$CNA

CNA FINANCIAL CORP

CIK:0000021175|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Net earned premiums	$ 2,759	$ 2,694	$ 5,460	$ 5,320
Net investment income	701	662	1,311	1,266
Net investment losses	(5)	(46)	(23)	(55)
Non-insurance warranty revenue	367	398	741	795
Other revenues	7	9	17	18
Total revenues	3,829	3,717	7,506	7,344
Claims, Benefits and Expenses
Insurance claims and policyholders’ benefits (re-measurement loss of $25, $15, $44 and $23)	2,169	2,085	4,344	4,112
Amortization of deferred acquisition costs	481	469	957	940
Non-insurance warranty expense	356	384	712	769
Other operating expenses	385	368	755	731
Interest expense	33	31	66	63
Total claims, benefits and expenses	3,424	3,337	6,834	6,615
Income before income tax	405	380	672	729
Income tax expense	(84)	(81)	(140)	(156)
Net income	$ 321	$ 299	$ 532	$ 573
Basic earnings per share
Basic earnings per share (in usd per share)	$ 1.18	$ 1.10	$ 1.96	$ 2.11
Diluted earnings per share
Diluted earnings per share (in usd per share)	$ 1.18	$ 1.10	$ 1.95	$ 2.10
Weighted Average Outstanding Common Stock and Common Stock Equivalents
Basic (in shares)	270.9	271.1	271.0	271.2
Diluted (in shares)	271.7	272.2	272.0	272.4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net income	$ 532	$ 573
Adjustments to reconcile net income to net cash flows provided by operating activities:
Deferred income tax expense	17	28
Trading portfolio activity	(2)	(11)
Net investment losses	23	55
Equity method investees	(29)	(18)
Net amortization of investments	(109)	(96)
Depreciation and amortization	40	35
Changes in:
Receivables, net	(601)	(669)
Accrued investment income	(8)	(7)
Deferred acquisition costs	(43)	(49)
Insurance reserves	1,442	1,414
Other, net	(220)	(55)
Net cash flows provided by operating activities	1,042	1,200
Dispositions:
Fixed maturity securities - sales	1,573	1,497
Fixed maturity securities - maturities, calls and redemptions	1,633	1,613
Equity securities	312	261
Limited partnerships	101	51
Mortgage loans	53	37
Purchases:
Fixed maturity securities	(3,997)	(3,756)
Equity securities	(322)	(296)
Limited partnerships	(174)	(192)
Mortgage loans	(11)	(62)
Change in other investments	(13)	4
Change in short-term investments	621	422
Purchases of property and equipment	(33)	(42)
Other, net	2	(8)
Net cash flows used by investing activities	(255)	(471)
Cash Flows from Financing Activities
Dividends paid to common stockholders	(812)	(798)
Purchase of treasury stock	(36)	(34)
Other, net	(19)	(15)
Net cash flows used by financing activities	(867)	(847)
Effect of foreign exchange rate changes on cash	(6)	19
Net change in cash	(86)	(99)
Cash, beginning of year	425	472
Cash, end of period	$ 339	$ 373

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Investments:
Fixed maturity securities at fair value (amortized cost of $45,458 and $44,668, less allowance for credit loss of $63 and $69)	$ 43,882	$ 43,402
Equity securities at fair value (cost of $760 and $728)	793	769
Limited partnership investments	2,904	2,772
Other invested assets	119	105
Mortgage loans (less allowance for credit loss of $15 and $15)	1,037	1,079
Short-term investments	1,721	2,320
Total investments	50,456	50,447
Cash	339	425
Reinsurance receivables (less allowance for uncollectible receivables of $27 and $27)	6,497	6,381
Insurance receivables (less allowance for uncollectible receivables of $25 and $25)	4,199	3,739
Accrued investment income	487	480
Deferred acquisition costs	1,026	986
Deferred income taxes	576	575
Property and equipment at cost (less accumulated depreciation of $339 and $346)	291	282
Goodwill	147	148
Deferred non-insurance warranty acquisition expense	2,981	3,220
Other assets	2,875	2,760
Total assets	69,874	69,443
Insurance reserves:
Claim and claim adjustment expenses	27,490	26,599
Unearned premiums	8,035	7,635
Future policy benefits	13,262	13,448
Long-term debt	2,973	2,971
Deferred non-insurance warranty revenue	3,798	4,138
Other liabilities (includes $54 and $54 due to Loews Corporation)	3,130	3,031
Total liabilities	58,688	57,822
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; 270,598,685 and 270,671,747 shares outstanding)	683	683
Additional paid-in capital	2,199	2,229
Retained earnings	9,637	9,915
Accumulated other comprehensive loss	(1,216)	(1,098)
Treasury stock (2,441,558 and 2,368,496 shares), at cost	(117)	(108)
Total stockholders’ equity	11,186	11,621
Total liabilities and stockholders' equity	$ 69,874	$ 69,443