Companies: 10,652     total market cap: $140.732 T
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CNA Financial
CNA
#1660
Rank
$13.23 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$48.91
Share price
0.74%
Change (1 day)
7.95%
Change (1 year)
๐Ÿฆ Insurance๐Ÿ’ณ Financial services
Categories
CNA Financial Corporation is an American financial corporation providing a broad range of standard and specialized property and casualty insurance products and services for businesses and professional.
  1. CNA Financial
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q3

CNA Financial - 10-Q quarterly report FY2025 Q3


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to _____
Commission File Number 1-5823
CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Delaware36-6169860
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
151 N. Franklin 60606
Chicago,Illinois(Zip Code)
(Address of principal executive offices)
(312) 822-5000
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year, if changed since last report)
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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
☒

Accelerated filer
☐

Non-accelerated filer
☐

Smaller reporting company
☐
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. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒
As of October 30, 2025, 270,666,584 shares of common stock were outstanding.


Item NumberPage
Number
PART I
1.
Condensed Consolidated Financial Statements:
3
Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)
3
Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (Unaudited)
4
Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (Unaudited)
5
Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)
6
Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2025 and 2024 (Unaudited)
7
Notes to Condensed Consolidated Financial Statements (Unaudited)
8
2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
45
3.
Quantitative and Qualitative Disclosures About Market Risk
68
4.
Controls and Procedures
68
PART II
1
Legal Proceedings
69
6
Exhibits
71
2
Table of Contents
PART I
Item 1. Condensed Consolidated Financial Statements
CNA Financial Corporation
Condensed Consolidated Statements of Operations (Unaudited)
Periods ended September 30Three MonthsNine Months
(In millions, except per share data)2025202420252024
Revenues
Net earned premiums$2,783 $2,593 $8,103 $7,532 
Net investment income638 626 1,904 1,853 
Net investment losses(7)(10)(62)(42)
Non-insurance warranty revenue393 401 1,188 1,212 
Other revenues10 8 28 26 
Total revenues3,817 3,618 11,161 10,581 
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits (re-measurement loss of $36, $48, $59 and $88)
2,032 2,019 6,144 5,708 
Amortization of deferred acquisition costs483 457 1,423 1,336 
Non-insurance warranty expense377 387 1,146 1,169 
Other operating expenses 376 362 1,107 1,077 
Interest expense36 32 99 101 
Total claims, benefits and expenses3,304 3,257 9,919 9,391 
Income before income tax513 361 1,242 1,190 
Income tax expense(110)(78)(266)(252)
Net income$403 $283 $976 $938 
Basic earnings per share$1.49 $1.04 $3.60 $3.46 
Diluted earnings per share$1.48 $1.04 $3.58 $3.44 
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic271.1271.3271.2271.5
Diluted272.3272.7272.4272.7
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

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CNA Financial Corporation
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Comprehensive Income
Net income$403 $283 $976 $938 
Other Comprehensive Income, net of tax
Changes in:
Net unrealized gains and losses on investments with an allowance for credit losses3 (3)1 (1)
Net unrealized gains and losses on other investments558 1,265 913 804 
Net unrealized gains and losses on investments561 1,262 914 803 
Impact of changes in discount rates used to measure long-duration contract liabilities(150)(623)(267)(9)
Foreign currency translation adjustment(38)63 128 21 
Pension and postretirement benefits2 8 5 20 
Other comprehensive income, net of tax375 710 780 835 
Total comprehensive income$778 $993 $1,756 $1,773 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
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CNA Financial Corporation
Condensed Consolidated Balance Sheets
(In millions, except share data)September 30, 2025 (Unaudited)December 31, 2024
Assets  
Investments:  
Fixed maturity securities at fair value (amortized cost of $44,924 and $43,481, less allowance for credit loss of $61 and $45)
$43,702 $41,111 
Equity securities at fair value (cost of $688 and $632)
726 659 
Limited partnership investments2,713 2,520 
Other invested assets97 85 
Mortgage loans (less allowance for credit loss of $40 and $35)
1,055 1,019 
Short-term investments2,243 2,088 
Total investments50,536 47,482 
Cash483 472 
Reinsurance receivables (less allowance for uncollectible receivables of $22 and $21)
6,445 6,051 
Insurance receivables (less allowance for uncollectible receivables of $27 and $26)
3,666 3,671 
Accrued investment income480 451 
Deferred acquisition costs985 959 
Deferred income taxes585 850 
Property and equipment at cost (less accumulated depreciation of $342 and $314)
283 295 
Goodwill148 145 
Deferred non-insurance warranty acquisition expense3,340 3,525 
Other assets2,805 2,591 
Total assets$69,756 $66,492 
Liabilities  
Insurance reserves: 
Claim and claim adjustment expenses$26,525 $24,976 
Unearned premiums7,578 7,346 
Future policy benefits13,546 13,158 
Short-term debt500 — 
Long-term debt2,970 2,973 
Deferred non-insurance warranty revenue4,294 4,530 
Other liabilities (includes $39 and $47 due to Loews Corporation)
3,021 2,996 
Total liabilities58,434 55,979 
Commitments and contingencies (Notes C and G)
Stockholders' Equity  
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,666,584 and 270,844,681 shares outstanding)
683 683 
Additional paid-in capital2,220 2,229 
Retained earnings9,739 9,686 
Accumulated other comprehensive loss(1,211)(1,991)
Treasury stock (2,373,659 and 2,195,562 shares), at cost
(109)(94)
Total stockholders’ equity11,322 10,513 
Total liabilities and stockholders' equity$69,756 $66,492 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
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CNA Financial Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine months ended September 30
(In millions)20252024
Cash Flows from Operating Activities  
Net income$976 $938 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Deferred income tax expense91 42 
Trading portfolio activity(14)(1)
Net investment losses62 42 
Equity method investees(37)(93)
Net amortization of investments(149)(153)
Depreciation and amortization53 51 
Changes in:
Receivables, net(318)(404)
Accrued investment income(26)(15)
Deferred acquisition costs(16)(45)
Insurance reserves1,522 1,559 
Other, net(224)(53)
Net cash flows provided by operating activities1,920 1,868 
Cash Flows from Investing Activities  
Dispositions:
Fixed maturity securities - sales2,432 2,335 
Fixed maturity securities - maturities, calls and redemptions2,567 1,755 
Equity securities396 388 
Limited partnerships89 45 
Mortgage loans69 75 
Purchases:
Fixed maturity securities(6,052)(5,016)
Equity securities(429)(332)
Limited partnerships(252)(235)
Mortgage loans(110)(43)
Change in other investments(5)(2)
Change in short-term investments(94)329 
Purchases of property and equipment(58)(57)
Other, net1 (4)
Net cash flows used by investing activities(1,446)(762)
Cash Flows from Financing Activities
Dividends paid to common stockholders(922)(906)
Proceeds from the issuance of debt495 490 
Repayment of debt— (550)
Purchase of treasury stock(34)(20)
Other, net(17)(12)
Net cash flows used by financing activities(478)(998)
Effect of foreign exchange rate changes on cash15 3 
Net change in cash11 111 
Cash, beginning of year472 345 
Cash, end of period$483 $456 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
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CNA Financial Corporation
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Common Stock
Balance, beginning of period$683 $683 $683 $683 
Balance, end of period683 683 683 683 
Additional Paid-in Capital
Balance, beginning of period2,213 2,210 2,229 2,221 
Stock-based compensation7 11 (9)— 
Balance, end of period2,220 2,221 2,220 2,221 
Retained Earnings
Balance, beginning of period9,460 9,623 9,686 9,755 
Dividends to common stockholders ($0.46, $0.44, $3.38 and $3.32 per share)
(124)(121)(923)(908)
Net income403 283 976 938 
Balance, end of period9,739 9,785 9,739 9,785 
Accumulated Other Comprehensive Loss
Balance, beginning of period(1,586)(2,547)(1,991)(2,672)
Other comprehensive income375 710 780 835 
Balance, end of period(1,211)(1,837)(1,211)(1,837)
Treasury Stock
Balance, beginning of period(109)(95)(94)(94)
Stock-based compensation— 1 19 20 
Purchase of treasury stock — — (34)(20)
Balance, end of period(109)(94)(109)(94)
Total stockholders' equity$11,322 $10,758 $11,322 $10,758 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

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CNA Financial Corporation
Notes to Condensed Consolidated Financial Statements
Note A. General
Basis of Presentation
The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of September 30, 2025.
The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2024, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.
The interim financial data as of September 30, 2025 and for the three and nine months ended September 30, 2025 and 2024 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.
Accounting Standards Pending Adoption
In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Therefore, for the Company, the guidance is effective for the Annual Report on Form 10-K for the year ended December 31, 2025.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on its financial statement disclosures.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software project and (2) it is probable that the software will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method, or a modified prospective transition method. The Company is currently evaluating the effect the updated guidance will have on its financial statements.
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Note B. Earnings Per Share Data
Earnings per share is based on weighted average number of outstanding common shares. Basic earnings per share excludes the impact of dilutive securities and is computed by dividing Net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.
The following table presents the income and share data used in the basic and diluted earnings per share computations.
Periods ended September 30Three MonthsNine Months
(In millions, except per share data)2025202420252024
Net income$403 $283 $976 $938 
Common Stock and Common Stock Equivalents
Basic
      Weighted average shares outstanding271.1 271.3 271.2 271.5 
Diluted
Weighted average shares outstanding271.1 271.3 271.2 271.5 
Dilutive effect of stock-based awards under compensation plans1.2 1.4 1.2 1.2 
Total272.3 272.7 272.4 272.7 
Earnings per share
      Basic $1.49 $1.04 $3.60 $3.46 
Diluted$1.48 $1.04 $3.58 $3.44 
Excluded from the calculation of diluted earnings per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods.
The Company repurchased 700,000 and 450,000 shares of CNAF common stock at an aggregate cost of $34 million and $20 million during the nine months ended September 30, 2025 and 2024.
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Note C. Investments
The significant components of Net investment income are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Fixed maturity securities$541 $517 $1,599 $1,530 
Equity securities12 21 45 56 
Limited partnership investments68 67 205 195 
Mortgage loans16 14 48 43 
Short-term investments19 20 52 68 
Trading portfolio(1)— 3 1 
Other5 8 19 23 
Gross investment income660 647 1,971 1,916 
Investment expense(22)(21)(67)(63)
Net investment income$638 $626 $1,904 $1,853 
Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2025 and 2024
$3 $11 $15 $20 
Net investment gains (losses) are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Net investment gains (losses):
Fixed maturity securities:
Gross gains$15 $11 $33 $38 
Gross losses(25)(33)(100)(104)
Net investment gains (losses) on fixed maturity securities(10)(22)(67)(66)
Equity securities4 13 10 25 
Mortgage loans— — (5)— 
Short-term investments and other(1)(1)— (1)
Net investment gains (losses)$(7)$(10)$(62)$(42)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2025 and 2024
$4 $13 $8 $24 
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Fixed maturity securities available-for-sale:
Corporate and other bonds$4 $8 $15 $23 
Asset-backed2 4 7 9 
Impairment losses (gains) recognized in earnings$6 $12 $22 $32 
The Company also recognized $5 million of impairment losses on mortgage loans during the nine months ended September 30, 2025 due to changes in expected credit losses. There were no impairment losses recognized on mortgage loans during the three months ended September 30, 2025 and the three and nine months ended September 30, 2024.
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The following tables present a summary of fixed maturity securities.
September 30, 2025Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,592 $734 $844 $21 $25,461 
States, municipalities and political subdivisions8,840 301 765 — 8,376 
Asset-backed:
Residential mortgage-backed4,041 42 382 — 3,701 
Commercial mortgage-backed1,684 19 88 22 1,593 
Other asset-backed3,790 28 190 18 3,610 
Total asset-backed9,515 89 660 40 8,904 
U.S. Treasury and obligations of government-sponsored enterprises226 — 3 — 223 
Foreign government736 10 23 — 723 
Total fixed maturity securities available-for-sale44,909 1,134 2,295 61 43,687 
Total fixed maturity securities trading15 — — — 15 
Total fixed maturity securities$44,924 $1,134 $2,295 $61 $43,702 
December 31, 2024Cost or
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Allowance for Credit LossesEstimated
Fair
Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$25,839 $423 $1,305 $13 $24,944 
States, municipalities and political subdivisions7,396 243 835 — 6,804 
Asset-backed:
Residential mortgage-backed3,725 7 488 — 3,244 
Commercial mortgage-backed1,830 11 142 18 1,681 
Other asset-backed3,770 24 239 14 3,541 
Total asset-backed9,325 42 869 32 8,466 
U.S. Treasury and obligations of government-sponsored enterprises220 1 1 — 220 
Foreign government701 6 30 — 677 
Total fixed maturity securities available-for-sale43,481 715 3,040 45 41,111 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$43,481 $715 $3,040 $45 $41,111 
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The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.
Less than 12 Months12 Months or LongerTotal
September 30, 2025Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$2,802 $58 $8,578 $786 $11,380 $844 
States, municipalities and political subdivisions701 33 3,162 732 3,863 765 
Asset-backed:
Residential mortgage-backed133 2 2,038 380 2,171 382 
Commercial mortgage-backed27 — 923 88 950 88 
Other asset-backed505 12 1,361 178 1,866 190 
Total asset-backed665 14 4,322 646 4,987 660 
U.S. Treasury and obligations of government-sponsored enterprises29 2 23 1 52 3 
Foreign government108 2 301 21 409 23 
Total$4,305 $109 $16,386 $2,186 $20,691 $2,295 
Less than 12 Months12 Months or LongerTotal
December 31, 2024Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses		Estimated
Fair Value		Gross
Unrealized
Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds$5,846 $165 $10,388 $1,140 $16,234 $1,305 
States, municipalities and political subdivisions1,247 52 2,967 783 4,214 835 
Asset-backed:
Residential mortgage-backed849 22 2,010 466 2,859 488 
Commercial mortgage-backed230 3 988 139 1,218 142 
Other asset-backed680 21 1,557 218 2,237 239 
Total asset-backed1,759 46 4,555 823 6,314 869 
U.S. Treasury and obligations of government-sponsored enterprises49 1 41 — 90 1 
   Foreign government118 3 368 27 486 30 
Total$9,019 $267 $18,319 $2,773 $27,338 $3,040 

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The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.
September 30, 2025December 31, 2024

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$1,959 $281 $2,567 $373 
AAA1,367 248 1,830 283 
AA 3,765 633 4,257 730 
A5,049 436 6,340 582 
BBB7,846 627 11,548 980 
Non-investment grade705 70 796 92 
Total$20,691 $2,295 $27,338 $3,040 
Based on current facts and circumstances, the Company believes the unrealized losses presented in the September 30, 2025 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of September 30, 2025.
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The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $469 million, $442 million, and $451 million as of September 30, 2025, December 31, 2024, and September 30, 2024 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of July 1, 2025
$14 $37 $51 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded— 3 3 
Available-for-sale securities accounted for as PCD assets4 — 4 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period3 — 3 
Balance as of September 30, 2025
$21 $40 $61 

(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of July 1, 2024
$— $17 $17 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 — 4 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)— — — 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance— 9 9 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 4 4 
Balance as of September 30, 2024
$6 $12 $18 

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(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2025
$13 $32 $45 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded3 3 6 
Available-for-sale securities accounted for as PCD assets4 — 4 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)6 — 6 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis— — — 
Write-offs charged against the allowance— — — 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period7 5 12 
Balance as of September 30, 2025
$21 $40 $61 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2024
$4 $12 $16 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded4 — 4 
Available-for-sale securities accounted for as PCD assets2 — 2 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)3 1 4 
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1 — 1 
Write-offs charged against the allowance— 9 9 
Recoveries of amounts previously written off— — — 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 10 10 
Balance as of September 30, 2024
$6 $12 $18 

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Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
September 30, 2025December 31, 2024
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,275 $1,267 $1,761 $1,753 
Due after one year through five years11,741 11,578 11,678 11,403 
Due after five years through ten years13,010 12,764 13,134 12,415 
Due after ten years18,883 18,078 16,908 15,540 
Total$44,909 $43,687 $43,481 $41,111 
Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
Investment Commitments
As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of September 30, 2025, the Company had commitments to purchase or fund approximately $1,775 million and sell approximately $60 million under the terms of these investments.
Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
September 30, 2025
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20252024202320222021PriorTotal
DSCR ≥1.6x
LTV less than 55%$18 $— $33 $6 $5 $210 $272 
LTV 55% to 65%— — 12 15 6 16 49
LTV greater than 65%— — — 30 12 — 42
DSCR 1.2x - 1.6x
LTV less than 55%— 68 28 5 2 93 196
LTV 55% to 65%55 33 38 21 19 28 194
LTV greater than 65%23 — — 46 — — 69
DSCR ≤1.2
LTV less than 55%— — 6 34 — 21 61
LTV 55% to 65%37 — 17 39 — 15 108
LTV greater than 65%— — — 34 22 48 104
Total$133 $101 $134 $230 $66 $431 $1,095 
(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.
As of September 30, 2025, accrued interest receivable on mortgage loans totaled $5 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.

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Note D. Fair Value
Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable.
Level 1 - Quoted prices for identical instruments in active markets.
Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.
Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are not observable.
Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company.
The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include i) the review of pricing service methodologies or broker pricing qualifications, ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, and iv) deep dives, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities.

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Assets and Liabilities Measured at Fair Value
Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.
September 30, 2025   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$227 $24,795 $1,400 $26,422 
States, municipalities and political subdivisions— 8,332 44 8,376 
Asset-backed— 7,945 959 8,904 
Total fixed maturity securities 227 41,072 2,403 43,702 
Equity securities:
Common stock187 — 10 197 
Non-redeemable preferred stock36 493 — 529 
Total equity securities223 493 10 726 
Short-term and other2,017 52 — 2,069 
Total assets$2,467 $41,617 $2,413 $46,497 
Total liabilities$— $— $— $— 

December 31, 2024   Total
Assets/Liabilities
at Fair Value
(In millions)Level 1Level 2Level 3
Assets    
Fixed maturity securities:    
Corporate bonds and other$223 $24,340 $1,278 $25,841 
States, municipalities and political subdivisions— 6,762 42 6,804 
Asset-backed— 7,590 876 8,466 
Total fixed maturity securities 223 38,692 2,196 41,111 
Equity securities:
Common stock162 — 18 180 
Non-redeemable preferred stock36 441 2 479 
Total equity securities198 441 20 659 
Short-term and other1,852 70 — 1,922 
Total assets$2,273 $39,203 $2,216 $43,692 
Total liabilities$— $— $— $— 
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The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).
Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of July 1, 2025
$1,388 $44 $886 $10 $2,328 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — 3 — 3 
Reported in Net investment income— — 5 — 5 
Reported in Other comprehensive income (loss)21 — 8 — 29 
Total realized and unrealized investment gains (losses)21 — 16 — 37 
Purchases24 — 93 — 117 
Sales— — — — — 
Settlements(33)— (36)— (69)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — — — — 
Balance as of September 30, 2025
$1,400 $44 $959 $10 $2,413 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2025 recognized in Net income (loss) in the period
$— $— $— $— $— 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2025 recognized in Other comprehensive income (loss) in the period
21 — 9 — 30 

Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of July 1, 2024
$1,129 $43 $887 $14 $2,073 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — (3)— (3)
Reported in Net investment income— — 4 — 4 
Reported in Other comprehensive income (loss)59 2 30 — 91 
Total realized and unrealized investment gains (losses)59 2 31 — 92 
Purchases83 — 38 — 121 
Sales(10)— — — (10)
Settlements(24)— (23)— (47)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — (18)— (18)
Balance as of September 30, 2024
$1,237 $45 $915 $14 $2,211 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Net income (loss) in the period
$— $— $— $— $— 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Other comprehensive income (loss) in the period
57 2 30 — 89 

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Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2025
$1,278 $42 $876 $20 $2,216 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)1 — (1)2 2 
Reported in Net investment income— — 14 (1)13 
Reported in Other comprehensive income (loss)58 2 5 — 65 
Total realized and unrealized investment gains (losses)59 2 18 1 80 
Purchases123 — 142 — 265 
Sales— — — (7)(7)
Settlements(75)— (77)(4)(156)
Transfers into Level 315 — — — 15 
Transfers out of Level 3— — — — — 
Balance as of September 30, 2025
$1,400 $44 $959 $10 $2,413 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2025 recognized in Net income (loss) in the period
$— $— $— $(1)$(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2025 recognized in Other comprehensive income (loss) in the period
55 2 6 — 63 

Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2024
$1,045 $44 $901 $24 $2,014 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — (10)— (10)
Reported in Net investment income— — 15 6 21 
Reported in Other comprehensive income (loss)39 1 14 — 54 
Total realized and unrealized investment gains (losses)39 1 19 6 65 
Purchases229 — 111 3 343 
Sales(10)— (14)(19)(43)
Settlements(77)— (65)— (142)
Transfers into Level 311 — — — 11 
Transfers out of Level 3— — (37)— (37)
Balance as of September 30, 2024
$1,237 $45 $915 $14 $2,211 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Net income (loss) in the period
$— $— $— $2 $2 
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Other comprehensive income (loss) in the period
34 1 14 — 49 
Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume.
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Valuation Methodologies and Inputs
The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified.
Fixed Maturity Securities
Level 1 securities include highly liquid government securities and exchange traded bonds, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology, or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable.
Equity Securities
Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable.
Short-Term and Other Invested Assets
Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short-term investments as presented in the tables above differ from the amounts presented on the Condensed Consolidated Balance Sheets because certain short-term investments, such as time deposits, are not measured at fair value.
As of September 30, 2025 and December 31, 2024, there were $90 million and $79 million of overseas deposits within Other invested assets, which can be redeemed at net asset value in 90 days or less. Overseas deposits are excluded from the fair value hierarchy because their fair value is recorded using the net asset value per share (or equivalent) practical expedient.

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Significant Unobservable Inputs
The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value.
September 30, 2025Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,866 Discounted cash flowCredit spread
1% - 7% (2%)
December 31, 2024Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,724 Discounted cash flowCredit spread
1% - 6% (2%)
For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.
Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables.
September 30, 2025Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,055 $— $— $1,047 $1,047 
Liabilities
Short-term debt$500 $— $500 $— $500 
Long-term debt2,970 — 2,959 — 2,959 
December 31, 2024Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,019 $— $— $987 $987 
Liabilities
Short-term debt$— $— $— $— $— 
Long-term debt2,973 — 2,885 — 2,885 
The carrying amounts reported on the Condensed Consolidated Balance Sheets for Cash, Short-term investments not carried at fair value, Accrued investment income and certain Other assets and Other liabilities approximate fair value due to the short term nature of these items. These assets and liabilities are not listed in the tables above.
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Note E. Claim and Claim Adjustment Expense Reserves
Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (IBNR) claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.
Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for the Company's structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, the Company's actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates.
Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $41 million and $200 million for the three and nine months ended September 30, 2025 driven by severe weather related events. The Company reported catastrophe losses, net of reinsurance, of $143 million and $313 million for the three and nine months ended September 30, 2024 driven by severe weather related events, including $55 million for Hurricane Helene.

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Liability for Unpaid Claim and Claim Adjustment Expenses
The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.
For the nine months ended September 30
(In millions)20252024
Reserves, beginning of year:
Gross$24,976 $23,304 
Ceded5,713 5,141 
Net reserves, beginning of year19,263 18,163 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year5,011 4,706 
Increase (decrease) in provision for insured events of prior years191 26 
Amortization of discount29 30 
Total net incurred (1)
5,231 4,762 
Net payments attributable to:
Current year events(659)(655)
Prior year events(3,463)(3,189)
Total net payments(4,122)(3,844)
Foreign currency translation adjustment and other165 35 
Net reserves, end of period20,537 19,116 
Ceded reserves, end of period5,988 5,442 
Gross reserves, end of period$26,525 $24,558 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net Prior Year Development
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Pretax (favorable) unfavorable development:
Specialty$— $— $10 $(8)
Commercial(1)(3)46 (11)
International— (2)— (5)
Corporate & Other— 22 134 57 
Total pretax (favorable) unfavorable development$(1)$17 $190 $33 
Unfavorable development of $134 million was recorded within the Corporate & Other segment for the nine months ended September 30, 2025, largely associated with legacy mass tort abuse claim activity, the on-going effects of social inflation and the agreement in principle with regards to the Diocese of Rochester. Unfavorable development of $22 million and $57 million was recorded within the Corporate & Other segment for the three and nine months ended September 30, 2024, largely associated with legacy mass tort abuse reserves.
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Specialty
The following table presents further detail of the development recorded for the Specialty segment.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $— $— $(2)
Other Professional Liability and Management Liability25 11 43 28 
Surety(25)(20)(47)(46)
Warranty— 7 10 20 
Other— 2 4 (8)
Total pretax (favorable) unfavorable development$— $— $10 $(8)
Three Months
2025
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional errors and omissions (E&O) business.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
2024
Unfavorable development in other professional liability and management liability was primarily due to higher than expected large claim severity in the Company's directors and officers (D&O) business in accident year 2019.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Nine Months
2025
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O business.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.
2024
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O and cyber businesses.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.
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Commercial
The following table presents further detail of the development recorded for the Commercial segment.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Pretax (favorable) unfavorable development:
Commercial Auto$— $25 $50 $46 
General Liability— 28 62 47 
Workers' Compensation(1)(57)(66)(106)
Property and Other— 1 — 2 
Total pretax (favorable) unfavorable development$(1)$(3)$46 $(11)
Three Months
2024
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.
Nine Months
2025
Unfavorable development in commercial auto was due to higher than expected claim severity largely in the Company’s construction business in the most recent accident year.
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
2024
Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.
Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to 2015.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in accident years 2018 and prior.
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International
The following table presents further detail of the development recorded for the International segment.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Pretax (favorable) unfavorable development:
Commercial$(1)$(13)$(4)$(7)
Specialty1 11 5 2 
Other— — (1)— 
Total pretax (favorable) unfavorable development $— $(2)$— $(5)
Three Months
2024
Favorable development in commercial was due to lower than expected loss emergence across multiple accident years in the Company's marine and property businesses.
Unfavorable development in specialty was due to higher than expected large loss emergence across several accident years.



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Asbestos & Environmental Pollution (A&EP) Reserves
In 2010, Continental Casualty Company (CCC) together with several of the Company’s insurance subsidiaries completed a transaction with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which substantially all of the Company’s legacy A&EP liabilities were ceded to NICO through a Loss Portfolio Transfer (LPT). At the effective date of the transaction, the Company ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third-party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third-party reinsurance related to these liabilities. The Company paid NICO a reinsurance premium of $2.0 billion and transferred to NICO billed third-party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion.
In years subsequent to the effective date of the LPT, the Company recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which the Company recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders' benefits in the Condensed Consolidated Statements of Operations.
The impact of the LPT on the Condensed Consolidated Statements of Operations was the recognition of a retroactive reinsurance benefit of $14 million and $11 million for the three months ended September 30, 2025 and 2024 and $39 million and $36 million for the nine months ended September 30, 2025 and 2024. As of September 30, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $3.7 billion. The unrecognized deferred retroactive reinsurance benefit was $386 million and $425 million as of September 30, 2025 and December 31, 2024 and is included within Other liabilities on the Condensed Consolidated Balance Sheets.
NICO established a collateral trust account as security for its obligations to the Company. The fair value of the collateral trust account was $2.3 billion as of September 30, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the Company’s A&EP claims.
Credit Risk for Ceded Reserves
The majority of the Company’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.
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Note F. Future Policy Benefits Reserves
Future policy benefits reserves are associated with the Company's run-off long-term care business, which is included in the Life & Group segment, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (LFPB) which is reflected as Insurance reserves: Future policy benefits on the Condensed Consolidated Balance Sheets.
The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, the Company’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to the Company’s expectations.
Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered.
The cash flow assumption updates for the third quarter of 2025 resulted in a $7 million pretax increase in the LFPB. Included in the assumption updates were unfavorable incidence, claim closure and cost of care inflation impacts offset by favorable premium rate actions.
The cash flow assumption updates for the third quarter 2024 resulted in a $15 million pretax increase to the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and an unfavorable impact from higher cost of care inflation.
See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024 for further information on the long-term care reserving process.
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The following table summarizes balances and changes in the LFPB.
(In millions)
20252024
Present value of future net premiums
Balance, January 1$3,425 $3,710 
     Effect of changes in discount rate(7)(125)
Balance, January 1, at original locked in discount rate3,418 3,585 
     Effect of changes in cash flow assumptions (1)
114 111 
     Effect of actual variances from expected experience (1)
(2)(40)
Adjusted balance, January 13,530 3,656 
Interest accrual133 139 
     Net premiums: earned during period(306)(317)
Balance, end of period at original locked in discount rate3,357 3,478 
     Effect of changes in discount rate83 147 
Balance, September 30
$3,440 $3,625 
Present value of future benefits & expenses
Balance, January 1$16,583 $17,669 
     Effect of changes in discount rate440 (578)
Balance, January 1, at original locked in discount rate17,023 17,091 
     Effect of changes in cash flow assumptions (1)
121 126 
     Effect of actual variances from expected experience (1)
50 33 
Adjusted balance, January 117,194 17,250 
Interest accrual688 693 
     Benefit & expense payments(870)(883)
Balance, end of period at original locked in discount rate17,012 17,060 
     Effect of changes in discount rate(26)612 
Balance, September 30
$16,986 $17,672 
Net LFPB$13,546 $14,047 
(1) As of September 30, 2025 and 2024 the re-measurement gain (loss) of $(59) million and $(88) million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

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The following table presents earned premiums and interest accretion associated with the Company’s long-term care business recognized on the Condensed Consolidated Statement of Operations.
Periods ended September 30Three MonthsNine Months
(In millions)
2025202420252024
Earned premiums$106 $110 $318 $329 
Interest accretion185 185 555 554 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of September 30
(In millions)
20252024
Expected future benefit and expense payments$31,582 $32,009 
Expected future gross premiums5,048 5,305 
Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,580 million and $3,792 million as of September 30, 2025 and 2024.
The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of September 30, 2025 and 2024.
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of September 30
As of December 31
202520242024
Original locked in discount rate5.16 %5.20 %5.20 %
Upper-medium grade fixed income instrument discount rate5.24 4.90 5.51 
For the three and nine months ended September 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the Net Premium Ratio (NPR) exceeded 100% were $65 million and $93 million. For the three and nine months ended September 30, 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $84 million and $128 million.
For the three and nine months ended September 30, 2025, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $43 million and $54 million. For the three and nine months ended September 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $20 million and $28 million.
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Note G. Legal Proceedings, Contingencies and Guarantees
The Company is a party to various claims and litigation incidental to its business, which, based on the facts and circumstances currently known, are not material to the Company's results of operations or financial position.
Guarantees
The Company has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of September 30, 2025, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $1.9 billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.
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Note H. Benefit Plans
The components of net periodic pension cost (benefit) are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$9 $21 $27 $65 
Expected return on plan assets(14)(29)(41)(87)
Amortization of net actuarial loss (gain) 2 7 6 21 
Pension settlement transaction loss— 4 — 4 
Total net periodic pension cost (benefit)$(3)$3 $(8)$3 
The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Non-Service Cost (Benefit):
Insurance claims and policyholder's benefits$(1)$1 $(2)$1 
Other operating expenses(2)2 (6)2 
Total net periodic pension cost (benefit)$(3)$3 $(8)$3 
In 2024, a subsidiary of CNAF, as a sponsor of the CNA Canada Employee Pension Plan (the Canada Plan), purchased a nonparticipating single premium group annuity contract, under which the defined benefit pension obligation of the Canada Plan was transferred in full to an insurance company counterparty. As a result of the transaction, the Company recognized a one-time, non-cash, pretax pension settlement charge of $4 million ($3 million after-tax).
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Note I. Accumulated Other Comprehensive Income (Loss) by Component
The tables below display the changes in Accumulated other comprehensive income (loss) by component.
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of July 1, 2025
$(15)$(1,521)$(188)$236 $(98)$(1,586)
Other comprehensive income (loss) before reclassifications(1)554 — (150)(38)365 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $—, $—, $—, $— and $2
(4)(4)(2)— — (10)
Other comprehensive income (loss) net of tax (expense) benefit of $(1), $(148), $—, $40, $— and $(109)
3 558 2 (150)(38)375 
Balance as of September 30, 2025
$(12)$(963)$(186)$86 $(136)$(1,211)

(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of July 1, 2024
$(10)$(2,074)$(513)$255 $(205)$(2,547)
Other comprehensive income (loss) before reclassifications(9)1,254 — (623)63 685 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $3, $3, $—, $— and $8
(6)(11)(8)— — (25)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(340), $(3), $165, $— and $(177)
(3)1,265 8 (623)63 710 
Balance as of September 30, 2024
$(13)$(809)$(505)$(368)$(142)$(1,837)


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(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2025
$(13)$(1,876)$(191)$353 $(264)$(1,991)
Other comprehensive income (loss) before reclassifications(11)873 — (267)128 723 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $4, $11, $1, $—, $— and $16
(12)(40)(5)— — (57)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(244), $(1), $71, $— and $(174)
1 913 5 (267)128 780 
Balance as of September 30, 2025
$(12)$(963)$(186)$86 $(136)$(1,211)
(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotal
Balance as of January 1, 2024
$(12)$(1,613)$(525)$(359)$(163)$(2,672)
Other comprehensive income (loss) before reclassifications(14)765 — (9)21 763 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $4, $10, $5, $—, $— and $19
(13)(39)(20)— — (72)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(216), $(5), $2, $— and $(219)
(1)804 20 (9)21 835 
Balance as of September 30, 2024
$(13)$(809)$(505)$(368)$(142)$(1,837)
Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows:
Component of AOCICondensed Consolidated Statements of Operations Line Item Affected by Reclassifications
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investmentsNet investment gains (losses)
Pension and postretirement benefitsOther operating expenses and Insurance claims and policyholders' benefits
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Note J. Business Segments
The Company's property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International. These three segments are collectively referred to as Property & Casualty Operations. The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other.
The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments.
In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.
The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment.
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations.
The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.
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The Company's results of operations and selected balance sheet items by segment are presented in the following tables.
Three months ended September 30, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$881 $1,453 $344 $106 $— $(1)$2,783 
Net investment income162 192 42 226 16 — 638 
Non-insurance warranty revenue393 — — — — — 393 
Other revenues1 8 — — 2 (1)10 
Total operating revenues1,437 1,653 386 332 18 (2)3,824 
Claims, benefits and expenses      
Net incurred claims and benefits534 960 203 336 (10)— 2,023 
Policyholders’ dividends2 7 — — — — 9 
Amortization of deferred acquisition costs197 215 71 — — — 483 
Non-insurance warranty expense377 — — — — — 377 
Insurance related administrative expenses88 165 42 29 1 (1)324 
Interest expense— — — — 36 — 36 
Other segment items (1)
16 11 (1)— 27 (1)52 
Total claims, benefits and expenses1,214 1,358 315 365 54 (2)3,304 
Income tax (expense) benefit on core income (loss)(47)(62)(24)11 11 — (111)
Core income (loss) $176 $233 $47 $(22)$(25)$— $409 
Net investment gains (losses)(7)
Income tax (expense) benefit on net investment gains (losses)1 
Net investment gains (losses), after tax(6)
Net income (loss)$403 
(1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.

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Three months ended September 30, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$848 $1,325 $311 $110 $— $(1)$2,593 
Net investment income157 183 32 240 14 — 626 
Non-insurance warranty revenue401 — — — — — 401 
Other revenues1 5 — — 3 (1)8 
Total operating revenues1,407 1,513 343 350 17 (2)3,628 
Claims, benefits and expenses      
Net incurred claims and benefits509 954 195 336 16 — 2,010 
Policyholders’ dividends2 7 — — — — 9 
Amortization of deferred acquisition costs188 209 60 — — — 457 
Non-insurance warranty expense387 — — — — — 387 
Insurance related administrative expenses90 158 44 30 — (1)321 
Interest expense— — — — 32 — 32 
Other segment items (1)
13 8 (8)1 24 (1)37 
Total claims, benefits and expenses (2)
1,189 1,336 291 367 72 (2)3,253 
Income tax (expense) benefit on core income (loss)(47)(38)(16)8 11 — (82)
Core income (loss) $171 $139 $36 $(9)$(44)$— $293 
Net investment gains (losses)(10)
Income tax (expense) benefit on net investment gains (losses)3 
Net investment gains (losses), after tax(7)
Pension settlement transaction gains (losses)(4)
Income tax (expense) benefit on pension settlement transaction gains (losses)1 
Pension settlement transaction gains (losses), after tax(3)
Net income (loss)$283 
(1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
(2) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.
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Nine months ended September 30, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$2,573 $4,235 $978 $318 $— $(1)$8,103 
Net investment income483 575 114 687 45 — 1,904 
Non-insurance warranty revenue1,188 — — — — — 1,188 
Other revenues1 26 — — 8 (7)28 
Total operating revenues4,245 4,836 1,092 1,005 53 (8)11,223 
Claims, benefits and expenses      
Net incurred claims and benefits1,562 2,907 590 949 107 — 6,115 
Policyholders’ dividends7 22 — — — — 29 
Amortization of deferred acquisition costs581 645 197 — — — 1,423 
Non-insurance warranty expense1,146 — — — — — 1,146 
Insurance related administrative expenses268 498 125 90 2 (1)982 
Interest expense— — — — 99 — 99 
Other segment items (1)
41 36 (12)1 66 (7)125 
Total claims, benefits and expenses3,605 4,108 900 1,040 274 (8)9,919 
Income tax (expense) benefit on core income (loss)(137)(153)(55)20 46 — (279)
Core income (loss) $503 $575 $137 $(15)$(175)$— $1,025 
Net investment gains (losses)(62)
Income tax (expense) benefit on net investment gains (losses)13 
Net investment gains (losses), after tax(49)
Net income (loss)$976 
(1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.

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September 30, 2025SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,803 $1,786 $559 $77 $2,242 $— $6,467 
Insurance receivables1,008 2,277 406 1 1 — 3,693 
Deferred acquisition costs447 395 143 — — — 985 
Goodwill117 — 31 — — — 148 
Deferred non-insurance warranty acquisition expense3,340 — — — — — 3,340 
Insurance reserves 
Claim and claim adjustment expenses7,769 12,153 3,315 615 2,673 — 26,525 
Unearned premiums3,295 3,392 796 95 — — 7,578 
Future policy benefits— — — 13,546 — — 13,546 
Deferred non-insurance warranty revenue4,294 — — — — — 4,294 


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Nine months ended September 30, 2024
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other		  
(In millions)EliminationsTotal
Operating revenues 
Net earned premiums$2,493 $3,774 $937 $329 $— $(1)$7,532 
Net investment income461 534 95 710 53 — 1,853 
Non-insurance warranty revenue1,212 — — — — — 1,212 
Other revenues1 23 — — 9 (7)26 
Total operating revenues4,167 4,331 1,032 1,039 62 (8)10,623 
Claims, benefits and expenses    
Net incurred claims and benefits1,478 2,628 568 973 35 — 5,682 
Policyholders’ dividends7 19 — — — — 26 
Amortization of deferred acquisition costs546 608 182 — — — 1,336 
Non-insurance warranty expense1,169 — — — — — 1,169 
Insurance related administrative expenses267 454 129 88 — (1)937 
Interest expense— — — — 101 — 101 
Other segment items (1)
41 33 (5)2 72 (7)136 
Total claims, benefits and expenses (2)
3,508 3,742 874 1,063 208 (8)9,387 
Income tax (expense) benefit on core income (loss)(142)(125)(41)19 27 — (262)
Core income (loss)$517 $464 $117 $(5)$(119)$— $974 
Net investment gains (losses)(42)
Income tax (expense) benefit on net investment gains (losses)9 
Net investment gains (losses), after tax(33)
Pension settlement transaction gains (losses)(4)
Income tax (expense) benefit on pension settlement transaction gains (losses)1 
Pension settlement transaction gains (losses), after tax(3)
Net income (loss)$938 
(1) Other segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.
(2) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.
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December 31, 2024SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,405 $1,710 $539 $82 $2,336 $— $6,072 
Insurance receivables1,062 2,219 410 4 2 — 3,697 
Deferred acquisition costs427 405 127 — — — 959 
Goodwill117 — 28 — — — 145 
Deferred non-insurance warranty acquisition expense3,525 — — — — — 3,525 
Insurance reserves 
Claim and claim adjustment expenses7,426 11,336 2,920 622 2,672 — 24,976 
Unearned premiums3,275 3,252 727 92 — — 7,346 
Future policy benefits— — — 13,158 — — 13,158 
Deferred non-insurance warranty revenue4,530 — — — — — 4,530 

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The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Specialty
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$534 $509 $1,552 $1,486 
Catastrophe losses— — — — 
(Favorable) unfavorable development (1)
— — 10 (8)
Commercial
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$921 $829 $2,674 $2,350 
Catastrophe losses39 127 182 285 
(Favorable) unfavorable development (1)
(1)(3)46 (11)
International
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$201 $181 $572 $545 
Catastrophe losses2 16 18 28 
(Favorable) unfavorable development (1)
— (2)— (5)
(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.
The following table presents operating revenues by line of business for each reportable segment.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Specialty
Management & Professional Liability$773 $753 $2,297 $2,215 
Surety225 202 618 580 
Warranty & Alternative Risks439 452 1,330 1,372 
Specialty revenues1,437 1,407 4,245 4,167 
Commercial
Middle Market483 448 1,430 1,307 
Construction535 521 1,562 1,459 
Small Business160 161 477 472 
Other Commercial475 383 1,367 1,093 
Commercial revenues1,653 1,513 4,836 4,331 
International
Canada114 99 312 296 
Europe165 150 465 440 
Hardy107 94 315 296 
International revenues386 343 1,092 1,032 
Life & Group revenues332 350 1,005 1,039 
Corporate & Other revenues 18 17 53 62 
Eliminations(2)(2)(8)(8)
Total operating revenues3,824 3,628 11,223 10,623 
Net investment gains (losses)(7)(10)(62)(42)
Total revenues$3,817 $3,618 $11,161 $10,581 
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Note K. Non-Insurance Revenues from Contracts with Customers
The Company had a deferred non-insurance warranty revenue balance of $4.3 billion and $4.5 billion reported under Liabilities as of September 30, 2025 and December 31, 2024. For the three and nine months ended September 30, 2025, the Company recognized $0.4 billion and $1.1 billion of revenues that were included in the deferred revenue balance as of January 1, 2025. For the three and nine months ended September 30, 2024, the Company recognized $0.3 billion and $1.1 billion of revenues that were included in the deferred revenue balance as of January 1, 2024. For the three and nine months ended September 30, 2025 and 2024, non-insurance warranty revenue recognized from performance obligations related to prior periods due to a change in estimate was not material. The Company expects to recognize approximately $0.4 billion of the deferred revenue in the remainder of 2025, $1.2 billion in 2026, $1.0 billion in 2027 and $1.7 billion thereafter.
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Item 2. Management's Discussion and Analysis (MD&A) of Financial Conditions and Results of Operations
OVERVIEW
The following discussion highlights significant factors affecting the Company. References to “we,” “our,” “us” or like terms refer to the business of CNA.
The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements included under Part I, Item 1 of this Form 10-Q, and Item 1A Risk Factors and Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations, which are included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2024.
We utilize the core income (loss) financial measure to monitor our operations. Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate our primary operations. See further discussion regarding how we manage our business in Note J to the Condensed Consolidated Financial Statements included under Part I, Item 1. For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to our most recent Annual Report on Form 10-K on file with the Securities and Exchange Commission.
In evaluating the results of our Specialty, Commercial and International segments, we utilize the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represents net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on our reserves is provided in Note E and Note F to the Condensed Consolidated Financial Statements included under Part I, Item 1.
In addition, we also utilize renewal premium change, rate, retention and new business in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written
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with existing customers. Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.
We use underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor our insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, which are managed separately from our investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.
The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations:
Three months ended September 30, 2025SpecialtyCommercialInternationalProperty & Casualty
(In millions)
Net income$173 $229 $44 $446 
Net investment losses, after tax3 4 3 10 
Core income$176 $233 $47 $456 
Less:
Net investment income162 192 42 396 
Non-insurance warranty revenue (expense)16 — — 16 
Other revenue (expense), including interest expense(15)(3)1 (17)
Income tax expense on core income(47)(62)(24)(133)
Underwriting gain60 106 28 194 
Effect of catastrophe losses— 39 2 41 
Effect of development-related items — — — — 
Underlying underwriting gain$60 $145 $30 $235 
Three months ended September 30, 2024SpecialtyCommercialInternationalProperty & Casualty
(In millions)
Net income$167 $132 $34 $333 
Net investment losses, after tax4 7 2 13 
Core income$171 $139 $36 $346 
Less:
Net investment income157 183 32 372 
Non-insurance warranty revenue (expense)14 — — 14 
Other revenue (expense), including interest expense(12)(3)8 (7)
Income tax expense on core income (47)(38)(16)(101)
Underwriting gain (loss)59 (3)12 68 
Effect of catastrophe losses— 127 16 143 
Effect of favorable development-related items— — (2)(2)
Underlying underwriting gain$59 $124 $26 $209 



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Nine months ended September 30, 2025SpecialtyCommercialInternationalProperty & Casualty
(In millions)
Net income$487 $552 $135 $1,174 
Net investment losses, after tax16 23 2 41 
Core income$503 $575 $137 $1,215 
Less:
Net investment income483 575 114 1,172 
Non-insurance warranty revenue (expense)42 — — 42 
Other revenue (expense), including interest expense(40)(10)12 (38)
Income tax expense on core income(137)(153)(55)(345)
Underwriting gain155 163 66 384 
Effect of catastrophe losses— 182 18 200 
Effect of unfavorable development-related items10 54 — 64 
Underlying underwriting gain$165 $399 $84 $648 
Nine months ended September 30, 2024SpecialtyCommercialInternationalProperty & Casualty
(In millions)
Net income$498 $436 $116 $1,050 
Net investment losses, after tax19 28 1 48 
Core income$517 $464 $117 $1,098 
Less:
Net investment income461 534 95 1,090 
Non-insurance warranty revenue (expense)43 — — 43 
Other revenue (expense), including interest expense(40)(10)5 (45)
Income tax expense on core income(142)(125)(41)(308)
Underwriting gain195 65 58 318 
Effect of catastrophe losses— 285 28 313 
Effect of favorable development-related items(8)— (5)(13)
Underlying underwriting gain$187 $350 $81 $618 
The following table presents a reconciliation of net (loss) income to core loss for our Life & Group segment:
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Net (loss) income$(17)$(3)$(22)$11 
Net investment (gains) losses, after tax(5)(6)7 (16)
Core loss$(22)$(9)$(15)$(5)
The following table present a reconciliation of net loss to core loss for our Corporate & Other segment:
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Net loss$(26)$(47)$(176)$(123)
Net investment losses, after tax1 — 1 1 
Net pension settlement losses, after tax— 3 — 3 
Core loss$(25)$(44)$(175)$(119)
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CRITICAL ACCOUNTING ESTIMATES
The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the amount of revenues and expenses reported during the period. Actual results may differ from those estimates.
Our Condensed Consolidated Financial Statements and accompanying notes have been prepared in accordance with GAAP applied on a consistent basis. We continually evaluate the accounting policies and estimates used to prepare the Condensed Consolidated Financial Statements. In general, our estimates are based on historical experience, evaluation of current trends, information from third-party professionals and various other assumptions that are believed to be reasonable under the known facts and circumstances.
The accounting estimates set forth below are considered by us to be critical to an understanding of our Condensed Consolidated Financial Statements as their application places the most significant demands on our judgment:
•Insurance Reserves
•Long-Term Care Reserves
•Reinsurance and Insurance Receivables
•Valuation of Investments and Impairment of Securities
Due to the inherent uncertainties involved with these types of judgments, actual results could differ significantly from our estimates and may have a material adverse impact on our results of operations, financial condition, equity, business, and insurer financial strength and corporate debt ratings. See the Critical Accounting Estimates section of our Management's Discussion and Analysis of Financial Condition and Results of Operations included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.
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CONSOLIDATED OPERATIONS
Results of Operations
The following table includes the consolidated results of our operations including our financial measure, core income (loss). For more detailed components of our business operations and a discussion of the core income (loss) financial measure, see the Segment Results section within this MD&A. For further discussion of Net investment income and Net investment gains or losses, see the Investments section of this MD&A.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Operating Revenues
Net earned premiums$2,783 $2,593 $8,103 $7,532 
Net investment income638 626 1,904 1,853 
Non-insurance warranty revenue393 401 1,188 1,212 
Other revenues10 8 28 26 
Total operating revenues3,824 3,628 11,223 10,623 
Claims, Benefits and Expenses
Net incurred claims and benefits (re-measurement loss of $36, $48, $59 and $88)
2,023 2,010 6,115 5,682 
Policyholders' dividends9 9 29 26 
Amortization of deferred acquisition costs483 457 1,423 1,336 
Non-insurance warranty expense377 387 1,146 1,169 
Insurance related administrative expenses324 321 982 937 
Interest expense36 32 99 101 
Other expenses52 37 125 136 
Total claims, benefits and expenses3,304 3,253 9,919 9,387 
Income tax expense on core income(111)(82)(279)(262)
Core income409 293 1,025 974 
Net investment losses(7)(10)(62)(42)
Income tax benefit on net investment losses1 3 13 9 
Net investment losses, after tax(6)(7)(49)(33)
Pension settlement transaction losses— (4)— (4)
Income tax benefit on pension settlement transaction losses— 1 — 1 
Pension settlement transaction losses, after tax— (3)— (3)
Net income $403 $283 $976 $938 
Three Month Comparison
Core income increased $116 million for the three months ended September 30, 2025 as compared with the same period in 2024. Core income for our Property & Casualty Operations increased $110 million primarily driven by lower catastrophe losses, improved underlying underwriting results and higher net investment income. Core loss for our Life & Group segment increased $13 million, while core loss for our Corporate & Other segment improved $19 million.
Catastrophe losses were $41 million and $143 million for the three months ended September 30, 2025 and 2024 driven by severe weather related events. Catastrophe losses for three months ended September 30, 2024 included $55 million for Hurricane Helene. Favorable net prior year loss reserve development of $1 million was recorded for the three months ended September 30, 2025 compared to unfavorable net prior year loss reserve development of $17 million for the three months ended September 30, 2024 related to our Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
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Nine Month Comparison
Core income increased $51 million for the nine months ended September 30, 2025 as compared with the same period in 2024. Core income for our Property & Casualty Operations increased $117 million primarily driven by lower catastrophe losses, higher net investment income and improved underlying underwriting results, partially offset by unfavorable net prior year loss reserve development compared to favorable net prior year loss reserve development in the prior year period. Core loss for our Life & Group segment increased $10 million, while core loss for our Corporate & Other segment increased $56 million.
Catastrophe losses were $200 million and $313 million for the nine months ended September 30, 2025 and 2024 driven by severe weather related events. Catastrophe losses for the nine months ended September 30, 2024 included $55 million for Hurricane Helene. Unfavorable net prior year loss reserve development of $190 million and $33 million was recorded for the nine months ended September 30, 2025 and 2024 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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SEGMENT RESULTS
The following discusses the results of operations for our business segments. Our property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International, which we refer to collectively as Property & Casualty Operations. Our operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other.
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Specialty
The following table details the results of operations for Specialty and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.
Periods ended September 30Three MonthsNine Months
(In millions, except ratios, rate, renewal premium change and retention)2025202420252024
Gross written premiums$1,700 $1,743 $5,064 $5,153 
Gross written premiums excluding third-party captives1,009 982 2,952 2,846 
Net written premiums867 862 2,601 2,511 
Net earned premiums881 848 2,573 2,493 
Underwriting gain60 59 155 195 
Net investment income162 157 483 461 
Core income 176 171 503 517 
Other performance metrics:
Loss ratio60.6 %60.1 %60.7 %59.3 %
Expense ratio32.5 32.7 33.0 32.5 
Dividend ratio0.2 0.2 0.3 0.3 
Combined ratio93.3 %93.0 %94.0 %92.1 %
Less: Effect of catastrophe impacts— — — — 
Less: Effect of unfavorable (favorable) development-related items— — 0.4 (0.3)
Underlying combined ratio93.3 %93.0 %93.6 %92.4 %
Underlying loss ratio60.6 %60.1 %60.3 %59.6 %
Rate3 %— %3 %1 %
Renewal premium change4 2 4 2 
Retention86 89 87 89 
New business$131 $129 $365 $341 
Three Month Comparison
Gross written premiums, excluding third-party captives, for Specialty increased $27 million for the three months ended September 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Specialty increased $5 million for the three months ended September 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income increased $5 million for the three months ended September 30, 2025 as compared with the same period in 2024 due to higher net investment income.
The combined ratio of 93.3% increased 0.3 points for the three months ended September 30, 2025 as compared with the same period in 2024 due to a 0.5 point increase in the loss ratio partially offset by a 0.2 point improvement in the expense ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio. There were no catastrophe losses for the three months ended September 30, 2025 and 2024. The improvement in the expense ratio was primarily driven by higher net earned premiums.
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Nine Month Comparison
Gross written premiums, excluding third-party captives, for Specialty increased $106 million for the nine months ended September 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate partially offset by lower retention. Net written premiums for Specialty increased $90 million for the nine months ended September 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income decreased $14 million for the nine months ended September 30, 2025 as compared with the same period in 2024 primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development in the current year period compared with favorable net prior year loss reserve development in the prior year period, partially offset by higher net investment income.
The combined ratio of 94.0% increased 1.9 points for the nine months ended September 30, 2025 as compared with the same period in 2024 due to a 1.4 point increase in the loss ratio and a 0.5 point increase in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in the current year period and an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines. The increase in the expense ratio was driven by higher employee related and acquisition costs partially offset by higher net earned premiums. There were no catastrophe losses for the nine months ended September 30, 2025 and 2024.
Unfavorable net prior year loss reserve development of $10 million was recorded for the nine months ended September 30, 2025 as compared with $8 million of favorable net prior year loss reserve development recorded for the nine months ended September 30, 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I Item 1.
The following table summarizes the gross and net carried reserves for Specialty.
(In millions)September 30, 2025December 31, 2024
Gross case reserves$2,078 $2,023 
Gross IBNR reserves5,691 5,403 
Total gross carried claim and claim adjustment expense reserves$7,769 $7,426 
Net case reserves$1,716 $1,697 
Net IBNR reserves4,405 4,282 
Total net carried claim and claim adjustment expense reserves$6,121 $5,979 

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Commercial
The following table details the results of operations for Commercial and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.
Periods ended September 30Three MonthsNine Months
(In millions, except ratios, rate, renewal premium change and retention)2025202420252024
Gross written premiums$1,569 $1,547 $5,487 $5,160 
Gross written premiums excluding third-party captives1,559 1,538 5,301 5,022 
Net written premiums1,251 1,221 4,312 4,017 
Net earned premiums1,453 1,325 4,235 3,774 
Underwriting gain (loss)106 (3)163 65 
Net investment income192 183 575 534 
Core income233 139 575 464 
Other performance metrics:
Loss ratio66.1 %72.0 %68.7 %69.7 %
Expense ratio26.1 27.7 26.9 28.1 
Dividend ratio0.5 0.5 0.5 0.5 
Combined ratio92.7 %100.2 %96.1 %98.3 %
Less: Effect of catastrophe impacts2.7 9.6 4.3 7.5 
Less: Effect of (favorable) unfavorable development-related items— (0.1)1.3 — 
Underlying combined ratio90.0 %90.7 %90.5 %90.8 %
Underlying loss ratio63.4 %62.5 %63.1 %62.2 %
Rate5 %6 %5 %6 %
Renewal premium change6 8 7 8 
Retention79 84 82 84 
New business$324 $345 $1,114 $1,117 
Three Month Comparison
Gross written premiums for Commercial increased $22 million for the three months ended September 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention and new business. Net written premiums for Commercial increased $30 million for the three months ended September 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income increased $94 million for the three months ended September 30, 2025 as compared with the same period in 2024, primarily driven by lower catastrophe losses, improved underlying underwriting results and higher net investment income.
The combined ratio of 92.7% improved 7.5 points for the three months ended September 30, 2025 as compared with the same period in 2024 due to a 5.9 point improvement in the loss ratio and a 1.6 point improvement in the expense ratio. The improvement in the loss ratio was primarily due to lower catastrophes losses partially offset by an increase in the underlying loss ratio related to social inflation impacted lines. Catastrophe losses were $39 million, or 2.7 points of the loss ratio, for the three months ended September 30, 2025, as compared with $127 million, or 9.6 points of the loss ratio, for the three months ended September 30, 2024. The improvement in the expense ratio was primarily driven by a lower acquisition ratio and higher net earned premiums.
Favorable net prior year loss reserve development of $1 million and $3 million was recorded for the three months ended September 30, 2025 and 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
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Nine Month Comparison
Gross written premiums for Commercial increased $327 million for the nine months ended September 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Commercial increased $295 million for the nine months ended September 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income increased $111 million for the nine months ended September 30, 2025 as compared with the same period in 2024, primarily driven by lower catastrophe losses, improved underlying underwriting results and higher net investment income partially offset by unfavorable net prior year loss reserve development.
The combined ratio of 96.1% improved 2.2 points for the nine months ended September 30, 2025 as compared with the same period in 2024 due to a 1.2 point improvement in the expense ratio and a 1.0 point improvement in the loss ratio. The improvement in the expense ratio was driven by higher net earned premiums and a lower acquisition ratio. The improvement in the loss ratio was due to lower catastrophe losses partially offset by unfavorable net prior year loss reserve development and an increase in the underlying loss ratio related to social inflation impacted lines. Catastrophe losses were $182 million, or 4.3 points of the loss ratio, for the nine months ended September 30, 2025, as compared with $285 million, or 7.5 points of the loss ratio, for the nine months ended September 30, 2024.
Unfavorable net prior year loss reserve development of $46 million was recorded for the nine months ended September 30, 2025 as compared with $11 million of favorable net prior year loss reserve development recorded for the nine months ended September 30, 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
The following table summarizes the gross and net carried reserves for Commercial.
(In millions)September 30, 2025December 31, 2024
Gross case reserves$4,027 $3,690 
Gross IBNR reserves8,126 7,646 
Total gross carried claim and claim adjustment expense reserves$12,153 $11,336 
Net case reserves$3,440 $3,135 
Net IBNR reserves7,148 6,804 
Total net carried claim and claim adjustment expense reserves$10,588 $9,939 
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International
The following table details the results of operations for International and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.
Periods ended September 30Three MonthsNine Months
(In millions, except ratios, rate, renewal premium change and retention)2025202420252024
Gross written premiums$322 $305 $1,132 $1,096 
Net written premiums319 277 976 896 
Net earned premiums344 311 978 937 
Underwriting gain28 12 66 58 
Net investment income42 32 114 95 
Core income47 36 137 117 
Other performance metrics:
Loss ratio59.1 %62.5 %60.3 %60.6 %
Expense ratio32.7 33.6 32.9 33.1 
Combined ratio91.8 %96.1 %93.2 %93.7 %
Less: Effect of catastrophe impacts0.6 5.1 1.8 3.0 
Less: Effect of (favorable) unfavorable development-related items— (0.7)— (0.5)
Underlying combined ratio91.2 %91.7 %91.4 %91.2 %
Underlying loss ratio58.5 %58.1 %58.5 %58.1 %
Rate(6)%(2)%(4)%— %
Renewal premium change(3)1 (1)2 
Retention83 82 85 81 
New business$94 $73 $280 $213 
Three Month Comparison
Gross written premiums for International increased $17 million for the three months ended September 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, gross written premiums increased $9 million driven by higher new business partially offset by lower rate. Net written premiums for International increased $42 million for the three months ended September 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, net written premiums increased $33 million for the three months ended September 30, 2025 as compared with the same period in 2024 driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.
Core income increased $11 million for the three months ended September 30, 2025 as compared with the same period in 2024 primarily driven by lower catastrophe losses and higher net investment income.
The combined ratio of 91.8% improved 4.3 points for the three months ended September 30, 2025 as compared with the same period in 2024 due to a 3.4 point improvement in the loss ratio and a 0.9 point improvement in the expense ratio. The improvement in the loss ratio was primarily driven by lower catastrophe losses, partially offset by no net prior year loss reserve development recorded in the current year period compared with $2 million of favorable net prior year loss reserve development in the same period in 2024, and an increase in the underlying loss ratio. Catastrophe losses were $2 million, or 0.6 points of the loss ratio, for the three months ended September 30, 2025, as compared with $16 million, or 5.1 points of the loss ratio, for the three months ended September 30, 2024. The improvement in the expense ratio was primarily driven by higher net earned premiums.
Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
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Nine Month Comparison
Gross written premiums for International increased $36 million for the nine months ended September 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, gross written premiums increased $38 million driven by higher new business and retention partially offset by lower rate. Net written premiums for International increased $80 million for the nine months ended September 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, net written premiums increased $77 million for the nine months ended September 30, 2025 as compared with the same period in 2024 driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.
Core income increased $20 million for the nine months ended September 30, 2025 as compared with the same period in 2024 primarily driven by higher net investment income, lower catastrophe losses and a favorable impact from changes in foreign currency exchange rates.
The combined ratio of 93.2% improved 0.5 points for the nine months ended September 30, 2025 as compared with the same period in 2024 due to a 0.3 point improvement in the loss ratio and a 0.2 point improvement in the expense ratio. The improvement in the loss ratio was primarily driven by lower catastrophe losses, partially offset by no net prior year loss reserve development recorded in the current year period compared with $5 million of favorable net prior year loss reserve development in the same period in 2024. Catastrophe losses were $18 million, or 1.8 points of the loss ratio, for the nine months ended September 30, 2025, as compared with $28 million, or 3.0 points of the loss ratio, for the nine months ended September 30, 2024. The improvement in the expense ratio was primarily driven by higher net earned premiums.
Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
The following table summarizes the gross and net carried reserves for International.
(In millions)September 30, 2025December 31, 2024
Gross case reserves$967 $876 
Gross IBNR reserves2,348 2,044 
Total gross carried claim and claim adjustment expense reserves$3,315 $2,920 
Net case reserves$839 $741 
Net IBNR reserves1,964 1,675 
Total net carried claim and claim adjustment expense reserves$2,803 $2,416 
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Life & Group
The following table summarizes the results of operations for Life & Group.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Net earned premiums$106 $110 $318 $329 
Claims, benefits and expenses365 367 1,040 1,063 
Net investment income226 240 687 710 
Core loss(22)(9)(15)(5)
Three Month Comparison
Core loss increased $13 million for the three months ended September 30, 2025 as compared with the same period in 2024 primarily due to lower net investment income from limited partnerships. Both periods include assumption updates as a result of the annual reserve reviews.
The cash flow assumption updates from the annual reserve review for the three months ended September 30, 2025 and 2024 resulted in a pretax increase in long-term care reserves of $7 million and $15 million.
The annual structured settlement reserve review resulted in a pretax increase in claim reserves of $2 million for the three months ended September 30, 2025 and a reduction in claim reserves of $9 million for the three months ended September 30, 2024.
Nine Month Comparison
Results for the nine months ended September 30, 2025 were generally consistent with the three month summary above.
Future Policy Benefit Reserves
Annually in the third quarter, an actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the liability for future policyholder benefits (LFPB). See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024 for further information on the long-term care reserving process.
The table below summarizes the estimated pretax impact on our results of operations from various hypothetical revisions to our LFPB reserve assumptions. We have assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional future premium rate increases. Although such hypothetical revisions are not currently required or anticipated, we believe they could occur based on past variances in experience and our expectations of the ranges of future experience that could reasonably occur. Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below. The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.

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September 30, 2025
Estimated reduction to pretax income
Hypothetical revisions (In millions)
Morbidity:
2.5% increase in morbidity$300 
5% increase in morbidity620 
Persistency:
5% decrease in active life mortality and lapse$180 
10% decrease in active life mortality and lapse350 
Premium Rate Actions:
25% decrease in anticipated future premium rate increases$30 
50% decrease in anticipated future premium rate increases50 
The following table summarizes policyholder reserves for Life & Group.
September 30, 2025
(In millions)Claim and claim adjustment expensesFuture policy benefitsTotal
Long term care$— $13,546 $13,546 
Structured settlements and other538 — 538 
Total538 13,546 14,084 
Ceded reserves77 — 77 
Total gross reserves$615 $13,546 $14,161 
December 31, 2024
(In millions)Claim and claim adjustment expensesFuture policy benefitsTotal
Long term care$— $13,158 $13,158 
Structured settlements and other541 — 541 
Total541 13,158 13,699 
Ceded reserves81 — 81 
Total gross reserves$622 $13,158 $13,780 
As part of the annual reserve review, statutory long-term care reserve adequacy is evaluated via premium deficiency testing, by comparing carried statutory reserves with our best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of carried reserves over best estimate reserves. As of September 30, 2025, statutory long term care margin increased to $1.5 billion from $1.4 billion.
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Corporate & Other
The following table summarizes the results of operations for the Corporate & Other segment, including intersegment eliminations.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Net investment income$16 $14 $45 $53 
Insurance claims and policyholders' benefits(10)16 107 35 
Interest expense36 32 99 101 
Core loss(25)(44)(175)(119)
Three Month Comparison
Core loss improved $19 million for the three months ended September 30, 2025 as compared with the same period in 2024. The improvement was primarily due to no net prior year loss reserve development in the current year as compared with a $17 million after-tax charge in the prior year period related to unfavorable prior year loss reserve development largely associated with legacy mass tort abuse reserves. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
Nine Month Comparison
Core loss increased $56 million for the nine months ended September 30, 2025 as compared with the same period in 2024 primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $45 million after-tax charge in the prior year period. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.
The following table summarizes the gross and net carried reserves for Corporate & Other.
(In millions)September 30, 2025December 31, 2024
Gross case reserves$1,225 $1,241 
Gross IBNR reserves1,448 1,431 
Total gross carried claim and claim adjustment expense reserves$2,673 $2,672 
Net case reserves$119 $120 
Net IBNR reserves368 268 
Total net carried claim and claim adjustment expense reserves$487 $388 
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INVESTMENTS
Net Investment Income
The significant components of Net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Fixed income securities:
Taxable fixed income securities$506 $490 $1,510 $1,446 
Tax-exempt fixed income securities44 35 114 109 
Total fixed income securities550 525 1,624 1,555 
Limited partnership and common stock investments71 80 225 226 
Other, net of investment expense17 21 55 72 
Net investment income$638 $626 $1,904 $1,853 
Effective income yield for the fixed income securities portfolio4.8 %4.8 %4.8 %4.8 %
Limited partnership and common stock return for the period2.5 %3.1 %8.3 %9.4 %
Net investment income increased $12 million and $51 million for the three and nine months ended September 30, 2025 as compared with the same periods in 2024 driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
Net Investment (Losses) Gains
The components of Net investment (losses) gains are presented in the following table.
Periods ended September 30Three MonthsNine Months
(In millions)2025202420252024
Fixed maturity securities:
Corporate bonds and other$(6)$(17)$(55)$(38)
States, municipalities and political subdivisions1 (1)— (3)
Asset-backed(5)(4)(12)(25)
Total fixed maturity securities(10)(22)(67)(66)
Non-redeemable preferred stock4 13 10 25 
Derivatives, short-term and other(1)(1)— (1)
Mortgage loans— — (5)— 
Net investment losses(7)(10)(62)(42)
Income tax benefit on net investment losses1 3 13 9 
Net investment losses, after tax$(6)$(7)$(49)$(33)
Pretax net investment losses improved $3 million for the three months ended September 30, 2025 as compared with the same period in 2024.
Pretax net investment losses increased $20 million for the nine months ended September 30, 2025 as compared with the same period in 2024 driven by a lower favorable change in the fair value of non-redeemable preferred stock and higher net losses on disposals of fixed maturity securities, partially offset by lower impairment losses.
Further information on our investment gains and losses is set forth in Note C to the Condensed Consolidated Financial Statements included under Part I, Item 1.
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Portfolio Quality
The following table presents the estimated fair value and net unrealized gains (losses) of our fixed maturity securities by rating distribution.
September 30, 2025December 31, 2024

(In millions)		Estimated Fair ValueNet Unrealized Gains (Losses)Estimated Fair ValueNet Unrealized Gains (Losses)
U.S. Government, Government agencies and Government-sponsored enterprises$3,261 $(251)$2,936 $(369)
AAA4,128 (136)3,010 (217)
AA 6,883 (438)6,369 (567)
A11,162 (121)10,260 (379)
BBB16,510 (178)16,757 (729)
Non-investment grade1,758 (37)1,779 (64)
Total$43,702 $(1,161)$41,111 $(2,325)
As of September 30, 2025 and December 31, 2024, 1% of our fixed maturity portfolio was rated internally. Additionally, as of September 30, 2025 and December 31, 2024, we assigned a AAA rating to $653 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. government agency or sponsored enterprise.
The following table presents available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution.
September 30, 2025
(In millions)Estimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$1,959 $281 
AAA1,367 248 
AA3,765 633 
A5,049 436 
BBB7,846 627 
Non-investment grade705 70 
Total$20,691 $2,295 
The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life.
September 30, 2025
(In millions)Estimated Fair ValueGross Unrealized Losses
Due in one year or less$799 $14 
Due after one year through five years5,977 281 
Due after five years through ten years5,478 594 
Due after ten years8,437 1,406 
Total$20,691 $2,295 
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Duration
A primary objective in the management of the investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. Our views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. We also continually monitor exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on our views of a specific issuer or industry sector.
A further consideration in the management of the investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long term in nature, we segregate investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in the Life & Group segment.
The effective durations of fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.
September 30, 2025December 31, 2024
(In millions)Estimated Fair ValueEffective
Duration
(In years)		Estimated Fair ValueEffective
Duration
(In years)
Life & Group$15,679 9.8 $14,915 9.8 
Property & Casualty and Corporate & Other30,754 4.6 28,779 4.3 
Total$46,433 6.3 $43,694 6.2 
The investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, we periodically review the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures About Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.
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LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
Our primary operating cash flow sources are premiums and investment income. Our primary operating cash flow uses are payments for claims, policy benefits and operating expenses, including interest expense on corporate debt. Additionally, cash may be paid or received for income taxes.
For the nine months ended September 30, 2025, net cash provided by operating activities was $1,920 million as compared with $1,868 million for the same period in 2024. The increase in cash provided by operating activities was driven by an increase in premiums collected and higher cash from investment earnings, partially offset by an increase in net claim payments and higher operating expenses.
Cash flows from investing activities include the purchase and disposition of financial instruments, excluding those held as trading, and may include the purchase and sale of businesses, equipment and other assets not generally held for resale.
For the nine months ended September 30, 2025, net cash used by investing activities was $1,446 million as compared with $762 million for the same period in 2024. Net cash provided or used by investing activities is primarily driven by cash available from operations and by other factors, such as financing activities.
Cash flows from financing activities may include proceeds from the issuance of debt and equity securities, and outflows for stockholder dividends, repayment of debt and purchases of our common stock.
For the nine months ended September 30, 2025, net cash used by financing activities was $478 million as compared with $998 million for the same period in 2024. Financing activities for the periods presented include:
•During the nine months ended September 30, 2025, we paid dividends of $922 million and repurchased 700,000 shares of our common stock at an aggregate cost of $34 million.
•In the third quarter of 2025, we issued $500 million of 5.20% notes due August 15, 2035.
•During the nine months ended September 30, 2024, we paid dividends of $906 million and repurchased 450,000 shares of common stock at an aggregate cost of $20 million.
•In the second quarter of 2024, we repaid the $550 million outstanding aggregate principal balance of our 3.95% senior notes which came due May 15, 2024.
•In the first quarter of 2024, we issued $500 million of 5.125% notes due February 15, 2034.

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Common Stock Dividends
Cash dividends of $3.38 per share on our common stock, including a special cash dividend of $2.00 per share, were declared and paid during the nine months ended September 30, 2025. On October 31, 2025, our Board of Directors declared a quarterly cash dividend of $0.46 per share, payable December 4, 2025 to stockholders of record on November 17, 2025. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition, business needs and regulatory constraints.
Liquidity
We believe that our present cash flows from operating, investing and financing activities are sufficient to fund our current and expected working capital and debt obligation needs and we do not expect this to change in the near term. There are currently no amounts outstanding under our $250 million senior unsecured revolving credit facility and no borrowings outstanding through our membership in the Federal Home Loan Bank of Chicago (FHLBC).
Dividends from Continental Casualty Company (CCC) are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance, are determined based on the greater of the prior year's statutory net income or 10% of statutory surplus as of the end of the prior year, as well as timing and amount of dividends paid in the preceding twelve months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of September 30, 2025 CCC was in a positive earned surplus position. CCC paid dividends of $755 million and $635 million to CNAF during the nine months ended September 30, 2025 and 2024. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.
We have an effective shelf registration statement on file with the Securities and Exchange Commission under which we may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.
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ACCOUNTING STANDARDS UPDATE
For a discussion of Accounting Standards, see Note A to the Condensed Consolidated Financial Statements included under Part I, Item 1.
RECENT LEGISLATION
On July 4, 2025, H.R. 1, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,” commonly referred to as the One Big Beautiful Bill Act (OBBBA), was enacted. The OBBBA includes significant federal tax law changes which, among other impacts, modify and make permanent certain business tax provisions originally enacted in the 2017 Tax Cuts and Jobs Act. The provisions of the OBBBA have not had a material impact on our results of operations or financial condition. The OBBBA is subject to further clarification from the issuance of future technical guidance by the U.S. Department of Treasury.
FORWARD-LOOKING STATEMENTS
This report contains a number of forward-looking statements which relate to anticipated future events rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as “believes,” “expects,” “intends,” “anticipates,” “estimates” and similar expressions. Forward-looking statements in this report include any and all statements regarding expected developments in our insurance business, including losses and loss reserves (note that loss reserves for long-term care, A&EP and other mass tort claims are more uncertain, and therefore more difficult to estimate than loss reserves respecting traditional property and casualty exposures); the impact of routine ongoing insurance reserve reviews we conduct; our expectations concerning our revenues, earnings, expenses and investment activities; volatility in investment returns; and our proposed actions in response to trends in our business. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected in the forward-looking statements. We cannot control many of these risks and uncertainties. These risks and uncertainties include, but are not limited to, the following as well as those risks contained in the Risk Factors section of our 2024 Annual Report on Form 10-K:
Company-Specific Factors
•the risks and uncertainties associated with our insurance reserves, as outlined in the Critical Accounting Estimates sections of our 2024 Annual Report on Form 10-K and this report, and the Reserves - Estimates and Uncertainties section of our 2024 Annual Report on Form 10-K, including the sufficiency of the reserves and the possibility of future increases, which would be reflected in the results of operations in the period that the need for such adjustment is determined;
•the risk that the other parties to the transactions in which, subject to certain limitations, we ceded our legacy A&EP and excess workers' compensation (EWC) liabilities, respectively, will not fully perform their respective obligations to CNA, the uncertainty in estimating loss reserves for A&EP and EWC liabilities and the possible continued exposure of CNA to liabilities for A&EP and EWC claims that are not covered under the terms of the respective transactions; and
•the performance of reinsurance companies under reinsurance contracts with us.
Industry and General Market Factors
•general economic and business conditions, including potential recessionary conditions that may decrease the size and number of our insurance customers and create losses in our lines of business, and inflationary pressures on medical care costs, construction costs and other economic sectors;
•the effect of changes in tariffs, as well as significant uncertainty surrounding U.S. tariff policy generally, may adversely impact the economic environment, inflation expectations and certain loss costs (that would increase the cost of claims) and may result in decreases in the size and number of our insurance customers, in addition to potentially adversely affecting the performance of our investments;
•the effects of social inflation, including frequency of nuclear verdicts and increased litigation activity, on the severity of claims;
•the effects on the frequency of claims of reviver statutes that extend, or eliminate, the statute of limitations for the reporting of claims, including statutes passed in certain states with respect to sexual abuse;
•the impact of competitive products, policies and pricing and the competitive environment in which we operate, including changes in our book of business;
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•product and policy availability and demand and market responses, including the level of ability to obtain rate increases;
•the COVID-19 pandemic, other potential pandemics and related measures to mitigate the spread of the foregoing may continue to result in increased claims and related litigation risk across our enterprise;
•conditions in the capital and credit markets, including uncertainty and instability in these markets, as well as the overall economy, and their impact on the returns, types, liquidity and valuation of our investments;
•conditions in the capital and credit markets that may limit our ability to raise significant amounts of capital on favorable terms or at all; and
•the possibility of changes in our ratings by ratings agencies, including the inability to access certain markets or distribution channels and the required collateralization of future payment obligations as a result of such changes, and changes in rating agency policies and practices.
Regulatory, Legal and Operational Factors
•regulatory and legal initiatives and compliance with governmental regulations and other legal requirements, which are increasing in complexity and number, change frequently, sometimes conflict, and could expose us to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution in one or more jurisdictions, including regulations related to cybersecurity protocols (which continue to evolve in breadth, sophistication and maturity in response to an ever-evolving threat landscape) or utilization of artificial intelligence, legal inquiries by state authorities, judicial interpretations within the regulatory framework, including interpretation of policy provisions, decisions regarding coverage and theories of liability, legislative actions that increase claimant activity, including those revising applicability of statutes of limitations, trends in litigation and the outcome of any litigation involving us and rulings and changes in tax laws and regulations;
•regulatory limitations, impositions and restrictions upon us, including with respect to our ability to increase premium rates, and the effects of assessments and other surcharges for guaranty funds and second-injury funds, other mandatory pooling arrangements and future assessments levied on insurance companies;
•regulatory limitations and restrictions, including limitations upon our ability to receive dividends from our insurance subsidiaries, imposed by regulatory authorities, including regulatory capital adequacy standards;
•breaches of our or our vendors' data security infrastructure resulting in unauthorized access to systems and information, and/or interruption of operations; and
•regulatory and legal implications relating to the sophisticated cyber incident sustained by the Company in March 2021, or any future cyber incidents, that may arise.
Impact of Natural and Man-Made Disasters and Mass Tort Claims
•weather and other natural physical events, including the severity and frequency of storms, hail, snowfall and other winter conditions, natural disasters such as hurricanes, tornados and earthquakes, as well as climate change, including effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, wildfires, rain, hail and snow;
•regulatory requirements imposed by coastal state regulators in the wake of hurricanes or other natural disasters, including limitations on the ability to exit markets or to non-renew, cancel or change terms and conditions in policies, as well as mandatory assessments to fund any shortfalls arising from the inability of quasi-governmental insurers to pay claims;
•man-made disasters, including the possible occurrence of terrorist attacks, the unpredictability of the nature, targets, severity or frequency of such events, and the effect of the absence or insufficiency of applicable terrorism legislation on coverages;
•the occurrence of epidemics and pandemics; and
•mass tort claims, including those related to exposure to potentially harmful products or substances such as glyphosate, lead paint, per- and polyfluoroalkyl substances (PFAS) and opioids, sexual abuse and molestation claims and claims arising from changes that repeal or weaken tort reforms.
Our forward-looking statements speak only as of the date of the filing of this Quarterly Report on Form 10-Q and we do not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date of the statement, even if our expectations or any related events or circumstances change.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
There were no material changes in our market risk components for the three months ended September 30, 2025. See the Quantitative and Qualitative Disclosures About Market Risk included in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information. Additional information related to portfolio duration is discussed in the Investments section of our Management's Discussion and Analysis of Financial Condition and Results of Operations included in Part I, Item 2.
Item 4. Controls and Procedures
The Company maintains a system of disclosure controls and procedures which are designed to ensure that information required to be disclosed by the Company in reports that it files or submits to the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including this report, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to the Company's management on a timely basis to allow decisions regarding required disclosure.
As of September 30, 2025, the Company's management, including the Company's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), conducted an evaluation of the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, the CEO and CFO have concluded that the Company's disclosure controls and procedures are effective as of September 30, 2025.
There has been no change in the Company’s internal control over financial reporting (as defined in Rules 13a-15 (f) and 15d-15(f) under the Exchange Act) during the quarter ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. Other Information
Item 1. Legal Proceedings
Information on our legal proceedings is set forth in Note G to the Condensed Consolidated Financial Statements included under Part I, Item 1.
Item 6. Exhibits
See Exhibit Index.
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
CNA Financial Corporation
Dated: November 3, 2025By/s/ Scott R. Lindquist
Scott R. Lindquist
Executive Vice President and
Chief Financial Officer
(Duly authorized officer and principal financial officer)

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EXHIBIT INDEX
Description of ExhibitExhibit Number
31.1
  
31.2
  
Written Statement of the Chief Executive Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002)
32.1
  
Written Statement of the Chief Financial Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002)
32.2
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document101.INS
Inline XBRL Taxonomy Extension Schema101.SCH
Inline XBRL Taxonomy Extension Calculation Linkbase101.CAL
Inline XBRL Taxonomy Extension Definition Linkbase101.DEF
Inline XBRL Taxonomy Label Linkbase101.LAB
Inline XBRL Taxonomy Extension Presentation Linkbase101.PRE
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)104.1 
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