Slide 1: CNA Financial Corporation First Quarter 2025 Results
CNA Financial Corporation First Quarter 2025 Results May 5, 2025
Slide 2: Forward Looking Statements
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 a
Slide 3: First Quarter Overview
• Net income of $274 million versus $338 million in the prior year quarter; core income of $281 million versus $355 million in the prior year quarter. • P&C core income of $311 million versus $372 million, reflects lower underwriting results partially offset by higher net investment income. • Life &
Slide 4: Financial Performance
Financial Performance 4 (In millions, except ratios and per share data) First Quarter 2025 2024 Change Revenues $3,627 $3,444 5 % Core income 281 355 (21) % Net income 274 338 (19) % Diluted earnings per common share: Core income $1.03 $1.30 (21) % Net income 1.00 1.24 (19) % Core ROE 9.2 % 11.5 % (
Slide 5: Continued strong premium growth and underlying combined ratio
Continued strong premium growth and underlying combined ratio 5 (In millions, except ratios) First Quarter 2025 2024 GWP ex. 3rd party captives $3,142 $2,936 GWP change (% year over year) 7 % Net written premium $2,606 $2,390 NWP change (% year over year) 9 % Net earned premium $2,520 $2,331 NEP cha
Slide 6: Improved rate and renewal premium change, and stable retention
Improved rate and renewal premium change, and stable retention 6 Property & Casualty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 4% 4% 3% 3% 4% 6% 5% 5% 4% 6% 85% 85% 85% 86% 86% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $2,936 $3,203 $2,825 $3,230 $3,142 New Business ($M)
Slide 7: Specialty: Highest quarterly growth in quarters
Highest quarterly growth in 11 quarters 7 (In millions, except ratios) First Quarter 2025 2024 GWP ex. 3rd party captives $930 $880 GWP change (% year over year) 6 % Net written premium $842 $792 NWP change (% year over year) 6 % Net earned premium $830 $814 NEP change (% year over year) 2 % Underwr
Slide 8: Maintaining strong retention with improvement in rate
Maintaining strong retention with improvement in rate 8 Specialty Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 —% —% 3% 1% 2% 3% 4% 88% 90% 89% 89% 89% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $880 $984 $982 $1,049 $930 New Business ($M) $94 $118 $129 $121 $112 FI & Mgmt Li
Slide 9: Commercial: Double-digit NWP growth and excellent underlying results
9 (In millions, except ratios) First Quarter 2025 2024 GWP ex. 3rd party captives $1,839 $1,682 GWP change (% year over year) 9 % Net written premium $1,498 $1,338 NWP change (% year over year) 12 % Net earned premium $1,380 $1,202 NEP change (% year over year) 15 % Underwriting (loss) gain ($17) $2
Slide 10: Commercial: Stable rate, retention and renewal premium change
10 Commercial Rate & Retention 2024 2025 Q1 Q2 Q3 Q4 Q1 6% 7% 6% 6% 6% 8% 7% 8% 7% 7% 85% 84% 84% 84% 84% Retention Renewal Premium Change Rate GWP ex. 3rd party captives ($M) $1,682 $1,802 $1,538 $1,794 $1,839 New Business ($M) $367 $405 $345 $395 $370 Middle Market Rate 5% 5% 4% 4% 4% Retention 83
Slide 11: International: NWP growth ex. currency fluctuations up 7%
1 Excluding currency fluctuations, GWP grew 4% and NWP grew 7% for the first quarter of 2025. NWP growth ex. currency fluctuations up 7% with consistently profitable results 11 (In millions, except ratios) First Quarter 2025 2024 Gross written premium $373 $374 GWP change (% year over year)1 — % Net
Slide 12: Life & Group
Current quarter reflects favorable persistency partially offset by lower investment income from LPs 12 (In millions) First Quarter 2025 2024 Net earned premiums $106 $110 Total claims, benefits and expenses 330 341 Net investment income 226 231 Core income before income tax 2 — Income tax benefit 4
Slide 13: Strong contributions from fixed income and limited partnerships
609 618 626 644 604 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Total CNAF Limited Partnership & Common Stock Highlights Fixed Income Securities 510 520 525 529 530 4.7% 4.8% 4.8% 4.8% 4.8% Fixed Income Effective Yield (Pretax) Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 68 78 80 94 54 2.9% 3.1% 3.1% 3.5% 2
Slide 14: High quality, diversified and liquid investment portfolio
6% 4% 3% 2% 2% 1% 14 Life & Group 9.8 yrs P&C and Corporate 4.4 yrs Total 6.3 yrs 1 AAA includes obligations of the U.S. Government, U.S. Government agencies and U.S. Government-sponsored enterprises. AA 15% A 26% BBB 41% Corporate & Other 53% Municipals 14% Other ABS 8% RMBS 7% AAA 1 14% Non-IG 4%
Slide 15: Conservative capital and debt profile support business objectives
Conservative capital and debt profile support business objectives Capital • Financial strength ratings from all four rating agencies were affirmed in the past year • Moody’s and AM Best maintain positive outlooks; S&P and Fitch maintain stable outlooks • Statutory surplus remains very strong • Adjus
Slide 16: Appendix
APPENDIX 16
Slide 17: Core income reconciliation
Results for the Three Months Ended March 31 2025 2024 Net income $274 $338 Less: Net investment losses (7) (17) Core income $281 $355 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 pensio
Slide 18: Results for the Three Months Ended March 31, 2025
18 Results for the Three Months Ended March 31, 2025 (In millions) Specialty Commercial International Property & Casualty Net income $ 149 $ 124 $ 38 $ 311 Net investment losses (gains), after tax 1 — (1) — Core income $ 150 $ 124 $ 37 $ 311 Less: Net investment income 151 177 34 362 Non-insurance w
Slide 19: Results for the Three Months Ended March 31, 2024
19 Results for the Three Months Ended March 31, 2024 (In millions) Specialty Commercial International Property & Casualty Net income $ 167 $ 144 $ 37 $ 348 Net investment losses, after tax 10 14 — 24 Core income $ 177 $ 158 $ 37 $ 372 Less: Net investment income 150 176 31 357 Non-insurance warranty
Slide 20: Book value per share and return on equity calculation
March 31, 2025 December 31, 2024 Book value per share $37.98 $38.82 Less: Per share impact of AOCI (6.60) (7.34) Book value per share excluding AOCI $44.58 $46.16 Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributab