# EDGAR Filing Document

**Accession Number:** 0000021175
**File Stem:** 0000021175-25-000074
**Filing Date:** 2025-8
**Character Count:** 268373
**Document Hash:** 75b1c6abd7c060adf98fb532bda28638
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000021175-25-000074.hdr.sgml**: 20250804

**ACCESSION NUMBER**: 0000021175-25-000074

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 90

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250804

**DATE AS OF CHANGE**: 20250804

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** CNA FINANCIAL CORP
- **CENTRAL INDEX KEY:** 0000021175
- **STANDARD INDUSTRIAL CLASSIFICATION:** FIRE, MARINE & CASUALTY INSURANCE [6331]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 366169860
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05823
- **FILM NUMBER:** 251177917

**BUSINESS ADDRESS:**
- **STREET 1:** CNA
- **STREET 2:** 151 N. FRANKLIN
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 3128225000

**MAIL ADDRESS:**
- **STREET 1:** CNA
- **STREET 2:** 151 N. FRANKLIN
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

?xml version='1.0' encoding='ASCII'? cna-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

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

For the quarterly period ended June 30, 2025

OR

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

For the transition period from _____ to _____

**Commission File Number 1-5823** 

**CNA FINANCIAL CORPORATION** 

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| **Delaware** | **36-6169860** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |

---

---

| | | |
|:---|:---|:---|
| **151 N. Franklin** | **151 N. Franklin** | **60606** |
| **Chicago,** | **Illinois** | (Zip Code) |
| (Address of principal executive offices) | (Address of principal executive offices) | |

---

**(312) 822-5000** 

(Registrant's telephone number, including area code)

**Not Applicable**

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, Par value $2.50 | "CNA" | New York Stock Exchange |
|  |  | NYSE Texas |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

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

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of July 31, 2025, 270,665,399 shares of common stock were outstanding.

------

---

| | | |
|:---|:---|:---|
| Item Number |  | Page<br>Number |
|  | **[PART I](#i36fc820d4790415fbce04c3fc69334b4_232)** |  |
| 1. | &nbsp;&nbsp;<u>Condensed Consolidated Financial Statements:</u> | <u>[3](#i36fc820d4790415fbce04c3fc69334b4_13)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#i36fc820d4790415fbce04c3fc69334b4_16)</u> | <u>[3](#i36fc820d4790415fbce04c3fc69334b4_13)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Comprehensive](#i36fc820d4790415fbce04c3fc69334b4_22)[Income](#i36fc820d4790415fbce04c3fc69334b4_22)[for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#i36fc820d4790415fbce04c3fc69334b4_22)</u> | <u>[4](#i36fc820d4790415fbce04c3fc69334b4_22)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (Unaudited)](#i36fc820d4790415fbce04c3fc69334b4_28)</u> | <u>[5](#i36fc820d4790415fbce04c3fc69334b4_28)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)](#i36fc820d4790415fbce04c3fc69334b4_25)</u> | <u>[6](#i36fc820d4790415fbce04c3fc69334b4_34)</u> |
|  | &nbsp;&nbsp;<u>[Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2025 and 2024 (Unaudited)](#i36fc820d4790415fbce04c3fc69334b4_40)</u> | <u>[7](#i36fc820d4790415fbce04c3fc69334b4_40)</u> |
|  | &nbsp;&nbsp;<u>[Notes to Condensed Consolidated Financial Statements (Unaudited)](#i36fc820d4790415fbce04c3fc69334b4_46)</u> | <u>[8](#i36fc820d4790415fbce04c3fc69334b4_46)</u> |
| 2. | &nbsp;&nbsp;<u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i36fc820d4790415fbce04c3fc69334b4_142)</u> | <u>[45](#i36fc820d4790415fbce04c3fc69334b4_142)</u> |
| 3. | &nbsp;&nbsp;<u>[Quantitative and Qualitative Disclosures About Market Risk](#i36fc820d4790415fbce04c3fc69334b4_226)</u> | <u>[69](#i36fc820d4790415fbce04c3fc69334b4_226)</u> |
| 4. | &nbsp;&nbsp;<u>[Controls and Procedures](#i36fc820d4790415fbce04c3fc69334b4_229)</u> | <u>[69](#i36fc820d4790415fbce04c3fc69334b4_229)</u> |
|  | **PART II** |  |
| 1 | &nbsp;&nbsp;<u>[Legal Proceedings](#i36fc820d4790415fbce04c3fc69334b4_235)</u> | <u>[70](#i36fc820d4790415fbce04c3fc69334b4_235)</u> |
| 6 | &nbsp;&nbsp;<u>[Exhibits](#i36fc820d4790415fbce04c3fc69334b4_256)</u> | <u>[72](#i36fc820d4790415fbce04c3fc69334b4_256)</u> |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2

------

<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**PART I**

**Item 1. Condensed Consolidated Financial Statements**

**CNA Financial Corporation**

**Condensed Consolidated Statements of Operations (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions, except per share data) | **2025** | **2024** | **2025** | **2024** |
| **Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $2694 | $2498 | $5320 | $4939 |
| &nbsp;&nbsp;Net investment income | 662 | 618 | 1266 | 1227 |
| &nbsp;&nbsp;Net investment losses | (46) | (10) | (55) | (32) |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty revenue | 398 | 404 | 795 | 811 |
| &nbsp;&nbsp;&nbsp;Other revenues | 9 | 9 | 18 | 18 |
| Total revenues | 3717 | 3519 | 7344 | 6963 |
| **Claims, Benefits and Expenses** |  |  |  |  |
| &nbsp;&nbsp;Insurance claims and policyholders' benefits (re-measurement loss of $15, $25, $23 and $40) | 2085 | 1882 | 4112 | 3689 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 469 | 435 | 940 | 879 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty expense | 384 | 388 | 769 | 782 |
| &nbsp;&nbsp;&nbsp;Other operating expenses | 368 | 378 | 731 | 715 |
| &nbsp;&nbsp;&nbsp;Interest expense | 31 | 34 | 63 | 69 |
| Total claims, benefits and expenses | 3337 | 3117 | 6615 | 6134 |
| Income before income tax | 380 | 402 | 729 | 829 |
| Income tax expense | (81) | (85) | (156) | (174) |
| **Net income** | $299 | $317 | $573 | $655 |
| **Basic earnings per share** | $1.10 | $1.17 | $2.11 | $2.41 |
| **Diluted earnings per share** | $1.10 | $1.17 | $2.10 | $2.40 |
| **Weighted Average Outstanding Common Stock and Common Stock Equivalents** |  |  |  |  |
| Basic | 271.1 | 271.6 | 271.2 | 271.6 |
| Diluted | 272.2 | 272.6 | 272.4 | 272.6 |

---

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3

------

<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**CNA Financial Corporation**

**Condensed Consolidated Statements of Comprehensive Income (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| **Comprehensive Income** |  |  |  |  |
| Net income | $299 | $317 | $573 | $655 |
| **Other Comprehensive Income, net of tax** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Changes in: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains and losses on investments with an allowance for credit losses | 1 |  | (2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains and losses on other investments | 72 | (244) | 355 | (461) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net unrealized gains and losses on investments | 73 | (244) | 353 | (459) |
| &nbsp;&nbsp;&nbsp;&nbsp;Impact of changes in discount rates used to measure long-duration contract liabilities | (3) | 273 | (117) | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustment | 128 | (10) | 166 | (42) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefits | 1 | 6 | 3 | 12 |
| Other comprehensive income, net of tax | 199 | 25 | 405 | 125 |
| **Total comprehensive income** | $498 | $342 | $978 | $780 |

---

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4

------

<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**CNA Financial Corporation**

**Condensed Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| (In millions, except share data) | **June 30, 2025 (Unaudited)** | **December 31, 2024** |
| **Assets** |  |  |
| &nbsp;&nbsp;&nbsp;Investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities at fair value (amortized cost of $44,726 and $43,481, less allowance for credit loss of $51 and $45) | $42799 | $41111 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity securities at fair value (cost of $684 and $632) | 727 | 659 |
| &nbsp;&nbsp;&nbsp;&nbsp;Limited partnership investments | 2667 | 2520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other invested assets | 88 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans (less allowance for credit loss of $40 and $35) | 1040 | 1019 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 1727 | 2088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | 49048 | 47482 |
| &nbsp;&nbsp;&nbsp;Cash | 373 | 472 |
| &nbsp;&nbsp;Reinsurance receivables (less allowance for uncollectible receivables of $22 and $21) | 6417 | 6051 |
| &nbsp;&nbsp;Insurance receivables (less allowance for uncollectible receivables of $27 and $26) | 4062 | 3671 |
| &nbsp;&nbsp;&nbsp;Accrued investment income | 461 | 451 |
| &nbsp;&nbsp;&nbsp;Deferred acquisition costs | 1021 | 959 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | 759 | 850 |
| &nbsp;&nbsp;Property and equipment at cost (less accumulated depreciation of $338 and $314) | 297 | 295 |
| &nbsp;&nbsp;&nbsp;Goodwill | 148 | 145 |
| &nbsp;&nbsp;&nbsp;Deferred non-insurance warranty acquisition expense | 3441 | 3525 |
| &nbsp;&nbsp;&nbsp;Other assets | 2909 | 2591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $68936 | $66492 |
| **Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Insurance reserves: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Claim and claim adjustment expenses | $26203 | $24976 |
| &nbsp;&nbsp;&nbsp;&nbsp;Unearned premiums | 7890 | 7346 |
| &nbsp;&nbsp;&nbsp;&nbsp;Future policy benefits | 13329 | 13158 |
| &nbsp;&nbsp;&nbsp;Short-term debt | 500 |  |
| &nbsp;&nbsp;&nbsp;Long-term debt | 2475 | 2973 |
| &nbsp;&nbsp;&nbsp;Deferred non-insurance warranty revenue | 4421 | 4530 |
| &nbsp;&nbsp;Other liabilities (includes $24 and $47 due to Loews Corporation) | 3457 | 2996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 58275 | 55979 |
| Commitments and contingencies (Notes C and G) |  |  |
| **Stockholders' Equity** |  |  |
| &nbsp;&nbsp;Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,628,038 and 270,844,681 shares outstanding) | 683 | 683 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 2213 | 2229 |
| &nbsp;&nbsp;&nbsp;Retained earnings | 9460 | 9686 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (1586) | (1991) |
| &nbsp;&nbsp;Treasury stock (2,412,205 and 2,195,562 shares), at cost | (109) | (94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 10661 | 10513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $68936 | $66492 |

---

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5

------

<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

 **CNA Financial Corporation**

**Condensed Consolidated Statements of Cash Flows (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Six months ended June 30** | | |
| (In millions) | **2025** | **2024** |
| **Cash Flows from Operating Activities** |  |  |
| Net income | $573 | $655 |
| &nbsp;&nbsp;Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense | 28 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trading portfolio activity | (11) | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment losses | 55 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity method investees | (18) | (72) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net amortization of investments | (96) | (105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 35 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivables, net | (669) | (626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued investment income | (7) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred acquisition costs | (49) | (55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insurance reserves | 1414 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | (55) | (13) |
| **Net cash flows provided by operating activities** | 1200 | 1120 |
| **Cash Flows from Investing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Dispositions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities - sales | 1497 | 1611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities - maturities, calls and redemptions | 1613 | 1109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | 261 | 288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships | 51 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | 37 | 61 |
| &nbsp;&nbsp;&nbsp;Purchases: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fixed maturity securities | (3756) | (3338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity securities | (296) | (246) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Limited partnerships | (192) | (140) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans | (62) | (12) |
| &nbsp;&nbsp;&nbsp;Change in other investments | 4 | 5 |
| &nbsp;&nbsp;&nbsp;Change in short-term investments | 422 | 461 |
| &nbsp;&nbsp;&nbsp;Purchases of property and equipment | (42) | (39) |
| &nbsp;&nbsp;&nbsp;Other, net | (8) | 2 |
| **Net cash flows used by investing activities** | (471) | (209) |
| **Cash Flows from Financing Activities** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends paid to common stockholders | (798) | (786) |
| &nbsp;&nbsp;&nbsp;Proceeds from the issuance of debt |  | 490 |
| &nbsp;&nbsp;&nbsp;Repayment of debt |  | (550) |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock | (34) | (20) |
| &nbsp;&nbsp;&nbsp;Other, net | (15) | (12) |
| **Net cash flows used by financing activities** | (847) | (878) |
| Effect of foreign exchange rate changes on cash | 19 | (3) |
| Net change in cash | (99) | 30 |
| **Cash, beginning of year** | 472 | 345 |
| **Cash, end of period** | $373 | $375 |

---

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

 **CNA Financial Corporation**

**Condensed Consolidated Statements of Stockholders' Equity (Unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| **Common Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance, beginning of period | $683 | $683 | $683 | $683 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | 683 | 683 | 683 | 683 |
| **Additional Paid-in Capital** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance, beginning of period | 2204 | 2201 | 2229 | 2221 |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 9 | 9 | (16) | (11) |
| &nbsp;&nbsp;&nbsp;Balance, end of period | 2213 | 2210 | 2213 | 2210 |
| **Retained Earnings** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance, beginning of period | 9287 | 9425 | 9686 | 9755 |
| &nbsp;&nbsp;Dividends to common stockholders ($0.46, $0.44, $2.92 and $2.88 per share) | (126) | (119) | (799) | (787) |
| &nbsp;&nbsp;Net income | 299 | 317 | 573 | 655 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | 9460 | 9623 | 9460 | 9623 |
| **Accumulated Other Comprehensive Loss** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance, beginning of period | (1785) | (2572) | (1991) | (2672) |
| &nbsp;&nbsp;Other comprehensive income | 199 | 25 | 405 | 125 |
| &nbsp;&nbsp;&nbsp;Balance, end of period | (1586) | (2547) | (1586) | (2547) |
| **Treasury Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Balance, beginning of period | (110) | (75) | (94) | (94) |
| &nbsp;&nbsp;&nbsp;Stock-based compensation | 1 |  | 19 | 19 |
| &nbsp;&nbsp;&nbsp;Purchase of treasury stock |  | (20) | (34) | (20) |
| &nbsp;&nbsp;&nbsp;Balance, end of period | (109) | (95) | (109) | (95) |
| **Total stockholders' equity** | $10661 | $9874 | $10661 | $9874 |

---

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**CNA Financial Corporation**

**Notes to Condensed Consolidated Financial Statements**

**Note A. General**

***Basis of Presentation***

The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of June 30, 2025.

The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2024, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The interim financial data as of June 30, 2025 and for the three and six months ended June 30, 2025 and 2024 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

***Accounting Standards Pending Adoption***

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): *Improvements to Income Tax Disclosures*. The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Therefore, for the Company, the guidance is effective for the Annual Report on Form 10-K for the year ended December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): *Disaggregation of Income Statement Expenses*. The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on the Company's financial statement disclosures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**Note B. Earnings Per Share Data**

Earnings per share is based on weighted average number of outstanding common shares. Basic earnings per share excludes the impact of dilutive securities and is computed by dividing Net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

The following table presents the income and share data used in the basic and diluted earnings per share computations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| *(In millions, except per share data)* | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $299 | $317 | $573 | $655 |
| **Common Stock and Common Stock Equivalents** |  |  |  |  |
| **Basic** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weighted average shares outstanding | 271.1 | 271.6 | 271.2 | 271.6 |
| **Diluted** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 271.1 | 271.6 | 271.2 | 271.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of stock-based awards under compensation plans | 1.1 | 1.0 | 1.2 | 1.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 272.2 | 272.6 | 272.4 | 272.6 |
| **Earnings per share** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic | $1.10 | $1.17 | $2.11 | $2.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.10 | $1.17 | $2.10 | $2.40 |

---

Excluded from the calculation of diluted earnings per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods.

The Company repurchased 700,000 and 450,000 shares of CNAF common stock at an aggregate cost of $34 million and $20 million during the six months ended June 30, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**Note C. Investments**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;Fixed maturity securities | $536 | $511 | $1058 | $1013 |
| &nbsp;&nbsp;&nbsp;Equity securities | 27 | 13 | 33 | 35 |
| &nbsp;&nbsp;&nbsp;Limited partnership investments | 81 | 74 | 137 | 128 |
| &nbsp;&nbsp;&nbsp;Mortgage loans | 16 | 14 | 32 | 29 |
| &nbsp;&nbsp;&nbsp;Short-term investments | 14 | 20 | 33 | 48 |
| &nbsp;&nbsp;&nbsp;Trading portfolio | 3 |  | 4 | 1 |
| &nbsp;&nbsp;&nbsp;Other | 8 | 7 | 14 | 15 |
| Gross investment income | 685 | 639 | 1311 | 1269 |
| Investment expense | (23) | (21) | (45) | (42) |
| **Net investment income** | $662 | $618 | $1266 | $1227 |
| Net investment income (loss) recognized due to the change in fair value of common stock held as of June 30, 2025 and 2024 | $15 | $2 | $15 | $11 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Net investment gains (losses): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fixed maturity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross gains | $5 | $13 | $18 | $27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross losses | (53) | (25) | (75) | (71) |
| Net investment gains (losses) on fixed maturity securities | (48) | (12) | (57) | (44) |
| &nbsp;&nbsp;&nbsp;Equity securities | 6 | 1 | 6 | 12 |
| &nbsp;&nbsp;&nbsp;Mortgage loans | (5) |  | (5) |  |
| &nbsp;&nbsp;&nbsp;Short-term investments and other | 1 | 1 | 1 |  |
| **Net investment gains (losses)** | $(46) | $(10) | $(55) | $(32) |
| Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of June 30, 2025 and 2024 | $6 | $1 | $4 | $12 |

---

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Fixed maturity securities available-for-sale: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate and other bonds | $4 | $6 | $11 | $15 |
| &nbsp;&nbsp;&nbsp;Asset-backed | 5 |  | 5 | 5 |
| **Impairment losses (gains) recognized in earnings** | $9 | $6 | $16 | $20 |

---

The Company also recognized $5 million of impairment losses on mortgage loans during the three and six months ended June 30, 2025 due to changes in expected credit losses. There were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

The following tables present a summary of fixed maturity securities.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Cost or<br>Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Allowance for Credit Losses** | **Estimated<br>Fair<br>Value** |
| (In millions) | **Cost or<br>Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Allowance for Credit Losses** | **Estimated<br>Fair<br>Value** |
| Fixed maturity securities available-for-sale: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate and other bonds | $26205 | $566 | $1069 | $14 | $25688 |
| &nbsp;&nbsp;&nbsp;States, municipalities and political subdivisions | 8044 | 223 | 892 |  | 7375 |
| &nbsp;&nbsp;&nbsp;Asset-backed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed | 3947 | 25 | 427 |  | 3545 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed | 1756 | 17 | 107 | 18 | 1648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed | 3783 | 25 | 213 | 19 | 3576 |
| &nbsp;&nbsp;&nbsp;Total asset-backed | 9486 | 67 | 747 | 37 | 8769 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury and obligations of government-sponsored enterprises | 231 |  | 5 |  | 226 |
| &nbsp;&nbsp;&nbsp;Foreign government | 744 | 7 | 26 |  | 725 |
| Total fixed maturity securities available-for-sale | 44710 | 863 | 2739 | 51 | 42783 |
| Total fixed maturity securities trading | 16 |  |  |  | 16 |
| **Total fixed maturity securities** | $44726 | $863 | $2739 | $51 | $42799 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Cost or<br>Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Allowance for Credit Losses** | **Estimated<br>Fair<br>Value** |
| (In millions) | **Cost or<br>Amortized<br>Cost** | **Gross<br>Unrealized<br>Gains** | **Gross<br>Unrealized<br>Losses** | **Allowance for Credit Losses** | **Estimated<br>Fair<br>Value** |
| Fixed maturity securities available-for-sale: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate and other bonds | $25839 | $423 | $1305 | $13 | $24944 |
| &nbsp;&nbsp;&nbsp;States, municipalities and political subdivisions | 7396 | 243 | 835 |  | 6804 |
| &nbsp;&nbsp;&nbsp;Asset-backed: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed | 3725 | 7 | 488 |  | 3244 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed | 1830 | 11 | 142 | 18 | 1681 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed | 3770 | 24 | 239 | 14 | 3541 |
| &nbsp;&nbsp;&nbsp;Total asset-backed | 9325 | 42 | 869 | 32 | 8466 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury and obligations of government-sponsored enterprises | 220 | 1 | 1 |  | 220 |
| &nbsp;&nbsp;&nbsp;Foreign government | 701 | 6 | 30 |  | 677 |
| Total fixed maturity securities available-for-sale | 43481 | 715 | 3040 | 45 | 41111 |
| Total fixed maturity securities trading |  |  |  |  |  |
| **Total fixed maturity securities** | $43481 | $715 | $3040 | $45 | $41111 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less than 12 Months** | **Less than 12 Months** | **12 Months or Longer** | **12 Months or Longer** | **Total** | **Total** |
| **June 30, 2025** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** |
| (In millions) | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** |
| Fixed maturity securities available-for-sale: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate and other bonds | $4252 | $135 | $9515 | $934 | $13767 | $1069 |
| &nbsp;&nbsp;&nbsp;States, municipalities and political subdivisions | 1424 | 74 | 2938 | 818 | 4362 | 892 |
| &nbsp;&nbsp;&nbsp;Asset-backed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed | 372 | 9 | 1966 | 418 | 2338 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed | 99 | 1 | 959 | 106 | 1058 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed | 580 | 18 | 1419 | 195 | 1999 | 213 |
| &nbsp;&nbsp;&nbsp;Total asset-backed | 1051 | 28 | 4344 | 719 | 5395 | 747 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury and obligations of government-sponsored enterprises | 55 | 3 | 19 | 2 | 74 | 5 |
| &nbsp;&nbsp;&nbsp;Foreign government | 145 | 3 | 294 | 23 | 439 | 26 |
| **Total** | $6927 | $243 | $17110 | $2496 | $24037 | $2739 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Less than 12 Months** | **Less than 12 Months** | **12 Months or Longer** | **12 Months or Longer** | **Total** | **Total** |
| **December 31, 2024** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** |
| (In millions) | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** | **Estimated<br>Fair Value** | **Gross<br>Unrealized<br>Losses** |
| Fixed maturity securities available-for-sale: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate and other bonds | $5846 | $165 | $10388 | $1140 | $16234 | $1305 |
| &nbsp;&nbsp;&nbsp;States, municipalities and political subdivisions | 1247 | 52 | 2967 | 783 | 4214 | 835 |
| &nbsp;&nbsp;&nbsp;Asset-backed: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential mortgage-backed | 849 | 22 | 2010 | 466 | 2859 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial mortgage-backed | 230 | 3 | 988 | 139 | 1218 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other asset-backed | 680 | 21 | 1557 | 218 | 2237 | 239 |
| &nbsp;&nbsp;&nbsp;Total asset-backed | 1759 | 46 | 4555 | 823 | 6314 | 869 |
| &nbsp;&nbsp;&nbsp;U.S. Treasury and obligations of government-sponsored enterprises | 49 | 1 | 41 |  | 90 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign government | 118 | 3 | 368 | 27 | 486 | 30 |
| **Total** | $9019 | $267 | $18319 | $2773 | $27338 | $3040 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| <br>(In millions) | **Estimated Fair Value** | **Gross Unrealized Losses** | **Estimated Fair Value** | **Gross Unrealized Losses** |
| U.S. Government, Government agencies and Government-sponsored enterprises | $2086 | $322 | $2567 | $373 |
| AAA | 1608 | 280 | 1830 | 283 |
| AA | 4234 | 735 | 4257 | 730 |
| A | 5901 | 523 | 6340 | 582 |
| BBB | 9531 | 787 | 11548 | 980 |
| Non-investment grade | 677 | 92 | 796 | 92 |
| **Total** | $24037 | $2739 | $27338 | $3040 |

---

Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2025 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $451 million, $442 million, and $444 million as of June 30, 2025, December 31, 2024, and June 30, 2024 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.

---

| | | | |
|:---|:---|:---|:---|
| (In millions) | **Corporate and other bonds** | **Asset-backed** | **Total** |
| Allowance for credit losses: |  |  |  |
| **Balance as of April 1, 2025** | $15 | $32 | $47 |
| Additions to the allowance for credit losses: |  |  |  |
| &nbsp;&nbsp;Securities for which credit losses were not previously recorded | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities accounted for as PCD assets |  |  |  |
| Reductions to the allowance for credit losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities disposed during the period (realized) | 6 |  | 6 |
| &nbsp;&nbsp;Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis |  |  |  |
| &nbsp;&nbsp;Write-offs charged against the allowance |  |  |  |
| &nbsp;&nbsp;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 | 2 | 5 | 7 |
| **Balance as of June 30, 2025** | $14 | $37 | $51 |

---

---

| | | | |
|:---|:---|:---|:---|
| (In millions) | **Corporate and other bonds** | **Asset-backed** | **Total** |
| Allowance for credit losses: |  |  |  |
| **Balance as of April 1, 2024** | $3 | $17 | $20 |
| Additions to the allowance for credit losses: |  |  |  |
| &nbsp;&nbsp;Securities for which credit losses were not previously recorded |  |  |  |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities accounted for as PCD assets |  |  |  |
| Reductions to the allowance for credit losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities disposed during the period (realized) | 3 | 1 | 4 |
| &nbsp;&nbsp;Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis |  |  |  |
| &nbsp;&nbsp;Write-offs charged against the allowance |  |  |  |
| &nbsp;&nbsp;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 |  | 1 | 1 |
| **Balance as of June 30, 2024** | $— | $17 | $17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

---

| | | | |
|:---|:---|:---|:---|
| (In millions) | **Corporate and other bonds** | **Asset-backed** | **Total** |
| Allowance for credit losses: |  |  |  |
| **Balance as of January 1, 2025** | $13 | $32 | $45 |
| Additions to the allowance for credit losses: |  |  |  |
| &nbsp;&nbsp;Securities for which credit losses were not previously recorded | 3 |  | 3 |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities accounted for as PCD assets |  |  |  |
| Reductions to the allowance for credit losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities disposed during the period (realized) | 6 |  | 6 |
| &nbsp;&nbsp;Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis |  |  |  |
| &nbsp;&nbsp;Write-offs charged against the allowance |  |  |  |
| &nbsp;&nbsp;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 | 4 | 5 | 9 |
| **Balance as of June 30, 2025** | $14 | $37 | $51 |

---

---

| | | | |
|:---|:---|:---|:---|
| (In millions) | **Corporate and other bonds** | **Asset-backed** | **Total** |
| Allowance for credit losses: |  |  |  |
| **Balance as of January 1, 2024** | $4 | $12 | $16 |
| Additions to the allowance for credit losses: |  |  |  |
| &nbsp;&nbsp;Securities for which credit losses were not previously recorded |  |  |  |
| &nbsp;&nbsp;&nbsp;Available-for-sale securities accounted for as PCD assets |  |  |  |
| Reductions to the allowance for credit losses: |  |  |  |
| &nbsp;&nbsp;&nbsp;Securities disposed during the period (realized) | 3 | 1 | 4 |
| &nbsp;&nbsp;Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis | 1 |  | 1 |
| &nbsp;&nbsp;Write-offs charged against the allowance |  |  |  |
| &nbsp;&nbsp;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 |  | 6 | 6 |
| **Balance as of June 30, 2024** | $— | $17 | $17 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

***Contractual Maturity***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (In millions) | **Cost or<br>Amortized<br>Cost** | **Estimated<br>Fair<br>Value** | **Cost or<br>Amortized<br>Cost** | **Estimated<br>Fair<br>Value** |
| Due in one year or less | $1627 | $1611 | $1761 | $1753 |
| Due after one year through five years | 12083 | 11843 | 11678 | 11403 |
| Due after five years through ten years | 12865 | 12467 | 13134 | 12415 |
| Due after ten years | 18135 | 16862 | 16908 | 15540 |
| **Total** | $44710 | $42783 | $43481 | $41111 |

---

Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.

***Investment Commitments***

As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of June 30, 2025, the Company had commitments to purchase or fund approximately $1,805 million and sell approximately $80 million under the terms of these investments.

***Mortgage Loans***

The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Mortgage Loans Amortized Cost Basis by Origination Year** <sup>(1)</sup> | **Mortgage Loans Amortized Cost Basis by Origination Year** <sup>(1)</sup> | **Mortgage Loans Amortized Cost Basis by Origination Year** <sup>(1)</sup> | **Mortgage Loans Amortized Cost Basis by Origination Year** <sup>(1)</sup> | **Mortgage Loans Amortized Cost Basis by Origination Year** <sup>(1)</sup> | **Mortgage Loans Amortized Cost Basis by Origination Year** <sup>(1)</sup> | **Mortgage Loans Amortized Cost Basis by Origination Year** <sup>(1)</sup> |
| (In millions) | **2025** | **2024** | **2023** | **2022** | **2021** | **Prior** | **Total** |
| DSCR ≥1.6x |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LTV less than 55% | $— | $— | $33 | $6 | $5 | $213 | $257 |
| &nbsp;&nbsp;LTV 55% to 65% | 12 |  | 12 | 14 | 6 | 16 | 60 |
| &nbsp;&nbsp;LTV greater than 65% |  |  |  | 30 | 12 |  | 42 |
| DSCR 1.2x - 1.6x |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LTV less than 55% |  | 68 | 28 | 5 | 2 | 130 | 233 |
| &nbsp;&nbsp;LTV 55% to 65% | 13 | 33 | 31 | 21 | 30 | 36 | 164 |
| &nbsp;&nbsp;LTV greater than 65% |  |  |  | 46 |  |  | 46 |
| DSCR ≤1.2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;LTV less than 55% |  |  | 6 |  |  | 21 | 27 |
| &nbsp;&nbsp;LTV 55% to 65% | 37 |  | 16 | 74 |  | 20 | 147 |
| &nbsp;&nbsp;LTV greater than 65% |  |  |  | 35 | 21 | 48 | 104 |
| **Total** | $62 | $101 | $126 | $231 | $76 | $484 | $1080 |

---

(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.

As of June 30, 2025, accrued interest receivable on mortgage loans totaled $4 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**Note D. Fair Value**

Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable.

Level 1 - Quoted prices for identical instruments in active markets.

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are not observable.

Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company.

The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include i) the review of pricing service methodologies or broker pricing qualifications, ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, and iv) deep dives, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

***Assets and Liabilities Measured at Fair Value***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | | | | **Total<br>Assets/Liabilities<br>at Fair Value** |
| (In millions) | **Level 1** | **Level 2** | **Level 3** | **Total<br>Assets/Liabilities<br>at Fair Value** |
| **Assets** |  |  |  |  |
| Fixed maturity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds and other | $229 | $25038 | $1388 | $26655 |
| &nbsp;&nbsp;&nbsp;States, municipalities and political subdivisions |  | 7331 | 44 | 7375 |
| &nbsp;&nbsp;&nbsp;Asset-backed |  | 7883 | 886 | 8769 |
| Total fixed maturity securities | 229 | 40252 | 2318 | 42799 |
| Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 213 |  | 10 | 223 |
| &nbsp;&nbsp;&nbsp;Non-redeemable preferred stock | 35 | 469 |  | 504 |
| Total equity securities | 248 | 469 | 10 | 727 |
| Short-term and other | 1511 | 45 |  | 1556 |
| **Total assets** | $1988 | $40766 | $2328 | $45082 |
| **Total liabilities** | $— | $— | $— | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | | | | **Total<br>Assets/Liabilities<br>at Fair Value** |
| (In millions) | **Level 1** | **Level 2** | **Level 3** | **Total<br>Assets/Liabilities<br>at Fair Value** |
| **Assets** |  |  |  |  |
| Fixed maturity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds and other | $223 | $24340 | $1278 | $25841 |
| &nbsp;&nbsp;&nbsp;States, municipalities and political subdivisions |  | 6762 | 42 | 6804 |
| &nbsp;&nbsp;&nbsp;Asset-backed |  | 7590 | 876 | 8466 |
| Total fixed maturity securities | 223 | 38692 | 2196 | 41111 |
| Equity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common stock | 162 |  | 18 | 180 |
| &nbsp;&nbsp;&nbsp;Non-redeemable preferred stock | 36 | 441 | 2 | 479 |
| Total equity securities | 198 | 441 | 20 | 659 |
| Short-term and other | 1852 | 70 |  | 1922 |
| **Total assets** | $2273 | $39203 | $2216 | $43692 |
| **Total liabilities** | $— | $— | $— | $— |

---

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The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3**<br>(In millions) | **Corporate bonds and other** | **States, municipalities and political subdivisions** | **Asset-backed** | **Equity securities** | **Total** |
| **Balance as of April 1, 2025** | $1351 | $44 | $889 | $17 | $2301 |
| Total realized and unrealized investment gains (losses): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reported in Net investment gains (losses) | 1 |  | (4) |  | (3) |
| &nbsp;&nbsp;&nbsp;Reported in Net investment income |  |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;Reported in Other comprehensive income (loss) | 16 |  | (4) |  | 12 |
| Total realized and unrealized investment gains (losses) | 17 |  | (3) |  | 14 |
| Purchases | 44 |  | 22 |  | 66 |
| Sales |  |  |  | (7) | (7) |
| Settlements | (24) |  | (22) |  | (46) |
| Transfers into Level 3 |  |  |  |  |  |
| Transfers out of Level 3 |  |  |  |  |  |
| **Balance as of June 30, 2025** | $1388 | $44 | $886 | $10 | $2328 |
| Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Net income (loss) in the period | $— | $— | $— | $(1) | $(1) |
| Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Other comprehensive income (loss) in the period | 16 |  | (4) |  | 12 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3**<br>(In millions) | **Corporate bonds and other** | **States, municipalities and political subdivisions** | **Asset-backed** | **Equity securities** | **Total** |
| **Balance as of April 1, 2024** | $1082 | $43 | $871 | $11 | $2007 |
| Total realized and unrealized investment gains (losses): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reported in Net investment gains (losses) |  |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;Reported in Net investment income |  |  | 5 |  | 5 |
| &nbsp;&nbsp;&nbsp;Reported in Other comprehensive income (loss) | (8) |  | (11) |  | (19) |
| Total realized and unrealized investment gains (losses) | (8) |  | (9) |  | (17) |
| Purchases | 72 |  | 55 | 3 | 130 |
| Sales |  |  | (5) |  | (5) |
| Settlements | (17) |  | (25) |  | (42) |
| Transfers into Level 3 |  |  |  |  |  |
| Transfers out of Level 3 |  |  |  |  |  |
| **Balance as of June 30, 2024** | $1129 | $43 | $887 | $14 | $2073 |
| Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2024 recognized in Net income (loss) in the period | $— | $— | $— | $— | $— |
| Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2024 recognized in Other comprehensive income (loss) in the period | (8) |  | (11) |  | (19) |

---

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3**<br>(In millions) | **Corporate bonds and other** | **States, municipalities and political subdivisions** | **Asset-backed** | **Equity securities** | **Total** |
| **Balance as of January 1, 2025** | $1278 | $42 | $876 | $20 | $2216 |
| Total realized and unrealized investment gains (losses): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reported in Net investment gains (losses) | 1 |  | (4) | 2 | (1) |
| &nbsp;&nbsp;&nbsp;Reported in Net investment income |  |  | 9 | (1) | 8 |
| &nbsp;&nbsp;&nbsp;Reported in Other comprehensive income (loss) | 37 | 2 | (3) |  | 36 |
| Total realized and unrealized investment gains (losses) | 38 | 2 | 2 | 1 | 43 |
| Purchases | 99 |  | 49 |  | 148 |
| Sales |  |  |  | (7) | (7) |
| Settlements | (42) |  | (41) | (4) | (87) |
| Transfers into Level 3 | 15 |  |  |  | 15 |
| Transfers out of Level 3 |  |  |  |  |  |
| **Balance as of June 30, 2025** | $1388 | $44 | $886 | $10 | $2328 |
| Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Net income (loss) in the period | $— | $— | $— | $(1) | $(1) |
| Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Other comprehensive income (loss) in the period | 37 | 2 | (3) |  | 36 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Level 3**<br>(In millions) | **Corporate bonds and other** | **States, municipalities and political subdivisions** | **Asset-backed** | **Equity securities** | **Total** |
| **Balance as of January 1, 2024** | $1045 | $44 | $901 | $24 | $2014 |
| Total realized and unrealized investment gains (losses): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Reported in Net investment gains (losses) |  |  | (7) |  | (7) |
| &nbsp;&nbsp;&nbsp;Reported in Net investment income |  |  | 11 | 6 | 17 |
| &nbsp;&nbsp;&nbsp;Reported in Other comprehensive income (loss) | (20) | (1) | (16) |  | (37) |
| Total realized and unrealized investment gains (losses) | (20) | (1) | (12) | 6 | (27) |
| Purchases | 146 |  | 73 | 3 | 222 |
| Sales |  |  | (14) | (19) | (33) |
| Settlements | (53) |  | (42) |  | (95) |
| Transfers into Level 3 | 11 |  |  |  | 11 |
| Transfers out of Level 3 |  |  | (19) |  | (19) |
| **Balance as of June 30, 2024** | $1129 | $43 | $887 | $14 | $2073 |
| Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2024 recognized in Net income (loss) in the period | $— | $— | $— | $2 | $2 |
| Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2024 recognized in Other comprehensive income (loss) in the period | (22) | (1) | (16) |  | (39) |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

***Valuation Methodologies and Inputs***

The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified.

*Fixed Maturity Securities*

Level 1 securities include highly liquid government securities and exchange traded bonds, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology, or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable.

*Equity Securities* 

Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable.

*Short-Term and Other Invested Assets*

Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short-term investments as presented in the tables above differ from the amounts presented on the Condensed Consolidated Balance Sheets because certain short-term investments, such as time deposits, are not measured at fair value.

As of June 30, 2025 and December 31, 2024, there were $82 million and $79 million of overseas deposits within Other invested assets, which can be redeemed at net asset value in 90 days or less. Overseas deposits are excluded from the fair value hierarchy because their fair value is recorded using the net asset value per share (or equivalent) practical expedient.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

***Significant Unobservable Inputs***

The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Estimated Fair Value <br>(In millions)** | **Valuation Technique(s)** | **Unobservable Input(s)** | **Range<br> (Weighted Average)** |
| Fixed maturity securities | $1867 | Discounted cash flow | Credit spread | 1% - 7% (2%) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Estimated Fair Value <br>(In millions)** | **Valuation Technique(s)** | **Unobservable Input(s)** | **Range<br> (Weighted Average)** |
| Fixed maturity securities | $1724 | Discounted cash flow | Credit spread | 1% - 6% (2%) |

---

For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.

***Financial Assets and Liabilities Not Measured at Fair Value***

The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Carrying<br>Amount** | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** |
| (In millions) | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |  |
| Mortgage loans | $1040 | $— | $— | $1026 | $1026 |
| **Liabilities** |  |  |  |  |  |
| Short-term debt | $500 | $— | $499 | $— | $499 |
| Long-term debt | 2475 |  | 2435 |  | 2435 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Carrying<br>Amount** | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** | **Estimated Fair Value** |
| (In millions) | **Carrying<br>Amount** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |  |
| Mortgage loans | $1019 | $— | $— | $987 | $987 |
| **Liabilities** |  |  |  |  |  |
| Short-term debt | $— | $— | $— | $— | $— |
| Long-term debt | 2973 |  | 2885 |  | 2885 |

---

The carrying amounts reported on the Condensed Consolidated Balance Sheets for Cash, Short-term investments not carried at fair value, Accrued investment income and certain Other assets and Other liabilities approximate fair value due to the short term nature of these items. These assets and liabilities are not listed in the tables above.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**Note E. Claim and Claim Adjustment Expense Reserves** 

Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (IBNR) claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.

Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for the Company's structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, the Company's actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $62 million and $159 million for the three and six months ended June 30, 2025 and $82 million and $170 million for the three and six months ended June 30, 2024 driven by severe weather related events.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**Liability for Unpaid Claim and Claim Adjustment Expenses**

The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.

---

| | | |
|:---|:---|:---|
| **For the six months ended June 30** | | |
| (In millions) | **2025** | **2024** |
| Reserves, beginning of year: |  |  |
| &nbsp;&nbsp;&nbsp;Gross | $24976 | $23304 |
| &nbsp;&nbsp;&nbsp;Ceded | 5713 | 5141 |
| Net reserves, beginning of year | 19263 | 18163 |
| Net incurred claim and claim adjustment expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Provision for insured events of current year | 3309 | 3039 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in provision for insured events of prior years | 189 | 19 |
| &nbsp;&nbsp;&nbsp;Amortization of discount | 20 | 20 |
| Total net incurred <sup>(1)</sup> | 3518 | 3078 |
| Net payments attributable to: |  |  |
| &nbsp;&nbsp;&nbsp;Current year events | (316) | (308) |
| &nbsp;&nbsp;&nbsp;Prior year events | (2391) | (2259) |
| Total net payments | (2707) | (2567) |
| Foreign currency translation adjustment and other | 199 | (58) |
| Net reserves, end of period | 20273 | 18616 |
| Ceded reserves, end of period | 5930 | 5358 |
| **Gross reserves, end of period** | $26203 | $23974 |

---

(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.

**Net Prior Year Development**

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Pretax (favorable) unfavorable development: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Specialty | $— | $(3) | $10 | $(8) |
| &nbsp;&nbsp;&nbsp;Commercial | (4) | (6) | 47 | (8) |
| &nbsp;&nbsp;&nbsp;International |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp;Corporate & Other | 112 | 35 | 134 | 35 |
| **Total pretax (favorable) unfavorable development** | $108 | $23 | $191 | $16 |

---

Following the second quarter annual review of Corporate & Other reserves, including legacy mass tort exposures, unfavorable development of $112 million was recorded within the Corporate & Other segment for the three months ended June 30, 2025, largely associated with legacy mass tort abuse claim activity, the on-going effects of social inflation, and the anticipated agreement in principle with regards to the Diocese of Rochester. Unfavorable development of $134 million was recorded for the six months ended June 30, 2025, primarily driven by the second quarter change. Unfavorable development of $35 million was recorded within the Corporate & Other segment for the three and six months ended June 30, 2024, largely associated with legacy mass tort abuse reserves.

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***Specialty***

The following table presents further detail of the development recorded for the Specialty segment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Pretax (favorable) unfavorable development: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Medical Professional Liability | $— | $(2) | $— | $(2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other Professional Liability and Management Liability | 18 | 17 | 18 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;Surety | (22) | (8) | (22) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Warranty |  |  | 10 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 4 | (10) | 4 | (10) |
| **Total pretax (favorable) unfavorable development** | $— | $(3) | $10 | $(8) |

---

**Three Months**

<u>2025</u>

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional errors and omissions (E&O) business.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

<u>2024</u>

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O and cyber businesses.

Favorable development in other was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.

**Six Months**

<u>2025</u>

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O business.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.

<u>2024</u>

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O and cyber businesses.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.

Favorable development in other was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

***Commercial***

The following table presents further detail of the development recorded for the Commercial segment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Pretax (favorable) unfavorable development: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Auto | $— | $21 | $50 | $21 |
| &nbsp;&nbsp;&nbsp;&nbsp;General Liability | 62 | 19 | 62 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Workers' Compensation | (66) | (47) | (65) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and Other |  | 1 |  | 1 |
| **Total pretax (favorable) unfavorable development** | $(4) | $(6) | $47 | $(8) |

---

**Three Months**

<u>2025</u>

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.

Favorable development in workers' compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.

<u>2024</u>

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.

Favorable development in workers' compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.

**Six Months**

<u>2025</u>

Unfavorable development in commercial auto was due to higher than expected claim severity largely in the Company's construction business in the most recent accident year.

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.

Favorable development in workers' compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.

<u>2024</u>

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2014 and prior.

Favorable development in workers' compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.

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***International***

The following table presents further detail of the development recorded for the International segment.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Pretax (favorable) unfavorable development: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial | $(3) | $6 | $(3) | $6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Specialty | 4 | (9) | 4 | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | (1) |  | (1) |  |
| **Total pretax (favorable) unfavorable development** | $— | $(3) | $— | $(3) |

---

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

***Asbestos & Environmental Pollution (A&EP) Reserves***

In 2010, Continental Casualty Company (CCC) together with several of the Company's insurance subsidiaries completed a transaction with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which substantially all of the Company's legacy A&EP liabilities were ceded to NICO through a Loss Portfolio Transfer (LPT). At the effective date of the transaction, the Company ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third-party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third-party reinsurance related to these liabilities. The Company paid NICO a reinsurance premium of $2.0 billion and transferred to NICO billed third-party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion.

In years subsequent to the effective date of the LPT, the Company recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which the Company recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders' benefits in the Condensed Consolidated Statements of Operations.

The impact of the LPT on the Condensed Consolidated Statements of Operations was the recognition of a retroactive reinsurance benefit of $8 million and $13 million for the three months ended June 30, 2025 and 2024 and $25 million for the six months ended June 30, 2025 and 2024. As of June 30, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $3.7 billion. The unrecognized deferred retroactive reinsurance benefit was $400 million and $425 million as of June 30, 2025 and December 31, 2024 and is included within Other liabilities on the Condensed Consolidated Balance Sheets.

NICO established a collateral trust account as security for its obligations to the Company. The fair value of the collateral trust account was $2.2 billion as of June 30, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO's performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the Company's A&EP claims.

***Credit Risk for Ceded Reserves***

The majority of the Company's outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**Note F. Future Policy Benefits Reserves**

Future policy benefits reserves are associated with the Company's run-off long-term care business, which is included in the Life & Group segment, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (LFPB) which is reflected as Insurance reserves: Future policy benefits on the Condensed Consolidated Balance Sheets.

The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, the Company's future policy benefits reserves may be subject to material increases if actual experience develops adversely to the Company's expectations.

See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024 for further information on the long-term care reserving process.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

The following table summarizes balances and changes in the LFPB.

---

| | | |
|:---|:---|:---|
| (In millions) | **2025** | **2024** |
| **Present value of future net premiums** |  |  |
| &nbsp;&nbsp;Balance, January 1 | $3425 | $3710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate | (7) | (125) |
| &nbsp;&nbsp;Balance, January 1, at original locked in discount rate | 3418 | 3585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual variances from expected experience <sup>(1)</sup> | (1) | (29) |
| &nbsp;&nbsp;Adjusted balance, January 1 | 3417 | 3556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrual | 88 | 92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net premiums: earned during period | (203) | (212) |
| &nbsp;&nbsp;Balance, end of period at original locked in discount rate | 3302 | 3436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate | 50 | 11 |
| &nbsp;&nbsp;**Balance, June 30** | $3352 | $3447 |
| **Present value of future benefits & expenses** |  |  |
| &nbsp;&nbsp;Balance, January 1 | $16583 | $17669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate | 440 | (578) |
| &nbsp;&nbsp;Balance, January 1, at original locked in discount rate | 17023 | 17091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in cash flow assumptions <sup>(1)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of actual variances from expected experience <sup>(1)</sup> | 22 | 11 |
| &nbsp;&nbsp;Adjusted balance, January 1 | 17045 | 17102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest accrual | 458 | 461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit & expense payments | (574) | (592) |
| &nbsp;&nbsp;Balance, end of period at original locked in discount rate | 16929 | 16971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of changes in discount rate | (248) | (313) |
| &nbsp;&nbsp;**Balance, June 30** | $16681 | $16658 |
| **Net LFPB** | $13329 | $13211 |

---

(1) As of June 30, 2025 and 2024 the re-measurement gain (loss) of $(23) million and $(40) million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

The following table presents earned premiums and interest accretion associated with the Company's long-term care business recognized on the Condensed Consolidated Statement of Operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Earned premiums | $106 | $109 | $212 | $219 |
| Interest accretion | 185 | 185 | 370 | 369 |

---

The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.

---

| | | |
|:---|:---|:---|
| | **As of June 30** | **As of June 30** |
| (In millions) | **2025** | **2024** |
| Expected future benefit and expense payments | $31141 | $32212 |
| Expected future gross premiums | 4971 | 5149 |

---

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,491 million and $3,546 million as of June 30, 2025 and 2024.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of June 30, 2025 and 2024.

The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.

---

| | | | |
|:---|:---|:---|:---|
| | **As of June 30** | **As of June 30** | **As of December 31** |
| | **2025** | **2024** | **2024** |
| Original locked in discount rate | 5.18% | 5.21% | 5.20% |
| Upper-medium grade fixed income instrument discount rate | 5.39 | 5.43 | 5.51 |

---

For the three and six months ended June 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the Net Premium Ratio (NPR) exceeded 100% were $14 million and $28 million. For the three and six months ended June 30, 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $24 million and $44 million.

For the three and six months ended June 30, 2025, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $5 million and $11 million. For the three and six months ended June 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $6 million and $8 million.

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**Note G**. **Legal Proceedings, Contingencies and Guarantees**

The Company is a party to various claims and litigation incidental to its business, which, based on the facts and circumstances currently known, are not material to the Company's results of operations or financial position.

***Guarantees***

The Company has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of June 30, 2025, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $1.4 billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**Note H. Benefit Plans**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| **Net periodic pension cost (benefit)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest cost on projected benefit obligation | $9 | $22 | $18 | $44 |
| &nbsp;&nbsp;&nbsp;Expected return on plan assets | (13) | (29) | (27) | (58) |
| &nbsp;&nbsp;&nbsp;Amortization of net actuarial loss (gain) | 2 | 7 | 4 | 14 |
| **Total net periodic pension cost (benefit)** | $(2) | $— | $(5) | $— |

---

The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| **Non-Service Cost (Benefit):** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Insurance claims and policyholder's benefits | $— | $— | $(1) | $— |
| &nbsp;&nbsp;&nbsp;Other operating expenses | (2) |  | (4) |  |
| **Total net periodic pension cost (benefit)** | $(2) | $— | $(5) | $— |

---

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**Note I. Accumulated Other Comprehensive Income (Loss) by Component**

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In millions) | **Net unrealized gains (losses) on investments with an allowance for credit losses** | **Net unrealized gains (losses) on other investments** | **Pension and postretirement benefits** | **Cumulative impact of changes in discount rates used to measure long duration contracts** | **Cumulative foreign currency translation adjustment** | **Total** |
| **Balance as of April 1, 2025** | $(16) | $(1593) | $(189) | $239 | $(226) | $(1785) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications | (5) | 42 |  | (3) | 128 | 162 |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $10, $1, $—, $— and $13 | (6) | (30) | (1) |  |  | (37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) net of tax (expense) benefit of $—, $(22), $(1), $—, $— and $(23) | 1 | 72 | 1 | (3) | 128 | 199 |
| **Balance as of June 30, 2025** | $(15) | $(1521) | $(188) | $236 | $(98) | $(1586) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In millions) | **Net unrealized gains (losses) on investments with an allowance for credit losses** | **Net unrealized gains (losses) on other investments** | **Pension and postretirement benefits** | **Cumulative impact of changes in discount rates used to measure long duration contracts** | **Cumulative foreign currency translation adjustment** | **Total** |
| **Balance as of April 1, 2024** | $(10) | $(1830) | $(519) | $(18) | $(195) | $(2572) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications | (4) | (250) |  | 273 | (10) | 9 |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $1, $1, $—, $— and $3 | (4) | (6) | (6) |  |  | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) net of tax (expense) benefit of $—, $66, $(1), $(72), $— and $(7) |  | (244) | 6 | 273 | (10) | 25 |
| **Balance as of June 30, 2024** | $(10) | $(2074) | $(513) | $255 | $(205) | $(2547) |

---

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In millions) | **Net unrealized gains (losses) on investments with an allowance for credit losses** | **Net unrealized gains (losses) on other investments** | **Pension and postretirement benefits** | **Cumulative impact of changes in discount rates used to measure long duration contracts** | **Cumulative foreign currency translation adjustment** | **Total** |
| **Balance as of January 1, 2025** | $(13) | $(1876) | $(191) | $353 | $(264) | $(1991) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications | (10) | 319 |  | (117) | 166 | 358 |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $11, $1, $—, $— and $14 | (8) | (36) | (3) |  |  | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) net of tax (expense) benefit of $1, $(96), $(1), $31, $— and $(65) | (2) | 355 | 3 | (117) | 166 | 405 |
| **Balance as of June 30, 2025** | $(15) | $(1521) | $(188) | $236 | $(98) | $(1586) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (In millions) | **Net unrealized gains (losses) on investments with an allowance for credit losses** | **Net unrealized gains (losses) on other investments** | **Pension and postretirement benefits** | **Cumulative impact of changes in discount rates used to measure long duration contracts** | **Cumulative foreign currency translation adjustment** | **Total** |
| **Balance as of January 1, 2024** | $(12) | $(1613) | $(525) | $(359) | $(163) | $(2672) |
| &nbsp;&nbsp;&nbsp;Other comprehensive income (loss) before reclassifications | (5) | (489) |  | 614 | (42) | 78 |
| &nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $7, $2, $—, $— and $11 | (7) | (28) | (12) |  |  | (47) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss) net of tax (expense) benefit of $(1), $124, $(2), $(163), $— and $(42) | 2 | (461) | 12 | 614 | (42) | 125 |
| **Balance as of June 30, 2024** | $(10) | $(2074) | $(513) | $255 | $(205) | $(2547) |

---

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

---

| | |
|:---|:---|
| **Component of AOCI** | **Condensed Consolidated Statements of Operations Line Item Affected by Reclassifications** |
| Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments | Net investment gains (losses) |
| Pension and postretirement benefits | Other operating expenses and Insurance claims and policyholders' benefits |

---

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**Note J. Business Segments**

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

The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments.

In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.

The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment.

Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations.

The Company's investment portfolio is monitored by management through analysis of various factors including unrealized gains and losses on securities, portfolio duration and exposure to market and credit risk.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended June 30, 2025** | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | | |
| (In millions) | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | **Eliminations** | **Total** |
| **Operating revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $862 | $1402 | $324 | $106 | $— | $— | $2694 |
| &nbsp;&nbsp;&nbsp;Net investment income | 170 | 206 | 38 | 235 | 13 |  | 662 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty revenue | 398 |  |  |  |  |  | 398 |
| &nbsp;&nbsp;&nbsp;Other revenues | (1) | 10 |  |  | 3 | (3) | 9 |
| Total operating revenues | 1429 | 1618 | 362 | 341 | 16 | (3) | 3763 |
| **Claims, benefits and expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net incurred claims and benefits | 519 | 940 | 195 | 313 | 108 |  | 2075 |
| &nbsp;&nbsp;&nbsp;Policyholders' dividends | 3 | 7 |  |  |  |  | 10 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 195 | 211 | 63 |  |  |  | 469 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty expense | 384 |  |  |  |  |  | 384 |
| &nbsp;&nbsp;&nbsp;Insurance related administrative expenses | 92 | 170 | 43 | 31 | 1 |  | 337 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  | 31 |  | 31 |
| &nbsp;&nbsp;Other expenses <sup>(1)</sup> | 10 | 15 | (10) | 1 | 18 | (3) | 31 |
| Total claims, benefits and expenses | 1203 | 1343 | 291 | 345 | 158 | (3) | 3337 |
| Income tax (expense) benefit on core income (loss) | (49) | (57) | (18) | 5 | 28 |  | (91) |
| **Core income (loss)** | $177 | $218 | $53 | $1 | $(114) | $— | $335 |
| Net investment gains (losses) |  |  |  |  |  |  | (46) |
| Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  | 10 |
| Net investment gains (losses), after tax |  |  |  |  |  |  | (36) |
| **Net income (loss)** |  |  |  |  |  |  | $299 |

---

(1) Other expenses for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Three months ended June 30, 2024** | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | | |
| (In millions) | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | **Eliminations** | **Total** |
| **Operating revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $831 | $1247 | $311 | $109 | $— | $— | $2498 |
| &nbsp;&nbsp;&nbsp;Net investment income | 154 | 175 | 32 | 239 | 18 |  | 618 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty revenue | 404 |  |  |  |  |  | 404 |
| &nbsp;&nbsp;&nbsp;Other revenues | (1) | 10 |  |  | 3 | (3) | 9 |
| Total operating revenues | 1388 | 1432 | 343 | 348 | 21 | (3) | 3529 |
| **Claims, benefits and expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net incurred claims and benefits | 492 | 846 | 184 | 325 | 27 |  | 1874 |
| &nbsp;&nbsp;&nbsp;Policyholders' dividends | 3 | 5 |  |  |  |  | 8 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 180 | 199 | 56 |  |  |  | 435 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty expense | 388 |  |  |  |  |  | 388 |
| &nbsp;&nbsp;&nbsp;Insurance related administrative expenses | 96 | 158 | 46 | 29 |  |  | 329 |
| &nbsp;&nbsp;&nbsp;Interest expense | (1) |  |  |  | 35 |  | 34 |
| &nbsp;&nbsp;Other expenses <sup>(1)</sup> | 14 | 13 | 1 | 1 | 23 | (3) | 49 |
| Total claims, benefits and expenses | 1172 | 1221 | 287 | 355 | 85 | (3) | 3117 |
| Income tax (expense) benefit on core income (loss) | (47) | (44) | (12) | 6 | 11 |  | (86) |
| **Core income (loss)** | $169 | $167 | $44 | $(1) | $(53) | $— | $326 |
| Net investment gains (losses) |  |  |  |  |  |  | (10) |
| Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  | 1 |
| Net investment gains (losses), after tax |  |  |  |  |  |  | (9) |
| **Net income (loss)** |  |  |  |  |  |  | $317 |

---

(1) Other expenses for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six months ended June 30, 2025** | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | | |
| (In millions) | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | **Eliminations** | **Total** |
| **Operating revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $1692 | $2782 | $634 | $212 | $— | $— | $5320 |
| &nbsp;&nbsp;&nbsp;Net investment income | 321 | 383 | 72 | 461 | 29 |  | 1266 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty revenue | 795 |  |  |  |  |  | 795 |
| &nbsp;&nbsp;&nbsp;Other revenues |  | 18 |  |  | 6 | (6) | 18 |
| Total operating revenues | 2808 | 3183 | 706 | 673 | 35 | (6) | 7399 |
| **Claims, benefits and expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net incurred claims and benefits | 1028 | 1947 | 387 | 613 | 117 |  | 4092 |
| &nbsp;&nbsp;&nbsp;Policyholders' dividends | 5 | 15 |  |  |  |  | 20 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 384 | 430 | 126 |  |  |  | 940 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty expense | 769 |  |  |  |  |  | 769 |
| &nbsp;&nbsp;&nbsp;Insurance related administrative expenses | 180 | 333 | 83 | 61 | 1 |  | 658 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  | 63 |  | 63 |
| &nbsp;&nbsp;Other expenses <sup>(1)</sup> | 25 | 25 | (11) | 1 | 39 | (6) | 73 |
| Total claims, benefits and expenses | 2391 | 2750 | 585 | 675 | 220 | (6) | 6615 |
| Income tax (expense) benefit on core income (loss) | (90) | (91) | (31) | 9 | 35 |  | (168) |
| **Core income (loss)** | $327 | $342 | $90 | $7 | $(150) | $— | $616 |
| Net investment gains (losses) |  |  |  |  |  |  | (55) |
| Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  | 12 |
| Net investment gains (losses), after tax |  |  |  |  |  |  | (43) |
| **Net income (loss)** |  |  |  |  |  |  | $573 |

---

(1) Other expenses for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **June 30, 2025** | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | | |
| (In millions) | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | **Eliminations** | **Total** |
| **Reinsurance receivables** | $1777 | $1740 | $550 | $79 | $2293 | $— | $6439 |
| **Insurance receivables** | 1028 | 2556 | 503 | 1 | 1 |  | 4089 |
| **Deferred acquisition costs** | 447 | 420 | 154 |  |  |  | 1021 |
| **Goodwill** | 117 |  | 31 |  |  |  | 148 |
| **Deferred non-insurance warranty acquisition expense** | 3441 |  |  |  |  |  | 3441 |
| **Insurance reserves** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Claim and claim adjustment expenses | 7704 | 11888 | 3256 | 611 | 2744 |  | 26203 |
| &nbsp;&nbsp;&nbsp;Unearned premiums | 3283 | 3635 | 871 | 101 |  |  | 7890 |
| &nbsp;&nbsp;&nbsp;Future policy benefits |  |  |  | 13329 |  |  | 13329 |
| **Deferred non-insurance warranty revenue** | 4421 |  |  |  |  |  | 4421 |

---

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Six months ended June 30, 2024** | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | | |
| (In millions) | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | **Eliminations** | **Total** |
| **Operating revenues** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $1645 | $2449 | $626 | $219 | $— | $— | $4939 |
| &nbsp;&nbsp;&nbsp;Net investment income | 304 | 351 | 63 | 470 | 39 |  | 1227 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty revenue | 811 |  |  |  |  |  | 811 |
| &nbsp;&nbsp;&nbsp;Other revenues |  | 18 |  |  | 6 | (6) | 18 |
| Total operating revenues | 2760 | 2818 | 689 | 689 | 45 | (6) | 6995 |
| **Claims, benefits and expenses** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net incurred claims and benefits | 969 | 1674 | 373 | 637 | 19 |  | 3672 |
| &nbsp;&nbsp;&nbsp;Policyholders' dividends | 5 | 12 |  |  |  |  | 17 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 358 | 399 | 122 |  |  |  | 879 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty expense | 782 |  |  |  |  |  | 782 |
| &nbsp;&nbsp;&nbsp;Insurance related administrative expenses | 177 | 296 | 85 | 58 |  |  | 616 |
| &nbsp;&nbsp;&nbsp;Interest expense |  |  |  |  | 69 |  | 69 |
| &nbsp;&nbsp;Other expenses <sup>(1)</sup> | 28 | 25 | 3 | 1 | 48 | (6) | 99 |
| Total claims, benefits and expenses | 2319 | 2406 | 583 | 696 | 136 | (6) | 6134 |
| Income tax (expense) benefit on core income (loss) | (95) | (87) | (25) | 11 | 16 |  | (180) |
| **Core income (loss)** | $346 | $325 | $81 | $4 | $(75) | $— | $681 |
| Net investment gains (losses) |  |  |  |  |  |  | (32) |
| Income tax (expense) benefit on net investment gains (losses) |  |  |  |  |  |  | 6 |
| Net investment gains (losses), after tax |  |  |  |  |  |  | (26) |
| **Net income (loss)** |  |  |  |  |  |  | $655 |

---

(1) Other expenses for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other expenses for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | | |
| (In millions) | **Specialty** | **Commercial** | **International** | **Life &<br>Group** | **Corporate<br>& Other** | **Eliminations** | **Total** |
| **Reinsurance receivables** | $1405 | $1710 | $539 | $82 | $2336 | $— | $6072 |
| **Insurance receivables** | 1062 | 2219 | 410 | 4 | 2 |  | 3697 |
| **Deferred acquisition costs** | 427 | 405 | 127 |  |  |  | 959 |
| **Goodwill** | 117 |  | 28 |  |  |  | 145 |
| **Deferred non-insurance warranty acquisition expense** | 3525 |  |  |  |  |  | 3525 |
| **Insurance reserves** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Claim and claim adjustment expenses | 7426 | 11336 | 2920 | 622 | 2672 |  | 24976 |
| &nbsp;&nbsp;&nbsp;Unearned premiums | 3275 | 3252 | 727 | 92 |  |  | 7346 |
| &nbsp;&nbsp;&nbsp;Future policy benefits |  |  |  | 13158 |  |  | 13158 |
| **Deferred non-insurance warranty revenue** | 4530 |  |  |  |  |  | 4530 |

---

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The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| **Specialty** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $519 | $495 | $1018 | $977 |
| &nbsp;&nbsp;&nbsp;Catastrophe losses |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Favorable) unfavorable development <sup>(1)</sup> |  | (3) | 10 | (8) |
| **Commercial** |  |  |  |  |
| &nbsp;&nbsp;Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $886 | $775 | $1754 | $1521 |
| &nbsp;&nbsp;&nbsp;Catastrophe losses | 57 | 76 | 143 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Favorable) unfavorable development <sup>(1)</sup> | (4) | (6) | 47 | (8) |
| **International** |  |  |  |  |
| &nbsp;&nbsp;Non-catastrophe net incurred claim and claim adjustment expenses related to current year | $190 | $181 | $371 | $364 |
| &nbsp;&nbsp;Catastrophe losses | 5 | 6 | 16 | 12 |
| (Favorable) unfavorable development <sup>(1)</sup> |  | (3) |  | (3) |

---

(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| **Specialty** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Management & Professional Liability | $778 | $733 | $1524 | $1462 |
| &nbsp;&nbsp;&nbsp;Surety | 205 | 196 | 393 | 378 |
| &nbsp;&nbsp;&nbsp;Warranty & Alternative Risks | 446 | 459 | 891 | 920 |
| **Specialty revenues** | 1429 | 1388 | 2808 | 2760 |
| **Commercial** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Middle Market | 481 | 427 | 947 | 859 |
| &nbsp;&nbsp;&nbsp;Construction | 517 | 483 | 1027 | 938 |
| &nbsp;&nbsp;&nbsp;Small Business | 161 | 157 | 317 | 311 |
| &nbsp;&nbsp;&nbsp;Other Commercial | 459 | 365 | 892 | 710 |
| **Commercial revenues** | 1618 | 1432 | 3183 | 2818 |
| **International** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | 104 | 99 | 198 | 197 |
| &nbsp;&nbsp;&nbsp;Europe | 156 | 147 | 300 | 290 |
| &nbsp;&nbsp;&nbsp;Hardy | 102 | 97 | 208 | 202 |
| **International revenues** | 362 | 343 | 706 | 689 |
| **Life & Group revenues** | 341 | 348 | 673 | 689 |
| **Corporate & Other revenues** | 16 | 21 | 35 | 45 |
| **Eliminations** | (3) | (3) | (6) | (6) |
| **Total operating revenues** | 3763 | 3529 | 7399 | 6995 |
| **Net investment gains (losses)** | (46) | (10) | (55) | (32) |
| **Total revenues** | $3717 | $3519 | $7344 | $6963 |

---

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**Note K. Non-Insurance Revenues from Contracts with Customers**

The Company had a deferred non-insurance warranty revenue balance of $4.4 billion and $4.5 billion reported under Liabilities as of June 30, 2025 and December 31, 2024. For the three and six months ended June 30, 2025, the Company recognized $0.3 billion and $0.6 billion of revenues that were included in the deferred revenue balance as of January 1, 2025. For the three and six months ended June 30, 2024, the Company recognized $0.4 billion and $0.7 billion of revenues that were included in the deferred revenue balance as of January 1, 2024. For the three and six months ended June 30, 2025 and 2024, 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 $0.8 billion of the deferred revenue in the remainder of 2025, $1.1 billion in 2026, $0.9 billion in 2027 and $1.6 billion thereafter.

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**Item 2. Management's Discussion and Analysis (MD&A) of Financial Conditions and Results of Operations**

**OVERVIEW**

The following discussion highlights significant factors affecting the Company. References to "we," "our," "us" or like terms refer to the business of CNA.

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements included under Part I, Item 1 of this Form 10-Q, and Item 1A Risk Factors and Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations, which are included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2024.

We utilize the core income (loss) financial measure to monitor our operations. Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of net investment gains or losses and gains or losses resulting from pension settlement transactions. Net investment gains or losses are excluded from the calculation of core income (loss) because they are generally driven by economic factors that are not necessarily reflective of our primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding our defined benefit pension plans which are unrelated to our primary operations. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure and management believes some investors may find this measure useful to evaluate our primary operations. See further discussion regarding how we manage our business in Note J to the Condensed Consolidated Financial Statements included under Part I, Item 1. For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to our most recent Annual Report on Form 10-K on file with the Securities and Exchange Commission.

In evaluating the results of our Specialty, Commercial and International segments, we utilize the loss ratio, the underlying loss ratio, the expense ratio, the dividend ratio, the combined ratio and the underlying combined ratio. These ratios are calculated using GAAP financial results. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss ratio. Development-related items represents net prior year loss reserve and premium development, and includes the effects of interest accretion and change in allowance for uncollectible reinsurance. The expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums. The dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums. The combined ratio is the sum of the loss ratio, the expense ratio and the dividend ratio. The underlying combined ratio is the sum of the underlying loss ratio, the expense ratio and the dividend ratio. The underlying loss ratio and the underlying combined ratio are deemed to be non-GAAP financial measures, and management believes some investors may find these ratios useful to evaluate our underwriting performance since they remove the impact of catastrophe losses which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on our reserves is provided in Note E and Note F to the Condensed Consolidated Financial Statements included under Part I, Item 1.

In addition, we also utilize renewal premium change, rate, retention and new business in evaluating operating trends. Renewal premium change represents the estimated change in average premium on policies that renew, including rate and exposure changes. Rate represents the average change in price on policies that renew excluding exposure change. Exposure represents the measure of risk used in the pricing of the insurance product. The change in exposure represents the change in premium dollars on policies that renew as a result of the change in risk of the policy. Retention represents the percentage of premium dollars renewed, excluding rate and exposure changes, in comparison to the expiring premium dollars from policies available to renew. New business represents premiums from policies written with new customers and additional policies written

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45

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with existing customers. Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.

We use underwriting gain (loss) and underlying underwriting gain (loss), calculated using GAAP financial results, to monitor our insurance operations. Underwriting gain (loss) is deemed to be a non-GAAP financial measure and is calculated pretax as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and insurance related administrative expenses. Net income (loss) is the most directly comparable GAAP measure. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, which are managed separately from our investing activities. Underlying underwriting gain (loss) is also deemed to be a non-GAAP financial measure, and represents pretax underwriting gain (loss) excluding catastrophe losses and development-related items. Management believes some investors may find this measure useful to evaluate the profitability, before tax, derived from our underwriting activities, excluding the impact of catastrophe losses, which are unpredictable as to timing and amount, and development-related items as they are not indicative of our current year underwriting performance.

The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three months ended June 30, 2025** | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| **Net income** | $165 | $199 | $53 | $417 |
| &nbsp;&nbsp;&nbsp;Net investment losses, after tax | 12 | 19 |  | 31 |
| **Core income** | $177 | $218 | $53 | $448 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 170 | 206 | 38 | 414 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 14 |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (11) | (5) | 10 | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (49) | (57) | (18) | (124) |
| **Underwriting gain** | 53 | 74 | 23 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 57 | 5 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of unfavorable development-related items |  | 1 |  | 1 |
| **Underlying underwriting gain** | $53 | $132 | $28 | $213 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Three months ended June 30, 2024** | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| **Net income** | $164 | $160 | $45 | $369 |
| &nbsp;&nbsp;&nbsp;Net investment losses (gains), after tax | 5 | 7 | (1) | 11 |
| **Core income** | $169 | $167 | $44 | $380 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 154 | 175 | 32 | 361 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 16 |  |  | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (14) | (3) | (1) | (18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (47) | (44) | (12) | (103) |
| **Underwriting gain** | 60 | 39 | 25 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 76 | 6 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of favorable development-related items | (3) |  | (3) | (6) |
| **Underlying underwriting gain** | $57 | $115 | $28 | $200 |

---

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The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six months ended June 30, 2025** | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| **Net income** | $314 | $323 | $91 | $728 |
| &nbsp;&nbsp;&nbsp;Net investment losses (gains), after tax | 13 | 19 | (1) | 31 |
| **Core income** | $327 | $342 | $90 | $759 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 321 | 383 | 72 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 26 |  |  | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (25) | (7) | 11 | (21) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (90) | (91) | (31) | (212) |
| **Underwriting gain** | 95 | 57 | 38 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 143 | 16 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of unfavorable development-related items | 10 | 53 |  | 63 |
| **Underlying underwriting gain** | $105 | $253 | $54 | $412 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Six months ended June 30, 2024** | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| **Net income** | $331 | $304 | $82 | $717 |
| &nbsp;&nbsp;&nbsp;Net investment losses (gains), after tax | 15 | 21 | (1) | 35 |
| **Core income** | $346 | $325 | $81 | $752 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 304 | 351 | 63 | 718 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 29 |  |  | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (28) | (7) | (3) | (38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (95) | (87) | (25) | (207) |
| **Underwriting gain** | 136 | 68 | 46 | 250 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 158 | 12 | 170 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of favorable development-related items | (8) |  | (3) | (11) |
| **Underlying underwriting gain** | $128 | $226 | $55 | $409 |

---

The following table presents a reconciliation of net (loss) income to core income (loss) for our Life & Group segment:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Three Months** | | **Six Months** | **Six Months** | **Six Months** |  |
| (In millions) | **2025** |  | **2024** |  | **2025** |  | **2024** |  |
| Net (loss) income | $(4) |  | $1 |  | $(5) |  | $14 |  |
| &nbsp;&nbsp;Net investment losses (gains), after tax | 5 |  | (2) |  | 12 |  | (10) |  |
| &nbsp;&nbsp;Net investment losses (gains), after tax | **Core income (loss)** | $1 |  | $(1) |  | $7 |  | $4 |

---

The following table present a reconciliation of net loss to core loss for our Corporate & Other segment:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Net loss | $(114) | $(53) | $(150) | $(76) |
| &nbsp;&nbsp;Net investment losses, after tax |  |  |  | 1 |
| **Core loss** | $(114) | $(53) | $(150) | $(75) |

---

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**CRITICAL ACCOUNTING ESTIMATES**

The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the amount of revenues and expenses reported during the period. Actual results may differ from those estimates.

Our Condensed Consolidated Financial Statements and accompanying notes have been prepared in accordance with GAAP applied on a consistent basis. We continually evaluate the accounting policies and estimates used to prepare the Condensed Consolidated Financial Statements. In general, our estimates are based on historical experience, evaluation of current trends, information from third-party professionals and various other assumptions that are believed to be reasonable under the known facts and circumstances.

The accounting estimates set forth below are considered by us to be critical to an understanding of our Condensed Consolidated Financial Statements as their application places the most significant demands on our judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insurance Reserves

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Long-Term Care Reserves

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reinsurance and Insurance Receivables

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuation of Investments and Impairment of Securities

Due to the inherent uncertainties involved with these types of judgments, actual results could differ significantly from our estimates and may have a material adverse impact on our results of operations, financial condition, equity, business, and insurer financial strength and corporate debt ratings. See the Critical Accounting Estimates section of our Management's Discussion and Analysis of Financial Condition and Results of Operations included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.

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**CATASTROPHES AND RELATED REINSURANCE** 

Various events can cause catastrophe losses. These events can be natural or man-made, including hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires, floods, riots, strikes, civil unrest, cyber-attacks, pandemics and acts of terrorism that produce unusually large aggregate losses.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. We use various analyses and methods, including using one of the industry standard natural catastrophe models, to estimate hurricane and earthquake losses at various return periods and to inform underwriting and reinsurance decisions designed to manage our exposure to catastrophic events. We also generally seek to manage our exposure through the purchase of catastrophe reinsurance and utilize various reinsurance programs to mitigate catastrophe losses, including excess-of-loss occurrence and aggregate treaties covering property and workers' compensation, a property quota share treaty and the Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA), as well as individual risk agreements that reinsure from losses from specific classes or lines of business. We regularly review our risk and catastrophe reinsurance coverages and from time to time make changes as we deem appropriate. In the second quarter of 2025, we renewed our excess-of-loss property catastrophe reinsurance as described below:

**Group North American Property Treaty**

We purchased corporate catastrophe excess-of-loss treaty reinsurance covering our U.S. states and territories and Canadian property exposures underwritten in our North American and European companies. The treaty has a term of June 1, 2025 to June 1, 2026 and provides coverage for the accumulation of covered losses from catastrophe occurrences above our per occurrence retention of $275 million up to $1.4 billion for all losses. Losses stemming from terrorism events are covered unless they are due to a nuclear, biological or chemical attack. All layers of the treaty provide for one full reinstatement.

**Group Workers' Compensation Treaty**

We also purchased corporate workers' compensation catastrophe excess-of-loss treaty reinsurance for the period January 1, 2025 to January 1, 2026 providing $275 million of coverage for the accumulation of covered losses related to natural catastrophes above our per occurrence retention of $25 million. The treaty also provides $775 million of coverage for the accumulation of covered losses related to terrorism events above our per occurrence retention of $25 million. Of the $775 million in terrorism coverage, $200 million is provided for nuclear, biological, chemical and radiation events. All layers of the treaty provide for one full reinstatement.

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**CONSOLIDATED OPERATIONS**

**Results of Operations**

The following table includes the consolidated results of our operations including our financial measure, core income (loss). For more detailed components of our business operations and a discussion of the core income (loss) financial measure, see the Segment Results section within this MD&A. For further discussion of Net investment income and Net investment gains or losses, see the Investments section of this MD&A.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| **Operating Revenues** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net earned premiums | $2694 | $2498 | $5320 | $4939 |
| &nbsp;&nbsp;&nbsp;Net investment income | 662 | 618 | 1266 | 1227 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty revenue | 398 | 404 | 795 | 811 |
| &nbsp;&nbsp;&nbsp;Other revenues | 9 | 9 | 18 | 18 |
| Total operating revenues | 3763 | 3529 | 7399 | 6995 |
| **Claims, Benefits and Expenses** |  |  |  |  |
| &nbsp;&nbsp;Net incurred claims and benefits (re-measurement loss of $15, $25, $23 and $40) | 2075 | 1874 | 4092 | 3672 |
| &nbsp;&nbsp;&nbsp;Policyholders' dividends | 10 | 8 | 20 | 17 |
| &nbsp;&nbsp;&nbsp;Amortization of deferred acquisition costs | 469 | 435 | 940 | 879 |
| &nbsp;&nbsp;&nbsp;Non-insurance warranty expense | 384 | 388 | 769 | 782 |
| &nbsp;&nbsp;&nbsp;Insurance related administrative expenses | 337 | 329 | 658 | 616 |
| &nbsp;&nbsp;&nbsp;Interest expense | 31 | 34 | 63 | 69 |
| &nbsp;&nbsp;&nbsp;Other expenses | 31 | 49 | 73 | 99 |
| Total claims, benefits and expenses | 3337 | 3117 | 6615 | 6134 |
| Income tax expense on core income | (91) | (86) | (168) | (180) |
| Core income | 335 | 326 | 616 | 681 |
| Net investment losses | (46) | (10) | (55) | (32) |
| Income tax benefit on net investment losses | 10 | 1 | 12 | 6 |
| Net investment losses, after tax | (36) | (9) | (43) | (26) |
| **Net income** | $299 | $317 | $573 | $655 |

---

**Three Month Comparison**

Core income increased $9 million for the three months ended June 30, 2025 as compared with the same period in 2024. Core income for our Property & Casualty Operations increased $68 million primarily driven by higher net investment income and improved current accident year underwriting results. Core results for our Life & Group segment improved $2 million, while core loss for our Corporate & Other segment increased $61 million.

Catastrophe losses were $62 million and $82 million for the three months ended June 30, 2025 and 2024. Unfavorable net prior year loss reserve development of $108 million and $23 million was recorded for the three months ended June 30, 2025 and 2024 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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**Six Month Comparison**

Core income decreased $65 million for the six months ended June 30, 2025 as compared with the same period in 2024. Core income for our Property & Casualty Operations increased $7 million primarily driven by higher net investment income and improved current accident year underwriting results partially offset by unfavorable net prior year loss reserve development compared to favorable net prior year loss reserve development in the prior year period. Core income for our Life & Group segment increased $3 million, while core loss for our Corporate & Other segment increased $75 million.

Catastrophe losses were $159 million and $170 million for the six months ended June 30, 2025 and 2024. Unfavorable net prior year loss reserve development of $191 million and $16 million was recorded for the six months ended June 30, 2025 and 2024 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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**SEGMENT RESULTS**

The following discusses the results of operations for our business segments. Our property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International, which we refer to collectively as Property & Casualty Operations. Our operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other.

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***Specialty***

The following table details the results of operations for Specialty and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions, except ratios, rate, renewal premium change and retention) | **2025** | **2024** | **2025** | **2024** |
| Gross written premiums | $1692 | $1728 | $3364 | $3410 |
| Gross written premiums excluding third-party captives | 1013 | 984 | 1943 | 1864 |
| Net written premiums | 892 | 857 | 1734 | 1649 |
| Net earned premiums | 862 | 831 | 1692 | 1645 |
| Underwriting gain | 53 | 60 | 95 | 136 |
| Net investment income | 170 | 154 | 321 | 304 |
| Core income | 177 | 169 | 327 | 346 |
| **Other performance metrics:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss ratio | 60.1% | 59.2% | 60.7% | 58.9% |
| &nbsp;&nbsp;&nbsp;Expense ratio | 33.2 | 33.2 | 33.3 | 32.5 |
| &nbsp;&nbsp;&nbsp;Dividend ratio | 0.3 | 0.3 | 0.3 | 0.3 |
| Combined ratio | 93.6% | 92.7% | 94.3% | 91.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Effect of catastrophe impacts |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Effect of (favorable) unfavorable development-related items |  | (0.4) | 0.6 | (0.5) |
| Underlying combined ratio | 93.6% | 93.1% | 93.7% | 92.2% |
| Underlying loss ratio | 60.1% | 59.6% | 60.1% | 59.4% |
| Rate | 3% | —% | 3% | 1% |
| Renewal premium change | 4 | 1 | 4 | 2 |
| Retention | 86 | 90 | 88 | 89 |
| New business | $122 | $118 | $234 | $212 |

---

**Three Month Comparison**

Gross written premiums, excluding third-party captives, for Specialty increased $29 million for the three months ended June 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Specialty increased $35 million for the three months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income increased $8 million for the three months ended June 30, 2025 as compared with the same period in 2024 primarily due to higher net investment income partially offset by lower underlying underwriting results and no net prior year loss reserve development in the current year period compared with favorable net prior year loss reserve development in the prior year period.

The combined ratio of 93.6% increased 0.9 points for the three months ended June 30, 2025 as compared with the same period in 2024 due to a 0.9 point increase in the loss ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio and no net prior year loss reserve development recorded in the current year period compared with $3 million of favorable net prior year loss reserve development in the same period in 2024. The expense ratio was consistent with the same period in 2024. There were no catastrophe losses for the three months ended June 30, 2025 and 2024.

Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I Item 1.

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**Six Month Comparison**

Gross written premiums, excluding third-party captives, for Specialty increased $79 million for the six months ended June 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, and higher new business partially offset by lower retention. Net written premiums for Specialty increased $85 million for the six months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income decreased $19 million for the six months ended June 30, 2025 as compared with the same period in 2024 primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development in the current year period compared with favorable net prior year loss reserve development in the prior year period, partially offset by higher net investment income.

The combined ratio of 94.3% increased 2.6 points for the six months ended June 30, 2025 as compared with the same period in 2024 due to a 1.8 point increase in the loss ratio and a 0.8 point increase in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in the current year period and an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines. The increase in the expense ratio was driven by higher employee related and acquisition costs partially offset by higher net earned premiums. There were no catastrophe losses for the six months ended June 30, 2025 and 2024.

Unfavorable net prior year loss reserve development of $10 million was recorded for the six months ended June 30, 2025 as compared with $8 million of favorable net prior year loss reserve development recorded for the six months ended June 30, 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I Item 1.

The following table summarizes the gross and net carried reserves for Specialty.

---

| | | |
|:---|:---|:---|
| (In millions) | **June 30, 2025** | **December 31, 2024** |
| Gross case reserves | $2080 | $2023 |
| Gross IBNR reserves | 5624 | 5403 |
| **Total gross carried claim and claim adjustment expense reserves** | $7704 | $7426 |
| Net case reserves | $1745 | $1697 |
| Net IBNR reserves | 4328 | 4282 |
| **Total net carried claim and claim adjustment expense reserves** | $6073 | $5979 |

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***Commercial***

The following table details the results of operations for Commercial and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions, except ratios, rate, renewal premium change and retention) | **2025** | **2024** | **2025** | **2024** |
| Gross written premiums | $2065 | $1927 | $3918 | $3613 |
| Gross written premiums excluding third-party captives | 1903 | 1802 | 3742 | 3484 |
| Net written premiums | 1563 | 1458 | 3061 | 2796 |
| Net earned premiums | 1402 | 1247 | 2782 | 2449 |
| Underwriting gain | 74 | 39 | 57 | 68 |
| Net investment income | 206 | 175 | 383 | 351 |
| Core income | 218 | 167 | 342 | 325 |
| **Other performance metrics:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loss ratio | 67.1% | 68.0% | 70.0% | 68.4% |
| &nbsp;&nbsp;&nbsp;Expense ratio | 27.2 | 28.5 | 27.4 | 28.4 |
| &nbsp;&nbsp;&nbsp;Dividend ratio | 0.5 | 0.5 | 0.5 | 0.5 |
| Combined ratio | 94.8% | 97.0% | 97.9% | 97.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Effect of catastrophe impacts | 4.2 | 6.1 | 5.2 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Effect of (favorable) unfavorable development-related items |  | (0.1) | 1.9 |  |
| Underlying combined ratio | 90.6% | 91.0% | 90.8% | 90.9% |
| Underlying loss ratio | 62.9% | 62.0% | 62.9% | 62.0% |
| Rate | 5% | 7% | 6% | 7% |
| Renewal premium change | 6 | 7 | 7 | 8 |
| Retention | 81 | 84 | 83 | 84 |
| New business | $420 | $405 | $790 | $772 |

---

**Three Month Comparison**

Gross written premiums for Commercial increased $138 million for the three months ended June 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Commercial increased $105 million for the three months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income increased $51 million for the three months ended June 30, 2025 as compared with the same period in 2024, primarily driven by improved current accident year underwriting results and higher net investment income.

The combined ratio of 94.8% improved 2.2 points for the three months ended June 30, 2025 as compared with the same period in 2024 due to a 1.3 point improvement in the expense ratio and a 0.9 point improvement in the loss ratio. The improvement in the expense ratio was primarily driven by higher net earned premiums and a lower acquisition ratio. The improvement in the loss ratio was primarily due to lower catastrophes losses partially offset by an increase in the underlying loss ratio driven by the continuation of elevated loss cost trends in commercial auto. Catastrophe losses were $57 million, or 4.2 points of the loss ratio, for the three months ended June 30, 2025, as compared with $76 million, or 6.1 points of the loss ratio, for the three months ended June 30, 2024.

Favorable net prior year loss reserve development of $4 million and $6 million was recorded for the three months ended June 30, 2025 and 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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**Six Month Comparison**

Gross written premiums for Commercial increased $305 million for the six months ended June 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Commercial increased $265 million for the six months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income increased $17 million for the six months ended June 30, 2025 as compared with the same period in 2024, primarily driven by improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior year loss reserve development.

The combined ratio of 97.9% increased 0.6 points for the six months ended June 30, 2025 as compared with the same period in 2024 due to a 1.6 point increase in the loss ratio partially offset by a 1.0 point improvement in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development and an increase in the underlying loss ratio driven by the continuation of elevated loss cost trends in commercial auto, partially offset by lower catastrophe losses. Catastrophe losses were $143 million, or 5.2 points of the loss ratio, for the six months ended June 30, 2025, as compared with $158 million, or 6.4 points of the loss ratio, for the six months ended June 30, 2024. The improvement in the expense ratio was driven by higher net earned premiums.

Unfavorable net prior year loss reserve development of $47 million was recorded for the six months ended June 30, 2025 as compared with $8 million of favorable net prior year loss reserve development recorded for the six months ended June 30, 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

The following table summarizes the gross and net carried reserves for Commercial.

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| | | |
|:---|:---|:---|
| (In millions) | **June 30, 2025** | **December 31, 2024** |
| Gross case reserves | $3882 | $3690 |
| Gross IBNR reserves | 8006 | 7646 |
| **Total gross carried claim and claim adjustment expense reserves** | $11888 | $11336 |
| Net case reserves | $3300 | $3135 |
| Net IBNR reserves | 7098 | 6804 |
| **Total net carried claim and claim adjustment expense reserves** | $10398 | $9939 |

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***International***

The following table details the results of operations for International and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions, except ratios, rate, renewal premium change and retention) | **2025** | **2024** | **2025** | **2024** |
| Gross written premiums | $437 | $417 | $810 | $791 |
| Net written premiums | 391 | 359 | 657 | 619 |
| Net earned premiums | 324 | 311 | 634 | 626 |
| Underwriting gain | 23 | 25 | 38 | 46 |
| Net investment income | 38 | 32 | 72 | 63 |
| Core income | 53 | 44 | 90 | 81 |
| **Other performance metrics:** |  |  |  |  |
| &nbsp;&nbsp;Loss ratio | 59.9% | 59.1% | 61.0% | 59.6% |
| &nbsp;&nbsp;Expense ratio | 32.9 | 32.8 | 33.0 | 33.0 |
| Combined ratio | 92.8% | 91.9% | 94.0% | 92.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Effect of catastrophe impacts | 1.4 | 2.0 | 2.5 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Effect of (favorable) unfavorable development-related items |  | (1.0) |  | (0.5) |
| Underlying combined ratio | 91.4% | 90.9% | 91.5% | 91.1% |
| Underlying loss ratio | 58.5% | 58.1% | 58.5% | 58.1% |
| Rate | (4)% | 0% | (3)% | 0% |
| Renewal premium change | (1) | 2 |  | 3 |
| Retention | 86 | 80 | 85 | 81 |
| New business | $103 | $72 | $186 | $140 |

---

**Three Month Comparison**

Gross written premiums for International increased $20 million for the three months ended June 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, gross written premiums increased $14 million driven by higher new business and retention partially offset by lower rate. Net written premiums for International increased $32 million for the three months ended June 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, net written premiums increased $26 million for the three months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.

Core income increased $9 million for the three months ended June 30, 2025 as compared with the same period in 2024 primarily driven by a favorable impact from changes in foreign currency exchange rates and higher net investment income.

The combined ratio of 92.8% increased 0.9 points for the three months ended June 30, 2025 as compared with the same period in 2024 largely due to a 0.8 point increase in the loss ratio. The increase in the loss ratio was primarily driven by no net prior year loss reserve development recorded in the current year period compared with $3 million of favorable net prior year loss reserve development in the same period in 2024 and an increase in the underlying loss ratio, partially offset by lower catastrophe losses. Catastrophe losses were $5 million, or 1.4 points of the loss ratio, for the three months ended June 30, 2025, as compared with $6 million, or 2.0 points of the loss ratio, for the three months ended June 30, 2024. The expense ratio was generally consistent with the same period in 2024.

Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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**Six Month Comparison**

Gross written premiums for International increased $19 million for the six months ended June 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, gross written premiums increased $28 million driven by higher new business and retention partially offset by lower rate. Net written premiums for International increased $38 million for the six months ended June 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, net written premiums increased $45 million for the six months ended June 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.

Core income increased $9 million for the six months ended June 30, 2025 as compared with the same period in 2024 primarily driven by a favorable impact from changes in foreign currency exchange rates and higher net investment income.

The combined ratio of 94.0% increased 1.4 points for the six months ended June 30, 2025 as compared with the same period in 2024 due to a 1.4 point increase in the loss ratio. The increase in the loss ratio was primarily driven by higher catastrophe losses and no net prior year loss reserve development recorded in the current year period compared with $3 million of favorable net prior year loss reserve development in the same period in 2024. Catastrophe losses were $16 million, or 2.5 points of the loss ratio, for the six months ended June 30, 2025, as compared with $12 million, or 2.0 points of the loss ratio, for the six months ended June 30, 2024. The expense ratio was consistent with the same period in 2024.

Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

The following table summarizes the gross and net carried reserves for International.

---

| | | |
|:---|:---|:---|
| (In millions) | **June 30, 2025** | **December 31, 2024** |
| Gross case reserves | $968 | $876 |
| Gross IBNR reserves | 2288 | 2044 |
| **Total gross carried claim and claim adjustment expense reserves** | $3256 | $2920 |
| Net case reserves | $834 | $741 |
| Net IBNR reserves | 1932 | 1675 |
| **Total net carried claim and claim adjustment expense reserves** | $2766 | $2416 |

---

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***Life & Group***

The following table summarizes the results of operations for Life & Group.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Net earned premiums | $106 | $109 | $212 | $219 |
| Claims, benefits and expenses | 345 | 355 | 675 | 696 |
| Net investment income | 235 | 239 | 461 | 470 |
| Core income (loss) | 1 | (1) | 7 | 4 |

---

**Three Month Comparison**

Results for the three months ended June 30, 2025 was generally consistent with the same period in 2024, reflecting favorable persistency, partially offset by lower net investment income.

**Six Month Comparison**

Results for the six months ended June 30, 2025 were generally consistent with the three month summary above.

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***Corporate & Other***

The following table summarizes the results of operations for the Corporate & Other segment, including intersegment eliminations.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Net investment income | $13 | $18 | $29 | $39 |
| Insurance claims and policyholders' benefits | 108 | 27 | 117 | 19 |
| Interest expense | 31 | 35 | 63 | 69 |
| Core loss | (114) | (53) | (150) | (75) |

---

**Three Month Comparison**

Core loss increased $61 million for three months ended June 30, 2025 as compared with the same period in 2024. The increase was primarily due to an $88 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $28 million after-tax charge in the prior year period, as a result of our annual comprehensive review of legacy mass tort exposures undertaken in the second quarter of each year. The current quarter development charge included certain amounts in anticipation of the agreement in principle with regards to the Diocese of Rochester. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

**Six Month Comparison**

Core loss increased $75 million for six months ended June 30, 2025 as compared with the same period in 2024 primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $28 million after-tax charge in the prior year period. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

The following table summarizes the gross and net carried reserves for Corporate & Other.

---

| | | |
|:---|:---|:---|
| (In millions) | **June 30, 2025** | **December 31, 2024** |
| Gross case reserves | $1264 | $1241 |
| Gross IBNR reserves | 1480 | 1431 |
| **Total gross carried claim and claim adjustment expense reserves** | $2744 | $2672 |
| Net case reserves | $123 | $120 |
| Net IBNR reserves | 381 | 268 |
| **Total net carried claim and claim adjustment expense reserves** | $504 | $388 |

---

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**INVESTMENTS**

***Net Investment Income***

The significant components of Net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Fixed income securities: |  |  |  |  |
| &nbsp;&nbsp;Taxable fixed income securities | $508 | $484 | $1004 | $956 |
| &nbsp;&nbsp;Tax-exempt fixed income securities | 36 | 36 | 70 | 74 |
| Total fixed income securities | 544 | 520 | 1074 | 1030 |
| Limited partnership and common stock investments | 100 | 78 | 154 | 146 |
| Other, net of investment expense | 18 | 20 | 38 | 51 |
| **Net investment income** | $662 | $618 | $1266 | $1227 |
| Effective income yield for the fixed income securities portfolio | 4.9% | 4.8% | 4.8% | 4.8% |
| Limited partnership and common stock return | 3.6% | 3.1% | 5.7% | 6.1% |

---

Net investment income increased $44 million and $39 million for the three and six months ended June 30, 2025 as compared with the same periods in 2024 driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates, as well as favorable limited partnership and common stock returns.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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***Net Investment (Losses) Gains***

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Periods ended June 30** | **Three Months** | **Three Months** | **Six Months** | **Six Months** |
| (In millions) | **2025** | **2024** | **2025** | **2024** |
| Fixed maturity securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate bonds and other | $(40) | $(4) | $(49) | $(21) |
| &nbsp;&nbsp;&nbsp;States, municipalities and political subdivisions |  | (2) | (1) | (2) |
| &nbsp;&nbsp;&nbsp;Asset-backed | (8) | (6) | (7) | (21) |
| Total fixed maturity securities | (48) | (12) | (57) | (44) |
| Non-redeemable preferred stock | 6 | 1 | 6 | 12 |
| Derivatives, short-term and other | 1 | 1 | 1 |  |
| Mortgage loans | (5) |  | (5) |  |
| Net investment losses | (46) | (10) | (55) | (32) |
| Income tax benefit on net investment losses | 10 | 1 | 12 | 6 |
| **Net investment losses, after tax** | $(36) | $(9) | $(43) | $(26) |

---

Pretax net investment losses increased $36 million for the three months ended June 30, 2025 as compared with the same period in 2024 driven by higher net losses on disposals of fixed maturity securities and higher impairment losses, partially offset by the favorable change in fair value of non-redeemable preferred stock.

Pretax net investment losses increased $23 million for the six months ended June 30, 2025 as compared with the same period in 2024 driven by higher net losses on disposals of fixed maturity securities and a lower favorable change in the fair value of non-redeemable preferred stock.

Further information on our investment gains and losses is set forth in Note C to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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***Portfolio Quality***

The following table presents the estimated fair value and net unrealized gains (losses) of our fixed maturity securities by rating distribution.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| <br>(In millions) | **Estimated Fair Value** | **Net Unrealized Gains (Losses)** | **Estimated Fair Value** | **Net Unrealized Gains (Losses)** |
| U.S. Government, Government agencies and Government-sponsored enterprises | $3124 | $(306) | $2936 | $(369) |
| AAA | 3410 | (206) | 3010 | (217) |
| AA | 6698 | (585) | 6369 | (567) |
| A | 10873 | (266) | 10260 | (379) |
| BBB | 16992 | (452) | 16757 | (729) |
| Non-investment grade | 1702 | (61) | 1779 | (64) |
| **Total** | $42799 | $(1876) | $41111 | $(2325) |

---

As of June 30, 2025 and December 31, 2024, 1% of our fixed maturity portfolio was rated internally. Additionally, as of June 30, 2025 and December 31, 2024, we assigned a AAA rating to $287 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. government agency or sponsored enterprise.

The following table presents available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution.

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** |
| (In millions) | **Estimated Fair Value** | **Gross Unrealized Losses** |
| U.S. Government, Government agencies and Government-sponsored enterprises | $2086 | $322 |
| AAA | 1608 | 280 |
| AA | 4234 | 735 |
| A | 5901 | 523 |
| BBB | 9531 | 787 |
| Non-investment grade | 677 | 92 |
| **Total** | $24037 | $2739 |

---

The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life.

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** |
| (In millions) | **Estimated Fair Value** | **Gross Unrealized Losses** |
| Due in one year or less | $1198 | $22 |
| Due after one year through five years | 6796 | 346 |
| Due after five years through ten years | 5990 | 683 |
| Due after ten years | 10053 | 1688 |
| **Total** | $24037 | $2739 |

---

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***Duration***

A primary objective in the management of the investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. Our views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. We also continually monitor exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on our views of a specific issuer or industry sector.

A further consideration in the management of the investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long term in nature, we segregate investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in the Life & Group segment.

The effective durations of fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| (In millions) | **Estimated Fair Value** | **Effective<br>Duration<br>(In years)** | **Estimated Fair Value** | **Effective<br>Duration<br>(In years)** |
| Life & Group | $15338 | 9.8 | $14915 | 9.8 |
| Property & Casualty and Corporate & Other | 29472 | 4.5 | 28779 | 4.3 |
| **Total** | $44810 | 6.3 | $43694 | 6.2 |

---

The investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, we periodically review the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures About Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.

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**LIQUIDITY AND CAPITAL RESOURCES**

***Cash Flows***

Our primary operating cash flow sources are premiums and investment income. Our primary operating cash flow uses are payments for claims, policy benefits and operating expenses, including interest expense on corporate debt. Additionally, cash may be paid or received for income taxes.

For the six months ended June 30, 2025, net cash provided by operating activities was $1,200 million as compared with $1,120 million for the same period in 2024. The increase in cash provided by operating activities was driven by an increase in premiums collected and higher cash from investment earnings, partially offset by an increase in net claim payments.

Cash flows from investing activities include the purchase and disposition of financial instruments, excluding those held as trading, and may include the purchase and sale of businesses, equipment and other assets not generally held for resale.

For the six months ended June 30, 2025, net cash used by investing activities was $471 million as compared $209 million for the same period in 2024. Net cash provided or used by investing activities is primarily driven by cash available from operations and by other factors, such as financing activities.

Cash flows from financing activities may include proceeds from the issuance of debt and equity securities, and outflows for stockholder dividends, repayment of debt and purchases of our common stock.

For the six months ended June 30, 2025, net cash used by financing activities was $847 million as compared with $878 million for the same period in 2024. Financing activities for the periods presented include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the six months ended June 30, 2025, we paid dividends of $798 million and repurchased 700,000 shares of our common stock at an aggregate cost of $34 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• During the six months ended June 30, 2024, we paid dividends of $786 million and repurchased 450,000 shares of common stock at an aggregate cost of $20 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the second quarter of 2024, we repaid the $550 million outstanding aggregate principal balance of our 3.95% senior notes which came due May 15, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the first quarter of 2024, we issued $500 million of 5.125% notes due February 15, 2034.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64

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***Common Stock Dividends***

Cash dividends of $2.92 per share on our common stock, including a special cash dividend of $2.00 per share, were declared and paid during the six months ended June 30, 2025. On August 1, 2025, our Board of Directors declared a quarterly cash dividend of $0.46 per share, payable September 4, 2025 to stockholders of record on August 18, 2025. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition, business needs and regulatory constraints.

***Liquidity***

We believe that our present cash flows from operating, investing and financing activities are sufficient to fund our current and expected working capital and debt obligation needs and we do not expect this to change in the near term. There are currently no amounts outstanding under our $250 million senior unsecured revolving credit facility and no borrowings outstanding through our membership in the Federal Home Loan Bank of Chicago (FHLBC).

Dividends from Continental Casualty Company (CCC) are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance, are determined based on the greater of the prior year's statutory net income or 10% of statutory surplus as of the end of the prior year, as well as timing and amount of dividends paid in the preceding twelve months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of June 30, 2025 CCC was in a positive earned surplus position. CCC paid dividends of $610 million and $490 million to CNAF during the six months ended June 30, 2025 and 2024. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

We have an effective shelf registration statement on file with the Securities and Exchange Commission under which we may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65

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**ACCOUNTING STANDARDS UPDATE**

For a discussion of Accounting Standards, see Note A to the Condensed Consolidated Financial Statements included under Part I, Item 1.

**RECENT LEGISLATION**

On July 4, 2025, H.R. 1, "An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14," commonly referred to as the One Big Beautiful Bill Act (OBBBA), was enacted. The OBBBA includes significant federal tax law changes which, among other impacts, modify and make permanent certain business tax provisions originally enacted in the 2017 Tax Cuts and Jobs Act. The OBBBA is subject to further clarification from the issuance of future technical guidance by the U.S. Department of Treasury. We are currently evaluating the impacts of the OBBBA but do not expect it to have a material impact on our results of operations or financial condition.

**FORWARD-LOOKING STATEMENTS**

This report contains a number of forward-looking statements which relate to anticipated future events rather than actual present conditions or historical events. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and generally include words such as "believes," "expects," "intends," "anticipates," "estimates" and similar expressions. Forward-looking statements in this report include any and all statements regarding expected developments in our insurance business, including losses and loss reserves (note that loss reserves for long-term care, A&EP and other mass tort claims are more uncertain, and therefore more difficult to estimate than loss reserves respecting traditional property and casualty exposures); the impact of routine ongoing insurance reserve reviews we conduct; our expectations concerning our revenues, earnings, expenses and investment activities; volatility in investment returns; and our proposed actions in response to trends in our business. Forward-looking statements, by their nature, are subject to a variety of inherent risks and uncertainties that could cause actual results to differ materially from the results projected in the forward-looking statements. We cannot control many of these risks and uncertainties. These risks and uncertainties include, but are not limited to, the following as well as those risks contained in the Risk Factors section of our 2024 Annual Report on Form 10-K:

**Company-Specific Factors**

• the risks and uncertainties associated with our insurance reserves, as outlined in the Critical Accounting Estimates sections of our 2024 Annual Report on Form 10-K and this report, and the Reserves - Estimates and Uncertainties section of our 2024 Annual Report on Form 10-K, including the sufficiency of the reserves and the possibility of future increases, which would be reflected in the results of operations in the period that the need for such adjustment is determined;

• the risk that the other parties to the transactions in which, subject to certain limitations, we ceded our legacy A&EP and excess workers' compensation (EWC) liabilities, respectively, will not fully perform their respective obligations to CNA, the uncertainty in estimating loss reserves for A&EP and EWC liabilities and the possible continued exposure of CNA to liabilities for A&EP and EWC claims that are not covered under the terms of the respective transactions; and

• the performance of reinsurance companies under reinsurance contracts with us.

**Industry and General Market Factors**

• general economic and business conditions, including potential recessionary conditions that may decrease the size and number of our insurance customers and create losses in our lines of business, and inflationary pressures on medical care costs, construction costs and other economic sectors;

• the effect of changes in tariffs, as well as significant uncertainty surrounding U.S. tariff policy generally, may adversely impact the economic environment, inflation expectations and certain loss costs (that would increase the cost of claims) and may result in decreases in the size and number of our insurance customers, in addition to potentially adversely affecting the performance of our investments;

• the effects of social inflation, including frequency of nuclear verdicts and increased litigation activity, on the severity of claims;

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• the effects on the frequency of claims of reviver statutes that extend, or eliminate, the statute of limitations for the reporting of claims, including statutes passed in certain states with respect to sexual abuse;

• the impact of competitive products, policies and pricing and the competitive environment in which we operate, including changes in our book of business;

• product and policy availability and demand and market responses, including the level of ability to obtain rate increases;

• the COVID-19 pandemic, other potential pandemics and related measures to mitigate the spread of the foregoing may continue to result in increased claims and related litigation risk across our enterprise;

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

• conditions in the capital and credit markets that may limit our ability to raise significant amounts of capital on favorable terms or at all; and

• the possibility of changes in our ratings by ratings agencies, including the inability to access certain markets or distribution channels and the required collateralization of future payment obligations as a result of such changes, and changes in rating agency policies and practices.

**Regulatory, Legal and Operational Factors**

• regulatory and legal initiatives and compliance with governmental regulations and other legal requirements, which are increasing in complexity and number, change frequently, sometimes conflict, and could expose us to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution in one or more jurisdictions, including regulations related to cybersecurity protocols (which continue to evolve in breadth, sophistication and maturity in response to an ever-evolving threat landscape) or utilization of artificial intelligence, legal inquiries by state authorities, judicial interpretations within the regulatory framework, including interpretation of policy provisions, decisions regarding coverage and theories of liability, legislative actions that increase claimant activity, including those revising applicability of statutes of limitations, trends in litigation and the outcome of any litigation involving us and rulings and changes in tax laws and regulations;

• regulatory limitations, impositions and restrictions upon us, including with respect to our ability to increase premium rates, and the effects of assessments and other surcharges for guaranty funds and second-injury funds, other mandatory pooling arrangements and future assessments levied on insurance companies;

• regulatory limitations and restrictions, including limitations upon our ability to receive dividends from our insurance subsidiaries, imposed by regulatory authorities, including regulatory capital adequacy standards;

• breaches of our or our vendors' data security infrastructure resulting in unauthorized access to systems and information, and/or interruption of operations; and

• regulatory and legal implications relating to the sophisticated cyber incident sustained by the Company in March 2021, or any future cyber incidents, that may arise.

**Impact of Natural and Man-Made Disasters and Mass Tort Claims**

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

• regulatory requirements imposed by coastal state regulators in the wake of hurricanes or other natural disasters, including limitations on the ability to exit markets or to non-renew, cancel or change terms and conditions in policies, as well as mandatory assessments to fund any shortfalls arising from the inability of quasi-governmental insurers to pay claims;

• man-made disasters, including the possible occurrence of terrorist attacks, the unpredictability of the nature, targets, severity or frequency of such events, and the effect of the absence or insufficiency of applicable terrorism legislation on coverages;

• the occurrence of epidemics and pandemics; and

• mass tort claims, including those related to exposure to potentially harmful products or substances such as glyphosate, lead paint, per- and polyfluoroalkyl substances (PFAS) and opioids, sexual abuse and molestation claims and claims arising from changes that repeal or weaken tort reforms.

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Our forward-looking statements speak only as of the date of the filing of this Quarterly Report on Form 10-Q and we do not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date of the statement, even if our expectations or any related events or circumstances change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**Item 3. Quantitative and Qualitative Disclosures About Market Risk**

There were no material changes in our market risk components for the three months ended June 30, 2025. See the Quantitative and Qualitative Disclosures About Market Risk included in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information. Additional information related to portfolio duration is discussed in the Investments section of our Management's Discussion and Analysis of Financial Condition and Results of Operations included in Part I, Item 2.

**Item 4. Controls and Procedures**

The Company maintains a system of disclosure controls and procedures which are designed to ensure that information required to be disclosed by the Company in reports that it files or submits to the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including this report, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to the Company's management on a timely basis to allow decisions regarding required disclosure.

As of June 30, 2025, the Company's management, including the Company's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), conducted an evaluation of the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act")). Based on this evaluation, the CEO and CFO have concluded that the Company's disclosure controls and procedures are effective as of June 30, 2025.

There has been no change in the Company's internal control over financial reporting (as defined in Rules 13a-15 (f) and 15d-15(f) under the Exchange Act) during the quarter ended June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**PART II. Other Information**

**Item 1. Legal Proceedings**

Information on our legal proceedings is set forth in Note G to the Condensed Consolidated Financial Statements included under Part I, Item 1.

**Item 6. Exhibits**

See Exhibit Index.

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | | CNA Financial Corporation |
| Dated: August 4, 2025 | By | /s/ Scott R. Lindquist |
| | | **Scott R. Lindquist<br>Executive Vice President and<br>Chief Financial Officer<br>(Duly authorized officer and principal financial officer)** |

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<u>[Table of](#i36fc820d4790415fbce04c3fc69334b4_7)[Contents](#i36fc820d4790415fbce04c3fc69334b4_7)</u>

**EXHIBIT INDEX**

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| | |
|:---|:---|
| <u>Description of Exhibit</u> | <u>Exhibit Number</u> |
| <u>[Amended and Restated Investment Facilities and Services Agreement, dated July 1, 2025, by and among Loews/CNA Holdings, Inc., CNA Financial Corporation and the Participating Subsidiaries](q22025cnaexhibit101.htm)</u> | 10.1 |
| <u>[General Release & Separation Agreement, dated July 3, 2025 between CNA Financial Corporation and Susan A. Stone](q22025cnaexhibit102.htm)</u> | 10.2 |
| <u>[Certification of Chief Executive Officer](q22025cnaex311.htm)</u> | 31.1 |
| <u>[Certification of Chief Financial Officer](q22025cnaex312.htm)</u> | 31.2 |
| <u>[Written Statement of the Chief Executive Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002)](q22025cnaex321.htm)</u> | 32.1 |
| <u>[Written Statement of the Chief Financial Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002)](q22025cnaex322.htm)</u> | 32.2 |
| XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document | 101.INS |
| Inline XBRL Taxonomy Extension Schema | 101.SCH |
| Inline XBRL Taxonomy Extension Calculation Linkbase | 101.CAL |
| Inline XBRL Taxonomy Extension Definition Linkbase | 101.DEF |
| Inline XBRL Taxonomy Label Linkbase | 101.LAB |
| Inline XBRL Taxonomy Extension Presentation Linkbase | 101.PRE |
| Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | 104.1 |

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## Exhibit 10.1

AMENDED AND RESTATED

INVESTMENT FACILITIES AND SERVICES AGREEMENT

This Amended and Restated Investment Facilities and Services Agreement (the "Agreement") dated as of July 1, 2025 by and among Loews/CNA Holdings, Inc., a Delaware corporation ("Loews"), CNA Financial Corporation, a Delaware corporation ("CNA'') and each of the Participating Subsidiaries as defined below.

WITNESSETH:

WHEREAS, Loews has experience and expertise in providing investment facilities and services to assist affiliated companies;

WHEREAS, CNA and its insurance and other subsidiaries in the ordinary course of business have substantial investment portfolios (each a "Portfolio"), and have in the past, and wish to continue in the future, to avail themselves of the investment facilities and services of Loews in connection with the management and investment of their Portfolios while at all times maintaining absolute control over the management of their own business including, without limitation, full authority and control with respect to their Portfolios;

WHEREAS, Loews agrees to provide to CNA and its insurance and other subsidiaries investment facilities and services pursuant to this Agreement provided such subsidiary and Loews enter into an acknowledgement substantially in the form attached hereto us Attachment A, revised as necessary to meet applicable regulatory requirements (any such subsidiary being herein referred to as a "Participating Subsidiary" and CNA and the Participating Subsidiaries being herein jointly referred to as the "Companies" and individually as a "Company");

WHEREAS, Loews and CNA entered into the Investment Facilities and Services Agreement, dated as of January 1, 2006 (as amended on January 1, 2007, the "Original Agreement");

WHEREAS, under the terms of the Participating Subsidiary's Acknowledgment to the Agreement, the Participating Subsidiaries are bound by any and all amendments to the Agreement;

WHEREAS, the parties wish to amend and restate the Original Agreement on the terms and conditions set forth herein

NOW, THEREFORE, the parties agree as follows:

Section 1. <u>Investment Services and Facilities.</u> Loews shall, in accordance with the rules and guidelines from time to time established by a Company with respect to its Portfolios, as set forth below, provide the following investment facilities and services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Investment analysis and trade execution for each Portfolio, including Portfolio management, trading strategies, credit evaluation, and recommendations regarding, and evaluation and monitoring of the performance of, third party advisers.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Access to Loews's data sources and trading programs and facilities including, without limitation, office space, meeting rooms, data terminals and other resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;In furtherance of the foregoing, the services of Loews's personnel and the personnel of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Other service incidental to the foregoing.

Section 2. <u>Rules and Guidelines.</u> Loews recognizes and agrees that each Company retains absolute control and decision making authority with respect to its assets, including its Portfolio. In furtherance thereof, the parties have implemented the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Access.</u> Policies and procedures whereby each Company shall have access to all trade executions to monitor the performance by Loews of its obligations hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Compliance with Laws, etc.</u> All transaction with respect to a Portfolio shall comply with all laws and regulations, including, without limitation, insurance regulatory requirements (if applicable), to which such Company is subject as from time to time in effect. In addition, each Company may from time to time establish guidelines and trading restrictions as to guidelines of investments, trading strategies, credit policies and such other matters as such Company may deem appropriate. Loews shall execute trading strategies in accordance with guidelines established from time to time by each Company with respect to its Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>Brokers and Counterparties.</u> Loews may only engage in transactions with brokers, dealers and other counterparties approved by the applicable Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Custody.</u> All assets in a Portfolio shall be held in the custody of a bank or trust company selected by the applicable Company and be held by such custodian solely for the account of the Company. At no time shall Loews have any right, title or interest in, or possession or custody over any assets in a Portfolio for any purpose whatsoever. The Company shall maintain the right to vote and give consents or waivers with respect to any securities in its Portfolio.

Section 3. <u>Relations of the Parties.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Each party acknowledges that the services provided hereunder by Loews are intended to be administrative, technical or ministerial and not to set policy for CNA or any Company. Each Company shall continue to set policy independently through its own Board of Directors and officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;In all activities under this Agreement, Loews shall be an independent contractor. Nothing in this Agreement shall be deemed to (i) make Loews the agent, joint venturer or partner of any Company, or (ii) create in either party the right or authority to incur any obligation on behalf of the other party or to bind such other party in any way whatsoever except as may be expressly provided for in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Neither party shall have any liability for any act or omission in connection with this Agreement other than repeating a service for the purpose of correcting an act or omission of

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an act where reasonable and appropriate under the circumstances. Neither party shall be liable to the other party, in respect of any act or omission in connection with this Agreement, for loss of profits, good will or any other general, direct, special or consequential damages of any kind. Except as expressly set forth in Sections 1 and 2, the parties make no representation or warranties with respect to the services to be provided under this Agreement.

Section 4. <u>Fees, Costs and Expenses – Cost Basis Reimbursement.</u> CNA, on behalf of each Company, shall pay directly or reimburse or shall cause to pay directly or reimburse Loews for all reasonable costs, expenses and disbursements incurred by Loews, supported by monthly statements, in providing services pursuant to this Agreement including, without limitation, personnel costs (compensation, benefits and payroll taxes), general overhead (rent, office services, maintenance, utilities, supplies), the cost of services provided by third parties and such other actual costs, expenses and disbursements reasonably incurred by Loews. CNA shall pay directly or shall cause such payment to be made to Loews within thirty (30) days of its receipt of each monthly statement from Loews. To the extent that such costs relate to services provided both to CNA or the Company and to affiliates of Loews other than CNA or the Company, such costs shall be fairly and equitably allocated among CNA or the Company and the other Loews affiliates in a manner consistent with past practices. CNA shall allocate to each Company and cause it to pay that portion of the amount due as stated in each billing statement in proportion to such company's relative share of the total invested assets as to which Loews is providing services under this Agreement. Notwithstanding anything to the contrary herein, in no event shall any Participating Subsidiary be required to advance any funds to Loews except to pay for services provided by Loews pursuant to this Agreement.

Section 5. <u>Notices</u>. All notices. consents and other communications hereunder shall be in writing and shall be deemed given hereunder when sent by certified mail, return receipt requested, delivered by hand or express delivery to a party at the following addresses, or at any other address as any party may from time to time specify by notice to the other:

If to Loews: &nbsp;&nbsp;&nbsp;&nbsp;Loews Corporation

9 West 57th St.

New York, New York 10019

Attention: Corporate Secretary

If to any Company: &nbsp;&nbsp;&nbsp;&nbsp;CNA Financial Corporation

151 N. Franklin St.

Chicago, Illinois 60606

Attention: Corporate Secretary

Section 6. <u>Miscellaneous.</u> This Agreement shall be construed and enforced in accordance with and governed by the laws of the State of New York. This Agreement may be terminated by any party, including any Participating Subsidiary (with respect to itself only), at any time on not less than sixty (60) days' prior written notice to the other parties, with such required notice applicable in the case of termination with or without cause. The headings of this Agreement are for ease of reference and do not limit or otherwise affect the meaning hereof. No party may assign any of its rights or obligations under this Agreement without the express written consent of the of the other.

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This Agreement may be executed in counterparts. This Agreement constitutes the sole understanding and agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior agreements or understandings, written or oral, with respect thereto. No amendment to this Agreement shall be valid and binding upon the parties hereto unless made in writing and signed by each of the parties hereto.

Section 7. <u>Compliance with Certain Provisions under Illinois Insurance Code; Indemnification</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If any Participating Subsidiary is placed into supervision, seizure, conservatorship, or receivership pursuant to Article XIII of the Illinois Insurance Code (215 Illinois Compiled Statutes 5) (the "Illinois Insurance Code"), each party acknowledges and agrees as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;All rights of such Participating Subsidiary under this Agreement, including under Section 3 herein, extend to the receiver or the Director to the extent permitted under the Illinois Insurance Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Such Participating Subsidiary's records and data shall be identifiable and segregated from all other persons' records and data or readily capable of segregation at no additional costs to the receiver or Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;A complete set of records and data of such Participating Subsidiary will immediately be made available to the receiver or commissioner, shall be made available in a usable format, and shall be turned over to the receiver or Director immediately upon the receiver or commissioner's request, and the cost to transfer such data to the receiver or commissioner shall be fair and reasonable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;In the case of any Participating Subsidiary being placed into supervision, seizure, conservatorship, or receivership pursuant to the Illinois Insurance Code, each other party to this Agreement will make available all employees essential to the operations of such Participating Subsidiary and the services associated therewith for the immediate continued performance of the essential services ordered or directed by the receiver or Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;No party has an automatic right to terminate this Agreement if any other party is placed into supervision, seizure, conservatorship, or receivership pursuant to the Illinois Insurance Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each party to this Agreement commits to provide any essential services provided for hereunder for a minimum of six (6) months following the termination of the Agreement, if any Participating Subsidiary is placed into supervision, seizure, conservatorship, or receivership pursuant to the Illinois Insurance Code as ordered or directed by the receiver or Director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Each party to this Agreement commits to maintain any systems, programs or other infrastructure in connection with, or related to, this Agreement, notwithstanding supervision, seizure, or receivership pursuant to the Illinois Insurance Code as to any Participating Subsidiary,

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and to make the same available to the receiver or Director as ordered or directed by the receiver or Director for so long as Loews continues to receive timely payment for post-receivership services rendered unless released by the receiver, Director, or supervising court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;In furtherance of the cooperation between the receiver and the affected guaranty association(s) and subject to the receiver's authority over any party to the Agreement, if any Participating Subsidiary is placed into supervision, seizure, conservatorship, or receivership pursuant to the Illinois Insurance Code, and portions of the subject Participating Subsidiary's policies or contracts are eligible for coverage by one or more guaranty associations, each other party's commitments under this Section 7 will extend to such guaranty association(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;Each party to this Agreement hereby agrees to indemnify and hold harmless any other party for any losses arising out of a breach of any provision of the Agreement, including the provisions of this Section 7, due to gross negligence or willful misconduct.

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In Witness Whereof, the undersigned have executed this Amended and Restated Agreement as of the date first above written.

**LOEWS/CNA HOLDINGS, INC.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATTEST**

By: <u>/s/ Marc A. Alpert</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Thomas Watson</u> 

Name: <u>Marc A. Alpert</u> &nbsp;&nbsp;&nbsp;&nbsp;Name: <u>Thomas Watson</u> 

Title: <u>Senior Vice President and Secretary</u> 

**CNA FINANCIAL CORPORATION&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ATTEST**

By: <u>/s/ Amy Smith</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/ Kathleen Sulikowski</u>

Name: <u>Amy Smith</u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: <u>Kathleen Sulikowski</u> 

Title: <u>Senior Vice President and Chief Accounting Officer</u>

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<u>Attachment A</u>

to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ACKNOWLEDGMENT TO INVESTMENT FACILITIES AND SERVICES AGREEMENT

This agreement among _________________ ("Participating Subsidiary"), CNA Financial Corporation ("CNA'') and Loews/CNA Holdings Inc. ("Loews") dated as of ________________ is an acknowledgment by a Participating Subsidiary to the Amended and Restated Investment Facilities and Services Agreement dated as of July 1, 2025, among CNA, the Participating Subsidiaries and Loews (which shall be referred to herein as the "Agreement" and this acknowledgment shall be referred to herein as the "Acknowledgment"). All capitalized terms which are not defined herein shall have the same meaning as they have in the Agreement. The Acknowledgment shall terminate without further action on the part of any party when Participating Subsidiary is no longer a subsidiary of CNA and Loews has been notified in writing of such change in status. Participating Subsidiary, CNA and Loews agree to be bound by all the terms of the Agreement except as stated otherwise in this Acknowledgment. The Acknowledgment shall be effective as of the date set forth above.

Upon reasonable notice, the Participating Subsidiary, or its designated representative, including but not limited to any applicable regulatory authority, shall have access at any reasonable time to inspect and audit the billing statements of Loews that pertain to the services provided under the Agreement, and it may make copies of any records pertaining thereto.

**[NAME OF PARTICIPATING SUBSIDIARY]** 

By:

Title:

**CNA FINANCIAL CORPORATION** 

By:

Title:

**LOEWS/CNA HOLDINGS, INC.** 

By:

Title:

## Exhibit 10.2

**<u>GENERAL RELEASE AND SEPARATION AGREEMENT</u>**

This General Release and Separation Agreement ("Agreement") is entered into by Susan A. Stone ("Employee") and CNA Financial Corporation in order to resolve all matters between Employee and CNA Financial Corporation relating to Employee's employment. For purposes of this Agreement, CNA Financial Corporation includes its past and present parents, subsidiaries, and affiliated companies; their respective predecessors, successors, and assigns; and their respective past and present shareholders, directors, trustees, officers, employees, agents, attorneys, benefit plans, and insurers (collectively, the "Company") (together Employee and Company shall be considered the "Parties"). Employee is advised to consult an attorney before signing this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment.</u> Employee has resigned from the Company and her employment with the Company will end on July 31, 2025 ("Separation Date"). As of such date, Employee shall cease to be employed by the Company and by each and every subsidiary or affiliate of the Company in any capacity. This Agreement constitutes Employee's resignation on the Separation Date as an employee, officer, and/or director of, and from any other title or position with, the Company and each of the Company's subsidiaries and affiliates. From July 7, 2025 through and including the Separation Date, Employee's duties, responsibilities and authority will only be to assist in transition of her duties in connection with her role as Executive Vice President and General Counsel and/or to assist with special assignments, as directed by the Company's Chief Administrative Officer. Notwithstanding the foregoing, through the Separation Date, Employee will remain an employee at will whose employment may be terminated by Employee or the Company for any reason (or without stated reason). If Employee's employment is terminated for any reason prior to the Separation Date, the date of termination will become the Separation Date for all purposes of this Agreement. If Employee's employment is terminated prior to the Separation Date by the Company without Cause (as defined below), Employee shall be entitled to the Consideration described in Paragraph 2, plus in addition, base salary payments through July 31, 2025. For purposes of this Agreement, "Cause" shall mean the Employee engaged in (i) criminal activity, unless Employee had no reasonable cause to believe her conduct was criminal; or (ii) material willful misconduct that, if capable of being cured, is not cured after five (5) business days' written notice from the Company of such misconduct. If Employee's employment is terminated prior to the Separation Date as defined above, either voluntarily by Employee or by the Company for Cause, then Employee shall not be entitled to the Consideration described in Paragraph 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Consideration.</u> In consideration for the covenants undertaken and the releases given by Employee in this Agreement and the Supplemental Release attached hereto as Exhibit A, subject to Paragraph 2(b), provided Employee: signs and returns this Agreement within 21 days of receipt; does not revoke her signature on this Agreement; signs and returns the Supplemental Release within 21 days of the Separation Date (but not earlier than the Separation Date); and does not revoke her signature on the Supplemental Release, the Company agrees to provide the Separation Payment and the Supplemental Release Payment (together, the "Settlement Payments") as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay Employee the gross amount of one million and seven hundred and fifty thousand dollars ($1,750,000), less statutory taxes and withholdings (the "Separation Payment"). The Separation Payment will be paid in one installment to occur

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within thirty (30) days after the Separation Date. The Company will issue a Form W-2 in the regular course of business for the Separation Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;The Company shall pay Employee the gross amount of five hundred thousand dollars ($500,000), less statutory taxes and withholdings (the "Supplemental Release Payment"). The Supplemental Release Payment will be paid in one installment to occur within thirty (30) days after Employee executes the Supplemental Release (provided she does not revoke it). The Company will issue a Form W-2 in the regular course of business for the Supplemental Release Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;After the Employee's Separation Date, the Company will also provide Employee continued coverage under the Company's CNA Health and Group Benefits Program and the CNA Insured Health and Group Benefits Program ("the Plans"), including dental and vision coverage, Accidental Death & Disability, contributory life insurance, and dependent life insurance at the Employee's active rate for fourteen (14) months following the Separation Date ("Benefit Period") if: (a) Employee was enrolled in that particular coverage on the Separation Date; (b) Employee elects to receive that continued coverage; and (c) Employee is not eligible for coverage under the plans of another employer, which is comparable to the terms and conditions of the plan Employee is enrolled in as of the Separation Date. Employee's separate eligibility for continuation of health insurance as provided by the federal law known as COBRA begins to run at the Separation Date. Employee agrees to notify the Company promptly if she becomes eligible for coverage under another employer's comparable plans. To the extent required by federal tax law, an amount equal to the difference between the premium that Employee would be required to pay for such coverage under COBRA and the active employee rate will be reported as taxable income to Employee, and Employee will pay to the Company an amount equal to the applicable tax withholding on such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Acknowledgement of Consideration.</u> The Company is not obligated to pay the Consideration described above. Rather, the Company agrees to provide these items of value only in return for Employee's acceptance of this Agreement and release of legal rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Taxes.</u> The Company shall withhold required federal and state tax amounts on the gross amount described in the Consideration paragraph above. Employee understands and agrees that the Company is not providing any tax or legal advice in connection with this Agreement, and that the Company makes no representations regarding tax obligations or consequences, if any, related to this Agreement. Employee agrees that Employee shall be exclusively responsible for the payment of all federal and state taxes that may be due as the result of the Settlement Payments under this Agreement. Employee hereby agrees to indemnify and hold harmless the Company and any other release from payment of taxes, interest or penalties that may be required by any governmental agency at any time as the result of the Settlement Payments and continued insurance benefits to Employee as set forth herein. In addition, the Parties intend that any payments contemplated by this Agreement shall constitute "short-term deferrals" and are not "deferred compensation" under Section 409A of the Internal Revenue Code of 1986, as amended (the "Code"). In no event will the Company, or any representative of the Company, have any liability with respect to taxes or additions to tax for which Employee may become liable as a result of the application of Code Section 409A.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Accrued Benefits.</u> Whether or not Employee chooses to sign this Agreement, Employee will be paid her regular base salary through the Separation Date, and will receive payment for all earned unused paid time off due to Employee as of the Separation Date under Company policy, which shall be payable to Employee on the next regularly scheduled payday following the Separation Date. All applicable federal, state, and local withholdings will be deducted from this amount. Employee acknowledges that she has no rights to any additional compensation from the Company, or any of its affiliates, including any portion of the Annual Incentive Bonus for 2025, other than as provided in this Agreement; provided that, for avoidance of doubt, Employee's rights under any outstanding awards under the CNA Financial Corporation Incentive Compensation Plan shall be vested and paid in accordance with the terms of such awards, and her benefits, if any, under the CNA 401(k) Plan and the CNA Deferred Compensation and Savings Plan shall be determined and paid under the terms of such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Admission of Wrongdoing.</u> This Agreement is not an admission that the Company has any liability to Employee, or of any wrongdoing by the Company. The Company denies any liability of any kind to Employee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver and Release of All Claims.</u> In return for the Separation Payment, Employee agrees to waive and release all legal claims that Employee may have against the Company except as specifically stated below. This means that Employee gives up all legal rights to recover any additional amounts or obtain any additional relief from the Company. The additional amounts referred to in this paragraph include, but are not limited to, salary, bonus, long term incentive, annual incentive bonus, severance, SUB Pay, stock incentives, or other compensation or benefits other than the Consideration specified in this Agreement. By signing this Agreement, Employee is giving up all claims Employee may have on the date Employee signs this Agreement, whether or not Employee knows about those claims. The claims Employee is giving up include all claims based upon Employee's employment with the Company or the termination of Employee's employment, including, but not limited to, any and all claims for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any pay/compensation/benefits (whether under the federal Fair Labor Standards Act or otherwise) including backpay, front pay, bonuses, commissions, equity, expenses, incentives, insurance, paid/unpaid leave/time off, profit sharing, salary, or separation pay/benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensatory/emotional/distress damages; punitive or liquidated damages, attorneys' fees, costs, interest or penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any violation of express or implied employment contracts, covenants, promises or duties, intellectual property or other proprietary rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unlawful or tortious conduct such as assault or battery; background check violations; defamation; detrimental reliance; fiduciary breach; fraud; indemnification; intentional or negligent infliction of emotional distress; interference with contractual or other legal rights; invasion of privacy; loss of consortium; misrepresentation; negligence (including negligent hiring, retention or supervision); personal injury; promissory estoppel; public policy violation; retaliatory discharge; safety violations; posting or

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records-related violations; wrongful discharge; or other federal, state or local statutory or common law matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any violation of any city, local, state, or federal laws, statutes, ordinances, executive orders, regulations, or constitutions, including but not limited to discrimination or harassment based on age (including Age Discrimination in Employment Act or "ADEA" claims), ancestry, benefit entitlement, citizenship, color, concerted activity, disability, ethnicity, gender, gender identity, genetic information, harassment, immigration status, income source, jury duty, leave rights, marital status, military status, national origin, parental status, political affiliation, protected off- duty conduct, race, religion, retaliation, sexual orientation, union activity, veteran status, whistleblower activity, other legally protected status or activity; or any allegation that payment under this Agreement was affected by any such discrimination or harassment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any violation of any city, local, state, or federal laws, statutes, ordinances, executive orders, regulations, or constitutions, including but not limited to ADEA, Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., the Civil Rights Act of 1866, 42 U.S.C. § 1981, the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq., the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. § 12101 et seq., the Equal Pay Act of 1963, as amended, 29 U.S.C. § 206(d), the Family and Medical Leave Act of 1993, as amended, 29 U.S.C. § 2601 et seq.; Illinois Human Rights Act, as amended; Illinois Whistleblower Act; Illinois Arrest History Discrimination Law; Illinois Employment Contract Act; Illinois Labor Dispute Act; the Illinois Constitution; Illinois common law, as well as any and all other applicable federal, state, county or local law, statute, ordinance or regulation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any participation in any class, collective, or representative action against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Release Exclusions/Additional Employee Protections.</u> Nothing in the Waiver and Release above or any other part of this Agreement limits Employee's right to make truthful statements or disclosures regarding alleged unlawful employment or other business practices of the Company. In addition, neither the release provisions above nor anything else in this Agreement limit Employee's right to: file a charge with an administrative agency such as the Equal Employment Opportunity Commission ("EEOC") or a state fair employment practices agency, or communicate directly with or provide information (including testimony) to an agency, self- regulatory authority, or state or federal regulatory authority, such as the Financial Industry Regulatory Authority ("FINRA") or the U.S. Securities and Exchange Commission ("SEC"), or otherwise participate in an agency proceeding; (ii) testify before the state legislature at the legislature's written request or in court pursuant to subpoena or court order; or (iii) communicate with law enforcement or Employee's attorney. However, Employee agrees not to accept any money or other individual relief that might be awarded to Employee. If relief is nonetheless awarded, Employee agrees that Employer shall be entitled to recover an amount equal to the Separation Payment from any money awarded to Employee in connection with such proceedings minus $1,000. However, nothing in this Agreement limits Employee's right to receive money from the SEC as a reward for information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement Not to Sue.</u> Employee agrees not to sue the Company in any court with respect to any of the claims released in this Agreement except as specifically permitted in this paragraph below. If Employee, or anyone on Employee's behalf, breaks this promise, then Employee shall be required to repay the Separation Payment except for $1,000; alternatively, at the Company's option, Employee shall be liable for the payment of all costs and attorneys' fees paid by the Company in connection with such a lawsuit. This Agreement not to sue does not prohibit Employee from bringing a lawsuit to challenge the enforceability of this Agreement as it relates to age discrimination claims. Employee will not be required to repay the Separation Payment in order to challenge the validity or enforceability of this Agreement under the Age Discrimination in Employment Act, and will not be liable for the payment of costs and fees paid by the Company in connection with such a challenge. This does not mean that Employee retains the right to obtain relief for age discrimination after signing this Agreement. After signing this Agreement, Employee may obtain relief for age discrimination only if Employee obtains a court order stating that this Agreement is not enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Effect on Other Claims.</u> This Agreement does not apply to claims based upon conduct or injuries that occur after the date this Agreement is signed. It also does not apply to or affect (a) any insurance claims or workers' compensation claims filed before the date of this Agreement; (b) Employee's right to retirement benefits; (c) Employee's existing rights as an equity holder of the Company or existing rights to indemnification under Company bylaws, agreement or otherwise, if any; (d) right to enforce this Agreement; or (e) any state unemployment compensation benefits to which Employee may be entitled as a result of the termination of Employee's employment with the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality.</u> Employee agrees to be bound by the Company's Confidentiality, Computer Responsibility and Professional Certification Agreement, a copy of which Employee acknowledges having previously received. Employee agrees that all Confidential Information as defined below is commercially valuable and is the property of the Company, and agrees not to reveal or use Confidential Information learned as a result of Employee's employment with the Company. Employee shall return all Confidential Information (whether it exists in written, electronic, computerized, or another form) to the Company before termination of Employee's employment. For purposes of this Agreement, "Confidential Information" includes all information, knowledge, or data not generally known outside the Company concerning the business of: (a) the Company; and (b) the Company's customers, employees, agents, brokers, and vendors.

Notwithstanding the foregoing, in accordance with the Defend Trade Secrets Act of 2016, Employee is hereby notified that Employee will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. If Employee files a lawsuit for retaliation by the Company for reporting a suspected violation of law, Employee may disclose the Company's trade secrets to Employee's attorney and use the trade secret information in the court proceeding if Employee (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Company Property.</u> On or prior to the Separation Date, Employee shall return to the Company all Company property in her possession or use, including, without limitation, all automobiles, printers, cell phones, credit cards, building-access cards and keys, other electronic equipment and related materials, and any records, software or other data from Employee's personal computers or laptops which are not themselves Company property, however stored, relating to the Company's Confidential Information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Assistance with Claims.</u> While employed at the Company and for twelve (12) months after the Separation Date, Employee will be available on a reasonable basis to assist the Company with any legal or regulatory proceedings involving Employee's role as the Company's General Counsel. Employee shall promptly inform the Company if Employee is requested: (a) to provide information or testimony in connection with or otherwise become involved in any claim against the Company; or (b) to assist with or participate in any investigation of the Company by others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Non-Disparagement.</u> Employee agrees that she will not, and will not encourage or induce others to, make, publish or communicate to any person or entity or in any public forum any defamatory or disparaging remarks, comments or statements concerning the Company, its subsidiaries, affiliates or shareholders or any of their respective past, present or future directors, officers, employees, agents, shareholders or any of their respective successors and assigns. The Company will issue (or has issued) internal and external announcements regarding Employee's separation stating that Employee has separated as of the Separation Date. Nothing in this Agreement is intended to or shall prevent any person, including Employee, from providing, or limiting testimony in response to a valid subpoena, court order, regulatory request or other judicial, administrative or legal process or otherwise as required by law. Subject to the foregoing, Employee shall not be held liable by the Company for giving accurate and truthful information at any interviews and accurate and truthful testimony in any legal proceedings or actions. The Company will file a Form 8-K with the SEC announcing Employee's separation and to reflect the terms of this Agreement once final, and a copy of this Agreement will also be subsequently filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement Not To Solicit Employees.</u> While employed at the Company and for twelve (12) months after the Separation Date, Employee will not employ or engage as a consultant, or offer to employ or engage as a consultant, or solicit for employment or engagement as a consultant, any person who is then an employee of the Company, or assist any other person or company in doing so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement Not to Interfere with Business Relationships.</u> While employed at the Company and for twelve (12) months after the Separation Date, Employee will not interfere, or try to interfere, with any business relationship between the Company and any other person or entity, including customers, agents, suppliers, vendors, contractors, employees, and business partners. Employee further agrees that, for a period of 12 months after the Separation Date, she will not solicit, or direct others to solicit, Company customers. Employee further agrees that, for a period of 12 months after the Separation Date, she will not solicit agents or brokers, or direct others to solicit agents or brokers, to move Company business away from Company or to limit or otherwise affect the amount of business the agents or brokers do with the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Ownership of Claims.</u> Employee states that she is not currently involved in a bankruptcy proceeding and that Employee has not given or transferred any claims Employee may have against the Company to any other person or entity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Time to Consider, Consult with Counsel, and Revoke.</u> Employee will have up to 21 days after receiving this Agreement to consult with an attorney, sign it, and return it to Elizabeth Aguinaga, Executive Vice President, Chief Human Resources Officer, CNA, by mail to 151 N. Franklin, 18th Floor, Chicago, Illinois 60606, or by email to Elizabeth.Aguinaga@cna.com. Employee will have up to seven days after signing this Agreement to change Employee's mind and revoke this Agreement. To revoke this Agreement, Employee must give written notice to Elizabeth Aguinaga so that it is received no later than the eighth day after Employee signs the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Severability; Enforcement.</u> If any provision of this Agreement is held by a court of competent jurisdiction to be illegal, void or unenforceable, such provision shall have no effect; however, the remaining provisions shall be enforced to the maximum extent possible. Further, if a court should determine that any portion of this Agreement is overbroad or unreasonable, such provision shall be given effect to the maximum extent possible by narrowing or enforcing in part that aspect of the provision found overbroad or unreasonable. In addition, Employee agrees that her knowing failure to return Company property that relates to the maintenance of security of the Company's Confidential Information shall entitle the Company to injunctive and other equitable relief.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement.</u> This Agreement, including Exhibit A (the Supplemental Release), is the entire agreement between Employee and the Company concerning the subjects contained in it, and supersedes all other agreements and understandings, whether oral or written, regarding those subjects. In signing this Agreement, Employee has not relied on any promises or representations other than those set forth in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Binding and Successors.</u> The Parties agree that this Agreement shall be binding on, and inure to the benefit of, Employee's and Company's successors, heirs and/or assigns whether by merger, consolidation, or transfer of all or substantially all of Company's assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Choice of Law and Venue.</u> To the full extent permitted by law, the parties agree that all disputes between the Company and Employee relating to this Agreement will take place exclusively in the State of Illinois, and Employee consents to the personal and subject matter jurisdiction of federal and/or state courts in Cook County, Illinois. The parties further agree that this Agreement, and the parties' performance hereunder and the relationship between them shall be governed by, construed and enforced in accordance with the laws of the State of Illinois, without regard to the conflict of law rules thereof. The Parties waive their rights to a jury trial to the full extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Modification Only by Written Agreement.</u> This Agreement may not be changed in any way except in a written agreement signed by both Employee and an authorized representative of the Company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Knowing and Voluntary.</u> Employee has carefully read and fully understands all of the provisions of this Agreement; knows and understands the rights Employee is giving up by signing this Agreement; and has entered into the Agreement knowingly and voluntarily.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts.</u> This Agreement may be executed in counterparts, and each counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned.

[Signatures on following page]

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**PLEASE READ CAREFULLY**

**1.&nbsp;&nbsp;&nbsp;&nbsp;THIS GENERAL RELEASE AND SETTLEMENT AGREEMENT IS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS, INCLUDING CLAIMS OF AGE DISCRIMINATION. IT DOES NOT WAIVE CLAIMS WHICH MAY ARISE AFTER THE DATE IT IS SIGNED OR CLAIMS SPECIFICALLY EXCLUDED;**

**2.&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE IS WAIVING CLAIMS IN EXCHANGE FOR MONEY AND/OR BENEFITS TO WHICH SHE IS NOT ALREADY ENTITLED;**

**3.&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE IS ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS GENERAL RELEASE AND SETTLEMENT AGREEMENT;**

**4.&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE HAS 21 DAYS TO DECIDE WHETHER TO SIGN THIS GENERAL RELEASE AND SETTLEMENT AGREEMENT; AND**

**5.&nbsp;&nbsp;&nbsp;&nbsp;WITHIN SEVEN (7) DAYS AFTER SIGNING THIS GENERAL RELEASE AND SETTLEMENT AGREEMENT, EMPLOYEE MAY CHANGE HIS MIND AND REVOKE THIS GENERAL RELEASE AND SETTLEMENT AGREEMENT BY GIVING WRITTEN NOTICE TO THE COMPANY. THIS GENERAL RELEASE AND SETTLEMENT AGREEMENT SHALL NOT BECOME ENFORCEABLE UNTIL THIS SEVEN-DAY PERIOD HAS EXPIRED.**

Agreed to and acknowledged by:

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Susan A. Stone</u> <u>July 2, 2025</u> 

Susan A. Stone, Employee Date

&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Elizabeth A. Aguinaga</u> <u>July 3, 2025</u> 

Elizabeth A. Aguinaga Date

Executive Vice President and Chief Human Resources Officer

For CNA Financial Corporation

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**<u>EXHIBIT A</u>**

**<u>SUPPLEMENTAL RELEASE</u>**

In order for Employee to be eligible to receive the Supplemental Release Payment and any continuing payments or benefits described in the Consideration paragraph of the General Release and Separation Agreement (the "Separation Agreement") between Employee and CNA Financial Corporation (the "Company"), which is payable as described in the Consideration paragraph of the Separation Agreement, Employee must execute this Supplemental Release (the "Supplemental Release") and not revoke the Supplemental Release as described below. Employee must execute this Supplemental Release not earlier than the Separation Date and not later than twenty-one (21) days after the Separation Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver and Release of All Claims.</u> In return for the Supplemental Release Payment, Employee agrees to waive and release all legal claims that Employee may have against the Company except as specifically stated below. This means that Employee gives up all legal rights to recover any additional amounts or obtain any additional relief from the Company. The additional amounts referred to in this paragraph include, but are not limited to, salary, bonus, long term incentive, annual incentive bonus, severance, SUB Pay, stock incentives, or other compensation or benefits other than the Consideration specified in the Separation Agreement. By signing this Supplemental Release, Employee is giving up all claims Employee may have on the date Employee signs this Supplemental Release, whether or not Employee knows about those claims. The claims Employee is giving up include all claims based upon Employee's employment with the Company or the termination of Employee's employment, including, but not limited to, any and all claims for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any pay/compensation/benefits (whether under the federal Fair Labor Standards Act or otherwise) including backpay, front pay, bonuses, commissions, equity, expenses, incentives, insurance, paid/unpaid leave/time off, profit sharing, salary, or separation pay/benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compensatory/emotional/distress damages; punitive or liquidated damages, attorneys' fees, costs, interest or penalties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any violation of express or implied employment contracts, covenants, promises or duties, intellectual property or other proprietary rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unlawful or tortious conduct such as assault or battery; background check violations; defamation; detrimental reliance; fiduciary breach; fraud; indemnification; intentional or negligent infliction of emotional distress; interference with contractual or other legal rights; invasion of privacy; loss of consortium; misrepresentation; negligence (including negligent hiring, retention or supervision); personal injury; promissory estoppel; public policy violation; retaliatory discharge; safety violations; posting or records-related violations; wrongful discharge; or other federal, state or local statutory or common law matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any violation of any city, local, state, or federal laws, statutes, ordinances, executive orders, regulations, or constitutions, including but not limited to discrimination or

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harassment based on age (including Age Discrimination in Employment Act or "ADEA" claims), ancestry, benefit entitlement, citizenship, color, concerted activity, disability, ethnicity, gender, gender identity, genetic information, harassment, immigration status, income source, jury duty, leave rights, marital status, military status, national origin, parental status, political affiliation, protected off- duty conduct, race, religion, retaliation, sexual orientation, union activity, veteran status, whistleblower activity, other legally protected status or activity; or any allegation that payment under the Separation Agreement was affected by any such discrimination or harassment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any violation of any city, local, state, or federal laws, statutes, ordinances, executive orders, regulations, or constitutions, including but not limited to ADEA, Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. § 2000e et seq., the Civil Rights Act of 1866, 42 U.S.C. § 1981, the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq., the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. § 12101 et seq., the Equal Pay Act of 1963, as amended, 29 U.S.C. § 206(d), the Family and Medical Leave Act of 1993, as amended, 29 U.S.C. § 2601 et seq.; Illinois Human Rights Act, as amended; Illinois Whistleblower Act; Illinois Arrest History Discrimination Law; Illinois Employment Contract Act; Illinois Labor Dispute Act; the Illinois Constitution; Illinois common law, as well as any and all other applicable federal, state, county or local law, statute, ordinance or regulation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any participation in any class, collective, or representative action against the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement Not to Sue.</u> Employee agrees not to sue the Company in any court with respect to any of the claims released in this Supplemental Release except as specifically permitted in this paragraph below. If Employee, or anyone on Employee's behalf, breaks this promise, then Employee shall be required to repay the Supplemental Release Payment except for $1,000; alternatively, at the Company's option, Employee shall be liable for the payment of all costs and attorneys' fees paid by the Company in connection with such a lawsuit. This agreement not to sue does not prohibit Employee from bringing a lawsuit to challenge the enforceability of this Supplemental Release as it relates to age discrimination claims. Employee will not be required to repay the Supplemental Release Payment in order to challenge the validity or enforceability of this Supplemental Release under the Age Discrimination in Employment Act, and will not be liable for the payment of costs and fees paid by the Company in connection with such a challenge. This does not mean that Employee retains the right to obtain relief for age discrimination after signing this Supplemental Release. After signing this Supplemental Release, Employee may obtain relief for age discrimination only if Employee obtains a court order stating that this Supplemental Release is not enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Release Exclusions/Additional Employee Protections.</u> Nothing in the Waiver and Release above or any other part of this Supplemental Release limits Employee's right to make truthful statements or disclosures regarding alleged unlawful employment or other business practices of the Company. In addition, neither the release provisions above nor anything else in this Supplemental Release limit Employee's right to: file a charge with an administrative agency such as the Equal Employment Opportunity Commission ("EEOC") or a state fair employment

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practices agency, or communicate directly with or provide information (including testimony) to an agency, self- regulatory authority, or state or federal regulatory authority, such as the Financial Industry Regulatory Authority ("FINRA") or the U.S. Securities and Exchange Commission ("SEC"), or otherwise participate in an agency proceeding; (ii) testify before the state legislature at the legislature's written request or in court pursuant to subpoena or court order; or (iii) communicate with law enforcement or Employee's attorney. However, Employee agrees not to accept any money or other individual relief that might be awarded to Employee. If relief is nonetheless awarded, Employee agrees that Employer shall be entitled to recover an amount equal to the Supplemental Release Payment from any money awarded to Employee in connection with such proceedings minus $1,000. However, nothing in this Supplemental Release limits Employee's right to receive money from the SEC as a reward for information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Time to Consider, Consult with Counsel, and Revoke.</u> Employee will have up to 21 days following the Separation Date to consult with an attorney, sign this Supplemental Release, and return it to Elizabeth Aguinaga, Executive Vice President, Chief Human Resources Officer, CNA, by mail to 151 N. Franklin, 18th Floor, Chicago, Illinois 60606, or by email to Elizabeth.Aguinaga@cna.com. Employee will have up to seven days after signing this Supplemental Release to change Employee's mind and revoke this Supplemental Release. To revoke this Supplemental Release, Employee must give written notice to Elizabeth Aguinaga so that it is received no later than the eighth day after Employee signs the Supplemental Release. If Employee either fails to sign, or revokes, this Supplemental Release, she shall not be entitled to receive the Supplemental Release Payment, but such failure to sign, or revocation of, this Supplemental Release shall not otherwise affect the validity of the Separation Agreement or Employee's rights and obligations under the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Choice of Law and Venue.</u> The provisions of the Choice of Law and Venue paragraph of the Separation Agreement will apply to any dispute between Employee and the Company arising under or relating to this Supplemental Release.

[Signatures on following page]

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**PLEASE READ CAREFULLY**

**1.&nbsp;&nbsp;&nbsp;&nbsp;THIS SUPPLEMENTAL RELEASE IS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS, INCLUDING CLAIMS OF AGE DISCRIMINATION. IT DOES NOT WAIVE CLAIMS WHICH MAY ARISE AFTER THE DATE IT IS SIGNED OR CLAIMS SPECIFICALLY EXCLUDED;**

**2.&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE IS WAIVING CLAIMS IN EXCHANGE FOR MONEY AND/OR BENEFITS TO WHICH SHE IS NOT ALREADY ENTITLED;**

**3.&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE IS ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS SUPPLEMENTAL RELEASE;**

**4.&nbsp;&nbsp;&nbsp;&nbsp;EMPLOYEE HAS 21 DAYS TO DECIDE WHETHER TO SIGN THIS SUPPLEMENTAL RELEASE; AND**

**5.&nbsp;&nbsp;&nbsp;&nbsp;WITHIN SEVEN (7) DAYS AFTER SIGNING THIS SUPPLEMENTAL RELEASE, EMPLOYEE MAY CHANGE HER MIND AND REVOKE THIS SUPPLEMENTAL RELEASE BY GIVING WRITTEN NOTICE TO THE COMPANY. THIS SUPPLEMENTAL RELEASE SHALL NOT BECOME ENFORCEABLE UNTIL THIS SEVEN-DAY PERIOD HAS EXPIRED.**

Agreed to and acknowledged by:

Susan A. Stone, Employee Date

Elizabeth A. Aguinaga Date

Executive Vice President and Chief Human Resources Officer

For CNA Financial Corporation

## Exhibit 31.1

EXHIBIT 31.1

SARBANES-OXLEY ACT SECTION 302

CERTIFICATION OF CHIEF EXECUTIVE OFFICER

I, Douglas M. Worman, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of CNA Financial Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Dated: | August 4, 2025 | By | /s/ Douglas M. Worman |
| | | | Douglas M. Worman |
| | | | President and Chief Executive Officer |

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## Exhibit 31.2

EXHIBIT 31.2

SARBANES-OXLEY ACT SECTION 302

CERTIFICATION OF CHIEF FINANCIAL OFFICER

I, Scott R. Lindquist, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of CNA Financial Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth quarter in the case of an Annual Report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent function):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | | |
|:---|:---|:---|:---|
| Dated: | August 4, 2025 | By | /s/ Scott R. Lindquist |
| | | | Scott R. Lindquist |
| | | | Chief Financial Officer |

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## Exhibit 32.1

EXHIBIT 32.1

**Written Statement of the Chief Executive Officer**

**of CNA Financial Corporation**

**Pursuant to 18 U.S.C. § 1350**

**(As adopted by Section 906 of the Sarbanes-Oxley Act of 2002)**

The undersigned, the Chief Executive Officer of CNA Financial Corporation (the Company), hereby certifies that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's Quarterly Report on Form 10-Q for the year ended June 30, 2025 filed on the date hereof with the Securities and Exchange Commission (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | | |
|:---|:---|:---|:---|
| Dated: | August 4, 2025 | By | /s/ Douglas M. Worman |
| | | | Douglas M. Worman |
| | | | President and Chief Executive Officer |

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The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

## Exhibit 32.2

EXHIBIT 32.2

**Written Statement of the Chief Financial Officer**

**of CNA Financial Corporation**

**Pursuant to 18 U.S.C. § 1350**

**(As adopted by Section 906 of the Sarbanes-Oxley Act of 2002)**

The undersigned, the Chief Financial Officer of CNA Financial Corporation (the Company), hereby certifies that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's Quarterly Report on Form 10-Q for the year ended June 30, 2025 filed on the date hereof with the Securities and Exchange Commission (the Report) fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

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| | | | |
|:---|:---|:---|:---|
| Dated: | August 4, 2025 | By | /s/ Scott R. Lindquist |
| | | | Scott R. Lindquist |
| | | | Chief Financial Officer |

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The foregoing certification is being furnished solely pursuant to 18 U.S.C. § 1350 and is not being filed as part of the Report or as a separate disclosure document.

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