Cna Financial Corporation · NYSE:CNA
Cna Financial — Q1 2025 Earnings Presentation
21 slides from Cna Financial's earnings presentation, May 5, 2025
Slide 1: CNA Financial Corporation Supplemental Financial Information March 31, 2025
CNA Financial Corporation Supplemental Financial Information March 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
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 Three months ended March 31 (In millions) 2025 2024 Change Revenues: Net earned premiums $ 2,626 $ 2,441 8 % Net investment income 604 609 (1) Net investment losses (9) (22) Non-insurance warranty revenue 397 407 Other revenues 9 9 Total revenues 3,627 3,444 5 Claims, Benefi
Slide 4: Components of Income (Loss), Per Share Data and Return on Equity
Components of Income (Loss), Per Share Data and Return on Equity Three months ended March 31 (In millions, except per share data) 2025 2024 Components of Income (Loss) Core income (loss) $ 281 $ 355 Net investment gains (losses) (7) (17) Net income (loss) $ 274 $ 338 Diluted Earnings (Loss) Per Comm
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) March 31, 2025 December 31, 2024 Total investments $ 47,969 $ 47,482 Reinsurance receivables, net of allowance for uncollectible receivables 6,266 6,051 Total assets 67,326 66,492 Insurance reserves 46
Slide 6: Property & Casualty - Results of Operations
Property & Casualty - Results of Operations Three months ended March 31 (In millions) 2025 2024 Change Gross written premiums $ 3,898 $ 3,742 4 % Gross written premiums ex. 3rd party captives 3,142 2,936 7 Net written premiums 2,606 2,390 9 Net earned premiums 2,520 2,331 8 Insurance claims and poli
Slide 7: Specialty - Results of Operations
Specialty - Results of Operations Three months ended March 31 (In millions) 2025 2024 Change Gross written premiums $ 1,672 $ 1,682 (1) % Gross written premiums ex. 3rd party captives 930 880 6 Net written premiums 842 792 6 Net earned premiums 830 814 2 Insurance claims and policyholders' benefits
Slide 8: Commercial - Results of Operations
Commercial - Results of Operations Three months ended March 31 (In millions) 2025 2024 Change Gross written premiums $ 1,853 $ 1,686 10 % Gross written premiums ex. 3rd party captives 1,839 1,682 9 Net written premiums 1,498 1,338 12 Net earned premiums 1,380 1,202 15 Insurance claims and policyhold
Slide 9: International - Results of Operations
International - Results of Operations Three months ended March 31 (In millions) 2025 2024 Change Gross written premiums $ 373 $ 374 — % Net written premiums 266 260 2 Net earned premiums 310 315 (2) Insurance claims and policyholders' benefits 192 189 Amortization of deferred acquisition costs 63 66
Slide 10: Life & Group - Results of Operations
Life & Group - Results of Operations Three months ended March 31 (In millions) 2025 2024 Net earned premiums $ 106 $ 110 Net investment income 226 231 Other revenues — — Total operating revenues 332 341 Insurance claims and policyholders' benefits 300 312 Insurance related administrative expenses 30
Slide 11: Corporate & Other - Results of Operations
Corporate & Other - Results of Operations Three months ended March 31 (In millions) 2025 2024 Net earned premiums $ — $ — Net investment income 16 21 Other revenues — — Total operating revenues 16 21 Insurance claims and policyholders' benefits 9 (8) Insurance related administrative expenses — — Int
Slide 12: Investment Summary - Consolidated
Investment Summary - Consolidated March 31, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 25,728 $ (647) $ 24,944 $ (882) States, municipalities and political subdi
Slide 13: Investment Summary - Property & Casualty and Corporate & Other
Investment Summary - Property & Casualty and Corporate & Other March 31, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 14,900 $ (435) $ 14,755 $ (538) States, munic
Slide 14: Investment Summary - Life & Group
Investment Summary - Life & Group March 31, 2025 December 31, 2024 (In millions) Carrying Value Net Unrealized Gains (Losses) Carrying Value Net Unrealized Gains (Losses) Fixed maturity securities: Corporate and other bonds $ 10,828 $ (212) $ 10,189 $ (344) States, municipalities and political subdi
Slide 15: Investments - Fixed Maturity Securities by Credit Rating
Investments - Fixed Maturity Securities by Credit Rating March 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 Unr
Slide 16: Components of Net Investment Income
Components of Net Investment Income Three months ended March 31 Consolidated (In millions) 2025 2024 Taxable fixed income securities $ 496 $ 472 Tax-exempt fixed income securities 34 38 Total fixed income securities 530 510 Common stock (2) 14 Limited partnerships - hedge funds 8 12 Limited partners
Slide 17: Net Investment Gains (Losses)
Net Investment Gains (Losses) Three months ended March 31 Consolidated (In millions) 2025 2024 Fixed maturity securities: Corporate and other bonds $ (9) $ (17) States, municipalities and political subdivisions (1) — Asset-backed 1 (15) Total fixed maturity securities (9) (32) Non-redeemable preferr
Slide 18: Claim & Claim Adjustment Expense Reserve Rollforward
Claim & Claim Adjustment Expense Reserve Rollforward Three months ended March 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 $ 21,68
Slide 19: Life & Group Policyholder Reserves
Life & Group Policyholder Reserves March 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) 5 294 299 Benefit and expense payments (11) (293) (304) Change in discount rate
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)
• 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