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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 30, 2026.

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, 2025, 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 30, 2026 and for the three and six months ended June 30, 2026 and 2025 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

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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
(In millions, except per share data)			2026						2025						2026						2025
Net income			$	321					$	299					$	532					$	573
Common Stock and Common Stock Equivalents
Basic
Weighted average shares outstanding			270.9						271.1						271.0						271.2
Diluted
Weighted average shares outstanding			270.9						271.1						271.0						271.2
Dilutive effect of stock-based awards under compensation plans			0.8						1.1						1.0						1.2
Total			271.7						272.2						272.0						272.4
Earnings per share
Basic			$	1.18					$	1.10					$	1.96					$	2.11
Diluted			$	1.18					$	1.10					$	1.95					$	2.10

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.

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

Periods ended June 30			Three Months												Six Months
(In millions)			2026						2025						2026						2025
Fixed maturity securities			$	553					$	536					$	1,096					$	1,058
Equity securities			41						27						37						33
Limited partnership investments			99						81						154						137
Mortgage loans			15						16						32						32
Short-term investments			11						14						30						33
Trading portfolio			1						3						1						4
Other			4						8						8						14
Gross investment income			724						685						1,358						1,311
Investment expense			(23)						(23)						(47)						(45)
Net investment income			$	701					$	662					$	1,311					$	1,266
Net investment income (loss) recognized due to the change in fair value of common stock held as of June 30, 2026 and 2025			$	9					$	15					$	10					$	15

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

Periods ended June 30			Three Months												Six Months
(In millions)			2026						2025						2026						2025
Net investment gains (losses):
Fixed maturity securities:
Gross gains			$	19					$	5					$	25					$	18
Gross losses			(27)						(53)						(47)						(75)
Net investment gains (losses) on fixed maturity securities			(8)						(48)						(22)						(57)
Equity securities			3						6						(1)						6
Mortgage loans			—						(5)						—						(5)
Short-term investments and other			—						1						—						1
Net investment gains (losses)			$	(5)					$	(46)					$	(23)					$	(55)
Net investment gains (losses) recognized due to the change in fair value of non-redeemable preferred stock held as of June 30, 2026 and 2025			$	2					$	6					$	(3)					$	4

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
(In millions)			2026						2025						2026						2025
Fixed maturity securities available-for-sale:
Corporate and other bonds			$	—					$	4					$	8					$	11
Asset-backed			3						5						6						5
Impairment losses (gains) recognized in earnings			$	3					$	9					$	14					$	16

There were no impairment losses recognized on mortgage loans during the three and six months ended June 30, 2026. The Company recognized $5 million of impairment losses on mortgage loans during the three and six months ended June 30, 2025 due to changes in expected credit losses.

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The following tables present a summary of fixed maturity securities.

June 30, 2026			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			$	25,722					$	513					$	964					$	16					$	25,255
States, municipalities and political subdivisions			9,257						305						727						—						8,835
Asset-backed:
Residential mortgage-backed			4,235						31						385						—						3,881
Commercial mortgage-backed			1,580						12						79						21						1,492
Other asset-backed			3,690						14						217						26						3,461
Total asset-backed			9,505						57						681						47						8,834
U.S. Treasury and obligations of government-sponsored enterprises			242						—						3						—						239
Foreign government			722						8						21						—						709
Redeemable preferred stock			8						—						—						—						8
Total fixed maturity securities available-for-sale			$	45,456					$	883					$	2,396					$	63					$	43,880
Total fixed maturity securities trading			2						—						—						—						2
Total fixed maturity securities			$	45,458					$	883					$	2,396					$	63					$	43,882

December 31, 2025			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			$	25,484					$	682					$	881					$	28					$	25,257
States, municipalities and political subdivisions			8,870						303						742						—						8,431
Asset-backed:
Residential mortgage-backed			4,011						50						366						—						3,695
Commercial mortgage-backed			1,566						18						80						21						1,483
Other asset-backed			3,729						28						194						20						3,543
Total asset-backed			9,306						96						640						41						8,721
U.S. Treasury and obligations of government-sponsored enterprises			236						1						3						—						234
Foreign government			764						7						20						—						751
Redeemable preferred stock			8						—						—						—						8
Total fixed maturity securities available-for-sale			$	44,668					$	1,089					$	2,286					$	69					$	43,402
Total fixed maturity securities trading			—						—						—						—						—
Total fixed maturity securities			$	44,668					$	1,089					$	2,286					$	69					$	43,402

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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, 2026			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			$	5,910					$	96					$	7,533					$	868					$	13,443					$	964
States, municipalities and political subdivisions			373						6						3,428						721						3,801						727
Asset-backed:
Residential mortgage-backed			601						10						1,837						375						2,438						385
Commercial mortgage-backed			167						3						785						76						952						79
Other asset-backed			647						10						1,341						207						1,988						217
Total asset-backed			1,415						23						3,963						658						5,378						681
U.S. Treasury and obligations of government-sponsored enterprises			167						2						14						1						181						3
Foreign government			210						3						223						18						433						21
Total			$	8,075					$	130					$	15,161					$	2,266					$	23,236					$	2,396

			Less than 12 Months												12 Months or Longer												Total
December 31, 2025			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			$	2,776					$	56					$	8,576					$	825					$	11,352					$	881
States, municipalities and political subdivisions			403						8						3,471						734						3,874						742
Asset-backed:
Residential mortgage-backed			154						1						2,002						365						2,156						366
Commercial mortgage-backed			36						2						887						78						923						80
Other asset-backed			420						9						1,432						185						1,852						194
Total asset-backed			610						12						4,321						628						4,931						640
U.S. Treasury and obligations of government-sponsored enterprises			78						2						18						1						96						3
Foreign government			131						1						260						19						391						20
Total			$	3,998					$	79					$	16,646					$	2,207					$	20,644					$	2,286

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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, 2026												December 31, 2025
(In millions)			Estimated Fair Value						Gross Unrealized Losses						Estimated Fair Value						Gross Unrealized Losses
U.S. Government, Government agencies and Government-sponsored enterprises			$	2,198					$	283					$	1,980					$	267
AAA			1,400						241						1,376						243
AA			4,127						630						3,827						623
A			5,854						477						5,025						440
BBB			8,741						670						7,758						639
Non-investment grade			916						95						678						74
Total			$	23,236					$	2,396					$	20,644					$	2,286

Based on current facts and circumstances, the Company believes the unrealized losses presented in the June 30, 2026 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 30, 2026.

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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 $477 million, $470 million and $451 million as of June 30, 2026, December 31, 2025 and June 30, 2025 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, 2026			$	31					$	44					$	75
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded			—						—						—
Available-for-sale securities accounted for as PCD assets			1						—						1
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)			16						—						16
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period			—						3						3
Balance as of June 30, 2026			$	16					$	47					$	63

(In millions)			Corporate and other bonds						Asset-backed						Total
Allowance for credit losses:
Balance as of April 1, 2025			$	15					$	32					$	47
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded			3						—						3
Available-for-sale securities accounted for as PCD assets			—						—						—
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)			6						—						6
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period			2						5						7
Balance as of June 30, 2025			$	14					$	37					$	51

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(In millions)			Corporate and other bonds						Asset-backed						Total
Allowance for credit losses:
Balance as of January 1, 2026			$	28					$	41					$	69
Additions to the allowance for credit losses:
Securities for which credit losses were not previously recorded			3						—						3
Available-for-sale securities accounted for as PCD assets			1						—						1
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)			16						—						16
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period			—						6						6
Balance as of June 30, 2026			$	16					$	47					$	63

(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
Available-for-sale securities accounted for as PCD assets			—						—						—
Reductions to the allowance for credit losses:
Securities disposed during the period (realized)			6						—						6
Additional increases or (decreases) to the allowance for credit losses on securities that had an allowance recorded in a previous period			4						5						9
Balance as of June 30, 2025			$	14					$	37					$	51

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Contractual Maturity

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

			June 30, 2026												December 31, 2025
(In millions)			Cost or Amortized Cost						Estimated Fair Value						Cost or Amortized Cost						Estimated Fair Value
Due in one year or less			$	1,424					$	1,418					$	1,392					$	1,389
Due after one year through five years			11,048						10,836						11,318						11,214
Due after five years through ten years			13,437						13,050						13,491						13,238
Due after ten years			19,547						18,576						18,467						17,561
Total			$	45,456					$	43,880					$	44,668					$	43,402

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.

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, 2026			Mortgage Loans Amortized Cost Basis by Origination Year (1)
(In millions)			2026						2025						2024						2023						2022						Prior						Total
DSCR ≥1.6x
LTV less than 55%			$	—					$	38					$	—					$	33					$	15					$	229					$	315
LTV 55% to 65%			—						37						—						12						12						—						61
LTV greater than 65%			—						—						—						—						—						13						13
DSCR 1.2x - 1.6x
LTV less than 55%			6						—						68						47						4						89						214
LTV 55% to 65%			—						107						33						18						52						19						229
LTV greater than 65%			5						7						—						—						15						—						27
DSCR ≤1.2x
LTV less than 55%			—						37						—						22						—						21						80
LTV 55% to 65%			—						—						—						—						45						—						45
LTV greater than 65%			—						—						—						—						22						46						68
Total			$	11					$	226					$	101					$	132					$	165					$	417					$	1,052

(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 30, 2026, accrued interest receivable on mortgage loans totaled $5 million and is excluded from the amortized cost basis disclosed in the table above and the estimate of expected credit losses.

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 30, 2026, the Company had commitments to purchase or fund approximately $1,900 million and sell approximately $40 million under the terms of these investments.

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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 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. The Company had no liabilities measured at fair value as of June 30, 2026 or December 31, 2025.

June 30, 2026																					Total
(In millions)			Level 1						Level 2						Level 3
Assets
Fixed maturity securities:
Corporate bonds and other			$	243					$	24,376					$	1,594					$	26,213
States, municipalities and political subdivisions			—						8,791						44						8,835
Asset-backed			—						7,891						943						8,834
Total fixed maturity securities			243						41,058						2,581						43,882
Equity securities:
Common stock			239						—						10						249
Non-redeemable preferred stock			34						510						—						544
Total equity securities			273						510						10						793
Short-term and other			1,503						46						—						1,549
Total assets			$	2,019					$	41,614					$	2,591					$	46,224

December 31, 2025																					Total
(In millions)			Level 1						Level 2						Level 3
Assets
Fixed maturity securities:
Corporate bonds and other			$	238					$	24,529					$	1,483					$	26,250
States, municipalities and political subdivisions			—						8,386						45						8,431
Asset-backed			—						7,723						998						8,721
Total fixed maturity securities			238						40,638						2,526						43,402
Equity securities:
Common stock			224						—						13						237
Non-redeemable preferred stock			35						497						—						532
Total equity securities			259						497						13						769
Short-term and other			2,086						51						—						2,137
Total assets			$	2,583					$	41,186					$	2,539					$	46,308

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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, 2026			$	1,514					$	44					$	955					$	12											$	2,525
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)			—						—						(3)						1												(2)
Reported in Net investment income			—						—						5						2												7
Reported in Other comprehensive income (loss)			2						—						(5)						—												(3)
Total realized and unrealized investment gains (losses)			2						—						(3)						3												2
Purchases			101						—						42						—												143
Sales			—						—						—						(5)												(5)
Settlements			(23)						—						(26)						—												(49)
Transfers into Level 3			—						—						—						—												—
Transfers out of Level 3			—						—						(25)						—												(25)
Balance as of June 30, 2026			$	1,594					$	44					$	943					$	10											$	2,591
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Net income (loss) in the period			$	—					$	—					$	—					$	—											$	—
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Other comprehensive income (loss) in the period			2						—						(5)						—												(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
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)			1						—						(4)						—												(3)
Reported in Net investment income			—						—						5						—												5
Reported in Other comprehensive income (loss)			16						—						(4)						—												12
Total realized and unrealized investment gains (losses)			17						—						(3)						—												14
Purchases			44						—						22						—												66
Sales			—						—						—						(7)												(7)
Settlements			(24)						—						(22)						—												(46)
Transfers into Level 3			—						—						—						—												—
Transfers out of Level 3			—						—						—						—												—
Balance as of June 30, 2025			$	1,388					$	44					$	886					$	10											$	2,328
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 June 30, 2025 recognized in Other comprehensive income (loss) in the period			16						—						(4)						—												12

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Level 3 (In millions)			Corporate bonds and other						States, municipalities and political subdivisions						Asset-backed						Equity securities												Total
Balance as of January 1, 2026			$	1,483					$	45					$	998					$	13											$	2,539
Total realized and unrealized investment gains (losses):
Reported in Net investment gains (losses)			(3)						—						(6)						1												(8)
Reported in Net investment income			—						—						10						1												11
Reported in Other comprehensive income (loss)			(22)						(1)						(21)						—												(44)
Total realized and unrealized investment gains (losses)			(25)						(1)						(17)						2												(41)
Purchases			164						—						82						—												246
Sales			—						—						—						(5)												(5)
Settlements			(28)						—						(46)						—												(74)
Transfers into Level 3			—						—						—						—												—
Transfers out of Level 3			—						—						(74)						—												(74)
Balance as of June 30, 2026			$	1,594					$	44					$	943					$	10											$	2,591
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Net income (loss) in the period			$	—					$	—					$	—					$	(1)											$	(1)
Unrealized gains (losses) on Level 3 assets and liabilities held as of June 30, 2026 recognized in Other comprehensive income (loss) in the period			(22)						(1)						(21)						—												(44)

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						—						(4)						2												(1)
Reported in Net investment income			—						—						9						(1)												8
Reported in Other comprehensive income (loss)			37						2						(3)						—												36
Total realized and unrealized investment gains (losses)			38						2						2						1												43
Purchases			99						—						49						—												148
Sales			—						—						—						(7)												(7)
Settlements			(42)						—						(41)						(4)												(87)
Transfers into Level 3			15						—						—						—												15
Transfers out of Level 3			—						—						—						—												—
Balance as of June 30, 2025			$	1,388					$	44					$	886					$	10											$	2,328
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 June 30, 2025 recognized in Other comprehensive income (loss) in the period			37						2						(3)						—												36

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.

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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 30, 2026 and December 31, 2025, there were $99 million of overseas deposits within Other invested assets, which, subject to regulatory minimum balance requirements, 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, 2026

Estimated Fair Value (In millions)

Valuation Technique(s)

Unobservable Input(s)

Range  (Weighted Average)

Fixed maturity securities

$

2,068

Discounted cash flow

Credit spread

1% - 11% (2%)

December 31, 2025

Estimated Fair Value (In millions)

Valuation Technique(s)

Unobservable Input(s)

Range  (Weighted Average)

Fixed maturity securities

$

1,927

Discounted cash flow

Credit spread

1% - 11% (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, 2026			Carrying Amount						Estimated Fair Value
(In millions)									Level 1						Level 2						Level 3						Total
Assets
Mortgage loans			$	1,037					$	—					$	—					$	1,020					$	1,020
Liabilities
Long-term debt			$	2,973					$	—					$	2,926					$	—					$	2,926

December 31, 2025			Carrying Amount						Estimated Fair Value
(In millions)									Level 1						Level 2						Level 3						Total
Assets
Mortgage loans			$	1,079					$	—					$	—					$	1,072					$	1,072
Liabilities
Long-term debt			$	2,971					$	—					$	2,967					$	—					$	2,967

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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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. Catastrophe-related reinstatement premiums represent additional consideration paid under certain reinsurance agreements to reinstate coverage limits that have been exhausted as a result of losses. The Company reported catastrophe losses, net of reinsurance, of $60 million and $148 million for the three and six months ended June 30, 2026 and $62 million and $159 million for the three and six months ended June 30, 2025 driven by severe weather related events. The Company also reported catastrophe-related reinsurance reinstatement premiums of $9 million for the six months ended June 30, 2026. There were no catastrophe-related reinsurance reinstatement premiums for the three months ended June 30, 2026 or the three and six months ended June 30, 2025.

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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
(In millions)			2026						2025
Reserves, beginning of year:
Gross			$	26,599					$	24,976
Ceded			5,982						5,713
Net reserves, beginning of year			20,617						19,263
Net incurred claim and claim adjustment expenses:
Provision for insured events of current year			3,534						3,309
Increase (decrease) in provision for insured events of prior years			192						189
Amortization of discount			19						20
Total net incurred (1)			3,745						3,518
Net payments attributable to:
Current year events			(345)						(316)
Prior year events			(2,499)						(2,391)
Total net payments			(2,844)						(2,707)
Foreign currency translation adjustment and other			(70)						199
Net reserves, end of period			21,448						20,273
Ceded reserves, end of period			6,042						5,930
Gross reserves, end of period			$	27,490					$	26,203

(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
(In millions)			2026						2025						2026						2025
Pretax (favorable) unfavorable development:
Specialty			$	(1)					$	—					$	44					$	10
Commercial			(5)						(4)						50						47
International			—						—						—						—
Corporate & Other			97						112						97						134
Total pretax (favorable) unfavorable development			$	91					$	108					$	191					$	191

Following the second quarter annual review of Corporate & Other reserves, including legacy mass tort exposures, unfavorable development of $97 million and $112 million was recorded within the Corporate & Other segment for the three months ended June 30, 2026 and 2025, largely associated with legacy mass tort abuse claim activity and the ongoing effects of social inflation. Unfavorable development for the three months ended June 30, 2025 also included an agreement with the Diocese of Rochester. Unfavorable development of $97 million and $134 million was recorded for the six months ended June 30, 2026 and 2025, driven by the respective second quarter changes.

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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
(In millions)			2026						2025						2026						2025
Pretax (favorable) unfavorable development:
Medical Professional Liability			$	—					$	—					$	—					$	—
Other Professional Liability and Management Liability			25						18						70						18
Surety			(26)						(22)						(26)						(22)
Warranty			—						—						—						10
Other			—						4						—						4
Total pretax (favorable) unfavorable development			$	(1)					$	—					$	44					$	10

Three Months

2026

Unfavorable development in other professional liability and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years.

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

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.

Six Months

2026

Unfavorable development in other professional and management liability was primarily due to higher than expected claim severity and frequency across multiple accident years.

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

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.

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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
(In millions)			2026						2025						2026						2025
Pretax (favorable) unfavorable development:
Commercial Auto			$	—					$	—					$	—					$	50
General Liability			56						62						111						62
Workers' Compensation			(32)						(66)						(32)						(65)
Property and Other			(29)						—						(29)						—
Total pretax (favorable) unfavorable development			$	(5)					$	(4)					$	50					$	47

Three Months

2026

Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years.

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

Favorable development in property and other was due to favorable emergence in multiple accident years.

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.

Six Months

2026

Unfavorable development in general liability was due to higher than expected claim severity and frequency in multiple accident years.

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

Favorable development in property and other was due to favorable emergence in multiple accident years.

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.

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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
(In millions)			2026						2025						2026						2025
Pretax (favorable) unfavorable development:
Commercial			$	(15)					$	(3)					$	(15)					$	(3)
Specialty			15						4						15						4
Other			—						(1)						—						(1)
Total pretax (favorable) unfavorable development			$	—					$	—					$	—					$	—

Three and Six Months

2026

Favorable development in commercial was due to better than expected loss experience in the Company's energy, middle market and marine businesses.

Unfavorable development in Specialty was due to higher than expected loss experience in the Company's medical treatment business.

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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 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 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 $24 million and $8 million for the three months ended June 30, 2026 and 2025 and $46 million and $25 million for the six months ended June 30, 2026 and 2025. As of June 30, 2026 and December 31, 2025, the cumulative amounts ceded under the LPT were $3.9 billion. The unrecognized deferred retroactive reinsurance benefit was $424 million and $470 million as of June 30, 2026 and December 31, 2025 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 $1.8 billion as of June 30, 2026. 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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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.

See Note A to the Consolidated Financial Statements within CNAF's Annual Report on Form 10-K for the year ended December 31, 2025 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)			2026						2025
			Present value of future net premiums
			Balance, January 1			$	3,363					$	3,425
Effect of changes in discount rate			(71)						(7)
Balance, January 1, at original locked in discount rate			3,292						3,418
Effect of changes in cash flow assumptions (1)			—						—
Effect of actual variances from expected experience (1)			(8)						(1)
Adjusted balance, January 1			3,284						3,417
Interest accrual			84						88
Net premiums: earned during period			(199)						(203)
Balance, end of period at original locked in discount rate			3,169						3,302
Effect of changes in discount rate			14						50
Balance, June 30			$	3,183					$	3,352
			Present value of future benefits & expenses
			Balance, January 1			$	16,811					$	16,583
Effect of changes in discount rate			173						440
Balance, January 1, at original locked in discount rate			16,984						17,023
Effect of changes in cash flow assumptions (1)			—						—
Effect of actual variances from expected experience (1)			36						22
Adjusted balance, January 1			17,020						17,045
Interest accrual			454						458
Benefit & expense payments			(573)						(574)
Balance, end of period at original locked in discount rate			16,901						16,929
Effect of changes in discount rate			(456)						(248)
Balance, June 30			$	16,445					$	16,681
			Net LFPB			$	13,262					$	13,329

(1) As of June 30, 2026 and 2025 the re-measurement gain (loss) of $(44) million and $(23) 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
(In millions)			2026						2025						2026						2025
Earned premiums			$	103					$	106					$	206					$	212
Interest accretion			185						185						370						370

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

			As of June 30
(In millions)			2026						2025
Expected future benefit and expense payments			$	30,814					$	31,141
Expected future gross premiums			4,713						4,971

Discounted expected future gross premiums at the upper-medium grade fixed income instrument yield discount rate were $3,307 million and $3,491 million as of June 30, 2026 and 2025.

The weighted average effective duration of the LFPB calculated using the original locked in discount rate was 11 years as of June 30, 2026 and 2025.

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
			2026						2025						2025
Original locked in discount rate			5.14		%				5.18		%				5.16		%
Upper-medium grade fixed income instrument discount rate			5.48						5.39						5.32

For the three and six months ended June 30, 2026, immediate charges to net income resulting from adverse development in certain cohorts where the Net Premium Ratio (NPR) exceeded 100% were $26 million and $49 million. For the three and six months ended June 30, 2025, immediate charges to net income resulting from adverse development in certain cohorts where the NPR exceeded 100% were $14 million and $28 million.

For the three and six months ended June 30, 2026, favorable reversals through net income of loss recognized in prior periods for cohorts with NPR's exceeding 100% were $5 million and $13 million. For the three and six months ended June 30, 2025, favorable reversals through net income of loss recognized in prior periods for cohorts with NPR's exceeding 100% were $5 million and $11 million.

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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 30, 2026, the potential amount of future payments the Company could be required to pay under these guarantees was approximately $1.9 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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The components of net periodic pension cost (benefit) are presented in the following table.

Periods ended June 30			Three Months												Six Months
(In millions)			2026						2025						2026						2025
Net periodic pension cost (benefit)
Interest cost on projected benefit obligation			$	9					$	9					$	17					$	18
Expected return on plan assets			(14)						(13)						(28)						(27)
Amortization of net actuarial loss (gain)			1						2						3						4
Total net periodic pension cost (benefit)			$	(4)					$	(2)					$	(8)					$	(5)

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
(In millions)			2026						2025						2026						2025
Non-service cost (benefit):
Insurance claims and policyholders' benefits			$	(1)					$	—					$	(2)					$	(1)
Other operating expenses			(3)						(2)						(6)						(4)
Total net periodic pension cost (benefit)			$	(4)					$	(2)					$	(8)					$	(5)

    

CNA sponsors a noncontributory defined benefit pension plan, the CNA Retirement Plan (the Plan), covering certain eligible employees. The plan has been closed to new entrants since 2000. In the first quarter of 2026, a subsidiary of CNAF, as sponsor of the Plan, approved the decision to pursue termination of the Plan, effective June 30, 2026. The Plan will continue to be reflected in CNA's consolidated financial statements until the termination process, including the settlement or transfer of remaining benefit obligations, has been completed, which the Company currently anticipates will be in 2028.

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Common Stock Repurchases

The Company repurchased 755,000 and 700,000 shares of CNAF common stock at an aggregate cost of $36 million and $34 million during the six months ended June 30, 2026 and 2025.

Stock-Based Compensation

The Company issued 681,938 and 483,357 shares of CNAF common stock to settle employee stock-based compensation awards under the CNAF Incentive Compensation Plan during the six months ended June 30, 2026 and 2025.

Accumulated Other Comprehensive Income (Loss)

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, 2026			$	(22)					$	(1,413)					$	(165)					$	406					$	(155)					$	(1,349)
Other comprehensive income (loss) before reclassifications			(3)						186						(2)						(34)						(22)						125
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $1, $1, $1, $—, $—, and $3			(2)						(4)						(2)						—						—						(8)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(51), $—, $9, $—, and $(42)			(1)						190						—						(34)						(22)						133
Balance as of June 30, 2026			$	(23)					$	(1,223)					$	(165)					$	372					$	(177)					$	(1,216)

(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)
Other comprehensive income (loss) before reclassifications			(5)						42						—						(3)						128						162
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $10, $1, $—, $—, and $13			(6)						(30)						(1)						—						—						(37)
Other comprehensive income (loss) net of tax (expense) benefit of $—, $(22), $(1), $—, $—, and $(23)			1						72						1						(3)						128						199
Balance as of June 30, 2025			$	(15)					$	(1,521)					$	(188)					$	236					$	(98)					$	(1,586)

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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, 2026			$	(15)					$	(988)					$	(166)					$	192					$	(121)					$	(1,098)
Other comprehensive income (loss) before reclassifications			(15)						(245)						(2)						180						(56)						(138)
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $3, $1, $—, $— and $6			(7)						(10)						(3)						—						—						(20)
Other comprehensive income (loss) net of tax (expense) benefit of $2, $64, $—, $(48), $— and $18			(8)						(235)						1						180						(56)						(118)
Balance as of June 30, 2026			$	(23)					$	(1,223)					$	(165)					$	372					$	(177)					$	(1,216)

(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			(10)						319						—						(117)						166						358
Amounts reclassified from accumulated other comprehensive income (loss) net of tax (expense) benefit of $2, $11, $1, $—, $—, and $14			(8)						(36)						(3)						—						—						(47)
Other comprehensive income (loss) net of tax (expense) benefit of $1, $(96), $(1), $31, $—, $(65)			(2)						355						3						(117)						166						405
Balance as of June 30, 2025			$	(15)					$	(1,521)					$	(188)					$	236					$	(98)					$	(1,586)

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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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, 2025. 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, 2026			Specialty						Commercial						International						Life & Group						Corporate & Other
(In millions)																																	Eliminations						Total
Operating revenues
Net earned premiums			$	878					$	1,441					$	337					$	103					$	—					$	—					$	2,759
Net investment income			171						246						44						230						10						—						701
Non-insurance warranty revenue			367						—						—						—						—						—						367
Other revenues			—						8						—						(1)						3						(3)						7
Total operating revenues			1,416						1,695						381						332						13						(3)						3,834
Claims, benefits and expenses
Net incurred claims and benefits			551						1,003						209						320						77						—						2,160
Policyholders’ dividends			3						6						—						—						—						—						9
Amortization of deferred acquisition costs			201						207						73						—						—						—						481
Non-insurance warranty expense			356						—						—						—						—						—						356
Insurance related administrative expenses			91						175						45						31						1						—						343
Interest expense			—						—						—						—						33						—						33
Other segment items (1)			15						11						—						(1)						20						(3)						42
Total claims, benefits and expenses			1,217						1,402						327						350						131						(3)						3,424
Income tax (expense) benefit on core income (loss)			(42)						(61)						(17)						8						26						—						(86)
Core income (loss)			$	157					$	232					$	37					$	(10)					$	(92)					$	—					$	324
Net investment gains (losses)																																							(5)
Income tax (expense) benefit on net investment gains (losses)																																							2
Net investment gains (losses), after tax																																							(3)
Net income (loss)																																							$	321

(1) Other 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 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, 2025			Specialty						Commercial						International						Life & Group						Corporate & Other
(In millions)																																	Eliminations						Total
Operating revenues
Net earned premiums			$	862					$	1,402					$	324					$	106					$	—					$	—					$	2,694
Net investment income			170						206						38						235						13						—						662
Non-insurance warranty revenue			398						—						—						—						—						—						398
Other revenues			(1)						10						—						—						3						(3)						9
Total operating revenues			1,429						1,618						362						341						16						(3)						3,763
Claims, benefits and expenses
Net incurred claims and benefits			519						940						195						313						108						—						2,075
Policyholders’ dividends			3						7						—						—						—						—						10
Amortization of deferred acquisition costs			195						211						63						—						—						—						469
Non-insurance warranty expense			384						—						—						—						—						—						384
Insurance related administrative expenses			92						170						43						31						1						—						337
Interest expense			—						—						—						—						31						—						31
Other segment items (1)			10						15						(10)						1						18						(3)						31
Total claims, benefits and expenses			1,203						1,343						291						345						158						(3)						3,337
Income tax (expense) benefit on core income (loss)			(49)						(57)						(18)						5						28						—						(91)
Core income (loss)			$	177					$	218					$	53					$	1					$	(114)					$	—					$	335
Net investment gains (losses)																																							(46)
Income tax (expense) benefit on net investment gains (losses)																																							10
Net investment gains (losses), after tax																																							(36)
Net income (loss)																																							$	299

(1) Other 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 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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Six months ended June 30, 2026			Specialty						Commercial						International						Life & Group						Corporate & Other
(In millions)																																	Eliminations						Total
Operating revenues
Net earned premiums			$	1,730					$	2,853					$	671					$	206					$	—					$	—					$	5,460
Net investment income			313						436						87						454						21						—						1,311
Non-insurance warranty revenue			741						—						—						—						—						—						741
Other revenues			1						17						—						(1)						6						(6)						17
Total operating revenues			2,785						3,306						758						659						27						(6)						7,529
Claims, benefits and expenses
Net incurred claims and benefits			1,137						2,079						413						634						60						—						4,323
Policyholders’ dividends			7						14						—						—						—						—						21
Amortization of deferred acquisition costs			398						413						146						—						—						—						957
Non-insurance warranty expense			712						—						—						—						—						—						712
Insurance related administrative expenses			180						346						88						60						1						—						675
Interest expense			—						—						—						—						66						—						66
Other segment items (1)			27						22						2						—						35						(6)						80
Total claims, benefits and expenses			2,461						2,874						649						694						162						(6)						6,834
Income tax (expense) benefit on core income (loss)			(68)						(88)						(35)						16						29						—						(146)
Core income (loss)			$	256					$	344					$	74					$	(19)					$	(106)					$	—					$	549
Net investment gains (losses)																																							(23)
Income tax (expense) benefit on net investment gains (losses)																																							6
Net investment gains (losses), after tax																																							(17)
Net income (loss)																																							$	532

(1) Other 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 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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June 30, 2026			Specialty						Commercial						International						Life & Group						Corporate & Other
(In millions)																																	Eliminations						Total
Reinsurance receivables			$	1,723					$	1,933					$	623					$	54					$	2,191					$	—					$	6,524
Insurance receivables			926						2,799						498						1						—						—						4,224
Deferred acquisition costs			462						412						152						—						—						—						1,026
Goodwill			117						—						30						—						—						—						147
Deferred non-insurance warranty acquisition expense			2,981						—						—						—						—						—						2,981
Insurance reserves
Claim and claim adjustment expenses			8,013						12,892						3,496						575						2,514						—						27,490
Unearned premiums			3,314						3,764						860						97						—						—						8,035
Future policy benefits			—						—						—						13,262						—						—						13,262
Deferred non-insurance warranty revenue			3,798						—						—						—						—						—						3,798

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Six months ended June 30, 2025			Specialty						Commercial						International						Life & Group						Corporate & Other
(In millions)																																	Eliminations						Total
Operating revenues
Net earned premiums			$	1,692					$	2,782					$	634					$	212					$	—					$	—					$	5,320
Net investment income			321						383						72						461						29						—						1,266
Non-insurance warranty revenue			795						—						—						—						—						—						795
Other revenues			—						18						—						—						6						(6)						18
Total operating revenues			2,808						3,183						706						673						35						(6)						7,399
Claims, benefits and expenses
Net incurred claims and benefits			1,028						1,947						387						613						117						—						4,092
Policyholders’ dividends			5						15						—						—						—						—						20
Amortization of deferred acquisition costs			384						430						126						—						—						—						940
Non-insurance warranty expense			769						—						—						—						—						—						769
Insurance related administrative expenses			180						333						83						61						1						—						658
Interest expense			—						—						—						—						63						—						63
Other segment items (1)			25						25						(11)						1						39						(6)						73
Total claims, benefits and expenses			2,391						2,750						585						675						220						(6)						6,615
Income tax (expense) benefit on core income (loss)			(90)						(91)						(31)						9						35						—						(168)
Core income (loss)			$	327					$	342					$	90					$	7					$	(150)					$	—					$	616
Net investment gains (losses)																																							(55)
Income tax (expense) benefit on net investment gains (losses)																																							12
Net investment gains (losses), after tax																																							(43)
Net income (loss)																																							$	573

(1) Other 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 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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December 31, 2025			Specialty						Commercial						International						Life & Group						Corporate & Other
(In millions)																																	Eliminations						Total
Reinsurance receivables			$	1,716					$	1,762					$	577					$	56					$	2,297					$	—					$	6,408
Insurance receivables			1,008						2,315						438						2						1						—						3,764
Deferred acquisition costs			447						391						148						—						—						—						986
Goodwill			117						—						31						—						—						—						148
Deferred non-insurance warranty acquisition expense			3,220						—						—						—						—						—						3,220
Insurance reserves
Claim and claim adjustment expenses			7,784						12,249						3,376						591						2,599						—						26,599
Unearned premiums			3,317						3,411						819						88						—						—						7,635
Future policy benefits			—						—						—						13,448						—						—						13,448
Deferred non-insurance warranty revenue			4,138						—						—						—						—						—						4,138

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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
(In millions)			2026						2025						2026						2025
Specialty
Non-catastrophe net incurred claim and claim adjustment expenses related to current year			$	551					$	519					$	1,087					$	1,018
Catastrophe losses			—						—						—						—
(Favorable) unfavorable development (1)			(1)						—						44						10
Commercial
Non-catastrophe net incurred claim and claim adjustment expenses related to current year			$	953					$	886					$	1,889					$	1,754
Catastrophe losses			53						57						137						143
(Favorable) unfavorable development (1)			(5)						(4)						50						47
International
Non-catastrophe net incurred claim and claim adjustment expenses related to current year			$	202					$	190					$	402					$	371
Catastrophe losses			7						5						11						16
(Favorable) unfavorable development (1)			—						—						—						—

(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
(In millions)			2026						2025						2026						2025
Specialty
Management & Professional Liability			$	802					$	778					$	1,563					$	1,524
Surety			208						205						399						393
Warranty & Alternative Risks			406						446						823						891
Specialty revenues			1,416						1,429						2,785						2,808
Commercial
Middle Market (1)			509						468						988						921
Construction (1)			512						514						1,013						1,020
Small Business			157						161						308						317
Other Commercial (1)			517						475						997						925
Commercial revenues			1,695						1,618						3,306						3,183
International
Canada			114						104						221						198
Europe			166						156						335						300
Hardy			101						102						202						208
International revenues			381						362						758						706
Life & Group revenues			332						341						659						673
Corporate & Other revenues			13						16						27						35
Eliminations			(3)						(3)						(6)						(6)
Total operating revenues			3,834						3,763						7,529						7,399
Net investment gains (losses)			(5)						(46)						(23)						(55)
Total revenues			$	3,829					$	3,717					$	7,506					$	7,344

(1) Effective March 31, 2026, certain Commercial lines of businesses were realigned to reflect changes in management's responsibility for those businesses. Prior period information has been conformed to the new line of business presentation.

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The Company had deferred non-insurance warranty revenue balances of $3.8 billion and $4.1 billion reported under Liabilities as of June 30, 2026 and December 31, 2025. For the three and six months ended June 30, 2026, the Company recognized $0.2 billion and $0.6 billion of revenues that were included in the deferred revenue balance as of January 1, 2026. For the three and six months ended June 30, 2025, the Company recognized $0.3 billion and $0.6 billion of revenues that were included in the deferred revenue balance as of January 1, 2025. For the three and six months ended June 30, 2026 and 2025, 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 $0.7 billion of the deferred revenue in the remainder of 2026, $1.0 billion in 2027, $0.8 billion in 2028 and $1.3 billion thereafter.

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