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