# EDGAR Filing Document

**Accession Number:** 0000021175
**File Stem:** 0000021175-26-000008
**Filing Date:** 2026-2
**Character Count:** 151722
**Document Hash:** 19444aa4bf36c536c12107eb2f11bef4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000021175-26-000008.hdr.sgml**: 20260209

**ACCESSION NUMBER**: 0000021175-26-000008

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 63

**CONFORMED PERIOD OF REPORT**: 20260209

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260209

**DATE AS OF CHANGE**: 20260209

**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:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-05823
- **FILM NUMBER:** 26609475

**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-20260209

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) February 9, 2026

**CNA FINANCIAL CORPORATION** 

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-5823** | **36-6169860** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

**151 N. Franklin** 

**Chicago, IL 60606** 

(Address of principal executive offices) (Zip Code)

**(312) 822-5000** 

(Registrant's telephone number, including area code)

---

| |
|:---|
| **NOT APPLICABLE** |
| (Former name or former address, if changed since last report.) |

---

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<u>see</u> General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

------

ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.

On February 9, 2026, the registrant issued a press release and posted on its website (<u>cna.com</u>) a financial supplement, earnings presentation and earnings remarks providing information on its results of operations for the fourth quarter and year ended December 31, 2025. The press release is furnished as Exhibit 99.1, the financial supplement is furnished as Exhibit 99.2, the earnings presentation is furnished as Exhibit 99.3 and the earnings remarks are furnished as Exhibit 99.4 to this Form 8-K.

The information under Item 2.02 and in Exhibits 99.1, 99.2, 99.3 and 99.4 in this Current Report is being furnished and shall not be deemed "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 2.02 and in Exhibits 99.1, 99.2, 99.3 and 99.4 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits:

See Exhibit Index.

------

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| Exhibit No. | Description |
| <u>[99.1](q42025exhibit991.htm)</u> | CNA Financial Corporation press release, issued February 9, 2026, providing information on the fourth quarter and year ended December 31, 2025 results of operations. |
| <u>[99.2](q42025exhibit992.htm)</u> | CNA Financial Corporation financial supplement, posted on its website February 9, 2026, providing supplemental financial information on the fourth quarter and year ended December 31, 2025. |
| <u>[99.3](q42025ex993earningsprese.htm)</u> | CNA Financial Corporation earnings presentation, posted on its website February 9, 2026, providing information on the fourth quarter and year ended December 31, 2025 results of operations. |
| <u>[99.4](q42025ex994earningsremarks.htm)</u> | CNA Financial Corporation earnings remarks, posted on its website February 9, 2026, providing information on the fourth quarter and year ended December 31, 2025 results of operations. |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | CNA Financial Corporation |
| | | (Registrant) |
| Date: February 9, 2026 | By | /s/ Scott R. Lindquist |
| | | (Signature) |
| | | Scott R. Lindquist<br>Executive Vice President and<br>Chief Financial Officer |

---

## Exhibit 99.1

![cnalogo_red.jpg](cnalogo_red.jpg)

FOR IMMEDIATE RELEASE

**CNA FINANCIAL ANNOUNCES**

**Q4 2025 NET INCOME OF $1.11 PER SHARE AND CORE INCOME OF $1.16 PER SHARE** 

**FULL YEAR 2025 NET INCOME OF $4.69 PER SHARE AND CORE INCOME OF $4.93 PER SHARE**

**REGULAR QUARTERLY DIVIDEND INCREASED 4% TO $0.48 PER SHARE**

**SPECIAL DIVIDEND OF $2.00 PER SHARE**

**Fourth Quarter**

• Net income of $302 million versus $21 million in the prior year quarter, which included a $290 million after-tax loss from a pension settlement transaction. Core income of $317 million versus $342 million in the prior year quarter.

• P&C core income of $449 million versus $451 million, reflects lower underlying underwriting results largely offset by higher net investment income.

• Life & Group core loss of $29 million versus $18 million in the prior year quarter.

• Corporate & Other core loss of $103 million versus $91 million in the prior year quarter.

• Net investment income of $653 million, reflects a $26 million increase from fixed income securities and other investments to $576 million and a $17 million decrease from limited partnerships and common stock to $77 million.

• P&C combined ratio of 93.8%, compared with 93.1% in the prior year quarter, including 1.5 points of catastrophe loss impact compared with 1.8 points in the prior year quarter. P&C underlying combined ratio was 92.3%, compared with 91.4% in the prior year quarter. P&C underlying loss ratio was 61.9% and the expense ratio was 30.1%.

• P&C segments generated net written premium growth of 2% in the quarter. P&C renewal premium change of +4%, with written rate of +2%.

**Full Year**

• Record high net income of $1,278 million versus $959 million in the prior year, which included a $293 million after-tax loss from pension settlement transactions. Core income of $1,342 million, which is the best on record, versus $1,316 million in the prior year.

• P&C core income of $1,664 million versus $1,549 million, reflects improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior period development.

• Life & Group core loss of $44 million versus $23 million in the prior year.

• Corporate & Other core loss of $278 million versus $210 million in the prior year.

• Net investment income of $2,557 million, reflects a $78 million increase from fixed income securities and other investments to $2,255 million and a $18 million decrease from limited partnerships and common stock to $302 million.

• P&C combined ratio of 94.7%, compared with 94.9% in the prior year, including 2.3 points of catastrophe loss impact compared with 3.6 points in the prior year. P&C underlying combined ratio was 91.8% compared with 91.5% in the prior year. P&C underlying loss ratio was 61.7% and the expense ratio was 29.7%.

• P&C segments generated net written premium growth of 5%. P&C renewal premium change of +4%, with written rate of +3%.

**Stockholders' Equity**

• Book value per share of $42.93; book value per share excluding AOCI of $46.99, an 10% increase from year-end 2024 adjusting for $3.84 of dividends per share paid.

• Increased quarterly cash dividend 4% to $0.48 per share; special dividend of $2.00 per share

------

**CHICAGO, February 9, 2026 ---** CNA Financial Corporation (NYSE: CNA) today announced fourth quarter 2025 net income of $302 million, or $1.11 per share, versus $21 million, or $0.07 per share, in the prior year quarter. Net income for the prior year quarter included a $290 million after-tax loss from a pension settlement transaction. Net investment losses for the quarter were $15 million compared to $31 million in the prior year quarter. Core income for the quarter was $317 million, or $1.16 per share, versus $342 million, or $1.25 per share, in the prior year quarter.

Our Property & Casualty segments delivered core income of $449 million for the fourth quarter of 2025, a decrease of $2 million compared to the prior year quarter reflecting lower underlying underwriting results largely offset by higher net investment income. P&C segments generated net written premium growth of 2%, due to renewal premium change of +4% and written rate of +2%.

Our Life & Group segment produced a core loss of $29 million for the fourth quarter of 2025 versus $18 million in the prior year quarter. Our Corporate & Other segment reported a core loss of $103 million for the fourth quarter of 2025 versus $91 million in the prior year quarter.

Net income for the full year 2025 was $1,278 million, or $4.69 per share, versus $959 million, or $3.52 per share, in the prior year. Net income for the prior year included a $293 million after-tax loss from pension settlement transactions. Net investment losses were $64 million for the full year 2025 and 2024. Core income for the full year 2025 was $1,342 million, or $4.93 per share, versus $1,316 million, or $4.83 per share, in the prior year.

Our Property & Casualty segments recorded core income of $1,664 million for the full year 2025, an increase of $115 million compared to the prior year attributed to improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior period development in the current year compared to favorable net prior period development in the prior year. P&C segments generated net written premium growth of 5%, due to renewal premium change of +4% and written rate of +3%.

Our Life & Group segment reported a core loss of $44 million for the full year 2025 versus $23 million in the prior year. Our Corporate & Other segment produced a core loss of $278 million for the full year 2025 versus $210 million in the prior year.

CNA Financial declared a quarterly cash dividend of $0.48 per share and a special dividend of $2.00 per share, payable March 12, 2026 to stockholders of record on February 23, 2026.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions, except per share data) | **2025** | **2024** | **2025** | **2024** |
| Net income | $302 | $21 | $1278 | $959 |
| Core income <sup>(a)</sup> | 317 | 342 | 1342 | 1316 |
| Net income per diluted share | $1.11 | $0.07 | $4.69 | $3.52 |
| Core income per diluted share | 1.16 | 1.25 | 4.93 | 4.83 |

---

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Book value per share | $42.93 | $38.82 |
| Book value per share excluding AOCI | 46.99 | 46.16 |

---

*(a)Management utilizes the core income (loss) financial measure to monitor the Company's operations. Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure.*

------

"In the fourth quarter we produced excellent results with $317 million of core income, capping off a best on record core income of $1,342 million for the full year, which is the third consecutive year of record results. The 2025 full year core income reflects continued excellent underlying underwriting and investment results, which are both record highs, and contributed to delivering nearly $2.5 billion of cash flow from operations.

The P&C all-in combined ratio was 93.8% for the quarter and 94.7% for the full year, which include 1.5 points and 2.3 points of catastrophe losses, respectively. The full year expense ratio of 29.7% is half a point lower than 2024, reflecting ongoing expense discipline while investing in talent, technology and artificial intelligence.

Net written premiums grew 2% in the quarter and 5% for the year while new business was flat for the quarter but grew 4% for the full year with retention of 83%. We continue to lean into profitable opportunities while being highly selective in pockets where the market will not let us achieve appropriate risk-adjusted returns.

We are pleased with the fourth quarter action taken by AM Best who upgraded CNA's financial strength rating to A+ with a stable outlook. We view AM Best's action as recognition of our consistently strong operating performance, sophisticated risk management and the strength of our balance sheet.

Looking forward, we enter the new year with momentum and confidence in our disciplined underwriting strategies and marketplace execution backed by our superior financial strength. We feel we are well positioned as we look forward to an exciting 2026," said Douglas M. Worman, Chairman & Chief Executive Officer of CNA Financial Corporation.

------

**Property & Casualty Operations**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions) | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Net written premiums | $2794 |  | $2752 |  | $10683 |  | $10176 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NWP change (% year over year) | 2 | % |  |  | 5 | % |  |  |
| Net earned premiums | $2692 |  | $2571 |  | $10478 |  | $9775 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NEP change (% year over year) | 5 | % |  |  | 7 | % |  |  |
| Underwriting gain | $167 |  | $178 |  | $551 |  | $496 |  |
| Net investment income | $409 |  | $400 |  | $1581 |  | $1490 |  |
| Core income | $449 |  | $451 |  | $1664 |  | $1549 |  |
| Loss ratio | 63.4 | % | 62.8 | % | 64.6 | % | 64.3 | % |
| Less: Effect of catastrophe impacts | 1.5 |  | 1.8 |  | 2.3 |  | 3.6 |  |
| Less: Effect of (favorable) unfavorable development-related items |  |  | (0.1) |  | 0.6 |  | (0.2) |  |
| Underlying loss ratio | 61.9 | % | 61.1 | % | 61.7 | % | 60.9 | % |
| Expense ratio | 30.1 | % | 30.0 | % | 29.7 | % | 30.2 | % |
| Combined ratio | 93.8 | % | 93.1 | % | 94.7 | % | 94.9 | % |
| Underlying combined ratio | 92.3 | % | 91.4 | % | 91.8 | % | 91.5 | % |

---

• The fourth quarter underlying combined ratio increased 0.9 points as compared with the prior year quarter. The underlying loss ratio increased 0.8 points as compared with the prior year quarter as a result of increases across each segment. The expense ratio was generally consistent with the prior year quarter as a non-recurring technology charge was largely offset by a favorable acquisition ratio and net earned premium growth of 5%.

• The fourth quarter combined ratio increased 0.7 points as compared with the prior year quarter. Catastrophe losses were $40 million, or 1.5 points of the loss ratio in the quarter compared with $45 million, or 1.8 points of the loss ratio, for the prior year quarter.

• For the full year, the underlying combined ratio increased 0.3 points as compared with the prior year. The underlying loss ratio increased 0.8 points compared with the prior year due to increases across each segment. The expense ratio improved 0.5 points primarily attributed to net earned premium growth of 7%.

• For the full year, the combined ratio improved 0.2 points as compared with the prior year. Catastrophe losses were $240 million, or 2.3 points of the loss ratio for the full year compared with $358 million, or 3.6 points of the loss ratio, for the prior year. Unfavorable net prior period development increased the loss ratio by 0.6 points in the current year compared with 0.2 points of favorable development improving the loss ratio in the prior year.

------

**Business Operating Highlights**

**Specialty**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions) | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Net written premiums | $914 |  | $934 |  | $3515 |  | $3445 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NWP change (% year over year) | (2) | % |  |  | 2 | % |  |  |
| Net earned premiums | $899 |  | $868 |  | $3472 |  | $3361 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NEP change (% year over year) | 4 | % |  |  | 3 | % |  |  |
| Underwriting gain | $9 |  | $54 |  | $164 |  | $249 |  |
| Loss ratio | 63.6 | % | 60.1 | % | 61.5 | % | 59.5 | % |
| Less: Effect of catastrophe impacts |  |  |  |  |  |  |  |  |
| Less: Effect of unfavorable (favorable) development-related items | 3.0 |  |  |  | 1.1 |  | (0.3) |  |
| Underlying loss ratio | 60.6 | % | 60.1 | % | 60.4 | % | 59.8 | % |
| Expense ratio | 35.1 | % | 33.4 | % | 33.5 | % | 32.8 | % |
| Combined ratio | 99.0 | % | 93.8 | % | 95.3 | % | 92.6 | % |
| Underlying combined ratio | 96.0 | % | 93.8 | % | 94.2 | % | 92.9 | % |

---

• The fourth quarter underlying combined ratio increased 2.2 points as compared with the prior year quarter. The expense ratio increased 1.7 points as compared with the prior year quarter driven by a non-recurring technology charge. The underlying loss ratio increased 0.5 points as compared with the prior year quarter.

• The fourth quarter combined ratio increased 5.2 points as compared with the prior year quarter. Unfavorable net prior period development increased the loss ratio by 3.0 points in the current quarter as compared with no net prior period development in the prior year quarter.

• For the full year, the underlying combined ratio increased 1.3 points as compared with the prior year. The expense ratio increased 0.7 points driven by higher employee related costs and a non-recurring technology charge partially offset by net earned premium growth of 3%. The underlying loss ratio increased 0.6 points as compared with the prior year.

• For the full year, the combined ratio increased 2.7 points as compared with the prior year. Unfavorable net prior period development increased the loss ratio by 1.1 points in the current year compared with 0.3 points of favorable development improving the loss ratio in the prior year.

------

**Commercial**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions) | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Net written premiums | $1509 |  | $1452 |  | $5821 |  | $5469 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NWP change (% year over year) | 4 | % |  |  | 6 | % |  |  |
| Net earned premiums | $1460 |  | $1384 |  | $5695 |  | $5158 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NEP change (% year over year) | 5 | % |  |  | 10 | % |  |  |
| Underwriting gain | $109 |  | $106 |  | $272 |  | $171 |  |
| Loss ratio | 65.7 | % | 64.8 | % | 67.9 | % | 68.3 | % |
| Less: Effect of catastrophe impacts | 2.4 |  | 2.3 |  | 3.8 |  | 6.2 |  |
| Less: Effect of (favorable) unfavorable development-related items | (0.1) |  |  |  | 0.9 |  | (0.1) |  |
| Underlying loss ratio | 63.4 | % | 62.5 | % | 63.2 | % | 62.2 | % |
| Expense ratio | 26.4 | % | 27.0 | % | 26.8 | % | 27.9 | % |
| Combined ratio | 92.5 | % | 92.3 | % | 95.2 | % | 96.7 | % |
| Underlying combined ratio | 90.2 | % | 90.0 | % | 90.5 | % | 90.6 | % |

---

• The fourth quarter underlying combined ratio increased 0.2 points as compared with the prior year quarter. The underlying loss ratio increased 0.9 points compared with the prior year quarter attributed to social inflation impacted lines. The expense ratio improved 0.6 points primarily attributed to a favorable acquisition ratio and net earned premium growth of 5%.

• The fourth quarter combined ratio increased 0.2 points as compared with the prior year quarter. Catastrophe losses were $35 million, or 2.4 points of the loss ratio in the quarter compared with $33 million, or 2.3 points of the loss ratio, for the prior year quarter.

• For the full year, the underlying combined ratio improved 0.1 points as compared with the prior year, and is the lowest full year on record. The expense ratio improved 1.1 points primarily attributed to net earned premium growth of 10% and a favorable acquisition ratio. The underlying loss ratio increased 1.0 point compared with the prior year attributed to social inflation impacted lines.

• For the full year, the combined ratio improved 1.5 points as compared with the prior year, and is the lowest full year on record. Catastrophe losses were $217 million, or 3.8 points of the loss ratio for the full year compared with $318 million, or 6.2 points of the loss ratio, for the prior year. Unfavorable net prior period development increased the loss ratio by 0.9 points compared with 0.1 points of favorable development improving the loss ratio in the prior year.

------

**International**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions) | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Net written premiums | $371 |  | $366 |  | $1347 |  | $1262 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NWP change (% year over year) | 1 | % |  |  | 7 | % |  |  |
| Net earned premiums | $333 |  | $319 |  | $1311 |  | $1256 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;NEP change (% year over year) | 4 | % |  |  | 4 | % |  |  |
| Underwriting gain | $49 |  | $18 |  | $115 |  | $76 |  |
| Loss ratio | 52.6 | % | 61.6 | % | 58.4 | % | 60.9 | % |
| Less: Effect of catastrophe impacts | 1.6 |  | 3.9 |  | 1.8 |  | 3.2 |  |
| Less: Effect of favorable development-related items | (7.5) |  | (0.4) |  | (1.9) |  | (0.4) |  |
| Underlying loss ratio | 58.5 | % | 58.1 | % | 58.5 | % | 58.1 | % |
| Expense ratio | 32.7 | % | 33.2 | % | 32.8 | % | 33.1 | % |
| Combined ratio | 85.3 | % | 94.8 | % | 91.2 | % | 94.0 | % |
| Underlying combined ratio | 91.2 | % | 91.3 | % | 91.3 | % | 91.2 | % |

---

• The fourth quarter underlying combined ratio was generally consistent with the prior year quarter. The expense ratio improved 0.5 points primarily attributed to a favorable acquisition ratio and net earned premium growth of 4%. The underlying loss ratio increased 0.4 points as compared with the prior year quarter.

• The fourth quarter combined ratio improved 9.5 points as compared with the prior year quarter. Favorable net prior period development improved the loss ratio by 7.5 points in the current quarter compared with 0.4 points of improvement in the prior year quarter. Catastrophe losses were $5 million, or 1.6 points of the loss ratio in the quarter compared with $12 million, or 3.9 points of the loss ratio, for the prior year quarter.

• For the full year, the underlying combined ratio was generally consistent with the prior year. The underlying loss ratio increased 0.4 points as compared with the prior year. The expense ratio improved 0.3 points as compared with the prior year.

• For the full year, the combined ratio improved 2.8 points as compared with the prior year, and is the lowest full year on record. Favorable net prior period development improved the loss ratio by 1.9 points in the current year compared with 0.4 points of improvement in the prior year. Catastrophe losses were $23 million, or 1.8 points of the loss ratio for the full year compared with $40 million, or 3.2 points of the loss ratio, for the prior year.

------

**Life & Group**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions) | **2025** | **2024** | **2025** | **2024** |
| Net earned premiums | $105 | $108 | $423 | $437 |
| Claims, benefits and expenses | 375 | 366 | 1415 | 1429 |
| Net investment income | $227 | $230 | $914 | $940 |
| Core loss | $(29) | $(18) | $(44) | $(23) |

---

Core loss increased $11 million for the fourth quarter of 2025 as compared with the prior year quarter primarily due to unfavorable persistency experience.

Core loss increased $21 million for the full year as compared with the prior year primarily resulting from lower net investment income from limited partnerships.

**Corporate & Other**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions) | **2025** | **2024** | **2025** | **2024** |
| Insurance claims and policyholders' benefits | $94 | $71 | $201 | $106 |
| Interest expense | 36 | 32 | 135 | 133 |
| Net investment income | 17 | 14 | 62 | 67 |
| Core loss | (103) | (91) | (278) | (210) |

---

Core loss increased $12 million for the fourth quarter of 2025 as compared with the prior year quarter. The application of retroactive reinsurance accounting to additional cessions to the A&EP LPT in both periods resulted in after-tax non-economic charges of $67 million and $35 million in 2025 and 2024, respectively. The additional cessions in those periods were $185 million and $103 million, respectively. There was no prior period development in the current year quarter compared to a $17 million after-tax charge related to unfavorable prior period development in the prior year quarter associated with legacy mass tort.

Core loss increased $68 million for the full year as compared with the prior year. The current year includes an unfavorable non-economic impact related to the A&EP LPT. The current year also includes a $106 million after-tax charge related to unfavorable prior period development largely associated with legacy mass tort compared with a $62 million after-tax charge in the prior year.

**Net Investment Income**

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| | **2025** | **2024** | **2025** | **2024** |
| Fixed income securities and other | $576 | $550 | $2255 | $2177 |
| Limited partnership and common stock investments | 77 | 94 | 302 | 320 |
| Net investment income | $653 | $644 | $2557 | $2497 |

---

Net investment income increased $9 million for the fourth quarter of 2025 and $60 million for the full year. The increase was driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates partially offset by lower common stock returns.

------

**Stockholders' Equity**

Stockholders' equity of $11.6 billion increased 11% from year-end 2024, primarily due to net income and an improvement in net unrealized investment losses partially offset by dividends paid to stockholders.

Book value per share ex AOCI of $46.99 increased 10% from year-end 2024 adjusting for $3.84 of dividends per share.

As of December 31, 2025, statutory capital and surplus for the Combined Continental Casualty Companies was $11.6 billion.

------

**About the Company**

CNA is one of the largest U.S. commercial property and casualty insurance companies. Backed by more than 125 years of experience, CNA provides a broad range of standard and specialized insurance products and services for businesses and professionals in the U.S., Canada and Europe. For more information, please visit CNA at cna.com.

**Contacts**

---

| | |
|:---|:---|
| Media: | Analysts: |
| **Kelly Messina \|** Vice President, <br>Marketing | **Ralitza K. Todorova \|** Vice President, Investor Relations & Rating Agencies |
| 872-817-0350 | 312-822-3834 |

---

**Earnings Remarks & Materials**

A transcript of earnings remarks will be available on CNA's website at cna.com via the Investor Relations section. Remarks will include commentary from the Company's Chairman and Chief Executive Officer, Douglas M. Worman, and Chief Financial Officer, Scott R. Lindquist. An earnings presentation and financial supplement information related to the results will also be posted and available on the CNA website.

**Definition of Reported Segments**

***•* Specialty** provides management and professional liability and other coverages through property and casualty products and services using a network of retail and wholesale brokers, independent agencies and managing general underwriters.

**• Commercial** works with a network of retail and wholesale brokers and independent agents to market a broad range of property and casualty insurance products to all types of insureds targeting small business, construction, middle market and other commercial customers.

**• International** underwrites property and casualty coverages on a global basis through a branch operation in Canada, a European business consisting of insurance companies based in the U.K. and Luxembourg and Hardy, our Lloyd's Syndicate.

**• Life & Group** includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants.

**• Corporate & Other** primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and legacy mass tort reserves.

**Financial Measures**

Management utilizes the following metrics in their evaluation of the Property & Casualty Operations.

These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).

***•* Loss ratio** is the percentage of net incurred claim and claim adjustment expenses to net earned premiums.

**• Underlying loss ratio** represents the loss ratio excluding catastrophe losses and development-related items.

**• Expense ratio** is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.

**• Dividend ratio** is the ratio of policyholders' dividends incurred to net earned premiums.

**• Combined ratio** is the sum of the loss ratio, the expense and the dividend ratio.

**• Underlying combined ratio** is the sum of the underlying loss, 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. The components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for Property & Casualty, Specialty, Commercial and International segments are set forth on pages 3, 4, 5 and 6, respectively.

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**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 with existing customers.

**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.

**Statutory capital and surplus** represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices. Statutory capital and surplus as of the current period is preliminary.

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.

**Reconciliation of GAAP Measures to Non-GAAP Measures**

Management utilizes financial measures not in accordance with GAAP to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures follow below.

***Reconciliation of Net Income (Loss) to Core Income (Loss)***

**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. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions) | **2025** | **2024** | **2025** | **2024** |
| Net income | $302 | $21 | $1278 | $959 |
| &nbsp;&nbsp;&nbsp;Less: Net investment losses | (15) | (31) | (64) | (64) |
| &nbsp;&nbsp;&nbsp;Less: Pension settlement transaction losses |  | (290) |  | (293) |
| Core income | $317 | $342 | $1342 | $1316 |

---

***Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share***

**Core income (loss) per diluted share** provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income per diluted share | $1.11 | $0.07 | $4.69 | $3.52 |
| &nbsp;&nbsp;&nbsp;Less: Net investment losses | (0.05) | (0.12) | (0.24) | (0.23) |
| &nbsp;&nbsp;&nbsp;Less: Pension settlement transaction losses |  | (1.06) |  | (1.08) |
| Core income per diluted share | $1.16 | $1.25 | $4.93 | $4.83 |

---

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***Reconciliation of Net Income (Loss) to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss)***

**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 results 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31, 2025** | **Results for the Three Months Ended December 31, 2025** | **Results for the Three Months Ended December 31, 2025** | **Results for the Three Months Ended December 31, 2025** |
| | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) |  |  |  |  |
| Net income | $128 | $236 | $70 | $434 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment losses, after tax | 6 | 9 |  | 15 |
| Core income | $134 | $245 | $70 | $449 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 167 | 200 | 42 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (15) | (2) | 1 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (36) | (62) | (22) | (120) |
| Underwriting gain | 9 | 109 | 49 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 35 | 5 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of unfavorable (favorable) development-related items | 27 | (2) | (25) |  |
| Underlying underwriting gain | $36 | $142 | $29 | $207 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31, 2024** | **Results for the Three Months Ended December 31, 2024** | **Results for the Three Months Ended December 31, 2024** | **Results for the Three Months Ended December 31, 2024** |
| | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) |  |  |  |  |
| Net income | $165 | $222 | $37 | $424 |
| &nbsp;&nbsp;&nbsp;Net investment losses (gains), after tax | 12 | 16 | (1) | 27 |
| Core income | $177 | $238 | $36 | $451 |
| &nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 165 | 199 | 36 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 19 |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (13) | (4) | (15) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (48) | (63) | (3) | (114) |
| Underwriting gain | 54 | 106 | 18 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 33 | 12 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of favorable development-related items |  |  | (1) | (1) |
| Underlying underwriting gain | $54 | $139 | $29 | $222 |

---

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Year Ended December 31, 2025** | **Results for the Year Ended December 31, 2025** | **Results for the Year Ended December 31, 2025** | **Results for the Year Ended December 31, 2025** |
| | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) |  |  |  |  |
| Net income | $615 | $788 | $205 | $1608 |
| &nbsp;&nbsp;&nbsp;Net investment losses, after tax | 22 | 32 | 2 | 56 |
| Core income | $637 | $820 | $207 | $1664 |
| &nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 650 | 775 | 156 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 51 |  |  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (55) | (12) | 13 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (173) | (215) | (77) | (465) |
| Underwriting gain | 164 | 272 | 115 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 217 | 23 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of unfavorable (favorable) development-related items | 37 | 52 | (25) | 64 |
| Underlying underwriting gain | $201 | $541 | $113 | $855 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Year Ended December 31, 2024** | **Results for the Year Ended December 31, 2024** | **Results for the Year Ended December 31, 2024** | **Results for the Year Ended December 31, 2024** |
| | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) |  |  |  |  |
| Net income | $663 | $658 | $153 | $1474 |
| &nbsp;&nbsp;&nbsp;Net investment losses, after tax | 31 | 44 |  | 75 |
| Core income | $694 | $702 | $153 | $1549 |
| &nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 626 | 733 | 131 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 62 |  |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (53) | (14) | (10) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (190) | (188) | (44) | (422) |
| Underwriting gain | 249 | 171 | 76 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 318 | 40 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of favorable development-related items | (8) |  | (6) | (14) |
| Underlying underwriting gain | $241 | $489 | $110 | $840 |

---

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***Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI***

**Book value per share excluding AOCI** allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Book value per share | $42.93 | $38.82 |
| &nbsp;&nbsp;&nbsp;Less: Per share impact of AOCI | (4.06) | (7.34) |
| Book value per share excluding AOCI | $46.99 | $46.16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***Calculation of Return on Equity and Core Return on Equity***

**Core return on equity** provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions) | **2025** |  | **2024** | **2025** |  | **2024** |
| Annualized net income | $1206 |  | $81 | $1278 |  | $959 |
| Average stockholders' equity including AOCI <sup>(a)</sup> | 11471 |  | 10635 | 11067 |  | 10203 |
| Return on equity | 10.5 | % | 0.8 | 11.5 | % | 9.4 |
| Annualized core income | $1267 |  | $1366 | $1342 |  | $1316 |
| Average stockholders' equity excluding AOCI <sup>(a)</sup> | 12626 |  | 12549 | 12610 |  | 12534 |
| Core return on equity | 10.0 | % | 10.9 | 10.6 | % | 10.5 |

---

*(a)Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period.*

For additional information, please refer to CNA's most recent 10-K on file with the Securities and Exchange Commission, as well as the financial supplement, available at cna.com.

**Forward-Looking Statements**

This press release includes statements that relate to anticipated future events (forward-looking statements) 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, 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. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA's filings with the Securities and Exchange Commission, available at cna.com.

Any forward-looking statements made in this press release are made by CNA as of the date of this press release. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in this press release, even if CNA's expectations or any related events, conditions or circumstances change.

Any descriptions of coverage under CNA policies or programs in this press release are provided for convenience only and are not to be relied upon with respect to questions of coverage, exclusions or limitations. With regard to all such matters, the terms and provisions of relevant insurance policies are primary and controlling. In addition, please note that all coverages may not be available in all states.

"CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities. Copyright© 2026 CNA. All rights reserved.

\# \# \#

## Exhibit 99.2

![](q42025exhibit992001.jpg)

CNA Financial Corporation Supplemental Financial Information December 31, 2025 This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

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![](q42025exhibit992002.jpg)

**Table of Contents** Consolidated Results Statements of Operations 1 Components of Income (Loss), Per Share Data and Return on Equity 2 Selected Balance Sheet Data and Statements of Cash Flows Data 3 Results of Operations Property & Casualty 4 Specialty 5 Commercial 6 International 7 Life & Group 8 Corporate & Other 9 Investment Information Investment Summary - Consolidated 10 Investment Summary - Property & Casualty and Corporate & Other 11 Investment Summary - Life & Group 12 Investments - Fixed Maturity Securities by Credit Rating 13 Components of Net Investment Income 14 Net Investment Gains (Losses) 15 Other Claim & Claim Adjustment Expense Reserve Rollforward 16 Life & Group Policyholder Reserves 17 Definitions and Presentation 18 Page

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![](q42025exhibit992003.jpg)

Statements of Operations Periods ended December 31 Three Months Twelve Months (In millions) 2025 2024 Change 2025 2024 Change Revenues: Net earned premiums $2,797 $2,679 4 % $10,900 $10,211 7 % Net investment income 653 644 1 2,557 2,497 2 Net investment (losses) gains (19) (39) (81) (81) Non-insurance warranty revenue 389 397 1,577 1,609 Other revenues 8 8 36 34 Total revenues 3,828 3,689 4 14,989 14,270 5 Claims, Benefits and Expenses: Insurance claims and policyholders' benefits (re-measurement loss of $45, $37, $104 and $125) 2,150 2,030 8,294 7,738 Amortization of deferred acquisition costs 475 462 1,898 1,798 Non-insurance warranty expense 380 378 1,526 1,547 Other operating expenses (1) 409 766 1,516 1,843 Interest expense 36 32 135 133 Total claims, benefits and expenses 3,450 3,668 6 13,369 13,059 (2) Income (loss) before income tax 378 21 1,620 1,211 Income tax (expense) benefit (76) — (342) (252) Net income (loss) $302 $21 N/M % $1,278 $959 33 % (1) Prior year numbers include a pretax loss of $367 million for the fourth quarter and $371 million for the full year from pension settlement transactions. Pension settlement transactions are further discussed in Note J to the Consolidated Financial Statements within the December 31, 2025 Form 10-K. 1

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![](q42025exhibit992004.jpg)

Components of Income (Loss), Per Share Data and Return on Equity Periods ended December 31 Three Months Twelve Months (In millions, except per share data) 2025 2024 2025 2024 Components of Income (Loss) Core income (loss) $317 $342 $1,342 $1,316 Net investment gains (losses) (15) (31) (64) (64) Pension settlement transaction gains (losses) — (290) — (293) Net income (loss) $302 $21 $1,278 $959 Diluted Earnings (Loss) Per Common Share Core income (loss) $1.16 $1.25 $4.93 $4.83 Net investment gains (losses) (0.05) (0.12) (0.24) (0.23) Pension settlement transaction gains (losses) — (1.06) — (1.08) Diluted earnings (loss) per share $1.11 $0.07 $4.69 $3.52 Weighted Average Outstanding Common Stock and Common Stock Equivalents Basic 271.2 271.3 271.2 271.5 Diluted 272.5 272.9 272.4 272.7 Return on Equity Net income (loss) (1) 10.5 % 0.8 % 11.5 % 9.4 % Core income (loss) (2) 10.0 10.9 10.6 10.5 (1) Annualized net income (loss) divided by the average stockholders' equity including accumulated other comprehensive income (loss) (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period. (2) Annualized core income (loss) divided by the average stockholders' equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period. 2

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![](q42025exhibit992005.jpg)

Selected Balance Sheet Data and Statements of Cash Flows Data (In millions, except per share data) December 31, 2025 December 31, 2024 Total investments $50,447 $47,482 Reinsurance receivables, net of allowance for uncollectible receivables 6,381 6,051 Total assets 69,443 66,492 Insurance reserves 47,682 45,480 Claim and claim adjustment expenses 26,599 24,976 Unearned premiums 7,635 7,346 Future policy benefits 13,448 13,158 Debt 2,971 2,973 Total liabilities 57,822 55,979 Accumulated other comprehensive income (loss) (1) (1,098) (1,991) Total stockholders' equity 11,621 10,513 Book value per common share $42.93 $38.82 Book value per common share excluding AOCI $46.99 $46.16 Outstanding shares of common stock (in millions of shares) 270.7 270.8 Statutory capital and surplus - Combined Continental Casualty Companies (2) $11,578 $11,165 Three Months Ended December 31 2025 2024 Net cash flows provided (used) by operating activities $570 $703 Net cash flows provided (used) by investing activities (3) (555) Net cash flows provided (used) by financing activities (626) (119) Net cash flows provided (used) by operating, investing and financing activities $(59) $29 Twelve Months Ended December 31 2025 2024 Net cash flows provided (used) by operating activities $2,490 $2,571 Net cash flows provided (used) by investing activities (1,449) (1,317) Net cash flows provided (used) by financing activities (1,104) (1,117) Net cash flows provided (used) by operating, investing and financing activities $(63) $137 (1) As of December 31, 2025 and December 31, 2024, AOCI included after-tax cumulative impacts of changes in discount rates used to measure long duration contracts of $192 million and $353 million. (2) Statutory capital and surplus as of December 31, 2025 is preliminary. 3

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![](q42025exhibit992006.jpg)

Property & Casualty - Results of Operations Periods ended December 31 Three Months Twelve Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums ex. warranty captives $3,309 $3,272 1 % $12,982 $12,476 4 % Net written premiums 2,794 2,752 2 10,683 10,176 5 Net earned premiums 2,692 2,571 5 10,478 9,775 7 Insurance claims and policyholders' benefits 1,714 1,624 6,802 6,324 Amortization of deferred acquisition costs 475 462 1,898 1,798 Insurance related administrative expenses 336 307 1,227 1,157 Underwriting gain (loss) 167 178 (6) 551 496 11 Net investment income 409 400 2 1,581 1,490 6 Non-insurance warranty revenue 389 397 1,577 1,609 Other revenues 7 7 34 31 Non-insurance warranty expense 380 378 1,526 1,547 Other expenses 23 39 88 108 Interest expense — — — — Core income (loss) before income tax 569 565 2,129 1,971 Income tax (expense) benefit on core income (loss) (120) (114) (465) (422) Core income (loss) $449 $451 — % $1,664 $1,549 7 % Other Performance Metrics Underwriting gain (loss) $167 $178 (6) % $551 $496 11 % Effect of catastrophe losses 40 45 240 358 (Favorable) unfavorable net prior year loss reserve development (5) (7) 51 (31) (Favorable) unfavorable other development-related items (1) 5 6 13 17 Effect of (favorable) unfavorable development-related items — (1) 64 (14) Underlying underwriting gain (loss) $207 $222 (7) % $855 $840 2 % Loss & LAE ratio 63.4 % 62.8 % (0.6) pts 64.6 % 64.3 % (0.3) pts Expense ratio 30.1 30.0 (0.1) 29.7 30.2 0.5 Dividend ratio 0.3 0.3 — 0.4 0.4 — Combined ratio 93.8 % 93.1 % (0.7) pts 94.7 % 94.9 % 0.2 pts Less: Effect of catastrophe impacts 1.5 1.8 0.3 2.3 3.6 1.3 Less: Effect of (favorable) unfavorable development-related items — (0.1) (0.1) 0.6 (0.2) (0.8) Underlying combined ratio 92.3 % 91.4 % (0.9) pts 91.8 % 91.5 % (0.3) pts Rate 2 % 3 % (1) pts 3 % 4 % (1) pts Renewal premium change 4 % 4 % — pts 4 % 5 % (1) pts Retention 84 % 86 % (2) pts 83 % 85 % (2) pts New business $589 $591 — % $2,348 $2,262 4 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 4

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![](q42025exhibit992007.jpg)

Specialty - Results of Operations Periods ended December 31 Three Months Twelve Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums ex. warranty captives $1,074 $1,080 (1) % $4,130 $4,030 2 % Net written premiums 914 934 (2) 3,515 3,445 2 Net earned premiums 899 868 4 3,472 3,361 3 Insurance claims and policyholders' benefits 574 525 2,143 2,010 Amortization of deferred acquisition costs 204 194 785 740 Insurance related administrative expenses 112 95 380 362 Underwriting gain (loss) 9 54 (83) 164 249 (34) Net investment income 167 165 1 650 626 4 Non-insurance warranty revenue 389 397 1,577 1,609 Other revenues 1 1 2 2 Non-insurance warranty expense 380 378 1,526 1,547 Other expenses 16 14 57 55 Interest expense — — — — Core income (loss) before income tax 170 225 810 884 Income tax (expense) benefit on core income (loss) (36) (48) (173) (190) Core income (loss) $134 $177 (24) % $637 $694 (8) % Other Performance Metrics Underwriting gain (loss) $9 $54 (83) % $164 $249 (34) % Effect of catastrophe losses — — — — (Favorable) unfavorable net prior year loss reserve development 27 (1) 37 (9) (Favorable) unfavorable other development-related items (1) — 1 — 1 Effect of (favorable) unfavorable development-related items 27 — 37 (8) Underlying underwriting gain (loss) $36 $54 (33) % $201 $241 (17) % Loss & LAE ratio 63.6 % 60.1 % (3.5) pts 61.5 % 59.5 % (2.0) pts Expense ratio 35.1 33.4 (1.7) 33.5 32.8 (0.7) Dividend ratio 0.3 0.3 — 0.3 0.3 — Combined ratio 99.0 % 93.8 % (5.2) pts 95.3 % 92.6 % (2.7) pts Less: Effect of catastrophe impacts — — — — — — Less: Effect of (favorable) unfavorable development-related items 3.0 — (3.0) 1.1 (0.3) (1.4) Underlying combined ratio 96.0 % 93.8 % (2.2) pts 94.2 % 92.9 % (1.3) pts Rate 3 % 1 % 2 pts 3 % 1 % 2 pts Renewal premium change 4 % 3 % 1 pts 4 % 2 % 2 pts Retention 85 % 89 % (4) pts 86 % 89 % (3) pts New business $122 $121 1 % $487 $462 5 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 5

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![](q42025exhibit992008.jpg)

Commercial - Results of Operations Periods ended December 31 Three Months Twelve Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $1,846 $1,804 2 % $7,333 $6,964 5 % Net written premiums 1,509 1,452 4 5,821 5,469 6 Net earned premiums 1,460 1,384 5 5,695 5,158 10 Insurance claims and policyholders' benefits 965 903 3,894 3,550 Amortization of deferred acquisition costs 208 216 853 824 Insurance related administrative expenses 178 159 676 613 Underwriting gain (loss) 109 106 3 272 171 59 Net investment income 200 199 1 775 733 6 Other revenues 6 6 32 29 Other expenses 8 10 44 43 Core income (loss) before income tax 307 301 1,035 890 Income tax (expense) benefit on core income (loss) (62) (63) (215) (188) Core income (loss) $245 $238 3 % $820 $702 17 % Other Performance Metrics Underwriting gain (loss) $109 $106 3 % $272 $171 59 % Effect of catastrophe losses 35 33 217 318 (Favorable) unfavorable net prior year loss reserve development (7) (5) 39 (16) (Favorable) unfavorable other development-related items (1) 5 5 13 16 Effect of (favorable) unfavorable development-related items (2) — 52 — Underlying underwriting gain (loss) $142 $139 2 % $541 $489 11 % Loss & LAE ratio 65.7 % 64.8 % (0.9) pts 67.9 % 68.3 % 0.4 pts Expense ratio 26.4 27.0 0.6 26.8 27.9 1.1 Dividend ratio 0.4 0.5 0.1 0.5 0.5 — Combined ratio 92.5 % 92.3 % (0.2) pts 95.2 % 96.7 % 1.5 pts Less: Effect of catastrophe impacts 2.4 2.3 (0.1) 3.8 6.2 2.4 Less: Effect of (favorable) unfavorable development-related items (0.1) — 0.1 0.9 (0.1) (1.0) Underlying combined ratio 90.2 % 90.0 % (0.2) pts 90.5 % 90.6 % 0.1 pts Rate 3 % 6 % (3) pts 5 % 6 % (1) pts Renewal premium change 5 % 7 % (2) pts 6 % 7 % (1) pts Retention 82 % 84 % (2) pts 82 % 84 % (2) pts New business $377 $395 (5) % $1,491 $1,512 (1) % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 6

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![](q42025exhibit992009.jpg)

International - Results of Operations Periods ended December 31 Three Months Twelve Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $387 $387 — % $1,519 $1,483 2 % Net written premiums 371 366 1 1,347 1,262 7 Net earned premiums 333 319 4 1,311 1,256 4 Insurance claims and policyholders' benefits 175 196 765 764 Amortization of deferred acquisition costs 63 52 260 234 Insurance related administrative expenses 46 53 171 182 Underwriting gain (loss) 49 18 172 115 76 51 Net investment income 42 36 17 156 131 19 Other revenues — — — — Other expenses (1) 15 (13) 10 Core income (loss) before income tax 92 39 284 197 Income tax (expense) benefit on core income (loss) (22) (3) (77) (44) Core income (loss) $70 $36 94 % $207 $153 35 % Other Performance Metrics Underwriting gain (loss) $49 $18 172 % $115 $76 51 % Effect of catastrophe losses 5 12 23 40 (Favorable) unfavorable net prior year loss reserve development (25) (1) (25) (6) (Favorable) unfavorable other development-related items (1) — — — — Effect of (favorable) unfavorable development-related items (25) (1) (25) (6) Underlying underwriting gain (loss) $29 $29 — % $113 $110 3 % Loss & LAE ratio 52.6 % 61.6 % 9.0 pts 58.4 % 60.9 % 2.5 pts Expense ratio 32.7 33.2 0.5 32.8 33.1 0.3 Dividend ratio — — — — — — Combined ratio 85.3 % 94.8 % 9.5 pts 91.2 % 94.0 % 2.8 pts Less: Effect of catastrophe impacts 1.6 3.9 2.3 1.8 3.2 1.4 Less: Effect of (favorable) unfavorable development-related items (7.5) (0.4) 7.1 (1.9) (0.4) 1.5 Underlying combined ratio 91.2 % 91.3 % 0.1 pts 91.3 % 91.2 % (0.1) pts Rate (5) % (3) % (2) pts (4) % (1) % (3) pts Renewal premium change (1) % (5) % 4 pts (1) % — % (1) pts Retention 88 % 85 % 3 pts 86 % 82 % 4 pts New business $90 $75 20 % $370 $288 28 % (1) Other development-related items represents net prior year premium development, the effects of interest accretion on net prior year loss development and the change in allowance for uncollectible reinsurance. 7

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![](q42025exhibit992010.jpg)

Life & Group - Results of Operations Periods ended December 31 Three Months Twelve Months (In millions) 2025 2024 2025 2024 Net earned premiums $105 $108 $423 $437 Net investment income 227 230 914 940 Other revenues — — — — Total operating revenues 332 338 1,337 1,377 Insurance claims and policyholders' benefits 342 335 1,291 1,308 Insurance related administrative expenses 31 31 121 119 Other expenses 2 — 3 2 Total claims, benefits and expenses 375 366 1,415 1,429 Core income (loss) before income tax (43) (28) (78) (52) Income tax (expense) benefit on core income (loss) 14 10 34 29 Core income (loss) $(29) $(18) $(44) $(23) 8

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![](q42025exhibit992011.jpg)

Corporate & Other - Results of Operations Periods ended December 31 Three Months Twelve Months (In millions) 2025 2024 2025 2024 Net earned premiums $— $— $(1) $(1) Net investment income 17 14 62 67 Other revenues 1 1 2 3 Total operating revenues 18 15 63 69 Insurance claims and policyholders' benefits 94 71 201 106 Insurance related administrative expenses — — 1 (1) Interest expense 36 32 135 133 Other expenses 17 22 76 87 Total claims, benefits and expenses 147 125 413 325 Core income (loss) before income tax (129) (110) (350) (256) Income tax (expense) benefit on core income (loss) 26 19 72 46 Core income (loss) $(103) $(91) $(278) $(210) 9

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![](q42025exhibit992012.jpg)

Investment Summary - Consolidated December 31, 2025 September 30, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $25,257 $(199) $25,476 $(110) $24,944 $(882) States, municipalities and political subdivisions: Tax-exempt 4,545 (6) 4,463 (38) 3,167 (48) Taxable 3,886 (433) 3,913 (426) 3,637 (544) Total states, municipalities and political subdivisions 8,431 (439) 8,376 (464) 6,804 (592) Asset-backed: RMBS 3,695 (316) 3,701 (340) 3,244 (481) CMBS 1,483 (62) 1,593 (69) 1,681 (131) Other ABS 3,543 (166) 3,610 (162) 3,541 (215) Total asset-backed 8,721 (544) 8,904 (571) 8,466 (827) U.S. Treasury and obligations of government-sponsored enterprises 234 (2) 223 (3) 220 — Foreign government 751 (13) 723 (13) 677 (24) Redeemable preferred stock 8 — — — — — Total fixed maturity securities 43,402 (1,197) 43,702 (1,161) 41,111 (2,325) Equities: Common stock 237 — 197 — 180 — Non-redeemable preferred stock 532 — 529 — 479 — Total equities 769 — 726 — 659 — Limited partnership investments: Hedge funds 336 — 366 — 359 — Private equity funds 2,436 — 2,347 — 2,161 — Total limited partnership investments 2,772 — 2,713 — 2,520 — Other invested assets 105 — 97 — 85 — Mortgage loans 1,079 — 1,055 — 1,019 — Short-term investments 2,320 — 2,243 — 2,088 — Total investments $50,447 $(1,197) $50,536 $(1,161) $47,482 $(2,325) Net receivable/(payable) on investment activity $46 $(41) $16 Effective duration (in years) 6.3 6.3 6.2 Weighted average rating (1) A A A RMBS - Residential mortgage-backed securities CMBS - Commercial mortgage-backed securities Other ABS - Other asset-backed securities (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 10

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![](q42025exhibit992013.jpg)

Investment Summary - Property & Casualty and Corporate & Other December 31, 2025 September 30, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $14,244 $(143) $14,421 $(155) $14,755 $(538) States, municipalities and political subdivisions: Tax-exempt 2,360 (137) 2,316 (150) 983 (189) Taxable 2,523 (354) 2,547 (358) 2,157 (446) Total states, municipalities and political subdivisions 4,883 (491) 4,863 (508) 3,140 (635) Asset-backed: RMBS 3,693 (316) 3,699 (340) 3,242 (481) CMBS 1,467 (61) 1,571 (67) 1,659 (128) Other ABS 2,992 (62) 3,056 (64) 2,979 (105) Total asset-backed 8,152 (439) 8,326 (471) 7,880 (714) U.S. Treasury and obligations of government-sponsored enterprises 225 (2) 214 (3) 211 — Foreign government 704 (6) 675 (5) 631 (14) Redeemable preferred stock 8 — — — — — Total fixed maturity securities 28,216 (1,081) 28,499 (1,142) 26,617 (1,901) Equities: Common stock 237 — 197 — 180 — Non-redeemable preferred stock 205 — 192 — 115 — Total equities 442 — 389 — 295 — Limited partnership investments: Hedge funds 298 — 325 — 275 — Private equity funds 2,162 — 2,082 — 1,653 — Total limited partnership investments 2,460 — 2,407 — 1,928 — Other invested assets 105 — 97 — 85 — Mortgage loans 907 — 884 — 844 — Short-term investments 2,252 — 2,108 — 2,040 — Total investments $34,382 $(1,081) $34,384 $(1,142) $31,809 $(1,901) Net receivable/(payable) on investment activity $43 $(45) $7 Effective duration (in years) 4.5 4.6 4.3 Weighted average rating (1) A+ A A (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 11

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![](q42025exhibit992014.jpg)

Investment Summary - Life & Group December 31, 2025 September 30, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $11,013 $(56) $11,055 $45 $10,189 $(344) States, municipalities and political subdivisions: Tax-exempt 2,185 131 2,147 112 2,184 141 Taxable 1,363 (79) 1,366 (68) 1,480 (98) Total states, municipalities and political subdivisions 3,548 52 3,513 44 3,664 43 Asset-backed: RMBS 2 — 2 — 2 — CMBS 16 (1) 22 (2) 22 (3) Other ABS 551 (104) 554 (98) 562 (110) Total asset-backed 569 (105) 578 (100) 586 (113) U.S. Treasury and obligations of government-sponsored enterprises 9 — 9 — 9 — Foreign government 47 (7) 48 (8) 46 (10) Redeemable preferred stock — — — — — — Total fixed maturity securities 15,186 (116) 15,203 (19) 14,494 (424) Equities: Common stock — — — — — — Non-redeemable preferred stock 327 — 337 — 364 — Total equities 327 — 337 — 364 — Limited partnership investments: Hedge funds 38 — 41 — 84 — Private equity funds 274 — 265 — 508 — Total limited partnership investments 312 — 306 — 592 — Other invested assets — — — — — — Mortgage loans 172 — 171 — 175 — Short-term investments 68 — 135 — 48 — Total investments $16,065 $(116) $16,152 $(19) $15,673 $(424) Net receivable/(payable) on investment activity $3 $4 $9 Effective duration (in years) 9.7 9.8 9.8 Weighted average rating (1) A- A- A- (1) Obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises were classified as AAA for purposes of calculating the weighted average rating. 12

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![](q42025exhibit992015.jpg)

Investments - Fixed Maturity Securities by Credit Rating December 31, 2025 U.S. Government, Government agencies and Government-sponsored enterprises AAA AA A BBB Non-investment grade Total (In millions) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Fair Value Net Unrealized Gains (Losses) Corporate and other bonds $— $— $8 $1 $820 $(17) $8,250 $(37) $14,717 $(140) $1,462 $(6) $25,257 $(199) States, municipalities and political subdivisions — — 2,145 (28) 4,960 (310) 1,102 (52) 206 (42) 18 (7) 8,431 (439) Asset-backed: RMBS 3,040 (226) 640 (93) 8 — — — — — 7 3 3,695 (316) CMBS — — 549 (2) 554 (25) 244 (12) 98 (9) 38 (14) 1,483 (62) Other ABS — — 469 (14) 298 (74) 1,475 (32) 1,112 (28) 189 (18) 3,543 (166) Total asset-backed 3,040 (226) 1,658 (109) 860 (99) 1,719 (44) 1,210 (37) 234 (29) 8,721 (544) U.S. Treasury and obligations of government-sponsored enterprises 234 (2) — — — — — — — — — — 234 (2) Foreign government — — 186 — 361 (2) 96 (7) 108 (4) — — 751 (13) Redeemable preferred stock — — — — — — — — 8 — — — 8 — Total fixed maturity securities $3,274 $(228) $3,997 $(136) $7,001 $(428) $11,167 $(140) $16,249 $(223) $1,714 $(42) $43,402 $(1,197) Percentage of total fixed maturity securities 8 % 9 % 16 % 26 % 37 % 4 % 100 % 13

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![](q42025exhibit992016.jpg)

Components of Net Investment Income Consolidated Periods ended December 31 Three Months Twelve Months (In millions) 2025 2024 2025 2024 Taxable fixed income securities $502 $494 $2,012 $1,940 Tax-exempt fixed income securities 51 35 165 144 Total fixed income securities 553 529 2,177 2,084 Common stock 6 18 26 49 Limited partnerships - hedge funds 6 7 52 42 Limited partnerships - private equity funds 65 69 224 229 Total limited partnership and common stock investments 77 94 302 320 Other, net of investment expense 23 21 78 93 Net investment income $653 $644 $2,557 $2,497 Effective income yield for fixed income securities portfolio 4.9 % 4.8 % 4.9 % 4.8 % Limited partnership and common stock return for the period 2.7 3.5 11.1 13.3 Property & Casualty and Corporate & Other Periods ended December 31 Three Months Twelve Months (In millions) 2025 2024 2025 2024 Taxable fixed income securities $304 $303 $1,226 $1,196 Tax-exempt fixed income securities 25 10 63 37 Total fixed income securities 329 313 1,289 1,233 Common stock 6 18 26 49 Limited partnerships - hedge funds 5 5 45 27 Limited partnerships - private equity funds 58 53 186 142 Total limited partnership and common stock investments 69 76 257 218 Other, net of investment expense 28 25 97 106 Net investment income $426 $414 $1,643 $1,557 Effective income yield for fixed income securities portfolio 4.4 % 4.4 % 4.4 % 4.3 % Life & Group Periods ended December 31 Three Months Twelve Months (In millions) 2025 2024 2025 2024 Taxable fixed income securities $198 $191 $786 $744 Tax-exempt fixed income securities 26 25 102 107 Total fixed income securities 224 216 888 851 Common stock — — — — Limited partnerships - hedge funds 1 2 7 15 Limited partnerships - private equity funds 7 16 38 87 Total limited partnership and common stock investments 8 18 45 102 Other, net of investment expense (5) (4) (19) (13) Net investment income $227 $230 $914 $940 Effective income yield for fixed income securities portfolio 5.7 % 5.7 % 5.7 % 5.6 % 14

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![](q42025exhibit992017.jpg)

Net Investment Gains (Losses) Periods ended December 31 Consolidated Three Months Twelve Months (In millions) 2025 2024 2025 2024 Fixed maturity securities: Corporate and other bonds $(9) $(19) $(64) $(57) States, municipalities and political subdivisions (1) 4 (1) 1 Asset-backed (6) (21) (18) (46) Total fixed maturity securities (16) (36) (83) (102) Non-redeemable preferred stock (3) (4) 7 21 Derivatives, short-term and other — 1 — — Mortgage loans — — (5) — Net investment gains (losses) (19) (39) (81) (81) Income tax benefit (expense) on net investment gains (losses) 4 8 17 17 Net investment gains (losses), after tax $(15) $(31) $(64) $(64) 15

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![](q42025exhibit992018.jpg)

Claim & Claim Adjustment Expense Reserve Rollforward Three months ended December 31, 2025 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $7,769 $12,153 $3,315 $23,237 $615 $2,673 $26,525 Ceded 1,648 1,565 512 3,725 77 2,186 5,988 Net 6,121 10,588 2,803 19,512 538 487 20,537 Net incurred claim & claim adjustment expenses 573 959 175 1,707 9 5 1,721 Net claim & claim adjustment expense payments (505) (851) (149) (1,505) (11) (136) (1,652) Foreign currency translation adjustment and other (1) — 12 11 (1) 1 11 Claim & claim adjustment expense reserves, end of period Net 6,188 10,696 2,841 19,725 535 357 20,617 Ceded 1,596 1,553 535 3,684 56 2,242 5,982 Gross $7,784 $12,249 $3,376 $23,409 $591 $2,599 $26,599 Twelve months ended December 31, 2025 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $7,426 $11,336 $2,920 $21,682 $622 $2,672 $24,976 Ceded 1,447 1,397 504 3,348 81 2,284 5,713 Net 5,979 9,939 2,416 18,334 541 388 19,263 Net incurred claim & claim adjustment expenses 2,135 3,866 765 6,766 34 152 6,952 Net claim & claim adjustment expense payments (1,926) (3,110) (510) (5,546) (44) (184) (5,774) Foreign currency translation adjustment and other — 1 170 171 4 1 176 Claim & claim adjustment expense reserves, end of period Net 6,188 10,696 2,841 19,725 535 357 20,617 Ceded 1,596 1,553 535 3,684 56 2,242 5,982 Gross $7,784 $12,249 $3,376 $23,409 $591 $2,599 $26,599 16

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![](q42025exhibit992019.jpg)

Life & Group Policyholder Reserves Three months ended December 31, 2025 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $538 $13,546 $14,084 Incurred claims and policyholders' benefits (1) 9 332 341 Benefit and expense payments (11) (295) (306) Change in discount rate assumptions and other (AOCI) (1) (135) (136) End of Period $535 $13,448 $13,983 Twelve months ended December 31, 2025 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $541 $13,158 $13,699 Incurred claims and policyholders' benefits (1) 34 1,252 1,286 Benefit and expense payments (44) (1,165) (1,209) Change in discount rate assumptions and other (AOCI) 4 203 207 End of Period $535 $13,448 $13,983 (1) Incurred claims and policyholders' benefits above does not agree to Net incurred claims and benefits as reflected in Note N to the Consolidated Financial Statements included under Part II, Item 8 of the Annual Report on Form 10-K due to the timing of benefit and expense cash flows in determining Future Policy Benefit reserves, along with the allowable expenses in the reserve. 17

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![](q42025exhibit992020.jpg)

Definitions and Presentation • Collectively, CNA Financial Corporation (CNAF) and its subsidiaries are referred to as CNA or the Company. • P&C Operations includes Specialty, Commercial and International. • Life & Group segment includes the individual and group run-off long-term care businesses as well as structured settlement obligations not funded by annuities related to certain property and casualty claimants. • Corporate & Other segment primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including asbestos and environmental pollution (A&EP), a legacy portfolio of excess workers' compensation (EWC) policies and certain legacy mass tort reserves. • Management uses the core income (loss) financial measure to monitor the Company's operations for the Specialty, Commercial and International segments. 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. Management monitors core income (loss) for each business segment to assess segment performance. 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 the Company's primary operations. Please refer to Note N to the Consolidated Financial Statements within the December 31, 2025 Form 10-K for further discussion regarding how the Company manages its business. • In evaluating the results of the Specialty, Commercial and International segments, management uses 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 financial results prepared in accordance with accounting principles generally accepted in the United States of America. 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. In addition, management also utilizes 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 with existing customers. • Management uses 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 other insurance related 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 18

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![](q42025exhibit992021.jpg)

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. • This financial supplement may also reference or contain financial measures utilized to monitor the Company's investment portfolio that are not in accordance with GAAP. 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. • For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to CNA's filings with the Securities and Exchange Commission, available at cna.com. • Gross written premiums ex. warranty captives represents gross written premiums excluding warranty business that is ceded to third-party captives, which primarily consists of insurance policies supporting service contracts for portable electronics and vehicles. • Statutory capital and surplus represents the excess of an insurance company's admitted assets over its liabilities, including loss reserves, as determined in accordance with statutory accounting practices. • Net investment income from fixed income securities, as presented, includes both fixed maturity securities and non-redeemable preferred stock. • Certain immaterial differences are due to rounding. • N/M = Not Meaningful 19

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## Exhibit 99.3

![](q42025ex993earningsprese001.jpg)

CNA Financial Corporation Fourth Quarter 2025 Results February 09, 2026

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![](q42025ex993earningsprese002.jpg)

Notices and Disclaimers Forward Looking Statements The statements made in the course of this presentation and/or contained in the presentation materials may include statements that relate to anticipated future events (forward-looking statements) 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, 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. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA's filings with the Securities and Exchange Commission available at cna.com. Any forward-looking statements and other financial information contained in this presentation speak only as of the date hereof. Further, CNA does not have any obligation to update or revise any forward-looking statement made in the course of this presentation and/or contained in the presentation materials even if CNA's expectations or any related events, conditions or circumstances change. Reconciliation of GAAP Measures to Non-GAAP Measures This earnings presentation contains financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures can be found in the Appendix to this presentation. For additional information, please refer to CNA's filings with the Securities and Exchange Commission, available at cna.com Available Information and Risk Factors CNA files annual, quarterly and current reports and other information with the SEC. The SEC filings are available on the CNA website (cna.com) and at the SEC's website (sec.gov). These filings describe some of the more material risks we face and how these risks could lead to events or circumstances that may have a material adverse effect on our business, financial condition, results of operations or cash flows. You should review these filings as they contain important information about CNA and its business. "CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities. Copyright© 2026 CNA. All rights reserved. 2

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![](q42025ex993earningsprese003.jpg)

Fourth Quarter Overview • Net income of $302 million versus $21 million in the prior year quarter, which included a $290 million after-tax loss from a pension settlement transaction. Core income of $317 million versus $342 million in the prior year quarter. • P&C core income of $449 million versus $451 million, reflects lower underlying underwriting results largely offset by higher net investment income. • Life & Group core loss of $29 million versus $18 million in the prior year quarter. • Corporate & Other core loss of $103 million versus $91 million in the prior year quarter. • Net investment income of $653 million, reflects a $26 million increase from fixed income securities and other investments to $576 million and a $17 million decrease from limited partnerships and common stock to $77 million. • P&C combined ratio of 93.8%, compared with 93.1% in the prior year quarter, including 1.5 points of catastrophe loss impact compared with 1.8 points in the prior year quarter. P&C underlying combined ratio was 92.3%, compared with 91.4% in the prior year quarter. P&C underlying loss ratio was 61.9% and the expense ratio was 30.1%. • P&C segments generated net written premium growth of 2% in the quarter. P&C renewal premium change of +4%, with written rate of +2%. 3

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Full Year Overview • Record high net income of $1,278 million versus $959 million in the prior year, which included a $293 million after-tax loss from pension settlement transactions. Core income of $1,342 million, which is the best on record, versus $1,316 million in the prior year. • P&C core income of $1,664 million versus $1,549 million, reflects improved current accident year underwriting results and higher net investment income partially offset by unfavorable net prior period development. • Life & Group core loss of $44 million versus $23 million in the prior year. • Corporate & Other core loss of $278 million versus $210 million in the prior year. • Net investment income of $2,557 million, reflects a $78 million increase from fixed income securities and other investments to $2,255 million and a $18 million decrease from limited partnerships and common stock to $302 million. • P&C combined ratio of 94.7%, compared with 94.9% in the prior year, including 2.3 points of catastrophe loss impact compared with 3.6 points in the prior year. P&C underlying combined ratio was 91.8% compared with 91.5% in the prior year. P&C underlying loss ratio was 61.7% and the expense ratio was 29.7%. • P&C segments generated net written premium growth of 5%. P&C renewal premium change of +4%, with written rate of +3%. Stockholders' Equity • Book value per share of $42.93; book value per share excluding AOCI of $46.99, an 10% increase from year-end 2024 adjusting for $3.84 of dividends per share paid. • Increased quarterly cash dividend 4% to $0.48 per share; special dividend of $2.00 per share 4

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Financial Performance 5 (In millions, except ratios and per share data) Fourth Quarter Year to Date 2025 2024 Change 2025 2024 Change Revenues $3,828 $3,689 4 % $14,989 $14,270 5 % Core income 317 342 (7) % 1,342 1,316 2 % Net income1 302 21 N/M 1,278 959 33 % Diluted earnings per common share: Core income $1.16 $1.25 (7) % $4.93 $4.83 2 % Net income 1.11 0.07 N/M 4.69 3.52 33 % Core ROE 10.0 % 10.9 % (0.9) pts 10.6 % 10.5 % 0.1 pts Record core income for 2025 from continued strong underwriting and investment results 1 Prior year numbers include a $290 million after-tax loss for the fourth quarter and a $293 million after-tax loss for the full year, from pension settlement transactions.

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Strong full year underwriting results with lower catastrophe losses and lower expense ratio Property & Casualty Operations 6 (In millions, except ratios) Fourth Quarter Year to Date 2025 2024 2025 2024 GWP ex. warranty captives $3,309 $3,272 $12,982 $12,476 GWP change (% year over year) 1 % 4 % Net written premium $2,794 $2,752 $10,683 $10,176 NWP change (% year over year) 2 % 5 % Net earned premium $2,692 $2,571 $10,478 $9,775 NEP change (% year over year) 5 % 7 % Underwriting gain $167 $178 $551 $496 Loss ratio 63.4 % 62.8 % 64.6 % 64.3 % Less: Effect of catastrophes impacts 1.5 % 1.8 % 2.3 % 3.6 % Less: Effect of (favorable) unfavorable development-related items — % (0.1) % 0.6 % (0.2) % Underlying loss ratio 61.9 % 61.1 % 61.7 % 60.9 % Expense ratio 30.1 % 30.0 % 29.7 % 30.2 % Combined ratio 93.8 % 93.1 % 94.7 % 94.9 % Underlying combined ratio 92.3 % 91.4 % 91.8 % 91.5 %

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Property & Casualty Production Metrics Continued disciplined and nuanced execution across the portfolio 7 Property & Casualty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 4% 4% 3% 3% 4% 3% 3% 2% 6% 5% 5% 4% 6% 5% 4% 4% 85% 85% 85% 86% 86% 83% 81% 84% Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $3,001 $3,329 $2,874 $3,272 $3,214 $3,518 $2,941 $3,309 New Business ($M) $529 $595 $547 $591 $565 $645 $549 $589 Specialty Rate 2% —% —% 1% 3% 3% 3% 3% Retention 88% 90% 89% 89% 89% 86% 86% 85% Commercial Rate 6% 7% 6% 6% 6% 5% 5% 3% Retention 85% 84% 84% 84% 84% 81% 79% 82% International Rate 1% —% (2)% (3)% (2)% (4)% (6)% (5)% Retention 82% 80% 82% 85% 85% 86% 83% 88%

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Continued solid underlying underwriting results Specialty 8 (In millions, except ratios) Fourth Quarter Year to Date 2025 2024 2025 2024 GWP ex. warranty captives $1,074 $1,080 $4,130 $4,030 GWP change (% year over year) (1) % 2 % Net written premium $914 $934 $3,515 $3,445 NWP change (% year over year) (2) % 2 % Net earned premium $899 $868 $3,472 $3,361 NEP change (% year over year) 4 % 3 % Underwriting gain $9 $54 $164 $249 Loss ratio 63.6 % 60.1 % 61.5 % 59.5 % Less: Effect of catastrophes impacts — % — % — % — % Less: Effect of unfavorable (favorable) development-related items 3.0 % — % 1.1 % (0.3) % Underlying loss ratio 60.6 % 60.1 % 60.4 % 59.8 % Expense ratio 35.1 % 33.4 % 33.5 % 32.8 % Combined ratio 99.0 % 93.8 % 95.3 % 92.6 % Underlying combined ratio 96.0 % 93.8 % 94.2 % 92.9 %

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Specialty Production Metrics Continued stable renewal premium change and rate above 2024 levels 9 Specialty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 —% —% 3% 1% 2% 3% 4% 4% 4% 4% 88% 90% 89% 89% 89% 86% 86% 85%Retention Renewal Premium Change Rate GWP ex. warranty captives ($M) $942 $985 $1,023 $1,080 $989 $1,016 $1,051 $1,074 New Business ($M) $94 $118 $129 $121 $112 $122 $131 $122 FI & Mgmt Liability Rate (3)% (6)% (5)% (4)% (1)% 1% (1)% —% Retention 90% 92% 91% 89% 89% 84% 86% 84% Affinity Professional E&O Rate 2% 3% 2% 3% 2% 3% 2% 3% Retention 92% 92% 91% 93% 93% 92% 88% 89% Medical Malpractice Rate 7% 9% 7% 9% 7% 8% 9% 8% Retention 80% 85% 83% 84% 85% 85% 83% 82% Surety Net Written Premiums $184 $175 $176 $157 $204 $182 $193 $164 Warranty & Alt. Risks Revenues $461 $459 $452 $443 $445 $446 $439 $434 2% 1% 3% 3% 3% 3%

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Commercial 10 (In millions, except ratios) Fourth Quarter Year to Date 2025 2024 2025 2024 Net written premium $1,509 $1,452 $5,821 $5,469 NWP change (% year over year) 4 % 6 % Net earned premium $1,460 $1,384 $5,695 $5,158 NEP change (% year over year) 5 % 10 % Underwriting gain $109 $106 $272 $171 Loss ratio 65.7 % 64.8 % 67.9 % 68.3 % Less: Effect of catastrophes impacts 2.4 % 2.3 % 3.8 % 6.2 % Less: Effect of (favorable) unfavorable development-related items (0.1) % — % 0.9 % (0.1) % Underlying loss ratio 63.4 % 62.5 % 63.2 % 62.2 % Expense ratio 26.4 % 27.0 % 26.8 % 27.9 % Combined ratio 92.5 % 92.3 % 95.2 % 96.7 % Underlying combined ratio 90.2 % 90.0 % 90.5 % 90.6 % Excellent underwriting results driven by lower catastrophe losses and lower expense ratio

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Commercial Production Metrics 11 Commercial Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 6% 7% 6% 6% 6% 5% 5% 3% 8% 7% 8% 7% 7% 6% 6% 5% 85% 84% 84% 84% 84% 81% 79% 82% Retention Renewal Premium Change Rate Gross Written Premium ($M) $1,686 $1,927 $1,547 $1,804 $1,853 $2,065 $1,569 $1,846 New Business ($M) $367 $405 $345 $395 $370 $420 $324 $377 Middle Market Rate 5% 5% 4% 4% 4% 4% 3% 1% Retention 83% 84% 85% 84% 84% 81% 79% 85% Construction Rate 8% 9% 9% 9% 9% 10% 8% 8% Retention 86% 87% 84% 86% 82% 81% 73% 79% National Accounts Rate 8% 7% 6% 6% 5% —% 2% 1% Retention 87% 83% 85% 84% 88% 83% 86% 84% Small Business Rate 3% 4% 4% 5% 5% 4% 5% 6% Retention 81% 79% 80% 81% 82% 80% 76% 75% Marine / Other Net Written Premium $104 $116 $95 $94 $111 $115 $112 $124 Continued double-digit rate increase in classes most impacted by social inflation

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International Consistently profitable results 12 (In millions, except ratios) Fourth Quarter Year to Date 2025 2024 2025 2024 Net written premium $371 $366 $1,347 $1,262 NWP change (% year over year) 1 % 7 % Net earned premium $333 $319 $1,311 $1,256 NEP change (% year over year) 4 % 4 % Underwriting gain $49 $18 $115 $76 Loss ratio 52.6 % 61.6 % 58.4 % 60.9 % Less: Effect of catastrophes impacts 1.6 % 3.9 % 1.8 % 3.2 % Less: Effect of favorable development-related items (7.5) % (0.4) % (1.9) % (0.4) % Underlying loss ratio 58.5 % 58.1 % 58.5 % 58.1 % Expense ratio 32.7 % 33.2 % 32.8 % 33.1 % Combined ratio 85.3 % 94.8 % 91.2 % 94.0 % Combined ratio excl. catastrophes and development 91.2 % 91.3 % 91.3 % 91.2 %

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Core loss reflects lower income from limited partnerships Life & Group 13 (In millions) Fourth Quarter Year to Date 2025 2024 2025 2024 Net earned premiums $105 $108 $423 $437 Total claims, benefits and expenses 375 366 1,415 1,429 Net investment income 227 230 914 940 Core loss before income tax (43) (28) (78) (52) Income tax benefit 14 10 34 29 Core loss ($29) ($18) ($44) ($23)

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Pretax Net Investment Income Strong contributions from fixed income and limited partnerships 644 604 662 638 653 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 529 530 544 550 553 4.8% 4.8% 4.9% 4.8% 4.9% Fixed Income Effective Yield (Pretax) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 94 54 100 71 77 3.5% 2.0% 3.6% 2.5% 2.7% Limited Partnership & Common Stock Return (Pretax) Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 $M $M $M 14 • Net investment income from fixed income is up 5% year-over-year • Fixed income benefited from strong operating cash flows and the continued impact of higher reinvestment rates • Strong limited partnership and common stock returns in the quarter; full year income of $302M, an 11% return

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Investment Portfolio 151 AAA includes obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises. High quality, diversified and liquid investment portfolio • 87% of total invested assets are in fixed income securities • High-quality portfolio with an average credit rating of "A" • Duration well matched with insurance liabilities • Net unrealized loss improved from prior year- end driven by lower risk-free rates 6% 5% 3% 2% 2% 1% LPs & Common Stock Short Term & Other CMBS Mortgage Loans Other Fixed Income Preferred Stock Corporate & Other 50% Municipals 17% Other ABS 7% RMBS 7% Portfolio Composition Highlights Fixed Maturities by Rating AA 16% A 26% BBB 37% AAA 1 17% Non-IG 4% Effective Portfolio Duration Life & Group 9.7 yrs P&C and Corporate 4.5 yrs Total 6.3 yrs

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Capital • Financial strength and credit ratings were upgraded by AM Best in the fourth quarter; all other ratings have been affirmed in the past 15 months • Moody's maintains a positive outlook on ratings; AM Best outlook was revised to stable following upgrade; S&P and Fitch maintain stable outlooks • Statutory surplus remains very strong • Adjusting for dividends, book value per share ex AOCI increased 10% Leverage • Debt maturity schedule is termed out to effectively manage refinancing • Redeemed $500M senior notes at par in December in advance of March 2026 maturity; next debt maturity of $500M due in August of 2027 Liquidity • Ample liquidity at both holding and operating company levels to meet obligations Financial Strength Conservative capital and debt profile support business objectives (In millions, except per share data) Dec 31, 2025 Dec 31, 2024 Debt $2,971 $2,973 Stockholders' equity 11,621 10,513 Total capital $14,592 $13,486 AOCI (1,098) (1,991) Capital ex AOCI $15,690 $15,477 BVPS ex AOCI $46.99 $46.16 Dividends per share (YTD) $3.84 $3.76 Debt-to-capital 20.4 % 22.0 % Debt-to-capital ex AOCI 18.9 % 19.2 % Statutory surplus 11,578 $11,165 Holding company liquidity 1 $1,048 $1,207 16 1 Includes $250 million available under credit facility

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APPENDIX 17

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Results for the Three Months Ended December 31 Results for the Year Ended December 31 2025 2024 2025 2024 Net income $302 $21 $1,278 $959 Less: Net investment losses (15) (31) (64) (64) Less: Pension settlement transaction losses — (290) — (293) Core income $317 $342 $1,342 $1,316 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. Management monitors core income (loss) for each business segment to assess segment performance. 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. Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share Results for the Three Months Ended December 31 Results for the Year Ended December 31 2025 2024 2025 2024 Net income per diluted share $1.11 $0.07 $4.69 $3.52 Less: Net investment losses (0.05) (0.12) (0.24) (0.23) Less: Pension settlement transaction losses — (1.06) — (1.08) Core income per diluted share $1.16 $1.25 $4.93 $4.83 Core income (loss) per diluted share provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis. 18 Reconciliation of Net Income (Loss) to Core Income (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures

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19 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 results 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. Results for the Three Months Ended December 31, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $128 $236 $70 $434 Net investment losses, after tax 6 9 — 15 Core income $134 $245 $70 $449 Less: Net investment income 167 200 42 409 Non-insurance warranty revenue (expense) 9 — — 9 Other revenue (expense), including interest expense (15) (2) 1 (16) Income tax expense on core income (36) (62) (22) (120) Underwriting gain 9 109 49 167 Effect of catastrophe losses — 35 5 40 Effect of unfavorable (favorable) development-related items 27 (2) (25) — Underlying underwriting gain $36 $142 $29 $207 Reconciliation of Net Income to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss) Reconciliation of GAAP Measures to Non-GAAP Measures

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20 Results for the Three Months Ended December 31, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $165 $222 $37 $424 Net investment losses (gains), after tax 12 16 (1) 27 Core income $177 $238 $36 $451 Less: Net investment income 165 199 36 400 Non-insurance warranty revenue (expense) 19 — — 19 Other revenue (expense), including interest expense (13) (4) (15) (32) Income tax expense on core income (48) (63) (3) (114) Underwriting gain 54 106 18 178 Effect of catastrophe losses — 33 12 45 Effect of favorable development-related items — — (1) (1) Underlying underwriting gain $54 $139 $29 $222 Reconciliation of GAAP Measures to Non-GAAP Measures

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21 Results for the Year Ended December 31, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $615 $788 $205 $1,608 Net investment losses, after tax 22 32 2 56 Core income $637 $820 $207 $1,664 Less: Net investment income 650 775 156 1,581 Non-insurance warranty revenue (expense) 51 — — 51 Other revenue (expense), including interest expense (55) (12) 13 (54) Income tax expense on core income (173) (215) (77) (465) Underwriting gain 164 272 115 551 Effect of catastrophe losses — 217 23 240 Effect of unfavorable (favorable) development-related items 37 52 (25) 64 Underlying underwriting gain $201 $541 $113 $855 Reconciliation of GAAP Measures to Non-GAAP Measures

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22 Results for the Year Ended December 31, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $663 $658 $153 $1,474 Net investment losses, after tax 31 44 — 75 Core income $694 $702 $153 $1,549 Less: Net investment income 626 733 131 1,490 Non-insurance warranty revenue (expense) 62 — — 62 Other revenue (expense), including interest expense (53) (14) (10) (77) Income tax expense on core income (190) (188) (44) (422) Underwriting gain 249 171 76 496 Effect of catastrophe losses — 318 40 358 Effect of favorable development-related items (8) — (6) (14) Underlying underwriting gain $241 $489 $110 $840 The underlying loss ratio excludes the impact of catastrophe losses and development-related items from the loss 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. The components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio for Property & Casualty, Specialty, Commercial and International segments are set forth on pages 6, 8, 10 and 12, respectively. Components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio Reconciliation of GAAP Measures to Non-GAAP Measures

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December 31, 2025 December 31, 2024 Book value per share $42.93 $38.82 Less: Per share impact of AOCI (4.06) (7.34) Book value per share excluding AOCI $46.99 $46.16 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates. Calculation of Return on Equity and Core Return on Equity Results for the Three Months Ended December 31 Results for the Year Ended December 31 ($ millions) 2025 2024 2025 2024 Annualized net income $1,206 $81 $1,278 $959 Average stockholders' equity including AOCI (a) 11,471 10,635 11,067 10,203 Return on equity 10.5 % 0.8 % 11.5 % 9.4 % Annualized core income $1,267 $1,366 $1,342 $1,316 Average stockholders' equity excluding AOCI (a) 12,626 12,549 12,610 12,534 Core return on equity 10.0 % 10.9 % 10.6 % 10.5 % Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations. a Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period. 23 Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI Reconciliation of GAAP Measures to Non-GAAP Measures

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## Exhibit 99.4

**<u>CNA Financial Fourth Quarter 2025 Earnings Remarks</u>**

**Douglas M. Worman, Chairman and Chief Executive Officer:**

In the fourth quarter, we produced excellent results, achieving another quarter of underlying underwriting gain above $200 million and higher levels of investment income. Net written premium was up 2%, retention improved by three points from last quarter, and renewal premium change was 4%, consistent with last quarter. For the full year, we achieved record levels of core and net income. Our underlying combined ratio was below 92% for the fifth consecutive year and our underlying underwriting gain was $855 million, which is the best on record.

**Fourth Quarter Results**

Core income was $317 million in the fourth quarter with P&C core income of $449 million. Net investment income increased to $653 million, with continued strong performance in our fixed income portfolio more than offsetting lower, but still strong, limited partnership and common stock returns.

The P&C all-in combined ratio was 93.8%, an increase of 0.7 points compared to the prior year quarter. The increase is principally from a higher underlying loss ratio of 61.9% compared to 61.1% in the prior year quarter. As we have stated previously, in light of pricing pressures in pockets of the portfolio, we will remain prudent in our loss ratio picks, even as we continue underwriting actions in order to optimize our position in the current marketplace.

Catastrophe losses of $40 million added 1.5 points to the combined ratio.

The P&C underlying combined ratio was 92.3% in the quarter, 0.9 points higher than the prior year quarter. The underlying underwriting gain was once again strong at $207 million. The expense ratio of 30.1% was roughly consistent with the prior year quarter, and it was adversely impacted by 0.5 points from a non-recurring technology charge in Specialty.

In the quarter, net written premium growth was 2% in aggregate, which varied significantly across the different areas of our portfolio. P&C rate change was 2% and renewal premium change was 4%, with differences by class of business.

New business was roughly flat compared to the prior year quarter, as we lean into profitable opportunities while being highly selective in pockets where the market will not support the rate, terms and conditions to achieve an appropriate risk adjusted return.

Retention was 84% this quarter, up three points compared to last quarter. Similar to last quarter, we saw significant differentiation in retention as we execute strategies in a highly granular fashion in this diversified market.

Turning to the quarterly results in our three operating segments, in Commercial, the all-in combined ratio was 92.5%, roughly in line with last year. The all-in underwriting gain of $109 million was the best on record. Catastrophe losses of $35 million added 2.4 points to the combined ratio. The underlying combined ratio was 90.2%, only slightly higher than last year's record low of 90.0%. The underlying underwriting gain was $142 million and the underlying loss ratio was 63.4%, consistent with last quarter but 0.9 points higher than the prior year quarter. The expense ratio was 26.4%, the second consecutive quarter below 27%. The Commercial expense ratio has improved about ten points since 2016. Prior period development in the quarter was negligible.

In Commercial, net written premium growth was 4%. New business was 5% lower than the prior year quarter and retention was 82%. We continue to be selective in areas we are growing based on the dynamics taking place in those marketplaces. For example, new business was down 22% in commercial auto compared to the prior year quarter, but up 19% in workers' compensation. Rate change in the fourth quarter was slightly more than one point below the third quarter, rounding to 3% all-in or 5% excluding workers' compensation. Rates in commercial auto and excess casualty were once again double-digit. The market continues to be very competitive in national accounts property with rates down low double-digit. Workers' compensation

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rates were down low to mid single-digit consistent with the historical profitability of that line, offset by some exposure increase. Exposure change was 1% for Commercial this quarter. In areas such as general liability and workers' compensation, we continue to see the benefit of exposure change that acts like rate in the low to mid single-digit range.

For Specialty, the all-in combined ratio was 99.0% in the fourth quarter. Prior period development was unfavorable by 3.0 points driven by professional and management liability. Notably, this reserve increase is consistent with our philosophy, where we react swiftly to potential areas of pressure and more slowly to potential pockets of favorability. The reserve strengthening this quarter was concentrated in accident years 2023 and 2024, with favorability in accident years 2022 and prior. The underlying combined ratio was 96.0% and the underlying loss ratio was 60.6%, consistent with last quarter and up 0.5 points from the prior year quarter. The expense ratio was 35.1%, up 1.7 points compared to the prior year quarter. Absent the non-recurring technology charge referenced earlier, the expense ratio was largely consistent with the prior year quarter.

In Specialty, net written premium declined 2% as we remain cautious in financial and management liability lines after multiple years of rate decreases. We continue to see growth in other parts of our portfolio such as affinity programs and surety. Retention was strong at 85% for the quarter. Rate remained consistent this quarter at 3% with renewal premium change of 4%. Rate remained strong in healthcare at 8%. We achieved rate increases of 3% in our affinity business, up one point over last quarter. Rates were flat overall in our financial and management liability lines in aggregate, but importantly, rates were up low to mid single-digits in both public company directors and officers (D&O) and in cyber.

For International, the all-in combined ratio was 85.3% in the quarter with 1.6 points of catastrophe losses and 7.5 points of favorable prior period development. Favorable prior period development was driven by property and marine lines. The underlying combined ratio was 91.2%. The underlying loss ratio was 58.5%, and the expense ratio was 32.7%.

International net written premiums grew 1% in the quarter. New business grew 20% as we capitalized on profitable opportunities in areas that are still rate adequate despite the recent market softening. Retention was 88%, and overall renewal premium change declined 1% with rates down 5%, a slight improvement from last quarter as we continue to see competitive pressure across the various geographies. Despite the competitive pressure, we continue to see strong opportunities in many geographies and products within this segment. This business continues to be an important part of our go-forward strategy and has consistently contributed to our overall results.

**Full Year Results** 

For the full year, we achieved record core income of $1,342 million. This is the third consecutive year of record core income as we continue to build on the momentum of all our business segments. The increase in core income was reflective of record high P&C core income of $1,664 million, which included record high underlying underwriting gain of $855 million.

The P&C all-in combined ratio was 94.7% and catastrophes were 2.3 points of the combined ratio or $240 million. For the P&C segment, the impact of prior period development was slightly unfavorable for the year. We had unfavorable development in the commercial casualty and professional and management liability lines, which was partially offset with favorable development in our workers' compensation and surety classes of business. The underlying combined ratio was 91.8% for the year and the expense ratio improved 0.5 points to 29.7%, the lowest since 2008, benefiting from higher net earned premiums while we continue to invest in the business. The underlying loss ratio was 61.7%, up 0.8 points compared to the prior year, as we continue to prudently establish our underlying loss ratios.

All three operating segments produced very strong all-in and underlying combined ratios again in 2025. For Commercial, the all-in combined ratio was a record low of 95.2%, benefiting from a record best underlying combined ratio of 90.5% and a lower level of catastrophes. Specialty produced an all-in combined ratio of

![cnalogoq42019.jpg](cnalogoq42019.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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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95.3% and an underlying combined ratio of 94.2%. For International, the all-in combined ratio was 91.2%, down 2.8 points compared to the prior year as prior period development was favorable by 1.9 points. The underlying combined ratio was 91.3%, consistent with last year.

Turning to production for the year, P&C net written premium growth was 5% and net earned growth was 7%. New business grew by 4% to a record high of $2,348 million. Retention was down slightly at 83%, as we continue to be selective in the various products and geographies where we do business. Rates for the year were up 3%, and renewal premium change was 4%. A majority of our third-party treaties came up for renewal on January 1st. All of the renewals were successful. Most treaties were oversubscribed and renewed with favorable terms. The economics of our reinsurance coverage and ceding commission remain very favorable on these lines of business.

**Scott R. Lindquist, Chief Financial Officer:**

CNA's fourth quarter core income of $317 million is down 7% compared to the prior year quarter of $342 million but continues to reflect strong underwriting and investment results. Full year 2025 core income of $1,342 million is a best on record leading to a core return on equity of 10.6%. This result reflects a P&C underwriting gain of $551 million and record high net investment income of $2,557 million, which is 2% higher than 2024.

Our P&C expense ratio was 30.1% for the fourth quarter and 29.7% for the full year. The expense ratio for the fourth quarter includes a half point non-recurring technology charge while both periods benefited from higher net earned premiums. While there is always a certain amount of variability quarter to quarter, we currently believe an expense ratio close to 30.0% is a reasonable run-rate heading into 2026.

The P&C net prior period development impact on the combined ratio was neutral in the current quarter. In the Specialty segment, prior period development was $27 million unfavorable primarily from other professional and management liability. In the Commercial segment, prior period development was negligible overall with favorable development in workers' compensation, offset by unfavorable development in commercial auto and general liability. For the International segment, prior period development was $25 million favorable primarily from property and marine.

The paid to incurred ratio for our P&C segments was 0.88 for the fourth quarter. We do see some fluctuations quarter to quarter, so we tend to take a longer view of this metric. The paid to incurred ratio was 0.82 for the full year of 2025 and has been quite stable between 0.80 and 0.83 for each of the last four full years.

Our Corporate segment produced a core loss of $103 million in the fourth quarter compared to a $91 million loss in the fourth quarter of 2024. The loss this quarter includes the results of our annual fourth quarter asbestos and environmental pollution (A&EP) reserve review resulting in additional cessions of $185 million to the $4 billion loss portfolio transfer (LPT), which was incepted in 2010. This strengthening of reserves is associated with higher defense and indemnity costs on existing claims. This review resulted in a non-economic, after-tax charge of $67 million as compared to a $35 million charge in the prior year quarter.

Following this review, our cumulative incurred losses of $3.9 billion dollars remain within the $4 billion LPT limit while cumulative paid losses are $2.8 billion.

You will recall from previous years' reviews that under retroactive reinsurance accounting, there is a timing difference with respect to recognizing the benefit of the cover relative to incurred losses as we can only do so in proportion to the paid losses recovered under the treaty. As such, holding all else constant, the loss recognized today will be recaptured over time through the amortization of the deferred accounting gain as paid losses ultimately catch up with the losses incurred. As of year-end 2025, we have $470 million of deferred gain that will be recaptured over time.

Finally, there was no prior period development associated with legacy mass tort abuse reserves in the fourth quarter, compared to a $17 million after-tax charge in the prior year quarter.

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As we have noted in prior calls, we perform our annual review of A&EP reserves during the fourth quarter, and we evaluate all other corporate segment reserves primarily in the second quarter.

For the Life & Group segment, we had a core loss of $29 million in the fourth quarter as compared to a core loss of $18 million in the prior year quarter, reflecting unfavorable persistency experience. Life & Group full year core loss of $44 million is a larger loss than the 2024 core loss of $23 million due to lower investment income. The full year 2025 underwriting result is about flat with 2024, with both full year results being broadly in-line with expectations. Finally, inforce management actions including the pursuit of rate and policy buyouts are ongoing. Since we launched our buyout program in 2020, we have bought out approximately 12,000 policies releasing nearly $400 million of statutory reserves.

Turning to investments, net investment income was $653 million in the fourth quarter compared with $644 million in the prior year quarter, an increase of 1%. The increase was driven by our fixed income and other investments, partially offset by lower, albeit solid, returns in our limited partnership and common stock portfolios.

Fixed income and other investments generated $576 million of income, up 5% compared to the prior year quarter. Our A-rated fixed income portfolio continues to provide consistent contributions to core income, which have been steadily increasing because of favorable reinvestment rates and strong cash flow from operations. The effective income yield of our consolidated fixed income portfolio was 4.9% in the fourth quarter, up from 4.8% in the prior year quarter. Reinvestment rates continue to be above our P&C portfolio effective income yield of 4.4% and are fairly in line with our Life & Group portfolio effective income yield of 5.7%.

Our limited partnership and common stock portfolio returned a $77 million gain, or 2.7%, in the current quarter compared to a $94 million gain, or 3.5%, in the prior year quarter.

Total net investment income was a best on record of $2,557 million for the full year 2025 compared with $2,497 million in 2024, an increase of 2%. Similar to the quarterly results, the increase was driven by our fixed income and other investments, partially offset by lower, but still strong, returns in our limited partnership and common stock portfolios.

Fixed income and other investments generated $2,255 million of income for the year, up 4% compared to the prior year. Limited partnerships and common stocks generated $302 million of income representing a 11.1% return compared to $320 million of income representing a return of 13.3% in the prior year. Looking ahead to 2026, based on the current interest rate environment we expect income from fixed income and other investments to be about $575 million in the first quarter, which is about flat compared to the fourth quarter of 2025 given what we expect to be limited reinvestment activity. For the full year, we expect income from fixed income and other investments to be about $2,325 million, or a 3% increase as compared to the full year 2025.

At quarter end, our balance sheet continues to be very solid with stockholders' equity excluding accumulated other comprehensive income (AOCI) of $12.7 billion, or $46.99 per share, an increase of 10% from year-end 2024 adjusting for dividends. Stockholders' equity including AOCI was $11.6 billion or $42.93 per share. With the decline in interest rates in 2025, the net unrealized investment loss in our fixed income portfolio decreased to $1.2 billion as of year-end, roughly half the level at year-end 2024. Finally, we ended 2025 with statutory capital and surplus in the combined Continental Casualty Companies of $11.6 billion, which is a record high and is up from $11.2 billion at the end of 2024.

We continue to maintain a conservative capital structure with a low leverage ratio and a well-balanced debt maturity schedule. We are especially pleased with the fourth quarter action taken by AM Best who upgraded CNA's financial strength rating to A+ with a comparable upgrade to CNA's debt ratings – both with stable outlooks. We view AM Best's actions as recognition of the significant progress we have made in the performance of the business in recent years.

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Operating cash flow for the year was strong once again at $2.5 billion, which reflects continued strong underwriting and investment results.

Turning to taxes, the effective tax rate on core income for the fourth quarter was 20.4% and reflects a benefit for tax-exempt investment income, somewhat offset by state income taxes. The full year 2025 effective tax rate on core income was 21.1%, which is consistent with a 21% effective tax rate we expect for 2026, although there will be a certain amount of variability quarter-to-quarter.

Finally, given the company's strong underwriting and investment performance, we are pleased to announce we are increasing our regular quarterly dividend by 4% from $0.46 per share to $0.48 per share. In addition, we are declaring a special dividend of $2.00 per share – both dividends will be paid on March 12, 2026, to shareholders of record on February 23, 2026. Using this past Friday's closing price, CNA shares have a very attractive dividend yield of approximately 8%, inclusive of the $2.00 special dividend.

**Douglas M. Worman, Chairman and Chief Executive Officer:**

We closed the year with a strong fourth quarter leading to record levels of core income, growth in investment income and strong cash flow for the year. Our P&C operations continue to perform very well with record high levels of underlying underwriting gain, and we lowered our expense ratio by a half point even while continuing to invest in talent, technology and artificial intelligence (AI).

AI is becoming part of the fabric of how we run CNA. Our approach is pragmatic and driven by the return on investment. We automate what matters, equip our people with better tools, and improve broker and customer experience. Over the past year, we've deployed a number of AI solutions across underwriting, claims and the back office, and we've rolled out generative AI tools to every CNA employee across the company. We're seeing faster triage, better submission responsiveness and measurable time savings for our teams. At this point, we're very happy with where we are and we'll continue to invest in AI in those areas where we believe AI implementation improves risk selection, service quality and efficiency.

Finally, we are pleased with our 2025 financial performance, anchored by our commitment to disciplined underwriting and highlighted by record core income. We believe AM Best's recent upgrade of our financial strength rating to A+ is reflective of our consistently strong performance and productive underwriting culture. Looking forward, we believe we are well positioned to work with our distribution partners to take advantage of the many opportunities we see in the marketplace.

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**Reconciliation of GAAP Measures to Non-GAAP Measures**

These earnings remarks contain financial measures that are not in accordance with accounting principles generally accepted in the United States of America (GAAP). Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures follow below.

***Reconciliation of Net Income (Loss) to Core Income (Loss)***

**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. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions) | **2025** | **2024** | **2025** | **2024** |
| Net income | $302 | $21 | $1278 | $959 |
| &nbsp;&nbsp;&nbsp;Less: Net investment losses | (15) | (31) | (64) | (64) |
| &nbsp;&nbsp;&nbsp;Less: Pension settlement transaction losses |  | (290) |  | (293) |
| Core income | $317 | $342 | $1342 | $1316 |

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***Reconciliation of Net Income (Loss) per Diluted Share to Core Income (Loss) per Diluted Share***

**Core income (loss) per diluted share** provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income per diluted share | $1.11 | $0.07 | $4.69 | $3.52 |
| &nbsp;&nbsp;&nbsp;Less: Net investment losses | (0.05) | (0.12) | (0.24) | (0.23) |
| &nbsp;&nbsp;&nbsp;Less: Pension settlement transaction losses |  | (1.06) |  | (1.08) |
| Core income per diluted share | $1.16 | $1.25 | $4.93 | $4.83 |

---

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***Reconciliation of Net Income (Loss) to Underwriting Gain (Loss) and Underlying Underwriting Gain (Loss)***

**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 that underwriting gain (loss) provides investors with a valuable measure of 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 results 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31, 2025** | **Results for the Three Months Ended December 31, 2025** | **Results for the Three Months Ended December 31, 2025** | **Results for the Three Months Ended December 31, 2025** |
| | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) |  |  |  |  |
| Net income | $128 | $236 | $70 | $434 |
| &nbsp;&nbsp;&nbsp;Net investment losses, after tax | 6 | 9 |  | 15 |
| Core income | $134 | $245 | $70 | $449 |
| &nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 167 | 200 | 42 | 409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 9 |  |  | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (15) | (2) | 1 | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (36) | (62) | (22) | (120) |
| Underwriting gain | 9 | 109 | 49 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 35 | 5 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of unfavorable (favorable) development-related items | 27 | (2) | (25) |  |
| Underlying underwriting gain | $36 | $142 | $29 | $207 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31, 2024** | **Results for the Three Months Ended December 31, 2024** | **Results for the Three Months Ended December 31, 2024** | **Results for the Three Months Ended December 31, 2024** |
| | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) |  |  |  |  |
| Net income | $165 | $222 | $37 | $424 |
| &nbsp;&nbsp;&nbsp;Net investment losses (gains), after tax | 12 | 16 | (1) | 27 |
| Core income | $177 | $238 | $36 | $451 |
| &nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 165 | 199 | 36 | 400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 19 |  |  | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (13) | (4) | (15) | (32) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (48) | (63) | (3) | (114) |
| Underwriting gain | 54 | 106 | 18 | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 33 | 12 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of favorable development-related items |  |  | (1) | (1) |
| Underlying underwriting gain | $54 | $139 | $29 | $222 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Year Ended December 31, 2025** | **Results for the Year Ended December 31, 2025** | **Results for the Year Ended December 31, 2025** | **Results for the Year Ended December 31, 2025** |
| | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) |  |  |  |  |
| Net income | $615 | $788 | $205 | $1608 |
| &nbsp;&nbsp;&nbsp;Net investment losses, after tax | 22 | 32 | 2 | 56 |
| Core income | $637 | $820 | $207 | $1664 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 650 | 775 | 156 | 1581 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 51 |  |  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (55) | (12) | 13 | (54) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (173) | (215) | (77) | (465) |
| Underwriting gain | 164 | 272 | 115 | 551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 217 | 23 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of unfavorable (favorable) development-related items | 37 | 52 | (25) | 64 |
| Underlying underwriting gain | $201 | $541 | $113 | $855 |

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Results for the Year Ended December 31, 2024** | **Results for the Year Ended December 31, 2024** | **Results for the Year Ended December 31, 2024** | **Results for the Year Ended December 31, 2024** |
| | **Specialty** | **Commercial** | **International** | **Property & Casualty** |
| (In millions) |  |  |  |  |
| Net income | $663 | $658 | $153 | $1474 |
| &nbsp;&nbsp;&nbsp;Net investment losses, after tax | 31 | 44 |  | 75 |
| Core income | $694 | $702 | $153 | $1549 |
| &nbsp;&nbsp;&nbsp;Less: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 626 | 733 | 131 | 1490 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-insurance warranty revenue (expense) | 62 |  |  | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other revenue (expense), including interest expense | (53) | (14) | (10) | (77) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax expense on core income | (190) | (188) | (44) | (422) |
| Underwriting gain | 249 | 171 | 76 | 496 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of catastrophe losses |  | 318 | 40 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of favorable development-related items | (8) |  | (6) | (14) |
| Underlying underwriting gain | $241 | $489 | $110 | $840 |

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***Components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio***

The **underlying loss ratio** excludes the impact of catastrophe losses and development-related items from the loss 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.

***Specialty***

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Loss ratio | 63.6 | % | 60.1 | % | 61.5 | % | 59.5 | % |
| &nbsp;&nbsp;&nbsp;Less: Effect of catastrophe impacts |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Effect of unfavorable (favorable) development-related items | 3.0 |  |  |  | 1.1 |  | (0.3) |  |
| Underlying loss ratio | 60.6 | % | 60.1 | % | 60.4 | % | 59.8 | % |
| Expense ratio | 35.1 | % | 33.4 | % | 33.5 | % | 32.8 | % |
| Combined ratio | 99.0 | % | 93.8 | % | 95.3 | % | 92.6 | % |
| Underlying combined ratio | 96.0 | % | 93.8 | % | 94.2 | % | 92.9 | % |

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***Commercial***

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Loss ratio | 65.7 | % | 64.8 | % | 67.9 | % | 68.3 | % |
| &nbsp;&nbsp;&nbsp;Less: Effect of catastrophe impacts | 2.4 |  | 2.3 |  | 3.8 |  | 6.2 |  |
| &nbsp;&nbsp;&nbsp;Less: Effect of (favorable) unfavorable development-related items | (0.1) |  |  |  | 0.9 |  | (0.1) |  |
| Underlying loss ratio | 63.4 | % | 62.5 | % | 63.2 | % | 62.2 | % |
| Expense ratio | 26.4 | % | 27.0 | % | 26.8 | % | 27.9 | % |
| Combined ratio | 92.5 | % | 92.3 | % | 95.2 | % | 96.7 | % |
| Underlying combined ratio | 90.2 | % | 90.0 | % | 90.5 | % | 90.6 | % |

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***International***

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Loss ratio | 52.6 | % | 61.6 | % | 58.4 | % | 60.9 | % |
| &nbsp;&nbsp;&nbsp;Less: Effect of catastrophe impacts | 1.6 |  | 3.9 |  | 1.8 |  | 3.2 |  |
| &nbsp;&nbsp;&nbsp;Less: Effect of favorable development-related items | (7.5) |  | (0.4) |  | (1.9) |  | (0.4) |  |
| Underlying loss ratio | 58.5 | % | 58.1 | % | 58.5 | % | 58.1 | % |
| Expense ratio | 32.7 | % | 33.2 | % | 32.8 | % | 33.1 | % |
| Combined ratio | 85.3 | % | 94.8 | % | 91.2 | % | 94.0 | % |
| Underlying combined ratio | 91.2 | % | 91.3 | % | 91.3 | % | 91.2 | % |

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***Property & Casualty***

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| | **2025** | **2025** | **2024** | **2024** | **2025** | **2025** | **2024** | **2024** |
| Loss ratio | 63.4 | % | 62.8 | % | 64.6 | % | 64.3 | % |
| &nbsp;&nbsp;&nbsp;Less: Effect of catastrophe impacts | 1.5 |  | 1.8 |  | 2.3 |  | 3.6 |  |
| &nbsp;&nbsp;&nbsp;Less: Effect of (favorable) unfavorable development-related items |  |  | (0.1) |  | 0.6 |  | (0.2) |  |
| Underlying loss ratio | 61.9 | % | 61.1 | % | 61.7 | % | 60.9 | % |
| Expense ratio | 30.1 | % | 30.0 | % | 29.7 | % | 30.2 | % |
| Combined ratio | 93.8 | % | 93.1 | % | 94.7 | % | 94.9 | % |
| Underlying combined ratio | 92.3 | % | 91.4 | % | 91.8 | % | 91.5 | % |

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***Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI***

**Book value per share excluding accumulated other comprehensive income (loss) (AOCI)** allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Book value per share | $42.93 | $38.82 |
| &nbsp;&nbsp;&nbsp;Less: Per share impact of AOCI | (4.06) | (7.34) |
| Book value per share excluding AOCI | $46.99 | $46.16 |

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***Calculation of Return on Equity and Core Return on Equity***

**Core return on equity** provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Three Months Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** | **Results for the Year Ended December 31** |
| ($ millions) | **2025** |  | **2024** | **2025** |  | **2024** |
| Annualized net income | $1206 |  | $81 | $1278 |  | $959 |
| Average stockholders' equity including AOCI <sup>(a)</sup> | 11471 |  | 10635 | 11067 |  | 10203 |
| Return on equity | 10.5 | % | 0.8 | 11.5 | % | 9.4 |
| Annualized core income | $1267 |  | $1366 | $1342 |  | $1316 |
| Average stockholders' equity excluding AOCI <sup>(a)</sup> | 12626 |  | 12549 | 12610 |  | 12534 |
| Core return on equity | 10.0 | % | 10.9 | 10.6 | % | 10.5 |

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*(a)Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period.*

For additional information, please refer to CNA's filings with the Securities and Exchange Commission available at cna.com.

**Forward-Looking Statements**

These earnings remarks include statements that relate to anticipated future events (forward-looking statements) 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, 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. Many of these risks and

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uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties, please refer to CNA's filings with the Securities and Exchange Commission, available at cna.com.

Any forward-looking statements made in these earnings remarks are made by CNA as of the date of these remarks. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in these remarks, even if CNA's expectations or any related events, conditions or circumstances change.

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