cna-20250804
0000021175falseCHXCommon Stock, Par value $2.50"CNA"00000211752025-08-042025-08-040000021175exch:XNYS2025-08-042025-08-040000021175exch:XCHI2025-08-042025-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

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

Date of Report (Date of earliest event reported) August 4, 2025

CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Delaware1-582336-6169860
(State or other jurisdiction(Commission(IRS Employer
of incorporation)File Number)Identification No.)

151 N. Franklin
Chicago, IL 60606
(Address of principal executive offices) (Zip Code)
(312) 822-5000
(Registrant's telephone number, including area code)

NOT APPLICABLE
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, Par value $2.50"CNA"New York Stock Exchange
NYSE Texas
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On August 4, 2025, the registrant issued a press release and posted on its website (www.cna.com) a financial supplement, earnings presentation and earnings remarks providing information on its results of operations for the second quarter 2025. The press release is furnished as Exhibit 99.1, the financial supplement is furnished as Exhibit 99.2, the earnings presentation is furnished as Exhibit 99.3 and the earnings remarks are furnished as Exhibit 99.4 to this Form 8-K.
The information under Item 2.02 and in Exhibits 99.1, 99.2, 99.3 and 99.4 in this Current Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 2.02 and in Exhibits 99.1, 99.2, 99.3 and 99.4 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits:
See Exhibit Index.




EXHIBIT INDEX

Exhibit No.Description
CNA Financial Corporation press release, issued August 4, 2025, providing information on the second quarter 2025 results of operations.
CNA Financial Corporation financial supplement, posted on its website August 4, 2025, providing supplemental financial information on the second quarter 2025.
CNA Financial Corporation earnings presentation, posted on its website August 4, 2025, providing information on the second quarter 2025 results of operations.
CNA Financial Corporation earnings remarks, posted on its website August 4, 2025, providing information on the second quarter 2025 results of operations.
104Cover Page Interactive Data File (embedded within the Inline XBRL document)



SIGNATURES

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

CNA Financial Corporation
(Registrant)
Date:  August 4, 2025By/s/ Scott R. Lindquist
(Signature)
Scott R. Lindquist
Executive Vice President and
Chief Financial Officer




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FOR IMMEDIATE RELEASE
CNA FINANCIAL ANNOUNCES SECOND QUARTER 2025
NET INCOME OF $1.10 PER SHARE AND CORE INCOME OF $1.23 PER SHARE
•Net income of $299 million versus $317 million in the prior year quarter; core income up 3% to $335 million versus $326 million in the prior year quarter.
•P&C core income of $448 million versus $380 million, reflects higher net investment income and improved current accident year underwriting results.
•Life & Group core income of $1 million versus core loss of $1 million in the prior year quarter.
•Corporate & Other core loss of $114 million versus $53 million in the prior year quarter. The current year quarter includes an $88 million after-tax charge related to unfavorable prior period development associated with legacy mass tort compared with a $28 million after-tax charge in the second quarter of 2024.
•Net investment income up 7% to $662 million pretax, reflects a $22 million increase from fixed income securities and other investments to $562 million and a $22 million increase from limited partnerships and common stock to $100 million.
•P&C combined ratio of 94.1%, compared with 94.8% in the prior year quarter, including 2.4 points of catastrophe loss impact compared with 3.5 points in the prior year quarter.
•Catastrophe losses of $62 million pretax versus $82 million in the prior year quarter.
•P&C underlying combined ratio was 91.7%, compared with 91.6% in the prior year quarter. P&C underlying loss ratio was 61.5% and the expense ratio was 29.8%.
•P&C segments, excluding third party captives, generated gross written premium growth of 5% and net written premium growth of 6%. P&C renewal premium change of +5%, with written rate of +3% and exposure change of +1%.
•Book value per share of $39.39; book value per share excluding AOCI of $45.25, a 4% increase from year-end 2024 adjusting for $2.92 of dividends per share paid.
•Board of Directors declares regular quarterly cash dividend of $0.46 per share.

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CHICAGO, August 4, 2025 --- CNA Financial Corporation (NYSE: CNA) today announced second quarter 2025 net income of $299 million, or $1.10 per share, versus $317 million, or $1.17 per share, in the prior year quarter. Net investment losses for the quarter were $36 million compared to $9 million in the prior year quarter. Core income for the quarter was $335 million, or $1.23 per share, versus $326 million, or $1.19 per share, in the prior year quarter.
Our Property & Casualty segments produced core income of $448 million for the second quarter of 2025, an increase of $68 million compared to the prior year quarter reflecting higher net investment income and improved current accident year underwriting results. P&C segments, excluding third party captives, generated gross written premium growth of 5% and net written premium growth of 6%, due to renewal premium change of +5% and new business growth of 8%.
Our Life & Group segment produced core income of $1 million for the second quarter of 2025 compared to a core loss of $1 million in the prior year quarter.
Our Corporate & Other segment produced a core loss of $114 million for the second quarter of 2025 versus $53 million in the prior year quarter. The current year quarter includes an $88 million after-tax charge related to unfavorable prior period development associated with legacy mass tort compared with a $28 million after-tax charge in the second quarter of 2024.
CNA Financial declared a quarterly dividend of $0.46 per share, payable September 4, 2025 to stockholders of record on August 18, 2025.
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
($ millions, except per share data)2025202420252024
Net income$299 $317 $573 $655 
Core income (a)
335 326 616 681 
Net income per diluted share$1.10 $1.17 $2.10 $2.40 
Core income per diluted share1.23 1.19 2.26 2.50 
June 30, 2025December 31, 2024
Book value per share$39.39$38.82
Book value per share excluding AOCI45.2546.16
(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.
"Core income was $335 million in the quarter, up $9 million over last year. Our underwriting gain was $150 million, up 21%, and our underlying underwriting gain of $213 million represents the ninth consecutive quarter of $200 million or more. Net investment income was up 7% with strong contributions from both the fixed income and alternative portfolios. Cash flow from operations remained strong at $562 million and $1.2 billion for the first half of 2025, up 7% over the prior year.
The P&C all-in combined ratio was 94.1% in the quarter and included $62 million or 2.4 points of catastrophe losses, which is well below our five year average for the quarter. The underlying combined ratio was 91.7% and the expense ratio improved to 29.8%, and was below 30% for the first time since 2008.
Gross written premiums excluding captives grew 5% in the quarter and net written premiums grew 6%. New business grew by 8% to $645 million in the quarter. In the U.S., rate was stable and we continue to achieve double-digit rate increases in our commercial casualty classes of business which are impacted by social inflation. After ten consecutive quarters of rate decline, rates turned positive in financial institutions and management liability this quarter.
We are proud of our results through the first half of 2025 as growth is balanced and core underwriting remains strong. We are well positioned and confident in our abilities to execute on the many opportunities to grow profitably for the remainder of the year" said Douglas M. Worman, President & Chief Executive Officer of CNA Financial Corporation.
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Property & Casualty Operations
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
($ millions)2025202420252024
Gross written premiums ex. 3rd party captives
$3,353 $3,203 $6,495 $6,139 
GWP ex. 3rd party captives change (% year over year)
5 %6 %
Net written premiums$2,846 $2,674 $5,452 $5,064 
NWP change (% year over year)6 %8 %
Net earned premiums$2,588 $2,389 $5,108 $4,720 
NEP change (% year over year)8 %8 %
Underwriting gain$150 $124 $190 $250 
Net investment income$414 $361 $776 $718 
Core income$448 $380 $759 $752 
Loss ratio63.9 %63.8 %65.8 %63.9 %
Less: Effect of catastrophe impacts2.4 3.5 3.1 3.6 
Less: Effect of (favorable) unfavorable development-related items— (0.3)1.2 (0.3)
Underlying loss ratio61.5 %60.6 %61.5 %60.6 %
Expense ratio29.8 %30.7 %30.1 %30.4 %
Combined ratio94.1 %94.8 %96.3 %94.7 %
Underlying combined ratio91.7 %91.6 %92.0 %91.4 %
•The underlying combined ratio was generally consistent with the prior year quarter. The underlying loss ratio increased 0.9 points as compared with the prior year quarter as a result of increases across each segment. The expense ratio improved by 0.9 points as compared with the prior year quarter primarily attributed to net earned premium growth of 8% and a favorable acquisition ratio.
•The combined ratio improved 0.7 points as compared with the prior year quarter. Catastrophe losses were $62 million, or 2.4 points of the loss ratio in the quarter compared with $82 million, or 3.5 points of the loss ratio, for the prior year quarter. There was no impact on the loss ratio from net prior period development for the current quarter compared with 0.3 points of favorable development improving the loss ratio in the prior year quarter.
•P&C segments, excluding third party captives, generated gross written premium growth of 5% and net written premium growth of 6%.


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Business Operating Highlights
Specialty
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
($ millions)2025202420252024
Gross written premiums ex. 3rd party captives
$1,013 $984 $1,943 $1,864 
GWP ex. 3rd party captives change (% year over year)
3 %4 %
Net written premiums$892 $857 $1,734 $1,649 
NWP change (% year over year)4 %5 %
Net earned premiums$862 $831 $1,692 $1,645 
NEP change (% year over year)4 %3 %
Underwriting gain$53 $60 $95 $136 
Loss ratio60.1 %59.2 %60.7 %58.9 %
Less: Effect of catastrophe impacts— — — — 
Less: Effect of (favorable) unfavorable development-related items— (0.4)0.6 (0.5)
Underlying loss ratio60.1 %59.6 %60.1 %59.4 %
Expense ratio33.2 %33.2 %33.3 %32.5 %
Combined ratio93.6 %92.7 %94.3 %91.7 %
Underlying combined ratio93.6 %93.1 %93.7 %92.2 %
•The underlying combined ratio increased 0.5 points as compared with the prior year quarter due to a 0.5 point increase in the underlying loss ratio. The expense ratio was consistent with the prior year quarter.
•The combined ratio increased 0.9 points as compared with the prior year quarter. There was no net prior period development in the current quarter compared with 0.4 points of favorable development improving the loss ratio in the prior year quarter.
•Gross written premiums, excluding third party captives, grew 3% and net written premiums grew 4% for the second quarter of 2025.
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Commercial
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
($ millions)2025202420252024
Gross written premiums ex. 3rd party captives
$1,903 $1,802 $3,742 $3,484 
GWP ex. 3rd party captives change (% year over year)
6 %7 %
Net written premiums$1,563 $1,458 $3,061 $2,796 
NWP change (% year over year)7 %9 %
Net earned premiums$1,402 $1,247 $2,782 $2,449 
NEP change (% year over year)12 %14 %
Underwriting gain$74 $39 $57 $68 
Loss ratio67.1 %68.0 %70.0 %68.4 %
Less: Effect of catastrophe impacts4.2 6.1 5.2 6.4 
Less: Effect of (favorable) unfavorable development-related items— (0.1)1.9 — 
Underlying loss ratio62.9 %62.0 %62.9 %62.0 %
Expense ratio27.2 %28.5 %27.4 %28.4 %
Combined ratio94.8 %97.0 %97.9 %97.3 %
Underlying combined ratio90.6 %91.0 %90.8 %90.9 %
•The underlying combined ratio improved 0.4 points as compared with the prior year quarter. The expense ratio improved 1.3 points primarily attributed to net earned premium growth of 12% and a favorable acquisition ratio. 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 combined ratio improved 2.2 points as compared with the prior year quarter. Catastrophe losses were $57 million, or 4.2 points of the loss ratio in the quarter compared with $76 million, or 6.1 points of the loss ratio, for the prior year quarter. There was no impact on the loss ratio from net prior period development for the current quarter compared with 0.1 point of favorable development improving the loss ratio in the prior year quarter.
•Gross written premiums, excluding third party captives, grew 6% and net written premiums grew 7% for the second quarter of 2025.

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International
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
($ millions)2025202420252024
Gross written premiums$437 $417 $810 $791 
GWP change (% year over year)5 %2 %
Net written premiums$391 $359 $657 $619 
NWP change (% year over year)9 %6 %
Net earned premiums$324 $311 $634 $626 
NEP change (% year over year)4 %1 %
Underwriting gain$23 $25 $38 $46 
Loss ratio59.9 %59.1 %61.0 %59.6 %
Less: Effect of catastrophe impacts1.4 2.0 2.5 2.0 
Less: Effect of favorable development-related items— (1.0)— (0.5)
Underlying loss ratio58.5 %58.1 %58.5 %58.1 %
Expense ratio32.9 %32.8 %33.0 %33.0 %
Combined ratio92.8 %91.9 %94.0 %92.6 %
Underlying combined ratio91.4 %90.9 %91.5 %91.1 %
•The underlying combined ratio increased 0.5 points as compared with the prior year quarter primarily due to a 0.4 point increase in the underlying loss ratio. The expense ratio was generally consistent with the prior year quarter.
•The combined ratio increased 0.9 points as compared with the prior year quarter. There was no net prior period development in the current quarter compared with 1.0 point of favorable development improving the loss ratio in the prior year quarter. Catastrophe losses were $5 million, or 1.4 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 3% and net written premiums grew 7% for the second quarter of 2025.

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Life & Group
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
($ millions)2025202420252024
Net earned premiums$106 $109 $212 $219 
Claims, benefits and expenses345 355 675 696 
Net investment income235 239 461 470 
Core income (loss)1 (1)7 4 
Results for the second quarter of 2025 was generally consistent with the prior year quarter, reflecting favorable persistency partially offset by lower net investment income.
Corporate & Other
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
($ millions)2025202420252024
Insurance claims and policyholders' benefits$108 $27 $117 $19 
Interest expense31 35 63 69 
Net investment income13 18 29 39 
Core loss(114)(53)(150)(75)
Core loss increased $61 million for the second quarter of 2025 as compared with the prior year quarter primarily due to an $88 million after-tax charge related to unfavorable prior period development associated with legacy mass tort, partially attributed to the anticipated agreement in principle with regards to the Diocese of Rochester, compared with a $28 million after-tax charge in the second quarter of 2024.
Net Investment Income
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
2025202420252024
Fixed income securities and other$562 $540 $1,112 $1,081 
Limited partnership and common stock investments100 78 154 146 
Net investment income$662 $618 $1,266 $1,227 
Net investment income increased $44 million for the second quarter of 2025 as compared with the prior year quarter. The increase was driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates, as well as favorable limited partnership and common stock returns.
Stockholders' Equity
Stockholders’ equity of $10.7 billion increased 1% from year-end 2024, primarily due to net income and an improvement in net unrealized investment losses partially offset by dividends paid to stockholders.
Book value per share ex AOCI of $45.25 increased 4% from year-end 2024 adjusting for $2.92 of dividends per share.
As of June 30, 2025, statutory capital and surplus for the Combined Continental Casualty Companies was $11.2 billion.
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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 cna.com.
Contacts
Media:Analysts:
Kelly Messina | Vice President,
Marketing
Ralitza K. Todorova | Vice President, Investor Relations & Rating Agencies
872-817-0350312-822-3834
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.
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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 June 30Results for the Six Months Ended June 30
($ millions)2025202420252024
Net income$299 $317 $573 $655 
Less: Net investment losses(36)(9)(43)(26)
Core income$335 $326 $616 $681 
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 June 30Results for the Six Months Ended June 30
2025202420252024
Net income per diluted share$1.10 $1.17 $2.10 $2.40 
Less: Net investment losses(0.13)(0.02)(0.16)(0.10)
Core income per diluted share$1.23 $1.19 $2.26 $2.50 
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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 June 30, 2025
SpecialtyCommercial International Property & Casualty
(In millions)
Net income $165 $199 $53 $417 
Net investment losses, after tax12 19 — 31 
Core income $177 $218 $53 $448 
Less:
Net investment income170 206 38 414 
Non-insurance warranty revenue14 — — 14 
Other revenue (expense), including interest expense(11)(5)10 (6)
Income tax expense on core income (49)(57)(18)(124)
Underwriting gain53 74 23 150 
Effect of catastrophe losses— 57 5 62 
Effect of unfavorable development-related items— 1 — 1 
Underlying underwriting gain$53 $132 $28 $213 

Results for the Three Months Ended June 30, 2024
SpecialtyCommercial International Property & Casualty
(In millions)
Net income $164 $160 $45 $369 
Net investment losses (gains), after tax5 7 (1)11 
Core income $169 $167 $44 $380 
Less:
Net investment income154 175 32 361 
Non-insurance warranty revenue (expense)16 — — 16 
Other revenue (expense), including interest expense(14)(3)(1)(18)
Income tax expense on core income (47)(44)(12)(103)
Underwriting gain60 39 25 124 
Effect of catastrophe losses— 76 6 82 
Effect of favorable development-related items(3)— (3)(6)
Underlying underwriting gain$57 $115 $28 $200 


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Results for the Six Months Ended June 30, 2025
SpecialtyCommercial International Property & Casualty
(In millions)
Net income $314 $323 $91 $728 
Net investment losses (gains), after tax13 19 (1)31 
Core income $327 $342 $90 $759 
Less:
Net investment income321 383 72 776 
Non-insurance warranty revenue26 — — 26 
Other revenue (expense), including interest expense(25)(7)11 (21)
Income tax expense on core income (90)(91)(31)(212)
Underwriting gain 95 57 38 190 
Effect of catastrophe losses— 143 16 159 
Effect of unfavorable development-related items10 53 — 63 
Underlying underwriting gain$105 $253 $54 $412 

Results for the Six Months Ended June 30, 2024
SpecialtyCommercial International Property & Casualty
(In millions)
Net income $331 $304 $82 $717 
Net investment losses (gains), after tax15 21 (1)35 
Core income$346 $325 $81 $752 
Less:
Net investment income304 351 63 718 
Non-insurance warranty revenue (expense)29 — — 29 
Other revenue (expense), including interest expense(28)(7)(3)(38)
Income tax expense on core income(95)(87)(25)(207)
Underwriting gain 136 68 46 250 
Effect of catastrophe losses— 158 12 170 
Effect of favorable development-related items(8)— (3)(11)
Underlying underwriting gain$128 $226 $55 $409 
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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.
June 30, 2025December 31, 2024
Book value per share$39.39 $38.82 
Less: Per share impact of AOCI(5.86)(7.34)
Book value per share excluding AOCI$45.25 $46.16 
Calculation of Return on Equity and Core Return on Equity
Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations.
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
($ millions)2025202420252024
Annualized net income$1,195 $1,270 $1,145 $1,311 
Average stockholders' equity including AOCI (a)
10,470 9,768 10,587 9,883 
Return on equity11.4 %13.0 %10.8 %13.3 %
Annualized core income$1,340 $1,303 $1,233 $1,361 
Average stockholders' equity excluding AOCI (a)
12,156 12,328 12,375 12,493 
Core return on equity11.0 %10.6 %10.0 %10.9 %
(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.

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12
CNA Financial Corporation Supplemental Financial Information June 30, 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 Periods ended June 30 Three Months Six Months (In millions) 2025 2024 Change 2025 2024 Change Revenues: Net earned premiums $ 2,694 $ 2,498 8 % $ 5,320 $ 4,939 8 % Net investment income 662 618 7 1,266 1,227 3 Net investment (losses) gains (46) (10) (55) (32) Non-insurance warranty revenue 398 404 795 811 Other revenues 9 9 18 18 Total revenues 3,717 3,519 6 7,344 6,963 5 Claims, Benefits and Expenses: Insurance claims and policyholders’ benefits (re-measurement loss of $15, $25, $23 and $40) 2,085 1,882 4,112 3,689 Amortization of deferred acquisition costs 469 435 940 879 Non-insurance warranty expense 384 388 769 782 Other operating expenses 368 378 731 715 Interest expense 31 34 63 69 Total claims, benefits and expenses 3,337 3,117 (7) 6,615 6,134 (8) Income (loss) before income tax 380 402 729 829 Income tax (expense) benefit (81) (85) (156) (174) Net income (loss) $ 299 $ 317 (6) % $ 573 $ 655 (13) % 1

 
Components of Income (Loss), Per Share Data and Return on Equity Periods ended June 30 Three Months Six Months (In millions, except per share data) 2025 2024 2025 2024 Components of Income (Loss) Core income (loss) $ 335 $ 326 $ 616 $ 681 Net investment gains (losses) (36) (9) (43) (26) Net income (loss) $ 299 $ 317 $ 573 $ 655 Diluted Earnings (Loss) Per Common Share Core income (loss) $ 1.23 $ 1.19 $ 2.26 $ 2.50 Net investment gains (losses) (0.13) (0.02) (0.16) (0.10) Diluted earnings (loss) per share $ 1.10 $ 1.17 $ 2.10 $ 2.40 Weighted Average Outstanding Common Stock and Common Stock Equivalents Basic 271.1 271.6 271.2 271.6 Diluted 272.2 272.6 272.4 272.6 Return on Equity Net income (loss) (1) 11.4 % 13.0 % 10.8 % 13.3 % Core income (loss) (2) 11.0 10.6 10.0 10.9 (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) June 30, 2025 December 31, 2024 Total investments $ 49,048 $ 47,482 Reinsurance receivables, net of allowance for uncollectible receivables 6,417 6,051 Total assets 68,936 66,492 Insurance reserves 47,422 45,480 Claim and claim adjustment expenses 26,203 24,976 Unearned premiums 7,890 7,346 Future policy benefits 13,329 13,158 Debt 2,975 2,973 Total liabilities 58,275 55,979 Accumulated other comprehensive income (loss) (1) (1,586) (1,991) Total stockholders' equity 10,661 10,513 Book value per common share $ 39.39 $ 38.82 Book value per common share excluding AOCI $ 45.25 $ 46.16 Outstanding shares of common stock (in millions of shares) 270.6 270.8 Statutory capital and surplus - Combined Continental Casualty Companies (2) $ 11,203 $ 11,165 Three Months Ended June 30 2025 2024 Net cash flows provided (used) by operating activities $ 562 $ 616 Net cash flows provided (used) by investing activities (559) 40 Net cash flows provided (used) by financing activities (125) (689) Net cash flows provided (used) by operating, investing and financing activities $ (122) $ (33) Six Months Ended June 30 2025 2024 Net cash flows provided (used) by operating activities $ 1,200 $ 1,120 Net cash flows provided (used) by investing activities (471) (209) Net cash flows provided (used) by financing activities (847) (878) Net cash flows provided (used) by operating, investing and financing activities $ (118) $ 33 (1) As of June 30, 2025 and December 31, 2024, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $236 million and $353 million. (2) Statutory capital and surplus as of June 30, 2025 is preliminary. 3

 
Property & Casualty - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 4,194 $ 4,072 3 % $ 8,092 $ 7,814 4 % Gross written premiums ex. 3rd party captives 3,353 3,203 5 6,495 6,139 6 Net written premiums 2,846 2,674 6 5,452 5,064 8 Net earned premiums 2,588 2,389 8 5,108 4,720 8 Insurance claims and policyholders' benefits 1,664 1,530 3,382 3,033 Amortization of deferred acquisition costs 469 435 940 879 Insurance related administrative expenses 305 300 596 558 Underwriting gain (loss) 150 124 21 190 250 (24) Net investment income 414 361 15 776 718 8 Non-insurance warranty revenue 398 404 795 811 Other revenues 9 9 18 18 Non-insurance warranty expense 384 388 769 782 Other expenses 15 28 39 56 Interest expense — (1) — — Core income (loss) before income tax 572 483 971 959 Income tax (expense) benefit on core income (loss) (124) (103) (212) (207) Core income (loss) $ 448 $ 380 18 % $ 759 $ 752 1 % Other Performance Metrics Underwriting gain (loss) $ 150 $ 124 21 % $ 190 $ 250 (24) % Effect of catastrophe losses 62 82 159 170 (Favorable) unfavorable net prior year loss reserve development (4) (12) 57 (19) (Favorable) unfavorable other development-related items (1) 5 6 6 8 Effect of (favorable) unfavorable development-related items 1 (6) 63 (11) Underlying underwriting gain (loss) $ 213 $ 200 7 % $ 412 $ 409 1 % Loss & LAE ratio 63.9 % 63.8 % (0.1) pts 65.8 % 63.9 % (1.9) pts Expense ratio 29.8 30.7 0.9 30.1 30.4 0.3 Dividend ratio 0.4 0.3 (0.1) 0.4 0.4 — Combined ratio 94.1 % 94.8 % 0.7 pts 96.3 % 94.7 % (1.6) pts Less: Effect of catastrophe impacts 2.4 3.5 1.1 3.1 3.6 0.5 Less: Effect of (favorable) unfavorable development-related items — (0.3) (0.3) 1.2 (0.3) (1.5) Underlying combined ratio 91.7 % 91.6 % (0.1) pts 92.0 % 91.4 % (0.6) pts Rate 3 % 4 % (1) pts 4 % 4 % — pts Renewal premium change 5 % 5 % — pts 5 % 5 % — pts Retention 83 % 85 % (2) pts 84 % 85 % (1) pts New business $ 645 $ 595 8 % $ 1,210 $ 1,124 8 % (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 Periods ended June 30 Three Months Six Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 1,692 $ 1,728 (2) % $ 3,364 $ 3,410 (1) % Gross written premiums ex. 3rd party captives 1,013 984 3 1,943 1,864 4 Net written premiums 892 857 4 1,734 1,649 5 Net earned premiums 862 831 4 1,692 1,645 3 Insurance claims and policyholders' benefits 522 495 1,033 974 Amortization of deferred acquisition costs 195 180 384 358 Insurance related administrative expenses 92 96 180 177 Underwriting gain (loss) 53 60 (12) 95 136 (30) Net investment income 170 154 10 321 304 6 Non-insurance warranty revenue 398 404 795 811 Other revenues (1) (1) — — Non-insurance warranty expense 384 388 769 782 Other expenses 10 14 25 28 Interest expense — (1) — — Core income (loss) before income tax 226 216 417 441 Income tax (expense) benefit on core income (loss) (49) (47) (90) (95) Core income (loss) $ 177 $ 169 5 % $ 327 $ 346 (5) % Other Performance Metrics Underwriting gain (loss) $ 53 $ 60 (12) % $ 95 $ 136 (30) % Effect of catastrophe losses — — — — (Favorable) unfavorable net prior year loss reserve development — (3) 10 (8) (Favorable) unfavorable other development-related items (1) — — — — Effect of (favorable) unfavorable development-related items — (3) 10 (8) Underlying underwriting gain (loss) $ 53 $ 57 (7) % $ 105 $ 128 (18) % Loss & LAE ratio 60.1 % 59.2 % (0.9) pts 60.7 % 58.9 % (1.8) pts Expense ratio 33.2 33.2 — 33.3 32.5 (0.8) Dividend ratio 0.3 0.3 — 0.3 0.3 — Combined ratio 93.6 % 92.7 % (0.9) pts 94.3 % 91.7 % (2.6) pts Less: Effect of catastrophe impacts — — — — — — Less: Effect of (favorable) unfavorable development-related items — (0.4) (0.4) 0.6 (0.5) (1.1) Underlying combined ratio 93.6 % 93.1 % (0.5) pts 93.7 % 92.2 % (1.5) pts Rate 3 % — % 3 pts 3 % 1 % 2 pts Renewal premium change 4 % 1 % 3 pts 4 % 2 % 2 pts Retention 86 % 90 % (4) pts 88 % 89 % (1) pts New business $ 122 $ 118 3 % $ 234 $ 212 10 % (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 Periods ended June 30 Three Months Six Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 2,065 $ 1,927 7 % $ 3,918 $ 3,613 8 % Gross written premiums ex. 3rd party captives 1,903 1,802 6 3,742 3,484 7 Net written premiums 1,563 1,458 7 3,061 2,796 9 Net earned premiums 1,402 1,247 12 2,782 2,449 14 Insurance claims and policyholders' benefits 947 851 1,962 1,686 Amortization of deferred acquisition costs 211 199 430 399 Insurance related administrative expenses 170 158 333 296 Underwriting gain (loss) 74 39 90 57 68 (16) Net investment income 206 175 18 383 351 9 Other revenues 10 10 18 18 Other expenses 15 13 25 25 Core income (loss) before income tax 275 211 433 412 Income tax (expense) benefit on core income (loss) (57) (44) (91) (87) Core income (loss) $ 218 $ 167 31 % $ 342 $ 325 5 % Other Performance Metrics Underwriting gain (loss) $ 74 $ 39 90 % $ 57 $ 68 (16) % Effect of catastrophe losses 57 76 143 158 (Favorable) unfavorable net prior year loss reserve development (4) (6) 47 (8) (Favorable) unfavorable other development-related items (1) 5 6 6 8 Effect of (favorable) unfavorable development-related items 1 — 53 — Underlying underwriting gain (loss) $ 132 $ 115 15 % $ 253 $ 226 12 % Loss & LAE ratio 67.1 % 68.0 % 0.9 pts 70.0 % 68.4 % (1.6) pts Expense ratio 27.2 28.5 1.3 27.4 28.4 1.0 Dividend ratio 0.5 0.5 — 0.5 0.5 — Combined ratio 94.8 % 97.0 % 2.2 pts 97.9 % 97.3 % (0.6) pts Less: Effect of catastrophe impacts 4.2 6.1 1.9 5.2 6.4 1.2 Less: Effect of (favorable) unfavorable development-related items — (0.1) (0.1) 1.9 — (1.9) Underlying combined ratio 90.6 % 91.0 % 0.4 pts 90.8 % 90.9 % 0.1 pts Rate 5 % 7 % (2) pts 6 % 7 % (1) pts Renewal premium change 6 % 7 % (1) pts 7 % 8 % (1) pts Retention 81 % 84 % (3) pts 83 % 84 % (1) pts New business $ 420 $ 405 4 % $ 790 $ 772 2 % (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 Periods ended June 30 Three Months Six Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 437 $ 417 5 % $ 810 $ 791 2 % Net written premiums 391 359 9 657 619 6 Net earned premiums 324 311 4 634 626 1 Insurance claims and policyholders' benefits 195 184 387 373 Amortization of deferred acquisition costs 63 56 126 122 Insurance related administrative expenses 43 46 83 85 Underwriting gain (loss) 23 25 (8) 38 46 (17) Net investment income 38 32 19 72 63 14 Other revenues — — — — Other expenses (10) 1 (11) 3 Core income (loss) before income tax 71 56 121 106 Income tax (expense) benefit on core income (loss) (18) (12) (31) (25) Core income (loss) $ 53 $ 44 20 % $ 90 $ 81 11 % Other Performance Metrics Underwriting gain (loss) $ 23 $ 25 (8) % $ 38 $ 46 (17) % Effect of catastrophe losses 5 6 16 12 (Favorable) unfavorable net prior year loss reserve development — (3) — (3) (Favorable) unfavorable other development-related items (1) — — — — Effect of (favorable) unfavorable development-related items — (3) — (3) Underlying underwriting gain (loss) $ 28 $ 28 — % $ 54 $ 55 (2) % Loss & LAE ratio 59.9 % 59.1 % (0.8) pts 61.0 % 59.6 % (1.4) pts Expense ratio 32.9 32.8 (0.1) 33.0 33.0 — Dividend ratio — — — — — — Combined ratio 92.8 % 91.9 % (0.9) pts 94.0 % 92.6 % (1.4) pts Less: Effect of catastrophe impacts 1.4 2.0 0.6 2.5 2.0 (0.5) Less: Effect of (favorable) unfavorable development-related items — (1.0) (1.0) — (0.5) (0.5) Underlying combined ratio 91.4 % 90.9 % (0.5) pts 91.5 % 91.1 % (0.4) pts Rate (4) % — % (4) pts (3) % — % (3) pts Renewal premium change (1) % 2 % (3) pts — % 3 % (3) pts Retention 86 % 80 % 6 pts 85 % 81 % 4 pts New business $ 103 $ 72 43 % $ 186 $ 140 33 % (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 Periods ended June 30 Three Months Six Months (In millions) 2025 2024 2025 2024 Net earned premiums $ 106 $ 109 $ 212 $ 219 Net investment income 235 239 461 470 Other revenues — — — — Total operating revenues 341 348 673 689 Insurance claims and policyholders' benefits 313 325 613 637 Insurance related administrative expenses 31 29 61 58 Other expenses 1 1 1 1 Total claims, benefits and expenses 345 355 675 696 Core income (loss) before income tax (4) (7) (2) (7) Income tax (expense) benefit on core income (loss) 5 6 9 11 Core income (loss) $ 1 $ (1) $ 7 $ 4 8

 
Corporate & Other - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2025 2024 2025 2024 Net earned premiums $ — $ — $ — $ — Net investment income 13 18 29 39 Other revenues — — — — Total operating revenues 13 18 29 39 Insurance claims and policyholders' benefits 108 27 117 19 Insurance related administrative expenses 1 — 1 — Interest expense 31 35 63 69 Other expenses 15 20 33 42 Total claims, benefits and expenses 155 82 214 130 Core income (loss) before income tax (142) (64) (185) (91) Income tax (expense) benefit on core income (loss) 28 11 35 16 Core income (loss) $ (114) $ (53) $ (150) $ (75) 9

 
Investment Summary - Consolidated June 30, 2025 March 31, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 25,704 $ (503) $ 25,728 $ (647) $ 24,944 $ (882) States, municipalities and political subdivisions: Tax-exempt 3,515 (169) 3,035 (130) 3,167 (48) Taxable 3,860 (500) 3,609 (472) 3,637 (544) Total states, municipalities and political subdivisions 7,375 (669) 6,644 (602) 6,804 (592) Asset-backed: RMBS 3,545 (402) 3,438 (406) 3,244 (481) CMBS 1,648 (90) 1,665 (105) 1,681 (131) Other ABS 3,576 (188) 3,610 (192) 3,541 (215) Total asset-backed 8,769 (680) 8,713 (703) 8,466 (827) U.S. Treasury and obligations of government-sponsored enterprises 226 (5) 218 (1) 220 — Foreign government 725 (19) 670 (18) 677 (24) Redeemable preferred stock — — — — — — Total fixed maturity securities 42,799 (1,876) 41,973 (1,971) 41,111 (2,325) Equities: Common stock 223 — 182 — 180 — Non-redeemable preferred stock 504 — 513 — 479 — Total equities 727 — 695 — 659 — Limited partnership investments: Hedge funds 371 — 360 — 359 — Private equity funds 2,296 — 2,212 — 2,161 — Total limited partnership investments 2,667 — 2,572 — 2,520 — Other invested assets 88 — 96 — 85 — Mortgage loans 1,040 — 1,049 — 1,019 — Short-term investments 1,727 (1) 1,584 — 2,088 — Total investments $ 49,048 $ (1,877) $ 47,969 $ (1,971) $ 47,482 $ (2,325) Net receivable/(payable) on investment activity $ (220) $ (92) $ 16 Effective duration (in years) 6.3 6.3 6.2 Weighted average rating (1) A A A RMBS - Residential mortgage-backed securities CMBS - Commercial mortgage-backed securities Other ABS - Other asset-backed securities (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 10

 
Investment Summary - Property & Casualty and Corporate & Other June 30, 2025 March 31, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 14,852 $ (307) $ 14,900 $ (435) $ 14,755 $ (538) States, municipalities and political subdivisions: Tax-exempt 1,437 (228) 959 (211) 983 (189) Taxable 2,510 (407) 2,225 (399) 2,157 (446) Total states, municipalities and political subdivisions 3,947 (635) 3,184 (610) 3,140 (635) Asset-backed: RMBS 3,543 (402) 3,436 (406) 3,242 (481) CMBS 1,626 (88) 1,643 (103) 1,659 (128) Other ABS 3,019 (82) 3,049 (92) 2,979 (105) Total asset-backed 8,188 (572) 8,128 (601) 7,880 (714) U.S. Treasury and obligations of government-sponsored enterprises 217 (5) 209 (1) 211 — Foreign government 679 (9) 624 (8) 631 (14) Redeemable preferred stock — — — — — — Total fixed maturity securities 27,883 (1,528) 27,045 (1,655) 26,617 (1,901) Equities: Common stock 223 — 182 — 180 — Non-redeemable preferred stock 158 — 143 — 115 — Total equities 381 — 325 — 295 — Limited partnership investments: Hedge funds 329 — 319 — 275 — Private equity funds 2,038 — 1,963 — 1,653 — Total limited partnership investments 2,367 — 2,282 — 1,928 — Other invested assets 88 — 96 — 85 — Mortgage loans 867 — 875 — 844 — Short-term investments 1,636 (1) 1,529 — 2,040 — Total investments $ 33,222 $ (1,529) $ 32,152 $ (1,655) $ 31,809 $ (1,901) Net receivable/(payable) on investment activity $ (205) $ (90) $ 7 Effective duration (in years) 4.5 4.4 4.3 Weighted average rating (1) A A A (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 11

 
Investment Summary - Life & Group June 30, 2025 March 31, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 10,852 $ (196) $ 10,828 $ (212) $ 10,189 $ (344) States, municipalities and political subdivisions: Tax-exempt 2,078 59 2,076 81 2,184 141 Taxable 1,350 (93) 1,384 (73) 1,480 (98) Total states, municipalities and political subdivisions 3,428 (34) 3,460 8 3,664 43 Asset-backed: RMBS 2 — 2 — 2 — CMBS 22 (2) 22 (2) 22 (3) Other ABS 557 (106) 561 (100) 562 (110) Total asset-backed 581 (108) 585 (102) 586 (113) U.S. Treasury and obligations of government-sponsored enterprises 9 — 9 — 9 — Foreign government 46 (10) 46 (10) 46 (10) Redeemable preferred stock — — — — — — Total fixed maturity securities 14,916 (348) 14,928 (316) 14,494 (424) Equities: Common stock — — — — — — Non-redeemable preferred stock 346 — 370 — 364 — Total equities 346 — 370 — 364 — Limited partnership investments: Hedge funds 42 — 41 — 84 — Private equity funds 258 — 249 — 508 — Total limited partnership investments 300 — 290 — 592 — Other invested assets — — — — — — Mortgage loans 173 — 174 — 175 — Short-term investments 91 — 55 — 48 — Total investments $ 15,826 $ (348) $ 15,817 $ (316) $ 15,673 $ (424) Net receivable/(payable) on investment activity $ (15) $ (2) $ 9 Effective duration (in years) 9.8 9.8 9.8 Weighted average rating (1) A- A- A- (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 12

 
Investments - Fixed Maturity Securities by Credit Rating June 30, 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 $ — $ — $ 8 $ — $ 773 $ (20) $ 8,168 $ (125) $ 15,313 $ (337) $ 1,442 $ (21) $ 25,704 $ (503) States, municipalities and political subdivisions — — 1,388 (80) 4,702 (455) 1,081 (79) 187 (48) 17 (7) 7,375 (669) Asset-backed: RMBS 2,898 (301) 631 (104) 8 — — — — — 8 3 3,545 (402) CMBS — — 703 (3) 601 (41) 173 (12) 119 (14) 52 (20) 1,648 (90) Other ABS — — 481 (17) 247 (64) 1,403 (44) 1,262 (47) 183 (16) 3,576 (188) Total asset-backed 2,898 (301) 1,815 (124) 856 (105) 1,576 (56) 1,381 (61) 243 (33) 8,769 (680) U.S. Treasury and obligations of government-sponsored enterprises 226 (5) — — — — — — — — — — 226 (5) Foreign government — — 199 (2) 367 (5) 48 (6) 111 (6) — — 725 (19) Redeemable preferred stock — — — — — — — — — — — — — — Total fixed maturity securities $ 3,124 $ (306) $ 3,410 $ (206) $ 6,698 $ (585) $ 10,873 $ (266) $ 16,992 $ (452) $ 1,702 $ (61) $ 42,799 $ (1,876) Percentage of total fixed maturity securities 7 % 8 % 16 % 25 % 40 % 4 % 100 % 13

 
Components of Net Investment Income Consolidated Periods ended June 30 Three Months Six Months (In millions) 2025 2024 2025 2024 Taxable fixed income securities $ 508 $ 484 $ 1,004 $ 956 Tax-exempt fixed income securities 36 36 70 74 Total fixed income securities 544 520 1,074 1,030 Common stock 19 4 17 18 Limited partnerships - hedge funds 24 10 32 22 Limited partnerships - private equity funds 57 64 105 106 Total limited partnership and common stock investments 100 78 154 146 Other, net of investment expense 18 20 38 51 Net investment income $ 662 $ 618 $ 1,266 $ 1,227 Effective income yield for fixed income securities portfolio 4.9 % 4.8 % 4.8 % 4.8 % Limited partnership and common stock return 3.6 3.1 5.7 6.1 Property & Casualty and Corporate & Other Periods ended June 30 Three Months Six Months (In millions) 2025 2024 2025 2024 Taxable fixed income securities $ 310 $ 301 $ 614 $ 592 Tax-exempt fixed income securities 10 9 19 19 Total fixed income securities 320 310 633 611 Common stock 19 4 17 18 Limited partnerships - hedge funds 22 5 28 12 Limited partnerships - private equity funds 43 36 80 59 Total limited partnership and common stock investments 84 45 125 89 Other, net of investment expense 23 24 47 57 Net investment income $ 427 $ 379 $ 805 $ 757 Effective income yield for fixed income securities portfolio 4.4 % 4.4 % 4.4 % 4.3 % Life & Group Periods ended June 30 Three Months Six Months (In millions) 2025 2024 2025 2024 Taxable fixed income securities $ 198 $ 183 $ 390 $ 364 Tax-exempt fixed income securities 26 27 51 55 Total fixed income securities 224 210 441 419 Common stock — — — — Limited partnerships - hedge funds 2 5 4 10 Limited partnerships - private equity funds 14 28 25 47 Total limited partnership and common stock investments 16 33 29 57 Other, net of investment expense (5) (4) (9) (6) Net investment income $ 235 $ 239 $ 461 $ 470 Effective income yield for fixed income securities portfolio 5.7 % 5.6 % 5.7 % 5.6 % 14

 
Net Investment Gains (Losses) Periods ended June 30 Consolidated Three Months Six Months (In millions) 2025 2024 2025 2024 Fixed maturity securities: Corporate and other bonds $ (40) $ (4) $ (49) $ (21) States, municipalities and political subdivisions — (2) (1) (2) Asset-backed (8) (6) (7) (21) Total fixed maturity securities (48) (12) (57) (44) Non-redeemable preferred stock 6 1 6 12 Derivatives, short-term and other 1 1 1 — Mortgage loans (5) — (5) — Net investment gains (losses) (46) (10) (55) (32) Income tax benefit (expense) on net investment gains (losses) 10 1 12 6 Net investment gains (losses), after tax $ (36) $ (9) $ (43) $ (26) 15

 
Claim & Claim Adjustment Expense Reserve Rollforward Three months ended June 30, 2025 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 7,572 $ 11,708 $ 3,046 $ 22,326 $ 616 $ 2,639 $ 25,581 Ceded 1,495 1,468 534 3,497 81 2,239 5,817 Net 6,077 10,240 2,512 18,829 535 400 19,764 Net incurred claim & claim adjustment expenses 519 939 194 1,652 9 117 1,778 Net claim & claim adjustment expense payments (524) (783) (85) (1,392) (11) (12) (1,415) Foreign currency translation adjustment and other 1 2 145 148 (1) (1) 146 Claim & claim adjustment expense reserves, end of period Net 6,073 10,398 2,766 19,237 532 504 20,273 Ceded 1,631 1,490 490 3,611 79 2,240 5,930 Gross $ 7,704 $ 11,888 $ 3,256 $ 22,848 $ 611 $ 2,744 $ 26,203 Six months ended June 30, 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 1,028 1,947 386 3,361 14 143 3,518 Net claim & claim adjustment expense payments (935) (1,489) (234) (2,658) (22) (27) (2,707) Foreign currency translation adjustment and other 1 1 198 200 (1) — 199 Claim & claim adjustment expense reserves, end of period Net 6,073 10,398 2,766 19,237 532 504 20,273 Ceded 1,631 1,490 490 3,611 79 2,240 5,930 Gross $ 7,704 $ 11,888 $ 3,256 $ 22,848 $ 611 $ 2,744 $ 26,203 16

 
Life & Group Policyholder Reserves Three months ended June 30, 2025 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 535 $ 13,304 $ 13,839 Incurred claims and policyholders' benefits (1) 9 302 311 Benefit and expense payments (11) (281) (292) Change in discount rate assumptions and other (AOCI) (1) 4 3 End of Period $ 532 $ 13,329 $ 13,861 Six months ended June 30, 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) 14 596 610 Benefit and expense payments (22) (574) (596) Change in discount rate assumptions and other (AOCI) (1) 149 148 End of Period $ 532 $ 13,329 $ 13,861 (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 Second Quarter 2025 Results August 4, 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 $299 million versus $317 million in the prior year quarter; core income up 3% to $335 million versus $326 million in the prior year quarter. • P&C core income of $448 million versus $380 million, reflects higher net investment income and improved current accident year underwriting results. • Life & Group core income of $1 million versus core loss of $1 million in the prior year quarter. • Corporate & Other core loss of $114 million versus $53 million in the prior year quarter. The current year quarter includes an $88  million after-tax charge related to unfavorable prior period development associated with legacy mass tort compared with a $28 million after-tax charge in the second quarter of 2024. • Net investment income up 7% to $662 million pretax, reflects a $22 million increase from fixed income securities and other investments to $562 million and a $22 million increase from limited partnerships and common stock to $100 million. • P&C combined ratio of 94.1%, compared with 94.8% in the prior year quarter, including 2.4 points of catastrophe loss impact compared with 3.5 points in the prior year quarter. • Catastrophe losses of $62 million pretax versus $82 million in the prior year quarter. • P&C underlying combined ratio was 91.7%, compared with 91.6% in the prior year quarter. P&C underlying loss ratio was 61.5% and the expense ratio was 29.8%. • P&C segments, excluding third party captives, generated gross written premium growth of 5% and net written premium growth of 6%. P&C renewal premium change of +5%, with written rate of +3% and exposure change of +1%. • Book value per share of $39.39; book value per share excluding AOCI of $45.25, a 4% increase from year-end 2024 adjusting for $2.92 of dividends per share paid. • Board of Directors declares regular quarterly cash dividend of $0.46 per share. 3 Second Quarter Overview

 
4 (In millions, except ratios and per share data) Second Quarter Year to Date 2025 2024 Change 2025 2024 Change Revenues $3,717 $3,519 6 % $7,344 $6,963 5 % Core income 335 326 3 % 616 681 (10) % Net income 299 317 (6) % 573 655 (13) % Diluted earnings per common share: Core income $1.23 $1.19 3 % $2.26 $2.50 (10) % Net income 1.10 1.17 (6) % 2.10 2.40 (13) % Core ROE 11.0 % 10.6 % 0.4 pts 10.0 % 10.9 % (0.9) pts Continued strong underwriting and investment results deliver growth in core income Financial Performance

 
5 (In millions, except ratios) Second Quarter Year to Date 2025 2024 2025 2024 GWP ex. 3rd party captives $3,353 $3,203 $6,495 $6,139 GWP change (% year over year) 5 % 6 % Net written premium $2,846 $2,674 $5,452 $5,064 NWP change (% year over year) 6 % 8 % Net earned premium $2,588 $2,389 $5,108 $4,720 NEP change (% year over year) 8 % 8 % Underwriting gain $150 $124 $190 $250 Loss ratio 63.9 % 63.8 % 65.8 % 63.9 % Less: Effect of catastrophes impacts 2.4 % 3.5 % 3.1 % 3.6 % Less: Effect of (favorable) unfavorable development-related items — % (0.3) % 1.2 % (0.3) % Underlying loss ratio 61.5 % 60.6 % 61.5 % 60.6 % Expense ratio 29.8 % 30.7 % 30.1 % 30.4 % Combined ratio 94.1 % 94.8 % 96.3 % 94.7 % Underlying combined ratio 91.7 % 91.6 % 92.0 % 91.4 % Property & Casualty Operations Excellent underwriting results driven by lower catastrophe losses and expense ratio

 
6 Property & Casualty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 4% 4% 3% 3% 4% 3% 6% 5% 5% 4% 6% 5% 85% 85% 85% 86% 86% 83% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $2,936 $3,203 $2,825 $3,230 $3,142 $3,353 New Business ($M) $529 $595 $547 $591 $565 $645 Specialty Rate 2% —% —% 1% 3% 3% Retention 88% 90% 89% 89% 89% 86% Commercial Rate 6% 7% 6% 6% 6% 5% Retention 85% 84% 84% 84% 84% 81% International Rate 1% —% (2)% (3)% (2)% (4)% Retention 82% 80% 82% 85% 85% 86% Property & Casualty Operations Metrics New business up 8% while managing rate / retention dynamic across the portfolio

 
7 (In millions, except ratios) Second Quarter Year to Date 2025 2024 2025 2024 GWP ex. 3rd party captives $1,013 $984 $1,943 $1,864 GWP change (% year over year) 3 % 4 % Net written premium $892 $857 $1,734 $1,649 NWP change (% year over year) 4 % 5 % Net earned premium $862 $831 $1,692 $1,645 NEP change (% year over year) 4 % 3 % Underwriting gain $53 $60 $95 $136 Loss ratio 60.1 % 59.2 % 60.7 % 58.9 % Less: Effect of catastrophes impacts — % — % — % — % Less: Effect of (favorable) unfavorable development-related items — % (0.4) % 0.6 % (0.5) % Underlying loss ratio 60.1 % 59.6 % 60.1 % 59.4 % Expense ratio 33.2 % 33.2 % 33.3 % 32.5 % Combined ratio 93.6 % 92.7 % 94.3 % 91.7 % Underlying combined ratio 93.6 % 93.1 % 93.7 % 92.2 % Specialty Continued solid underwriting results

 
8 Specialty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 —% —% 3% 1% 2% 3% 4% 4% 88% 90% 89% 89% 89% 86% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $880 $984 $982 $1,049 $930 $1,013 New Business ($M) $94 $118 $129 $121 $112 $122 FI & Mgmt Liability Rate (3)% (6)% (5)% (4)% (1)% 1% Retention 90% 92% 91% 89% 89% 84% Affinity Professional E&O Rate 2% 3% 2% 3% 2% 3% Retention 92% 92% 91% 93% 93% 92% Medical Malpractice Rate 7% 9% 7% 9% 7% 8% Retention 80% 85% 83% 84% 85% 85% Surety Net Written Premiums $184 $175 $176 $157 $204 $182 Warranty & Alt. Risks Revenues $461 $459 $452 $443 $445 $446 2% 3%1% 3% Specialty Production Metrics Executing on underwriting discipline with financial lines rate turning positive

 
9 (In millions, except ratios) Second Quarter Year to Date 2025 2024 2025 2024 GWP ex. 3rd party captives $1,903 $1,802 $3,742 $3,484 GWP change (% year over year) 6 % 7 % Net written premium $1,563 $1,458 $3,061 $2,796 NWP change (% year over year) 7 % 9 % Net earned premium $1,402 $1,247 $2,782 $2,449 NEP change (% year over year) 12 % 14 % Underwriting gain $74 $39 $57 $68 Loss ratio 67.1 % 68.0 % 70.0 % 68.4 % Less: Effect of catastrophes impacts 4.2 % 6.1 % 5.2 % 6.4 % Less: Effect of (favorable) unfavorable development-related items — % (0.1) % 1.9 % — % Underlying loss ratio 62.9 % 62.0 % 62.9 % 62.0 % Expense ratio 27.2 % 28.5 % 27.4 % 28.4 % Combined ratio 94.8 % 97.0 % 97.9 % 97.3 % Underlying combined ratio 90.6 % 91.0 % 90.8 % 90.9 % Commercial Excellent underwriting results driven by lower catastrophe losses and expense ratio

 
10 Commercial Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 6% 7% 6% 6% 6% 5% 8% 7% 8% 7% 7% 6% 85% 84% 84% 84% 84% 81% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $1,682 $1,802 $1,538 $1,794 $1,839 $1,903 New Business ($M) $367 $405 $345 $395 $370 $420 Middle Market Rate 5% 5% 4% 4% 4% 4% Retention 83% 84% 85% 84% 84% 81% Construction Rate 8% 9% 9% 9% 9% 10% Retention 86% 87% 84% 86% 82% 81% National Accounts Rate 8% 7% 6% 6% 5% —% Retention 87% 83% 85% 84% 88% 83% Small Business Rate 3% 4% 4% 5% 5% 4% Retention 81% 79% 80% 81% 82% 80% Marine / Other Net Written Premium $104 $116 $95 $94 $111 $115 Commercial Production Metrics Achieving strong rate and improved terms & conditions on liability coverages, while national accounts property rate softened

 
1 Excluding currency fluctuations, GWP grew 3% for the second quarter and 4% year to date. NWP grew 7% for the second quarter and year to date. 11 (In millions, except ratios) Second Quarter Year to Date 2025 2024 2025 2024 Gross written premium $437 $417 $810 $791 GWP change (% year over year)1 5 % 2 % Net written premium $391 $359 $657 $619 NWP change (% year over year)1 9 % 6 % Net earned premium $324 $311 $634 $626 NEP change (% year over year) 4 % 1 % Underwriting gain $23 $25 $38 $46 Loss ratio 59.9 % 59.1 % 61.0 % 59.6 % Less: Effect of catastrophes impacts 1.4 % 2.0 % 2.5 % 2.0 % Less: Effect of (favorable) unfavorable development-related items — % (1.0) % — % (0.5) % Underlying loss ratio 58.5 % 58.1 % 58.5 % 58.1 % Expense ratio 32.9 % 32.8 % 33.0 % 33.0 % Combined ratio 92.8 % 91.9 % 94.0 % 92.6 % Combined ratio excl. catastrophes and development 91.4 % 90.9 % 91.5 % 91.1 % International NWP growth ex. currency fluctuations of 7% with consistently profitable results

 
12 Life & Group Current quarter and year to date reflect favorable persistency partially offset by lower investment income (In millions) Second Quarter Year to Date 2025 2024 2025 2024 Net earned premiums $106 $109 $212 $219 Total claims, benefits and expenses 345 355 675 696 Net investment income 235 239 461 470 Core loss before income tax (4) (7) (2) (7) Income tax benefit 5 6 9 11 Core income (loss) $1 ($1) $7 $4

 
Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 4.8% 4.8% 4.8% 4.8% 4.9% Fixed Income Effective Yield (Pretax) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 78 80 94 54 100 3.1% 3.1% 3.5% 2.0% 3.6% Limited Partnership & Common Stock Return (Pretax) Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 $M $M $M 13 Pretax Net Investment Income Strong contributions from fixed income and limited partnerships • Net investment income is up 7% year-over-year • Fixed income, up 5% year-over-year, 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 13% 618 626 644 604 662 520 525 529 530 544

 
6% 4% 3% 2% 2% 1% 14 Life & Group 9.8 yrs P&C and Corporate 4.5 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 16% A 25% BBB 40% Corporate & Other 53% Municipals 15% Other ABS 7% RMBS 7% AAA 1 15% Non-IG 4% LPs & Common Stock Short Term & Other CMBS Mortgage Loans Other Fixed Income Preferred Stock Effective Portfolio Duration • 88% of total invested assets are in fixed income securities • High-quality portfolio with an average credit rating of “A” • Duration well matched with insurance liabilities • Net unrealized loss improved from year-end driven by lower risk-free rates Fixed Maturities by Rating Portfolio Composition Highlights High quality, diversified and liquid investment portfolio Investment Portfolio

 
Capital • Financial strength ratings from all four rating agencies have been affirmed since August 2024 • 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 4% 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) Jun 30, 2025 Dec 31, 2024 Debt $2,975 $2,973 Stockholders' equity 10,661 10,513 Total capital $13,636 $13,486 AOCI (1,586) (1,991) Capital ex. AOCI $15,222 $15,477 BVPS ex. AOCI $45.25 $46.16 Dividends per share (YTD) $2.92 $3.76 Debt-to-capital 21.8 % 22.0 % Debt-to-capital ex. AOCI 19.5 % 19.2 % Statutory surplus 11,203 $11,165 Holding company liquidity 1 $833 $1,207 15 1 Includes $250 million available under credit facility Financial Strength Conservative capital and debt profile support business objectives

 
APPENDIX 16

 
Results for the Three Months Ended June 30 Results for the Six Months Ended June 30 (In millions) 2025 2024 2025 2024 Net income $299 $317 $573 $655 Less: Net investment losses (36) (9) (43) (26) Core income $335 $326 $616 $681 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 June 30 Results for the Six Months Ended June 30 2025 2024 2025 2024 Net income per diluted share $1.10 $1.17 $2.10 $2.40 Less: Net investment losses (0.13) (0.02) (0.16) (0.10) Core income per diluted share $1.23 $1.19 $2.26 $2.50 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 June 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 165 $ 199 $ 53 $ 417 Net investment losses, after tax 12 19 — 31 Core income $ 177 $ 218 $ 53 $ 448 Less: Net investment income 170 206 38 414 Non-insurance warranty revenue (expense) 14 — — 14 Other revenue (expense), including interest expense (11) (5) 10 (6) Income tax expense on core income (49) (57) (18) (124) Underwriting gain 53 74 23 150 Effect of catastrophe losses — 57 5 62 Effect of unfavorable development-related items — 1 — 1 Underlying underwriting gain $ 53 $ 132 $ 28 $ 213 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. Reconciliation of GAAP Measures to Non-GAAP Measures

 
19 Results for the Three Months Ended June 30, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 164 $ 160 $ 45 $ 369 Net investment losses (gains), after tax 5 7 (1) 11 Core income $ 169 $ 167 $ 44 $ 380 Less: Net investment income 154 175 32 361 Non-insurance warranty revenue (expense) 16 — — 16 Other revenue (expense), including interest expense (14) (3) (1) (18) Income tax expense on core income (47) (44) (12) (103) Underwriting gain 60 39 25 124 Effect of catastrophe losses — 76 6 82 Effect of favorable development-related items (3) — (3) (6) Underlying underwriting gain $ 57 $ 115 $ 28 $ 200 Reconciliation of GAAP Measures to Non-GAAP Measures

 
20 Results for the Six Months Ended June 30, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 314 $ 323 $ 91 $ 728 Net investment losses (gains), after tax 13 19 (1) 31 Core income $ 327 $ 342 $ 90 $ 759 Less: Net investment income 321 383 72 776 Non-insurance warranty revenue (expense) 26 — — 26 Other revenue (expense), including interest expense (25) (7) 11 (21) Income tax expense on core income (90) (91) (31) (212) Underwriting gain 95 57 38 190 Effect of catastrophe losses — 143 16 159 Effect of unfavorable development-related items 10 53 — 63 Underlying underwriting gain $ 105 $ 253 $ 54 $ 412 Reconciliation of GAAP Measures to Non-GAAP Measures

 
21 Results for the Six Months Ended June 30, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 331 $ 304 $ 82 $ 717 Net investment losses (gains), after tax 15 21 (1) 35 Core income $ 346 $ 325 $ 81 $ 752 Less: Net investment income 304 351 63 718 Non-insurance warranty revenue (expense) 29 — — 29 Other revenue (expense), including interest expense (28) (7) (3) (38) Income tax expense on core income (95) (87) (25) (207) Underwriting gain 136 68 46 250 Effect of catastrophe losses — 158 12 170 Effect of favorable development-related items (8) — (3) (11) Underlying underwriting gain $ 128 $ 226 $ 55 $ 409 The 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 5, 7, 9 and 11, 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

 
June 30, 2025 December 31, 2024 Book value per share $39.39 $38.82 Less: Per share impact of AOCI (5.86) (7.34) Book value per share excluding AOCI $45.25 $46.16 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Calculation of Return on Equity and Core Return on Equity Results for the Three Months Ended June 30 Results for the Three Months Ended June 30 ($ millions) 2025 2024 2025 2024 Annualized net income $1,195 $1,270 $1,145 $1,311 Average stockholders' equity including AOCI (a) 10,470 9,768 10,587 9,883 Return on equity 11.4 % 13.0 % 10.8 % 13.3 % Annualized core income $1,340 $1,303 $1,233 $1,361 Average stockholders' equity excluding AOCI (a) 12,156 12,328 12,375 12,493 Core return on equity 11.0 % 10.6 % 10.0 % 10.9 % 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. 22 Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI Reconciliation of GAAP Measures to Non-GAAP Measures

 





CNA Financial Second Quarter 2025 Earnings Remarks
Douglas M. Worman, President and Chief Executive Officer:
We are pleased with our exceptional second quarter results driven by strong investment income and excellent underwriting gain. Our underwriting gain of $150 million was up 21% from the prior year second quarter. The underlying underwriting gain of $213 million was the ninth consecutive quarter of $200 million or more. We grew gross written premiums excluding captives 5% while maintaining strong underwriting discipline, and catastrophe losses were lower year over year. We achieved higher net investment income and solid top-line growth, and in the U.S, rate was stable – including double-digit rate increases in our commercial casualty classes of business, which continue to exceed loss cost trends.
Core income was $335 million, an increase of $9 million over the prior year quarter. Core income was impacted by an $88 million after-tax charge related to unfavorable prior period development associated with legacy mass tort abuse reserves, inclusive of the anticipated agreement in principle with regards to the Diocese of Rochester. Net investment income of $662 million increased $44 million year over year, with equal contributions from the fixed income portfolio from growth in both book yield and our invested asset base, and strong limited partnership and common stock performance.
The P&C all-in combined ratio was 94.1% in the second quarter, including $62 million or 2.4 points, of catastrophe losses. The catastrophe loss ratio was more than a point lower than our second quarter average over the past five years. Prior period development was negligible in the quarter. The P&C underlying combined ratio was 91.7%. The underlying loss ratio was 61.5%, in line with the first quarter, and the expense ratio was 29.8%, the lowest since 2008.
Gross written premiums excluding captives grew 5% and net written premiums grew 6% in the quarter. Growth was impacted by lower retentions in certain isolated segments within the Commercial and Specialty portfolios this quarter. In each case this was reflective of portfolio underwriting actions on specific accounts where our underwriters could not obtain pricing, terms and conditions appropriate to the risk. We execute our strategies in a very nuanced way, and while the market overall is rational, there are certain small pockets within individual lines and geographies where we believe the external loss cost environment is not being appropriately reflected. In those areas, we will not trade bottom line profit for growth. We continue to take advantage of attractive opportunities across the market in our areas of specialization, which is evidenced by our new business growth of 8% in the quarter to $645 million with positive growth in all three operating segments.
P&C rate increase was 3% in the quarter and renewal premium change was 5%, each down one point from last quarter. The decrease was driven by International, which has been profitable for several years, and pricing pressure in national accounts property. In the U.S., which has been more significantly impacted by social inflation, rates were consistent with last quarter at 5%.
In the Commercial segment, the all-in combined ratio was 94.8%, a 2.2 point improvement from the prior year quarter. Catastrophe losses were $57 million or 4.2 points, 1.9 points lower than the prior year quarter, and prior period development was negligible overall. The underlying combined ratio was 90.6%. The expense ratio was 27.2%, an improvement of 1.3 points year over year, remaining below 28% for the fourth consecutive quarter. The underlying loss ratio was 62.9%, consistent with the first quarter.
Gross written premiums excluding captives grew by 6% in the quarter and net written premium growth was 7%. New business was $420 million, up 4% from the prior year quarter. New business growth was lower in the second quarter compared to some recent quarters as a result of our prudent underwriting in commercial auto, where terms and conditions on many account opportunities would not provide the rate of return we believe appropriate in that line of business.
Rate increase for the Commercial segment was 5% in the quarter and renewal premium change was 6%, each down a point compared to the first quarter. We have seen substantial rate reductions in national accounts property, where rate was five points lower than the first quarter. Property rates, excluding national
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accounts, are still high single-digit. Excess casualty rate remained low double-digit in the quarter, commercial auto rate was 20%, and primary general liability rates are still in the mid single-digit range. For Commercial excluding national accounts property, the rate increase in the first half of the year was the highest it has been since the peak of the hard market in the first quarter of 2021.
Exposure change was 1% in aggregate with variation by line. Exposure change was 3% in workers’ compensation and 4% in primary general liability where exposure can act more like rate. Exposure change was down 2% in excess casualty as we continue to opportunistically reposition attachment points and limits in light of the continued impact of social inflation. Retention was 81% in the second quarter. In commercial auto, retention was several points lower than the overall average, whereas in workers’ compensation which has been very profitable for us, retention was a few points higher.
Within Specialty, the all-in and underlying combined ratios were 93.6%. The expense ratio was 33.2% and the underlying loss ratio was 60.1%, consistent with the last several quarters.
Gross written premiums excluding captives grew by 3% and net written premiums grew by 4%. Rate increased by 3%, consistent with the first quarter when rates reached the highest level since 2022. In financial institutions and management liability, we achieved an aggregate rate increase of 1%, the first quarter of positive rate after ten consecutive quarters of negative rate. Notably, rate was positive in both public directors and officers (D&O) and cyber again this quarter, similar to last quarter. New business grew 3% to $122 million in the quarter. Retention was still quite strong at 86% but was down three points compared to last quarter. Retention was lower by five points in financial institutions and management liability where we continue to optimize our decisions against the backdrop of a protracted soft pricing environment in those lines.
In International, the all-in combined ratio was 92.8% in the quarter, including $5 million or 1.4 points of catastrophe loss compared to 2.0 points in the prior year quarter. The underlying combined ratio was 91.4%. The underlying loss ratio was 58.5%, consistent with the first quarter. The expense ratio was 32.9%. We have had tremendous success improving our International portfolio and we are committed to continuing to focus and capitalize on opportunities in the International portfolio as it contributes meaningfully and positively to our overall results.
Gross written premiums were up 5% and 4% excluding currency fluctuations. Net written premiums were up 9% and 7% excluding currency fluctuations. New business was $103 million, up 43%, as we continued to lean into opportunities in our target specializations. Rates continue to be impacted by competition but our retention remains quite strong at 86% as we hold on to our portfolio which has been consistently profitable and has produced twenty consecutive quarters of underwriting profitability.
I would like to highlight our recently announced launch of Cardinal E&S, A CNA Brand, furthering our dedication to serving the excess and surplus (E&S) market. This strategic expansion reinforces CNA’s continued commitment to delivering specialized solutions. Cardinal E&S will continue to partner with our wholesale brokers through our dedicated, specialized underwriting teams focused on casualty, property, healthcare and financial lines, and a commitment to deep expertise, rapid response times and customized solutions.
In the second quarter we had extremely successful renewals of our property reinsurance treaties on June 1st. On these renewals, we achieved very favorable terms, conditions, and pricing consistent with our experience and continued prudent portfolio management of catastrophe risk. We renewed our treaties based on the scale of our operating portfolios, buying a structure where the economics made the most sense for us as an organization. We believe this excellent result demonstrates the strength of our portfolio.



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Scott R. Lindquist, Chief Financial Officer:
CNA’s core income of $335 million is up from $326 million in the prior year quarter, leading to a core return on equity of 11.0%, and reflects another quarter of strong underwriting and investment results.
Our P&C expense ratio for the second quarter was 29.8% compared to 30.7% in the prior year quarter, reflecting higher net earned premiums and a favorable acquisition ratio. While we tend to have a certain amount of variability quarter to quarter, we do expect the expense ratio to continue to track at approximately 30% for the balance of 2025.
The P&C net prior period development impact on the combined ratio was flat in the current quarter. In the Specialty segment, favorable development in surety was offset by unfavorable development in other professional liability and management liability. In the Commercial segment, favorable development in workers’ compensation was offset by unfavorable development in general liability.
For Life & Group, we recorded core income of $1 million for the second quarter compared to a $1 million core loss for the prior year quarter, with both underwriting and investment results being generally in-line with the prior year quarter. Results for the quarter benefited from favorable persistency, somewhat offset by lower investment income. We also note that, consistent with historical practice, we intend to perform our annual assumption updates for our Life & Group segment during the third quarter.
Our Corporate segment produced a core loss of $114 million in the second quarter, compared to a $53 million loss in the prior year quarter. As a reminder and as we stated previously, we conduct a comprehensive review of mass tort reserves in the second quarter of each year. As a result of this quarter’s comprehensive review, the Corporate segment results include an $88 million after-tax charge related to unfavorable prior period development largely associated with legacy mass tort abuse claim activity, the on-going effects of social inflation and the anticipated agreement in principle with regards to the Diocese of Rochester. We also note that, consistent with historical practice, we intend to review our asbestos & environmental reserves within the Corporate segment in the fourth quarter.
Net investment income was $662 million in the second quarter compared with $618 million in the prior year quarter, an increase of 7%. The increase was driven by fixed income investments and our limited partnership and common stock portfolios.
Fixed income and other investments generated $562 million of income, up 4% 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 4.9% in the second quarter, up from 4.8% in the prior year quarter. Reinvestment rates continue to be above our P&C portfolio effective income yield of 4.4% and are slightly above our Life & Group portfolio effective income yield of 5.7%.
Looking ahead, based on the current interest rate environment we expect income from fixed income and other investments to be about $565 million in the third quarter. For the full year, we expect income from fixed income and other investments to be about $2,250 million, or a 3% increase as compared to the full year 2024.
Our limited partnership and common stock portfolio returned a $100 million gain, or 3.6%, in the current quarter compared to a $78 million gain, or 3.1%, in the prior year’s quarter. This quarter’s 3.6% return was primarily driven by our hedge fund limited partnerships and common stock portfolio (both of which are generally reported real-time), where performance reflected the broader public equity market’s strong performance during the quarter.
Net investment losses were $36 million in the second quarter, compared with net investment losses in the prior year quarter of $9 million, and were driven primarily by fixed maturity disposals arising from normal course portfolio management activities.
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At quarter-end, our balance sheet continues to be very solid with stockholders' equity excluding accumulated other comprehensive income (AOCI) of $12.3 billion, or $45.31 per share, an increase of 4% from year-end 2024 adjusting for dividends. Stockholders' equity including AOCI was $10.7 billion or $39.45 per share. With the decline in interest rates during the first half of the year, the net unrealized investment loss in our fixed income portfolio decreased to $1.9 billion as of quarter-end. Finally, we ended the quarter with statutory capital and surplus in the combined Continental Casualty Companies of $11.2 billion.
Operating cash flow was strong at $1.2 billion for the first six months of 2025, which is up 7% as compared to the first six months of 2024. The higher cash flow reflects continued strong underwriting and investing results.
Turning to taxes, the effective tax rate on core income for the second quarter was 21.4%, which is in line with our full year 2025 expectations.
Finally, we are pleased to announce our regular quarterly dividend of $0.46 per share to be paid on September 4, 2025 to stockholders of record on August18, 2025.
Douglas M. Worman, President and Chief Executive Officer:
To wrap this up, CNA achieved 5% growth in gross written premiums excluding captives and 6% growth in net written premiums. We achieved very strong cash flow and excellent investment returns, while continuing with our disciplined execution of our underwriting strategies. Our underlying underwriting gain of $213 million is the ninth consecutive quarter in excess of $200 million and our underlying combined ratio was 92.0% for the first half of the year. Our catastrophe ratio is below our five year average for the quarter and for the first half of the year. We very successfully renewed all of our major property reinsurance treaties in the quarter and we had an extraordinary launch of Cardinal E&S with strong support from our distribution partners.
Over the years, we have generated attractive underwriting margins, built an excellent investment portfolio, and established top tier staff to continue driving positive momentum. We have established differentiated business profiles in the areas of our specialization which allows us to manage through adverse markets. We are proud of our results through the first half of 2025 and look forward to a successful second half of the year.
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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)
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 June 30Results for the Six Months Ended June 30
($ millions)2025202420252024
Net income$299 $317 $573 $655 
Less: Net investment losses(36)(9)(43)(26)
Core income$335 $326 $616 $681 
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 June 30Results for the Six Months Ended June 30
2025202420252024
Net income per diluted share$1.10 $1.17 $2.10 $2.40 
Less: Net investment losses(0.13)(0.02)(0.16)(0.10)
Core income per diluted share$1.23 $1.19 $2.26 $2.50 

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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.
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 June 30, 2025
SpecialtyCommercial International Property & Casualty
(In millions)
Net income $165 $199 $53 $417 
Net investment losses, after tax12 19 — 31 
Core income $177 $218 $53 $448 
Less:
Net investment income170 206 38 414 
Non-insurance warranty revenue14 — — 14 
Other revenue (expense), including interest expense(11)(5)10 (6)
Income tax expense on core income (49)(57)(18)(124)
Underwriting gain53 74 23 150 
Effect of catastrophe losses— 57 5 62 
Effect of unfavorable development-related items— 1 — 1 
Underlying underwriting gain$53 $132 $28 $213 

Results for the Three Months Ended June 30, 2024
SpecialtyCommercial International Property & Casualty
(In millions)
Net income $164 $160 $45 $369 
Net investment losses (gains), after tax5 7 (1)11 
Core income $169 $167 $44 $380 
Less:
Net investment income154 175 32 361 
Non-insurance warranty revenue16 — — 16 
Other expense, including interest expense(14)(3)(1)(18)
Income tax expense on core income (47)(44)(12)(103)
Underwriting gain 60 39 25 124 
Effect of catastrophe losses— 76 6 82 
Effect of favorable development-related items(3)— (3)(6)
Underlying underwriting gain$57 $115 $28 $200 
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Results for the Six Months Ended June 30, 2025
SpecialtyCommercial International Property & Casualty
(In millions)
Net income $314 $323 $91 $728 
Net investment losses (gains), after tax13 19 (1)31 
Core income $327 $342 $90 $759 
Less:
Net investment income321 383 72 776 
Non-insurance warranty revenue26 — — 26 
Other revenue (expense), including interest expense(25)(7)11 (21)
Income tax expense on core income (90)(91)(31)(212)
Underwriting gain95 57 38 190 
Effect of catastrophe losses— 143 16 159 
Effect of unfavorable development-related items10 53 — 63 
Underlying underwriting gain$105 $253 $54 $412 

Results for the Six Months Ended June 30, 2024
SpecialtyCommercial International Property & Casualty
(In millions)
Net income $331 $304 $82 $717 
Net investment losses (gains), after tax15 21 (1)35 
Core income $346 $325 $81 $752 
Less:
Net investment income304 351 63 718 
Non-insurance warranty revenue (expense)29 — — 29 
Other revenue (expense), including interest expense(28)(7)(3)(38)
Income tax expense on core income (95)(87)(25)(207)
Underwriting gain 136 68 46 250 
Effect of catastrophe losses— 158 12 170 
Effect of favorable development-related items(8)— (3)(11)
Underlying underwriting gain$128 $226 $55 $409 

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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 June 30Results for the Six Months Ended June 30
2025202420252024
Loss ratio60.1 %59.2 %60.7 %58.9 %
Less: Effect of catastrophe impacts— — — — 
Less: Effect of unfavorable (favorable) development-related items— (0.4)0.6 (0.5)
Underlying loss ratio60.1 %59.6 %60.1 %59.4 %
Expense ratio33.2 %33.2 %33.3 %32.5 %
Combined ratio93.6 %92.7 %94.3 %91.7 %
Underlying combined ratio93.6 %93.1 %93.7 %92.2 %
Commercial
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
2025202420252024
Loss ratio67.1 %68.0 %70.0 %68.4 %
Less: Effect of catastrophe impacts4.2 6.1 5.2 6.4 
Less: Effect of unfavorable (favorable) development-related items— (0.1)1.9 — 
Underlying loss ratio62.9 %62.0 %62.9 %62.0 %
Expense ratio27.2 %28.5 %27.4 %28.4 %
Combined ratio94.8 %97.0 %97.9 %97.3 %
Underlying combined ratio90.6 %91.0 %90.8 %90.9 %
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International
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
2025202420252024
Loss ratio59.9 %59.1 %61.0 %59.6 %
Less: Effect of catastrophe impacts1.4 2.0 2.5 2.0 
Less: Effect of favorable development-related items— (1.0)— (0.5)
Underlying loss ratio58.5 %58.1 %58.5 %58.1 %
Expense ratio32.9 %32.8 %33.0 %33.0 %
Combined ratio92.8 %91.9 %94.0 %92.6 %
Underlying combined ratio91.4 %90.9 %91.5 %91.1 %
Property & Casualty
Results for the Three Months Ended June 30Results for the Six Months Ended June 30
2025202420252024
Loss ratio63.9 %63.8 %65.8 %63.9 %
Less: Effect of catastrophe impacts2.4 3.5 3.1 3.6 
Less: Effect of unfavorable (favorable) development-related items— (0.3)1.2 (0.3)
Underlying loss ratio61.5 %60.6 %61.5 %60.6 %
Expense ratio29.8 %30.7 %30.1 %30.4 %
Combined ratio94.1 %94.8 %96.3 %94.7 %
Underlying combined ratio91.7 %91.6 %92.0 %91.4 %
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.
June 30, 2025December 31, 2024
Book value per share$39.39 $38.82 
Less: Per share impact of AOCI(5.86)(7.34)
Book value per share excluding AOCI$45.25 $46.16 

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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 June 30Results for the Six Months Ended June 30
($ millions)2025202420252024
Annualized net income$1,195 $1,270 $1,145 $1,311 
Average stockholders' equity including AOCI (a)
10,4709,76810,5879,883
Return on equity11.4 %13.0 %10.8 %13.3 %
Annualized core income$1,340 $1,303 $1,233 $1,361 
Average stockholders' equity excluding AOCI (a)
12,15612,32812,37512,493
Core return on equity11.0 %10.6 %10.0 %10.9 %
(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.


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