Cna Financial Corporation · NYSE:CNA
Cna Financial — Q2 2025 Earnings Presentation
21 slides from Cna Financial's earnings presentation, Aug 4, 2025
Slide 1: CNA Financial Corporation Supplemental Financial Information June 30, 2025
CNA Financial Corporation Supplemental Financial Information June 30, 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 Periods ended June 30 Three Months Six Months (In millions) 2025 2024 Change 2025 2024 Change Revenues: Net earned premiums $ 2,694 $ 2,498 8 % $ 5,320 $ 4,939 8 % Net investment income 662 618 7 1,266 1,227 3 Net investment (losses) gains (46) (10) (55) (32) Non-insurance w
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 June 30 Three Months Six Months (In millions, except per share data) 2025 2024 2025 2024 Components of Income (Loss) Core income (loss) $ 335 $ 326 $ 616 $ 681 Net investment gains (losses) (36) (9) (43) (26) Net income (
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) June 30, 2025 December 31, 2024 Total investments $ 49,048 $ 47,482 Reinsurance receivables, net of allowance for uncollectible receivables 6,417 6,051 Total assets 68,936 66,492 Insurance reserves 47,
Slide 6: Property & Casualty - Results of Operations
Property & Casualty - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 4,194 $ 4,072 3 % $ 8,092 $ 7,814 4 % Gross written premiums ex. 3rd party captives 3,353 3,203 5 6,495 6,139 6 Net written premiums 2,84
Slide 7: Specialty - Results of Operations
Specialty - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 1,692 $ 1,728 (2) % $ 3,364 $ 3,410 (1) % Gross written premiums ex. 3rd party captives 1,013 984 3 1,943 1,864 4 Net written premiums 892 857 4 1,
Slide 8: Commercial - Results of Operations
Commercial - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 2,065 $ 1,927 7 % $ 3,918 $ 3,613 8 % Gross written premiums ex. 3rd party captives 1,903 1,802 6 3,742 3,484 7 Net written premiums 1,563 1,458 7
Slide 9: International - Results of Operations
International - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2025 2024 Change 2025 2024 Change Gross written premiums $ 437 $ 417 5 % $ 810 $ 791 2 % Net written premiums 391 359 9 657 619 6 Net earned premiums 324 311 4 634 626 1 Insurance claims and policyholde
Slide 10: Life & Group - Results of Operations
Life & Group - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2025 2024 2025 2024 Net earned premiums $ 106 $ 109 $ 212 $ 219 Net investment income 235 239 461 470 Other revenues — — — — Total operating revenues 341 348 673 689 Insurance claims and policyholders' b
Slide 11: Corporate & Other - Results of Operations
Corporate & Other - Results of Operations Periods ended June 30 Three Months Six Months (In millions) 2025 2024 2025 2024 Net earned premiums $ — $ — $ — $ — Net investment income 13 18 29 39 Other revenues — — — — Total operating revenues 13 18 29 39 Insurance claims and policyholders' benefits 108
Slide 12: Investment Summary - Consolidated
Investment Summary - Consolidated June 30, 2025 March 31, 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 $ 25,704 $ (503)
Slide 13: Investment Summary - Property & Casualty and Corporate & Other
Investment Summary - Property & Casualty and Corporate & Other June 30, 2025 March 31, 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
Slide 14: Investment Summary - Life & Group
Investment Summary - Life & Group June 30, 2025 March 31, 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 $ 10,852 $ (196)
Slide 15: Investments - Fixed Maturity Securities by Credit Rating
Investments - Fixed Maturity Securities by Credit Rating June 30, 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 Unre
Slide 16: Components of Net Investment Income
Components of Net Investment Income Consolidated Periods ended June 30 Three Months Six Months (In millions) 2025 2024 2025 2024 Taxable fixed income securities $ 508 $ 484 $ 1,004 $ 956 Tax-exempt fixed income securities 36 36 70 74 Total fixed income securities 544 520 1,074 1,030 Common stock 19
Slide 17: Net Investment Gains (Losses)
Net Investment Gains (Losses) Periods ended June 30 Consolidated Three Months Six Months (In millions) 2025 2024 2025 2024 Fixed maturity securities: Corporate and other bonds $ (40) $ (4) $ (49) $ (21) States, municipalities and political subdivisions — (2) (1) (2) Asset-backed (8) (6) (7) (21) Tot
Slide 18: Claim & Claim Adjustment Expense Reserve Rollforward
Claim & Claim Adjustment Expense Reserve Rollforward Three months ended June 30, 2025 (In millions) Specialty Commercial International P&C Operations Life & Group Corporate & Other Total Operations Claim & claim adjustment expense reserves, beginning of period Gross $ 7,572 $ 11,708 $ 3,046 $ 22,326
Slide 19: Life & Group Policyholder Reserves
Life & Group Policyholder Reserves Three months ended June 30, 2025 (In millions) Claim and claim adjustment expenses Future policy benefits Total Beginning of Period $ 535 $ 13,304 $ 13,839 Incurred claims and policyholders' benefits (1) 9 302 311 Benefit and expense payments (11) (281) (292) Chang
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