CNA Financial Corporation Supplemental Financial Information June 30, 2026 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) 2026 2025 Change 2026 2025 Change Revenues: Net earned premiums $ 2,759 $ 2,694 2 % $ 5,460 $ 5,320 3 % Net investment income 701 662 6 1,311 1,266 4 Net investment (losses) gains (5) (46) (23) (55) Non-insurance warranty revenue 367 398 741 795 Other revenues 7 9 17 18 Total revenues 3,829 3,717 3 7,506 7,344 2 Claims, Benefits and Expenses: Insurance claims and policyholders’ benefits (re-measurement loss of $25, $15, $44 and $23) 2,169 2,085 4,344 4,112 Amortization of deferred acquisition costs 481 469 957 940 Non-insurance warranty expense 356 384 712 769 Other operating expenses 385 368 755 731 Interest expense 33 31 66 63 Total claims, benefits and expenses 3,424 3,337 (3) 6,834 6,615 (3) Income (loss) before income tax 405 380 672 729 Income tax (expense) benefit (84) (81) (140) (156) Net income (loss) $ 321 $ 299 7 % $ 532 $ 573 (7) % 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) 2026 2025 2026 2025 Components of Income (Loss) Core income (loss) $ 324 $ 335 $ 549 $ 616 Net investment gains (losses) (3) (36) (17) (43) Net income (loss) $ 321 $ 299 $ 532 $ 573 Diluted Earnings (Loss) Per Common Share Core income (loss) $ 1.19 $ 1.23 $ 2.02 $ 2.26 Net investment gains (losses) (0.01) (0.13) (0.07) (0.16) Diluted earnings (loss) per share $ 1.18 $ 1.10 $ 1.95 $ 2.10 Weighted Average Outstanding Common Stock and Common Stock Equivalents Basic 270.9 271.1 271.0 271.2 Diluted 271.7 272.2 272.0 272.4 Return on Equity Net income (loss) (1) 11.6 % 11.4 % 9.3 % 10.8 % Core income (loss) (2) 10.5 11.0 8.8 10.0 (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, 2026 December 31, 2025 Total investments $ 50,456 $ 50,447 Reinsurance receivables, net of allowance for uncollectible receivables 6,497 6,381 Total assets 69,874 69,443 Insurance reserves 48,787 47,682 Claim and claim adjustment expenses 27,490 26,599 Unearned premiums 8,035 7,635 Future policy benefits 13,262 13,448 Debt 2,973 2,971 Total liabilities 58,688 57,822 Accumulated other comprehensive income (loss) (1) (1,216) (1,098) Total stockholders' equity 11,186 11,621 Book value per common share $ 41.34 $ 42.93 Book value per common share excluding AOCI $ 45.83 $ 46.99 Outstanding shares of common stock (in millions of shares) 270.6 270.7 Statutory capital and surplus - Combined Continental Casualty Companies (2) $ 11,194 $ 11,578 Three Months Ended June 30 2026 2025 Net cash flows provided (used) by operating activities $ 649 $ 562 Net cash flows provided (used) by investing activities (699) (559) Net cash flows provided (used) by financing activities (131) (125) Net cash flows provided (used) by operating, investing and financing activities $ (181) $ (122) Six Months Ended June 30 2026 2025 Net cash flows provided (used) by operating activities $ 1,042 $ 1,200 Net cash flows provided (used) by investing activities (255) (471) Net cash flows provided (used) by financing activities (867) (847) Net cash flows provided (used) by operating, investing and financing activities $ (80) $ (118) (1) As of June 30, 2026 and December 31, 2025, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $372 million and $192 million. (2) Statutory capital and surplus as of June 30, 2026 is preliminary. 3
Property & Casualty - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 Change 2026 2025 Change Gross written premiums $ 4,168 $ 4,194 (1) % $ 7,901 $ 8,092 (2) % Gross written premiums ex. warranty captives 3,656 3,519 4 6,875 6,733 2 Net written premiums 2,965 2,846 4 5,587 5,452 2 Net earned premiums 2,656 2,588 3 5,254 5,108 3 Insurance claims and policyholders' benefits 1,772 1,664 3,650 3,382 Amortization of deferred acquisition costs 481 469 957 940 Insurance related administrative expenses 311 305 614 596 Underwriting gain (loss) 92 150 (39) 33 190 (83) Net investment income 461 414 11 836 776 8 Non-insurance warranty revenue 367 398 741 795 Other revenues 8 9 18 18 Non-insurance warranty expense 356 384 712 769 Other expenses 26 15 51 39 Interest expense — — — — Core income (loss) before income tax 546 572 865 971 Income tax (expense) benefit on core income (loss) (120) (124) (191) (212) Core income (loss) $ 426 $ 448 (5) % $ 674 $ 759 (11) % Other Performance Metrics Underwriting gain (loss) $ 92 $ 150 (39) % $ 33 $ 190 (83) % Catastrophe-related reinstatement premiums — — 9 — Catastrophe losses 60 62 148 159 (Favorable) unfavorable net prior year loss reserve development (6) (4) 94 57 (Favorable) unfavorable other development-related items (1) 7 5 13 6 Effect of (favorable) unfavorable development-related items 1 1 107 63 Underlying underwriting gain (loss) $ 153 $ 213 (28) % $ 297 $ 412 (28) % Loss & LAE ratio 66.4 % 63.9 % (2.5) pts 69.0 % 65.8 % (3.2) pts Expense ratio 29.7 29.8 0.1 30.0 30.1 0.1 Dividend ratio 0.4 0.4 — 0.4 0.4 — Combined ratio 96.5 % 94.1 % (2.4) pts 99.4 % 96.3 % (3.1) pts Less: Effect of catastrophe impacts 2.3 2.4 0.1 2.9 3.1 0.2 Less: Effect of (favorable) unfavorable development-related items — — — 2.0 1.2 (0.8) Underlying combined ratio 94.2 % 91.7 % (2.5) pts 94.5 % 92.0 % (2.5) pts Rate — % 3 % (3) pts 1 % 4 % (3) pts Renewal premium change 2 % 5 % (3) pts 2 % 5 % (3) pts Retention 83 % 83 % — pts 83 % 84 % (1) pts New business $ 718 $ 645 11 % $ 1,299 $ 1,210 7 % (1) Other development-related items represent 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) 2026 2025 Change 2026 2025 Change Gross written premiums $ 1,582 $ 1,692 (7) % $ 3,090 $ 3,364 (8) % Gross written premiums ex. warranty captives 1,071 1,016 5 2,065 2,005 3 Net written premiums 937 892 5 1,771 1,734 2 Net earned premiums 878 862 2 1,730 1,692 2 Insurance claims and policyholders' benefits 554 522 1,144 1,033 Amortization of deferred acquisition costs 201 195 398 384 Insurance related administrative expenses 91 92 180 180 Underwriting gain (loss) 32 53 (40) 8 95 (92) Net investment income 171 170 1 313 321 (2) Non-insurance warranty revenue 367 398 741 795 Other revenues — (1) 1 — Non-insurance warranty expense 356 384 712 769 Other expenses 15 10 27 25 Interest expense — — — — Core income (loss) before income tax 199 226 324 417 Income tax (expense) benefit on core income (loss) (42) (49) (68) (90) Core income (loss) $ 157 $ 177 (11) % $ 256 $ 327 (22) % Other Performance Metrics Underwriting gain (loss) $ 32 $ 53 (40) % $ 8 $ 95 (92) % Catastrophe losses — — — — (Favorable) unfavorable net prior year loss reserve development (1) — 44 10 (Favorable) unfavorable other development-related items (1) 1 — 6 — Effect of (favorable) unfavorable development-related items — — 50 10 Underlying underwriting gain (loss) $ 32 $ 53 (40) % $ 58 $ 105 (45) % Loss & LAE ratio 62.8 % 60.1 % (2.7) pts 65.7 % 60.7 % (5.0) pts Expense ratio 33.3 33.2 (0.1) 33.4 33.3 (0.1) Dividend ratio 0.4 0.3 (0.1) 0.4 0.3 (0.1) Combined ratio 96.5 % 93.6 % (2.9) pts 99.5 % 94.3 % (5.2) pts Less: Effect of catastrophe impacts — — — — — — Less: Effect of (favorable) unfavorable development-related items — — — 2.9 0.6 (2.3) Underlying combined ratio 96.5 % 93.6 % (2.9) pts 96.6 % 93.7 % (2.9) pts Rate 4 % 3 % 1 pts 4 % 3 % 1 pts Renewal premium change 4 % 4 % — pts 4 % 4 % — pts Retention 85 % 86 % (1) pts 85 % 88 % (3) pts New business $ 175 $ 122 43 % $ 302 $ 234 29 % (1) Other development-related items represent 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) 2026 2025 Change 2026 2025 Change Gross written premiums $ 2,140 $ 2,065 4 % $ 3,968 $ 3,918 1 % Net written premiums 1,643 1,563 5 3,123 3,061 2 Net earned premiums 1,441 1,402 3 2,853 2,782 3 Insurance claims and policyholders' benefits 1,009 947 2,093 1,962 Amortization of deferred acquisition costs 207 211 413 430 Insurance related administrative expenses 175 170 346 333 Underwriting gain (loss) 50 74 (32) 1 57 (98) Net investment income 246 206 19 436 383 14 Other revenues 8 10 17 18 Other expenses 11 15 22 25 Core income (loss) before income tax 293 275 432 433 Income tax (expense) benefit on core income (loss) (61) (57) (88) (91) Core income (loss) $ 232 $ 218 6 % $ 344 $ 342 1 % Other Performance Metrics Underwriting gain (loss) $ 50 $ 74 (32) % $ 1 $ 57 (98) % Catastrophe-related reinstatement premiums — — 9 — Catastrophe losses 53 57 137 143 (Favorable) unfavorable net prior year loss reserve development (5) (4) 50 47 (Favorable) unfavorable other development-related items (1) 6 5 7 6 Effect of (favorable) unfavorable development-related items 1 1 57 53 Underlying underwriting gain (loss) $ 104 $ 132 (21) % $ 204 $ 253 (19) % Loss & LAE ratio 69.5 % 67.1 % (2.4) pts 72.8 % 70.0 % (2.8) pts Expense ratio 26.6 27.2 0.6 26.6 27.4 0.8 Dividend ratio 0.4 0.5 0.1 0.5 0.5 — Combined ratio 96.5 % 94.8 % (1.7) pts 99.9 % 97.9 % (2.0) pts Less: Effect of catastrophe impacts 3.7 4.2 0.5 5.1 5.2 0.1 Less: Effect of (favorable) unfavorable development-related items — — — 1.9 1.9 — Underlying combined ratio 92.8 % 90.6 % (2.2) pts 92.9 % 90.8 % (2.1) pts Rate — % 5 % (5) pts 1 % 6 % (5) pts Renewal premium change 2 % 6 % (4) pts 3 % 7 % (4) pts Retention 81 % 81 % — pts 81 % 83 % (2) pts New business $ 446 $ 420 6 % $ 815 $ 790 3 % (1) Other development-related items represent 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) 2026 2025 Change 2026 2025 Change Gross written premiums $ 446 $ 437 2 % $ 843 $ 810 4 % Net written premiums 385 391 (2) 693 657 5 Net earned premiums 337 324 4 671 634 6 Insurance claims and policyholders' benefits 209 195 413 387 Amortization of deferred acquisition costs 73 63 146 126 Insurance related administrative expenses 45 43 88 83 Underwriting gain (loss) 10 23 (57) 24 38 (37) Net investment income 44 38 16 87 72 21 Other revenues — — — — Other expenses — (10) 2 (11) Core income (loss) before income tax 54 71 109 121 Income tax (expense) benefit on core income (loss) (17) (18) (35) (31) Core income (loss) $ 37 $ 53 (30) % $ 74 $ 90 (18) % Other Performance Metrics Underwriting gain (loss) $ 10 $ 23 (57) % $ 24 $ 38 (37) % Catastrophe losses 7 5 11 16 (Favorable) unfavorable net prior year loss reserve development — — — — (Favorable) unfavorable other development-related items (1) — — — — Effect of (favorable) unfavorable development-related items — — — — Underlying underwriting gain (loss) $ 17 $ 28 (39) % $ 35 $ 54 (35) % Loss & LAE ratio 62.0 % 59.9 % (2.1) pts 61.5 % 61.0 % (0.5) pts Expense ratio 34.9 32.9 (2.0) 34.9 33.0 (1.9) Dividend ratio — — — — — — Combined ratio 96.9 % 92.8 % (4.1) pts 96.4 % 94.0 % (2.4) pts Less: Effect of catastrophe impacts 2.2 1.4 (0.8) 1.7 2.5 0.8 Less: Effect of (favorable) unfavorable development-related items — — — — — — Underlying combined ratio 94.7 % 91.4 % (3.3) pts 94.7 % 91.5 % (3.2) pts Rate (5) % (4) % (1) pts (5) % (3) % (2) pts Renewal premium change (2) % (1) % (1) pts (2) % — % (2) pts Retention 87 % 86 % 1 pts 86 % 85 % 1 pts New business $ 97 $ 103 (6) % $ 182 $ 186 (2) % (1) Other development-related items represent 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) 2026 2025 2026 2025 Net earned premiums $ 103 $ 106 $ 206 $ 212 Net investment income 230 235 454 461 Other revenues (1) — (1) — Total operating revenues 332 341 659 673 Insurance claims and policyholders' benefits 320 313 634 613 Insurance related administrative expenses 31 31 60 61 Other expenses (1) 1 — 1 Total claims, benefits and expenses 350 345 694 675 Core income (loss) before income tax (18) (4) (35) (2) Income tax (expense) benefit on core income (loss) 8 5 16 9 Core income (loss) $ (10) $ 1 $ (19) $ 7 8
Corporate & Other - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Net earned premiums $ — $ — $ — $ — Net investment income 10 13 21 29 Other revenues — — — — Total operating revenues 10 13 21 29 Insurance claims and policyholders' benefits 77 108 60 117 Insurance related administrative expenses 1 1 1 1 Interest expense 33 31 66 63 Other expenses 17 15 29 33 Total claims, benefits and expenses 128 155 156 214 Core income (loss) before income tax (118) (142) (135) (185) Income tax (expense) benefit on core income (loss) 26 28 29 35 Core income (loss) $ (92) $ (114) $ (106) $ (150) 9
Investment Summary - Consolidated June 30, 2026 March 31, 2026 December 31, 2025 (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 $ 25,257 $ (451) $ 25,001 $ (592) $ 25,257 $ (199) States, municipalities and political subdivisions: Tax-exempt 4,865 23 4,665 (83) 4,545 (6) Taxable 3,970 (445) 3,907 (455) 3,886 (433) Total states, municipalities and political subdivisions 8,835 (422) 8,572 (538) 8,431 (439) Asset-backed: RMBS 3,881 (354) 3,700 (335) 3,695 (316) CMBS 1,492 (67) 1,459 (68) 1,483 (62) Other ABS 3,461 (203) 3,499 (200) 3,543 (166) Total asset-backed 8,834 (624) 8,658 (603) 8,721 (544) U.S. Treasury and obligations of government-sponsored enterprises 239 (3) 242 (2) 234 (2) Foreign government 709 (13) 749 (20) 751 (13) Redeemable preferred stock 8 — 8 — 8 — Total fixed maturity securities 43,882 (1,513) 43,230 (1,755) 43,402 (1,197) Equities: Common stock 249 — 247 — 237 — Non-redeemable preferred stock 544 — 538 — 532 — Total equities 793 — 785 — 769 — Limited partnership investments: Hedge funds 381 — 314 — 336 — Private equity funds 2,523 — 2,509 — 2,436 — Total limited partnership investments 2,904 — 2,823 — 2,772 — Other invested assets 119 — 110 — 105 — Mortgage loans 1,037 — 1,055 — 1,079 — Short-term investments 1,721 — 1,499 — 2,320 — Total investments $ 50,456 $ (1,513) $ 49,502 $ (1,755) $ 50,447 $ (1,197) Net receivable/(payable) on investment activity $ (51) $ (112) $ 46 Effective duration (in years) 6.4 6.3 6.3 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, 2026 March 31, 2026 December 31, 2025 (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 $ 14,334 $ (263) $ 14,177 $ (316) $ 14,244 $ (143) States, municipalities and political subdivisions: Tax-exempt 2,659 (109) 2,497 (172) 2,360 (137) Taxable 2,646 (355) 2,569 (363) 2,523 (354) Total states, municipalities and political subdivisions 5,305 (464) 5,066 (535) 4,883 (491) Asset-backed: RMBS 3,879 (354) 3,698 (335) 3,693 (316) CMBS 1,476 (66) 1,443 (66) 1,467 (61) Other ABS 2,931 (88) 2,967 (87) 2,992 (62) Total asset-backed 8,286 (508) 8,108 (488) 8,152 (439) U.S. Treasury and obligations of government-sponsored enterprises 230 (3) 233 (2) 225 (2) Foreign government 668 (5) 703 (11) 704 (6) Redeemable preferred stock 8 — 8 — 8 — Total fixed maturity securities 28,831 (1,243) 28,295 (1,352) 28,216 (1,081) Equities: Common stock 249 — 247 — 237 — Non-redeemable preferred stock 225 — 213 — 205 — Total equities 474 — 460 — 442 — Limited partnership investments: Hedge funds 338 — 278 — 298 — Private equity funds 2,239 — 2,227 — 2,162 — Total limited partnership investments 2,577 — 2,505 — 2,460 — Other invested assets 119 — 110 — 105 — Mortgage loans 861 — 878 — 907 — Short-term investments 1,695 — 1,473 — 2,252 — Total investments $ 34,557 $ (1,243) $ 33,721 $ (1,352) $ 34,382 $ (1,081) Net receivable/(payable) on investment activity $ (60) $ (97) $ 43 Effective duration (in years) 4.6 4.6 4.5 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, 2026 March 31, 2026 December 31, 2025 (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 $ 10,923 $ (188) $ 10,824 $ (276) $ 11,013 $ (56) States, municipalities and political subdivisions: Tax-exempt 2,206 132 2,168 89 2,185 131 Taxable 1,324 (90) 1,338 (92) 1,363 (79) Total states, municipalities and political subdivisions 3,530 42 3,506 (3) 3,548 52 Asset-backed: RMBS 2 — 2 — 2 — CMBS 16 (1) 16 (2) 16 (1) Other ABS 530 (115) 532 (113) 551 (104) Total asset-backed 548 (116) 550 (115) 569 (105) U.S. Treasury and obligations of government-sponsored enterprises 9 — 9 — 9 — Foreign government 41 (8) 46 (9) 47 (7) Redeemable preferred stock — — — — — — Total fixed maturity securities 15,051 (270) 14,935 (403) 15,186 (116) Equities: Common stock — — — — — — Non-redeemable preferred stock 319 — 325 — 327 — Total equities 319 — 325 — 327 — Limited partnership investments: Hedge funds 43 — 36 — 38 — Private equity funds 284 — 282 — 274 — Total limited partnership investments 327 — 318 — 312 — Other invested assets — — — — — — Mortgage loans 176 — 177 — 172 — Short-term investments 26 — 26 — 68 — Total investments $ 15,899 $ (270) $ 15,781 $ (403) $ 16,065 $ (116) Net receivable/(payable) on investment activity $ 9 $ (15) $ 3 Effective duration (in years) 10.0 9.5 9.7 Weighted average rating (1) A- A- A- (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 12
Investments - Fixed Maturity Securities by Credit Rating June 30, 2026 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 $ — $ — $ 6 $ 1 $ 1,212 $ (26) $ 8,196 $ (126) $ 14,312 $ (274) $ 1,531 $ (26) $ 25,257 $ (451) States, municipalities and political subdivisions — — 2,278 (23) 5,180 (299) 1,132 (54) 227 (40) 18 (6) 8,835 (422) Asset-backed: RMBS 3,084 (257) 642 (98) 5 — — — 143 (1) 7 2 3,881 (354) CMBS — — 507 (6) 618 (28) 262 (12) 82 (6) 23 (15) 1,492 (67) Other ABS — — 451 (18) 318 (80) 1,457 (44) 1,056 (36) 179 (25) 3,461 (203) Total asset-backed 3,084 (257) 1,600 (122) 941 (108) 1,719 (56) 1,281 (43) 209 (38) 8,834 (624) U.S. Treasury and obligations of government-sponsored enterprises 239 (3) — — — — — — — — — — 239 (3) Foreign government — — 182 — 351 (1) 86 (7) 90 (5) — — 709 (13) Redeemable preferred stock — — — — — — — — 8 — — — 8 — Total fixed maturity securities $ 3,323 $ (260) $ 4,066 $ (144) $ 7,684 $ (434) $ 11,133 $ (243) $ 15,918 $ (362) $ 1,758 $ (70) $ 43,882 $ (1,513) Percentage of total fixed maturity securities 8 % 9 % 18 % 25 % 36 % 4 % 100 % 13
Components of Net Investment Income Consolidated Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Taxable fixed income securities $ 507 $ 508 $ 1,007 $ 1,004 Tax-exempt fixed income securities 55 36 107 70 Total fixed income securities 562 544 1,114 1,074 Common stock 32 19 19 17 Limited partnerships - hedge funds 73 24 69 32 Limited partnerships - private equity funds 26 57 85 105 Total limited partnership and common stock investments 131 100 173 154 Other, net of investment expense 8 18 24 38 Net investment income $ 701 $ 662 $ 1,311 $ 1,266 Effective income yield for fixed income securities portfolio 4.9 % 4.9 % 4.9 % 4.8 % Limited partnership and common stock return for the period 4.3 3.6 5.7 5.7 Property & Casualty and Corporate & Other Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Taxable fixed income securities $ 309 $ 310 $ 612 $ 614 Tax-exempt fixed income securities 29 10 55 19 Total fixed income securities 338 320 667 633 Common stock 32 19 19 17 Limited partnerships - hedge funds 65 22 62 28 Limited partnerships - private equity funds 23 43 75 80 Total limited partnership and common stock investments 120 84 156 125 Other, net of investment expense 13 23 34 47 Net investment income $ 471 $ 427 $ 857 $ 805 Effective income yield for fixed income securities portfolio 4.5 % 4.4 % 4.5 % 4.4 % Life & Group Periods ended June 30 Three Months Six Months (In millions) 2026 2025 2026 2025 Taxable fixed income securities $ 198 $ 198 $ 395 $ 390 Tax-exempt fixed income securities 26 26 52 51 Total fixed income securities 224 224 447 441 Common stock — — — — Limited partnerships - hedge funds 8 2 7 4 Limited partnerships - private equity funds 3 14 10 25 Total limited partnership and common stock investments 11 16 17 29 Other, net of investment expense (5) (5) (10) (9) Net investment income $ 230 $ 235 $ 454 $ 461 Effective income yield for fixed income securities portfolio 5.7 % 5.7 % 5.7 % 5.7 % 14
Net Investment Gains (Losses) Periods ended June 30 Consolidated Three Months Six Months (In millions) 2026 2025 2026 2025 Fixed maturity securities: Corporate and other bonds $ (3) $ (40) $ (10) $ (49) States, municipalities and political subdivisions — — (1) (1) Asset-backed (5) (8) (11) (7) Total fixed maturity securities (8) (48) (22) (57) Non-redeemable preferred stock 3 6 (1) 6 Derivatives, short-term and other — 1 — 1 Mortgage loans — (5) — (5) Net investment gains (losses) (5) (46) (23) (55) Income tax benefit (expense) on net investment gains (losses) 2 10 6 12 Net investment gains (losses), after tax $ (3) $ (36) $ (17) $ (43) 15
Claim & Claim Adjustment Expense Reserve Rollforward Three months ended June 30, 2026 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 7,785 $ 12,668 $ 3,396 $ 23,849 $ 578 $ 2,506 $ 26,933 Ceded 1,507 1,683 553 3,743 55 2,170 5,968 Net 6,278 10,985 2,843 20,106 523 336 20,965 Net incurred claim & claim adjustment expenses 550 1,003 208 1,761 8 101 1,870 Net claim & claim adjustment expense payments (420) (786) (139) (1,345) (10) (12) (1,367) Foreign currency translation adjustment and other — 1 (21) (20) — — (20) Claim & claim adjustment expense reserves, end of period Net 6,408 11,203 2,891 20,502 521 425 21,448 Ceded 1,605 1,689 605 3,899 54 2,089 6,042 Gross $ 8,013 $ 12,892 $ 3,496 $ 24,401 $ 575 $ 2,514 $ 27,490 Six months ended June 30, 2026 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 7,784 $ 12,249 $ 3,376 $ 23,409 $ 591 $ 2,599 $ 26,599 Ceded 1,596 1,553 535 3,684 56 2,242 5,982 Net 6,188 10,696 2,841 19,725 535 357 20,617 Net incurred claim & claim adjustment expenses 1,131 2,079 412 3,622 17 106 3,745 Net claim & claim adjustment expense payments (911) (1,572) (301) (2,784) (22) (38) (2,844) Foreign currency translation adjustment and other — — (61) (61) (9) — (70) Claim & claim adjustment expense reserves, end of period Net 6,408 11,203 2,891 20,502 521 425 21,448 Ceded 1,605 1,689 605 3,899 54 2,089 6,042 Gross $ 8,013 $ 12,892 $ 3,496 $ 24,401 $ 575 $ 2,514 $ 27,490 16
Life & Group Policyholder Reserves Three months ended June 30, 2026 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 523 $ 13,195 $ 13,718 Incurred claims and policyholders' benefits (1) 8 310 318 Benefit and expense payments (10) (288) (298) Change in discount rate assumptions and other (AOCI) — 45 45 End of Period $ 521 $ 13,262 $ 13,783 Six months ended June 30, 2026 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 535 $ 13,448 $ 13,983 Incurred claims and policyholders' benefits (1) 17 613 630 Benefit and expense payments (22) (573) (595) Change in discount rate assumptions and other (AOCI) (9) (226) (235) End of Period $ 521 $ 13,262 $ 13,783 (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 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 N to the Consolidated Financial Statements within the December 31, 2025 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-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and include 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 catastrophes, 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. • 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, 18
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-related reinstatement premiums, 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 catastrophes, 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 cna.com. • Gross written premiums ex. warranty captives represents gross written premiums excluding warranty business that is ceded to third-party captives, which primarily consists of insurance policies supporting service contracts for portable electronics and vehicles. • 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