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10-Q


☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934


June 30, 2023





☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THESECURITIES EXCHANGE ACT OF 1934





1-5823





CNA FINANCIAL CORPORATION





Delaware36-6169860(State or other jurisdiction ofincorporation or organization)(I.R.S. EmployerIdentification No.)


151 N. Franklin60606Chicago,Illinois(Zip Code)(Address of principal executive offices)


312 822-5000














Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon Stock, Par value $2.50"CNA"New York Stock ExchangeChicago Stock Exchange





Yes





Yes





Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐Emerging growth company☐





☐


270,861,737







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Item NumberPageNumberPART I1.Condensed Consolidated Financial Statements:3Condensed Consolidated Statements of Operations for the threeand sixmonths endedJune 30, 2023 and 2022 (Unaudited)3Condensed Consolidated Statements of Comprehensive Income (Loss) for the threeand sixmonths endedJune 30, 2023 and 2022 (Unaudited)4Condensed Consolidated Balance Sheets as ofJune 30, 2023 and December 31, 2022 (Unaudited)5Condensed Consolidated Statements of Cash Flows for thesixmonths endedJune 30, 2023 and 2022 (Unaudited)6Condensed Consolidated Statements of Stockholders' Equity for the threeand sixmonths endedJune 30, 2023 and 2022 (Unaudited)7Notes to Condensed Consolidated Financial Statements (Unaudited)82.Management's Discussion and Analysis of Financial Condition and Results of Operations483.Quantitative and Qualitative Disclosures About Market Risk724.Controls and Procedures72PART II1Legal Proceedings736Exhibits73







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Periods ended June 30Three MonthsSix Months(In millions, except per share data)20232022(1)20232022(1)RevenuesNet earned premiums$2,347$2,155$4,595$4,214Net investment income5754321,100880Net investment losses(32)(59)(67)(70)Non-insurance warranty revenue407392814774Other revenues761413Total revenues3,3042,9266,4565,811Claims, Benefits and ExpensesInsurance claims and policyholders’ benefits (re-measurement gain (loss) of $(33), $1, $(34), and $6)1,7791,6013,4323,079Amortization of deferred acquisition costs403374782718Non-insurance warranty expense384367768721Other operating expenses346329683655Interest31285956Total claims, benefits and expenses2,9432,6995,7245,229Income before income tax361227732582Income tax expense(78)(37)(152)(97)Net income$283$190$580$485Basic earnings  per share$1.04$0.70$2.14$1.79Diluted earnings  per share$1.04$0.69$2.13$1.78Weighted Average Outstanding Common Stock and Common Stock EquivalentsBasic271.2271.7271.2271.8Diluted272.0272.6272.1272.7


As of January 1, 2023, the Company adopted  ASU 2018-12, Financial Services-Insurance (Topic 944):
 Targeted Improvements to the Accounting for Long-Duration Contracts(ASU 2018-12) using the modified retrospective method applied as of the transition date of January 1, 2021.  Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance.  See Note A to the Condensed Consolidated Financial Statements for additional information.













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Periods ended June 30Three MonthsSix Months(In millions)20232022(1)20232022(1)Comprehensive Income (Loss)Net income$283$190$580$485Other Comprehensive (Loss) Income, net of taxChanges in:Net unrealized gains and losses on investments with an allowance for credit losses(1)(2)(9)(6)Net unrealized gains and losses on other investments(413)(2,226)257(4,869)Net unrealized gains and losses on investments(414)(2,228)248(4,875)Impact of changes in discount rates used to measure long-duration contract liabilities2561,507(140)3,142Foreign currency translation adjustment34(68)51(82)Pension and postretirement benefits761412Other comprehensive (loss) income, net of tax(117)(783)173(1,803)Total comprehensive income (loss)$166$(593)$753$(1,318)


As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021.  Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance.  See Note A to the Condensed Consolidated Financial Statements for additional information.










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(In millions, except share data)June 30, 2023December 31, 2022(1)AssetsInvestments:Fixed maturity securities at fair value (amortized cost of $41,838 and $41,032, less allowance for credit loss of $22 and $1)$38,728$37,627Equity securities at fair value (cost of $700 and $703)683674Limited partnership investments2,0201,926Other invested assets7178Mortgage loans (less allowance for uncollectible receivables of $30 and $24)1,0091,040Short term investments1,9241,832Total investments44,43543,177Cash358475Reinsurance receivables (less allowance for uncollectible receivables of $22 and $22)5,5815,416Insurance receivables (less allowance for uncollectible receivables of $30 and $29)3,5213,158Accrued investment income424402Deferred acquisition costs885806Deferred income taxes1,2011,251Property and equipment at cost (less accumulated depreciation of $301 and $280)246226Goodwill146144Deferred non-insurance warranty acquisition expense3,6893,671Other assets (includes $15 and $18 due from Loews Corporation)2,6022,274Total assets$63,088$61,000LiabilitiesInsurance reserves:Claim and claim adjustment expenses$22,802$22,120Unearned premiums6,9786,374Future policy benefits13,66613,480Short term debt792243Long term debt2,3842,538Deferred non-insurance warranty revenue4,7354,714Other liabilities (includes $14 and $26 due to Loews Corporation)3,0052,983Total liabilities54,36252,452Commitments and contingencies (Notes B and F)Stockholders' EquityCommon stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,861,737 and 270,895,902 shares outstanding)683683Additional paid-in capital2,2042,220Retained earnings9,3599,336Accumulated other comprehensive loss(3,425)(3,598)Treasury stock (2,178,506 and 2,144,341 shares), at cost(95)(93)Total stockholders’ equity8,7268,548Total liabilities and stockholders' equity$63,088$61,000


As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021.  Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance.  See Note A to the Condensed Consolidated Financial Statements for additional information.










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Six months ended June 30(In millions)20232022(1)Cash Flows from Operating ActivitiesNet income$580$485Adjustments to reconcile net income to net cash flows provided by operating activities:Deferred income tax expense21(18)Trading portfolio activity17Net investment losses6770Equity method investees(29)184Net amortization of investments(87)(56)Depreciation and amortization2825Changes in:Receivables, net(497)(614)Accrued investment income(21)(6)Deferred acquisition costs(74)(63)Insurance reserves1,1651,417Other, net(217)(178)Net cash flows provided by operating activities9371,253Cash Flows from Investing ActivitiesDispositions:Fixed maturity securities - sales2,2853,293Fixed maturity securities - maturities, calls and redemptions6131,715Equity securities121193Limited partnerships79101Mortgage loans7876Purchases:Fixed maturity securities(3,506)(6,251)Equity securities(126)(195)Limited partnerships(245)(168)Mortgage loans(53)(53)Change in other investments615Change in short term investments(62)868Purchases of property and equipment(43)(25)Other, net(5)—Net cash flows used by investing activities(858)(431)Cash Flows from Financing ActivitiesDividends paid to common stockholders(559)(765)Proceeds from the issuance of debt395—Purchase of treasury stock(24)(21)Other, net(12)—Net cash flows used by financing activities(200)(786)Effect of foreign exchange rate changes on cash4(12)Net change in cash(117)24Cash, beginning of year475536Cash, end of period$358$560


As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021.  Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance.  See Note A to the Condensed Consolidated Financial Statements for additional information.










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Periods ended June 30Three MonthsSix Months(In millions)20232022(1)20232022(1)Common StockBalance, beginning of period$683$683$683$683Balance, end of period683683683683Additional Paid-in CapitalBalance, beginning of period2,1962,1952,2202,215Stock-based compensation88(16)(12)Balance, end of period2,2042,2032,2042,203Retained EarningsBalance, beginning of period, as previously reported9,1919,3199,5729,663Cumulative effect adjustments from changes in accounting guidance, net of tax—(42)(236)(24)Balance, beginning of period, as adjusted9,1919,2779,3369,639Dividends to common stockholders ($0.42, $0.40, $2.04, $2.80 per share)(115)(109)(557)(766)Net income283190580485Balance, end of period9,3599,3589,3599,358Accumulated Other Comprehensive (Loss) IncomeBalance, beginning of period, as previously reported(3,308)(1,303)(3,557)320Cumulative effect adjustments from changes in accounting guidance, net of tax—(1,077)(41)(1,680)Balance, beginning of period, as adjusted(3,308)(2,380)(3,598)(1,360)Other comprehensive income (loss)(117)(783)173(1,803)Balance, end of period(3,425)(3,163)(3,425)(3,163)Treasury StockBalance, beginning of period(95)(77)(93)(72)Stock-based compensation—12217Purchase of treasury stock——(24)(21)Balance, end of period(95)(76)(95)(76)Total stockholders' equity$8,726$9,005$8,726$9,005


As of January 1, 2023, the Company adopted ASU 2018-12 using the modified retrospective method applied as of the transition date of January 1, 2021.  Prior period amounts in the financial statements have been adjusted to reflect application of the new guidance.  See Note A to the Condensed Consolidated Financial Statements for additional information.













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General





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 90% of the outstanding common stock of CNAF as of June 30, 2023.


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. 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.




















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(In millions)Balance as of December 31, 2020, as previously reported$13,318Reclassification of reserves for policyholders currently receiving benefits to Future policy benefits(1)2,844De-recognition of shadow reserves(3,293)Re-measurement using an upper-medium grade fixed income instrument yield discount rate6,255Other adjustments8Balance as of January 1, 2021, as adjusted$19,132














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(In millions)Accumulated other comprehensive income (loss)Retained earningsBalance as of December 31, 2020, as previously reported$803$9,081De-recognition of shadow reserves2,601—Re-measurement of LFPB using an upper-medium grade fixed income instrument yield discount rate(4,941)—Other adjustments—(6)Balance as of January 1, 2021, as adjusted$(1,537)$9,075





(In millions)Prior to AdoptionEffect of AdoptionAs reportedInsurance claims and policyholders’ benefits(1)$1,583$18$1,601Income (loss) before income tax245(18)227Income tax (expense) benefit(40)3(37)Net income205(15)190Basic earnings (loss) per share0.75(0.05)0.70Diluted earnings (loss) per share0.75(0.06)0.69


1





(In millions)Prior to AdoptionEffect of AdoptionAs reportedInsurance claims and policyholders’ benefits(1)$3,038$41$3,079Income (loss) before income tax623(41)582Income tax (expense) benefit(105)8(97)Net income518(33)485Basic earnings (loss) per share1.91(0.12)1.79Diluted earnings (loss) per share1.90(0.12)1.78


6





(In millions)Prior to AdoptionEffect of AdoptionAs reportedDeferred income taxes$1,178$73$1,251Total assets60,9277361,000Claim and claim adjustment expenses(1)25,099(2,979)22,120Future policy benefits(1)10,1513,32913,480Total liabilities52,10235052,452Retained earnings9,572(236)9,336Accumulated other comprehensive income (loss)(3,557)(41)(3,598)Total stockholders' equity8,825(277)8,548








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(In millions)Prior to AdoptionEffect of AdoptionAs reportedChanges in: Net unrealized gains and losses on other investments$(1,346)$(880)$(2,226)Net unrealized gains and losses on investments(1,348)(880)(2,228)Impact of changes in discount rates used to measure long-duration contract liabilities—1,5071,507Other comprehensive income (loss),  net of tax(1,410)627(783)Total comprehensive income (loss)(1,205)612(593)





(In millions)Prior to AdoptionEffect of AdoptionAs reportedChanges in: Net unrealized gains and losses on other investments$(2,957)$(1,912)$(4,869)Net unrealized gains and losses on investments(2,963)(1,912)(4,875)Impact of changes in discount rates used to measure long-duration contract liabilities—3,1423,142Other comprehensive income (loss),  net of tax(3,033)1,230(1,803)Total comprehensive income (loss)(2,515)1,197(1,318)





(In millions)Prior to AdoptionEffect of AdoptionAs reportedNet income$518$(33)$485Deferred income tax expense (benefit)(10)(8)(18)Changes in: Insurance reserves1,376411,417





(In millions)Prior to AdoptionEffect of AdoptionAs reportedNet incurred claims and benefits(1)$293$18$311Core income (loss) before income tax(4)(18)(22)Income tax (expense) benefit on core income (loss)10313Core income (loss)6(15)(9)


1





(In millions)Prior to AdoptionEffect of AdoptionAs reportedNet incurred claims and benefits(1)$574$41$615Core income (loss) before income tax12(41)(29)Income tax (expense) benefit on core income (loss)17825Core income (loss)29(33)(4)


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(In millions)Prior to AdoptionEffect of AdoptionAs reportedClaim and claim adjustment expenses(1)$3,674$(2,979)$695Future policy benefits(1)10,1513,32913,480


(1) In conjunction with the adoption of ASU 2018-12, at January 1, 2023, the Company reclassified the long term care reserves for policyholders currently receiving benefits from Claim and claim adjustment expenses to Future policy benefits.  This change was applied retrospectively as of January 1, 2021.







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Earnings (Loss) Per Share Data


Earnings (loss) per share is based on weighted average number of outstanding common shares.  Basic earnings (loss) per share excludes the impact of dilutive securities and is computed by dividing Net income (loss) by the weighted average number of common shares outstanding for the period.  Diluted earnings (loss) 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.





Periods ended June 30Three MonthsSix Months(In millions, except per share data)2023202220232022Net income (loss)(1)$283$190$580$485Common Stock and Common Stock EquivalentsBasicWeighted average shares outstanding271.2271.7271.2271.8DilutedWeighted average shares outstanding271.2271.7271.2271.8Dilutive effect of stock-based awards under compensation plans0.80.90.90.9Total272.0272.6272.1272.7Earnings (loss) per share(1)Basic$1.04$0.70$2.14$1.79Diluted$1.04$0.69$2.13$1.78








The Company repurchased 550,000 and 445,000 shares of CNAF common stock at an aggregate cost of $24 million and $21 million during the six months ended June 30, 2023 and 2022.







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Investments





Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Fixed maturity securities$482$441$952$870Equity securities21(11)33(9)Limited partnership investments5568024Mortgage loans14122827Short term investments132282Trading portfolio——31Other9—14—Gross investment income5944501,138915Investment expense(19)(18)(38)(35)Net investment income$575$432$1,100$880Net investment income (loss) recognized due to the change in fair value of common stock held as of June 30, 2023 and 2022$10$(22)$7$(23)





Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Net investment gains (losses):Fixed maturity securities:Gross gains$8$45$43$71Gross losses(35)(60)(92)(88)Net investment gains (losses) on fixed maturity securities(27)(15)(49)(17)Equity securities3(71)(11)(109)Derivatives—26—55Mortgage loans(6)—(6)—Short term investments and other(2)1(1)1Net investment gains (losses)$(32)$(59)$(67)$(70)Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of June 30, 2023 and 2022$3$(70)$—$(108)





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Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Fixed maturity securities available-for-sale:Corporate and other bonds$9$21$17$29Asset-backed8(1)81Impairment losses (gains) recognized in earnings$17$20$25$30


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June 30, 2023Cost orAmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesAllowance for Credit LossesEstimatedFairValue(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$24,194$339$1,909$13$22,611States, municipalities and political subdivisions8,262341793—7,810Asset-backed:Residential mortgage-backed3,1334444—2,693Commercial mortgage-backed1,843425771,583Other asset-backed3,571933023,248Total asset-backed8,547171,03197,524U.S. Treasury and obligations of government-sponsored enterprises130—3—127Foreign government700150—651Redeemable preferred stock5———5Total fixed maturity securities available-for-sale41,8386983,7862238,728Total fixed maturity securities trading—————Total fixed maturity securities$41,838$698$3,786$22$38,728


December 31, 2022Cost orAmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesAllowance for Credit LossesEstimatedFairValue(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$23,137$301$2,009$—$21,429States, municipalities and political subdivisions8,918338939—8,317Asset-backed:Residential mortgage-backed3,0735447—2,631Commercial mortgage-backed1,8864255—1,635Other asset-backed3,287236112,927Total asset-backed8,246111,06317,193U.S. Treasury and obligations of government-sponsored enterprises11112—110Foreign government617143—575Redeemable preferred stock3———3Total fixed maturity securities available-for-sale41,0326524,056137,627Total fixed maturity securities trading—————Total fixed maturity securities$41,032$652$4,056$1$37,627








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Less than 12 Months12 Months or LongerTotalJune 30, 2023EstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLosses(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$7,681$350$10,087$1,559$17,768$1,909States, municipalities and political subdivisions1,486642,7837294,269793Asset-backed:Residential mortgage-backed822351,8104092,632444Commercial mortgage-backed325151,1712421,496257Other asset-backed739321,9822982,721330Total asset-backed1,886824,9639496,8491,031U.S. Treasury and obligations of government-sponsored enterprises8423411183Foreign government21383954260850Total$11,350$506$18,262$3,280$29,612$3,786


Less than 12 Months12 Months or LongerTotalDecember 31, 2022EstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLosses(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$15,946$1,585$1,634$424$17,580$2,009States, municipalities and political subdivisions4,0797694561704,535939Asset-backed:Residential mortgage-backed1,4061441,1433032,549447Commercial mortgage-backed1,167159408961,575255Other asset-backed2,087262542992,629361Total asset-backed4,6605652,0934986,7531,063U.S. Treasury and obligations of government-sponsored enterprises761161922Foreign government47326781755143Total$25,234$2,946$4,277$1,110$29,511$4,056





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June 30, 2023December 31, 2022(In millions)Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesU.S. Government, Government agencies and Government-sponsored enterprises$2,479$334$2,355$337AAA1,6622831,559298AA4,4047464,327817A6,9377036,615749BBB12,9601,51313,2261,621Non-investment grade1,1702071,429234Total$29,612$3,786$29,511$4,056








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413 394 374


(In millions)Corporate and other bondsAsset-backedTotalAllowance for credit losses:Balance as of April 1, 2023$1$1$2Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded178Available-for-sale securities accounted for as PCD assets11—11Reductions to the allowance for credit losses:Write-offs charged against the allowance———Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period—11Balance as of June 30, 2023$13$9$22


(In millions)Corporate and other bondsAsset-backedTotalAllowance for credit losses:Balance as of April 1, 2022$12$5$17Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded———Available-for-sale securities accounted for as PCD assets—33Reductions to the allowance for credit losses:Write-offs charged against the allowance12—12Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period—(3)(3)Balance as of June 30, 2022$—$5$5





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(In millions)Corporate and other bondsAsset-backedTotalAllowance for credit losses:Balance as of January 1, 2023$—$1$1Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded178Available-for-sale securities accounted for as PCD assets20—20Reductions to the allowance for credit losses:Securities sold during the period (realized)6—6Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis3—3Write-offs charged against the allowance———Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period112Balance as of June 30, 2023$13$9$22


(In millions)Corporate and other bondsAsset-backedTotalAllowance for credit losses:Balance as of January 1, 2022$11$7$18Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded———Available-for-sale securities accounted for as PCD assets—33Reductions to the allowance for credit losses:Securities sold during the period (realized)———Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis———Write-offs charged against the allowance12—12Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period1(5)(4)Balance as of June 30, 2022$—$5$5








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June 30, 2023December 31, 2022(In millions)Cost orAmortizedCostEstimatedFairValueCost orAmortizedCostEstimatedFairValueDue in one year or less$988$972$1,012$1,001Due after one year through five years11,07210,4439,8809,399Due after five years through ten years13,44512,22613,78812,453Due after ten years16,33315,08716,35214,774Total$41,838$38,728$41,032$37,627








1,480 60








June 30, 2023Mortgage Loans Amortized Cost Basis by Origination Year(1)(2)(In millions)20232022202120202019PriorTotalDSCR ≥1.6xLTV less than 55%$—$9$13$111$33$245$411LTV 55% to 65%————8—8LTV greater than 65%—3111———42DSCR 1.2x - 1.6xLTV less than 55%28549144251189LTV 55% to 65%1243—24—988LTV greater than 65%—58————58DSCR ≤1.2LTV less than 55%—35——34—69LTV 55% to 65%1341——43—97LTV greater than 65%132721—23791Total$66$249$94$149$183$312$1,053











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Fair Value

























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June 30, 2023TotalAssets/Liabilitiesat Fair Value(In millions)Level 1Level 2Level 3AssetsFixed maturity securities:Corporate bonds and other$137$22,286$971$23,394States, municipalities and political subdivisions—7,767437,810Asset-backed—6,6418837,524Total fixed maturity securities13736,6941,89738,728Equity securities:Common stock179—26205Non-redeemable preferred stock56422—478Total equity securities23542226683Short term and other1,71142—1,753Total assets$2,083$37,158$1,923$41,164LiabilitiesOther liabilities$—$1$—$1Total liabilities$—$1$—$1





December 31, 2022TotalAssets/Liabilitiesat Fair Value(In millions)Level 1Level 2Level 3AssetsFixed maturity securities:Corporate bonds and other$120$21,187$810$22,117States, municipalities and political subdivisions—8,274438,317Asset-backed—6,4057887,193Total fixed maturity securities12035,8661,64137,627Equity securities:Common stock150—35185Non-redeemable preferred stock54435—489Total equity securities20443535674Short term and other1,60871—1,679Total assets$1,932$36,372$1,676$39,980LiabilitiesOther liabilities$—$1$—$1Total liabilities$—$1$—$1







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Level 3(In millions)Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotalBalance as of April 1, 2023$912$44$859$29$1,844Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)——(1)—(1)Reported in Net investment income——5(1)4Reported in Other comprehensive income (loss)(15)(1)(7)—(23)Total realized and unrealized investment gains (losses)(15)(1)(3)(1)(20)Purchases68—87—155Sales———(2)(2)Settlements(5)—(17)—(22)Transfers into Level 311———11Transfers out of Level 3——(43)—(43)Balance as of June 30, 2023$971$43$883$26$1,923Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2023 recognized in Net income (loss) in the period$—$—$—$(1)$(1)Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2023 recognized in Other comprehensive income (loss) in the period(15)(1)(7)—(23)





Level 3(In millions)Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotalBalance as of April 1, 2022$915$51$604$44$1,614Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)(1)—3(2)—Reported in Net investment income——5(1)4Reported in Other comprehensive income (loss)(82)(5)(52)—(139)Total realized and unrealized investment gains (losses)(83)(5)(44)(3)(135)Purchases51—92—143Sales——(2)(3)(5)Settlements(37)—(23)9(51)Transfers into Level 3——14—14Transfers out of Level 3—————Balance as of June 30, 2022$846$46$641$47$1,580Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2022 recognized in Net income (loss) in the period$—$—$—$(3)$(3)Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2022 recognized in Other comprehensive income (loss) in the period(81)(5)(52)—(138)


























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Level 3(In millions)Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotalBalance as of January 1, 2023$810$43$788$35$1,676Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)——(1)—(1)Reported in Net investment income——10(7)3Reported in Other comprehensive income (loss)9———9Total realized and unrealized investment gains (losses)9—9(7)11Purchases149—142—291Sales———(2)(2)Settlements(8)—(26)—(34)Transfers into Level 311—23—34Transfers out of Level 3——(53)—(53)Balance as of June 30, 2023$971$43$883$26$1,923Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2023 recognized in Net income (loss) in the period$—$—$—$(7)$(7)Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2023 recognized in Other comprehensive income (loss) in the period9—(1)—8





Level 3(In millions)Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotalBalance as of January 1, 2022$937$56$556$29$1,578Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)(2)—5(3)—Reported in Net investment income——639Reported in Other comprehensive income (loss)(153)(10)(84)—(247)Total realized and unrealized investment gains (losses)(155)(10)(73)—(238)Purchases118—23212362Sales(5)—(2)(3)(10)Settlements(59)—(40)9(90)Transfers into Level 310—19—29Transfers out of Level 3——(51)—(51)Balance as of June 30, 2022$846$46$641$47$1,580Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2022 recognized in Net income (loss) in the period$—$—$—$(1)$(1)Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2022 recognized in Other comprehensive income (loss) in the period(153)(10)(83)—(246)


Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security.  The availability of observable market information and quoted prices varies based on market conditions and trading volume.







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June 30, 2023Estimated Fair Value (In millions)Valuation Technique(s)Unobservable Input(s)Range (Weighted Average)Fixed maturity securities$1,415Discounted cash flowCredit spread1% - 7% (2%)


December 31, 2022Estimated Fair Value (In millions)Valuation Technique(s)Unobservable Input(s)Range (Weighted Average)Fixed maturity securities$1,177Discounted cash flowCredit spread1% - 8% (2%)











June 30, 2023CarryingAmountEstimated Fair Value(In millions)Level 1Level 2Level 3TotalAssetsMortgage loans$1,009$—$—$954$954LiabilitiesShort term debt$792$—$785$—$785Long term debt2,384—2,196—2,196


December 31, 2022CarryingAmountEstimated Fair Value(In millions)Level 1Level 2Level 3TotalAssetsMortgage loans$1,040$—$—$973$973LiabilitiesShort term debt$243$—$248$—$248Long term debt2,538—2,349—2,349










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Claim and Claim Adjustment Expense Reserves








68 120 37 57





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For the six months ended June 30(In millions)20232022(1)Reserves, beginning of year:Gross$22,120$21,269Ceded5,1914,969Net reserves, beginning of year16,92916,300Net incurred claim and claim adjustment expenses:Provision for insured events of current year2,7462,452Increase (decrease) in provision for insured events of prior years3730Amortization of discount2222Total net incurred(2)2,8052,504Net payments attributable to:Current year events(287)(233)Prior year events(2,014)(1,882)Total net payments(2,301)(2,115)Foreign currency translation adjustment and other57(222)Net reserves, end of period17,49016,467Ceded reserves, end of period5,3125,156Gross reserves, end of period$22,802$21,623





(2) Total net incurred above 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 and uncollectible reinsurance, which are not reflected in the table above.





The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.


Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Pretax (favorable) unfavorable development:Specialty$(4)$(10)$(4)$(20)Commercial(13)(22)(15)(24)International—(5)15(5)Corporate & Other35643564Total pretax (favorable) unfavorable development$18$27$31$15


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Specialty





Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Pretax (favorable) unfavorable development:Medical Professional Liability$—$1$9$9Other Professional Liability and Management Liability(1)13(1)13Surety(7)(19)(7)(28)Warranty——(9)(9)Other4(5)4(5)Total pretax (favorable) unfavorable development$(4)$(10)$(4)$(20)



















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Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Pretax (favorable) unfavorable development:Commercial Auto$11$21$11$21General Liability70417041Workers' Compensation(96)(82)(98)(84)Property and Other2(2)2(2)Total pretax (favorable) unfavorable development$(13)$(22)$(15)$(24)








































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Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Pretax (favorable) unfavorable development:Commercial$(3)$(4)$(5)$(4)Specialty3(1)22(1)Other——(2)—Total pretax (favorable) unfavorable development$—$(5)$15$(5)






















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1.6 4 1.6 1.2 2 215 2.2


2.2


15 11 23 3.5 402 425


2.4















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Future Policy Benefits Reserves
































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(In millions)20232022Present value of future net premiumsBalance, January 1$3,993$4,735Effect of changes in discount rate(74)(880)Balance, January 1, at original locked in discount rate3,9193,855Effect of changes in cash flow assumptions(1)——Effect of actual variances from expected experience(1)(85)(37)Adjusted balance, January 13,8343,818Interest accrual103105Net premiums: earned during period(225)(225)Balance, end of period at original locked in discount rate3,7123,698Effect of changes in discount rate78246Balance, June 30$3,790$3,944Present value of future benefits & expensesBalance, January 1$17,472$22,745Effect of changes in discount rate(125)(5,942)Balance, January 1, at original locked in discount rate17,34716,803Effect of changes in cash flow assumptions(1)——Effect of actual variances from expected experience(1)(51)(43)Adjusted balance, January 117,29616,760Interest accrual482482Benefit & expense payments(629)(470)Balance, end of period at original locked in discount rate17,14916,772Effect of changes in discount rate3071,329Balance, June 30$17,456$18,101Net LFPB$13,666$14,157


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Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Earned premiums$113$118$228$238Interest expense189189379377





As of June 30(In millions)20232022Expected future benefit and expense payments$33,287$33,429Expected future gross premiums5,5365,848


3,853 4,204


12





As of June 30As of December 31202320222022Original locked in discount rate5.25%5.29%5.27%Upper-medium grade fixed income instrument discount rate5.104.645.23


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Legal Proceedings, Contingencies and Guarantees








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Benefit Plans





Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Net periodic pension cost (benefit)Interest cost on projected benefit obligation$24$16$49$33Expected return on plan assets(30)(38)(60)(76)Amortization of net actuarial loss981715Total net periodic pension cost (benefit)$3$(14)$6$(28)





Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Non-Service Cost (Benefit):Insurance claims and policyholder's benefits$—$(4)$1$(8)Other operating expenses3(10)5(20)Total net periodic pension cost (benefit)$3$(14)$6$(28)







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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 investments(1)Pension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contracts(1)Cumulative foreign currency translation adjustmentTotalBalance as of April 1, 2023$(15)$(2,068)$(584)$(437)$(204)$(3,308)Other comprehensive income (loss) before reclassifications(8)(427)—25634(145)Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $4, $2, $—, $— and $8(7)(14)(7)——(28)Other comprehensive income (loss) net of tax (expense) benefit of $—, $112, $(2), $(68), $— and $42(1)(413)725634(117)Balance as of June 30, 2023$(16)$(2,481)$(577)$(181)$(170)$(3,425)


(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investments(1)Pension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contracts(1)Cumulative foreign currency translation adjustmentTotalBalance as of April 1, 2022, as previously reported$(6)$(572)$(598)$—$(127)$(1,303)Cumulative effect adjustment from accounting change for adoption of ASU 2018-12(1)net of tax (expense) benefit of $—, $270, $—, $(497), $—  and $(227)—1,288—(2,365)—(1,077)Balance as of April 1, 2022(6)716(598)(2,365)(127)(2,380)Other comprehensive income (loss) before reclassifications(1)(2,240)—1,507(68)(802)Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $(1), $3, $1, $—, $— and $31(14)(6)——(19)Other comprehensive income (loss) net of tax (expense) benefit of $—, $590,$(1), $(400), $— and $189(2)(2,226)61,507(68)(783)Balance as of June 30, 2022$(8)$(1,510)$(592)$(858)$(195)$(3,163)





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(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investments(1)Pension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contracts(1)Cumulative foreign currency translation adjustmentTotalBalance as of January 1, 2023, as previously reported$(7)$(2,738)$(591)$—$(221)$(3,557)Cumulative effect adjustment from accounting change for adoption of ASU 2018-12(1)net of tax (expense) benefit of $—, $—, $—, $11, $—  and $11———(41)—(41)Balance as of January 1, 2023, as adjusted(7)(2,738)(591)(41)(221)(3,598)Other comprehensive income (loss) before reclassifications(16)225—(140)51120Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $8, $4, $—, $— and $14(7)(32)(14)——(53)Other comprehensive income (loss) net of tax (expense) benefit of $2, $(68), $(4), $37, $— and $(33)(9)25714(140)51173Balance as of June 30, 2023$(16)$(2,481)$(577)$(181)$(170)$(3,425)


(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investments(1)Pension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contracts(1)Cumulative foreign currency translation adjustmentTotalBalance as of January 1, 2022, as previously reported$(2)$1,039$(604)$—$(113)$320Cumulative effect adjustment from accounting change for adoption of ASU 2018-12(1)net of tax (expense) benefit of $—, $617, $—, $(1,063), $—  and $(446)—2,320—(4,000)—(1,680)Balance as of January 1, 2022, as adjusted(2)3,359(604)(4,000)(113)(1,360)Other comprehensive income (loss) before reclassifications(5)(4,884)—3,142(82)(1,829)Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $(1), $4, $3, $—, $— and $61(15)(12)——(26)Other comprehensive income (loss) net of tax (expense) benefit of $1, $1,288, $(3), $(835), $— and $451(6)(4,869)123,142(82)(1,803)Balance as of June 30, 2022$(8)$(1,510)$(592)$(858)$(195)$(3,163)











Component of AOCICondensed Consolidated Statements of Operations Line Item Affected by ReclassificationsNet unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investmentsNet investment gains (losses)Pension and postretirement benefitsOther operating expenses and Insurance claims and policyholders' benefits







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Business Segments




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Three months ended June 30, 2023SpecialtyCommercialInternationalLife &GroupCorporate& Other(In millions)EliminationsTotalOperating revenuesNet earned premiums$812$1,120$302$113$—$—$2,347Net investment income1421652522914—575Non-insurance warranty revenue407—————407Other revenues—61—2(2)7Total operating revenues1,3611,29132834216(2)3,336Claims, benefits and expensesNet incurred claims and benefits47474018534429—1,772Policyholders’ dividends25————7Amortization of deferred acquisition costs16817560———403Non-insurance warranty expense384—————384Other insurance related expenses941583531——318Other expenses1210(5)—44(2)59Total claims, benefits and expenses1,1341,08827537573(2)2,943Core income (loss) before income tax22720353(33)(57)—393Income tax (expense) benefit on core income (loss)(50)(44)(15)1311—(85)Core income (loss)$177$159$38$(20)$(46)$—308Net investment gains (losses)(32)Income tax (expense) benefit on net investment gains (losses)7Net investment gains (losses), after tax(25)Net income (loss)$283











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Three months ended June 30, 2022SpecialtyCommercialInternationalLife &Group(1)Corporate& Other(In millions)EliminationsTotal(1)Operating revenuesNet earned premiums$794$974$269$118$—$—$2,155Net investment income100113142014—432Non-insurance warranty revenue392—————392Other revenues—4111(1)6Total operating revenues1,2861,0912843205(1)2,985Claims, benefits and expensesNet incurred claims and benefits45661016031157—1,594Policyholders’ dividends25————7Amortization of deferred acquisition costs16215656———374Non-insurance warranty expense367—————367Other insurance related expenses8113430291—275Other expenses121113245(1)82Total claims, benefits and expenses1,080916259342103(1)2,699Core income (loss) before income tax20617525(22)(98)—286Income tax (expense) benefit on core income (loss)(45)(37)(7)1320—(56)Core income (loss)$161$138$18$(9)$(78)$—230Net investment gains (losses)(59)Income tax (expense) benefit on net investment gains (losses)19Net investment gains (losses), after tax(40)Net income (loss)$190











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Six months ended June 30, 2023SpecialtyCommercialInternationalLife &GroupCorporate& Other(In millions)EliminationsTotalOperating revenuesNet earned premiums$1,609$2,166$592$228$—$—$4,595Net investment income2713144844324—1,100Non-insurance warranty revenue814—————814Other revenues—131—5(5)14Total operating revenues2,6942,49364167129(5)6,523Claims, benefits and expensesNet incurred claims and benefits9391,42837465522—3,418Policyholders’ dividends311————14Amortization of deferred acquisition costs333344105———782Non-insurance warranty expense768—————768Other insurance related expenses18030082601—623Other expenses2616(4)185(5)119Total claims, benefits and expenses2,2492,099557716108(5)5,724Core income (loss) before income tax44539484(45)(79)—799Income tax (expense) benefit on core income (loss)(97)(84)(22)2215—(166)Core income (loss)$348$310$62$(23)$(64)$—633Net investment gains (losses)(67)Income tax (expense) benefit on net investment gains (losses)14Net investment gains (losses), after tax(53)Net income (loss)$580


June 30, 2023(In millions)Reinsurance receivables$1,530$1,153$445$100$2,375$—$5,603Insurance receivables1,0342,05046241—3,551Deferred acquisition costs395359131———885Goodwill117—29———146Deferred non-insurance warranty acquisition expense3,689—————3,689Insurance reservesClaim and claim adjustment expenses7,1839,6742,5836882,674—22,802Unearned premiums3,1942,882790112——6,978Future policy benefits———13,666——13,666Deferred non-insurance warranty revenue4,735—————4,735











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Six months ended June 30, 2022SpecialtyCommercialInternationalLife &Group(1)Corporate& Other(In millions)EliminationsTotal(1)Operating revenuesNet earned premiums$1,566$1,878$533$238$(1)$—$4,214Net investment income203231284135—880Non-insurance warranty revenue774—————774Other revenues112——3(3)13Total operating revenues2,5442,1215616517(3)5,881Claims, benefits and expensesNet incurred claims and benefits9011,18331861549—3,066Policyholders’ dividends310————13Amortization of deferred acquisition costs31930495———718Non-insurance warranty expense721—————721Other insurance related expenses16226477603—566Other expenses251814586(3)145Total claims, benefits and expenses2,1311,779504680138(3)5,229Core income (loss) before income tax41334257(29)(131)—652Income tax (expense) benefit on core income (loss)(89)(72)(13)2525—(124)Core income (loss)$324$270$44$(4)$(106)$—528Net investment gains (losses)(70)Income tax (expense) benefit on net investment gains (losses)27Net investment gains (losses), after tax(43)Net income (loss)$485


December 31, 2022(In millions)Reinsurance receivables$1,384$1,062$414$101$2,477$—$5,438Insurance receivables1,0821,7283698——3,187Deferred acquisition costs381321104———806Goodwill117—27———144Deferred non-insurance warranty acquisition expense3,671—————3,671Insurance reservesClaim and claim adjustment expenses6,8789,3952,4036952,749—22,120Unearned premiums3,1932,425653103——6,374Future policy benefits———13,480——13,480Deferred non-insurance warranty revenue4,714—————4,714













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Periods ended June 30Three MonthsSix Months(In millions)2023202220232022SpecialtyManagement & Professional Liability$718$680$1,423$1,353Surety183162351310Warranty & Alternative Risks460444920881Specialty revenues1,3611,2862,6942,544CommercialMiddle Market419374817736Construction420350805674Small Business160143310281Other Commercial292224561430Commercial revenues1,2911,0912,4932,121InternationalCanada9691189179Europe135118262238Hardy9775190144International revenues328284641561Life & Group revenues342320671651Corporate & Other revenues165297Eliminations(2)(1)(5)(3)Total operating revenues3,3362,9856,5235,881Net investment gains (losses)(32)(59)(67)(70)Total revenues$3,304$2,926$6,456$5,811







































































































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Non-Insurance Revenues from Contracts with Customers


The Company had balances of $4.7 billion reported in Deferred non-insurance warranty revenue as of June 30, 2023 and December 31, 2022.  For the three and six months ended June 30, 2023, the Company recognized $0.2 billion and $0.6 billion of revenues that were included in the deferred revenue balance as of January 1, 2023.  For the three and six months ended June 30, 2022, the Company recognized $0.3 billion and $0.7 billion of revenues that were included in the deferred revenue balance as of January 1, 2022.  For the three and six months ended June 30, 2023, 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 $0.9 billion of the deferred revenue in the remainder of 2023, $1.2 billion in 2024, $0.9 billion in 2025 and $1.7 billion thereafter.







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Six months ended June 30Three MonthsSix Months(In millions)20232022(1)20232022(1)Operating RevenuesNet earned premiums$2,347$2,155$4,595$4,214Net investment income5754321,100880Non-insurance warranty revenue407392814774Other revenues761413Total operating revenues3,3362,9856,5235,881Claims, Benefits and ExpensesNet incurred claims and benefits (re-measurement gain (loss) of $(33), $1, $(34), and $6)1,7721,5943,4183,066Policyholders' dividends771413Amortization of deferred acquisition costs403374782718Non-insurance warranty expense384367768721Other insurance related expenses318275623566Other expenses5982119145Total claims, benefits and expenses2,9432,6995,7245,229Core income before income tax393286799652Income tax expense on core income(85)(56)(166)(124)Core income308230633528Net investment losses(32)(59)(67)(70)Income tax benefit on net investment losses7191427Net investment losses, after tax(25)(40)(53)(43)Net income$283$190$580$485














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Periods ended June 30Three MonthsSix Months(In millions, except ratios, rate, renewal premium change and retention)2023202220232022Gross written premiums$1,769$1,904$3,549$3,750Gross written premiums excluding third-party captives9619731,8471,858Net written premiums8258321,6131,603Net earned premiums8127941,6091,566Underwriting gain7493154181Net investment income142100271203Core income177161348324Other performance metrics:Loss ratio excluding catastrophes and development58.6%58.6%58.5%58.7%Effect of catastrophe impacts—0.1—0.1Effect of development-related items(0.3)(1.2)(0.2)(1.3)Loss ratio58.357.558.357.5Expense ratio32.430.431.930.7Dividend ratio0.20.20.20.2Combined ratio90.9%88.1%90.4%88.4%Combined ratio excluding catastrophes and development91.2%89.2%90.6%89.6%Rate(1)%7%—%8%Renewal premium change—929Retention89858985New business$120$132$228$277




















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(In millions)June 30, 2023December 31, 2022Gross case reserves$1,476$1,529Gross IBNR reserves5,7075,349Total gross carried claim and claim adjustment expense reserves$7,183$6,878Net case reserves$1,270$1,310Net IBNR reserves4,4484,253Total net carried claim and claim adjustment expense reserves$5,718$5,563










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Periods ended June 30Three MonthsSix Months(In millions, except ratios, rate, renewal premium change and retention)2023202220232022Gross written premiums$1,719$1,429$3,161$2,637Gross written premiums excluding third-party captives1,6041,3213,0442,527Net written premiums1,3291,1342,5172,135Net earned premiums1,1209742,1661,878Underwriting gain426983117Net investment income165113314231Core income159138310270Other performance metrics:Loss ratio excluding catastrophes and development61.5%61.5%61.5%61.5%Effect of catastrophe impacts5.23.04.72.4Effect of development-related items(0.5)(1.8)(0.3)(0.9)Loss ratio66.262.765.963.0Expense ratio29.630.029.830.3Dividend ratio0.50.50.50.5Combined ratio96.3%93.2%96.2%93.8%Combined ratio excluding catastrophes and development91.6%92.0%91.8%92.3%Rate8%5%8%5%Renewal premium change117108Retention85878586New business$343$280$653$508


























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(In millions)June 30, 2023December 31, 2022Gross case reserves$3,265$3,156Gross IBNR reserves6,4086,239Total gross carried claim and claim adjustment expense reserves$9,673$9,395Net case reserves$2,839$2,809Net IBNR reserves5,8095,621Total net carried claim and claim adjustment expense reserves$8,648$8,430







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Periods ended June 30Three MonthsSix Months(In millions, except ratios, rate, renewal premium change and retention)2023202220232022Gross written premiums$421$382$819$745Net written premiums359330630581Net earned premiums302269592533Underwriting gain22233143Net investment income25144828Core income38186244Other performance metrics:Loss ratio excluding catastrophes and development57.9%58.5%57.7%58.6%Effect of catastrophe impacts3.12.82.92.0Effect of development-related items—(1.8)2.5(1.0)Loss ratio61.059.563.159.6Expense ratio31.232.131.532.4Combined ratio92.2%91.6%94.6%92.0%Combined ratio excluding catastrophes and development89.1%90.6%89.2%91.0%Rate4%6%4%8%Renewal premium change710710Retention83848379New business$92$88$177$166


























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(In millions)June 30, 2023December 31, 2022Gross case reserves$818$817Gross IBNR reserves1,7651,586Total gross carried claim and claim adjustment expense reserves$2,583$2,403Net case reserves$687$686Net IBNR reserves1,4911,317Total net carried claim and claim adjustment expense reserves$2,178$2,003







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Periods ended June 30Three MonthsSix Months(In millions)20232022(1)20232022(1)Net earned premiums$113$118$228$238Claims, benefits and expenses375342716680Net investment income229201443413Core loss(20)(9)(23)(4)






















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Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Insurance claims and policyholders' benefits$29$57$22$49Net investment income144245Interest expense30285856Core loss(46)(78)(64)(106)

















(In millions)June 30, 2023December 31, 2022Gross case reserves$1,411$1,428Gross IBNR reserves1,2631,321Total gross carried claim and claim adjustment expense reserves$2,674$2,749Net case reserves$129$137Net IBNR reserves229202Total net carried claim and claim adjustment expense reserves$358$339







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Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Fixed income securities:Taxable fixed income securities$444$385$874$753Tax-exempt fixed income securities466695139Total fixed income securities490451969892Limited partnership and common stock investments68(15)96(7)Other, net of investment expense17(4)35(5)Net investment income$575$432$1,100$880Effective income yield for the fixed income securities portfolio4.6%4.3%4.6%4.3%Limited partnership and common stock return3.1%(0.7)%4.5%(0.3)%













Periods ended June 30Three MonthsSix Months(In millions)2023202220232022Fixed maturity securities:Corporate bonds and other$(12)$(30)$(35)$(27)States, municipalities and political subdivisions(3)19722Asset-backed(12)(4)(21)(12)Total fixed maturity securities(27)(15)(49)(17)Non-redeemable preferred stock3(71)(11)(109)Derivatives, short term and other(2)27(1)56Mortgage loans(6)—(6)—Net investment losses(32)(59)(67)(70)Income tax benefit on net investment losses7191427Net investment losses, after tax$(25)$(40)$(53)$(43)













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June 30, 2023December 31, 2022(In millions)Estimated Fair ValueNet Unrealized Gains (Losses)Estimated Fair ValueNet Unrealized Gains (Losses)U.S. Government, Government agencies and Government-sponsored enterprises$2,530$(333)$2,419$(336)AAA2,492(205)2,398(208)AA6,385(588)6,342(663)A9,579(463)9,043(531)BBB16,061(1,310)15,651(1,447)Non-investment grade1,681(189)1,774(219)Total$38,728$(3,088)$37,627$(3,404)








June 30, 2023(In millions)Estimated Fair ValueGross Unrealized LossesU.S. Government, Government agencies and Government-sponsored enterprises$2,479$334AAA1,662283AA4,404746A6,937703BBB12,9601,513Non-investment grade1,170207Total$29,612$3,786





June 30, 2023(In millions)Estimated Fair ValueGross Unrealized LossesDue in one year or less$841$20Due after one year through five years8,895669Due after five years through ten years9,8661,397Due after ten years10,0101,700Total$29,612$3,786







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June 30, 2023(In millions)Estimated Fair ValueNet Unrealized Gains (Losses)Commercial mortgage-backed:Single asset, single borrower:Office$289$(77)Retail278(38)Lodging218(20)Industrial90(6)Multifamily51(4)Total single asset, single borrower926(145)Conduits (multi property, multi borrower pools)657(108)Total commercial mortgage-backed$1,583$(253)


June 30, 2023(In millions)Estimated Fair ValueNet Unrealized Gains (Losses)Commercial mortgage-backed:AAA$425$(35)AA620(107)A209(35)BBB256(56)Non-investment grade73(20)Total commercial mortgage-backed$1,583$(253)








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June 30, 2023(In millions)Estimated Fair ValueNet Unrealized Gains (Losses)Corporate and other bonds - REITs:Retail$455$(48)Office255(30)Industrial86(5)Other(1)416(39)Total corporate and other bonds - REITs$1,212$(122)





June 30, 2023(In millions)Estimated Fair ValueNet Unrealized Gains (Losses)Corporate and other bonds - REITs:AA$11$(1)A249(13)BBB936(106)Non-investment grade16(2)Total corporate and other bonds - REITs$1,212$(122)








June 30, 2023(In millions)Amortized CostPercentage of TotalMortgage loans:Retail$47044%Office25525%Industrial13113%Other18318%Total mortgage loans1,039100%Less: Allowance for expected credit losses(30)Total mortgage loans - net of allowance$1,009








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June 30, 2023December 31, 2022(In millions)Estimated Fair ValueEffectiveDuration(In years)Estimated Fair ValueEffectiveDuration(In years)Investments supporting Life & Group$14,6919.9$14,5119.9Other investments26,4804.625,4454.7Total$41,1716.5$39,9566.6










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CNA Financial CorporationDated: July 31, 2023By/s/ Scott R. LindquistScott R. LindquistExecutive Vice President andChief Financial Officer(Duly authorized officer and principal financial officer)

























































































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Description of ExhibitExhibit NumberFirst Amendment to Amended and Restated Credit Agreement, dated May 3, 2023, among CNA Financial Corporation and Wells Fargo Bank, National Association)10.1General Release and Separation Agreement, dated July 7, 2023 between CNA Financial Corporation andGerald S. Haase10.2Certification of Chief Executive Officer31.1Certification of Chief Financial Officer31.2Written 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)32.1Written 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)32.2XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document101.INSInline XBRL Taxonomy Extension Schema101.SCHInline XBRL Taxonomy Extension Calculation Linkbase101.CALInline XBRL Taxonomy Extension Definition Linkbase101.DEFInline XBRL Taxonomy Label Linkbase101.LABInline XBRL Taxonomy Extension Presentation Linkbase101.PRECover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)104.1