000002117512/312024Q1FALSEhttp://www.cna.com/20240331#InvestmentsandDerivativesRealizedGainLosshttp://fasb.org/us-gaap/2023#OtherComprehensiveIncomeLossNetOfTaxhttp://www.cna.com/20240331#InvestmentsandDerivativesRealizedGainLosshttp://fasb.org/us-gaap/2023#OtherComprehensiveIncomeLossNetOfTaxP9MP1YP1Y00000211752024-01-012024-03-310000021175exch:XNYS2024-01-012024-03-310000021175exch:XCHI2024-01-012024-03-3100000211752024-05-02xbrli:sharesiso4217:USD00000211752023-01-012023-03-31iso4217:USDxbrli:shares0000021175us-gaap:InvestmentsMember2024-01-012024-03-310000021175us-gaap:InvestmentsMember2023-01-012023-03-310000021175us-gaap:OtherInvestmentsMember2024-01-012024-03-310000021175us-gaap:OtherInvestmentsMember2023-01-012023-03-3100000211752024-03-3100000211752023-12-310000021175us-gaap:RelatedPartyMember2024-03-310000021175us-gaap:RelatedPartyMember2023-12-3100000211752022-12-3100000211752023-03-310000021175us-gaap:CommonStockMember2023-12-310000021175us-gaap:CommonStockMember2022-12-310000021175us-gaap:CommonStockMember2024-03-310000021175us-gaap:CommonStockMember2023-03-310000021175us-gaap:AdditionalPaidInCapitalMember2023-12-310000021175us-gaap:AdditionalPaidInCapitalMember2022-12-310000021175us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000021175us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000021175us-gaap:AdditionalPaidInCapitalMember2024-03-310000021175us-gaap:AdditionalPaidInCapitalMember2023-03-310000021175srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2023-12-310000021175srt:ScenarioPreviouslyReportedMemberus-gaap:RetainedEarningsMember2022-12-310000021175us-gaap:RetainedEarningsMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2023-12-310000021175us-gaap:RetainedEarningsMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000021175us-gaap:RetainedEarningsMember2023-12-310000021175us-gaap:RetainedEarningsMember2022-12-310000021175us-gaap:RetainedEarningsMember2024-01-012024-03-310000021175us-gaap:RetainedEarningsMember2023-01-012023-03-310000021175us-gaap:RetainedEarningsMember2024-03-310000021175us-gaap:RetainedEarningsMember2023-03-310000021175srt:ScenarioPreviouslyReportedMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000021175srt:ScenarioPreviouslyReportedMemberus-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2023-12-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000021175us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000021175us-gaap:TreasuryStockCommonMember2023-12-310000021175us-gaap:TreasuryStockCommonMember2022-12-310000021175us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000021175us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000021175us-gaap:TreasuryStockCommonMember2024-03-310000021175us-gaap:TreasuryStockCommonMember2023-03-310000021175cna:CNAFConsolidatedMembercna:LoewsMember2024-03-31xbrli:pure0000021175us-gaap:FixedIncomeSecuritiesMember2024-01-012024-03-310000021175us-gaap:FixedIncomeSecuritiesMember2023-01-012023-03-310000021175us-gaap:EquitySecuritiesMember2024-01-012024-03-310000021175us-gaap:EquitySecuritiesMember2023-01-012023-03-310000021175us-gaap:LimitedPartnerMember2024-01-012024-03-310000021175us-gaap:LimitedPartnerMember2023-01-012023-03-310000021175us-gaap:MortgagesMember2024-01-012024-03-310000021175us-gaap:MortgagesMember2023-01-012023-03-310000021175us-gaap:ShortTermInvestmentsMember2024-01-012024-03-310000021175us-gaap:ShortTermInvestmentsMember2023-01-012023-03-310000021175cna:TradingPortfolioSecuritiesMember2024-01-012024-03-310000021175cna:TradingPortfolioSecuritiesMember2023-01-012023-03-310000021175cna:OtherInvestmentIncomeMember2024-01-012024-03-310000021175cna:OtherInvestmentIncomeMember2023-01-012023-03-310000021175us-gaap:CommonStockMember2024-01-012024-03-310000021175us-gaap:CommonStockMember2023-01-012023-03-310000021175us-gaap:PreferredStockMember2024-01-012024-03-310000021175us-gaap:PreferredStockMember2023-01-012023-03-310000021175us-gaap:CorporateDebtSecuritiesMember2024-01-012024-03-310000021175us-gaap:CorporateDebtSecuritiesMember2023-01-012023-03-310000021175us-gaap:AssetBackedSecuritiesMember2024-01-012024-03-310000021175us-gaap:AssetBackedSecuritiesMember2023-01-012023-03-310000021175us-gaap:CorporateDebtSecuritiesMember2024-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000021175us-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000021175us-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000021175us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2024-03-310000021175us-gaap:AssetBackedSecuritiesMember2024-03-310000021175us-gaap:USTreasuryAndGovernmentMember2024-03-310000021175us-gaap:ForeignGovernmentDebtSecuritiesMember2024-03-310000021175us-gaap:CorporateDebtSecuritiesMember2023-12-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000021175us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000021175us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000021175us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2023-12-310000021175us-gaap:AssetBackedSecuritiesMember2023-12-310000021175us-gaap:USTreasuryAndGovernmentMember2023-12-310000021175us-gaap:ForeignGovernmentDebtSecuritiesMember2023-12-310000021175cna:ExternalCreditRatingUSGovernmentGovernmentAgenciesAndGovernmentSponsoredEnterprisesMember2024-03-310000021175cna:ExternalCreditRatingUSGovernmentGovernmentAgenciesAndGovernmentSponsoredEnterprisesMember2023-12-310000021175cna:ExternalCreditRatingAAAMember2024-03-310000021175cna:ExternalCreditRatingAAAMember2023-12-310000021175cna:ExternalCreditRatingAAMember2024-03-310000021175cna:ExternalCreditRatingAAMember2023-12-310000021175cna:ExternalCreditRatingAMember2024-03-310000021175cna:ExternalCreditRatingAMember2023-12-310000021175cna:ExternalCreditRatingBBBMember2024-03-310000021175cna:ExternalCreditRatingBBBMember2023-12-310000021175us-gaap:ExternalCreditRatingNonInvestmentGradeMember2024-03-310000021175us-gaap:ExternalCreditRatingNonInvestmentGradeMember2023-12-310000021175us-gaap:FixedIncomeSecuritiesMember2024-03-310000021175us-gaap:FixedIncomeSecuritiesMember2023-12-310000021175us-gaap:FixedIncomeSecuritiesMember2023-03-310000021175us-gaap:CorporateDebtSecuritiesMember2022-12-310000021175us-gaap:AssetBackedSecuritiesMember2022-12-310000021175us-gaap:CorporateDebtSecuritiesMember2023-03-310000021175us-gaap:AssetBackedSecuritiesMember2023-03-310000021175cna:DebtServiceCoverageRatioGreaterThanOrEqualto1.6Membercna:DebtToValueRatioLessThan55PercentMemberus-gaap:MortgagesMember2024-03-310000021175cna:DebtServiceCoverageRatioGreaterThanOrEqualto1.6Memberus-gaap:MortgagesMembercna:DebtToValueRatioEqualTo55To65PercentMember2024-03-310000021175cna:DebtServiceCoverageRatioGreaterThanOrEqualto1.6Membercna:DebtToValueRatioGreaterThan65PercentMemberus-gaap:MortgagesMember2024-03-310000021175cna:DebtToValueRatioLessThan55PercentMemberus-gaap:MortgagesMembercna:DebtServiceCoverageRatioBetween1.2And1.6Member2024-03-310000021175us-gaap:MortgagesMembercna:DebtServiceCoverageRatioBetween1.2And1.6Membercna:DebtToValueRatioEqualTo55To65PercentMember2024-03-310000021175cna:DebtToValueRatioGreaterThan65PercentMemberus-gaap:MortgagesMembercna:DebtServiceCoverageRatioBetween1.2And1.6Member2024-03-310000021175cna:DebtToValueRatioLessThan55PercentMemberus-gaap:MortgagesMembercna:DebtServiceCoverageRatioLessThanOrEqualTo1.2Member2024-03-310000021175us-gaap:MortgagesMembercna:DebtServiceCoverageRatioLessThanOrEqualTo1.2Membercna:DebtToValueRatioEqualTo55To65PercentMember2024-03-310000021175cna:DebtToValueRatioGreaterThan65PercentMemberus-gaap:MortgagesMembercna:DebtServiceCoverageRatioLessThanOrEqualTo1.2Member2024-03-310000021175us-gaap:MortgagesMember2024-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2024-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2024-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2024-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2024-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2024-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2024-03-310000021175us-gaap:FairValueInputsLevel1Member2024-03-310000021175us-gaap:FairValueInputsLevel2Member2024-03-310000021175us-gaap:FairValueInputsLevel3Member2024-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2024-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2024-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2024-03-310000021175us-gaap:CommonStockMember2024-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2024-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2024-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2024-03-310000021175us-gaap:PreferredStockMember2024-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesMember2023-12-310000021175us-gaap:FairValueInputsLevel1Member2023-12-310000021175us-gaap:FairValueInputsLevel2Member2023-12-310000021175us-gaap:FairValueInputsLevel3Member2023-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2023-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2023-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2023-12-310000021175us-gaap:CommonStockMember2023-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:PreferredStockMember2023-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:PreferredStockMember2023-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2023-12-310000021175us-gaap:PreferredStockMember2023-12-310000021175us-gaap:CorporateDebtSecuritiesMember2023-12-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000021175us-gaap:AssetBackedSecuritiesMember2023-12-310000021175us-gaap:EquitySecuritiesMember2023-12-310000021175us-gaap:CorporateDebtSecuritiesMember2024-01-012024-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2024-01-012024-03-310000021175us-gaap:AssetBackedSecuritiesMember2024-01-012024-03-310000021175us-gaap:EquitySecuritiesMember2024-01-012024-03-310000021175cna:OtherRevenuesMemberus-gaap:CorporateDebtSecuritiesMember2024-01-012024-03-310000021175cna:OtherRevenuesMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2024-01-012024-03-310000021175us-gaap:AssetBackedSecuritiesMembercna:OtherRevenuesMember2024-01-012024-03-310000021175us-gaap:EquitySecuritiesMembercna:OtherRevenuesMember2024-01-012024-03-310000021175cna:OtherRevenuesMember2024-01-012024-03-310000021175us-gaap:CorporateDebtSecuritiesMember2024-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000021175us-gaap:AssetBackedSecuritiesMember2024-03-310000021175us-gaap:EquitySecuritiesMember2024-03-310000021175us-gaap:CorporateDebtSecuritiesMember2022-12-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2022-12-310000021175us-gaap:AssetBackedSecuritiesMember2022-12-310000021175us-gaap:EquitySecuritiesMember2022-12-310000021175us-gaap:CorporateDebtSecuritiesMember2023-01-012023-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2023-01-012023-03-310000021175us-gaap:AssetBackedSecuritiesMember2023-01-012023-03-310000021175us-gaap:EquitySecuritiesMember2023-01-012023-03-310000021175cna:OtherRevenuesMemberus-gaap:CorporateDebtSecuritiesMember2023-01-012023-03-310000021175cna:OtherRevenuesMemberus-gaap:USStatesAndPoliticalSubdivisionsMember2023-01-012023-03-310000021175us-gaap:AssetBackedSecuritiesMembercna:OtherRevenuesMember2023-01-012023-03-310000021175us-gaap:EquitySecuritiesMembercna:OtherRevenuesMember2023-01-012023-03-310000021175cna:OtherRevenuesMember2023-01-012023-03-310000021175us-gaap:CorporateDebtSecuritiesMember2023-03-310000021175us-gaap:USStatesAndPoliticalSubdivisionsMember2023-03-310000021175us-gaap:AssetBackedSecuritiesMember2023-03-310000021175us-gaap:EquitySecuritiesMember2023-03-310000021175us-gaap:FixedIncomeSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2024-03-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMember2024-03-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2024-03-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMember2024-03-310000021175us-gaap:FixedIncomeSecuritiesMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2023-12-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMembersrt:MinimumMember2023-12-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMembersrt:MaximumMember2023-12-310000021175us-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:MeasurementInputCreditSpreadMembersrt:WeightedAverageMember2023-12-310000021175us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000021175us-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000021175us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000021175us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000021175us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000021175us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000021175us-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000021175cna:SpecialtySegmentMember2024-01-012024-03-310000021175cna:SpecialtySegmentMember2023-01-012023-03-310000021175cna:CommercialSegmentMember2024-01-012024-03-310000021175cna:CommercialSegmentMember2023-01-012023-03-310000021175cna:InternationalSegmentMember2024-01-012024-03-310000021175cna:InternationalSegmentMember2023-01-012023-03-310000021175us-gaap:CorporateAndOtherMember2024-01-012024-03-310000021175us-gaap:CorporateAndOtherMember2023-01-012023-03-310000021175cna:AsbestosandEnvironmentalReservesMember2010-12-310000021175cna:AsbestosandEnvironmentalReservesMember2024-03-310000021175cna:AsbestosandEnvironmentalReservesMember2023-12-310000021175us-gaap:GuaranteeObligationsMember2024-03-310000021175us-gaap:PensionPlansDefinedBenefitMember2024-01-012024-03-310000021175us-gaap:PensionPlansDefinedBenefitMember2023-01-012023-03-310000021175us-gaap:PensionPlansDefinedBenefitMembercna:InsuranceClaimsandPolicyholdersBenefitsIncludingPolicyholdersDividendsMember2024-01-012024-03-310000021175us-gaap:PensionPlansDefinedBenefitMembercna:InsuranceClaimsandPolicyholdersBenefitsIncludingPolicyholdersDividendsMember2023-01-012023-03-310000021175us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2024-01-012024-03-310000021175us-gaap:OtherOperatingIncomeExpenseMemberus-gaap:PensionPlansDefinedBenefitMember2023-01-012023-03-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:InvestmentsMember2023-12-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-12-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-12-310000021175us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2023-12-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2023-12-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:InvestmentsMember2024-01-012024-03-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-01-012024-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-01-012024-03-310000021175us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-01-012024-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2024-01-012024-03-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:InvestmentsMember2024-03-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2024-03-310000021175us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2024-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2024-03-310000021175srt:ScenarioPreviouslyReportedMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:InvestmentsMember2022-12-310000021175us-gaap:OtherInvestmentsMembersrt:ScenarioPreviouslyReportedMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000021175srt:ScenarioPreviouslyReportedMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000021175srt:ScenarioPreviouslyReportedMemberus-gaap:AociLiabilityForFuturePolicyBenefitParentMember2022-12-310000021175us-gaap:AccumulatedTranslationAdjustmentMembersrt:ScenarioPreviouslyReportedMember2022-12-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:InvestmentsMember2022-01-012022-12-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-12-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-12-310000021175us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2022-01-012022-12-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2022-01-012022-12-3100000211752022-01-012022-12-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:InvestmentsMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000021175srt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMemberus-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000021175us-gaap:AociLiabilityForFuturePolicyBenefitParentMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000021175us-gaap:AccumulatedTranslationAdjustmentMembersrt:RevisionOfPriorPeriodAccountingStandardsUpdateAdjustmentMember2022-12-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:InvestmentsMember2022-12-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000021175us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2022-12-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2022-12-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:InvestmentsMember2023-01-012023-03-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-03-310000021175us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2023-01-012023-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2023-01-012023-03-310000021175us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:InvestmentsMember2023-03-310000021175us-gaap:OtherInvestmentsMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-03-310000021175us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-03-310000021175us-gaap:AociLiabilityForFuturePolicyBenefitParentMember2023-03-310000021175us-gaap:AccumulatedTranslationAdjustmentMember2023-03-310000021175cna:CoreSegmentsSpecialtyCommercialAndInternationalMember2024-01-012024-03-31cna:segment0000021175cna:NonCoreSegmentsLifeGroupNonCoreandCorporateandOtherNonCoreMember2024-01-012024-03-310000021175cna:SpecialtySegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2024-01-012024-03-310000021175us-gaap:OperatingSegmentsMembercna:LifeAndGroupNonCoreSegmentMember2024-01-012024-03-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2024-01-012024-03-310000021175us-gaap:IntersegmentEliminationMember2024-01-012024-03-310000021175cna:SpecialtySegmentMemberus-gaap:OperatingSegmentsMember2024-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2024-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2024-03-310000021175us-gaap:OperatingSegmentsMembercna:LifeAndGroupNonCoreSegmentMember2024-03-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2024-03-310000021175us-gaap:IntersegmentEliminationMember2024-03-310000021175cna:SpecialtySegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000021175us-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2023-01-012023-03-310000021175us-gaap:OperatingSegmentsMembercna:LifeAndGroupNonCoreSegmentMember2023-01-012023-03-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2023-01-012023-03-310000021175us-gaap:IntersegmentEliminationMember2023-01-012023-03-310000021175cna:SpecialtySegmentMemberus-gaap:OperatingSegmentsMember2023-12-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2023-12-310000021175us-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2023-12-310000021175us-gaap:OperatingSegmentsMembercna:LifeAndGroupNonCoreSegmentMember2023-12-310000021175us-gaap:OperatingSegmentsMemberus-gaap:CorporateAndOtherMember2023-12-310000021175us-gaap:IntersegmentEliminationMember2023-12-310000021175cna:SpecialtySegmentMemberus-gaap:OperatingSegmentsMembercna:ManagementandProfessionalLiabilityMember2024-01-012024-03-310000021175cna:SpecialtySegmentMemberus-gaap:OperatingSegmentsMembercna:ManagementandProfessionalLiabilityMember2023-01-012023-03-310000021175cna:SpecialtySegmentMembercna:SuretyMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000021175cna:SpecialtySegmentMembercna:SuretyMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000021175cna:SpecialtySegmentMemberus-gaap:OperatingSegmentsMembercna:WarrantyAlternativeRisksMember2024-01-012024-03-310000021175cna:SpecialtySegmentMemberus-gaap:OperatingSegmentsMembercna:WarrantyAlternativeRisksMember2023-01-012023-03-310000021175cna:MiddleMarketsMembercna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000021175cna:MiddleMarketsMembercna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000021175cna:CommercialSegmentMemberus-gaap:ConstructionMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000021175cna:CommercialSegmentMemberus-gaap:ConstructionMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMembercna:SmallBusinessMember2024-01-012024-03-310000021175cna:CommercialSegmentMemberus-gaap:OperatingSegmentsMembercna:SmallBusinessMember2023-01-012023-03-310000021175cna:OtherCommercialInsuranceMembercna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2024-01-012024-03-310000021175cna:OtherCommercialInsuranceMembercna:CommercialSegmentMemberus-gaap:OperatingSegmentsMember2023-01-012023-03-310000021175cna:CNACanadaMemberus-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2024-01-012024-03-310000021175cna:CNACanadaMemberus-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2023-01-012023-03-310000021175cna:CNAEuropeMemberus-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2024-01-012024-03-310000021175cna:CNAEuropeMemberus-gaap:OperatingSegmentsMembercna:InternationalSegmentMember2023-01-012023-03-310000021175us-gaap:OperatingSegmentsMembercna:HardyMembercna:InternationalSegmentMember2024-01-012024-03-310000021175us-gaap:OperatingSegmentsMembercna:HardyMembercna:InternationalSegmentMember2023-01-012023-03-3100000211752024-04-012024-03-3100000211752025-01-012024-03-3100000211752026-01-012024-03-3100000211752027-01-012024-03-31






















10-Q


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


March 31, 2024





☐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☐





☐


271,282,010







---




Item NumberPageNumberPART I1.Condensed Consolidated Financial Statements:3Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited)3Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2024 and 2023 (Unaudited)4Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited)5Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited)6Condensed Consolidated Statements of Stockholders' Equity for the threemonthsended March 31, 2024 and 2023 (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 Risk564.Controls and Procedures56PART II1Legal Proceedings576Exhibits57







---

Table of Content s


















Three months ended March 31(In millions, except per share data)20242023RevenuesNet earned premiums$2,441$2,248Net investment income609525Net investment losses(22)(35)Non-insurance warranty revenue407407Other revenues97Total revenues3,4443,152Claims, Benefits and ExpensesInsurance claims and policyholders’ benefits (re-measurement (loss) gain of $(15) and $1)1,8071,653Amortization of deferred acquisition costs444379Non-insurance warranty expense394384Other operating expenses337337Interest3528Total claims, benefits and expenses3,0172,781Income before income tax427371Income tax expense(89)(74)Net income$338$297Basic earnings per share$1.24$1.10Diluted earnings per share$1.24$1.09Weighted Average Outstanding Common Stock and Common Stock EquivalentsBasic271.6271.3Diluted272.7272.3













---

Table of Content s








Three months ended March 31(In millions)20242023Comprehensive IncomeNet income$338$297Other Comprehensive Income, net of taxChanges in:Net unrealized gains and losses on investments with an allowance for credit losses2(8)Net unrealized gains and losses on other investments(217)670Net unrealized gains and losses on investments(215)662Impact of changes in discount rates used to measure long-duration contract liabilities341(396)Foreign currency translation adjustment(32)17Pension and postretirement benefits67Other comprehensive income, net of tax100290Total comprehensive income$438$587










---

Table of Content s








(In millions, except share data)March 31, 2024 (Unaudited)December 31, 2023AssetsInvestments:Fixed maturity securities at fair value (amortized cost of $42,878 and $42,414, less allowance for credit loss of $20 and $16)$40,605$40,425Equity securities at fair value (cost of $681 and $686)691683Limited partnership investments2,2742,174Other invested assets7980Mortgage loans (less allowance for credit loss of $35 and $35)1,0291,035Short-term investments1,9962,165Total investments46,67446,562Cash409345Reinsurance receivables (less allowance for uncollectible receivables of $22 and $22)5,5745,412Insurance receivables (less allowance for uncollectible receivables of $26 and $28)3,4323,442Accrued investment income447444Deferred acquisition costs927896Deferred income taxes9421,016Property and equipment at cost (less accumulated depreciation of $303 and $296)256253Goodwill146146Deferred non-insurance warranty acquisition expense3,6213,661Other assets (includes $— and $23 due from Loews Corporation)2,6472,534Total assets$65,075$64,711LiabilitiesInsurance reserves:Claim and claim adjustment expenses$23,588$23,304Unearned premiums7,0466,933Future policy benefits13,51313,959Short-term debt550550Long-term debt2,9702,481Deferred non-insurance warranty revenue4,6454,694Other liabilities (includes $29 and $28 due to Loews Corporation)3,1012,897Total liabilities55,41354,818Commitments and contingencies (Notes C and G)Stockholders' EquityCommon stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 271,279,498 and 270,881,457 shares outstanding)683683Additional paid-in capital2,2012,221Retained earnings9,4259,755Accumulated other comprehensive loss(2,572)(2,672)Treasury stock (1,760,745 and 2,158,786 shares), at cost(75)(94)Total stockholders’ equity9,6629,893Total liabilities and stockholders' equity$65,075$64,711










---

Table of Content s








Three months ended March 31(In millions)20242023Cash Flows from Operating ActivitiesNet income$338$297Adjustments to reconcile net income to net cash flows provided by operating activities:Deferred income tax expense3921Trading portfolio activity—(13)Net investment losses2235Equity method investees(25)6Net amortization of investments(57)(46)Depreciation and amortization1612Changes in:Receivables, net(162)(24)Accrued investment income(4)(13)Deferred acquisition costs(34)(45)Insurance reserves443432Other, net(72)(226)Net cash flows provided by operating activities504436Cash Flows from Investing ActivitiesDispositions:Fixed maturity securities - sales7361,414Fixed maturity securities - maturities, calls and redemptions507317Equity securities18662Limited partnerships1228Mortgage loans1839Purchases:Fixed maturity securities(1,621)(2,258)Equity securities(169)(82)Limited partnerships(77)(116)Mortgage loans(12)(12)Change in other investments(2)(2)Change in short-term investments192681Purchases of property and equipment(20)(20)Other, net1—Net cash flows (used) provided by investing activities(249)51Cash Flows from Financing ActivitiesDividends paid to common stockholders(667)(445)Proceeds from the issuance of debt490—Purchase of treasury stock—(24)Other, net(12)(11)Net cash flows used by financing activities(189)(480)Effect of foreign exchange rate changes on cash(2)1Net change in cash648Cash, beginning of year345475Cash, end of period$409$483










---

Table of Content s








Three months ended March 31(In millions)20242023Common StockBalance, beginning of period$683$683Balance, end of period683683Additional Paid-in CapitalBalance, beginning of year2,2212,220Stock-based compensation(20)(24)Balance, end of period2,2012,196Retained EarningsBalance, beginning of period, as previously reported9,7559,572Cumulative effect adjustments from changes in accounting guidance, net of tax—(236)Balance, beginning of period9,7559,336Dividends to common stockholders ($2.44 and $1.62 per share)(668)(442)Net income338297Balance, end of period9,4259,191Accumulated Other Comprehensive LossBalance, beginning of period, as previously reported(2,672)(3,557)Cumulative effect adjustments from changes in accounting guidance, net of tax—(41)Balance, beginning of period(2,672)(3,598)Other comprehensive income100290Balance, end of period(2,572)(3,308)Treasury StockBalance, beginning of period(94)(93)Stock-based compensation1922Purchase of treasury stock—(24)Balance, end of period(75)(95)Total stockholders' equity$9,662$8,667













---

Table of Content s










General





92


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.


The interim financial data as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 is unaudited.  However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP.  The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.



















---

Table of Content s


Earnings (Loss) Per Share Data








Three months ended March 31(In millions, except per share data)20242023Net income (loss)$338$297Common Stock and Common Stock EquivalentsBasicWeighted average shares outstanding271.6271.3DilutedWeighted average shares outstanding271.6271.3Dilutive effect of stock-based awards under compensation plans1.11.0Total272.7272.3Earnings (loss) per shareBasic$1.24$1.10Diluted$1.24$1.09





There were no share repurchases during the three months ended March 31, 2024.  The Company repurchased 550,000 shares of CNAF common stock at an aggregate cost of $24 million during the three months ended March 31, 2023







---

Table of Content s


Investments





Three months ended March 31(In millions)20242023Fixed maturity securities$502$470Equity securities2212Limited partnership investments5425Mortgage loans1514Short-term investments2815Trading portfolio13Other85Gross investment income630544Investment expense(21)(19)Net investment income$609$525Net investment income (loss) recognized due to the change in fair value of common stock held as of March 31, 2024 and 2023$13$(1)





Three months ended March 31(In millions)20242023Net investment gains (losses):Fixed maturity securities:Gross gains$14$35Gross losses(46)(57)Net investment gains (losses) on fixed maturity securities(32)(22)Equity securities11(14)Short-term investments and other(1)1Net investment gains (losses)$(22)$(35)Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of March 31, 2024 and 2023$11$(2)





---

Table of Content s


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.


Three months ended March 31(In millions)20242023Fixed maturity securities available-for-sale:Corporate and other bonds$9$8Asset-backed5—Impairment losses (gains) recognized in earnings$14$8


no





---

Table of Content s





March 31, 2024Cost orAmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesAllowance for Credit LossesEstimatedFairValue(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$25,221$485$1,374$3$24,329States, municipalities and political subdivisions7,726318756—7,288Asset-backed:Residential mortgage-backed3,56310483—3,090Commercial mortgage-backed1,838819381,645Other asset-backed3,5861925193,345Total asset-backed8,98737927178,080U.S. Treasury and obligations of government-sponsored enterprises181—2—179Foreign government763337—729Total fixed maturity securities available-for-sale42,8788433,0962040,605Total fixed maturity securities trading—————Total fixed maturity securities$42,878$843$3,096$20$40,605


December 31, 2023Cost orAmortizedCostGrossUnrealizedGainsGrossUnrealizedLossesAllowance for Credit LossesEstimatedFairValue(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$25,020$597$1,345$4$24,268States, municipalities and political subdivisions7,713382703—7,392Asset-backed:Residential mortgage-backed3,41116425—3,002Commercial mortgage-backed1,862723081,631Other asset-backed3,5151325643,268Total asset-backed8,78836911127,901U.S. Treasury and obligations of government-sponsored enterprises15212—151Foreign government741634—713Total fixed maturity securities available-for-sale42,4141,0222,9951640,425Total fixed maturity securities trading—————Total fixed maturity securities$42,414$1,022$2,995$16$40,425





---

Table of Content s





Less than 12 Months12 Months or LongerTotalMarch 31, 2024EstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLosses(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$2,578$48$13,459$1,326$16,037$1,374States, municipalities and political subdivisions686173,2667393,952756Asset-backed:Residential mortgage-backed43482,1594752,593483Commercial mortgage-backed13121,1621911,293193Other asset-backed58891,8332422,421251Total asset-backed1,153195,1549086,307927U.S. Treasury and obligations of government-sponsored enterprises10012811282Foreign government13624523558837Total$4,653$87$22,359$3,009$27,012$3,096


Less than 12 Months12 Months or LongerTotalDecember 31, 2023EstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLossesEstimatedFair ValueGrossUnrealizedLosses(In millions)Fixed maturity securities available-for-sale:Corporate and other bonds$1,943$37$13,406$1,308$15,349$1,345States, municipalities and political subdivisions598183,1046853,702703Asset-backed:Residential mortgage-backed23342,2124212,445425Commercial mortgage-backed20051,1842251,384230Other asset-backed39281,8692482,261256Total asset-backed825175,2658946,090911U.S. Treasury and obligations of government-sponsored enterprises651231882Foreign government5214503350234Total$3,483$74$22,248$2,921$25,731$2,995








---

Table of Content s





March 31, 2024December 31, 2023(In millions)Estimated Fair ValueGross Unrealized LossesEstimated Fair ValueGross Unrealized LossesU.S. Government, Government agencies and Government-sponsored enterprises$2,426$361$2,273$309AAA1,6612801,524261AA4,1096903,817658A6,3245705,652517BBB11,6721,08311,5231,095Non-investment grade820112942155Total$27,012$3,096$25,731$2,995








---

Table of Content s


437
 435 407


(In millions)Corporate and other bondsAsset-backedTotalAllowance for credit losses:Balance as of January 1, 2024$4$12$16Additions 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)———Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis1—1Write-offs charged against the allowance———Recoveries of amounts previously written off———Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period—55Balance as of March 31, 2024$3$17$20


(In millions)Corporate and other bondsAsset-backedTotalAllowance for credit losses:Balance as of January 1, 2023$—$1$1Additions to the allowance for credit losses:Securities for which credit losses were not previously recorded———Available-for-sale securities accounted for as PCD assets9—9Reductions to the allowance for credit losses:Securities sold during the period (realized)6—6Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis3—3Write-offs charged against the allowance———Recoveries of amounts previously written off———Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period1—1Balance as of March 31, 2023$1$1$2








---

Table of Content s








March 31, 2024December 31, 2023(In millions)Cost orAmortizedCostEstimatedFairValueCost orAmortizedCostEstimatedFairValueDue in one year or less$1,238$1,207$1,121$1,091Due after one year through five years11,68011,30811,56311,180Due after five years through ten years13,28312,46113,35912,573Due after ten years16,67715,62916,37115,581Total$42,878$40,605$42,414$40,425








1,570 25








March 31, 2024Mortgage Loans Amortized Cost Basis by Origination Year(1)(In millions)20242023202220212020PriorTotalDSCR ≥1.6xLTV less than 55%$—$33$9$2$97$283$424LTV 55% to 65%———5——5LTV greater than 65%——3012——42DSCR 1.2x - 1.6xLTV less than 55%—285—1363109LTV 55% to 65%122136362431160LTV greater than 65%—1265———77DSCR ≤1.2LTV less than 55%———————LTV 55% to 65%—3275——43150LTV greater than 65%——2821—4897Total$12$126$248$76$134$468$1,064








4










---

Table of Content s


Fair Value

























---

Table of Content s








March 31, 2024TotalAssets/Liabilitiesat Fair Value(In millions)Level 1Level 2Level 3AssetsFixed maturity securities:Corporate bonds and other$189$23,966$1,082$25,237States, municipalities and political subdivisions—7,245437,288Asset-backed—7,2098718,080Total fixed maturity securities18938,4201,99640,605Equity securities:Common stock195—11206Non-redeemable preferred stock46439—485Total equity securities24143911691Short term and other1,80119—1,820Total assets$2,231$38,878$2,007$43,116LiabilitiesOther liabilities$—$—$—$—Total liabilities$—$—$—$—





December 31, 2023TotalAssets/Liabilitiesat Fair Value(In millions)Level 1Level 2Level 3AssetsFixed maturity securities:Corporate bonds and other$161$23,926$1,045$25,132States, municipalities and political subdivisions—7,348447,392Asset-backed—7,0009017,901Total fixed maturity securities16138,2741,99040,425Equity securities:Common stock167—24191Non-redeemable preferred stock52440—492Total equity securities21944024683Short term and other1,97632—2,008Total assets$2,356$38,746$2,014$43,116LiabilitiesOther liabilities$—$1$—$1Total liabilities$—$1$—$1







---

Table of Content s





Level 3(In millions)Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotalBalance as of January 1, 2024$1,045$44$901$24$2,014Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)——(4)—(4)Reported in Net investment income——6612Reported in Other comprehensive income (loss)(12)(1)(5)—(18)Total realized and unrealized investment gains (losses)(12)(1)(3)6(10)Purchases74—18—92Sales——(9)(19)(28)Settlements(36)—(17)—(53)Transfers into Level 311———11Transfers out of Level 3——(19)—(19)Balance as of March 31, 2024$1,082$43$871$11$2,007Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2024 recognized in Net income (loss) in the period$—$—$—$1$1Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2024 recognized in Other comprehensive income (loss) in the period(14)(1)(5)—(20)





Level 3(In millions)Corporate bonds and otherStates, municipalities and political subdivisionsAsset-backedEquity securitiesTotalBalance as of January 1, 2023$810$43$788$35$1,676Total realized and unrealized investment gains (losses):Reported in Net investment gains (losses)—————Reported in Net investment income——5(6)(1)Reported in Other comprehensive income (loss)2417—32Total realized and unrealized investment gains (losses)24112(6)31Purchases81—55—136Sales—————Settlements(3)—(9)—(12)Transfers into Level 3——23—23Transfers out of Level 3——(10)—(10)Balance as of March 31, 2023$912$44$859$29$1,844Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2023 recognized in Net income (loss) in the period$—$—$—$(6)$(6)Unrealized gains (losses) on Level 3 assets and liabilities held as of March 31, 2023 recognized in Other comprehensive income (loss) in the period2417—32


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 Content s


























73 75











---

Table of Content s








March 31, 2024Estimated Fair Value (In millions)Valuation Technique(s)Unobservable Input(s)Range (Weighted Average)Fixed maturity securities$1,521Discounted cash flowCredit spread1% - 7% (2%)


December 31, 2023Estimated Fair Value (In millions)Valuation Technique(s)Unobservable Input(s)Range (Weighted Average)Fixed maturity securities$1,495Discounted cash flowCredit spread1% - 7% (2%)











March 31, 2024CarryingAmountEstimated Fair Value(In millions)Level 1Level 2Level 3TotalAssetsMortgage loans$1,029$—$—$987$987LiabilitiesShort-term debt$550$—$549$—$549Long-term debt2,970—2,852—2,852


December 31, 2023CarryingAmountEstimated Fair Value(In millions)Level 1Level 2Level 3TotalAssetsMortgage loans$1,035$—$—$997$997LiabilitiesShort-term debt$550$—$546$—$546Long-term debt2,481—2,385—2,385








---

Table of Content s







Claim and Claim Adjustment Expense Reserves








88 52








---

Table of Content s








Three months ended March 31(In millions)20242023Reserves, beginning of year:Gross$23,304$22,120Ceded5,1415,191Net reserves, beginning of year18,16316,929Net incurred claim and claim adjustment expenses:Provision for insured events of current year1,5021,326Increase (decrease) in provision for insured events of prior years(6)13Amortization of discount1011Total net incurred(1)1,5061,350Net payments attributable to:Current year events(113)(72)Prior year events(1,168)(1,042)Total net payments(1,281)(1,114)Foreign currency translation adjustment and other(41)35Net reserves, end of period18,34717,200Ceded reserves, end of period5,2415,209Gross reserves, end of period$23,588$22,409








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


Three months ended March 31(In millions)20242023Pretax (favorable) unfavorable development:Specialty$(5)$—Commercial(2)(2)International—15Corporate & Other——Total pretax (favorable) unfavorable development$(7)$13







---

Table of Content s








Three months ended March 31(In millions)20242023Pretax (favorable) unfavorable development:Medical Professional Liability$—$9Other Professional Liability and Management Liability——Surety(18)—Warranty13(9)Other——Total pretax (favorable) unfavorable development$(5)$—



















Three months ended March 31(In millions)20242023Pretax (favorable) unfavorable development:Commercial Auto$—$—General Liability——Workers' Compensation(2)(2)Property and Other——Total pretax (favorable) unfavorable development$(2)$(2)










Three months ended March 31(In millions)20242023Pretax (favorable) unfavorable development:Commercial$—$(2)Specialty—19Other—(2)Total pretax (favorable) unfavorable development$—$15













---

Table of Content s





1.6 4 1.6 1.2 2 215 2.2


2.2


12 8 3.6 405 417


2.6















---

Table of Content s


Future Policy Benefits Reserves














---

Table of Content s





(In millions)20242023Present value of future net premiumsBalance, January 1$3,710$3,993Effect of changes in discount rate(125)(74)Balance, January 1, at original locked in discount rate3,5853,919Effect of changes in cash flow assumptions(1)——Effect of actual variances from expected experience(1)(28)(49)Adjusted balance, January 13,5573,870Interest accrual4752Net premiums: earned during period(107)(111)Balance, end of period at original locked in discount rate3,4973,811Effect of changes in discount rate56154Balance, March 31$3,553$3,965Present value of future benefits & expensesBalance, January 1$17,669$17,472Effect of changes in discount rate(578)(125)Balance, January 1, at original locked in discount rate17,09117,347Effect of changes in cash flow assumptions(1)——Effect of actual variances from expected experience(1)(13)(50)Adjusted balance, January 117,07817,297Interest accrual231242Benefit & expense payments(321)(302)Balance, end of period at original locked in discount rate16,98817,237Effect of changes in discount rate78704Balance, March 31$17,066$17,941Net LFPB$13,513$13,976


15 1





---

Table of Content s





Periods ended March 31Three Months(In millions)20242023Earned premiums$110$115Interest expense184190





As of March 31(In millions)20242023Expected future benefit and expense payments$32,474$33,759Expected future gross premiums5,2705,729


3,664 4,046


11 12





As of March 31As of December 31202420232023Original locked in discount rate5.22%5.26%5.22%Upper-medium grade fixed income instrument discount rate5.204.924.94


20 13 2 11







---

Table of Content s


Legal Proceedings, Contingencies and Guarantees








1.5







---

Table of Content s


Benefit Plans





Three months ended March 31(In millions)20242023Net periodic pension cost (benefit)Interest cost on projected benefit obligation$22$25Expected return on plan assets(29)(30)Amortization of net actuarial loss78Total net periodic pension cost (benefit)$—$3





Three months ended March 31(In millions)20242023Non-Service Cost (Benefit):Insurance claims and policyholder's benefits$—$1Other operating expenses—2Total net periodic pension cost (benefit)$—$3










---

Table of Content s


Accumulated Other Comprehensive Income (Loss) by Component





(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotalBalance as of January 1, 2024$(12)$(1,613)$(525)$(359)$(163)$(2,672)Other comprehensive income (loss) before reclassifications(1)(239)—341(32)69Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $6, $1, $—, $— and $8(3)(22)(6)——(31)Other comprehensive income (loss) net of tax (expense) benefit of $(1), $58, $(1), $(91), $— and $(35)2(217)6341(32)100Balance as of March 31, 2024$(10)$(1,830)$(519)$(18)$(195)$(2,572)


(In millions)Net unrealized gains (losses) on investments with an allowance for credit lossesNet unrealized gains (losses) on other investmentsPension and postretirement benefitsCumulative impact of changes in discount rates used to measure long duration contractsCumulative foreign currency translation adjustmentTotalBalance as of January 1, 2023, as previously reported$(7)$(2,738)$(591)$—$(221)$(3,557)Cumulative effect adjustment from changes in accounting guidance, net of tax (expense) benefit of $—, $—, $—, $11, $—  and $11———(41)—(41)Balance as of January 1, 2023(7)(2738)(591)(41)(221)(3,598)Other comprehensive income (loss) before reclassifications(8)652—(396)17265Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $—, $4, $2, $—, $— and $6—(18)(7)——(25)Other comprehensive income (loss) net of tax (expense) benefit of $2, $(180), $(2), $105, $— and $(75)(8)6707(396)17290Balance as of March 31, 2023$(15)$(2,068)$(584)$(437)$(204)$(3,308)








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







---

Table of Content s


Business Segments




three three two



















---

Table of Content s





Three months ended March 31, 2024SpecialtyCommercialInternationalLife &GroupCorporate& Other(In millions)EliminationsTotalOperating revenuesNet earned premiums$814$1,202$315$110$—$—$2,441Net investment income1501763123121—609Non-insurance warranty revenue407—————407Other revenues18——3(3)9Total operating revenues1,3721,38634634124(3)3,466Claims, benefits and expensesNet incurred claims and benefits477828189312(8)—1,798Policyholders’ dividends27————9Amortization of deferred acquisition costs17820066———444Non-insurance warranty expense394—————394Other insurance related expenses811383929——287Other expenses15122—59(3)85Total claims, benefits and expenses1,1471,18529634151(3)3,017Core income (loss) before income tax22520150—(27)—449Income tax (expense) benefit on core income (loss)(48)(43)(13)55—(94)Core income (loss)$177$158$37$5$(22)$—355Net investment gains (losses)(22)Income tax (expense) benefit on net investment gains (losses)5Net investment gains (losses), after tax(17)Net income (loss)$338


March 31, 2024(In millions)Reinsurance receivables$1,432$1,279$477$92$2,316$—$5,596Insurance receivables9792,0963794——3,458Deferred acquisition costs401394132———927Goodwill117—29———146Deferred non-insurance warranty acquisition expense3,621—————3,621Insurance reservesClaim and claim adjustment expenses7,22110,3322,7456632,627—23,588Unearned premiums3,1932,996740118—(1)7,046Future policy benefits———13,513——13,513Deferred non-insurance warranty revenue4,645—————4,645





---

Table of Content s


Three months ended March 31, 2023SpecialtyCommercialInternationalLife &GroupCorporate& Other(In millions)EliminationsTotalOperating revenuesNet earned premiums$797$1,046$290$115$—$—$2,248Net investment income1291492321410—525Non-insurance warranty revenue407—————407Other revenues—7——3(3)7Total operating revenues1,3331,20231332913(3)3,187Claims, benefits and expensesNet incurred claims and benefits465688189311(7)—1,646Policyholders’ dividends16————7Amortization of deferred acquisition costs16516945———379Non-insurance warranty expense384—————384Other insurance related expenses8614247291—305Other expenses1461141(3)60Total claims, benefits and expenses1,1151,01128234135(3)2,781Core income (loss) before income tax21819131(12)(22)—406Income tax (expense) benefit on core income (loss)(47)(40)(7)94—(81)Core income (loss)$171$151$24$(3)$(18)$—325Net investment gains (losses)(35)Income tax (expense) benefit on net investment gains (losses)7Net investment gains (losses), after tax(28)Net income (loss)$297


December 31, 2023(In millions)Reinsurance receivables$1,281$1,218$468$93$2,374$—$5,434Insurance receivables1,0532,0243885——3,470Deferred acquisition costs392371133———896Goodwill117—29———146Deferred non-insurance warranty acquisition expense3,661—————3,661Insurance reservesClaim and claim adjustment expenses7,13110,1032,7096752,686—23,304Unearned premiums3,2272,85874999——6,933Future policy benefits———13,959——13,959Deferred non-insurance warranty revenue4,694—————4,694










---

Table of Content s





Three months ended March 31(In millions)20242023SpecialtyManagement & Professional Liability$729$705Surety182168Warranty & Alternative Risks461460Specialty revenues1,3721,333CommercialMiddle Market432398Construction455385Small Business154150Other Commercial345269Commercial revenues1,3861,202InternationalCanada9893Europe143127Hardy10593International revenues346313Life & Group revenues341329Corporate & Other revenues2413Eliminations(3)(3)Total operating revenues3,4663,187Net investment gains (losses)(22)(35)Total revenues$3,444$3,152







---

Table of Content s


Non-Insurance Revenues from Contracts with Customers


4.6 4.7 0.4 1.1 1.1 0.9 1.5










---

Table of Content s






























---

Table of Content s





































---

Table of Content s











Three months ended March 31(In millions)20242023Operating RevenuesNet earned premiums$2,441$2,248Net investment income609525Non-insurance warranty revenue407407Other revenues97Total operating revenues3,4663,187Claims, Benefits and ExpensesNet incurred claims and benefits (re-measurement gain (loss) of $(15) and $1)1,7981,646Policyholders' dividends97Amortization of deferred acquisition costs444379Non-insurance warranty expense394384Other insurance related expenses287305Other expenses8560Total claims, benefits and expenses3,0172,781Core income before income tax449406Income tax expense on core income(94)(81)Core income355325Net investment losses(22)(35)Income tax benefit on net investment losses57Net investment losses, after tax(17)(28)Net income$338$297













---

Table of Content s













---

Table of Content s








Three months ended March 31(In millions, except ratios, rate, renewal premium change and retention)20242023Gross written premiums$1,682$1,780Gross written premiums excluding third-party captives880886Net written premiums792788Net earned premiums814797Underwriting gain7680Net investment income150129Core income177171Other performance metrics:Underlying loss ratio59.2%58.4%Effect of catastrophe impacts——Effect of development-related items(0.6)—Loss ratio58.658.4Expense ratio31.831.4Dividend ratio0.30.2Combined ratio90.7%90.0%Underlying combined ratio91.3%90.0%Rate2%2%Renewal premium change34Retention8888New business$94$108

















---

Table of Content s





(In millions)March 31, 2024December 31, 2023Gross case reserves$1,621$1,604Gross IBNR reserves5,6005,527Total gross carried claim and claim adjustment expense reserves$7,221$7,131Net case reserves$1,386$1,392Net IBNR reserves4,5164,524Total net carried claim and claim adjustment expense reserves$5,902$5,916










---

Table of Content s








Three months ended March 31(In millions, except ratios, rate, renewal premium change and retention)20242023Gross written premiums$1,686$1,442Gross written premiums excluding third-party captives1,6821,440Net written premiums1,3381,188Net earned premiums1,2021,046Underwriting gain2941Net investment income176149Core income158151Other performance metrics:Underlying loss ratio62.0%61.5%Effect of catastrophe impacts6.84.2Effect of development-related items——Loss ratio68.865.7Expense ratio28.229.8Dividend ratio0.60.5Combined ratio97.6%96.0%Underlying combined ratio90.8%91.8%Rate6%7%Renewal premium change89Retention8586New business$367$310

















---

Table of Content s





(In millions)March 31, 2024December 31, 2023Gross case reserves$3,280$3,291Gross IBNR reserves7,0526,812Total gross carried claim and claim adjustment expense reserves$10,332$10,103Net case reserves$2,884$2,878Net IBNR reserves6,3306,143Total net carried claim and claim adjustment expense reserves$9,214$9,021







---

Table of Content s








Three months ended March 31(In millions, except ratios, rate, renewal premium change and retention)20242023Gross written premiums$374$398Net written premiums260271Net earned premiums315290Underwriting gain219Net investment income3123Core income3724Other performance metrics:Underlying loss ratio58.1%57.5%Effect of catastrophe impacts2.02.8Effect of development-related items—5.1Loss ratio60.165.4Expense ratio33.231.8Combined ratio93.3%97.2%Underlying combined ratio91.3%89.3%Rate1%4%Renewal premium change38Retention8283New business$68$85

















---

Table of Content s





(In millions)March 31, 2024December 31, 2023Gross case reserves$849$864Gross IBNR reserves1,8961,845Total gross carried claim and claim adjustment expense reserves$2,745$2,709Net case reserves$695$708Net IBNR reserves1,6041,568Total net carried claim and claim adjustment expense reserves$2,299$2,276







---

Table of Content s








Three months ended March 31(In millions)20242023Net earned premiums$110$115Claims, benefits and expenses341341Net investment income231214Core income (loss)5(3)










---

Table of Content s








Three months ended March 31(In millions)20242023Net investment income$21$10Insurance claims and policyholders' benefits(8)(7)Interest expense3428Core loss(22)(18)








(In millions)March 31, 2023December 31, 2023Gross case reserves$1,350$1,353Gross IBNR reserves1,2771,333Total gross carried claim and claim adjustment expense reserves$2,627$2,686Net case reserves$138$129Net IBNR reserves222239Total net carried claim and claim adjustment expense reserves$360$368










---

Table of Content s













Three months ended March 31(In millions)20242023Fixed income securities:Taxable fixed income securities$472$430Tax-exempt fixed income securities3849Total fixed income securities510479Limited partnership and common stock investments6828Other, net of investment expense3118Net investment income$609$525Effective income yield for the fixed income securities portfolio4.7%4.6%Limited partnership and common stock return2.9%1.3%













Three months ended March 31(In millions)20242023Fixed maturity securities:Corporate bonds and other$(17)$(23)States, municipalities and political subdivisions—10Asset-backed(15)(9)Total fixed maturity securities(32)(22)Non-redeemable preferred stock11(14)Derivatives, short term and other(1)1Net investment losses(22)(35)Income tax benefit on net investment losses57Net investment losses, after tax$(17)$(28)













---

Table of Content s








March 31, 2024December 31, 2023(In millions)Estimated Fair ValueNet Unrealized Gains (Losses)Estimated Fair ValueNet Unrealized Gains (Losses)U.S. Government, Government agencies and Government-sponsored enterprises$2,862$(355)$2,795$(298)AAA2,850(203)2,727(169)AA6,384(496)6,444(420)A10,059(327)9,910(223)BBB16,530(795)16,670(744)Non-investment grade1,920(77)1,879(119)Total$40,605$(2,253)$40,425$(1,973)








March 31, 2024(In millions)Estimated Fair ValueGross Unrealized LossesU.S. Government, Government agencies and Government-sponsored enterprises$2,426$361AAA1,661280AA4,109690A6,324570BBB11,6721,083Non-investment grade820112Total$27,012$3,096





March 31, 2024(In millions)Estimated Fair ValueGross Unrealized LossesDue in one year or less$1,067$36Due after one year through five years8,432448Due after five years through ten years8,0701,052Due after ten years9,4431,560Total$27,012$3,096







---

Table of Content s














March 31, 2024December 31, 2023(In millions)Estimated Fair ValueEffectiveDuration(In years)Estimated Fair ValueEffectiveDuration(In years)Life & Group$14,83510.0$15,13710.2Property & Casualty and Corporate & Other28,1234.527,9814.5Total$42,9586.4$43,1186.5










---

Table of Content s










































---

Table of Content s



























---

Table of Content s


























































---

Table of Content s

















































---

Table of Content s



























---

Table of Content s


























---

Table of Content s








CNA Financial CorporationDated:  May 6, 2024By/s/ Scott R. LindquistScott R. Lindquist Executive Vice President and                                                                                                                                                                                                                                                 Chief Financial Officer(Duly authorized officer and principal financial officer)








---

Table of Content s










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