% 90% 89% 89% 89% Commercial Rate 6% 7% 6% 6% 6% Retention 85% 84% 84% 84% 84% International Rate 1% —% (2)% (3)% (2)% Retention 82% 80% 82% 85% 85% Property & Casualty Production Metrics

Highest quarterly growth in 11 quarters 7 (In millions, except ratios) First Quarter 2025 2024 GWP ex. 3rd party captives $930 $880 GWP change (% year over year) 6 % Net written premium $842 $792 NWP change (% year over year) 6 % Net earned premium $830 $814 NEP change (% year over year) 2 % Underwriting gain $42 $76 Loss ratio 61.4 % 58.6 % Less: Effect of catastrophes impacts — % — % Less: Effect of unfavorable (favorable) development-related items 1.3 % (0.6) % Underlying loss ratio 60.1 % 59.2 % Expense ratio 33.4 % 31.8 % Combined ratio 95.1 % 90.7 % Underlying combined ratio 93.8 % 91.3 % Specialty

Maintaining strong retention with improvement in rate 8 Specialty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 —% —% 3% 1% 2% 3% 4% 88% 90% 89% 89% 89% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $880 $984 $982 $1,049 $930 New Business ($M) $94 $118 $129 $121 $112 FI & Mgmt Liability Rate (3)% (6)% (5)% (4)% (1)% Retention 90% 92% 91% 89% 89% Affinity Professional E&O Rate 2% 3% 2% 3% 2% Retention 92% 92% 91% 93% 93% Medical Malpractice Rate 7% 9% 7% 9% 7% Retention 80% 85% 83% 84% 85% Surety Net Written Premiums $184 $175 $176 $157 $204 Warranty & Alt. Risks Revenues $461 $459 $452 $443 $445 Specialty Production Metrics 2% 3%1%

9 (In millions, except ratios) First Quarter 2025 2024 GWP ex. 3rd party captives $1,839 $1,682 GWP change (% year over year) 9 % Net written premium $1,498 $1,338 NWP change (% year over year) 12 % Net earned premium $1,380 $1,202 NEP change (% year over year) 15 % Underwriting (loss) gain ($17) $29 Loss ratio 73.0 % 68.8 % Less: Effect of catastrophes impacts 6.3 % 6.8 % Less: Effect of unfavorable development-related items 3.8 % — % Underlying loss ratio 62.9 % 62.0 % Expense ratio 27.6 % 28.2 % Combined ratio 101.1 % 97.6 % Underlying combined ratio 91.0 % 90.8 % Double-digit NWP growth and excellent underlying results Commercial

10 Commercial Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 6% 7% 6% 6% 6% 8% 7% 8% 7% 7% 85% 84% 84% 84% 84% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $1,682 $1,802 $1,538 $1,794 $1,839 New Business ($M) $367 $405 $345 $395 $370 Middle Market Rate 5% 5% 4% 4% 4% Retention 83% 84% 85% 84% 84% Construction Rate 8% 9% 9% 9% 9% Retention 86% 87% 84% 86% 82% National Accounts Rate 8% 7% 6% 6% 5% Retention 87% 83% 85% 84% 88% Small Business Rate 3% 4% 4% 5% 5% Retention 81% 79% 80% 81% 82% Marine / Other Net Written Premium $104 $116 $95 $94 $111 Stable rate, retention and renewal premium change Commercial Production Metrics

1 Excluding currency fluctuations, GWP grew 4% and NWP grew 7% for the first quarter of 2025. NWP growth ex. currency fluctuations up 7% with consistently profitable results 11 (In millions, except ratios) First Quarter 2025 2024 Gross written premium $373 $374 GWP change (% year over year)1 — % Net written premium $266 $260 NWP change (% year over year)1 2 % Net earned premium $310 $315 NEP change (% year over year) (2) % Underwriting gain $15 $21 Loss ratio 62.1 % 60.1 % Less: Effect of catastrophes impacts 3.6 % 2.0 % Less: Effect of (favorable) unfavorable development-related items — % — % Underlying loss ratio 58.5 % 58.1 % Expense ratio 33.3 % 33.2 % Combined ratio 95.4 % 93.3 % Combined ratio excl. catastrophes and development 91.8 % 91.3 % International

Current quarter reflects favorable persistency partially offset by lower investment income from LPs 12 (In millions) First Quarter 2025 2024 Net earned premiums $106 $110 Total claims, benefits and expenses 330 341 Net investment income 226 231 Core income before income tax 2 — Income tax benefit 4 5 Core income $6 $5 Life & Group

609 618 626 644 604 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 510 520 525 529 530 4.7% 4.8% 4.8% 4.8% 4.8% Fixed Income Effective Yield (Pretax) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 68 78 80 94 54 2.9% 3.1% 3.1% 3.5% 2.0% Limited Partnership & Common Stock Return (Pretax) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 $M $M $M 13 • Net investment income from fixed income is up 4% year-over-year • Fixed income benefited from strong operating cash flows and the continued impact of favorable reinvestment rates • Solid limited partnership and common stock returns in the quarter; trailing twelve month return of 12% Pretax Net Investment Income Strong contributions from fixed income and limited partnerships

6% 4% 3% 2% 2% 1% 14 Life & Group 9.8 yrs P&C and Corporate 4.4 yrs Total 6.3 yrs 1 AAA includes obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises. AA 15% A 26% BBB 41% Corporate & Other 53% Municipals 14% Other ABS 8% RMBS 7% AAA 1 14% Non-IG 4% LPs & Common Stock Short Term & Other CMBS Mortgage Loans Other Fixed Income Preferred Stock Investment Portfolio High quality, diversified and liquid investment portfolio Effective Portfolio Duration • 89% of total invested assets are in fixed income securities • High-quality portfolio with an average credit rating of “A” • Duration well matched with insurance liabilities • Net unrealized loss improved from year-end driven by lower risk-free rates Fixed Maturities by Rating Portfolio Composition Highlights

Conservative capital and debt profile support business objectives Capital • Financial strength ratings from all four rating agencies were affirmed in the past year • Moody’s and AM Best maintain positive outlooks; S&P and Fitch maintain stable outlooks • Statutory surplus remains very strong • Adjusting for dividends, book value per share ex. AOCI increased 2% Leverage • Debt maturity schedule is termed out to effectively manage refinancing • Next debt maturity of $500M in the first quarter of 2026 Liquidity • Ample liquidity at both holding and operating company levels to meet obligations (In millions, except per share data) Mar 31, 2025 Dec 31, 2024 Debt $2,974 $2,973 Stockholders' equity 10,279 10,513 Total capital $13,253 $13,486 AOCI (1,785) (1,991) Capital ex. AOCI $ 15,038 $ 15,477 BVPS ex. AOCI $44.58 $46.16 Dividends per share (YTD) $2.46 $3.76 Debt-to-capital 22.4 % 22.0 % Debt-to-capital ex. AOCI 19.8 % 19.2 % Statutory surplus 10,952 $11,165 Holding company liquidity 1 $816 $1,207 15 1 Includes $250 million available under credit facility Financial Strength

APPENDIX 16

Results for the Three Months Ended March 31 2025 2024 Net income $274 $338 Less: Net investment losses (7) (17) Core income $281 $355 Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate our primary operations. Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share Results for the Three Months Ended March 31 2025 2024 Net income per diluted share $1.00 $1.24 Less: Net investment losses (0.03) (0.06) Core income per diluted share $1.03 $1.30 Core income (loss) per diluted share provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis. 17 Reconciliation of Net Income (Loss) to Core Income (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures

18 Results for the Three Months Ended March 31, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 149 $ 124 $ 38 $ 311 Net investment losses (gains), after tax 1 — (1) — Core income $ 150 $ 124 $ 37 $ 311 Less: Net investment income 151 177 34 362 Non-insurance warranty revenue (expense) 12 — — 12 Other revenue (expense), including interest expense (14) (2) 1 (15) Income tax expense on core income (41) (34) (13) (88) Underwriting gain (loss) 42 (17) 15 40 Effect of catastrophe losses — 86 11 97 Effect of unfavorable development-related items 10 53 — 63 Underlying underwriting gain $ 52 $ 122 $ 26 $ 200 Reconciliation of Net Income to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss) Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities which are managed separately from our investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting results excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. Reconciliation of GAAP Measures to Non-GAAP Measures

19 Results for the Three Months Ended March 31, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 167 $ 144 $ 37 $ 348 Net investment losses, after tax 10 14 — 24 Core income $ 177 $ 158 $ 37 $ 372 Less: Net investment income 150 176 31 357 Non-insurance warranty revenue (expense) 13 — — 13 Other revenue (expense), including interest expense (14) (4) (2) (20) Income tax expense on core income (48) (43) (13) (104) Underwriting gain 76 29 21 126 Effect of catastrophe losses — 82 6 88 Effect of favorable development-related items (5) — — (5) Underlying underwriting gain $ 71 $ 111 $ 27 $ 209 The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance. The components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for Property & Casualty, Specialty, Commercial and International segments are set forth on pages 6, 8, 10 and 12, respectively. Components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio Reconciliation of GAAP Measures to Non-GAAP Measures

March 31, 2025 December 31, 2024 Book value per share $37.98 $38.82 Less: Per share impact of AOCI (6.60) (7.34) Book value per share excluding AOCI $44.58 $46.16 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Calculation of Return on Equity and Core Return on Equity Results for the Three Months Ended March 31 ($ millions) 2025 2024 Annualized net income $1,096 $1,351 Average stockholders' equity including AOCI (a) 10,396 9,778 Return on equity 10.5 % 13.8 % Annualized core income $1,125 $1,420 Average stockholders' equity excluding AOCI (a) 12,284 12,400 Core return on equity 9.2 % 11.5 % Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations. a Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period. 20 Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI Reconciliation of GAAP Measures to Non-GAAP Measures

CNA Financial First Quarter 2025 Earnings Remarks

Douglas M. Worman, President and Chief Executive Officer:

In a quarter marked by substantially elevated industry catastrophe losses, we produced solid core income while achieving an overall underwriting gain. The consistent strength of our underlying portfolio generated the eighth consecutive quarter of pre-tax underlying underwriting gain of $200 million or greater, and we continue to grow our top-line at a strong pace.

Core income was $281 million in the quarter with pretax net investment income of $604 million, which was in line with the prior year quarter. Growth in fixed income was offset by lower but still strong returns in our limited partnership and common stock portfolio.

The P&C all-in combined ratio was 98.4% in the quarter, including $97 million, or 3.8 points, of catastrophe loss. This includes $53 million for the California wildfires, which is consistent with our previous estimate, and $44 million for other events, the majority of which is related to March severe storm activity. Prior period development for P&C overall was unfavorable by $63 million, or 2.5 points of the combined ratio, and was driven by accident year 2024 in our commercial auto and auto warranty businesses. The P&C underlying combined ratio was 92.1%. The underlying loss ratio was 61.5% and the expense ratio was 30.2%.

Gross written premiums excluding captives grew 7%, or 8% excluding currency fluctuation. Net written premium growth remained strong at 9% and 10% excluding currency fluctuations. New business was up 7% in the quarter to $565 million with positive growth in all three operating segments.

Rate increase was 4% in the quarter, up one point compared to the fourth quarter, and renewal premium change was up two points to 6%. In the U.S., which has been more significantly impacted by social inflation, rates were up a point to 5%, the highest level in six quarters. The increase was fueled by excess casualty, which was up three points compared to the fourth quarter, and commercial auto, which was up one point. Retention continued to be strong at 86% in total, similar to the fourth quarter even with the higher rate increase.

Turning to our three operating segments, the all-in combined ratio for Commercial was 101.1%. Catastrophe losses of $86 million in the quarter added 6.3 points to the combined ratio, reflective of the California wildfires and other storm activity throughout the quarter. Unfavorable prior period development of $53 million added 3.8 points to the combined ratio. The loss development in the quarter was driven by commercial auto and was largely attributable to accident year 2024 in our construction business unit. The underlying combined ratio was 91.0%, up 0.2 points compared to the prior year quarter. The expense ratio improved 0.6 points to 27.6%. The underlying loss ratio was 62.9% and reflects a 0.9 point increase compared to the first quarter of 2024 and a 0.4 point increase compared to the latter half of 2024.

We continue to observe elevated bodily injury loss cost trends in commercial auto in recent periods. This higher level of claim severity was the primary catalyst for both the unfavorable prior year reserve development as well as the increase in the underlying loss ratio for the Commercial segment, which more than offset underlying loss ratio improvement in the remainder of the casualty portfolio compared to the prior year quarter. In response to these dynamics, we are pushing for more rate, and obtained a rate increase of 18% in the first quarter. In addition, we continue to optimize our underwriting appetite and other terms and conditions across geographies.

Although we raised our commercial auto long-run loss cost trend this quarter, there were other puts and takes on long-run loss cost trends across our Specialty, Commercial and International segments. The balance of those changes is that the long-run loss cost trend remains around 6.5% in aggregate across all of CNA’s classes of business.

In Commercial, gross written premiums excluding captives grew by 9% in the quarter. Net written premium growth was 12%. New business grew 1% in the quarter as we wrote less new business in our national accounts portfolio due to competitive pressures and exercised caution on commercial auto due to the previously mentioned pressures in that class.

Rate increase was 6% in the quarter and renewal premium change was 7%, each consistent with the fourth quarter. Excluding workers’ compensation, rate increase was 8% and renewal premium change was 9%. As mentioned previously, rates for excess casualty were up three points to 14%, and for the commercial casualty classes in aggregate rates were up a point in the quarter to low double-digit levels and continue to exceed even our increased long-run loss cost trend assumption. Retention continues to be very stable in Commercial at 84%.

Within Specialty, the all-in combined ratio was 95.1%. Unfavorable prior period development of $10 million added 1.3 points to the combined ratio. The loss development in the quarter was attributable to auto warranty in accident year 2024. Since the pandemic, vehicle owners have been keeping their vehicles for longer periods of time, recently resulting in a higher frequency of warranty claims on top of the sustained higher severity levels from replacement part costs and labor rates following the pandemic. We have reacted quickly to that dynamic and increased our 2024 accident year reserves accordingly.

The underlying combined ratio in Specialty was 93.8%, consistent with the fourth quarter. The expense ratio was 33.4% and the underlying loss ratio was 60.1%. While the underlying loss ratio was consistent with last quarter, it was up 0.9 points compared to the first quarter of 2024 for similar reasons that we previously discussed in the latter half of 2024. While rates improved in financial and management liability lines this quarter, in aggregate they are still negative and the protracted period of rates below the mid single-digit long-run loss cost trends portends margin compression. Accordingly, we have continued to react to that dynamic in our current accident year loss ratios rather than waiting to see how it plays out over time.

Within Specialty, gross written premiums excluding captives and net written premiums each grew by 6% in the quarter reflecting the strongest quarterly growth in nearly three years. New business growth of 19% was also at the strongest level in three years as we capitalized on opportunities in our affinity business and healthcare portfolios.

In Specialty, rate increase was 3% this quarter, up two points compared to last quarter and the strongest quarterly rate since 2022. The improvement is mostly due to improving rate levels in aggregate within financial and management liability lines. After many quarters of rate declines, public D&O and cyber rates turned slightly positive this quarter. Retention in Specialty remains consistent and strong at 89%.

For International, the all-in combined ratio was 95.4% in the quarter, including $11 million, or 3.6 points, of catastrophe loss compared to 2.0 points in the prior year quarter. The underlying combined ratio was 91.8%. The expense ratio was 33.3% and the underlying loss ratio was 58.5%.

Gross written premiums were flat in the quarter but grew by 4% excluding currency fluctuations. Net written premiums grew 2% in the quarter and 7% excluding currency fluctuations. Rates continue to be impacted by heavy competition but our retention remained very strong at 85% and new business grew by 22%.

Scott R. Lindquist, Chief Financial Officer:

CNA’s first quarter core income of $281 million is down 21% compared to the first quarter of last year leading to a trailing twelve-month core return on equity of 10.2%.

Our P&C expense ratio for the first quarter was 30.2%, which is about flat with last year. We tend to have a certain amount of variability quarter to quarter in this ratio, but for the full year 2025 we currently expect an expense ratio of about 30.5%.

For Life & Group, core income of $6 million for the first quarter is about flat with the prior year quarter, reflecting modestly favorable persistency compared to expectations, offset by $5 million lower investment income, primarily from limited partnership investments.

Our Corporate segment produced a core loss of $36 million in the first quarter compared to a $22 million loss in the prior year quarter. The Corporate segment results this quarter include a $17 million after-tax charge related to unfavorable development for legacy mass tort abuse claims. As we have noted in prior quarters, a comprehensive review of legacy mass tort exposures is undertaken in the second quarter of each

year, consistent with the recent historical timing of such review. However, we will review and react to developing facts and circumstances in the interim quarters.

Net investment income was $604 million in the first quarter compared with $609 million in the prior year quarter. The slight decrease reflects the largely offsetting impacts of lower common stock returns and higher income from fixed income securities as compared to the prior year quarter.

Fixed income and other investments generated $550 million of income, up 2% compared to the prior year quarter. Our A-rated fixed income portfolio continues to provide consistent contributions to core income, which have been steadily increasing because of favorable reinvestment rates and strong cash flow from operations. The effective income yield of our consolidated fixed income portfolio was 4.8% in the first quarter, up from 4.7% in the prior year quarter. Reinvestment rates continue to be above our P&C portfolio effective income yield of 4.3% and are slightly above our Life & Group portfolio effective income yield of 5.7%. Other investment income was lower compared to the prior year quarter due to lower interest income on short-term investments and cash.

Looking ahead, based on the current interest rate environment we expect income from fixed income and other investments to be about $555 million in the second quarter. For the full year, we expect income from fixed income and other investments to be about $2,225 million, or a 2% increase as compared to the full year 2024.

Our limited partnership and common stock portfolio returned a $54 million gain, or 2.0%, in the current quarter compared to a $68 million gain, or 2.9%, in the prior year quarter. The lower return was primarily due to our common stock portfolio results, which were down relative to the prior year quarter and in line with the broader public equity market performance. As a reminder, private equity funds, which represent 85% of our limited partnership portfolio, generally report to us on a quarter lag, so results this quarter were primarily reflective of performance from the fourth quarter of 2024. Given the recent volatility in public equity markets, we believe we may see similar volatility in our limited partnership and common stock portfolio results in the near term.

During the quarter we reduced the limited partnership allocation in our Life & Group portfolio by $300 million. These investments were redeployed to our P&C portfolio in exchange for high quality, long duration fixed income securities with attractive yields surpassing our reserving assumptions that will further aid our asset-liability management objectives.

At quarter-end, our balance sheet continues to be very solid with stockholders' equity excluding accumulated other comprehensive income (AOCI) of $12.1 billion, or $44.58 per share, an increase of 2% from year-end 2024 adjusting for dividends. Stockholders' equity including AOCI was $10.3 billion or $37.98 per share. With the decline in interest rates during the first quarter, the net unrealized investment loss in our fixed income portfolio decreased to $2.0 billion as of quarter-end. Finally, we ended the quarter with statutory capital and surplus in the combined Continental Casualty Companies of $11.0 billion.

Operating cash flow was strong once again at $638 million for the quarter compared to $504 million in the prior year first quarter. The current quarter result reflects lower reinsurance ceded premium payments as compared to the prior year quarter, whereas such ceded premium payments will occur in this year’s second quarter. Even after adjusting for the timing of reinsurance payments, operating cash flow was improved from last year’s first quarter from growing underwriting and investing cash flows.

Turning to taxes, the effective tax rate on core income for the first quarter was 21.4%, which is generally in line with our full year 2025 expectation of 21%.

Finally, we are pleased to announce our regular quarterly dividend of $0.46 per share to be paid on June 5, 2025 to shareholders of record on May 19, 2025.

Douglas M. Worman, President and Chief Executive Officer:

In the quarter we delivered solid core income of $281 million, an overall underwriting gain, strong operating cash flow, and we produced an underlying underwriting gain of $200 million or more for the eighth straight quarter. We achieved all of this despite elevated industry catastrophes and actions taken to strengthen prior year reserves, and to increase the current accident year loss ratio reflective of the current tort environment and pricing levels. We had strong growth in all three operating segments where we continue to see ample opportunities in our target specializations. Our retention remains consistently high even as we achieved a point higher rate increase in the quarter. We are encouraged by the opportunities to continue to grow profitably in 2025.

Questions and Answers

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

Did you perform a reserve review on workers’ compensation this quarter?

In general, we review each line of business twice per year, though we will take action if we see activity that differs from our expectations on the off-cycle quarters that we feel we need to react to. This quarter, we did not review workers’ compensation. Workers’ compensation is scheduled to be reviewed in the second and fourth quarters of 2025 along with several other classes of business. The $1 million of unfavorable development we reported in workers’ compensation this quarter was associated with small changes in the tabular discount.

Can you comment on the potential impact of tariffs on your business?

The U.S. tariff policy dynamics are creating a significant amount of macroeconomic uncertainty. The biggest direct impact we would expect to see in the short term from increased tariffs is higher loss costs in areas substantially exposed to cost of goods sold inflation such as commercial property and auto physical damage. The magnitude will vary depending on the claim cost mix between labor and materials. We would also expect some mitigating impacts–as an example, we would expect to increase valuations on property in response, similar to what happened in recent periods of higher economic inflation. We believe we are well positioned to navigate the future impacts with regard to tariffs.

Can you provide more color on what you are seeing in commercial auto in your construction book?

The commercial auto business within construction is comprised of heavier vehicles that generate a higher proportion of the types of bodily injury claims that have been particularly susceptible to the effects of social inflation in recent periods, resulting in elevated loss cost trends.

Reconciliation of GAAP Measures to Non-GAAP Measures

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

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


	Results for the Three Months Ended March 31
($ millions)		2025		2024
Net income		$	274	$	338
Less: Net investment losses		(7)		(17)

Core income		$	281	$	355

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


	Results for the Three Months Ended March 31
		2025		2024
Net income per diluted share		$	1.00	$	1.24
Less: Net investment losses		(0.03)		(0.06)

Core income per diluted share		$	1.03	$	1.30

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

Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes that underwriting gain (loss) provides investors with a valuable measure of profitability, before tax, derived from our underwriting activities which are managed separately from our investing activities.


	Results for the Three Months Ended March 31, 2025
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	149	$	124	$	38	$	311
Net investment losses (gains), after tax	1		—		(1)		—

Core income	$	150	$	124	$	37	$	311
Less:
Net investment income	151		177		34		362
Non-insurance warranty revenue (expense)	12		—		—		12
Other revenue (expense), including interest expense	(14)		(2)		1		(15)
Income tax expense on core income	(41)		(34)		(13)		(88)
Underwriting gain (loss)	42		(17)		15		40
Effect of catastrophe losses	—		86		11		97
Effect of unfavorable development-related items	10		53		—		63
Underlying underwriting gain	$	52	$	122	$	26	$	200


	Results for the Three Months Ended March 31, 2024
	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	167	$	144	$	37	$	348
Net investment losses, after tax	10		14		—		24

Core income	$	177	$	158	$	37	$	372
Less:
Net investment income	150		176		31		357
Non-insurance warranty revenue (expense)	13		—		—		13
Other revenue (expense), including interest expense	(14)		(4)		(2)		(20)
Income tax expense on core income	(48)		(43)		(13)		(104)
Underwriting gain	76		29		21		126
Effect of catastrophe losses	—		82		6		88
Effect of favorable development-related items	(5)		—		—		(5)
Underlying underwriting gain	$	71	$	111	$	27	$	209

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

The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.

Specialty


	Results for the Three Months Ended March 31
		2025		2024
Loss ratio			61.4	%	58.6	%
Less: Effect of catastrophe impacts			—		—
Less: Effect of unfavorable (favorable) development-related items			1.3		(0.6)
Underlying loss ratio			60.1	%	59.2	%



Combined ratio			95.1	%	90.7	%
Underlying combined ratio			93.8	%	91.3	%

Commercial


	Results for the Three Months Ended March 31
		2025		2024
Loss ratio			73.0	%	68.8	%
Less: Effect of catastrophe impacts			6.3		6.8
Less: Effect of unfavorable development-related items			3.8		—
Underlying loss ratio			62.9	%	62.0	%



Combined ratio			101.1	%	97.6	%
Underlying combined ratio			91.0	%	90.8	%

International


	Results for the Three Months Ended March 31
		2025		2024
Loss ratio			62.1	%	60.1	%
Less: Effect of catastrophe impacts			3.6		2.0
Less: Effect of (favorable) unfavorable development-related items			—		—
Underlying loss ratio			58.5	%	58.1	%



Combined ratio			95.4	%	93.3	%
Underlying combined ratio			91.8	%	91.3	%

Property & Casualty


	Results for the Three Months Ended March 31
		2025		2024
Loss ratio			67.8	%	64.1	%
Less: Effect of catastrophe impacts			3.8		3.8
Less: Effect of unfavorable (favorable) development-related items			2.5		(0.2)
Underlying loss ratio			61.5	%	60.5	%



Combined ratio			98.4	%	94.6	%
Underlying combined ratio			92.1	%	91.0	%

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

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


	March 31, 2025		December 31, 2024
Book value per share	$	37.98	$	38.82
Less: Per share impact of AOCI	(6.60)		(7.34)
Book value per share excluding AOCI	$	44.58	$	46.16

Calculation of Return on Equity and Core Return on Equity


	Results for the Three Months Ended March 31
($ millions)		2025			2024
Annualized net income		$	1,096		$	1,351
Average stockholders' equity including AOCI (a)		10,396			9,778
Return on equity		10.5		%	13.8		%

Annualized core income		$	1,125		$	1,420
Average stockholders' equity excluding AOCI (a)		12,284			12,400
Core return on equity		9.2		%	11.5		%

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

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

Forward-Looking Statements

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

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


Exhibit No.						Description
99.1						CNA Financial Corporation press release, issued May 5, 2025, providing information on the first quarter 2025 results of operations.

99.2						CNA Financial Corporation financial supplement, posted on its website May 5, 2025, providing supplemental financial information on the first quarter 2025.

99.3						CNA Financial Corporation earnings presentation, posted on its website May 5, 2025, providing information on the first quarter 2025 results of operations.

99.4						CNA Financial Corporation earnings remarks, posted on its website May 5, 2025, providing information on the first quarter 2025 results of operations.

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


		CNA Financial Corporation
		(Registrant)

Date: May 5, 2025	By	/s/ Scott R. Lindquist
		(Signature)
		Scott R. Lindquist Executive Vice President and Chief Financial Officer


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


(Exact name of registrant as specified in its charter)