0000021175-19-000091.txt : 20190805 0000021175-19-000091.hdr.sgml : 20190805 20190805085923 ACCESSION NUMBER: 0000021175-19-000091 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20190805 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190805 DATE AS OF CHANGE: 20190805 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CNA FINANCIAL CORP CENTRAL INDEX KEY: 0000021175 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 366169860 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05823 FILM NUMBER: 19997673 BUSINESS ADDRESS: STREET 1: CNA STREET 2: 151 N. FRANKLIN CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3128225000 MAIL ADDRESS: STREET 1: CNA STREET 2: 151 N. FRANKLIN CITY: CHICAGO STATE: IL ZIP: 60606 8-K 1 a2019q28k.htm 8-K Document
false0000021175Common Stock, Par value $2.50"CNA" 0000021175 2019-08-05 2019-08-05 0000021175 exch:XNYS 2019-08-05 2019-08-05 0000021175 exch:XCHI 2019-08-05 2019-08-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) August 5, 2019

CNA FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
 
1-5823
 
36-6169860
(State or other jurisdiction
 
(Commission
 
(IRS Employer
of incorporation)
 
File Number)
 
Identification No.)

151 N. Franklin
Chicago, IL 60606
(Address of principal executive offices) (Zip Code)
(312) 822-5000
(Registrant's telephone number, including area code)

NOT APPLICABLE
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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
 
 
 
 
Chicago Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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.
   






ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
On August 5, 2019, the registrant issued a press release and posted on its website (www.cna.com) a financial supplement providing information on its results of operations for the second quarter 2019. The press release is furnished as Exhibit 99.1 and the financial supplement is furnished as Exhibit 99.2 to this Form 8-K.
The information under Item 2.02 and in Exhibits 99.1 and 99.2 in this Current Report is being furnished and shall not be deemed “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section. The information under Item 2.02 and in Exhibits 99.1 and 99.2 in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended.

ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits:
See Exhibit Index.







EXHIBIT INDEX

Exhibit No.
 
Description
 
CNA Financial Corporation press release, issued August 5, 2019, providing information on the second quarter 2019 results of operations.
 
 
 
 
CNA Financial Corporation financial supplement, posted on its website August 5, 2019, providing supplemental financial information on the second quarter 2019.
 
 
 
101.SCH
 
Inline XBRL Taxonomy Extension Schema
 
 
 
101.CAL
 
Inline XBRL Taxonomy Extension Calculation Linkbase
 
 
 
101.DEF
 
Inline XBRL Taxonomy Extension Definition Linkbase
 
 
 
101.LAB
 
Inline XBRL Taxonomy Label Linkbase
 
 
 
101.PRE
 
Inline XBRL Taxonomy Extension Presentation Linkbase






SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
 
CNA Financial Corporation
 
 
(Registrant)
 
 
 
Date:  August 5, 2019
By
/s/ James M. Anderson
 
 
(Signature)
 
 
James M. Anderson
Executive Vice President and
Chief Financial Officer




EX-99.1 2 q2-19exhibit991.htm EXHIBIT 99.1 Exhibit
cnalogoq22019.gif

FOR IMMEDIATE RELEASE

CONTACT:
MEDIA:
 
ANALYSTS:
Brandon Davis, 312-822-5885
 
James Anderson, 312-822-7757
CNA FINANCIAL ANNOUNCES SECOND QUARTER 2019 RESULTS
Q2 NET INCOME OF $278M, $1.02 PER SHARE; ROE 9.5%
Q2 CORE INCOME OF $294M, $1.08 PER SHARE; ROE 9.9%
Q2 P&C UNDERLYING COMBINED RATIO OF 94.6% VS 95.3%
Q2 P&C UNDERLYING LOSS RATIO OF 60.8% VS 61.4%
U.S. P&C SEGMENTS NET WRITTEN PREMIUM GROWTH OF 8%
QUARTERLY DIVIDEND OF $0.35 PER SHARE
CHICAGO, August 5, 2019 --- CNA Financial Corporation (NYSE: CNA) today announced second quarter 2019 net income of $278 million, or $1.02 per share, and core income of $294 million, or $1.08 per share. Net income for the six months ended June 30, 2019 was $620 million, or $2.28 per share, and core income was $612 million, or $2.25 per share. Property & Casualty Operations combined ratio for the second quarter was 95.7% and the underlying combined ratio was 94.6%. Net investment income, after tax, was $420 million for the second quarter of 2019, including $34 million from limited partnership and common stock investments.
The U.S. P&C segments, excluding third party captives, generated gross written premium growth of 10% and net written premium growth of 8% for the second quarter of 2019. Gross written premium decreased (9)% and net written premium decreased (8)% for the International segment for the second quarter of 2019.
Core income (loss) for the second quarter of 2019 for our Life & Group and Corporate & Other segments was $7 million and $(11) million, respectively.
CNA Financial declared a quarterly dividend of $0.35 per share, payable September 5, 2019 to stockholders of record on August 19, 2019.
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
($ millions, except per share data)
2019
 
2018
 
2019
 
2018
Net income
$
278

 
$
270

 
$
620

 
$
561

Core income (a)
294

 
270

 
612

 
551

 
 
 
 
 
 
 
 
Net income per diluted share
$
1.02

 
$
0.99

 
$
2.28

 
$
2.06

Core income per diluted share
1.08

 
0.99

 
2.25

 
2.02

 
June 30, 2019
 
December 31, 2018
Book value per share
$
44.52

 
$
41.32

Book value per share excluding AOCI
44.08

 
44.55

(a)
Management utilizes the core income (loss) financial measure to monitor the Company's operations. Please refer herein to the Reconciliation of GAAP Measures to Non-GAAP Measures section of this press release for further discussion of this non-GAAP measure.

1


“Our strong second quarter results reflect the underlying loss ratio improving to 60.8%, greater new business and higher rate increases broadly across the portfolio driving 6% growth in net written premium," said Dino E. Robusto, Chairman & Chief Executive Officer of CNA Financial Corporation. "Core income of $294 million in the quarter contributed to a 2019 first half result of $612 million, the highest in 12 years.”
Property & Casualty Operations
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
($ millions)
2019
 
2018
 
2019
 
2018
Net written premiums
$
1,874

 
 
$
1,769

 
 
$
3,680

 
 
$
3,582

 
NWP change (% year over year)
6

%
 
 
 
 
3

%
 


 
Net investment income
$
303

 
 
$
302

 
 
$
663

 
 
$
587

 
Core income
298

 
 
319

 
 
612

 
 
646

 
 
 
 
 
 
 
 
 
 
 
 
 
Loss ratio excluding catastrophes and development
60.8

%
 
61.4

%
 
60.7

%
 
60.7

%
Effect of catastrophe impacts
2.2

 
 
1.6

 
 
2.9

 
 
1.8

 
Effect of development-related items
(1.1
)
 
 
(3.1
)
 
 
(0.9
)
 
 
(2.6
)
 
Loss ratio
61.9

%
 
59.9

%
 
62.7

%
 
59.9

%
 
 
 
 
 
 
 
 
 
 
 
 
Expense ratio
33.4

%
 
33.5

%
 
33.7

%
 
33.2

%
 
 
 
 
 
 
 
 
 
 
 
 
Combined ratio
95.7

%
 
93.8

%
 
96.8

%
 
93.5

%
Combined ratio excluding catastrophes and development
94.6

%
 
95.3

%
 
94.8

%
 
94.3

%
The combined ratio excluding catastrophes and development improved 0.7 points for the second quarter of 2019 as compared with the prior year quarter driven by a 0.6 point improvement in the underlying loss ratio.
The combined ratio increased 1.9 points for the second quarter of 2019 as compared with the prior year quarter. Net catastrophe losses were $38 million, or 2.2 points of the loss ratio in the quarter compared with $26 million, or 1.6 points of the loss ratio, for the prior year quarter. Favorable net prior period development improved the loss ratio by 1.1 points in the quarter compared with a 3.1 point improvement in the prior year quarter.
Net written premiums grew 6% as compared with the prior year quarter. U.S. P&C segments net written premiums grew 8% partially offset by the impact of the previously disclosed underwriting actions in the International segment.


2


Business Operating Highlights
Specialty
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
($ millions)
2019
 
2018
 
2019
 
2018
Net written premiums
$
713

 
 
$
688

 
 
$
1,411

 
 
$
1,374

 
NWP change (% year over year)
4

%
 


 
 
3

%
 


 
Core income
$
161

 
 
$
183

 
 
$
330

 
 
$
354

 
 
 
 
 
 
 
 
 
 
 
 
 
Loss ratio excluding catastrophes and development
59.9

%
 
60.5

%
 
60.2

%
 
60.4

%
Effect of catastrophe impacts
0.1

 
 
0.5

 
 
1.0

 
 
0.5

 
Effect of development-related items
(2.6
)
 
 
(6.4
)
 
 
(2.9
)
 
 
(5.5
)
 
Loss ratio
57.4

%
 
54.6

%
 
58.3

%
 
55.4

%
 
 
 
 
 
 
 
 
 
 
 
 
Expense ratio
33.1

%
 
32.0

%
 
33.0

%
 
31.6

%
 
 
 
 
 
 
 
 
 
 
 
 
Combined ratio
90.7

%
 
86.8

%
 
91.5

%
 
87.2

%
Combined ratio excluding catastrophes and development
93.2

%
 
92.7

%
 
93.4

%
 
92.2

%
The combined ratio excluding catastrophes and development increased 0.5 points for the second quarter of 2019 as compared with the prior year quarter driven by a 1.1 point increase in the expense ratio. This was partially offset by a 0.6 point improvement in the underlying loss ratio.
The combined ratio increased 3.9 points for the second quarter of 2019 as compared with the prior year quarter. Net catastrophe losses were $1 million, or 0.1 points of the loss ratio compared with $3 million, or 0.5 points of the loss ratio, for the prior year quarter. Favorable net prior period development improved the loss ratio by 2.6 points in the quarter compared with a 6.4 point improvement in the prior year quarter.
Net written premiums for Specialty grew 4% for the second quarter of 2019 as compared with the prior year quarter driven by higher new business, strong retention and favorable rate.

3


Commercial
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
($ millions)
2019
 
2018
 
2019
 
2018
Net written premiums
$
912

 
 
$
810

 
 
$
1,761

 
 
$
1,642

 
NWP change (% year over year)
13

%
 



 
7

%
 



Core income
$
120

 
 
$
143

 
 
$
259

 
 
$
276

 
 
 
 
 
 
 
 
 
 
 
 
 
Loss ratio excluding catastrophes and development
61.7

%
 
60.8

%
 
61.9

%
 
60.3

%
Effect of catastrophe impacts
4.9

 
 
2.5

 
 
5.1

 
 
3.2

 
Effect of development-related items
(0.1
)
 
 
(0.9
)
 
 
(0.3
)
 
 
(0.8
)
 
Loss ratio
66.5

%
 
62.4

%
 
66.7

%
 
62.7

%
 
 
 
 
 
 
 
 
 
 
 
 
Expense ratio
32.6

%
 
33.5

%
 
33.2

%
 
33.4

%
 
 
 
 
 
 
 
 
 
 
 
 
Combined ratio
99.7

%
 
96.6

%
 
100.5

%
 
96.8

%
Combined ratio excluding catastrophes and development
94.9

%
 
95.0

%
 
95.7

%
 
94.4

%
The combined ratio excluding catastrophes and development for the second quarter of 2019 was largely consistent with the prior year quarter.
The combined ratio increased 3.1 points for the second quarter of 2019 as compared with the prior year quarter. Net catastrophe losses were $37 million, or 4.9 points of the loss ratio compared with $19 million, or 2.5 points of the loss ratio, for the prior year quarter. Favorable net prior period development improved the loss ratio by 0.1 points in the quarter compared with a 0.9 point improvement in the prior year quarter.
Net written premiums for Commercial grew 13% for the second quarter of 2019 as compared with the prior year quarter driven by higher new business and favorable rate.


4


International
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
($ millions)
2019
 
2018
 
2019
 
2018
Net written premiums
$
249

 
 
$
271

 
 
$
508

 
 
$
566

 
NWP change (% year over year)
(8
)
%
 


 
 
(10
)
%
 


 
Core income (loss)
$
17

 
 
$
(7
)
 
 
$
23

 
 
$
16

 
 
 
 
 
 
 
 
 
 
 
 
 
Loss ratio excluding catastrophes and development
60.1

%
 
65.9

%
 
58.5

%
 
62.9

%
Effect of catastrophe impacts
0.2

 
 
1.6

 
 
1.3

 
 
1.3

 
Effect of development-related items
(0.1
)
 
 
(0.7
)
 
 
2.7

 
 
(0.5
)
 
Loss ratio
60.2

%
 
66.8

%
 
62.5

%
 
63.7

%
 
 
 
 
 
 
 
 
 
 
 
 
Expense ratio
37.3

%
 
37.9

%
 
37.2

%
 
37.1

%
 
 
 
 
 
 
 
 
 
 
 
 
Combined ratio
97.5

%
 
104.7

%
 
99.7

%
 
100.8

%
Combined ratio excluding catastrophes and development
97.4

%
 
103.8

%
 
95.7

%
 
100.0

%
The combined ratio excluding catastrophes and development improved 6.4 points for the second quarter of 2019 as compared with the prior year quarter driven by a 5.8 point improvement in the underlying loss ratio.
The combined ratio improved 7.2 points for the second quarter of 2019 as compared with the prior year quarter. Net catastrophe losses were less than $1 million, or 0.2 points of the loss ratio compared with $4 million, or 1.6 points for the prior year quarter. Favorable net prior period development improved the loss ratio by 0.1 points in the quarter compared with a 0.7 point improvement in the prior year quarter.
Excluding currency fluctuations, net written premiums for International decreased 4% for the second quarter of 2019 as compared with the prior year quarter driven by the strategic exit from certain Hardy business classes in the fourth quarter of 2018.

5


Life & Group
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
($ millions)
2019
 
2018
 
2019
 
2018
Net investment income
$
205

 
 
$
198

 
 
$
409

 
 
$
398

 
Total operating revenues
335

 
 
329

 
 
670

 
 
664

 
Core income (loss)
7

 
 
(10
)
 
 
17

 
 
4

 
Core results improved $17 million for the second quarter of 2019 as compared with the prior year quarter. Persistency continues to benefit from a higher than expected number of policyholders choosing to lapse coverage or reduce benefits in lieu of premium rate increases and morbidity continues to trend in line with expectations.
Corporate & Other
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
($ millions)
2019
 
2018
 
2019
 
2018
Net investment income
$
7

 
 
$
6

 
 
$
14

 
 
$
11

 
Interest expense
34

 
 
34

 
 
68

 
 
68

 
Core loss
(11
)
 
 
(39
)
 
 
(17
)
 
 
(99
)
 
Core loss of $(11) million improved $28 million for the second quarter of 2019 as compared with the prior year quarter. The prior period included $23 million of non-recurring costs associated with the transition to a new IT infrastructure service provider.
Net Investment Income
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
 
2019
 
 
2018
 
 
2019
 
 
2018
 
Pretax net investment income
$
515

 
 
$
506

 
 
$
1,086

 
 
$
996

 
Net investment income, after tax
420

 
 
416

 
 
885

 
 
821

 
Net investment income, after tax, increased $4 million for the second quarter of 2019 as compared with the prior year quarter driven by fixed income securities.

6


About the Company
CNA is one of the largest U.S. commercial property and casualty insurance companies. CNA provides a broad range of standard and specialized property and casualty insurance products and services for businesses and professionals in the U.S., Canada and Europe, backed by more than 120 years of experience and approximately $45 billion of assets.  For more information, please visit CNA at www.cna.com.
Conference Call and Webcast/Presentation Information
A conference call for investors and the professional investment community will be held at 9:00 a.m. (CT) today. On the conference call will be Dino E. Robusto, Chairman and Chief Executive Officer of CNA Financial Corporation, James M. Anderson, Executive Vice President and Chief Financial Officer of CNA Financial Corporation and other members of senior management. Participants can access the call by dialing (800) 289-0571, or for international callers, +1 (720) 543-0206. The call will also be broadcast live on the internet and may be accessed from the Investor Relations page of the CNA website (www.cna.com). A presentation will be posted and available on the CNA website and will provide additional insight into the results.
The call is available to the media, but questions will be restricted to investors and the professional investment community. An online replay will be available on CNA's website following the call. Financial supplement information related to the results is available on the investor relations pages of the CNA website or by contacting investor.relations@cna.com.
Definition of Reported Segments
Specialty provides management and professional liability and other coverages through property and casualty products and services using a network of brokers, independent agencies and managing general underwriters.
Commercial works with a network of brokers and independent agents to market a broad range of property and casualty insurance products and services to small, middle-market and large businesses.
International underwrites property and casualty coverages on a global basis through its U.K.-based insurance company, a branch operation in Canada as well as through its presence at Lloyd’s of London (Hardy).
Life & Group primarily includes the results of the individual and group long term care businesses that are in run-off.
Corporate & Other primarily includes certain corporate expenses, including interest on corporate debt, and the results of certain property and casualty business in run-off, including CNA Re and asbestos and environmental pollution.
Financial Measures
Management utilizes the following metrics in their evaluation of the Property & Casualty Operations. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America (GAAP).
Loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums.
Underlying loss ratio represents the loss ratio excluding catastrophes and development.
Expense ratio is the percentage of insurance underwriting and acquisition expenses, including the amortization of deferred acquisition costs, to net earned premiums.
Dividend ratio is the ratio of policyholders' dividends incurred to net earned premiums.
Combined ratio is the sum of the loss, expense and dividend ratios.
Underlying combined ratio is the sum of the underlying loss, expense and dividend ratios.
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. For certain products within Small Business, where quantifiable, rate includes the influence of new business as well.
Retention represents the percentage of premium dollars renewed 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 with existing customers.
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.

7


Reconciliation of GAAP Measures to Non-GAAP Measures
This press release also contains financial measures that are not in accordance with GAAP.  Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. The Company believes the presentation of these measures provides investors with a better understanding of the significant factors that comprise the Company's operating performance. Reconciliations of these measures to the most comparable GAAP measures follow below.
Reconciliation of Net Income to Core Income
Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of i) net investment gains or losses, ii) income or loss from discontinued operations, iii) any cumulative effects of changes in accounting guidance and iv) deferred tax asset and liability remeasurement as a result of an enacted U.S. Federal tax rate change. The calculation of core income (loss) excludes net investment gains or losses because net investment gains or losses are generally driven by economic factors that are not necessarily consistent with key drivers of underwriting performance, and are therefore not considered an indication of trends in insurance operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure.
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
 
($ millions)
2019
 
2018
 
2019
 
2018
 
Net income
$
278

 
$
270

 
$
620

 
$
561

 
Less: Net investment (losses) gains
(16
)
 

 
8

 
10

 
Core income
$
294

 
$
270

 
$
612

 
$
551

 
Reconciliation of Net Income per Diluted Share to Core Income per Diluted Share
Core income (loss) per diluted share provides management and investors with a valuable measure of the Company's operating performance for the same reasons applicable to its underlying measure, core income (loss). Core income (loss) per diluted share is core income (loss) on a per diluted share basis.
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
 
 
2019
 
2018
 
2019
 
2018
 
Net income per diluted share
$
1.02

 
$
0.99

 
$
2.28

 
$
2.06

 
Less: Net investment (losses) gains
(0.06
)
 

 
0.03

 
0.04

 
Core income per diluted share
$
1.08

 
$
0.99

 
$
2.25

 
$
2.02

 
Reconciliation of Book Value per Share to Book Value per Share Excluding AOCI
Book value per share excluding AOCI allows management and investors to analyze the amount of the Company's net worth primarily attributable to the Company's business operations. The Company believes this measurement is useful as it reduces the effect of items that can fluctuate significantly from period to period, primarily based on changes in interest rates.
 
June 30, 2019
 
December 31, 2018
Book value per share
$
44.52

 
$
41.32

Less: Per share impact of AOCI
0.44

 
(3.23
)
Book value per share excluding AOCI
$
44.08

 
$
44.55


8


Calculation of Return on Equity and Core Return on Equity
Core return on equity provides management and investors with a measure of how effectively the Company is investing the portion of the Company's net worth that is primarily attributable to its business operations.
 
Results for the Three Months Ended June 30
 
Results for the Six Months Ended June 30
 
($ millions)
2019
 
2018
 
2019
 
2018
 
Annualized net income
$
1,114

 
$
1,078

 
$
1,240

 
$
1,122

 
Average stockholders' equity including AOCI (a)
11,771

 
11,420

 
11,652

 
11,830

 
Return on equity
9.5

%
9.4

%
10.6

%
9.5

%
 
 
 
 
 
 
 
 
 
Annualized core income
$
1,178

 
$
1,080

 
$
1,225

 
$
1,101

 
Average stockholders' equity excluding AOCI (a)
11,873

 
11,922

 
12,031

 
12,115

 
Core return on equity
9.9

%
9.1

%
10.2

%
9.1

%
(a)
Average stockholders' equity is calculated using a simple average of the beginning and ending balances for the period.
For additional information, please refer to CNA's most recent 10-K on file with the Securities and Exchange Commission, as well as the financial supplement, available at www.cna.com.
Forward-Looking Statements
This press release includes statements that relate to anticipated future events (forward-looking statements) 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, 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. Many of these risks and uncertainties cannot be controlled by CNA. For a detailed description of these risks and uncertainties please refer to CNA’s filings with the Securities and Exchange Commission, available at www.cna.com.
Any forward-looking statements made in this press release are made by CNA as of the date of this press release. Further, CNA does not have any obligation to update or revise any forward-looking statement contained in this press release, even if CNA’s expectations or any related events, conditions or circumstances change.
Any descriptions of coverage under CNA policies or programs in this press release are provided for convenience only and are not to be relied upon with respect to questions of coverage, exclusions or limitations. With regard to all such matters, the terms and provisions of relevant insurance policies are primary and controlling. In addition, please note that all coverages may not be available in all states.
“CNA" is a registered trademark of CNA Financial Corporation. Certain CNA Financial Corporation subsidiaries use the "CNA" trademark in connection with insurance underwriting and claims activities. Copyright © 2019 CNA. All rights reserved.
# # #

9
EX-99.2 3 q2-19exhibit992.htm EXHIBIT 99.2 Exhibit



cnalogoq22019.gif

 
 
 
 
 




CNA Financial Corporation
Supplemental Financial Information


June 30, 2019



This report is for informational purposes only and includes consolidated financial statements and financial exhibits that are unaudited. This report should be read in conjunction with documents filed with the U.S. Securities and Exchange Commission, including the most recent Annual Report on Form 10-K.

 
 
 
 
 




Table of Contents





Statements of Operations
Periods ended June 30
Three Months
 
 
Six Months
 
(In millions)
2019
 
2018
 
Change
 
 
2019
 
2018
 
Change
 
Revenues:
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earned premiums
$
1,824

 
$
1,815

 

%
 
$
3,627

 
$
3,600

 
1

%
Net investment income
515

 
506

 
2

 
 
1,086

 
996

 
9

 
Net investment gains (losses):
 
 
 
 
 
 
 
 
 
 
 
 
 
Other-than-temporary impairment (OTTI) losses
(6
)
 

 
 
 
 
(20
)
 
(6
)
 

 
Other net investment gains (losses)
(12
)
 
(1
)
 
 
 
 
33

 
17

 


 
Net investment gains (losses)
(18
)
 
(1
)
 
 
 
 
13

 
11

 


 
Non-insurance warranty revenue
285

 
248

 
 
 
 
566

 
486

 
 
 
Other revenues
4

 
6

 
 
 
 
13

 
16

 

 
Total revenues
2,610

 
2,574

 
1

 
 
5,305

 
5,109

 
4

 
Claims, Benefits and Expenses:
 
 
 
 
 
 
 
 
 
 
 
 
 
Insurance claims and policyholders' benefits
1,352

 
1,327

 
 
 
 
2,709

 
2,666

 


 
Amortization of deferred acquisition costs
338

 
359

 
 
 
 
680

 
655

 


 
Non-insurance warranty expense
263

 
225

 
 
 
 
523

 
441

 
 
 
Other operating expenses
281

 
298

 
 
 
 
564

 
601

 


 
Interest
34

 
35

 
 
 
 
68

 
70

 


 
Total claims, benefits and expenses
2,268

 
2,244

 
(1
)
 
 
4,544

 
4,433

 
(3
)
 
Income (loss) before income tax
342

 
330

 
 
 
 
761

 
676

 


 
Income tax (expense) benefit
(64
)
 
(60
)
 
 
 
 
(141
)
 
(115
)
 


 
Net income (loss)
$
278

 
$
270

 
3

%
 
$
620

 
$
561

 
11

%

1





Components of Income (Loss), Per Share Data and Return on Equity
Periods ended June 30
Three Months
 
 
Six Months
 
(In millions, except per share data)
2019
 
2018
 
 
2019
 
2018
 
Components of Income (Loss)
 
 
 
 
 
 
 
 
 
Core income (loss)
$
294

 
$
270

 
 
$
612

 
$
551

 
Net investment gains (losses)
(16
)
 

 
 
8

 
10

 
Net income (loss)
$
278

 
$
270

 
 
$
620

 
$
561

 
 
 
 
 
 
 
 
 
 
 
Diluted Earnings (Loss) Per Common Share
 
 
 
 
 
 
 
 
 
Core income (loss)
$
1.08

 
$
0.99

 
 
$
2.25

 
$
2.02

 
Net investment gains (losses)
(0.06
)
 

 
 
0.03

 
0.04

 
Diluted earnings (loss) per share
$
1.02

 
$
0.99

 
 
$
2.28


$
2.06

 
 
 
 
 
 
 
 
 
 
 
Weighted Average Outstanding Common Stock and Common Stock Equivalents
 
 
 
 
 
 
 
 
 
Basic
271.6

 
271.5

 
 
271.6

 
271.5

 
Diluted
272.4

 
272.4

 
 
272.5

 
272.4

 
 
 
 
 
 
 
 
 
 
 
Return on Equity
 
 
 
 
 
 
 
 
 
Net income (loss) (1)
9.5

%
9.4

%
 
10.6

%
9.5

%
Core income (loss) (2)
9.9

 
9.1

 
 
10.2

 
9.1

 
(1) Annualized net income (loss) divided by the average stockholders' equity including accumulated other comprehensive income (loss) (AOCI) for the period. Average equity including AOCI is calculated using a simple average of the beginning and ending balances for the period.
(2) Annualized core income (loss) divided by the average stockholders' equity excluding AOCI for the period. Average equity excluding AOCI is calculated using a simple average of the beginning and ending balances for the period.


2





Selected Balance Sheet Data and Statement of Cash Flows Data
(In millions, except per share data)
June 30, 2019
 
December 31, 2018
Total investments
$
46,747

 
$
44,486

Reinsurance receivables, net of allowance for uncollectible receivables
4,234

 
4,426

Total assets
59,963

 
57,152

Insurance reserves
37,914

 
36,764

Debt
2,678

 
2,680

Total liabilities
47,876

 
45,935

Accumulated other comprehensive income (loss) (1)
120

 
(878
)
Total stockholders' equity
12,087

 
11,217

 
 
 
 
Book value per common share
$
44.52

 
$
41.32

Book value per common share excluding AOCI
$
44.08

 
$
44.55

 
 
 
 
Outstanding shares of common stock (in millions of shares)
271.5

 
271.5

 
 
 
 
Statutory capital and surplus - Combined Continental Casualty Companies (2)
$
10,410

 
$
10,411


Three Months Ended June 30
2019
 
2018
Net cash flows provided (used) by operating activities
$
227

 
$
136

Net cash flows provided (used) by investing activities
(56
)
 
(50
)
Net cash flows provided (used) by financing activities
(123
)
 
(74
)
Net cash flows provided (used) by operating, investing and financing activities
$
48

 
$
12


Six months ended June 30
2019
 
2018
Net cash flows provided (used) by operating activities
$
514

 
$
354

Net cash flows provided (used) by investing activities
233

 
439

Net cash flows provided (used) by financing activities
(788
)
 
(855
)
Net cash flows provided (used) by operating, investing and financing activities
$
(41
)
 
$
(62
)
(1) As of June 30, 2019 and December 31, 2018, the net unrealized gains on investments included in AOCI were net of after-tax Shadow Adjustments of $1,816 million and $1,078 million. To the extent that unrealized gains on fixed income securities supporting certain products within the Life & Group segment would result in a premium deficiency if realized, an increase in Insurance reserves are recorded, net of tax, as a reduction of net unrealized gains through Other comprehensive income (loss) (Shadow Adjustments).
(2) Statutory capital and surplus as of June 30, 2019 is preliminary.

3





Property & Casualty - Results of Operations
Periods ended June 30
Three Months
 
 
Six Months
 
(In millions)
2019
 
2018
 
Change
 
 
2019
 
2018
 
Change
 
Gross written premiums
$
3,035

 
$
2,975

 
2

%
 
$
6,001

 
$
5,966

 
1

%
Net written premiums
1,874

 
1,769

 
6

 
 
3,680

 
3,582

 
3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earned premiums
1,694

 
1,684

 
1

 
 
3,368

 
3,335

 
1

 
Net investment income
303

 
302

 
 
 
 
663

 
587

 


 
Non-insurance warranty revenue
285

 
248

 
 
 
 
566

 
486

 
 
 
Other revenues
3

 
7

 
 
 
 
11

 
16

 


 
Total operating revenues
2,285

 
2,241

 
2

 
 
4,608

 
4,424

 
4

 
Insurance claims and policyholders' benefits
1,055

 
1,014

 
 
 
 
2,125

 
2,009

 


 
Amortization of deferred acquisition costs
338

 
359

 
 
 
 
680

 
655

 


 
Non-insurance warranty expense
263

 
225

 
 
 
 
523

 
441

 
 
 
Other insurance related expenses
229

 
206

 
 
 
 
454

 
453

 


 
Other expenses
22

 
29

 
 
 
 
49

 
47

 


 
Total claims, benefits and expenses
1,907

 
1,833

 
(4
)
 
 
3,831

 
3,605

 
(6
)
 
Core income (loss) before income tax
378

 
408

 
 
 
 
777

 
819

 


 
Income tax (expense) benefit on core income (loss)
(80
)
 
(89
)
 
 
 
 
(165
)
 
(173
)
 


 
Core income (loss)
$
298

 
$
319

 
(7
)
%
 
$
612

 
$
646

 
(5
)
%
 
 
 
 
 
 
 
 
 
 
 
 


 
Other Performance Metrics
 
 
 
 
 
 
 
 
 
 
 


 
Underwriting gain (loss)
$
72

 
$
105

 
(31
)
%
 
$
109

 
$
218

 
(50
)
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss & LAE ratio
61.9

%
59.9

%
(2.0
)
pts
 
62.7

%
59.9

%
(2.8
)
pts
Acquisition expense ratio
19.3

 
20.0

 
0.7

 
 
19.7

 
19.7

 

 
Underwriting expense ratio
14.1

 
13.5

 
(0.6
)
 
 
14.0

 
13.5

 
(0.5
)
 
Expense ratio
33.4

 
33.5

 
0.1

 
 
33.7

 
33.2

 
(0.5
)
 
Dividend ratio
0.4

 
0.4

 

 
 
0.4

 
0.4

 

 
Combined ratio
95.7

%
93.8

%
(1.9
)
pts
 
96.8

%
93.5

%
(3.3
)
pts
Combined ratio excluding catastrophes and development
94.6

%
95.3

%
0.7

pts
 
94.8

%
94.3

%
(0.5
)
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net accident year catastrophe losses incurred
$
38

 
$
26

 
 
 
 
$
96

 
$
60

 

 
Effect on loss & LAE ratio
2.2

%
1.6

%
(0.6
)
pts
 
2.9

%
1.8

%
(1.1
)
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net prior year development and other: (favorable) / unfavorable
$
(19
)
 
$
(52
)
 
 
 
 
$
(28
)
 
$
(88
)
 


 
Effect on loss & LAE ratio
(1.1
)
%
(3.1
)
%
(2.0
)
pts
 
(0.9
)
%
(2.6
)
%
(1.7
)
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rate
4

%
1

%
3

pts
 
3

%
2

%
1

pts
Renewal premium change
5

%
4

%
1

pts
 
4

%
5

%
(1
)
pts
Retention
83

%
83

%

pts
 
83

%
84

%
(1
)
pts
New business
$
358

 
$
332

 
8

%
 
$
688

 
$
687

 

%

4





Specialty - Results of Operations
Periods ended June 30
Three Months
 
 
Six Months
 
(In millions)
2019
 
2018
 
Change
 
 
2019
 
2018
 
Change
 
Gross written premiums
$
1,724

 
$
1,736

 
(1
)
%
 
$
3,425

 
$
3,507

 
(2
)
%
Net written premiums
713

 
688

 
4

 
 
1,411

 
1,374

 
3

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earned premiums
688

 
683

 
1

 
 
1,349

 
1,355

 

 
Net investment income
134

 
130

 
 
 
 
289

 
252

 


 
Non-insurance warranty revenue
285

 
248

 
 
 
 
566

 
486

 
 
 
Other revenues
(1
)
 

 
 
 
 

 
1

 


 
Total operating revenues
1,106

 
1,061

 
4

 
 
2,204

 
2,094

 
5

 
Insurance claims and policyholders' benefits
396

 
373

 
 
 
 
789

 
753

 


 
Amortization of deferred acquisition costs
152

 
149

 
 
 
 
299

 
294

 


 
Non-insurance warranty expense
263

 
225

 
 
 
 
523

 
441

 
 
 
Other insurance related expenses
76

 
70

 
 
 
 
146

 
134

 


 
Other expenses
12

 
12

 
 
 
 
24

 
23

 


 
Total claims, benefits and expenses
899

 
829

 
(8
)
 
 
1,781

 
1,645

 
(8
)
 
Core income (loss) before income tax
207

 
232

 
 
 
 
423

 
449

 


 
Income tax (expense) benefit on core income (loss)
(46
)
 
(49
)
 
 
 
 
(93
)
 
(95
)
 


 
Core income (loss)
$
161

 
$
183

 
(12
)
%
 
$
330

 
$
354

 
(7
)
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Performance Metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
Underwriting gain (loss)
$
64

 
$
91

 
(30
)
%
 
$
115

 
$
174

 
(34
)
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss & LAE ratio
57.4

%
54.6

%
(2.8
)
pts
 
58.3

%
55.4

%
(2.9
)
pts
Acquisition expense ratio
21.3

 
20.8

 
(0.5
)
 
 
21.2

 
20.5

 
(0.7
)
 
Underwriting expense ratio
11.8

 
11.2

 
(0.6
)
 
 
11.8

 
11.1

 
(0.7
)
 
Expense ratio
33.1

 
32.0

 
(1.1
)
 
 
33.0

 
31.6

 
(1.4
)
 
Dividend ratio
0.2
 %
 
0.2

 

 
 
0.2
 %
 
0.2

 

 
Combined ratio
90.7

%
86.8

%
(3.9
)
pts
 
91.5

%
87.2

%
(4.3
)
pts
Combined ratio excluding catastrophes and development
93.2

%
92.7

%
(0.5
)
pts
 
93.4

%
92.2

%
(1.2
)
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net accident year catastrophe losses incurred
$
1

 
$
3

 
 
 
 
$
13

 
$
6

 


 
Effect on loss & LAE ratio
0.1

%
0.5

%
0.4

pts
 
1.0

%
0.5

%
(0.5
)
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net prior year development and other: (favorable) / unfavorable
$
(18
)
 
$
(44
)
 
 
 
 
$
(38
)
 
$
(74
)
 


 
Effect on loss & LAE ratio
(2.6
)
%
(6.4
)
%
(3.8
)
pts
 
(2.9
)
%
(5.5
)
%
(2.6
)
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rate
4

%
2

%
2

pts
 
4

%
2

%
2

pts
Renewal premium change
5

%
5

%

pts
 
4

%
5

%
(1
)
pts
Retention
88

%
83

%
5

pts
 
89

%
84

%
5

pts
New business
$
97

 
$
93

 
4

%
 
$
183

 
$
173

 
6

%

5





Commercial - Results of Operations
Periods ended June 30
Three Months
 
 
Six Months
 
(In millions)
2019
 
2018
 
Change
 
 
2019
 
2018
 
Change
 
Gross written premiums
$
1,024

 
$
925

 
11

%
 
$
1,965

 
$
1,805

 
9

%
Net written premiums
912

 
810

 
13

 
 
1,761

 
1,642

 
7

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earned premiums
763

 
753

 
1

 
 
1,526

 
1,496

 
2

 
Net investment income
154

 
157

 
 
 
 
344

 
306

 


 
Other revenues
3

 
8

 
 
 
 
10

 
16

 


 
Total operating revenues
920

 
918

 

 
 
1,880

 
1,818

 
3

 
Insurance claims and policyholders' benefits
512

 
475

 
 
 
 
1,027

 
948

 


 
Amortization of deferred acquisition costs
130

 
127

 
 
 
 
257

 
248

 


 
Other insurance related expenses
119

 
126

 
 
 
 
249

 
253

 


 
Other expenses
7

 
10

 
 
 
 
18

 
21

 


 
Total claims, benefits and expenses
768

 
738

 
(4
)
 
 
1,551

 
1,470

 
(6
)
 
Core income (loss) before income tax
152

 
180

 
 
 
 
329

 
348

 


 
Income tax (expense) benefit on core income (loss)
(32
)
 
(37
)
 
 
 
 
(70
)
 
(72
)
 


 
Core income (loss)
$
120

 
$
143

 
(16
)
%
 
$
259

 
$
276

 
(6
)
%
 
 
 
 
 
 
 
 
 
 
 
 


 
Other Performance Metrics
 
 
 
 
 
 
 
 
 
 
 


 
Underwriting gain (loss)
$
2

 
$
25

 
(92
)
%
 
$
(7
)
 
$
47

 
(115
)
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss & LAE ratio
66.5

%
62.4

%
(4.1
)
pts
 
66.7

%
62.7

%
(4.0
)
pts
Acquisition expense ratio
16.2

 
17.9

 
1.7

 
 
17.1

 
17.9

 
0.8

 
Underwriting expense ratio
16.4

 
15.6

 
(0.8
)
 
 
16.1

 
15.5

 
(0.6
)
 
Expense ratio
32.6

 
33.5

 
0.9

 
 
33.2

 
33.4

 
0.2

 
Dividend ratio
0.6

 
0.7

 
0.1

 
 
0.6

 
0.7

 
0.1

 
Combined ratio
99.7

%
96.6

%
(3.1
)
pts
 
100.5

%
96.8

%
(3.7
)
pts
Combined ratio excluding catastrophes and development
94.9

%
95.0

%
0.1

pts
 
95.7

%
94.4

%
(1.3
)
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net accident year catastrophe losses incurred
$
37

 
$
19

 
 
 
 
$
77

 
$
48

 


 
Effect on loss & LAE ratio
4.9

%
2.5

%
(2.4
)
pts
 
5.1

%
3.2

%
(1.9
)
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net prior year development and other: (favorable) / unfavorable
$

 
$
(6
)
 
 
 
 
$
(3
)
 
$
(12
)
 


 
Effect on loss & LAE ratio
(0.1
)
%
(0.9
)
%
(0.8
)
pts
 
(0.3
)
%
(0.8
)
%
(0.5
)
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rate
3

%
1

%
2

pts
 
2

%
1

%
1

pts
Renewal premium change
5

%
4

%
1

pts
 
4

%
5

%
(1
)
pts
Retention
85

%
86

%
(1
)
pts
 
85

%
85

%

pts
New business
$
186

 
$
157

 
18

%
 
$
350

 
$
339

 
3

%

6





International - Results of Operations
Periods ended June 30
Three Months
 
 
Six Months
 
(In millions)
2019
 
2018
 
 
 
 
2019
 
2018
 
Change
 
Gross written premiums
$
287

 
$
314

 
(9
)
%
 
$
611

 
$
654

 
(7
)
%
Net written premiums
249

 
271

 
(8
)
 
 
508

 
566

 
(10
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earned premiums
243

 
248

 
(2
)
 
 
493

 
484

 
2

 
Net investment income
15

 
15

 
 
 
 
30

 
29

 


 
Other revenues
1

 
(1
)
 
 
 
 
1

 
(1
)
 


 
Total operating revenues
259

 
262

 
(1
)
 
 
524

 
512

 
2

 
Insurance claims and policyholders' benefits
147

 
166

 
 
 
 
309

 
308

 


 
Amortization of deferred acquisition costs
56

 
83

 
 
 
 
124

 
113

 


 
Other insurance related expenses
34

 
10

 
 
 
 
59

 
66

 


 
Other expenses
3

 
7

 
 
 
 
7

 
3

 


 
Total claims, benefits and expenses
240

 
266

 
10

 
 
499

 
490

 
(2
)
 
Core income (loss) before income tax
19

 
(4
)
 
 
 
 
25

 
22

 


 
Income tax (expense) benefit on core income (loss)
(2
)
 
(3
)
 
 
 
 
(2
)
 
(6
)
 


 
Core income (loss)
$
17

 
$
(7
)
 
N/M

%
 
$
23

 
$
16

 
44

%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Other Performance Metrics
 
 
 
 
 
 
 
 
 
 
 
 
 
Underwriting gain (loss)
$
6

 
$
(11
)
 
155

%
 
$
1

 
$
(3
)
 
133

%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loss & LAE ratio
60.2

%
66.8

%
6.6

pts
 
62.5

%
63.7

%
1.2

pts
Acquisition expense ratio
23.8

 
23.7

 
(0.1
)
 
 
23.9

 
22.9

 
(1.0
)
 
Underwriting expense ratio
13.5

 
14.2

 
0.7

 
 
13.3

 
14.2

 
0.9

 
Expense ratio
37.3

 
37.9

 
0.6

 
 
37.2

 
37.1

 
(0.1
)
 
Dividend ratio

 

 

 
 

 

 

 
Combined ratio
97.5

%
104.7

%
7.2

pts
 
99.7

%
100.8

%
1.1

pts
Combined ratio excluding catastrophes and development
97.4

%
103.8

%
6.4

pts
 
95.7

%
100.0

%
4.3

pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net accident year catastrophe losses incurred
$

 
$
4

 
 
 
 
$
6

 
$
6

 


 
Effect on loss & LAE ratio
0.2

%
1.6

%
1.4

pts
 
1.3

%
1.3

%

pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net prior year development and other: (favorable) / unfavorable
$
(1
)
 
$
(2
)
 
 
 
 
$
13

 
$
(2
)
 


 
Effect on loss & LAE ratio
(0.1
)
%
(0.7
)
%
(0.6
)
pts
 
2.7

%
(0.5
)
%
(3.2
)
pts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Rate
7

%
3

%
4

pts
 
6

%
3

%
3

pts
Renewal premium change
8

%
5

%
3

pts
 
3

%
5

%
(2
)
pts
Retention
67

%
77

%
(10
)
pts
 
67

%
81

%
(14
)
pts
New business
$
75

 
$
82

 
(9
)
%
 
$
155

 
$
175

 
(11
)
%

7





Life & Group - Results of Operations
Periods ended June 30
Three Months
 
 
Six Months
 
(In millions)
2019
 
2018
 
Change
 
 
2019
 
2018
 
Change
 
Net earned premiums
$
130

 
$
131

 
(1
)
%
 
$
260

 
$
265

 
(2
)
%
Net investment income
205

 
198

 
 
 
 
409

 
398

 


 
Other revenues

 

 
 
 
 
1

 
1

 


 
Total operating revenues
335

 
329

 
2

 
 
670

 
664

 
1

 
Insurance claims and policyholders' benefits
309

 
327

 
 
 
 
617

 
630

 


 
Other insurance related expenses
30

 
30

 
 
 
 
58

 
60

 


 
Other expenses
2

 
1

 
 
 
 
4

 
3

 


 
Total claims, benefits and expenses
341

 
358

 
5

 
 
679

 
693

 
2

 
Core income (loss) before income tax
(6
)
 
(29
)
 
 
 
 
(9
)
 
(29
)
 


 
Income tax (expense) benefit on core income (loss)
13

 
19

 
 
 
 
26

 
33

 


 
Core income (loss)
$
7

 
$
(10
)
 
N/M

%
 
$
17

 
$
4

 
N/M

%


8





Corporate & Other - Results of Operations
Periods ended June 30
Three Months
 
 
Six Months
 
(In millions)
2019
 
2018
 
Change
 
 
2019
 
2018
 
Change
 
Net earned premiums
$

 
$

 
 
 
 
$
(1
)
 
$

 


 
Net investment income
7

 
6

 
 
 
 
14

 
11

 


 
Other revenues
1

 
(1
)
 
 
 
 
1

 
(1
)
 


 
Total operating revenues
8

 
5

 
60

%
 
14

 
10

 
40

%
Insurance claims and policyholders' benefits
(12
)
 
(14
)
 
 
 
 
(33
)
 
27

 


 
Other insurance related expenses
(1
)
 

 
 
 
 
(3
)
 

 


 
Other expenses
33

 
67

 
 
 
 
70

 
108

 


 
Total claims, benefits and expenses
20

 
53

 
62

 
 
34

 
135

 
75

 
Core income (loss) before income tax
(12
)
 
(48
)
 
 
 
 
(20
)
 
(125
)
 


 
Income tax (expense) benefit on core income (loss)
1

 
9

 
 
 
 
3

 
26

 


 
Core income (loss)
$
(11
)
 
$
(39
)
 
72

%
 
$
(17
)
 
$
(99
)
 
83

%


9





Investment Summary - Consolidated
 
June 30, 2019
 
March 31, 2019

December 31, 2018
(In millions)
Carrying Value
 
Net Unrealized Gains (Losses)
 
Carrying Value
 
Net Unrealized Gains (Losses)
 
Carrying Value
 
Net Unrealized Gains (Losses)
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Corporate and other bonds
$
21,490

 
$
1,836

 
$
20,476

 
$
1,170

 
$
19,164

 
$
396

States, municipalities and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Tax-exempt
7,784

 
1,081

 
7,671

 
924

 
7,874

 
733

Taxable
2,919

 
426

 
2,925

 
375

 
2,874

 
334

Total states, municipalities and political subdivisions
10,703

 
1,507

 
10,596

 
1,299

 
10,748

 
1,067

Asset-backed:
 
 
 
 
 
 
 
 
 
 
 
RMBS
4,797

 
129

 
4,832

 
72

 
4,826

 
11

CMBS
2,121

 
89

 
2,072

 
46

 
2,196

 
(4
)
Other ABS
1,898

 
33

 
1,890

 
13

 
1,962

 
(13
)
Total asset-backed
8,816

 
251

 
8,794

 
131

 
8,984

 
(6
)
U.S. Treasury and obligations of government-sponsored enterprises
123

 
5

 
164

 
2

 
159

 
3

Foreign government
497

 
17

 
513

 
11

 
481

 
1

Redeemable preferred stock
10

 

 
10

 

 
10

 

Total fixed maturity securities
41,639

 
3,616

 
40,553

 
2,613

 
39,546

 
1,461

Equities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
135

 

 
140

 

 
148

 

Non-redeemable preferred stock
695

 

 
674

 

 
632

 

Total equities
830

 

 
814

 


780



Limited partnership investments
1,785

 

 
1,876

 

 
1,982

 

Other invested assets
58

 

 
59

 

 
53

 

Mortgage loans
916

 

 
863

 

 
839

 

Short term investments
1,519

 

 
1,474

 

 
1,286

 
(1
)
Total investments
$
46,747

 
$
3,616

 
$
45,639

 
$
2,613


$
44,486


$
1,460

 
 
 
 
 
 
 
 
 
 
 
 
Net receivable/(payable) on investment activity
$
(59
)
 
 
 
$
(7
)
 
 
 
$
176

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective duration (in years)
6.0

 
 
 
6.0

 
 
 
6.0

 
 
Weighted average rating
A

 
 
 
A

 
 
 
 A

 
 
RMBS - Residential mortgage-backed securities
CMBS - Commercial mortgage-backed securities
Other ABS - Other asset-backed securities

10





Investment Summary - Property & Casualty and Corporate & Other
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
(In millions)
Carrying Value
 
Net Unrealized Gains (Losses)
 
Carrying Value
 
Net Unrealized Gains (Losses)
 
Carrying Value
 
Net Unrealized Gains (Losses)
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Corporate and other bonds
$
13,847

 
$
579

 
$
13,382

 
$
250

 
$
12,844

 
$
(180
)
States, municipalities and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Tax-exempt
650

 
35

 
516

 
28

 
661

 
25

Taxable
1,184

 
84

 
1,212

 
75

 
1,198

 
68

Total states, municipalities and political subdivisions
1,834

 
119

 
1,728

 
103

 
1,859

 
93

Asset-backed:
 
 
 
 
 
 
 
 
 
 
 
RMBS
4,675

 
124

 
4,675

 
68

 
4,671

 
8

CMBS
2,014

 
84

 
1,968

 
44

 
2,093

 
(4
)
Other ABS
1,788

 
27

 
1,782

 
8

 
1,840

 
(11
)
Total asset-backed
8,477

 
235

 
8,425

 
120

 
8,604

 
(7
)
U.S. Treasury and obligations of government-sponsored enterprises
122

 
5

 
137

 
1

 
133

 
3

Foreign government
491

 
16

 
508

 
11

 
481

 
1

Redeemable preferred stock
5

 

 
5

 

 
5

 

Total fixed maturity securities
24,776

 
954

 
24,185

 
485

 
23,926

 
(90
)
Equities:
 
 
 
 
 
 
 
 
 
 
 
Common stock
135

 

 
140

 

 
148

 

Non-redeemable preferred stock
178

 

 
175

 

 
164

 

Total equities
313

 

 
315

 

 
312

 

Limited partnership investments
1,785

 

 
1,876

 

 
1,982

 

Other invested assets
58

 

 
59

 

 
53

 

Mortgage loans
654

 

 
623

 

 
631

 

Short term investments
1,448

 

 
1,368

 

 
1,232

 
(1
)
Total investments
$
29,034

 
$
954

 
$
28,426

 
$
485


$
28,136


$
(91
)
 
 
 
 
 
 
 
 
 
 
 
 
Net receivable/(payable) on investment activity
$
(149
)
 
 
 
$
(2
)
 
 
 
$
106

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective duration (in years)
4.1

 
 
 
4.2

 
 
 
4.4

 
 
Weighted average rating
A-

 
 
 
A-

 
 
 
 A-

 
 

11





Investment Summary - Life & Group
 
June 30, 2019
 
March 31, 2019
 
December 31, 2018
(In millions)
Carrying Value
 
Net Unrealized Gains (Losses)
 
Carrying Value
 
Net Unrealized Gains (Losses)
 
Carrying Value
 
Net Unrealized Gains (Losses)
Fixed maturity securities:
 
 
 
 
 
 
 
 
 
 
 
Corporate and other bonds
$
7,643

 
$
1,257

 
$
7,094

 
$
920

 
$
6,320

 
$
576

States, municipalities and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
Tax-exempt
7,134

 
1,046

 
7,155

 
896

 
7,213

 
708

Taxable
1,735

 
342

 
1,713

 
300

 
1,676

 
266

Total states, municipalities and political subdivisions
8,869

 
1,388

 
8,868

 
1,196

 
8,889

 
974

Asset-backed:
 
 
 
 
 
 
 
 
 
 
 
RMBS
122

 
5

 
157

 
4

 
155

 
3

CMBS
107

 
5

 
104

 
2

 
103

 

Other ABS
110

 
6

 
108

 
5

 
122

 
(2
)
Total asset-backed
339

 
16

 
369

 
11

 
380

 
1

U.S. Treasury and obligations of government-sponsored enterprises
1

 

 
27

 
1

 
26

 

Foreign government
6

 
1

 
5

 

 

 

Redeemable preferred stock
5

 

 
5

 

 
5

 

Total fixed maturity securities
16,863

 
2,662

 
16,368

 
2,128

 
15,620

 
1,551

Equities:
 
 
 
 
 
 
 
 
 
 
 
Common stock

 

 

 

 

 

Non-redeemable preferred stock
517

 

 
499

 

 
468

 

Total equities
517

 


499

 

 
468



Limited partnership investments

 

 

 

 

 

Other invested assets

 

 

 

 

 

Mortgage loans
262

 

 
240

 

 
208

 

Short term investments
71

 

 
106

 

 
54

 

Total investments
$
17,713

 
$
2,662


$
17,213

 
$
2,128

 
$
16,350


$
1,551

 
 
 
 
 
 
 
 
 
 
 
 
Net receivable/(payable) on investment activity
$
90

 
 
 
$
(5
)
 
 
 
$
70

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Effective duration (in years)
8.9

 
 
 
8.7

 
 
 
8.4

 
 
Weighted average rating
A

 
 
 
A

 
 
 
 A

 
 

12





Investments - Fixed Maturity Securities by Credit Rating  
June 30, 2019
U.S. Government, Government agencies and Government-sponsored enterprises
 
AAA
 
AA
 
A
 
BBB
 
Non-investment grade
 
Total
(In millions)
Fair Value
 
Net Unrealized Gains (Losses)
 
Fair Value
 
Net Unrealized Gains (Losses)
 
Fair Value
 
Net Unrealized Gains (Losses)
 
Fair Value
 
Net Unrealized Gains (Losses)
 
Fair Value
 
Net Unrealized Gains (Losses)
 
Fair Value
 
Net Unrealized Gains (Losses)
 
Fair Value
 
Net Unrealized Gains (Losses)
Corporate and other bonds
$

 
$

 
$
40

 
$

 
$
540

 
$
40

 
$
4,435

 
$
512

 
$
14,382

 
$
1,253

 
$
2,093

 
$
31

 
$
21,490

 
$
1,836

States, municipalities and political subdivisions:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Tax-exempt

 

 
1,806

 
276

 
3,221

 
438

 
2,399

 
285

 
342

 
81

 
16

 
1

 
7,784

 
1,081

Taxable

 

 
422

 
34

 
1,813

 
247

 
663

 
144

 
21

 
1

 

 

 
2,919

 
426

Total states, municipalities and political subdivisions

 

 
2,228

 
310

 
5,034

 
685

 
3,062

 
429

 
363

 
82

 
16

 
1

 
10,703

 
1,507

Asset-backed:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
RMBS
4,173

 
79

 
194

 
4

 
20

 
1

 
51

 

 
11

 

 
348

 
45

 
4,797

 
129

CMBS
40

 

 
332

 
19

 
710

 
40

 
227

 
9

 
519

 
16

 
293

 
5

 
2,121

 
89

Other ABS

 

 
69

 

 
119

 
1

 
1,016

 
8

 
679

 
22

 
15

 
2

 
1,898

 
33

Total asset-backed
4,213

 
79

 
595

 
23

 
849

 
42

 
1,294

 
17

 
1,209

 
38

 
656

 
52

 
8,816

 
251

U.S. Treasury and obligations of government-sponsored enterprises
123

 
5

 

 

 

 

 

 

 

 

 

 

 
123

 
5

Foreign government

 

 
151

 
5

 
274

 
8

 
52

 
3

 
20

 
1

 

 

 
497

 
17

Redeemable preferred stock

 

 

 

 

 

 

 

 
10

 

 

 

 
10

 

Total fixed maturity securities
$
4,336

 
$
84

 
$
3,014

 
$
338

 
$
6,697

 
$
775

 
$
8,843

 
$
961

 
$
15,984

 
$
1,374

 
$
2,765

 
$
84

 
$
41,639

 
$
3,616

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Percentage of total fixed maturity securities
10
%
 
 
 
7
%
 
 
 
16
%
 
 
 
21
%
 
 
 
39
%
 
 
 
7
%
 
 
 
100
%
 
 

13





Components of Net Investment Income
 
Consolidated
 
Periods ended June 30
Three Months
 
Six Months
 
(In millions)
2019
 
2018
 
2019
 
2018
 
    Taxable fixed income securities
$
385

 
$
354

 
$
768

 
$
704

 
    Tax-exempt fixed income securities
80

 
100

 
162

 
205

 
Total fixed income securities
465

 
454

 
930

 
909

 
Limited partnership and common stock investments
43

 
42

 
139

 
73

 
Other, net of investment expense
7

 
10

 
17

 
14

 
Pretax net investment income
$
515

 
$
506

 
$
1,086

 
$
996

 
Fixed income securities, after tax
$
382

 
$
375

 
$
762

 
$
752

 
Net investment income, after tax
420

 
416

 
885

 
821

 
 
 
 
 
 
 
 
 
 
Effective income yield for fixed income securities, pretax
4.8

%
4.7

%
4.8

%
4.7

%
Effective income yield for fixed income securities, after tax
3.9

 
3.9

 
3.9

 
3.9

 
Limited partnership and common stock return
2.1

 
1.8

 
6.8

 
3.0

 
 
Property & Casualty and Corporate & Other
 
Periods ended June 30
Three Months
 
Six Months
 
(In millions)
2019
 
2018
 
2019
 
2018
 
    Taxable fixed income securities
$
254

 
$
240

 
$
507

 
$
473

 
    Tax-exempt fixed income securities
5

 
14

 
11

 
34

 
Total fixed income securities
259

 
254

 
518

 
507

 
Limited partnership and common stock investments
43

 
42

 
139

 
73

 
Other, net of investment expense
8

 
12

 
20

 
18

 
Pretax net investment income
$
310

 
$
308

 
$
677

 
$
598

 
Fixed income securities, after tax
$
206

 
$
203

 
$
411

 
$
406

 
Net investment income, after tax
246

 
245

 
537

 
478

 
 
 
 
 
 
 
 
 
 
Effective income yield for fixed income securities, pretax
4.3

%
4.2

%
4.3

%
4.2

%
Effective income yield for fixed income securities, after tax
3.5

 
3.4

 
3.4

 
3.3

 
 
Life & Group
 
Periods ended June 30
Three Months
 
Six Months
 
(In millions)
2019
 
2018
 
2019
 
2018
 
    Taxable fixed income securities
$
131

 
$
114

 
$
261

 
$
231

 
    Tax-exempt fixed income securities
75

 
86

 
151

 
171

 
Total fixed income securities
206

 
200

 
412

 
402

 
Limited partnership and common stock investments

 

 

 

 
Other, net of investment expense
(1
)
 
(2
)
 
(3
)
 
(4
)
 
Pretax net investment income
$
205

 
$
198

 
$
409

 
$
398

 
Fixed income securities, after tax
$
176

 
$
172

 
$
351

 
$
346

 
Net investment income, after tax
174

 
171

 
348

 
343

 
 
 
 
 
 
 
 
 
 
Effective income yield for fixed income securities, pretax
5.6

%
5.6

%
5.6

%
5.6

%
Effective income yield for fixed income securities, after tax
4.8

 
4.8

 
4.8

 
4.8

 

14





Claim & Claim Adjustment Expense Reserve Rollforward
Three months ended June 30, 2019
(In millions)

Specialty
 

Commercial
 
International
 
P&C Operations
 
Life & Group
 
Corporate & Other
 
Total Operations
Claim & claim adjustment expense reserves, beginning of period
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
$
5,470

 
$
8,623

 
$
1,787

 
$
15,880

 
$
3,645

 
$
2,311

 
$
21,836

Ceded
659

 
710

 
230

 
1,599

 
178

 
2,123

 
3,900

Net
4,811

 
7,913

 
1,557

 
14,281

 
3,467

 
188

 
17,936

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net incurred claim & claim adjustment expenses
395

 
507

 
147

 
1,049

 
260

 
1

 
1,310

Net claim & claim adjustment expense payments
(486
)
 
(564
)
 
(140
)
 
(1,190
)
 
(228
)
 
(7
)
 
(1,425
)
Foreign currency translation adjustment and other

 

 
2

 
2

 
40

 

 
42

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Claim & claim adjustment expense reserves, end of period
 
 
 
 
 
 
 
 
 
 
 
 
 
Net
4,720

 
7,856

 
1,566

 
14,142

 
3,539

 
182

 
17,863

Ceded
676

 
724

 
234

 
1,634

 
171

 
2,061

 
3,866

Gross
$
5,396

 
$
8,580

 
$
1,800

 
$
15,776

 
$
3,710

 
$
2,243

 
$
21,729

Six months ended June 30, 2019
(In millions)

Specialty
 

Commercial
 
International
 
P&C Operations
 
Life & Group
 
Corporate & Other
 
Total Operations
Claim & claim adjustment expense reserves, beginning of period
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross
$
5,465

 
$
8,743

 
$
1,750

 
$
15,958

 
$
3,601

 
$
2,425

 
$
21,984

Ceded
634

 
745

 
226

 
1,605

 
181

 
2,233

 
4,019

Net
4,831

 
7,998

 
1,524

 
14,353

 
3,420

 
192

 
17,965

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net incurred claim & claim adjustment expenses
787

 
1,016

 
309

 
2,112

 
562

 
3

 
2,677

Net claim & claim adjustment expense payments
(899
)
 
(1,158
)
 
(278
)
 
(2,335
)
 
(486
)
 
(13
)
 
(2,834
)
Foreign currency translation adjustment and other
1

 

 
11

 
12

 
43

 

 
55

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Claim & claim adjustment expense reserves, end of period
 
 
 
 
 
 
 
 
 
 
 
 
 
Net
4,720

 
7,856

 
1,566

 
14,142

 
3,539

 
182

 
17,863

Ceded
676

 
724

 
234

 
1,634

 
171

 
2,061

 
3,866

Gross
$
5,396

 
$
8,580

 
$
1,800

 
$
15,776

 
$
3,710

 
$
2,243

 
$
21,729



15





Life & Group Policyholder Reserves
June 30, 2019
 
 
 
 
 
(In millions)
Claim and claim adjustment expenses
 
Future policy benefits
 
Total
Long term care
$
2,845

 
$
9,168

 
$
12,013

Structured settlement annuities
523

 

 
523

Other
14

 

 
14

Total
3,382

 
9,168

 
12,550

Shadow adjustments
157
 
2,141

 
2,298

Ceded reserves
171
 
228

 
399

Total gross reserves
$
3,710

 
$
11,537

 
$
15,247

December 31, 2018
 
 
 
 
 
(In millions)
Claim and claim adjustment expenses
 
Future policy benefits
 
Total
Long term care
$
2,761

 
$
9,113

 
$
11,874

Structured settlement annuities
530

 

 
530

Other
14

 

 
14

Total
3,305

 
9,113

 
12,418

Shadow adjustments
115

 
1,250

 
1,365

Ceded reserves
181

 
234

 
415

Total gross reserves
$
3,601

 
$
10,597

 
$
14,198


16





Definitions and Presentation
Collectively, CNA Financial Corporation (CNAF) and its subsidiaries are referred to as CNA or the Company.
P&C Operations includes Specialty, Commercial and International.
Life & Group segment primarily includes the results of long term care businesses that are in run-off.
Corporate & Other segment primarily includes certain corporate expenses including interest on corporate debt and the results of certain property and casualty business in run-off, including CNA Re and asbestos and environmental pollution. Intersegment eliminations are also included in this segment.
Management uses the core income (loss) financial measure to monitor the Company’s operations. Please refer to Note O to the Consolidated Financial Statements within the December 31, 2018 Form 10-K for further discussion of this non-GAAP financial measure.
Management uses underwriting results to monitor insurance operations. Underwriting results are pretax and are calculated as net earned premiums less total insurance expenses, which includes insurance claims and policyholders' benefits, amortization of deferred acquisition costs and other insurance related expenses.
In the evaluation of the results of Specialty, Commercial and International, management uses the loss ratio, the expense ratio, the dividend ratio and the combined ratio. These ratios are calculated using financial results prepared in accordance with accounting principles generally accepted in the United States of America. The loss ratio is the percentage of net incurred claim and claim adjustment expenses to net earned premiums. 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, expense and dividend ratios. In addition, management also utilizes 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. For certain products within Small Business, where quantifiable, rate includes the influence of new business as well. Exposure represents the measure of risk used in the pricing of the insurance product. Retention represents the percentage of premium dollars renewed in comparison to the expiring premium dollars from policies available to renew. Rate, renewal premium change and retention presented for the prior year is updated to reflect subsequent activity on policies written in the period. New business represents premiums from policies written with new customers and additional policies written with existing customers.
This financial supplement may also reference or contain financial measures that are not in accordance with GAAP. Management utilizes these financial measures to monitor the Company's insurance operations and investment portfolio. Core income, which is derived from certain income statement amounts, is used by management to monitor performance of the Company's insurance 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.

17





Core income (loss) is calculated by excluding from net income (loss) the after-tax effects of i) net investment gains or losses, ii) income or loss from discontinued operations, iii) any cumulative effects of changes in accounting guidance and iv) deferred tax asset and liability remeasurement as a result of an enacted U.S. Federal tax rate change. The calculation of core income (loss) excludes net investment gains or losses because net investment gains or losses are generally driven by economic factors that are not necessarily consistent with key drivers of underwriting performance, and are therefore not considered an indication of trends in insurance operations. Management monitors core income (loss) for each business segment to assess segment performance. Presentation of consolidated core income (loss) is deemed to be a non-GAAP financial measure. For reconciliations of non-GAAP measures to the most comparable GAAP measures and other information, please refer herein and/or to CNA's most recent 10-K on file with the Securities and Exchange Commission, as well as the press release, available at www.cna.com.
Pretax net prior year development and other includes the effects of interest accretion and change in allowance for uncollectible reinsurance and deductible amounts.
Net investment income from fixed income securities, as presented, includes both fixed maturity securities and non-redeemable preferred stock.
Certain immaterial differences are due to rounding.
N/M = Not Meaningful


18


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Cover Page Cover Page
Aug. 05, 2019
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Aug. 05, 2019
Entity Registrant Name CNA FINANCIAL CORPORATION
Entity Incorporation, State or Country Code DE
Entity File Number 1-5823
Entity Tax Identification Number 36-6169860
Entity Address, Address Line One 151 N. Franklin
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60606
City Area Code 312
Local Phone Number 822-5000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000021175
Amendment Flag false
New York Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, Par value $2.50
Trading Symbol "CNA"
Security Exchange Name NYSE
Chicago Stock Exchange  
Entity Information [Line Items]  
Title of 12(b) Security Common Stock, Par value $2.50
Trading Symbol "CNA"
Security Exchange Name CHX
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