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10-Q


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


September 30, 2022





☐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☐





☐


270,893,378







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Item NumberPageNumberPART I1.Condensed Consolidated Financial Statements:3Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021 (Unaudited)3Condensed Consolidated Statements of Comprehensive (Loss) Income for the three and nine months ended September 30, 2022 and 2021 (Unaudited)4Condensed Consolidated Balance Sheets as of September 30, 2022 (Unaudited) and December 31, 20215Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 (Unaudited)6Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2022 and 2021 (Unaudited)7Notes to Condensed Consolidated Financial Statements (Unaudited)82.Management's Discussion and Analysis of Financial Condition and Results of Operations453.Quantitative and Qualitative Disclosures About Market Risk684.Controls and Procedures68PART II1.Legal Proceedings692.Unregistered Sales of Equity Securities and Use of Proceeds696.Exhibits70







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Periods ended September 30Three MonthsNine Months(In millions, except per share data)2022202120222021RevenuesNet earned premiums$2,221$2,059$6,435$6,056Net investment income4225131,3021,608Net investment (losses) gains(96)22(166)117Non-insurance warranty revenue3993571,1731,054Other revenues1182419Total revenues2,9572,9598,7688,854Claims, Benefits and ExpensesInsurance claims and policyholders’ benefits1,6651,6324,7034,684Amortization of deferred acquisition costs3833681,1011,084Non-insurance warranty expense3713301,092973Other operating expenses3462871,001874Interest28288485Total claims, benefits and expenses2,7932,6457,9817,700Income before income tax1643147871,154Income tax expense(36)(58)(141)(218)Net income$128$256$646$936Basic earnings per share$0.47$0.94$2.38$3.44Diluted earnings per share$0.47$0.94$2.37$3.43Weighted Average Outstanding Common Stock and Common Stock EquivalentsBasic271.4271.7271.7271.8Diluted272.3272.7272.6272.8










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Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Comprehensive (Loss) IncomeNet income$128$256$646$936Other Comprehensive Loss, net of taxChanges in:Net unrealized gains and losses on investments with an allowance for credit losses(2)—(8)—Net unrealized gains and losses on other investments(1,327)(138)(4,284)(465)Net unrealized gains and losses on investments(1,329)(138)(4,292)(465)Foreign currency translation adjustment(103)(33)(185)(19)Pension and postretirement benefits681827Other comprehensive loss, net of tax(1,426)(163)(4,459)(457)Total comprehensive (loss) income$(1,298)$93$(3,813)$479










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(In millions, except share data)September 30, 2022 (Unaudited)December 31, 2021AssetsInvestments:Fixed maturity securities at fair value (amortized cost of $41,330 and $39,952, less allowance for credit loss of $3 and $18)$37,251$44,380Equity securities at fair value (cost of $989 and $964)8911,035Limited partnership investments1,8951,859Other invested assets7391Mortgage loans (less allowance for uncollectible receivables of $24 and $16)953973Short term investments1,0741,990Total investments42,13750,328Cash503536Reinsurance receivables (less allowance for uncollectible receivables of $21 and $21)5,7005,463Insurance receivables (less allowance for uncollectible receivables of $28 and $29)2,9862,945Accrued investment income411377Deferred acquisition costs787737Deferred income taxes1,298142Property and equipment at cost (less accumulated depreciation of $272 and $255)229226Goodwill142148Deferred non-insurance warranty acquisition expense3,6533,476Other assets (includes $25 and $— due from Loews Corporation)2,3692,261Total assets$60,215$66,639LiabilitiesInsurance reserves:Claim and claim adjustment expenses$24,700$24,174Unearned premiums6,1955,761Future policy benefits10,45413,236Long term debt2,7802,779Deferred non-insurance warranty revenue4,7064,503Other liabilities (includes $19 and $56 due to Loews Corporation)3,2863,377Total liabilities52,12153,830Commitments and contingencies (Notes C and F)Stockholders' EquityCommon stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,887,022 and 271,363,999 shares outstanding)683683Additional paid-in capital2,2112,215Retained earnings9,4339,663Accumulated other comprehensive (loss) income(4,139)320Treasury stock (2,153,221 and 1,676,244 shares), at cost(94)(72)Total stockholders’ equity8,09412,809Total liabilities and stockholders' equity$60,215$66,639










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Nine months ended September 30(In millions)20222021Cash Flows from Operating ActivitiesNet income$646$936Adjustments to reconcile net income to net cash flows provided by operating activities:Deferred income tax (benefit) expense(18)46Trading portfolio activity(5)13Net investment losses (gains)166(117)Equity method investees235(106)Net amortization of investments(89)(58)Depreciation and amortization3841Changes in:Receivables, net(390)(1,076)Accrued investment income(37)(17)Deferred acquisition costs(66)(15)Insurance reserves1,7431,891Other, net(233)(184)Net cash flows provided by operating activities1,9901,354Cash Flows from Investing ActivitiesDispositions:Fixed maturity securities - sales4,8852,510Fixed maturity securities - maturities, calls and redemptions2,0953,360Equity securities230237Limited partnerships124178Mortgage loans10190Purchases:Fixed maturity securities(8,768)(7,127)Equity securities(245)(242)Limited partnerships(265)(281)Mortgage loans(90)(63)Change in other investments93Change in short term investments903755Purchases of property and equipment(41)(16)Other, net(10)(1)Net cash flows used by investing activities(1,072)(597)Cash Flows from Financing ActivitiesDividends paid to common stockholders(874)(518)Purchase of treasury stock(39)(18)Other, net(11)(9)Net cash flows used by financing activities(924)(545)Effect of foreign exchange rate changes on cash(27)(6)Net change in cash(33)206Cash, beginning of year536419Cash, end of period$503$625










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Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Common StockBalance, beginning of period$683$683$683$683Balance, end of period683683683683Additional Paid-in CapitalBalance, beginning of period2,2032,2012,2152,211Stock-based compensation87(4)(3)Balance, end of period2,2112,2082,2112,208Retained EarningsBalance, beginning of period9,4159,3489,6639,081Dividends to common stockholders ($0.40, $0.38, $3.20, $1.89 per share)(110)(104)(876)(517)Net income128256646936Balance, end of period9,4339,5009,4339,500Accumulated Other Comprehensive (Loss) IncomeBalance, beginning of period(2,713)509320803Other comprehensive loss(1,426)(163)(4,459)(457)Balance, end of period(4,139)346(4,139)346Treasury StockBalance, beginning of period(76)(73)(72)(71)Stock-based compensation——1716Purchase of treasury stock(18)—(39)(18)Balance, end of period(94)(73)(94)(73)Total stockholders' equity$8,094$12,664$8,094$12,664










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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 approximately 90% of the outstanding common stock of CNAF as of September 30, 2022.


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














2.3





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Earnings (Loss) Per Share


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 September 30Three MonthsNine Months(In millions, except per share data)2022202120222021Net income (loss)$128$256$646$936Common Stock and Common Stock EquivalentsBasicWeighted average shares outstanding271.4271.7271.7271.8DilutedWeighted average shares outstanding271.4271.7271.7271.8Dilutive effect of stock-based awards under compensation plans0.91.00.91.0Total272.3272.7272.6272.8Earnings (loss) per shareBasic$0.47$0.94$2.38$3.44Diluted$0.47$0.94$2.37$3.43





890,000 377,615 39 18







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Investments





Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Fixed maturity securities$454$425$1,324$1,278Equity securities24(7)53Limited partnership investments(35)85(11)274Mortgage loans13134042Short term investments4161Trading portfolio1128Other1(1)1—Gross investment income4405281,3551,656Investment expense(18)(15)(53)(48)Net investment income$422$513$1,302$1,608Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2022 and 2021$(18)$(7)$(38)$11





Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Net investment gains (losses):Fixed maturity securities:Gross gains$23$50$94$159Gross losses(134)(28)(222)(68)Net investment gains (losses) on fixed maturity securities(111)22(128)91Equity securities(2)(2)(111)17Derivatives242797Mortgage loans(8)—(8)—Short term investments and other1—22Net investment gains (losses)$(96)$22$(166)$117Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2022 and 2021$(2)$(2)$(109)$15


35 35 59 24





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The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.


Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Fixed maturity securities available-for-sale:Corporate and other bonds$24$—$53$5Asset-backed111211Impairment losses (gains) recognized in earnings$25$11$55$16


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September 30, 2022Cost orAmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesAllowance for Credit LossesEstimatedFairValue(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$23,082$231$2,398$—$20,915States, municipalities and political subdivisions9,2442591,080—8,423Asset-backed:Residential mortgage-backed3,1536470—2,689Commercial mortgage-backed1,9214237—1,688Other asset-backed3,264234932,914Total asset-backed8,338121,05637,291U.S. Treasury and obligations of government-sponsored enterprises10731—109Foreign government544248—498Redeemable preferred stock3———3Total fixed maturity securities available-for-sale41,3185074,583337,239Total fixed maturity securities trading12———12Total fixed maturity securities$41,330$507$4,583$3$37,251


December 31, 2021Cost orAmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesAllowance for Credit LossesEstimatedFairValue(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$21,444$2,755$56$11$24,132States, municipalities and political subdivisions10,3581,59914—11,943Asset-backed:Residential mortgage-backed2,893718—2,956Commercial mortgage-backed1,9876319—2,031Other asset-backed2,561541072,598Total asset-backed7,4411883777,585U.S. Treasury and obligations of government-sponsored enterprises13213—130Foreign government570152—583Redeemable preferred stock—————Total fixed maturity securities available-for-sale39,9454,5581121844,373Total fixed maturity securities trading7———7Total fixed maturity securities$39,952$4,558$112$18$44,380


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Less than 12 Months12 Months or LongerTotalSeptember 30, 2022EstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLosses(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$16,707$2,117$914$281$17,621$2,398States, municipalities and political subdivisions4,7931,029128514,9211,080Asset-backed:Residential mortgage-backed2,5824621782,599470Commercial mortgage-backed1,372194233431,605237Other asset-backed2,433307233422,666349Total asset-backed6,387963483936,8701,056U.S. Treasury and obligations of government-sponsored enterprises611——611Foreign government4464225647148Total$28,394$4,152$1,550$431$29,944$4,583


Less than 12 Months12 Months or LongerTotalDecember 31, 2021EstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLosses(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$2,389$48$136$8$2,525$56States, municipalities and political subdivisions73014——73014Asset-backed:Residential mortgage-backed1,0438——1,0438Commercial mortgage-backed52771671269419Other asset-backed8401062—90210Total asset-backed2,41025229122,63937U.S. Treasury and obligations of government-sponsored enterprises6935—743Foreign government972——972Total$5,695$92$370$20$6,065$112





























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September 30, 2022December 31, 2021(In millions)Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesU.S. Government, Government agencies and Government-sponsored enterprises$2,360$360$898$8AAA1,5663183686AA4,43091787517A6,5488381,51623BBB13,3941,9021,81242Non-investment grade1,64624859616Total$29,944$4,583$6,065$112








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401 369
 387


(In millions)Corporate and other bondsAsset-backedTotalAllowance for credit losses:Balance as of July 1, 2022$—$5$5Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded———Available-for-sale securities accounted for as PCD assets———Reductions to the allowance for credit losses:Securities sold during the period (realized)———Write-offs charged against the allowance———Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period—(2)(2)Balance as of September 30, 2022$—$3$3


(In millions)Corporate and other bondsAsset-backedTotalAllowance for credit losses:Balance as of July 1, 2021$24$21$45Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded———Available-for-sale securities accounted for as PCD assets2—2Reductions to the allowance for credit losses:Securities sold during the period (realized)———Write-offs charged against the allowance16—16Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period———Balance as of September 30, 2021$10$21$31





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(In millions)Corporate and other bondsAsset-backedTotalAllowance for credit losses:Balance as of January 1, 2022$11$7$18Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded———Available-for-sale securities accounted for as PCD assets—33Reductions to the allowance for credit losses:Securities sold during the period (realized)———Write-offs charged against the allowance12—12Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period1(7)(6)Balance as of September 30, 2022$—$3$3


(In millions)Corporate and other bondsAsset-backedTotalAllowance for credit losses:Balance as of January 1, 2021$23$17$40Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded14—14Available-for-sale securities accounted for as PCD assets448Reductions to the allowance for credit losses:Securities sold during the period (realized)6—6Write-offs charged against the allowance16—16Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period(9)—(9)Balance as of September 30, 2021$10$21$31





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September 30, 2022December 31, 2021(In millions)Cost orAmortizedCostEstimatedFairValueCost orAmortizedCostEstimatedFairValueDue in one year or less$952$948$1,603$1,624Due after one year through five years9,4879,00010,63711,229Due after five years through ten years14,32312,76513,29414,338Due after ten years16,55614,52614,41117,182Total$41,318$37,239$39,945$44,373








220 270 1 12





1,595 100





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September 30, 2022Mortgage Loans Amortized Cost Basis by Origination Year(1)(In millions)20222021202020192018PriorTotalDSCR ≥1.6xLTV less than 55%$9$13$112$29$54$275$492LTV 55% to 65%———————LTV greater than 65%1811————29DSCR 1.2x - 1.6xLTV less than 55%54918561042180LTV 55% to 65%87—20——8115LTV greater than 65%———————DSCR ≤1.2LTV less than 55%———57——57LTV 55% to 65%—21—44——65LTV greater than 65%10——22—739Total$129$94$150$208$64$332$977








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Fair Value

























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September 30, 2022TotalAssets/Liabilitiesat Fair Value(In millions)Level 1Level 2Level 3AssetsFixed maturity securities:Corporate bonds and other$118$20,617$802$21,537States, municipalities and political subdivisions—8,381428,423Asset-backed—6,5757167,291Total fixed maturity securities11835,5731,56037,251Equity securities:Common stock180—30210Non-redeemable preferred stock56625—681Total equity securities23662530891Short term and other89534—929Total assets$1,249$36,232$1,590$39,071LiabilitiesOther liabilities$—$(1)$—$(1)Total liabilities$—$(1)$—$(1)





December 31, 2021TotalAssets/Liabilitiesat Fair Value(In millions)Level 1Level 2Level 3AssetsFixed maturity securities:Corporate bonds and other$140$23,775$937$24,852States, municipalities and political subdivisions—11,8875611,943Asset-backed—7,0295567,585Total fixed maturity securities14042,6911,54944,380Equity securities:Common stock220—13233Non-redeemable preferred stock6572116802Total equity securities285721291,035Short term and other1,79874—1,872Total assets$2,223$43,486$1,578$47,287LiabilitiesOther liabilities$—$12$—$12Total liabilities$—$12$—$12







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Level 3(In millions)Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotalBalance as of July 1, 2022$846$46$641$47$1,580Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)——2(3)(1)Reported in Net investment income1—5(4)2Reported in Other comprehensive income (loss)(50)(4)(38)—(92)Total realized and unrealized investment gains (losses)(49)(4)(31)(7)(91)Purchases9—116—125Sales—————Settlements(4)—(14)—(18)Transfers into Level 3——47—47Transfers out of Level 3——(43)(10)(53)Balance as of September 30, 2022$802$42$716$30$1,590Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Net income (loss) in the period$—$—$—$(7)$(7)Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Other comprehensive income (loss) in the period(51)(4)(38)—(93) Level 3(In millions)Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotalBalance as of July 1, 2021$883$57$410$25$1,375Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)1——(3)(2)Reported in Net investment income——112Reported in Other comprehensive income (loss)1—1—2Total realized and unrealized investment gains (losses)2—2(2)2Purchases55—831139Sales——(9)(11)(20)Settlements(11)—(11)—(22)Transfers into Level 3——411152Transfers out of Level 3(52)—(38)—(90)Balance as of September 30, 2021$877$57$478$24$1,436Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2021 recognized in Net income (loss) in the period$—$—$—$(3)$(3)Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2021 recognized in Other comprehensive income (loss) in the period2———2





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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)—7(6)(1)Reported in Net investment income1—11(1)11Reported in Other comprehensive income (loss)(203)(14)(122)—(339)Total realized and unrealized investment gains (losses)(204)(14)(104)(7)(329)Purchases127—34812487Sales(5)—(2)(3)(10)Settlements(63)—(54)9(108)Transfers into Level 310—66—76Transfers out of Level 3——(94)(10)(104)Balance as of September 30, 2022$802$42$716$30$1,590Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Net income (loss) in the period$—$—$—$(8)$(8)Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2022 recognized in Other comprehensive income (loss) in the period(203)(14)(121)—(338)


Level 3(In millions)Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotalBalance as of January 1, 2021$770$46$308$27$1,151Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)(9)——(2)(11)Reported in Net investment income——426Reported in Other comprehensive income (loss)(23)—(4)—(27)Total realized and unrealized investment gains (losses)(32)———(32)Purchases219121971429Sales(3)—(9)(15)(27)Settlements(35)(1)(38)—(74)Transfers into Level 310—711192Transfers out of Level 3(52)—(51)—(103)Balance as of September 30, 2021$877$57$478$24$1,436Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2021 recognized in Net income (loss) in the period$—$—$—$(1)$(1)Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2021 recognized in Other comprehensive income (loss) in the period(22)—(5)—(27)


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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September 30, 2022Estimated Fair Value (In millions)Valuation Technique(s)Unobservable Input(s)Range (Weighted Average)Fixed maturity securities$1,111Discounted cash flowCredit spread1% - 11% (3%)


December 31, 2021Estimated Fair Value (In millions)Valuation Technique(s)Unobservable Input(s)Range (Weighted Average)Fixed maturity securities$1,225Discounted cash flowCredit spread1% - 7% (2%)











September 30, 2022CarryingAmountEstimated Fair Value(In millions)Level 1Level 2Level 3TotalAssetsMortgage loans$953$—$—$880$880LiabilitiesLong term debt$2,780$—$2,563$—$2,563


December 31, 2021CarryingAmountEstimated Fair Value(In millions)Level 1Level 2Level 3TotalAssetsMortgage loans$973$—$—$1,018$1,018LiabilitiesLong term debt$2,779$—$2,978$—$2,978










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Claim and Claim Adjustment Expense Reserves and Future Policy Benefit Reserves








114 171 87 178 357 114





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For the nine months ended September 30(In millions)20222021Reserves, beginning of year:Gross$24,174$22,706Ceded4,9694,005Net reserves, beginning of year19,20518,701Reduction of net reserves due to Excess Workers' Compensation Loss Portfolio Transfer—(632)Net incurred claim and claim adjustment expenses:Provision for insured events of current year4,6384,474Increase (decrease) in provision for insured events of prior years(144)(130)Amortization of discount131137Total net incurred(1)4,6254,481Net payments attributable to:Current year events(523)(629)Prior year events(3,371)(2,874)Total net payments(3,894)(3,503)Foreign currency translation adjustment and other(383)(51)Net reserves, end of period19,55318,996Ceded reserves, end of period5,1474,836Gross reserves, end of period$24,700$23,832











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


Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Pretax (favorable) unfavorable development:Specialty$(15)$(15)$(35)$(40)Commercial(2)2(26)2International—3(5)2Corporate & Other——6440Total pretax (favorable) unfavorable development$(17)$(10)$(2)$4 64 40







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Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Pretax (favorable) unfavorable development:Medical Professional Liability$8$8$17$16Other Professional Liability and Management Liability9—2210Surety(20)(15)(48)(53)Warranty(13)(6)(22)(14)Other1(2)(4)1Total pretax (favorable) unfavorable development$(15)$(15)$(35)$(40)


























































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Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Pretax (favorable) unfavorable development:Commercial Auto$—$—$21$30General Liability——41—Workers' Compensation(2)2(86)(40)Property and Other——(2)12Total pretax (favorable) unfavorable development$(2)$2$(26)$2





































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Periods ended September 30Three MonthsNine Months(In millions)20222021(1)20222021(1)Pretax (favorable) unfavorable development:Commercial$—$(21)$(4)$(24)Specialty—23(1)25Other—1—1Total pretax (favorable) unfavorable development$—$3$(5)$2


































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1.6 4 1.6 1.2 2 215 2.2


2.2


17 8 40 30 3.4 389 429


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25 107 82 5 40 2














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adjustment is determined.  If the GPV required reserves are less than the existing recorded reserves, assumptions remain locked in and no adjustment is made.


The GPV for the long term care future policy benefit reserves, performed in the third quarters of 2022 and 2021, indicated recorded reserves included a pretax margin of approximately $125 million and $72 million as of September 30, 2022 and 2021.










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Legal Proceedings, Contingencies and Guarantees








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Benefit Plans





Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Net periodic pension cost (benefit)Interest cost on projected benefit obligation$17$15$50$46Expected return on plan assets(38)(38)(114)(115)Amortization of net actuarial (gain) loss8122335Settlement loss———1Total net periodic pension cost (benefit)$(13)$(11)$(41)$(33)





Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Non-Service Cost (Benefit):Insurance claims and policyholders' benefits$(3)$(3)$(11)$(9)Other operating expenses(10)(8)(30)(24)Total net periodic pension cost (benefit)$(13)$(11)$(41)$(33)







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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 investmentsPension and postretirement benefitsCumulative foreign currency translation adjustmentTotalBalance as of July 1, 2022$(8)$(1,918)$(592)$(195)$(2,713)Other comprehensive income (loss) before reclassifications—(1,429)—(103)(1,532)Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $—, $11, $2, $— and $132(102)(6)—(106)Other comprehensive income (loss) net of tax (expense) benefit of $1, $370, $(2), $— and $369(2)(1,327)6(103)(1,426)Balance as of September 30, 2022$(10)$(3,245)$(586)$(298)$(4,139)





(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative foreign currency translation adjustmentTotalBalance as of July 1, 2021$—$1,418$(829)$(80)$509Other comprehensive income (loss) before reclassifications—(121)(1)(33)(155)Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $—, $(5), $2, $— and $(3)—17(9)—8Other comprehensive income (loss) net of tax (expense) benefit of $—, $37, $(2), $— and $35—(138)8(33)(163)Balance as of September 30, 2021$—$1,280$(821)$(113)$346





























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(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative foreign currency translation adjustmentTotalBalance as of January 1, 2022$(2)$1,039$(604)$(113)$320Other comprehensive income (loss) before reclassifications(5)(4,401)—(185)(4,591)Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $(1), $15, $5, $— and $193(117)(18)—(132)Other comprehensive income (loss) net of tax (expense) benefit of $2, $1,150, $(5), $— and $1,147(8)(4,284)18(185)(4,459)Balance as of September 30, 2022$(10)$(3,245)$(586)$(298)$(4,139)


(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative foreign currency translation adjustmentTotalBalance as of January 1, 2021$—$1,745$(848)$(94)$803Other comprehensive income (loss) before reclassifications(2)(391)(1)(19)(413)Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $(20), $7, $— and $(12)(2)74(28)—44Other comprehensive income (loss) net of tax (expense) benefit of $—, $124, $(7), $— and $117—(465)27(19)(457)Balance as of September 30, 2021$—$1,280$(821)$(113)$346








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 September 30, 2022SpecialtyCommercialInternationalLife &GroupCorporate& Other(In millions)EliminationsTotalOperating revenuesNet earned premiums$810$1,023$270$118$—$—$2,221Net investment income102112161875—422Non-insurance warranty revenue399—————399Other revenues(1)13——1(2)11Total operating revenues1,3101,1482863056(2)3,053Claims, benefits and expensesNet incurred claims and benefits459733169310(13)—1,658Policyholders’ dividends25————7Amortization of deferred acquisition costs16916351———383Non-insurance warranty expense371—————371Other insurance related expenses8814535291(1)297Other expenses15311247(1)77Total claims, benefits and expenses1,1041,04926634135(2)2,793Core income (loss) before income tax2069920(36)(29)—260Income tax (expense) benefit on core income (loss)(45)(19)(1)144—(47)Core income (loss)$161$80$19$(22)$(25)$—213Net investment gains (losses)(96)Income tax (expense) benefit on net investment gains (losses)11Net investment gains (losses), after tax(85)Net income (loss)$128
























































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Three months ended September 30, 2021SpecialtyCommercialInternationalLife &GroupCorporate& Other(In millions)EliminationsTotalOperating revenuesNet earned premiums$773$893$271$123$—$(1)$2,059Net investment income116141142402—513Non-insurance warranty revenue357—————357Other revenues17—(1)2(1)8Total operating revenues1,2471,0412853624(2)2,937Claims, benefits and expensesNet incurred claims and benefits446720171296(6)—1,627Policyholders’ dividends—5————5Amortization of deferred acquisition costs16514855———368Non-insurance warranty expense330—————330Other insurance related expenses711253227(1)(1)253Other expenses1384137(1)62Total claims, benefits and expenses1,0251,00626232430(2)2,645Core income (loss) before income tax222352338(26)—292Income tax (expense) benefit on core income (loss)(49)(8)(6)35—(55)Core income (loss)$173$27$17$41$(21)$—237Net investment gains (losses)22Income tax (expense) benefit on net investment gains (losses)(3)Net investment gains (losses), after tax19Net income (loss)$256


















































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Nine months ended September 30, 2022SpecialtyCommercialInternationalLife &GroupCorporate& Other(In millions)EliminationsTotalOperating revenuesNet earned premiums$2,376$2,901$803$356$(1)$—$6,435Net investment income3053434460010—1,302Non-insurance warranty revenue1,173—————1,173Other revenues—25——4(5)24Total operating revenues3,8543,26984795613(5)8,934Claims, benefits and expensesNet incurred claims and benefits1,3601,91648788436—4,683Policyholders’ dividends515————20Amortization of deferred acquisition costs488467146———1,101Non-insurance warranty expense1,092—————1,092Other insurance related expenses250409112894(1)863Other expenses4021257133(4)222Total claims, benefits and expenses3,2352,828770980173(5)7,981Core income (loss) before income tax61944177(24)(160)—953Income tax (expense) benefit on core income (loss)(134)(91)(14)3129—(179)Core income (loss)$485$350$63$7$(131)$—774Net investment gains (losses)(166)Income tax (expense) benefit on net investment gains (losses)38Net investment gains (losses), after tax(128)Net income (loss)$646





September 30, 2022(In millions)Reinsurance receivables$1,511$952$385$453$2,420$—$5,721Insurance receivables1,0611,6403094——3,014Deferred acquisition costs37931593———787Goodwill117—25———142Deferred non-insurance warranty acquisition expense3,653—————3,653Insurance reservesClaim and claim adjustment expenses6,9259,1722,2623,6452,696—24,700Unearned premiums3,1442,364576111——6,195Future policy benefits———10,454——10,454Deferred non-insurance warranty revenue4,706—————4,706





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Nine months ended September 30, 2021SpecialtyCommercialInternationalLife &GroupCorporate& Other(In millions)EliminationsTotalOperating revenuesNet earned premiums$2,270$2,629$789$369$—$(1)$6,056Net investment income3674634272412—1,608Non-insurance warranty revenue1,054—————1,054Other revenues1171(1)5(4)19Total operating revenues3,6923,1098321,09217(5)8,737Claims, benefits and expensesNet incurred claims and benefits1,3121,94748589923—4,666Policyholders’ dividends216————18Amortization of deferred acquisition costs478449157———1,084Non-insurance warranty expense973—————973Other insurance related expenses212376106779(1)779Other expenses3628(4)5119(4)180Total claims, benefits and expenses3,0132,816744981151(5)7,700Core income (loss) before income tax67929388111(134)—1,037Income tax (expense) benefit on core income (loss)(148)(60)(21)924—(196)Core income (loss)$531$233$67$120$(110)$—841Net investment gains (losses)117Income tax (expense) benefit on net investment gains (losses)(22)Net investment gains (losses), after tax95Net income (loss)$936





December 31, 2021(In millions)Reinsurance receivables$1,200$923$381$401$2,579$—$5,484Insurance receivables1,1361,48834064—2,974Deferred acquisition costs36327896———737Goodwill117—31———148Deferred non-insurance warranty acquisition expense3,476—————3,476Insurance reservesClaim and claim adjustment expenses6,4338,8902,2803,7542,817—24,174Unearned premiums3,0012,066585109——5,761Future policy benefits———13,236——13,236Deferred non-insurance warranty revenue4,503—————4,503










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Periods ended September 30Three MonthsNine Months(In millions)2022202120222021SpecialtyManagement & Professional Liability$688$684$2,041$2,044Surety171157481454Warranty & Alternative Risks4514061,3321,194Specialty revenues1,3101,2473,8543,692CommercialMiddle Market3973631,1331,119Construction3723451,046978Small Business149144430413Other Commercial230189660599Commercial revenues1,1481,0413,2693,109InternationalCanada9387272253Europe112123350349Hardy8175225230International revenues286285847832Life & Group revenues3053629561,092Corporate & Other revenues641317Eliminations(2)(2)(5)(5)Total operating revenues3,0532,9378,9348,737Net investment gains (losses)(96)22(166)117Total revenues$2,957$2,959$8,768$8,854













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Non-Insurance Revenues from Contracts with Customers


The Company had deferred non-insurance warranty revenue balances of $4.7 billion and $4.5 billion reported in Deferred non-insurance warranty revenue as of September 30, 2022 and December 31, 2021.  For the three and nine months ended September 30, 2022, the Company recognized $0.3 billion and $1.0 billion of revenues that were included in the deferred revenue balance as of January 1, 2022.  For the three and nine months ended September 30, 2021, the Company recognized $0.3 billion and $0.9 billion of revenues that were included in the deferred revenue balance as of  January 1, 2021.  For the three and nine months ended September 30, 2022 and 2021, 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 $0.5 billion of the deferred revenue in the remainder of 2022, $1.5 billion in 2023, $1.2 billion in 2024 and $1.5 billion thereafter.







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Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Operating RevenuesNet earned premiums$2,221$2,059$6,435$6,056Net investment income4225131,3021,608Non-insurance warranty revenue3993571,1731,054Other revenues1182419Total operating revenues3,0532,9378,9348,737Claims, Benefits and ExpensesNet incurred claims and benefits1,6581,6274,6834,666Policyholders' dividends752018Amortization of deferred acquisition costs3833681,1011,084Non-insurance warranty expense3713301,092973Other insurance related expenses297253863779Other expenses7762222180Total claims, benefits and expenses2,7932,6457,9817,700Core income before income tax2602929531,037Income tax expense on core income(47)(55)(179)(196)Core income213237774841Net investment (losses) gains(96)22(166)117Income tax benefit (expense) on net investment (losses) gains11(3)38(22)Net investment (losses) gains, after tax(85)19(128)95Net income$128$256$646$936














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Periods ended September 30Three MonthsNine Months(In millions, except ratios, rate, renewal premium change and retention)2022202120222021Gross written premiums$1,890$1,953$5,640$5,650Gross written premiums excluding third-party captives9589432,8162,656Net written premiums8408222,4432,350Net earned premiums8107732,3762,270Net investment income102116305367Core income161173485531Other performance metrics:Loss ratio excluding catastrophes and development58.4%59.1%58.6%59.1%Effect of catastrophe impacts0.20.40.10.4Effect of development-related items(1.9)(1.8)(1.4)(1.7)Loss ratio56.757.757.357.8Expense ratio31.730.631.030.4Dividend ratio0.3(0.1)0.20.1Combined ratio88.7%88.2%88.5%88.3%Combined ratio excluding catastrophes and development90.4%89.6%89.8%89.6%Rate5%10%7%11%Renewal premium change611812Retention87808684New business$130$147$407$370




















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(In millions)September 30, 2022December 31, 2021Gross case reserves$1,482$1,578Gross IBNR reserves5,4434,855Total gross carried claim and claim adjustment expense reserves$6,925$6,433Net case reserves$1,268$1,338Net IBNR reserves4,2173,927Total net carried claim and claim adjustment expense reserves$5,485$5,265







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Periods ended September 30Three MonthsNine Months(In millions, except ratios, rate, renewal premium change and retention)2022202120222021Gross written premiums$1,187$1,010$3,824$3,284Gross written premiums excluding third-party captives1,1841,0053,7113,176Net written premiums9628313,0972,622Net earned premiums1,0238932,9012,629Net investment income112141343463Core income8027350233Other performance metrics:Loss ratio excluding catastrophes and development61.5%61.5%61.5%60.8%Effect of catastrophe impacts10.018.65.012.6Effect of development-related items—0.5(0.5)0.6Loss ratio71.580.666.074.0Expense ratio29.930.430.131.4Dividend ratio0.50.60.50.6Combined ratio101.9%111.6%96.6%106.0%Combined ratio excluding catastrophes and development91.9%92.5%92.1%92.8%Rate4%6%5%8%Renewal premium change89811Retention84838682New business$246$204$754$615


























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(In millions)September 30, 2022December 31, 2021Gross case reserves$3,074$3,184Gross IBNR reserves6,0985,706Total gross carried claim and claim adjustment expense reserves$9,172$8,890Net case reserves$2,748$2,850Net IBNR reserves5,5575,215Total net carried claim and claim adjustment expense reserves$8,305$8,065







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Periods ended September 30Three MonthsNine Months(In millions, except ratios, rate, renewal premium change and retention)2022202120222021Gross written premiums$288$276$1,033$958Net written premiums258256839783Net earned premiums270271803789Net investment income16144442Core income19176367Other performance metrics:Loss ratio excluding catastrophes and development58.6%58.9%58.6%59.2%Effect of catastrophe impacts4.13.42.72.0Effect of development-related items—1.1(0.6)0.3Loss ratio62.763.460.761.5Expense ratio31.732.132.133.3Combined ratio94.4%95.5%92.8%94.8%Combined ratio excluding catastrophes and development90.3%91.0%90.7%92.5%Rate6%13%7%14%Renewal premium change12131113Retention82797977New business$79$54$245$204




















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(In millions)September 30, 2022December 31, 2021Gross case reserves$802$859Gross IBNR reserves1,4601,421Total gross carried claim and claim adjustment expense reserves$2,262$2,280Net case reserves$692$744Net IBNR reserves1,1921,196Total net carried claim and claim adjustment expense reserves$1,884$1,940







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Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Net earned premiums$118$123$356$369Net investment income187240600724Core (loss) income before income tax(36)38(24)111Income tax benefit on core income143319Core (loss) income(22)417120


























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Long Term Care Active Life Reserve - Change in estimated reserve margin (In millions)September 30, 2021 Estimated Margin$72Changes in underlying economic assumptions(1)(130)Changes in underlying morbidity assumptions(30)Changes in underlying persistency assumptions40Changes in underlying premium rate action assumptions190Changes in underlying expense and other assumptions(17)September 30, 2022 Estimated Margin$125














September 30, 2022Estimated reduction to pretax incomeHypothetical revisions (In millions)Morbidity:(1)2.5% increase in morbidity$2005% increase in morbidity500Persistency:5% decrease in active life mortality and lapse$10010% decrease in active life mortality and lapse300Discount Rates:25 basis point decline in new money interest rates$—50 basis point decline in new money interest rates100








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September 30, 2022(In millions)Claim and claim adjustment expensesFuture policy benefitsTotalLong term care$2,959$10,109$13,068Structured settlement annuities512—512Other9—9Total3,48010,10913,589Shadow adjustments(1)59—59Ceded reserves(2)106346452Total gross reserves$3,645$10,455$14,100


December 31, 2021(In millions)Claim and claim adjustment expensesFuture policy benefitsTotalLong term care$2,905$10,012$12,917Structured settlement annuities526—526Other10—10Total3,44110,01213,453Shadow adjustments(1)2002,9363,136Ceded reserves(2)113288401Total gross reserves$3,754$13,236$16,990













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Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Net investment income$5$2$10$12Insurance claims and policyholders' benefits(13)(6)3623Interest expense28288484Core loss(25)(21)(131)(110)




















(In millions)September 30, 2022December 31, 2021Gross case reserves$1,479$1,551Gross IBNR reserves1,2171,266Total gross carried claim and claim adjustment expense reserves$2,696$2,817Net case reserves$139$146Net IBNR reserves201148Total net carried claim and claim adjustment expense reserves$340$294







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Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Fixed income securities:Taxable fixed income securities$410$360$1,163$1,075Tax-exempt fixed income securities5577194236Total fixed income securities4654371,3571,311Limited partnership and common stock investments(44)77(51)294Other, net of investment expense1(1)(4)3Net investment income$422$513$1,302$1,608Effective income yield for the fixed income securities portfolio4.4%4.3%4.3%4.3%Limited partnership and common stock return(2.1)%3.8%(2.4)%16.4%













Periods ended September 30Three MonthsNine Months(In millions)2022202120222021Fixed maturity securities:(1)Corporate and other bonds$(41)$36$(68)$115States, municipalities and political subdivisions6128—Asset-backed(17)(15)(29)(24)Total fixed maturity securities(52)22(69)91Non-redeemable preferred stock(2)(2)(111)17Derivatives, short term and other(34)2229Mortgage loans(8)—(8)—Net investment (losses) gains(96)22(166)117Income tax benefit (expense) on net investment (losses) gains11(3)38(22)Net investment (losses) gains, after tax$(85)$19$(128)$95

















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September 30, 2022December 31, 2021(In millions)Estimated Fair ValueNet Unrealized Gains (Losses)Estimated Fair ValueNet Unrealized Gains (Losses)U.S. Government, Government agencies and Government-sponsored enterprises$2,452$(357)$2,600$42AAA2,374(250)3,784360AA6,387(792)7,665823A8,739(667)9,5111,087BBB15,267(1,776)18,4582,043Non-investment grade2,032(234)2,36291Total$37,251$(4,076)$44,380$4,446








September 30, 2022(In millions)Estimated Fair ValueGross Unrealized LossesU.S. Government, Government agencies and Government-sponsored enterprises$2,360$360AAA1,566318AA4,430917A6,548838BBB13,3941,902Non-investment grade1,646248Total$29,944$4,583





September 30, 2022(In millions)Estimated Fair ValueGross Unrealized LossesDue in one year or less$699$11Due after one year through five years7,492541Due after five years through ten years10,7011,705Due after ten years11,0522,326Total$29,944$4,583







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September 30, 2022December 31, 2021(In millions)Estimated Fair ValueEffectiveDuration(In years)Estimated Fair ValueEffectiveDuration(In years)Investments supporting Life & Group$14,2539.8$18,4589.2Other investments24,7394.828,9154.9Total$38,9926.7$47,3736.6













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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)August 1, 2022 - August 31, 2022445,000$41.03N/AN/ATotal445,000N/AN/A







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CNA Financial CorporationDated: October 31, 2022By/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 NumberCertification 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