UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


			☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended ~~June~~September 30, 2025


			☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number 1-5823

CNA FINANCIAL CORPORATION

(Exact name of registrant as specified in its charter)


Delaware						36-6169860
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


151 N. Franklin		60606
Chicago,	Illinois	(Zip Code)
(Address of principal executive offices)

(312) 822-5000

(Registrant's telephone number, including area code)

Not Applicable

(Former name, former address and former fiscal year, if changed since last report)

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of ~~July~~October 3130, 2025, 270,~~665~~666,~~399~~584 shares of common stock were outstanding.

Item Number		PageNumber
	PART I
1.	Condensed Consolidated Financial Statements:	3
	Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2025 and 2024 (Unaudited)	3
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	3
	Condensed Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2025 and 2024 (Unaudited)	4
	Condensed Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	4
	Condensed Consolidated Balance Sheets as of June 30, 2025 and December 31, 2024 (Unaudited)	5
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (Unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2025 and 2024 (Unaudited)	6
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)	6
	Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2025 and 2024 (Unaudited)	7
	Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	7
	Notes to Condensed Consolidated Financial Statements (Unaudited)	8
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	45
3.	Quantitative and Qualitative Disclosures About Market Risk	6968
4.	Controls and Procedures	6968
	PART II
1	Legal Proceedings	7069
6	Exhibits	7271

Table of Contents

PART I

Item 1. Condensed Consolidated Financial Statements

CNA Financial Corporation

Condensed Consolidated Statements of Operations (Unaudited)

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions, except per share data)	2025		2024		2025		2024
Revenues
Net earned premiums	$	2,~~694~~783	$	2,~~498~~593	$	58,~~320~~103	$	47,~~939~~532
Net investment income	~~662~~638		~~618~~626		1,~~266~~904		1,~~227~~853
Net investment losses	(467)		(10)		(5562)		(3242)
Non-insurance warranty revenue	~~398~~393		~~404~~401		~~795~~1,188		~~811~~1,212
Other revenues	910		98		1828		1826
Total revenues	3,~~717~~817		3,~~519~~618		711,~~344~~161		610,~~963~~581
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits (re-measurement loss of $15, $25, $23 and $40)	2,085		1,882		4,112		3,689
Insurance claims and policyholders’ benefits (re-measurement loss of $36, $48, $59 and $88)	2,032		2,019		6,144		5,708
Amortization of deferred acquisition costs	~~469~~483		~~435~~457		~~940~~1,423		~~879~~1,336
Non-insurance warranty expense	~~384~~377		~~388~~387		~~769~~1,146		~~782~~1,169
Other operating expenses	~~368~~376		~~378~~362		~~731~~1,107		~~715~~1,077
Interest expense	3136		3432		6399		69101
Total claims, benefits and expenses	3,~~337~~304		3,~~117~~257		69,~~615~~919		69,~~134~~391
Income before income tax	~~380~~513		~~402~~361		~~729~~1,242		~~829~~1,190
Income tax expense	(81110)		(8578)		(~~156~~266)		(~~174~~252)
Net income	$	~~299~~403	$	~~317~~283	$	~~573~~976	$	~~655~~938
Basic earnings per share	$	1.1049	$	1.1704	$	23.1160	$	23.4146
Diluted earnings per share	$	1.1048	$	1.1704	$	23.1058	$	23.4044
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic	271.1		271.63		271.2		271.65
Diluted	272.23		272.67		272.4		272.67

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

CNA Financial Corporation

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

Periods ended June 30

Three Months

Six Months

Periods ended September 30

Three Months

Nine Months

(In millions)

2025

2024

2025

2024

Comprehensive Income

Net income

~~299~~403

~~317~~283

~~573~~976

~~655~~938

Other Comprehensive Income, net of tax

Changes in:

Net unrealized gains and losses on investments with an allowance for credit losses

—(3)

~~(2)~~1

2(1)

Net unrealized gains and losses on other investments

72558

~~(244)~~1,265

~~355~~913

~~(461)~~804

Net unrealized gains and losses on investments

73561

~~(244)~~1,262

~~353~~914

~~(459)~~803

Impact of changes in discount rates used to measure long-duration contract liabilities

(3150)

~~273~~(623)

(~~117~~267)

~~614~~(9)

Foreign currency translation adjustment

~~128~~(38)

~~(10)~~63

~~166~~128

~~(42)~~21

Pension and postretirement benefits

1220

Other comprehensive income, net of tax

~~199~~375

25710

~~405~~780

~~125~~835

Total comprehensive income

~~498~~778

~~342~~993

~~978~~1,756

~~780~~1,773

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

CNA Financial Corporation

Condensed Consolidated Balance Sheets

(In millions, except share data)	~~June~~September 30, 2025 (Unaudited)		December 31, 2024
Assets
Investments:
Fixed maturity securities at fair value (amortized cost of $44,726 and $43,481, less allowance for credit loss of $51 and $45)	$	42,799	$	41,111
Fixed maturity securities at fair value (amortized cost of $44,924 and $43,481, less allowance for credit loss of $61 and $45)	$	43,702	$	41,111
Equity securities at fair value (cost of $684 and $632)	727		659
Equity securities at fair value (cost of $688 and $632)	726		659
Limited partnership investments	2,~~667~~713		2,520
Other invested assets	8897		85
Mortgage loans (less allowance for credit loss of $40 and $35)	1,~~040~~055		1,019
Short-term investments	12,~~727~~243		2,088
Total investments	4950,~~048~~536		47,482
Cash	~~373~~483		472
Reinsurance receivables (less allowance for uncollectible receivables of $22 and $21)	6,~~417~~445		6,051
Insurance receivables (less allowance for uncollectible receivables of $27 and $26)	43,~~062~~666		3,671
Accrued investment income	~~461~~480		451
Deferred acquisition costs	~~1,021~~985		959
Deferred income taxes	~~759~~585		850
Property and equipment at cost (less accumulated depreciation of $338 and $314)	297		295
Property and equipment at cost (less accumulated depreciation of $342 and $314)	283		295
Goodwill	148		145
Deferred non-insurance warranty acquisition expense	3,~~441~~340		3,525
Other assets	2,~~909~~805		2,591
Total assets	$	6869,~~936~~756	$	66,492
Liabilities
Insurance reserves:
Claim and claim adjustment expenses	$	26,~~203~~525	$	24,976
Unearned premiums	7,~~890~~578		7,346
Future policy benefits	13,~~329~~546		13,158
Short-term debt	500		—
Long-term debt	2,~~475~~970		2,973
Deferred non-insurance warranty revenue	4,~~421~~294		4,530
Other liabilities (includes $24 and $47 due to Loews Corporation)	3,457		2,996
Other liabilities (includes $39 and $47 due to Loews Corporation)	3,021		2,996
Total liabilities	58,~~275~~434		55,979
Commitments and contingencies (Notes C and G)
Stockholders' Equity
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,628,038 and 270,844,681 shares outstanding)	683		683
Common stock ($2.50 par value; 500,000,000 shares authorized; 273,040,243 shares issued; 270,666,584 and 270,844,681 shares outstanding)	683		683
Additional paid-in capital	2,~~213~~220		2,229
Retained earnings	9,~~460~~739		9,686
Accumulated other comprehensive loss	(1,~~586~~211)		(1,991)
Treasury stock (2,412,205 and 2,195,562 shares), at cost	(109)		(94)
Treasury stock (2,373,659 and 2,195,562 shares), at cost	(109)		(94)
Total stockholders’ equity	1011,~~661~~322		10,513
Total liabilities and stockholders' equity	$	6869,~~936~~756	$	66,492

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

CNA Financial Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)

Six months ended June 30
Nine months ended September 30
(In millions)	2025		2024
Cash Flows from Operating Activities
Net income	$	~~573~~976	$	~~655~~938
Adjustments to reconcile net income to net cash flows provided by operating activities:
Deferred income tax expense	2891		3142
Trading portfolio activity	(1114)		(61)
Net investment losses	5562		3242
Equity method investees	(1837)		(7293)
Net amortization of investments	(96149)		(~~105~~153)
Depreciation and amortization	3553		3451
Changes in:
Receivables, net	(~~669~~318)		(~~626~~404)
Accrued investment income	(726)		(1015)
Deferred acquisition costs	(4916)		(5545)
Insurance reserves	1,~~414~~522		1,~~255~~559
Other, net	(55224)		(1353)
Net cash flows provided by operating activities	1,~~200~~920		1,~~120~~868
Cash Flows from Investing Activities
Dispositions:
Fixed maturity securities - sales	12,~~497~~432		12,~~611~~335
Fixed maturity securities - maturities, calls and redemptions	12,~~613~~567		1,~~109~~755
Equity securities	~~261~~396		~~288~~388
Limited partnerships	5189		2945
Mortgage loans	3769		6175
Purchases:
Fixed maturity securities	(36,~~756~~052)		(35,~~338~~016)
Equity securities	(~~296~~429)		(~~246~~332)
Limited partnerships	(~~192~~252)		(~~140~~235)
Mortgage loans	(62110)		(1243)
Change in other investments	4(5)		5(2)
Change in short-term investments	~~422~~(94)		~~461~~329
Purchases of property and equipment	(4258)		(3957)
Other, net	~~(8)~~1		2(4)
Net cash flows used by investing activities	(~~471~~1,446)		(~~209~~762)
Cash Flows from Financing Activities
Dividends paid to common stockholders	(~~798~~922)		(~~786~~906)
Proceeds from the issuance of debt	—495		490
Repayment of debt	—		(550)
Purchase of treasury stock	(34)		(20)
Other, net	(1517)		(12)
Net cash flows used by financing activities	(~~847~~478)		(~~878~~998)
Effect of foreign exchange rate changes on cash	1915		(3)
Net change in cash	~~(99)~~11		30111
Cash, beginning of year	472		345
Cash, end of period	$	~~373~~483	$	~~375~~456

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

CNA Financial Corporation

Condensed Consolidated Statements of Stockholders' Equity (Unaudited)

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Common Stock
Balance, beginning of period	$	683	$	683	$	683	$	683
Balance, end of period	683		683		683		683
Additional Paid-in Capital
Balance, beginning of period	2,~~204~~213		2,~~201~~210		2,229		2,221
Stock-based compensation	97		911		(169)		~~(11)~~—
Balance, end of period	2,~~213~~220		2,~~210~~221		2,~~213~~220		2,~~210~~221
Retained Earnings
Balance, beginning of period	9,~~287~~460		9,~~425~~623		9,686		9,755
Dividends to common stockholders ($0.46, $0.44, $2.92 and $2.88 per share)	(126)		(119)		(799)		(787)
Dividends to common stockholders ($0.46, $0.44, $3.38 and $3.32 per share)	(124)		(121)		(923)		(908)
Net income	~~299~~403		~~317~~283		~~573~~976		~~655~~938
Balance, end of period	9,~~460~~739		9,~~623~~785		9,~~460~~739		9,~~623~~785
Accumulated Other Comprehensive Loss
Balance, beginning of period	(1,~~785~~586)		(2,~~572~~547)		(1,991)		(2,672)
Other comprehensive income	~~199~~375		25710		~~405~~780		~~125~~835
Balance, end of period	(1,~~586~~211)		(21,~~547~~837)		(1,~~586~~211)		(21,~~547~~837)
Treasury Stock
Balance, beginning of period	(~~110~~109)		(7595)		(94)		(94)
Stock-based compensation	1—		—1		19		1920
Purchase of treasury stock	—		~~(20)~~—		(34)		(20)
Balance, end of period	(109)		(9594)		(109)		(9594)
Total stockholders' equity	$	1011,~~661~~322	$	910,~~874~~758	$	1011,~~661~~322	$	910,~~874~~758

The accompanying Notes are an integral part of these Condensed Consolidated Financial Statements (Unaudited).

Table of Contents

CNA Financial Corporation

Notes to Condensed Consolidated Financial Statements

Note A. General

Basis of Presentation

The Condensed Consolidated Financial Statements include the accounts of CNA Financial Corporation (CNAF) and its subsidiaries. Collectively, CNAF and its subsidiaries are referred to as CNA or the Company. Loews Corporation (Loews) owned approximately 92% of the outstanding common stock of CNAF as of ~~June~~September 30, 2025.

The accompanying Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP). Intercompany amounts have been eliminated. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, including certain financial statement notes, is not required for interim reporting purposes and has been condensed or omitted. These statements should be read in conjunction with the Consolidated Financial Statements and notes thereto included in CNAF's Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC) for the year ended December 31, 2024, including the summary of significant accounting policies in Note A. The preparation of Condensed Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates.

The interim financial data as of ~~June~~September 30, 2025 and for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 is unaudited. However, in the opinion of management, the interim data includes all adjustments, including normal recurring adjustments, necessary for a fair statement of the Company's results for the interim periods in accordance with GAAP. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year.

Accounting Standards Pending Adoption

In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The updated accounting guidance requires expanded income tax disclosures, including the disaggregation of existing disclosures related to the tax rate reconciliation and income taxes paid. The guidance is effective for annual periods beginning after December 15, 2024. Therefore, for the Company, the guidance is effective for the Annual Report on Form 10-K for the year ended December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The updated accounting guidance requires disaggregated disclosure of specified expense categories. The guidance also requires disclosure of total selling expenses and how the Company defines selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. Prospective application is required, with retrospective application permitted. The Company is currently evaluating the effect the updated guidance will have on ~~the~~its ~~Company's~~ financial statement disclosures.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. The updated guidance changes the accounting for internal-use software by eliminating references to sequential project stages. Eligible software development cost capitalization will begin when: (1) management has authorized and committed to funding the software project and (2) it is probable that the software will be completed and used as intended. The guidance is effective for annual periods beginning after December 15, 2027, and interim periods within those annual periods, with early adoption permitted. The guidance may be applied using a prospective transition method, a retrospective transition method, or a modified prospective transition method. The Company is currently evaluating the effect the updated guidance will have on its financial statements.

Table of Contents

Note B. Earnings Per Share Data

Earnings per share is based on weighted average number of outstanding common shares. Basic earnings per share excludes the impact of dilutive securities and is computed by dividing Net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock.

The following table presents the income and share data used in the basic and diluted earnings per share computations.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions, except per share data)	2025		2024		2025		2024
Net income	$	~~299~~403	$	~~317~~283	$	~~573~~976	$	~~655~~938
Common Stock and Common Stock Equivalents
Basic
Weighted average shares outstanding	271.1		271.63		271.2		271.65
Diluted
Weighted average shares outstanding	271.1		271.63		271.2		271.65
Dilutive effect of stock-based awards under compensation plans	1.12		1.04		1.2		1.02
Total	272.23		272.67		272.4		272.67
Earnings per share
Basic	$	1.1049	$	1.1704	$	23.1160	$	23.4146
Diluted	$	1.1048	$	1.1704	$	23.1058	$	23.4044

Excluded from the calculation of diluted earnings per share is the impact of potential shares attributable to exercises or conversions into common stock under stock-based employee compensation plans that would have been antidilutive during the respective periods.

The Company repurchased 700,000 and 450,000 shares of CNAF common stock at an aggregate cost of $34 million and $20 million during the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024.

Table of Contents

Note C. Investments

The significant components of Net investment income are presented in the following table.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Fixed maturity securities	$	~~536~~541	$	~~511~~517	$	1,~~058~~599	$	1,~~013~~530
Equity securities	2712		1321		3345		3556
Limited partnership investments	8168		7467		~~137~~205		~~128~~195
Mortgage loans	16		14		3248		2943
Short-term investments	1419		20		3352		4868
Trading portfolio	3(1)		—		43		1
Other	85		78		1419		1523
Gross investment income	~~685~~660		~~639~~647		1,~~311~~971		1,~~269~~916
Investment expense	(2322)		(21)		(4567)		(4263)
Net investment income	$	~~662~~638	$	~~618~~626	$	1,~~266~~904	$	1,~~227~~853
Net investment income (loss) recognized due to the change in fair value of common stock held as of June 30, 2025 and 2024	$	15	$	2	$	15	$	11
Net investment income (loss) recognized due to the change in fair value of common stock held as of September 30, 2025 and 2024	$	3	$	11	$	15	$	20

Net investment gains (losses) are presented in the following table.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Net investment gains (losses):
Fixed maturity securities:
Gross gains	$	515	$	1311	$	1833	$	2738
Gross losses	(5325)		(2533)		(75100)		(71104)
Net investment gains (losses) on fixed maturity securities	(4810)		(1222)		(5767)		(4466)
Equity securities	64		113		610		1225
Mortgage loans	~~(5)~~—		—		(5)		—
Short-term investments and other	(1)		(1)		1—		—(1)
Net investment gains (losses)	$	(467)	$	(10)	$	(5562)	$	(3242)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of June 30, 2025 and 2024	$	6	$	1	$	4	$	12
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of September 30, 2025 and 2024	$	4	$	13	$	8	$	24

The available-for-sale impairment losses (gains) recognized in earnings by asset type are presented in the following table. The table includes losses (gains) on securities with an intention to sell and changes in the allowance for credit losses on securities since acquisition date.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	4	$	68	$	1115	$	1523
Asset-backed	52		—4		57		59
Impairment losses (gains) recognized in earnings	$	96	$	612	$	1622	$	2032

The Company also recognized $5 million of impairment losses on mortgage loans during the ~~three~~nine ~~and six~~ months ended ~~June~~September 30, 2025 due to changes in expected credit losses. There were no impairment losses recognized on mortgage loans during the three months ended September 30, 2025 and ~~six~~the three and nine months ended ~~June~~September 30, 2024.

Table of Contents

The following tables present a summary of fixed maturity securities.

June 30, 2025

Cost orAmortizedCost

GrossUnrealizedGains

GrossUnrealizedLosses

Allowance for Credit Losses

EstimatedFairValue

September 30, 2025

Cost orAmortizedCost

GrossUnrealizedGains

GrossUnrealizedLosses

Allowance for Credit Losses

EstimatedFairValue

(In millions)

Fixed maturity securities available-for-sale:

Corporate and other bonds

2625,~~205~~592

~~566~~734

~~1,069~~844

1421

25,~~688~~461

States, municipalities and political subdivisions

8,~~044~~840

~~223~~301

~~892~~765

—

78,~~375~~376

Asset-backed:

Residential mortgage-backed

34,~~947~~041

2542

~~427~~382

—

3,~~545~~701

Commercial mortgage-backed

1,~~756~~684

1719

~~107~~88

1822

1,~~648~~593

Other asset-backed

3,~~783~~790

2528

~~213~~190

1918

3,~~576~~610

Total asset-backed

9,~~486~~515

6789

~~747~~660

3740

8,~~769~~904

U.S. Treasury and obligations of government-sponsored enterprises

~~231~~226

—

~~226~~223

Foreign government

~~744~~736

710

2623

—

~~725~~723

Total fixed maturity securities available-for-sale

44,~~710~~909

~~863~~1,134

2,~~739~~295

5161

4243,~~783~~687

Total fixed maturity securities trading

1615

—

1615

Total fixed maturity securities

44,~~726~~924

~~863~~1,134

2,~~739~~295

5161

4243,~~799~~702


December 31, 2024	Cost or Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Allowance for Credit Losses		Estimated Fair Value
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	25,839	$	423	$	1,305	$	13	$	24,944
States, municipalities and political subdivisions	7,396		243		835		—		6,804
Asset-backed:
Residential mortgage-backed	3,725		7		488		—		3,244
Commercial mortgage-backed	1,830		11		142		18		1,681
Other asset-backed	3,770		24		239		14		3,541
Total asset-backed	9,325		42		869		32		8,466
U.S. Treasury and obligations of government-sponsored enterprises	220		1		1		—		220
Foreign government	701		6		30		—		677

Total fixed maturity securities available-for-sale	43,481		715		3,040		45		41,111
Total fixed maturity securities trading	—		—		—		—		—
Total fixed maturity securities	$	43,481	$	715	$	3,040	$	45	$	41,111

Table of Contents

The following tables present the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by the length of time in which the securities have continuously been in that position.

Less than 12 Months

12 Months or Longer

Total

June 30, 2025

EstimatedFair Value

GrossUnrealizedLosses

EstimatedFair Value

GrossUnrealizedLosses

EstimatedFair Value

GrossUnrealizedLosses

September 30, 2025

EstimatedFair Value

GrossUnrealizedLosses

EstimatedFair Value

GrossUnrealizedLosses

EstimatedFair Value

GrossUnrealizedLosses

(In millions)

Fixed maturity securities available-for-sale:

Corporate and other bonds

42,~~252~~802

~~135~~58

98,~~515~~578

~~934~~786

1311,~~767~~380

~~1,069~~844

States, municipalities and political subdivisions

~~1,424~~701

7433

23,~~938~~162

~~818~~732

43,~~362~~863

~~892~~765

Asset-backed:

Residential mortgage-backed

~~372~~133

12,~~966~~038

~~418~~380

2,~~338~~171

~~427~~382

Commercial mortgage-backed

9927

1—

~~959~~923

~~106~~88

~~1,058~~950

~~107~~88

Other asset-backed

~~580~~505

1812

1,~~419~~361

~~195~~178

1,~~999~~866

~~213~~190

Total asset-backed

~~1,051~~665

2814

4,~~344~~322

~~719~~646

54,~~395~~987

~~747~~660

U.S. Treasury and obligations of government-sponsored enterprises

5529

1923

7452

Foreign government

~~145~~108

~~294~~301

2321

~~439~~409

2623

Total

64,~~927~~305

~~243~~109

1716,~~110~~386

2,~~496~~186

2420,~~037~~691

2,~~739~~295


	Less than 12 Months				12 Months or Longer				Total
December 31, 2024	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
(In millions)
Fixed maturity securities available-for-sale:
Corporate and other bonds	$	5,846	$	165	$	10,388	$	1,140	$	16,234	$	1,305
States, municipalities and political subdivisions	1,247		52		2,967		783		4,214		835
Asset-backed:
Residential mortgage-backed	849		22		2,010		466		2,859		488
Commercial mortgage-backed	230		3		988		139		1,218		142
Other asset-backed	680		21		1,557		218		2,237		239
Total asset-backed	1,759		46		4,555		823		6,314		869
U.S. Treasury and obligations of government-sponsored enterprises	49		1		41		—		90		1
Foreign government	118		3		368		27		486		30
Total	$	9,019	$	267	$	18,319	$	2,773	$	27,338	$	3,040

Table of Contents

The following table presents the estimated fair value and gross unrealized losses of available-for-sale fixed maturity securities in a gross unrealized loss position for which an allowance for credit loss has not been recorded, by ratings distribution.

	June 30, 2025				December 31, 2024
	September 30, 2025				December 31, 2024
(In millions)	Estimated Fair Value		Gross Unrealized Losses		Estimated Fair Value		Gross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises	$	21,~~086~~959	$	~~322~~281	$	2,567	$	373
AAA	1,~~608~~367		~~280~~248		1,830		283
AA	43,~~234~~765		~~735~~633		4,257		730
A	5,~~901~~049		~~523~~436		6,340		582
BBB	97,~~531~~846		~~787~~627		11,548		980
Non-investment grade	~~677~~705		9270		796		92
Total	$	2420,~~037~~691	$	2,~~739~~295	$	27,338	$	3,040

Based on current facts and circumstances, the Company believes the unrealized losses presented in the ~~June~~September 30, 2025 securities in a gross unrealized loss position tables above are not indicative of the ultimate collectability of the current amortized cost of the securities, but rather are primarily attributable to changes in risk-free interest rates. In reaching this determination, the Company considered the volatility in risk-free rates and credit spreads as well as the fact that its unrealized losses are concentrated in investment grade issuers. Additionally, the Company has no current intent to sell securities with unrealized losses, nor is it more likely than not that it will be required to sell prior to recovery of amortized cost; accordingly, the Company has determined that there are no additional impairment losses to be recorded as of ~~June~~September 30, 2025.

Table of Contents

The following tables present the activity related to the allowance on available-for-sale securities with credit impairments and purchased credit-deteriorated (PCD) assets. Accrued interest receivable on available-for-sale fixed maturity securities totaled $~~451~~469 million, $442 million, and $~~444~~451 million as of ~~June~~September 30, 2025, December 31, 2024, and ~~June~~September 30, 2024 and is excluded from the estimate of expected credit losses and the amortized cost basis in the tables included within this Note.

(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of April 1, 2025	$	15	$	32	$	47
Balance as of July 1, 2025	$	14	$	37	$	51
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	3—		—3		3
Available-for-sale securities accounted for as PCD assets	—4		—		—4
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	6—		—		6—
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	—		—		—
Write-offs charged against the allowance	—		—		—
Recoveries of amounts previously written off	—		—		—
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	23		5—		73
Balance as of June 30, 2025	$	14	$	37	$	51
Balance as of September 30, 2025	$	21	$	40	$	61

(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of April 1, 2024	$	3	$	17	$	20
Balance as of July 1, 2024	$	—	$	17	$	17
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	—4		—		—4
Available-for-sale securities accounted for as PCD assets	—2		—		—2
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	3—		1—		4—
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	—		—		—
Write-offs charged against the allowance	—		—9		—9
Recoveries of amounts previously written off	—		—		—
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	—		14		14
Balance as of June 30, 2024	$	—	$	17	$	17
Balance as of September 30, 2024	$	6	$	12	$	18

Table of Contents

(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of January 1, 2025	$	13	$	32	$	45
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	3		—3		36
Available-for-sale securities accounted for as PCD assets	—4		—		—4
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	6		—		6
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	—		—		—
Write-offs charged against the allowance	—		—		—
Recoveries of amounts previously written off	—		—		—
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	47		5		912
Balance as of June 30, 2025	$	14	$	37	$	51
Balance as of September 30, 2025	$	21	$	40	$	61

(In millions)	Corporate and other bonds		Asset-backed		Total
Allowance for credit losses:
Balance as of January 1, 2024	$	4	$	12	$	16
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded	—4		—		—4
Available-for-sale securities accounted for as PCD assets	—2		—		—2
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)	3		1		4
Intent to sell or more likely than not will be required to sell the security before recovery of its amortized cost basis	1		—		1
Write-offs charged against the allowance	—		—9		—9
Recoveries of amounts previously written off	—		—		—
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period	—		610		610
Balance as of June 30, 2024	$	—	$	17	$	17
Balance as of September 30, 2024	$	6	$	12	$	18

Table of Contents

Contractual Maturity

The following table presents available-for-sale fixed maturity securities by contractual maturity.

	June 30, 2025				December 31, 2024
	September 30, 2025				December 31, 2024
(In millions)	Cost orAmortizedCost		EstimatedFairValue		Cost orAmortizedCost		EstimatedFairValue
Due in one year or less	$	1,~~627~~275	$	1,~~611~~267	$	1,761	$	1,753
Due after one year through five years	1211,~~083~~741		11,~~843~~578		11,678		11,403
Due after five years through ten years	1213,~~865~~010		12,~~467~~764		13,134		12,415
Due after ten years	18,~~135~~883		1618,~~862~~078		16,908		15,540
Total	$	44,~~710~~909	$	4243,~~783~~687	$	43,481	$	41,111

Actual maturities may differ from contractual maturities because certain securities may be called or prepaid. Securities not due at a single date are allocated based on weighted average life.

Investment Commitments

As part of its overall investment strategy, the Company invests in various assets which require future purchase, sale or funding commitments. These investments are recorded once funded, and the related commitments may include future capital calls from various third-party limited partnerships, signed and accepted mortgage loan applications, and obligations related to private placement securities. As of ~~June~~September 30, 2025, the Company had commitments to purchase or fund approximately $1,~~805~~775 million and sell approximately $8060 million under the terms of these investments.

Mortgage Loans

The following table presents the amortized cost basis of mortgage loans for each credit quality indicator by year of origination. The primary credit quality indicators utilized are debt service coverage ratios (DSCR) and loan-to-value ratios (LTV).

June 30, 2025	Mortgage Loans Amortized Cost Basis by Origination Year (1)
September 30, 2025	Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)	2025		2024		2023		2022		2021		Prior		Total
DSCR ≥1.6x
LTV less than 55%	$	—18	$	—	$	33	$	6	$	5	$	~~213~~210	$	~~257~~272
LTV 55% to 65%	12—		—		12		1415		6		16		6049
LTV greater than 65%	—		—		—		30		12		—		42
DSCR 1.2x - 1.6x
LTV less than 55%	—		68		28		5		2		~~130~~93		~~233~~196
LTV 55% to 65%	1355		33		3138		21		3019		3628		~~164~~194
LTV greater than 65%	—23		—		—		46		—		—		4669
DSCR ≤1.2
LTV less than 55%	—		—		6		—34		—		21		2761
LTV 55% to 65%	37		—		1617		7439		—		2015		~~147~~108
LTV greater than 65%	—		—		—		3534		2122		48		104
Total	$	62133	$	101	$	~~126~~134	$	~~231~~230	$	7666	$	~~484~~431	$	1,~~080~~095

(1) The values in the table above reflect DSCR on a standardized amortization period and LTV based on the most recent appraised values trended forward using changes in a commercial real estate price index.

As of ~~June~~September 30, 2025, accrued interest receivable on mortgage loans totaled $45 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.

Table of Contents

Note D. Fair Value

Fair value is the price that would be received upon sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The following fair value hierarchy is used in selecting inputs, with the highest priority given to Level 1, as these are the most transparent or reliable.

Level 1 - Quoted prices for identical instruments in active markets.

Level 2 - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets.

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs are not observable.

Prices may fall within Level 1, 2 or 3 depending upon the methodology and inputs used to estimate fair value for each specific security. In general, the Company seeks to price securities using third-party pricing services. Securities not priced by pricing services are submitted to independent brokers for valuation and, if those are not available, internally developed pricing models are used to value assets using a methodology and inputs the Company believes market participants would use to value the assets. Prices obtained from third-party pricing services or brokers are not adjusted by the Company.

The Company performs control procedures over information obtained from pricing services and brokers to ensure prices received represent a reasonable estimate of fair value and to confirm representations regarding whether inputs are observable or unobservable. Procedures may include i) the review of pricing service methodologies or broker pricing qualifications, ii) back-testing, where past fair value estimates are compared to actual transactions executed in the market on similar dates, iii) exception reporting, where period-over-period changes in price are reviewed and challenged with the pricing service or broker based on exception criteria, and iv) deep dives, where the Company performs an independent analysis of the inputs and assumptions used to price individual securities.

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Assets and Liabilities Measured at Fair Value

Assets and liabilities measured at fair value on a recurring basis are presented in the following tables. Corporate bonds and other includes obligations of the United States of America (U.S.) Treasury, government-sponsored enterprises, foreign governments and redeemable preferred stock.

June 30, 2025

TotalAssets/Liabilitiesat Fair Value

September 30, 2025

TotalAssets/Liabilitiesat Fair Value

(In millions)

Level 1

Level 2

Level 3

Assets

Fixed maturity securities:

Corporate bonds and other

~~229~~227

2524,~~038~~795

1,~~388~~400

26,~~655~~422

States, municipalities and political subdivisions

—

78,~~331~~332

78,~~375~~376

Asset-backed

—

7,~~883~~945

~~886~~959

8,~~769~~904

Total fixed maturity securities

~~229~~227

4041,~~252~~072

2,~~318~~403

4243,~~799~~702

Equity securities:

Common stock

~~213~~187

—

~~223~~197

Non-redeemable preferred stock

3536

~~469~~493

—

~~504~~529

Total equity securities

~~248~~223

~~469~~493

~~727~~726

Short-term and other

12,~~511~~017

4552

—

12,~~556~~069

Total assets

12,~~988~~467

4041,~~766~~617

2,~~328~~413

4546,~~082~~497

Total liabilities

—


December 31, 2024							Total Assets/Liabilities at Fair Value
(In millions)	Level 1		Level 2		Level 3
Assets
Fixed maturity securities:
Corporate bonds and other	$	223	$	24,340	$	1,278	$	25,841
States, municipalities and political subdivisions	—		6,762		42		6,804
Asset-backed	—		7,590		876		8,466
Total fixed maturity securities	223		38,692		2,196		41,111
Equity securities:
Common stock	162		—		18		180
Non-redeemable preferred stock	36		441		2		479
Total equity securities	198		441		20		659
Short-term and other	1,852		70		—		1,922
Total assets	$	2,273	$	39,203	$	2,216	$	43,692



Total liabilities	$	—	$	—	$	—	$	—

Table of Contents

The tables below present a reconciliation for all assets and liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3).

Level 3(In millions)	Corporate bonds and other		States, municipalities and political subdivisions		Asset-backed		Equity securities		Total
Balance as of April 1, 2025	$	1,351	$	44	$	889	$	17	$	2,301
Balance as of July 1, 2025	$	1,388	$	44	$	886	$	10	$	2,328
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)	1—		—		~~(4)~~3		—		(3)
Reported in Net investment income	—		—		5		—		5
Reported in Other comprehensive income (loss)	1621		—		~~(4)~~8		—		1229
Total realized and unrealized investment gains (losses)	1721		—		~~(3)~~16		—		1437
Purchases	4424		—		2293		—		66117
Sales	—		—		—		~~(7)~~—		~~(7)~~—
Settlements	(2433)		—		(2236)		—		(4669)
Transfers into Level 3	—		—		—		—		—
Transfers out of Level 3	—		—		—		—		—
Balance as of June 30, 2025	$	1,388	$	44	$	886	$	10	$	2,328
Balance as of September 30, 2025	$	1,400	$	44	$	959	$	10	$	2,413
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Net income (loss) in the period	$	—	$	—	$	—	$	(1)	$	(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2025 recognized in Net income (loss) in the period	$	—	$	—	$	—	$	—	$	—
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Other comprehensive income (loss) in the period	16		—		(4)		—		12
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2025 recognized in Other comprehensive income (loss) in the period	21		—		9		—		30

Level 3(In millions)	Corporate bonds and other		States, municipalities and political subdivisions		Asset-backed		Equity securities		Total
Balance as of April 1, 2024	$	1,082	$	43	$	871	$	11	$	2,007
Balance as of July 1, 2024	$	1,129	$	43	$	887	$	14	$	2,073
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)	—		—		(3)		—		(3)
Reported in Net investment income	—		—		54		—		54
Reported in Other comprehensive income (loss)	~~(8)~~59		—2		~~(11)~~30		—		~~(19)~~91
Total realized and unrealized investment gains (losses)	~~(8)~~59		—2		~~(9)~~31		—		~~(17)~~92
Purchases	7283		—		5538		3—		~~130~~121
Sales	—(10)		—		~~(5)~~—		—		(510)
Settlements	(1724)		—		(2523)		—		(4247)
Transfers into Level 3	—		—		—		—		—
Transfers out of Level 3	—		—		—(18)		—		—(18)
Balance as of June 30, 2024	$	1,129	$	43	$	887	$	14	$	2,073
Balance as of September 30, 2024	$	1,237	$	45	$	915	$	14	$	2,211
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2024 recognized in Net income (loss) in the period	$	—	$	—	$	—	$	—	$	—
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Net income (loss) in the period	$	—	$	—	$	—	$	—	$	—
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2024 recognized in Other comprehensive income (loss) in the period	(8)		—		(11)		—		(19)
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Other comprehensive income (loss) in the period	57		2		30		—		89

Table of Contents

Level 3(In millions)	Corporate bonds and other		States, municipalities and political subdivisions		Asset-backed		Equity securities		Total
Balance as of January 1, 2025	$	1,278	$	42	$	876	$	20	$	2,216
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)	1		—		(41)		2		~~(1)~~2
Reported in Net investment income	—		—		914		(1)		813
Reported in Other comprehensive income (loss)	3758		2		~~(3)~~5		—		3665
Total realized and unrealized investment gains (losses)	3859		2		218		1		4380
Purchases	99123		—		49142		—		~~148~~265
Sales	—		—		—		(7)		(7)
Settlements	(4275)		—		(4177)		(4)		(87156)
Transfers into Level 3	15		—		—		—		15
Transfers out of Level 3	—		—		—		—		—
Balance as of June 30, 2025	$	1,388	$	44	$	886	$	10	$	2,328
Balance as of September 30, 2025	$	1,400	$	44	$	959	$	10	$	2,413
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Net income (loss) in the period	$	—	$	—	$	—	$	(1)	$	(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2025 recognized in Net income (loss) in the period	$	—	$	—	$	—	$	(1)	$	(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2025 recognized in Other comprehensive income (loss) in the period	37		2		(3)		—		36
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2025 recognized in Other comprehensive income (loss) in the period	55		2		6		—		63

Level 3(In millions)	Corporate bonds and other		States, municipalities and political subdivisions		Asset-backed		Equity securities		Total
Balance as of January 1, 2024	$	1,045	$	44	$	901	$	24	$	2,014
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)	—		—		(710)		—		(710)
Reported in Net investment income	—		—		1115		6		1721
Reported in Other comprehensive income (loss)	~~(20)~~39		(1)		~~(16)~~14		—		~~(37)~~54
Total realized and unrealized investment gains (losses)	~~(20)~~39		(1)		~~(12)~~19		6		~~(27)~~65
Purchases	~~146~~229		—		73111		3		~~222~~343
Sales	—(10)		—		(14)		(19)		(3343)
Settlements	(5377)		—		(4265)		—		(95142)
Transfers into Level 3	11		—		—		—		11
Transfers out of Level 3	—		—		(1937)		—		(1937)
Balance as of June 30, 2024	$	1,129	$	43	$	887	$	14	$	2,073
Balance as of September 30, 2024	$	1,237	$	45	$	915	$	14	$	2,211
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2024 recognized in Net income (loss) in the period	$	—	$	—	$	—	$	2	$	2
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Net income (loss) in the period	$	—	$	—	$	—	$	2	$	2
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2024 recognized in Other comprehensive income (loss) in the period	(22)		(1)		(16)		—		(39)
Unrealized gains (losses) on Level 3 assets and liabilities held as of September 30, 2024 recognized in Other comprehensive income (loss) in the period	34		1		14		—		49

Securities may be transferred in or out of levels within the fair value hierarchy based on the availability of observable market information and quoted prices used to determine the fair value of the security. The availability of observable market information and quoted prices varies based on market conditions and trading volume.

Table of Contents

Valuation Methodologies and Inputs

The following section describes the valuation methodologies and relevant inputs used to measure different financial instruments at fair value, including an indication of the level in the fair value hierarchy in which the instruments are generally classified.

Fixed Maturity Securities

Level 1 securities include highly liquid government securities and exchange traded bonds, valued using quoted market prices. Level 2 securities include most other fixed maturity securities as the significant inputs are observable in the marketplace. All classes of Level 2 fixed maturity securities are valued using a methodology based on information generated by market transactions involving identical or comparable assets, a discounted cash flow methodology, or a combination of both when necessary. Common inputs for all classes of fixed maturity securities include prices from recently executed transactions of similar securities, marketplace quotes, benchmark yields, spreads off benchmark yields, interest rates and U.S. Treasury or swap curves. Specifically for asset-backed securities, key inputs include prepayment and default projections based on past performance of the underlying collateral and current market data. Fixed maturity securities are primarily assigned to Level 3 in cases where broker/dealer quotes are significant inputs to the valuation and there is a lack of transparency as to whether these quotes are based on information that is observable in the marketplace. Level 3 securities also include private placement debt securities whose fair value is determined using internal models with some inputs that are not market observable.

Equity Securities

Level 1 equity securities include publicly traded securities valued using quoted market prices. Level 2 securities are primarily valued using pricing for similar securities, recently executed transactions and other pricing models utilizing market observable inputs. Level 3 securities are primarily priced using broker/dealer quotes and internal models with some inputs that are not market observable.

Short-Term and Other Invested Assets

Securities that are actively traded or have quoted prices are classified as Level 1. These securities include money market funds and treasury bills. Level 2 primarily includes non-U.S. government securities for which all inputs are market observable. Fixed maturity securities purchased within one year of maturity are classified consistent with fixed maturity securities discussed above. Short-term investments as presented in the tables above differ from the amounts presented on the Condensed Consolidated Balance Sheets because certain short-term investments, such as time deposits, are not measured at fair value.

As of ~~June~~September 30, 2025 and December 31, 2024, there were $8290 million and $79 million of overseas deposits within Other invested assets, which can be redeemed at net asset value in 90 days or less. Overseas deposits are excluded from the fair value hierarchy because their fair value is recorded using the net asset value per share (or equivalent) practical expedient.

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Significant Unobservable Inputs

The following tables present quantitative information about the significant unobservable inputs utilized by the Company in the fair value measurements of Level 3 assets. Valuations for assets and liabilities not presented in the tables below are primarily based on broker/dealer quotes for which there is a lack of transparency as to inputs used to develop the valuations. The quantitative detail of these unobservable inputs is neither provided nor reasonably available to the Company. The weighted average rate is calculated based on fair value.

June 30, 2025

Estimated Fair Value (In millions)

Valuation Technique(s)

Unobservable Input(s)

Range (Weighted Average)

September 30, 2025

Estimated Fair Value (In millions)

Valuation Technique(s)

Unobservable Input(s)

Range (Weighted Average)

Fixed maturity securities

1,~~867~~866

Discounted cash flow

Credit spread

1% - 7% (2%)

December 31, 2024

Estimated Fair Value
(In millions)

Valuation Technique(s)

Unobservable Input(s)

Range
(Weighted Average)

Fixed maturity securities

1,724

Discounted cash flow

Credit spread

1% - 6% (2%)

For fixed maturity securities, an increase to the credit spread assumptions would result in a lower fair value measurement.

Financial Assets and Liabilities Not Measured at Fair Value

The carrying amount and estimated fair value of the Company's financial assets and liabilities which are not measured at fair value on the Condensed Consolidated Balance Sheets are presented in the following tables.

June 30, 2025	CarryingAmount		Estimated Fair Value
September 30, 2025	CarryingAmount		Estimated Fair Value
(In millions)			Level 1		Level 2		Level 3		Total
Assets
Mortgage loans	$	1,~~040~~055	$	—	$	—	$	1,~~026~~047	$	1,~~026~~047
Liabilities
Short-term debt	$	500	$	—	$	~~499~~500	$	—	$	~~499~~500
Long-term debt	2,~~475~~970		—		2,~~435~~959		—		2,~~435~~959


December 31, 2024	Carrying Amount		Estimated Fair Value
(In millions)			Level 1		Level 2		Level 3		Total
Assets
Mortgage loans	$	1,019	$	—	$	—	$	987	$	987

Liabilities
Short-term debt	$	—	$	—	$	—	$	—	$	—
Long-term debt	2,973		—		2,885		—		2,885

The carrying amounts reported on the Condensed Consolidated Balance Sheets for Cash, Short-term investments not carried at fair value, Accrued investment income and certain Other assets and Other liabilities approximate fair value due to the short term nature of these items. These assets and liabilities are not listed in the tables above.

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Note E. Claim and Claim Adjustment Expense Reserves

Claim and claim adjustment expense reserves represent the estimated amounts necessary to resolve all outstanding claims, including incurred but not reported (IBNR) claims as of the reporting date. The Company's reserve projections are based primarily on detailed analysis of the facts in each case, the Company's experience with similar cases and various historical development patterns. Consideration is given to historical patterns such as claim reserving trends and settlement practices, loss payments, pending levels of unpaid claims and product mix, economic, medical and social inflation, and public attitudes. All of these factors can affect the estimation of claim and claim adjustment expense reserves.

Establishing claim and claim adjustment expense reserves, including claim and claim adjustment expense reserves for catastrophic events that have occurred, is an estimation process. Many factors can ultimately affect the final settlement of a claim and, therefore, the necessary reserve. Changes in the law, results of litigation, medical costs, the cost of repair materials and labor rates can affect ultimate claim costs. In addition, time can be a critical part of reserving determinations since the longer the span between the incidence of a loss and the payment or settlement of the claim, the more variable the ultimate settlement amount can be. Accordingly, short-tail claims, such as property damage claims, tend to be more reasonably estimable than long-tail claims, such as workers' compensation, general liability and professional liability claims. Claim and claim adjustment expense reserves are also maintained for the Company's structured settlement obligations. In developing the claim and claim adjustment expense reserve estimates for structured settlement obligations, the Company's actuaries review mortality experience on an annual basis. Adjustments to prior year reserve estimates, if necessary, are reflected in the results of operations in the period that the need for such adjustments is determined. There can be no assurance that the Company's ultimate cost for insurance losses will not exceed current estimates.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. The Company reported catastrophe losses, net of reinsurance, of $6241 million and $~~159~~200 million for the three and ~~six~~nine months ended ~~June~~September 30, 2025 ~~and~~driven by severe weather related events. The Company reported catastrophe losses, net of reinsurance, of $82143 million and $~~170~~313 million for the three and ~~six~~nine months ended ~~June~~September 30, 2024 driven by severe weather related events, including $55 million for Hurricane Helene.

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Liability for Unpaid Claim and Claim Adjustment Expenses

The following table presents a reconciliation between beginning and ending claim and claim adjustment expense reserves.

For the six months ended June 30
For the nine months ended September 30
(In millions)	2025		2024
Reserves, beginning of year:
Gross	$	24,976	$	23,304
Ceded	5,713		5,141
Net reserves, beginning of year	19,263		18,163
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year	35,~~309~~011		34,~~039~~706
Increase (decrease) in provision for insured events of prior years	~~189~~191		1926
Amortization of discount	2029		2030
Total net incurred (1)	35,~~518~~231		34,~~078~~762
Net payments attributable to:
Current year events	(~~316~~659)		(~~308~~655)
Prior year events	(23,~~391~~463)		(23,~~259~~189)
Total net payments	(24,~~707~~122)		(23,~~567~~844)
Foreign currency translation adjustment and other	~~199~~165		~~(58)~~35
Net reserves, end of period	20,~~273~~537		1819,~~616~~116
Ceded reserves, end of period	5,~~930~~988		5,~~358~~442
Gross reserves, end of period	$	26,~~203~~525	$	2324,~~974~~558

(1) Total net incurred does not agree to Insurance claims and policyholders' benefits as reflected on the Condensed Consolidated Statements of Operations due to amounts related to retroactive reinsurance deferred gain accounting, uncollectible reinsurance and benefit expenses related to future policy benefits and policyholders' dividends, which are not reflected in the table above.

Net Prior Year Development

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development (development). These changes can be favorable or unfavorable. The following table presents development recorded for the Specialty, Commercial, International and Corporate & Other segments.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Pretax (favorable) unfavorable development:
Specialty	$	—	$	~~(3)~~—	$	10	$	(8)
Commercial	(41)		(63)		4746		(811)
International	—		(32)		—		(35)
Corporate & Other	~~112~~—		3522		134		3557
Total pretax (favorable) unfavorable development	$	~~108~~(1)	$	2317	$	~~191~~190	$	1633

~~Following~~Unfavorable ~~the second quarter annual review of Corporate & Other reserves, including legacy mass tort exposures, unfavorable~~ development of $~~112~~134 million was recorded within the Corporate & Other segment for the ~~three~~nine months ended ~~June~~September 30, 2025, largely associated with legacy mass tort abuse claim activity, the on-going effects of social inflation, and the ~~anticipated~~ agreement in principle with regards to the Diocese of Rochester. Unfavorable development of $~~134~~22 million ~~was~~and ~~recorded for the six months ended June 30, 2025, primarily driven by the second quarter change. Unfavorable development of~~ $3557 million was recorded within the Corporate & Other segment for the three and ~~six~~nine months ended ~~June~~September 30, 2024, largely associated with legacy mass tort abuse reserves.

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Specialty

The following table presents further detail of the development recorded for the Specialty segment.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Pretax (favorable) unfavorable development:
Medical Professional Liability	$	—	$	~~(2)~~—	$	—	$	(2)
Other Professional Liability and Management Liability	1825		1711		1843		1728
Surety	(2225)		(820)		(2247)		(2646)
Warranty	—		—7		10		1320
Other	4—		~~(10)~~2		4		(108)
Total pretax (favorable) unfavorable development	$	—	$	~~(3)~~—	$	10	$	(8)

Three Months

2025

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional errors and omissions (E&O) business.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

2024

Unfavorable development in other professional liability and management liability was primarily due to higher than expected large claim severity ~~and frequency~~ in the Company's ~~professional~~directors Eand officers (D&O) ~~and~~business ~~cyber~~in ~~businesses~~accident year 2019.

Favorable development in ~~other~~surety was primarily due to ~~favorable~~lower ~~loss~~than ~~emergence~~expected infrequency ~~casualty~~and ~~coverages~~lack ~~associated~~of ~~with~~systemic ~~healthcare~~activity ~~products~~in multiple accident years.

~~Six~~Nine Months

2025

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency in the Company's professional E&O business.

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in the most recent accident year for auto warranty.

2024

Favorable development in surety was primarily due to lower than expected frequency and lack of systemic activity in multiple accident years.

Unfavorable development in warranty was primarily due to higher than expected frequency and severity in a recent accident year.

Favorable development in other was primarily due to favorable loss emergence in casualty coverages associated with healthcare products.

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Commercial

The following table presents further detail of the development recorded for the Commercial segment.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Pretax (favorable) unfavorable development:
Commercial Auto	$	—	$	2125	$	50	$	2146
General Liability	62—		1928		62		1947
Workers' Compensation	(661)		(4757)		(6566)		(49106)
Property and Other	—		1		—		12
Total pretax (favorable) unfavorable development	$	(41)	$	(63)	$	4746	$	(811)

Three Months

2025

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.

2024

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to ~~2014 and prior~~2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in ~~multiple~~ accident years 2018 and prior.

~~Six~~Nine Months

2025

Unfavorable development in commercial auto was due to higher than expected claim severity largely in the Company’s construction business in the most recent accident year.

Unfavorable development in general liability was due to higher than expected claim severity in multiple accident years going back to 2016.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity in multiple accident years.

2024

Unfavorable development in commercial auto was due to higher than expected claim severity in recent accident years.

Unfavorable development in general liability was due to higher than expected large claim severity in multiple accident years going back to ~~2014 and prior~~2015.

Favorable development in workers’ compensation was due to favorable medical trends driving lower than expected severity primarily in ~~multiple~~ accident years 2018 and prior.

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International

The following table presents further detail of the development recorded for the International segment.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Pretax (favorable) unfavorable development:
Commercial	$	(31)	$	6(13)	$	(34)	$	6(7)
Specialty	41		~~(9)~~11		45		~~(9)~~2
Other	~~(1)~~—		—		(1)		—
Total pretax (favorable) unfavorable development	$	—	$	(32)	$	—	$	(35)

Three Months

2024

Favorable development in commercial was due to lower than expected loss emergence across multiple accident years in the Company's marine and property businesses.

Unfavorable development in specialty was due to higher than expected large loss emergence across several accident years.

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Asbestos & Environmental Pollution (A&EP) Reserves

In 2010, Continental Casualty Company (CCC) together with several of the Company’s insurance subsidiaries completed a transaction with National Indemnity Company (NICO), a subsidiary of Berkshire Hathaway Inc., under which substantially all of the Company’s legacy A&EP liabilities were ceded to NICO through a Loss Portfolio Transfer (LPT). At the effective date of the transaction, the Company ceded approximately $1.6 billion of net A&EP claim and allocated claim adjustment expense reserves to NICO under a retroactive reinsurance agreement with an aggregate limit of $4.0 billion. The $1.6 billion of claim and allocated claim adjustment expense reserves ceded to NICO was net of $1.2 billion of ceded claim and allocated claim adjustment expense reserves under existing third-party reinsurance contracts. The NICO LPT aggregate reinsurance limit also covers credit risk on the existing third-party reinsurance related to these liabilities. The Company paid NICO a reinsurance premium of $2.0 billion and transferred to NICO billed third-party reinsurance receivables related to A&EP claims with a net book value of $215 million, resulting in total consideration of $2.2 billion.

In years subsequent to the effective date of the LPT, the Company recognized adverse prior year development on its A&EP reserves resulting in additional amounts ceded under the LPT. As a result, the cumulative amounts ceded under the LPT have exceeded the $2.2 billion consideration paid, resulting in the NICO LPT moving into a gain position, requiring retroactive reinsurance accounting. Under retroactive reinsurance accounting, this gain is deferred and only recognized in earnings in proportion to actual paid recoveries under the LPT. Over the life of the contract, there is no economic impact as long as any additional losses incurred are within the limit of the LPT. In a period in which the Company recognizes a change in the estimate of A&EP reserves that increases or decreases the amounts ceded under the LPT, the proportion of actual paid recoveries to total ceded losses is affected and the change in the deferred gain is recognized in earnings as if the revised estimate of ceded losses was available at the effective date of the LPT. The effect of the deferred retroactive reinsurance benefit is recorded in Insurance claims and policyholders' benefits in the Condensed Consolidated Statements of Operations.

The impact of the LPT on the Condensed Consolidated Statements of Operations was the recognition of a retroactive reinsurance benefit of $814 million and $1311 million for the three months ended ~~June~~September 30, 2025 and 2024 and $2539 million and $36 million for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024. As of ~~June~~September 30, 2025 and December 31, 2024, the cumulative amounts ceded under the LPT were $3.7 billion. The unrecognized deferred retroactive reinsurance benefit was $~~400~~386 million and $425 million as of ~~June~~September 30, 2025 and December 31, 2024 and is included within Other liabilities on the Condensed Consolidated Balance Sheets.

NICO established a collateral trust account as security for its obligations to the Company. The fair value of the collateral trust account was $2.23 billion as of ~~June~~September 30, 2025. In addition, Berkshire Hathaway Inc. guaranteed the payment obligations of NICO up to the aggregate reinsurance limit as well as certain of NICO’s performance obligations under the trust agreement. NICO is responsible for claims handling and billing and collection from third-party reinsurers related to the majority of the Company’s A&EP claims.

Credit Risk for Ceded Reserves

The majority of the Company’s outstanding voluntary reinsurance receivables are due from reinsurers with financial strength ratings of A- or higher. Receivables due from reinsurers with lower financial strength ratings are primarily due from captive reinsurers and are backed by collateral arrangements.

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Note F. Future Policy Benefits Reserves

Future policy benefits reserves are associated with the Company's run-off long-term care business, which is included in the Life & Group segment, and relate to policyholders that are currently receiving benefits, including claims that have been incurred but are not yet reported, as well as policyholders that are not yet receiving benefits. Future policy benefits reserves are comprised of the liability for future policyholder benefits (LFPB) which is reflected as Insurance reserves: Future policy benefits on the Condensed Consolidated Balance Sheets.

The determination of Future policy benefits reserves requires management to make estimates and assumptions about expected policyholder experience over the remaining life of the policy. Since policies may be in force for several decades, these assumptions are subject to significant estimation risk. As a result of this variability, the Company’s future policy benefits reserves may be subject to material increases if actual experience develops adversely to the Company’s expectations.

Annually in the third quarter, actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the LFPB. Actuarial analysis includes predictive modeling, actual to expected experience comparisons and trend analysis. Applicable industry research is also considered.

The cash flow assumption updates for the third quarter of 2025 resulted in a $7 million pretax increase in the LFPB. Included in the assumption updates were unfavorable incidence, claim closure and cost of care inflation impacts offset by favorable premium rate actions.

The cash flow assumption updates for the third quarter 2024 resulted in a $15 million pretax increase to the LFPB. Included in the assumption updates was a favorable impact from outperformance on premium rate assumptions and an unfavorable impact from higher cost of care inflation.

See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024 for further information on the long-term care reserving process.

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The following table summarizes balances and changes in the LFPB.

	(In millions)		2025				2024
	Present value of future net premiums
	Balance, January 1		$	3,425			$	3,710
Effect of changes in discount rate	(7)				(125)
Balance, January 1, at original locked in discount rate	3,418				3,585
Effect of changes in cash flow assumptions (1)	—114				—111
Effect of actual variances from expected experience (1)	(12)				(2940)
Adjusted balance, January 1	3,~~417~~530				3,~~556~~656
Interest accrual	88133				92139
Net premiums: earned during period	(~~203~~306)				(~~212~~317)
Balance, end of period at original locked in discount rate	3,~~302~~357				3,~~436~~478
Effect of changes in discount rate	5083				11147
Balance, June 30	$	3,352			$	3,447
Balance, September 30	$	3,440			$	3,625
	Present value of future benefits & expenses
	Balance, January 1		$	16,583			$	17,669
Effect of changes in discount rate	440				(578)
Balance, January 1, at original locked in discount rate	17,023				17,091
Effect of changes in cash flow assumptions (1)	—121				—126
Effect of actual variances from expected experience (1)	2250				1133
Adjusted balance, January 1	17,~~045~~194				17,~~102~~250
Interest accrual	~~458~~688				~~461~~693
Benefit & expense payments	(~~574~~870)				(~~592~~883)
Balance, end of period at original locked in discount rate	1617,~~929~~012				1617,~~971~~060
Effect of changes in discount rate	(~~248~~26)				~~(313)~~612
Balance, June 30	$	16,681			$	16,658
Balance, September 30	$	16,986			$	17,672
	Net LFPB		$	13,~~329~~546			$	1314,~~211~~047

(1) As of ~~June~~September 30, 2025 and 2024 the re-measurement gain (loss) of $(2359) million and $(4088) million presented parenthetically on the Condensed Consolidated Statement of Operations is comprised of the effect of changes in cash flow assumptions and the effect of actual variances from expected experience.

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The following table presents earned premiums and interest accretion associated with the Company’s long-term care business recognized on the Condensed Consolidated Statement of Operations.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Earned premiums	$	106	$	~~109~~110	$	~~212~~318	$	~~219~~329
Interest accretion	185		185		~~370~~555		~~369~~554

The following table presents undiscounted expected future benefit and expense payments, and undiscounted expected future gross premiums.

	As of June 30
	As of September 30
(In millions)	2025		2024
Expected future benefit and expense payments	$	31,~~141~~582	$	32,~~212~~009
Expected future gross premiums	45,~~971~~048		5,~~149~~305

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,~~491~~580 million and $3,~~546~~792 million as of ~~June~~September 30, 2025 and 2024.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of ~~June~~September 30, 2025 and 2024.

The weighted average interest rates in the table below are calculated based on the rate used to discount all future cash flows.

	As of June 30				As of December 31
	As of September 30				As of December 31
	2025		2024		2024
Original locked in discount rate	5.1816	%	5.2120	%	5.20	%
Upper-medium grade fixed income instrument discount rate	5.3924		54.4390		5.51

For the three and ~~six~~nine months ended ~~June~~September 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the Net Premium Ratio (NPR) exceeded 100% were $1465 million and $2893 million. For the three and ~~six~~nine months ended ~~June~~September 30, 2024, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $2484 million and $44128 million.

For the three and ~~six~~nine months ended ~~June~~September 30, 2025, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $543 million and $1154 million. For the three and ~~six~~nine months ended ~~June~~September 30, 2024, the portion of losses recognized in a prior period due to NPR exceeding 100% for certain cohorts which, due to favorable development, was reversed through net income were $620 million and $828 million.

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Note G. Legal Proceedings, Contingencies and Guarantees

The Company is a party to various claims and litigation incidental to its business, which, based on the facts and circumstances currently known, are not material to the Company's results of operations or financial position.

Guarantees

The Company has provided guarantees, if the primary obligor fails to perform, to holders of structured settlement annuities issued by a previously owned subsidiary. As of ~~June~~September 30, 2025, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $1.49 billion, which will be paid over the lifetime of the annuitants. The Company does not believe any payment is likely under these guarantees, as the Company is the beneficiary of a trust that must be maintained at a level that approximates the discounted reserves for these annuities.

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Note H. Benefit Plans

The components of net periodic pension cost (benefit) are presented in the following table.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation	$	9	$	2221	$	1827	$	4465
Expected return on plan assets	(1314)		(29)		(2741)		(5887)
Amortization of net actuarial loss (gain)	2		7		46		1421
Total net periodic pension cost (benefit)	$	(2)	$	—	$	(5)	$	—
Pension settlement transaction loss	—		4		—		4
Total net periodic pension cost (benefit)	$	(3)	$	3	$	(8)	$	3

The following table indicates the line items in which the non-service cost (benefit) is presented in the Condensed Consolidated Statements of Operations.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Non-Service Cost (Benefit):
Insurance claims and policyholder's benefits	$	—(1)	$	—1	$	(12)	$	—1
Other operating expenses	(2)		—2		(46)		—2
Total net periodic pension cost (benefit)	$	(23)	$	—3	$	(58)	$	—3

In 2024, a subsidiary of CNAF, as a sponsor of the CNA Canada Employee Pension Plan (the Canada Plan), purchased a nonparticipating single premium group annuity contract, under which the defined benefit pension obligation of the Canada Plan was transferred in full to an insurance company counterparty. As a result of the transaction, the Company recognized a one-time, non-cash, pretax pension settlement charge of $4 million ($3 million after-tax).

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Note I. Accumulated Other Comprehensive Income (Loss) by Component

The tables below display the changes in Accumulated other comprehensive income (loss) by component.

(In millions)	Net unrealized gains (losses) on investments with an allowance for credit losses		Net unrealized gains (losses) on other investments		Pension and postretirement benefits		Cumulative impact of changes in discount rates used to measure long duration contracts		Cumulative foreign currency translation adjustment		Total
Balance as of April 1, 2025	$	(16)	$	(1,593)	$	(189)	$	239	$	(226)	$	(1,785)
Balance as of July 1, 2025	$	(15)	$	(1,521)	$	(188)	$	236	$	(98)	$	(1,586)
Other comprehensive income (loss) before reclassifications	(51)		42554		—		(3150)		~~128~~(38)		~~162~~365
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $10, $1, $—, $— and $13	(6)		(30)		(1)		—		—		(37)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $—, $—, $—, $— and $2	(4)		(4)		(2)		—		—		(10)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(22), $(1), $—, $— and $(23)	1		72		1		(3)		128		199
Other comprehensive income (loss) net of tax (expense) benefit of $(1), $(148), $—, $40, $— and $(109)	3		558		2		(150)		(38)		375
Balance as of June 30, 2025	$	(15)	$	(1,521)	$	(188)	$	236	$	(98)	$	(1,586)
Balance as of September 30, 2025	$	(12)	$	(963)	$	(186)	$	86	$	(136)	$	(1,211)

(In millions)	Net unrealized gains (losses) on investments with an allowance for credit losses		Net unrealized gains (losses) on other investments		Pension and postretirement benefits		Cumulative impact of changes in discount rates used to measure long duration contracts		Cumulative foreign currency translation adjustment		Total
Balance as of April 1, 2024	$	(10)	$	(1,830)	$	(519)	$	(18)	$	(195)	$	(2,572)
Balance as of July 1, 2024	$	(10)	$	(2,074)	$	(513)	$	255	$	(205)	$	(2,547)
Other comprehensive income (loss) before reclassifications	(49)		~~(250)~~1,254		—		~~273~~(623)		~~(10)~~63		9685
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $1, $1, $—, $— and $3	(4)		(6)		(6)		—		—		(16)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $3, $3, $—, $— and $8	(6)		(11)		(8)		—		—		(25)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $66, $(1), $(72), $— and $(7)	—		(244)		6		273		(10)		25
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(340), $(3), $165, $— and $(177)	(3)		1,265		8		(623)		63		710
Balance as of June 30, 2024	$	(10)	$	(2,074)	$	(513)	$	255	$	(205)	$	(2,547)
Balance as of September 30, 2024	$	(13)	$	(809)	$	(505)	$	(368)	$	(142)	$	(1,837)

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(In millions)	Net unrealized gains (losses) on investments with an allowance for credit losses		Net unrealized gains (losses) on other investments		Pension and postretirement benefits		Cumulative impact of changes in discount rates used to measure long duration contracts		Cumulative foreign currency translation adjustment		Total
Balance as of January 1, 2025	$	(13)	$	(1,876)	$	(191)	$	353	$	(264)	$	(1,991)
Other comprehensive income (loss) before reclassifications	(1011)		~~319~~873		—		(~~117~~267)		~~166~~128		~~358~~723
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $11, $1, $—, $— and $14	(8)		(36)		(3)		—		—		(47)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $4, $11, $1, $—, $— and $16	(12)		(40)		(5)		—		—		(57)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(96), $(1), $31, $— and $(65)	(2)		355		3		(117)		166		405
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(244), $(1), $71, $— and $(174)	1		913		5		(267)		128		780
Balance as of June 30, 2025	$	(15)	$	(1,521)	$	(188)	$	236	$	(98)	$	(1,586)
Balance as of September 30, 2025	$	(12)	$	(963)	$	(186)	$	86	$	(136)	$	(1,211)

(In millions)	Net unrealized gains (losses) on investments with an allowance for credit losses		Net unrealized gains (losses) on other investments		Pension and postretirement benefits		Cumulative impact of changes in discount rates used to measure long duration contracts		Cumulative foreign currency translation adjustment		Total
Balance as of January 1, 2024	$	(12)	$	(1,613)	$	(525)	$	(359)	$	(163)	$	(2,672)
Other comprehensive income (loss) before reclassifications	(514)		~~(489)~~765		—		~~614~~(9)		~~(42)~~21		78763
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $7, $2, $—, $— and $11	(7)		(28)		(12)		—		—		(47)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $4, $10, $5, $—, $— and $19	(13)		(39)		(20)		—		—		(72)
Other comprehensive income (loss) net of tax (expense) benefit of $(1), $124, $(2), $(163), $— and $(42)	2		(461)		12		614		(42)		125
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(216), $(5), $2, $— and $(219)	(1)		804		20		(9)		21		835
Balance as of June 30, 2024	$	(10)	$	(2,074)	$	(513)	$	255	$	(205)	$	(2,547)
Balance as of September 30, 2024	$	(13)	$	(809)	$	(505)	$	(368)	$	(142)	$	(1,837)

Amounts reclassified from Accumulated other comprehensive income (loss) shown above are reported in Net income (loss) as follows:


Component of AOCI						Condensed Consolidated Statements of Operations Line Item Affected by Reclassifications
Net unrealized gains (losses) on investments with an allowance for credit losses and Net unrealized gains (losses) on other investments						Net investment gains (losses)
Pension and postretirement benefits						Other operating expenses and Insurance claims and policyholders' benefits

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Note J. Business Segments

The Company's property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International. These three segments are collectively referred to as Property & Casualty Operations. The Company's operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other.

The accounting policies of the segments are the same as those described in Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024. The Company manages most of its assets on a legal entity basis, while segment operations are generally conducted across legal entities. As such, only Insurance and Reinsurance receivables, Insurance reserves, Deferred acquisition costs, Goodwill and Deferred non-insurance warranty acquisition expense and revenue are readily identifiable for individual segments. Distinct investment portfolios are not maintained for every individual segment; accordingly, allocation of assets to each segment is not performed. Therefore, a significant portion of Net investment income is allocated primarily based on each segment's net carried insurance reserves, as adjusted. All significant intersegment income and expense have been eliminated. Income taxes have been allocated on the basis of the taxable income of the segments.

In the following tables, certain financial measures are presented to provide information used by management to monitor the Company's operating performance. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio.

The performance of the Company's insurance operations is monitored by management through core income (loss). The Company's Chief Operating Decision Maker (CODM) is the Chief Executive Officer. For all segments, the CODM uses a multi-year trend of core income (loss) to assess the segments' operating performance and make decisions regarding the allocation of resources to each segment.

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 the Company's primary operations. The calculation of core income (loss) excludes gains or losses resulting from pension settlement transactions as they result from decisions regarding the Company's defined benefit pension plans which are unrelated to the Company's primary operations.

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.

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The Company's results of operations and selected balance sheet items by segment are presented in the following tables.

Three months ended June 30, 2025	Specialty		Commercial		International		Life &Group		Corporate& Other
Three months ended September 30, 2025	Specialty		Commercial		International		Life &Group		Corporate& Other
(In millions)											Eliminations		Total
Operating revenues
Net earned premiums	$	~~862~~881	$	1,~~402~~453	$	~~324~~344	$	106	$	—	$	—(1)	$	2,~~694~~783
Net investment income	~~170~~162		~~206~~192		3842		~~235~~226		1316		—		~~662~~638
Non-insurance warranty revenue	~~398~~393		—		—		—		—		—		~~398~~393
Other revenues	(1)		108		—		—		32		(31)		910
Total operating revenues	1,~~429~~437		1,~~618~~653		~~362~~386		~~341~~332		1618		(32)		3,~~763~~824
Claims, benefits and expenses
Net incurred claims and benefits	~~519~~534		~~940~~960		~~195~~203		~~313~~336		~~108~~(10)		—		2,~~075~~023
Policyholders’ dividends	32		7		—		—		—		—		109
Amortization of deferred acquisition costs	~~195~~197		~~211~~215		6371		—		—		—		~~469~~483
Non-insurance warranty expense	~~384~~377		—		—		—		—		—		~~384~~377
Insurance related administrative expenses	9288		~~170~~165		4342		3129		1		—(1)		~~337~~324
Interest expense	—		—		—		—		3136		—		3136
Other expenses (1)	10		15		(10)		1		18		(3)		31
Other segment items (1)	16		11		(1)		—		27		(1)		52
Total claims, benefits and expenses	1,~~203~~214		1,~~343~~358		~~291~~315		~~345~~365		~~158~~54		(32)		3,~~337~~304
Income tax (expense) benefit on core income (loss)	(4947)		(5762)		(1824)		511		2811		—		(91111)
Core income (loss)	$	~~177~~176	$	~~218~~233	$	5347	$	1(22)	$	(~~114~~25)	$	—	$	~~335~~409
Net investment gains (losses)													(467)
Income tax (expense) benefit on net investment gains (losses)													101
Net investment gains (losses), after tax													(366)
Net income (loss)													$	~~299~~403

(1) Other ~~expenses~~segment items for the Company's property and casualty insurance segments reflects expenses not directly related to the Company's insurance operations, including certain expenses related to the Company's non-insurance warranty business within Specialty, claims services offerings within Commercial and foreign currency transaction gains and losses within International. Other ~~expenses~~segment items for the Corporate & Other segment reflects certain corporate expenses not attributable to the Company's ongoing property and casualty insurance operations.

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Three months ended June 30, 2024	Specialty		Commercial		International		Life &Group		Corporate& Other
Three months ended September 30, 2024	Specialty		Commercial		International		Life &Group		Corporate& Other
(In millions)											Eliminations		Total
Operating revenues
Net earned premiums	$	~~831~~848	$	1,~~247~~325	$	311	$	~~109~~110	$	—	$	—(1)	$	2,~~498~~593
Net investment income	~~154~~157		~~175~~183		32		~~239~~240		1814		—		~~618~~626
Non-insurance warranty revenue	~~404~~401		—		—		—		—		—		~~404~~401
Other revenues	(1)		105		—		—		3		(31)		98
Total operating revenues	1,~~388~~407		1,~~432~~513		343		~~348~~350		2117		(32)		3,~~529~~628
Claims, benefits and expenses
Net incurred claims and benefits	~~492~~509		~~846~~954		~~184~~195		~~325~~336		2716		—		12,~~874~~010
Policyholders’ dividends	32		57		—		—		—		—		89
Amortization of deferred acquisition costs	~~180~~188		~~199~~209		5660		—		—		—		~~435~~457
Non-insurance warranty expense	~~388~~387		—		—		—		—		—		~~388~~387
Insurance related administrative expenses	9690		158		4644		2930		—		—(1)		~~329~~321
Interest expense	~~(1)~~—		—		—		—		3532		—		3432
Other expenses (1)	14		13		1		1		23		(3)		49
Other segment items (1)	13		8		(8)		1		24		(1)		37
Total claims, benefits and expenses	1,172		1,221		287		355		85		(3)		3,117
Total claims, benefits and expenses (2)	1,189		1,336		291		367		72		(2)		3,253
Income tax (expense) benefit on core income (loss)	(47)		(4438)		(1216)		68		11		—		(8682)
Core income (loss)	$	~~169~~171	$	~~167~~139	$	4436	$	(19)	$	(5344)	$	—	$	~~326~~293
Net investment gains (losses)													(10)
Income tax (expense) benefit on net investment gains (losses)													13
Net investment gains (losses), after tax													(97)
Net income (loss)													$	317
Pension settlement transaction gains (losses)													(4)
Income tax (expense) benefit on pension settlement transaction gains (losses)													1
Pension settlement transaction gains (losses), after tax													(3)
Net income (loss)													$	283

(2) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.

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Six months ended June 30, 2025	Specialty		Commercial		International		Life &Group		Corporate& Other
Nine months ended September 30, 2025	Specialty		Commercial		International		Life &Group		Corporate& Other
(In millions)											Eliminations		Total
Operating revenues
Net earned premiums	$	12,~~692~~573	$	24,~~782~~235	$	~~634~~978	$	~~212~~318	$	—	$	—(1)	$	58,~~320~~103
Net investment income	~~321~~483		~~383~~575		72114		~~461~~687		2945		—		1,~~266~~904
Non-insurance warranty revenue	~~795~~1,188		—		—		—		—		—		~~795~~1,188
Other revenues	—1		1826		—		—		68		(67)		1828
Total operating revenues	24,~~808~~245		34,~~183~~836		~~706~~1,092		~~673~~1,005		3553		(68)		711,~~399~~223
Claims, benefits and expenses
Net incurred claims and benefits	1,~~028~~562		12,~~947~~907		~~387~~590		~~613~~949		~~117~~107		—		46,~~092~~115
Policyholders’ dividends	57		1522		—		—		—		—		2029
Amortization of deferred acquisition costs	~~384~~581		~~430~~645		~~126~~197		—		—		—		~~940~~1,423
Non-insurance warranty expense	~~769~~1,146		—		—		—		—		—		~~769~~1,146
Insurance related administrative expenses	~~180~~268		~~333~~498		83125		6190		12		—(1)		~~658~~982
Interest expense	—		—		—		—		6399		—		6399
Other expenses (1)	25		25		(11)		1		39		(6)		73
Other segment items (1)	41		36		(12)		1		66		(7)		125
Total claims, benefits and expenses	23,~~391~~605		24,~~750~~108		~~585~~900		~~675~~1,040		~~220~~274		(68)		69,~~615~~919
Income tax (expense) benefit on core income (loss)	(90137)		(91153)		(3155)		920		3546		—		(~~168~~279)
Core income (loss)	$	~~327~~503	$	~~342~~575	$	90137	$	7(15)	$	(~~150~~175)	$	—	$	~~616~~1,025
Net investment gains (losses)													(5562)
Income tax (expense) benefit on net investment gains (losses)													1213
Net investment gains (losses), after tax													(4349)
Net income (loss)													$	~~573~~976

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June 30, 2025	Specialty		Commercial		International		Life &Group		Corporate& Other
September 30, 2025	Specialty		Commercial		International		Life &Group		Corporate& Other
(In millions)											Eliminations		Total
Reinsurance receivables	$	1,~~777~~803	$	1,~~740~~786	$	~~550~~559	$	7977	$	2,~~293~~242	$	—	$	6,~~439~~467
Insurance receivables	1,~~028~~008		2,~~556~~277		~~503~~406		1		1		—		43,~~089~~693
Deferred acquisition costs	447		~~420~~395		~~154~~143		—		—		—		~~1,021~~985
Goodwill	117		—		31		—		—		—		148
Deferred non-insurance warranty acquisition expense	3,~~441~~340		—		—		—		—		—		3,~~441~~340
Insurance reserves
Claim and claim adjustment expenses	7,~~704~~769		1112,~~888~~153		3,~~256~~315		~~611~~615		2,~~744~~673		—		26,~~203~~525
Unearned premiums	3,~~283~~295		3,~~635~~392		~~871~~796		~~101~~95		—		—		7,~~890~~578
Future policy benefits	—		—		—		13,~~329~~546		—		—		13,~~329~~546
Deferred non-insurance warranty revenue	4,~~421~~294		—		—		—		—		—		4,~~421~~294

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Six months ended June 30, 2024	Specialty		Commercial		International		Life &Group		Corporate& Other
Nine months ended September 30, 2024	Specialty		Commercial		International		Life &Group		Corporate& Other
(In millions)											Eliminations		Total
Operating revenues
Net earned premiums	$	12,~~645~~493	$	23,~~449~~774	$	~~626~~937	$	~~219~~329	$	—	$	—(1)	$	47,~~939~~532
Net investment income	~~304~~461		~~351~~534		6395		~~470~~710		3953		—		1,~~227~~853
Non-insurance warranty revenue	~~811~~1,212		—		—		—		—		—		~~811~~1,212
Other revenues	—1		1823		—		—		69		(67)		1826
Total operating revenues	24,~~760~~167		24,~~818~~331		~~689~~1,032		~~689~~1,039		4562		(68)		610,~~995~~623
Claims, benefits and expenses
Net incurred claims and benefits	~~969~~1,478		12,~~674~~628		~~373~~568		~~637~~973		1935		—		35,~~672~~682
Policyholders’ dividends	57		1219		—		—		—		—		1726
Amortization of deferred acquisition costs	~~358~~546		~~399~~608		~~122~~182		—		—		—		~~879~~1,336
Non-insurance warranty expense	~~782~~1,169		—		—		—		—		—		~~782~~1,169
Insurance related administrative expenses	~~177~~267		~~296~~454		85129		5888		—		—(1)		~~616~~937
Interest expense	—		—		—		—		69101		—		69101
Other expenses (1)	28		25		3		1		48		(6)		99
Other segment items (1)	41		33		(5)		2		72		(7)		136
Total claims, benefits and expenses	2,319		2,406		583		696		136		(6)		6,134
Total claims, benefits and expenses (2)	3,508		3,742		874		1,063		208		(8)		9,387
Income tax (expense) benefit on core income (loss)	(95142)		(87125)		(2541)		1119		1627		—		(~~180~~262)
Core income (loss)	$	~~346~~517	$	~~325~~464	$	81117	$	4(5)	$	(75119)	$	—	$	~~681~~974
Net investment gains (losses)													(3242)
Income tax (expense) benefit on net investment gains (losses)													69
Net investment gains (losses), after tax													(2633)
Net income (loss)													$	655
Pension settlement transaction gains (losses)													(4)
Income tax (expense) benefit on pension settlement transaction gains (losses)													1
Pension settlement transaction gains (losses), after tax													(3)
Net income (loss)													$	938

(2) Excludes the impact of pension settlement transaction gains (losses). See Note H to the Condensed Consolidated Financial Statements for additional information.

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December 31, 2024	Specialty		Commercial		International		Life & Group		Corporate & Other
(In millions)											Eliminations		Total
Reinsurance receivables	$	1,405	$	1,710	$	539	$	82	$	2,336	$	—	$	6,072
Insurance receivables	1,062		2,219		410		4		2		—		3,697
Deferred acquisition costs	427		405		127		—		—		—		959
Goodwill	117		—		28		—		—		—		145
Deferred non-insurance warranty acquisition expense	3,525		—		—		—		—		—		3,525
Insurance reserves
Claim and claim adjustment expenses	7,426		11,336		2,920		622		2,672		—		24,976
Unearned premiums	3,275		3,252		727		92		—		—		7,346
Future policy benefits	—		—		—		13,158		—		—		13,158
Deferred non-insurance warranty revenue	4,530		—		—		—		—		—		4,530

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The following table presents further detail of significant segment expenses included within Net incurred claims and benefits for the Property & Casualty segments.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Specialty
Non-catastrophe net incurred claim and claim adjustment expenses related to current year	$	~~519~~534	$	~~495~~509	$	1,~~018~~552	$	~~977~~1,486
Catastrophe losses	—		—		—		—
(Favorable) unfavorable development (1)	—		~~(3)~~—		10		(8)
Commercial
Non-catastrophe net incurred claim and claim adjustment expenses related to current year	$	~~886~~921	$	~~775~~829	$	12,~~754~~674	$	12,~~521~~350
Catastrophe losses	5739		76127		~~143~~182		~~158~~285
(Favorable) unfavorable development (1)	(41)		(63)		4746		(811)
International
Non-catastrophe net incurred claim and claim adjustment expenses related to current year	$	~~190~~201	$	181	$	~~371~~572	$	~~364~~545
Catastrophe losses	52		616		1618		1228
(Favorable) unfavorable development (1)	—		(32)		—		(35)

(1) (Favorable) unfavorable development does not include the effects of interest accretion and change in allowance for uncollectible reinsurance.

The following table presents operating revenues by line of business for each reportable segment.

Periods ended June 30

Three Months

Six Months

Periods ended September 30

Three Months

Nine Months

(In millions)

2025

2024

2025

2024

Specialty

Management & Professional Liability

~~778~~773

~~733~~753

12,~~524~~297

12,~~462~~215

Surety

~~205~~225

~~196~~202

~~393~~618

~~378~~580

Warranty & Alternative Risks

~~446~~439

~~459~~452

~~891~~1,330

~~920~~1,372

Specialty revenues

1,~~429~~437

1,~~388~~407

24,~~808~~245

24,~~760~~167

Commercial

Middle Market

~~481~~483

~~427~~448

~~947~~1,430

~~859~~1,307

Construction

~~517~~535

~~483~~521

1,~~027~~562

~~938~~1,459

Small Business

~~161~~160

~~157~~161

~~317~~477

~~311~~472

Other Commercial

~~459~~475

~~365~~383

~~892~~1,367

~~710~~1,093

Commercial revenues

1,~~618~~653

1,~~432~~513

34,~~183~~836

24,~~818~~331

International

Canada

~~104~~114

~~198~~312

~~197~~296

Europe

~~156~~165

~~147~~150

~~300~~465

~~290~~440

Hardy

~~102~~107

9794

~~208~~315

~~202~~296

International revenues

~~362~~386

343

~~706~~1,092

~~689~~1,032

Life & Group revenues

~~341~~332

~~348~~350

~~673~~1,005

~~689~~1,039

Corporate & Other revenues

1618

2117

3553

4562

Eliminations

(32)

(68)

Total operating revenues

3,~~763~~824

3,~~529~~628

711,~~399~~223

610,~~995~~623

Net investment gains (losses)

(467)

(10)

(5562)

(3242)

Total revenues

3,~~717~~817

3,~~519~~618

711,~~344~~161

610,~~963~~581

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Note K. Non-Insurance Revenues from Contracts with Customers

The Company had a deferred non-insurance warranty revenue balance of $4.43 billion and $4.5 billion reported under Liabilities as of ~~June~~September 30, 2025 and December 31, 2024. For the three and ~~six~~nine months ended ~~June~~September 30, 2025, the Company recognized $0.34 billion and $01.61 billion of revenues that were included in the deferred revenue balance as of January 1, 2025. For the three and ~~six~~nine months ended ~~June~~September 30, 2024, the Company recognized $0.43 billion and $01.71 billion of revenues that were included in the deferred revenue balance as of January 1, 2024. For the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, non-insurance warranty revenue recognized from performance obligations related to prior periods due to a change in estimate was not material. The Company expects to recognize approximately $0.84 billion of the deferred revenue in the remainder of 2025, $1.12 billion in 2026, $01.90 billion in 2027 and $1.67 billion thereafter.

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Item 2. Management's Discussion and Analysis (MD&A) of Financial Conditions and Results of Operations

OVERVIEW

The following discussion highlights significant factors affecting the Company. References to “we,” “our,” “us” or like terms refer to the business of CNA.

The following discussion should be read in conjunction with the Condensed Consolidated Financial Statements included under Part I, Item 1 of this Form 10-Q, and Item 1A Risk Factors and Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations, which are included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2024.

We utilize the core income (loss) financial measure to monitor our operations. 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. 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. See further discussion regarding how we manage our business in Note J to the Condensed Consolidated Financial Statements included under Part I, Item 1. For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to our most recent Annual Report on Form 10-K on file with the Securities and Exchange Commission.

In evaluating the results of our Specialty, Commercial and International segments, we utilize 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 GAAP financial results. 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.

Changes in estimates of claim and claim adjustment expense reserves, net of reinsurance, for prior years are defined as net prior year loss reserve development within this MD&A. These changes can be favorable or unfavorable. Net prior year loss reserve development does not include the effect of any related acquisition expenses. Further information on our reserves is provided in Note E and Note F to the Condensed Consolidated Financial Statements included under Part I, Item 1.

In addition, we also utilize 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

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with existing customers. Gross written premiums, excluding third-party captives, excludes business which is ceded to third-party captives, including business related to large warranty programs.

We use 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 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 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.

The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations:

Three months ended June 30, 2025	Specialty		Commercial		International		Property & Casualty
Three months ended September 30, 2025	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	~~165~~173	$	~~199~~229	$	5344	$	~~417~~446
Net investment losses, after tax	123		194		—3		3110
Core income	$	~~177~~176	$	~~218~~233	$	5347	$	~~448~~456
Less:
Net investment income	~~170~~162		~~206~~192		3842		~~414~~396
Non-insurance warranty revenue (expense)	1416		—		—		1416
Other revenue (expense), including interest expense	(1115)		(53)		101		(617)
Income tax expense on core income	(4947)		(5762)		(1824)		(~~124~~133)
Underwriting gain	5360		74106		2328		~~150~~194
Effect of catastrophe losses	—		5739		52		6241
Effect of unfavorable development-related items	—		1		—		1
Effect of development-related items	—		—		—		—
Underlying underwriting gain	$	5360	$	~~132~~145	$	2830	$	~~213~~235

Three months ended June 30, 2024	Specialty		Commercial		International		Property & Casualty
Three months ended September 30, 2024	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	~~164~~167	$	~~160~~132	$	4534	$	~~369~~333
Net investment losses (gains), after tax	5		7		(1)		11
Net investment losses, after tax	4		7		2		13
Core income	$	~~169~~171	$	~~167~~139	$	4436	$	~~380~~346
Less:
Net investment income	~~154~~157		~~175~~183		32		~~361~~372
Non-insurance warranty revenue (expense)	1614		—		—		1614
Other revenue (expense), including interest expense	(1412)		(3)		~~(1)~~8		(187)
Income tax expense on core income	(47)		(4438)		(1216)		(~~103~~101)
Underwriting gain	60		39		25		124
Underwriting gain (loss)	59		(3)		12		68
Effect of catastrophe losses	—		76127		616		82143
Effect of favorable development-related items	~~(3)~~—		—		(32)		(62)
Underlying underwriting gain	$	5759	$	~~115~~124	$	2826	$	~~200~~209

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The following tables present reconciliations of net income to core income, underwriting gain and underlying underwriting gain for our Property & Casualty Operations:


Nine months ended September 30, 2025	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	487	$	552	$	135	$	1,174
Net investment losses, after tax	16		23		2		41

Core income	$	503	$	575	$	137	$	1,215

Less:
Net investment income	483		575		114		1,172
Non-insurance warranty revenue (expense)	42		—		—		42
Other revenue (expense), including interest expense	(40)		(10)		12		(38)
Income tax expense on core income	(137)		(153)		(55)		(345)
Underwriting gain	155		163		66		384
Effect of catastrophe losses	—		182		18		200
Effect of unfavorable development-related items	10		54		—		64
Underlying underwriting gain	$	165	$	399	$	84	$	648

Six months ended June 30, 2025	Specialty		Commercial		International		Property & Casualty
Nine months ended September 30, 2024	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	~~314~~498	$	~~323~~436	$	91116	$	~~728~~1,050
Net investment losses (gains), after tax	13		19		(1)		31
Net investment losses, after tax	19		28		1		48
Core income	$	~~327~~517	$	~~342~~464	$	90117	$	~~759~~1,098
Less:
Net investment income	~~321~~461		~~383~~534		7295		~~776~~1,090
Non-insurance warranty revenue (expense)	2643		—		—		2643
Other revenue (expense), including interest expense	(2540)		(710)		115		(2145)
Income tax expense on core income	(90142)		(91125)		(3141)		(~~212~~308)
Underwriting gain	95195		5765		3858		~~190~~318
Effect of catastrophe losses	—		~~143~~285		1628		~~159~~313
Effect of unfavorable development-related items	10		53		—		63
Effect of favorable development-related items	(8)		—		(5)		(13)
Underlying underwriting gain	$	~~105~~187	$	~~253~~350	$	5481	$	~~412~~618

Six months ended June 30, 2024	Specialty		Commercial		International		Property & Casualty
(In millions)
Net income	$	331	$	304	$	82	$	717
Net investment losses (gains), after tax	15		21		(1)		35
Core income	$	346	$	325	$	81	$	752
Less:
Net investment income	304		351		63		718
Non-insurance warranty revenue (expense)	29		—		—		29
Other revenue (expense), including interest expense	(28)		(7)		(3)		(38)
Income tax expense on core income	(95)		(87)		(25)		(207)
Underwriting gain	136		68		46		250
Effect of catastrophe losses	—		158		12		170
Effect of favorable development-related items	(8)		—		(3)		(11)
Underlying underwriting gain	$	128	$	226	$	55	$	409

The following table presents a reconciliation of net (loss) income to core loss for our Life & Group segment:

The following table presents a reconciliation of net (loss) income to core income (loss) for our Life & Group segment:


Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Net (loss) income	$	(17)	$	(3)	$	(22)	$	11
Net investment (gains) losses, after tax	(5)		(6)		7		(16)

Core loss	$	(22)	$	(9)	$	(15)	$	(5)

Periods ended June 30	Three Months				Six Months
(In millions)	2025		2024		2025		2024
Net (loss) income	$	(4)	$	1	$	(5)	$	14
Net investment losses (gains), after tax	5		(2)		12		(10)
Core income (loss)	$	1	$	(1)	$	7	$	4

The following table present a reconciliation of net loss to core loss for our Corporate & Other segment:

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Net loss	$	(~~114~~26)	$	(5347)	$	(~~150~~176)	$	(76123)
Net investment losses, after tax	—1		—		—1		1
Core loss	$	(114)	$	(53)	$	(150)	$	(75)
Net pension settlement losses, after tax	—		3		—		3
Core loss	$	(25)	$	(44)	$	(175)	$	(119)

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CRITICAL ACCOUNTING ESTIMATES

The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and the amount of revenues and expenses reported during the period. Actual results may differ from those estimates.

Our Condensed Consolidated Financial Statements and accompanying notes have been prepared in accordance with GAAP applied on a consistent basis. We continually evaluate the accounting policies and estimates used to prepare the Condensed Consolidated Financial Statements. In general, our estimates are based on historical experience, evaluation of current trends, information from third-party professionals and various other assumptions that are believed to be reasonable under the known facts and circumstances.

The accounting estimates set forth below are considered by us to be critical to an understanding of our Condensed Consolidated Financial Statements as their application places the most significant demands on our judgment:

•Insurance Reserves

•Long-Term Care Reserves

•Reinsurance and Insurance Receivables

•Valuation of Investments and Impairment of Securities

Due to the inherent uncertainties involved with these types of judgments, actual results could differ significantly from our estimates and may have a material adverse impact on our results of operations, financial condition, equity, business, and insurer financial strength and corporate debt ratings. See the Critical Accounting Estimates section of our Management's Discussion and Analysis of Financial Condition and Results of Operations included under Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information.

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CATASTROPHES AND RELATED REINSURANCE

Various events can cause catastrophe losses. These events can be natural or man-made, including hurricanes, tornadoes, windstorms, earthquakes, hail, severe winter weather, droughts, fires, floods, riots, strikes, civil unrest, cyber-attacks, pandemics and acts of terrorism that produce unusually large aggregate losses.

Catastrophes are an inherent risk of the property and casualty insurance business and have contributed to material period-to-period fluctuations in our results of operations and/or equity. We use various analyses and methods, including using one of the industry standard natural catastrophe models, to estimate hurricane and earthquake losses at various return periods and to inform underwriting and reinsurance decisions designed to manage our exposure to catastrophic events. We also generally seek to manage our exposure through the purchase of catastrophe reinsurance and utilize various reinsurance programs to mitigate catastrophe losses, including excess-of-loss occurrence and aggregate treaties covering property and workers’ compensation, a property quota share treaty and the Terrorism Risk Insurance Program Reauthorization Act of 2019 (TRIPRA), as well as individual risk agreements that reinsure from losses from specific classes or lines of business. We regularly review our risk and catastrophe reinsurance coverages and from time to time make changes as we deem appropriate. In the second quarter of 2025, we renewed our excess-of-loss property catastrophe reinsurance as described below:

Group North American Property Treaty

We purchased corporate catastrophe excess-of-loss treaty reinsurance covering our U.S. states and territories and Canadian property exposures underwritten in our North American and European companies. The treaty has a term of June 1, 2025 to June 1, 2026 and provides coverage for the accumulation of covered losses from catastrophe occurrences above our per occurrence retention of $275 million up to $1.4 billion for all losses. Losses stemming from terrorism events are covered unless they are due to a nuclear, biological or chemical attack. All layers of the treaty provide for one full reinstatement.

Group Workers' Compensation Treaty

We also purchased corporate workers' compensation catastrophe excess-of-loss treaty reinsurance for the period January 1, 2025 to January 1, 2026 providing $275 million of coverage for the accumulation of covered losses related to natural catastrophes above our per occurrence retention of $25 million. The treaty also provides $775 million of coverage for the accumulation of covered losses related to terrorism events above our per occurrence retention of $25 million. Of the $775 million in terrorism coverage, $200 million is provided for nuclear, biological, chemical and radiation events. All layers of the treaty provide for one full reinstatement.

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CONSOLIDATED OPERATIONS

Results of Operations

The following table includes the consolidated results of our operations including our financial measure, core income (loss). For more detailed components of our business operations and a discussion of the core income (loss) financial measure, see the Segment Results section within this MD&A. For further discussion of Net investment income and Net investment gains or losses, see the Investments section of this MD&A.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Operating Revenues
Net earned premiums	$	2,~~694~~783	$	2,~~498~~593	$	58,~~320~~103	$	47,~~939~~532
Net investment income	~~662~~638		~~618~~626		1,~~266~~904		1,~~227~~853
Non-insurance warranty revenue	~~398~~393		~~404~~401		~~795~~1,188		~~811~~1,212
Other revenues	910		98		1828		1826
Total operating revenues	3,~~763~~824		3,~~529~~628		711,~~399~~223		610,~~995~~623
Claims, Benefits and Expenses
Net incurred claims and benefits (re-measurement loss of $15, $25, $23 and $40)	2,075		1,874		4,092		3,672
Net incurred claims and benefits (re-measurement loss of $36, $48, $59 and $88)	2,023		2,010		6,115		5,682
Policyholders' dividends	109		89		2029		1726
Amortization of deferred acquisition costs	~~469~~483		~~435~~457		~~940~~1,423		~~879~~1,336
Non-insurance warranty expense	~~384~~377		~~388~~387		~~769~~1,146		~~782~~1,169
Insurance related administrative expenses	~~337~~324		~~329~~321		~~658~~982		~~616~~937
Interest expense	3136		3432		6399		69101
Other expenses	3152		4937		73125		99136
Total claims, benefits and expenses	3,~~337~~304		3,~~117~~253		69,~~615~~919		69,~~134~~387
Income tax expense on core income	(91111)		(8682)		(~~168~~279)		(~~180~~262)
Core income	~~335~~409		~~326~~293		~~616~~1,025		~~681~~974
Net investment losses	(467)		(10)		(5562)		(3242)
Income tax benefit on net investment losses	101		13		1213		69
Net investment losses, after tax	(366)		(97)		(4349)		(2633)
Net income	$	299	$	317	$	573	$	655
Pension settlement transaction losses	—		(4)		—		(4)
Income tax benefit on pension settlement transaction losses	—		1		—		1
Pension settlement transaction losses, after tax	—		(3)		—		(3)
Net income	$	403	$	283	$	976	$	938

Three Month Comparison

Core income increased $9116 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024. Core income for our Property & Casualty Operations increased $68110 million primarily driven by ~~higher~~lower ~~net~~catastrophe ~~investment~~losses, ~~income~~improved ~~and~~underlying ~~improved~~underwriting ~~current~~results ~~accident~~and ~~year~~higher ~~underwriting~~net ~~results~~investment income. Core ~~results~~loss for our Life & Group segment ~~improved~~increased $213 million, while core loss for our Corporate & Other segment ~~increased~~improved $6119 million.

Catastrophe losses were $6241 million and $82 143 million for the three months ended ~~June~~September 30, 2025 and 2024 driven by severe weather related events. ~~Unfavorable~~Catastrophe losses for three months ended September 30, 2024 included $55 million for Hurricane Helene. Favorable net prior year loss reserve development of $~~108~~1 million ~~and $23 million~~ was recorded for the three months ended ~~June~~September 30, 2025 ~~and~~compared to unfavorable net prior year loss reserve development of $17 million for the three months ended September 30, 2024 related to our ~~Specialty,~~ Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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Nine Month Comparison

Core income increased $51 million for the nine months ended September 30, 2025 as compared with the same period in 2024. Core income for our Property & Casualty Operations increased $117 million primarily driven by lower catastrophe losses, higher net investment income and improved underlying underwriting results, partially offset by unfavorable net prior year loss reserve development compared to favorable net prior year loss reserve development in the prior year period. Core loss for our Life & Group segment increased $10 million, while core loss for our Corporate & Other segment increased $56 million.

Catastrophe losses were $200 million and $313 million for the nine months ended September 30, 2025 and 2024 driven by severe weather related events. Catastrophe losses for the nine months ended September 30, 2024 included $55 million for Hurricane Helene. Unfavorable net prior year loss reserve development of $190 million and $33 million was recorded for the nine months ended September 30, 2025 and 2024 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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Six Month Comparison

Core income decreased $65 million for the six months ended June 30, 2025 as compared with the same period in 2024. Core income for our Property & Casualty Operations increased $7 million primarily driven by higher net investment income and improved current accident year underwriting results partially offset by unfavorable net prior year loss reserve development compared to favorable net prior year loss reserve development in the prior year period. Core income for our Life & Group segment increased $3 million, while core loss for our Corporate & Other segment increased $75 million.

Catastrophe losses were $159 million and $170 million for the six months ended June 30, 2025 and 2024. Unfavorable net prior year loss reserve development of $191 million and $16 million was recorded for the six months ended June 30, 2025 and 2024 related to our Specialty, Commercial, International and Corporate & Other segments. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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SEGMENT RESULTS

The following discusses the results of operations for our business segments. Our property and casualty commercial insurance operations are managed and reported in three business segments: Specialty, Commercial and International, which we refer to collectively as Property & Casualty Operations. Our operations outside of Property & Casualty Operations are managed and reported in two segments: Life & Group and Corporate & Other.

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Specialty

The following table details the results of operations for Specialty and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.

Periods ended June 30	Three Months						Six Months
Periods ended September 30	Three Months						Nine Months
(In millions, except ratios, rate, renewal premium change and retention)	2025			2024			2025			2024
Gross written premiums	$	1,~~692~~700		$	1,~~728~~743		$	35,~~364~~064		$	35,~~410~~153
Gross written premiums excluding third-party captives	1,~~013~~009			~~984~~982			12,~~943~~952			12,~~864~~846
Net written premiums	~~892~~867			~~857~~862			12,~~734~~601			12,~~649~~511
Net earned premiums	~~862~~881			~~831~~848			12,~~692~~573			12,~~645~~493
Underwriting gain	5360			6059			95155			~~136~~195
Net investment income	~~170~~162			~~154~~157			~~321~~483			~~304~~461
Core income	~~177~~176			~~169~~171			~~327~~503			~~346~~517
Other performance metrics:
Loss ratio	60.16		%	5960.21		%	60.7		%	5859.93		%
Expense ratio	3332.25			3332.27			33.30			32.5
Dividend ratio	0.32			0.32			0.3			0.3
Combined ratio	93.63		%	9293.70		%	94.30		%	9192.71		%
Less: Effect of catastrophe impacts	—			—			—			—
Less: Effect of (favorable) unfavorable development-related items	—			(0.4)			0.6			(0.5)
Less: Effect of unfavorable (favorable) development-related items	—			—			0.4			(0.3)
Underlying combined ratio	93.63		%	93.10		%	93.76		%	92.24		%
Underlying loss ratio	60.16		%	5960.61		%	60.13		%	59.46		%
Rate	3		%	—		%	3		%	1		%
Renewal premium change	4			12			4			2
Retention	86			9089			8887			89
New business	$	~~122~~131		$	~~118~~129		$	~~234~~365		$	~~212~~341

Three Month Comparison

Gross written premiums, excluding third-party captives, for Specialty increased $2927 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Specialty increased $355 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income increased $85 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024 ~~primarily~~ due to higher net investment income partially offset by lower underlying underwriting results and no net prior year loss reserve development in the current year period compared with favorable net prior year loss reserve development in the prior year period.

The combined ratio of 93.63% increased 0.93 points for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024 due to a 0.95 point increase in the loss ratio partially offset by a 0.2 point improvement in the expense ratio. The increase in the loss ratio was due to an increase in the underlying loss ratio. There ~~and~~were no ~~net~~catastrophe ~~prior~~losses ~~year~~for ~~loss reserve development recorded in~~ the ~~current~~three ~~year~~months ~~period~~ended ~~compared~~September ~~with~~30, $32025 ~~million~~and of2024. The ~~favorable~~improvement ~~net prior year loss reserve development~~ in the ~~same period in 2024. The~~ expense ratio was ~~consistent~~primarily ~~with~~driven ~~the~~by ~~same~~higher ~~period~~net inearned ~~2024~~premiums. ~~There~~ ~~were no catastrophe losses for the three months ended June 30, 2025 and 2024.~~

~~Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I Item 1.~~ 52

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~~Six~~Nine Month Comparison

Gross written premiums, excluding third-party captives, for Specialty increased $79106 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, ~~and higher new business~~ partially offset by lower retention. Net written premiums for Specialty increased $8590 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income decreased $1914 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024 primarily due to lower underlying underwriting results and unfavorable net prior year loss reserve development in the current year period compared with favorable net prior year loss reserve development in the prior year period, partially offset by higher net investment income.

The combined ratio of 94.30% increased 21.69 points for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024 due to a 1.84 point increase in the loss ratio and a 0.85 point increase in the expense ratio. The increase in the loss ratio was due to unfavorable net prior year loss reserve development recorded in the current year period and an increase in the underlying loss ratio primarily driven by continued pricing pressure in management liability lines. The increase in the expense ratio was driven by higher employee related and acquisition costs partially offset by higher net earned premiums. There were no catastrophe losses for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024.

Unfavorable net prior year loss reserve development of $10 million was recorded for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with $8 million of favorable net prior year loss reserve development recorded for the ~~six~~nine months ended ~~June~~September 30, 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I Item 1.

The following table summarizes the gross and net carried reserves for Specialty.

(In millions)	~~June~~September 30, 2025		December 31, 2024
Gross case reserves	$	2,~~080~~078	$	2,023
Gross IBNR reserves	5,~~624~~691		5,403
Total gross carried claim and claim adjustment expense reserves	$	7,~~704~~769	$	7,426
Net case reserves	$	1,~~745~~716	$	1,697
Net IBNR reserves	4,~~328~~405		4,282
Total net carried claim and claim adjustment expense reserves	$	6,~~073~~121	$	5,979

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Commercial

The following table details the results of operations for Commercial and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.

Periods ended June 30	Three Months						Six Months
Periods ended September 30	Three Months						Nine Months
(In millions, except ratios, rate, renewal premium change and retention)	2025			2024			2025			2024
Gross written premiums	$	21,~~065~~569		$	1,~~927~~547		$	35,~~918~~487		$	35,~~613~~160
Gross written premiums excluding third-party captives	1,~~903~~559			1,~~802~~538			35,~~742~~301			35,~~484~~022
Net written premiums	1,~~563~~251			1,~~458~~221			34,~~061~~312			24,~~796~~017
Net earned premiums	1,~~402~~453			1,~~247~~325			24,~~782~~235			23,~~449~~774
Underwriting gain	74			39			57			68
Underwriting gain (loss)	106			(3)			163			65
Net investment income	~~206~~192			~~175~~183			~~383~~575			~~351~~534
Core income	~~218~~233			~~167~~139			~~342~~575			~~325~~464
Other performance metrics:
Loss ratio	6766.1		%	6872.0		%	7068.07		%	6869.47		%
Expense ratio	2726.21			2827.57			2726.49			28.41
Dividend ratio	0.5			0.5			0.5			0.5
Combined ratio	9492.87		%	97100.02		%	9796.91		%	9798.3		%
Less: Effect of catastrophe impacts	4.2.7			69.16			54.23			67.45
Less: Effect of (favorable) unfavorable development-related items	—			(0.1)			1.93			—
Underlying combined ratio	90.60		%	9190.07		%	90.85		%	90.98		%
Underlying loss ratio	6263.94		%	62.05		%	6263.91		%	62.02		%
Rate	5		%	76		%	65		%	76		%
Renewal premium change	6			78			7			8
Retention	8179			84			8382			84
New business	$	~~420~~324		$	~~405~~345		$	~~790~~1,114		$	~~772~~1,117

Three Month Comparison

Gross written premiums for Commercial increased $~~138~~22 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention and new business. Net written premiums for Commercial increased $~~105~~30 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income increased $5194 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024, primarily driven by ~~improved~~lower ~~current~~catastrophe ~~accident~~losses, ~~year~~improved underlying underwriting results and higher net investment income.

The combined ratio of 9492.87% improved 27.25 points for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024 due to a 15.39 point improvement in the ~~expense~~loss ratio and a 01.96 point improvement in the ~~loss ratio. The improvement in the~~ expense ratio ~~was primarily driven by higher net earned premiums and a lower acquisition ratio~~. The improvement in the loss ratio was primarily due to lower catastrophes losses partially offset by an increase in the underlying loss ratio ~~driven~~related byto ~~the~~social ~~continuation~~inflation ofimpacted ~~elevated loss cost trends in commercial auto~~lines. Catastrophe losses were $5739 million, or 4.2.7 points of the loss ratio, for the three months ended ~~June~~September 30, 2025, as compared with $76127 million, or 69.16 points of the loss ratio, for the three months ended ~~June~~September 30, 2024. The improvement in the expense ratio was primarily driven by a lower acquisition ratio and higher net earned premiums.

Favorable net prior year loss reserve development of $41 million and $63 million was recorded for the three months ended ~~June~~September 30, 2025 and 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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~~Six~~Nine Month Comparison

Gross written premiums for Commercial increased $~~305~~327 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024 driven by favorable renewal premium change, inclusive of rate, partially offset by lower retention. Net written premiums for Commercial increased $~~265~~295 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024. The increase in net earned premiums was consistent with the trend in net written premiums.

Core income increased $17111 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024, primarily driven by ~~improved~~lower ~~current~~catastrophe ~~accident~~losses, ~~year~~improved underlying underwriting results and higher net investment income partially offset by unfavorable net prior year loss reserve development.

The combined ratio of 9796.91% ~~increased~~improved 02.62 points for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024 due to a 1.62 point ~~increase~~improvement in the ~~loss~~expense ratio ~~partially~~and ~~offset by~~ a 1.0 point improvement in the ~~expense~~loss ratio. The ~~increase~~improvement in the ~~loss~~expense ratio was ~~due~~driven toby ~~unfavorable~~higher net ~~prior~~earned ~~year~~premiums ~~loss~~and ~~reserve~~a ~~development~~lower ~~and~~acquisition anratio. The ~~increase~~improvement in the ~~underlying~~ loss ratio ~~driven~~was due to lower catastrophe losses partially offset by ~~the~~unfavorable ~~continuation~~net ofprior ~~elevated~~year loss ~~cost~~reserve ~~trends~~development and an increase in ~~commercial~~the ~~auto,~~underlying ~~partially~~loss ~~offset~~ratio byrelated ~~lower~~to ~~catastrophe~~social ~~losses~~inflation impacted lines. Catastrophe losses were $~~143~~182 million, or 54.23 points of the loss ratio, for the ~~six~~nine months ended ~~June~~September 30, 2025, as compared with $~~158~~285 million, or 67.45 points of the loss ratio, for the ~~six~~nine months ended ~~June~~September 30, 2024. ~~The improvement in the expense ratio was driven by higher net earned premiums.~~

Unfavorable net prior year loss reserve development of $4746 million was recorded for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with $811 million of favorable net prior year loss reserve development recorded for the ~~six~~nine months ended ~~June~~September 30, 2024. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

The following table summarizes the gross and net carried reserves for Commercial.

(In millions)	~~June~~September 30, 2025		December 31, 2024
Gross case reserves	$	34,~~882~~027	$	3,690
Gross IBNR reserves	8,~~006~~126		7,646
Total gross carried claim and claim adjustment expense reserves	$	1112,~~888~~153	$	11,336
Net case reserves	$	3,~~300~~440	$	3,135
Net IBNR reserves	7,~~098~~148		6,804
Total net carried claim and claim adjustment expense reserves	$	10,~~398~~588	$	9,939

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International

The following table details the results of operations for International and provides the components to reconcile the combined ratio and loss ratio to the underlying combined ratio and underlying loss ratio.

Periods ended June 30	Three Months						Six Months
Periods ended September 30	Three Months						Nine Months
(In millions, except ratios, rate, renewal premium change and retention)	2025			2024			2025			2024
Gross written premiums	$	~~437~~322		$	~~417~~305		$	~~810~~1,132		$	~~791~~1,096
Net written premiums	~~391~~319			~~359~~277			~~657~~976			~~619~~896
Net earned premiums	~~324~~344			311			~~634~~978			~~626~~937
Underwriting gain	2328			2512			3866			4658
Net investment income	3842			32			72114			6395
Core income	5347			4436			90137			81117
Other performance metrics:
Loss ratio	59.91		%	5962.15		%	6160.03		%	5960.6		%
Expense ratio	32.97			3233.86			3332.09			33.01
Combined ratio	9291.8		%	9196.91		%	9493.02		%	9293.67		%
Less: Effect of catastrophe impacts	10.46			25.01			21.58			23.0
Less: Effect of (favorable) unfavorable development-related items	—			(1.0.7)			—			(0.5)
Underlying combined ratio	91.42		%	9091.97		%	91.54		%	91.12		%
Underlying loss ratio	58.5		%	58.1		%	58.5		%	58.1		%
Rate	(46)		%	0(2)		%	(34)		%	0—		%
Renewal premium change	(13)			21			—(1)			32
Retention	8683			8082			85			81
New business	$	~~103~~94		$	7273		$	~~186~~280		$	~~140~~213

Three Month Comparison

Gross written premiums for International increased $2017 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, gross written premiums increased $149 million driven by higher new business ~~and retention~~ partially offset by lower rate. Net written premiums for International increased $3242 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, net written premiums increased $2633 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024 driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.

Core income increased $911 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024 primarily driven by alower ~~favorable~~catastrophe ~~impact~~losses ~~from changes in foreign currency exchange rates~~ and higher net investment income.

The combined ratio of 9291.8% ~~increased~~improved 04.93 points for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024 ~~largely~~ due to a 03.84 point ~~increase~~improvement in the loss ratio and a 0.9 point improvement in the expense ratio. The ~~increase~~improvement in the loss ratio was primarily driven by lower catastrophe losses, partially offset by no net prior year loss reserve development recorded in the current year period compared with $3 2 million of favorable net prior year loss reserve development in the same period in 2024, and an increase in the underlying loss ratio~~, partially offset by lower catastrophe losses~~. Catastrophe losses were $52 million, or 10.46 points of the loss ratio, for the three months ended ~~June~~September 30, 2025, as compared with $6 16 million, or 25.01 points of the loss ratio, for the three months ended ~~June~~September 30, 2024. The improvement in the expense ratio was ~~generally~~primarily ~~consistent~~driven ~~with~~by ~~the~~higher ~~same~~net ~~period~~earned ~~in 2024~~premiums.

Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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~~Six~~Nine Month Comparison

Gross written premiums for International increased $1936 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, gross written premiums increased $2838 million driven by higher new business and retention partially offset by lower rate. Net written premiums for International increased $3880 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024. Excluding the effect of foreign currency exchange rates, net written premiums increased $4577 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024 driven by a true-up due to a reduction in anticipated reinsurance costs for prior treaty terms in the third quarter of 2025. The increase in net earned premiums was consistent with the trend in net written premiums in recent quarters.

Core income increased $920 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024 primarily driven by higher net investment income, lower catastrophe losses and a favorable impact from changes in foreign currency exchange rates ~~and higher net investment income~~.

The combined ratio of 9493.02% ~~increased~~improved 10.45 points for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024 due to a 10.43 point ~~increase~~improvement in the loss ratio and a 0.2 point improvement in the expense ratio. The ~~increase~~improvement in the loss ratio was primarily driven by ~~higher~~lower catastrophe losses, ~~and~~partially offset by no net prior year loss reserve development recorded in the current year period compared with $35 million of favorable net prior year loss reserve development in the same period in 2024. Catastrophe losses were $1618 million, or 21.58 points of the loss ratio, for the ~~six~~nine months ended ~~June~~September 30, 2025, as compared with $12 28 million, or 23.0 points of the loss ratio, for the ~~six~~nine months ended ~~June~~September 30, 2024. The improvement in the expense ratio was ~~consistent~~primarily ~~with~~driven ~~the~~by ~~same~~higher ~~period~~net inearned ~~2024~~premiums.

Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

The following table summarizes the gross and net carried reserves for International.

(In millions)	~~June~~September 30, 2025		December 31, 2024
Gross case reserves	$	~~968~~967	$	876
Gross IBNR reserves	2,~~288~~348		2,044
Total gross carried claim and claim adjustment expense reserves	$	3,~~256~~315	$	2,920
Net case reserves	$	~~834~~839	$	741
Net IBNR reserves	1,~~932~~964		1,675
Total net carried claim and claim adjustment expense reserves	$	2,~~766~~803	$	2,416

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Life & Group

The following table summarizes the results of operations for Life & Group.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Net earned premiums	$	106	$	~~109~~110	$	~~212~~318	$	~~219~~329
Claims, benefits and expenses	~~345~~365		~~355~~367		~~675~~1,040		~~696~~1,063
Net investment income	~~235~~226		~~239~~240		~~461~~687		~~470~~710
Core income (loss)	1		(1)		7		4
Core loss	(22)		(9)		(15)		(5)

Three Month Comparison

~~Results~~Core loss increased $13 million for the three months ended ~~June~~September 30, 2025 ~~was~~as ~~generally~~compared ~~consistent~~ with the same period in 2024, ~~reflecting~~primarily ~~favorable~~due ~~persistency,~~to ~~partially offset by~~ lower net investment income from limited partnerships. Both periods include assumption updates as a result of the annual reserve reviews.

~~Six~~The ~~Month~~cash ~~Comparison~~flow assumption updates from the annual reserve review for the three months ended September 30, 2025 and 2024 resulted in a pretax increase in long-term care reserves of $7 million and $15 million.

~~Results~~The annual structured settlement reserve review resulted in a pretax increase in claim reserves of $2 million for the ~~six~~three months ended ~~June~~September 30, 2025 ~~were~~and ~~generally~~a ~~consistent~~reduction ~~with~~in claim reserves of $9 million for the three ~~month~~months ~~summary~~ended ~~above~~September 30, 2024.

Nine Month Comparison

Results for the nine months ended September 30, 2025 were generally consistent with the three month summary above.

Future Policy Benefit Reserves

Annually in the third quarter, an actuarial analysis is performed on policyholder morbidity, persistency, premium rate actions and expense experience. This analysis, combined with judgment, informs the setting of updated cash flow assumptions used to estimate the liability for future policyholder benefits (LFPB). See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2024 for further information on the long-term care reserving process.

The table below summarizes the estimated pretax impact on our results of operations from various hypothetical revisions to our LFPB reserve assumptions. We have assumed that revisions to such assumptions would occur in each policy type, age and duration within each long-term care product. The impact of each sensitivity is discrete and does not reflect the impact one factor may have on another or the mitigating impact from management actions, which may include additional future premium rate increases. Although such hypothetical revisions are not currently required or anticipated, we believe they could occur based on past variances in experience and our expectations of the ranges of future experience that could reasonably occur. Any actual adjustment would be dependent on the specific policies affected and, therefore, may differ from the estimates summarized below. The estimated impacts to results of operations in the table below are after consideration of any net premium ratio impacts.

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September 30, 2025
	Estimated reduction to pretax income
Hypothetical revisions (In millions)
Morbidity:
2.5% increase in morbidity	$	300
5% increase in morbidity	620
Persistency:
5% decrease in active life mortality and lapse	$	180
10% decrease in active life mortality and lapse	350
Premium Rate Actions:
25% decrease in anticipated future premium rate increases	$	30
50% decrease in anticipated future premium rate increases	50

The following table summarizes policyholder reserves for Life & Group.


September 30, 2025
(In millions)	Claim and claim adjustment expenses		Future policy benefits		Total
Long term care	$	—	$	13,546	$	13,546
Structured settlements and other	538		—		538
Total	538		13,546		14,084

Ceded reserves	77		—		77
Total gross reserves	$	615	$	13,546	$	14,161


December 31, 2024
(In millions)	Claim and claim adjustment expenses		Future policy benefits		Total
Long term care	$	—	$	13,158	$	13,158
Structured settlements and other	541		—		541
Total	541		13,158		13,699

Ceded reserves	81		—		81
Total gross reserves	$	622	$	13,158	$	13,780

As part of the annual reserve review, statutory long-term care reserve adequacy is evaluated via premium deficiency testing, by comparing carried statutory reserves with our best estimate reserves, which incorporates best estimate discount rate and liability assumptions in its determination. Statutory margin is the excess of carried reserves over best estimate reserves. As of September 30, 2025, statutory long term care margin increased to $1.5 billion from $1.4 billion.

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Corporate & Other

The following table summarizes the results of operations for the Corporate & Other segment, including intersegment eliminations.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Net investment income	$	1316	$	1814	$	2945	$	3953
Insurance claims and policyholders' benefits	~~108~~(10)		2716		~~117~~107		1935
Interest expense	3136		3532		6399		69101
Core loss	(~~114~~25)		(5344)		(~~150~~175)		(75119)

Three Month Comparison

Core loss ~~increased~~improved $6119 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024. The ~~increase~~improvement was primarily due to anno ~~$88 million after-tax charge related to unfavorable~~ net prior year loss reserve development ~~associated~~in ~~with~~the ~~legacy~~current ~~mass~~year ~~tort abuse reserves~~ as compared with a $2817 million after-tax charge in the prior year period, asrelated ato ~~result~~unfavorable ofprior ~~our annual comprehensive review of legacy mass tort exposures undertaken in the second quarter of each~~ year~~. The~~ ~~current~~loss ~~quarter~~reserve development ~~charge~~largely ~~included~~associated ~~certain amounts in anticipation of the agreement in principle~~ with ~~regards~~legacy tomass ~~the~~tort ~~Diocese~~abuse ~~of Rochester~~reserves. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

~~Six~~Nine Month Comparison

Core loss increased $7556 million for ~~six~~the nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024 primarily due to a $106 million after-tax charge related to unfavorable net prior year loss reserve development associated with legacy mass tort abuse reserves as compared with a $2845 million after-tax charge in the prior year period. Further information on net prior year loss reserve development is in Note E to the Condensed Consolidated Financial Statements included under Part I, Item 1.

The following table summarizes the gross and net carried reserves for Corporate & Other.

(In millions)	~~June~~September 30, 2025		December 31, 2024
Gross case reserves	$	1,~~264~~225	$	1,241
Gross IBNR reserves	1,~~480~~448		1,431
Total gross carried claim and claim adjustment expense reserves	$	2,~~744~~673	$	2,672
Net case reserves	$	~~123~~119	$	120
Net IBNR reserves	~~381~~368		268
Total net carried claim and claim adjustment expense reserves	$	~~504~~487	$	388

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INVESTMENTS

Net Investment Income

The significant components of Net investment income are presented in the following table. Fixed income securities, as presented, include both fixed maturity securities and non-redeemable preferred stock.

Periods ended June 30	Three Months						Six Months
Periods ended September 30	Three Months						Nine Months
(In millions)	2025			2024			2025			2024
Fixed income securities:
Taxable fixed income securities	$	~~508~~506		$	~~484~~490		$	1,~~004~~510		$	~~956~~1,446
Tax-exempt fixed income securities	3644			3635			70114			74109
Total fixed income securities	~~544~~550			~~520~~525			1,~~074~~624			1,~~030~~555
Limited partnership and common stock investments	~~100~~71			7880			~~154~~225			~~146~~226
Other, net of investment expense	1817			2021			3855			5172
Net investment income	$	~~662~~638		$	~~618~~626		$	1,~~266~~904		$	1,~~227~~853
Effective income yield for the fixed income securities portfolio	4.98		%	4.8		%	4.8		%	4.8		%
Limited partnership and common stock return	3.6		%	3.1		%	5.7		%	6.1		%
Limited partnership and common stock return for the period	2.5		%	3.1		%	8.3		%	9.4		%

Net investment income increased $4412 million and $3951 million for the three and ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same periods in 2024 driven by higher income from fixed income securities as a result of a larger invested asset base and favorable reinvestment rates~~, as well as favorable limited partnership and common stock returns~~.

Net Investment (Losses) Gains

The components of Net investment (losses) gains are presented in the following table.

Periods ended June 30	Three Months				Six Months
Periods ended September 30	Three Months				Nine Months
(In millions)	2025		2024		2025		2024
Fixed maturity securities:
Corporate bonds and other	$	(406)	$	(417)	$	(4955)	$	(2138)
States, municipalities and political subdivisions	—1		(21)		~~(1)~~—		(23)
Asset-backed	(85)		(64)		(712)		(2125)
Total fixed maturity securities	(4810)		(1222)		(5767)		(4466)
Non-redeemable preferred stock	64		113		610		1225
Derivatives, short-term and other	(1)		(1)		1—		—(1)
Mortgage loans	~~(5)~~—		—		(5)		—
Net investment losses	(467)		(10)		(5562)		(3242)
Income tax benefit on net investment losses	101		13		1213		69
Net investment losses, after tax	$	(366)	$	(97)	$	(4349)	$	(2633)

Pretax net investment losses ~~increased~~improved $363 million for the three months ended ~~June~~September 30, 2025 as compared with the same period in 2024 ~~driven by higher net losses on disposals of fixed maturity securities and higher impairment losses, partially offset by the favorable change in fair value of non-redeemable preferred stock~~.

Pretax net investment losses increased $2320 million for the ~~six~~nine months ended ~~June~~September 30, 2025 as compared with the same period in 2024 driven by ~~higher net losses on disposals of fixed maturity securities and~~ a lower favorable change in the fair value of non-redeemable preferred stock and higher net losses on disposals of fixed maturity securities, partially offset by lower impairment losses.

Further information on our investment gains and losses is set forth in Note C to the Condensed Consolidated Financial Statements included under Part I, Item 1.

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Portfolio Quality

The following table presents the estimated fair value and net unrealized gains (losses) of our fixed maturity securities by rating distribution.

	June 30, 2025				December 31, 2024
	September 30, 2025				December 31, 2024
(In millions)	Estimated Fair Value		Net Unrealized Gains ( Losses)		Estimated Fair Value		Net Unrealized Gains ( Losses)
U.S. Government, Government agencies and Government-sponsored enterprises	$	3,~~124~~261	$	(~~306~~251)	$	2,936	$	(369)
AAA	34,~~410~~128		(~~206~~136)		3,010		(217)
AA	6,~~698~~883		(~~585~~438)		6,369		(567)
A	1011,~~873~~162		(~~266~~121)		10,260		(379)
BBB	16,~~992~~510		(~~452~~178)		16,757		(729)
Non-investment grade	1,~~702~~758		(6137)		1,779		(64)
Total	$	4243,~~799~~702	$	(1,~~876~~161)	$	41,111	$	(2,325)

As of ~~June~~September 30, 2025 and December 31, 2024, 1% of our fixed maturity portfolio was rated internally. Additionally, as of ~~June~~September 30, 2025 and December 31, 2024, we assigned a AAA rating to $~~287~~ 653 million and $199 million of municipal bonds that were either pre-refunded or backed by mortgage loans guaranteed by a U.S. government agency or sponsored enterprise.

The following table presents available-for-sale fixed maturity securities in a gross unrealized loss position by ratings distribution.

	June 30, 2025
	September 30, 2025
(In millions)	Estimated Fair Value		Gross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises	$	21,~~086~~959	$	~~322~~281
AAA	1,~~608~~367		~~280~~248
AA	43,~~234~~765		~~735~~633
A	5,~~901~~049		~~523~~436
BBB	97,~~531~~846		~~787~~627
Non-investment grade	~~677~~705		9270
Total	$	2420,~~037~~691	$	2,~~739~~295

The following table presents the maturity profile for these available-for-sale fixed maturity securities. Securities not due to mature on a single date are allocated based on weighted average life.

	June 30, 2025
	September 30, 2025
(In millions)	Estimated Fair Value		Gross Unrealized Losses
Due in one year or less	$	~~1,198~~799	$	2214
Due after one year through five years	65,~~796~~977		~~346~~281
Due after five years through ten years	5,~~990~~478		~~683~~594
Due after ten years	108,~~053~~437		1,~~688~~406
Total	$	2420,~~037~~691	$	2,~~739~~295

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Duration

A primary objective in the management of the investment portfolio is to optimize return relative to the corresponding liabilities and respective liquidity needs. Our views on the current interest rate environment, tax regulations, asset class valuations, specific security issuer and broader industry segment conditions as well as domestic and global economic conditions, are some of the factors that enter into an investment decision. We also continually monitor exposure to issuers of securities held and broader industry sector exposures and may from time to time adjust such exposures based on our views of a specific issuer or industry sector.

A further consideration in the management of the investment portfolio is the characteristics of the corresponding liabilities and the ability to align the duration of the portfolio to those liabilities and to meet future liquidity needs, minimize interest rate risk and maintain a level of income sufficient to support the underlying insurance liabilities. For portfolios where future liability cash flows are determinable and typically long term in nature, we segregate investments for asset/liability management purposes. The segregated investments support the long-term care and structured settlement liabilities in the Life & Group segment.

The effective durations of fixed income securities and short-term investments are presented in the following table. Amounts presented are net of payable and receivable amounts for securities purchased and sold, but not yet settled.

	June 30, 2025			December 31, 2024
	September 30, 2025			December 31, 2024
(In millions)	Estimated Fair Value		EffectiveDuration(In years)	Estimated Fair Value		EffectiveDuration(In years)
Life & Group	$	15,~~338~~679	9.8	$	14,915	9.8
Property & Casualty and Corporate & Other	2930,~~472~~754		4.56	28,779		4.3
Total	$	4446,~~810~~433	6.3	$	43,694	6.2

The investment portfolio is periodically analyzed for changes in duration and related price risk. Certain securities have duration characteristics that are variable based on market interest rates, credit spreads and other factors that may drive variability in the amount and timing of cash flows. Additionally, we periodically review the sensitivity of the portfolio to the level of foreign exchange rates and other factors that contribute to market price changes. A summary of these risks and specific analysis on changes is included in the Quantitative and Qualitative Disclosures About Market Risk included under Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024.

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LIQUIDITY AND CAPITAL RESOURCES

Cash Flows

Our primary operating cash flow sources are premiums and investment income. Our primary operating cash flow uses are payments for claims, policy benefits and operating expenses, including interest expense on corporate debt. Additionally, cash may be paid or received for income taxes.

For the ~~six~~nine months ended ~~June~~September 30, 2025, net cash provided by operating activities was $1,~~200~~920 million as compared with $1,~~120~~868 million for the same period in 2024. The increase in cash provided by operating activities was driven by an increase in premiums collected and higher cash from investment earnings, partially offset by an increase in net claim payments and higher operating expenses.

Cash flows from investing activities include the purchase and disposition of financial instruments, excluding those held as trading, and may include the purchase and sale of businesses, equipment and other assets not generally held for resale.

For the ~~six~~nine months ended ~~June~~September 30, 2025, net cash used by investing activities was $~~471~~1,446 million as compared with $~~209~~762 million for the same period in 2024. Net cash provided or used by investing activities is primarily driven by cash available from operations and by other factors, such as financing activities.

Cash flows from financing activities may include proceeds from the issuance of debt and equity securities, and outflows for stockholder dividends, repayment of debt and purchases of our common stock.

For the ~~six~~nine months ended ~~June~~September 30, 2025, net cash used by financing activities was $~~847~~478 million as compared with $~~878~~998 million for the same period in 2024. Financing activities for the periods presented include:

•During the ~~six~~nine months ended ~~June~~September 30, 2025, we paid dividends of $~~798~~922 million and repurchased 700,000 shares of our common stock at an aggregate cost of $34 million.

•~~During~~In the ~~six~~third ~~months~~quarter ~~ended~~of ~~June 30~~2025, ~~2024,~~ we ~~paid~~issued ~~dividends of~~ $~~786~~ 500 million ~~and repurchased 450,000 shares~~ of ~~common~~5.20% ~~stock~~notes atdue anAugust ~~aggregate~~15, ~~cost of $20 million~~2035.

•During the nine months ended September 30, 2024, we paid dividends of $906 million and repurchased 450,000 shares of common stock at an aggregate cost of $20 million.

•In the second quarter of 2024, we repaid the $550 million outstanding aggregate principal balance of our 3.95% senior notes which came due May 15, 2024.

•In the first quarter of 2024, we issued $500 million of 5.125% notes due February 15, 2034.

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Common Stock Dividends

Cash dividends of $23.9238 per share on our common stock, including a special cash dividend of $2.00 per share, were declared and paid during the ~~six~~nine months ended ~~June~~September 30, 2025. On ~~August~~October 131, 2025, our Board of Directors declared a quarterly cash dividend of $0.46 per share, payable ~~September~~December 4, 2025 to stockholders of record on ~~August~~November 1817, 2025. The declaration and payment of future dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend on many factors, including our earnings, financial condition, business needs and regulatory constraints.

Liquidity

We believe that our present cash flows from operating, investing and financing activities are sufficient to fund our current and expected working capital and debt obligation needs and we do not expect this to change in the near term. There are currently no amounts outstanding under our $250 million senior unsecured revolving credit facility and no borrowings outstanding through our membership in the Federal Home Loan Bank of Chicago (FHLBC).

Dividends from Continental Casualty Company (CCC) are subject to the insurance holding company laws of the State of Illinois, the domiciliary state of CCC. Under these laws, ordinary dividends, or dividends that do not require prior approval by the Illinois Department of Insurance, are determined based on the greater of the prior year's statutory net income or 10% of statutory surplus as of the end of the prior year, as well as timing and amount of dividends paid in the preceding twelve months. Additionally, ordinary dividends may only be paid from earned surplus, which is calculated by removing unrealized gains from unassigned surplus. As of ~~June~~September 30, 2025 CCC was in a positive earned surplus position. CCC paid dividends of $~~610~~755 million and $~~490~~635 million to CNAF during the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024. The actual level of dividends paid in any year is determined after an assessment of available dividend capacity, holding company liquidity and cash needs as well as the impact the dividends will have on the statutory surplus of the applicable insurance company.

We have an effective shelf registration statement on file with the Securities and Exchange Commission under which we may publicly issue an unspecified amount of debt, equity or hybrid securities from time to time.

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ACCOUNTING STANDARDS UPDATE

For a discussion of Accounting Standards, see Note A to the Condensed Consolidated Financial Statements included under Part I, Item 1.

RECENT LEGISLATION

On July 4, 2025, H.R. 1, “An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14,” commonly referred to as the One Big Beautiful Bill Act (OBBBA), was enacted. The OBBBA includes significant federal tax law changes which, among other impacts, modify and make permanent certain business tax provisions originally enacted in the 2017 Tax Cuts and Jobs Act. The provisions of the OBBBA have not had a material impact on our results of operations or financial condition. The OBBBA is subject to further clarification from the issuance of future technical guidance by the U.S. Department of Treasury. ~~We are currently evaluating the impacts of the OBBBA but do not expect it to have a material impact on our results of operations or financial condition.~~

FORWARD-LOOKING STATEMENTS

This report contains a number of forward-looking statements which relate to anticipated future events 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 in this report include any and all statements regarding expected developments in our insurance business, including losses and loss reserves (note that loss reserves for long-term care, A&EP and other mass tort claims are more uncertain, and therefore more difficult to estimate than loss reserves respecting traditional property and casualty exposures); the impact of routine ongoing insurance reserve reviews we conduct; our expectations concerning our revenues, earnings, expenses and investment activities; volatility in investment returns; and our proposed actions in response to trends in our business. 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 in the forward-looking statements. We cannot control many of these risks and uncertainties. These risks and uncertainties include, but are not limited to, the following as well as those risks contained in the Risk Factors section of our 2024 Annual Report on Form 10-K:

Company-Specific Factors

•the risks and uncertainties associated with our insurance reserves, as outlined in the Critical Accounting Estimates sections of our 2024 Annual Report on Form 10-K and this report, and the Reserves - Estimates and Uncertainties section of our 2024 Annual Report on Form 10-K, including the sufficiency of the reserves and the possibility of future increases, which would be reflected in the results of operations in the period that the need for such adjustment is determined;

•the risk that the other parties to the transactions in which, subject to certain limitations, we ceded our legacy A&EP and excess workers' compensation (EWC) liabilities, respectively, will not fully perform their respective obligations to CNA, the uncertainty in estimating loss reserves for A&EP and EWC liabilities and the possible continued exposure of CNA to liabilities for A&EP and EWC claims that are not covered under the terms of the respective transactions; and

•the performance of reinsurance companies under reinsurance contracts with us.

Industry and General Market Factors

•general economic and business conditions, including potential recessionary conditions that may decrease the size and number of our insurance customers and create losses in our lines of business, and inflationary pressures on medical care costs, construction costs and other economic sectors;

•the effect of changes in tariffs, as well as significant uncertainty surrounding U.S. tariff policy generally, may adversely impact the economic environment, inflation expectations and certain loss costs (that would increase the cost of claims) and may result in decreases in the size and number of our insurance customers, in addition to potentially adversely affecting the performance of our investments;

•the effects of social inflation, including frequency of nuclear verdicts and increased litigation activity, on the severity of claims;

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•the effects on the frequency of claims of reviver statutes that extend, or eliminate, the statute of limitations for the reporting of claims, including statutes passed in certain states with respect to sexual abuse;

•the impact of competitive products, policies and pricing and the competitive environment in which we operate, including changes in our book of business;

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•product and policy availability and demand and market responses, including the level of ability to obtain rate increases;

•the COVID-19 pandemic, other potential pandemics and related measures to mitigate the spread of the foregoing may continue to result in increased claims and related litigation risk across our enterprise;

•conditions in the capital and credit markets, including uncertainty and instability in these markets, as well as the overall economy, and their impact on the returns, types, liquidity and valuation of our investments;

•conditions in the capital and credit markets that may limit our ability to raise significant amounts of capital on favorable terms or at all; and

•the possibility of changes in our ratings by ratings agencies, including the inability to access certain markets or distribution channels and the required collateralization of future payment obligations as a result of such changes, and changes in rating agency policies and practices.

Regulatory, Legal and Operational Factors

•regulatory and legal initiatives and compliance with governmental regulations and other legal requirements, which are increasing in complexity and number, change frequently, sometimes conflict, and could expose us to significant monetary damages, regulatory enforcement actions, fines and/or criminal prosecution in one or more jurisdictions, including regulations related to cybersecurity protocols (which continue to evolve in breadth, sophistication and maturity in response to an ever-evolving threat landscape) or utilization of artificial intelligence, legal inquiries by state authorities, judicial interpretations within the regulatory framework, including interpretation of policy provisions, decisions regarding coverage and theories of liability, legislative actions that increase claimant activity, including those revising applicability of statutes of limitations, trends in litigation and the outcome of any litigation involving us and rulings and changes in tax laws and regulations;

•regulatory limitations, impositions and restrictions upon us, including with respect to our ability to increase premium rates, and the effects of assessments and other surcharges for guaranty funds and second-injury funds, other mandatory pooling arrangements and future assessments levied on insurance companies;

•regulatory limitations and restrictions, including limitations upon our ability to receive dividends from our insurance subsidiaries, imposed by regulatory authorities, including regulatory capital adequacy standards;

•breaches of our or our vendors' data security infrastructure resulting in unauthorized access to systems and information, and/or interruption of operations; and

•regulatory and legal implications relating to the sophisticated cyber incident sustained by the Company in March 2021, or any future cyber incidents, that may arise.

Impact of Natural and Man-Made Disasters and Mass Tort Claims

•weather and other natural physical events, including the severity and frequency of storms, hail, snowfall and other winter conditions, natural disasters such as hurricanes, tornados and earthquakes, as well as climate change, including effects on global weather patterns, greenhouse gases, sea, land and air temperatures, sea levels, wildfires, rain, hail and snow;

•regulatory requirements imposed by coastal state regulators in the wake of hurricanes or other natural disasters, including limitations on the ability to exit markets or to non-renew, cancel or change terms and conditions in policies, as well as mandatory assessments to fund any shortfalls arising from the inability of quasi-governmental insurers to pay claims;

•man-made disasters, including the possible occurrence of terrorist attacks, the unpredictability of the nature, targets, severity or frequency of such events, and the effect of the absence or insufficiency of applicable terrorism legislation on coverages;

•the occurrence of epidemics and pandemics; and

•mass tort claims, including those related to exposure to potentially harmful products or substances such as glyphosate, lead paint, per- and polyfluoroalkyl substances (PFAS) and opioids, sexual abuse and molestation claims and claims arising from changes that repeal or weaken tort reforms.

Our forward-looking statements speak only as of the date of the filing of this Quarterly Report on Form 10-Q and we do not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date of the statement, even if our expectations or any related events or circumstances change.

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Item 3. Quantitative and Qualitative Disclosures About Market Risk

There were no material changes in our market risk components for the three months ended ~~June~~September 30, 2025. See the Quantitative and Qualitative Disclosures About Market Risk included in Item 7A of our Annual Report on Form 10-K for the year ended December 31, 2024 for further information. Additional information related to portfolio duration is discussed in the Investments section of our Management's Discussion and Analysis of Financial Condition and Results of Operations included in Part I, Item 2.

Item 4. Controls and Procedures

The Company maintains a system of disclosure controls and procedures which are designed to ensure that information required to be disclosed by the Company in reports that it files or submits to the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), including this report, is recorded, processed, summarized and reported on a timely basis. These disclosure controls and procedures include controls and procedures designed to ensure that information required to be disclosed under the Exchange Act is accumulated and communicated to the Company's management on a timely basis to allow decisions regarding required disclosure.

As of ~~June~~September 30, 2025, the Company's management, including the Company's Chief Executive Officer (CEO) and Chief Financial Officer (CFO), conducted an evaluation of the effectiveness of the Company's disclosure controls and procedures (as such term is defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on this evaluation, the CEO and CFO have concluded that the Company's disclosure controls and procedures are effective as of ~~June~~September 30, 2025.

There has been no change in the Company’s internal control over financial reporting (as defined in Rules 13a-15 (f) and 15d-15(f) under the Exchange Act) during the quarter ended ~~June~~September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.

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PART II. Other Information

Item 1. Legal Proceedings

Information on our legal proceedings is set forth in Note G to the Condensed Consolidated Financial Statements included under Part I, Item 1.

Item 6. Exhibits

See Exhibit Index.

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		CNA Financial Corporation
Dated: August 4, 2025	By	/s/ Scott R. Lindquist
Dated: November 3, 2025	By	/s/ Scott R. Lindquist
		Scott R. LindquistExecutive Vice President andChief Financial Officer(Duly authorized officer and principal financial officer)

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EXHIBIT INDEX

Description of Exhibit			Exhibit Number
Amended and Restated Investment Facilities and Services Agreement, dated July 1, 2025, by and among Loews/CNA Holdings, Inc., CNA Financial Corporation and the Participating Subsidiaries			10.1
General Release & Separation Agreement, dated July 3, 2025 between CNA Financial Corporation and Susan A. Stone			10.2
Certification of Chief Executive Officer			31.1
Certification of Chief Financial Officer			31.2
Written Statement of the Chief Executive Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002)			32.1
Written Statement of the Chief Financial Officer of CNA Financial Corporation Pursuant to 18 U.S.C. Section 1350 (As adopted by Section 906 of the Sarbanes-Oxley Act of 2002)			32.2
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document			101.INS
Inline XBRL Taxonomy Extension Schema			101.SCH
Inline XBRL Taxonomy Extension Calculation Linkbase			101.CAL
Inline XBRL Taxonomy Extension Definition Linkbase			101.DEF
Inline XBRL Taxonomy Label Linkbase			101.LAB
Inline XBRL Taxonomy Extension Presentation Linkbase			101.PRE
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)			104.1

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