Companies: 11,261     total market cap: $155.166 T
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CNA Financial
CNA
#1670
Rank
$13.48 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$49.84
Share price
-0.97%
Change (1 day)
2.81%
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 FY2026 Q2

CNA Financial - 10-Q quarterly report FY2026 Q2


Text size:
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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 June 30, 2026
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. Franklin60606
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 July 30, 2026, 270,600,928 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 six months ended June 30, 2026 and 2025 (Unaudited)
3
Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2026 and 2025 (Unaudited)
4
Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025 (Unaudited)
5
Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2026 and 2025 (Unaudited)
6
Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2026 and 2025 (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
69
2
PART I
Item 1. Condensed Consolidated Financial Statements
CNA Financial Corporation
Condensed Consolidated Statements of Operations (Unaudited)
Periods ended June 30Three MonthsSix Months
(In millions, except per share data)2026202520262025
Revenues
Net earned premiums$2,759 $2,694 $5,460 $5,320 
Net investment income701 662 1,311 1,266 
Net investment losses(5)(46)(23)(55)
Non-insurance warranty revenue367 398 741 795 
Other revenues7 9 17 18 
Total revenues3,829 3,717 7,506 7,344 
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits (re-measurement loss of $25, $15, $44 and $23)
2,169 2,085 4,344 4,112 
Amortization of deferred acquisition costs481 469 957 940 
Non-insurance warranty expense356 384 712 769 
Other operating expenses 385 368 755 731 
Interest expense33 31 66 63 
Total claims, benefits and expenses3,424 3,337 6,834 6,615 
Income before income tax405 380 672 729 
Income tax expense(84)(81)(140)(156)
Net income$321 $299 $532 $573 
Basic earnings per share$1.18 $1.10 $1.96 $2.11 
Diluted earnings per share$1.18 $1.10 $1.95 $2.10 
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic270.9271.1271.0271.2
Diluted271.7272.2272.0272.4
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

3
CNA Financial Corporation
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Comprehensive Income
Net income$321 $299 $532 $573 
Other Comprehensive Income (Loss), net of tax
Changes in:
Net unrealized gains and losses on investments with an allowance for credit losses(1)1 (8)(2)
Net unrealized gains and losses on other investments190 72 (235)355 
Net unrealized gains and losses on investments189 73 (243)353 
Impact of changes in discount rates used to measure long-duration contract liabilities(34)(3)180 (117)
Foreign currency translation adjustment(22)128 (56)166 
Pension and postretirement benefits— 1 1 3 
Other comprehensive income (loss), net of tax133 199 (118)405 
Total comprehensive income$454 $498 $414 $978 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
4
CNA Financial Corporation
Condensed Consolidated Balance Sheets
(In millions, except share data)June 30, 2026 (Unaudited)December 31, 2025
Assets
Investments:
Fixed maturity securities at fair value (amortized cost of $45,458 and $44,668, less allowance for credit loss of $63 and $69)
$43,882 $43,402 
Equity securities at fair value (cost of $760 and $728)
793 769 
Limited partnership investments2,904 2,772 
Other invested assets119 105 
Mortgage loans (less allowance for credit loss of $15 and $15)
1,037 1,079 
Short-term investments1,721 2,320 
Total investments50,456 50,447 
Cash339 425 
Reinsurance receivables (less allowance for uncollectible receivables of $27 and $27)
6,497 6,381 
Insurance receivables (less allowance for uncollectible receivables of $25 and $25)
4,199 3,739 
Accrued investment income487 480 
Deferred acquisition costs1,026 986 
Deferred income taxes576 575 
Property and equipment at cost (less accumulated depreciation of $339 and $346)
291 282 
Goodwill147 148 
Deferred non-insurance warranty acquisition expense2,981 3,220 
Other assets2,875 2,760 
Total assets$69,874 $69,443 
Liabilities
Insurance reserves:
Claim and claim adjustment expenses$27,490 $26,599 
Unearned premiums8,035 7,635 
Future policy benefits13,262 13,448 
Long-term debt2,973 2,971 
Deferred non-insurance warranty revenue3,798 4,138 
Other liabilities (includes $54 and $54 due to Loews Corporation)
3,130 3,031 
Total liabilities58,688 57,822 
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; 270,598,685 and 270,671,747 shares outstanding)
683 683 
Additional paid-in capital2,199 2,229 
Retained earnings9,637 9,915 
Accumulated other comprehensive loss(1,216)(1,098)
Treasury stock (2,441,558 and 2,368,496 shares), at cost
(117)(108)
Total stockholders’ equity11,186 11,621 
Total liabilities and stockholders' equity$69,874 $69,443 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
5
CNA Financial Corporation
Condensed Consolidated Statements of Cash Flows (Unaudited)
Six months ended June 30
(In millions)20262025
Cash Flows from Operating Activities
Net income$532 $573 
Adjustments to reconcile net income to net cash flows provided by operating activities:
Deferred income tax expense17 28 
Trading portfolio activity(2)(11)
Net investment losses23 55 
Equity method investees(29)(18)
Net amortization of investments(109)(96)
Depreciation and amortization40 35 
Changes in:
Receivables, net(601)(669)
Accrued investment income(8)(7)
Deferred acquisition costs(43)(49)
Insurance reserves1,442 1,414 
Other, net(220)(55)
Net cash flows provided by operating activities1,042 1,200 
Cash Flows from Investing Activities
Dispositions:
Fixed maturity securities - sales1,573 1,497 
Fixed maturity securities - maturities, calls and redemptions1,633 1,613 
Equity securities312 261 
Limited partnerships101 51 
Mortgage loans53 37 
Purchases:
Fixed maturity securities(3,997)(3,756)
Equity securities(322)(296)
Limited partnerships(174)(192)
Mortgage loans(11)(62)
Change in other investments(13)4 
Change in short-term investments621 422 
Purchases of property and equipment(33)(42)
Other, net2 (8)
Net cash flows used by investing activities(255)(471)
Cash Flows from Financing Activities
Dividends paid to common stockholders(812)(798)
Purchase of treasury stock(36)(34)
Other, net(19)(15)
Net cash flows used by financing activities(867)(847)
Effect of foreign exchange rate changes on cash(6)19 
Net change in cash(86)(99)
Cash, beginning of year425 472 
Cash, end of period$339 $373 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).
6
CNA Financial Corporation
Condensed Consolidated Statements of Stockholders' Equity (Unaudited)
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Common Stock
Balance, beginning of period$683 $683 $683 $683 
Balance, end of period683 683 683 683 
Additional Paid-in Capital
Balance, beginning of period2,195 2,204 2,229 2,229 
Stock-based compensation4 9 (30)(16)
Balance, end of period2,199 2,213 2,199 2,213 
Retained Earnings
Balance, beginning of period9,448 9,287 9,915 9,686 
Dividends to common stockholders ($0.48, $0.46, $2.96 and $2.92 per share)
(132)(126)(810)(799)
Net income321 299 532 573 
Balance, end of period9,637 9,460 9,637 9,460 
Accumulated Other Comprehensive Loss
Balance, beginning of period(1,349)(1,785)(1,098)(1,991)
Other comprehensive income (loss)133 199 (118)405 
Balance, end of period(1,216)(1,586)(1,216)(1,586)
Treasury Stock
Balance, beginning of period(120)(110)(108)(94)
Stock-based compensation3 1 27 19 
Purchase of treasury stock — — (36)(34)
Balance, end of period(117)(109)(117)(109)
Total stockholders' equity$11,186 $10,661 $11,186 $10,661 
The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

7
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 June 30, 2026.
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, 2025, 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 June 30, 2026 and for the three and six months ended June 30, 2026 and 2025 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 November 2024, the FASB issued Accounting Standards Update (ASU) No. 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 and expects to provide additional disaggregated disclosures related to certain expense categories.
8
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 June 30Three MonthsSix Months
(In millions, except per share data)2026202520262025
Net income$321 $299 $532 $573 
Common Stock and Common Stock Equivalents
Basic
      Weighted average shares outstanding270.9 271.1 271.0 271.2 
Diluted
Weighted average shares outstanding270.9 271.1 271.0 271.2 
Dilutive effect of stock-based awards under compensation plans0.8 1.1 1.0 1.2 
Total271.7 272.2 272.0 272.4 
Earnings per share
      Basic $1.18 $1.10 $1.96 $2.11 
Diluted$1.18 $1.10 $1.95 $2.10 
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.
9
Note C. Investments
The significant components of Net investment income are presented in the following table.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Fixed maturity securities$553 $536 $1,096 $1,058 
Equity securities41 27 37 33 
Limited partnership investments99 81 154 137 
Mortgage loans15 16 32 32 
Short-term investments11 14 30 33 
Trading portfolio1 3 1 4 
Other4 8 8 14 
Gross investment income724 685 1,358 1,311 
Investment expense(23)(23)(47)(45)
Net investment income$701 $662 $1,311 $1,266 
Net investment income (loss) recognized due to the change in fair value of common stock held as of June 30, 2026 and 2025
$9 $15 $10 $15 
Net investment gains (losses) are presented in the following table.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Net investment gains (losses):
Fixed maturity securities:
Gross gains$19 $5 $25 $18 
Gross losses(27)(53)(47)(75)
Net investment gains (losses) on fixed maturity securities(8)(48)(22)(57)
Equity securities3 6 (1)6 
Mortgage loans— (5)— (5)
Short-term investments and other— 1 — 1 
Net investment gains (losses)$(5)$(46)$(23)$(55)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of June 30, 2026 and 2025
$2 $6 $(3)$4 
The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Fixed maturity securities available-for-sale:
Corporate and other bonds$— $4 $8 $11 
Asset-backed3 5 6 5 
Impairment losses (gains) recognized in earnings$3 $9 $14 $16 
There were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2026. The Company recognized $5 million of impairment losses on mortgage loans during the three and six months ended June 30, 2025 due to changes in expected credit losses.
10
The following tables present a summary of fixed maturity securities.
June 30, 2026Cost 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$25,722 $513 $964 $16 $25,255 
States, municipalities and political subdivisions9,257 305 727 — 8,835 
Asset-backed:
Residential mortgage-backed4,235 31 385 — 3,881 
Commercial mortgage-backed1,580 12 79 21 1,492 
Other asset-backed3,690 14 217 26 3,461 
Total asset-backed9,505 57 681 47 8,834 
U.S. Treasury and obligations of government-sponsored enterprises242 — 3 — 239 
Foreign government722 8 21 — 709 
   Redeemable preferred stock8 — — — 8 
Total fixed maturity securities available-for-sale$45,456 $883 $2,396 $63 $43,880 
Total fixed maturity securities trading2 — — — 2 
Total fixed maturity securities$45,458 $883 $2,396 $63 $43,882 
December 31, 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$25,484 $682 $881 $28 $25,257 
States, municipalities and political subdivisions8,870 303 742 — 8,431 
Asset-backed:
Residential mortgage-backed4,011 50 366 — 3,695 
Commercial mortgage-backed1,566 18 80 21 1,483 
Other asset-backed3,729 28 194 20 3,543 
Total asset-backed9,306 96 640 41 8,721 
U.S. Treasury and obligations of government-sponsored enterprises236 1 3 — 234 
Foreign government764 7 20 — 751 
Redeemable preferred stock8 — — — 8 
Total fixed maturity securities available-for-sale$44,668 $1,089 $2,286 $69 $43,402 
Total fixed maturity securities trading— — — — — 
Total fixed maturity securities$44,668 $1,089 $2,286 $69 $43,402 
11
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
June 30, 2026Estimated
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$5,910 $96 $7,533 $868 $13,443 $964 
States, municipalities and political subdivisions373 6 3,428 721 3,801 727 
Asset-backed:
Residential mortgage-backed601 10 1,837 375 2,438 385 
Commercial mortgage-backed167 3 785 76 952 79 
Other asset-backed647 10 1,341 207 1,988 217 
Total asset-backed1,415 23 3,963 658 5,378 681 
U.S. Treasury and obligations of government-sponsored enterprises167 2 14 1 181 3 
Foreign government210 3 223 18 433 21 
Total$8,075 $130 $15,161 $2,266 $23,236 $2,396 
Less than 12 Months12 Months or LongerTotal
December 31, 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$2,776 $56 $8,576 $825 $11,352 $881 
States, municipalities and political subdivisions403 8 3,471 734 3,874 742 
Asset-backed:
Residential mortgage-backed154 1 2,002 365 2,156 366 
Commercial mortgage-backed36 2 887 78 923 80 
Other asset-backed420 9 1,432 185 1,852 194 
Total asset-backed610 12 4,321 628 4,931 640 
U.S. Treasury and obligations of government-sponsored enterprises78 2 18 1 96 3 
   Foreign government131 1 260 19 391 20 
Total$3,998 $79 $16,646 $2,207 $20,644 $2,286 

12
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.
June 30, 2026December 31, 2025

(In millions)		Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,198 $283 $1,980 $267 
AAA1,400 241 1,376 243 
AA 4,127 630 3,827 623 
A5,854 477 5,025 440 
BBB8,741 670 7,758 639 
Non-investment grade916 95 678 74 
Total$23,236 $2,396 $20,644 $2,286 
Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2026 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 June 30, 2026.
13
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 $477 million, $470 million and $451 million as of June 30, 2026, December 31, 2025 and June 30, 2025 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 April 1, 2026$31 $44 $75 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded— — — 
Available-for-sale securities accounted for as PCD assets1 — 1 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)16 — 16 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 3 3 
Balance as of June 30, 2026
$16 $47 $63 
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of April 1, 2025$15 $32 $47 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded3 — 3 
Available-for-sale securities accounted for as PCD assets— — — 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)6 — 6 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period2 5 7 
Balance as of June 30, 2025
$14 $37 $51 
14
(In millions)Corporate and other bondsAsset-backedTotal
Allowance for credit losses:
Balance as of January 1, 2026$28 $41 $69 
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded3 — 3 
Available-for-sale securities accounted for as PCD assets1 — 1 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)16 — 16 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period— 6 6 
Balance as of June 30, 2026
$16 $47 $63 
(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 
Available-for-sale securities accounted for as PCD assets— — — 
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)6 — 6 
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period4 5 9 
Balance as of June 30, 2025
$14 $37 $51 

15
Contractual Maturity
The following table presents available-for-sale fixed maturity securities by contractual maturity.
June 30, 2026December 31, 2025
(In millions)Cost or
Amortized
Cost		Estimated
Fair
Value		Cost or
Amortized
Cost		Estimated
Fair
Value
Due in one year or less$1,424 $1,418 $1,392 $1,389 
Due after one year through five years11,048 10,836 11,318 11,214 
Due after five years through ten years13,437 13,050 13,491 13,238 
Due after ten years19,547 18,576 18,467 17,561 
Total$45,456 $43,880 $44,668 $43,402 
Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.
Mortgage Loans
The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).
June 30, 2026
Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)20262025202420232022PriorTotal
DSCR ≥1.6x
LTV less than 55%$— $38 $— $33 $15 $229 $315 
LTV 55% to 65%— 37 — 12 12 — 61
LTV greater than 65%— — — — — 13 13
DSCR 1.2x - 1.6x
LTV less than 55%6 — 68 47 4 89 214
LTV 55% to 65%— 107 33 18 52 19 229
LTV greater than 65%5 7 — — 15 — 27
DSCR ≤1.2x
LTV less than 55%— 37 — 22 — 21 80
LTV 55% to 65%— — — — 45 — 45
LTV greater than 65%— — — — 22 46 68
Total$11 $226 $101 $132 $165 $417 $1,052 
(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 June 30, 2026, 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.
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 June 30, 2026, the Company had commitments to purchase or fund approximately $1,900 million and sell approximately $40 million under the terms of these investments.
16
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.
17
Assets and Liabilities Measured at Fair Value
Assets 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. The Company had no liabilities measured at fair value as of June 30, 2026 or December 31, 2025.
June 30, 2026Total
(In millions)Level 1Level 2Level 3
Assets
Fixed maturity securities:
Corporate bonds and other$243 $24,376 $1,594 $26,213 
States, municipalities and political subdivisions— 8,791 44 8,835 
Asset-backed— 7,891 943 8,834 
Total fixed maturity securities 243 41,058 2,581 43,882 
Equity securities:
Common stock239 — 10 249 
Non-redeemable preferred stock34 510 — 544 
Total equity securities273 510 10 793 
Short-term and other1,503 46 — 1,549 
Total assets$2,019 $41,614 $2,591 $46,224 

December 31, 2025Total
(In millions)Level 1Level 2Level 3
Assets
Fixed maturity securities:
Corporate bonds and other$238 $24,529 $1,483 $26,250 
States, municipalities and political subdivisions— 8,386 45 8,431 
Asset-backed— 7,723 998 8,721 
Total fixed maturity securities 238 40,638 2,526 43,402 
Equity securities:
Common stock224 — 13 237 
Non-redeemable preferred stock35 497 — 532 
Total equity securities259 497 13 769 
Short-term and other2,086 51 — 2,137 
Total assets$2,583 $41,186 $2,539 $46,308 
18
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 April 1, 2026
$1,514 $44 $955 $12 $2,525 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)— — (3)1 (2)
Reported in Net investment income— — 5 2 7 
Reported in Other comprehensive income (loss)2 — (5)— (3)
Total realized and unrealized investment gains (losses)2 — (3)3 2 
Purchases101 — 42 — 143 
Sales— — — (5)(5)
Settlements(23)— (26)— (49)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — (25)— (25)
Balance as of June 30, 2026
$1,594 $44 $943 $10 $2,591 
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Net income (loss) in the period
$— $— $— $— $— 
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Other comprehensive income (loss) in the period
2 — (5)— (3)

Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of April 1, 2025
$1,351 $44 $889 $17 $2,301 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)1 — (4)— (3)
Reported in Net investment income— — 5 — 5 
Reported in Other comprehensive income (loss)16 — (4)— 12 
Total realized and unrealized investment gains (losses)17 — (3)— 14 
Purchases44 — 22 — 66 
Sales— — — (7)(7)
Settlements(24)— (22)— (46)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — — — — 
Balance as of June 30, 2025
$1,388 $44 $886 $10 $2,328 
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Net income (loss) in the period
$— $— $— $(1)$(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Other comprehensive income (loss) in the period
16 — (4)— 12 



19
Level 3
(In millions)
Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotal
Balance as of January 1, 2026
$1,483 $45 $998 $13 $2,539 
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)(3)— (6)1 (8)
Reported in Net investment income— — 10 1 11 
Reported in Other comprehensive income (loss)(22)(1)(21)— (44)
Total realized and unrealized investment gains (losses)(25)(1)(17)2 (41)
Purchases164 — 82 — 246 
Sales— — — (5)(5)
Settlements(28)— (46)— (74)
Transfers into Level 3— — — — — 
Transfers out of Level 3— — (74)— (74)
Balance as of June 30, 2026
$1,594 $44 $943 $10 $2,591 
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Net income (loss) in the period
$— $— $— $(1)$(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Other comprehensive income (loss) in the period
(22)(1)(21)— (44)
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 — (4)2 (1)
Reported in Net investment income— — 9 (1)8 
Reported in Other comprehensive income (loss)37 2 (3)— 36 
Total realized and unrealized investment gains (losses)38 2 2 1 43 
Purchases99 — 49 — 148 
Sales— — — (7)(7)
Settlements(42)— (41)(4)(87)
Transfers into Level 315 — — — 15 
Transfers out of Level 3— — — — — 
Balance as of June 30, 2025
$1,388 $44 $886 $10 $2,328 
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Net income (loss) in the period
$— $— $— $(1)$(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Other comprehensive income (loss) in the period
37 2 (3)— 36 
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.
20
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 June 30, 2026 and December 31, 2025, there were $99 million of overseas deposits within Other invested assets, which, subject to regulatory minimum balance requirements, 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.

21
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.
June 30, 2026Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$2,068 Discounted cash flowCredit spread
1% - 11% (2%)
December 31, 2025Estimated Fair Value
(In millions)		Valuation Technique(s)Unobservable Input(s)Range
 (Weighted Average)
Fixed maturity securities$1,927 Discounted cash flowCredit spread
1% - 11% (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.
June 30, 2026Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,037 $— $— $1,020 $1,020 
Liabilities
Long-term debt$2,973 $— $2,926 $— $2,926 
December 31, 2025Carrying
Amount		Estimated Fair Value
(In millions)Level 1Level 2Level 3Total
Assets
Mortgage loans$1,079 $— $— $1,072 $1,072 
Liabilities
Long-term debt$2,971 $— $2,967 $— $2,967 
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.
22
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. Catastrophe-related reinstatement premiums represent additional consideration paid under certain reinsurance agreements to reinstate coverage limits that have been exhausted as a result of losses. The Company reported catastrophe losses, net of reinsurance, of $60 million and $148 million for the three and six months ended June 30, 2026 and $62 million and $159 million for the three and six months ended June 30, 2025 driven by severe weather related events. The Company also reported catastrophe-related reinsurance reinstatement premiums of $9 million for the six months ended June 30, 2026. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended June 30, 2026 or the three and six months ended June 30, 2025.
23
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 six months ended June 30
(In millions)20262025
Reserves, beginning of year:
Gross$26,599 $24,976 
Ceded5,982 5,713 
Net reserves, beginning of year20,617 19,263 
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year3,534 3,309 
Increase (decrease) in provision for insured events of prior years192 189 
Amortization of discount19 20 
Total net incurred (1)
3,745 3,518 
Net payments attributable to:
Current year events(345)(316)
Prior year events(2,499)(2,391)
Total net payments(2,844)(2,707)
Foreign currency translation adjustment and other(70)199 
Net reserves, end of period21,448 20,273 
Ceded reserves, end of period6,042 5,930 
Gross reserves, end of period$27,490 $26,203 
(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.
Net Prior Year Development
Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Pretax (favorable) unfavorable development:
Specialty$(1)$— $44 $10 
Commercial(5)(4)50 47 
International— — — — 
Corporate & Other97 11297 134
Total pretax (favorable) unfavorable development$91 $108 $191 $191 
Following the second quarter annual review of Corporate & Other reserves, including legacy mass tort exposures, unfavorable development of $97 million and $112 million was recorded within the Corporate & Other segment for the three months ended June 30, 2026 and 2025, largely associated with legacy mass tort abuse claim activity and the ongoing effects of social inflation. Unfavorable development for the three months ended June 30, 2025 also included an agreement with the Diocese of Rochester. Unfavorable development of $97 million and $134 million was recorded for the six months ended June 30, 2026 and 2025, driven by the respective second quarter changes.
24
Specialty
The following table presents further detail of the development recorded for the Specialty segment.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Pretax (favorable) unfavorable development:
Medical Professional Liability$— $— $— $— 
Other Professional Liability and Management Liability25 18 70 18 
Surety(26)(22)(26)(22)
Warranty— — — 10 
Other— 4 — 4 
Total pretax (favorable) unfavorable development$(1)$— $44 $10 
Three Months
2026
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
2025
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional errors and omissions (E&O) business.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Six Months
2026
Unfavorable development in other professional and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
2025
Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O business.
Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.
Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.
25
Commercial
The following table presents further detail of the development recorded for the Commercial segment.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Pretax (favorable) unfavorable development:
Commercial Auto$— $— $— $50 
General Liability56 62 111 62 
Workers' Compensation(32)(66)(32)(65)
Property and Other(29)— (29)— 
Total pretax (favorable) unfavorable development$(5)$(4)$50 $47 
Three Months
2026
Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Favorable development in property and other was due to favorable emergence in multiple accident years.
2025
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Six Months
2026
Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
Favorable development in property and other was due to favorable emergence in multiple accident years.
2025
Unfavorable development in commercial auto was due to higher than expected claim severity largely in the Company’s construction business in the most recent accident year.
Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.
Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.
26
International
The following table presents further detail of the development recorded for the International segment.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Pretax (favorable) unfavorable development:
Commercial$(15)$(3)$(15)$(3)
Specialty15 4 15 4 
Other— (1)— (1)
Total pretax (favorable) unfavorable development $— $— $— $— 
Three and Six Months
2026
Favorable development in commercial was due to better than expected loss experience in the Company's energy, middle market and marine businesses.
Unfavorable development in Specialty was due to higher than expected loss experience in the Company's medical treatment business.
27
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 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 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 $24 million and $8 million for the three months ended June 30, 2026 and 2025 and $46 million and $25 million for the six months ended June 30, 2026 and 2025. As of June 30, 2026 and December 31, 2025, the cumulative amounts ceded under the LPT were $3.9 billion. The unrecognized deferred retroactive reinsurance benefit was $424 million and $470 million as of June 30, 2026 and December 31, 2025 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 $1.8 billion as of June 30, 2026. 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.
28
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.
See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2025 for further information on the long-term care reserving process.
29
The following table summarizes balances and changes in the LFPB.
(In millions)
20262025
Present value of future net premiums
Balance, January 1$3,363 $3,425 
     Effect of changes in discount rate(71)(7)
Balance, January 1, at original locked in discount rate3,292 3,418 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
(8)(1)
Adjusted balance, January 13,284 3,417 
Interest accrual84 88 
     Net premiums: earned during period(199)(203)
Balance, end of period at original locked in discount rate3,169 3,302 
     Effect of changes in discount rate14 50 
Balance, June 30
$3,183 $3,352 
Present value of future benefits & expenses
Balance, January 1$16,811 $16,583 
     Effect of changes in discount rate173 440 
Balance, January 1, at original locked in discount rate16,984 17,023 
     Effect of changes in cash flow assumptions (1)
— — 
     Effect of actual variances from expected experience (1)
36 22 
Adjusted balance, January 117,020 17,045 
Interest accrual454 458 
     Benefit & expense payments(573)(574)
Balance, end of period at original locked in discount rate16,901 16,929 
     Effect of changes in discount rate(456)(248)
Balance, June 30
$16,445 $16,681 
Net LFPB$13,262 $13,329 
(1) As of June 30, 2026 and 2025 the re-measurement gain (loss) of $(44) million and $(23) 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.
30
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 June 30Three MonthsSix Months
(In millions)
2026202520262025
Earned premiums$103 $106 $206 $212 
Interest accretion185 185 370 370 
The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.
As of June 30
(In millions)
20262025
Expected future benefit and expense payments$30,814 $31,141 
Expected future gross premiums4,713 4,971 
Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,307 million and $3,491 million as of June 30, 2026 and 2025.
The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of June 30, 2026 and 2025.
The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.
As of June 30
As of December 31
202620252025
Original locked in discount rate5.14 %5.18 %5.16 %
Upper-medium grade fixed income instrument discount rate5.48 5.39 5.32 
For the three and six months ended June 30, 2026, immediate charges to net income resulting from adverse development in certain cohorts where the Net Premium Ratio (NPR) exceeded 100% were $26 million and $49 million. For the three and six months ended June 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $14 million and $28 million.
For the three and six months ended June 30, 2026, favorable reversals through net income of loss recognized in prior periods for cohorts with NPR's exceeding 100% were $5 million and $13 million. For the three and six months ended June 30, 2025, favorable reversals through net income of loss recognized in prior periods for cohorts with NPR's exceeding 100% were $5 million and $11 million.
31
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 June 30, 2026, 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.
32
Note H. Benefit Plans
The components of net periodic pension cost (benefit) are presented in the following table.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation$9 $9 $17 $18 
Expected return on plan assets(14)(13)(28)(27)
Amortization of net actuarial loss (gain) 1 2 3 4 
Total net periodic pension cost (benefit)$(4)$(2)$(8)$(5)
The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Non-service cost (benefit):
Insurance claims and policyholders' benefits$(1)$— $(2)$(1)
Other operating expenses(3)(2)(6)(4)
Total net periodic pension cost (benefit)$(4)$(2)$(8)$(5)

    
CNA sponsors a noncontributory defined benefit pension plan, the CNA Retirement Plan (the Plan), covering certain eligible employees. The plan has been closed to new entrants since 2000. In the first quarter of 2026, a subsidiary of CNAF, as sponsor of the Plan, approved the decision to pursue termination of the Plan, effective June 30, 2026. The Plan will continue to be reflected in CNA's consolidated financial statements until the termination process, including the settlement or transfer of remaining benefit obligations, has been completed, which the Company currently anticipates will be in 2028.
33
Note I. Stockholders' Equity
Common Stock Repurchases
The Company repurchased 755,000 and 700,000 shares of CNAF common stock at an aggregate cost of $36 million and $34 million during the six months ended June 30, 2026 and 2025.
Stock-Based Compensation
The Company issued 681,938 and 483,357 shares of CNAF common stock to settle employee stock-based compensation awards under the CNAF Incentive Compensation Plan during the six months ended June 30, 2026 and 2025.
Accumulated Other Comprehensive Income (Loss)
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 April 1, 2026
$(22)$(1,413)$(165)$406 $(155)$(1,349)
Other comprehensive income (loss) before reclassifications(3)186 (2)(34)(22)125 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $1, $1, $—, $—, and $3
(2)(4)(2)— — (8)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(51), $—, $9, $—, and $(42)
(1)190 — (34)(22)133 
Balance as of June 30, 2026
$(23)$(1,223)$(165)$372 $(177)$(1,216)

(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 April 1, 2025
$(16)$(1,593)$(189)$239 $(226)$(1,785)
Other comprehensive income (loss) before reclassifications(5)42 — (3)128 162 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $10, $1, $—, $—, and $13
(6)(30)(1)— — (37)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(22), $(1), $—, $—, and $(23)
1 72 1 (3)128 199 
Balance as of June 30, 2025
$(15)$(1,521)$(188)$236 $(98)$(1,586)





34
(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, 2026
$(15)$(988)$(166)$192 $(121)$(1,098)
Other comprehensive income (loss) before reclassifications(15)(245)(2)180 (56)(138)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $3, $1, $—, $— and $6
(7)(10)(3)— — (20)
Other comprehensive income (loss) net of tax (expense) benefit of $2, $64, $—, $(48), $— and $18
(8)(235)1 180 (56)(118)
Balance as of June 30, 2026
$(23)$(1,223)$(165)$372 $(177)$(1,216)
(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(10)319 — (117)166 358 
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $11, $1, $—, $—, and $14
(8)(36)(3)— — (47)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(96), $(1), $31, $—, $(65)
(2)355 3 (117)166 405 
Balance as of June 30, 2025
$(15)$(1,521)$(188)$236 $(98)$(1,586)
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
35
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, 2025. 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 June 30, 2026
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Operating revenues
Net earned premiums$878 $1,441 $337 $103 $— $— $2,759 
Net investment income171 246 44 230 10 — 701 
Non-insurance warranty revenue367 — — — — — 367 
Other revenues— 8 — (1)3 (3)7 
Total operating revenues1,416 1,695 381 332 13 (3)3,834 
Claims, benefits and expenses
Net incurred claims and benefits551 1,003 209 320 77 — 2,160 
Policyholders’ dividends3 6 — — — — 9 
Amortization of deferred acquisition costs201 207 73 — — — 481 
Non-insurance warranty expense356 — — — — — 356 
Insurance related administrative expenses91 175 45 31 1 — 343 
Interest expense— — — — 33 — 33 
Other segment items (1)
15 11 — (1)20 (3)42 
Total claims, benefits and expenses1,217 1,402 327 350 131 (3)3,424 
Income tax (expense) benefit on core income (loss)(42)(61)(17)8 26 — (86)
Core income (loss) $157 $232 $37 $(10)$(92)$— $324 
Net investment gains (losses)(5)
Income tax (expense) benefit on net investment gains (losses)2 
Net investment gains (losses), after tax(3)
Net income (loss)$321 
(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 June 30, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Operating revenues
Net earned premiums$862 $1,402 $324 $106 $— $— $2,694 
Net investment income170 206 38 235 13 — 662 
Non-insurance warranty revenue398 — — — — — 398 
Other revenues(1)10 — — 3 (3)9 
Total operating revenues1,429 1,618 362 341 16 (3)3,763 
Claims, benefits and expenses
Net incurred claims and benefits519 940 195 313 108 — 2,075 
Policyholders’ dividends3 7 — — — — 10 
Amortization of deferred acquisition costs195 211 63 — — — 469 
Non-insurance warranty expense384 — — — — — 384 
Insurance related administrative expenses92 170 43 31 1 — 337 
Interest expense— — — — 31 — 31 
Other segment items (1)
10 15 (10)1 18 (3)31 
Total claims, benefits and expenses1,203 1,343 291 345 158 (3)3,337 
Income tax (expense) benefit on core income (loss)(49)(57)(18)5 28 — (91)
Core income (loss) $177 $218 $53 $1 $(114)$— $335 
Net investment gains (losses)(46)
Income tax (expense) benefit on net investment gains (losses)10 
Net investment gains (losses), after tax(36)
Net income (loss)$299 
(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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Six months ended June 30, 2026
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Operating revenues
Net earned premiums$1,730 $2,853 $671 $206 $— $— $5,460 
Net investment income313 436 87 454 21 — 1,311 
Non-insurance warranty revenue741 — — — — — 741 
Other revenues1 17 — (1)6 (6)17 
Total operating revenues2,785 3,306 758 659 27 (6)7,529 
Claims, benefits and expenses
Net incurred claims and benefits1,137 2,079 413 634 60 — 4,323 
Policyholders’ dividends7 14 — — — — 21 
Amortization of deferred acquisition costs398 413 146 — — — 957 
Non-insurance warranty expense712 — — — — — 712 
Insurance related administrative expenses180 346 88 60 1 — 675 
Interest expense— — — — 66 — 66 
Other segment items (1)
27 22 2 — 35 (6)80 
Total claims, benefits and expenses2,461 2,874 649 694 162 (6)6,834 
Income tax (expense) benefit on core income (loss)(68)(88)(35)16 29 — (146)
Core income (loss) $256 $344 $74 $(19)$(106)$— $549 
Net investment gains (losses)(23)
Income tax (expense) benefit on net investment gains (losses)6 
Net investment gains (losses), after tax(17)
Net income (loss)$532 
(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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June 30, 2026SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,723 $1,933 $623 $54 $2,191 $— $6,524 
Insurance receivables926 2,799 498 1 — — 4,224 
Deferred acquisition costs462 412 152 — — — 1,026 
Goodwill117 — 30 — — — 147 
Deferred non-insurance warranty acquisition expense2,981 — — — — — 2,981 
Insurance reserves
Claim and claim adjustment expenses8,013 12,892 3,496 575 2,514 — 27,490 
Unearned premiums3,314 3,764 860 97 — — 8,035 
Future policy benefits— — — 13,262 — — 13,262 
Deferred non-insurance warranty revenue3,798 — — — — — 3,798 


40
Six months ended June 30, 2025
Specialty
Commercial		InternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Operating revenues
Net earned premiums$1,692 $2,782 $634 $212 $— $— $5,320 
Net investment income321 383 72 461 29 — 1,266 
Non-insurance warranty revenue795 — — — — — 795 
Other revenues— 18 — — 6 (6)18 
Total operating revenues2,808 3,183 706 673 35 (6)7,399 
Claims, benefits and expenses
Net incurred claims and benefits1,028 1,947 387 613 117 — 4,092 
Policyholders’ dividends5 15 — — — — 20 
Amortization of deferred acquisition costs384 430 126 — — — 940 
Non-insurance warranty expense769 — — — — — 769 
Insurance related administrative expenses180 333 83 61 1 — 658 
Interest expense— — — — 63 — 63 
Other segment items (1)
25 25 (11)1 39 (6)73 
Total claims, benefits and expenses2,391 2,750 585 675 220 (6)6,615 
Income tax (expense) benefit on core income (loss)(90)(91)(31)9 35 — (168)
Core income (loss)$327 $342 $90 $7 $(150)$— $616 
Net investment gains (losses)(55)
Income tax (expense) benefit on net investment gains (losses)12 
Net investment gains (losses), after tax(43)
Net income (loss)$573 
(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.



41
December 31, 2025SpecialtyCommercialInternationalLife &
Group		Corporate
& Other
(In millions)EliminationsTotal
Reinsurance receivables$1,716 $1,762 $577 $56 $2,297 $— $6,408 
Insurance receivables1,008 2,315 438 2 1 — 3,764 
Deferred acquisition costs447 391 148 — — — 986 
Goodwill117 — 31 — — — 148 
Deferred non-insurance warranty acquisition expense3,220 — — — — — 3,220 
Insurance reserves
Claim and claim adjustment expenses7,784 12,249 3,376 591 2,599 — 26,599 
Unearned premiums3,317 3,411 819 88 — — 7,635 
Future policy benefits— — — 13,448 — — 13,448 
Deferred non-insurance warranty revenue4,138 — — — — — 4,138 

42
The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Specialty
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$551 $519 $1,087 $1,018 
Catastrophe losses— — — — 
(Favorable) unfavorable development (1)
(1)— 44 10 
Commercial
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$953 $886 $1,889 $1,754 
Catastrophe losses53 57 137 143 
(Favorable) unfavorable development (1)
(5)(4)50 47 
International
Non-catastrophe net incurred claim and claim adjustment expenses related to current year$202 $190 $402 $371 
Catastrophe losses7 5 11 16 
(Favorable) unfavorable development (1)
— — — — 
(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 June 30Three MonthsSix Months
(In millions)2026202520262025
Specialty
Management & Professional Liability$802 $778 $1,563 $1,524 
Surety208 205 399 393 
Warranty & Alternative Risks406 446 823 891 
Specialty revenues1,416 1,429 2,785 2,808 
Commercial
Middle Market (1)
509 468 988 921 
Construction (1)
512 514 1,013 1,020 
Small Business157 161 308 317 
Other Commercial (1)
517 475 997 925 
Commercial revenues1,695 1,618 3,306 3,183 
International
Canada114 104 221 198 
Europe166 156 335 300 
Hardy101 102 202 208 
International revenues381 362 758 706 
Life & Group revenues332 341 659 673 
Corporate & Other revenues 13 16 27 35 
Eliminations(3)(3)(6)(6)
Total operating revenues3,834 3,763 7,529 7,399 
Net investment gains (losses)(5)(46)(23)(55)
Total revenues$3,829 $3,717 $7,506 $7,344 
(1) Effective March 31, 2026, certain Commercial lines of businesses were realigned to reflect changes in management's responsibility for those businesses. Prior period information has been conformed to the new line of business presentation.


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Note K. Non-Insurance Revenues from Contracts with Customers
The Company had deferred non-insurance warranty revenue balances of $3.8 billion and $4.1 billion reported under Liabilities as of June 30, 2026 and December 31, 2025. For the three and six months ended June 30, 2026, the Company recognized $0.2 billion and $0.6 billion of revenues that were included in the deferred revenue balance as of January 1, 2026. For the three and six months ended June 30, 2025, the Company recognized $0.3 billion and $0.6 billion of revenues that were included in the deferred revenue balance as of January 1, 2025. For the three and six months ended June 30, 2026 and 2025, 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 $0.7 billion of the deferred revenue in the remainder of 2026, $1.0 billion in 2027, $0.8 billion in 2028 and $1.3 billion thereafter.

44
Item 2. Management's Discussion and Analysis (MD&A) of Financial Condition 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, 2025.
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-related reinstatement premiums, catastrophe losses and development-related items from the loss ratio. Development-related items represent net prior year loss reserve and premium development, and include the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophes which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.
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 with existing customers.
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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-related reinstatement premiums, catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophes, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.
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 June 30, 2026SpecialtyCommercialInternationalProperty & Casualty
(In millions)
Net income$157 $233 $36 $426 
Net investment (gains) losses, after tax— (1)1 — 
Core income$157 $232 $37 $426 
Less:
Net investment income171 246 44 461 
Non-insurance warranty revenue (expense)11 — — 11 
Other revenue (expense), including interest expense(15)(3)— (18)
Income tax expense on core income(42)(61)(17)(120)
Underwriting gain32 50 10 92 
Catastrophe-related reinstatement premiums— — — — 
Catastrophe losses— 53 7 60 
Effect of unfavorable development-related items — 1 — 1 
Underlying underwriting gain$32 $104 $17 $153 
Three months ended June 30, 2025SpecialtyCommercialInternationalProperty & Casualty
(In millions)
Net income$165 $199 $53 $417 
Net investment losses, after tax12 19 — 31 
Core income$177 $218 $53 $448 
Less:
Net investment income170 206 38 414 
Non-insurance warranty revenue (expense)14 — — 14 
Other revenue (expense), including interest expense(11)(5)10 (6)
Income tax expense on core income (49)(57)(18)(124)
Underwriting gain53 74 23 150 
Catastrophe-related reinstatement premiums— — — — 
Catastrophe losses— 57 5 62 
Effect of unfavorable development-related items— 1 — 1 
Underlying underwriting gain$53 $132 $28 $213 


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Six months ended June 30, 2026SpecialtyCommercialInternationalProperty & Casualty
(In millions)
Net income$252 $338 $72 $662 
Net investment losses, after tax4 6 2 12 
Core income$256 $344 $74 $674 
Less:
Net investment income313 436 87 836 
Non-insurance warranty revenue (expense)29 — — 29 
Other revenue (expense), including interest expense(26)(5)(2)(33)
Income tax expense on core income(68)(88)(35)(191)
Underwriting gain8 1 24 33 
Catastrophe-related reinstatement premiums— 9 — 9 
Catastrophe losses— 137 11 148 
Effect of unfavorable development-related items50 57 — 107 
Underlying underwriting gain$58 $204 $35 $297 
Six months ended June 30, 2025SpecialtyCommercialInternationalProperty & Casualty
(In millions)
Net income$314 $323 $91 $728 
Net investment losses (gains), after tax13 19 (1)31 
Core income$327 $342 $90 $759 
Less:
Net investment income321 383 72 776 
Non-insurance warranty revenue (expense)26 — — 26 
Other revenue (expense), including interest expense(25)(7)11 (21)
Income tax expense on core income(90)(91)(31)(212)
Underwriting gain95 57 38 190 
Catastrophe-related reinstatement premiums— — — — 
Catastrophe losses— 143 16 159 
Effect of unfavorable development-related items10 53 — 63 
Underlying underwriting gain$105 $253 $54 $412 
The following table presents a reconciliation of net loss to core (loss) income for our Life & Group segment:
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Net loss$(12)$(4)$(23)$(5)
Net investment losses, after tax2 5 4 12 
Core (loss) income$(10)$1 $(19)$7 
The following table presents a reconciliation of net loss to core loss for our Corporate & Other segment:
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Net loss$(93)$(114)$(107)$(150)
Net investment losses, after tax1 — 1 — 
Core loss$(92)$(114)$(106)$(150)
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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
•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, 2025 for further information.
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CATASTROPHES AND RELATED REINSURANCE
Various events can cause catastrophe losses. These events can be natural or man-made, including hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires, floods, riots, strikes, civil unrest, cyber-attacks, pandemics and acts of terrorism that produce unusually large aggregate losses.
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. We use various analyses and methods, including using one of the industry standard natural catastrophe models, to estimate hurricane and earthquake losses at various return periods and to inform underwriting and reinsurance decisions designed to manage our exposure to catastrophic events. We also generally seek to manage our exposure through the purchase of catastrophe reinsurance and utilize various reinsurance programs to mitigate catastrophe losses, including excess-of-loss treaties covering property and workers’ compensation, a property quota share treaty and the Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA), as well as individual risk agreements that reinsure from losses from specific classes or lines of business. We regularly review our risk and catastrophe reinsurance coverages and from time to time make changes as we deem appropriate.
In the second quarter of 2026, we renewed our excess-of-loss property catastrophe reinsurance as described below.
Group North American Property Treaty
We purchased corporate catastrophe excess-of-loss treaty reinsurance covering our U.S. states and territories and Canadian property exposures underwritten in our North American and European companies. The treaty has a term of June 1, 2026 to June 1, 2027 and provides coverage for the accumulation of covered losses from catastrophe occurrences above our per occurrence retention of $300 million up to $1.5 billion for all losses. Losses stemming from terrorism events are covered unless they are due to a nuclear, biological, chemical or radiation event. All layers of the treaty provide for one full reinstatement.
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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 June 30Three MonthsSix Months
(In millions)2026202520262025
Operating Revenues
Net earned premiums$2,759 $2,694 $5,460 $5,320 
Net investment income701 662 1,311 1,266 
Non-insurance warranty revenue367 398 741 795 
Other revenues7 9 17 18 
Total operating revenues3,834 3,763 7,529 7,399 
Claims, Benefits and Expenses
Net incurred claims and benefits (re-measurement loss of $25, $15, $44 and $23)
2,160 2,075 4,323 4,092 
Policyholders' dividends9 10 21 20 
Amortization of deferred acquisition costs481 469 957 940 
Non-insurance warranty expense356 384 712 769 
Insurance related administrative expenses343 337 675 658 
Interest expense33 31 66 63 
Other expenses42 31 80 73 
Total claims, benefits and expenses3,424 3,337 6,834 6,615 
Income tax expense on core income(86)(91)(146)(168)
Core income324 335 549 616 
Net investment losses(5)(46)(23)(55)
Income tax benefit on net investment losses2 10 6 12 
Net investment losses, after tax(3)(36)(17)(43)
Net income $321 $299 $532 $573 
Three Month Comparison
Core income decreased $11 million for the three months ended June 30, 2026 as compared with the same period in 2025. Core income for our Property & Casualty Operations decreased $22 million primarily driven by lower underlying underwriting results partially offset by higher net investment income. Core results for our Life & Group segment decreased $11 million, while core loss for our Corporate & Other segment improved $22 million.
Catastrophe losses were $60 million and $62 million for the three months ended June 30, 2026 and 2025 driven by severe weather related events. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended June 30, 2026 or 2025. Unfavorable net prior year loss reserve development of $91 million and $108 million was recorded for the three months ended June 30, 2026 and 2025 related to our Specialty, Commercial 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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Six Month Comparison
Core income decreased $67 million for the six months ended June 30, 2026 as compared with the same period in 2025. Core income for our Property & Casualty Operations decreased $85 million primarily driven by lower underlying underwriting results and unfavorable net prior year loss reserve development partially offset by higher net investment income. Core results for our Life & Group segment decreased $26 million, while core loss for our Corporate & Other segment improved $44 million.
Catastrophe losses were $148 million and catastrophe-related reinsurance reinstatement premiums were $9 million for the six months ended June 30, 2026 driven by severe weather related events. Catastrophe losses were $159 million for the six months ended June 30, 2025 driven by severe weather related events. There were no catastrophe-related reinsurance reinstatement premiums for the six months ended June 30, 2025. Unfavorable net prior year loss reserve development of $191 million was recorded for each of the six months ended June 30, 2026 and 2025 related to our Specialty, Commercial 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.
51
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 June 30Three MonthsSix Months
(In millions, except ratios, rate, renewal premium change and retention)2026202520262025
Net written premiums$937 $892 $1,771 $1,734 
Net earned premiums878 862 1,730 1,692 
Underwriting gain32 53 8 95 
Net investment income171 170 313 321 
Core income157 177 256 327 
Other performance metrics:
Loss ratio62.8 %60.1 %65.7 %60.7 %
Expense ratio33.3 33.2 33.4 33.3 
Dividend ratio0.4 0.3 0.4 0.3 
Combined ratio96.5 %93.6 %99.5 %94.3 %
Less: Effect of catastrophe impacts— — — — 
Less: Effect of unfavorable development-related items— — 2.9 0.6 
Underlying combined ratio96.5 %93.6 %96.6 %93.7 %
Underlying loss ratio62.8 %60.1 %62.8 %60.1 %
Rate4 %3 %4 %3 %
Renewal premium change4 4 4 4 
Retention85 86 85 88 
New business$175 $122 $302 $234 
Three Month Comparison
Net written premiums for Specialty increased $45 million for the three months ended June 30, 2026 as compared with the same period in 2025 driven by higher new business and rate. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income decreased $20 million for the three months ended June 30, 2026 as compared with the same period in 2025 primarily due to lower underlying underwriting results.
The combined ratio of 96.5% increased 2.9 points for the three months ended June 30, 2026 as compared with the same period in 2025 primarily due to a 2.7 point increase in the loss ratio. The increase in the loss ratio reflected a higher underlying loss ratio across various lines. The expense ratio was generally consistent with the same period in 2025. There were no catastrophe losses for the three months ended June 30, 2026 or 2025.
Favorable net prior year loss reserve development of $1 million was recorded for the three months ended June 30, 2026 compared with no net prior year loss reserve development recorded for the three months ended June 30, 2025. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included in Part I, Item 1.

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Six Month Comparison
Net written premiums for Specialty increased $37 million for the six months ended June 30, 2026 as compared with the same period in 2025 driven by higher new business and rate partially offset by lower retention. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income decreased $71 million for the six months ended June 30, 2026 as compared with the same period in 2025 primarily due to lower underlying underwriting results and higher unfavorable net prior year loss reserve development.
The combined ratio of 99.5% increased 5.2 points for the six months ended June 30, 2026 as compared with the same period in 2025 primarily due to a 5.0 point increase in the loss ratio. The increase in the loss ratio reflected both a higher underlying loss ratio across various lines and higher unfavorable net prior year loss reserve development. The expense ratio was generally consistent with the same period in 2025. There were no catastrophe losses for the six months ended June 30, 2026 or 2025.
Unfavorable net prior year loss reserve development of $44 million and $10 million was recorded for the six months ended June 30, 2026 and 2025. 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)June 30, 2026December 31, 2025
Gross case reserves$2,157 $2,166 
Gross IBNR reserves5,856 5,618 
Total gross carried claim and claim adjustment expense reserves$8,013 $7,784 
Net case reserves$1,805 $1,801 
Net IBNR reserves4,603 4,387 
Total net carried claim and claim adjustment expense reserves$6,408 $6,188 

54
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 June 30Three MonthsSix Months
(In millions, except ratios, rate, renewal premium change and retention)2026202520262025
Net written premiums$1,643 $1,563 $3,123 $3,061 
Net earned premiums1,441 1,402 2,853 2,782 
Underwriting gain50 74 1 57 
Net investment income246 206 436 383 
Core income232 218 344 342 
Other performance metrics:
Loss ratio69.5 %67.1 %72.8 %70.0 %
Expense ratio26.6 27.2 26.6 27.4 
Dividend ratio0.4 0.5 0.5 0.5 
Combined ratio96.5 %94.8 %99.9 %97.9 %
Less: Effect of catastrophe impacts3.7 4.2 5.1 5.2 
Less: Effect of unfavorable development-related items— — 1.9 1.9 
Underlying combined ratio92.8 %90.6 %92.9 %90.8 %
Underlying loss ratio65.8 %62.9 %65.8 %62.9 %
Rate— %5 %1 %6 %
Renewal premium change2 6 3 7 
Retention81 81 81 83 
New business$446 $420 $815 $790 
Three Month Comparison
Net written premiums for Commercial increased $80 million for the three months ended June 30, 2026 as compared with the same period in 2025 driven by favorable renewal premium change and higher new business. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income increased $14 million for the three months ended June 30, 2026 as compared with the same period in 2025 driven by higher net investment income partially offset by lower underlying underwriting results.
The combined ratio of 96.5% increased 1.7 points for the three months ended June 30, 2026 as compared with the same period in 2025 primarily due to a 2.4 point increase in the loss ratio partially offset by a 0.6 point improvement in the expense ratio. The increase in the loss ratio was primarily driven by a higher underlying loss ratio in excess casualty and workers' compensation. The improvement in the expense ratio was primarily driven by a lower acquisition ratio. Catastrophe losses were $53 million, or 3.7 points of the loss ratio, for the three months ended June 30, 2026, as compared with $57 million, or 4.2 points of the loss ratio, for the three months ended June 30, 2025.
Favorable net prior year loss reserve development of $5 million and $4 million was recorded for the three months ended June 30, 2026 and 2025. 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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Six Month Comparison
Net written premiums for Commercial increased $62 million for the six months ended June 30, 2026 as compared with the same period in 2025 driven by rate and higher new business. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income increased $2 million for the six months ended June 30, 2026 as compared with the same period in 2025 as higher net investment income was largely offset by lower underlying underwriting results.
The combined ratio of 99.9% increased 2.0 points for the six months ended June 30, 2026 as compared with the same period in 2025 due to a 2.8 point increase in the loss ratio partially offset by a 0.8 point improvement in the expense ratio. The increase in the loss ratio was primarily driven by a higher underlying loss ratio in excess casualty and workers' compensation. The improvement in the expense ratio was primarily driven by a lower acquisition ratio. Catastrophe losses were $137 million for the six months ended June 30, 2026 as compared with $143 million for the six months ended June 30, 2025. The current year also includes $9 million of catastrophe-related reinsurance reinstatement premiums. The effect of catastrophe impacts on the loss ratio was 5.1 points for the six months ended June 30, 2026 as compared with 5.2 points for the six months ended June 30, 2025.
Unfavorable net prior year loss reserve development of $50 million and $47 million was recorded for the six months ended June 30, 2026 and 2025. 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)June 30, 2026December 31, 2025
Gross case reserves$4,167 $4,093 
Gross IBNR reserves8,725 8,156 
Total gross carried claim and claim adjustment expense reserves$12,892 $12,249 
Net case reserves$3,604 $3,508 
Net IBNR reserves7,599 7,188 
Total net carried claim and claim adjustment expense reserves$11,203 $10,696 
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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 June 30Three MonthsSix Months
(In millions, except ratios, rate, renewal premium change and retention)2026202520262025
Net written premiums$385 $391 $693 $657 
Net earned premiums337 324 671 634 
Underwriting gain10 23 24 38 
Net investment income44 38 87 72 
Core income37 53 74 90 
Other performance metrics:
Loss ratio62.0 %59.9 %61.5 %61.0 %
Expense ratio34.9 32.9 34.9 33.0 
Combined ratio96.9 %92.8 %96.4 %94.0 %
Less: Effect of catastrophe impacts2.2 1.4 1.7 2.5 
Less: Effect of (favorable) unfavorable development-related items— — — — 
Underlying combined ratio94.7 %91.4 %94.7 %91.5 %
Underlying loss ratio59.8 %58.5 %59.8 %58.5 %
Rate(5)%(4)%(5)%(3)%
Renewal premium change(2)(1)(2)— 
Retention87 86 86 85 
New business$97 $103 $182 $186 
Three Month Comparison
Net written premiums for International decreased $6 million for the three months ended June 30, 2026 as compared with the same period in 2025. Excluding the effect of foreign currency exchange rates, net written premiums decreased $11 million as compared with the same period in 2025 driven by lower rate and timing of reinsurance costs, partially offset by higher retention. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.
Core income decreased $16 million for the three months ended June 30, 2026 as compared with the same period in 2025, driven by lower underlying underwriting results partially offset by higher net investment income. Additionally, the prior year period benefited from a favorable impact from changes in foreign currency exchange rates.
The combined ratio of 96.9% increased 4.1 points for the three months ended June 30, 2026 as compared with the same period in 2025 due to a 2.1 point increase in the loss ratio and a 2.0 point increase in the expense ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio across most lines and higher catastrophe losses. Catastrophe losses were $7 million, or 2.2 points of the loss ratio, for the three months ended June 30, 2026, as compared with $5 million, or 1.4 points of the loss ratio, for the three months ended June 30, 2025. The increase in the expense ratio was primarily driven by continued investments in talent and technology and higher acquisition costs, partially offset by higher net earned premiums.
There was no net prior year loss reserve development recorded for the three months ended June 30, 2026 or 2025.

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Six Month Comparison
Net written premiums for International increased $36 million for the six months ended June 30, 2026 as compared with the same period in 2025. Excluding the effect of foreign currency exchange rates, net written premiums increased $8 million as compared with the same period in 2025 driven by higher retention partially offset by lower rate. The increase in net earned premiums was consistent with the trend in net written premiums.
Core income decreased $16 million for the six months ended June 30, 2026 as compared with the same period in 2025, driven by lower underlying underwriting results partially offset by higher net investment income. Additionally, the prior year period benefited from a favorable impact from changes in foreign currency exchange rates.
The combined ratio of 96.4% increased 2.4 points for the six months ended June 30, 2026 as compared with the same period in 2025 due to a 1.9 point increase in the expense ratio and a 0.5 point increase in the loss ratio. The increase in the expense ratio was primarily driven by continued investments in talent and technology and higher acquisition costs, partially offset by higher net earned premiums. The increase in the loss ratio was due to an increase in the underlying loss ratio across most lines partially offset by lower catastrophe losses. Catastrophe losses were $11 million, or 1.7 points of the loss ratio, for the six months ended June 30, 2026, as compared with $16 million, or 2.5 points of the loss ratio, for the six months ended June 30, 2025.
There was no net prior year loss reserve development recorded for the six months ended June 30, 2026 or 2025.
The following table summarizes the gross and net carried reserves for International.
(In millions)June 30, 2026December 31, 2025
Gross case reserves$1,099 $1,052 
Gross IBNR reserves2,397 2,324 
Total gross carried claim and claim adjustment expense reserves$3,496 $3,376 
Net case reserves$928 $880 
Net IBNR reserves1,963 1,961 
Total net carried claim and claim adjustment expense reserves$2,891 $2,841 
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Life & Group
The following table summarizes the results of operations for Life & Group.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Net earned premiums$103 $106 $206 $212 
Claims, benefits and expenses350 345 694 675 
Net investment income230 235 454 461 
Core (loss) income(10)1 (19)7 
Three Month Comparison
Core results decreased $11 million for the three months ended June 30, 2026 as compared with the same period in 2025, primarily driven by lower net investment income.
Six Month Comparison
Results for the six months ended June 30, 2026 were generally consistent with the three month summary above.
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Corporate & Other
The following table summarizes the results of operations for the Corporate & Other segment, including intersegment eliminations.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Net investment income$10 $13 $21 $29 
Insurance claims and policyholders' benefits77 108 60 117 
Interest expense33 31 66 63 
Core loss(92)(114)(106)(150)
Three Month Comparison
Core loss improved $22 million for the three months ended June 30, 2026 as compared with the same period in 2025. The current quarter includes a $77 million after-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves as compared with an $88 million after-tax charge in the prior year period. The current quarter also includes an increase of $13 million after-tax associated with the amortization of the deferred gain related to the asbestos and environmental pollution (A&EP) Loss Portfolio Transfer (LPT) as compared to the prior year period.
Six Month Comparison
Core loss improved $44 million for the six months ended June 30, 2026 as compared with the same period in 2025. The current period includes a $77 million after-tax charge related to unfavorable net prior year loss reserve development largely associated with legacy mass tort abuse reserves as compared with a $106 million after-tax charge in the prior year period. The current period also includes an increase of $17 million after-tax associated with the amortization of the deferred gain related to the A&EP LPT as compared to the prior year period.
Further information on the net prior year loss reserve development and the A&EP LPT 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)June 30, 2026December 31, 2025
Gross case reserves$1,233 $1,196 
Gross IBNR reserves1,281 1,403 
Total gross carried claim and claim adjustment expense reserves$2,514 $2,599 
Net case reserves$117 $119 
Net IBNR reserves308 238 
Total net carried claim and claim adjustment expense reserves$425 $357 
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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 June 30Three MonthsSix Months
(In millions)2026202520262025
Fixed income securities:
Taxable fixed income securities$507 $508 $1,007 $1,004 
Tax-exempt fixed income securities55 36 107 70 
Total fixed income securities562 544 1,114 1,074 
Limited partnership and common stock investments131 100 173 154 
Other, net of investment expense8 18 24 38 
Net investment income$701 $662 $1,311 $1,266 
Effective income yield for the fixed income securities portfolio4.9 %4.9 %4.9 %4.8 %
Limited partnership and common stock return for the period4.3 %3.6 %5.7 %5.7 %
Net investment income increased $39 million and $45 million for the three and six months ended June 30, 2026 as compared with the same periods in 2025 driven by higher limited partnership and common stock returns, as well as higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates.
Net Investment (Losses) Gains
The components of Net investment (losses) gains are presented in the following table.
Periods ended June 30Three MonthsSix Months
(In millions)2026202520262025
Fixed maturity securities:
Corporate bonds and other$(3)$(40)$(10)$(49)
States, municipalities and political subdivisions— — (1)(1)
Asset-backed(5)(8)(11)(7)
Total fixed maturity securities(8)(48)(22)(57)
Non-redeemable preferred stock3 6 (1)6 
Derivatives, short-term and other— 1 — 1 
Mortgage loans— (5)— (5)
Net investment losses(5)(46)(23)(55)
Income tax benefit on net investment losses2 10 6 12 
Net investment losses, after tax$(3)$(36)$(17)$(43)
Pretax net investment losses decreased $41 million and $32 million for the three and six months ended June 30, 2026 as compared with the same periods in 2025 driven by lower net losses on disposals of fixed maturity securities and 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.
June 30, 2026December 31, 2025

(In millions)		Estimated Fair ValueNet Unrealized Gains (Losses)Estimated Fair ValueNet Unrealized Gains (Losses)
U.S. Government, Government agencies and Government-sponsored enterprises$3,323 $(260)$3,274 $(228)
AAA4,066 (144)3,997 (136)
AA 7,684 (434)7,001 (428)
A11,133 (243)11,167 (140)
BBB15,918 (362)16,249 (223)
Non-investment grade1,758 (70)1,714 (42)
Total$43,882 $(1,513)$43,402 $(1,197)
As of June 30, 2026 and December 31, 2025, 1% of our fixed maturity portfolio was rated internally. Additionally, as of June 30, 2026 and December 31, 2025, we assigned a AAA rating to $714 million and $661 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.
June 30, 2026
(In millions)Estimated Fair ValueGross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises$2,198 $283 
AAA1,400 241 
AA4,127 630 
A5,854 477 
BBB8,741 670 
Non-investment grade916 95 
Total$23,236 $2,396 
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.
June 30, 2026
(In millions)Estimated Fair ValueGross Unrealized Losses
Due in one year or less$977 $12 
Due after one year through five years6,568 289 
Due after five years through ten years6,421 636 
Due after ten years9,270 1,459 
Total$23,236 $2,396 
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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.
June 30, 2026December 31, 2025
(In millions)Estimated Fair ValueEffective
Duration
(In years)		Estimated Fair ValueEffective
Duration
(In years)
Life & Group$15,405 10.0 $15,584 9.7 
Property & Casualty and Corporate & Other30,691 4.6 30,716 4.5 
Total$46,096 6.4 $46,300 6.3 
The effective duration of investments supporting Life & Group liabilities at June 30, 2026 lengthened as compared with December 31, 2025, reflecting repositioning to capitalize on higher rates and reduce reinvestment risk.
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, 2025.

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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 six months ended June 30, 2026, net cash provided by operating activities was $1,042 million as compared with $1,200 million for the same period in 2025. The decrease in cash provided by operating activities was driven by an increase in net claim payments partially offset by an increase in premiums collected.
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 six months ended June 30, 2026, net cash used by investing activities was $255 million as compared with $471 million for the same period in 2025. Net cash used or provided 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 six months ended June 30, 2026, net cash used by financing activities was $867 million as compared with $847 million for the same period in 2025. Financing activities for the periods presented include:
•During the six months ended June 30, 2026, we paid dividends of $812 million and repurchased 755,000 shares of our common stock at an aggregate cost of $36 million.
•During the six months ended June 30, 2025, we paid dividends of $798 million and repurchased 700,000 shares of our common stock at an aggregate cost of $34 million.
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Common Stock Dividends
Cash dividends of $2.96 per share on our common stock, including a special cash dividend of $2.00 per share, were declared and paid during the six months ended June 30, 2026. On July 31, 2026, our Board of Directors declared a quarterly cash dividend of $0.48 per share, payable September 3, 2026 to stockholders of record on August 17, 2026. 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 June 30, 2026, CCC was in a positive earned surplus position. CCC paid dividends of $725 million and $610 million to CNAF during the six months ended June 30, 2026 and 2025. 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.
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 2025 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 2025 Annual Report on Form 10-K and this report, and the Reserves - Estimates and Uncertainties section of our 2025 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 new tariffs and changes in tariffs, as well as significant uncertainty surrounding U.S. tariff policy generally, and any retaliatory tariffs, may adversely impact the economic environment, inflation expectations and certain loss costs, and may result in decreases in the size and number of our insurance customers;
•geopolitical tensions, including the effects of the conflict in the Middle East, that may adversely impact our operations;
•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;
•product and policy availability and demand and market responses, including the level of ability to obtain rate increases;
•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;
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•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 (AI), 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;
•additional complexities and greater risk to the effectiveness of controls with the incorporation of AI into our and our third-party service providers' operations, including the possibility of inaccurate or biased outputs, degradation in model performance, unauthorized use or disclosure of data used to train AI models, and the potential for AI to be misused to perpetrate fraud or evade monitoring controls; and
•breaches of our or our vendors' data security infrastructure resulting in unauthorized access to systems and information, and/or interruption of operations.
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 in statutes of limitation and other 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 June 30, 2026. 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, 2025 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 June 30, 2026, 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 June 30, 2026.
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 June 30, 2026 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: August 3, 2026By/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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Table of Contents
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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