31000000003808500000037940000000false--12-31Q120190000021175falseLarge Accelerated FilerCNA FINANCIAL CORPfalse2160000002140000002.502.505000000005000000002730402432730402432714569782715275100.120.010.030.050.010.038000000023000000310000008440000008120000005000000P11Y0M0D108000000300000010900000020000000144000000200000014100000010000000420000004100000010000003000000400000000300000020000001000000002900000029000000P9MP1YP1Y1583265151273300000211752019-01-012019-03-3100000211752019-04-2500000211752018-01-012018-03-310000021175us-gaap:OtherInvestmentsMember2019-01-012019-03-310000021175cna:InvestmentsWithOtherThanTemporaryImpairmentsMember2018-01-012018-03-310000021175cna:InvestmentsWithOtherThanTemporaryImpairmentsMember2019-01-012019-03-310000021175us-gaap:OtherInvestmentsMember2018-01-012018-03-3100000211752018-12-3100000211752019-03-3100000211752018-03-3100000211752017-12-310000021175us-gaap:RetainedEarningsMember2019-01-012019-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2017-12-310000021175us-gaap:AdditionalPaidInCapitalMember2018-12-310000021175us-gaap:RetainedEarningsMember2018-01-012018-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-12-310000021175us-gaap:AdditionalPaidInCapitalMember2018-01-012018-03-310000021175us-gaap:TreasuryStockMember2018-01-012018-03-310000021175us-gaap:RetainedEarningsMember2017-12-310000021175us-gaap:AdditionalPaidInCapitalMember2019-01-012019-03-310000021175us-gaap:RetainedEarningsMember2019-03-310000021175us-gaap:CommonStockMember2018-12-310000021175us-gaap:TreasuryStockMember2019-01-012019-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-01-012018-03-310000021175us-gaap:AdditionalPaidInCapitalMember2018-03-310000021175us-gaap:TreasuryStockMember2017-12-310000021175us-gaap:AdditionalPaidInCapitalMember2017-12-310000021175us-gaap:AdditionalPaidInCapitalMember2019-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-01-012019-03-310000021175us-gaap:TreasuryStockMember2018-03-310000021175us-gaap:RetainedEarningsMember2018-12-310000021175us-gaap:RetainedEarningsMember2018-03-310000021175us-gaap:CommonStockMember2019-03-310000021175us-gaap:CommonStockMember2018-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2018-03-310000021175us-gaap:CommonStockMember2017-12-310000021175us-gaap:TreasuryStockMember2019-03-310000021175us-gaap:TreasuryStockMember2018-12-3100000211752019-01-010000021175us-gaap:AccountingStandardsUpdate201602Member2019-01-010000021175cna:LoewsMembercna:CNAFConsolidatedMember2019-03-310000021175us-gaap:AccountingStandardsUpdate201602Member2019-03-3100000211752018-01-012018-12-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2018-12-310000021175us-gaap:USTreasuryAndGovernmentMember2018-12-310000021175us-gaap:RedeemablePreferredStockMember2018-12-310000021175us-gaap:CorporateDebtSecuritiesMember2018-12-310000021175us-gaap:ForeignGovernmentDebtSecuritiesMember2018-12-310000021175us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2018-12-310000021175us-gaap:AssetBackedSecuritiesMember2018-12-310000021175us-gaap:FixedIncomeSecuritiesMember2018-12-310000021175us-gaap:ResidentialMortgageBackedSecuritiesMember2018-12-310000021175us-gaap:CommercialMortgageBackedSecuritiesMember2018-12-310000021175us-gaap:FixedMaturitiesMember2018-12-310000021175us-gaap:ResidentialMortgageBackedSecuritiesMember2019-03-310000021175us-gaap:AssetBackedSecuritiesMember2019-03-310000021175us-gaap:CommercialMortgageBackedSecuritiesMember2019-03-310000021175us-gaap:ForeignGovernmentDebtSecuritiesMember2019-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2019-03-310000021175us-gaap:CorporateDebtSecuritiesMember2019-03-310000021175us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2019-03-310000021175us-gaap:USTreasuryAndGovernmentMember2019-03-310000021175us-gaap:RedeemablePreferredStockMember2019-03-310000021175us-gaap:FixedMaturitiesMember2019-03-310000021175us-gaap:FixedIncomeSecuritiesMember2019-03-310000021175us-gaap:CorporateDebtSecuritiesMember2018-01-012018-03-310000021175us-gaap:AssetBackedSecuritiesMember2019-01-012019-03-310000021175us-gaap:AssetBackedSecuritiesMember2018-01-012018-03-310000021175us-gaap:CorporateDebtSecuritiesMember2019-01-012019-03-310000021175us-gaap:PreferredStockMember2019-01-012019-03-310000021175us-gaap:PreferredStockMember2018-01-012018-03-310000021175us-gaap:CommonStockMember2019-01-012019-03-310000021175us-gaap:CommonStockMember2018-01-012018-03-310000021175us-gaap:MortgagesMember2018-01-012018-03-310000021175us-gaap:LimitedPartnerMember2019-01-012019-03-310000021175us-gaap:ShortTermInvestmentsMember2019-01-012019-03-310000021175us-gaap:EquitySecuritiesMember2019-01-012019-03-310000021175us-gaap:FixedIncomeSecuritiesMember2018-01-012018-03-310000021175us-gaap:LimitedPartnerMember2018-01-012018-03-310000021175us-gaap:ShortTermInvestmentsMember2018-01-012018-03-310000021175cna:TradingPortfolioSecuritiesMember2018-01-012018-03-310000021175us-gaap:EquitySecuritiesMember2018-01-012018-03-310000021175us-gaap:MortgagesMember2019-01-012019-03-310000021175cna:TradingPortfolioSecuritiesMember2019-01-012019-03-310000021175us-gaap:FixedIncomeSecuritiesMember2019-01-012019-03-310000021175cna:OtherInvestmentIncomeMember2018-01-012018-03-310000021175cna:OtherInvestmentIncomeMember2019-01-012019-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2019-03-310000021175us-gaap:PreferredStockMember2019-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-03-310000021175us-gaap:FairValueInputsLevel2Member2019-03-310000021175us-gaap:FairValueInputsLevel1Member2019-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2019-03-310000021175us-gaap:FairValueInputsLevel3Member2019-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2019-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2019-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2019-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2019-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2019-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2019-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2019-03-310000021175us-gaap:CommonStockMember2019-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2019-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2019-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2019-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2019-03-310000021175us-gaap:FairValueInputsLevel1Member2018-12-310000021175us-gaap:FairValueInputsLevel3Member2018-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2018-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2018-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2018-12-310000021175us-gaap:FairValueInputsLevel2Member2018-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2018-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2018-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2018-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2018-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2018-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2018-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2018-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2018-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2018-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2018-12-310000021175us-gaap:PreferredStockMember2018-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2018-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2018-12-310000021175us-gaap:CommonStockMember2018-12-310000021175us-gaap:EquitySecuritiesMember2018-01-012018-03-310000021175us-gaap:CorporateDebtSecuritiesMember2018-01-012018-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2018-01-012018-03-310000021175us-gaap:AssetBackedSecuritiesMember2018-01-012018-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMembercna:NetRealizedInvestmentGainLossesMember2018-01-012018-03-310000021175us-gaap:EquitySecuritiesMember2017-12-310000021175us-gaap:CorporateDebtSecuritiesMembercna:NetRealizedInvestmentGainLossesMember2018-01-012018-03-310000021175cna:NetRealizedInvestmentGainLossesMember2018-01-012018-03-310000021175us-gaap:AssetBackedSecuritiesMember2017-12-310000021175us-gaap:CorporateDebtSecuritiesMember2017-12-310000021175us-gaap:EquitySecuritiesMembercna:NetRealizedInvestmentGainLossesMember2018-01-012018-03-310000021175us-gaap:AssetBackedSecuritiesMember2018-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2017-12-310000021175us-gaap:CorporateDebtSecuritiesMember2018-03-310000021175us-gaap:EquitySecuritiesMember2018-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2018-03-310000021175us-gaap:AssetBackedSecuritiesMembercna:NetRealizedInvestmentGainLossesMember2018-01-012018-03-310000021175us-gaap:AssetBackedSecuritiesMember2019-03-310000021175us-gaap:CorporateDebtSecuritiesMember2019-01-012019-03-310000021175us-gaap:AssetBackedSecuritiesMember2019-01-012019-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2019-01-012019-03-310000021175us-gaap:EquitySecuritiesMember2018-12-310000021175us-gaap:CorporateDebtSecuritiesMember2019-03-310000021175us-gaap:AssetBackedSecuritiesMembercna:NetRealizedInvestmentGainLossesMember2019-01-012019-03-310000021175us-gaap:EquitySecuritiesMember2019-01-012019-03-310000021175cna:NetRealizedInvestmentGainLossesMember2019-01-012019-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMembercna:NetRealizedInvestmentGainLossesMember2019-01-012019-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2018-12-310000021175us-gaap:CorporateDebtSecuritiesMembercna:NetRealizedInvestmentGainLossesMember2019-01-012019-03-310000021175us-gaap:CorporateDebtSecuritiesMember2018-12-310000021175us-gaap:AssetBackedSecuritiesMember2018-12-310000021175us-gaap:EquitySecuritiesMembercna:NetRealizedInvestmentGainLossesMember2019-01-012019-03-310000021175us-gaap:EquitySecuritiesMember2019-03-310000021175cna:SpecialtyMember2019-01-012019-03-310000021175cna:CommercialMember2019-01-012019-03-310000021175cna:InternationalMember2019-01-012019-03-310000021175cna:CNAFConsolidatedMember2019-01-012019-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2019-03-310000021175us-gaap:CarryingReportedAmountFairValueDisclosureMember2018-12-310000021175us-gaap:EstimateOfFairValueFairValueDisclosureMember2018-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2018-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2018-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2018-12-310000021175us-gaap:FixedIncomeSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2018-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-03-310000021175us-gaap:EstimateOfFairValueFairValueDisclosureMember2019-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-03-310000021175us-gaap:CarryingReportedAmountFairValueDisclosureMember2019-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2019-03-310000021175us-gaap:FixedIncomeSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2019-03-310000021175srt:MaximumMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2018-12-310000021175srt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2018-12-310000021175srt:WeightedAverageMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2018-12-310000021175srt:MaximumMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2019-03-310000021175srt:MinimumMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2019-03-310000021175srt:WeightedAverageMemberus-gaap:MeasurementInputCreditSpreadMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2019-03-310000021175cna:CommercialMember2018-01-012018-03-310000021175us-gaap:CorporateAndOtherMember2018-01-012018-03-310000021175cna:SpecialtyMember2018-01-012018-03-310000021175cna:InternationalMember2018-01-012018-03-310000021175us-gaap:CorporateAndOtherMember2019-01-012019-03-310000021175cna:AsbestosandEnvironmentalReservesMember2019-03-310000021175cna:AsbestosandEnvironmentalReservesMember2018-12-310000021175cna:AsbestosandEnvironmentalReservesMember2010-12-310000021175cna:AsbestosandEnvironmentalReservesMember2018-01-012018-03-310000021175cna:AsbestosandEnvironmentalReservesMember2019-01-012019-03-310000021175us-gaap:GuaranteeObligationsMember2019-03-310000021175cna:GuaranteeagreementMember2019-03-310000021175us-gaap:IndemnificationGuaranteeMember2019-03-310000021175cna:GuaranteeandIndemnificationMember2019-03-310000021175cna:GuaranteeandIndemnificationMember2018-12-310000021175us-gaap:OtherExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2018-01-012018-03-310000021175cna:InsuranceClaimsandPolicyholdersBenefitsIncludingPolicyholdersDividendsMemberus-gaap:PensionPlansDefinedBenefitMember2018-01-012018-03-310000021175cna:InsuranceClaimsandPolicyholdersBenefitsIncludingPolicyholdersDividendsMemberus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-03-310000021175us-gaap:OtherExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2019-01-012019-03-310000021175us-gaap:PensionPlansDefinedBenefitMember2019-01-012019-03-310000021175us-gaap:PensionPlansDefinedBenefitMember2018-01-012018-03-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-01-012019-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-12-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2018-12-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-01-012019-03-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-12-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2019-01-012019-03-310000021175us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2018-12-310000021175us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2019-01-012019-03-310000021175us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2019-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2019-03-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2019-03-310000021175us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2018-01-012018-03-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2017-12-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-01-012018-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2018-01-012018-03-310000021175us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2018-03-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2018-03-310000021175us-gaap:AccumulatedOtherThanTemporaryImpairmentMember2017-12-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2018-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2017-12-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-01-012018-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2018-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2017-12-310000021175cna:CoreSegmentsSpecialtyCommercialandInternationalMember2019-01-012019-03-310000021175cna:NonCoreSegmentsLifeGroupNonCoreandCorporateandOtherNonCoreMember2019-01-012019-03-310000021175us-gaap:IntersegmentEliminationMember2018-12-310000021175us-gaap:OperatingSegmentsMembercna:LifeAndGroupNonCoreMember2018-12-310000021175us-gaap:OperatingSegmentsMembercna:CommercialMember2018-12-310000021175us-gaap:OperatingSegmentsMembercna:InternationalMember2018-12-310000021175us-gaap:OperatingSegmentsMembercna:SpecialtyMember2018-12-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2018-12-310000021175us-gaap:OperatingSegmentsMembercna:CommercialMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:LifeAndGroupNonCoreMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2018-01-012018-03-310000021175us-gaap:IntersegmentEliminationMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:SpecialtyMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2019-03-310000021175us-gaap:OperatingSegmentsMembercna:CommercialMember2019-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalMember2019-03-310000021175us-gaap:OperatingSegmentsMembercna:SpecialtyMember2019-03-310000021175us-gaap:OperatingSegmentsMembercna:LifeAndGroupNonCoreMember2019-03-310000021175us-gaap:IntersegmentEliminationMember2019-03-310000021175us-gaap:OperatingSegmentsMembercna:LifeAndGroupNonCoreMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:CommercialMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalMember2019-01-012019-03-310000021175us-gaap:IntersegmentEliminationMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:SpecialtyMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:CanadaMembercna:InternationalMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:MiddleMarketsMembercna:CommercialMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:SuretyMembercna:SpecialtyMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:CNAEuropeMembercna:InternationalMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:OtherCommercialInsuranceMembercna:CommercialMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:CanadaMembercna:InternationalMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:OtherCommercialInsuranceMembercna:CommercialMember2019-01-012019-03-310000021175cna:OperatingSegmentsAndEliminationsExcludingSegmentReconcilingItemsMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:SmallBusinessMembercna:CommercialMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:SmallBusinessMembercna:CommercialMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:WarrantyAlternativeRisksMembercna:SpecialtyMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:HardyMembercna:InternationalMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:MiddleMarketsMembercna:CommercialMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:ManagementandProfessionalLiabilityMembercna:SpecialtyMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:WarrantyAlternativeRisksMembercna:SpecialtyMember2018-01-012018-03-310000021175us-gaap:OperatingSegmentsMembercna:CNAEuropeMembercna:InternationalMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:SuretyMembercna:SpecialtyMember2018-01-012018-03-310000021175cna:OperatingSegmentsAndEliminationsExcludingSegmentReconcilingItemsMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:HardyMembercna:InternationalMember2019-01-012019-03-310000021175us-gaap:OperatingSegmentsMembercna:ManagementandProfessionalLiabilityMembercna:SpecialtyMember2018-01-012018-03-3100000211752022-01-012019-03-3100000211752021-01-012019-03-3100000211752020-01-012019-03-3100000211752019-04-012019-03-31iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:purecna:segments




















10-Q


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


March 31, 2019


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

















Delaware(State or other jurisdiction ofincorporation or organization)36-6169860(I.R.S. EmployerIdentification No.)


151 N. FranklinChicago, Illinois(Address of principal executive offices)60606(Zip Code)
































Large acceleratedfiler [x]Accelerated filer [ ]Non-acceleratedfiler [ ](Do not check if a smaller reporting company)Smaller reporting company [ ]Emerging growth company [ ]











ClassOutstanding at April 25, 2019Common Stock, Par value $2.50271,539,570








---







Item NumberPageNumberPART I1.Condensed Consolidated Financial Statements:Condensed Consolidated Statements of Operations for the three months ended March 31, 2019 and 2018 (Unaudited)3Condensed Consolidated Statements of Comprehensive Income (Loss) for the three months ended March 31, 2019 and 2018 (Unaudited)4Condensed Consolidated Balance Sheets as of March 31, 2019 (Unaudited) and December 31, 20185Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2019 and 2018 (Unaudited)6Condensed Consolidated Statements of Stockholders' Equity for the three months ended March 31, 2019 and 2018 (Unaudited)7Notes to Condensed Consolidated Financial Statements (Unaudited)82.Management's Discussion and Analysis of Financial Condition and Results of Operations373.Quantitative and Qualitative Disclosures About Market Risk534.Controls and Procedures53PART II1.Legal Proceedings542.Unregistered Sales of Equity Securities and Use of Proceeds546.Exhibits54








---




Table of Contents























Three months ended March 31(In millions, except per share data)20192018RevenuesNet earned premiums$1,803$1,785Net investment income571490Net investment gains:Other-than-temporary impairment losses(14)(6)Other net investment gains4518Net investment gains3112Non-insurance warranty revenue281238Other revenues910Total revenues2,6952,535Claims, Benefits and ExpensesInsurance claims and policyholders’ benefits1,3571,339Amortization of deferred acquisition costs342296Non-insurance warranty expense260216Other operating expenses283303Interest3435Total claims, benefits and expenses2,2762,189Income before income tax419346Income tax expense(77)(55)Net income$342$291Basic earnings per share$1.26$1.07Diluted earnings per share$1.25$1.07Dividends declared per share$2.35$2.30Weighted Average Outstanding Common Stock and Common Stock EquivalentsBasic271.6271.4Diluted272.6272.4














---




Table of Contents











Three months ended March 31(In millions)20192018Comprehensive Income (Loss)Net income$342$291Other Comprehensive Income (Loss), Net of TaxChanges in:Net unrealized gains on investments with other-than-temporary impairments4(9)Net unrealized gains on other investments526(429)Net unrealized gains on investments530(438)Foreign currency translation adjustment1712Pension and postretirement benefits710Other comprehensive income (loss), net of tax554(416)Total comprehensive income (loss)$896$(125)











---




Table of Contents











(In millions, except share data)March 31, 2019 (Unaudited)December 31, 2018AssetsInvestments:Fixed maturity securities at fair value (amortized cost of $37,940 and $38,085)$40,553$39,546Equity securities at fair value (cost of $812 and $844)814780Limited partnership investments1,8761,982Other invested assets5953Mortgage loans863839Short term investments1,4741,286Total investments45,63944,486Cash223310Reinsurance receivables (less allowance for uncollectible receivables of $29 and $29)4,2774,426Insurance receivables (less allowance for uncollectible receivables of $41 and $42)2,4352,323Accrued investment income406391Deferred acquisition costs664633Deferred income taxes217392Property and equipment at cost (less accumulated depreciation of $214 and $216)314324Goodwill147146Deferred non-insurance warranty acquisition expense2,5762,513Other assets (includes $- and $8 due from Loews Corporation)1,5791,208Total assets$58,477$57,152LiabilitiesInsurance reserves:Claim and claim adjustment expenses$21,836$21,984Unearned premiums4,4224,183Future policy benefits11,07810,597Long term debt2,6812,680Deferred non-insurance warranty revenue3,4723,402Other liabilities (includes $31 and $23 due to Loews Corporation)3,5333,089Total liabilities47,02245,935Commitments and contingencies (Notes C and F)Stockholders' EquityCommon stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 271,527,510 and 271,456,978 shares outstanding)683683Additional paid-in capital2,1842,192Retained earnings8,9769,277Accumulated other comprehensive income (loss)(324)(878)Treasury stock (1,512,733 and 1,583,265 shares), at cost(64)(57)Total stockholders’ equity11,45511,217Total liabilities and stockholders' equity$58,477$57,152











---




Table of Contents











Three months ended March 31(In millions)20192018Cash Flows from Operating ActivitiesNet income$342$291Adjustments to reconcile net income to net cash flows provided by operating activities:Deferred income tax expense3229Trading portfolio activity(3)(1)Net investment (gains)(31)(12)Equity method investees14(2)Net amortization of investments(25)(15)Depreciation and amortization1920Changes in:Receivables, net44(215)Accrued investment income(15)(3)Deferred acquisition costs(30)(29)Insurance reserves57311Other, net(117)(156)Net cash flows provided by operating activities287218Cash Flows from Investing ActivitiesDispositions:Fixed maturity securities - sales2,2592,576Fixed maturity securities - maturities, calls and redemptions576531Equity securities647Limited partnerships18669Mortgage loans3511Purchases:Fixed maturity securities(2,447)(2,690)Equity securities(36)(98)Limited partnerships(114)(62)Mortgage loans(59)(36)Change in other investments(6)(4)Change in short term investments(177)208Purchases of property and equipment(8)(38)Other, net1615Net cash flows provided by investing activities289489Cash Flows from Financing ActivitiesDividends paid to common stockholders(643)(624)Repayment of debt—(150)Purchase of treasury stock(14)—Other, net(8)(7)Net cash flows used by financing activities(665)(781)Effect of foreign exchange rate changes on cash21Net change in cash(87)(73)Cash, beginning of year310355Cash, end of period$223$282











---




Table of Contents











Three months ended March 31(In millions)20192018Common StockBalance, beginning of period$683$683Balance, end of period683683Additional Paid-in CapitalBalance, beginning of period2,1922,175Stock-based compensation(8)(2)Balance, end of period2,1842,173Retained EarningsBalance, beginning of period9,2779,364Dividends to common stockholders ($2.35 and $2.30 per share)(643)(627)Net income342291Balance, end of period8,9769,028Accumulated Other Comprehensive Income (Loss)Balance, beginning of period(878)16Other comprehensive income (loss)554(416)Balance, end of period(324)(400)Treasury StockBalance, beginning of period(57)(60)Stock-based compensation71Purchase of treasury stock(14)—Balance, end of period(64)(59)Total stockholders' equity$11,455$11,425














---




Table of Contents














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 approximately
 89%of the outstanding common stock of CNAF as ofMarch 31, 2019.





The interim financial data as ofMarch 31, 2019and for thethree months ended March 31, 2019and2018 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.  The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.


Recently Adopted Accounting Standards Updates (ASU)





Adoption of the updated guidance resulted in the following changes to the Condensed Consolidated Balance Sheet on January 1, 2019:


(In millions)Balance as of December 31, 2018Adjustments Due to Adoption of Topic 842Balance as of January 1, 2019Property and equipment at cost (less accumulated depreciation)$324$2$326Other assets1,2082371,445Other liabilities3,0892393,328


75








---

Table of Contents











In August 2018, the FASB issued ASU 2018-12,Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts .  The updated accounting guidance requires changes to the measurement and disclosure of long-duration contracts.  The guidance requires entities to annually update cash flow assumptions, including morbidity and persistency, and update discount rate assumptions quarterly using an upper-medium grade fixed-income instrument yield.  The effect of changes in cash flow assumptions will be recorded in Net income and the effect of changes in discount rate assumptions will be recorded in Other comprehensive income.  This guidance is effective for interim and annual periods beginning after December 15, 2020, and requires restatement of the prior periods presented.  Early adoption is permitted.  The Company is currently evaluating the method and timing of adoption and the effect the updated guidance will have on its financial statements.  The annual updating of cash flow assumptions is expected to increase income statement volatility.  The quarterly change in discount rate is expected to increase volatility in the Company’s stockholders' equity, but that will be somewhat mitigated because Shadow Adjustments are eliminated under the new guidance.  While the requirements of the new guidance represent a material change from existing GAAP, the underlying economics of the business and related cash flows are unchanged.








---




Table of Contents





Earnings (Loss) Per Share





971
  1,009
    9
    no


The Company repurchased317,508shares of CNA Financial Corporation common stock at an aggregate cost of $14 millionduring thethree months ended March 31, 2019.Norepurchases were made during2018 .











---




Table of Contents





Investments


The significant components of Net investment income are presented in the following table.


Three months ended March 31(In millions)20192018Fixed maturity securities$455$446Equity securities3010Limited partnership investments7630Mortgage loans1211Short term investments106Trading portfolio22Other2—Gross investment income587505Investment expense(16)(15)Net investment income$571$490


17
  1


Net investment gains (losses) are presented in the following table.


Three months ended March 31(In millions)20192018Net investment gains (losses):Fixed maturity securities:Gross gains$36$69Gross losses(42)(51)Net investment gains (losses) on fixed maturity securities(6)18Equity securities42(15)Derivatives(5)5Short term investments and other—4Net investment gains (losses)$31$12


42
  15


The components of Other-than-temporary impairment (OTTI) losses recognized in earnings by asset type are presented in the following table.


Three months ended March 31(In millions)20192018Fixed maturity securities available-for-sale:Corporate and other bonds$6$5Asset-backed81OTTI losses recognized in earnings$14$6














---

Table of Contents





The following tables present a summary of fixed maturity securities.


March 31, 2019Cost orAmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesEstimatedFairValueUnrealizedOTTILosses (Gains)(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$19,296$1,269$99$20,466$—States, municipalities and political subdivisions9,2791,299—10,578—Asset-backed:Residential mortgage-backed4,76092204,832(22)Commercial mortgage-backed2,0265372,072—Other asset-backed1,87725121,890(3)Total asset-backed8,663170398,794(25)U.S. Treasury and obligations of government-sponsored enterprises16231164—Foreign government502121513—Redeemable preferred stock10——10—Total fixed maturity securities available-for-sale37,9122,75314040,525$(25)Total fixed maturity securities trading28——28Total fixed maturity securities$37,940$2,753$140$40,553


December 31, 2018Cost orAmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesEstimatedFairValueUnrealizedOTTILosses (Gains)(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$18,764$791$395$19,160$—States, municipalities and political subdivisions9,6811,076910,748—Asset-backed:Residential mortgage-backed4,81568574,826(20)Commercial mortgage-backed2,20028322,196—Other asset-backed1,97511241,962—Total asset-backed8,9901071138,984(20)U.S. Treasury and obligations of government-sponsored enterprises1563—159—Foreign government48054481—Redeemable preferred stock10——10—Total fixed maturity securities available-for-sale38,0811,98252139,542$(20)Total fixed maturity securities trading4——4Total fixed maturity securities$38,085$1,982$521$39,546


1,458
  1,078








---

Table of Contents





The following tables present the estimated fair value and gross unrealized losses of fixed maturity securities in a gross unrealized loss position by the length of time in which the securities have continuously been in that position.


Less than 12 Months12 Months or LongerTotalMarch 31, 2019EstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLosses(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$1,656$39$1,743$60$3,399$99States, municipalities and political subdivisions14—3—17—Asset-backed:Residential mortgage-backed94—1,494201,58820Commercial mortgage-backed184223654207Other asset-backed4501095254512Total asset-backed728121,825272,55339U.S. Treasury and obligations of government-sponsored enterprises48114—621Foreign government32127—591Total$2,478$53$3,612$87$6,090$140


Less than 12 Months12 Months or LongerTotalDecember 31, 2018EstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLosses(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$8,543$340$825$55$9,368$395States, municipalities and political subdivisions5178515229Asset-backed:Residential mortgage-backed1,932231,119343,05157Commercial mortgage-backed72810397221,12532Other asset-backed83421125395924Total asset-backed3,494541,641595,135113U.S. Treasury and obligations of government-sponsored enterprises21—19—40—Foreign government114212422384Total$12,689$404$2,614$117$15,303$521








---

Table of Contents








The following table presents the activity related to the pretax credit loss component reflected in Retained earnings on fixed maturity securities still held as of
 March 31, 2019and2018for which a portion of an OTTI loss was recognized in Other comprehensive income (loss).


Three months ended March 31(In millions)20192018Beginning balance of credit losses on fixed maturity securities$18$27Reductions for securities sold during the period(1)(2)Ending balance of credit losses on fixed maturity securities$17$25





The following table presents available-for-sale fixed maturity securities by contractual maturity.


March 31, 2019December 31, 2018(In millions)Cost orAmortizedCostEstimatedFairValueCost orAmortizedCostEstimatedFairValueDue in one year or less$1,144$1,155$1,350$1,359Due after one year through five years7,7187,9927,9798,139Due after five years through ten years16,87417,37416,85916,870Due after ten years12,17614,00411,89313,174Total$37,912$40,525$38,081$39,542








174
  172
      2
  4





597


9


The Company invests in various privately placed debt securities, including bank loans, as part of its overall investment strategy and has committed to additional future purchases, sales and funding.  Purchases and sales of privately placed debt securities are recorded once funded.  As ofMarch 31, 2019, the Company had commitments to purchase or fund additional amounts of$283 millionand sell$150 million under the terms of such securities.











---




Table of Contents





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.























---

Table of Contents








Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the U.S. Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.


March 31, 2019TotalAssets/Liabilitiesat Fair Value(In millions)Level 1Level 2Level 3AssetsFixed maturity securities:Corporate bonds and other$203$20,707$253$21,163States, municipalities and political subdivisions—10,596—10,596Asset-backed—8,6101848,794Total fixed maturity securities20339,91343740,553Equity securities:Common stock136—4140Non-redeemable preferred stock5060816674Total equity securities18660820814Short term and other2531,126—1,379Total assets$642$41,647$457$42,746LiabilitiesOther liabilities$—$2$—$2Total liabilities$—$2$—$2


December 31, 2018TotalAssets/Liabilitiesat Fair Value(In millions)Level 1Level 2Level 3AssetsFixed maturity securities:Corporate bonds and other$196$19,396$222$19,814States, municipalities and political subdivisions—10,748—10,748Asset-backed—8,7871978,984Total fixed maturity securities19638,93141939,546Equity securities:Common stock144—4148Non-redeemable preferred stock4857014632Total equity securities19257018780Short term and other216949—1,165Total assets$604$40,450$437$41,491LiabilitiesOther liabilities$—$(4)$—$(4)Total liabilities$—$(4)$—$(4)








---




Table of Contents





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 securitiesTotalBalance as of January 1, 2019$222$—$197$18$437Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)———22Reported in Other comprehensive income (loss)8—3—11Total realized and unrealized investment gains (losses)8—3213Purchases56—20—76Sales—————Settlements(2)—(4)—(6)Transfers into Level 3——5—5Transfers out of Level 3(31)—(37)—(68)Balance as of March 31, 2019$253$—$184$20$457Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2019 recognized in Net income (loss)$—$—$—$2$2Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2019 recognized in Other comprehensive income (loss)7—3—10Level 3(In millions)Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotalBalance as of January 1, 2018$98$1$335$20$454Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)(1)—7(2)4Reported in Other comprehensive income (loss)——(5)—(5)Total realized and unrealized investment gains (losses)(1)—2(2)(1)Purchases——30—30Sales——(72)—(72)Settlements(2)—(6)—(8)Transfers into Level 35———5Transfers out of Level 3——(10)—(10)Balance as of March 31, 2018$100$1$279$18$398Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2018 recognized in Net income (loss)$—$—$—$(2)$(2)


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.








---




Table of Contents





Valuation Methodologies and Inputs























54
  48














---

Table of Contents








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.


March 31, 2019Estimated Fair Value(In millions)Valuation Technique(s)Unobservable Input(s)Range(Weighted Average)Fixed maturity securities$293Discounted cash flowCredit spread1% - 5% (3%)


December 31, 2018Estimated Fair Value (In millions)Valuation Technique(s)Unobservable Input(s)Range(Weighted Average)Fixed maturity securities$228Discounted cash flowCredit spread1% - 12% (3%)








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.


March 31, 2019CarryingAmountEstimated Fair Value(In millions)Level 1Level 2Level 3TotalAssetsMortgage loans$863$—$—$868$868Note receivable20——2020LiabilitiesLong term debt$2,681$—$2,792$—$2,792


December 31, 2018CarryingAmountEstimated Fair Value(In millions)Level 1Level 2Level 3TotalAssetsMortgage loans$839$—$—$827$827Note receivable35——3535LiabilitiesLong term debt$2,680$—$2,731$—$2,731














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.








---




Table of Contents





Claim and Claim Adjustment Expense Reserves








58
  34








---

Table of Contents








The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves of the Life & Group segment.


For the three months ended March 31(In millions)20192018Reserves, beginning of year:Gross$21,984$22,004Ceded4,0193,934Net reserves, beginning of year17,96518,070Net incurred claim and claim adjustment expenses:Provision for insured events of current year1,3091,246Increase (decrease) in provision for insured events of prior years8(34)Amortization of discount5047Total net incurred(1)1,3671,259Net payments attributable to:Current year events(100)(91)Prior year events(1,309)(1,219)Total net payments(1,409)(1,310)Foreign currency translation adjustment and other13(9)Net reserves, end of period17,93618,010Ceded reserves, end of period3,9004,057Gross reserves, end of period$21,836$22,067


|    |                                                                                                                                                                                                                                                                                                                                                                                                       
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(1) | 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, uncollectible reinsurance and loss deductible receivables, and benefit expenses related to future policy benefits, which are not reflected in the table above.




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


For the three months ended March 31(In millions)20192018Pretax (favorable) unfavorable development:Specialty$(20)$(30)Commercial(8)(9)International14—Corporate & Other——Total pretax (favorable) unfavorable development$(14)$(39)








---




Table of Contents





Specialty


The following table presents further detail of the development recorded for the Specialty segment.
 Three months ended March 31(In millions)20192018Pretax (favorable) unfavorable development:Medical Professional Liability$15$20Other Professional Liability and Management Liability(12)(34)Surety(25)(15)Warranty——Other2(1)Total pretax (favorable) unfavorable development$(20)$(30)























Favorable development in surety was due to lower than expected loss emergence for accident years 2015 and prior.








---




Table of Contents





Commercial


The following table presents further detail of the development recorded for the Commercial segment.
 Three months ended March 31(In millions)20192018Pretax (favorable) unfavorable development:Commercial Auto$(5)$(1)General Liability(20)(8)Workers' Compensation2(6)Property and Other156Total pretax (favorable) unfavorable development$(8)$(9)














Favorable development in general liability was primarily due to lower than expected frequency and severity in accident years 2015 and prior for our middle market construction business.








---




Table of Contents





International


The following table presents further detail of the development recorded for the International segment.
 Three months ended March 31(In millions)20192018Pretax (favorable) unfavorable development:Casualty$—$—Property15(1)Energy and Marine(1)—Specialty(1)—1Total pretax (favorable) unfavorable development$14$—


(1) EffectiveJanuary 1, 2019 the Healthcare and Technology line of business has been absorbed within the Specialty line of business in the International segment.  Prior period information has been conformed to the new line of business presentation.





Unfavorable development in property was driven by higher than expected claims in Hardy on 2018 accident year catastrophes.











---




Table of Contents





Asbestos and Environmental Pollution (A&EP) Reserves


1.6
  4
  1.6
  1.2
  2
  215
  2.2


2.2


The following table presents the impact of the Loss Portfolio Transfer on the Condensed Consolidated Statements of Operations.


Three months ended March 31(In millions)20192018Additional amounts ceded under LPT:Net A&EP adverse development before consideration of LPT$—$113Provision for uncollectible third-party reinsurance on A&EP—(16)Total additional amounts ceded under LPT—97Retroactive reinsurance benefit recognized(22)(57)Pretax impact of deferred retroactive reinsurance$(22)$40


113


3.1
  352
  374








---

Table of Contents





NICO established a collateral trust account as security for its obligations to the Company.  The fair value of the collateral trust account was$3.0 billionand$2.7 billionas ofMarch 31, 2019andDecember 31, 2018 .  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.








---




Table of Contents





Legal Proceedings, Contingencies and Guarantees








5


375
  252





The Company also provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities provided by a previously owned subsidiary.  As ofMarch 31, 2019, the potential amount of future payments the Company could be required to pay under these guarantees was approximately$1.7 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.








---




Table of Contents





Benefit Plans


The components of net periodic pension cost (benefit) are presented in the following table.


Three months ended March 31(In millions)20192018Net periodic pension cost (benefit)Service cost$—$—Non-service cost (benefit):Interest cost on projected benefit obligation2523Expected return on plan assets(36)(40)Amortization of net actuarial (gain) loss109Settlement loss—4Total non-service cost (benefit)(1)(4)Total net periodic pension cost (benefit)$(1)$(4)


For thethree months ended March 31, 2019, the Company recognized less than$1 millionof non-service benefit in Insurance claims and policyholders' benefits and$1 millionof non-service benefit in Other operating expenses.  For thethree months ended March 31, 2018, the Company recognized$1 millionof non-service cost in Insurance claims and policyholders' benefits and$3 million of non-service cost in Other operating expenses.








---




Table of Contents





Accumulated Other Comprehensive Income (Loss) by Component


The tables below display the changes in Accumulated other comprehensive income (loss) by component.


(In millions)Net unrealized gains (losses) on investments with OTTI lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative foreign currency translation adjustmentTotalBalance as of January 1, 2019$16$61$(775)$(180)$(878)Other comprehensive income (loss) before reclassifications4521(1)17541Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $-, $1, $2, $- and $3—(5)(8)—(13)Other comprehensive income (loss) net of tax (expense) benefit of $(1), $(141), $(2), $- and $(144)4526717554Balance as of March 31, 2019$20$587$(768)$(163)$(324)


(In millions)Net unrealized gains (losses) on investments with OTTI lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative foreign currency translation adjustmentTotalBalance as of January 1, 2018$30$859$(775)$(98)$16Other comprehensive income (loss) before reclassifications(10)(414)—12(412)Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $-, $(4), $3, $- and $(1)(1)15(10)—4Other comprehensive income (loss) net of tax (expense) benefit of $2, $109, $(3), $- and $108(9)(429)1012(416)Balance as of March 31, 2018$21$430$(765)$(86)$(400)


Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows:


Component of AOCIConsolidated Statements of Operations Line Item Affected by ReclassificationsNet unrealized gains (losses) on investments with OTTI lossesNet investment gains (losses)Net unrealized gains (losses) on other investmentsNet investment gains (losses)Pension and postretirement benefitsOther operating expenses and Insurance claims and policyholders' benefits








---




Table of Contents





Business Segments





The Company's property and casualty commercial insurance operations are managed and reported in
 threebusiness segments: Specialty, Commercial and International.  Thesethreesegments are collectively referred to as Property & Casualty Operations.  The Company's operations outside of Property & Casualty Operations are managed and reported intwosegments: Life & Group and Corporate & Other.











Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of i) net investment gains (losses), ii) income or loss from discontinued operations, iii) any cumulative effects of changes in accounting guidance and iv) deferred tax asset and liability remeasurement as a result of an enacted U.S. Federal tax rate change.  The calculation of core income (loss) excludes net investment gains or losses because net investment gains or losses are generally driven by economic factors that are not necessarily consistent with key drivers of underwriting performance, and are therefore not considered an indication of trends in insurance operations.








---




Table of Contents





The Company's results of operations and selected balance sheet items by segment are presented in the following tables.


Three months ended March 31, 2019SpecialtyCommercialInternationalLife &GroupCorporate& Other(In millions)EliminationsTotalOperating revenuesNet earned premiums$661$763$250$130$—$(1)$1,803Net investment income155190152047—571Non-insurance warranty revenue281—————281Other revenues17—12(2)9Total operating revenues1,0989602653359(3)2,664Claims, benefits and expensesNet incurred claims and benefits392510162308(21)—1,351Policyholders’ dividends15————6Amortization of deferred acquisition costs14712768———342Non-insurance warranty expense260—————260Other insurance related expenses701302528(1)(1)251Other expenses12114239(2)66Total claims, benefits and expenses88278325933817(3)2,276Core income (loss) before income tax2161776(3)(8)—388Income tax (expense) benefit on core income (loss)(47)(38)—132—(70)Core income (loss)$169$139$6$10$(6)$—318Net investment gains (losses)31Income tax (expense) benefit on net investment gains (losses)(7)Net investment gains (losses), after tax24Net income$342
 March 31, 2019(In millions)Reinsurance receivables$674$761$237$408$2,226$—$4,306Insurance receivables9331,2343027——2,476Deferred acquisition costs315247102———664Goodwill117—30———147Deferred non-insurance warranty acquisition expense2,576—————2,576Insurance reservesClaim and claim adjustment expenses5,4708,6231,7873,6452,311—21,836Unearned premiums2,2011,553528142—(2)4,422Future policy benefits———11,078——11,078Deferred non-insurance warranty revenue3,472—————3,472








---

Table of Contents





Three months ended March 31, 2018SpecialtyCommercialInternationalLife &GroupCorporate& Other(In millions)EliminationsTotalOperating revenuesNet earned premiums$672$743$236$134$—$—$1,785Net investment income122149142005—490Non-insurance warranty revenue238—————238Other revenues18—11(1)10Total operating revenues1,0339002503356(1)2,523Claims, benefits and expensesNet incurred claims and benefits37946814230341—1,333Policyholders’ dividends15————6Amortization of deferred acquisition costs14512130———296Non-insurance warranty expense216—————216Other insurance related expenses641275630——277Other expenses1111(4)242(1)61Total claims, benefits and expenses81673222433583(1)2,189Core income (loss) before income tax21716826—(77)—334Income tax (expense) benefit on core income (loss)(46)(35)(3)1417—(53)Core income (loss)$171$133$23$14$(60)$—281Net investment gains (losses)12Income tax (expense) benefit on net investment gains (losses)(2)Net investment gains (losses), after tax10Net income$291


December 31, 2018(In millions)Reinsurance receivables$649$795$250$414$2,347$—$4,455Insurance receivables9471,2772849(152)—2,365Deferred acquisition costs30823095———633Goodwill117—29———146Deferred non-insurance warranty acquisition expense2,513—————2,513Insurance reservesClaim and claim adjustment expenses5,4658,7431,7503,6012,425—21,984Unearned premiums2,1321,454475122——4,183Future policy benefits———10,597——10,597Deferred non-insurance warranty revenue3,402—————3,402











---




Table of Contents





The following table presents operating revenue by line of business for each reportable segment.


Three months ended March 31(In millions)20192018SpecialtyManagement & Professional Liability$636$624Surety139129Warranty & Alternative Risks323280Specialty revenues1,0981,033CommercialMiddle Market547504Small Business121119Other Commercial Insurance292277Commercial revenues960900InternationalCanada6658Europe9188Hardy108104International revenues265250Life & Group revenues335335Corporate & Other revenues96Eliminations(3)(1)Total operating revenues2,6642,523Net investment gains (losses)3112Total revenues$2,695$2,535











---




Table of Contents





Non-Insurance Revenues from Contracts with Customers


The Company had deferred non-insurance warranty revenue balances of$3.5 billionand$3.4 billionreported in Deferred non-insurance warranty revenue as ofMarch 31, 2019andDecember 31, 2018.  For thethree months ended March 31, 2019, the Company recognized$265 millionof revenues that were included in the deferred revenue balance as ofJanuary 1, 2019.  For thethree months ended March 31, 2018, the Company recognized$222 millionof revenues that were included in the deferred revenue balance as ofJanuary 1, 2018.  For thethree months ended March 31, 2019and2018, 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$754 millionof the deferred revenue in the remainder of 2019,$852 millionin 2020,$673 millionin 2021 and$1.2 billion thereafter.











---




Table of Contents





Leases











10
  4
    8


The table below presents operating lease ROU assets and lease liabilities as of
 March 31, 2019:


(In millions)March 31, 2019Operating lease ROU assets$233Operating lease liabilities308


The table below presents the maturities of operating lease liabilities as of
 March 31, 2019:


(In millions)Operating Leases2019 (Excluding the three months ended March 31, 2019)$24202040202142202239202333Thereafter202Total lease payments380Less: Discount(72)Total operating lease liabilities$308








---

Table of Contents





The table below presents the weighted average remaining lease term for operating leases and weighted average discount rate used in calculating operating lease right-of-use assets:


Three months ended March 312019Weighted average remaining lease term11.0 yearsWeighted average discount rate3.4%


The table below presents the expected future minimum lease payments to be made under non-cancelable operating leases as of
 December 31, 2018:


(In millions)Future Minimum Lease Payments2019$35202039202141202238202332Thereafter200Total$385











---




Table of Contents



































---




Table of Contents

















|  |                   
|- | ------------------
|• | Insurance Reserves

|  |                                      
|- | -------------------------------------
|• | Reinsurance and Insurance Receivables

|  |                                                      
|- | -----------------------------------------------------
|• | Valuation of Investments and Impairment of Securities

|  |                        
|- | -----------------------
|• | Long Term Care Policies

|  |             
|- | ------------
|• | Income Taxes










---




Table of Contents














Three months ended March 31(In millions)20192018Operating RevenuesNet earned premiums$1,803$1,785Net investment income571490Non-insurance warranty revenue281238Other revenues910Total operating revenues2,6642,523Claims, Benefits and ExpensesNet incurred claims and benefits1,3511,333Policyholders' dividends66Amortization of deferred acquisition costs342296Other insurance related expenses251277Non-insurance warranty expense260216Other expenses6661Total claims, benefits and expenses2,2762,189Core income before income tax388334Income tax expense on core income(70)(53)Core income318281Net investment gains3112Income tax (expense) on net investment gains(7)(2)Net investment gains, after tax2410Net income$342$291














---




Table of Contents

















---




Table of Contents











Three months ended March 31(In millions, except ratios, rate, renewal premium change and retention)20192018Net written premiums$698$686Net earned premiums661672Net investment income155122Core income169171Other performance metrics:Loss and loss adjustment expense ratio59.3%56.3%Expense ratio32.831.0Dividend ratio0.20.2Combined ratio92.3%87.5%Rate3%2%Renewal premium change44Retention8985New business$86$80

















(In millions)March 31, 2019December 31, 2018Gross case reserves$1,562$1,623Gross IBNR reserves3,9083,842Total gross carried claim and claim adjustment expense reserves$5,470$5,465Net case reserves$1,408$1,483Net IBNR reserves3,4033,348Total net carried claim and claim adjustment expense reserves$4,811$4,831











---




Table of Contents











Three months ended March 31(In millions, except ratios, rate, renewal premium change and retention)20192018Net written premiums$849$832Net earned premiums763743Net investment income190149Core income139133Other performance metrics:Loss and loss adjustment expense ratio66.9%63.0%Expense ratio33.833.5Dividend ratio0.60.6Combined ratio101.3%97.1%Rate2%1%Renewal premium change35Retention8585New business$164$182

















(In millions)March 31, 2019December 31, 2018Gross case reserves$4,087$4,181Gross IBNR reserves4,5364,562Total gross carried claim and claim adjustment expense reserves$8,623$8,743Net case reserves$3,757$3,831Net IBNR reserves4,1564,167Total net carried claim and claim adjustment expense reserves$7,913$7,998








---




Table of Contents











Three months ended March 31(In millions, except ratios, rate, renewal premium change and retention)20192018Net written premiums$259$295Net earned premiums250236Net investment income1514Core income623Other performance metrics:Loss and loss adjustment expense ratio64.8%60.4%Expense ratio37.136.2Combined ratio101.9%96.6%Rate5%3%Renewal premium change18Retention7183New business$80$93

















(In millions)March 31, 2019December 31, 2018Gross case reserves$861$867Gross IBNR reserves926883Total gross carried claim and claim adjustment expense reserves$1,787$1,750Net case reserves$744$749Net IBNR reserves813775Total net carried claim and claim adjustment expense reserves$1,557$1,524











---




Table of Contents











Three months ended March 31(In millions)20192018Net earned premiums$130$134Net investment income204200Core loss before income tax(3)—Income tax benefit on core loss1314Core income1014














Three months ended March 31(In millions)20192018Net investment income$7$5Interest expense3434Core loss(6)(60)








(In millions)March 31, 2019December 31, 2018Gross case reserves$1,141$1,208Gross IBNR reserves1,1701,217Total gross carried claim and claim adjustment expense reserves$2,311$2,425Net case reserves$94$96Net IBNR reserves9496Total net carried claim and claim adjustment expense reserves$188$192








---




Table of Contents

















Three months ended March 31(In millions)20192018Fixed income securities:Taxable fixed income securities$383$350Tax-exempt fixed income securities82105Total fixed income securities465455Limited partnership and common stock investments9631Other, net of investment expense104Pretax net investment income$571$490Fixed income securities, after tax$380$377Net investment income, after tax465405Effective income yield for the fixed income securities portfolio, pretax4.8%4.7%Effective income yield for the fixed income securities portfolio, after tax3.9%3.9%Limited partnership and common stock return4.5%1.3%

















---




Table of Contents











Three months ended March 31(In millions)20192018Fixed maturity securities:Corporate and other bonds$—$19States, municipalities and political subdivisions820Asset-backed(14)(21)Total fixed maturity securities(6)18Non-redeemable preferred stock42(15)Short term and other(5)9Net investment gains (losses)3112Income tax (expense) benefit on net investment gains (losses)(7)(2)Net investment gains (losses), after tax$24$10

















---




Table of Contents











March 31, 2019December 31, 2018(In millions)Estimated Fair ValueNet Unrealized Gains (Losses)Estimated Fair ValueNet Unrealized Gains (Losses)U.S. Government, Government agencies and Government-sponsored enterprises$4,378$32$4,334$(24)AAA2,9732953,027245AA6,5386416,510512A8,8887658,768527BBB14,89283614,205274Non-investment grade2,884442,702(73)Total$40,553$2,613$39,546$1,461








March 31, 2019(In millions)Estimated Fair ValueGross Unrealized LossesU.S. Government, Government agencies and Government-sponsored enterprises$1,562$19AAA1192AA1923A91017BBB2,20454Non-investment grade1,10345Total$6,090$140





March 31, 2019(In millions)Estimated Fair ValueGross Unrealized LossesDue in one year or less$96$1Due after one year through five years92619Due after five years through ten years4,41195Due after ten years65725Total$6,090$140








---




Table of Contents

















March 31, 2019December 31, 2018(In millions)Estimated Fair ValueEffectiveDuration(In years)Estimated Fair ValueEffectiveDuration(In years)Investments supporting Life & Group$16,9688.7$16,2128.4Other investments25,7264.225,4284.4Total$42,6946.0$41,6406.0














(In millions)March 31, 2019December 31, 2018Short term investments:Commercial paper$1,069$705U.S. Treasury securities212185Other193396Total short term investments$1,474$1,286








---




Table of Contents















































---




Table of Contents























---




Table of Contents























|  |                                                                                                                                                                                                                                                                                                                                                                                                                         
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | the risks and uncertainties associated with our insurance reserves, as outlined in the Critical Accounting Estimates and the Reserves - Estimates and Uncertainties sections of our Annual Report on Form 10-K, including the sufficiency of the reserves and the possibility for 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 transaction in which, subject to certain limitations, we ceded our legacy A&EP liabilities will not fully perform their obligations to CNA, the uncertainty in estimating loss reserves for A&EP liabilities and the possible continued exposure of CNA to liabilities for A&EP claims that are not covered under the terms of the transaction;

|  |                                                                                  
|- | ---------------------------------------------------------------------------------
|• | the performance of reinsurance companies under reinsurance contracts with us; and

|  |                                                                                                                                                                                                                                                                      
|- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | the risks and uncertainties associated with potential acquisitions and divestitures, including the consummation of such transactions, the successful integration of acquired operations and the potential for subsequent impairment of goodwill or intangible assets.




|  |                                                                                                                                                         
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------
|• | 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 and decline or non-renew underpriced accounts, to achieve premium targets and profitability and to realize growth and retention estimates;

|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
|- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | general economic and business conditions, including recessionary conditions that may decrease the size and number of our insurance customers and create additional losses to our lines of business, especially those that provide management and professional liability insurance, as well as surety bonds, to businesses engaged in real estate, financial services and professional services and inflationary pressures on medical care costs, construction costs and other economic sectors that increase the severity of claims;

|  |                                                                                                                                                                                                                          
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | conditions in the capital and credit markets, including uncertainty and instability in these markets, as well as the overall economy, and their impact on the returns, types, liquidity and valuation of our investments;

|  |                                                                                                                                        
|- | ---------------------------------------------------------------------------------------------------------------------------------------
|• | conditions in the capital and credit markets that may limit our ability to raise significant amounts of capital on favorable terms; 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.







---

Table of Contents








|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
|- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | regulatory and legal initiatives and compliance with governmental regulations and other legal requirements, including with respect to cyber security protocols, 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; and

|  |                                                                                                                                                                                                                          
|- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | 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.




|  |                                                                                                                                                                                                                                                                                                                                                         
|- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | weather and other natural physical events, including the severity and frequency of storms, hail, snowfall and other winter conditions, natural disasters such as hurricanes and earthquakes, as well as climate change, including effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, 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; and

|  |                             
|- | ----------------------------
|• | the occurrence of epidemics.




|  |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
|- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|• | in 2016, the U.K. approved an exit from the E.U., commonly referred to as "Brexit.”  Brexit remains scheduled to be completed in 2019, although the formal exit has been delayed twice.  Effective January 1, 2019, we write business in the E.U. through our recently established European subsidiary in Luxembourg and not through our U.K.-domiciled subsidiary.  As a result, the complexity and cost of regulatory compliance of our European business has increased and will likely continue to result in elevated expenses.










---




Table of Contents



































---




Table of Contents





























Period(a) Total number of shares purchased(b) Average price paid per share(c) Total number of shares purchased as part of publicly announced plans or programs(d) Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs (in millions)February 1, 2019 - February 28, 2019133,138$43.93N/AN/AMarch 1, 2019 - March 31, 2019184,37043.02N/AN/ATotal317,50843.40N/AN/A

















---




Table of Contents











CNA Financial CorporationDated:  April 29, 2019By/s/ James M. AndersonJames M. AndersonExecutive Vice President andChief Financial Officer(Duly authorized officer and principal financial officer)








---




Table of Contents








Description of ExhibitExhibit NumberAward Letter and Award Terms to Dino E. Robusto for Restricted Stock Units10.1Certification 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.INSXBRL Taxonomy Extension Schema101.SCHXBRL Taxonomy Extension Calculation Linkbase101.CALXBRL Taxonomy Extension Definition Linkbase101.DEFXBRL Taxonomy Label Linkbase101.LABXBRL Taxonomy Extension Presentation Linkbase101.PRE