Cna Financial Corporation · NYSE:CNA
Cna Financial — Q4 2025 Earnings Presentation
21 slides from Cna Financial's earnings presentation, Feb 9, 2026
Slide 1: CNA Financial Corporation Supplemental Financial Information
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. Securit
Slide 2: Table of Contents
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 Cor
Slide 3: Statements of Operations
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-in
Slide 4: Components of Income (Loss), Per Share Data and Return on Equity
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)
Slide 5: Selected Balance Sheet Data and Statements of Cash Flows Data
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
Slide 6: Property & Casualty - Results of Operations
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 premiu
Slide 7: Specialty - Results of Operations
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
Slide 8: Commercial - Results of Operations
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 Ins
Slide 9: International - Results of Operations
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 cla
Slide 10: Life & Group - Results of Operations
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 polic
Slide 11: Corporate & Other - Results of Operations
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' b
Slide 12: Investment Summary - Consolidated
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
Slide 13: Investment Summary - Property & Casualty and Corporate & Other
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: Corpor
Slide 14: Investment Summary - Life & Group
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
Slide 15: Investments - Fixed Maturity Securities by Credit Rating
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
Slide 16: Components of Net Investment Income
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 Commo
Slide 17: Net Investment Gains (Losses)
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) (
Slide 18: Claim & Claim Adjustment Expense Reserve Rollforward
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
Slide 19: Life & Group Policyholder Reserves
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) C
Slide 20: Definitions and Presentation
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 w
Slide 21: Definitions and Presentation (continued)
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, e